Calamos Growth and Income Portfolio

Important Disclosure

Fund Stats

  • NAV

    $25.38

    $0.09 (0.35%)

    As of 9/4/26

  • YTD Return

    12.54%

    As of 9/4/26

  • Inception Date

    5/18/99

Calamos Growth and Income Portfolio Overview

An equity-oriented approach that blends stocks with complementary allocations to convertibles, fixed income, and options seeking to generate total returns higher than the Morningstar category with a lower volatility profile than the S&P 500, available within variable annuity and variable life contracts.

Key Features

Generates equity-like returns while managing downside volatility.

Leverages a broad array of risk management techniques.

Outcome-oriented strategy designed for market ups and downs.

Portfolio Fit

The Portfolio can provide a long-term core equity allocation within variable annuity and variable life contracts, exhibiting potentially lower volatility and delivers attractive income.

The Fund is 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 Fund to Retirement Plans. Shares of the Fund will be available only to insurance company separate accounts that have entered into participation agreements with the Trust. The availability of the Fund 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 Fund.

Performance

Calendar Year Total Returns

As of 6/30/26

Date Calamos Growth and Income Portfolio (NAV) S&P 500 Index ICE BofA All US Convert Ex Mand Index
YTD 2026 9.93 10.14 15.70
2025 17.40 17.88 18.45
2024 21.08 25.02 10.73
2023 20.12 26.29 13.77
2022 -19.07 -18.11 -19.58
2021 21.40 28.71 4.12
2020 22.43 18.40 52.05
2019 25.56 31.49 22.89
2018 -4.39 -4.38 0.65
2017 15.51 21.83 15.70

Annualized Total Returns

As of 6/30/26

As of 7/31/26

TimeFrame Calamos Growth and Income Portfolio (NAV) S&P 500 Index ICE BofA All US Convert Ex Mand Index
1 Year 22.56 22.32 36.38
3 Year 18.76 20.61 18.86
5 Year 10.80 13.41 7.58
10 Year 12.86 15.51 13.94
Since Inception (05/18/99) 8.92 8.51 9.03
TimeFrame Calamos Growth and Income Portfolio (NAV) S&P 500 Index ICE BofA All US Convert Ex Mand Index
1 Year 18.57 19.56 24.76
3 Year 17.32 19.32 15.39
5 Year 10.19 12.86 6.52
10 Year 12.41 15.08 12.71
Since Inception (05/18/99) 8.84 8.48 8.75

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The S&P 500 Index is generally considered representative of the US stock market.

ICE BofA All US Convertible Ex Mandatory- Represents the US convertible market excluding mandatory convertibles. Source ICE Data Indices, LLC, used with permission. ICE permits use of the ICE BofA indices and related data on an 'as is' basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA Indices or data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing and does not sponsor, endorse or recommend Calamos Advisors LLC or any of its products or services.

Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The funds' gross expense ratios as of the prospectus dated 4/30/2026 are as follows: I Shares 1.27%.

You may pay other expenses under your Variable Contract or Retirement Plan which are not reflected in the chart above. If these fees or expenses were included, the Fund's expenses would be higher and performance would be lower. Please read your Variable Contract's or Retirement Plan's disclosure documents to obtain that information. Past performance does not guarantee future results.

Portfolio

Sector Weightings

As of 6/30/26

Sector % of Assets S&P 500 Index
Information Technology 36.2% 38.0%
Industrials 11.1% 8.9%
Financials 10.5% 11.8%
Consumer Discretionary 9.3% 9.3%
Health Care 8.9% 8.9%
Communication Services 8.8% 9.7%
Consumer Staples 3.3% 4.6%
Utilities 2.9% 2.2%
Energy 2.8% 3.0%
Materials 2.5% 1.8%
Real Estate 1.5% 1.8%
Other 0.9% 0.0%

Asset Allocation

As of 6/30/26

Asset Allocation %
Common Stock 74.558
Convertibles 23.1246
Cash and Receivables/Payables 1.4262
Synthetic Convertibles 0.5544
Options 0.3368

Month-End Yield

As of 7/31/26

Name %
30-day SEC yield -0.30%
Unsubsidized 30-day SEC yield -0.30%

Top 10 Holdings

As of 6/30/26

View All Holdings
Company Industry %
NVIDIA Corp. Semiconductors 6.3%
Apple, Inc. Technology Hardware, Storage & Peripherals 5.8%
Alphabet, Inc. - Class A Interactive Media & Services 5.3%
Amazon.com, Inc. Broadline Retail 3.8%
Microsoft Corp. Systems Software 3.6%
Broadcom, Inc. Semiconductors 2.4%
Micron Technology, Inc. Semiconductors 1.9%
Meta Platforms, Inc. - Class A Interactive Media & Services 1.7%
JPMorgan Chase & Company Diversified Banks 1.6%
Tesla, Inc. Automobile Manufacturers 1.6%
Total 34.0%

