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
NAME AND ADDRESS OF AGENT FOR SERVICE: James S. Hamman, Jr., Secretary,
Calamos Advisors LLC
2020 Calamos Court,
Naperville, Illinois
60563
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200
DATE OF FISCAL YEAR END: December 31, 2006
DATE OF REPORTING PERIOD: January 1, 2006 through December 31, 2006
ITEM 1. REPORT TO SHAREHOLDERS.
CALAMOS(R) GROWTH AND INCOME PORTFOLIO
ANNUAL REPORT DECEMBER 31, 2006
(CALAMOS INVESTMENTS(R) LOGO)
Table of Contents
Chairman's Letter.......................................................... 1
Performance and Portfolio Information...................................... 4
Expense Overview........................................................... 5
Schedule of Investments.................................................... 6
Statement of Assets and Liabilities ....................................... 9
Statement of Operations.................................................... 10
Statements of Changes in Net Assets........................................ 11
Notes to Financial Statements.............................................. 12
Financial Highlights....................................................... 17
Report of Independent Registered Public Accounting Firm.................... 18
Tax Information............................................................ 19
Trustees and Officers...................................................... 20
Chairman's Letter
(PHOTO)
Dear Contract Owner:
We are pleased to submit to you our annual report for Calamos Growth and Income
Portfolio for the year ended December 31, 2006. As always, we value and look
forward to the opportunity to communicate with you.
INVESTMENT OBJECTIVE AND STRATEGY
With its objective of high long-term total return through growth and current
income, the Portfolio takes a defensive approach to equity participation,
offering investors the potential for significant long-term total return. In
effect, the Portfolio seeks to participate in the long-term upward trend of
equity markets, but with the added income benefit--and potential downside
protection--afforded by its convertible securities.
PORTFOLIO PERFORMANCE
For the 12-month period, the Portfolio delivered a total return of 9.45%, which
compares with returns of 15.79% for the S&P 500 Index(1) and 10.64% for the
Value Line Convertible Index.(2)
ECONOMIC AND MARKET OVERVIEW
In the latter half of 2006, we began to conclude that the economy--while
fundamentally sound--was entering a mid-cycle slowdown phase. By the end of
2006, we believe this outlook was confirmed. Growth in gross domestic product
was respectable, albeit more tempered than it was during the recovery phase in
the preceding years. Corporate earnings were strong overall, and balance sheets
solid. Merger-and-acquisition and private capital trends were favorable as well.
Consumer spending lost some steam, but has by no means plummeted; declining
gasoline prices in the fourth quarter, along with increased wages, provided an
additional boost to consumers--and the markets. Inflation concerns cast a
persistent shadow, but in the end, core inflation remained quite tame.
Unemployment continues to be low. Although the yield curve inverted, liquidity
and credit remained abundant. The housing market descended from its
stratospheric heights but did not fall below a reasonable level; in fact, it
showed signs of stabilizing during the fourth quarter.
EQUITIES OVERVIEW
Despite a rough patch from May through July, equity markets continued their
march forward, with the S&P 500 Index gaining 15.79% and the Dow Jones
Industrial Average smashing through the 12,000 barrier. Historically, periods of
mid-cycle slowdown have been accompanied by a shift from a pro-cyclical market
to a more growth-oriented market. In each, the value and cyclical stocks that
led during the early phase of the bull market were replaced by more traditional
and stable growth stocks in the next phase. Based in part on this strong
precedent, in 2006 we expected a change of market leadership from cyclicals and
value investments to traditional growth.
Growth and Income Portfolio
Chairman's Letter ANNUAL REPORT 1
Chairman's Letter
----------
We believe that convertible securities will continue to offer investors a
valuable means of enhancing returns and managing risk--particularly when
convertibles are judiciously blended with other asset classes.
----------
Since we seek to position our Portfolio ahead of market turns, we sought
companies whose growth is not completely dependent on economic growth, volatile
commodity prices or access to cheap capital. However, the continued success of
cyclicals and what we consider to be lower-quality names meant that we were
early.
On a positive note, the market's preference for cyclical companies in 2006
created an opportunity for us to invest in many premier growth companies at
prices we believe to be exceptionally attractive relative to the broad market
and historical values. Many of the companies in our Portfolio have seen
substantial earnings growth that has not been reflected in their security
prices, while also offering high return-on-capital, low debt-to-capital and
reliable cash flows. Therefore, we are well positioned on the front end of the
curve for the rotation in leadership to stable growth.
CONVERTIBLE SECURITIES OVERVIEW
Convertible securities, as hybrids, provide a combination of equity-market
participation and fixed-income characteristics. Convertibles once again proved
their mettle, providing downside protection during the more choppy periods of
the equity market while participating in its upswings.
Overall, the Portfolio's convertible allocation contributed to positive
performance over the period. Specifically, our bias toward convertible
securities with greater equity sensitivity helped fuel gains. An underweighting
in non-investment-grade convertibles detracted from the Portfolio's performance,
as lower-quality, speculative-grade issues outperformed higher-quality,
investment-grade issues.
We believe that convertible securities will continue to offer investors a
valuable means of enhancing returns and managing risk--particularly when
convertibles are judiciously blended with other asset classes.
Although convertible securities saw their valuations improve in 2006, we believe
this asset class can provide additional upside against the backdrop of a rising
equity market. Moreover, we believe the current interest rate environment may
give rise to additional issuance and more choices for convertible investors in
2007. Now that interest rates have risen from their historic lows, companies
seeking access to capital may find it more affordable to issue convertible debt
rather than "straight" (non-convertible) bonds.
Consistent with our overall view of the economy, we are favoring higher-quality,
equity-sensitive convertibles of traditional growth companies with solid balance
sheets and reduced cyclical exposure. We are avoiding "busted" convertibles,
which trade essentially as straight bonds and offer little equity participation.
SECTOR ALLOCATION OVERVIEW
Over the 12-month period, the Portfolio benefited from its security selection in
the information technology sector, with particular strength in semiconductors,
consulting and software. In addition, security selection in industrials
(aerospace and defense as an example) and materials (diversified metals and
mining) benefited the portfolio. The portfolio's investment banking and
brokerage names in the financials sector also aided results.
Growth and Income Portfolio
2 ANNUAL REPORT Chairman's Letter
Chairman's Letter
Security selection within consumer discretionary slowed the portfolio's advance,
as did the porfolio's underweighting in utility holdings and security selection
in energy. Specifically, the oil-and-gas exploration-and-production industry
tempered performance; here securities that performed well over the longer term
gave back a portion of their gains.
In terms of sector positioning, health care and technology are well represented.
Each of these areas is positioned to benefit from long-term secular trends. For
example, the competitive global economy creates a favorable environment for
information technology goods and services, while changing global demographics
should support long-term demand for health care innovations.
CONCLUSION
We believe the merits of opportunistically blending stocks and convertible
securities are demonstrated by the Portfolio's strong long-term performance
record. We thank you for your continued support of Calamos Growth and Income
Portfolio and welcome the opportunity to help you achieve your financial goals.
Sincerely,
/s/ John P. Calamos, Sr.
- -------------------------------------
JOHN P. CALAMOS, SR.
Chairman, Chief Executive Officer and Co-Chief Investment Officer
Calamos Advisors LLC
This report is presented for informational purposes and should not be considered
investment advice.
Indexes are unmanaged and returns assume reinvestment of dividends and, unlike
fund returns, do not reflect any fees, expenses or sales charges. Investors
cannot invest directly in an index
(1) The S&P 500 Index is an unmanaged index generally considered representative
of the U.S. stock market. Source: Lipper Analytical Services.
(2) The Value Line Convertible Index is an equally-weighted index of the larger
convertibles, representing 99% of the U.S. convertible securities market.
Source: Russell/Mellon Analytical Services.
