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:	811-23822
EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Antetokounmpo Sustainable Equities Trust
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville
	Illinois 60563-2787
NAME AND ADDRESS OF AGENT FOR SERVICE:	John P Calamos, Sr.,
	Global Chief Investment Officer
	Calamos Antetokounmpo Asset Management 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 SHAREHOLDERS.

TABLE OF CONTENTS

Calamos Antetokounmpo Sustainable Equities Fund Class A - SROAX
Calamos Antetokounmpo Sustainable Equities Fund Class C - SROCX
Calamos Antetokounmpo Sustainable Equities Fund Class I - SROIX
Calamos Antetokounmpo Sustainable Equities Fund Class R6 - SRORX

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)		$	32,295			$	31,800
Audit-Related Fees(b)		$	17,160			$	17,522
Tax Fees(c)		$	-			$	-
All Other Fees(d)		$	-			$	-
Total		$	49,455			$	49,322

(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.

TIMELY INFORMATION INSIDE

Calamos Antetokounmpo Sustainable Equities Fund

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION DECEMBER 31, 2025

Visit www.calamos.com/paperless to enroll. You can view shareholder communications, including fund prospectuses, annual reports and other shareholder materials online long before the printed publications arrive by traditional mail.

TABLE OF CONTENTS

Statement of Assets and Liabilities					1
Statement of Operations					2
Statement of Changes In Net Assets					3
Financial Highlights					4
Schedule of Investments					8
Notes to Financial Statements					10
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 $3,924,772)				$	5,057,262
Cash with custodian					65,448
Receivables:
Accrued dividends					3,198
Due from Investment advisor					19,515
Prepaid expenses					14,662
Total assets					5,160,085
LIABILITIES
Payables:
Affiliates:
Investment advisory fees					3,714
Distribution fees					10
Trustees' fees and officer compensation					341
Other accounts payable and accrued liabilities					34,121
Total liabilities					38,186
NET ASSETS				$	5,121,899
COMPOSITION OF NET ASSETS
Paid in capital				$	3,972,143
Accumulated distributable earnings (loss)					1,149,756
NET ASSETS				$	5,121,899
CLASS A SHARES† ​
Net assets applicable to shares outstanding				$	162,842
Shares outstanding					11,984
Net asset value and redemption price per share				$	13.59
Maximum offering price per share (Net asset value, plus 4.75% of offering price)				$	14.27
CLASS C SHARES† ​**
Net assets applicable to shares outstanding				$	138,349
Shares outstanding					10,369
Net asset value and redemption price per share				$	13.34
CLASS I SHARES† ​
Net assets applicable to shares outstanding				$	4,678,217
Shares outstanding					343,426
Net asset value and redemption price per share				$	13.62
CLASS R6 SHARES† ​
Net assets applicable to shares outstanding				$	142,491
Shares outstanding					10,460
Net asset value and redemption price per share				$	13.62

† No par value; unlimited number of shares authorized.

** Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

Statement of Operations Year Ended December 31, 2025

INVESTMENT INCOME
Interest				$	3,058
Dividends					54,308
Dividend taxes withheld					(1,169	)
Total investment income					56,197
EXPENSES
Investment advisory fees					39,233
Distribution fees
Class A					440
Class C					1,291
Registration fees					54,331
Audit fees					51,945
Legal fees					43,687
Printing and mailing fees					26,351
Trustees' fees and officer compensation					12,414
Accounting fees					8,152
Transfer agent fees					8,092
Custodian fees					984
Tax fees					898
Fund administration fees					271
Other					10,021
Total expenses					258,110
Less expense reductions					(205,624	)
Net expenses					52,486
NET INVESTMENT INCOME (LOSS)					3,711
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments					207,383
Foreign currency transactions					2
Change in net unrealized appreciation/(depreciation) on:
Investments					335,096
NET GAIN (LOSS)					542,481
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS				$	546,192

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

				FOR THE YEAR ENDED DECEMBER 31, 2025				FOR THE YEAR ENDED DECEMBER 31, 2024
OPERATIONS
Net investment income (loss)				$	3,711			$	13,788
Net realized gain (loss)					207,385				21,537
Change in unrealized appreciation/(depreciation)					335,096				468,850
Net increase (decrease) in net assets resulting from operations					546,192				504,175
DISTRIBUTIONS TO SHAREHOLDERS
Class A					(5,672	)			(230	)
Class C					(4,901	)			-
Class I					(166,153	)			(14,852	)
Class R6					(5,077	)			(486	)
Total distributions					(181,803	)			(15,568	)
CAPITAL SHARE TRANSACTIONS					177,096				567,653
TOTAL INCREASE (DECREASE) IN NET ASSETS					541,485				1,056,260
NET ASSETS
Beginning of year				$	4,580,414			$	3,524,154
End of year				$	5,121,899			$	4,580,414

