Calamos Advisors Trust NPORT-P Calamos Growth and Income Portfolio (Mar 2022 report)

Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (17.7%)
		Airlines (1.1%)
	275,000	Southwest Airlines Company 1.250%, 05/01/25	$	374,363
		Communication Services (2.3%)
		Liberty Media Corp.
	90,000	1.375%, 10/15/23		127,810
	31,000	0.500%, 12/01/50*		43,997
	105,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		199,442
	170,000	Live Nation Entertainment, Inc. 2.000%, 02/15/25		220,310
	140,000	Snap, Inc.*^ 0.000%, 05/01/27		119,640
	47,000	Twitter, Inc. 0.250%, 06/15/24		48,021
				759,220
		Consumer Discretionary (3.8%)
	90,000	Airbnb, Inc. 0.000%, 03/15/26		87,385
	194,000	Booking Holdings, Inc.^ 0.750%, 05/01/25		283,733
	50,000	DISH Network Corp. 0.000%, 12/15/25		48,547
	47,000	Etsy, Inc. 0.125%, 09/01/27		47,118
	235,000	Ford Motor Company 0.000%, 03/15/26		278,729
	95,000	Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		103,788
	85,000	Shake Shack, Inc. 0.000%, 03/01/28		68,726
	7,000	Tesla, Inc. 2.000%, 05/15/24		121,541
	50,000	Under Armour, Inc. 1.500%, 06/01/24		83,153
	115,000	Vail Resorts, Inc.^ 0.000%, 01/01/26		111,846
				1,234,566
		Energy (1.3%)
	55,000	EQT Corp. 1.750%, 05/01/26		131,189
	130,000	Pioneer Natural Resources Company 0.250%, 05/15/25		309,425
				440,614
		Financials (0.4%)
	50,000	Ares Capital Corp.^ 4.625%, 03/01/24		56,330
	70,000	Realogy Group, LLC / Realogy Co-Issuer Corp.* 0.250%, 06/15/26		64,439
				120,769
		Health Care (2.8%)
	32,000	CONMED Corp. 2.625%, 02/01/24		54,839

PRINCIPAL AMOUNT			VALUE
	110,000	Dexcom, Inc.^ 0.250%, 11/15/25	$	126,042
	52,000	Envista Holdings Corp. 2.375%, 06/01/25		123,211
	44,000	Halozyme Therapeutics, Inc. 0.250%, 03/01/27		38,741
	46,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		48,549
	200,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		243,886
	70,000	Omnicell, Inc. 0.250%, 09/15/25		99,494
	95,000	Pacira BioSciences, Inc.^ 0.750%, 08/01/25		117,597
	55,000	Tandem Diabetes Care, Inc.*^ 1.500%, 05/01/25		68,759
				921,118
		Industrials (2.3%)
	55,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		65,290
	17,000	Chart Industries, Inc.* 1.000%, 11/15/24		50,255
	141,000	JetBlue Airways Corp.* 0.500%, 04/01/26		132,391
	170,000	John Bean Technologies Corp.* 0.250%, 05/15/26		163,363
	115,000	Middleby Corp. 1.000%, 09/01/25		158,378
	185,000	Uber Technologies, Inc.^ 0.000%, 12/15/25		166,028
				735,705
		Information Technology (3.1%)
	78,000	Bill.com Holdings, Inc.*^ 0.000%, 04/01/27		74,712
	28,000	Datadog, Inc. 0.125%, 06/15/25		49,598
	65,000	Enphase Energy, Inc. 0.000%, 03/01/26		66,198
	65,000	0.000%, 03/01/28		67,978
	150,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		171,552
	30,000	Nova, Ltd. 0.000%, 10/15/25		46,644
	155,000	ON Semiconductor Corp.* 0.000%, 05/01/27		210,763
	50,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		105,183
	55,000	Perficient, Inc.* 0.125%, 11/15/26		50,198
	47,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		64,786
	60,000	Tyler Technologies, Inc. 0.250%, 03/15/26		66,253
	30,000	Workday, Inc. 0.250%, 10/01/22		49,236
				1,023,101
		Materials (0.3%)
	35,000	Lithium Americas Corp.* 1.750%, 01/15/27		38,651