Growth and Income Portfolio
Chairman's Letter ANNUAL REPORT 3
Performance and Portfolio Information
AVERAGE ANNUAL TOTAL RETURN+ AS OF 12/31/2006
SINCE INCEPTION
1 YEAR 3 YEARS 5 YEARS (5/19/1999-12/31/2006)
- ------ ------- ------- ----------------------
9.45% 9.22% 9.46% 9.13%
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. Current performance may be lower or higher than the performance
quoted. The principal value and investment return of an investment will
fluctuate so that your shares, when redeemed, may be worth more or less than
their original cost. Returns are net of all fees and expenses incurred by the
Portfolio.
+ Average annual total return measures net investment income and capital gain
or loss from portfolio investments as an annualized average, assuming
reinvestment of income and capital gain distributions. Returns do not
reflect sales charges, expenses and fees assessed in connection with the
variable product. Sales charges, expenses and fees, which are determined by
the variable product issuers, will vary and will lower the total return.
GROWTH OF $10,000
(PERFORMANCE GRAPH)
GROWTH OF $10,000
CVXW CALAMOS GROWTH AND INCOME PORTFOLIO
INCEPTION TO DATE
12/31/2006
Value
S&P 500 Index Line Convertible
Date No Load Divs Reinvested Bond Index
- ---- --------- -------------------- --------------------
05/19/99 10,000.00
05/31/99 9,860.00 05/31/99 10,000.00 05/31/99 10,000.00
06/30/99 10,290.00 06/30/99 10,554.98 06/30/99 10,196.30
07/31/99 10,140.00 07/31/99 10,225.40 07/31/99 10,196.30
08/31/99 10,150.00 08/31/99 10,174.81 08/31/99 10,093.62
09/30/99 10,060.00 09/30/99 9,895.88 09/30/99 10,093.02
10/31/99 10,450.00 10/31/99 10,522.10 10/31/99 10,246.84
11/30/99 11,040.00 11/30/99 10,735.99 11/30/99 10,650.66
12/31/99 12,319.40 12/31/99 11,368.30 12/31/99 11,129.09
01/31/00 11,904.71 01/31/00 10,797.13 01/31/00 11,226.73
02/29/00 12,764.44 02/29/00 10,592.75 02/29/00 11,682.96
03/31/00 12,856.12 03/31/00 11,629.02 03/31/00 11,896.76
04/30/00 12,541.57 04/30/00 11,279.15 04/30/00 10,789.05
05/31/00 12,105.25 05/31/00 11,047.74 05/31/00 10,631.04
06/30/00 12,797.25 06/30/00 11,320.10 06/30/00 11,247.64
07/31/00 12,684.54 07/31/00 11,143.17 07/31/00 10,960.86
08/31/00 13,739.88 08/31/00 11,835.27 08/31/00 11,454.95
09/30/00 13,698.33 09/30/00 11,210.45 09/30/00 11,298.17
10/31/00 13,173.45 10/31/00 11,163.05 10/31/00 10,663.68
11/30/00 12,383.23 11/30/00 10,282.96 11/30/00 10,130.89
12/31/00 13,023.44 12/31/00 10,333.29 12/31/00 9,982.70
01/31/01 13,118.74 01/31/01 10,699.91 01/31/01 10,774.99
02/28/01 12,610.50 02/28/01 9,724.27 02/28/01 10,506.01
03/31/01 12,272.18 03/31/01 9,108.24 03/31/01 9,768.48
04/30/01 12,688.37 04/30/01 9,816.04 04/30/01 10,432.74
05/31/01 12,763.07 05/31/01 9,881.80 05/31/01 10,718.60
06/30/01 12,644.45 06/30/01 9,641.29 06/30/01 10,584.62
07/31/01 12,579.88 07/31/01 9,546.38 07/31/01 10,395.50
08/31/01 12,396.94 08/31/01 8,948.76 08/31/01 10,300.29
09/30/01 11,571.60 09/30/01 8,226.13 09/30/01 9,581.21
10/31/01 11,669.30 10/31/01 8,382.99 10/31/01 9,727.81
11/30/01 12,157.78 11/30/01 9,026.02 11/30/01 10,111.47
12/31/01 12,388.96 12/31/01 9,105.09 12/31/01 10,239.16
01/31/02 12,454.80 01/31/02 8,972.22 01/31/02 10,263.73
02/28/02 12,312.15 02/28/02 8,799.19 02/28/02 9,967.11
03/31/02 12,699.23 03/31/02 9,130.12 03/31/02 10,320.94
04/30/02 12,831.86 04/30/02 8,576.58 04/30/02 10,202.25
05/31/02 12,975.54 05/31/02 8,513.40 05/31/02 10,123.70
06/30/02 12,392.56 06/30/02 7,906.99 06/30/02 9,584.10
07/31/02 11,679.96 07/31/02 7,290.77 07/31/02 9,016.72
08/31/02 11,869.24 08/31/02 7,338.47 08/31/02 9,120.42
09/30/02 11,317.68 09/30/02 6,540.93 09/30/02 8,896.97
10/31/02 11,520.18 10/31/02 7,116.64 10/31/02 9,092.70
11/30/02 12,195.19 11/30/02 7,535.52 11/30/02 9,580.07
12/31/02 11,881.42 12/31/02 7,092.82 12/31/02 9,725.68
01/31/03 12,006.36 01/31/03 6,907.02 01/31/03 10,007.73
02/28/03 11,926.85 02/28/03 6,803.38 02/28/03 10,011.73
03/31/03 11,954.30 03/31/03 6,869.44 03/31/03 10,176.93
04/30/03 12,687.13 04/30/03 7,435.28 04/30/03 10,680.68
05/31/03 13,328.36 05/31/03 7,827.02 05/31/03 11,119.66
06/30/03 13,439.28 06/30/03 7,926.87 06/30/03 11,269.78
07/31/03 13,520.17 07/31/03 8,066.63 07/31/03 11,477.14
08/31/03 13,762.84 08/31/03 8,223.95 08/31/03 11,400.24
09/30/03 13,743.83 09/30/03 8,136.61 09/30/03 11,254.32
10/31/03 14,301.95 10/31/03 8,596.90 10/31/03 11,541.30
11/30/03 14,650.78 11/30/03 8,672.54 11/30/03 11,713.27
12/31/03 14,941.47 12/31/03 9,127.37 12/31/03 12,081.07
01/31/04 15,504.41 01/31/04 9,294.90 01/31/04 12,298.53
02/29/04 15,609.96 02/29/04 9,424.09 02/29/04 12,387.08
03/31/04 15,574.38 03/31/04 9,281.92 03/31/04 12,730.20
04/30/04 14,914.15 04/30/04 9,136.21 04/30/04 12,567.25
05/31/04 15,126.37 05/31/04 9,261.58 05/31/04 12,563.48
06/30/04 15,463.57 06/30/04 9,441.67 06/30/04 12,714.24
07/31/04 14,920.16 07/31/04 9,129.18 07/31/04 12,433.26
08/31/04 14,825.65 08/31/04 9,166.11 08/31/04 12,346.22
09/30/04 15,224.55 09/30/04 9,265.39 09/30/04 12,617.84
10/31/04 15,295.58 10/31/04 9,406.94 10/31/04 12,747.81
11/30/04 16,207.16 11/30/04 9,787.55 11/30/04 13,157.01
12/31/04 16,599.70 12/31/04 10,120.61 12/31/04 13,496.46
01/31/05 16,172.24 01/31/05 9,873.92 01/31/05 13,229.23
02/28/05 16,528.45 02/28/05 10,081.71 02/28/05 13,316.54
03/31/05 16,338.47 03/31/05 9,903.18 03/31/05 12,978.30
04/30/05 15,596.28 04/30/05 9,715.37 04/30/05 12,627.89
05/31/05 16,181.89 05/31/05 10,024.49 05/31/05 12,591.27
06/30/05 16,519.79 06/30/05 10,038.72 06/30/05 13,169.21
07/31/05 16,975.01 07/31/05 10,412.05 07/31/05 13,494.49
08/31/05 17,142.73 08/31/05 10,317.05 08/31/05 13,683.41
09/30/05 17,540.84 09/30/05 10,400.61 09/30/05 13,796.98
10/31/05 17,180.66 10/31/05 10,227.22 10/31/05 13,612.10
11/30/05 17,522.03 11/30/05 10,614.04 11/30/05 13,839.42
12/31/05 17,786.34 12/31/05 10,617.68 12/31/05 13,972.28
01/31/06 18,693.43 01/31/06 10,898.86 01/31/06 14,197.24
02/28/06 18,436.01 02/28/06 10,928.44 02/28/06 14,302.30
03/31/06 18,840.53 03/31/06 11,064.47 03/31/06 14,548.30
04/30/06 18,912.61 04/30/06 11,213.04 04/30/06 14,754.88
05/31/06 18,089.26 05/31/06 10,890.31 05/31/06 14,396.34
06/30/06 18,038.43 06/30/06 10,905.08 06/30/06 14,377.62
07/31/06 17,878.37 07/31/06 10,972.34 07/31/06 14278.42
08/31/06 18,149.25 08/31/06 11,233.41 08/31/06 14519.72
09/30/06 18,546.48 09/30/06 11,522.90 09/30/06 14741.87
10/31/06 19,052.40 10/31/06 11,898.38 10/31/06 15032.29
11/30/06 19,381.28 11/30/06 12,124.64 11/30/06 15363.00
12/31/06 19,466.90 12/31/06 12,294.72 12/31/06 15458.25
* Index data shown is from 5/31/99, since comparative index data shown is
available only for full monthly periods.
