Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:		811-09237
EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:		Calamos Advisors Trust
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:		2020 Calamos Court
		Naperville, Illinois 60563-2787
NAME AND ADDRESS OF AGENT FOR SERVICE:		John P Calamos, Sr., Founder, Chairman and Global Chief Investment Officer
		Calamos Advisors LLC
		2020 Calamos Court
		Naperville, Illinois 60563-2787
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:		(630) 245-7200
DATE OF FISCAL YEAR END:		December 31, 2025
DATE OF REPORTING PERIOD:		January 1, 2025 through December 31, 2025

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

Calamos Growth and Income Portfolio

Item 1(b). Not applicable.

ITEM 2: CODE OF ETHICS.

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

(b) No response required.

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

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

(e) Not applicable.

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

ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Fiscal Years Ended		12/31/2024				12/31/2025
Audit Fees (a)		$	39,563			$	35,590
Audit-Related Fees(b)		$	17,160			$	16,022
Tax Fees(c)		$	-			$	-
All Other Fees(d)		$	-			$	-
Total		$	56,723			$	51,612

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

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

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

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

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

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

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

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

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

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

Fiscal Years Ended		12/31/2024				12/31/2025
Registrant		$	-			$	-
Investment Adviser		$	-			$	-

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

(i) Not applicable.

(j) Not applicable.

ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6: INVESTMENTS.

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

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

Growth and Income Portfolio

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION DECEMBER 31, 2025

TABLE OF CONTENTS

Statement of Assets and Liabilities					1
Statement of Operations					2
Statements of Changes In Net Assets					3
Financial Highlights					4
Schedule of Investments					5
Notes to Financial Statements					9
Report of Independent Registered Public Accounting Firm					16
Tax Information (Unaudited)					17

Statement of Assets and Liabilities December 31, 2025

ASSETS
Investments in securities, at value (cost $15,897,021)*				$	33,855,761
Cash with custodian					602,001
Restricted cash for short positions					120
Receivables:
Accrued interest and dividends					30,275
Portfolio shares sold					19
Prepaid expenses					842
Other assets					117,620
Total assets					34,606,638
LIABILITIES
Collateral for securities loaned					275,163
Foreign currency overdraft (cost $2)					2
Options written, at value (premium $19,980)					18,448
Payables:
Portfolio shares redeemed					1,191
Affiliates:
Investment advisory fees					22,015
Deferred compensation to trustees					117,620
Trustees' fees and officer compensation					477
Other accounts payable and accrued liabilities					40,873
Total liabilities					475,789
NET ASSETS				$	34,130,849
COMPOSITION OF NET ASSETS
Paid in capital				$	14,031,098
Accumulated distributable earnings (loss)					20,099,751
NET ASSETS				$	34,130,849
Shares outstanding (no par value; unlimited number of shares authorized)					1,378,876
Net asset value and redemption price per share				$	24.75
* Includes securities on loan				$	269,652

See accompanying Notes to Financial Statements

Statement of Operations Year Ended December 31, 2025

INVESTMENT INCOME
Interest				$	122,059
(Amortization)/accretion of investment securities					(126,367	)
Net interest					(4,308	)
Dividends					312,846
Dividend taxes withheld					(340	)
Securities lending income, net of rebates received or paid to borrowers					1,100
Total investment income					309,298
EXPENSES
Investment advisory fees					247,196
Audit fees					63,525
Legal fees					36,965
Printing and mailing fees					23,306
Accounting fees					12,182
Trustees' fees and officer compensation					11,424
Transfer agent fees					7,679
Custodian fees					6,136
Fund administration fees					1,869
Tax fees					1,288
Other					8,111
Total expenses					419,681
NET INVESTMENT INCOME (LOSS)					(110,383	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options					2,938,587
Purchased options					109,462
Foreign currency transactions					162
Written options					14,550
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options					2,366,823
Purchased options					17,304
Written options					2,018
NET GAIN (LOSS)					5,448,906
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS				$	5,338,523