Fund Facts

As of 6/30/26

Name Fund S&P 500 Index
Net Assets $36.1 M N/A
Number of Holdings 154 503
Debt/Capital 41.7% 38.4%
ROIC 25.9% 27.3%
Median Conversion Premium 19.9% N/A
Median Investment Premium 36.9% N/A
Portfolio Turnover (12 months) 37.1% N/A
Price/Book 6.5x 5.2x
Price/Earnings 27.3x 25.4x
Price/Sales 4.1x 3.5x
PEG Ratio 1.8x 1.9x

Market Capitalization

As of 6/30/26

Market CAP Range % of Assets
<=$0.10bil 0.0%
>$0.10bil<=$5bil 0.0%
>$5bil<=$30bil 1.4%
>$30bil<=$200bil 18.6%
>$200bil 80.0%

Top Currency Exposures

As of 6/30/26

Currency %
United States Dollar (USD) 99.6%
Japanese Yen (JPY) 0.3%
South Korean WON (KRW) 0.1%

Credit Quality of Bonds

As of 6/30/26

Class %
AAA 2.1%
AA 0.0%
A 3.5%
BBB 12.9%
BB 1.6%
B 0.0%
CCC and below 0.0%
Unrated Securities 80.0%

Maturity Schedule

As of 6/30/26

Range %
< 1 Year 2.2%
1 to 5 Years 14.6%
5 to 10 Years 4.1%
10 to 20 Years 0.0%
20 to 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 79.0%

Bond Duration

As of 6/30/26

Name Duration
Weighted Avg. Maturity 3.4 years

Distributions

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

Fees & Expenses

Annual Expenses

Name I Shares
Gross Expense Ratio 1.27%

Fund Information

Name I Shares
Inception Date 5/18/99
CUSIP number 128116100

Sales & Distribution

Name I Shares
Maximum Sales Charge N/A
US Bank Fund Number 602
Dividends QUARTERLY
Capital Gains ANNUAL

You may pay other expenses under your Variable Contract or Retirement Plan which are not reflected in the table and examples below. If these fees or expenses were included in the table, the Fund's expenses would be higher. Please read the Variable Contract's or Retirement Plan's disclosure documents to obtain that information.

Literature

Prospectus and Reports

Summary Prospectus

This summary contains important information about the investment objective, fees and expenses, principal investment strategies, principal risks and performance.

Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

Semi Annual Report

The semi annual report provides a comprehensive review of the fund’s activities and financial performance over a six month period.

Capabilities

Products

Research

Resources

About

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)

Important Fund Information

Before investing, carefully consider the Portfolio's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information, which can be obtained by calling 1-800-582-6959. Read it carefully before investing. The Portfolio's shares are offered only to separate accounts of participating insurance companies and to certain retirement plans and are not offered directly to the public. This material must be preceded or accompanied by the variable contract prospectus.

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, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Growth and Income Portfolio include: convertible securities risk, synthetic convertible instruments risk, equity securities risk, growth stock risk, debt securities risk, interest rate risk, credit risk, default risk, high yield fixed-income securities risk, foreign securities risk, American Depositary Receipts risk, forward foreign currency contract risk, options risk, small and mid-sized company risk, liquidity risk, Rule 144A securities risk, sector risk, securities lending risk, market risk, portfolio selection risk, state regulation risk, and tax risk.

The funds' gross expense ratios as of the prospectus dated 4/30/2026 are as follows: I Shares 1.27%.

Convertible Securities Risk: The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also, may have an effect on the convertible security's investment value.

Equity Securities Risk: Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. The Fund may invest in preferred stocks and convertible securities of any rating, including below investment grade.

Interest Rate Risk: The value of debt securities generally decreases in periods when interest rates are rising, and interest rate changes typically have a greater effect on prices of longer-term debt securities than shorter-term debt securities.

High Yield Securities Risk: High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit and liquidity risk and are considered speculative with respect to the issuer's continuing ability to make principal and interest payments.

Foreign Securities Risk: Investing in foreign securities involves risks not typically associated with U.S. securities, including currency exchange-rate fluctuations, political and economic instability, less public information, different regulatory and accounting standards, and less liquidity than in U.S. markets.

The Portfolio's shares can be purchased by certain pension plans and retirement arrangements and accounts permitting accumulation of funds on a tax-advantaged basis ("Retirement Plans") and by separate accounts of certain life insurance companies ("Participating Insurance Companies") offering qualified and non-qualified variable annuity contracts and variable life insurance contracts (together, "Variable Contracts"). The Portfolio's shares are not offered directly to the public. You may pay other expenses under your Variable Contract or Retirement Plan. Please read the Variable Contract's or Retirement Plan's disclosure documents to obtain that information.

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

Notes

30-day SEC yield reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Distribution yield is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. Distributions may include income, short-term capital gains, and long-term capital gains. Short-term and long-term capital gains represent the net trading profits realized over the trailing 12 months in the fund and are not guaranteed. Distribution Yield is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE