Calamos US Equity Autocallable VIP Fund - Class II

Important Disclosure

Fund Stats

  • NAV

    $10.00

    As of 8/14/26

  • Inception Date

    8/17/26

Calamos US Equity Autocallable VIP Fund Overview

Calamos U.S. Equity Autocallable VIP Fund is the first autocallable strategy designed for a variable annuity and seeks to generate stable account-value growth via synthetic exposure to a laddered portfolio of long-dated autocallable growth notes, delivered via exposure to the MerQube US Large-Cap Vol Advantage Autocallable VIP Index. 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.

Key Features

  • Seeks Stable Account-Value Growth. Credits account value through rising, flat, and moderately falling markets.

  • Built-in Memory Feature. Stores missed payments in down markets and captures them when markets recover.

Portfolio Fit

Equity Model Allocation. Complement to or substitute for long-term core equity exposure within a variable annuity.

Living-Benefit Growth Engine. Consistent account-value growth which may help lift a living-benefit base over time, paired with a deep, long-dated barrier.

Autocallable Dashboard

Current Analysis of MerQube US Large-Cap Vol Advantage Autocallable VIP Index

Data as of 8/14/2026

12.00%

Weighted Average Coupon

100%

Autocallables Paying Coupons

52

Live Autocallables

99.78%

Weighted Avg. Mark-to-Market

0%

Autocallables Near Maturity with Principal at Risk

0

Autocallables with Coupons in Memory

0.00%

Value of Coupons Stored in Memory

4.5 years

Weighted Avg. Time to Maturity

Fees & Expenses

Annual Expenses

Name II Shares
Gross Expense Ratio 1.91%

Fund Information

Name II Shares
Inception Date 8/17/26
CUSIP number 128116308

Sales & Distribution

Name II Shares
US Bank Fund Number 9417
Dividends ANNUAL
Capital Gains ANNUAL

The Fund is subject to an expense reimbursement or fee waiver arrangement; as a result, the Fund's annual expenses reflect temporary expense reductions.

Fees and Expenses (when shown)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.

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.

Literature

About the Fund

Calamos US Equity Autocallable VIP Fund Launch Sheet

The Calamos US Equity Autocallable VIP Fund launch sheet provides a snapshot of the investment team and product strategy.

Calamos US Equity Autocallable VIP Fund Brochure

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

Prospectus and Reports

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.

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 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. The Fund is available exclusively as an investment option within Lincoln Financial Group variable annuity contracts and must be preceded or accompanied by the variable annuity 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 U.S. Equity Autocallable VIP Fund include: autocallable structure risk, contingent income risk, early redemption risk, barrier risk, box spread risk, calculation methodology risk, cash holdings risk, correlation risk, costs of buying and selling fund shares, counterparty risk, credit risk, derivatives risk, equity securities risk, FLEX options risk, index risk, interest rate risk, investment in a subsidiary, laddered portfolio risk, liquidity risk, market risk, new fund risk, non-diversification risk, other investment companies risk, state regulation risk, swap agreement risk, swap agreement termination risk, tax risk, trading issues risk, valuation risk, and volatility target index risk

The funds' gross expense ratios as of the prospectus dated 6/23/2026 are as follows: II Shares 1.91%.

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.

Notes

Contingent Income Risk: Coupon payments from the Autocalls are not guaranteed and will not be made if the Underlying Index falls below the Coupon Barrier on observation dates. This means the Fund may generate significantly less income than anticipated during market downturns.

Early Redemption Risk: Autocalls in the Portfolio may be called before their scheduled maturity if the Underlying Reference Index reaches or exceeds the Autocall Barrier on observation dates. This automatic early redemption could force reinvestment of that portion of the portfolio at lower rates if market yields have declined.

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

The Calamos U.S. Equity Autocallable VIP Fund (the "Fund") is a portfolio of the Calamos Advisors Trust (the "Trust"). The Trust offers the Fund's shares to Participating Insurance Companies for allocation to certain separate accounts established for the purpose of funding Variable Contracts. The Trust may also offer the Fund to Retirement Plans. The Fund's shares are not offered directly to the public. Shares of the Fund are purchased by the separate accounts of Participating Insurance Companies or by Retirement Plans based on the instructions they receive from the Variable Contract holders or Retirement Plan participants. You cannot purchase Fund shares directly. Different Participating Insurance Companies or Retirement Plans may impose different sales charges.

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.

The MerQube US Large Cap Vol Advantage Index is designed to provide volatility adjusted exposure to E-Mini S&P 500 futures contracts by targeting an implied volatility of 35%, subject to a 6% decrement per annum. Unlike traditional equity indices that maintain fixed allocations, this index dynamically adjusts exposure based on market volatility conditions. During calm or typical market environments, the Index increases exposure to equity futures while during volatile market periods, the Index reduces exposure to equity futures. Unlike other volatility target indices that rebalance daily based on realized volatility, this Index rebalances weekly (at the end of each week) based on one-week implied volatility derived from SPY weekly options prices. This approach seeks to maintain a more consistent risk profile across varying market conditions while potentially reducing drawdowns during market stress and improving risk-adjusted returns over time. The Index is a rules-based, systematic index designed to provide dynamic exposure to US large-capitalization equities while employing a volatility management methodology that seeks to maintain a target volatility level. The Index dynamically adjusts exposure between the Equity Component and a cash position based on prevailing market volatility conditions.

Neither MerQube, Inc. nor any of its affiliates (collectively, "MerQube") is the issuer or producer of Calamos U.S. Equity Autocallable VIP Fund ("the Fund") and MerQube has no duties, responsibilities, or obligations to investors in the Fund. The index underlying the Fund is a product of MerQube and has been licensed for use by Calamos Advisors LLC. Such index is calculated using, among other things, market data or other information ("Input Data") from one or more sources (each such source, a "Data Provider"). MerQube® is a registered trademark of MerQube, Inc. This trademark has been licensed for certain purposes by Calamos Advisors LLC in its capacity as the issuer of the Fund. The Fund is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in the Fund particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, MerQube US Large-Cap Vol Advantage Autocallable VIP Index ("MQAUTOVL"), MerQube US Large-Cap Vol Advantage Index ("MQAUTOCL"), or any associated data. Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the shares of the Fund or to any member of the public, of any kind, including regarding the ability of the MQAUTOVL or MQAUTOCL to track market performance or any asset class. MQAUTOVL and MQAUTOCL are determined, composed and calculated by MerQube without regard to Calamos Advisors LLC or the Fund. MerQube and Data Providers have no obligation to take the needs of Calamos Advisors LLC or the owners of CAIE into consideration in determining, composing or calculating MQAUTOVL or MQAUTOCL. Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of the Fund issued or sold or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered or redeemed, as the case may be. MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on MQAUTOVL or MQAUTOCL will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor. Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF MQAUTOVL, MQAUTOCL, OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CALAMOS ADVISORS LLC, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF MQAUTOVL, MQAUTOCL, OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THE FOREGOING REFERENCES TO "MERQUBE" AND/OR "DATA PROVIDER" SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY.

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