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

				YEAR ENDED DECEMBER 31, 2025				YEAR ENDED DECEMBER 31, 2024
OPERATIONS
Net investment income (loss)				$	(110,383	)		$	(59,932	)
Net realized gain (loss)					3,062,761				2,736,198
Change in unrealized appreciation/(depreciation)					2,386,145				3,209,668
Net increase (decrease) in net assets resulting from operations					5,338,523				5,885,934
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions					(2,832,907	)			(589,260	)
CAPITAL SHARE TRANSACTIONS
Issued					941,179				1,682,854
Issued in reinvestment of distributions					2,832,907				589,260
Redeemed					(4,881,109	)			(4,355,409	)
Net increase (decrease) in net assets from capital share transactions					(1,107,023	)			(2,083,295	)
TOTAL INCREASE (DECREASE) IN NET ASSETS					1,398,593				3,213,379
NET ASSETS
Beginning of year				$	32,732,256			$	29,518,877
End of year				$	34,130,849			$	32,732,256
CAPITAL SHARE TRANSACTIONS
Shares issued					41,608				77,973
Shares issued in reinvestment of distributions					138,784				28,553
Shares redeemed					(211,887	)			(206,843	)
Net increase (decrease) in capital shares outstanding					(31,495	)			(100,317	)

See accompanying Notes to Financial Statements

Financial Highlights

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

				YEAR ENDED DECEMBER 31,
				2025				2024				2023				2022				2021
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year				$	23.21			$	19.54			$	16.86			$	22.85			$	20.57
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:
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 investment return based on:(b)
Net asset value(c)					17.40	%			21.08	%			20.12	%			(19.07	)%			21.40	%
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
Net assets, end of year (000)				$	34,131			$	32,732			$	29,519			$	26,455			$	35,663
Portfolio turnover rate					34	%			29	%			21	%			23	%			16	%

** Amounts are less than $0.005.

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

(b) Performance figures of the Portfolio do not reflect fees charged pursuant to the terms of variable life insurance policies and variable annuity contracts. If they did, performance would be lower.

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

Growth and Income Portfolio Schedule of Investments December 31, 2025

PRINCIPAL AMOUNT								VALUE
CONVERTIBLE BONDS (16.4%)
				Communication Services (1.8%)
	90,000			AST SpaceMobile, Inc.* 2.000%, 01/15/36				$	90,649
	90,000			Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27					114,422
	120,000			Lyft, Inc.* 0.000%, 09/15/30					135,572
	150,000			Uber Technologies, Inc. 0.875%, 12/01/28					195,004
	75,000			0.000%, 05/15/28*					73,342
									608,989
				Consumer Discretionary (1.3%)
	95,000			Alibaba Group Holding Ltd. 0.000%, 09/15/32					98,106
	230,000			DoorDash, Inc.* 0.000%, 05/15/30					240,382
	96,000			Etsy, Inc.* 1.000%, 06/15/30					97,458
									435,946
				Energy (0.3%)
	100,000			Energy Fuels, Inc.* 0.750%, 11/01/31					103,881
									103,881
				Financials (1.1%)
	85,000			Coinbase Global, Inc.* 0.000%, 10/01/32					76,474
	45,000			Federal Realty OP LP* 3.250%, 01/15/29					45,658
	75,000			Morgan Stanley Finance LLC 1.000%, 11/23/27					157,785
	85,000			WisdomTree, Inc.* 4.625%, 08/15/30					88,151
									368,068
				Health Care (0.3%)
	85,000			Alnylam Pharmaceuticals, Inc.* 0.000%, 09/15/28					81,937
	26,000			Cogent Biosciences, Inc. 1.625%, 11/15/31					30,527
									112,464
				Industrials (2.1%)
	125,000			AeroVironment, Inc. 0.000%, 07/15/30				136,324
	160,000			Bloom Energy Corp.* 0.000%, 11/15/30				139,750
	130,000			BWX Technologies, Inc.* 0.000%, 11/01/30				124,127
	80,000			Fluor Corp. 1.125%, 08/15/29				91,465