ASSET ALLOCATION AS OF 12/31/06
- -------------------------------
Common Stock 51.1%
Convertible Bonds 42.8%
Convertible Preferreds 4.9%
Cash and Receivables/Payables 1.2%
Portfolio asset allocation is based on net assets.
SECTOR ALLOCATION AS OF 12/31/06
- --------------------------------
Information Technology 24.3%
Consumer Discretionary 21.0%
Financials 16.9%
Health Care 15.7%
Industrials 10.4%
Energy 5.3%
Consumer Staples 3.4%
Telecommunication Services 1.8%
Sector allocations are based on net assets (excluding security lending
collateral and short-term investments) and may vary over time.
Growth and Income Portfolio
4 ANNUAL REPORT Performance and Portfolio Information
Expense Overview
As a shareholder of a mutual fund, you incur two types of costs. You incur:
1.) Transactions costs, including sales charges, or loads, on purchase payments,
or other distributions.
2.) Ongoing costs, including management fees, and other fund expenses, such as
audit, legal and custodian fees.
The examples in this report are based on an investment of $1,000 made at the
beginning of the period and held for the entire period from July 1, 2006 to
December 31, 2006. It is intended to help you understand the ongoing cost
associated with investing in the Portfolio and to compare these costs with the
ongoing costs of investing in other mutual funds.
There are two parts to the Portfolio's chart:
ACTUAL--In this part of the chart, you'll see the actual expenses you would have
on a $1,000 investment made at the beginning of the period and held for the
entire period from July 1, 2006 through December 31, 2006, the period covered by
this report. This chart also shows the actual returns, after expenses, you would
have earned during that time. This chart can help you estimate your own
expenses. For example, if you invested $8,600 in the Portfolio, simply divide
$8,600 by $1,000, then multiply that result by the figure in the "Actual
Expenses per $1,000" row. (In this example, you would multiply 8.6 by the
figure).
HYPOTHETICAL--In this part of the chart, you'll see the hypothetical expenses
you would have paid on a $1,000 investment from July 1, 2006 through December
31, 2006, and the hypothetical returns, after expenses, you would have earned
during that time. The Securities and Exchange Commission (SEC) has established
the guidelines for this chart, including the 5% annual return before expenses,
which is what you'll see in the chart. Note that this chart will not help you
determine your own expenses, but will help you compare expenses of the Portfolio
to the expenses of another fund since the information for that fund should be
calculated using the same assumptions.
Please note that the expenses shown in the chart are meant to highlight your
ongoing costs only and do not include any transactional costs, such as sales
charges (loads), redemption fees or exchange fees. Therefore, the second line of
the chart is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
The actual and hypothetical examples assume a $1,000 investment at the beginning
of the period, July 1, 2006, and held through December 31, 2006.
ACTUAL EXPENSES PER $1,000* $ 6.71
ENDING VALUE $1,079.20
---------
HYPOTHETICAL EXPENSES PER $1,000* $ 6.51
ENDING VALUE $1,018.75
---------
ANNUALIZED EXPENSE RATIO 1.28%
---------
* Expenses are equal to the Portfolio's annualized expense ratio, multiplied
by the average account value over the period, multiplied by 184/365.
Growth and Income Portfolio
Expense Overview ANNUAL REPORT 5
Schedule of Investments
DECEMBER 31, 2006
PRINCIPAL
AMOUNT VALUE
- --------- -----------
CONVERTIBLE BONDS (42.8%)
CONSUMER DISCRETIONARY (7.3%)
Carnival Corp.
$340,000 0.000%, 10/24/21 $ 281,350
50,000 2.000%, 04/15/21(+) 64,250
250,000 General Motors Corp.
6.250%, 07/15/33 227,200
400,000 International Game Technology
0.000%, 01/29/33 392,000
85,000 Lamar Advertising Company(+)
2.875%, 12/31/10 115,706
500,000 Liberty Media Corp. (Time Warner, Inc.)&
0.750%, 03/30/23 636,250
440,000 Omnicom Group, Inc.(+)
0.000%, 07/31/32 453,750
55,000 Priceline.com, Inc.*
0.750%, 09/30/13 65,863
380,000 Walt Disney Company(+)
2.125%, 04/15/23 463,600
-----------
2,699,969
-----------
ENERGY (4.7%)
140,000 Grey Wolf, Inc.(+)
3.750%, 05/07/23 166,775
165,000 Helix Energy Solutions Group*
3.250%, 12/15/25 209,138
540,000 Nabors Industries, Inc.
0.000%, 06/15/23 569,700
225,000 Schlumberger, Ltd.(+)
2.125%, 06/01/23 370,406
125,000 Veritas DGC, Inc.*++
4.610%, 03/15/24 440,625
-----------
1,756,644
-----------
FINANCIALS (7.7%)
HCC Insurance Holdings, Inc.
75,000 1.300%, 04/01/23 106,875
70,000 2.000%, 09/01/21 105,700
420,000 Host Marriott Corp.*
3.250%, 04/15/24 624,750
910,000 Merrill Lynch & Company, Inc.
0.000%, 03/13/32 1,211,847
450,000 Travelers Property Casualty Corp.
4.500%, 04/15/32 470,520
325,000 Wachovia Corp. (Halliburton, Nabors Industries,
Amerada Hess)&
0.250%, 12/15/10 315,250
-----------
2,834,942
-----------
HEALTH CARE (6.4%)
550,000 Amgen, Inc.
0.125%, 02/01/11 539,000
400,000 Gilead Sciences, Inc.*
0.500%, 05/01/11 410,500
150,000 Greatbatch, Inc.
2.250%, 06/15/13 139,313
PRINCIPAL
AMOUNT VALUE
- --------- -----------
$150,000 Henry Schein, Inc.
3.000%, 08/15/34 $ 182,250
210,000 Sepracor, Inc.
0.000%, 10/15/24 227,062
Teva Pharmaceutical Industries, Ltd.
380,000 0.250%, 02/01/24 391,400
150,000 0.500%, 02/01/24(+) 152,812
160,000 Valeant Pharmaceuticals International(+)
4.000%, 11/15/13 153,200
160,000 Wyeth(+)++
5.109%, 01/15/24 174,496
-----------
2,370,033
-----------
INDUSTRIALS (5.2%)
190,000 AGCO Corp.
1.250%, 12/15/36 187,625
230,000 Armor Holdings, Inc.
2.000%, 11/01/24 278,300
200,000 CSX Corp.
