Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2021 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	CORPORATE BOND (0.2%)
		Consumer Discretionary (0.2%)
	53,000	Dana, Inc. 5.500%, 12/15/24 (Cost $52,836)	$	54,149
	CONVERTIBLE BONDS (22.5%)
		Communication Services (2.3%)
	43,000	Eventbrite, Inc.* 0.750%, 09/15/26		45,008
		Liberty Media Corp.
	90,000	1.375%, 10/15/23		116,342
	31,000	0.500%, 12/01/50*		35,967
	105,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		133,646
	27,000	Live Nation Entertainment, Inc. 2.500%, 03/15/23		37,697
	22,000	Sea, Ltd.* 2.375%, 12/01/25		56,127
	26,000	Snap, Inc. 0.750%, 08/01/26		61,363
		Twitter, Inc.
	116,000	0.000%, 03/15/26*		110,309
	47,000	0.250%, 06/15/24		62,664
	65,000	Zynga, Inc. 0.250%, 06/01/24		89,025
				748,148
		Consumer Discretionary (6.5%)
	38,000	Bloomin’ Brands, Inc.* 5.000%, 05/01/25		91,712
	194,000	Booking Holdings, Inc.*^ 0.750%, 05/01/25		286,445
	100,000	Burlington Stores, Inc.* 2.250%, 04/15/25		151,291
	85,000	Chegg, Inc.* 0.000%, 09/01/26		91,379
	25,000	Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		57,219
	85,000	DraftKings, Inc.* 0.000%, 03/15/28		84,236
	95,000	Etsy, Inc.* 0.125%, 09/01/27		125,002
	64,000	Expedia Group, Inc.* 0.000%, 02/15/26		70,038
	85,000	Ford Motor Company* 0.000%, 03/15/26		86,078
	15,000	Guess, Inc. 2.000%, 04/15/24		17,292
	43,000	Magnite, Inc.* 0.250%, 03/15/26		41,621
	38,000	MakeMyTrip, Ltd.* 0.000%, 02/15/28		41,467
	95,000	Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		113,331
		NCL Corp., Ltd.*
	44,000	5.375%, 08/01/25		76,102
	25,000	6.000%, 05/15/24		55,554
	175,000	Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23		247,156

PRINCIPAL   AMOUNT			VALUE
	85,000	Shake Shack, Inc.* 0.000%, 03/01/28	$	84,884
	7,000	Tesla, Inc. 2.000%, 05/15/24		75,334
	50,000	Under Armour, Inc.* 1.500%, 06/01/24		98,326
	95,000	Vail Resorts, Inc.* 0.000%, 01/01/26		97,513
	48,000	Wayfair, Inc.* 0.625%, 10/01/25		51,311
	80,000	Winnebago Industries, Inc. 1.500%, 04/01/25		111,083
				2,154,374
		Consumer Staples (0.2%)
	85,000	Beyond Meat, Inc.*		81,575
		Energy (0.9%)
	55,000	EQT Corp.*^ 1.750%, 05/01/26		80,829
	130,000	Pioneer Natural Resources Company* 0.250%, 05/15/25		203,567
				284,396
		Financials (0.2%)
	50,000	Ares Capital Corp. 4.625%, 03/01/24		54,526
		Health Care (3.4%)
	32,000	CONMED Corp. 2.625%, 02/01/24		50,148
	80,000	DexCom, Inc.* 0.250%, 11/15/25		79,003
	52,000	Envista Holdings Corp.*^ 2.375%, 06/01/25		106,581
	65,000	Exact Sciences Corp. 0.375%, 03/15/27		88,862
	37,000	Guardant Health, Inc.* 0.000%, 11/15/27		47,463
	85,000	Haemonetics Corp.* 0.000%, 03/01/26		80,884
	44,000	Halozyme Therapeutics, Inc.* 0.250%, 03/01/27		40,158
	65,000	Insulet Corp. 0.375%, 09/01/26		86,031
	46,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		51,351
	55,000	Jazz Investments I, Ltd.* 2.000%, 06/15/26		70,914
	80,000	NeoGenomics, Inc. 0.250%, 01/15/28		80,895
	50,000	Oak Street Health, Inc.* 0.000%, 03/15/26		50,109
	70,000	Omnicell, Inc.* 0.250%, 09/15/25		99,439
	95,000	Pacira BioSciences, Inc.*^ 0.750%, 08/01/25		114,306
	36,000	Repligen Corp. 0.375%, 07/15/24		63,481
				1,109,625