PRINCIPAL AMOUNT								VALUE
	140,000			JBT Marel Corp.* 0.375%, 09/15/30				$	145,601
	65,000			Tetra Tech, Inc. 2.250%, 08/15/28					70,610
									707,877
				Information Technology (5.8%)
	105,000			Advanced Energy Industries, Inc. 2.500%, 09/15/28					172,319
	160,000			Cloudflare, Inc.* 0.000%, 06/15/30					174,462
	100,000			CyberArk Software Ltd.* 0.000%, 06/15/30					107,166
	100,000			Datadog, Inc. 0.000%, 12/01/29					100,187
	95,000			Guidewire Software, Inc. 1.250%, 11/01/29					104,687
	85,000			Lumentum Holdings, Inc.* 0.375%, 03/15/32					182,025
	80,000			MACOM Technology Solutions Holdings, Inc.* 0.000%, 12/15/29					97,346
	95,000			Mirion Technologies, Inc.* 0.000%, 10/01/31					103,333
	210,000			MKS, Inc. 1.250%, 06/01/30					268,827
	40,000			Planet Labs PBC* 0.500%, 10/15/30					74,546
	49,000			Rubrik, Inc.* 0.000%, 06/15/30					48,240
	45,000			Seagate HDD Cayman 3.500%, 06/01/28					151,138
	75,000			Snowflake, Inc. 0.000%, 10/01/29					116,274
	100,000			Spotify USA, Inc. 0.000%, 03/15/26					113,855
	40,000			Western Digital Corp. 3.000%, 11/15/28					183,555
									1,997,960
				Other (0.2%)
	75,000			CoreWeave, Inc.* 1.750%, 12/01/31					71,396
									71,396
				Real Estate (0.5%)
	120,000			Welltower OP LLC* 3.125%, 07/15/29					181,504
									181,504
				Utilities (3.0%)
	195,000			CMS Energy Corp. 3.375%, 05/01/28					209,176
	195,000			Duke Energy Corp. 4.125%, 04/15/26					201,123

See accompanying Notes to Schedule of Investments

Growth and Income Portfolio Schedule of Investments December 31, 2025

PRINCIPAL AMOUNT								VALUE
	125,000			NextEra Energy Capital Holdings, Inc. 3.000%, 03/01/27				$	155,358
	195,000			PPL Capital Funding, Inc. 2.875%, 03/15/28					214,184
	215,000			Southern Co. 4.500%, 06/15/27					229,936
									1,009,777
				TOTAL CONVERTIBLE BONDS (Cost $4,850,499)					5,597,862
NUMBER OF SHARES								VALUE
COMMON STOCKS (77.4%)
				Communication Services (9.2%)
	5,600			Alphabet, Inc. - Class A					1,752,800
	1,280			Meta Platforms, Inc. - Class A					844,916
	2,950			Netflix, Inc.#					276,592
	730			T-Mobile U.S., Inc.					148,219
	995			Walt Disney Co.					113,201
									3,135,728
				Consumer Discretionary (8.9%)
	5,990			Amazon.com, Inc.#					1,382,612
	29			Booking Holdings, Inc.					155,305
	560			Home Depot, Inc.					192,696
	765			Lowe's Cos., Inc.					184,487
	440			McDonald's Corp.					134,477
	315			Royal Caribbean Cruises Ltd.					87,860
	1,515			Starbucks Corp.					127,578
	1,470			Tesla, Inc.#					661,089
	725			TJX Cos., Inc.					111,367
									3,037,471
				Consumer Staples (3.5%)
	2,685			Coca-Cola Co.					187,708
	195			Costco Wholesale Corp.					168,156
	1,570			Dollar General Corp.					208,449
	1,220			Philip Morris International, Inc.					195,688
	1,200			Procter & Gamble Co.					171,972
	2,465			Walmart, Inc.					274,626
									1,206,599
				Energy (2.9%)
	748			Chevron Corp.					114,003
	2,475			EQT Corp.					132,660
	3,080			Exxon Mobil Corp.					370,647
	1,265			Marathon Petroleum Corp.					205,727
	2,605			Williams Cos., Inc.					156,586
									979,623