0.000%, 10/30/21 247,750
445,000 L-3 Communications Holdings*(+)
3.000%, 08/01/35 469,475
335,000 Lockheed Martin Corp.++
5.124%, 08/15/33 446,223
430,000 Roper Industries, Inc.
1.481%, 01/15/34 281,650
-----------
1,911,023
-----------
INFORMATION TECHNOLOGY (9.7%)
150,000 Coherent, Inc.*(+)
2.750%, 03/01/11 159,562
265,000 CommScope, Inc.
1.000%, 03/15/24 393,856
110,000 CSG Systems International, Inc.*
2.500%, 06/15/24 125,263
110,000 Digital River, Inc.
1.250%, 01/01/24 151,113
140,000 DST Systems, Inc.
4.125%, 08/15/23 195,300
220,000 Flextronics International, Ltd.(+)
1.000%, 08/01/10 216,425
150,000 Informatica Corp.*
3.000%, 03/15/26 148,500
50,000 M-Systems Flash Disk Pioneers, Ltd.*
1.000%, 03/15/35 65,688
120,000 Macrovision Corp.*
2.625%, 08/15/11 145,800
130,000 Mentor Graphics Corp.*
6.250%, 03/01/26 169,975
280,000 ON Semiconductor Corp.(+)
0.000%, 04/15/24 276,500
165,000 RF Micro Devices, Inc.
1.500%, 07/01/10 175,106
230,000 Sandisk Corp.(+)
1.000%, 05/15/13 204,700
See accompanying Notes to Schedule of Investments.
Growth and Income Portfolio
6 ANNUAL REPORT Schedule of Investments
Schedule of Investments
DECEMBER 31, 2006
PRINCIPAL
AMOUNT VALUE
- --------- -----------
$365,000 Sybase, Inc.*(+)
1.750%, 02/22/25 $ 407,887
630,000 Symantec Corp.*
0.750%, 06/15/11 762,300
-----------
3,597,975
-----------
TELECOMMUNICATION SERVICES (1.8%)
260,000 Qwest Communications International, Inc.
3.500%, 11/15/25 407,875
200,000 Time Warner Telecom, Inc.
2.375%, 04/01/26 252,500
-----------
660,375
-----------
TOTAL CONVERTIBLE BONDS
(Cost $13,913,137) 15,830,961
-----------
NUMBER OF
SHARES VALUE
- --------- -----------
CONVERTIBLE PREFERRED STOCKS (4.9%)
ENERGY (0.6%)
3,000 Bristow Group, Inc.
5.500% 151,485
500 Chesapeake Energy Corp.*
5.000% 64,688
-----------
216,173
-----------
FINANCIALS (4.3%)
12,200 E* TRADE Financial Corp.
6.125% 356,118
160 Fortis Insurance, NV (Assurant, Inc.)*&
7.750% 228,612
14,200 MetLife, Inc.
6.375% 434,236
3,400 Morgan Stanley (Nuveen Investments, Inc.)&
5.875% 155,391
4,400 Washington Mutual, Inc.
5.375% 248,160
6,500 XL Capital, Ltd.
7.000% 172,250
-----------
1,594,767
-----------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,612,859) 1,810,940
-----------
COMMON STOCKS (51.1%)
CONSUMER DISCRETIONARY (13.7%)
8,400 Coach, Inc.# 360,864
5,000 Garmin, Ltd. 278,300
10,700 Harley-Davidson, Inc.(+) 754,029
20,000 Home Depot, Inc.(+) 803,200
6,000 International Game Technology 277,200
2,800 ITT Educational Services, Inc.# 185,836
35,000 News Corp. 779,100
6,000 Nike, Inc.(+) 594,180
4,720 Starbucks Corp.#(+) 167,183
NUMBER OF
SHARES VALUE
- --------- -----------
8,000 Toll Brothers, Inc.#(+) $ 257,840
17,500 Walt Disney Company 599,725
-----------
5,057,457
-----------
CONSUMER STAPLES (3.4%)
11,800 Coca-Cola Company 569,350
10,700 PepsiCo, Inc. 669,285
-----------
1,238,635
-----------
FINANCIALS (4.9%)
3,000 A.G. Edwards, Inc. 189,870
4,200 Ambac Financial Group, Inc. 374,094
4,500 Bank of America Corp. 240,255
3,200 Goldman Sachs Group, Inc. 637,920
4,900 Manulife Financial Corp. 165,571
1,400 PartnerRe, Ltd. 99,442
1,600 Reinsurance Group of America, Inc.(+) 89,120
-----------
1,796,272
-----------
HEALTH CARE (9.3%)
5,000 Forest Laboratories, Inc.# 253,000
4,700 Gilead Sciences, Inc.# 305,171
11,200 Johnson & Johnson 739,424
8,200 Merck & Company, Inc. 357,520
28,000 Pfizer, Inc. 725,200
19,000 Thermo Electron, Corp.# 860,510
2,400 Zimmer Holdings, Inc.# 188,112
-----------
3,428,937
-----------
INDUSTRIALS (5.2%)
6,500 Danaher Corp. 470,860
5,400 Lockheed Martin Corp. 497,178
5,000 Manpower, Inc.(+) 374,650
6,000 Raytheon Company 316,800
9,000 Tyco International, Ltd. 273,600
-----------
1,933,088
-----------
INFORMATION TECHNOLOGY (14.6%)
15,000 BEA Systems, Inc.# 188,700
26,000 Cisco Systems, Inc.#(+) 710,580
3,000 Cognizant Technology Solutions Corp.# 231,480
17,000 Dell, Inc.# 426,530
8,000 eBay, Inc.# 240,560
20,400 Infosys Technologies, Ltd. 1,113,024
31,000 Microsoft Corp. 925,660
8,716 Motorola, Inc. 179,201
16,000 Nokia Corp. 325,120
10,500 NVIDIA Corp.#(+) 388,605
40,000 Oracle Corp.#(+) 685,600
-----------
5,415,060
-----------
TOTAL COMMON STOCKS
(Cost $15,966,266) 18,869,449
-----------
See accompanying Notes to Schedule of Investments.
Growth and Income Portfolio
Schedule of Investments ANNUAL REPORT 7
Schedule of Investments
DECEMBER 31, 2006
PRINCIPAL
AMOUNT VALUE
- --------- -----------
SHORT-TERM INVESTMENT (1.4%)
COMMERCIAL PAPER (1.4%)
$522,000 Citigroup, Inc.
5.220%, 01/02/07
(Cost $521,924) $ 521,924
-----------
NUMBER OF
SHARES VALUE
- --------- -----------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES ON LOAN (23.1%)
8,538,000 Bank of New York Institutional Cash Reserve
Fund 5.403%
(Cost $8,538,000) 8,538,000
-----------
TOTAL INVESTMENTS (123.3%)
(Cost $40,552,186) 45,571,274
===========
PAYABLE UPON RETURN OF SECURITIES LOANED (-23.1%) (8,538,000)
-----------
LIABILITIES, LESS OTHER ASSETS (-0.2%) (61,159)
-----------
NET ASSETS (100.0%) $36,972,115
===========
NOTES TO SCHEDULE OF INVESTMENTS
& Securities exchangeable or convertible into securities of an entity
different than the issuer. Such entity is identified in the parenthetical.
* 144A securities are those that are exempt from registration under Rule 144A
of the Securities Act of 1933, as amended. These securities are generally
issued to qualified institutional buyers ("QIBs"), such as the Portfolio.
Any resale of these securities must generally be effected through a sale
that is exempt from registration (e.g. a sale to another QIB), or the
security must be registered for public sale. At December 31, 2006, the
market value of 144A securities that were not subject to mandatory issuer
registration obligations is $1,078,612 or 2.9% of net assets.
# Non-income producing security.
(+) Security, or portion of security, is on loan.
++ Variable rate or step bond security. The interest rate shown is the rate in
effect at December 31, 2006.
See accompanying Notes to Financial Statements.
Growth and Income Portfolio
8 ANNUAL REPORT Schedule of Investments
Statement of Assets and Liabilities
DECEMBER 31, 2006
- -----------------
ASSETS
Investments, at value- (cost $40,552,186) $45,571,274
Cash with custodian (interest bearing) 709
Accrued interest and dividends 82,444
Receivable for investments sold 715,503
Receivable for fund shares sold 11,398
Other assets 30,103
-----------
Total assets 46,411,431
-----------
LIABILITIES AND NET ASSETS
Payables:
Cash collateral for securities loaned 8,538,000
Investments purchased 790,719
Fund shares redeemed 178
Affiliates:
Investment advisory fees 23,637
Deferred compensation to Trustees 30,103
Financial accounting fees 364
Trustees fees and officer compensation 215
Other accounts payable and accrued liabilities 56,100
-----------
Total liabilities 9,439,316
-----------
NET ASSETS $36,972,115
===========
ANALYSIS OF NET ASSETS
Paid in capital $31,494,143
Undistributed net investment income (loss) (541,786)
Accumulated net realized gain (loss) on investments,
options and foreign currency transactions 1,000,670
Unrealized appreciation (depreciation) of investments,
options and foreign currency translations 5,019,088
-----------
NET ASSETS $36,972,115
===========
Shares outstanding 2,569,476
Net asset value and redemption price per share $ 14.39
- - Including securities on loan with a value of $8,339,650.
See accompanying Notes to Financial Statements.
Growth and Income Portfolio
Statement of Assets and Liabilities ANNUAL REPORT 9
Statement of Operations
YEAR ENDED DECEMBER 31, 2006
- ----------------------------
INVESTMENT INCOME
Interest $ 528,958
Dividends 290,385
Securities lending income 7,966
----------
Total investment income* 827,309
----------
EXPENSES
Investment advisory fees 274,620
Trustees' fees and officer compensation 15,428
Financial accounting fees 4,141
Audit fees 60,893
Legal fees 52,802
Custodian fees 11,743
Accounting fees 2,655
Transfer agent fees 1,441
Other 31,217
----------
Total expenses 454,940
----------
Less earnings credit (112)
Net expenses 454,828
----------
NET INVESTMENT INCOME (LOSS) 372,481
==========
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) FROM:
Investments 2,530,897
CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION ON:
Investments 418,969
----------
NET GAIN (LOSS) ON INVESTMENTS 2,949,866
==========
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $3,322,347
==========
* Net of foreign taxes withheld of $2,568.
See accompanying Notes to Financial Statements.
Growth and Income Portfolio
10 ANNUAL REPORT Statement of Operations
Statements of Changes in Net Assets
Year Ended December 31,
-------------------------
2006 2005
----------- -----------
OPERATIONS
Net investment income (loss) $ 372,481 $ 259,172
Net realized gain (loss) from investments, options and
foreign currency transactions 2,530,897 2,443,879
Change in net unrealized appreciation/depreciation on
investments, options and foreign currency
translations 418,969 (254,894)
----------- -----------
Net increase (decrease) in net assets resulting from
operations 3,322,347 2,448,157
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (728,348) (809,300)
Net realized gains (2,858,582) (303,544)
----------- -----------
Total distributions (3,586,930) (1,112,844)
----------- -----------
CAPITAL SHARE TRANSACTIONS
Issued 3,764,821 3,356,213
Issued in reinvestment of distributions 3,586,930 1,112,844
Redeemed (5,911,362) (3,727,379)
----------- -----------
Net increase (decrease) in net assets from capital
share transactions 1,440,389 741,678
----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,175,806 2,076,991
=========== ===========
NET ASSETS
Beginning of period $35,796,309 $33,719,318
=========== ===========
End of period 36,972,115 35,796,309
=========== ===========
Undistributed net investment income (loss) $ (541,786) $ (297,542)
CAPITAL SHARE TRANSACTIONS
Shares issued 252,925 242,420
Shares issued in reinvestment of distributions 246,895 77,821
Shares redeemed (397,130) (265,348)
----------- -----------
Net increase (decrease) in capital shares outstanding 102,690 54,893
----------- -----------
See accompanying Notes to Financial Statements.
Growth and Income Portfolio
Statements of Changes in Net Assets ANNUAL REPORT 11
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION. Calamos Advisors Trust, a Massachusetts business trust organized
on February 17, 1999 (the "Trust"), consists of a single series, Calamos Growth
and Income Portfolio (the "Portfolio"). 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 commenced investment operations on May 19, 1999. The Portfolio
seeks high long-term total return through growth and current income.
PORTFOLIO VALUATION. Calamos Advisors LLC ("Calamos Advisors") values the
Portfolio's portfolio securities in accordance with policies and procedures on
the valuation of securities adopted by the Board of Trustees 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 last current reported sales price at the time as
of which the Portfolio determines its NAV. Securities traded in the
over-the-counter ("OTC") market and quoted on The Nasdaq Stock Market are valued
at the Nasdaq Official Closing Price ("NOCP"), as determined by Nasdaq, or
lacking a NOCP, the last current reported sale price on Nasdaq at the time as of
which the Portfolio determines its NAV.
When a most recent last sale or closing price is not available, portfolio
securities, other than option securities, that are traded on a U.S. securities
exchange and other securities traded in the OTC market are valued at the mean
between the most recent bid and asked quotations 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 OTC option that is not traded through the Options Clearing
Corporation is valued by the counterparty to such option. 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, including any thinly-traded security, junk bond or synthetic
convertible instrument, 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.
Trading in securities on European and Far Eastern securities exchanges and OTC
markets is typically completed at various times before the close of business on
each day on which the NYSE is open. Each security trading on these exchanges or
OTC markets is evaluated 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
current sale price at the time as of which 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, in accordance with guidelines
adopted by the Board of Trustees. 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. As stated above, if the market
prices are not readily available or are not reflective of a security's fair
value, 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 Board of Trustees
guidelines and under the ultimate supervision of the Board of Trustees if the
value of a foreign security it holds is materially affected by events occurring
before their pricing time but after the close of the primary market or exchange
on which the security is traded. 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.
Growth and Income Portfolio
12 ANNUAL REPORT Notes to Financial Statements
Notes to Financial Statements
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.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME. Short-term investment
transactions are recorded on a trade date basis. Long-term investment
transactions are recorded on a trade date plus one basis, except for fiscal
quarter ends, which are recorded on trade date. 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.
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 period end.
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 market value should the counterparty not perform under the
contract. Put and call options purchased are accounted for in the same manner as
portfolio securities. 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.
When the Portfolio writes an option, an amount equal to the premium received by
the Portfolio is recorded as a liability and is subsequently adjusted to the
current value of the option written. Premiums received from writing options that
expire unexercised are treated by the Portfolio on the expiration date as
realized gains from written options. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain, or, if the premium is less than
the amount paid for the closing purchase transaction, as a realized loss. If a
written call option is exercised, the premium is added to the proceeds from the
sale of the underlying security or currency in determining whether the Portfolio
has realized a gain or loss. If a written put option is exercised, the premium
reduces the cost basis of the securities purchased by the Portfolio. 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.
USE OF ESTIMATES. The preparation of financial statements in conformity with
U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results may differ from those
estimates.
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 (the "Code") and distribute to
shareholders substantially all of its taxable income and net realized gains.
Growth and Income Portfolio
Notes to Financial Statements ANNUAL REPORT 13
Notes to Financial Statements
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 transaction, contingent payment debt instruments and
methods of amortizing and accreting on fixed income securities. The Portfolio
also may treat a portion of the proceeds from each redemption of capital shares
as a distribution of taxable net investment income and/or realized capital gain.
Financial records are not adjusted for temporary differences.
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 enters 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. However, the
Portfolio has not had prior claims or losses pursuant to these indemnification
provisions and expects the risk of loss to be remote.