See accompanying Notes to Schedule of Investments

1

Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	33,000	MP Materials Corp.* 0.250%, 04/01/26	$	47,894
				86,545
		Real Estate (0.3%)
	90,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		103,603
		TOTAL CONVERTIBLE BONDS (Cost $4,865,041)		5,799,604
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (7.2%)
		Communication Services (1.0%)
	275	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		309,993
		Consumer Discretionary (0.6%)
	1,375	Aptiv, PLC 5.500%, 06/15/23		187,646
		Financials (0.6%)
	1,180	AMG Capital Trust II^ 5.150%, 10/15/37		65,096
	1,905	KKR & Company, Inc.^ 6.000%, 09/15/23		141,560
				206,656
		Health Care (1.7%)
	1,095	Avantor, Inc. 6.250%, 05/15/22		113,365
	1,600	Boston Scientific Corp. 5.500%, 06/01/23		186,304
	130	Danaher Corp. 4.750%, 04/15/22		253,923
				553,592
		Information Technology (1.0%)
	170	Broadcom, Inc. 8.000%, 09/30/22		333,736
		Utilities (2.3%)
	1,360	AES Corp. 6.875%, 02/15/24		134,545
	875	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§** 4.566%, 09/15/29		45,239
	1,890	Dominion Energy, Inc. 7.250%, 06/01/22		191,930
	4,430	DTE Energy Company 6.250%, 11/01/22		236,075
		NextEra Energy, Inc.
	1,390	4.872%, 09/01/22		85,888
	1,210	6.219%, 09/01/23		63,573
				757,250
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,899,079)		2,348,873

NUMBER OF SHARES			VALUE
	COMMON STOCKS (72.3%)
		Communication Services (7.1%)
	490	Alphabet, Inc. - Class A#~	$	1,362,862
	3,690	Comcast Corp. - Class A		172,766
	1,915	Meta Platforms, Inc. - Class A#		425,819
	375	Netflix, Inc.#		140,471
	1,615	Walt Disney Company#		221,513
				2,323,431
		Consumer Discretionary (8.0%)
	345	Amazon.com, Inc.#~		1,124,683
	37	Booking Holdings, Inc.#		86,893
	1,495	General Motors Company#		65,391
	660	Home Depot, Inc.		197,558
	640	Lowe’s Companies, Inc.		129,402
	560	McDonald’s Corp.		138,477
	2,805	MGM Resorts International		117,642
	1,340	NIKE, Inc. - Class B		180,310
	895	Starbucks Corp.		81,418
	225	Target Corp.		47,749
	250	Tesla, Inc.#		269,400
	1,310	TJX Companies, Inc.		79,360
	270	Ulta Beauty, Inc.#		107,519
				2,625,802
		Consumer Staples (5.3%)
	4,990	Coca-Cola Company		309,380
	390	Costco Wholesale Corp.		224,582
	350	Estee Lauder Companies Inc. - Class A		95,312
	2,930	Mondelez International, Inc. - Class A		183,945
	1,240	PepsiCo, Inc.		207,551
	2,050	Philip Morris International, Inc.		192,577
	1,910	Procter & Gamble Company		291,848
	1,570	Walmart, Inc.		233,805
				1,739,000
		Energy (3.7%)
	1,770	Chevron Corp.		288,209
	1,920	ConocoPhillips		192,000
	3,480	Exxon Mobil Corp.		287,413
	940	Hess Corp.		100,618
	1,505	Marathon Petroleum Corp.		128,677
	1,730	Schlumberger, NV		71,466
	1,875	Sysco Corp.		153,094
				1,221,477
		Financials (9.3%)
	485	American Express Company		90,695
	1,350	American International Group, Inc.		84,740
	583	Assurant, Inc.		106,007
	8,990	Bank of America Corp.		370,568
	125	BlackRock, Inc.		95,521
	2,330	Charles Schwab Corp.		196,442
	875	Chubb, Ltd.		187,162
	1,370	Citigroup, Inc.		73,158
	1,140	Discover Financial Services		125,617
	270	Goldman Sachs Group, Inc.		89,127
	4,520	Huntington Bancshares, Inc.		66,082
	1,370	Intercontinental Exchange, Inc.		181,004
	2,785	JPMorgan Chase & Company		379,651
	6,675	KeyCorp		149,387

See accompanying Notes to Schedule of Investments

2

Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2022 (UNAUDITED)

NUMBER OF SHARES			VALUE
	1,555	Marsh & McLennan Companies, Inc.	$	265,003
	3,680	Morgan Stanley		321,632
	510	Northern Trust Corp.		59,390
	4,100	Wells Fargo & Company		198,686
				3,039,872
		Health Care (7.1%)
	1,630	Abbott Laboratories		192,927
	1,985	AbbVie, Inc.		321,788
	215	Anthem, Inc.		105,612
	2,185	Bristol-Myers Squibb Company		159,571
	70	Dexcom, Inc.#		35,812
	480	Eli Lilly & Company		137,458
	255	Intuitive Surgical, Inc.#		76,928
	2,125	Johnson & Johnson		376,614
	3,310	Pfizer, Inc.		171,359
	230	Thermo Fisher Scientific, Inc.~		135,849
	1,160	UnitedHealth Group, Inc.		591,565
				2,305,483
		Industrials (5.6%)
	10,170	CSX Corp.		380,866
	175	FedEx Corp.		40,493
	1,455	Honeywell International, Inc.		283,114
	1,085	JB Hunt Transport Services, Inc.		217,857
	605	Northrop Grumman Corp.		270,568
	4,280	Raytheon Technologies Corp.		424,020
	230	Stryker Corp.		61,491
	580	Union Pacific Corp.		158,462
				1,836,871
		Information Technology (21.4%)
	765	Accenture, PLC - Class A		257,981
	370	Adobe, Inc.#~		168,579
	505	Advanced Micro Devices, Inc.#		55,217
	12,215	Apple, Inc.~		2,132,861
	2,510	Cisco Systems, Inc.		139,958
	1,240	Fidelity National Information Services, Inc.		124,521
	480	Lam Research Corp.		258,053
	1,335	Marvell Technology, Inc.		95,733
	795	Mastercard, Inc. - Class A		284,117
	1,005	Micron Technology, Inc.		78,279
	6,100	Microsoft Corp.~		1,880,691
	2,375	NVIDIA Corp.		648,042
	315	PayPal Holdings, Inc.#		36,430
	565	QUALCOMM, Inc.		86,343
	830	salesforce.com, Inc.#		176,226
	995	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		103,739
	2,130	Visa, Inc. - Class A		472,370
				6,999,140
		Materials (3.9%)
	885	Celanese Corp.		126,440
	4,620	Freeport-McMoRan, Inc.		229,799
	1,140	Linde, PLC		364,150
	2,060	Medtronic, PLC		228,557
	1,110	PPG Industries, Inc.		145,488
	250	ServiceNow, Inc.#~		139,222
	240	Vulcan Materials Company		44,088
				1,277,744

NUMBER OF SHARES			VALUE
		Real Estate (0.9%)
	680	American Tower Corp.	$	170,830
	3,081	Invitation Homes, Inc.		123,794
				294,624
		TOTAL COMMON STOCKS (Cost $11,987,411)		23,663,444
	EXCHANGE-TRADED FUND (0.4%)
		Other (0.4%)
	1,760	iShares MSCI EAFE ETF^ (Cost $128,961)		129,536
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.6%) #
		Consumer Discretionary (0.2%)
	2	Tesla, Inc.
	215,520	Call, 09/16/22, Strike $950.00		48,205
		Other (0.4%)
	122	iShares MSCI EAFE ETF
	897,920	Call, 06/17/22, Strike $73.00		33,245
	125	iShares MSCI EAFE ETF
	920,000	Call, 09/16/22, Strike $78.00		16,625
	40	iShares Russell 2000 ETF
	821,080	Call, 09/16/22, Strike $200.00		69,880
	2	S&P 500 Index
	906,082	Put, 06/30/22, Strike $4,200.00		16,630
				136,380
		TOTAL PURCHASED OPTIONS (Cost $181,248)		184,585
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.4%)
	1,457,643	State Street Navigator Securities Lending Government Money Market Portfolio, 0.286%† (Cost $1,457,643)		1,457,643
	TOTAL INVESTMENTS (102.6%) (Cost $20,519,383)			33,583,685
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.5%)			(1,457,643	)
	OTHER ASSETS, LESS LIABILITIES (1.9%)			614,600
	NET ASSETS (100.0%)		$	32,740,642

See accompanying Notes to Schedule of Investments

3

Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2022 (UNAUDITED)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS		SETTLEMENT DATE		LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust		New Taiwanese Dollar		04/28/22		258,000	$	9,005	$	(187	)
State Street Bank and Trust		New Taiwanese Dollar		04/28/22		245,000		8,551		(127	)
									$	(314	)
COUNTERPARTY	SHORT CONTRACTS		SETTLEMENT DATE		LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust		New Taiwanese Dollar		04/28/22		3,314,000	$	115,666	$	5,018
									$	5,018

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.

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

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

** Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at March 31, 2022.

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $259,265.

† Represents investment of cash collateral received from securities on loan as of March 31, 2022.

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

4

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 Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Portfolio:

Portfolio Valuation. The valuation of the Portfolio’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

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 net asset value (“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 of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, 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, 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 of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Portfolio determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Portfolio’s NAV is not calculated.

If the pricing committee 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 pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Portfolio also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, 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 the board of trustees, 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 a Portfolio to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that a fair value assigned to a particular security is accurate.

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.

Option Transactions. For hedging and investment purposes, the Portfolio may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Forward Foreign Currency Contracts. 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. 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.

As of March 31, 2022, the Portfolio had outstanding forward foreign currency contracts as listed on the Schedule of Investments.

Note 2 – Investments

The cost basis of investments for federal income tax purposes at March 31, 2022 was as follows*:

Cost basis of investments	$	20,519,383
Gross unrealized appreciation		13,347,125
Gross unrealized depreciation		(282,823	)
Net unrealized appreciation (depreciation)	$	13,064,302

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Portfolio’s most recent semi-annual or annual report.