# EDGAR Filing Document

**Accession Number:** 0001079575
**File Stem:** 0001104659-26-041939
**Filing Date:** 2026-4
**Character Count:** 687875
**Document Hash:** 40fd30b67a6a523f631819cd166e7fcf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-041939.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001104659-26-041939

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 47

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**EFFECTIVENESS DATE**: 20260430

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09237
- **FILM NUMBER:** 26854647

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-72511
- **FILM NUMBER:** 26854646

**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 | Class I      |  |

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on April 10, 2026**

**Securities Act Registration No. 333-72511 Investment Company Act File No. 811-09237**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-1A REGISTRATION STATEMENT**

***UNDER THE SECURITIES ACT OF 1933***

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| | |
|:---|:---|
| **Post-Effective Amendment No. 40** | ☒ |

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**and**

***UNDER***

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| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** |  |
| **Amendment No. 42** | ☒ |

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**Calamos Advisors Trust**

**(Registrant)**

**2020 Calamos Court**

**Naperville, Illinois 60563**

**Telephone Number: 630-245-7200**

**John P. Calamos, Sr.**

**Calamos Advisors LLC**

**2020 Calamos Court**

**Naperville, Illinois 60563**

**(Name and Address of Agent for Service)**

***With Copies to:***

**Paulita A. Pike Ropes & Gray LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606**

**Rita Rubin Ropes & Gray LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606**

It is proposed that this filing will become effective:

☐ Immediately upon filing pursuant to paragraph (b) of Rule 485

☒ on April 30, 2026 pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ on pursuant to paragraph (a)(1) of Rule 485

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

☐ on pursuant to paragraph (a)(2) of Rule 485

☐ on pursuant to paragraph (a)(3) of Rule 485

Amending Parts A, B and C, and filing exhibits

![](j2690002_ac001.jpg)

![](j2690002_ac002.jpg)

CALAMOS<sup>®</sup> ADVISORS TRUST

CALAMOS GROWTH AND INCOME PORTFOLIO

Class I Shares

Prospectus April 30, 2026

The Securities and Exchange Commission has not approved or disapproved the Portfolio's shares as an investment or determined whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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**Table of Contents**

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| | |
|:---|:---|
| [Investment Objective](#InvestmentObjective-2) | 1 |
| [Fees and Expenses of the Portfolio](#FeesandExpensesofthePortfolio-2) | 1 |
| [Portfolio Turnover](#PortfolioTurnover-2) | 1 |
| [Principal Investment Strategies](#PrincipalInvestmentStrategies-2) | 1 |
| [Principal Risks](#PrincipalRisks-2) | 2 |
| [Portfolio Performance](#PortfolioPerformance-2) | 4 |
| [Investment Adviser](#InvestmentAdviser-2) | 5 |
| [Tax Information](#TaxInformation-2) | 6 |
| [Payments to Broker-Dealers and<br>Other Financial Intermediaries](#PaymBrokDealOtherFinancIntermed-2) | 6 |
| [Portfolio Information](#PortfolioInformation-2) | 7 |
| [Additional Information About<br>Investment Strategies and Related<br>Risks](#AdditiInformAbtInvestStrateRelatRisks-2) | 8 |
| [Management of the Portfolio](#ManagementofthePortfolio-2) | 15 |
| [Shareholder Information](#ShareholderInformation-2) | 16 |
| [Purchasing Shares](#PurchasingShares-2) | 16 |
| [Selling Shares](#SellingShares-2) | 16 |
| [Valuing Shares](#ValuingShares-2) | 17 |
| [Excessive Trading](#ExcessiveTrading-2) | 18 |
| [Other Information](#OtherInformation-2) | 19 |
| [Distributions and Taxes](#DistributionsandTaxes-2) | 19 |
| [Dividends and Capital Gains](#DividendsandCapitalGains-2) | 19 |
| [Taxes](#Taxes-2) | 19 |
| [Financial Highlights](#FinancialHighlights-2) | 22 |
| [For More Information](#ForMoreInformation-2) | Back Cover |

---

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Calamos Growth and Income Portfolio

Investment Objective

Calamos Growth and Income Portfolio's investment objective is high long-term total return through growth and current income.

Fees and Expenses of the Portfolio

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. The Portfolio's shares can be purchased by certain pension plans and retirement arrangements and accounts permitting accumulation of funds on a tax-advantaged basis ("Retirement Plans") and by separate accounts of certain life insurance companies ("Participating Insurance Companies") offering qualified and non-qualified variable annuity contracts and variable life insurance contracts (together, "Variable Contracts"). The Portfolio's shares are not offered directly to the public. You may pay other expenses under your Variable Contract or Retirement Plan which are not reflected in the table and examples below. Please read the Variable Contract's or Retirement Plan's disclosure documents to obtain that information.

**Shareholder Fees (fees paid directly from your investment):**

---

| | | |
|:---|:---|:---|
| | **CLASS I** | **CLASS I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  | N/A |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the redemption price or offering price) |  | N/A |

---

**Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | |
|:---|:---|
| Management Fee | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0% |
| Other Expenses | 0.52% |
| Total Annual Portfolio Operating Expenses | 1.27% |

---

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then either redeem or do not redeem your shares at the end of the reflected time periods. The example also assumes that your investment has a 5% return each year, that all dividends and capital gain distributions are reinvested and that the Portfolio's operating expenses remain the same. Although your actual performance and costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $129 | $403 | $697 | $1534 |

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Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 34% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in a diversified portfolio of convertible instruments (including synthetic convertible instruments) and 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 reward in terms of growth and income.

PROSPECTUS \| April 30, 2026

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Calamos Growth and Income Portfolio

A synthetic convertible instrument is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument, or loan, and a security providing an option on an equity security. The Portfolio may establish a synthetic convertible instrument by combining a fixed-income security with the right to acquire an equity security. The fixed-income and equity option components may have different issuers, and either component may change at any time.

The Portfolio may invest up to 25% of its net assets in foreign equity securities. Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Portfolio may also invest in foreign securities that are represented in the United States securities markets by American Depositary Receipts ("ADRs") or similar depositary arrangements. The Portfolio's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

The Portfolio attempts to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds and/or convertible securities, to achieve what the Portfolio's investment adviser believes to be an appropriate blend for the then-current market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At some points in a market cycle, one type of security may make up a substantial portion of the portfolio, while at other times certain securities may have minimal or no representation, depending on market conditions. Interest rate changes normally have a greater effect on prices of longer-term bonds than shorter-term bonds. The Portfolio's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. Consistent with the Portfolio's investment objective and principal investment strategies, the Portfolio's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

Principal Risks

An investment in the Portfolio is subject to risks, and you could lose money on your investment in the Portfolio. There can be no assurance that the Portfolio will achieve its investment objective. The risks associated with an investment in the Portfolio can increase during times of significant market volatility. Your investment in the Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Portfolio, regardless of the order in which it appears. The principal risks of investing in the Portfolio include:

• American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

• Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

• Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

• *Interest Rate Risk* — The value of debt securities generally decreases in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter term debt securities. Changes in interest rates by the Federal Reserve Board, and other events affecting fixed-income markets, may subject the Portfolio to heightened interest rate risk as a result of a rise in interest rates.

CALAMOS GROWTH AND INCOME PORTFOLIO

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Calamos Growth and Income Portfolio

• *Credit Risk* — A debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Portfolio holds securities that have been downgraded, or that default on payment, the Portfolio's performance could be negatively affected.

• *Default Risk* — A company that issues a debt security may be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Portfolio holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

• Equity Securities Risk — The securities markets are volatile, and the market prices of the Portfolio's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline.

• Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulations, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

• Forward Foreign Currency Contract Risk — Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Portfolio may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Portfolio's holdings.

• Growth Stock Risk — Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

• High Yield Fixed-Income Securities (Junk Bonds) Risk — High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

• Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Portfolio's investments in illiquid securities may reduce the returns of the Portfolio because it may be unable to sell the illiquid securities at an advantageous time or price.

• Market Risk — The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security, including those held by the Portfolio.

• Options Risk — The Portfolio's ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Portfolio's ability to utilize options successfully will depend on the ability of the Portfolio's investment adviser to predict pertinent market movements, which cannot be assured.

• Portfolio Selection Risk — The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

• Rule 144A Securities Risk — The Portfolio may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Portfolio will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Portfolio's assets invested in illiquid securities would increase. Typically, the Portfolio

PROSPECTUS \| April 30, 2026

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Calamos Growth and Income Portfolio

purchases Rule 144A Securities only if the Portfolio's adviser has determined them to be liquid. If any Rule 144A Security held by the Portfolio should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

• Sector Risk — To the extent the Portfolio invests a significant portion of its assets in a particular sector, a greater portion of the Portfolio's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Portfolio may underperform the broader market, or experience greater volatility.

• Securities Lending Risk — The Portfolio may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Portfolio. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Portfolio. In the event of bankruptcy or other default of a borrower of portfolio securities, the Portfolio could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Portfolio seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Portfolio's securities lending agent monitors, and reports to Calamos Advisors (defined below) on, the creditworthiness of the firms to which the Portfolio lends securities. The Portfolio may also experience losses as a result of a diminution in value of its cash collateral investments.

• Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

• State Regulation Risk — Certain states have regulations or guidelines concerning concentration of investments and other investment techniques that, if applied to the Portfolio, may limit its ability to engage in certain techniques and to manage its investments with the flexibility described herein and in the Statement of Additional Information.

• Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

• Tax Risk — The federal income tax treatment of convertible securities or other securities in which the Portfolio may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service ("IRS"). It could be more difficult for the Portfolio to comply with the tax requirements applicable to regulated investment companies if the tax characterization of the Portfolio's investments or the tax treatment of the income or gain from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies would render Variable Contracts supported by accounts invested in the Portfolio ineligible for tax deferral.

Portfolio Performance

The following bar chart and table indicate the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year and how the Portfolio's average annual total returns compare with those of a broad measure of market performance. All returns include the reinvestment of dividends and distributions. The bar chart does not reflect sales loads and fees associated with any insurance contract for which the Portfolio is an investment option. If it did, returns would be lower than those shown. As always, please note that the Portfolio's past performance cannot predict how it will perform in the future.

CALAMOS GROWTH AND INCOME PORTFOLIO

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Calamos Growth and Income Portfolio

**ANNUAL TOTAL RETURNS FOR YEARS ENDED 12.31**

![](j2690002_ba003.jpg)

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| | | | |
|:---|:---|:---|:---|
| Highest Quarterly Return: | 19.52% (6/30/20) | Lowest Quarterly Return: | -15.97% (3/31/20) |

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Average Annual Total Returns as of 12.31.25

The following table shows how the Portfolio's average annual performance for the one-, five- and ten-year periods ended December 31, 2025 and since the Portfolio's inception compared with broad measures of market performance. "Since Inception" returns shown for each index are returns since the Portfolio's inception, or since the nearest subsequent month end when comparative index data is available only for full monthly periods.

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| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** | **AVERAGE ANNUAL TOTAL RETURNS — FOR PERIODS ENDED 12.31.25** |
|  | **ONE YEAR** | **FIVE YEAR** | **TEN YEAR** | **SINCE 5/19/99 <br>LIFE OF PORTFOLIO** |
| Growth and Income Portfolio  | 17.40% | 10.90% | 11.72% | 8.66% |
| S&P 500 Total Return Index  | 17.88% | 14.42% | 14.82% | 8.28% |
| ICE BofA All US Convertibles EX Mandatory Index  | 18.45% | 4.55% | 11.75% | 8.36% |

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The S&P 500 Index is generally considered representative of the U.S. stock market. The S&P 500 Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Portfolio invests.

Investment Adviser

CALAMOS ADVISORS LLC

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| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br>PORTFOLIO TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br>EXPERIENCE IN THE PORTFOLIO** | **PRIMARY TITLE<br>WITH INVESTMENT ADVISER** |
| John P. Calamos, Sr. (President, Chairman) | since Portfolio's inception | Founder, Chairman and Global CIO |
| R. Matthew Freund | 9.5 years | SVP, Sr. Co-Portfolio Manager |
| John Hillenbrand | 22 years | SVP, Sr. Co-Portfolio Manager |
| Eli Pars | 12 years | SVP, Sr. Co-Portfolio Manager |
| Jon Vacko | 22 years | SVP, Sr. Co-Portfolio Manager |
| Joe Wysocki | 11 years | SVP, Sr. Co-Portfolio Manager |
| Dino Dussias | 3 years | SVP, Associate Portfolio Manager |

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PROSPECTUS \| April 30, 2026

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Calamos Growth and Income Portfolio

Tax Information

Shares of the Portfolio are owned by separate accounts of Participating Insurance Companies or by Retirement Plans. As the owner of a Variable Contract or as a participant in a Retirement Plan, you do not own the Portfolio's shares directly; therefore, the Portfolio's distributions are not likely to affect your tax situation. However, the separate accounts, in which you own a Variable Contract, may be affected by Portfolio distributions. Tax consequences to Variable Contract holders and Retirement Plan participants are described in the separate prospectuses or the governing documents issued by the Participating Insurance Companies and Retirement Plans.

Payments to Broker-Dealers and Other Financial Intermediaries

If you invest in the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

CALAMOS GROWTH AND INCOME PORTFOLIO

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Portfolio Information

The Calamos Growth and Income Portfolio (the "Portfolio") is a portfolio of the Calamos Advisors Trust (the "Trust"). The Trust offers the Portfolio's shares to Participating Insurance Companies for allocation to certain separate accounts established for the purpose of funding Variable Contracts. The Trust may also offer the Portfolio to Retirement Plans. The Portfolio's shares are not offered directly to the public.

PROSPECTUS \| April 30, 2026

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Additional Information About Investment Strategies and Related Risks

What are the Principal Strategies of the Portfolio?

The Portfolio invests primarily in a diversified portfolio of convertible instruments (including synthetic convertible instruments) and 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 reward in terms of growth and income.

A synthetic convertible instrument is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument, or loan, and a security providing an option on an equity security. The Portfolio may establish a synthetic convertible instrument by combining a fixed-income security with the right to acquire an equity security. The fixed-income and equity option components may have different issuers, and either component may change at any time.

Foreign securities are securities issued by issuers that are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or profits from businesses, investments or sales outside of the United States. The Portfolio may also invest in foreign securities that are represented in the United States securities markets by ADRs or similar depositary arrangements. The Portfolio's foreign debt investments can be denominated in U.S. dollars or in foreign currencies. Debt securities issued by a foreign government may not be supported by the "full faith and credit" of that government.

The Portfolio attempts to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds and/or convertible securities, to achieve what the Portfolio's investment adviser believes to be an appropriate blend for the then-current market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At some points in a market cycle, one type of security may make up a substantial portion of the portfolio, while at other times certain securities may have minimal or no representation, depending on market conditions. Interest rate changes normally have a greater effect on prices of longer-term bonds than shorter-term bonds. The Portfolio's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes. Consistent with the Portfolio's investment objective and principal investment strategies, the Portfolio's investment adviser views such strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

What Types of Securities may be held in the Portfolio?

***American Depositary Receipts.*** The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

***Convertible Securities.*** Convertible securities include debt obligations and preferred stock of the company issuing the security, which may be exchanged for a predetermined price (the conversion price) into the issuer's common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality.

Many convertible securities are issued with a "call" feature that allows the issuer of the security to choose when to redeem the security. If a convertible security held by the Portfolio is called for redemption, the Portfolio will be required to redeem the security, convert it into the underlying common stock, or sell it to a third party at a time that may be unfavorable to the Portfolio. Conversely, certain convertible debt securities may provide a "put option," which entitles the Portfolio to make the issuer redeem the security at a premium over the stated principal amount of the debt security.

***Equity Securities.*** Equity securities include exchange-traded and over-the-counter common and preferred stocks, warrants and rights. An investment in a company's equity securities represents a proportionate ownership interest in that company. Therefore, the Portfolio participates in the financial success or failure of any company in which it has an equity interest.

CALAMOS GROWTH AND INCOME PORTFOLIO

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Additional Information About Investment Strategies and Related Risks

Compared with other asset classes, equity investments have a greater potential for gain and are subject to greater fluctuations in market value.

***Foreign Securities.*** A foreign security is a security issued by a foreign government or a company organized under the laws of a foreign country. The Portfolio may also invest in securities of foreign issuers through sponsored depositary receipts, including ADRs, Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs"). Investments in foreign securities represented by ADRs are counted toward the Portfolio's 25% limitation on investments in foreign securities. International investing allows the Portfolio to achieve greater diversification and to take advantage of changes in foreign economies and market conditions.

***Forward Foreign Currency Contracts.*** Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Portfolio may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Portfolio's holdings. The Portfolio's ability to use forward foreign currency transactions successfully depends on a number of factors, including the forward foreign currency transactions being available at attractive prices, the availability of liquid markets and the ability of the portfolio managers to accurately predict the direction of changes in currency exchange rates. Currency exchange rates may be volatile and may be affected by, among other factors, the general economics of a country, the actions of U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Currency transactions are also subject to the risk that the other party in the transaction will default on its contractual obligation, which would deprive the Portfolio of unrealized profits or force the Portfolio to cover its commitments for purchase or sale of a currency, if any, at the current market price.

***High Yield Fixed-Income Securities (Junk Bonds).*** The Portfolio may invest without limit in convertible and non-convertible debt securities commonly known as "junk bonds" that are rated BB or lower by Standard & Poor's Corporation, a division of The McGraw-Hill Companies, or Ba or lower by Moody's Investor Services, Inc., or that are not rated but are considered by the investment adviser to be of similar quality. The Portfolio will not, however, purchase a security rated below C. If a debt security were downgraded to below a C rating subsequent to the Portfolio's investment in the security, the investment adviser would review the investment to consider the downgrading, as well as other factors, and determine what action to take in the best interest of shareholders.

***Rule 144A Securities.*** Some securities in which the Portfolio invests, such as convertible and debt securities, typically are purchased in transactions exempt from the registration requirements of the Securities Act of 1933, pursuant to Rule 144A thereunder. Rule 144A Securities may only be sold to qualified institutional buyers, such as the Portfolio. Under the supervision of the Portfolio's board of trustees, the Portfolio's investment adviser will determine whether Rule 144A Securities are illiquid. Typically, the Portfolio purchases Rule 144A Securities only if the Portfolio's investment adviser has determined them to be liquid.

***Synthetic Convertible Instruments.*** A "synthetic" convertible instrument combines separate securities that possess the economic characteristics similar to a convertible security — that is, fixed-income securities ("fixed-income component," which may be a convertible or non-convertible security) and the right to acquire equity securities ("convertible component"). The fixed-income component is achieved by investing in fixed-income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. The Portfolio may establish a synthetic convertible instrument by combining a fixed-income security with the right to acquire an equity security. The fixed-income and equity option components may have different issuers, and either component may change at any time.

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Different companies may issue the fixed-income and convertible components, which may be purchased separately, and at different times.

What are the Principal Risks of Investing in the Portfolio?

This prospectus describes the risks you may face as an investor in the Portfolio. It is important to keep in mind that generally, investments with a higher potential reward also have a higher risk of losing money. The reverse is also commonly true: the lower the risk, the lower the potential reward. However, as you consider an investment in the Portfolio, you should also take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in this investment for a long period of time to ride out down periods.

As with any security, there are market and investment risks associated with your investment in the Portfolio. The value of your investment will fluctuate over time, and it is possible to lose money.

In response to market, economic, political, or other conditions, the Portfolio may temporarily invest for defensive purposes. If the Portfolio does so, different factors could affect the Portfolio's performance, and the Portfolio may not achieve its investment objective.

***American Depositary Receipts Risk.*** The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

***Convertible Securities Risk.*** The value of a convertible security is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." A convertible security's investment value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security's investment value increases as prevailing interest rate levels decline. However, a convertible security's market value will also be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. A convertible security's conversion value tends to increase as the price of the underlying common stock increases, and decrease as the price of the underlying common stock decreases.

As the market price of the underlying common stock declines such that the conversion value is substantially below the investment value of the convertible security, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock.

If the market price of the underlying common stock increases to a point where the conversion value approximates or exceeds the investment value, the price of the convertible security tends to be influenced more by the market price of the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would be paid before the company's common stockholders. Consequently, the issuer's convertible securities entail less risk than its common stock.

***Cybersecurity Risk.*** Investment companies, such as the Portfolio, and their service providers are exposed to operational and information security risks resulting from cyberattacks, which may result in financial losses to a fund and its shareholders.

Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, "ransomware" that renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Portfolio or the Portfolio's investment adviser, custodian, transfer agent, distributor, administrator, intermediaries, trading counterparties, and other third-party service providers may adversely impact the Portfolio or the companies in which the Portfolio invests, causing the Portfolio's investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.

***Debt Securities Risk.*** Debt securities are subject to various risks, including interest rate risk, credit risk and default risk.

***Interest Rate Risk.*** Interest rate risk is the risk that the Portfolio's investments in debt securities will decrease in value as a result of an increase in interest rates. Generally, there is an inverse relationship between the value of a debt security and

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interest rates. Therefore, the value of debt securities generally decrease in periods when interest rates are rising. In addition, interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter-term debt securities. Changes in interest rates by the Federal Reserve Board, and other events affecting fixed-income markets, may subject the Portfolio to heightened interest rate risk as a result of a rise in interest rates. In addition, the Portfolio is subject to the risk that interest rates may exhibit increased volatility, which could cause the Portfolio's net asset value to fluctuate more. A decrease in fixed-income market maker capacity may act to decrease liquidity in the fixed-income markets and act to further increase volatility, affecting the Portfolio's return.

***Credit Risk.*** Credit risk is the risk that a debt security could deteriorate in quality to such an extent that its rating is downgraded or its market value declines relative to comparable securities. Changes in actual or perceived creditworthiness may occur quickly. If the Portfolio holds securities that have been downgraded, or that default on payment, the Portfolio's performance could be negatively affected.

***Default Risk.*** Default risk refers to the risk that a company that issues a debt security will be unable to fulfill its obligation to repay principal and interest. The lower a bond is rated, the greater its default risk. To the extent the Portfolio holds securities that have been downgraded, or that default on payment, its performance could be negatively affected.

***Equity Securities Risk.*** Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

***Foreign Securities Risk.*** There are special risks associated with investing in foreign securities that are not typically associated with investing in U.S. securities. These risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country. Other risks of investing in foreign securities include: less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards, and less liquidity in foreign markets than in U.S. markets.

***Forward Foreign Currency Contract Risk.*** Forward foreign currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Portfolio may not fully benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Portfolio's holdings. The Portfolio's ability to use forward foreign currency transactions successfully depends on a number of factors, including the forward foreign currency transactions being available at attractive prices, the availability of liquid markets and the ability of the portfolio managers to accurately predict the direction of changes in currency exchange rates. Currency exchange rates may be volatile and may be affected by, among other factors, the general economics of a country, the actions of U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Currency transactions are also subject to the risk that the other party in the transaction will default on its contractual obligation, which would deprive the Portfolio of unrealized profits or force the Portfolio to cover its commitments for purchase or sale of a currency, if any, at the current market price.

***Growth Stock Risk.*** Growth securities experience relatively rapid earnings growth and typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other securities. Growth securities also may be more volatile because growth companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can lessen the decreases in stock prices in a falling market. A company may never achieve the earnings expansion the Portfolio anticipates.

***High Yield Fixed-Income Securities (Junk Bonds) Risk.*** The Portfolio's investment in junk bonds entails a greater risk than an investment in higher-rated securities. Although junk bonds typically pay higher interest rates than investment-grade bonds, there is a greater likelihood that the company issuing the junk bond will default on interest and principal payments. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no assets to repay them. Junk bonds are also more sensitive to adverse economic changes or individual corporate

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developments than higher quality bonds. During a period of adverse economic changes, including a period of rising interest rates, companies issuing junk bonds may be unable to make principal and interest payments.

***Inflation Risk.*** The risk that the value of assets or income from the Portfolio's investments will be worth less in the future as inflation decreases the value of payments at future dates is considered inflation risk. As inflation increases, the value of the Portfolio's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the Portfolio's investments may not keep pace with inflation, which may result in losses to the Portfolio's investors or adversely affect the value of shareholders' investments in the Portfolio.

***Investment Management Risk.*** Whether the Portfolio achieves its investment objective(s) is significantly impacted by whether Calamos Advisors is able to choose suitable investments for the Portfolio.

***Liquidity Risk.*** Liquidity risk exists when particular investments are difficult to purchase or sell. The Portfolio's investments in illiquid securities, may reduce the returns of the Portfolio because it may be unable to sell the illiquid securities at an advantageous time or price.

***Market Disruption Risk.*** Certain events have a disruptive effect on securities markets, including but not limited to, terrorist attacks, war and other geopolitical events or catastrophes. The Portfolio's investment adviser cannot predict the effect of similar events in the future on the U.S. or foreign economies. Certain securities such as high yield and equity securities tend to be impacted more by these events than other types of securities in terms of price and volatility.

***Market Risk.*** The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. If there is a general decline in the stock or fixed-income market, it is possible your investment may lose value regardless of the individual results of the companies in which the Portfolio invests.

***Recent Market Events.*** Since the 2008 financial crisis, financial markets throughout the world have experienced increased periods of volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (such as wars, terror attacks, natural or environmental disasters, country instability, and public health emergencies), trade disputes, tariffs and other restrictions on trade or economic sanctions, measures to address budget deficits, downgrading of sovereign debt, significant changes in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates.

Russia's military invasion of Ukraine has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. In addition, the Iranian conflict that commenced in February 2026 may result in similar, and potentially more severe, disruptions. Escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts are impossible to predict but could continue to be significant.

The UK left the EU on January 31, 2020 (commonly known as "Brexit"). The UK and the EU entered into a Trade and Cooperation Agreement that sets out the agreement for certain parts of the future relationship from January 1, 2021, but uncertainty remains in certain areas regarding the future UK-EU relationship.

From January 1, 2021, EU laws ceased to apply in the UK, with many being assimilated into UK law. The UK government has enacted legislation to repeal, replace or make substantial amendments to these laws, with a view to them being replaced by purely domestic legislation. The process of revoking EU laws and replacing them with bespoke UK laws has already begun, creating unpredictable consequences for financial markets and investments. Brexit could significantly impact the UK, European, and global macroeconomic conditions, leading to prolonged political, legal, regulatory, tax, and economic uncertainty. This uncertainty may affect opportunities, pricing, availability, and cost of financing, regulation, values, or exit opportunities of companies or assets based in, doing business with, or having significant relationships in the UK or EU.

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In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics and pandemics, such as the coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Portfolio's investments.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Portfolio. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of the Portfolio holdings may be impacted, which could significantly impact the overall performance of the Portfolio. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

***Options Risk.*** There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Portfolio's ability to utilize options successfully will depend on the investment adviser's ability to predict pertinent market movements, which cannot be assured.

The Portfolio's ability to close out its position as a purchaser or seller of an Options Clearing Corporation or exchange-listed put or call option is dependent, in part, upon the liquidity of the options market. If the Portfolio were unable to close out an option that it had purchased on a security, it would have to exercise the option to realize any profit or the option would expire and become worthless. If the Portfolio were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, the Portfolio foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the options markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets until the next trading day.

Unless the parties provide for it, there is no central clearing or guaranty function in an over-the-counter option. As a result, if the counterparty fails to make or take delivery of the security or other instrument underlying an over-the-counter option it has entered into with the Portfolio or fails to make a cash settlement payment due in accordance with the terms of that option, the Portfolio will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the investment adviser must assess the creditworthiness of each such counterparty or any guarantor or credit enhancement of the counterparty's credit to determine the likelihood that the terms of the over-the-counter option will be satisfied.

The Portfolio may also purchase or write over-the-counter put or call options, which involves risks different from, and possibly greater than, the risks associated with exchange-listed put or call options. In some instances, over-the-counter put or call options may expose the Portfolio to the risk that a counterparty may be unable or unwilling to perform according to a contract, and that any deterioration in a counterparty's creditworthiness could adversely affect the instrument. In addition, the Portfolio may be exposed to a risk that losses may exceed the amount originally invested.

***Portfolio Selection Risk.*** The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

***Rule 144A Securities Risk.*** The Portfolio may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision of its board of trustees, the Portfolio will determine whether Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Portfolio's assets invested in illiquid securities would increase. Typically, the Portfolio purchases Rule 144A Securities only if the Portfolio's investment adviser has determined them to be liquid. If any Rule 144A Security held by the Portfolio should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

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***Sector Risk.*** To the extent the Portfolio invests a significant portion of its assets in a particular sector, a greater portion of the Portfolio's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Portfolio may underperform the broader market, or experience greater volatility.

***Securities Lending Risk.*** The Portfolio may lend its portfolio securities to broker-dealers and banks in order to generate additional income for the Portfolio. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Portfolio. In the event of bankruptcy or other default of a borrower of portfolio securities, the Portfolio could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Portfolio seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Portfolio's securities lending agent monitors, and reports to the Portfolio's investment adviser on, the creditworthiness of the firms to which the Portfolio lends securities. The Portfolio may also experience losses as a result of a diminution in value of its cash collateral investments.

***Small and Mid-Sized Company Risk.*** Small and mid-sized company stocks historically have been subject to greater investment risk than large company stocks. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of such company stocks tend to be more volatile than prices of large company stocks. Further, the prices of these company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.

***State Regulation Risk.*** The Portfolio is sold to the separate accounts of Participating Insurance Companies offering Variable Contracts that are sold in a number of jurisdictions. Certain states have regulations or guidelines concerning concentration of investments and other investment techniques. If applied to the Portfolio, the Portfolio may be limited in its ability to engage in certain techniques and to manage its investments with the flexibility described herein and in the Statement of Additional Information. In order to permit the Portfolio to be available under Variable Contracts sold in certain states, the Portfolio may make commitments that are more restrictive than the investment policies and limitations described herein and in the Statement of Additional Information. If the investment adviser determines that such a commitment is no longer in the Portfolio's best interest, the commitment may be revoked by terminating the availability of the Portfolio to Variable Contract owners residing in such states.

***Synthetic Convertible Instruments Risk.*** The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

***Tax Risk.*** The Portfolio may invest in convertible securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. It could be more difficult for the Portfolio to comply with the tax requirements applicable to regulated investment companies if the tax characterization of the Portfolio's investments or the tax treatment of the income or gain from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies would render Variable Contracts supported by accounts invested in the Portfolio ineligible for tax deferral.

What are the Portfolio's Policies and Procedures Regarding the Disclosure of Portfolio Securities?

A description of the policies and procedures with respect to the disclosure of the Portfolio's securities holdings is available in the Portfolio's Statement of Additional Information.

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Management of the Portfolio

The Portfolio's investments are managed by its investment adviser, CALAMOS ADVISORS LLC ("CALAMOS ADVISORS"), 2020 Calamos Court, Naperville, IL 60563. CALAMOS ADVISORS, an investment adviser registered with the SEC effective May 29, 1987, is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). CILLC's assets under management as of December 31, 2025, were $47 billion ($44 billion of which represented Calamos Advisors' assets under management). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2025, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by Calamos Partners LLC ("CPL") and Calamos Equity Partners LLC. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr. In addition, Mr. Koudounis has the option to purchase a controlling interest in CPL upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of CAM and CILLC.

Subject to the overall authority of the Portfolio's board of trustees, CALAMOS ADVISORS provides continuous investment supervision and management to the Portfolio under a management agreement and also furnishes office space, equipment and management personnel. For these services, the Portfolio pays CALAMOS ADVISORS a fee based on its average daily net assets, which is accrued daily and paid monthly. The fee paid by the Portfolio for the most recent fiscal year was at the annual rate of 0.75% of average daily net assets. Each Variable Contract imposes its own charges on owners of the Variable Contract, and Retirement Plans also may impose charges on participants in the Retirement Plan. These expenses are not described in this prospectus. Variable Contract owners and Retirement Plan participants should consult with the Variable Contract disclosure document or Retirement Plan information regarding these expenses.

At a meeting held on June 24, 2025, the board of trustees unanimously approved the renewal of the management agreement for the Portfolio. A discussion regarding the basis for the approval by the board of trustees of the renewal of the management agreement for the Portfolio is available in the Portfolio's Form N-CSR filing for the semi-annual period ended June 30, 2025.

Portfolio Managers

John P. Calamos, Sr. John P. Calamos, Sr. is President and Trustee of the Calamos Advisors Trust ("Trust") and for CALAMOS ADVISORS: Founder, Chairman and Global Chief Investment Officer ("Global CIO") since August 2016; Chairman and Global CIO from April to August 2016; Chairman, Chief Executive Officer and Global Co-CIO between April 2013 and April 2016; Chief Executive Officer and Global Co-CIO between August 2012 and April 2013; and Chief Executive Officer and Co-CIO prior thereto.

R. Matthew Freund. R. Matthew Freund joined CALAMOS ADVISORS in November 2016 as a Co-CIO, Head of Fixed Income Strategies, as well as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments since 2010.

John Hillenbrand. John Hillenbrand joined CALAMOS ADVISORS in 2002 and since September 2015 is a Co-CIO, Head of Multi-Asset Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March 2013 to September 2015 he was a Co-Portfolio Manager. Between August 2002 and March 2013 he was a senior strategy analyst.

Eli Pars. Eli Pars joined CALAMOS ADVISORS in May 2013 and has been Co-CIO, Co-Head of Alternative Strategies (since July 2024; previously served as Head of Alternative Strategies from September 2015 to June 2024) and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager, since September 2015. Between May 2013 and September 2015, he was a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February 2009 until November 2012.

Jon Vacko. Jon Vacko joined CALAMOS ADVISORS in 2000 and has been a Senior Co-Portfolio Manager since September 2015. Previously, he was a Co-Portfolio Manager from August 2013 to September 2015; prior thereto he was a Co-Head of Research and Investments from July 2010 to August 2013.

Joe Wysocki. Joe Wysocki joined CALAMOS ADVISORS in October 2003 and since February 2021 is a Senior Co-Portfolio Manager. Previously he was a Co-Portfolio Manager from March 2015 to February 2021; a sector head from March 2014 to March 2015; a Co-Portfolio Manager from March 2013 to March 2014; and a senior strategy analyst from February 2007 and March 2013.

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Management of the Portfolio

Dino Dussias. Dino Dussias joined CALAMOS ADVISORS in October 1995 and since February 2023 has been an Associate Portfolio Manager. From May 1997 to August 2013, he served in various analyst roles. He served as Sector Head — Industrials from August 2013 to August 2015, Sector Head from September 2015 to December 2017, and Sector Head-US Industrials/Utilities from December 2017 to January 2023.

The Portfolio's statement of additional information provides additional information about the portfolio managers, including other accounts they manage, their ownership in the CALAMOS FAMILY OF FUNDS and their compensation.

Team Approach to Management. CALAMOS ADVISORS employs a "team of teams" approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers and Associate Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO's team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our Team of Teams approach.

This Team of Teams approach is further reflected in the composition of CALAMOS ADVISORS' Investment Committee, made up of the Global CIO, the Co-CIO team, and the Global Head of Trading. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

• Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

• Promotes collaboration between teams; and

• Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

• Form the firm's top-down macro view, market direction, asset allocation, and sector/country positioning.

• Establish firm-wide secular and cyclical themes for review.

• Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

• Review firm-wide, portfolio and individual security liquidity constraints.

• Evaluate firm-wide and portfolio investment performance.

• Evaluate firm-wide and portfolio hedging policies and execution.

• Evaluate enhancements to the overall investment process.

John P. Calamos, Sr. is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, John Hillenbrand, Eli Pars, Jon Vacko, and Joe Wysocki are each Sr. Co-Portfolio Managers; and Dino Dussias is Associate Portfolio Manager. Sr. Co-Portfolio Managers and Associate Portfolio Managers are collectively referred to within this registration statement as "Portfolio Managers".

Shareholder Information

Purchasing Shares

Shares of the Portfolio are purchased by the separate accounts of Participating Insurance Companies or by Retirement Plans based on the instructions they receive from the Variable Contract holders or Retirement Plan participants. You cannot purchase Portfolio shares directly.

Selling Shares

Portfolio shares are sold by the separate accounts of Participating Insurance Companies or by Retirement Plans. Shares may be sold to generate cash to, among other things, pay a contract owner who requested a withdrawal or who terminated a contract.

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Management of the Portfolio

The Portfolio reserves the right to honor any request for sale or repurchase by paying you with readily marketable securities, either in whole or in part. This is considered a "redemption-in-kind." The Portfolio will choose these securities and value them in the same way as they are valued for purposes of computing the Portfolio's net asset value ("NAV"). You may incur transaction expenses if you convert these securities to cash.

Valuing Shares

The Portfolio's share price, or NAV, is determined as of the close of regular session trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) each day that the NYSE is open, in accordance with Rule 22c-1 of the Investment Company Act of 1940 ("1940 Act"). The NYSE is regularly closed on New Year's Day, the third Mondays in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas.

If the NYSE is closed due to weather or other extenuating circumstances on a day it would typically be open for business, the Portfolio reserves the right to treat such day as a Business Day and accept purchase and redemption orders and calculate the Portfolio's NAV as of the normally scheduled close of regular trading on the NYSE or such other time that the Portfolio may determine, in accordance with applicable law. The Portfolio reserves the right to close if the primary trading markets of the Portfolio's portfolio instruments are closed and the Portfolio's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the securities markets close trading early or when the NYSE closes earlier than scheduled, the Portfolio may (i) close trading early (as such, the time as of which the NAV is calculated would be advanced and, therefore, also the time by which purchase and redemption orders must be received in order to receive that day's NAV would be advanced) or (ii) accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day. Purchase orders will be accepted only on days which the Portfolio is open for business.

The Portfolio's NAV per share is calculated by dividing the value of all of the securities and other assets of the Portfolio, less its liabilities, by the number of Portfolio shares outstanding. When shares are purchased or sold, the order is processed at the next NAV (plus any applicable sales charge) that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. On each day that the NYSE is open, Portfolio shares are ordinarily valued as of the NYSE close. Information that becomes known to the Portfolio after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Portfolio generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Portfolio reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Portfolio may determine. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV. Because the Portfolio may invest in securities that are primarily listed on foreign exchanges and trade on days when the Portfolio does not price its shares, the Portfolio's underlying assets may change in value on days when shareholders will not be able to purchase or redeem the Portfolio's shares.

The Trust's board of trustees, including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisers to perform fair valuation determinations related to all Portfolio investments under the oversight of the board. As "valuation designee" Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Portfolio's NAVs are determined. The valuation of the Portfolio's investments is in accordance with these procedures. Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Portfolio determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Portfolio determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange

PROSPECTUS \| April 30, 2026

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Management of the Portfolio

in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the midpoint of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees.

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 of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

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 over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. 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.

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.

Excessive Trading

The Portfolio seeks to discourage abusive trading, which may include frequent trading or short-term trading. Abusive trading may interfere with the efficient management of the Portfolio, and may result in the Portfolio maintaining higher cash balances, utilizing a line of credit and engaging in additional Portfolio transactions. Increased Portfolio transactions and utilization of a line of credit could increase the Portfolio's operating costs and decrease its investment performance. Maintenance of high cash balances could result in lower Portfolio investment performance during periods of rising markets.

The Portfolio discourages and does not accommodate frequent purchases and redemptions of the Portfolio's shares. Because of the potentially harmful effects of abusive trading, the board of trustees has approved fair valuation pricing procedures to reduce the arbitrage opportunities in the Portfolio. The Portfolio has not implemented redemption fees or transfer limits in reliance on the abusive trading policies and procedures implemented and maintained by the Participating Insurance Companies that have entered into participation agreements with the Portfolio.

CALAMOS GROWTH AND INCOME PORTFOLIO

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Management of the Portfolio

The Portfolio is sold exclusively as an underlying investment vehicle for insurance products offered to clients by Participating Insurance Companies. The Portfolio's ability to monitor and discourage abusive trading practices is limited. The Portfolio monitors aggregate trades placed by the separate accounts of the Participating Insurance Companies. So as to combat abusive trading, the Participating Insurance Companies may impose surrender charges, transfer processing fees and may make other reasonable efforts to monitor abusive trading in all separate accounts. The Participating Insurance Companies will work in tandem with the Portfolio to restrict access to clients engaging in inappropriate trading activities. Although the Portfolio will take steps to detect and deter abusive trading, there are no assurances that these policies and procedures will be effective in limiting abusive trading in all circumstances. Please refer to your Variable Contract or insurance product prospectus for details about whether and how restrictions and limitations on trading activity may be applied to your account and how such trading activity is monitored.

Other Information

The Portfolio's shares can be purchased by Retirement Plans and by separate accounts of Participating Insurance Companies offering Variable Contracts. Individual variable annuity and variable life insurance contract holders are not the "shareholders" of the Portfolio. Rather, the separate accounts of the Participating Insurance Companies are the shareholders of the Portfolio. You cannot directly purchase shares of the Portfolio.

CALAMOS ADVISORS and its affiliates, from their own resources, may make payments to certain intermediaries for administrative, marketing or distribution services. Please refer to the section entitled, "Payments to Intermediaries" in the Statement of Additional Information.

Calamos Financial Services LLC ("CFS") has an Incentive Plan (the "Plan") covering its Intermediary Sales Department. Generally, CFS markets and sells shares of the Calamos Family of Funds to financial advisors, who in turn may recommend that investors purchase shares of a Fund. The Plan is an incentive program that combines discretionary quarterly bonuses with a discretionary annual bonus sales performance and other discretionary factors. Incentive compensation may differ for each Fund and is subject to change depending on certain criteria considered by CFS. The Plan creates a potential conflict of interest in that it creates an incentive for the Intermediary Sales Department members to sell one Fund over another. CFS' Compliance Department monitors sales and other activity in an effort to detect unusual activity in the context of the compensation structure under the Plan.

Please read the prospectus for the Variable Contract that you want to purchase to learn about purchasing a Variable Contract. The Portfolio assumes no responsibility for such prospectuses.

The Portfolio currently does not foresee any disadvantages to the holders of variable life insurance contracts and variable annuity contracts arising from the fact that the interests of the holders of such contracts may differ. Nevertheless, the board of trustees intends to monitor events to identify any material irreconcilable conflicts that may arise and to determine what action, if any, should be taken.

Distributions and Taxes

Dividends and Capital Gains

The Portfolio intends to distribute to its shareholders substantially all of its net investment income and net realized capital gains. The Portfolio declares and pays dividends from net investment income quarterly, and pays any long-term capital gains annually.

Taxes

The Trust intends that the Portfolio will continue to qualify and be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and will meet the diversification requirements of Section 817(h) of the Code applicable to mutual funds underlying variable insurance products. For a discussion regarding what it means to qualify as a regulated investment company and a general discussion concerning some of the possible tax considerations associated with the operation of the Portfolio, please refer to the section entitled, "Taxation" in the Statement of Additional Information.