NEW ACCOUNTING PRONOUNCEMENTS. On July 13, 2006, the Financial Accounting
Standards Board (FASB) released FASB Interpretation No. 48 Accounting for
Uncertainty in Income Taxes (FIN 48). FIN 48 provides guidance for how uncertain
tax positions should be recognized, measured, presented and disclosed in the
financial statements. FIN 48 requires the evaluation of tax positions taken in
the course of preparing the Portfolio's tax returns to determine whether the tax
positions are "more-likely-than-not" of being sustained by the applicable tax
authority. Tax benefits of positions not deemed to meet the more-likely-than-not
threshold would be recorded as a tax expense in the current year. Adoption of
FIN 48 is required for fiscal years beginning after December 15, 2006 and is to
be applied to all open tax years as of the effective date. At this time,
management is evaluating the implications of FIN 48, and its impact on the
financial statements has not yet been determined.
In addition, in September 2006, the Statement of Financial Accounting Standards
No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for
fiscal years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Portfolio's financial statements and their
disclosures, and its impact has not yet been determined.
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%.
Pursuant to a financial accounting services agreement, Calamos Advisors receives
a fee payable monthly at the annual rate of 0.0175% on the first $1 billion of
combined assets; 0.0150% on the next $1 billion of combined assets; and 0.0110%
on combined assets above $2 billion for financial accounting services (for
purposes of this calculation "combined assets" means the total average daily net
assets of Calamos Investment Trust, Calamos Advisors Trust, and the average
weekly managed net assets of Calamos Convertible and High Income Fund, Calamos
Strategic Total Return Fund, Calamos Convertible Opportunities and Income Fund
and Calamos Global Total Return Fund). "Managed assets" means the funds' total
assets (including any assets attributable to any leverage that may be
outstanding) minus total liabilities (other than debt representing financial
leverage). Financial accounting services include, but are not limited to the
following: managing expenses and expense payment processing; monitoring the
calculation of expense accrual amounts; calculating, tracking, and reporting tax
adjustments on all assets and monitoring trustee deferred compensation plan
accruals and valuations. The Portfolio pays its pro rata share of the financial
accounting services fee payable to Calamos Advisors based on the Portfolio's
relative portion of combined assets.
Growth and Income Portfolio
14 ANNUAL REPORT Notes to Financial Statements
Notes to Financial Statements
The Trust reimburses the advisor for a portion of compensation paid to the
Trust's Chief Compliance Officer. This compensation is reported as part of
"Trustees' fees and officer compensation" expenses on the Statement of
Operations.
Included in the Statement of Operations under the caption "Earnings credits" are
expense offsets of $112 arising from credits on cash balances maintained on
deposit with the Portfolio's custodian.
Pursuant to an agreement with US Bancorp Fund Services, LLC, the Portfolio's
transfer agent ("US Bancorp"), Calamos Financial Services LLC ("CFS") provides
certain shareholder administrative services to US Bancorp. CFS receives from US
Bancorp an annual fee of $175,000, paid in monthly installments, for providing
of these services. Also, US Bancorp pays license fees to unaffiliated third
parties for CFS' utilization of certain transfer agent and phone systems in
providing the shareholder administrative services. The fees paid to CFS and the
payment of license fees to third parties are borne by US Bancorp. The Portfolio
has not assumed or incurred any additional expenses in connection with CFS
providing these services to US Bancorp and the transfer agency fees payable by
the Portfolio to US Bancorp have not increased as a result thereof.
Certain officers and trustees of the Trust are also officers and directors of
CFS and Calamos Advisors. All officers and affiliated trustees serve without
direct compensation from the Trust, except for the Chief Compliance Officer as
described above.
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) of CFS
or Calamos Advisors and has elected to participate in the Plan (a "participating
trustee") may defer receipt of all or a portion of his 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 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. Deferred compensation investments of $30,103 are included in "Other
assets" on the Statement of Assets and Liabilities at December 31, 2006. The
Portfolio's obligation 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, 2006.
NOTE 3 - INVESTMENTS
Purchases and sales of investments other than short-term obligations by the
Portfolio, for the year ended December 31, 2006 were as follows:
Purchases $23,815,964
Proceeds from sales 25,873,583
The cost basis of investments for Federal income tax purposes at December 31,
2006 was as follows:
Cost basis of investments $40,834,786
-----------
Gross unrealized appreciation $ 4,963,606
Gross unrealized depreciation $ (227,118)
-----------
Net unrealized appreciation (depreciation) $ 4,736,488
-----------
NOTE 4 - INCOME TAXES
For the year ended December 31, 2006, 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 $ --
Accumulated undistributed/(overdistributed) net investment income 111,623
Accumulated net realized gain/(loss) on investments (111,623)
Growth and Income Portfolio
Notes to Financial Statements ANNUAL REPORT 15
Notes to Financial Statements
Distributions during the fiscal years ended December 31, 2006 and December 31,
2005, were characterized for Federal income tax purposes as follows:
2006 2005
---------- --------
Distributions paid from:
Ordinary Income $ 728,348 $809,300
Long-Term Capital Gain 2,858,582 303,544
As of December 31, 2006, the components of accumulated earnings/(loss) on a tax
basis were as follows:
Undistributed ordinary income $ --
Undistributed capital gains 845,940
-----------
Total undistributed earnings 845,940
Accumulated capital and other losses (76,010)
Net unrealized gains/(losses) 4,736,488
-----------
Total accumulated earnings/(losses) 5,506,418
Other (28,446)
Paid-in capital 31,494,143
-----------
$36,972,115
-----------
As of December 31, 2006, the Portfolio did not have a net tax basis capital loss
carryforward.
The Portfolio had deferred post-October losses occurring subsequent to October
31, 2006. For tax purposes, such losses will be treated as having occurred on
January 1, 2007. As of December 31, 2006 post-October losses are as follows:
Capital $ --
Currency (21)
Contingent Payment Debt Instrument (75,989)
NOTE 5 - SECURITIES LENDING
For the year ended December 31, 2006, the Portfolio loaned one or more of its
securities to broker-dealers and banks. Any such loan must be continuously
secured by collateral in cash or cash equivalents maintained on a current basis
in an amount at least equal to the market value of the securities loaned by the
Portfolio. The Portfolio 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 Portfolio may pay reasonable fees to persons unaffiliated with
the Portfolio for services in arranging these loans. The Portfolio has the right
to call the loan and obtain the securities loaned at any time on notice of not
less than five business days. The Portfolio 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 period while the Portfolio seeks to enforce its
rights thereto, (b) possible subnormal levels of income and lack of access to
income during this period, and (c) the expenses of enforcing its rights. In an
effort to reduce these risks, Calamos Advisors and the security lending agent
monitor the creditworthiness of the firms to which the Portfolio lends
securities. At December 31, 2006, the Portfolio had securities valued at
$8,339,650 that were on loan to broker-dealers and banks and $8,538,000 in cash
or cash equivalent collateral.
Growth and Income Portfolio
16 ANNUAL REPORT Notes to Financial Statements
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD WERE AS FOLLOWS:
For the Year Ended December 31,
-----------------------------------------------
2006 2005 2004 2003 2002
------- ------- ------- ------- -------
Net asset value, beginning of period $ 14.51 $ 13.98 $ 12.74 $ 10.46 $ 11.29
Income from investment operations:
Net investment income (loss) 0.16 0.11 0.13 0.34 0.43
Net realized and unrealized gain (loss) from
investments and foreign currency transactions 1.20 0.87 1.27 2.32 (0.89)
Total from investment operations 1.36 0.98 1.40 2.66 (0.46)
Distributions:
Dividends from net investment income (0.29) (0.33) (0.16) (0.38) (0.37)
Dividends from net realized gains (1.19) (0.12) -- -- --
Total distributions (1.48) (0.45) (0.16) (0.38) (0.37)
Net asset value, end of period $ 14.39 $ 14.51 $ 13.98 $ 12.74 $ 10.46
Total Return (a) 9.45% 7.15% 11.10% 25.76% (4.10%)
Ratios and supplemental data:
Net assets, end of period (000) $36,972 $35,796 $33,719 $22,368 $15,863
Ratio of net expenses to average net assets 1.24% 1.27% 1.31% 1.47% 1.00%
Ratio of net investment income (loss) to average net assets 1.02% 0.76% 1.16% 3.11% 3.98%
Ratio of total expenses to average net assets 1.24% 1.27% 1.31% 1.59% 1.78%
Portfolio turnover rate 66.00% 69.69% 79.53% 68.46% 42.88%
(a) Total return measures net investment income 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, and does not reflect the deduction of taxes that a
shareholder would pay on portfolio distributions or the redemption of fund
shares.