See accompanying Notes to Financial Statements

Calamos Antetokounmpo Sustainable Equities Fund Financial Highlights

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

				CLASS A
				Year Ended December 31,								February 3, 2023• through December 31,
				2025				2024				2023
Net asset value, beginning of year				$	12.54			$	10.97			$	10.00
Income from investment operations:
Net investment income (loss)(a)					(0.02	)(b)			0.02				0.03
Net realized and unrealized gain (loss)					1.56				1.57				0.97
Total from investment operations					1.54				1.59				1.00
Distributions:
Dividends from net investment income					-				(0.02	)			(0.03	)
Dividends from net realized gains					(0.49	)			-				-
Total distributions**					(0.49	)			(0.02	)			(0.03	)
Net asset value, end of year				$	13.59			$	12.54			$	10.97
Ratios and supplemental data:
Total return(c)					12.30	%			14.45	%			10.03	%
Net assets, end of year (000)				$	163			$	184			$	157
Ratio of net expenses to average net assets					1.35	%			1.35	%			1.35	%(d)
Ratio of gross expenses to average net assets prior to expense reductions					5.78	%			6.11	%			10.24	%(d)
Ratio of net investment income (loss) to average net assets					(0.14	%)			0.15	%			0.37	%(d)
Portfolio turnover rate(e)					31	%			20	%			11	%

• Commencement of operations.

** Distribution, if any, for annual periods determined in accordance with federal income tax regulations.

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

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

(e) Not annualized.

Calamos Antetokounmpo Sustainable Equities Fund Financial Highlights

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

				CLASS C
				Year Ended December 31,								February 3, 2023• through December 31,
				2025				2024				2023
Net asset value, beginning of year				$	12.42			$	10.93			$	10.00
Income from investment operations:
Net investment income (loss)(a)					(0.11	)(b)			(0.07	)(b)			(0.03	)(b)
Net realized and unrealized gain (loss)					1.52				1.56				0.96
Total from investment operations					1.41				1.49				0.93
Distributions:
Dividends from net investment income					-				-				-
Dividends from net realized gains					(0.49	)			-				-
Total distributions**					(0.49	)			-				-
Net asset value, end of year				$	13.34			$	12.42			$	10.93
Ratios and supplemental data:
Total return(c)					11.46	%			13.54	%			9.30	%
Net assets, end of year (000)				$	138			$	124			$	109
Ratio of net expenses to average net assets					2.10	%			2.10	%			2.10	%(d)
Ratio of gross expenses to average net assets prior to expense reductions					6.55	%			6.86	%			10.99	%(d)
Ratio of net investment income (loss) to average net assets					(0.88	%)			(0.60	%)			(0.38	%)(d)
Portfolio turnover rate(e)					31	%			20	%			11	%

• Commencement of operations.

** Distribution, if any, for annual periods determined in accordance with federal income tax regulations.

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

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

(e) Not annualized.

Calamos Antetokounmpo Sustainable Equities Fund Financial Highlights

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

				CLASS I
				Year Ended December 31,								February 3, 2023• through December 31,
				2025				2024				2023
Net asset value, beginning of year				$	12.55			$	10.97			$	10.00
Income from investment operations:
Net investment income (loss)(a)					0.02				0.05				0.06
Net realized and unrealized gain (loss)					1.55				1.58				0.96
Total from investment operations					1.57				1.63				1.02
Distributions:
Dividends from net investment income					(0.01	)			(0.05	)			(0.05	)
Dividends from net realized gains					(0.49	)			-				-
Total distributions**					(0.50	)			(0.05	)			(0.05	)
Net asset value, end of year				$	13.62			$	12.55			$	10.97
Ratios and supplemental data:
Total return(b)					12.54	%			14.81	%			10.21	%
Net assets, end of year (000)				$	4,678			$	4,146			$	3,148
Ratio of net expenses to average net assets					1.10	%			1.10	%			1.10	%(c)
Ratio of gross expenses to average net assets prior to expense reductions					5.56	%			5.86	%			9.99	%(c)
Ratio of net investment income (loss) to average net assets					0.12	%			0.38	%			0.63	%(c)
Portfolio turnover rate(d)					31	%			20	%			11	%

• Commencement of operations.