PROSPECTUS \| April 30, 2026

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Management of the Portfolio

For a discussion of the taxation of the Participating Insurance Companies and separate accounts, as well as the tax treatment of the Variable Contracts and the owners thereof, see the disclosure documents for the Variable Contracts. For information regarding the taxation of Retirement Plans, as well as the participants thereunder, see the plan administrator and plan documents for the Retirement Plan.

PLEASE CONSULT WITH YOUR TAX ADVISOR REGARDING YOUR PARTICULAR TAX SITUATION.

Shares of the Portfolio are owned by separate accounts of Participating Insurance Companies or by Retirement Plans. As the owners of a Variable Contract or as a participant in a Retirement Plan, you do not own the Portfolio's shares directly; therefore, the Portfolio's distributions are not likely to affect your tax situation. However, the separate accounts, in which you own a Variable Contract, may be affected by Portfolio distributions. Tax consequences to Variable Contract holders and Retirement Plan participants are described in the separate prospectuses or the governing documents issued by the Participating Insurance Companies and Retirement Plans.

CALAMOS GROWTH AND INCOME PORTFOLIO

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PROSPECTUS \| April 30, 2026

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Financial Highlights

The table below is intended to help you understand the Portfolio's financial performance for the periods shown below. Certain information reflects financial results for a single Portfolio share. The total return figures show what an investor in the Portfolio would have earned (or lost) if all dividends and distributions had been reinvested. The information below does not reflect the expenses of your Variable Contract or Retirement Plan. If those expenses were included, the total return figures shown would be lower. The information below has been derived from the Portfolio's financial statements and financial highlights, which have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, whose report, along with the Portfolio's financial statements, is included in the Portfolio's annual report to shareholders for the fiscal year ended December 31, 2025, which is available upon request.

**FINANCIAL HIGHLIGHTS**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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% |

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&nbsp;&nbsp;&nbsp;&nbsp;\*\* Amounts are less than $0.005.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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

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For More Information

If you would like more information about the Portfolio, the following resources are available upon request, free of charge.

Shareholder Reports

Additional information about the Portfolio's investments is available in the Portfolio's annual and semi-annual reports to shareholders and in Form N-CSR. The Portfolio's annual report contains a discussion of the market conditions and investment strategies that significantly affected the Portfolio's performance during the last fiscal year. In Form N-CSR, you will find the Portfolio's annual and semi-annual financial statements.

Statement of Additional Information

The Portfolio's statement of additional information ("SAI"), incorporated by reference into this prospectus, provides more detailed information about the Portfolio's policies and operation.

Copies of the Portfolio's reports to shareholders and the SAI are available, without charge, upon request, by calling 800.582.6959 or by visiting the Portfolio's website at www.calamos.com. You can request other information and discuss your questions about the Portfolio by contacting Calamos Financial Services LLC at:

Calamos Financial Services LLC

2020 Calamos Court

Naperville, Illinois 60563

Telephone: 1.800.582.6959

You can find more information regarding CALAMOS ADVISORS LLC on its Internet website at: http://www.calamos.com.

The Portfolio's reports to shareholders and SAI are available on the EDGAR database on the Commission's Internet website at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by electronic request to:

E-mail: publicinfo@sec.gov.

This prospectus is intended for use in connection with Variable Contracts or Retirement Plans.

Investment Company Act file no. 811-09237

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April 30, 2026

**STATEMENT OF ADDITIONAL INFORMATION**

**CALAMOS ADVISORS TRUST**

**CALAMOS GROWTH AND INCOME PORTFOLIO**

**Class I Shares**

**2020 Calamos Court Naperville, Illinois 60563 (630) 245-7200 Toll Free: (800) 582-6959**

This Statement of Additional Information relates to CALAMOS Growth and Income Portfolio (the "Portfolio"), which is a series of Calamos Advisors Trust (the "Trust"). This is not a prospectus, but provides information that should be read in conjunction with the Portfolio's prospectus dated April 30, 2026, and any supplements thereto, which are incorporated herein by reference. The prospectus may be obtained without charge by writing or calling the Portfolio at the address or telephone numbers set forth above. Audited financial statements and financial highlights for the Portfolio for the fiscal year ended December 31, 2025, as well as the report of the registered independent public accounting firm are incorporated herein by reference from the Trust's annual report to shareholders, which may also be obtained, without charge, by telephoning the number referenced above.

The Portfolio is currently available for sale to the separate accounts of certain life insurance companies ("Participating Insurance Companies") offering variable annuity contracts and variable life insurance contracts (together, "Variable Contracts") and may be offered to certain types of pension plans and retirement arrangements and accounts permitting accumulation of funds on a tax-advantaged basis ("Retirement Plans") as described in the prospectus.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [THE TRUST AND THE PORTFOLIO](#a_001) | [1](#a_001) |
| [INVESTMENT OBJECTIVE, STRATEGIES AND RISKS](#a_002) | [1](#a_002) |
| [INVESTMENT RESTRICTIONS](#a_003) | [20](#a_003) |
| [MANAGEMENT](#a_004) | [22](#a_004) |
| [INVESTMENT ADVISORY SERVICES](#a_005) | [34](#a_005) |
| [TEAM APPROACH TO MANAGEMENT](#a_006) | [35](#a_006) |
| [PURCHASING AND REDEEMING SHARES](#a_007) | [37](#a_007) |
| [ANTI-MONEY LAUNDERING COMPLIANCE](#a_008) | [38](#a_008) |
| [DISTRIBUTOR](#a_009) | [39](#a_009) |
| [PORTFOLIO TRANSACTIONS](#a_010) | [39](#a_010) |
| [TAXATION](#a_011) | [41](#a_011) |
| [CERTAIN SHAREHOLDERS](#a_012) | [43](#a_012) |
| [PAYMENTS TO INTERMEDIARIES](#a_013) | [43](#a_013) |
| [CUSTODIAN AND TRANSFER AGENT](#a_014) | [43](#a_014) |
| [FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT](#a_015) | [45](#a_015) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_016) | [45](#a_016) |
| [SHAREHOLDER INFORMATION](#a_017) | [45](#a_017) |
| [FINANCIAL STATEMENTS](#a_018) | [46](#a_018) |
| [Appendix—Description of Bond Ratings](#a_019) | [A-1](#a_019) |

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**THE TRUST AND THE PORTFOLIO**

The Portfolio is a series of the Trust, which was organized as a Massachusetts business trust on February 17, 1999. The Portfolio is an open-end, diversified management investment company that seeks high long-term total return through growth and current income.

The prospectus contains information concerning the Portfolio's investment objective and principal investment strategies and risks. This Statement of Additional Information provides additional information concerning certain securities and strategies used by the Portfolio and their associated risks.

**INVESTMENT OBJECTIVE, STRATEGIES AND RISKS**

The following information supplements, and should be read in conjunction with, the discussion of the Portfolio's investment objectives, strategies and risks that are described in the prospectus.

Unless otherwise noted, all investment policies and restrictions described in the Prospectus and Statement of Additional Information are measured at the time of the transaction in the security. If market action affecting portfolio securities (including, but not limited to, appreciation, depreciation, or a credit rating event) causes the Portfolio to exceed an investment policy or restriction, Calamos Advisors LLC ("Calamos Advisors") is not required to take immediate action. Under normal market conditions, however, Calamos Advisors will not make any acquisitions that will make the Portfolio further outside the investment restriction.

**CONVERTIBLE SECURITIES**

Convertible securities include any corporate debt security or preferred stock that may be converted into underlying shares of common stock. The common stock underlying convertible securities may be issued by a different entity than the issuer of the convertible securities. Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference on a preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the security were a non-convertible obligation.

The value of convertible securities is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. A convertible security's value viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." A convertible security's investment value typically will fluctuate inversely with changes in prevailing interest rates. However, at the same time, the convertible security will be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock.

If, because of a low price of the common stock, a convertible security's conversion value is substantially below its investment value, the convertible security's price is governed principally by its investment value. If a convertible security's conversion value increases to a point that approximates or exceeds its investment value, the convertible security's value will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Holders of convertible securities have a claim on the issuer's assets prior to the common stockholders, but may be subordinated to holders of similar non-convertible securities of the same issuer.

**CURRENCY EXCHANGE TRANSACTIONS**

The Portfolio may enter into currency exchange transactions. Currency exchange transactions may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through forward currency exchange contracts ("forward contracts"). Forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract. Forward contracts are usually entered into with banks, foreign exchange dealers and broker-dealers, are not exchange traded, and are usually for less than one year, but may be renewed.

Forward currency exchange transactions may involve currencies of the different countries in which the Portfolio may invest and serve as hedges against possible variations in the exchange rate between these currencies. Currency exchange transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions, except to the extent described below under "Synthetic Foreign Money Market Positions." Transaction hedging is the purchase or sale of forward contracts with respect to specific receivables or payables of the Portfolio accruing in connection with the purchase and sale of its portfolio securities or the receipt of dividends or interest thereon. Portfolio hedging is the use of forward contracts with respect to portfolio security positions denominated or quoted in a particular foreign currency. Portfolio hedging allows the Portfolio to limit or reduce its exposure in a foreign currency by entering into a forward contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) at a future date for a price payable in U.S. dollars so that the value of the foreign denominated portfolio securities can be approximately matched by a foreign denominated liability. The Portfolio may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular currency, except that the Portfolio may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currencies or currency act as an effective proxy for other currencies. In such a case, the Portfolio may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the Portfolio. The Portfolio may not engage in "speculative" currency exchange transactions.

At the maturity of the forward contract to deliver a particular currency, the Portfolio may either sell the portfolio security related to the contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency. It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract.

Accordingly, it may be necessary for the Portfolio to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Portfolio is obligated to deliver and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Portfolio is obligated to deliver.

If the Portfolio retains the portfolio security and engages in an offsetting currency transaction, it will incur a gain or a loss to the extent that there has been movement in forward contract prices. If the Portfolio engages in an offsetting currency transaction, it subsequently may enter into a new forward contract to sell the currency. Should forward prices decline during the period between the Portfolio entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Portfolio will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Portfolio will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Portfolio of unrealized profits or force the Portfolio to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security declines. Hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for the Portfolio to hedge against a devaluation that is so generally anticipated that the Portfolio is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to the Portfolio of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

**DEBT SECURITIES (INCLUDING HIGH YIELD FIXED-INCOME SECURITIES)**

In pursuing its investment objective, the Portfolio may invest in convertible and non-convertible debt securities, including high yield fixed-income securities (i.e., securities rated BB or lower by S&P Global Ratings, a division of S&P Global ("S&P"), or Ba or lower by Moody's Investor Services, Inc. ("Moody's")), commonly known as "junk bonds" and securities that are not rated but are considered by Calamos Advisors, the Portfolio's investment adviser, to be of similar quality. There are no restrictions as to the ratings of debt securities that may be acquired by the Portfolio or the portion of the Portfolio's assets that may be invested in debt securities in a particular rating category, except that the Portfolio will not acquire a security rated below C.

Securities rated BBB or Baa are considered to be medium grade and to have speculative characteristics. High yield fixed-income securities are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Investment in medium- or lower-quality debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market for such securities and adversely affect the value of such securities. In addition, lower-quality bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. During a period of adverse economic changes, including a period of rising interest rates, issuers of such bonds may experience difficulty in servicing their principal and interest payment obligations.

Achievement by the Portfolio of its investment objectives will be more dependent on Calamos Advisors' credit analysis than would be the case if the Portfolio were investing in higher-quality debt securities. Because the ratings of rating services (which evaluate the safety of principal and interest payments, not market risks) are used only as preliminary indicators of investment quality, Calamos Advisors employs its own credit research and analysis. These analyses may take into consideration such quantitative factors as an issuer's present and potential liquidity, profitability, internal capability to generate funds, debt/equity ratio and debt servicing capabilities, and such qualitative factors as an assessment of management, industry characteristics, accounting methodology, and foreign business exposure.

Medium- and lower-quality debt securities may be less marketable than higher-quality debt securities because the market for them is less broad. The market for unrated debt securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and the Portfolio may have greater difficulty selling its portfolio securities. The market value of these securities and their liquidity may be affected by adverse publicity and investor perceptions.

**DERIVATIVES RELATED REGULATORY MATTERS**

Under rules adopted under the Dodd-Frank Act, some types of derivatives (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared. See "Swaps, Caps, Floors and Collars" for a discussion of cleared swaps. Under additional rules adopted under the Dodd-Frank Act, certain cleared derivatives contracts are also required to be executed through swap execution facilities ("SEFs"). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Portfolio, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and rules and additional CFTC regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Portfolio executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. The Portfolio also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Portfolio's behalf, against any losses or costs that may be incurred as a result of the Portfolio's transactions on the SEF. In addition, the Portfolio may be subject to execution risk if it enters into a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Portfolio's behalf. In that case, the transaction might have to be terminated, and the Portfolio could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade.

The European Union, the United Kingdom and some other countries have implemented similar requirements to the Dodd- Frank Act requirements that will affect the Portfolio when it enters into derivatives transactions with a counterparty organized in those jurisdictions or otherwise subject to those jurisdictions' derivatives regulations.

Global requirements may also result in increased uncertainty about counterparty credit risk, and they may also limit the flexibility of the Portfolio to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, the Portfolio's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union or the United Kingdom, the liabilities of such counterparties to the Portfolio could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the European Union, the United Kingdom and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These regulations may have a material impact on the Portfolio's use of uncleared derivatives. These rules impose minimum variation (and in some cases, initial) margin requirements on derivatives transactions between the Portfolio and its swap counterparties and may increase the amount of margin the Portfolio is required to provide. They impose regulatory requirements on the calculation of margin and the timing of transferring margin.

Rule 18f-4 under the 1940 Act applies to the Portfolio's use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements). Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments (beyond certain currency and interest rate hedging transactions) in a limited amount is not subject to the full requirements of Rule 18f-4. In connection with compliance with Rule 18f-4, funds are no longer required to comply with the asset segregation framework arising from prior SEC guidance for covering certain derivative instruments and related transactions.

These and other new rules and regulations could, among other things, further restrict the Portfolio's ability to engage in, or increase the cost to the Portfolio of, derivatives transactions, for example, by making some types of derivatives no longer available to the Portfolio or otherwise limiting liquidity. This may result in changes to the Portfolio's principal investment strategies and could adversely affect the Portfolio's performance and its ability to achieve its investment objective.

**EQUITY SECURITIES**

Equity securities include common and preferred stocks, warrants, rights and depositary receipts. An investment in the equity securities of a company represents a proportionate ownership interest in that company. Therefore, the Portfolio participates in the financial success or failure of any company in which it has an equity interest.

Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments.

**FOREIGN SECURITIES**

A foreign security is a security issued by a foreign government or a company whose country of incorporation is a foreign country. For this purpose, foreign securities include American Depositary Receipts ("ADRs") or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other securities representing underlying shares of foreign issuers. Positions in those securities are not necessarily denominated in the same currency as the common stocks into which they may be converted.

ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts listed on the Luxembourg Stock Exchange evidencing a similar arrangement. GDRs are U.S. dollar-denominated receipts issued by international banks evidencing ownership of foreign securities. Generally, ADRs, in registered form, are designed for the U.S. securities markets and EDRs and GDRs, in bearer form, are designed for use in foreign securities markets. The Portfolio may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, the Portfolio is likely to bear its proportionate share of the expenses of the depository and it may have greater difficulty in receiving shareholder communications than it would have with a sponsored ADR.

To the extent positions in portfolio securities are denominated in foreign currencies, the Portfolio's investment performance is affected by the relative strength or weakness of the U.S. dollar against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of a Japanese stock held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the Japanese stock will fall. (See discussion of transaction hedging and portfolio hedging below under "Currency Exchange Transactions.")

Investors should understand and consider carefully the risks involved in foreign investing. Investing in foreign securities, which are generally denominated in foreign currencies, and utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the U.S.; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; greater costs of buying, holding and selling securities, including brokerage, tax and custody costs; and sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial arrangements. Although the Portfolio intends to invest in companies and government securities of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations.

The Portfolio may invest in the securities of emerging countries. The securities markets of emerging countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. Disclosure and regulatory standards in many respects are less stringent than in the U.S. and other major markets. There also may be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets, and enforcement of existing regulations has been extremely limited. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Economies in individual emerging markets may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many emerging market countries have experienced high rates of inflation for many years, which has had and may continue to have very negative effects on the economies and securities markets of those countries. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

A portion of the Portfolio's investments may be in Russian securities and instruments. The United States and the European Union have imposed sanctions on certain Russian persons and issuers. The United States and other nations or international organizations may impose additional, broader economic sanctions or take other actions that may adversely affect Russian-related issuers in the future. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of the Portfolio's investments. For example, the Portfolio may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require the Portfolio to freeze its existing investments in Russian companies, prohibiting the Portfolio from buying, selling or otherwise transacting in these investments. Russia may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of the Portfolio and potentially disrupt its operations. For these or other reasons, the Portfolio could seek to suspend redemptions of shares, including in the event that an emergency exists in which it is not reasonably practicable for the Portfolio to dispose of its securities or to determine its net asset value. During the period that redemptions are affected, shares could trade at a significant premium or discount to their net asset value.

**FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS**

The Portfolio may enter into interest rate futures contracts, index futures contracts, volatility index futures contracts and foreign currency futures contracts. An interest rate, index, volatility index or foreign currency futures contract provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument or the cash value of an index<sup>1</sup> at a specified price and time. A public market exists in futures contracts covering a number of indexes (including, but not limited to: the S&P 500 Index, the Russell 2000 Index, the Value Line Composite Index, and the New York Stock Exchange Composite Index) as well as financial instruments (including, but not limited to, U.S. Treasury bonds, U.S. Treasury notes, Eurodollar certificates of deposit and foreign currencies). Other index and financial instrument futures contracts are available and it is expected that additional futures contracts will be developed and traded. The Portfolio may enter into such contract if, in Calamos Advisors' opinion, such contract meets the Portfolio's investment parameters.

<sup>1</sup> A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities index is a function of the value of certain specified securities, no physical delivery of those securities is made.

The Portfolio may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on securities, indexes and foreign currencies (discussed in this Statement of Additional Information). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. The Portfolio might, for example, use futures contracts to hedge against or gain exposure to fluctuations in the general level of stock prices, anticipated changes in interest rates or currency fluctuations that might adversely affect either the value of the Portfolio's securities or the price of the securities that the Portfolio intends to purchase. Although other techniques could be used to reduce or increase the Portfolio's exposure to stock price, interest rate and currency fluctuations, the Portfolio may be able to achieve its desired exposure more effectively and perhaps at a lower cost by using futures contracts and futures options.

The Portfolio will only enter into futures contracts and futures options that are standardized and traded on an exchange, board of trade or similar entity, or quoted on an automated quotation system.

The success of any futures transaction depends on Calamos Advisors correctly predicting changes in the level and direction of stock prices, interest rates, currency exchange rates and other factors. Should those predictions be incorrect, the Portfolio's return might have been better had the transaction not been attempted; however, in the absence of the ability to use futures contracts, Calamos Advisors might have taken portfolio actions in anticipation of the same market movements with similar investment results, but, presumably, at greater transaction costs.

When the Portfolio makes a purchase or sale of a futures contract, the Portfolio is required to deposit with its custodian (or broker, if legally permitted) a specified amount of cash or U.S. Government securities or other securities acceptable to the broker ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract, although the Portfolio's broker may require margin deposits in excess of the minimum required by the exchange. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the Portfolio upon termination of the contract, assuming all contractual obligations have been satisfied. The Portfolio expects to earn interest income on its initial margin deposits. A futures contract held by the Portfolio is valued daily at the official settlement price of the exchange on which it is traded. Each day the Portfolio pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking-to-market." Variation margin paid or received by the Portfolio does not represent a borrowing or loan by the Portfolio but is instead settlement between the Portfolio and the broker of the amount one would owe the other if the futures contract had expired at the close of the previous day. In computing daily net asset value, the Portfolio will mark-to-market its open futures positions.

The Portfolio is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Portfolio.

Although some futures contracts call for making or taking delivery of the underlying reference asset, usually these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying reference asset, and delivery month). If an offsetting purchase price is less than the original sale price, the Portfolio engaging in the transaction realizes a capital gain, or if it is more, the Portfolio realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Portfolio engaging in the transaction realizes a capital gain, or if it is less, the Portfolio realizes a capital loss. The transaction costs must also be included in these calculations.

**RISKS ASSOCIATED WITH FUTURES.** There are several risks associated with the use of futures contracts and futures options. A purchase or sale of a futures contract or option may result in losses in excess of the amount invested in the futures contract or option. In trying to increase or reduce market exposure, there can be no guarantee that there will be a correlation between price movements in the futures contract or option and in the portfolio exposure sought. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given transaction not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as: variations in speculative market demand for futures, futures options and the related securities, including technical influences in futures and futures options trading and differences between the securities markets and the securities underlying the standard contracts available for trading. For example, in the case of index futures contracts, the composition of the index, including the issuers and the weighing of each issue, may differ from the composition of the Portfolio's holdings, and, in the case of interest rate futures contracts, the interest rate levels, maturities and creditworthiness of the issues underlying the futures contract may differ from the financial instruments held in the Portfolio. Futures prices are highly volatile at times and are influenced by many external economic, governmental, and world events. The low margin deposits normally required in futures trading permits an extremely high degree of leverage, which can result in the Portfolio experiencing substantial gains or losses due to relatively small price movements or other factors. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected stock price or interest rate trends.

Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. Stock index futures contracts are not normally subject to such daily price change limitations.

The markets for futures positions may be thinly traded from time to time. In addition, futures positions may become illiquid due to daily price limits taking effect or due to market disruptions. There can be no assurance that a liquid market will exist at a time when the Portfolio seeks to close out a futures or futures option position. The Portfolio would be exposed to possible loss on the position during the interval of inability to close, and would continue to be required to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

**LIMITATIONS ON OPTIONS AND FUTURES.** If options, futures contracts or futures options of types other than those described herein are traded in the future, the Portfolio may also use those investment vehicles, provided the board of trustees determines that their use is consistent with the Portfolio's investment objective.

The Portfolio may not maintain open short positions in futures contracts, call options written on futures contracts or call options written on indexes if, in the aggregate, the market value of all such open positions exceeds the current value of the securities in its portfolio, plus or minus unrealized gains and losses on the open positions, adjusted for the historical relative volatility of the relationship between the portfolio and the positions. For this purpose, to the extent the Portfolio has written call options on specific securities in its portfolio, the value of those securities will be deducted from the current market value of the securities portfolio.

The use of options and futures is subject to applicable regulations of the Securities and Exchange Commission (the "Commission" or "SEC"), the several exchanges upon which they are traded and the Commodity Futures Trading Commission ("CFTC"). For example, the CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate and monitor) speculative position limits ("position limits") on the maximum speculative position which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals, and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with the speculative limits. Thus, even if the Portfolio does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by the Portfolio liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Portfolio. A violation of position limits could also lead to regulatory action materially adverse to the Portfolio's investment strategy. The Portfolio may also be affected by regimes of the European Union and United Kingdom that impose position limits on its trade of commodity derivative contracts.

Calamos Advisors has registered with the CFTC as a commodity pool operator ("CPO") and is a member of the National Futures Association in such capacity. However, because of the Portfolio's limited exposure to commodity interests, Calamos Advisors has claimed an exclusion from the definition of CPO, with respect to the Portfolio, pursuant to Rule 4.5 under the Commodity Exchange Act ("CEA"). Consequently, Calamos Advisors is not subject to registration or regulation as a CPO under the CEA with respect to the Portfolio.

Under Rule 4.5, if the Portfolio uses commodity interests (such as futures contracts, options on futures contracts and swaps) other than for *bona fide hedging purposes* (as defined by the CFTC) the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money"<sup>2</sup> at the time of purchase) may not exceed 5% of the Portfolio's net asset value ("NAV"), or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the Portfolio's NAV (after taking into account unrealized profits and unrealized losses on any such positions). The Portfolio is subject to the risk that a change in U.S. law and related regulations will impact the way it operates, increase the particular costs of the Portfolio's operation and/or change the competitive landscape. In this regard, any further amendments to the CEA or its related regulations that subject the Portfolio to additional regulation may have adverse impacts on the Portfolio's operations and expenses.

In addition, the Portfolio's ability to use options and futures will be limited by tax considerations. See "Taxation of Options, Futures and Forward Contracts, and Swap Agreements or Derivatives" below.

**TAXATION OF OPTIONS, FUTURES AND FORWARD CONTRACTS, AND SWAP AGREEMENTS OR DERIVATIVES.** In general, option premiums received by the Portfolio are not immediately included in the income of the Portfolio. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Portfolio transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Portfolio is exercised and the Portfolio sells or delivers the underlying stock, the Portfolio generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Portfolio minus (b) the Portfolio's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Portfolio pursuant to the exercise of a put option written by it, the Portfolio generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of the Portfolio's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Portfolio is greater or less than the amount paid by the Portfolio (if any) in terminating the transaction. Thus, for example, if an option written by the Portfolio expires unexercised, the Portfolio generally will recognize short-term gain equal to the premium received.

The tax treatment of certain options, futures contracts, forward contracts, foreign currency positions and swap agreements used by the Portfolio may be governed by Section 1256 of the Internal Revenue Code of 1986, as amended (the "Code") ("Section 1256 contracts"). Any gains or losses on Section 1256 contracts are generally considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by the Portfolio at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

Generally, the hedging transactions and certain other transactions in options, futures and forward contracts undertaken by the Portfolio, may trigger the straddle rules contained primarily in Section 1092 of the Code. In some cases, the straddle rules also could apply in connection with swap agreements. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. The straddle rules and the rules governing qualified covered calls may affect the character of gains (or losses) realized by the Portfolio by causing gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains. In addition, losses realized by the Portfolio on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences to the Portfolio of transactions in options, futures, forward contracts, and swap agreements are not entirely clear. A call option is "in-the-money" to the extent, if any, that the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in-the-money" if the exercise price exceeds the value of the futures contract that is the subject of the option.

<sup>2</sup> A call option is "in-the-money" to the extent, if any, that the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in-the-money" if the exercise price exceeds the value of the futures contract that is the subject of the option.

The Portfolio may make one or more of the elections available under the Code which are applicable to straddles. If the Portfolio makes any of the elections, the amount, character and timing of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections operate to accelerate the recognition of gains or losses from the affected straddle positions. Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders may be increased or decreased substantially as compared to a fund that did not engage in such hedging transactions.

In addition, the Portfolio's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules), which could affect the amount, timing and/or character of distributions to shareholders. The qualifying income and diversification requirements applicable to the Portfolio's assets may limit the extent to which the Portfolio will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements, and other derivative instruments.

Rules governing the tax aspects of swap agreements and other derivative instruments are in a developing stage and are not entirely clear in certain respects. Accordingly, while the Portfolio intends to account for such transactions in a manner it deems to be appropriate, the Internal Revenue Service (the "IRS") might not accept such treatment. If it did not, the status of the Portfolio as a regulated investment company might be affected. Calamos Advisors intends to monitor developments in this area.

An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Portfolio has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Portfolio-level tax.

**ILLIQUID SECURITIES**

The Portfolio may invest up to 15% of its net assets, taken at market value, in illiquid investments that are assets, including any securities that are not readily marketable either because they are restricted securities or for other reasons. Restricted securities are securities that are subject to restrictions on resale because they have not been registered for sale under the Securities Act of 1933, as amended ("Securities Act"). A position in restricted securities might adversely affect the liquidity and marketability of a portion of the Portfolio's holdings, and the Portfolio might not be able to sell or dispose of its holdings in such securities promptly or at reasonable prices. In those instances where a Portfolio is required to have restricted securities held by it registered prior to sale by the Portfolio and the Portfolio does not have a contractual commitment from the issuer or seller to pay the costs of such registration, the gross proceeds from the sale of securities would be reduced by the registration costs and underwriting discounts. Any such registration costs are not included in the percentage limitation on a Portfolio's investment in restricted securities.

**INFLATION-INDEXED BONDS**

Inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, which are more fully described below) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is reflected in the semiannual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income to the Portfolio in the year in which it occurs, even though the Portfolio does not receive any principal payment in cash until maturity.

**INITIAL PUBLIC OFFERINGS**

The Portfolio may purchase stock in an initial public offering ("IPO"). An IPO is a company's first offering of stock to the public, typically to raise additional capital. Shares are given a market value reflecting expectations for the company's future growth. The market for these securities may be more volatile and entail greater risk of loss than investments in larger companies due to the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history.

The purchase of IPO shares may involve high transaction costs. Because of the price volatility of IPO shares, the Portfolio may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Portfolio and may lead to increased expenses to the Portfolio, such as commissions and transaction costs. Calamos Advisors cannot guarantee continued access to IPOs.

**LENDING OF PORTFOLIO SECURITIES**

In seeking to earn additional income, the Portfolio may lend its portfolio securities, up to 33 ⅓% of its total assets, including collateral received, to qualified parties (typically broker-dealers and banks) who need to borrow securities in order to cover transactions into which they have entered. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Portfolio. The Portfolio would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in the form of a fixed fee or a percentage of income earned on the collateral. The Portfolio may also experience losses as a result of the diminution in value of its cash collateral investments. The Portfolio may pay reasonable fees to persons unaffiliated with the Portfolio for services in arranging these loans. The Portfolio would have the right to call the loan and obtain the securities loaned at any time on notice of not less than five business days. The Portfolio would not have the right to vote the securities during the existence of the loan; however, the Portfolio may attempt to call back the loan and vote the proxy if time permits prior to the record date. 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 period while the Portfolio seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Portfolio's securities lending agent will monitor, and report to Calamos Advisors on, the creditworthiness of the firms to which the Portfolio lends securities.

**MASTER LIMITED PARTNERSHIPS ("MLPs")**

MLPs differ from investments in common stock as a result of limited control and limited rights to vote on matters affecting the MLP. MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs generally do not pay federal income tax at the partnership level. Rather, each Partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Portfolio's investment and consequently your investment in the Portfolio. Although common units of MLPs trade on the New York Stock Exchange ("NYSE"), the NASDAQ and NYSE American, LLC, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Portfolio to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when the Adviser desires to do so.

**OPTIONS ON SECURITIES, INDEXES AND CURRENCIES**

The Portfolio may purchase and sell (write) put options and call options on securities, indexes or foreign currencies. The Portfolio may purchase agreements, sometimes called cash puts, that may accompany the purchase of a new issue of bonds from a dealer.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. For instance, the Portfolio's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving the Portfolio the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. The Portfolio's purchase of a call option on a security, financial future, index, currency or other instrument might be intended to protect it against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument.

The Portfolio may purchase and sell (write) exchange listed options and over-the-counter options ("OTC options"). Exchange listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

OTC options are purchased from or sold to sellers or purchasers ("Counterparties") through direct bilateral agreement with the Counterparties. In contrast to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. The Portfolio will only sell (write) OTC options (other than OTC currency options) that are subject to a buy-back provision permitting the Portfolio to require the Counterparty to sell the option back to the Portfolio at a formula price within seven days. The Portfolio generally is expected to enter into OTC options that have cash settlement provisions, although it is not required to do so. The staff of the SEC currently takes the position that OTC options purchased by a portfolio, and portfolio securities "covering" the amount of a portfolio's obligation pursuant to an OTC option sold by it (or the amount of assets equal to the formula price for the repurchase of the option, if any, less the amount by which the option is "in the money") are illiquid, and are subject to a fund's limitation on investing no more than 15% of its net assets in illiquid securities.

The Portfolio may also purchase and sell (write) options on securities indexes and other financial indexes. Options on securities indexes and other financial indexes are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e., an option or an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

The Portfolio will sell (write) call options and put options only if they are "covered." A written option will be considered "covered" to the extent it has entered into an offsetting transaction or otherwise has segregated or earmarked cash or liquid assets equal to its uncovered obligations under the written option. For example, a call option written by the Portfolio could be covered by purchasing an offsetting call option, by purchasing or holding the underlying reference security or asset (or a security convertible into the underlying reference security or asset), or by segregating or earmarking cash or liquid assets equal to the exercise price of the written option (or such amount as is not otherwise covered by an offsetting transaction). A call option sold by a Portfolio on an index will require the Portfolio to own portfolio securities that correlate with the index or to segregate cash or liquid assets equal to the excess of the index value over the exercise price on a current basis. A put option written by the Portfolio requires the Portfolio to segregate cash or liquid assets equal to the exercise price.

OTC options entered into by the Portfolio and OCC issued and exchange listed index options will generally provide for cash settlement. OCC issued and exchange listed options sold by the Portfolio may, however, settle with physical delivery, or with an election of either physical delivery or cash settlement.

If an option written by the Portfolio expires, the Portfolio realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by the Portfolio expires, the Portfolio realizes a capital loss equal to the premium paid.

The Portfolio will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Portfolio will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Portfolio will realize a capital gain or, if it is less, the Portfolio will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security, asset or index in relation to the exercise price of the option, the volatility of the underlying security, asset or index, and the time remaining until the expiration date.

A put or call option purchased by the Portfolio is an asset of the Portfolio, valued initially at the premium paid for the option. The premium received for an option written by the Portfolio is recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked prices.

**RISKS ASSOCIATED WITH OPTIONS.** There are several risks associated with transactions in options. For example, there are significant differences between the securities markets, the currency markets and the options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve Calamos Advisors' objective. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The Portfolio's ability to utilize options successfully will depend on Calamos Advisors' ability to predict pertinent market investments, which cannot be assured.

The Portfolio's ability to close out its position as a purchaser or seller (writer) of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms. If the Portfolio were unable to close out an option that it has purchased on a security, it would have to exercise the option in order to realize any profit or the option would expire and become worthless. If the Portfolio were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, the Portfolio foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. As the writer of a covered call option on a foreign currency, the Portfolio foregoes, during the option's life, the opportunity to profit from any currency appreciation.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the options markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty (as described above under "Options on Securities, Indexes and Currencies") fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with the Portfolio or fails to make a cash settlement payment due in accordance with the terms of that option, the Portfolio will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, Calamos Advisors must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied.

The Portfolio may purchase and sell (write) call options on securities indexes and currencies. All calls sold by the Portfolio must be "covered." Even though the Portfolio will receive the option premium to help protect it against loss, a call sold by the Portfolio exposes the Portfolio during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Portfolio to hold the security or instrument that it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium received. The Portfolio may purchase and sell (write) put options on securities indexes and currencies. In selling (writing) put options, there is a risk that the Portfolio may be required to buy the underlying index or currency at a disadvantageous price above the market price. The Portfolio will engage in OTC option transactions only with U.S. government securities dealers recognized by the Federal Reserve Bank of New York as "primary dealers" or broker/dealers, domestic or foreign banks or other financial institutions that have received (or the guarantors of the obligation that have received) a short-term credit rating of A-1 from S&P or P-1 from Moody's or an equivalent rating from any nationally recognized statistical rating organization ("NRSRO") or, in the case of OTC currency transactions, are determined to be of equivalent credit quality by Calamos Advisors.

**PORTFOLIO TURNOVER**

Although the Portfolio does not purchase securities with a view to rapid turnover, there are no limitations on the length of time that a portfolio security must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high rate of portfolio turnover in the Portfolio would result in increased transaction expense, which must be borne by the Portfolio. High portfolio turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Portfolio turnover for the Portfolio is shown under "Financial Highlights" in the prospectus. A portfolio turnover rate of 100% would mean that the Portfolio had sold and purchased securities valued at 100% of its net assets within a one-year period.

**REAL ESTATE INVESTMENT TRUSTS**

Investments in the real estate industry, including real estate investment trusts (REITs), are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. Debt securities of REITs are subject to the risks of debt securities in general. For example, such securities are more sensitive to interest rates than equity securities of REITs. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Portfolio will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Portfolio.

**REPURCHASE AGREEMENTS**

As part of its strategy for the temporary investment of cash, the Portfolio may enter into "repurchase agreements" pertaining to U.S. Government securities with member banks of the Federal Reserve System or primary dealers (as designated by the Federal Reserve Bank of New York) in such securities, provided that the Portfolio may not invest more than 15% of its net assets in illiquid securities, including repurchase agreements maturing in more than seven days, and any other illiquid securities. A repurchase agreement arises when the Portfolio purchases a security and simultaneously agrees to resell it to the vendor at an agreed upon future date. The resale price is greater than the purchase price, reflecting an agreed upon market rate of return that is effective for the period of time the Portfolio holds the security and that is not related to the coupon rate on the purchased security. Such agreements generally have maturities of no more than seven days and could be used to permit the Portfolio to earn interest on assets awaiting long term investment. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Portfolio could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Portfolio seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors will monitor the creditworthiness of the firms with which the Portfolio enters into repurchase agreements.

The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

**REVERSE REPURCHASE AGREEMENTS AND OTHER BORROWINGS**

The Portfolio may enter into reverse repurchase agreements, mortgage dollar rolls, and economically similar transactions to the extent permitted under the leverage limitations of the 1940 Act and the Portfolio's investment restrictions described below. A reverse repurchase agreement is a repurchase agreement in which the Portfolio is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. A reverse repurchase agreement enables the Portfolio to obtain cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without needing to sell portfolio securities, or to earn additional income on portfolio securities, such as Treasury bills or notes. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs. The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

A "mortgage dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction the Portfolio sells a mortgage-related security, such as a security issued by the Government National Mortgage Association ("GNMA"), to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A "dollar roll" can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which the Portfolio pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which the Portfolio enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Portfolio, but only securities which are "substantially identical." To be considered "substantially identical," the securities returned to the Portfolio generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered.

Because dollar roll transactions may be for terms ranging between one and six months, dollar roll transactions may be deemed "illiquid" and subject to a Portfolio's overall limitations on investments in illiquid securities. The Portfolio also may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Portfolio's repurchase of the underlying security.

**RULE 144A SECURITIES**

The Portfolio may purchase securities that have been privately placed but that are eligible for purchase and sale by certain qualified institutional buyers, such as the Portfolio, under Rule 144A ("Rule 144A Securities") under the Securities Act. Calamos Advisors, under the supervision of the Trust's board of trustees, will consider whether Rule 144A Securities are illiquid and thus subject to the 15% illiquid restriction of Rule 22e-4 under the 1940 Act, which restricts investments in securities that are illiquid to no more than 15% its net assets, at the time of purchase. A determination of whether a Rule 144A Security is liquid or not is a question of fact. In making this determination, Calamos Advisors will consider the trading markets for the specific security, taking into account the unregistered nature of a Rule 144A Security. In addition, Calamos Advisors may consider the (1) frequency of trades and quotes for the security, as well as equivalent or underlying securities (e.g. the underlying common stock of a convertible security), (2) number of dealers and potential purchasers, (3) dealer undertakings to make a market and (4) nature of the security and of marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). The liquidity of Rule 144A Securities will be monitored and, if as a result of changed conditions, it is determined that a Rule 144A Security is no longer liquid, the Portfolio's holdings of illiquid securities would be reviewed to determine what, if any, steps are required to assure that the Portfolio does not invest more than 15% of its net assets in illiquid securities. Investing in Rule 144A Securities could have the effect of increasing the amount of the Portfolio's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**SHORT SALES**

The Portfolio may sell securities short to enhance income and protect against market risk by hedging a portion of the equity risk inherent in its portfolio. A short sale may be effected when Calamos Advisors believes that the price of a security will decline or underperform the market, and involves the sale of borrowed securities, in the hope of purchasing the same securities at a later date at a lower price. There can be no assurance that the Portfolio will be able to close out a short position (i.e., purchase the same securities) at any particular time or at an acceptable or advantageous price. To make delivery to the buyer, the Portfolio must borrow the securities from a broker-dealer through which the short sale is executed, and the broker-dealer delivers the securities, on behalf of the Portfolio, to the buyer. The broker-dealer is entitled to retain the proceeds from the short sale until the Portfolio delivers to it the securities sold short. In addition, the Portfolio is required to pay to the broker-dealer the amount of any dividends or interest paid on the securities sold short.

The Portfolio is said to have a short position in the securities sold until it delivers to the broker-dealer the securities sold. The Portfolio will normally close out a short position by purchasing on the open market and delivering to the broker-dealer an equal amount of the securities sold short.

The Portfolio will realize a gain if the price of the securities decline between the date of the short sale and the date on which the Portfolio purchases securities to replace the borrowed securities. On the other hand, the Portfolio will incur a loss if the price of the securities increases between those dates. The amount of any gain will be decreased and the amount of any loss increased by any premium or interest that the Portfolio may be required to pay in connection with the short sale. It should be noted that possible losses from short sales differ from those that could arise from a cash investment in a security in that losses from a short sale may be limitless, while the losses from a cash investment in a security cannot exceed the total amount of the investment in the security.

There is also a risk that securities borrowed by the Portfolio and delivered to the buyer of the securities sold short will need to be returned to the broker-dealer on short notice. If the request for the return of securities occurs at a time when other short sellers of the security are receiving similar requests, a "short squeeze" can occur, meaning that the Portfolio might be compelled, at the most disadvantageous time, to replace the borrowed securities with securities purchased on the open market, possibly at prices significantly in excess of the proceeds received from the short sale.

It is possible that the market value of the securities the Portfolio holds in long positions will decline at the same time that the market value of the securities the Portfolio has sold short increases, thereby increasing the Portfolio's potential volatility.

The Portfolio may also make short sales "against the box," meaning that at all times when a short position is open the Portfolio owns an equal amount of such securities or securities convertible into or exchangeable, without payment of further consideration, for securities of the same issue as, and in an amount equal to, the securities sold short. A short sale "against the box" would be made in anticipation of a decline in the market price of the securities sold short. Short sales "against the box" result in a "constructive sale" and require the Portfolio to recognize taxable gain unless an exception to the constructive sale rule applies.

The Portfolio will not make a short sale of securities (other than a short sale "against the box"), if more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales (other than short sales "against the box").

Short sales also may afford the Portfolio an opportunity to earn additional current income to the extent it is able to enter into arrangements with broker-dealers through which the short sales are executed to receive income with respect to the proceeds of the short sales during the period the Portfolio's short positions remain open. Calamos Advisors believes that some broker-dealers may be willing to enter into such arrangements, but there is no assurance that they will be able to enter into such arrangements to the desired degree. Further, in response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) reporting obligations and/or bans on short sales of certain securities, including short positions on such securities acquired through certain derivative instruments.

**STRUCTURED PRODUCTS**

The Portfolio may invest in interests in entities organized and operated for the purpose of restructuring the investment characteristics of certain other investments. This type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments and the issuance by that entity of one or more classes of securities ("structured products") backed by, or representing interests in, the underlying instruments. The term "structured products" as used herein excludes synthetic convertible instruments. See "Investment Strategies and Risks — Synthetic Convertible Instruments." The cash flow on the underlying instruments may be apportioned among the newly issued structured products to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to structured products is dependent on the extent of the cash flow on the underlying instruments. The Portfolio may invest in structured products, which represent derived investment positions based on relationships among different markets or asset classes.

The Portfolio also may invest in other types of structured products, including, among others, baskets of credit default swaps referencing a portfolio of high-yield securities. A structured product may be considered to be leveraged to the extent its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate. Because they are linked to their underlying markets or securities, investments in structured products generally are subject to greater volatility than an investment directly in the underlying market or security. Total return on the structured product is derived by linking return to one or more characteristics of the underlying instrument.

Because certain structured products of the type in which the Portfolio may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent to that of the underlying instruments. The Portfolio may invest in a class of structured products that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured products typically have higher yields and present greater risks than unsubordinated structured products. Although the Portfolio's purchase of subordinated structured products would have similar economic effect to that of borrowing against the underlying securities, the purchase will not be deemed to be leverage for purposes of the Portfolio's limitations related to borrowing and leverage.

Certain issuers of structured products may be deemed to be "investment companies" as defined in the 1940 Act. As a result, the Portfolio's investments in these structured products may be limited by the restrictions contained in the 1940 Act. Structured products are typically sold in private placement transactions, and there may not be an active trading market for structured products. As a result, certain structured products in which the Portfolio invests may be deemed illiquid.

**SWAPS, CAPS, FLOORS AND COLLARS**

The Portfolio may enter into interest rate, currency, index, credit default and other swaps and purchase or sell related caps, floors and collars. The Portfolio expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date. The Portfolio will not sell interest rate caps or floors where it does not own securities or other instruments providing the income stream the Portfolio may be obligated to pay. Interest rate swaps involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indexes. A credit default swap is an agreement to transfer the credit exposure of fixed-income products between parties. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified benchmark exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified benchmark falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

The Portfolio will usually enter into swaps on a net basis (i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments). The Portfolio will not enter into any swap, cap, floor or collar transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the securities dealers, financial institutions or other parties with whom the Portfolio has entered into such a transaction "Counterparties"), combined with any credit enhancements, is rated at least A by S&P or Moody's or has an equivalent rating from a NRSRO or is determined to be of equivalent credit quality by Calamos Advisors. If there is a default by the Counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction. Although the swap market has grown substantially over the years, increasing liquidity, some swaps, including caps, floors and collars, may be considered illiquid.

In addition, some swaps are, and more in the future may be, centrally cleared. Clearinghouses and futures commission merchants have broad rights to increase margin requirements for existing cleared transactions or to terminate cleared transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse may have an effect on the performance of the Portfolio. Swaps that are centrally-cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, the Portfolio could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Portfolio or becomes insolvent or goes into bankruptcy. Also, the Portfolio will be exposed to the credit risk of the futures commission merchant who acts as the Portfolio's clearing member on the clearinghouse for a centrally cleared swap. If the Portfolio's futures commission merchant becomes bankrupt or insolvent, or otherwise defaults on its obligations to the Portfolio, the Portfolio may not receive all amounts owed to it in respect of its trading, even if the clearinghouse fully discharges all of its obligations. In the event of bankruptcy of the Portfolio's futures commission merchant, the Portfolio may be entitled to the net amount of gains the Portfolio is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the futures commission merchant's other customers for the relevant account class, potentially resulting in losses to the Portfolio. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing organizations and clearing members, and it is not clear how an insolvency proceeding of a clearing organization or clearing member would be conducted, what effect the insolvency proceeding would have on any recovery by the Fund, and what impact an insolvency of a clearing organization or clearing member would have on the financial system more generally.

**SYNTHETIC CONVERTIBLE INSTRUMENTS**

The Portfolio may establish a "synthetic" convertible instrument by combining fixed-income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. A synthetic convertible instrument is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument, or loan, and a security providing an option on an equity security. The Portfolio may establish a synthetic convertible instrument by combining a fixed-income security with the right to acquire an equity security. The fixed-income and equity option components may have different issuers, and either component may change at any time.

More flexibility is possible in the assembly of a synthetic convertible instrument than in the purchase of a convertible security. Although synthetic convertible instruments may be selected where the components are issued by a single issuer, the character of a synthetic convertible instrument allows the combination of components representing distinct issuers, when management believes that such a combination would better promote the Portfolio's investment objective. A synthetic convertible instrument also is a more flexible investment in that its two components may be purchased separately. For example, the Portfolio may purchase a warrant for inclusion in a synthetic convertible instrument but temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development of more favorable market conditions.

A holder of a synthetic convertible instrument faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the call option or warrant purchased to create the synthetic convertible instrument. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible instrument includes the fixed-income component as well, the holder of a synthetic convertible instrument also faces the risk that interest rates will rise, causing a decline in the value of the fixed-income instrument.

The Portfolio may also purchase synthetic convertible instruments manufactured by other parties, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity, and are typically issued by investment banks.

Convertible structured notes have the attributes of a convertible security, however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible.

**SYNTHETIC FOREIGN MONEY MARKET POSITIONS**

The Portfolio may invest in money market instruments denominated in foreign currencies. In addition to, or in lieu of, such direct investment, the Portfolio may construct a synthetic foreign money market position by purchasing a money market instrument denominated in one currency, generally U.S. dollars, and concurrently entering into a forward contract to deliver a corresponding amount of that currency in exchange for a different currency on a future date and at a specified rate of exchange. For example, a synthetic money market position in Japanese yen could be constructed by purchasing a U.S. dollar money market instrument, and entering concurrently into a forward contract to deliver a corresponding amount of U.S. dollars in exchange for Japanese yen on a specified date and at a specified rate of exchange. Because of the availability of a variety of highly liquid short-term U.S. dollar money market instruments, a synthetic money market position utilizing such U.S. dollar instruments may offer greater liquidity than direct investment in foreign currency and a concurrent construction of a synthetic position in such foreign currency, in terms of both income yield and gain or loss from changes in currency exchange rates, in general should be similar, but would not be identical because the components of the alternative investments would not be identical.

**TEMPORARY INVESTMENTS**

The Portfolio may make temporary investments without limitation when Calamos Advisors determines that a defensive position is warranted, or as a reserve for possible cash needs. Such investments may be in money market instruments, consisting of obligations of, or guaranteed as to principal and interest by, the U.S. Government or its agencies or instrumentalities; certificates of deposit, bankers' acceptances and other obligations of domestic banks having total assets of at least $500 million and that are regulated by the U.S. Government, its agencies or instrumentalities; commercial paper rated in the highest category by a recognized rating agency; cash; and repurchase agreements.

**U.S. GOVERNMENT OBLIGATIONS**

U.S. Government Obligations include securities that are issued or guaranteed by the U.S. Treasury or by various U.S. Government agencies and instrumentalities. U.S. Treasury obligations ("U.S. Treasuries") include Treasury bills, Treasury notes, and Treasury bonds. U.S. Treasuries also include the separate principal and interest components of U.S. Treasuries that are traded under the Separate Trading of Registered Interest and Principal of Securities ("STRIPS") program. U.S. Treasury obligations are backed by the full faith and credit of the U.S.

Obligations issued or guaranteed by U.S. Government agencies and instrumentalities may be supported by any of the following: (a) the full faith and credit of the U.S., (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) the discretionary authority of the U.S. Treasury to lend to such Government agency or instrumentality, or (d) the credit of the agency or instrumentality.

Government agencies that issue or guarantee securities backed by the full faith and credit of the U.S. include GNMA and the Small Business Administration. Government agencies and instrumentalities that issue or guarantee securities not backed by the full faith and credit of the U.S. include the Federal Farm Credit Banks, the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Federal National Mortgage Association ("FNMA"), the Federal Land Bank, the Bank for Cooperatives, the Federal Intermediate Credit Bank, the Federal Financing Bank, the Resolution Funding Corporation, the Financing Corporation of America and the Tennessee Valley Authority. In the case of securities not backed by the full faith and credit of the U.S., the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. in the event the agency or instrumentality does not meet its commitment.

In September 2008, the U.S. Treasury and the Federal Housing Finance Agency ("FHFA") announced that FNMA and FHLMC had been placed in conservatorship. The conservatorship is still in effect as of the date of this SAI and has no specified termination date. There can be no assurance as to when or how the conservatorship will be terminated or whether FNMA or FHLMC will continue to exist following the conservatorship or what their respective business structures will be during or following the conservatorship. Since that time, FNMA and FHLMC have received significant capital support through U.S. Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases of their mortgage backed securities ("MBS"). The FHFA and the U.S. Treasury (through its agreement to purchase FNMA and FHLMC preferred stock) have imposed strict limits on the size of their mortgage portfolios. The FHFA, as conservator, has the power to repudiate any contract entered into by FNMA or FHLMC prior to its appointment if it determines that performance of the contract is burdensome and repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. Further, the FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. No assurance can be given that the Federal Reserve or the U.S. Treasury will ensure that FNMA and FHLMC remain successful in meeting their obligations with respect to the debt and mortgage-backed securities that they issue.

In addition, the problems faced by FNMA and FHLMC, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act ("TCCA") of 2011 which, among other provisions, requires that FNMA and FHLMC increase their single-family guaranty fees by at least 10 basis points and remit this increase to Treasury with respect to all loans acquired by FNMA and FHLMC on or after April 1, 2012 and before January 1, 2022. Serious discussions among policymakers continue, however, as to whether FNMA and FHLMC should be nationalized, privatized, restructured, or eliminated altogether. FNMA reported in the second quarter of 2014 that there was "significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship." FHLMC faces similar uncertainty about its future role. FNMA and FHLMC also are the subject of several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities.

The Portfolio may invest in securities issued or guaranteed by any of the entities listed above or by any other agency established or sponsored by the U.S. Government, provided that the securities are otherwise permissible investments of the Portfolio. Certain U.S. Government Obligations that have a variable rate of interest readjusted no less frequently than annually will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate. The Portfolio's yield will fluctuate due to changes in interest rates, economic conditions, quality ratings and other factors. The prepayment experience of the mortgages underlying mortgage-related securities, such as obligations issued by GNMA, may affect the value of, and return on, an investment in such securities.

**WARRANTS**

The Portfolio may invest in warrants. A warrant is a right to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time of issuance) during a specified period of time. A warrant may have a life ranging from less than a year to 20 years or longer, but a warrant becomes worthless unless it is exercised or sold before expiration. In addition, if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant, the warrant will expire worthless. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.

**"WHEN-ISSUED" AND DELAYED DELIVERY SECURITIES**

The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Portfolio enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. The Portfolio makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. The Portfolio may utilize spot and forward foreign currency exchange transactions to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when issued or delayed-delivery basis.

The use of these investment strategies, as well as borrowing under a line of credit as described below, may increase net asset value fluctuation.

**RECENT MARKET CONDITIONS**

In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, and new monetary programs.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or affect the issuers of such instruments, in ways that are unforeseeable. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Portfolio or the ability of the Portfolio to continue to implement its investment strategies. The U.S. government has enacted and is continuing to implement legislation that provides for regulation of the derivatives market, including clearing, margin, reporting and registration requirements. The CFTC, SEC, and other federal regulators have adopted and continue to develop rules and regulations enacting the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Dodd-Frank Act has and will continue to change the way in which the U.S. financial system is supervised and regulated.

Governments or their regulatory agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such ownership or disposition may have positive or negative effects on the liquidity, valuation and performance of the Portfolio's portfolio holdings.

Following financial crises, such as the global financial crisis fueled by the COVID-19 pandemic, the Federal Reserve generally attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate low. Following such periods, the Federal Reserve terminated certain of its market support activities and raised interest rates. With continued economic recovery and the cessation of certain market support activities, the Portfolio may face a heightened level of interest rate risk as a result of a rise or increased volatility in interest rates. These policy changes may reduce liquidity for certain of the Portfolio's investments, causing the value of the Portfolio's investments and share price to decline.

As economies and financial markets throughout the world are increasingly interconnected, the likelihood increases that geopolitical conflicts in one country or region will adversely impact markets or issuers in other countries or regions, including in ways that are difficult to predict or foresee. Economic, financial or political events, trade disputes, tariffs and other restrictions on trade or economic sanctions, terrorism, natural disasters, and other circumstances in one country or region could have profound impacts on global economies or markets. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Portfolio's investments. The impacts of these conflicts or events can be exacerbated by failures of governments and societies to respond adequately to a geopolitical conflict and subsequent emerging events or threats. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may be negatively affected.

Trade disputes may affect investor and consumer confidence and adversely affect financial markets and the broader economy, perhaps suddenly and to a significant degree. The U.S. government has indicated its intent to alter its approach to international trade policy and, in some cases, to renegotiate or potentially terminate certain existing bilateral or multilateral trade agreements and treaties with foreign countries and has made proposals and taken actions related thereto. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Other countries, including Mexico, have threatened retaliatory tariffs on certain U.S. products. Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Portfolio and its investments. U.S. trade policy has changed rapidly in the past, and may do so in the future, and it may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which the Portfolio invests and other adverse impacts on the Portfolio's overall performance.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Portfolio. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Portfolio holdings may be impacted, which could significantly impact the overall performance of the Portfolio. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**INVESTMENT RESTRICTIONS**

The Portfolio operates under the following investment restrictions. The Portfolio may not (except as indicated):

(i) as to 75% of its assets, invest more than 5% of its total assets, taken at market value at the time of a particular purchase, in the securities of any one issuer, except that this restriction does not apply to securities issued or guaranteed by the United States Government or its agencies or instrumentalities;

(ii) acquire more than 10%, taken at the time of a particular purchase, of the outstanding voting securities of any one issuer;

(iii) act as an underwriter of securities, except insofar as it may be deemed an underwriter for purposes of the Securities Act on disposition of securities acquired subject to legal or contractual restrictions on resale;

(iv) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies which invest in real estate or interests therein), commodities or commodity contracts;

(v) make loans, but this restriction shall not prevent the Portfolio from (a) investing in debt obligations, (b) investing in repurchase agreements or (c) lending portfolio securities;

(vi) borrow, except that the Portfolio may (a) borrow from banks for temporary or emergency purposes in amounts not exceeding 33% of the value of the Portfolio's total assets at the time of the borrowing, and (b) enter into transactions in options, futures and options on futures;

(vii) invest in a security if more than 25% of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities; or

(viii) issue any senior security, except to the extent permitted under the 1940 Act.

The above restrictions are fundamental policies and may not be changed without the approval of a "majority" of the outstanding shares of the Portfolio, which for this purpose means the approval of the lesser of (a) more than 50% of the outstanding voting securities of the Portfolio or (b) 67% or more of the outstanding shares if the holders of more than 50% of the outstanding shares of the Portfolio are present or represented at the meeting by proxy.

In addition to the fundamental restrictions listed above the Portfolio:

(a) may not invest in shares of other open-end investment companies, except as permitted by the 1940 Act and the rules thereunder;

(b) may not invest in companies for the purpose of exercising control or management;

(c) may not purchase securities on margin (except for use of such short-term credits as are necessary for the clearance of transactions, including transactions in options, futures and options on futures), or participate on a joint or a joint and several basis in any trading account in securities, except in connection with transactions in options, futures and options on futures;

(d) may not make short sales of securities, except that the Portfolio may make short sales of securities (i) if the Portfolio owns an equal amount of such securities, or owns securities that are convertible or exchangeable, without payment of further consideration, into an equal amount of such securities, (ii) other than those described in clause (i), provided that no more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales other than those described in clause (i);

(e) may not invest more than 25% of its net assets (valued at time of purchase) in securities of foreign issuers (other than securities represented by ADRs and securities guaranteed by a U.S. person);

(f) consistent with the Portfolio's investment objective and principal investment strategies the Portfolio's investment adviser views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio that it believes will exhibit less volatility over full market cycles.

Restrictions (a) through (f) may be changed by the board of trustees without shareholder approval. Notwithstanding the foregoing investment restrictions, the Portfolio may purchase securities pursuant to the exercise of subscription rights, subject to the condition that such purchase will not result in the Portfolio's ceasing to be a diversified investment company. Far Eastern and European corporations frequently issue additional capital stock by means of subscription rights offerings to existing shareholders at a price substantially below the market price of the shares. The failure to exercise such rights would result in the Portfolio's interest in the issuing company being diluted. The market for such rights is not well developed in all cases and, accordingly, the Portfolio may not always realize full value on the sale of rights. The exception applies in cases where the limits set forth in the investment restrictions would otherwise be exceeded by exercising rights or would have already been exceeded as a result of fluctuations in the market value of the Portfolio's portfolio securities with the result that the Portfolio would be forced either to sell securities at a time when it might not otherwise have done so, to forego exercising the rights.

In addition, pursuant to state insurance laws, the Portfolio is subject to the following guidelines, which may also be changed by the board of trustees:

The Portfolio will be invested in a minimum of five different foreign countries at all times, except that this minimum is reduced to four when foreign country investments comprise less than 80% of the value of the Portfolio's net assets; to three when less than 60% of such value; to two when less than 40%; and to one when less than 20%.

The Portfolio will have no more than 20% of its net assets invested in securities of issuers located in any one country (other than the U.S.); except that the Portfolio may have an additional 15% of its net assets invested in securities of issuers located in any one of the following countries: Australia; Canada; France; Japan; the United Kingdom; or Germany.

The Portfolio may not acquire the securities of any issuer if, as a result of such investment, more than 10% of the Portfolio's total assets would be invested in the securities of any one issuer, except that this restriction shall not apply to U.S. Government securities or foreign government securities; and the Portfolio will not invest in a security if, as a result of such investment, it would hold more than 10% of the outstanding voting securities of any one issuer.

The Portfolio may borrow no more than 10% of the value of its net assets when borrowing for any general purpose and 25% of net assets when borrowing as a temporary measure to facilitate redemptions.

State insurance laws currently restrict the Portfolio's borrowing to facilitate redemptions to no more than 25% of the Portfolio's net assets. The Portfolio does not intend to purchase securities when its borrowings exceed 5% of total assets.

The SEC staff has taken the position that an investment company may not invest in a security if 25% or more of its total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers of a particular industry. The Portfolio intends to comply with the staff's interpretation of the industry concentration requirement.

Currently, under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where the indebtedness is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

Under Section 12(d)(1)(A) of the 1940 Act, the Portfolio generally must limit its investment in other investment companies so that, as determined immediately after the Portfolio invests in another investment company: (i) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (ii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies; and (iii) not more than 3% of the outstanding voting shares of any one investment company will be owned by the Portfolio, except as permitted under the 1940 Act, the rules thereunder or SEC exemptive relief. Currently, under the 1940 Act and the rules thereunder and SEC exemptive relief, an investment company may invest in other investment companies in excess of the above limitations if certain requirements are met, including (i) that the investment company complies with Rule 12d1-4 under the 1940 Act or (ii) that any registered open-end investment company (such as the Portfolio) whose shares are acquired by another registered open-end investment company that is part of the same group of investment companies in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1)(F) or Section 12 (d)(1)(G) of the 1940 Act. The Portfolio may invest without limitation in money market funds, provided that the investment company complies with Rule 12d1-1 under the 1940 Act. These limitations do not apply in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company.

**MANAGEMENT**

**TRUSTEES AND OFFICERS**

The management of the Trust, including general supervision of the duties performed for the Portfolio under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years.

The following table sets forth each trustee's name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed.

**TRUSTEES WHO ARE INTERESTED PERSONS OF THE TRUST:**

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| **NAME AND<br> YEAR OF<br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS<br> IN<br> FUND<br> COMPLEX^<br> OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br> DURING THE PAST FIVE YEARS<br> AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br> QUALIFICATIONS,<br> ATTRIBUTES,<br> SKILLS FOR BOARD<br> MEMBERSHIP** |
| John P. Calamos, Sr.<br> (1940)\* | Chairman, Trustee and President (since 1999) | 70 | Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC ("Calamos Advisors") and its predecessor and Calamos Wealth Management LLC ("CWM"); Global Chief Investment Officer, Calamos Antetokounmpo Asset Management LLC ("CGAM"); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC ("CFS") and its predecessor, CAM, CILLC, Calamos Advisors, and CWM | Served for multiple years as a trustee of the Portfolio; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| John S. Koudounis<br> (1966)^^\* | Trustee (since September 2025) and Vice President (since 2016) | 73 | President (since February 2021) and Chief Executive Officer, Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors, Calamos Wealth Management LLC, and Calamos Financial Services LLC (since 2016); Chairman and Chief Executive Officer (since 2022), Calamos Antetokounmpo Asset Management LLC; prior thereto, Director, Calamos Asset Management, Inc. (since 2016); prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |

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**TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:**

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|:---|:---|:---|:---|:---|
| **NAME AND<br> YEAR OF <br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF <br> TIME<br> WITH THE <br> TRUST** | **PORTFOLIOS<br> IN<br> FUND<br> COMPLEX^<br> OVERSEEN** | **PRINCIPAL OCCUPATION(S)<br> DURING THE PAST FIVE YEARS<br> AND OTHER DIRECTORSHIPS** | **EXPERIENCE,<br> QUALIFICATIONS,<br> ATTRIBUTES,<br> SKILLS FOR BOARD<br> MEMBERSHIP** |
| Hugh P. Armstrong<br> (1961) | Trustee (since September 2025) | 70 | Partner (1997-2021) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1988-1997); Chair of the Board of Trustees of Escuela De Guadalupe School (since 2024 and Trustee 2014-2017 and since 2021); Former Trustee and Treasurer of Denver Ballet Guild Endowment Trust (2021-2025); Director of the Friends of Queen's University of Belfast, (since 2024); Former Chair of the Board and Trustee of St. Mary's Academy (2004-2012); Former Chair and President of the Learning Source (1999-2004) | More than 25 years of experience in the financial services industry |
| Virginia G. Breen<br> (1964) | Trustee (since 2015) | 70 | Private investor; Trustee, UBS NY Fund Cluster (open-end funds) (since 2023)\*\*\*; Director Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)\*\*\*\*; Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)\*\*\*\*\*; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (2004-2023); Director, Tech and Energy Transition Corporation (blank check company) (2021-2023) | Served for multiple years as a trustee of the Portfolio; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| Jeffrey S. Phlegar<br> (1966) | Trustee (since September 2025) | 70 | Advisory Member, Mawer Investment Management Ltd. (since 2025); Chairman and CEO of MacKay Shields (2011-2024); EVP and Chief Investment Officer AllianceBernstein (1988-2011); former Senior member of the Management and M&A Committees of New York Life Investment Management, LLC (2018-Q1/2024); Chairman of the Plainview Funds (Irish QIAF) Board of Directors (2013-Q1/2024); Advisory Committee Member – Brewer Lane Ventures Fund I & II (2020-Present) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree<br>|
| William R. Rybak<br> (1951) | Trustee (since 2002) | 70 | Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, Jackson Credit Opportunities Fund (since 2023); Jackson Real Assets Fund (since 2024) (interval fund), JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020), and JNL Strategic Income Fund LLC (2007-2018) (open-end mutual funds)\*\*; formerly Trustee, Lewis University (2012-2024); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000) | Served for multiple years as a trustee of the Portfolio; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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|:---|:---|:---|:---|:---|
| Karen L. Stuckey<br> (1953) | Trustee (since December 2019) | 70 | Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; formerly, Trustee, Denver Board of Oppenheimer Funds (open-end mutual funds) (2012-2019) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |
| Christopher M. Toub<br> (1959)^^ | Trustee (since December 2019) | 73 | Private investor; formerly Director of Equities, Alliance Bernstein LP (until 2012) | More than 25 years of experience in the financial services industry; and earned a Masters of Business Administration degree |
| Lloyd A. Wennlund<br> (1957) | Trustee (since 2018) | 70 | Board Member, Mutual Fund Directors Forum (2023-present); Trustee and Chairman, Datum One Series Trust (since 2020)\*\*\*\*\*\*; Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |

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\* Messrs. Calamos, Sr. and Koudounis are each an "interested person" of the Trust as defined in the 1940 Act because they are each an officer of the Trust and an affiliate of Calamos Advisors and CFS.

\*\* Overseeing 124 portfolios in fund complex.

\*\*\* Overseeing thirty-three portfolios in fund complex.

\*\*\*\* Overseeing sixteen portfolios in fund complex.

\*\*\*\*\* Overseeing three portfolios in fund complex.

\*\*\*\*\*\* Overseeing twelve portfolios in fund complex.

^ The Fund Complex consists of Calamos Investment Trust, Calamos Advisors 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 ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust, Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

^^ Messrs. Koudounis and Toub are the only Trustees of the Trust who oversee Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

**OFFICERS.** The preceding table gives information about John P. Calamos, Sr., Trustee and President of the Trust and John S. Koudounis, Trustee and Vice President of the Trust. The following table sets forth each other officer's name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

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| | | |
|:---|:---|:---|
| **NAME AND<br> YEAR OF<br> BIRTH** | **POSITION(S) WITH<br> TRUST** | **PRINCIPAL OCCUPATION(S) DURING<br> THE PAST FIVE YEARS** |
| Thomas P. Kiley III<br> (1968) | Vice President (since 2024) | Senior Vice President, Chief Distribution Officer (since 2024), CAM, CILLC, and Calamos Advisors; Principal Executive Officer and Chief Distribution Officer (since 2024), CFS; Vice President (since 2024), CGAM; prior thereto Managing Director, RIA Eastern Divisional Sales Manager, Blackrock Investments, Inc. (2017-2024) |
| Thomas E. Herman<br> (1961) | Vice President (since 2016) and Chief Financial Officer (2016-2017 and since 2019) | Executive Vice President (since 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer (since 2022), CGAM; prior thereto Chief Financial Officer and Treasurer, Harris Associates (2010-2016) |
| Stephen M. Atkins<br> (1965) | Treasurer (since 2020) | Senior Vice President, Head of Fund Administration (since 2020), Calamos Advisors; prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (2019-2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018) |
| Erik D. Ojala<br> (1975) | Vice President and Secretary (since 2023) | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM (since 2023); Chief Legal Officer, CGAM (since 2023); General Counsel and Secretary, CFS (since 2023); prior thereto, Executive Vice President and General Counsel (2017-2023), Secretary (2010-2023) and Chief Compliance Officer (2022-2023), Harbor Capital Advisors, Inc.; Director and Secretary (2019-2023) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive Vice President (2017-2023) and Chief Compliance Officer (2017-2021, 2022-2023), Harbor Funds Distributors, Inc.; Director (2017-2023), Assistant Secretary (2014-2023) and Chief Compliance Officer (2022-2023), Harbor Services Group, Inc.; Chief Compliance Officer, Harbor ETF Trust (2021-2023); and Chief Compliance Officer of Harbor Funds (2017-2023) |
| Walter M. Kelly<br> (1970) | Chief Compliance Officer (since 2025) | Chief Compliance Officer, Calamos Funds (since 2025) |
| Daniel Dufresne<br> (1974) | Vice President (since 2021) | Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2021); President (since 2022), CGAM; prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020) |

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The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

**COMMITTEES OF THE BOARD OF TRUSTEES.** The Trust's board of trustees currently has five standing committees:

**Executive Committee.** Messrs. Calamos and Toub are members of the executive committee, which has authority during intervals between meetings of the board of trustees to exercise the powers of the board, with certain exceptions. John P. Calamos Sr. is an interested trustee of the Trust.

**Dividend Committee.** Mr. John P. Calamos Sr. serves as the sole member of the dividend committee. The dividend committee is authorized, subject to Board review, to declare distributions on the shares of the Trust's series in accordance with such series' distribution policies, including, but not limited to, regular dividends, special dividends and short- and long-term capital gains distributions.

**Audit Committee.** Messrs. Armstrong, Phlegar, Rybak (Chair), Toub, and Wennlund, and Mses. Breen and Stuckey serve on the audit committee. The audit committee operates under a written charter adopted and approved by the board. The audit committee selects independent auditors, approves services to be rendered by the auditors, monitors the auditors' performance, reviews the results of the Portfolio's audit and responds to other matters deemed appropriate by the board. All members of the audit committee are independent trustees of the Trust.

**Valuation Committee.** Messrs. Armstrong, Phlegar, Rybak, Toub, and Wennlund (Chair), and Mses. Breen and Stuckey serve on the valuation committee. The valuation committee operates under a written charter approved by the board. The valuation committee oversees valuation matters of the Trust delegated to the valuation designee, including the fair valuation determinations and methodologies proposed and utilized by the valuation designee, reviews the Trust's valuation procedures and their application by the valuation designee, reviews pricing errors and procedures for calculation of net asset value of each series of the Trust and responds to other matters deemed appropriate by the board.

**Governance Committee.** Messrs. Armstrong, Phlegar, Rybak, Toub, and Wennlund, and Mses. Breen (Chair) and Stuckey serve on the governance committee. The governance committee operates under a written charter adopted and approved by the board. The governance committee oversees the independence and effective functioning of the board of trustees and endeavors to be informed about good practices for mutual fund boards. It also makes recommendations to the board regarding compensation of independent trustees. The governance committee also functions as a nominating committee by making recommendations to the board of trustees regarding candidates for election as non-interested trustees. The governance committee looks to many sources for recommendations of qualified trustees, including current trustees, employees of Calamos Advisors, current shareholders of the Portfolio, search firms that are compensated for their services and other third party sources. Any such search firm identifies and evaluates potential candidates, conducts screening interviews and provides information to the governance committee with respect to the individual candidates and the market for available candidates. In making trustee recommendations, the governance committee considers a number of factors, including a candidate's background, integrity, knowledge and relevant experience. These factors are set forth in an appendix to the committee's charter. Any prospective candidate is interviewed by the trustees and officers, and references are checked. The governance committee will consider shareholder recommendations regarding potential trustee candidates that are properly submitted to the governance committee for its consideration.

A Portfolio shareholder who wishes to propose a trustee candidate must submit any such recommendation in writing via regular mail to the attention of the Trust's Secretary, at the address of the Trust's principal executive offices. The shareholder recommendation must include:

● the number and class of all shares of the Trust's series owned beneficially or of record by the nominating shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially;

● a full listing of the proposed candidate's education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current employment, date of birth, business and residence address, and the names and addresses of at least three professional references;

● information as to whether the candidate is, has been or may be an "interested person" (as such term is defined in the 1940 Act) of the Trust, Calamos Advisors or any of its affiliates, and, if believed not to be or have been an "interested person," information regarding the candidate that will be sufficient for the committee to make such determination;

● the written and signed consent of the candidate to be named as a nominee and to serve as a trustee of the Trust, if elected;

● a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, so specify;

● the class or series and number of all shares of the Trust's series owned of record or beneficially by the candidate, as reported by the candidate; and

● such other information that would be helpful to the governance committee in evaluating the candidate.

The governance committee may require the nominating shareholder to furnish other information it may reasonably require or deem necessary to verify any information furnished pursuant to the procedures delineated above or to determine the qualifications and eligibility of the candidate proposed by the nominating shareholder to serve as a trustee. If the nominating shareholder fails to provide such additional information in writing within seven days of receipt of written request from the governance committee, the recommendation of such candidate will be deemed not properly submitted for consideration, and the governance committee is not required to consider such candidate.

Unless otherwise specified by the governance committee's chairman or by legal counsel to the non-interested trustees, the Trust's Secretary will promptly forward all shareholder recommendations to the governance committee's chairman and the legal counsel to the non-interested trustees, indicating whether the shareholder recommendation has been properly submitted pursuant to the procedures adopted by the governance committee for the consideration of trustee candidates nominated by shareholders.

Recommendations for candidates as trustees will be evaluated, among other things, in light of whether the number of trustees is expected to change and whether the trustees expect any vacancies. During periods when the governance committee is not actively recruiting new trustees, shareholder recommendations will be kept on file until active recruitment is under way. After consideration of a shareholder recommendation, the governance committee may dispose of the shareholder recommendation.

The following table identifies the number of meetings the board and each committee held during the fiscal year ended December 31, 2025.

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| | |
|:---|:---|
|  | **NUMBER OF<br> MEETINGS DURING<br> FISCAL YEAR <br> ENDED<br> DECEMBER 31, 2025** |
| Board | 6 |
| Executive Committee | 0 |
| Audit Committee | 4 |
| Governance Committee | 3 |
| Dividend Committee | 12 |
| Valuation Committee | 4 |

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The Portfolio's Agreement and Declaration of Trust provides that the Portfolio will indemnify the trustees and officers against liabilities and expenses incurred in connection with any claim in which they may be involved because of their offices with the Portfolio, unless it is determined in the manner specified in the Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Portfolio or that such indemnification would relieve any officer or trustee of any liability to the Portfolio or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties.

**LEADERSHIP STRUCTURE AND QUALIFICATIONS OF THE BOARD OF TRUSTEES.** The board of trustees is responsible for oversight of the Trust. The Trust has engaged Calamos Advisors to manage the Funds on a day-to-day basis. The board of trustees oversees Calamos Advisors and certain other principal service providers in the operations of their respective Funds. The board of trustees is currently composed of nine members, seven of whom are non-interested trustees. The board of trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the board of trustees may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the board of trustees has established five standing committees — Audit, Dividend, Executive, Governance and Valuation — and may establish ad hoc committees or working groups from time to time, to assist the board of trustees in fulfilling its oversight responsibilities. The non-interested trustees also have engaged independent legal counsel to assist them in fulfilling their responsibilities. Such independent legal counsel also serves as counsel to the Trust.

The chairman of the board of trustees is an "interested person" of the Trust (as such term is defined in the 1940 Act). The non-interested trustees have appointed a lead independent trustee. The lead independent trustee serves as a liaison between Calamos Advisors and the non-interested trustees and leads the non-interested trustees in all aspects of their oversight of the Trust. Among other things, the lead independent trustee reviews and approves, with the chairman, the agenda for the board and committee meeting and facilitates communication among the Trust's non-interested trustees. The trustees believe that the board's leadership structure is appropriate given the characteristics and circumstances of the Trust, including but not limited to, the asset size of the funds comprising the Trust overseen by the board, the nature and number of funds overseen by the board, the total number of trustees, the range of experience represented on the board and the board's responsibilities. The trustees also believe that this structure facilitates the exercise of the board of trustees' independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

The board of trustees, including the independent trustees, has unanimously concluded that, based on each trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other trustees, each trustee should serve as a member of the board. In making this determination, the board of trustees has taken into account the actual service of the trustees during their tenure in concluding that each should continue to serve. The board of trustees also has considered each trustee's background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each trustee that led the board of trustees to conclude that he or she should serve as a trustee.

Each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, Toub and Wennlund has served for multiple years as a trustee of the Trust. In addition, each of Mses. Breen and Stuckey, and Messrs. Armstrong, Calamos, Koudounis, Phlegar, Rybak, Toub, and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and Messrs. Armstrong, Calamos, Koudounis, Phlegar, Rybak, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Phlegar, Rybak and Toub has earned a Masters of Business Administration degree.

**RISK OVERSIGHT.** The operation of a mutual fund, including its investment activities, generally involves a variety of risks. As part of its oversight of the Portfolio, the board of trustees oversees risk through various regular board and committee activities. The board of trustees, directly or through its committees, reviews reports from, among others, Calamos Advisors, the Trust's Compliance Officer, the Trust's independent registered public accounting firm, outside legal counsel, and internal auditors of Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Portfolio and the risk management programs of Calamos Advisors and certain service providers. The actual day-to-day risk management with respect to the Portfolio resides with Calamos Advisors and other service providers to the Portfolio. Although the risk management policies of Calamos Advisors and the service providers are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks. Not all risks that may affect the Portfolio can be identified, eliminated or mitigated and some risks simply may not be anticipated or may be beyond the control of the board of trustees or Calamos Advisors, its affiliates or other service providers.

**COMPENSATION OF OFFICERS AND TRUSTEES*.***The Trust does not compensate any of the trustees who are affiliated persons of Calamos Advisors. Although they are compensated, the non-interested trustees do not receive any pension or retirement benefits from the Trust. The following table sets forth the total compensation (including any amounts deferred, as described below) paid by the Trust during the fiscal year ended December 31, 2025 to each of the current trustees and officers compensated by the Trust.

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| | | |
|:---|:---|:---|
| <br>**Name** | **Aggregate**<br>**Compensation**<br>**from the Trust**<br>**1/1/2025-12/31/2025** | **Total<br> Compensation**<br>**from Calamos**<br>**Funds Complex <sup>(1)</sup>**<br>**1/1/2025-12/31/2025** |
| John P. Calamos, Sr. | $- | $- |
| John S. Koudounis<sup>(2)</sup> | $- | $- |
| Hugh P. Armstrong<sup>(2)</sup> | $303 | $69620 |
| Virginia G. Breen | $1048 | $230500 |
| Jeffrey S. Phlegar<sup>(2)</sup> | $303 | $69620 |
| William R. Rybak | $1096 | $240500 |
| Karen L. Stuckey | $1001 | $220500 |
| Christopher M. Toub | $1001 | $236940<sup>(3)</sup> |
| Lloyd A. Wennlund | $1048 | $230500 |
| Walter M. Kelly | $1351 | $304010 |

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(1) As of December 31, 2025, the Fund Complex consists
 of Calamos Investment Trust, Calamos Advisors 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 ETF Trust, Calamos Antetokounmpo
 Sustainable Equities Trust and Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund,
 and Calamos Aksia Hedged Strategies Fund.

(2) Messrs. Armstrong, Koudounis, and Phlegar were elected to the Board
 effective September 1, 2025.

(3) Includes compensation received
 from the Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia
 Hedged Strategies Fund in the amount of $16,440. Such compensation is subject to a different compensation schedule and allocation.

The compensation paid to the non-interested trustees of each Trust in the Fund Complex for their services as such consists of an annual retainer fee in the amount of $230,000 (increased on January 1, 2026 from $210,000), with annual supplemental retainers of $40,000 to the lead independent trustee, $20,000 to the chair of the audit committee and $10,000 to the chair of any other committee. Each non-interested trustee also receives a meeting attendance fee of $7,000 for any special board meeting attended in person, and $3,500 for any special board meeting attended by telephone.

Compensation paid to the non-interested trustees is allocated among the series of the Calamos Funds in accordance with a procedure determined from time to time by the board.

The Trust has adopted a deferred compensation plan for non-interested trustees (the "Plan"). Under the Plan, a trustee who is not an "interested person" of Calamos Advisors and has elected to participate in the Plan ("participating trustees") may defer receipt of all or a portion of his or her compensation from each trust in the Fund Complex in order to defer payment of income taxes or for other reasons. The deferred compensation payable to a participating trustee is credited to the trustee's deferred compensation account as of the business day such compensation otherwise would have been paid to the trustee. The value of a trustee's deferred compensation account at any time is equal to what the value would be if the amounts credited to the account had instead been invested in Class I shares of one or more of the funds of the Trust as designated by the trustee. Thus, 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. If a participating trustee retires, the trustee may elect to receive payments under the plan in a lump sum or in equal annual installments over a period of five years. If a participating trustee dies, any amount payable under the Plan will be paid to the trustee's beneficiaries. Each Fund's obligation to make payments under the Plan is a general obligation of that Fund. No Fund is liable for any other Fund's obligations to make payments under the Plan.

**SHARE OWNERSHIP.** As a group, the trustees and officers did not beneficially own shares of the Portfolio as of March 31, 2026. The following table shows the dollar range of values\* of any equity securities "beneficially" owned (within the meaning of that term as defined in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act") by the trustees of the Trust in the Portfolio, and in the Calamos Fund Complex, as of December 31, 2025.

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| | |
|:---|:---|
| **NAME OF<br> TRUSTEE** | **AGGREGATE DOLLAR<br> RANGE<br> OF EQUITY<br> SECURITIES<br> BENEFICIALLY OWNED <br> IN ALL<br> REGISTERED <br> INVESTMENT<br> COMPANIES <br> OVERSEEN BY<br> TRUSTEE IN THE<br> CALAMOS FUND<br> COMPLEX<sup>(2)</sup>** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 |
| John S. Koudounis | Over $100,000 |
| Virginia G. Breen | Over $100,000 |
| William R. Rybak | Over $100,000 |
| Karen L. Stuckey | Over $100,000 |
| Christopher M. Toub | Over $100,000 |
| Lloyd A. Wennlund | Over $100,000 |
| Hugh P. Armstrong | Over $100,000 |
| Jeffrey S. Phlegar | Over $100,000 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant
 to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to
 have indirect beneficial ownership of Portfolio shares held by Calamos Investments LLC, its
 subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners
 LLC, and its parent company, Calamos Family Partners, Inc.) due to his direct or indirect
 ownership interest in those entities. As a result, these amounts reflect any holdings of
 those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Fund Complex consists of Calamos Investment Trust, Calamos Advisors 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 ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust, Calamos
 Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund,
 and Calamos Aksia Hedged Strategies Fund.

\* Valuation as of December 31, 2025

None of the independent trustees (those trustees who are not "interested persons" of the Trust as defined in the 1940 Act) own beneficially or of record, any security of Calamos Advisors, CFS (the "Distributor"), or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with Calamos Advisors or the Distributor.

**CODE OF ETHICS.** Peronnel of Calamos Advisors and Calamos Financial Services LLC ("CFS"), the Portfolio's distributor, are permitted to make personal securities transactions, including transactions in securities that the Trust may purchase, sell or hold, subject to requirements and restrictions set forth in the Code of Ethics of the Trust, Calamos Advisors, and CFS. The Code of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities of Calamos Advisors and CFS peronnel and the interests of investment advisory clients such as the Trust. Among other things, the Code of Ethics prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities, and requires the submission of duplicate broker confirmations and statements and quarterly reporting of securities transactions.

Additional restrictions apply to portfolio managers, traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the Code of Ethics may be granted in particular circumstances after review by appropriate personnel.

Affiliates of Calamos Advisors and CFS, CAM, CILLC, Calamos Partners LLC ("CPL"), Calamos Family Partners, Inc. ("CFP") and the owners of these affiliates, which include John P. Calamos, Sr. and members of his family ("Calamos Family"), may invest in and hedge investments made by them in products managed by Calamos Advisors to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in the Code of Ethics, investments in and corresponding hedging transactions made by Calamos Advisors, CFS, CAM, CILLC, CPL, CFP and the Calamos Family in Calamos products (excluding Closed-End Funds and ETFs) are not subject to restrictions of the Code of Ethics, such as the short-term trading ban. However, these hedging transactions are subject to pre-clearance by the Corporate Investment Committee. Calamos Advisors' Chief Compliance Officer ("CCO") and the Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients. (They may, however, be traded together with discretionary client transactions.)

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any customer activity.

**PROXY VOTING PROCEDURES.** The Portfolio has delegated proxy voting responsibilities to Calamos Advisors, subject to the board of trustees' general oversight. The Portfolio expects Calamos Advisors to vote proxies related to the Portfolio's portfolio securities for which the Portfolio has voting authority consistent with the Portfolio's best economic interests. Calamos Advisors has adopted its own Proxy Voting Policies and Procedures (the "Policies"). The Policies address, among other things, conflicts of interest that may arise between the Portfolio's interests, and the interests of Calamos Advisors and its affiliates.

The following is a summary of the Policies used by Calamos Advisors in voting proxies.