* Annualized
Growth and Income Portfolio
Financial Highlights ANNUAL REPORT 17
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Calamos Advisors Trust
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Calamos Advisors Trust (comprised solely of the
Calamos Growth and Income Portfolio) (the "Trust") as of December 31, 2006, and
the related statement of operations for the year then ended, and statements of
changes in net assets and the financial highlights for each of the two years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits. The Trust's financial highlights for the periods ended prior to December
31, 2005 were audited by other auditors whose report, dated February 4, 2005,
expressed an unqualified opinion on those financial statements.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Trust
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of December 31, 2006; where replies were not received
from brokers, we performed other auditing procedure, by correspondence with the
Trust's custodian and brokers. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Trust as of December 31, 2006, the results of its operations for the year then
ended, and the changes in its net assets and the financial highlights for each
of the two years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
(DELOITTE & TOUCHE LLP)
Chicago, Illinois
February 9, 2007
Growth and Income Portfolio
18 ANNUAL REPORT Report of Independent Registered Public Accounting Firm
Change in Independent Registered Public Accounting Firm (unaudited)
On November 1, 2005, the Trust's audit committee approved the dismissal of Ernst
& Young LLP (E&Y) as independent registered public accounting firm and engaged
Deloitte & Touche LLP (Deloitte) to serve as the Trust's independent registered
public accounting firm for the Trust's fiscal year ended December 31, 2005.
During the Trust's fiscal year ended December 31, 2004 and through November 1,
2005, neither the Trust nor anyone on its behalf consulted with Deloitte on
items that (i) concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Trust's financial statements; or (ii) concerned the
subject of a disagreement or reportable events.
The report of E&Y on the Trust's financial statements for the fiscal year ended
December 31, 2004 contained no adverse opinion or disclaimer of opinion nor
was it qualified or modified as to uncertainty, audit scope or accounting
principles. During the Trust's fiscal year ended December 31, 2004 and through
November 1, 2005, there were no (i) disagreements with E&Y on any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
E&Y, would have caused it to make reference to the subject matter of the
disagreements in connection with its reports on the Trust's financial statements
for such years, or (ii) reportable events.
Tax Information (unaudited)
We are providing this information as required by the Internal Revenue Code
(Code). The amounts shown may differ from those elsewhere in this report due to
differences between tax and financial reporting requirements. In January 2007,
shareholders received Form 1099-DIV which will include their share of qualified
dividends and capital gains distributed during the calendar year 2006.
Shareholders are advised to check with their tax advisors for information on the
treatment of these amounts on their individual income tax returns.
Under Section 852(b)(3)(C) of the Code, the Portfolio hereby designates
$2,858,582, as capital gain dividends for the fiscal year ended December 31,
2006.
Under Section 854(b)(2) of the Code, the Portfolio hereby designates $198,942,
or the maximum amount allowable under the Code, as qualified dividends for the
fiscal year ended December 31, 2006.
Under Section 854(b)(2) of the Code, the Portfolio hereby designates 23.88% of
the ordinary income dividends as income qualifying for the dividends received
deduction for the fiscal year ended December 31, 2006.
Growth and Income Portfolio
Change in Independent Registered Public Accounting Firm and Tax Information
ANNUAL REPORT 19
Trustees & Officers
The management of the Portfolio, including general supervision of duties
performed for the Portfolio under the Investment Management Agreement, is the
responsibility of its board of trustees.
The following table sets forth, as of December 31, 2006 each trustee's
position(s) with the Portfolio, age, principal occupation during the past five
years, number of portfolios overseen, other directorships, and the date on which
the trustee first became a trustee of the Portfolio.
NUMBER OF
PORTFOLIOS
IN FUND
POSITION(S) HELD WITH PORTFOLIO COMPLEX##
NAME AND AGE AT AND DATE FIRST ELECTED OVERSEEN PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
DECEMBER 31, 2006 OR APPOINTED TO OFFICE BY TRUSTEE AND OTHER DIRECTORSHIPS HELD
- ----------------- -------------------------------------- ---------- -----------------------------------------------------
TRUSTEES WHO ARE INTERESTED PERSONS OF PORTFOLIO:
John P. Calamos, Sr., 66* Trustee and President (since 1988) 15 Chairman, CEO, and Co-Chief Investment Officer
Calamos Asset Management, Inc. ("CAM"), Calamos
Holdings LLC ("CHLLC"), and Calamos Advisors LLC and
its predecessor ("Calamos Advisors"), and President
and Co-Chief Investment Officer, Calamos Financial
Services LLC and its predecessor ("CFS"); Director,
CAM
TRUSTEES WHO ARE NOT INTERESTED PERSONS OF PORTFOLIO:
Joe F. Hanauer, 69 Trustee (since 2001) 15 Private investor; Director, MAF Bancorp (bank holding
company); Chairman and Director, Move, Inc.,
(internet provider of real estate information and
products); Director, Combined Investments, L.P.
(investment management)
Weston W. Marsh, 56 Trustee (since 2002) 15 Of Counsel, and formerly, Partner, Freeborn & Peters
(law firm)
John E. Neal, 56 Trustee (since 2001) 15 Private investor; Managing Director, Bank One Capital
Markets, Inc. (investment banking) (2000-2004);
Director, The Brickman Group, Ltd. (landscaping
company); Director, Equity Residential
(publicly-owned REIT); Director, Ranir LLC (oral
products company); Director, CBA Commercial
(commercial mortgage securitization company);
Partner, Private Perfumery LLC (private label perfume
company); Partner, Linden LLC (health care private
equity)
William R. Rybak, 55 Trustee (since 2002) 15 Private investor; formerly Executive Vice President
and Chief Financial Officer, Van Kampen Investments,
Inc. and subsidiaries (investment manager); Director,
Howe Barnes Investments (investment services firm);
Director, PrivateBancorp, Inc. (bank holding company)
Stephen B. Timbers, 62 Trustee (since 2004); Lead Independent 15 Private investor; formerly Vice Chairman, Northern
Trustee (since 2005) Trust Corporation (bank holding company); President
and Chief Executive Officer, Northern Trust
Investments, N.A. (investment manager); formerly
President, Northern Trust Global Investments, a
division of Northern Trust Corporation and Executive
Vice President, The Northern Trust Corporation;
Director, Northern Trust Securities, Inc.
David D. Tripple, 62 Trustee (since 2006) 15 Private investor; Trustee, Century Shares Trust and
Century Small Cap Select Fund**; Pioneer Investment
Management, a subsidiary of UniCredito Italiano
(investment advisor); prior thereto, The Pioneer
Group, Inc. (asset management)
* John P. Calamos is an "interested person" of the Portfolio as defined in
the Investment Company Act of 1940 (the "1940 Act") because he is an
affiliate of Calamos Advisors and Calamos Financial Services LLC.
** Overseeing two portfolios in fund complex
## The Fund Complex consists of CALAMOS Investment Trust, CALAMOS Advisors
Trust, CALAMOS Convertible Opportunities and Income Fund, CALAMOS
Convertible and High Income Fund, CALAMOS Strategic Total Return Fund and
CALAMOS Global Total Return Fund.
Growth and Income Portfolio
20 ANNUAL REPORT Trustees & Officers
Trustees & Officers
OFFICERS. Mr. John Calamos is president of the Portfolio. The preceding table
gives more information about Mr. John Calamos.
The following table sets forth as of December 31, 2006 each other officer's
name, position with the Portfolio, age, principal occupation during the past
five years, other directorships, and the date on which he or she first became
and officer of the Portfolio. Each officer serves until his or her successor is
chosen and qualified or until his or her resignation or removal by the board of
trustees.
NAME POSITION(S) HELD WITH PORTFOLIO AND PRINCIPAL OCCUPATION(S)
AND AGE AT DATE FIRST ELECTED OR DURING PAST 5 YEARS
DECEMBER 31, 2006 APPOINTED TO OFFICE AND OTHER DIRECTORSHIPS HELD
- ----------------- ------------------------------------- ------------------------------------------------------
Nimish S. Bhatt, 43 Treasurer (since 2004) Senior Vice President and Director of Operations, CAM,
CHLLC, Calamos Advisors and CFS (since 2004); Senior
Vice President, Alternative Investments and Tax
Services, The BISYS Group, Inc., prior thereto
Nick P. Calamos, 45* Vice President (since 1992) Senior Executive Vice President and Co-Chief
Investment Officer, CAM, CHLLC, Calamos Advisors and
CFS
Patrick H. Dudasik, 51 Vice President (since 2001) Executive Vice President, Chief Financial Officer and
Treasurer, CAM and CHLLC (since 2004), Calamos
Advisors and CFS (since 2001); Administrative Officer,
CAM and CHLLC (2004-2005), Calamos Advisors and CFS
(2001-2005)
James S. Hamman, Jr., 37 Secretary (since 1999) Executive Vice President, Secretary and General
Counsel, CAM and CHLLC (since 2004), Calamos Advisors
and CFS (since 1998); Chief Compliance Officer
(2004-2005)
Mark J. Mickey, 55 Chief Compliance Officer (since 2005) Chief Compliance Officer, Calamos Funds (since 2005)
and Chief Compliance Officer, Calamos Advisors
(2005-2006); Director of Risk Assessment and Internal
Audit, Calamos Advisors (2003-2005); President, Mark
Mickey Consulting (2002-2003); Executive Vice
President and Head of Compliance, ABN AMRO, Inc.,
prior thereto
* Mr. Nick Calamos resigned from the board of trustees effective June 28,
2006.
The mailing address of the Trustees and Officers is Calamos Funds; Attn:
Secretary, 2020 Calamos Court, Naperville, IL 60563-2787
PROXY VOTING POLICIES. A description of the CALAMOS Proxy Voting Policies
and Procedures is available by calling (800) 582-6959, by visiting its
website at www.calamos.com or by writing CALAMOS at: CALAMOS INVESTMENTS,
Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the
Securities and Exchange Commission's website at www.sec.gov.
Growth and Income Portfolio
Trustees & Officers ANNUAL REPORT 21
(CALAMOS INVESTMENTS(R) LOGO)
Calamos Investments | 2020 Calamos Court | Naperville, IL 60563-2787 |
800.582.6959 | www.calamos.com
A description of the Calamos Proxy Voting Policies and Procedures is available
free of charge upon request by calling 1.800.582.6959, by visiting the Calamos
website at www.calamos.com, by writing Calamos at: Calamos Advisors LLC, Attn:
Client Services, 2020 Calamos Court, Naperville, IL 60563, or by visiting the
SEC website at http://www.sec.gov. The Portfolio's proxy voting record for the
twelve month period ended June 30, 2006, is also available free of charge upon
request by calling or writing Calamos Advisors LLC and by visiting the SEC
website at http://www.sec.gov. The Portfolio files a complete list of its
portfolio holdings with the SEC for the first and third quarters each fiscal
year on Form N-Q. The Form N-Q is available free of charge, upon request, by
calling or writing Calamos Advisors LLC or by visiting the SEC website. You may
also review or, for a fee, copy the form at the SEC's Public Reference Room in
Washington, D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling 1.800.732.0330.
CALAMOS ADVISORS TRUST
This report, including the audited financial statements contained herein, is
submitted for general information for the contract owners of the Portfolio. The
report is not authorized for distribution to prospective contract owners in the
Portfolio unless it is accompanied by a currently effective prospectus of the
Portfolio. Portfolio holdings as filed on Form N-Q, have also been made
available to insurance companies issuing variable annuity contracts and variable
life insurance policies that invest in the Portfolio.
(C) 2007 Calamos Holdings LLC. All Rights Reserved.
Calamos(R), CALAMOS INVESTMENTS(R), Strategies for Serious Money(R)
and the Calamos(R) logo are registered trademarks of Calamos Holdings LLC.
KCLANR 2146 2006
ITEM 2. CODE OF ETHICS.
(a) 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) Not applicable.
(c) The registrant has not amended its Code of Ethics during the period covered
by the shareholder report presented in Item 1 hereto.
(d) The registrant has not granted a waiver or an implicit waiver from its Code
of Ethics during the period covered by the shareholder report presented in Item
1 hereto.
(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 three 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, Stephen B.
Timbers, David D. Tripple, and William R. Rybak. 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. The designation
or identification of a person as an audit committee financial expert does not
impose on such person any duties, obligation, or liabilities that are greater
than the duties, obligations and liabilities imposed on such person as a member
of audit committee and Board of Trustees in the absence of such designation or
identification.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fee - $27,286 and $29,575 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 - $29,260 and $23,350 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.
There were no fees billed in each of the last two fiscal years for
assurance and related services rendered by the principal accountant to the
investment adviser that are reasonably related to the performance of the audit
of the registrant's financial statements that were required to be pre-approved
by the audit committee as described in paragraph (e)(1) of this Item 4.
(c) Tax Fees - $286 and $3,022 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, tax planning and tax return
preparation.
There were no fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant to the investment
adviser for tax compliance, tax advice and tax planning that were required to be
pre-approved by the audit committee as described in paragraph (e)(1) of this
Item 4.
(d) All Other Fees - $214 and $2,360 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.
There were no fees billed in each of the last two fiscal years for products
and services provided by the principal accountant to the investment adviser,
other than the services reported in paragraphs (a)- (c) of this Item 4, that
were required to be pre-approved by the audit committee as described in
paragraph (e)(1) 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.
(2) 100% of the services provided to the registrant described in paragraphs
(b)-(d) of this Item 4 were pre-approved by the audit committee pursuant to
paragraph (e)(1) of this Item 4. There were no services provided to the
investment adviser or any entity controlling, controlled by or under common
control with the adviser described in paragraphs (b)-(d) of this Item 4 that
were required pre-approved by the audit committee.
(f) No disclosures are required by this Item 4(f).
(g) $29,760 and $28,732 are the aggregate non-audit fees billed in each of the
last two fiscal years for services rendered by the principal accountant to the
registrant. $31,256 and $0 are the aggregate non-audit fees billed in each of
the last two fiscal years for services rendered by the principal accountant to
the investment adviser or any entity controlling, controlled by or under common
control with the adviser.
The registrant's audit committee did approve such non-audit services.
(h) No disclosures are required by this Item 4(h).
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Included in the Report to Shareholders in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No material changes.
ITEM 11. CONTROLS AND PROCEDURES.
a) The registrant's principal executive officer and principal financial officer
have evaluated the registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the registrant's disclosure controls
and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and reported timely.
b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
that occurred during the registrant's last fiscal half-year (the registrant's
second fiscal half-year in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Code of Ethics
(a)(2)(i) Certification of Principal Executive Officer.
(a)(2)(ii) Certification of Principal Financial Officer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
Calamos Advisors Trust
By: /s/ John P. Calamos, Sr.
---------------------------------
Name: John P. Calamos, Sr.
Title: Principal Executive Officer
Date: February 14, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Calamos Advisors Trust
By: /s/ John P. Calamos, Sr.
---------------------------------
Name: John P. Calamos, Sr.
Title: Principal Executive Officer
Date: February 14, 2007
By: /s/ Patrick H. Dudasik
---------------------------------
Name: Patrick H. Dudasik
Title: Principal Financial Officer
Date: February 14, 2007