** Distribution, if any, for annual periods determined in accordance with federal income tax regulations.

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

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

Calamos Antetokounmpo Sustainable Equities Fund Financial Highlights

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

				CLASS R6
				Year Ended December 31,								February 3, 2023• through December 31,
				2025				2024				2023
Net asset value, beginning of year				$	12.55			$	10.97			$	10.00
Income from investment operations:
Net investment income (loss)(a)					0.02				0.05				0.06
Net realized and unrealized gain (loss)					1.55				1.58				0.96
Total from investment operations					1.57				1.63				1.02
Distributions:
Dividends from net investment income					(0.01	)			(0.05	)			(0.05	)
Dividends from net realized gains					(0.49	)			-				-
Total distributions**					(0.50	)			(0.05	)			(0.05	)
Net asset value, end of year				$	13.62			$	12.55			$	10.97
Ratios and supplemental data:
Total return(b)					12.55	%			14.84	%			10.22	%
Net assets, end of year (000)				$	142			$	127			$	110
Ratio of net expenses to average net assets					1.09	%			1.07	%			1.09	%(c)
Ratio of gross expenses to average net assets prior to expense reductions					5.54	%			5.86	%			9.98	%(c)
Ratio of net investment income (loss) to average net assets					0.13	%			0.42	%			0.63	%(c)
Portfolio turnover rate(d)					31	%			20	%			11	%

• Commencement of operations.

** Distribution, if any, for annual periods determined in accordance with federal income tax regulations.

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

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

Calamos Antetokounmpo Sustainable Equities Fund Schedule of Investments December 31, 2025

NUMBER OF SHARES								VALUE
COMMON STOCKS (98.7%)
				Communication Services (9.3%)
	1,361			Alphabet, Inc. - Class A				$	425,993
	520			Netflix, Inc.#					48,755
									474,748
				Consumer Discretionary (10.7%)
	762			Amazon.com, Inc.#					175,885
	9			Booking Holdings, Inc.					48,198
	1,166			Chipotle Mexican Grill, Inc.#					43,142
	132			Home Depot, Inc.					45,421
	1,998			Sony Group Corp. (ADR)					51,149
	888			TJX Cos., Inc.					136,406
	932			Tractor Supply Co.					46,609
									546,810
				Consumer Staples (3.6%)
	707			Colgate-Palmolive Co.					55,867
	43			Costco Wholesale Corp.					37,081
	1,082			Darling Ingredients, Inc.#					38,952
	470			Walmart, Inc.					52,363
									184,263
				Financials (10.6%)
	145			American Express Co.					53,643
	470			Bank of New York Mellon Corp.					54,562
	532			Intercontinental Exchange, Inc.					86,163
	346			Jack Henry & Associates, Inc.					63,138
	147			S&P Global, Inc.					76,821
	357			Travelers Cos., Inc.					103,551
	295			Visa, Inc. - Class A					103,459
									541,337
				Health Care (10.4%)
	711			Edwards Lifesciences Corp.#					60,613
	60			Eli Lilly & Co.					64,481
	1,077			GE HealthCare Technologies, Inc.					88,335
	726			Gilead Sciences, Inc.					89,109
	649			Merck & Co., Inc.					68,314
	753			Novo Nordisk AS (ADR)					38,313
	151			Thermo Fisher Scientific, Inc.					87,497
	309			Zoetis, Inc.					38,878
									535,540
				Industrials (13.1%)
	474			Canadian Pacific Kansas City Ltd.					34,901
	67			Caterpillar, Inc.					38,382
	203			Cintas Corp.					38,178
	111			Deere & Co.					51,678
	132			Eaton Corp. PLC					42,043
	204			Ferguson Enterprises, Inc.					45,417