NUMBER OF SHARES								VALUE
				Financials (11.0%)
	435			American Express Co.				$	160,928
	500			Assurant, Inc.					120,425
	5,645			Bank of America Corp.					310,475
	90			Blackrock, Inc.					96,331
	505			Capital One Financial Corp.~					122,392
	395			Chubb Ltd.					123,287
	2,255			Citigroup, Inc.					263,136
	345			Goldman Sachs Group, Inc.					303,255
	1,815			JPMorgan Chase & Co.~					584,829
	755			Mastercard, Inc. - Class A					431,015
	1,415			Morgan Stanley					251,205
	310			S&P Global, Inc.					162,003
	1,375			Visa, Inc. - Class A					482,226
	3,655			Wells Fargo & Co.					340,646
									3,752,153
				Health Care (8.4%)
	1,850			Abbott Laboratories					231,787
	1,150			AbbVie, Inc.					262,763
	1,585			Boston Scientific Corp.#					151,130
	1,265			CVS Health Corp.					100,390
	775			Danaher Corp.					177,413
	470			Eli Lilly & Co.					505,100
	165			Intuitive Surgical, Inc.#					93,449
	605			IQVIA Holdings, Inc.#					136,373
	1,675			Johnson & Johnson					346,641
	2,495			Medtronic PLC					239,670
	1,320			Merck & Co., Inc.					138,943
	230			Stryker Corp.					80,838
	390			Thermo Fisher Scientific, Inc.					225,986
	490			UnitedHealth Group, Inc.					161,754
									2,852,237
				Industrials (5.6%)
	7,405			CSX Corp.~					268,431
	3,000			Delta Air Lines, Inc.					208,200
	765			Emerson Electric Co.					101,531
	480			GE Vernova, Inc.~					313,713
	680			General Electric Co.					209,460
	255			Parker-Hannifin Corp.					224,135
	350			Quanta Services, Inc.					147,721
	1,437			RTX Corp.					263,546
	765			Union Pacific Corp.					176,960
									1,913,697
				Information Technology (25.0%)
	7,630			Apple, Inc.					2,074,292
	130			AppLovin Corp. - Class A#					87,597

See accompanying Notes to Schedule of Investments

Growth and Income Portfolio Schedule of Investments December 31, 2025

NUMBER OF SHARES								VALUE
	2,630			Broadcom, Inc.				$	910,243
	1,900			Cisco Systems, Inc.					146,357
	180			Intuit, Inc.					119,236
	1,250			Lam Research Corp.					213,975
	775			Micron Technology, Inc.					221,193
	4,025			Microsoft Corp.					1,946,570
	11,995			NVIDIA Corp.					2,237,067
	330			Oracle Corp.					64,320
	910			Palantir Technologies, Inc. - Class A#					161,753
	530			Salesforce, Inc.					140,402
	1,475			ServiceNow, Inc.#					225,955
									8,548,960
				Materials (2.2%)
	3,580			Freeport-McMoRan, Inc.					181,828
	545			Linde PLC					232,383
	675			Sherwin-Williams Co.					218,720
	375			Vulcan Materials Co.					106,957
									739,888
				Real Estate (0.3%)
	680			American Tower Corp.					119,388
									119,388
				Utilities (0.4%)
	805			Vistra Corp.					129,871
									129,871
				TOTAL COMMON STOCKS (Cost $9,366,058)					26,415,615
CONVERTIBLE PREFERRED STOCKS (2.9%)
				Financials (0.3%)
	1,360			Apollo Global Management, Inc. 6.750%, 07/31/26					102,707
									102,707
				Industrials (1.3%)
	4,555			Boeing Co. 6.000%, 10/15/27					314,568
	2,000			QXO, Inc. 5.500%, 05/15/28					110,300
									424,868
				Information Technology (0.8%)
	2,010			Hewlett Packard Enterprise Co. 7.625%, 09/01/27					134,047
	2,470			Microchip Technology, Inc. 7.500%, 03/15/28					143,952
									277,999
				Materials (0.2%)
	1,190			Albemarle Corp. 7.250%, 03/01/27					70,674
									70,674

NUMBER OF SHARES								VALUE
				Utilities (0.3%)
875 CenterPoint Energy, Inc. (Warner Media LLC, Charter Communications Time, Inc.)#§^**				3.369%, 09/15/29				$	32,090
	1,405			NextEra Energy, Inc. 7.299%, 06/01/27					72,736
									104,826
				TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $846,335)					981,074
EXCHANGE-TRADED FUND (0.7%)
				Other (0.7%)
	1,410			iShares Biotechnology ETF^ (Cost $202,770)					237,966
PRINCIPAL AMOUNT								VALUE
U.S. GOVERNMENT AND AGENCY SECURITY (0.8%)
				Other (0.8%)
285,000 U.S. Treasury Notes 3.750%, 04/15/26				(Cost $284,654)					285,189
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT								VALUE
EXCHANGE-TRADED PURCHASED OPTIONS (0.2%)#
				Consumer Discretionary (0.0%)
	12			NIKE, Inc.
	76,452			Call, 06/18/26, Strike $67.50					5,460
									5,460
				Energy (0.0%)
	13			EQT Corp.
	69,680			Call, 06/18/26, Strike $60.00					3,952
									3,952
				Information Technology (0.0%)
	5			Oracle Corp.
	97,455			Call, 06/18/26, Strike $230.00					7,588
									7,588
				Other (0.2%)
	15			Invesco QQQ Trust Series 1
	921,465			Put, 03/20/26, Strike $620.00					31,957
	15			S&P 500®​ Index
	1,022,880			Put, 02/20/26, Strike $675.00					13,935
									45,892
				TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost $71,542)					62,892

See accompanying Notes to Schedule of Investments

Growth and Income Portfolio Schedule of Investments December 31, 2025

NUMBER OF SHARES/ PRINCIPAL AMOUNT								VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)
	275,163			State Street Navigator Securities Lending Government Money Market Portfolio, 3.804%†*** (Cost $275,163)					$275,163
				TOTAL INVESTMENTS (99.2%) (Cost $15,897,021)					33,855,761
OTHER ASSETS, LESS LIABILITIES (0.8%)									275,088
NET ASSETS (100.0%)								$	34,130,849
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT								VALUE
EXCHANGE-TRADED WRITTEN OPTIONS (-0.1%)#
				Consumer Discretionary (0.0%)
	(12	)		NIKE, Inc.
	(76,452	)		Put, 06/18/26, Strike $52.50					(1,926	)
									(1,926	)
				Energy (0.0%)
	(13	)		EQT Corp.
	(69,680	)		Put, 06/18/26, Strike $50.00					(4,095	)
									(4,095	)
				Financials (0.0%)
	(4	)		JPMorgan Chase & Co.
	(128,888	)		Call, 02/20/26, Strike $360.00					(352	)
									(352	)
				Industrials (0.0%)
	(2	)		GE Vernova, Inc.
	(130,714	)		Call, 02/20/26, Strike $770.00					(2,070	)
									(2,070	)
				Information Technology (0.0%)
	(5	)		Advanced Micro Devices, Inc.
	(107,080	)		Put, 01/30/26, Strike $190.00					(1,357	)
	(5	)		Oracle Corp.
	(97,455	)		Put, 06/18/26, Strike $165.00					(5,850	)
	(3	)		Palantir Technologies, Inc.
	(53,325	)		Put, 01/30/26, Strike $180.00					(2,798	)
									(10,005	)
				TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premium $19,980)					(18,448	)

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

# Non-income producing security.

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

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

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

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

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

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

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Notes to Financial Statements

Note 1 - Organization and Significant Accounting Policies

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

The Trust currently offers the Portfolio's shares to certain life insurance companies for allocation to certain separate accounts established for the purpose of funding qualified and non-qualified variable annuity contracts and variable life insurance contracts. The Portfolio seeks high long-term total return through growth and current income.

The Portfolio invests primarily in a diversified portfolio of convertible instruments (including synthetic convertible instruments), equity and fixed-income securities of U.S. companies without regard to market capitalization. In pursuing its investment objective, the Portfolio attempts to utilize these different types of securities to strike, in the investment adviser's opinion, the appropriate balance between risk and return in terms of growth and income.

Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. The following summarizes the significant accounting policies of the Portfolio:

Portfolio Valuation. The Trust's Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisors LLC ("Calamos Advisors", or the "Adviser") to perform fair valuation determinations related to all Portfolio investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted procedures (as approved by the Board) to guide the determination of the net asset value ("NAV") on any day on which the Portfolio's NAVs is determined. The valuation of the Portfolio's investments is in accordance with these procedures.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Portfolio determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market^®​ 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 a Portfolio determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Portfolio determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Portfolio's NAV is not calculated.

Notes to Financial Statements

If the valuation designee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the valuation designee.

The Portfolio also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Portfolio's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Portfolio to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Portfolio could purchase or sell a portfolio security at the price used to calculate the Portfolio's NAV.

Investment Transactions. Investment transactions are recorded on a trade date basis as of December 31, 2025. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Portfolio does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at year end.

Allocation of Expenses. Expenses directly attributable to the Portfolio are charged to the Portfolio; certain other common expenses of Calamos Advisors Trust, Calamos Investment Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, Calamos ETF Trust, Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis.

Income Taxes. No provision has been made for U.S. income taxes because the Trust's policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the Portfolio's taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.

Notes to Financial Statements

The Portfolio recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2022 - 2025 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Trust's organizational documents, the Trust is obligated to indemnify its officers and Trustees against certain liabilities incurred by them by reason of having been an officer or Trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. Currently, the Portfolio's management expects the risk of material loss in connection to a potential claim to be remote.

Segment Reporting. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expense, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. Consistent with the definition of a chief operating decision maker ("CODM") provided by Financial Accounting Standards Board (FASB) "Accounting Standards Update (ASU) 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," the Portfolio's CODM consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. The Portfolio operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Portfolio. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Portfolio's financial statements and financial highlights.

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

Note 2 - Investment Adviser and Transactions with Affiliates or Certain Other Parties

Pursuant to an investment advisory agreement with Calamos Advisors, the Portfolio pays a monthly investment advisory fee based on the average daily net assets of the Portfolio at the annual rate of 0.75%.

The Portfolio reimburses Calamos Advisors for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Statement of Operations.

A Trustee and certain officers of the Trust are also officers and directors of Calamos Financial Services LLC ("CFS") and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of their compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of Calamos Investment Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. The Portfolio's obligation, if any, to make payments under the Plan is a general obligation of the Portfolio and is included in "Payable for deferred compensation to trustees" on the Statement of Assets and Liabilities at December 31, 2025. Deferred compensation of $117,620 is included in "Other assets" on the Statement of Assets and Liabilities at December 31, 2025.

Notes to Financial Statements

Note 3 - Investments

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

				U.S. GOVERNMENT SECURITIES				OTHER
Cost of purchases				$	-			$	10,708,713
Proceeds from sales					-				14,299,059

Note 4 - Income Taxes

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

Cost basis of investments				$	16,303,938
Gross unrealized appreciation					17,741,962
Gross unrealized depreciation					(208,587	)
Net unrealized appreciation (depreciation)					17,533,375

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

Paid-in capital				$	(743	)
Undistributed net investment income/(loss)					159,250
Accumulated net realized gain/(loss) on investments					(158,507	)

Distributions were characterized for federal income tax purposes as follows:

				YEAR ENDED DECEMBER 31, 2025				YEAR ENDED DECEMBER 31, 2024
Distributions paid from:
Ordinary income				$	232,207			$	120,038
Long-term capital gains					2,600,700				469,222
Return of capital					-				-

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

Undistributed ordinary income				$	197,689
Undistributed capital gains					2,712,517
Total undistributed earnings					2,910,206
Accumulated capital and other losses					-
Net unrealized gains/(losses)					17,533,375
Total accumulated earnings/(losses)					20,443,581
Other					(343,830	)
Paid-in-capital					14,031,098
Net assets applicable to common shareholders				$	34,130,849

Note 5 - Derivative Instruments

Foreign Currency Risk. The Portfolio may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

Notes to Financial Statements

To mitigate the counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs Over-The-Counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Portfolio and the counterparty and the amount of collateral due from the Portfolio or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. When a Portfolio is required to post collateral under the terms of a derivatives transaction and master netting agreement, the Portfolio's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among the Portfolio, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that the Portfolio defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to the Portfolio's custodian. The master netting agreement provides, in relevant part, that the Portfolio may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The net unrealized gain, if any, represents the credit risk to the Portfolio on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Portfolio realizes a gain or loss when a position is closed or upon settlement of the contracts.

As of December 31, 2025, the Portfolio had no outstanding forward foreign currency contracts.

Equity Risk. The Portfolio may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, the Portfolio may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). The Portfolio may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Portfolio's holdings, on broad-based securities indexes, or certain ETFs.

When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statement of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by the Portfolio do not typically give rise to counterparty credit risk since options written obligate the Portfolio and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to the Portfolio since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

Notes to Financial Statements

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

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

				ASSET DERIVATIVES				LIABILITY DERIVATIVES
Gross amounts at fair value:
Exchange-Traded Purchased Options(1)​				$	62,892			$	-
Exchange-Traded Written Options(2)​					-				18,448
				$	62,892			$	18,448

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

				VOLUME
Exchange-Traded Purchased options(1)​					1,162
Exchange-Traded Written options(2)​					216

(1) Generally, the Statement of Assets and Liabilities location for Exchange-Traded Purchased Options is "Investments in securities, at value".

(2) Generally, the Statement of Assets and Liabilities location for Exchange-Traded Written Options is "Options written, at value".

* Activity during the period is measured by opened number of contracts for options purchased or written (measured in notional).

Note 6 - Securities Lending

The Portfolio may loan one or more of its securities to broker-dealers and banks through the Securities Loan Agreement. In the Securities Loan Agreement, the "collateral" are the loaned securities themselves. Additionally, the set-off and netting provisions of the Securities Loan Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Portfolio. The Portfolio continues to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receives an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash collateral, the Portfolio's securities lending agent invests any cash collateral into short term investments following investment guidelines approved by Calamos Advisors. The Portfolio records the investment of collateral as an asset and the value of the collateral as a liability on the Statement of Assets and Liabilities and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Portfolio will record unrealized depreciation equal to the decline in value of the invested collateral. The Portfolio will pay reasonable fees to persons unaffiliated with the Portfolio for services in arranging these loans. The Portfolio has the right to call a loan and obtain the securities loaned at any time. The Portfolio does not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Portfolio could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the year while the Portfolio seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this year, and (c) the expenses of enforcing its rights. In an effort to reduce these risks, the Portfolio's security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which the Portfolio lends securities.

Notes to Financial Statements

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Portfolio as of December 31, 2025.

AMOUNT OF COLLATERAL HELD IN SHORT TERM INVESTMENTS AND RESTRICTED				AMOUNT OF NON-CASH				TOTAL				VALUE OF SECURITIES ON LOAN TO BROKER-DEALERS AND BANKS BY ASSET CLASS ON LOAN												EXCESS AMOUNT DUE TO/(FROM)
CASH				COLLATERAL				COLLATERAL				EQUITY				FIXED INCOME				TOTAL				COUNTERPARTY
$	275,163			$	-			$	275,163			$	269,652			$	-			$	269,652			$	5,511

Note 7 - Fair Value Measurements

Various inputs are used to determine the value of the Portfolio's investments. These inputs are categorized into three broad levels as follows:

• Level 1 - Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

• Level 2 - Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

• Level 3 - Prices reflect unobservable market inputs (including the Portfolio's own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Portfolio's investments.

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

				LEVEL 1				LEVEL 2				LEVEL 3				TOTAL
Assets:
Convertible Bonds				$	-			$	5,597,862			$	-			$	5,597,862
Common Stocks					26,415,615				-				-				26,415,615
Convertible Preferred Stocks					948,984				32,090				-				981,074
Exchange-Traded Fund					237,966				-				-				237,966
U.S. Government and Agency Security					-				285,189				-				285,189
Exchange-Traded Purchased Options					62,892				-				-				62,892
Investment of Cash Collateral For Securities Loaned					-				275,163				-				275,163
Total				$	27,665,457			$	6,190,304			$	-			$	33,855,761
Liabilities:
Exchange-Traded Written Options				$	18,448			$	-			$	-			$	18,448
Total				$	18,448			$	-			$	-			$	18,448

Note 8 - Subsequent Events

Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements.