Variable Insurance Trust

Calamos strategies,
inside variable annuities

Twenty-five years of risk-aware equity, now extended into variable annuities through our award-winning autocallable framework.
US Equity Autocallable VIP Fund
Growth and Income Portfolio
1999

Trust Inception

Delivering risk-aware equity inside variable insurance products.
$50B+

Assets under Management1

Across equities, alternatives, and fixed income strategies globally.
Connect with our investment consultants team to explore VIT strategies, platform integration, and partnership opportunities.
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Our Approach

Two strategies. One philosophy: seeks to grow risk-adjusted returns inside the tax-deferred wrapper.

Variable insurance products demand an investment approach engineered for the structure they sit inside. Calamos builds strategies that prioritize total return inside the wrapper, through risk-managed equity and through institutional structured payoff profiles that have, until now, been unavailable to variable annuity contract owners.

Autocallables

Calamos pioneered the autocallable ETF, the world's first institutional autocallable structure available in a daily-liquid wrapper. The Calamos Autocallable Income ETF (CAIE) was named SRP Americas' Most Innovative Product of 2025, the first ETF to receive the honor. The same framework that was built to seek high, stable monthly premiums now extends to VA subaccounts, where those premiums grow the fund rather than pay out.

Growth and Income

The Calamos Growth and Income Portfolio has applied a blended approach, combining equities, convertibles, fixed income, and options, to seek equity-like returns with a lower-volatility profile since 1999. A long-tenured PM team. A consistent process across more than two decades of full market cycles.

Built for annuities

Our autocallable structure seeks to accrue and grow inside the fund rather than distributing income, engineered specifically for the way contract owners actually use the variable annuity wrapper. Premiums collected stay invested and continue compounding, with no friction from current-year distributions and no tax leakage along the way.

Fund Lineup

Calamos VIT Funds

Two strategies inside the Calamos Advisors Trust: one with more than two decades of variable-product record, and one bringing institutional structured exposure to a wrapper that has never before had access to it.

Calamos US Equity Autocallable VIP Fund

Calamos Advisors Trust

 
Inception
Aug 17, 2026
Asset Class
Laddered Accumulating Notes
Launch Partner
Lincoln Financial Group

An autocallable strategy purpose-built for variable annuities – engineered to grow inside the fund, not distribute.

The award-winning CAIE autocallable strategy, adapted for the tax-deferred environment of a variable annuity. Coupons compound inside the fund – total return, no distributions.

Calamos Growth and Income Portfolio

Calamos Advisors Trust

 
Inception
May 19, 1999
Strategy
Convertibles + Equity
Live On
TIA - Mass Mutual - KC Life - AIL

An equity-oriented strategy that blends stocks with complementary allocations to convertibles, fixed income, and options.

The firm's anchor convertible-and-equity strategy, available to VA policyholders for more than two decades. Total return through capital appreciation and current income.

Resources

Documents & literature

Explore the VIP fund brochure, along with fact sheets, prospectuses, and annual reporting for our variable insurance strategies. Financial professionals can also contact our investment consultants directly for portfolio construction support.

An Autocallable Strategy Designed for a Variable Annuity Sub-Account

Brochure

A detailed look at the weekly-laddered structure, the coupon mechanics, and how it's designed to compound into higher lifetime income.

US Equity Autocallable VIP Fund

Fact Sheet

One-page overview of the strategy, current positioning, performance, and PM team.

US Equity Autocallable VIP Fund

Prospectus

Statutory prospectus for the Calamos US Equity Autocallable VIP Fund, including fees, principal investment strategies, and risks.

Calamos Growth and Income Portfolio

Prospectus

Statutory prospectus for the Calamos Growth and Income Portfolio, including fees, principal investment strategies, and risks.

Calamos Advisors Trust — 2025

Annual Report

Most recent annual report for the Calamos Advisors Trust series, including audited financial statements.

Calamos Advisors Trust — SAI

Statement of Additional Information

Supplementary information regarding fund operations, disclosure policies, and additional details not contained in the prospectus.

1AUM information as of 7/31/26.

Connect with our investment consultants team

Our investment consultants can help you explore VIT strategies, platform integration, and partnership opportunities.
Contact Us

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

The Funds are intended to serve as an investment option for variable annuity and variable life insurance contracts issued by insurance companies. The Trust may also offer the Funds to Retirement Plans. Shares of the Funds will be available only to insurance company separate accounts that have entered into participation agreements with the Trust. The availability of the Funds as an investment option under a particular variable contract will depend on the terms and conditions of the relevant participation agreement and the applicable variable contract. The Fund’s shares are not offered directly to the public. This material is not an offer to sell or a solicitation of an offer to buy shares of the Funds.

This information is general in nature and is not tax advice. Tax deferral is a feature of the variable annuity contract, not of any underlying fund; earnings in a variable annuity are generally tax-deferred regardless of whether the underlying fund distributes or accumulates. The fund's own tax treatment is uncertain (see the prospectus Tax Risk). Tax consequences depend on your contract and individual circumstances — consult your tax advisor.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks. More detailed information regarding these risks can be found in the Fund’s prospectus.

Risks Specific to the Insurance Contracts

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

Tax Risk – Special rules under Section 817(h) of the Code apply to insurance company separate accounts and the funds in which such insurance company separate accounts invest. Failure by the Fund to satisfy the Section 817(h) requirements could cause the Variable Contracts to lose their favorable tax status and require a contract holder to include in ordinary income any income accrued under the contracts for the current and all prior taxable years.

SRP Americas Awards Methodology: SRP typically conducts a comprehensive market survey involving institutions active in the structured products space. Industry professionals-including issuers, distributors, and service providers-are invited to vote on various award categories. For the "Most Innovative Product" award, the evaluation likely focuses on: product design originality, client-centric innovation, market impact and adoption, risk-return profile enhancements and integration of new technologies or strategies. Finalists are often reviewed by a panel of SRP editors and industry experts who assess the submissions based on qualitative and quantitative factors.