NUMBER OF SHARES								VALUE
	78			GE Vernova, Inc.				$	50,979
	500			nVent Electric PLC					50,985
	247			Old Dominion Freight Line, Inc.					38,730
	475			Otis Worldwide Corp.					41,491
	120			Quanta Services, Inc.					50,647
	131			Rockwell Automation, Inc.					50,968
	122			Trane Technologies PLC					47,482
	186			Verisk Analytics, Inc.					41,606
	232			Waste Management, Inc.					50,973
									674,460
				Information Technology (33.8%)
	1,112			Apple, Inc.					302,308
	301			Applied Materials, Inc.					77,354
	485			Arista Networks, Inc.#					63,550
	1,189			Bentley Systems, Inc. - Class B					45,378
	438			Broadcom, Inc.					151,592
	110			Cadence Design Systems, Inc.#					34,384
	706			Microsoft Corp.					341,436
	102			Motorola Solutions, Inc.					39,099
	1,631			NVIDIA Corp.					304,181
	214			Palo Alto Networks, Inc.#					39,419
	178			SAP SE (ADR)					43,238
	498			Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)					151,337
	453			TE Connectivity PLC					103,062
	192			Texas Instruments, Inc.					33,310
									1,729,648
				Materials (3.3%)
	262			Ecolab, Inc.					68,780
	152			Linde PLC					64,812
	109			Sherwin-Williams Co.					35,319
									168,911
				Real Estate (1.7%)
	241			American Tower Corp.					42,312
	368			Prologis, Inc.					46,979
									89,291
				Utilities (2.2%)
	731			National Grid PLC (ADR)					56,543
	631			Sempra					55,711
									112,254
				TOTAL COMMON STOCKS (Cost $3,924,772)					5,057,262
				TOTAL INVESTMENTS (98.7%) (Cost $3,924,772)					5,057,262
OTHER ASSETS, LESS LIABILITIES (1.3%)									64,637
NET ASSETS (100.0%)								$	5,121,899

See accompanying Notes to Schedule of Investments

Calamos Antetokounmpo Sustainable Equities Fund Schedule of Investments December 31, 2025

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

ABBREVIATION

ADR American Depositary Receipt

See accompanying Notes to Schedule of Investments

Notes to Financial Statements

Note 1 - Organization and Significant Accounting Policies

Organization. Calamos Antetokounmpo Sustainable Equities Trust (the "Trust"), a Delaware statutory trust organized on August 15, 2022, consists of a single series, Calamos Antetokounmpo Sustainable Equities Fund (the "Fund"), which commenced operations on February 3, 2023. The Trust currently offers Class A, Class C, Class I, and Class R6 shares. The Fund's investment objective is long-term capital appreciation.

Calamos Antetokounmpo Asset Management LLC ("CGAM", or the "Adviser"), serves as the Fund's adviser. CGAM is jointly owned by Calamos Advisors LLC ("Calamos Advisors") and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo. Calamos Advisors LLC serves as the Fund's subadviser ("Subadviser").

Mr. Antetokounmpo serves on the Adviser's Board of Directors and has indirect control of half of the Adviser's Board of Directors. Mr. Antetokounmpo is not a portfolio manager of the Fund and is not involved in the day-to-day management of the Fund's investments, and neither Original C nor Mr. Antetokounmpo provide any "investment advice" to the Fund. Mr. Antetokounmpo provided input in selecting the initial strategy for the Fund. Mr. Antetokounmpo is involved with marketing efforts on behalf of the Adviser. If Mr. Antetokounmpo is no longer involved with the Fund or the Adviser then "Antetokounmpo" will be removed from the name of the Fund and the Adviser. Further, shareholders would be notified of any change in the name of the Fund or its strategy. The Adviser is jointly owned and controlled by Calamos Advisors and, indirectly, by Mr. Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of issuers domiciled in the U.S. that, in the view of the Subadviser, have above average growth potential and meet certain environmental, social and governance ("ESG") criteria. The Fund may invest up to 20% of its net assets in American Depositary Receipts ("ADRs"), which are securities representing equity ownership in foreign issuers. The Fund may invest in companies of any size and seeks diversification by economic sector.

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 Fund 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 Fund.

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

Fund 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 Fund 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 Fund 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.

Securities that are principally traded in foreign markets are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most

Notes to Financial Statements

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 New York Stock Exchange ("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 Fund'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 Fund also may use fair value pricing, pursuant to guidelines adopted by the Adviser, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund'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 the Adviser, 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 Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund'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 Fund 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 Fund are charged to that Fund; 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 Fund'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.

Notes to Financial Statements

These differences are primarily due to differing treatments for foreign currency transactions and investments in passive foreign investment companies. The financial statements are not adjusted for temporary differences.

The Fund 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 2023-2025 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 Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund'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 Fund's CODM consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. The Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Fund. 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 Fund'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 Fund has adopted ASU 2023-09 as of December 31, 2025, with no material impact on the Fund's financial statements.

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

Pursuant to an investment advisory agreement with CGAM, the Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund at the annual rate of 0.85%.