To assist it in voting proxies, Calamos Advisors has established a Proxy Review Committee ("committee") comprised of representatives of its Portfolio Management (which may include portfolio managers and/or research analysts), Operations, and advisory, non-voting members from the Legal and Compliance Departments. The committee and/or its members will vote proxies using the following guidelines.

In general, if Calamos Advisors believes that a company's management and board have interests sufficiently aligned with the Portfolio's interest, Calamos Advisors will vote in favor of proposals recommended by the company's board. More specifically, Calamos Advisors seeks to ensure that the board of directors of a company is sufficiently aligned with security holders' interests and provides proper oversight of the company's management, including, but not by way of limitation, management's recommendations on the election of directors but will consider both meeting attendance and number of boards each board member sits on when determining its vote. In many cases this may be best accomplished by having a majority of independent board members. Calamos generally prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors.

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment team — research analysts and portfolio management), and administrative processing to its Corporate Actions Group within the Operations Department. To assist it in analyzing proxies, Calamos subscribes to Glass Lewis an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas, and voting recommendations. Glass Lewis facilitates the voting of each proxy by applying Calamos' custom proxy voting rules ("proxy voting policy") to the proposal(s). Any proxy proposal that is not covered by the proxy voting guidelines is reviewed and considered by Calamos' Proxy Group and voted in accordance with that review. Calamos has two sets of custom proxy voting rules: environmental, social and governance ("Sustainable Strategies") proxy voting rules, and non-Sustainable Strategies proxy voting rules.

Finally, Calamos Advisors has established procedures to help identify and resolve conflicts of interest that might arise when voting proxies for the Portfolio. Calamos will generally apply its proxy voting policy to proxy proposals regardless of whether a conflict has been identified. However, in these situations, the Proxy Group will refer the proxy proposal, along with the recommended course of action, if any, to the Proxy Review Committee or a subcommittee thereof (each, a "committee"). The committee will independently review the proposals and determine the appropriate action to be taken. The Corporate Actions Group will then memorialize the conflict(s) and the procedures used to address the conflict.

The Trust is required to file with the SEC on Form N-PX its complete proxy voting record for the 12-month period ending June 30, by no later than August 31 of each year. The Trust's proxy voting record for the most recent 12-month period ending June 30 will be available by August 31 of each year (1) on the SEC's website at www.sec.gov, (2) on Calamos Funds' website at www.calamos.com, and (3) without charge, upon request, by calling (800) 582-9219 or emailing caminfo@calamos.com.

You may obtain a copy of Calamos Advisors' Policies without charge by calling (800) 582-6959, by emailing <u>caminfo@calamos.com</u>, or by writing Calamos Advisors at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the SEC's website at www.sec.gov.

**DISCLOSURE OF PORTFOLIO HOLDINGS.** The board of trustees, including a majority of the non-interested trustees, Calamos Advisors and CFS have adopted policies and procedures to govern the Portfolio's disclosure of portfolio security holdings. The board of trustees considered the circumstances under which portfolio security holdings may be disclosed to different categories of persons and how to address actual and potential conflicts of interests between the interests of the Portfolio's shareholders, on the one hand, and those of Calamos Advisors or CFS, on the other. After giving due consideration to such matters and after exercising their fiduciary duties and reasonable business judgment, the board of trustees, Calamos Advisors and CFS determined that the Portfolio has a legitimate business purpose for disclosing portfolio security holdings to the persons described in the policies and procedures, and that the policies and procedures are reasonably designed to ensure that disclosures of portfolio security holdings are not opposed to the best interests of shareholders and appropriately address the potential for material conflicts of interest.

Calamos Advisors and CFS carry out the policies and procedures governing disclosure of portfolio security holdings, and as such have access to information regarding portfolio security holdings on a daily basis and may disclose that information to the Portfolio's service providers and other third parties only in accordance with the policies and procedures adopted by the board of trustees.

**Disclosure to the Public.** A complete list of portfolio security holdings as of the last business day of the preceding fiscal quarter may be disclosed no earlier than 30 days after the last business day of the previous calendar month.

A subset of the Portfolio's security holdings, such as a top ten list or representative holdings as of the last business day of the preceding month, may be disclosed to any person the day after the subset is posted on the website, www.calamos.com.

Portfolio attribution, any information relating to the Portfolio's portfolio characteristics, such as, but not limited to, industries or sectors within a fund, income distributions, potential capital gains, beta, average weighted average, current yield, or SEC yield may be disclosed for any time period, after the last business day of such time period.

Based on an internal exception process and review of conflicts of interest, the Funds may publicly disclose whether an individual security is, or is not, owned by a Fund if the Funds determine that the disclosure is not opposed to the best interests of shareholders and any conflicts of interest are addressed. Such an exception shall be reported to the Portfolio's board of trustees at the next scheduled meeting.

The Portfolio's most current public portfolio holdings information may be found at www.calamos.com.

**NON-PUBLIC DISCLOSURE**

**Disclosure to Rating and Ranking Agencies.** A complete list of portfolio security holdings as of the last business day of the preceding calendar quarter may be disclosed to rating or ranking agencies, such as S&P, Moody's, Morningstar, Inc. ("Morningstar"), and Lipper, Inc. ("Lipper"), no earlier than 30 days after the end of such quarter. Any non-public disclosure to rating or ranking agencies shall be made subject to a duty of confidentiality, including a duty not to trade on non-public information. As of December 31, 2025, the following rating or ranking agencies are provided portfolio security holdings information in connection with the above procedures: Standard & Poor's Financial Services, Bloomberg LP, LSEG, Refinitiv, Morningstar, and FactSet Financial Research Systems, Inc.

**Disclosure to Third Parties.** Portfolio security holdings may be disclosed more frequently than described above to third parties, with little or no lag time, when the Portfolio has a legitimate business purpose for doing so. The frequency and lag time of such disclosure is based upon each party's need for the information. Third parties include, but are not limited to, the Portfolio's investment adviser, principal underwriter, custodian, transfer agent, administrator, fund accounting agent, financial accounting agent, independent auditors, attorneys or such other selected third parties. As of December 31, 2025, the following parties receive non-public portfolio security holdings disclosure: Calamos Advisors, CFS, State Street Bank and Trust Company, Ernst & Young LLP, U.S. Bank Global Fund Services, Charles River Systems, Inc., Deloitte & Touche LLP, Ropes & Gray LLP, and Toppan Merrill. The third parties have a duty to keep the Portfolio's non-public information confidential either through written contractual arrangements with the Portfolio or Calamos Advisors, or by the nature of their fiduciary duty with respect to the Portfolio, which includes a duty of confidentiality and a duty to refrain from trading on non-public information. The Portfolio may be harmed if the service providers breach any non-contractual duty to keep the Portfolio's non-public information confidential as the Portfolio may have no contractual remedies or recourse against such breaching parties.

In addition, the Portfolio, Calamos Advisors, CFS and the Portfolio's administrator and custodian may, for legitimate business purposes within the scope of their duties and responsibilities, disclose portfolio security holdings (whether a complete list of portfolio security holdings or a subset thereof) and other positions comprising the Portfolio's assets to one or more broker-dealers or foreign custodians during the course of, or in connection with, normal day-to-day securities and derivative transactions with or through such broker-dealers or foreign custodians, subject to such broker-dealer's obligation and/or foreign custodian's fiduciary duty not to disclose or use material, non-public information concerning the Portfolio's portfolio security holdings without the consent of the Portfolio or its agents. Any such disclosure must be approved in writing by Calamos Advisors' General Counsel or, in his absence, the Trust's Chief Compliance Officer.

**Disclosures required by Applicable Law.** The Portfolio, Calamos Advisors and CFS may disclose portfolio security holdings information of the Portfolio as may be required by applicable law, rule, regulation or court order. Any officer of the Portfolio, Calamos Advisors or CFS is authorized to disclose portfolio security holdings pursuant to these policies and procedures.

As part of the Portfolio's compliance program under Rule 38a-1 under the 1940 Act, the Trust's Chief Compliance Officer periodically will review or cause to be reviewed portfolio security holding disclosures in order to seek compliance with these policies and procedures. The board of trustees will oversee disclosures through the reporting of the Chief Compliance Officer.

The Portfolio, Calamos Advisors and CFS do not receive compensation or other consideration for the disclosure of portfolio security holdings.

**INVESTMENT ADVISORY SERVICES**

Investment management and administrative services are provided to the Portfolio by Calamos Advisors pursuant to an Investment Management Agreement (the "Agreement") dated May 1, 1999. The Trust pays Calamos Advisors a fee accrued daily and paid monthly at the annual rate of 0.75% of average daily net assets. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under "Management of the Portfolio."

When a fund in the Calamos Family of Funds (an "Acquiring Fund") invests in shares of another fund in the Calamos Family of Funds (an "Acquired Fund"), the portion of the Acquiring Fund's advisory fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.

Calamos Advisors is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2025, approximately 22% of the outstanding interest of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by Calamos Partners LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr. In addition, Mr. Koudounis has the option to purchase a controlling interest in CPL upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of CAM and CILLC. John P. Calamos, Sr. is an affiliated person of the Portfolio and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer ("Global CIO") of Calamos Advisors. John S. Koudounis, Thomas P. Kiley III, Thomas E. Herman, Erik D. Ojala, Stephen Atkins, and Daniel Dufresne are affiliated persons of the Portfolio and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; Treasurer; and Vice President of the Portfolio, respectively, and as President and Chief Executive Officer; Senior Vice President and Chief Distribution Officer; Executive Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; Senior Vice President and Head of Fund Administration; and Executive Vice President and Chief Operating Officer, respectively.

During the periods shown below, the Portfolio paid total advisory fees to Calamos Advisors as follows:

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| | | | |
|:---|:---|:---|:---|
| <br>**Growth and Income Portfolio** | **Year Ended**<br>**12/31/25** | **Year Ended**<br>**12/31/24** | **Year Ended**<br>**12/31/23** |
| Advisory fee | $247196 | $233012 | $210787 |
| Waiver or reimbursement | 0 | 0 | 0 |
| Net Fee | $247196 | $233012 | $210787 |

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The Agreement will remain in effect from year to year thereafter so long as such continuation is approved at least annually by (1) the board of trustees or the vote of a majority of the outstanding voting securities of the Portfolio, and (2) a majority of the trustees who are not interested persons of any party to the Agreement, cast in person at a meeting called for the purpose of voting on such approval.

The use of the name "Calamos" in the name of the Trust and in the name of the Portfolio is pursuant to licenses granted by Calamos Advisors, and the Trust has agreed to change the names to remove those references if Calamos Advisors ceases to act as investment adviser to the Portfolio.

**EXPENSES.** The Portfolio pays all its own operating expenses that are not specifically assumed by Calamos Advisors, including (i) fees of Calamos Advisors; (ii) interest, taxes and any governmental filing fees; (iii) compensation and expenses of the trustees, other than those who are interested persons of the Trust, Calamos Advisors or CFS; (iv) legal, audit, custodial and transfer agency fees and expenses; (v) fees and expenses related to the Portfolio's organization and registration and qualification of the Portfolio and its shares under federal and state securities laws; (vi) expenses of printing and mailing reports, notices and proxy material to shareholders, and expenses incidental to meetings of shareholders; (vii) expenses of preparing prospectuses and of printing and distributing them to existing shareholders; (viii) insurance premiums; (ix) litigation and indemnification expenses and other extraordinary expenses not incurred in the normal course of the business of the Trust; and (x) brokerage commissions and other transaction-related costs.

**TEAM APPROACH TO MANAGEMENT**

CALAMOS ADVISORS employs a "team of teams" approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers and Associate Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO's team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our Team of Teams approach.

This team of teams approach is further reflected in the composition of CALAMOS ADVISORS' Investment Committee, made up of the Global CIO, the Co-CIO team, and the Global Head of Trading. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

● Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

● Promotes collaboration between teams; and

● Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

● Form the firm's top-down macro view, market direction, asset allocation, and sector/country positioning.

● Establish firm-wide secular and cyclical themes for review.

● Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

● Review firm-wide, portfolio and individual security liquidity constraints.

● Evaluate firm-wide and portfolio investment performance.

● Evaluate firm-wide and portfolio hedging policies and execution.

● Evaluate enhancements to the overall investment process.

John P. Calamos, Sr. is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, John Hillenbrand, Eli Pars, Jon Vacko, and Joe Wysocki are each Sr. Co-Portfolio Managers; and Dino Dussias is Associate Portfolio Manager. Sr. Co-Portfolio Managers and Associate Portfolio Managers are collectively referred to within this registration statement as "Portfolio Managers".

The Global CIO and Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Portfolio. Information regarding these other accounts (and inclusive of the Portfolio) as of December 31, 2025 is set forth below.

Other Accounts Managed and Assets by Account Type as of December 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered<br> Investment Companies** | **Registered<br> Investment Companies** | **Other Pooled <br> Investment Vehicles** | **Other Pooled <br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
| John P. Calamos, Sr. | 23 | 34565823138 | 4 | 1068239384 | 7286 | 6425308881 |
| R. Matthew Freund | 21 | 17734783366 | 2 | 854244638 | 6759 | 6139214046 |
| John Hillenbrand | 17 | 14587518377 | 4 | 1068239384 | 5727 | 5130841808 |
| Eli Pars | 57 | 34354112020 | 5 | 1068275553 | 5676 | 5018236814 |
| Jon Vacko | 18 | 15026811274 | 4 | 1068239384 | 5692 | 5069454079 |
| Joe Wysocki | 13 | 14174322642 | 3 | 1063142684 | 4553 | 3657383189 |
| Dino Dussias | 2 | 3263722036 | 2 | 854244638 | 0 |  |

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Number of Accounts and Assets for which Advisory Fee is Performance Based as of December 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered Investment<br> Companies** | **Registered Investment<br> Companies** | **Other Pooled <br> Investment Vehicles** | **Other Pooled <br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
| John P. Calamos, Sr. | 2 | 422208763 | 0 |  | 0 |  |
| R. Matthew Freund | 0 |  | 0 |  | 0 |  |
| John Hillenbrand | 2 | 422208763 | 0 |  | 0 |  |
| Eli Pars | 2 | 422208763 | 0 |  | 0 |  |
| Jon Vacko | 2 | 422208763 | 0 |  | 0 |  |
| Joe Wysocki | 0 |  | 0 |  | 0 |  |
| Dino Dussias | 0 |  | 0 |  | 0 |  |

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Each Portfolio Manager may invest for his own benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about those accounts where the Portfolio Manager or members of his family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors or any of its affiliates.

The Portfolio's Portfolio Managers are responsible for managing both the Portfolio and other accounts, including separate accounts and funds not required to be registered under the 1940 Act.

Other than potential conflicts between investment strategies, the side-by-side management of both the Portfolio and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between the Portfolio and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Portfolio in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a "rotational" method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients.

A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors' head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to Calamos Advisors' Chief Compliance Officer on a monthly basis.

Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case the Portfolio may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-Portfolio Manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client's account.

As of December 31, 2025, John P. Calamos, Sr., our Global CIO, aside from distributions arising from his ownership from various entities, receives all of his compensation from Calamos Advisors. He has entered into an employment agreement that provides for compensation in the form of an annual base salary and an annual bonus, both components payable in cash. Similarly, Mr. Calamos is eligible for Calamos Advisors' Long-Term Incentive ("LTI") program, which is an incentive award vesting over time that reflects appreciation and depreciation in the value of both the funds managed by such professional and the company generally. LTI awards granted in 2024 vest on a three-year schedule (25% on or about the first anniversary of the award grant, 25% on or about the second anniversary of the award grant, and 50% on or about the third anniversary of the award grant). Each investment team LTI award will be allocated as follows: (i) 33.3% to track the value of the associate's managed strategies, (ii) 33.3% to track the Calamos strategy of the associate's choice, and (iii) 33.3% to track the value of the firm; all over the vesting period.

As of December 31, 2025, John Hillenbrand, R. Matthew Freund, Eli Pars, Jon Vacko, Joe Wysocki, and Dino Dussias receive all of their compensation from Calamos Advisors. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and are eligible for awards under the LTI program described above. This compensation structure considers annually the performance of the various strategies managed by the Portfolio Managers, among other factors, including, without limitation, the overall performance of the firm.

As of December 31, 2025, no Portfolio Manager beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the 1934 Act) shares of the Portfolio.

**PURCHASING AND REDEEMING SHARES**

Shares of the Portfolio may not be purchased or redeemed directly by individual Variable Contract owners. Purchases and redemptions are discussed in the prospectus. The Portfolio may suspend the right of redemption during any period when (a) trading on the NYSE is restricted, as determined by the Commission, or that exchange is closed for other than customary weekend and holiday closings, (b) the Commission has by order permitted such suspension, or (c) an emergency, as determined by the Commission, exists making disposal of the Portfolio's securities or valuation of the net assets of the Portfolio not reasonably practicable.

Because shares of the Portfolio are offered to separate accounts supporting variable annuity contracts and separate accounts supporting variable life insurance contracts, a potential for certain conflicts may exist between the interests of owners of variable annuity contracts and owners of variable life insurance contracts. Likewise, in the event that shares of the Portfolio are offered to qualified pension and retirement plans, a potential for certain conflicts may exist between the interest of variable annuity contract owners, variable life insurance contract owners and plan participants. The Trust does not currently foresee any disadvantage to owners of either variable annuity contracts or variable life insurance contracts arising from the fact that shares of the Portfolio might be held by such entities. The Trust's board of trustees, however, will monitor the Portfolio in order to identify any material irreconcilable conflicts of interest that may possibly arise, and to determine what action, if any, should be taken in response to such conflicts.

**ANTI-MONEY LAUNDERING COMPLIANCE**

The Portfolio is required to comply with various anti-money laundering laws and regulations. Consequently, the Portfolio may request additional information to verify a shareholder's identity. If at any time the Portfolio believes a shareholder may be involved in suspicious activity or if certain account information matches information on government lists of suspicious persons, the Portfolio may choose not to establish a new account or may be required to "freeze" a shareholder's account. The Portfolio also may be required to provide a governmental agency with information about transactions that have occurred in a shareholder's account or to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing account to a governmental agency. In some circumstances, the law may not permit the Portfolio to inform the shareholders that it has taken the actions described above. The Participating Insurance Companies must also comply with anti-money laundering laws. Please refer to your insurance company contract or insurance product prospectus for details on additional anti-money laundering procedures that may apply to your account.

**NET ASSET VALUE**

The Portfolio's share price, or NAV, is determined as of the close of regular session trading on the NYSE (normally 4:00 p.m. Eastern Time) each day that the NYSE is open. The NYSE is regularly closed on New Year's Day, the third Monday in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas.

The Portfolio's NAV per share is calculated in accordance with Rule 22c-1 of the 1940 Act by dividing the pro rata share of the value of all of the securities and other assets of the Portfolio, less its liabilities, by the number of Portfolio shares outstanding. When shares are purchased or sold, the order is processed at the next NAV that is calculated on a day when the NYSE is open for trading, after receiving a purchase or sale order. Because the Portfolio may invest in securities that are primarily listed on foreign exchanges and trade on days when the Portfolio does not price its shares, the Portfolio's NAV may change on days when shareholders will not be able to purchase or redeem the Portfolio's shares. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

**VALUATION PROCEDURES**

The Trust's board of trustees, including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisors to perform fair valuation determinations related to all Portfolio investments under the oversight of the board. As "valuation designee" Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which a Fund's NAVs are determined. The valuation of a Fund's investments is in accordance with these procedures. Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Portfolio determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Portfolio determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. 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 of trustees. 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 of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

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 NYSE is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. 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.

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 Fund's NAV.

**REDEMPTION-IN-KIND**

The Portfolio has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which it is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of the Portfolio during any 90-day period for any one shareholder. Redemptions in excess of these amounts will normally be paid in cash, but may be paid wholly or partly by a distribution in-kind of liquid securities. If a redemption is made in-kind, the redeeming shareholder would bear any transaction costs incurred in selling the securities received.

**DISTRIBUTOR**

CFS, a broker-dealer, serves as distributor for the Portfolio, subject to change by a majority of the "non-interested" trustees at any time. CFS is located at 2020 Calamos Court, Naperville, Illinois 60563-1493. CFS is an indirect subsidiary of CAM. CFS is responsible for all purchases, sales, redemptions and other transfers of shares of the Portfolio without any charge to the Portfolio or Participating Insurance Companies or Retirement Plans purchasing the Portfolio's shares. However, each Variable Contract imposes its own charges and fees on owners of the Variable Contract and may impose such charges on participants in a Retirement Plan. CFS is also responsible for all expenses incurred in connection with its performance of services for the Portfolio, including, but not limited to, personnel, office space and equipment, telephone, postage and stationery expenses. CFS has the exclusive right to distribute shares of the Portfolio and the shares are offered on a continuous basis. The obligation of CFS is an agency or "best efforts" arrangement, which does not obligate CFS to sell any stated number of shares.

**PORTFOLIO TRANSACTIONS**

Calamos Advisors is responsible for decisions to buy and sell securities for the Portfolio, the selection of brokers and dealers to effect the transactions and the negotiation of prices and any brokerage commissions on such transactions.

Portfolio transactions on behalf of the Portfolio effected on stock exchanges involve the payment of negotiated brokerage commissions. There is generally no stated commission in the case of securities traded in the over-the-counter markets, but the price the Portfolio pays usually includes an undisclosed dealer commission or mark-up. For securities purchased in an underwritten offering, the price the Portfolio pays includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

In executing portfolio transactions, Calamos Advisors uses its best efforts to obtain for the Portfolio the most favorable combination of price and execution available. In seeking the most favorable combination of price and execution, Calamos Advisors considers all factors it deems relevant, including price, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the execution capability of the broker-dealer and the quality of service rendered by the broker-dealer in other transactions.

In allocating the portfolio brokerage transactions to unaffiliated broker-dealers, Calamos Advisors may take into consideration the research, analytical, statistical and other information and services provided by the broker-dealer, such as general economic reports and information, reports or analyses of particular companies or industry groups, market timing and technical information, and the availability of the brokerage firm's analysts for consultation. Although Calamos Advisors believes these services have substantial value, they are considered supplemental to Calamos Advisors' own efforts in performing its duties under the management agreement.

Calamos Advisors does not guarantee any broker the placement of a predetermined amount of securities transactions in return for the research or brokerage services it provides. Calamos Advisors does, however, have internal procedures for allocating transactions in a manner consistent with its execution policies to brokers that it has identified as providing research, research-related products or services, or execution-related services of a particular benefit to its clients. Calamos Advisors has entered into client commission agreements ("CCAs") with certain broker-dealers under which the broker-dealers may use a portion of their commissions to pay third parties or other broker-dealers that provide Calamos Advisors with research or brokerage services, as permitted under Section 28(e) of the Exchange Act. CCAs allow Calamos Advisors to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third parties or other broker-dealers for research or brokerage services. All uses of CCAs by Calamos Advisors are subject to applicable law and their best execution obligations. Brokerage and research products and services furnished by brokers may be used in servicing any or all of the clients of Calamos Advisors and such research may not necessarily be used by Calamos Advisors in connection with the accounts which paid commissions to the broker providing such brokerage and research products and services.

As permitted by Section 28(e) of the 1934 Act, Calamos Advisors may pay a broker-dealer that provides brokerage and research services an amount of commission for effecting a securities transaction for the Portfolio in excess of the commission that another broker-dealer would have charged for effecting that transaction if Calamos Advisors believes the amount to be reasonable in relation to the value of the overall quality of the brokerage and research services provided. Other clients of Calamos Advisors may indirectly benefit from the availability of these services to Calamos Advisors, and the Portfolio may indirectly benefit from services available to Calamos Advisors as a result of research services received by Calamos Advisors through transactions for other clients. In addition, Calamos Advisors may execute portfolio transactions for the Portfolio, to the extent permitted by law, through broker-dealers affiliated with the Portfolio, Calamos Advisors, CFS, or other broker-dealers distributing shares of the Portfolio if it reasonably believes that the combination of price and execution is at least as favorable as with unaffiliated broker-dealers, and in such transactions any such broker-dealer would receive brokerage commissions paid by the Portfolio.

In certain cases, Calamos Advisors may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, Calamos Advisors makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. That determination is based upon the time spent by Calamos Advisors personnel for research and non-research uses. The portion of the costs of such products or services attributable to research usage may be defrayed by Calamos Advisors through brokerage commissions generated by transactions of its clients, including the Portfolio. Calamos Advisors pays the provider in cash for the non-research portion of its use of these products or services.

For the fiscal years ended December 31, 2025, 2024, and 2023, the following table shows information regarding portfolio transactions for the Portfolio. During those years, the Portfolio did not execute any trades through or pay any commissions to CFS.

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| | | |
|:---|:---|:---|
| **YEAR ENDED DECEMBER 31,** | **AGGREGATE <br> PRINCIPAL <br> AMOUNT OF ALL <br> PORTFOLIO <br> TRANSACTIONS** | **AGGREGATE <br> BROKERAGE <br> COMMISSIONS <br> PAID TO ALL<br> BROKERS\*** |
| 2025 | $25007772 | $7727 |
| 2024 | $21173024 | $6483 |
| 2023 | $13460807 | $8234 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Excluding the gross underwriting spread on securities purchased in underwritten public offerings.

During the fiscal year ended December 31, 2025, the Portfolio paid $1,467 (19.0% of aggregate commissions) in brokerage commissions to brokers who furnished research services to the Portfolio.

During the fiscal year ended December 31, 2025, the Portfolio acquired securities of certain of the Portfolio's regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent entities. The following table lists the name of those brokers or dealers and the value of the Portfolio's aggregate holdings of the securities of that party as of December 31, 2025.

---

| | |
|:---|:---|
| **BROKER OR DEALER** | **AGGREGATE <br> VALUE OF<br> SECURITIES HELD** |
| Citigroup Global Markets Inc. | $263136 |
| Morgan Stanley & Co. LLC | $408990 |
| Goldman Sachs & Co. LLC | $303255 |
| BofA Securities, Inc. | $310475 |
| Wells Fargo Securities, LLC | $340646 |
| J.P. Morgan Securities LLC | $584829 |

---

**TAXATION**

The following is only a summary of certain U.S. federal income tax considerations. This summary is based on the Code, U.S. Treasury regulations, and other applicable authority, each as in effect on the date of this SAI, all of which are subject to change, possibly with retroactive effect. The summary is not intended to present a detailed or complete explanation of all aspects of U.S. federal income taxation or as a substitute for careful tax planning.

Investors are urged to consult their tax advisors with specific reference to their own tax situations and on any specific question of federal, state, local, foreign and other applicable tax law before investing in the Portfolio.

SHARES OF THE PORTFOLIO ARE OFFERED TO SEPARATE ACCOUNTS OF PARTICIPATING INSURANCE COMPANIES THAT FUND VARIABLE CONTRACTS AND MAY BE OFFERED TO CERTAIN RETIREMENT PLANS. SEE THE DISCLOSURE DOCUMENTS FOR THE VARIABLE CONTRACTS OR THE PLAN DOCUMENTS (INCLUDING THE SUMMARY PLAN DESCRIPTION) FOR THE RETIREMENT PLANS FOR A DISCUSSION OF THE SPECIAL TAXATION OF INSURANCE COMPANIES WITH RESPECT TO THE SEPARATE ACCOUNTS AND THE VARIABLE CONTRACTS, AND THE HOLDERS THEREOF, OR THE SPECIAL TAXATION OF RETIREMENT PLANS AND THE PARTICIPANTS THEREIN.

The discussion below is generally based on the assumption that Portfolio shares issued to Participating Insurance Company separate accounts will be respected as owned by them. If this were not the case, holders of Variable Contracts funded by such separate accounts would be currently taxed on Portfolio distributions, and on the proceeds of any redemption of Portfolio shares, under applicable U.S. federal income tax rules that may not be described herein. Shareholders of the Portfolio will consist of Participating Insurance Company separate accounts or Retirement Plans; as a result, no attempt is made herein to describe the federal tax considerations for other types of shareholders.

The Portfolio has elected to be treated as a regulated investment company under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such, so as not to be subject to U.S. federal income tax on its net investment income and capital gain that it distributes to shareholders in a timely manner in the form of dividends (including capital gain dividends).

The Portfolio must meet several requirements to qualify for the special tax treatment accorded regulated investment companies and their shareholders. These requirements include the following: (1) at least 90% of the Portfolio's gross income for each taxable year must be derived from (a) dividends, interest, payments with respect to securities loans, and gains from the sale or disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (b) net income derived from interests in "qualified publicly traded partnerships"; (2) diversify its holdings so that, at the close of each quarter of the Portfolio's taxable year, (a) at least 50% of the market value of the Portfolio's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other regulated investment companies, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Portfolio's total assets and no more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Portfolio's total assets is invested, including through corporations in which the Portfolio owns a 20% or more voting stock interest, (i) in the securities of any one issuer (other than U.S. government securities or the securities of other regulated investment companies) or of two or more issuers controlled by the Portfolio and engaged in the same, similar, or related trades or businesses, or in the securities of one or more qualified publicly traded partnerships; and (3) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year.

In order for the Portfolio to qualify for the special tax treatment accorded a regulated investment company, the Trust may, in its business judgment, restrict the Portfolio's ability to enter into stock index futures contracts or options on such futures contracts or engage in short-term trading and transactions in securities (including stock index futures contracts and options on such futures contracts). For the same reason, the Trust may, in its business judgment, require the Portfolio to defer the closing out of a contract beyond the time when it might otherwise be advantageous to do so.

To permit shareholders to qualify for "look-through" treatment pursuant to Section 817(h) of the Code, the only shareholders of the Portfolio will be insurance companies, their separate accounts that fund variable insurance contracts and, subject to the satisfaction of certain conditions, the trustees of a qualified pension or retirement plan. The prospectus that describes a particular variable insurance contract discusses the taxation of separate accounts and the owner of the particular variable insurance contract.

The Portfolio intends to comply with the requirements of Section 817(h) and the regulations issued thereunder which impose certain diversification requirements affecting the securities in which the Portfolio may invest. These diversification requirements are in addition to the diversification requirements imposed on the Portfolio by Subchapter M of the Code and the 1940 Act.

In order to comply with the current or future requirements of section 817(h) (or related provisions of the Code), the Trust may be required, among other things, to alter the investment objectives of the Portfolio. No such change of investment objectives will take place without notice to the shareholders of the Portfolio, the approval of a majority of the outstanding voting shares, and the approval of the Commission, to the extent legally required.

The IRS has indicated that a degree of investor control over the investment options underlying a Variable Contract may interfere with the tax-deferred treatment of such Variable Contracts. The Treasury Department has issued rulings addressing the circumstances in which a Variable Contract holder's control of the investments of the separate account may cause the holder, rather than the insurance company, to be treated as the owner of the assets held by the separate account, and is likely to issue additional rulings in the future. If the holder is considered the owner of the securities underlying the separate account, income and gains produced by those securities would be included currently in the holder's gross income.

In determining whether an impermissible level of investor control is present, one factor the IRS considers when a separate account invests in one or more regulated investment companies is whether a regulated investment company's investment strategies are sufficiently broad to prevent a Variable Contract holder from being deemed to be making particular investment decisions through its investment in the separate account. For this purpose, current IRS guidance indicates that typical regulated investment company investment strategies, even those with a specific sector or geographical focus, are generally considered sufficiently broad to prevent a contract holder from being deemed to be making particular investment decisions through its investment in a separate account. The Portfolio has an investment objective and strategies that are not materially narrower than the investment strategies held not to constitute an impermissible level of investor control in recent IRS rulings (such as large company stocks, international stocks, small company stocks, mortgage-backed securities, money market securities, telecommunications stocks and financial services stocks).

The above discussion addresses only one of several factors that the IRS considers in determining whether a Variable Contract holder has an impermissible level of investor control over a separate account. Variable Contract holders should consult with the insurance company that issued their Variable Contract and their own tax advisors, as well as the prospectus relating to their particular Variable Contract, for more information concerning this investor control issue.

In the event that additional rules, regulations or other guidance is issued by the IRS or the Treasury Department concerning this issue, such guidance could affect the treatment of the Portfolio as described above, including retroactively. In addition, there can be no assurance that the Portfolio will be able to continue to operate as currently described, or that the Portfolio will not have to change its investment objective or investment policies in order to prevent, on a prospective basis, any such rules and regulations from causing Variable Contract owners to be considered the owners of the shares of the Portfolio.

The Portfolio's investment in foreign securities or currencies may subject it to withholding or other taxes imposed by foreign countries. The investment yield of the Portfolio will be reduced by these foreign taxes. Shareholders will bear the cost of any foreign taxes, but may not be able to claim a foreign tax credit or deduction for these foreign taxes. Equity investments in certain passive foreign investment companies may subject the Portfolio to U.S. federal income tax and interest charges, and the investment yield of the Portfolio will be reduced by these tax and interest charges. Shareholders will bear the cost of these tax and interest charges, but will not be able to claim a deduction for these amounts.

If the Portfolio were to fail to qualify as a regulated investment company, accorded special tax treatment for any year, (1) the Portfolio (a) would be taxed as an ordinary corporation on its taxable income for that year without being able to deduct the distributions it makes to its shareholders, thereby reducing the yield on an investment in the Portfolio, and (b) the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying for treatment as a regulated investment company, and (2) owners of Variable Contracts supported by the Portfolio would be required to include in ordinary income any income accrued under their Variable Contracts for the current and all prior taxable years and would thereby lose the benefit of tax deferral. In addition, if the Portfolio were to fail to comply with the diversification requirements of Section 817(h) or the regulations thereunder, owners of Variable Contracts supported by the Portfolio would be required to include in ordinary income any income accrued under their Variable Contracts for the current and all prior taxable years and would thereby lose the benefit of tax deferral. Accordingly, compliance with the above rules is carefully monitored by Calamos Advisors and it is intended that the Portfolio will comply with these rules as they exist or as they may be modified from time to time. Compliance with the tax requirements described above may result in a reduction in the return achieved by the Portfolio, since, to comply with the above rules, the investments utilized (and the time at which such investments are entered into and closed out) may be different from what Calamos Advisors might otherwise believe to be desirable.

**CERTAIN SHAREHOLDERS**

The following table shows the only persons known to own beneficially (as determined in accordance with Rule 13d-3 under the 1934 Act) 5% or more of the outstanding shares of the Portfolio at March 31, 2026.

---

| | | |
|:---|:---|:---|
| **FUND** | **REGISTRATION** | **ACCOUNT SHARE BALANCE <br> PERCENT OF TOTAL SHRS** |
| CALAMOS GROWTH AND INCOME PORTFOLIO | KANSAS CITY LIFE INSURANCE CO | 906989.833 |
|  | VAN |  |
|  | ATTN ACCOUNTING OPERATIONS | 62.31% |
|  | VARIABLE |  |
|  | PO BOX 219139 |  |
|  | KANSAS CITY MO 64121-9139 |  |
|  | JP MORGAN CHASE BANK NA FBO: | 238572.427 |
|  | INTELLIGENT VARIABLE UNIV LIFE |  |
|  | TEACHERS INSURANCE & ANNUITY ASSOC. | 16.39% |
|  | SEPARATE ACCOUNT VA-5 |  |
|  | 8500 ANDREW CARNEGIE BLVD |  |
|  | CHARLOTTE NC 28262-8500 |  |
|  | KANSAS CITY LIFE INSURANCE CO | 106323.366 |
|  | VUL |  |
|  | ATTN ACCOUNTING OPERATIONS | 7.30% |
|  | VARIABLE |  |
|  | PO BOX 219139 |  |
|  | KANSAS CITY MO 64121-9139 |  |
|  | ANNUITY INVESTORS | 103544.682 |
|  | LIFE INSURANCE COMPANY |  |
|  | ATTN VARIABLE ANNUITY DEPT | 7.11% |
|  | PO BOX 5423 |  |
|  | CINCINNATI OH 45201-5423 |  |

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**PAYMENTS TO INTERMEDIARIES**

Calamos Advisors and its affiliates, from their own resources, may make payments to certain intermediaries for administrative, marketing or distribution services. For instance, Calamos Advisors and its affiliates may make payments to a Participating Insurance Company for services based on the value of the shares of the portfolio held by accounts of that company. Calamos Advisors currently pays Kansas City Life Insurance Company and Annuity Investors Life Insurance Company at the annual rate of 0.15% of the average daily net asset value of the shares held by the accounts of that company.

**CUSTODIAN AND TRANSFER AGENT**

State Street Bank and Trust Company ("State Street"), 1 Iron Street, Boston, Massachusetts, 02110, is the custodian for the Portfolio's assets. The custodian is responsible for holding all of the Portfolio's cash and securities, directly or through a book entry system, delivering and receiving payment for securities sold by the Portfolio, receiving and paying for securities purchased by the Portfolio, collecting income from investments of the Portfolio and performing other duties, all as directed by authorized persons of the Trust. The custodian does not exercise any supervisory functions in such matters as the purchase and sale of securities by the Portfolio, payment of dividends or payment of expenses of the Portfolio.

U.S. Bank Global Fund Services, 777 East Wisconsin Avenue, Milwaukee, WI 53202, serves as a transfer agent and dividend paying agent for the Portfolio.

**SECURITIES LENDING**

The board has approved the Portfolio's participation in a securities lending program. Under the securities lending program, the Portfolio has retained its custodian, State Street, to serve as the Portfolio's securities lending agent. The Portfolio will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned. The board of trustees periodically reviews information on the Portfolio's securities lending program.

For the fiscal year ended December 31, 2025, State Street, acting as agent for the Portfolio, provided the following services to the Portfolio in connection with the Portfolio's securities lending activities: (i) locating borrowers among an approved list of prospective borrowers; (ii) monitoring applicable minimum spread requirements, lending limits and the value of the loaned securities and collateral received; (iii) seeking additional collateral, as necessary, from borrowers; (iv) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of all or substantially all cash collateral in an investment vehicle designated by the Portfolio; (v) returning collateral to borrowers; (vi) facilitating substitute dividend, interest, and other distribution payments to the Portfolio from borrowers; (vii) negotiating the terms of each loan of securities, including, but not limited to, the amount of any loan premium, and monitoring the terms of securities loan agreements with prospective borrowers for consistency with the requirements of the State Street Securities Lending Agreement ; (viii) selecting securities, including amounts (percentages), to be loaned; (ix) recordkeeping and accounting servicing; (x) monitoring dividend activity; (xi) material proxy votes relating to loaned securities as well as recall of securities on loan for Portfolio to vote proxies; (xii) arranging for return of loaned securities to the Portfolio at loan termination; and (xiii) preparation of and modification to ancillary lending documents.

Lending securities enables the Portfolio to earn additional income, but could result in a loss or delay in recovering these securities. The borrower of a Portfolio's securities must deposit acceptable collateral with the Portfolio's custodian in an amount, marked to market daily, at least equal to the market value of the securities loaned, plus accrued interest and dividends.

Acceptable collateral is limited to cash, U.S. government securities, including obligations issued or guaranteed by its agencies or instrumentalities, U.S. mortgage backed securities, U.K. government securities, Eurozone government securities and irrevocable letters of credit that meet certain guidelines. The Portfolio will receive amounts equivalent to any dividends, interest or other distributions on the securities loaned.

The Portfolio may reinvest any cash collateral in money market investments or other investments subject to guidelines approved by the Adviser and the board of trustees. The cash collateral investments are not guaranteed, and may lose money. The Portfolio retains authority to terminate any of its loans at any time. The Portfolio may terminate a loan and regain record ownership of loaned securities to exercise ownership rights, such as voting and subscription rights, when regaining such rights is considered to be in the Portfolio's interest.

In the event of bankruptcy or other default of the borrower, the Portfolio may be unable to recover the loaned securities or could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while the Portfolio seeks to enforce its rights thereto, and the Portfolio could experience subnormal levels of income or lack of access to income during that period. The Portfolio also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

The net securities lending revenue is shared by the lending agent and the Portfolio. The securities lending revenue "split" between the Portfolio and the lending agent was determined based on the Adviser's review of competitive industry information. The Adviser and the board will periodically review the "split" between the lending agent and the Portfolio.

For the fiscal year ended December 31, 2025, the income earned by the Portfolio as well as the fees and/or compensation paid by the Portfolio (in dollars) pursuant to the Securities Lending Authorization Agreement between the Adviser, on behalf of the Portfolio, and State Street were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross<br> income<br> earned by<br> the<br> Fund from<br> securities<br> lending<br> activities<sup>(1)</sup>** | **Fees and/or<br> compensation<br> paid by the<br> Fund for<br> securities<br> lending<br> activities<br> and<br> related<br> services<sup>(2)</sup>** | **Aggregate <br> fees/<br> compensation<br> paid by the<br> Fund for<br> securities<br> lending<br> activities** | **Net income<br> from<br> securities<br> lending<br> activities<sup>(3)</sup>** |
| Growth and Income Portfolio | $1451 | $218 | $218 | $1233 |

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<sup>1</sup> Includes income from cash collateral reinvestment, and may also include: negative rebates; loan fees paid by borrowers when collateral is noncash; management fees from a pooled cash collateral reinvestment vehicle that are deducted from the vehicle's assets before income is distributed; and any other income.

<sup>2</sup> Includes fees paid to State Street from a revenue split.

<sup>3</sup> Represents "Gross income earned by the Fund from securities lending activities" minus the values of "Aggregate fees/compensation paid by the Fund for securities lending activities."

**FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT**

The Portfolio has an agreement with Ernst & Young LLP ("EY") located at 155 N. Wacker Drive, Chicago, IL 60606 to provide certain tax services. The tax services include the following: calculating, tracking and reporting tax adjustments on all assets of the Portfolio, including but not limited to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end dividend disclosure information; providing treaty-based foreign withholding tax reclaim services; providing certain global compliance and reporting services; providing a match service and analysis of the "passive foreign investment company status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the Portfolio's holdings. For the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Portfolio paid EY $1,288, $786, and $884, respectively, for tax services.

Under the arrangements with State Street located at 1 Iron Street, Boston, MA 02110 to provide fund accounting services, State Street provides certain administrative and accounting services including providing daily reconciliation of cash, trades and positions; maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating net asset value; providing selected general ledger reports; preferred share compliance; calculating total returns; and providing monthly distribution analysis to the Portfolio. For the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Portfolio paid State Street $12,182, $12,176, and $12,542, respectively, for fund accounting services. The Portfolio has also entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Portfolio. These services include: monitoring the calculation of expense accrual amounts for the Portfolio and making any necessary modifications; managing the Portfolio' expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for the Portfolio; preparing financial reporting statements for the Portfolio; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Funds. For the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Portfolio paid State Street $1,869, $1,958, and $1,786, respectively, for administration services.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP, an independent registered public accounting firm, is the Trust's independent auditor and is located at 111 South Wacker Drive, Chicago, Illinois, 60606. Deloitte & Touche LLP audits and reports on the Portfolio's annual financial statements and performs audit, audit-related and other services when approved by the Trust's audit committee.

**SHAREHOLDER INFORMATION**

Under the terms of the Agreement and Declaration of Trust, the trustees may issue an unlimited number of shares of beneficial interest without par value for each series of shares authorized by the trustees and the trustees may divide the shares of any series into two or more classes of shares of that series. As of the date of this Statement of Additional Information, the Trust has one series in operation. All shares issued will be fully paid and non-assessable and will have no preemptive or conversion rights. In the future, the board of trustees may authorize the issuance of shares of additional series and additional classes of shares of any series.

The Portfolio's shares are entitled to participate pro rata in any dividends and other distributions declared by the Trust's board of trustees with respect to shares of the Portfolio. All shares of the Portfolio have equal rights in the event of liquidation of the Portfolio.

Under Massachusetts law, the shareholders of the Trust may, under certain circumstances, be held personally liable for the Trust's obligations. However, the Trust's Declaration of Trust disclaims liability of the shareholders, trustees, and officers of the Trust for acts or obligations of the Portfolio, which are binding only on the assets and property of the Portfolio. The Declaration of Trust requires that notice of such disclaimer be given in each agreement, obligation, or contract entered into or executed by the Trust or the board of trustees. The Declaration of Trust provides for indemnification out of a Portfolio's assets of all losses and expenses of any Portfolio shareholder held personally liable for the Portfolio's obligations. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is remote, because it is limited to circumstances in which the disclaimer is inoperative and the Portfolio itself is unable to meet its obligations.

**VOTING RIGHTS**

Each share has one vote and fractional shares have fractional votes. As a business trust, the Trust is not required to hold annual shareholder meetings. However, special meetings may be called for purposes such as electing or removing trustees, changing fundamental policies or approving an investment advisory agreement.

Under current interpretations of the 1940 Act, the Portfolio expects that Participating Insurance Company shareholders will offer variable contract holders the opportunity to instruct them as to how Portfolio shares attributable to such contracts will be voted with respect to matters to be voted upon. The separate prospectuses describing the Variable Contracts include additional disclosure of how contract holder voting rights are computed.

**FINANCIAL STATEMENTS**

Audited financial statements and financial highlights for the Portfolio for the fiscal year ended December 31, 2025, including the Report of the Independent Registered Public Accounting Firm, are incorporated herein by reference from the Trust's Form N-CSR. See the front cover of the Portfolio's statement of additional information or the back cover of the Portfolio's prospectus for information on how to obtain the Trust's annual report to shareholders.

**APPENDIX—DESCRIPTION OF RATINGS**

A rating of a rating service represents the service's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, Calamos Advisors believes that the quality of debt securities in which the Portfolio invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one service, each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings services from other sources that they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following is a description of the characteristics of ratings used by Moody's Investors Service ("Moody's") and S&P Global Ratings, a division of The McGraw-Hill Companies ("S&P Global").

MOODY'S GLOBAL SHORT-TERM RATING SCALE

*<u>P-1</u>:* Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

*<u>P-2</u>:* Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

*<u>P-3</u>:* Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

*<u>NP</u>:* Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

MOODY'S GLOBAL LONG-TERM RATING SCALE

**Aaa**—Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**—Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated Baa are judged to be medium grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**—Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca**—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

S&P SHORT-TERM ISSUE CREDIT RATINGS

*<u>A-1</u>:* A short-term obligation rated 'A-1' is rated in the highest category by **S&P Global Ratings**. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

The ratings indicated herein are believed to be the most recent ratings available at the date of this prospectus for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the rating indicated do not necessarily represent ratings which will be given to these securities on the date of the Portfolio's fiscal year-end.

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

*<u>A-2</u>:* A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

*<u>A-3</u>:* A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

*<u>B</u>:* A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

*<u>C</u>:* A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

*<u>D</u>:* A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

S&P LONG-TERM ISSUE CREDIT RATINGS\*

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

● The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

● The nature and provisions of the financial obligation, and the promise we impute; and

● The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA**—An obligation rated 'AAA' has the highest rating assigned by S&P Global. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C**—Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB**—An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**B**—An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**—An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC**—An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C**—An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**—An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**NR**—This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

**Local Currency and Foreign Currency Ratings**

S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus obligations denominated in a foreign currency.

PART C OTHER INFORMATION

ITEM 28. EXHIBITS

---

| | |
|:---|:---|
| [(a)](tm269000d1_ex99-xa.htm) | [Third Amended and Restated Agreement and Declaration of Trust, dated August 19, 2025 (filed herewith).](tm269000d1_ex99-xa.htm) |
| [(b)](http://www.sec.gov/Archives/edgar/data/1079575/000119312516559605/d310991dex99b.htm) | [Amended and Restated Bylaws, dated September 22, 2015 (9).](http://www.sec.gov/Archives/edgar/data/1079575/000119312516559605/d310991dex99b.htm) |
| [(c)](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxay.txt) | [See Articles IV and V of Exhibit (a)(1), above.](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxay.txt) |
| [(d)](http://www.sec.gov/Archives/edgar/data/1079575/000095013701501069/c61593bpex99-d.txt) | [Management Agreement with Calamos Asset Management, Inc. dated May 1, 1999 (2).](http://www.sec.gov/Archives/edgar/data/1079575/000095013701501069/c61593bpex99-d.txt) |
| [(e)](http://www.sec.gov/Archives/edgar/data/1079575/000095013701501069/c61593bpex99-e.txt) | [Distribution Agreement with Calamos Financial Services, Inc. dated May 1, 1999 (2).](http://www.sec.gov/Archives/edgar/data/1079575/000095013701501069/c61593bpex99-e.txt) |
| (f) |  |
| [(g)(1)](http://www.sec.gov/Archives/edgar/data/1079575/000095012310041399/c56771aexv99wgw1.htm) | [Master Custodian Agreement with State Street Bank and Trust Company, dated September 11, 2009 (6).](http://www.sec.gov/Archives/edgar/data/1079575/000095012310041399/c56771aexv99wgw1.htm) |
| [(g)(2)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xgx2.htm) | [Notification of Additional Funds, dated December 12, 2023, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xgx2.htm) |
| [(g)(3)](https://www.sec.gov/Archives/edgar/data/1079575/000110465925033352/tm259947d1_ex99-xgx3.htm) | [Notification of Additional Funds, dated April 24, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/1079575/000110465925033352/tm259947d1_ex99-xgx3.htm) |
| [(g)(4)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx4.htm) | [Notification of Additional Funds, dated May 29, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx4.htm) |
| [(g)(5)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx5.htm) | [Notification of Additional Funds, dated July 1, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx5.htm) |
| [(g)(6)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx6.htm) | [Notification of Additional Funds, dated August 26, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx6.htm) |
| [(g)(7)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx7.htm) | [Notification of Additional Funds, dated September 25, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx7.htm) |
| [(g)(8)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx8.htm) | [Notification of Additional Funds, dated November 6, 2024, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx8.htm) |
| [(g)(9)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx9.htm) | [Notification of Additional Funds, dated January 24, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xgx9.htm) |
| [(g)(10)](tm269000d1_ex99-xgx10.htm) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm269000d1_ex99-xgx10.htm) |
| [(g)(11)](tm269000d1_ex99-xgx11.htm) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm269000d1_ex99-xgx11.htm) |
| [(g)(12)](tm269000d1_ex99-xgx12.htm) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith).](tm269000d1_ex99-xgx12.htm) |
| [(h)(1)](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxhyx1y.txt) | [Master Services Agreement, dated as of March 15, 2004, with State Street Bank and Trust Company (3).](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxhyx1y.txt) |
| [(h)(2)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx2.htm) | [Notification of Additional Funds, dated April 24, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx2.htm) |

---

---

| | |
|:---|:---|
| [(h)(3)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx3.htm) | [Notification of Additional Funds, dated May 29, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx3.htm) |
| [(h)(4)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx4.htm) | [Notification of Additional Funds, dated July 1, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx4.htm) |
| [(h)(5)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx5.htm) | [Notification of Additional Funds, dated August 26, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx5.htm) |
| [(h)(6)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx6.htm) | [Notification of Additional Funds, dated September 25, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx6.htm) |
| [(h)(7)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx7.htm) | [Notification of Additional Funds, dated November 6, 2024, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx7.htm) |
| [(h)(8)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx8.htm) | [Notification of Additional Funds, dated January 24, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx8.htm) |
| [(h)(9)](tm269000d1_ex99-xhx9.htm) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm269000d1_ex99-xhx9.htm) |
| [(h)(10)](tm269000d1_ex99-xhx10.htm) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm269000d1_ex99-xhx10.htm) |
| [(h)(11)](tm269000d1_ex99-xhx11.htm) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004 (filed herewith).](tm269000d1_ex99-xhx11.htm) |
| [(h)(12)](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxhyx4y.txt) | [Letter Agreement, dated October 31, 2004, with State Street Bank and Trust Company (3).](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxhyx4y.txt) |
| [(h)(13)](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxhyx5y.txt) | [Letter Agreement, dated March 31, 2006, with State Street Bank and Trust Company (3).](http://www.sec.gov/Archives/edgar/data/1079575/000095013706004950/c03729bpexv99wxhyx5y.txt) |
| [(h)(14)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx5.htm) | [Notification of Additional Funds, dated December 12, 2023, pursuant to Master Services Agreement, dated as of March 15, 2004 (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx5.htm) |
| [(h)(15)](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx8.htm) | [Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust and U.S. Bancorp Fund Services, LLC dated October 31, 2022 (11).](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx8.htm) |
| [(h)(16)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx15.htm) | [First Amendment to the Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust, Calamos Antetokounmpo Sustainable Equities Trust and U.S. Bancorp Fund Services, LLC, dated September 28, 2023 (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx15.htm) |
| [(h)(17)](tm269000d1_ex99-xhx17.htm) | [Second Amendment to the Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust, Calamos Antetokounmpo Sustainable Equities Trust and U.S. Bancorp Fund Services, LLC, dated September 1, 2025 (filed herewith).](tm269000d1_ex99-xhx17.htm) |
| [(h)(18)](http://www.sec.gov/Archives/edgar/data/1079575/0000950137-99-000572.txt) | [Use of Name Agreement, dated May 1, 1999 (1).](http://www.sec.gov/Archives/edgar/data/1079575/0000950137-99-000572.txt) |
| [(h)(19)](http://www.sec.gov/Archives/edgar/data/1079575/000095013708006411/c25452bpexv99wxhyx10y.htm) | [Advisory Fee Waiver Agreement, dated September 21, 2007, with Calamos Advisors LLC (4).](http://www.sec.gov/Archives/edgar/data/1079575/000095013708006411/c25452bpexv99wxhyx10y.htm) |
| [(h)(20)](http://www.sec.gov/Archives/edgar/data/1079575/000119312519107951/d723866dex99h12.htm) | [Administration Agreement, effective November 1, 2018, with State Street Bank and Trust Company (9).](http://www.sec.gov/Archives/edgar/data/1079575/000119312519107951/d723866dex99h12.htm) |

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| | |
|:---|:---|
| [(h)(21)](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx12.htm) | [Amendment, dated January 25, 2023, to Administration Agreement, effective November 1, 2018, with State Street Bank and Trust Company (11).](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx12.htm) |
| [(h)(22)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx20.htm) | [Amendment, dated October 3, 2023, to Administration Agreement, effective November 1, 2018, with State Street Bank and Trust Company (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx20.htm) |
| [(h)(23)](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx13.htm) | [Notification of Additional Registrant, dated October 31, 2022, pursuant to Administration Agreement, effective November 1, 2018 (11).](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx13.htm) |
| [(h)(24)](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx14.htm) | [Notification of Additional Registrant, dated December 21, 2022 and effective January 1, 2023, pursuant to Administration Agreement, effective November 1, 2018 (11).](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx14.htm) |
| [(h)(25)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx23.htm) | [Notification of Additional Funds, dated January 4, 2024, pursuant to Administration Agreement, effective November 1, 2018 (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx23.htm) |
| [(h)(26)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx27.htm) | [Notification of Additional Funds, dated April 24, 2024, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx27.htm) |
| [(h)(27)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx28.htm) | [Notification of Additional Funds, dated May 29, 2024, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx28.htm) |
| [(h)(28)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx29.htm) | [Notification of Additional Funds, dated July 1, 2024, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx29.htm) |
| [(h)(29)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx30.htm) | [Notification of Additional Funds, dated August 26, 2024, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx30.htm) |
| [(h)(30)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx31.htm) | [Notification of Additional Funds, dated September 25, 2024, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx31.htm) |
| [(h)(31)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx32.htm) | [Notification of Additional Funds, dated November 6, 2024, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx32.htm) |
| [(h)(32)](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx33.htm) | [Notification of Additional Funds, dated January 24, 2025, pursuant to Administration Agreement, effective November 1, 2018 (13).](https://www.sec.gov/Archives/edgar/data/0001079575/000110465925033352/tm259947d1_ex99-xhx33.htm) |
| [(h)(33)](tm269000d1_ex99-xhx33.htm) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm269000d1_ex99-xhx33.htm) |
| [(h)(34)](tm269000d1_ex99-xhx34.htm) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm269000d1_ex99-xhx34.htm) |
| [(h)(35)](tm269000d1_ex99-xhx35.htm) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm269000d1_ex99-xhx35.htm) |
| [(h)(36)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx24.htm) | [Master Services Agreement, effective as of October 16, 2023, with Ernst & Young LLP (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xhx24.htm) |

---

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| | |
|:---|:---|
| [(h)(37)](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx17.htm) | [Amendment to Amended Master Services Agreement dated October 31, 2022 with Ernst & Young LLP to add CASET (11).](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx17.htm) |
| [(h)(38)](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx18.htm) | [Amendment to Amended Master Services Agreement dated November 17, 2022 with Ernst & Young LLP to add Calamos ETF Trust (11).](https://www.sec.gov/Archives/edgar/data/1079575/000110465923044998/tm2311749d1_ex99-xhx18.htm) |
| [(i)](tm269000d1_ex99-xi.htm) | [Opinion and Consent of Ropes & Gray LLP (filed herewith).](tm269000d1_ex99-xi.htm) |
| [(j)](tm269000d1_ex99-xj.htm) | [Consent of Independent Registered Public Accounting Firm (filed herewith).](tm269000d1_ex99-xj.htm) |
| (k) |  |
| [(l)](http://www.sec.gov/Archives/edgar/data/1079575/0000950137-99-000572.txt) | [Subscription Agreement (1).](http://www.sec.gov/Archives/edgar/data/1079575/0000950137-99-000572.txt) |
| (m) |  |
| (n) | [Item Omitted] |
| (o) | [Item Omitted] |
| [(p)](tm269000d1_ex99-xp.htm) | [Code of Ethics and Insider Trading Policy of Registrant, its investment adviser, distributor and affiliated entities, dated April 8, 2026 (filed herewith).](tm269000d1_ex99-xp.htm) |
| [(q)(1)](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xq.htm) | [Powers of Attorney (12).](https://www.sec.gov/Archives/edgar/data/1079575/000110465924046278/tm248498d1_ex99-xq.htm) |
| [(q)(2)](https://www.sec.gov/Archives/edgar/data/1079575/000110465926040845/tm2611348d1_ex99-xqx2.htm) | [Powers of Attorney for Messrs. Koudounis, Armstrong, and Phelgar (14)](https://www.sec.gov/Archives/edgar/data/1079575/000110465926040845/tm2611348d1_ex99-xqx2.htm) |

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(1) Incorporated herein by reference to Pre-Effective Amendment
 No. 1 to Registrant's Registration Statement on Form N-1A filed on March 26, 1999.

(2) Incorporated herein by reference to Post-Effective
 Amendment No. 2 to Registrants' Registration Statement on Form N-1A filed April 27, 2001.

(3) Incorporated herein by reference to Post-Effective
 Amendment No. 8 to Registrant's Registration Statement on Form N-1A filed April 26, 2006.

(4) Incorporated herein by reference to Post-Effective
 Amendment No. 10 to Registrant's Registration Statement on Form N-1A filed April 30, 2008.

(5) Incorporated herein by reference to Post-Effective
 Amendment No. 11 to Registrant's Registration Statement on Form N-1A filed April 30, 2009.

(6) Incorporated herein by reference to Post-Effective
 Amendment No. 13 to Registrant's Registration Statement on Form N-1A filed April 30, 2010.

(7) Incorporated herein by reference to Post-Effective
 Amendment No. 20 to Registrant's Registration Statement on Form N-1A filed April 24, 2014.

(8) Incorporated herein by reference to Post-Effective
 Amendment No. 28 to Registrant's Registration Statement on Form N-1A filed April 18, 2018.

(9) Incorporated herein by reference to Post-Effective
 Amendment No. 30 to Registrant's Registration Statement on Form N-1A filed April 16, 2019.

(10) Incorporated herein by reference to Post-Effective
 Amendment No. 35 to Registrant's Registration Statement on Form N-1A filed April 14, 2022.

(11) Incorporated herein by reference to Post-Effective
 Amendment No. 36 to Registrant's Registration Statement on Form N-1A filed April 13, 2023.

(12) Incorporated herein by reference to Post-Effective
 Amendment No. 37 to Registrant's Registration Statement on Form N-1A filed April 11, 2024.

(13) Incorporated herein by reference to Post-Effective
 Amendment No. 38 to Registrant's Registration Statement on Form N-1A filed April 9, 2025.

(14) Incorporated herein by reference to Post-Effective Amendment No. 39 to Registrant's Registration Statement on Form N-1A filed
 April 8, 2026.

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

As of March 31, 2026, 74% of Registrant's shares were owned by Kansas City Life Insurance Company, a stock life insurance company domiciled in Missouri, and its separate investment accounts, "Kansas City Life Variable Annuity Separate Account" and "Kansas City Life Variable Life Separate Account." The purchasers of insurance contracts and annuity contracts issued in connection with such accounts will have the right to instruct Kansas City Life with respect to the voting of the Registrant's shares held by the separate accounts.

ITEM 30. INDEMNIFICATION

Article VI of the agreement and declaration of trust of Registrant (exhibit (a) to this registration statement, which is incorporated herein by reference) provides that the Trust shall indemnify (from the assets of the Sub-Trust or Sub-Trusts in question) each of its trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a trustee or officer, director or trustee, except with respect to any matter as to which it has been determined in one of the manners described below, that such Covered Person (i) did not act in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust or (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office (either and both of the conduct described in (i) and (ii) being referred to hereafter as "Disabling Conduct").

A determination that a Covered Person is not entitled to indemnification due to Disabling Conduct may be made by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of Disabling Conduct, (ii) dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable determination, based upon a review of the facts, that the indemnitee was not liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of trustees who are neither "interested persons" of the Trust as defined in section 2 (a)(19) of the Investment Company Act of 1940, as amended, nor parties to the proceeding, or (b) an independent legal counsel in a written opinion. Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time in advance of the final disposition of any such action, suit or proceeding, provided that the Covered Person shall have undertaken to repay the amounts so paid to the Sub-Trust in question if it is ultimately determined that indemnification of such expenses is not authorized under Article VI of the agreement and declaration of trust and (i) the Covered Person shall have provided security for such undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the disinterested trustees who are not a party to the proceeding, or an independent legal counsel in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Covered Party ultimately will be found entitled to indemnification.

The Registrant, its trustees and officers, its investment adviser, the other investment companies advised by the adviser and certain persons affiliated with them are insured, within the limits and subject to the limitations of the insurance, against certain expenses in connection with the defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings. The insurance expressly excludes coverage for any trustee or officer whose personal dishonesty, fraudulent breach of trust, lack of good faith, or intention to deceive or defraud has been finally adjudicated or may be established or who willfully fails to act prudently.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

The information in the statement of additional information under the captions "Management — Trustees and Officers" and "Investment Advisory Services" is incorporated by reference.

ITEM 32. PRINCIPAL UNDERWRITERS

(a) Calamos Financial Services LLC ("CFS")
 serves as principal underwriter for the Calamos Investment Trust and the Calamos Advisors Trust, Calamos Antetokounmpo Sustainable
 Equities Trust, Calamos ETF Trust, and Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives
 Fund, and Calamos Aksia Hedged Strategies Fund.

(b) Information on the officers of CFS is set forth below.
 CFS does not have any directors. The principal business address for all named individuals, except Messrs. Kiley and Ojala, is
 2020 Calamos Court, Naperville, Illinois 60563. The principal business address for Mr. Kiley is 50 Rockefeller Plaza, Suite 1600,
 New York, New York 10020, and the principal business address for Mr. Ojala is 215 North Peoria Street, Chicago, Illinois
 60607.

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions with Registrant** |
| John S. Koudounis | President and Chief Executive Officer | Trustee and Vice President |
| Thomas P. Kiley III | Principal Executive Officer and Chief Distribution Officer | Vice President |
| Daniel Dufresne | Executive Vice President, Chief Operating Officer | Vice President |
| Christian A. Helmetag | Principal Financial Officer and Principal Operations Officer | None |
| Erik D. Ojala | General Counsel and Secretary | Vice President and Secretary |
| Jacqueline E. Sinker | Chief Compliance Officer | None |

---

(c) There are no commissions or other compensation received
 from the Registrant directly or indirectly, by any principal underwriter who is not an affiliated person of the Registrant or an
 affiliated person of such an affiliated person.

ITEM 33. LOCATION OF ACCOUNTS AND RECORDS

All such accounts, books and other documents are maintained (i) at the offices of the Registrant, at the offices of the Registrant's investment adviser, Calamos Advisors LLC, and Calamos Financial Services LLC, the Registrant's principal underwriter, 2020 Calamos Court, Naperville, Illinois 60563, (ii) at the offices of the custodian, State Street Bank and Trust Company, 1 Lincoln Street, Boston, Massachusetts, 02111, or (iii) at the offices of the transfer agent, U.S. Bank Global Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201.

ITEM 34. MANAGEMENT SERVICES

None

ITEM 35. UNDERTAKINGS

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 40 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Naperville and State of Illinois, on the 10<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| **CALAMOS ADVISORS TRUST** | **CALAMOS ADVISORS TRUST** |
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. |
|  | Trustee and President |

---

Pursuant to the requirements of the 1933 Act, Post-Effective Amendment No. 40 has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ John P. Calamos, Sr. | Trustee and President | April 10, 2026 |
| John P. Calamos, Sr. | (principal executive officer) |  |
| /s/ John S. Koudounis\*\* | Trustee and Vice President | April 10, 2026 |
| John S. Koudounis |  |  |
| /s/ Hugh P. Armstrong\*\* | Trustee | April 10, 2026 |
| Hugh P. Armstrong |  |  |
| /s/ Virginia G. Breen\* | Trustee | April 10, 2026 |
| Virginia G. Breen |  |  |
| /s/ Jeffrey S. Phlegar\*\* | Trustee | April 10, 2026 |
| Jeffrey S. Phelgar |  |  |
| /s/ William Rybak\* | Trustee | April 10, 2026 |
| William Rybak |  |  |
| /s/ Karen L. Stuckey\* | Trustee | April 10, 2026 |
| Karen L. Stuckey |  |  |
| /s/ Christopher M. Toub\* | Trustee | April 10, 2026 |
| Christopher M. Toub |  |  |
| /s/ Lloyd A. Wennlund\* | Trustee | April 10, 2026 |
| Lloyd A. Wennlund |  |  |
| /s/ Thomas E. Herman | Vice President and Chief Financial Officer | April 10, 2026 |
| Thomas E. Herman | (principal accounting officer) |  |

---

\*An original power of attorney authorizing John P. Calamos, Sr. to execute this Registration Statement, and amendments thereto, for Messrs. Rybak, Toub, Wennlund, and Mses. Breen and Stuckey, each a trustee of the Registrant on whose behalf this Registration Statement is filed, was previously executed, and [previously filed](https://www.sec.gov/Archives/edgar/data/826732/000110465925017350/tm251599d1_ex99-xqx1.htm) as an exhibit.

\*\*An original power of attorney authorizing John P. Calamos, Sr. to execute this Registration Statement, and amendments thereto, for Messrs. Koudounis, Armstrong, and Phlegar, each a trustee of the Registrant on whose behalf this Registration Statement is filed, was previously executed, and [previously filed](https://www.sec.gov/Archives/edgar/data/1079575/000110465926040845/tm2611348d1_ex99-xqx2.htm) as an exhibit.

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. |
|  | Attorney-in-Fact |
|  | April 10, 2026 |

---

EXHIBIT INDEX

---

| | |
|:---|:---|
| [(a)](tm269000d1_ex99-xa.htm) | [Third Amended and Restated Agreement and Declaration of Trust, dated August 19, 2025.](tm269000d1_ex99-xa.htm) |
| [(g)(10)](tm269000d1_ex99-xgx10.htm) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm269000d1_ex99-xgx10.htm) |
| [(g)(11)](tm269000d1_ex99-xgx11.htm) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm269000d1_ex99-xgx11.htm) |
| [(g)(12)](tm269000d1_ex99-xgx12.htm) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Master Custodian Agreement, dated as of September 11, 2009.](tm269000d1_ex99-xgx12.htm) |
| [(h)(9)](tm269000d1_ex99-xhx9.htm) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm269000d1_ex99-xhx9.htm) |
| [(h)(10)](tm269000d1_ex99-xhx10.htm) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm269000d1_ex99-xhx10.htm) |
| [(h)(11)](tm269000d1_ex99-xhx11.htm) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Master Services Agreement, dated as of March 15, 2004.](tm269000d1_ex99-xhx11.htm) |
| [(h)(17)](tm269000d1_ex99-xhx17.htm) | [Second Amendment to the Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust, Calamos Antetokounmpo Sustainable Equities Trust and U.S. Bancorp Fund Services, LLC, dated September 1, 2025.](tm269000d1_ex99-xhx17.htm) |
| [(h)(33)](tm269000d1_ex99-xhx33.htm) | [Notification of Additional Funds, dated June 18, 2025, pursuant to Administration Agreement, effective November 1, 2018.](tm269000d1_ex99-xhx33.htm) |
| [(h)(34)](tm269000d1_ex99-xhx34.htm) | [Notification of Additional Funds, dated September 19, 2025, pursuant to Administration Agreement, effective November 1, 2018.](tm269000d1_ex99-xhx34.htm) |
| [(h)(35)](tm269000d1_ex99-xhx35.htm) | [Notification of Additional Funds, dated October 23, 2025, pursuant to Administration Agreement, effective November 1, 2018.](tm269000d1_ex99-xhx35.htm) |
| [(i)](tm269000d1_ex99-xi.htm) | [Opinion and Consent of Ropes & Gray LLP.](tm269000d1_ex99-xi.htm) |
| [(j)](tm269000d1_ex99-xj.htm) | [Consent of Independent Registered Public Accounting Firm.](tm269000d1_ex99-xj.htm) |
| [(p)](tm269000d1_ex99-xp.htm) | [Code of Ethics and Insider Trading Policy of Registrant, its investment adviser, distributor and affiliated entities, dated April 8, 2026.](tm269000d1_ex99-xp.htm) |

---

## Ex-99.(A)

**Exhibit 99.(a)**

**CALAMOS ADVISORS TRUST**

**THIRD AMENDED AND RESTATED<br> AGREEMENT AND DECLARATION OF TRUST**

**August 19, 2025**

**CALAMOS ADVISORS TRUST**

**THIRD AMENDED AND RESTATED<br> AGREEMENT AND DECLARATION OF TRUST**

---

| | | |
|:---|:---|:---|
| | | Page |
| ARTICLE I NAME AND DEFINITIONS | ARTICLE I NAME AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Name and Principal Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | "Trust" | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | "Trustees" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | "Shares" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | "Series" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | "Shareholder" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | "1940 Act" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | "Commission" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | "Declaration of Trust" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | "By-Laws" | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | "Class" | 2 |
| ARTICLE II PURPOSE OF TRUST | ARTICLE II PURPOSE OF TRUST | 2 |
| ARTICLE III THE TRUSTEES | ARTICLE III THE TRUSTEES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Number, Designation, Election, Term, etc. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Trustees Address | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Number | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Election and Term | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Resignation and Retirement | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Removal | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Vacancies | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Effect of Death, Resignation, etc. | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | No Accounting | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Manner of Acting; Quorum | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Powers of Trustees | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Investments | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Disposition of Assets | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Ownership Powers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Subscription | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Form of Holding | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Reorganization, etc. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Voting Trusts, etc. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Compromise | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Partnerships, etc. | 4 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | Borrowing and Security | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) | Guarantees, etc. | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) | Insurance | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) | Pensions, etc. | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Certain Contracts | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Advisory | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Administration | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Distribution | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Custodian and Depository | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Transfer and Dividend Disbursing Agency | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Shareholder Servicing | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Accounting | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Payment of Trust Expenses and Compensation of Trustees | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Ownership of Assets of the Trust | 6.0 |
| ARTICLE IV SHARES | ARTICLE IV SHARES | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Description of Shares | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Establishment and Designation of Sub-Trusts and Classes | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Assets Belonging to Sub-Trusts | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Liabilities Belonging to Sub-Trusts | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Dividends | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Liquidation | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Voting | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Redemption by Shareholder | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Redemption by Trust | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Net Asset Value | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Transfer | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | Equality | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) | Fractions | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) | Conversion Rights and Combinations | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) | Class Differences | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Ownership of Shares | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Investments in the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | No Preemptive Rights | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Status of Shares and Limitation of Personal Liability | 11.0 |
| ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Voting Powers | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Meetings | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Record Dates | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Quorum and Required Vote; Adjournment and Postponement | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Action by Written Consent | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Inspection of Records | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Additional Provisions | 13.0 |

---

ii

---

| | | |
|:---|:---|:---|
| ARTICLE VI LIMITATION OF LIABILITY; INDEMNIFICATION | ARTICLE VI LIMITATION OF LIABILITY; INDEMNIFICATION | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Trustees, Shareholders, etc. Not Personally Liable; Notice | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Trustees' Good Faith Action; Expert Advice; No Bond or Surety | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Indemnification of Shareholders | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Indemnification of Trustees, Officers, etc. | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Compromise Payment | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 | Indemnification Not Exclusive, etc. | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 | Liability of Third Persons Dealing with Trustees | 15.0 |
| ARTICLE VII MISCELLANEOUS | ARTICLE VII MISCELLANEOUS | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Duration and Termination of Trust | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Reorganization | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Amendments | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Filing of Copies; References; Headings | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Applicable Law | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | Resident Agent | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | Claims | 16.0 |

---

iii

**CALAMOS ADVISORS TRUST**

THIRD AMENDED AND RESTATED<br> <u>AGREEMENT AND DECLARATION OF TRUST</u>

THIS THIRD AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made this 19th day of August, 2025, by the Trustees hereunder on behalf of themselves and all other persons who become Trustees hereunder, and by the holders of shares of beneficial interest to be issued hereunder as hereinafter provided.

WITNESSETH

WHEREAS, the Agreement and Declaration of Trust dated February 17, 1999 was subsequently amended by an amendment dated April 19, 1999, and was amended and restated by the Second Amended and Restated Agreement and Declaration of Trust dated March 30, 2006;

WHEREAS, the Second Amended and Restated Agreement and Declaration of Trust dated March 30, 2006 was subsequently amended by amendments dated August 24, 2006 and September 1, 2006;

WHEREAS, the Trust has been formed to carry on the business of an investment company pursuant to the provisions of the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, all as amended from time to time;

WHEREAS, the Trust is authorized to issue its shares of beneficial interest in separate series, each separate series to be a Sub-Trust hereunder, and to issue classes of Shares of any Sub-Trust or divide Shares of any Sub-Trust into one or more classes, all in accordance with the provisions hereinafter set forth;

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Massachusetts business trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the Trustees desire to amend further and restate in its entirety the Second Amended and Restated Agreement and Declaration of Trust as heretofore amended by adopting this Third Amended and Restated Agreement and Declaration of Trust, which shall supersede such Second Amended and Restated Agreement and Declaration of Trust as heretofore amended and be the governing instrument of the Trust from and after the date hereof.

NOW, THEREFORE, effective as of August 19, 2025, the Trustees hereby amend and restate in its entirety the Second Amended and Restated Agreement and Declaration of Trust as heretofore amended and declare that they will hold all cash, securities and other assets that they may from time to time acquire in any manner as Trustee hereunder in trust to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust or Sub-Trusts created hereunder as hereinafter set forth.

<u>Article I</u>

<u>NAME AND DEFINITIONS</u>

Section 1.1 **NAME AND PRINCIPAL OFFICE**. This trust shall be known as Calamos Advisors Trust and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. The principal office of the Trust shall be located at 2020 Calamos Court, Naperville, Illinois 60563 or at such other location as the Trustees may from time to time determine.

Section 1.2 **DEFINITIONS**. Whenever used herein, unless otherwise required by the context or specifically provided:

(a) The "Trust" refers to the Massachusetts business trust established by this Declaration of Trust, as amended from time to time, inclusive of each and every Sub-Trust established hereunder;

(b) "Trustees" refers to each person who is or becomes a Trustee of the Trust and of each Sub-Trust hereunder named herein or elected in accordance with Article III;

(c) "Shares" refers to the transferable units of interest into which the beneficial interest in the Trust and each Sub-Trust of the Trust and/or any class of any Sub-Trust (as the context may require) shall be divided from time to time;

(d) "Series" refers to Series of Shares established and designated under or in accordance with the provisions of Article IV, each of which Series shall be a Sub-Trust of the Trust;

(e) "Shareholder" means a record owner of Shares;

(f) "1940 Act" refers to the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time;

(g) "Commission" shall have the meaning given it in the 1940 Act;

(h) "Declaration of Trust" shall mean this Third Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time;

(i) "By-Laws" shall mean the By-Laws of the Trust, as amended or restated from time to time; and

(j) "class" or "classes" refers to any class of Shares of any Series or Sub-Trust established and designated under or in accordance with the provisions of Article IV.

<u>Article II</u>

<u>PURPOSE OF TRUST</u>

The purpose of the Trust is to engage in the business of an investment company.

<u>Article III</u>

<u>THE TRUSTEES</u>

Section 3.1 **NUMBER, DESIGNATION, ELECTION, TERM, ETC.**

(a) **TRUSTEES ADDRESS**. The address of each Trustee is 2020 Calamos Court, Naperville, Illinois.

(b) **NUMBER**. The Trustees serving as such may increase or decrease the number of Trustees to a number other than the number theretofore determined. No decrease in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of such Trustee's term, but the number of Trustees may be decreased in conjunction with the removal of a Trustee pursuant to subsection (e) of this Section 3.1.

(c) **ELECTION AND TERM.** Except as otherwise provided in this subsection (c), the Trustees shall be elected by Shareholders of the Trust. Each Trustee shall serve as a Trustee of the Trust and of each Sub-Trust hereunder during the lifetime of this Trust and until its termination as hereinafter provided except as such Trustee sooner dies, resigns, retires or is removed. Subject to Section 16(a) of the 1940 Act, the Trustees may elect their own successors and may, pursuant to subsection (f) of this Section 3.1, appoint Trustees to fill vacancies.

(d) **RESIGNATION AND RETIREMENT**. Any Trustee may resign or retire as a Trustee at any time by written instrument signed by such Trustee and delivered to the other Trustees or to any officer of the Trust, and such resignation or retirement shall take effect upon such delivery or upon such later date as is specified in such instrument and shall be effective as to the Trust and each Sub-Trust hereunder.

(e) **REMOVAL**. Any Trustee may be removed with or without cause at any time by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date upon which such removal shall become effective. Any such removal shall be effective as to the Trust and each Sub-Trust hereunder.

(f) **VACANCIES**. Any vacancy or anticipated vacancy resulting from any reason, including without limitation the death, resignation, retirement, removal or incapacity of any of the Trustees or an increase in the number of Trustees by the other Trustees may (but need not unless required by the 1940 Act) be filled by a majority of the remaining Trustees, subject to the provisions of Section 16(a) of the 1940 Act, through the appointment in writing of such other person as such remaining Trustees in their discretion shall determine. Such appointment shall be effective upon the written acceptance of the person named therein to serve as a Trustee and agreement by such person to be bound by the provisions of this Declaration of Trust, except that any such appointment in anticipation of a vacancy to occur by reason of retirement, resignation, or increase in number of Trustees to be effective at a later date shall become effective only at or after the effective date of said retirement, resignation, or increase in number of Trustees. As soon as any Trustee so appointed shall have accepted such appointment and shall have agreed in writing to be bound by this Declaration of Trust and the appointment is effective, the Trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance.

(g) **EFFECT OF DEATH, RESIGNATION, ETC.** The death, resignation, retirement, removal, or incapacity of the Trustees, or any one of them, shall not operate to annul or terminate the Trust or any Sub-Trust hereunder or to revoke or terminate any existing agency or contract created or entered into pursuant to the terms of this Declaration of Trust.

(h) **NO ACCOUNTING**. Except to the extent required by the 1940 Act or under circumstances that would justify the removal of a Trustee for cause, no person ceasing to be a Trustee as a result of such Trustee's death, resignation, retirement, removal or incapacity (nor the estate of any such person) shall be required to make an accounting to the Shareholders or remaining Trustees upon such cessation.

(i) **Manner of Acting; Quorum.** Except as otherwise provided by the 1940 Act or other applicable law, this Declaration of Trust or the By-Laws, any action to be taken by the Trustees on behalf of the Trust or any Sub-Trust may be taken by a majority of the Trustees present at a meeting of Trustees (a quorum, consisting of at least a majority of the Trustees then in office, being present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting, or by written consents of a majority of the Trustees then in office (or such larger or different number as may be required by the 1940 Act or other applicable law).

Section 3.2 **POWERS OF TRUSTEES**. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility and the purpose of the Trust. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Declaration of Trust providing for the conduct of the business and affairs of the Trust and may amend and repeal them without Shareholder approval to the extent that such By-Laws do not reserve that right to the Shareholders; they may from time to time in accordance with the provisions of Section 4.1 hereof establish Sub-Trusts, each such Sub-Trust to operate as a separate and distinct investment medium and with separately defined investment objectives and policies and distinct investment purpose; they may from time to time in accordance with the provisions of Section 4.1 hereof establish classes of Shares of any Series or Sub-Trust or divide the Shares of any Series or Sub-trust into classes; they may as they consider appropriate elect and remove officers and appoint and terminate agents and consultants and hire and terminate employees, any one or more of the foregoing of whom may be a Trustee, and may provide for the compensation of all of the foregoing; they may appoint from their own number, and terminate, any one or more committees consisting of one or more Trustees, including without implied limitation an executive committee, which may, when the Trustees are not in session and subject to the 1940 Act, exercise some or all of the power and authority of the Trustees as the Trustees may determine; in accordance with Section 3.3, they may employ one or more advisers, administrators, depositories and custodians and may authorize any depository or custodian to employ sub custodians or agents and to deposit all or any part of such assets in a system or systems for the central handling of securities and debt instruments; they may retain transfer, dividend, accounting or shareholder servicing agents or any of the foregoing; they may provide for the distribution of Shares by the Trust through one or more distributors, principal underwriters or otherwise; they may set record dates or times for the determination of Shareholders or various of them with respect to various matters; they may compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other agents, consultants and employees of the Trust or the Trustees on such terms as they deem appropriate; and in general they may delegate to any officer of the Trust, to any committee of the Trustees and to any employee, adviser, administrator, distributor, depository, custodian, transfer and dividend disbursing agent, or any other agent or consultant of the Trust such authority, powers, functions and duties as they consider desirable or appropriate for the conduct of the business and affairs of the Trust, including without implied limitation the power and authority to act in the name of the Trust and of the Trustees, to sign documents and to act as attorney-in-fact for the Trustees.

Without limiting the foregoing and to the extent not inconsistent with the 1940 Act or other applicable law, the Trustees shall have power and authority for and on behalf of the Trust and each separate Sub-Trust established hereunder:

(a) **INVESTMENTS**. To invest and reinvest cash and other property, and to hold cash or other property uninvested without in any event being bound or limited by any present or future law or custom in regard to investments by trustees;

(b) **DISPOSITION OF ASSETS**. To sell, exchange, lend, pledge, mortgage, hypothecate, lease, write options on and otherwise deal in any property rights relating to any or all of the assets of the Trust;

(c) **OWNERSHIP POWERS**. To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities, debt instruments or property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities, debt instruments or property as the Trustees shall deem proper;

(d) **SUBSCRIPTION.** To exercise powers and rights of subscription or otherwise that in any manner arise out of ownership of securities or other assets;

(e) **FORM OF HOLDING**. To hold any security or other asset in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or of any Sub-Trust or in the name of a custodian, subcustodian or other depositary or a nominee or nominees or otherwise;

(f) **REORGANIZATION, ETC**. To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security or debt instrument which is or was held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security or debt instrument held in the Trust;

(g) **VOTING TRUSTS, ETC.** To join with other holders of any securities or debt instruments in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security or debt instrument with, or transfer any security or debt instrument to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security or debt instrument (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

(h) **COMPROMISE.** To compromise, litigate, arbitrate or otherwise adjust claims in favor of or against the Trust or any Sub-Trust or any matter in controversy, including but not limited to claims for taxes;

(i) **PARTNERSHIPS, ETC.** To enter into joint ventures, general or limited partnerships and any other combinations or associations;

(j) **BORROWING AND SECURITY**. To borrow funds, securities or other assets and to mortgage and pledge the assets of the Trust or any part thereof to secure obligations arising in connection with such borrowing;

(k) **GUARANTEES, ETC**. To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property or any part thereof to secure any of or all such obligations;

(l) **INSURANCE**. To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the business of the Trust, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, consultants, investment advisers, managers, administrators, distributors, principal underwriters, or independent contractors, or any thereof (or any person connected therewith), of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person in any such capacity, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such liability;

(m) **PENSIONS, ETC**. To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trust and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust; and

Section 3.3 **CERTAIN CONTRACTS**. Subject to compliance with the provisions of the 1940 Act, but notwithstanding any limitations of present and future law or custom in regard to delegation of powers by trustees generally, the Trustees may, at any time and from time to time and without limiting the generality of their powers and authority otherwise set forth herein, enter into one or more contracts with any one or more corporations, trusts, associations, partnerships, limited partnerships, other type of organizations, or individuals (a "Contracting Party"), to provide for the performance and assumption of some or all of the following services, duties and responsibilities to, for or on behalf of the Trust and/or any Sub-Trust, and/or the Trustees, and to provide for the performance and assumption of such other services, duties and responsibilities in addition to those set forth below as the Trustees may determine appropriate:

(a) **ADVISORY**. Subject to the general supervision of the Trustees and in conformity with the stated policy of the Trustees with respect to the investments of the Trust or of the assets belonging to any Sub-Trust of the Trust (as that phrase is defined in subsection (a) of Section 4.2), to manage such investments and assets, make investment decisions with respect thereto, and to place purchase and sale orders for portfolio transactions relating to such investments and assets;

(b) **ADMINISTRATION**. Subject to the general supervision of the Trustees and in conformity with any policies of the Trustees with respect to the operations of the Trust and each Sub-Trust (including any classes thereof), to supervise all or any part of the operations of the Trust and each Sub-Trust, and to provide all or any part of the administrative and clerical personnel, office space and office equipment and services appropriate for the efficient administration and operations of the Trust and each Sub-Trust;

(c) **DISTRIBUTION**. To distribute the Shares of the Trust and each Sub-Trust (including any classes thereof), to be principal underwriter of such Shares, and/or to act as agent of the Trust and each Sub-Trust in the sale of Shares and the acceptance or rejection of orders for the purchase of Shares;

(d) **CUSTODIAN AND DEPOSITORY**. To act as depository for and to maintain custody of the property of the Trust and each Sub-Trust and accounting records in connection therewith;

(e) **TRANSFER AND DIVIDEND DISBURSING AGENCY**. To maintain records of the ownership of outstanding Shares, the issuance and redemption and the transfer thereof, and to disburse any dividends and distributions declared by the Trustees and in accordance with the policies of the Trustees and/or the instructions of any particular Shareholder to reinvest any such dividends or distributions;

(f) **SHAREHOLDER SERVICING**. To provide service with respect to the relationship of the Trust and its Shareholders, records with respect to Shareholders and their Shares, and similar matters; and

(g) **ACCOUNTING**. To handle all or any part of the accounting responsibilities, whether with respect to the Trust's properties, Shareholders or otherwise.

The same person may be the Contracting Party for some or all of the services, duties and responsibilities to, for and of the Trust and/or the Trustees, and the contracts with respect thereto may contain such terms interpretive of or in addition to the delineation of the services, duties and responsibilities provided for, including provisions that are not inconsistent with the 1940 Act relating to the standard of duty of and the rights to indemnification of the Contracting Party and others, as the Trustees may determine. Nothing herein shall preclude, prevent or limit the Trust or a Contracting Party from entering into sub-contractual arrangements relative to any of the matters referred to in Sections 3.3(a) through (g) hereof.

The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter or distributor or agent of or for any Contracting Party, or of or for any parent or affiliate of any Contracting Party or that the Contracting Party or any parent or affiliate thereof is a Shareholder or has an interest in the Trust or any Sub-Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contracting Party may have a contract providing for the rendering of any similar services to one or more other corporations, trusts, associations, partnerships, limited partnerships or other organizations, or have other business or interests, shall not affect the validity of any contract for the performance and assumption of services, duties and responsibilities to, for or of the Trust or any Sub-Trust and/or the Trustees or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust, any Sub-Trust or its Shareholders, provided that in the case of any relationship or interest referred to in the proceeding clause (i) on the part of any Trustee or officer of the Trust either (x) the material facts as to such relationship or interest have been disclosed to or are known by the Trustees not having any such relationship or interest and the contract involved is approved in good faith by a majority of such Trustees not having any such relationship or interest (even though such unrelated or disinterested Trustees are less than a quorum of all of the Trustees), (y) the material facts as to such relationship or interest and as to the contract have been disclosed to or are known by the Shareholders entitled to vote thereon and the contract involved is specifically approved in good faith by vote of the Shareholders, or (z) the specific contract involved is fair to the Trust as of the time it is authorized, approved or ratified by the Trustees or by the Shareholders.

Section 3.4 **PAYMENT OF TRUST EXPENSES AND COMPENSATION OF TRUSTEES**. The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust or any Sub-Trust, or partly out of principal and partly out of income, and to charge or allocate the same to, between or among such one or more of the Sub-Trusts and/or one or more classes of Shares thereof that may be established and designated pursuant to Article IV, as the Trustees deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, any Sub-Trust and/or any class of Shares thereof, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser, administrator, distributor, principal underwriter, auditor, counsel, depository, custodian, transfer agent, dividend disbursing agent, accounting agent, shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur. Without limiting the generality of any other provision hereof, the Trustees shall be entitled to reasonable compensation from the Trust for their services as Trustees and may fix the amount of such compensation.

Section 3.5 **OWNERSHIP OF ASSETS OF THE TRUST**. Title to all of the assets of the Trust shall at all times be considered as vested in the Trustees.

<u>Article IV</u>

<u>SHARES</u>

Section 4.1 **DESCRIPTION OF SHARES.** The beneficial interest in the Trust shall be divided into Shares, all without par value, but the Trustees shall have the authority from time to time to issue Shares in one or more Series (each of which Series of Shares shall represent the beneficial interest in a separate and distinct Sub-Trust of the Trust), as they deem necessary or desirable. For all purposes under this Declaration of Trust or otherwise, including, without implied limitation, (i) with respect to the rights of creditors and (ii) for purposes of interpreting the relevant rights of each Sub-Trust and the Shareholders of each Sub-Trust, each Sub-Trust established hereunder shall be deemed to be a separate trust. The Trustees shall have exclusive power without the requirement of Shareholder approval to establish and designate such separate and distinct Sub-Trusts, and to fix and determine the relative rights and preferences as between the Shares of the separate Sub-Trusts as to right of redemption and the price, terms and manner of redemption, special and relative rights as to dividends and other distributions and on liquidation, sinking or purchase fund provisions, conversion rights, and conditions under which the several Sub-Trusts shall have separate voting rights or no voting rights.

In addition, the Trustees shall have exclusive power, without the requirement of Shareholder approval, to issue classes of Shares of any Sub-Trust or divide the Shares of any Sub-Trust into classes, each class having such different dividend, liquidation, voting and other rights as the Trustees may determine, and may establish and designate the specific classes of Shares of each Sub-Trust. The fact that a Sub-Trust shall have initially been established and designated without any specific establishment or designation of classes (i.e., that all Shares of such Sub-Trust are initially of a single class), or that a Sub-Trust shall have more than one established and designated class, shall not limit the authority of the Trustees to establish and designate separate classes, or one or more further classes, of said Sub-Trust without approval of the holders of the initial class thereof, or previously established and designated class or classes thereof, provided that the establishment and designation of such further separate classes would not adversely affect the rights of the holders of the initial or previously established and designated class or classes.

The number of authorized Shares and the number of Shares of each Sub-Trust or class thereof that may be issued is unlimited, and the Trustees may issue Shares of any Sub-Trust or class thereof for such consideration and on such terms as they may determine (or for no consideration if pursuant to a Share dividend or split-up), all without action or approval of the Shareholders. All Shares when so issued on the terms determined by the Trustees shall be fully paid and non-assessable (but may be subject to mandatory contribution back to the Trust as provided in subsection (h) of Section 4.2). The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and reacquired of any Sub-Trust or class thereof into one or more Sub-Trusts or classes thereof that may be established and designated from time to time. The Trustees may hold as treasury Shares, reissue for such consideration and on such terms as they may determine, or cancel, at their discretion from time to time, any Shares of any Sub-Trust or class thereof reacquired by the Trust.

The Trustees may from time to time close the transfer books or establish record dates and times for the purpose of determining the holders of Shares entitled to be treated as such, to the extent provided or referred to in Section 5.3.

The establishment and designation of any Sub-Trust or of any class of Shares of any Sub-Trust shall be effective upon either the execution by a majority of the then Trustees of an instrument or the adoption by vote or written consent of a majority of the then Trustees of a resolution setting forth such establishment and designation and the relative rights and preferences of the Shares of such Sub-Trust or class, or as otherwise provided in such instrument or resolution. At any time that there are no Shares outstanding of any particular Sub-Trust or class previously established and designated, the Trustees may by an instrument executed by a majority of their number (or by an instrument executed by an officer of the Trust pursuant to the vote of a majority of the Trustees) or by vote or written consent of a majority of the then Trustees abolish that Sub-Trust or class and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration of Trust.

Any Trustee, officer or other agent of the Trust, and any organization in which any such person is interested may acquire, own, hold and dispose of Shares of any Sub-Trust (including any classes thereof) of the Trust to the same extent as if such person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell or cause to be issued and sold and may purchase Shares of any Sub-Trust (including any classes thereof) from any such person or any such organization subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of Shares of such Sub-Trust (including any classes thereof) generally.

Section 4.2 **ESTABLISHMENT AND DESIGNATION OF SUB-TRUSTS AND CLASSES.** The Shares of each Sub-Trusts and class shall have the following relative rights and preferences, together with such other rights and preferences as are determined by the Trustees at the time of establishing and designating such Sub-Trust or class:

(a) **ASSETS BELONGING TO SUB-TRUSTS**. All consideration received by the Trust for the issue or sale of Shares of a particular Sub-Trust or any classes thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall be held by the Trustees in trust for the benefit of the holders of Shares of that Sub-Trust or class thereof and shall irrevocably belong to that Sub-Trust (and be allocable to any classes thereof) for all purposes, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, together with any General Items (as hereinafter defined) allocated to that Sub-Trust as provided in the following sentence, are herein referred to as "assets belonging to" that Sub-Trust (and allocable to any classes thereof). In the event that there are any assets, income, earnings, profits, and proceeds thereof, funds, or payments that are not readily identifiable as belonging to any particular Sub-Trust (collectively "General Items"), the Trustees shall allocate such General Items to and among any one or more of the Sub-Trusts established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable; and any General Items so allocated to a particular Sub-Trust shall belong to that Sub-Trust (and be allocable to any classes thereof). Each such allocation by the Trustees shall be conclusive and binding upon the holders of all Shares of all Sub-Trusts (including any classes thereof) for all purposes.

(b) **LIABILITIES BELONGING TO SUB-TRUSTS**. The assets belonging to each particular Sub-Trust shall be charged with the liabilities in respect of that Sub-Trust and all expenses, costs, charges and reserves belonging to that Sub-Trust, and any general liabilities, expenses, costs, charges or reserves of the Trust that are not readily identifiable as belonging to any particular Sub-Trust shall be allocated and charged by the Trustees to and among any one or more of the Sub-Trusts established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. In addition, the liabilities in respect of a particular class of Shares of a particular Sub-Trust and all expenses, costs, charges and reserves belonging to that class of Shares, and any general liabilities, expenses, costs, charges or reserves of that particular Sub-Trust that are not readily identifiable as belonging to any particular class of Shares of that Sub-Trust shall be allocated and charged by the Trustees to and among any one or more of the classes of Shares of that Sub-Trust established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves allocated and so charged to a Sub-Trust or class thereof are herein referred to as "liabilities belonging to" that Sub-Trust or class thereof. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders, creditors and any other persons dealing with the Trust or any Sub-Trust (including any classes thereof) for all purposes. Any creditor of any Sub-Trust may look only to the assets of that Sub-Trust to satisfy such creditor's debt.

The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

(c) **DIVIDENDS**. Dividends and distributions on Shares of a particular Sub-Trust or any class thereof may be paid with such frequency as the Trustees may determine, which may be daily or otherwise pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Sub-Trust or class, from such of the income and capital gains, accrued or realized, from the assets belonging to that Sub-Trust, or in the case of a class, belonging to that Sub-Trust and allocable to that class, as the Trustees may determine, after providing for actual and accrued liabilities belonging to that Sub-Trust or class. All dividends and distributions on Shares of a particular Sub-Trust or class thereof shall be distributed pro rata to the holders of Shares of that Sub-Trust or class in proportion to the number of Shares of that Sub-Trust or class held by such holders at the date and time of record established for the payment of such dividends or distributions, except that in connection with any dividend or distribution program or procedure the Trustees may determine that no dividend or distribution shall be payable on Shares as to which the Shareholder's purchase order and/or payment have not been received by the time or times established by the Trustees under such program or procedure. Such dividends and distributions may be made in cash or Shares of that Sub-Trust or class or a combination thereof as determined by the Trustees or pursuant to any program that the Trustees may have in effect at the time for the election by each Shareholder of the mode of the making of such dividend or distribution to that Shareholder. Any such dividend or distribution paid in Shares will be paid at the net asset value thereof as determined in accordance with subsection (h) of Section 4.2.

The Trustees shall have full discretion to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

(d) **LIQUIDATION**. In the event of the liquidation or dissolution of the Trust, the holders of Shares of each Sub-Trust or any class thereof that has been established and designated shall be entitled to receive, when and as declared by the Trustees, the excess of the assets belonging to that Sub-Trust, or in the case of a class, belonging to that Sub-Trust and allocable to that class, over the liabilities belonging to that Sub-Trust or class. The assets so distributable to the holders of Shares of any particular Sub-Trust or class thereof shall be distributed among such holders in proportion to the number of Shares of that Sub-Trust or class thereof held by them and recorded on the books of the Trust. The liquidation of any particular Sub-Trust or class thereof may be authorized at any time by vote of a majority of the Trustees then in office.

(e) **VOTING**. On each matter submitted to a vote of the Shareholders, each holder of a Share shall be entitled to one vote for each whole Share standing in such Shareholder's name on the books of the Trust irrespective of the Series thereof or class thereof and all Shares of all Series and classes thereof shall vote together as a single class; provided, however, that as to any matter (i) with respect to which a separate vote of one or more Series or classes thereof is required by the 1940 Act or the provisions of the writing establishing and designating the Sub-Trust or class, such requirements as to a separate vote by such Series or class thereof shall apply in lieu of all Shares of all Series and classes thereof voting together; and (ii) as to any matter that affects the interests of one or more particular Series or classes thereof, only the holders of Shares of the one or more affected Series or classes shall be entitled to vote, and each such Series or class shall vote as a separate class. Notwithstanding any of the other provisions of this Declaration of Trust, including, without limitation, Section 5.1 of Article V, the Shareholders of any particular Series or class shall not be entitled to vote on any matters as to which such Series or class is not affected.

(f) **REDEMPTION BY SHAREHOLDER**. Each holder of Shares of a particular Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem all or any part of such holder's Shares of that Sub-Trust or class thereof at a redemption price equal to the net asset value per Share of that Sub-Trust or class thereof next determined in accordance with subsection (h) of this Section 4.2 after the Shares are properly tendered for redemption, subject to any contingent deferred sales charge or redemption charge in effect at the time of redemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist that make payment wholly in cash unwise or undesirable, the Trust may, subject to the requirements of the 1940 Act, make payment wholly or partly in securities or other assets belonging to the Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of net asset value.

Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Sub-Trust or class thereof to require the Trust to redeem Shares of that Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act.

(g) **REDEMPTION BY TRUST.** Each Share of each Sub-Trust or class thereof that has been established and designated is subject to redemption by the Trust at the redemption price that would be applicable if such Share was then being redeemed by the Shareholder pursuant to subsection (f) of this Section 4.2: (i) at any time, if the Trustees determine in their sole discretion and by majority vote that such redemption is in the best interest of the Trust or any Sub-Trust or that failure to so redeem may have materially adverse consequences to the Trust or any Sub-Trust or to the holders of the Shares of the Trust or any Sub-Trust thereof or class thereof, or (ii) upon such other conditions as may from time to time be determined by the Trustees and set forth in the then current Prospectus of the Trust with respect to maintenance of Shareholder accounts of not less than a minimum value. Upon such redemption the holders of the Shares so redeemed shall have no further right with respect thereto other than to receive payment of such redemption price.

(h) **NET ASSET VALUE**. The net asset value per Share of any Sub-Trust shall be (i) in the case of a Sub-Trust whose Shares are not divided into classes, the quotient obtained by dividing the value of the net assets of that Sub-Trust (being the value of the assets belonging to that Sub-Trust less the liabilities belonging to that Sub-Trust) by the total number of Shares of that Sub-Trust outstanding, and (ii) in the case of a class of Shares of a Sub-Trust whose Shares are divided into classes, the quotient obtained by dividing the value of the net assets of that Sub-Trust allocable to such class (being the value of the assets belonging to that Sub-Trust allocable to such class less the liabilities belonging to such class) by the total number of Shares of such class outstanding; all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time.

The Trustees may determine to maintain the net asset value per Share of any Sub-Trust at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Sub-Trust as dividends payable in additional Shares of that Sub-Trust at the designated constant dollar amount and for the handling of any losses attributable to that Sub-Trust. Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the capital of the Trust attributable to that Sub-Trust such Shareholder's pro rata portion of the total number of Shares required to be cancelled in order to permit the net asset value per Share of that Sub-Trust to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by making an investment in any Sub-Trust with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

(i) **TRANSFER**. All Shares of each particular Sub-Trust or class thereof shall be transferable, but transfers of Shares of a particular Sub-Trust or class thereof will be recorded on the Share transfer records of the Trust applicable to that Sub-Trust or class only at such times as Shareholders shall have the right to require the Trust to redeem Shares of that Sub-Trust or class and at such other times as may be permitted by the Trustees.

(j) **EQUALITY**. Except as provided herein or in the instrument or resolutions designating and establishing any class of Shares or any Sub-Trust, all Shares of each particular Sub-Trust or class thereof shall represent an equal proportionate interest in the assets belonging to that Sub-Trust, or in the case of a class, belonging to that Sub-Trust and allocable to that class, subject to the liabilities belonging to that Sub-Trust or class, and each Share of any particular Sub-Trust or class shall be equal to each other Share of that Sub-Trust or class; but the provisions of this sentence shall not restrict any distinctions permissible under subsection (c) of this Section 4.2 that may exist with respect to dividends and distributions on Shares of the same Sub-Trust or class. The Trustees may from time to time divide or combine the Shares of any particular Sub-Trust or class into a greater or lesser number of Shares of that Sub-Trust or class without thereby changing the proportionate beneficial interest in the assets belonging to that Sub-Trust or class or in any way affecting the rights of Shares of any other Sub-Trust or class.

(k) **FRACTIONS**. Any fractional Share of any Sub-Trust or class, if any such fractional Share is outstanding, shall carry proportionately all the rights and obligations of a whole Share of that Sub-Trust or class, including rights and obligations with respect to voting, receipt of dividends and distributions, redemption of Shares, and liquidation of the Trust.

(l) **CONVERSION RIGHTS AND COMBINATIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to compliance with the requirements of the 1940 Act, the Trustees shall have the authority to provide that holders of Shares of any Sub-Trust or class thereof shall have the right to convert said Shares into Shares of one or more other Sub-Trust or class thereof in accordance with such requirements and procedures as may be established by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to compliance with the requirements of the 1940 Act, the Trustees shall have the authority to convert a class of Shares of any Sub-Trust into another class of Shares of the same Sub-Trust in accordance with such requirements and procedures as may be established by the Trustees; provided that such conversion is to a class of Shares with total annual fund operating expenses lower than or equal to the existing class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Without limiting the authority of the Trustees set forth in Article VII, Section 7.2 hereof, the Trustees shall have the authority, without the approval of the Shareholders of any Sub-Trust or class unless otherwise required by applicable law, to combine the assets and liabilities belonging to any two or more Sub-Trusts or attributable to any class into assets and liabilities belonging to a single Sub-Trust or attributable to a single class.

(m) **CLASS DIFFERENCES.** The relative rights and preferences of the classes of any Sub-Trust may differ in such other respects as the Trustees may determine to be appropriate in their sole discretion, provided that such differences are set forth in the instrument establishing and designating such classes and executed by a majority of the Trustees (or by an instrument executed by an officer of the Trust pursuant to a vote of a majority of the Trustees). Without limiting the generality of the foregoing, and unless the Trustees otherwise determine to be appropriate in their sole discretion, each Share of each class of a Sub-Trust shall have, upon its issuance, all of the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption currently accorded each other Share of beneficial interest in that Sub-Trust, including that each Share of a particular class shall be charged equally with each other Share in the Sub-Trust with the expenses and liabilities of the Sub-Trust in respect of each class or such other Shares and in respect of any general expenses and liabilities of the Sub-Trust allocated to the Shares of each class or such other Shares designated by the Trustees in accordance with this Declaration of Trust, as amended from time to time, provided however, that to the extent permitted by rule or order of the Commission or any successor governmental authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares of each class of a Sub-Trust shall bear the expenses and liabilities relating to any agreements or arrangements entered into by or on behalf of a Sub-Trust pursuant to which an organization or other person agrees to provide services with respect to Shares of that class but not with respect to Shares of the other classes of the Sub-Trust as well as any other expenses and liabilities directly attributable to that class that the Trustees determine should be borne solely by such class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On any matter that pertains to the agreements, arrangements, expenses or liabilities described in clause (i) above (or to any plan or other document adopted by a Sub-Trust relating to said agreements, arrangements, expenses or liabilities) and is submitted to a vote of Shareholders of the Sub-Trust, only Shares relating to the affected class shall be entitled to vote, except that if the matter affects other Shares of beneficial interest in the Trust, such other affected Shares shall also be entitled to vote, and in such case all Shares shall be voted in the aggregate and not by class or Sub-Trust, except where otherwise required by law or permitted by the Trustees.

Section 4.3 **OWNERSHIP OF SHARES**. The ownership of Shares shall be recorded on the books of the Trust or of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Sub-Trust and each class thereof that has been established and designated. No certificates certifying the ownership of Shares need be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Shares certificates, the use of facsimile signatures, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders and as to the number of Shares of each Sub-Trust and class thereof held from time to time by each such Shareholder.

Section 4.4 **INVESTMENTS IN THE TRUST**. The Trustees may accept investments in the Trust and each Sub-Trust thereof from such persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, principal underwriter, custodian, transfer agent or other person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms.

Section 4.5 **NO PREEMPTIVE RIGHTS.** Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

Section 4.6 **STATUS OF SHARES AND LIMITATION OF PERSONAL LIABILITY**. Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust or any Sub-Trust thereof nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.

<u>Article V</u>

<u>SHAREHOLDERS' VOTING POWERS AND MEETINGS</u>

Section 5.1 **VOTING POWERS**. The Shareholders shall have power to vote only (i) for the election of Trustees as provided in Section 3.1, (ii) with respect to any contract with a Contracting Party as provided in Section 3.3 as to which Shareholder approval is required by the 1940 Act, (iii) with respect to any termination of the Trust or any Sub-Trust to the extent and as provided in Section 7.1, (iv) with respect to an amendment of this Declaration of Trust to the extent and as provided in Section 7.3, (v) to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or any Sub-Trust thereof or the Shareholders (provided, however, that a Shareholder of a particular Sub-Trust shall not be entitled to a derivative or class action on behalf of any other Sub-trust (or Shareholder of any other Sub-Trust) of the Trust) and (vi) with respect to such additional matters relating to the Trust as may be required by the 1940 Act, this Declaration of Trust, the By-Laws or any registration of the Trust with the Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. Proxies may be given by or on behalf of a Shareholder orally or in writing or pursuant to any computerized, telephonic or mechanical data gathering process. A proxy with respect to Shares held in the name of two or more persons shall be valid if given by any one of them in any manner described in the preceding sentence unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be given by or on behalf of a Shareholder in any manner described above shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the By-Laws to be taken by Shareholders.

Section 5.2 **MEETINGS**. No annual or regular meeting of Shareholders is required. Special meetings of Shareholders may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or upon any other matter deemed by the Trustees to be necessary or desirable. Written notice of any meeting of Shareholders, stating the time, place and purpose of the meeting, shall be given or caused to be given by the Trustees at least seven days before such meeting by mailing such notice, postage prepaid, to each Shareholder at the Shareholder's address as it appears on the records of the Trust, or by facsimile or other electronic transmission to the telephone or facsimile number or e-mail or other electronic address most recently furnished to the Trust (or its agent) by the Shareholder. Whenever notice of a meeting is required to be given to a Shareholder under this Declaration of Trust or the By-laws, a written waiver thereof, executed before or after the meeting by such Shareholder or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to such notice. No notice of the time, place or purpose of any meeting of Shareholders need be given to any Shareholder who attends such meeting in person or by proxy.

Section 5.3 **RECORD DATES**. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment or postponement thereof, or who are entitled to participate in any dividend or distribution, or for the purpose of any other action, the Trustees may from time to time close the transfer books for such period, not exceeding 30 days (except at or in connection with the termination of the Trust), as the Trustees may determine; or without closing the transfer books the Trustees may fix a date and time not more than 90 days prior to the date of any meeting of Shareholders or other action as the date and time of record for the determination of Shareholders entitled to vote at such meeting or any adjournment or postponement thereof or to be treated as Shareholders of record for purposes of such other action, and any Shareholder who was a Shareholder at the date and time so fixed shall be entitled to vote at such meeting or any adjournment or postponement thereof or to be treated as a Shareholder of record for purposes of such other action, even though such shareholder has since that date and time disposed of such shareholder's Shares, and no Shareholder becoming such after that date and time shall be so entitled to vote at such meeting or any adjournment or postponement thereof or to be treated as a Shareholder of record for purposes of such other action. Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different Series or classes.

Section 5.4 **QUORUM AND REQUIRED VOTE; ADJOURNMENT AND POSTPONEMENT.** Except when a larger quorum is required by law, by the By-Laws or by this Declaration of Trust, 30% of the votes entitled to be cast shall be a quorum for the transaction of business at a Shareholders' meeting. Any meeting of Shareholders may be adjourned, whether or not a quorum is present, from time to time by the chairperson of the meeting, on his or her own motion, without a vote of Shareholders at the meeting, or by a majority of the votes properly cast upon the question, and any adjourned session or sessions may be held without the necessity of further notice. Prior to the date upon which any meeting of Shareholders is to be held, the Trustees may postpone such meeting one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Article V, Section 5.2. At a meeting of which a quorum is present, a majority of the Shares voted shall decide any questions and a plurality of the Shares voted shall elect a Trustee, except when a different vote is required or permitted by any provision of the 1940 Act or other applicable law or by this Declaration of Trust or the By-Laws.

Section 5.5 **ACTION BY WRITTEN CONSENT**. Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger proportion thereof as shall be required by the 1940 Act or by any express provision of this Declaration of Trust or the By-Laws) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Section 5.6 **INSPECTION OF RECORDS**. The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted stockholders of a Massachusetts business corporation under the Massachusetts Business Corporation Law.

Section 5.7 **ADDITIONAL PROVISIONS**. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters not inconsistent with the provisions hereof.

<u>Article VI</u>

<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>

Section 6.1 **TRUSTEES, SHAREHOLDERS, ETC. NOT PERSONALLY LIABLE; NOTICE**. All persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Sub-Trust with which such person dealt for payment under such credit, contract or claim; and neither the Shareholders of any Sub-trust nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, nor any other Sub-Trust shall be personally liable therefor. Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust, any Sub-Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only by or for the Trust (or the Sub-Trust) or the Trustees and not personally. Nothing in this Declaration of Trust shall protect any Trustee or officer against any liability to the Trust or the Shareholders to which such Trustee or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or of such officer.

Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall give notice that this Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and shall recite to the effect that the same was executed or made by or on behalf of the Trust or by them as Trustees or Trustee or as officers or officer and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, or the particular Sub-Trust in question, as the case may be, but the omission thereof shall not operate to bind any Trustees or Trustee or officers or officer or Shareholders or Shareholder individually.

Section 6.2 **TRUSTEES' GOOD FAITH ACTION; EXPERT ADVICE; NO BOND OR SURETY**. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing, (a) the Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, consultant, adviser, administrator, distributor or principal underwriter, custodian or transfer, dividend disbursing, shareholder servicing or accounting agent of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee; (b) the Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; and (c) in discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any officer appointed by them, any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a Contracting Party appointed by the Trustees pursuant to Section 3.3. The Trustees as such shall not be required to give any bond or surety or any other security for the performance of their duties.

Section 6.3 **INDEMNIFICATION OF SHAREHOLDERS**. In case any Shareholder (or former Shareholder) of any Sub-Trust of the Trust shall be charged or held to be personally liable for any obligation or liability of the Trust solely by reason of being or having been a Shareholder and not because of such Shareholder's acts or omissions or for some other reason, said Sub-Trust (upon proper and timely request by the Shareholder) shall assume the defense against such charge and satisfy any judgment thereon, and the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of said Sub-Trust estate to be held harmless from and indemnified against all loss and expense arising from such liability.

Section 6.4 **INDEMNIFICATION OF TRUSTEES, OFFICERS, ETC.** The Trust shall indemnify and hold harmless (from the assets of the Sub-Trust or Sub-Trusts in question), to the fullest extent authorized by applicable law, as the same may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Trust to provide broader indemnification rights than the law permitted the Trust to provide prior to such amendment) each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any pending, threatened or contemplated action, suit or other proceeding, whether civil or criminal, formal or informal regulatory investigations or inquiries, or other proceedings, including appeals, before any court or administrative or legislative body, and any expenses of establishing a right to indemnification under this Article, in which such Covered Person may be or may have been involved as a party or otherwise (including, without limitation, as a witness) or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, except with respect to any matter as to which it has been determined, in one of the manners described below, that such Covered Person (i) did not act in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust or (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office (either and both of the conduct described in (i) and (ii) being referred to hereafter as "Disabling Conduct"). A determination that the Covered Person is entitled to indemnification despite allegations of Disabling Conduct may be made by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of Disabling Conduct, (ii) dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable determination, based upon a review of the facts, that the indemnitee was not liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of Trustees who are neither "interested persons" of the Trust as defined in section 2(a)(19) of the 1940 Act nor parties to the proceeding, or (b) an independent legal counsel in a written opinion. To the maximum extent permitted by applicable law, expenses, including accountants' and counsel fees, so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid by the Trust from time to time in advance of the final disposition of any such action, suit or proceeding, provided that the Covered Person shall have undertaken to repay the amounts so paid to the Sub-Trust in question if it is ultimately determined that indemnification of such expenses is not authorized under this Article VI and (i) the Covered Person shall have provided security for such undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the disinterested Trustees who are not a party to the proceeding, or an independent legal counsel in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Covered Party ultimately will be found to be entitled to indemnification. For purposes of the determination or opinion referred to in clause (iii), the majority of disinterested Trustees acting on the matter or independent legal counsel, as the case may be, shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Section 6.5 **COMPROMISE PAYMENT**. As to any matter disposed of by a compromise payment by any such Covered Person referred to in Section 6.4, pursuant to a consent decree or otherwise, no such indemnification either for said payment or for any other expenses shall be provided unless such indemnification shall be approved (a) by a majority of the disinterested Trustees who are not a party to the proceeding or (b) by an independent legal counsel in a written opinion. Approval by the Trustees pursuant to clause (a) or by independent legal counsel pursuant to clause (b) shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with any of such clauses as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust or to have been liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Section 6.6 **INDEMNIFICATION NOT EXCLUSIVE, ETC**. The right of indemnification and to the payment of expenses prior to any final determination provided by this Article VI shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VI, "Covered Person" shall include such person's heirs, executors and administrators, an "interested Covered Person" is one against whom the action, suit or other proceeding in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending or threatened, and a "disinterested" person is a person against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending or threatened. Nothing contained in this Article VI shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

Section 6.7 **LIABILITY OF THIRD PERSONS DEALING WITH TRUSTEES**. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

<u>Article VII</u>

<u>MISCELLANEOUS</u>

Section 7.1 **DURATION AND TERMINATION OF TRUST.** Unless terminated as provided herein, the Trust shall continue without limitation of time and, without limiting the generality of the foregoing, no change, alteration or modification with respect to any Sub-Trust or class thereof shall operate to terminate the Trust. The Trust may be terminated at any time by: (i) the Trustees, by written notice to the Shareholders, or (ii) a majority of the Trustees then in office subject to a favorable vote of a majority of the outstanding voting Shares, as defined in the 1940 Act, of each Sub-Trust voting separately by Sub-Trust.

Upon termination of the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash, securities or other property, or any combination thereof, and distribute the proceeds to the Shareholders, in conformity with the provisions of subsection (d) of Section 4.2.

Section 7.2 **REORGANIZATION**.

The Trust, or any one or more Sub-Trusts, may, either as the successor, survivor, or non-survivor, (1) consolidate or merge with one or more other trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other state of the United States, to form a consolidated or merged trust, series, sub-trust, partnership, limited liability company, association or corporation under the laws of which any one of the constituent entities is organized, or (2) transfer all or a substantial portion of its assets to one or more other trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other state of the United States, or have one or more such trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations transfer all or a substantial portion of its assets to it, any such consolidation, merger or transfer to be upon such terms and conditions as are specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the Trust, or one or more Sub-Trusts as the case may be, in connection therewith. Unless otherwise required by applicable law, any such consolidation, merger or transfer may be authorized by vote of a majority of the Trustees then in office without approval of Shareholders of the Trust or relevant Sub-Trust.

Section 7.3 **AMENDMENTS**. All rights granted to the Shareholders under this Declaration of Trust are granted subject to the reservation of the right to amend this Declaration of Trust as herein provided, except that no amendment shall repeal the limitations on personal liability of any Shareholder or Trustee or repeal the prohibition of assessment upon the Shareholders without the express consent of each Shareholder or Trustee involved. Subject to the foregoing, the provisions of this Declaration of Trust (whether or not related to the rights of Shareholders) may be amended at any time, so long as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in writing signed by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees) provided notice of such amendment (other than amendments having the purpose of supplying any omission, curing any ambiguity, or curing, correcting or supplementing any defective or inconsistent provision contained herein, or having any other purpose which is ministerial or clerical in nature) shall be transmitted promptly to Shareholders of record at the close of business on the effective date of such amendment. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution of such instrument and of a certificate (which may be a part of such instrument) executed by a Trustee or officer of the Trust to the effect that such amendment has been duly adopted.

Section 7.4 **FILING OF COPIES; REFERENCES; HEADINGS**. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the Commonwealth of Massachusetts and with the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required, but the failure to make any such filing shall not impair the effectiveness of this instrument or any such amendment. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made, as to the identities of the Trustees and officers, and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like "herein", "hereof" and "hereunder" shall be deemed to refer to this instrument as a whole as the same may be amended or affected by any such amendments. The masculine gender shall include the feminine and neuter genders. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 7.5 **APPLICABLE LAW**. This Declaration of Trust is created under and is to be governed by and construed and administered according to the laws of the Commonwealth of Massachusetts, including the Massachusetts Business Corporation Law as the same may be amended from time to time, to which reference is made with the intention that matters not specifically covered herein or as to which an ambiguity may exist shall be resolved as if the Trust were a business corporation organized in Massachusetts, but the reference to said Business Corporation Law is not intended to give the Trust, the Trustees, the Shareholders or any other person any right, power, authority or responsibility available only to or in connection with an entity organized in corporate form. The Trust shall be of the type referred to in Section 1 of Chapter 182 of the Massachusetts General Laws and of the type commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

Section 7.6 **RESIDENT AGENT**. CT Corporation System, 155 Federal Street, Suite 700, Boston, MA, 02110 is hereby designated as the resident agent of the Trust in Massachusetts.

Section 7.7 **Claims**.

(a) **Direct Claims**. As used herein, a "direct" Shareholder claim shall refer to (i) a claim based upon alleged violations of a Shareholder's individual rights independent of any harm to the Trust or any Sub-Trust, including a Shareholder's voting rights under Article V, rights to receive a dividend payment as may be declared from time to time, rights to inspect books and records, or other similar rights personal to the Shareholder and independent of any harm to the Trust or any Sub-Trust; and (ii) a claim for which an action is provided under the federal securities laws or by state statute. Any other claim asserted by a Shareholder, including without limitation any claims purporting to be brought on behalf of the Trust or any Sub-Trust or involving any alleged harm to the Trust or any Sub-Trust, shall be considered a "derivative" claim as used herein. No Shareholder shall have the right to bring or maintain a court action or other proceeding asserting a direct claim against the Trust or any Sub-Trust, the Trustees or officers, if it is a derivative claim per this paragraph (a).

(b) **Derivative Claims**. No Shareholder shall have the right to bring or maintain any court action or other proceeding asserting a derivative claim or any claim asserted on behalf of the Trust or any Sub-Trust or involving any alleged harm to the Trust or any Sub-Trust without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the Shareholder makes a specific showing that irreparable nonmonetary injury to the Trust or any Sub-Trust would otherwise result. Such demand shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 90 days of its receipt by the Trust or inform claimants within such time that further review and consideration is required, in which case the Trustees shall have an additional 120 days to respond. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or Series or class of Shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be binding upon the Shareholders.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal this 19th day of August 2025.

  <br> Erik D. Ojala, Secretary

## Ex-99.(G)(10)

**Exhibit 99.(g)(10)**

![](tm269000d1_ex99g10img02.jpg)

June 18, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF Trust (the "Fund")

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 19.6, the Additional Portfolios provision, of the Master Custodian Agreement dated as of September 11, 2009, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Fund, on behalf of its respective Portfolios, hereby requests that State Street act as Custodian for the Portfolios under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, each undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 19.7 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

Sincerely,

CALAMOS ETF TRUST

on behalf of:

**Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April** 

**Calamos Bitcoin Structured Alt Protection ETF® – April** 

**Calamos Bitcoin Structured Alt Protection ETF – April Sub 1** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Sub 1** 

**Calamos Autocallable Income ETF** 

**Calamos Autocallable Income ETF – Sub 1** 

**Calamos Bitcoin Structured Alt Protection ETF® – July** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July** 

**Calamos Bitcoin Structured Alt Protection ETF – July Sub 1** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1** 

**Calamos Bitcoin Structured Alt Protection ETF® – October** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October**

Information Classification: Limited Access

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Scott Shirrell |
| Name: | Scott F. Shirrell |
| Title: | Managing Director, Duly Authorized |
| Effective Date: June 20, 2025 | Effective Date: June 20, 2025 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Calamos ETF Trust**

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF® – April

Calamos Bitcoin Structured Alt Protection ETF – April Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Sub 1

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**To**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC And Portfolios thereof, if any</u>

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio 36-7271106

**Calamos ETF Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | 93-1403228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | 93-4047483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – May | 99-1891857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – July | 99-2036587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – August | 99-2010412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – June | 99-2246961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – July | 99-3084638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – September | 99-2264630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – September | 99-2059476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered S&P 500® Structured Alt Protection ETF® | 99-4100530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – October | 99-4151647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – October | 99-3099426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – December | 99-2309567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – November | 99-4183246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt Protection ETF® – March | 99-2360298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – January | 99-3170084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® - December | 99-4213949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – April | 99-4289511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – June | 99-4312375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – January | 99-4237715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – February | 99-4254967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500® Structured Alt Protection ETF® – March | 99-4278288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000® Structured Alt Protection ETF® – April | 99-3193460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – January | 33-2314879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January | 33-2217288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January | 33-2187566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF | 33-5015390 |

---

Information Classification: Limited Access

**EXHIBIT B**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |

---

**CALAMOS INVESTMENT TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | 36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | 46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | 26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | 47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | 20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | 36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | 36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | 36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | 47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | 36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | 20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | 36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | 22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | 47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | 20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | 83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | 83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | 87-4563290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Merger Arbitrage Fund | 93-1422103 |

---

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund 88-3877464

---

| | |
|:---|:---|
| **Calamos Convertible Opportunities and Income Fund** | 03-0426532 |
| **Calamos Convertible and High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |
| **Calamos Dynamic Convertible and Income Fund** | 47-1549409 |
| **Calamos Long/short Equity** **& Dynamic Income Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(G)(11)

**Exhibit 99.(g)(11)**

![](tm269000d1_ex99g11img01.jpg)

September 19, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF Trust (the "Fund")

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 19.6, the Additional Portfolios provision, of the Master Custodian Agreement dated as of September 11, 2009, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Fund, on behalf of its respective Portfolios, hereby requests that State Street act as Custodian for the Portfolios under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, each undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 19.7 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

Sincerely,

CALAMOS ETF TRUST

on behalf of:

**Calamos Laddered Bitcoin Structured Alt Protection ETF®** 

**Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®** 

**Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®** 

**Calamos Bitcoin Structured Alt Protection ETF - October Sub 1** 

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1** 

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1**

---

| | |
|:---|:---|
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

Information Classification: Limited Access

**EXHIBIT B**

**Agreed and Accepted:** 

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: September 19, 2025 | Effective Date: September 19, 2025 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Calamos ETF Trust**

Calamos Laddered Bitcoin Structured Alt Protection ETF®

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®

Calamos Bitcoin Structured Alt Protection ETF - October Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**To**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC And Portfolios thereof, if any</u>

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio 36-7271106

**Calamos ETF Trust**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | 93-1403228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq Equity & Income ETF | 93-4047483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – July | 99-2036587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection ETF – September | 99-2264630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection ETF – December | 99-2309567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – April | 99-4289511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub | 1 98-1829852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub | 1 98-1830164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |

---

Information Classification: Limited Access

**EXHIBIT B**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF | 33-5015390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub | 1 98-1883173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub | 1 98-1882286 |

---

**CALAMOS INVESTMENT TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | 36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | 46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | 26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | 47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | 20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | 36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | 36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | 36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | 47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | 36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | 20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | 36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | 22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | 47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | 20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | 83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | 83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | 87-4563290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Merger Arbitrage Fund | 93-1422103 |

---

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund 88-3877464

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Calamos Convertible Opportunities and Income Fund** | 03-0426532 |
| **Calamos Convertible and High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |
| **Calamos Dynamic Convertible and Income Fund** | 47-1549409 |
| **Calamos Long/short Equity** **& Dynamic Income Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(G)(12)

**Exhibit 99.(g)(12)**

![](tm269000d1_ex99-xgx12img001.jpg)

October 23, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Suzanne M. Hinckley, SVP

Re: Calamos ETF Trust (the "Fund")

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 19.6, the Additional Portfolios provision, of the Master Custodian Agreement dated as of September 11, 2009, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Fund, on behalf of its respective Portfolios, hereby requests that State Street act as Custodian for the Portfolios under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, each undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 19.7 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

Sincerely,

CALAMOS ETF TRUST

on behalf of:

---

| | |
|:---|:---|
| **Calamos Nasdaq Autocallable Income ETF** | **Calamos Nasdaq Autocallable Income ETF** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **Calamos Nasdaq Autocallable Income ETF – Sub 1** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: October 23, 2025 | Effective Date: October 23, 2025 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Calamos ETF Trust**

**Calamos Nasdaq Autocallable Income ETF**

**Calamos Nasdaq Autocallable Income ETF – Sub 1**

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos** **ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Alternative Nasdaq & Bond ETF | 93-4047483 |
| Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| Calamos S&P 500 Structured Alt Protection ETF – July | 99-2036587 |
| Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – September | 99-2264630 |
| Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – December | 99-2309567 |
| Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| Calamos S&P 500 Structured Alt Protection ETF – April | 99-4289511 |
| Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |

---

Information Classification: Limited Access

**EXHIBIT B**

---

| | |
|:---|:---|
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | 98-1883173 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | 98-1882286 |
| **Calamos Nasdaq Autocallable Income ETF** | **39-4204450** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **98-1829554** |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| Calamos Convertible Opportunities and Income Fund | 03-0426532 |
| Calamos Convertible and High Income Fund | 02-0683363 |
| Calamos Strategic Total Return Fund | 04-3785941 |
| Calamos Global Total Return Fund | 20-3377281 |
| Calamos Global Dynamic Income Fund | 20-8819776 |
| Calamos Dynamic Convertible and Income Fund | 47-1549409 |
| Calamos Long/Short Equity & Dynamic Income Trust | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(9)

**Exhibit 99.(h)(9)**

June 18, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF Trust ("Fund")

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 8.6, the Additional Portfolios provision, of the Master Services Agreement dated as of March 15, 2004, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Fund, on behalf of its respective Portfolios, hereby requests that State Street perform certain accounting and fund administration services for its Portfolio under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4.2 of the Agreement, and, for the avoidance of doubt, acknowledges and confirms to State Street that the letter agreement dated March 31, 2006 ("Third Side Letter") by and among certain funds in the Calamos Family of Funds and State Street shall also apply to each Portfolio, and the undersigned Fund agrees to be bound by all the terms and conditions of the Third Side Letter.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

---

| |
|:---|
| Sincerely, |
| **CALAMOS ETF TRUST** |
| on behalf of: |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April** |
| **Calamos Bitcoin Structured Alt Protection ETF® – April** |
| **Calamos Bitcoin Structured Alt Protection ETF – April Sub 1** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Sub 1** |
| **Calamos Autocallable Income ETF** |
| **Calamos Autocallable Income ETF – Sub 1** |
| **Calamos Bitcoin Structured Alt Protection ETF® – July** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July** |
| **Calamos Bitcoin Structured Alt Protection ETF – July Sub 1** |

---

Information Classification: Limited Access

---

| |
|:---|
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1** |
| **Calamos Bitcoin Structured Alt Protection ETF® – October** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October** |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized, Duly Authorized |
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Scott Shirrell |
| Name: | Scott F. Shirrell |
| Title: | Managing Director, Duly Authorized |
| Effective Date: June 20, 2025 | Effective Date: June 20, 2025 |

---

Information Classification: Limited Access

---

| |
|:---|
| **EXHIBIT A** |
| **Calamos ETF Trust** |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April |
| Calamos Bitcoin Structured Alt Protection ETF® – April |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 |
| Calamos Autocallable Income ETF |
| Calamos Autocallable Income ETF – Sub 1 |
| Calamos Bitcoin Structured Alt Protection ETF® – July |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 |
| Calamos Bitcoin Structured Alt Protection ETF® – October |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October |

---

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos** **ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Nasdaq® Equity & Income ETF | 93-4047483 |
| Calamos S&P 500® Structured Alt Protection ETF® – May | 99-1891857 |
| Calamos S&P 500® Structured Alt Protection ETF® – July | 99-2036587 |
| Calamos S&P 500® Structured Alt Protection ETF® – August | 99-2010412 |
| Calamos Nasdaq-100® Structured Alt Protection ETF® – June | 99-2246961 |
| Calamos Russell 2000® Structured Alt Protection ETF® – July | 99-3084638 |
| Calamos Nasdaq-100® Structured Alt Protection ETF® – September | 99-2264630 |
| Calamos S&P 500® Structured Alt Protection ETF® – September | 99-2059476 |
| Calamos Laddered S&P 500® Structured Alt Protection ETF® | 99-4100530 |
| Calamos S&P 500® Structured Alt Protection ETF® – October | 99-4151647 |
| Calamos Russell 2000® Structured Alt Protection ETF® – October | 99-3099426 |
| Calamos Nasdaq-100® Structured Alt Protection ETF® – December | 99-2309567 |
| Calamos S&P 500® Structured Alt Protection ETF® – November | 99-4183246 |
| Calamos Nasdaq-100® Structured Alt Protection® – March | 99-2360298 |
| Calamos Russell 2000® Structured Alt Protection ETF® – January | 99-3170084 |
| Calamos S&P 500® Structured Alt Protection ETF® - December | 99-4213949 |
| Calamos S&P 500® Structured Alt Protection ETF® - April | 99-4289511 |
| Calamos S&P 500® Structured Alt Protection ETF® – June | 99-4312375 |
| Calamos S&P 500® Structured Alt Protection ETF® – January | 99-4237715 |
| Calamos S&P 500® Structured Alt Protection ETF® – February | 99-4254967 |
| Calamos S&P 500® Structured Alt Protection ETF® – March | 99-4278288 |
| Calamos Russell 2000® Structured Alt Protection ETF® – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF® – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January | 33-2187566 |
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| **Calamos Convertible Opportunities and Income Fund** | 03-0426532 |
| **Calamos Convertible and High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |
| **Calamos Dynamic Convertible and Income Fund** | 47-1549409 |
| **Calamos Long/Short Equity** **& Dynamic Income Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(10)

**Exhibit 99.(h)(10)**

September 19, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Managing Director

Re: Calamos ETF Trust ("Fund")

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 8.6, the Additional Portfolios provision, of the Master Services Agreement dated as of March 15, 2004, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Fund, on behalf of its respective Portfolios, hereby requests that State Street perform certain accounting and fund administration services for its Portfolio under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4.2 of the Agreement, and, for the avoidance of doubt, acknowledges and confirms to State Street that the letter agreement dated March 31, 2006 ("Third Side Letter") by and among certain funds in the Calamos Family of Funds and State Street shall also apply to each Portfolio, and the undersigned Fund agrees to be bound by all the terms and conditions of the Third Side Letter.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

---

| |
|:---|
| Sincerely, |
| **CALAMOS ETF TRUST** |
| on behalf of: |
| **Calamos Laddered Bitcoin Structured Alt Protection ETF®** |
| **Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®** |
| **Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®** |
| **Calamos Bitcoin Structured Alt Protection ETF - October Sub 1** |
| **Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1** |
| **Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1** |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized, Duly Authorized |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: September 19, 2025 | Effective Date: September 19, 2025 |

---

Information Classification: Limited Access

---

| |
|:---|
| **EXHIBIT A** |
| **Calamos ETF Trust** |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 |

---

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Nasdaq Equity & Income ETF | 93-4047483 |
| Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| Calamos S&P 500 Structured Alt Protection ETF – July | 99-2036587 |
| Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – September | 99-2264630 |
| Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| Calamos Nasdaq 100 Structured Alt Protection ETF – December | 99-2309567 |
| Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| Calamos S&P 500 Structured Alt Protection ETF - April | 99-4289511 |
| Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | 98-1883173 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | 98-1882286 |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| **Calamos Convertible Opportunities and Income Fund** | 03-0426532 |
| **Calamos Convertible and High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |
| **Calamos Dynamic Convertible and Income Fund** | 47-1549409 |
| **Calamos Long/Short Equity** **& Dynamic Income Trust** | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(11)

**Exhibit 99.(h)(11)**

October 23, 2025

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Suzanne M. Hinckley, SVP

Re: Calamos ETF Trust ("Fund")

Ladies and Gentlemen:

Please be advised that the undersigned Fund has been incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and such Fund has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each, a "Portfolio").

In accordance with Section 8.6, the Additional Portfolios provision, of the Master Services Agreement dated as of March 15, 2004, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Fund, on behalf of its respective Portfolios, hereby requests that State Street perform certain accounting and fund administration services for its Portfolio under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Fund hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4.2 of the Agreement, and, for the avoidance of doubt, acknowledges and confirms to State Street that the letter agreement dated March 31, 2006 ("Third Side Letter") by and among certain funds in the Calamos Family of Funds and State Street shall also apply to each Portfolio, and the undersigned Fund agrees to be bound by all the terms and conditions of the Third Side Letter.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Fund.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| on behalf of: | on behalf of: |
| **Calamos Nasdaq Autocallable Income ETF** | **Calamos Nasdaq Autocallable Income ETF** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **Calamos Nasdaq Autocallable Income ETF – Sub 1** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized, Duly Authorized |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |
| Effective Date: October 23, 2025 | Effective Date: October 23, 2025 |

---

Information Classification: Limited Access

**EXHIBIT A**

**Calamos ETF Trust**

**Calamos Nasdaq Autocallable Income ETF**

**Calamos Nasdaq Autocallable Income ETF – Sub 1**

Information Classification: Limited Access

**EXHIBIT B**

**Appendix A**

**TO**

**<u>Master Services Agreement</u>**

<u>Management Investment Companies Registered with the</u> <u>SEC and Portfolios thereof, if any</u>

---

| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos ETF Trust** |  |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 88-4166679 |
| Calamos Convertible Equity Alternative ETF | 93-1403228 |
| Calamos CEF Income & Arbitrage ETF | 93-3384806 |
| Calamos Alternative Nasdaq & Bond ETF | 93-4047483 |
| Calamos S&P 500 Structured Alt Protection ETF – May | 99-1891857 |
| Calamos S&P 500 Structured Alt Protection ETF – July 99-2036587 |  |
| Calamos S&P 500 Structured Alt Protection ETF – August | 99-2010412 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – June | 99-2246961 |
| Calamos Russell 2000 Structured Alt Protection ETF – July | 99-3084638 |
| Calamos Nasdaq-100 Structured Alt Protection ETF – September 99-2264630 |  |
| Calamos S&P 500 Structured Alt Protection ETF – September | 99-2059476 |
| Calamos Laddered S&P 500 Structured Alt Protection ETF | 99-4100530 |
| Calamos S&P 500 Structured Alt Protection ETF – October | 99-4151647 |
| Calamos Russell 2000 Structured Alt Protection ETF – October | 99-3099426 |
| Calamos Nasdaq 100 Structured Alt Protection ETF – December | 99-2309567 |
| Calamos S&P 500 Structured Alt Protection ETF – November | 99-4183246 |
| Calamos Nasdaq-100 Structured Alt Protection – March | 99-2360298 |
| Calamos Russell 2000 Structured Alt Protection ETF – January | 99-3170084 |
| Calamos S&P 500 Structured Alt Protection ETF - December | 99-4213949 |
| Calamos S&P 500 Structured Alt Protection ETF - April | 99-4289511 |
| Calamos S&P 500 Structured Alt Protection ETF – June | 99-4312375 |
| Calamos S&P 500 Structured Alt Protection ETF – January | 99-4237715 |
| Calamos S&P 500 Structured Alt Protection ETF – February | 99-4254967 |
| Calamos S&P 500 Structured Alt Protection ETF – March | 99-4278288 |
| Calamos Russell 2000 Structured Alt Protection ETF – April | 99-3193460 |
| Calamos Bitcoin Structured Alt Protection ETF – January | 33-2314879 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January | 33-2217288 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January | 33-2187566 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Bitcoin Structured Alt Protection ETF – January Sub 1 | 98-1828163 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1 | 98-1829852 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1 | 98-1830164 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April | 33-2463234 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April | 33-2482672 |
| Calamos Bitcoin Structured Alt Protection ETF® – April | 33-2383221 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Sub 1 | 98-1841159 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF - April Sub 1 | 98-1841818 |
| Calamos Bitcoin Structured Alt Protection ETF – April Sub 1 | 98-1840947 |
| Calamos Autocallable Income ETF | 33-5015390 |
| Calamos Autocallable Income ETF – Sub 1 | 98-1862415 |
| Calamos Bitcoin Structured Alt Protection ETF® – July | 33-2414289 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July | 33-2754251 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July | 33-2772412 |
| Calamos Bitcoin Structured Alt Protection ETF – July Sub 1 | 98-1863716 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1 | 98-1863347 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1 | 98-1862860 |
| Calamos Bitcoin Structured Alt Protection ETF® – October | 33-2442769 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October | 33-2815363 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October | 33-2844374 |
| Calamos Laddered Bitcoin Structured Alt Protection ETF® | 39-3576968 |
| Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | 39-3590811 |
| Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | 39-3618434 |
| Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | 98-1881335 |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | 98-1883173 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | 98-1882286 |
| **Calamos Nasdaq Autocallable Income ETF** | **39-4204450** |
| **Calamos Nasdaq Autocallable Income ETF – Sub 1** | **98-1829554** |
| **Calamos Investment Trust** |  |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Dividend Growth Fund | 46-2951829 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Convertible Fund | 47-2271491 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Opportunities Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos Hedged Equity Fund | 47-2255361 |
| Calamos High Income Opportunities Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Select Fund | 22-3848966 |
| Calamos Phineus Long/Short Fund | 47-5668954 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Short-Term Bond Fund | 83-0775729 |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| Calamos Timpani Small Cap Growth Fund | 83-3325222 |
| Calamos Timpani SMID Growth Fund | 83-4647954 |
| Calamos International Small Cap Growth Fund | 87-4563290 |
| Calamos Merger Arbitrage Fund | 93-1422103 |
| **Calamos Antetokounmpo Sustainable Equities Trust** |  |
| Calamos Antetokounmpo Sustainable Equities Fund | 88-3877464 |
| Calamos Convertible Opportunities and Income Fund | 03-0426532 |
| Calamos Convertible and High Income Fund | 02-0683363 |
| Calamos Strategic Total Return Fund | 04-3785941 |
| Calamos Global Total Return Fund | 20-3377281 |
| Calamos Global Dynamic Income Fund | 20-8819776 |
| Calamos Dynamic Convertible and Income Fund | 47-1549409 |
| Calamos Long/Short Equity & Dynamic Income Trust | 82-2860404 |

---

Information Classification: Limited Access

## Ex-99.(H)(17)

**Exhibit 99.(h)(17)**

**SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED**

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS SECOND AMENDMENT** effective as of September 1, 2025 (the "Effective Date"), to the Second Amended and Restated Transfer Agent Servicing Agreement, dated as of November 14, 2022, as amended (the "Agreement"), is entered into by and between **CALAMOS INVESTMENT TRUST** ("CIT"), a Massachusetts business trust, **CALAMOS ADVISORS TRUST** ("CAT")**,** a Massachusetts business trust, **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** ("CASET"), a Delaware statutory trust (each a "Trust" and collectively the "Trusts") acting for and on behalf of each series of the Trusts listed on <u>Exhibit A</u> of the Agreement (as amended from time to time) (each a "Fund" and collectively the "Funds") and **U.S. BANCORP FUND SERVICES, LLC**, a Wisconsin limited liability company ("USBFS" and, together with the Trusts, each a "Party" and collectively the "Parties").

**RECITALS**

**WHEREAS,** the Parties have entered into the Agreement; and

**WHEREAS,** the Parties desire to amend the term of the Agreement; and

**WHEREAS,** the Parties desire to amend the fee schedule set forth on Exhibit E to the Agreement; and

**WHEREAS,** Section 14 of the Agreement allows for its amendment by a written agreement executed by USBFS and the Trusts and authorized or approved by the Board of Trustees of the Trusts; and

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 14 of the Agreement is hereby superseded and replaced in its entirety with the following Section 14:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Term of Agreement; Amendment**

This Agreement shall become effective as of the Effective Date and will continue in effect for a period of two (2) years. This Agreement may be terminated by any party upon giving 180 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Following the initial term, this Agreement shall automatically renew month to month unless any party provides written notice at least 180 days prior to the end of the then current term that it will not be renewing the Agreement. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by USBFS and the Trusts and authorized or approved by the Board of Trustees. The provisions of this Section 14 shall also apply to Exhibit C and to Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the Effective Date, Exhibit E of the Agreement is hereby superseded and replaced in its entirety with Exhibit E attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except to the extent amended hereby, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Party acknowledges that: (i) the Agreement and Declaration of Trust of each of CIT and CAT and the Certificate of Trust
of CASET, in each case as amended or amended and restated from time to time, is on file with, in the case of CIT and CAT, the Secretary
of The Commonwealth of Massachusetts or, in the case of CASET, the Office of the Secretary of State of the State of Delaware, and was
executed or made on behalf of each Trust by the Trustees or a Trustee or by the officers or an officer in such capacity and not individually;
and (ii) that the obligations of the Agreement and any amendment to the Agreement, including this Second Amendment, are not binding
upon any of the Trustees or officers of any Trust or the shareholders of any series of any Trust individually but are binding only upon
the assets and property of the applicable Trust(s), or the particular series of a Trust in question, as the case may be.

**Signatures on Following Page**

**IN WITNESS WHEREOF**, the parties hereto have caused this Second Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **CALAMOS INVESTMENT TRUST** | **CALAMOS INVESTMENT TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Stephen M. Atkins | By: | /s/ Gregory Farley |
| Name: | Stephen Atkins | Name: | Greg Farley |
| Title: | Treasurer | Title: | Senior Vice President |
| **CALAMOS ADVISORS TRUST** | **CALAMOS ADVISORS TRUST** |  |  |
| By: | /s/ Stephen M. Atkins |  |  |
| Name: | Stephen Atkins |  |  |
| Title: | Treasurer |  |  |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** | **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |  |  |
| By: | /s/ Stephen M. Atkins |  |  |
| Name: | Stephen Atkins |  |  |
| Title: | Treasurer |  |  |

---

**Exhibit E to the Transfer Agent Servicing Agreement**

Transfer Agent, Shareholder & Account Services Fee Schedule

[FEES REDACTED]

Transfer Agent & Shareholder Services

Additional Services Fee Schedule

[FEES REDACTED]

## Ex-99.(H)(33)

**Exhibit 99.(h)(33)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of June 18, 2025 (the "Amendment") by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator") and each registered management investment company identified on <u>Schedule A</u> hereto (each, a "Trust"). Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, the Administrator and each Trust entered into an Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, each Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and certain Trusts have established series of shares identified under their names on <u>Schedule A</u> hereto (each, a "Fund"); and

WHEREAS, the parties hereto wish to amend the Agreement as set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In accordance with Section 1, the Appointment and Duties of Administrator provision of the Agreement,
each Trust, on behalf of itself and its respective Fund(s), hereby requests that the Administrator act as Administrator for its Fund(s) under
the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated in its entirety as set forth on
the <u>Schedule A</u> attached hereto. In connection with such request, each Trust hereby confirms, as of the date hereof, its representations
and warranties set forth in Section 4 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annex I</u> of <u>Schedule B2</u> to the Agreement is hereby deleted in its entirety and replaced with
the <u>Annex I</u> attached hereto.

2. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall
be read and interpreted together as the Agreement.

3. This Amendment shall be construed and the provisions thereof interpreted under and in accordance with
the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws provisions.

4. This Amendment may be executed in separate counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO, ON BEHALF OF ITSELF OR ITS FUND(S)** | **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO, ON BEHALF OF ITSELF OR ITS FUND(S)** |
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer |
| **STATE STREET BANK AND TRUST COMPANY**, as Administrator | **STATE STREET BANK AND TRUST COMPANY**, as Administrator |
| By: | /s/ Scott Shirrell |
| Name: | Scott Shirrell |
| Title: | Managing Director |

---

**<u>Administration Agreement</u>**

**<u>Schedule A</u>**

**<u>List of Funds</u>**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

Calamos Convertible Equity Alternative ETF

Calamos CEF Income & Arbitrage ETF

Calamos Nasdaq® Equity & Income ETF

Calamos S&P 500® Structured Alt Protection ETF® – May

Calamos S&P 500® Structured Alt Protection ETF® – July

Calamos S&P 500® Structured Alt Protection ETF® – August

Calamos Nasdaq-100® Structured Alt Protection ETF® – June

Calamos Russell 2000® Structured Alt Protection ETF® – July

Calamos Nasdaq-100® Structured Alt Protection ETF® – September

Calamos S&P 500® Structured Alt Protection ETF® – September

Calamos Laddered S&P 500® Structured Alt Protection ETF®

Calamos S&P 500® Structured Alt Protection ETF® – October

Calamos Russell 2000® Structured Alt Protection ETF® – October

Calamos Nasdaq-100® Structured Alt Protection ETF® – December

Calamos S&P 500® Structured Alt Protection ETF® - November

Calamos Nasdaq-100® Structured Alt Protection ETF® – March

Calamos Russell 2000® Structured Alt Protection ETF® – January

Calamos S&P 500® Structured Alt Protection ETF® - December

Calamos S&P 500® Structured Alt Protection ETF® - April

Calamos S&P 500® Structured Alt Protection ETF® – June

Calamos S&P 500® Structured Alt Protection ETF® - January

Calamos S&P 500® Structured Alt Protection ETF® - February

Calamos S&P 500® Structured Alt Protection ETF® - March

Calamos Russell 2000® Structured Alt Protection ETF® – April

Calamos Bitcoin Structured Alt Protection ETF® – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January

Calamos Bitcoin Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF® – April

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Information Classification: Limited Access

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

**Calamos Investment Trust**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos International Small Cap Growth Fund

Calamos Merger Arbitrage Fund

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>Closed-End Funds</u>**

**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**

Information Classification: Limited Access

 **<u>ANNEX I</u>**

Further to the Amendment to the Administration Agreement dated as of June 18, 2025 between each registered management investment company identified on Schedule A thereto (each, a "Trust") and State Street Bank and Trust Company (the "Administrator"), each Trust and the Administrator mutually agree to update this <u>Annex I</u> by adding Funds as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Form N-PORT Services<br> and Quarterly Portfolio of Investments <br> Services<br> (FILING ONLY)** | &nbsp;&nbsp; <br> **Service Type**<br>|
| &nbsp;&nbsp; <br> **Calamos ETF Trust** | &nbsp;&nbsp; <br> Standard N-PORT Reporting Solution (Data and Filing)<br>|
| &nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable <br> Equities ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Income & Arbitrage ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – May | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – August | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt <br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt <br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt <br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered S&P 500® Structured Alt<br> Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt <br> Protection ETF® – December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - November | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt <br> Protection ETF® – March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt <br> Protection ETF® - February | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt <br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF® – April** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF® - April** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin Structured Alt <br> Protection ETF**® **– April** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Autocallable Income ETF** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin Structured Alt <br> Protection ETF**® **– July** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF**® **– July** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF**® **– July** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin Structured Alt <br> Protection ETF**® **– October** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF**® **– October** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF**® **– October** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-CEN Services** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp;**Calamos ETF Trust** | &nbsp;&nbsp;Standard N-CEN Reporting Solution (Data and Filing) |

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex I</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| **CALAMOS ETF TRUST** | **STATE STREET BANK AND TRUST COMPANY** |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Stephen M. Atkins | /s/ Scott Shirrell |
|  | Name: Stephen Atkins | Name: Scott F. Shirrell |
|  | Title: Treasurer | Title: Managing Director |
|  | Address: 2020 Calamos Court Naperville, IL 60563 | Address:1 Iron Street Boston, MA 02210 |
|  | Date: June 18, 2025 | Date: June 20, 2025 |

---

Information Classification: Limited Access

## Ex-99.(H)(34)

**Exhibit 99.(h)(34)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of September 19, 2025 (the "Amendment") by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator") and each registered management investment company identified on <u>Schedule A</u> hereto (each, a "Trust"). Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, the Administrator and each Trust entered into an Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, each Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and certain Trusts have established series of shares identified under their names on <u>Schedule A</u> hereto (each, a "Fund"); and

WHEREAS, the parties hereto wish to amend the Agreement as set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In accordance with Section 1, the Appointment and Duties of Administrator provision of the Agreement,
each Trust, on behalf of itself and its respective Fund(s), hereby requests that the Administrator act as Administrator for its Fund(s) under
the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated in its entirety as set forth on
the <u>Schedule A</u> attached hereto. In connection with such request, each Trust hereby confirms, as of the date hereof, its representations
and warranties set forth in Section 4 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annex I</u> of <u>Schedule B2</u> to the Agreement is hereby deleted in its entirety and replaced with
the <u>Annex I</u> attached hereto.

2. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall
be read and interpreted together as the Agreement.

3. This Amendment shall be construed and the provisions thereof interpreted under and in accordance with
the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws provisions.

4. This Amendment may be executed in separate counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO, ON BEHALF OF ITSELF OR ITS FUND(S)** | **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO, ON BEHALF OF ITSELF OR ITS FUND(S)** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer |
| **STATE STREET BANK AND TRUST COMPANY**, as Administrator | **STATE STREET BANK AND TRUST COMPANY**, as Administrator |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |

---

**<u>Administration Agreement</u>**

**<u>Schedule A</u>**

**<u>List of Funds</u>**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

Calamos Convertible Equity Alternative ETF

Calamos CEF Income & Arbitrage ETF

Calamos Nasdaq Equity & Income ETF

Calamos S&P 500 Structured Alt Protection ETF – May

Calamos S&P 500 Structured Alt Protection ETF – July

Calamos S&P 500 Structured Alt Protection ETF – August

Calamos Nasdaq-100 Structured Alt Protection ETF – June

Calamos Russell 2000 Structured Alt Protection ETF – July

Calamos Nasdaq-100 Structured Alt Protection ETF – September

Calamos S&P 500 Structured Alt Protection ETF – September

Calamos Laddered S&P 500 Structured Alt Protection ETF

Calamos S&P 500 Structured Alt Protection ETF – October

Calamos Russell 2000 Structured Alt Protection ETF – October

Calamos Nasdaq 100 Structured Alt Protection ETF – December

Calamos S&P 500 Structured Alt Protection ETF - November

Calamos Nasdaq 100 Structured Alt Protection – March

Calamos Russell 2000 Structured Alt Protection ETF – January

Calamos S&P 500 Structured Alt Protection ETF - December

Calamos S&P 500 Structured Alt Protection ETF - April

Calamos S&P 500 Structured Alt Protection ETF – June

Calamos S&P 500 Structured Alt Protection ETF - January

Calamos S&P 500 Structured Alt Protection ETF - February

Calamos S&P 500 Structured Alt Protection ETF - March

Calamos Russell 2000 Structured Alt Protection ETF – April

Calamos Bitcoin Structured Alt Protection ETF – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January

Calamos Bitcoin Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF – April

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Information Classification: Limited Access

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

**Calamos Laddered Bitcoin Structured Alt Protection ETF®**

**Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®**

**Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®**

**Calamos Bitcoin Structured Alt Protection ETF - October Sub 1**

**Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1**

**Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1**

**Calamos Investment Trust**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos International Small Cap Growth Fund

Calamos Merger Arbitrage Fund

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>Closed-End Funds</u>**

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

Information Classification: Limited Access

**<u>ANNEX I</u>**

Further to the Amendment to the Administration Agreement dated as of September 19, 2025 between each registered management investment company identified on Schedule A thereto (each, a "Trust") and State Street Bank and Trust Company (the "Administrator"), each Trust and the Administrator mutually agree to update this <u>Annex I</u> by adding Funds as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Form N-PORT Services**<br> **and Quarterly Portfolio of Investments Services**<br> **(FILING ONLY)** | &nbsp;&nbsp; <br> **Service Type**<br>|
| &nbsp;&nbsp; <br> **Calamos ETF Trust** | &nbsp;&nbsp; <br> Standard N-PORT Reporting Solution (Data and Filing)<br>|
| &nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable<br> Equities ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Income & Arbitrage ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – May | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – August | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered S&P 500® Structured Alt<br> Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - November | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp;Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - February | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos S&P 500® Structured Alt<br> Protection ETF® - March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Russell 2000® Structured Alt<br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection<br> ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt <br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt <br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt <br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Autocallable Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection<br> ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection<br> ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Laddered Bitcoin Structured Alt <br> Protection ETF®** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Laddered Bitcoin 90 Series<br> Structured Alt Protection ETF®** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Laddered Bitcoin 80 Series<br> Structured Alt Protection ETF®** | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| **Form N-CEN Services** | **Service Type** |
| **Calamos ETF Trust** | Standard N-CEN Reporting Solution (Data and Filing) |

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex I</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| **CALAMOS ETF TRUST** | **STATE STREET BANK AND TRUST COMPANY** |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Stephen Atkins | /s/ Suzanne M. Hinckley |
|  | Name: Stephen Atkins | Name: Suzanne M. Hinckley |
|  | Title: Treasurer | Title: SVP |
|  | Address: 2020 Calamos Court Naperville, IL 60563 | Address:1 Iron Street Boston, MA 02210 |
|  | Date: September 19, 2025 | Date: September 19, 2025 |

---

Information Classification: Limited Access

## Ex-99.(H)(35)

**Exhibit 99.(h)(35)**

**AMENDMENT TO ADMINISTRATION AGREEMENT**

This Amendment to the Administration Agreement is made as of October 23, 2025 (the "Amendment") by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator") and each registered management investment company identified on <u>Schedule A</u> hereto (each, a "Trust"). Capitalized terms used in this Amendment without definition shall have the respective meanings ascribed to such terms in the Agreement (as defined below).

WHEREAS, the Administrator and each Trust entered into an Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the "Agreement"); and

WHEREAS, each Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and certain Trusts have established series of shares identified under their names on <u>Schedule A</u> hereto (each, a "Fund"); and

WHEREAS, the parties hereto wish to amend the Agreement as set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In accordance with Section 1, the Appointment and Duties of Administrator provision of the Agreement,
each Trust, on behalf of itself and its respective Fund(s), hereby requests that the Administrator act as Administrator for its Fund(s) under
the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated in its entirety as set forth on
the <u>Schedule A</u> attached hereto. In connection with such request, each Trust hereby confirms, as of the date hereof, its representations
and warranties set forth in Section 4 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annex I</u> of <u>Schedule B2</u> to the Agreement is hereby deleted in its entirety and replaced with
the <u>Annex I</u> attached hereto.

2. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. This Amendment is incorporated in its entirety into the Agreement, and this Amendment and said Agreement shall
be read and interpreted together as the Agreement.

3. This Amendment shall be construed and the provisions thereof interpreted under and in accordance with
the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws provisions.

4. This Amendment may be executed in separate counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original
any signatures received via electronically transmitted form.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO, ON BEHALF OF ITSELF OR ITS FUND(S)** | **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO, ON BEHALF OF ITSELF OR ITS FUND(S)** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer |
| **STATE STREET BANK AND TRUST COMPANY**, as Administrator | **STATE STREET BANK AND TRUST COMPANY**, as Administrator |
| By: | /s/ Suzanne M. Hinckley |
| Name: | Suzanne M. Hinckley |
| Title: | SVP |

---

**<u>Administration Agreement</u>**

**<u>Schedule A</u>**

**<u>List of Funds</u>**

**<u>Open-End Funds</u>**

**Calamos Advisors Trust**

Calamos Growth and Income Portfolio

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

Calamos Convertible Equity Alternative ETF

Calamos CEF Income & Arbitrage ETF

Calamos Alternative Nasdaq & Bond ETF

Calamos S&P 500 Structured Alt Protection ETF – May

Calamos S&P 500 Structured Alt Protection ETF – July

Calamos S&P 500 Structured Alt Protection ETF – August

Calamos Nasdaq-100 Structured Alt Protection ETF – June

Calamos Russell 2000 Structured Alt Protection ETF – July

Calamos Nasdaq-100 Structured Alt Protection ETF – September

Calamos S&P 500 Structured Alt Protection ETF – September

Calamos Laddered S&P 500 Structured Alt Protection ETF

Calamos S&P 500 Structured Alt Protection ETF – October

Calamos Russell 2000 Structured Alt Protection ETF – October

Calamos Nasdaq 100 Structured Alt Protection ETF – December

Calamos S&P 500 Structured Alt Protection ETF - November

Calamos Nasdaq 100 Structured Alt Protection – March

Calamos Russell 2000 Structured Alt Protection ETF – January

Calamos S&P 500 Structured Alt Protection ETF - December

Calamos S&P 500 Structured Alt Protection ETF - April

Calamos S&P 500 Structured Alt Protection ETF – June

Calamos S&P 500 Structured Alt Protection ETF - January

Calamos S&P 500 Structured Alt Protection ETF - February

Calamos S&P 500 Structured Alt Protection ETF - March

Calamos Russell 2000 Structured Alt Protection ETF – April

Calamos Bitcoin Structured Alt Protection ETF – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January

Calamos Bitcoin Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April

Calamos Bitcoin Structured Alt Protection ETF – April

Calamos Autocallable Income ETF

Calamos Autocallable Income ETF – Sub 1

Information Classification: Limited Access

Calamos Bitcoin Structured Alt Protection ETF® – July

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July

Calamos Bitcoin Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July Sub 1

Calamos Bitcoin Structured Alt Protection ETF® – October

Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October

Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October

Calamos Laddered Bitcoin Structured Alt Protection ETF®

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF®

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF®

Calamos Bitcoin Structured Alt Protection ETF - October Sub 1

Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1

Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1

**Calamos Nasdaq Autocallable Income ETF\**

**Calamos Nasdaq Autocallable Income ETF – Sub 1**

**Calamos Investment Trust**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos International Small Cap Growth Fund

Calamos Merger Arbitrage Fund

**Calamos Antetokounmpo Sustainable Equities Trust**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>Closed-End Funds</u>**

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

Information Classification: Limited Access

**<u>ANNEX I</u>**

Further to the Amendment to the Administration Agreement dated as of October 15 2025 between each registered management investment company identified on Schedule A thereto (each, a "Trust") and State Street Bank and Trust Company (the "Administrator"), each Trust and the Administrator mutually agree to update this <u>Annex I</u> by adding Funds as applicable:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Form N-PORT Services**<br> **and Quarterly Portfolio of Investments Services**<br> **(FILING ONLY)** | &nbsp;&nbsp; <br> **Service Type**<br>|
| &nbsp;&nbsp; <br> **Calamos ETF Trust** | &nbsp;&nbsp; <br> Standard N-PORT Reporting Solution (Data and Filing)<br>|
| &nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Convertible Equity Alternative ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Income & Arbitrage ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Nasdaq® Equity & Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – May | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – August | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection<br> ETF® – September | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Laddered S&P 500® Structured Alt<br> Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - November | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Nasdaq-100® Structured Alt<br> Protection ETF® – March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - December | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® – June | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - February | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos S&P 500® Structured Alt<br> Protection ETF® - March | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Russell 2000® Structured Alt<br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – January | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® - April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – April | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Autocallable Income ETF | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |

---

Information Classification: Limited Access

---

| | |
|:---|:---|
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – July | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin Structured Alt Protection<br> ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 90 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp; Calamos Bitcoin 80 Series Structured Alt<br> Protection ETF® – October | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered Bitcoin Structured Alt Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin Structured Alt Protection ETF - October Sub 1 | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 80 Series Structured Alt Protection ETF – October Sub 1 | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;Calamos Bitcoin 90 Series Structured Alt Protection ETF – October Sub 1 | &nbsp;&nbsp;Standard N-PORT Reporting Solution (Data and Filing) |
| &nbsp;&nbsp;**Calamos Nasdaq Autocallable Income ETF** | &nbsp;&nbsp;**Standard N-PORT Reporting Solution (Data and Filing)** |
| &nbsp;&nbsp;**Calamos Nasdaq Autocallable Income ETF – Sub 1** | &nbsp;&nbsp;**Standard N-PORT Reporting Solution (Data and Filing)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form N-CEN Services** | &nbsp;&nbsp;**Service Type** |
| &nbsp;&nbsp;**Calamos ETF Trust** | &nbsp;&nbsp;Standard N-CEN Reporting Solution (Data and Filing) |

---

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex I</u> as of the last signature date set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** | **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /**s**/ Stephen Atkins | /**s**/ Stephen Atkins | By: /**s**/ Suzanne M. Hinckley | By: /**s**/ Suzanne M. Hinckley |
|  | Name: Stephen Atkins | Name: Stephen Atkins | Name: Suzanne M. Hinckley | Name: Suzanne M. Hinckley |
|  | Title: Treasurer | Title: Treasurer | Title: SVP | Title: SVP |
|  | Address: | 2020 Calamos Court | Address: | 1 Iron Street |
|  |  | Naperville, IL 60563 |  | Boston, MA 02210 |
|  | Date: October 23, 2025 | Date: October 23, 2025 | Date: October 23, 2025 | Date: October 23, 2025 |

---

Information Classification: Limited Access

## Ex-99.(I)

**Exhibit 99.(i)**

---

| | |
|:---|:---|
| ![](tm269000d1_ex99-xiimg001.jpg) | ROPES & GRAY LLP <br> 191 NORTH WACKER DRIVE <br> 32nd FLOOR <br> CHICAGO, ILLINOIS 60606-4302<br> WWW.ROPESGRAY.COM |

---

April 10, 2026

Calamos Advisors Trust

2020 Calamos Court

Naperville, Illinois 60563

Ladies and Gentlemen:

We have acted as counsel to Calamos Advisors Trust, a business trust formed under the laws of the Commonwealth of Massachusetts (the "Trust") in connection with the filing of Post- Effective Amendment No. 39 (the "Post-Effective Amendment") to the Trust's Registration Statement on Form N-1A (File Nos. 333-72511; 811-09237) (the "Registration Statement"), to be filed with the U.S. Securities and Exchange Commission (the "Commission") on or about April 10, 2026, registering an indefinite number of shares of beneficial interest in Calamos Growth and Income Portfolio (the "Shares"), a series of the Trust (the "Fund"), under the Securities Act of 1933, as amended (the "Securities Act").

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act of 1940, as amended (the "Investment Company Act").

In connection with this opinion, we have examined the Trust's Second Amended and Restated Agreement and Declaration of Trust, as amended ("Agreement and Declaration of Trust") (as on file in the office of the Secretary of the Commonwealth of Massachusetts and the Clerk of the City of Boston), its Amended and Restated Bylaws and such other documents as we have deemed necessary for the purpose of this opinion.

We also have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinion, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

We are familiar with the actions taken by the Board of Trustees of the Trust to authorize the issuance of the Shares. We assume that appropriate actions have been taken to register or qualify the sale of the Shares under any applicable state and federal laws regulating offerings and sales of securities. We also have assumed that the Shares will be sold for the consideration described in the Registration Statement of the Trust on Form N-1A, as amended to the date of such sale, and that such consideration will in each event be at least equal to the net asset value per Share of such Shares.

We have not examined independently the question of what law would govern the interpretation or enforcement of any provision of the Agreement and Declaration of Trust. For purposes of this opinion, we have relied solely on a certificate of good standing received from the Secretary of the Commonwealth of Massachusetts with respect to the Trust's standing as a duly established and validly existing unincorporated voluntary association with transferable shares under Massachusetts law (commonly known as a "Massachusetts business trust") and for purposes of this opinion have assumed that the interpretation and enforcement of each provision of the Agreement and Declaration of Trust will be governed by the laws of the Commonwealth of Massachusetts. Our opinion is limited accordingly.

We have made such examination of Massachusetts law as we have deemed relevant for purposes of this opinion. We express no opinion as to the effect of laws, rules, and regulations of any state or jurisdiction other than the Commonwealth of Massachusetts.

The opinion expressed herein is limited to matters governed by the Securities Act and the Investment Company Act, and the rules and regulations promulgated thereunder (together, the "federal securities laws"), and the laws of the Commonwealth of Massachusetts. In particular, we express no opinion with respect to any matter governed by the securities or blue sky laws of the various states of the United States of America. To the extent that any opinion herein relates to matters governed by any laws other than the federal securities laws and/or the laws of the Commonwealth of Massachusetts, we have assumed that such laws are the same as the federal securities laws and/or the laws of the Commonwealth of Massachusetts in all relevant respects.

Based upon and subject to the foregoing, we are of the opinion that the Trust is authorized to issue an unlimited number of Shares, and that, when such Shares are issued and sold on the terms described in the Registration Statement and the authorized consideration therefor is received by the Trust, such Shares will be validly issued, fully paid, and nonassessable by the Trust.

The opinion expressed herein is solely for your benefit in connection with the Post- Effective Amendment and may not be relied on in any manner or for any purpose by any other person, nor may copies be furnished to any other person without our prior written consent, except that you may furnish copies hereof: (a) to your independent auditor and legal counsel; (b) to any federal or state authority having regulatory jurisdiction over you; (c) pursuant to order or legal process of any court or governmental agency; and (d) in connection with any legal action arising out of the offering of Shares as described in the Registration Statement. The opinion expressed in this letter is limited to the matter set forth in this letter, and no other opinion should be inferred beyond the matter expressly stated. The opinion expressed herein is given only as of the date hereof, and we undertake no responsibility to update or supplement this opinion letter after the date hereof for any reason.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Agreement and Declaration of Trust disclaims shareholder liability for payment under any credit, contract, or claim against the Trust or any series of the Trust. The Agreement and Declaration of Trust provides for indemnification by the Trust of any shareholder or former shareholder held liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability should be limited to circumstances in which the Trust itself would be unable to meet its obligations.

We consent to the filing of this opinion as an exhibit to the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Ropes & Gray LLP |
| Ropes & Gray LLP |

---

## Ex-99.(J)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 333-72511 on Form N-1A of our report dated February 10, 2026 relating to the financial statements and financial highlights of Calamos Growth and Income Portfolio, a series of Calamos Advisors Trust, appearing in Form N-CSR of Calamos Advisors Trust for the year ended December 31, 2025, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Non-Public Disclosure " in the Statement of Additional Information, which are part of such Registration Statement.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

April 9, 2026

## Ex-99.(P)

**Exhibit 99.(p)**

![](tm269000d1_ex99-xpimg001.jpg)

**Table of Contents**

<u>Page</u>

---

| | |
|:---|:---|
| **UNDERSTANDING AND APPLYING THE CODE** | **3** |
| 1. Understanding the Terms | 3 |
| 2. Purpose of the Code of Ethics and Insider Trading Policy | 8 |
| 3. Scope | 9 |
| 4. Reporting Violations of the Code | 9 |
| **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **9** |
| **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** | **10** |
| 1. Insider Trading and Tipping | 10 |
| 2. General Prohibitions | 10 |
| 3. Material Nonpublic Information about Other Companies | 11 |
| 4. Information about Calamos Exchange Traded Funds ("ETFs") | 11 |
| 5. Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs | 11 |
| 6. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 12 |
| **REPORTING REQUIREMENTS** | **13** |
| 1. Initial Disclosure of Accounts and Covered Securities | 13 |
| 2. Confirmations and Statements for all Brokerage and Investment Accounts | 13 |
| 3. Quarterly Transactions Reports (Quarterly Account Statements) | 14 |
| 4. Annual Holdings Reports | 14 |
| 5. Certification of Compliance | 15 |
| 6. Report to Fund Board | 15 |
| **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **16** |
| 1. Pre-Clearance of Covered Securities Transactions | 16 |
| 2. Holding Period Requirement | 17 |
| 3. Trading Restrictions | 18 |
| 4. Trading Calamos Closed-End Funds and Exchange Traded ETFs | 20 |
| 5. Private Securities Transactions | 20 |
| 6. Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 20 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **22** |
| 1. No Transactions with Clients | 22 |
| 2. No Conflicting Transactions | 22 |
| 3. Section 16 Reporting and Prohibitions | 23 |
| **OTHER REGULATORY REQUIREMENTS** | **24** |

---

---

| | |
|:---|:---|
| 1. Outside Employment or Outside Business Activity | 24 |
| 2. Service as a Director or Officer | 24 |
| 3. Gifts and Entertainment | 24 |
| 4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 25 |
| **RECORD RETENTION** | **27** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **28** |
| **APPENDIX B: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **30** |

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**UNDERSTANDING AND APPLYING THE CODE**

**1.**  **<u>Understanding the Terms</u>** 

Capitalized terms used in this Code have special meanings defined below. It is important for you to read and become familiar with each definition used in the Code.

**"Access Person"**

Access Persons means any director, officer, employee of Calamos or an investment company advised or sub-advised by Calamos with the exception of Outside Trustees, Unaffiliated Trustees or Outside Directors or as otherwise provided under this Code. Access Persons includes consultants and agents to Calamos who have access to Material Nonpublic Information. **All** employees of Calamos and investment companies managed by Calamos are also Access Persons.

**"Automatic Investment Plan"**

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership Interest"**

Beneficial Ownership Interest shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 ("the 1940 Act") and the rules and regulations thereunder. As a general matter, you have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest (as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this list is not exhaustive, you generally would be the beneficial owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held with another in joint tenancy,
as tenants in common, or in other joint ownership arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held by a bank or broker as a nominee
or custodian on your behalf or pledged as collateral for a loan; and

&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly
or indirectly Controlled by, or under common Control with, you.

(See also the definitions of Immediate Family, Related Persons)

**"Broad-based Security Index"**

A Broad-based Security Index generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

**"Control"**

Control means the power to exercise a controlling influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control that entity. In interpreting "Control," the CCO will interpret the term consistent with Section 2(a)(9) of the 1940 Act.

**"Corporate Account"**

Corporate Account means any account maintained by any Calamos entity for the investment in Covered Securities, including Calamos-sponsored registered investment companies.

**"Covered Security"**

Covered Security means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos is the adviser or sub adviser, exchange traded funds or products, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: **options** on securities, indexes, and currencies; **limited partnership interests**; **interests in a foreign unit trust** or **foreign mutual fund**; **municipal securities**; **interests in a private investment fund**, **hedge fund**, or **investment club**; or any **right to acquire any security** such as a warrant or convertible. Digital (tokenized) securities that are traditional financial instruments represented as crypto assets with ownership recorded on crypto networks are Covered Securities. In addition, purchase and sale transactions of **Covered Securities in any 401(k) plan** are considered transactions in Covered Securities.

The term Covered Security **does not include** commodities including Bitcoin and other digital commodities (assets whose value derives from a functional crypto system and market dynamics)<sup>1</sup>, direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or sub advised by Calamos or units in 529 College Savings Plans.

**"Fund"**

Fund means an investment company, or series of investment companies, advised or sub-advised by Calamos.

<sup>1</sup> The following are also NOT considered securities: Digital collectibles (assets designed primarily for collection or use (e.g., NFTs)); digital tools that have practical utility (e.g., credentials); and stablecoins issued under the GENIUS Act by permitted users. Protocol mining, protocol staking and wrapping of non-security crypto assets are also not considered securities.

**"Immediate Family"**

Immediate Family means family members sharing the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. (See also the definition of Beneficial Ownership Interest and Related Persons).

**"Investment Person"**

Investment Person means each person who makes, or participates in making, investment decisions or recommendations for Calamos clients, or who, in connection with his or her regular functions or duties with Calamos, makes, participates in, or obtains information regarding the purchase or sale of securities by a client. Investment Person includes each Calamos portfolio manager, each research analyst, each support staff member working directly with portfolio managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by Calamos to perform investment related activities; as well as IT or systems' consultants who have access to trading or investment systems.

**"Material Information"**

Information should be regarded as material if it could be important to decisions to buy, sell or hold a company's securities. Any information that could reasonably be expected to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate to historical facts, projections, or future events. Material information can pertain to a company, as a whole, or to divisions or subsidiaries of a company.

During their employment, Calamos personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found material in particular situations. See below:

**Financial Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Financial results

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in earnings forecasts

&nbsp;&nbsp;&nbsp;&nbsp;· Unusual significant gains, losses or charges

&nbsp;&nbsp;&nbsp;&nbsp;· Significant write-downs in assets

&nbsp;&nbsp;&nbsp;&nbsp;· Significant changes in revenues

&nbsp;&nbsp;&nbsp;&nbsp;· Significant liquidity issues

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Stock splits

&nbsp;&nbsp;&nbsp;&nbsp;· Stock repurchases

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant new equity or debt offerings

**Corporate Developments:**

&nbsp;&nbsp;&nbsp;&nbsp;· Proposals, plans or agreements, even if preliminary
in nature, involving significant mergers, acquisitions,
divestitures, recapitalizations, or strategic alliances

&nbsp;&nbsp;&nbsp;&nbsp;· Major changes in directors or executive officers

**Product Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Important new product offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant developments related to a company's
product offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant developments related to a company's
distribution relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Significant developments related to intellectual
property

**Other Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Developments regarding significant litigation

&nbsp;&nbsp;&nbsp;&nbsp;· Developments regarding government agency actions

&nbsp;&nbsp;&nbsp;&nbsp;· Execution or termination of significant contracts

This list is only illustrative and certainly is not all-encompassing. Many other types of information may be considered material.

**"Material Nonpublic Information"**

Material Nonpublic Information ("MNPI") is information that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company's securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as "inside information"

*When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the General Counsel.*

An Access Person who receives Material Nonpublic Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head Trader (or his designee in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

*It is illegal to trade using MNPI; it is also illegal to share MNPI.*

**"Nonpublic Information"**

Information about a company is considered nonpublic if it is not available to the general public. In order for information to be considered available to the general public, it must have been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release or making a publicly available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

**"Outside Directors"**

Outside Directors means those directors of Calamos Asset Management, Inc. ("CAM") who are not officers or employees of CAM.

"**Outside Trustees"**

Outside Trustees means those trustees of a fund who are not "interested persons" of the Fund, as that term is defined in Section 2(a)(19) of the 1940 Act.

**"Pecuniary Interest"**

Pecuniary Interest in a security means the opportunity, directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Covered Securities held by a member of an Access
Person's "Immediate Family". For example, you would be presumed to have an indirect Pecuniary Interest in Covered Securities
held by your minor child who lives with you but not in Covered Securities held by your adult child who does not live with you. You may
request that a member of your Immediate Family be excluded from the Code's reach by contacting the CCO and demonstrating why it
would be appropriate. For example, it may be appropriate to exclude your adult uncle who lives with you from the Code's reach.

&nbsp;&nbsp;&nbsp;&nbsp;· A general partner's proportionate interest
in the portfolio's Covered Securities held by a general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;· A person's right to dividends that are
separated or separable from the Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;· A beneficiary's pecuniary interest in Covered
Securities holdings of a trust and any pecuniary interest of any Immediate Family member of such beneficiary (such Pecuniary Interest
being to the extent of the person's pro rata interest in the trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Remainder interests do not create a pecuniary interest unless the person with such interest has the power,
directly or indirectly, to exercise or share investment Control over the trust.

&nbsp;&nbsp;&nbsp;&nbsp;· A settlor or grantor of a trust (i.e., you establish
the trust) if you reserve the right to revoke the trust without the consent of another person, unless you do not exercise or share investment
Control over the Covered Securities.

A shareholder will not be deemed to have a Pecuniary Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity's portfolio.

**"Related Person"**

Related Person includes your spouse or equivalent domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary or held under other arrangements, including a sharing of financial interest. **Calamos personnel are responsible for ensuring that their Related Persons comply with the personal trading and reporting provisions of the Code.**

(See also definitions for Beneficial Ownership Interest and Immediate Family.)

**"Supervised Person"**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of Calamos. It may also include other persons who provide investment advice on behalf of Calamos and are subject to Calamos' supervision and control. For purposes of this Code, all Supervised Persons are considered Access Persons.

**"Tipping"**

Tipping is the disclosure of Material Nonpublic Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.

**"Unaffiliated Trustees"**

Unaffiliated Trustees means those Trustees of a Fund who are not affiliated persons of Calamos but are not Outside Trustees.

**2.**  **<u>Purpose of the Code of Ethics and Insider Trading Policy</u>** 

The financial services industry is highly regulated and is subject to many laws and regulations designed to protect investors. Rule 17j-1 of the 1940 Act, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") require that funds and advisers adopt a Code of Ethics that set forth standards of conduct and require compliance with federal securities laws.

Rule 17j-1 makes it unlawful for investment company personnel and other "Access Persons" to engage in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule also requires every investment company, the investment company's investment adviser, and, in certain cases, the investment company's principal underwriter to adopt a Code of Ethics containing provisions "reasonably necessary to prevent" such prohibited practices.

Calamos and its subsidiaries and affiliated companies are primarily involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the "Funds"), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy (the "Code").

The Code outlines the fiduciary principles governing an investment adviser's fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers. These principles reflect:

&nbsp;&nbsp;&nbsp;&nbsp;**·** The duty of Access Persons to place the interests
of shareholders and clients ahead of their own interests;

&nbsp;&nbsp;&nbsp;&nbsp;**·** The requirement that Access Persons comply with
applicable Federal Securities Laws and to report any violations of the Code promptly to the Chief Compliance Officer ("CCO")
of Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;**·** The requirement that all Access Persons of a
fund or investment adviser engage in personal securities transactions in accordance with the Code and in such a manner as to avoid any
actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;**·** The fundamental standard that Access Persons
should not take inappropriate advantage of their positions.

The Code supplements the Code of Business Conduct and Ethics and the Calamos Employee Handbook.

**3.**  **<u>Scope</u>** 

The Code applies to all directors, officers, employees, and other Access Persons of Calamos. The Code also applies to any outsiders, including agents and consultants that have access through Calamos to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code.

Questions regarding the Code or its application to specific transactions should be directed to the CCO or General Counsel of Calamos.

**4.**  **<u>Reporting Violations of the Code</u>** 

Access Persons must promptly report any known or suspected violations of the Code to the CCO or General Counsel of Calamos.

A Supervised Person's reporting obligations do not prevent him or her from (i) initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule, or regulation; (ii) responding to any inquiry from any such governmental or regulatory body; or (iii) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised Person is not required to notify Calamos of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.

**CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE**

Compliance with the provisions of the Code is a condition of employment of Calamos. Taking into consideration all relevant circumstances, the CCO and management of Calamos will determine what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines, letters of sanction, suspension of trading privileges, and suspension or termination of employment.

The Board of Trustees of any investment company for which Calamos Advisors LLC ("CAL") is the investment adviser or subadviser will determine what action is appropriate for any breach of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors of CAM will determine what action is appropriate for any breach of the provisions of the Code by an Outside Director, which may include removal from the Board.

***It is the responsibility of each Access Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.***

**RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL**

**1.**  **<u>Insider Trading and Tipping</u>** 

Calamos Access Persons may not act on Material Nonpublic Information. Calamos Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations."

Legal penalties for trading on or tipping Material Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained, or losses avoided, imprisonment and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation, including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing person did not profit from the trading.

In addition to these possible outside sanctions, Calamos Access Persons who violate prohibitions on insider trading or tipping will face additional action from Calamos itself, up to and including termination of employment.

**2.**  **<u>General Prohibitions</u>** 

Material Nonpublic Information is an important type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust Calamos with important information relating to their personal and business matters. The nature of these relationships requires Calamos' strict confidentiality and trust. In safeguarding the information received, Calamos earns the respect and further trust of our clients and suppliers. All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person's employment is terminated.

Any violation of confidentiality seriously injures Calamos' reputation and effectiveness. Therefore, except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations," personnel are not to discuss confidential Calamos business with anyone who does not work for Calamos and should never discuss business transactions with another Calamos employee who does not have a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should report the incident immediately to the CCO or General Counsel.

If someone outside Calamos or the employee's department asks questions regarding confidential matters, you are not required to answer, and you *should not* answer except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman, CEO, General Counsel, Head of Human Resources, Chief Financial Officer and the CCO of Calamos (collectively, "Senior Management"). Inquiries to Calamos from Regulators should be immediately referred to the CCO or General Counsel.

No one is permitted to remove or make copies of any Calamos records, reports, or documents without prior approval from management.

**3.**  **<u>Material Nonpublic Information about Other Companies</u>** 

Calamos personnel may become aware of confidential information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities, including futures or options of the company, based on this information is a violation of federal securities law.

Even after public disclosure of material information regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication for the information to be absorbed before that person can treat the information as public.

For purposes of the Code, a full trading day means from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.

**4.**  **<u>Information about Calamos Exchange Traded Funds ("ETFs")</u>** 

Calamos has erected a "firewall" between Calamos Advisors LLC on the one hand, and Calamos Financial Services LLC ("CFS"), an affiliated broker-dealer, on the other, with respect to access to information regarding the portfolio composition of Calamos ETFs, or changes thereto, for which Calamos Advisors LLC is the investment adviser prior to when this information is published on the Funds' website. No partner, officer, director, or other employee or agents and consultants of Calamos Advisors LLC may communicate with or provide information about the portfolio composition of Calamos ETFs, or changes thereto, with any partner, officer, director, or other employee of CFS.

The Code addresses the use of Material Nonpublic Information by any director, officer, or partner of Calamos Advisors LLC, or any supervised person of Calamos Advisors LLC regarding the portfolio composition of Calamos ETFs, or changes thereto. Such director, officer, partner, or Supervised Person who has Material Nonpublic Information regarding the portfolio composition of any Calamos ETF, or changes thereto, is prohibited from purchasing, selling, or recommending the purchase or sale of that ETF, and from purchasing, selling, or recommending the purchase or sale of any securities that are a part of the Calamos ETF's portfolio. In addition, such director, officer, partner, or Supervised Person may not disclose ("tip") Material Nonpublic Information about the portfolio composition of a Calamos ETF, or any changes thereto, to any persons, including any Related Persons, not authorized by Calamos to have such information.

**5.**  **<u>Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs</u>** 

In the event any director, officer, employee, agent, or consultant of Calamos receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director of Marketing other than where the communications are within the scope of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Since Calamos' closed-end funds and ETFs are also publicly traded, the same restrictions apply to disclosure of information about those products. The Head of Marketing is responsible for coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable laws and regulations, including Regulation FD<sup>2</sup>.

<sup>2</sup> Reg FD – Regulation Fair Disclosure, promulgated by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.

In communicating with the general public, Calamos will observe the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;· Communications to the general public regarding
Calamos should be made only by the Chairman, the Chief Executive Officer, the Chief Financial Officer, or the Head of Marketing.

&nbsp;&nbsp;&nbsp;&nbsp;· Calamos will not issue projections of, or comment
on, future investment performance of itself or any of its products.

&nbsp;&nbsp;&nbsp;&nbsp;· All disclosure of material information made by
Calamos about the closed-end funds and ETFs will be broadly disseminated to the public.

Ordinary communications of material information by and about Calamos generally will be through press release, through regular channels. The Firm will not issue materials regarding itself "for broker-dealer use only" or with similar restrictions; instead, any such materials will be distributed as press releases. If conference telephone calls to discuss material information are scheduled by Calamos with analysts, Calamos will provide adequate notice of the calls, and permit investors to listen in by telephone or internet web casting.

If any Calamos Access Person inadvertently discloses Material Nonpublic Information to analysts or other market professionals about the closed-end funds, open-end funds, or the ETFs managed by Calamos, Calamos is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the commencement of the next day's trading on NASDAQ, NYSE and CBOE. The Head of Marketing and the Legal Department must be notified immediately of any such inadvertent disclosure that comes to the attention of any Calamos personnel. The same obligation applies if the disclosure is intentional.

**6.**  **<u>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</u>** 

The Code does not prohibit or restrict any person from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, Financial Industry Regulatory Authority ("FINRA"), and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

**REPORTING REQUIREMENTS**

As part of its obligations under the securities laws, Calamos is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their Related Persons are required to have personal trading accounts at brokers, dealers or banks with which Calamos has an electronic connection established so that information about account transactions is systematically sent to Calamos (eliminates paper statements). The Compliance Department maintains a current list of available firms, which is attached hereto as Appendix B. Access Persons and their Related Persons must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved in writing by the CCO or General Counsel.

**1.**  **<u>Initial Disclosure of Accounts and Covered Securities</u>** 

When an Access Person *begins employment* with Calamos, the Access Person **must, within 10 days, provide a holdings' report regarding all investment or brokerage accounts** with Covered Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm's compliance monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;· The issuer name and type of security, and as
applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access
Person had any direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer or bank with whom
the Access Person maintained an account in which any Covered Securities were held for the Access Person's direct or indirect benefit;
and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the Access Person submits the report.
(This will be the date the report is submitted into the Firm's compliance monitoring system.)

In addition, a current Access Person must notify the Compliance Department via the "Brokerage Account Pre-Approval" form within the Firm's compliance monitoring system and wait for approval from Compliance *BEFORE* opening a new investment or brokerage account in which the Access Person will have a Beneficial Ownership Interest. The Compliance Department will issue an approval for an account opening letter to the brokerage firm and request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the account by completing a "Brokerage Account Disclosure" form in the Firm's compliance monitoring system within 10 days.

**2.**  **<u>Confirmations and Statements for all Brokerage and Investment Accounts</u>** 

Until the electronic feed is set up, each Access Person is required to direct brokers, dealers or banks to supply to the Compliance Department, on a timely basis, duplicate copies of all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he or she has a Beneficial Ownership Interest.

**You are responsible for ensuring initially that the Compliance Department receives these confirmations and statements and for following up subsequently if Compliance notifies you that they are not being received. The Compliance Department will direct you to close an account if it is not on an electronic feed.<sup>3</sup>**

<sup>3</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

**3.**  **<u>Quarterly Transaction Reports (Quarterly Account Statements)</u>** 

Each Access Person shall report all personal transactions in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:

&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction, issuer name, and
as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, and number of shares and principal amount of
each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the nature of the transaction (i.e., purchase,
sale, exchange, gift, or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· the price of the Covered Security at which the
transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with or
through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;· the date that the Access Person submits the report.

In addition, each quarter an Access Person must review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account has been established has been entered into the Firm's compliance monitoring system and is included on the list for which they are certifying.

In addition, quarterly transaction reports are not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade confirmations or account statements received by the Compliance Department.

Note that although all Access Persons must complete the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under this section if it would duplicate information contained in electronic feeds.

**4.**  **<u>Annual Holdings Reports</u>** 

On an annual basis, Access Persons are required to provide a annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days before the report is submitted. Annual holdings reports shall be delivered to the Compliance Department between January 2 and January 30 of each year. This report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· the issuer name and type of security, and as
applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access
Person had any direct or indirect Beneficial Ownership Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with which
the Access Person maintained an account in which any securities were held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;· the date that the Access Person submits the report.

This report will be distributed to Access Persons annually via the Firm's compliance monitoring system in which they are responsible for reviewing and affirming the accuracy of the information.

Note that although all Access Persons must complete the annual affirmation, the annual holding report need not be submitted if it will duplicate information contained in the electronic feeds to the Firm's compliance monitoring system.

The CCO's accounts and reports are approved and reviewed by General Counsel.

**5.**  **<u>Certification of Compliance</u>** 

The CCO shall annually distribute a copy of the Code and any amendment and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i) he or she has read and understands the Code; (ii) recognizes that he or she is subject to the Code; (iii) he or she has complied with the requirements of the Code; and (iv) he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

Any Access Person who has not engaged in any personal securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification to that effect in his or her annual certification.

**6.**  **<u>Report to Fund Board</u>** 

The CCO of the Calamos Funds shall provide an annual written report to the Board of Trustees of the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· summarizes existing procedures concerning personal
investing and any changes in those procedures during the past year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· describes issues that arose during the previous
year under the Code or related procedures concerning personal investing, including but not limited to information about material violations
of the Code and sanctions imposed in response to the material violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certifies to the board that the Fund has adopted
procedures reasonably necessary to prevent its Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identifies any recommended changes in existing
restrictions or procedures based upon experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

In addition, the Fund CCO shall report to the Board of the Fund on a quarterly basis any material violations of the Code.

**THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL**

Persons involved in the financial services industry are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-à-vis client accounts. All personal trading must be done in a manner consistent with the provisions of this Code.

**1.**  **<u>Pre-Clearance of Covered Securities Transactions</u>** 

EACH transaction in a Covered Security must be pre-cleared by the employee and approved by the Compliance Department via the Compliance monitoring system.

Access Persons and Related Persons must obtain approval from the Compliance Department before acquiring a Beneficial Ownership Interest in any Covered Securities unless the transaction is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate in the transaction in any manner, whether directly or indirectly.

Single stock ETFs will be reviewed against the underlying issuer/stock holding to determine approval. You should indicate that the ETF is for a single stock when pre-clearing. If the Firm is trading in the issuer on behalf of its clients, your preclearance will likely not be approved unless your trade fits within the de minimis exception. See **Section 5. <u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** to learn more about the de minimis exception. See also **<u>Section 3. Trading Restrictions</u>** for additional information on Conflicting Transactions for additional information.

For Investment Personnel certain of their trades (e.g., securities in their sector) may require approval by their team's CIO or designee prior to the Investment Personnel's pre-clearance request via the compliance monitoring system. The written approval by the CIO should be attached to the pre-clearance request.

A pre-clearance request is submitted via the Firm's compliance monitoring system and reviewed by the Compliance Department, which will either approve or deny the request. If approved, the transaction may *<u>not</u>* be placed for a share amount greater than that which was pre-cleared. Generally, any approved trade must be executed prior to the NASDAQ close the same business day on which the pre-clearance was approved.

When an Access Person *begins employment* with Calamos, the Access Person will be given a 10-business day grace period to sell their security positions in which the Firm is continuously trading. These trade exceptions must be pre-cleared via the Firm's compliance monitoring system and when denied, they will be approved by the CCO. The Access Person must receive the approval from the Compliance monitoring system prior to making his/her transaction in his/her brokerage account.

**Exceptions to the Pre-Clearance Requirement:**

The provisions of this Code are intended to limit the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the pre-clearance provisions of the Code *shall not apply to*:

&nbsp;&nbsp;&nbsp;&nbsp;· *Purchases* of shares of open-end mutual funds advised or sub-advised by Calamos (redemptions/sales must
 be precleared)<sup>4</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales of shares of certain ETFs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ETFs advised
 by Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Broad-based
 Security Index ETFs (e.g., SPY);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Commodity-based
 ETFs (e.g., GLD);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Crypto-based
 ETFs (e.g., IBIT);

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales made in any account over which Access Persons or Related Persons have no direct
 or indirect influence or control, including discretionary accounts and managed account programs.
 See "Exceptions and Exemptions to Trading Policies, Procedures and Restrictions"
 below for further discussion of the policies, procedures and restrictions relating to discretionary
 and managed accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales that are non-volitional on
the part of either the Access Person or Related Person (including transactions pursuant to preexisting Rule 10b5-1 plans, discussed
below) such as assignment of options or an exercise of an option at expiration, This exemption does *not* apply to margin calls satisfied
by the broker selling securities in your account;

&nbsp;&nbsp;&nbsp;&nbsp;· Automatic dividend reinvestment plan purchases;

&nbsp;&nbsp;&nbsp;&nbsp;· Reoccurring automatic investment plan purchases
(*<u>excluding</u> the initial purchase* of the covered security); or

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases made upon the exercise of rights issued
by an issuer *pro rata* to all holders of a class of securities to the extent such rights were acquired from such issuer, and sales
of such rights so acquired.

**2.**  **<u>Holding Period Requirement</u>** 

The Code requires each Access Person to *avoid excessive, short-term and speculative trading* in their Covered Account(s) that may cause undue financial risk or reduce their effectiveness in carrying out responsibilities at Calamos. It is important to note that market fluctuation in leveraged securities may require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions for the purpose of market timing in any Covered Security.

To avoid instances of excessive, short-term and speculative trading, **a minimum holding period of 60 calendar days** is required from the time of purchase. For purpose of counting the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO ("last-in-first-out"). This prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60-day holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person purchased the security. The 60-calendar day holding period also applies to Calamos advised or sub-advised open-end mutual funds.

<sup>4</sup> Redemptions/Sales of shares of Calamos Funds or sub-advised funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period.

If a long call option is exercised after being held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<sup>5</sup> Please note these transactions must be precleared and meet the other requirements of the Code.

**3.**  **<u>Trading Restrictions</u>** 

The trading limitations described below are designed to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Calamos Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Transactions with Clients** 

No Access Person shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Conflicting Transactions** 

No Access Person, nor any Related Person shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or sub advised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered": (a) when a recommendation to purchase or sell has been made for the client and is pending; or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

A personal securities transaction of the same *(or equivalent**<sup>6</sup>**)* securities shall not be executed until the ***sixth business day*** following the completion of any transaction for a client.

The purchase and redemption of shares of any Calamos advised or sub advised open-end fund by an Investment Person, Access Person, Outside Trustee or Outside Director shall not be viewed as a conflicting transaction for the purpose of this section.

<sup>5</sup> The Firm's compliance monitoring system does not recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the shares are created. Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the Compliance Department for approval of the "sell" request (All other trading rules apply).

<sup>6</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Restricted List** 

When Calamos has access to Material Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security until it is removed from the Restricted List. The trading and compliance departments are not required to answer your questions about what is on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Other Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants, Related Persons or the entire firm when, in the judgment of the General Counsel, restrictions are warranted. Calamos will notify those affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Prediction Markets are Prohibited** 

Calamos continuously evaluates the risks associated with prediction markets and event contracts available through platforms<sup>7</sup> such as Polymarket and Kalshi. At this time, activity in connection with individual securities or issuers (e.g., portfolio-company-related outcomes), securities indices, financial markets, currency spreads, or other similar financial indices on these platforms is prohibited until such time as there is regulatory clarity and the technology necessary to monitor activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Initial Public Offerings** 

No Access Person or Related Person, and as provided by FINRA Rule 5130, no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership Interest in any security in an Initial Public Offering ("IPO"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Margin Accounts** 

Although margining and pledging securities as collateral is not prohibited, ***it is strongly discouraged.*** In any margin or loan account, the securities used as collateral may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful insider trading and/or violations to the provisions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") have occurred.

If you are unable to meet a margin call, you must contact the CCO in advance of the call date to discuss plausible exit strategies.

<sup>7</sup> Please note that prediction market activity and event contracts in connection with individual securities or issuers (e.g., portfolio-company-related outcomes), securities indices, financial markets, currency spreads, or other similar financial indices are prohibited regardless of the platform; e.g., making such trades through traditional sports books gambling platforms.

**4.**  **<u>Trading Calamos Closed-End Funds and Exchange Traded Funds</u>** 

**Closed-end Funds and** **ETFs are Covered Securities and therefore require employees to obtain pre-clearance within the Firm's Compliance Monitoring System to purchase or sell shares of these funds with the exception of the types of ETFs listed under #3 above.**

In addition, those persons identified as Section 16 individuals must consult with an attorney in the Legal Department, prior to engaging in Calamos Closed-End Fund<sup>8</sup> transactions to ensure the security is not on the restricted list, and must notify the Legal Department on the day such transaction was made so the appropriate filing can be made with the SEC. This excludes dividend or capital gain reinvestments pursuant to a dividend or capital gain reinvestment plans. Such notification is required to meet reporting obligations under Section 16 of the Exchange Act and the rules thereunder. *See the Policy and Procedures for Filings under the Exchange Act Sections 13 and 16 for more information as well as the list of Section 16 Persons.*

**<u>Private Securities Transactions</u>**

No Access Person shall acquire a Beneficial Ownership Interest in any security in a private securities transaction without the *express written prior approval* of the Chairman or CEO of Calamos (FINRA Rule 3280). Access Persons must notify the Compliance Department via the Firm's compliance monitoring system and await receipt of the written approval before engaging in any private securities transaction.

Private securities transactions are any non-publicly traded securities transactions including, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.

In deciding whether that approval should be granted, consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been offered because of the person's relationship with Calamos or its clients.

An Investment Person who holds a private security must disclose that investment to a Co-Chief Investment Officer *and* the CCO if he or she later participates in consideration of an investment in that issuer for a client's account. Any investment decision for the client relating to that security must be made by *other* Investment Persons.

**5.**  **<u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Discretionary and Managed Account Exemptions** 

Security transactions in an account in which an Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code *if* the Access Person or a Related Person **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed and provided the Access Person has previously identified the account to the Compliance Department via the Firm's compliance monitoring system.

<sup>8</sup> ETFs generally are not subject to Section 16 reporting unless there is a material deviation between each ETF's secondary market price and the NAV. Should there be such a deviation, Legal and Compliance will inform Section 16 individuals of their obligations.

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. For an account to be deemed discretionary, supporting documentation must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>9</sup> in a Covered Security of an issuer (other than shares of mutual funds) that has a market capitalization of at least $100 billion are exempt from the prohibitions with respect to whether Calamos is trading the same or equivalent security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this *de minimis* exception still must be reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;· **Hardships or other Exceptions** 

Under unusual circumstances, such as a personal financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application may be denied or granted in the CCO's discretion. To request consideration of an exemption, submit a written request containing details on your circumstances and the reason(s) for the exception requested.

The CCO may approve such exceptions from the Code applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can be granted (i) consistent with the individual's fiduciary obligations to clients and (ii) pursuant to procedures that are reasonably designed to avoid a conflict of interest for the individual.

In addition, the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule 204A-1 or Rule 17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with Calamos clients.

Any such exceptions shall be subject to such additional procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;· **Corporate Accounts Hedging Transactions** 

Certain affiliates of Calamos and its owners ("Calamos Family") may invest in and hedge<sup>10</sup> investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging transactions, made by certain Calamos affiliates and the Calamos Family in Calamos products (excluding Closed-End Funds and ETFs) are not subject to the substantive restrictions in this Code, such as the short-term trading ban. However, the hedging transactions are subject to pre-clearance by the Corporate Investment Committee. The Adviser's CCO and Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients (They may, however, be traded together with discretionary client transactions).

<sup>9</sup> May not exceed an aggregate of $10,000 within 30 calendar days. In calculating the value of options for purposes of the *de minimis* exception, the calculation is based on the market value of the shares underlying the option contract (notional value), and not the value of the option contract itself.

<sup>10</sup> For purposes of the Code, hedging transactions, or a series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos products only. The instruments used to complete the hedging transactions must be Broad-based Security Indexes which can be long and/or short instruments that may include, but not limited to, indexes, ETFs, and futures as well as options on these instruments. Hedging transactions may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting upside profit potential by writing calls to help finance the cost of the puts.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact on the broader market or conflict with any client activity.

**TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS**

Although an Outside Trustee, or an Unaffiliated Trustee, or Outside Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction reports under certain circumstances. They shall report in writing to the CCO of the Calamos Funds, within 30 days after the end of a calendar quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting, if required, shall contain the same information required for Access Persons (as described above in the Section entitled: "Reporting Requirements").

An Outside Trustee or Unaffiliated Trustee or Related Persons shall also report in writing to the Fund CCO and the Calamos Legal Department, for the filing of Form 3 and Form 4, **<u>within one business day</u>**, any personal securities transaction by him or her or a Related Person of any of him or her in shares of Calamos Closed-End Funds (includes the Interval Funds). Such reporting is required to meet obligations under Section 16 of the Exchange Act and the rules thereunder.

**1.**  **<u>No Transactions with Clients</u>** 

No Outside Trustee or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

**2.**  **<u>No Conflicting Transactions</u>** 

No Outside Director, Outside Trustee, Unaffiliated Trustee nor any Related Person of any of them**,** shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or sub advised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered" (a) when a recommendation to purchase or sell has been made for the client and is pending or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

Absent extraordinary circumstances, a personal securities transaction of the same *(or equivalent**<sup>11</sup>**)* securities (excluding a Broad-based Security) shall not be executed until the ***<u>sixth business day</u>*** following the completion of any transaction for a client.

The purchase and sale of shares of any open-end fund advised or sub advised by Calamos by an Investment Person, Outside Trustee, Outside Director or Related Persons shall not be viewed as a conflicting transaction for the purpose of this section.

A purchase or sale of securities in an account in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code if the Outside Trustee or a Related Person of the Outside Trustee **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside Trustee or Related Person does not have knowledge of the transaction until after it has been executed).

**3.**  **<u>Section 16 Reporting and Prohibitions</u>** 

Under the requirements of Section 16 of the Exchange Act and the rules thereunder, certain parties are required to report any transactions in the Calamos Closed-End Funds<sup>12</sup> or other than acquisitions resulting from the reinvestment of dividends or interest pursuant to a dividend or interest reinvestment plan.

These persons include:

&nbsp;&nbsp;&nbsp;&nbsp;· CEO

&nbsp;&nbsp;&nbsp;&nbsp;· Funds principal financial officer or principal
accounting officer

&nbsp;&nbsp;&nbsp;&nbsp;· Any trustee of the Funds, including Outside Trustees

&nbsp;&nbsp;&nbsp;&nbsp;· Any directors of CAM, including Outside Directors

&nbsp;&nbsp;&nbsp;&nbsp;· Any vice-president of Calamos in charge of a
principal business unit, division, or function (such as sales, administration or finance)

&nbsp;&nbsp;&nbsp;&nbsp;· Any other officer or person of Calamos who performs
a policy-making function.

Individuals subject to this requirement are listed in Policy & Procedures for Filings under Exchange Act Sections 13 and 16, which may be amended from time to time.

Directors, officers, and principal shareholders of the Funds are subject to the "short swing" trading provisions of Section 16. Subject to certain exceptions, an officer, director, or principal shareholder who engages in any combination of purchase and sale, or sale and purchase, of the Funds within any period of less than six months must turn over to the Funds any profit realized, or loss avoided by such a combination of transactions. ***This is an absolute penalty imposed by law, and it is imposed regardless of any intention on the part of the director, officer, or owner.***

<sup>11</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

<sup>12</sup> ETFs generally are not subject to Section 16 reporting unless there is a material deviation between each ETF's secondary market price and the NAV. Should there be such a deviation, Legal and Compliance will inform Section 16 individuals of their obligations.

Transactions of Immediate Family members of the persons listed above are generally subject to the reporting requirements, on the theory that such persons will financially benefit from these transactions.

These persons must also file an Initial Statement of Beneficial Ownership of Securities (known as "Form 3") to report share ownership, or when becoming a reporting party, and Statement of Changes of Beneficial Ownership of Securities (known as "Form 4") for subsequent reports of transactions. Although the Legal Department is prepared to assist these persons in preparing such filings, *the responsibility for such filings*, including notifying the Legal Department of the transaction and obtaining prior approval, as stated above, *is that of the individual.*

**OTHER REGULATORY REQUIREMENTS**

Certain other restrictions are imposed upon Calamos personnel, other than Outside Trustees, Unaffiliated Trustees and Outside Directors, as a result of being in a highly regulated industry.

**1.**  **<u>Outside Employment or Outside Business Activity</u>** 

What employees do outside the office on their own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However, for full-time employees of Calamos, it is expected that their position with the company is their primary employment. Any outside activity must not interfere with an employee's ability to properly perform his or her job responsibilities.

Personnel contemplating a second job or other outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to ensure it will not interfere with job performance at Calamos, nor pose a conflict of interest. All outside business activities must be preapproved by your supervisor and reported to the CCO via the Firm's compliance monitoring system *before* you engage in the activity.

**2.**  **<u>Service</u>**  **<u>as a Director or Officer</u>** 

No Access Person may serve as a member of the board of directors or trustees, or as an officer, of any publicly held company without the prior written approval of the Chairman, CEO, President or the CCO, based on a determination that the board service would not be inconsistent with the interests of Calamos clients. If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests, such service is strongly discouraged.

**3.**  **<u>Gifts and Entertainment</u>** 

Conflicts of interest may arise when employees are presented with gifts or entertainment from persons doing business with Calamos or hoping to do business with same. The Advisers Act as well as the 1940 Act require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict does arise, the burden of proof falls on Calamos to prove they acted in the best interest of the client(s). So, if ever there is a doubt regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a gift or entertainment.

Regulations require Calamos to monitor gifts and entertainment. See also the separate policy on Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Gifts** 

Employees may not give or receive a gift with a value greater than $300 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $300 per year.

Cash or cash equivalents are not allowed to be given or accepted. This includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.

Pre-approval is required when giving gifts. An employee should enter the gift via the Firm's compliance monitoring system providing the recipient's name, title, and company, as well as a description of the gift and its actual or estimated value. The employee must await approval from the Compliance Department *before* giving the gift.

Gifts *received* must be reported upon occurrence to the Compliance Department via the Firm's compliance monitoring system. The report should include the name of the giver, with title and company name as well as a description of the gift and its' actual or estimated value. The CCO reserves the right to require the employee to return any gift if it determines such return is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Entertainment** 

Entertainment provided or accepted must be appropriate and reasonable. The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.

Employees may obtain Calamos owned tickets to, for example, a sporting event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets to a client (or vendor, etc.) and does not attend the event himself, the tickets are considered a gift and the $100 limit applies. The same is true if a Calamos employee accepts tickets from a client or vendor and attends the event without that client or vendor, this is a gift and it should be pre-approved by the Compliance Department.

An employee should not provide or accept entertainment to or from the same client (or vendor, etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be declined. If such entertainment is accepted inadvertently, it must be reported to the Compliance Department via the Firm's compliance monitoring system.

**4.**  **<u>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</u>** 

Calamos believes that the interests of Calamos and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship. In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of Calamos itself to avoid actual and even, if possible, potential conflicts of interest.

In a company of our size and complexity, it can become difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step in resolving those issues. Calamos believes that those dealing with the details of running its business operations are in just as good a position – often a better one – as Calamos' management to identify potential problems.

All Calamos employees have an interest in identifying and solving potential problems. Each employee should feel free to raise questions and analyze what he or she is doing. In the end, Calamos is paying all of us to think and use our best judgment, and that includes raising questions and joining the discussion that shapes our business policies and practices. If any person subject to the Code is concerned about an apparent conflict of interest, or any other legal or ethical question involving our businesses, that person should raise their concerns with the CCO or General Counsel.

An employee may report concerns directly to his or her manager or to Senior Management". Calamos encourages open-door, in-person reporting of concerns but also recognizes that some individuals may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus, as an alternative to direct reporting, a person may report concerns via EthicsPoint, which is an independent third-party service provider contracted to facilitate anonymous reporting of concerns. Ethics Point is described more completely on the Calamos intranet site and also is accessible through

<u>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</u>.

Calamos will not tolerate retaliation in any form against employees, contractors or agents who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation of reported illegal or unethical conduct. Any act of retaliation should be reported immediately. Unless the employee, contractor or agent was involved in illegal or unethical conduct, Calamos will not take adverse action against such person for good faith reporting or investigation assistance.

This policy should be read in conjunction with the "Calamos Internal Whistleblower Policy", accessible on the Calamos intranet site.

This policy is intended to encourage persons subject to the Code to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule 21F-17, nothing in this policy or any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. Calamos does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other confidential or privileged information. Additionally, an individual's ability to disclose information may be limited or prohibited by applicable law and Calamos does not consent to disclosures that would violate applicable law. Applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject to the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination and supervision of Calamos by applicable regulatory agencies, materials responding to or referencing non-public information relating to examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.

**RECORD RETENTION**

The Compliance Department shall maintain the records listed below for a period of five years in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;· a copy of each Code that has been adopted or
been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of any violation of the Code and any
action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of all written acknowledgements of receipt
of the Code and amendments for each person who is currently, or within the past five years was, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of each holding and transaction report
made pursuant to the Code, including any brokerage confirmation and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of any decision and supporting reasons
for approving the acquisition of securities in limited offerings for at least five years after the end of the fiscal year in which approval
was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;· a copy<sup>13</sup> of each SEC Form 3,
Form 4, and Annual Statement of Beneficial Ownership of Securities.

<sup>13</sup> The Legal Department maintains copies of these records.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables (collectively referred herein as "Calamos" or "the Firm").

Companies

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| | |
|:---|:---|
| &nbsp;&nbsp;**Company name** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Calamos Asset Management, Inc. | &nbsp;&nbsp;Holding company |
| &nbsp;&nbsp;Calamos Investments LLC | &nbsp;&nbsp;Consolidated company managed by CAM |
| &nbsp;&nbsp;Calamos Advisors LLC | &nbsp;&nbsp;U.S. Investment Advisor |
| &nbsp;&nbsp;Calamos Wealth Management LLC | &nbsp;&nbsp;U.S. Investment Advisor |
| &nbsp;&nbsp;Calamos Financial Services LLC | &nbsp;&nbsp;U.S. Distributor |

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*Table 1 - List of In-Scope Companies*

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Open-End Fund Name** |
| &nbsp;&nbsp;Calamos Investment Trust |
| &nbsp;&nbsp;Calamos Advisors Trust |
| &nbsp;&nbsp;Calamos ETF Trust (excluding the Calamos Antetokounmpo Global Sustainable Equities ETF series) |
| &nbsp;&nbsp;**Closed-End Fund Name<sup>14</sup>** |
| &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 Aksia Alternative Credit and Income Fund |
| &nbsp;&nbsp;Calamos Aksia Private Equity and Alternatives Fund |
| &nbsp;&nbsp;Calamos Aksia Hedged Strategies Fund |

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*Table 2 - List of In-Scope U.S. Funds*

Funds for non-U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**S** |
| &nbsp;&nbsp;Calamos Global Convertible Fund |
| &nbsp;&nbsp;Calamos Growth and Income Fund |
| &nbsp;&nbsp;Calamos Antetokounmpo US Sustainable Equities Fund |
| &nbsp;&nbsp;Calamos Autocallable Income UCITS ETF |

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*Table 3 - List of In-Scope E.U. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adopted: June 30, 2005 |
| &nbsp;&nbsp;Revised: March 17, 2009 |
| &nbsp;&nbsp;Revised: December 04, 2013 |
| &nbsp;&nbsp;Revised: June 23, 2014 |
| &nbsp;&nbsp;Revised: September 25, 2014 |
| &nbsp;&nbsp;Revised: July 1, 2016 effective August 1, 2016 |
| &nbsp;&nbsp;Revised: November 1, 2016 |
| &nbsp;&nbsp;Revised: January 24, 2017 |
| &nbsp;&nbsp;Revised: December 12, 2017 |
| &nbsp;&nbsp;Revised: October 12, 2018 |
| &nbsp;&nbsp;Revised: July 9, 2019 |
| &nbsp;&nbsp;Revised: September 25, 2019 |
| &nbsp;&nbsp;Revised: June 30, 2020 |
| &nbsp;&nbsp;Revised: March 24, 2021 |
| &nbsp;&nbsp;Revised: June 30, 2021 |
| &nbsp;&nbsp;Revised: October 31, 2022 |
| &nbsp;&nbsp;Revised: January 26, 2023 |

---

---

| |
|:---|
| &nbsp;&nbsp;Revised: September 26, 2023 |
| &nbsp;&nbsp;Revised: December 12, 2023 |
| &nbsp;&nbsp;Revised: March 28, 2024 |
| &nbsp;&nbsp;Revised: April 10, 2025 |
| &nbsp;&nbsp;Revised: October 9, 2025 |
| &nbsp;&nbsp;Revised: April 8, 2026 |

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*Table 4 – List of Revision Dates for Policy*

**<u>APPENDIX B</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM</u>

(Updated 9/19/2025)

Ameriprise

Charles Schwab

Chase Investment Services

Citigroup Global Markets Inc.

Edward Jones

E\*Trade

Fidelity

Interactive Brokers

JP Morgan

Merrill Lynch

Morgan Stanley Smith Barney

Raymond James & Associates

RBC Wealth Management

TD Ameritrade

T. Rowe Price

UBS

Vanguard

Wells Fargo

William Blair