CGAM has contractually agreed to limit the annual ordinary operating expenses of the Fund as a percentage of the average net assets of each class of shares to 1.35% for Class A shares, 2.10% for Class C shares, and 1.10% for Class I shares. CGAM has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). This expense limitation agreement is binding on CGAM through May 1, 2027.

For the year ended December 31, 2025, CGAM waived or absorbed $205,624 of expenses. This amount is included in the Statement of Operations under the caption "Expense reductions".

The Fund 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 CGAM. A Trustee and certain officers of the Fund are also officers and/or directors of 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.comor by calling 800.582.6959.

As of December 31, 2025, certain affiliates of Calamos Advisors hold material investments in the Fund as follows:

FUND				PERCENTAGE
Antetokounmpo Sustainable Equities Fund					70	%

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 are shown in the table below.

				U.S. GOVERNMENT SECURITIES				OTHER
Cost of purchases				$	-			$	1,434,766
Proceeds from sales					-				1,500,814

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				$	3,924,856
Gross unrealized appreciation					1,309,874
Gross unrealized depreciation					(177,468	)
Net unrealized appreciation (depreciation)				$	1,132,406

For the fiscal year ended December 31, 2025, the Fund 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				$	2,182
Undistributed net investment income/(loss)					239
Accumulated net realized gain/(loss) on investments					(2,421	)

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				$	3,566			$	15,568
Long-term capital gains					178,237				-
Return of capital					-				-

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

Undistributed ordinary income				$	-
Undistributed capital gains					17,350
Total undistributed earnings					17,350
Accumulated capital and other losses					-
Net unrealized gains/(losses)					1,132,406
Total accumulated earnings/(losses)					1,149,756
Other					-
Paid-in-capital					3,972,143
Net assets applicable to common shareholders				$	5,121,899

The Fund utilized capital loss carryforwards of $9,286 for the year ended December 31, 2025.

Note 5 - Derivative Instruments

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

To mitigate the counterparty risk, the Fund 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 Fund and a counterparty that governs Over-The-Counter derivatives and

Notes to Financial Statements

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 Fund 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 Fund and the counterparty and the amount of collateral due from the Fund 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When the Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, the Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among the Fund, 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 Fund 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 Fund's custodian. The master netting agreement provides, in relevant part, that the Fund 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 Fund 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 Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts.

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

Equity Risk. The Fund 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 Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). The Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund 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 Fund 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 Statements 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 Fund do not typically give rise to counterparty credit risk since options written obligate the Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of December 31, 2025, the Fund had no outstanding purchased options and/or written options.

Notes to Financial Statements

Note 6 - Fair Value Measurement

Various inputs are used to determine the value of the Fund'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 Fund's own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

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

				LEVEL 1				LEVEL 2				LEVEL 3				TOTAL
Assets:
Common Stocks				$	5,057,262			$	-			$	-			$	5,057,262
Total				$	5,057,262			$	-			$	-			$	5,057,262

Note 7 - Capital Share Transactions

The following table summarizes the activity in capital shares of the Fund for the years ended:

				FOR THE YEAR ENDED DECEMBER 31, 2025								FOR THE YEAR ENDED DECEMBER 31, 2024
Class A				Shares				Dollars				Shares				Dollars
Shares sold					1,019			$	12,723				1,774			$	20,896
Shares issued as reinvestment of distributions					419				5,672				18				230
Less shares redeemed					(4,105	)			(50,978	)			(1,456	)			(16,657	)
Net increase (decrease)					(2,667	)		$	(32,583	)			336			$	4,469
Class C				Shares				Dollars				Shares				Dollars
Shares sold					-			$	-				-			$	-
Shares issued as reinvestment of distributions					369				4,901				-				-
Less shares redeemed					-				-				-				-
Net increase (decrease)					369			$	4,901				-			$	-
Class I				Shares				Dollars				Shares				Dollars
Shares sold					21,674			$	299,299				60,988			$	776,002
Shares issued as reinvestment of distributions					12,244				166,153				1,165				14,852
Less shares redeemed					(20,845	)			(265,751	)			(18,638	)			(228,156	)
Net increase (decrease)					13,073			$	199,701				43,515			$	562,698
Class R6				Shares				Dollars				Shares				Dollars
Shares sold					-			$	-				-			$	-
Shares issued as reinvestment of distributions					374				5,077				39				486
Less shares redeemed					-				-				-				-
Net increase (decrease)					374			$	5,077				39			$	486

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.