See accompanying Notes to Schedule of Investments

1

Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2021 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
		Industrials (3.9%)
	85,000	Air Canada* 4.000%, 07/01/25	$	133,125
	55,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		61,705
	17,000	Chart Industries, Inc.* 1.000%, 11/15/24		42,416
	100,000	JetBlue Airways Corp.* 0.500%, 04/01/26		110,128
	115,000	Middleby Corp.* 1.000%, 09/01/25		162,017
	45,000	Parsons Corp.*^ 0.250%, 08/15/25		49,444
	275,000	Southwest Airlines Company 1.250%, 05/01/25		472,565
	80,000	Sunrun, Inc.* 0.000%, 02/01/26		71,918
	185,000	Uber Technologies, Inc.* 0.000%, 12/15/25		194,376
				1,297,694
		Information Technology (4.3%)
	50,000	Bentley Systems, Inc.* 0.125%, 01/15/26		51,637
	41,000	Bill.com Holdings, Inc.* 0.000%, 12/01/25		48,773
	75,000	Coupa Software, Inc.* 0.375%, 06/15/26		84,709
	55,000	Datadog, Inc.* 0.125%, 06/15/25		64,627
		Enphase Energy, Inc.*
	65,000	0.000%, 03/01/28		60,313
	29,000	0.000%, 03/01/26		27,007
	25,000	Five9, Inc.* 0.500%, 06/01/25		33,459
	65,000	Itron, Inc.* 0.000%, 03/15/26		64,883
	80,000	LivePerson, Inc.* 0.000%, 12/15/26		80,930
	150,000	Microchip Technology, Inc. 0.125%, 11/15/24		176,500
	30,000	Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		39,857
	65,000	Okta, Inc. 0.125%, 09/01/25		87,749
	30,000	ON Semiconductor Corp. 1.625%, 10/15/23		62,182
	100,000	Repay Holdings Corp.* 0.000%, 02/01/26		98,225
	90,000	RingCentral, Inc. 0.000%, 03/01/25		98,527
	64,000	Shift4 Payments, Inc.* 0.000%, 12/15/25		80,408
	19,000	Shopify, Inc.^ 0.125%, 11/01/25		21,597
	47,000	Silicon Laboratories, Inc.* 0.625%, 06/15/25		61,801
	31,000	Square, Inc.* 0.000%, 05/01/26		34,805
	30,000	Wix.com, Ltd.* 0.000%, 08/15/25		31,589
	30,000	Workday, Inc. 0.250%, 10/01/22		51,785

PRINCIPAL   AMOUNT			VALUE
	40,000	Zscaler, Inc.* 0.125%, 07/01/25	$	53,343
				1,414,706
		Materials (0.1%)
	33,000	MP Materials Corp.* 0.250%, 04/01/26		34,047
		Real Estate (0.7%)
	70,000	IH Merger Sub, LLC 3.500%, 01/15/22		99,353
	45,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		52,981
	75,000	Redfin Corp.* 0.000%, 10/15/25		87,636
				239,970
		TOTAL CONVERTIBLE BONDS (Cost $6,096,112)		7,419,061
NUMBER OF   SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (9.4%)
		Communication Services (0.7%)
	205	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		230,343
		Consumer Discretionary (0.8%)
	1,695	Aptiv, PLC 5.500%, 06/15/23		267,624
		Financials (0.8%)
	1,180	AMG Capital Trust II^ 5.150%, 10/15/37		66,663
	2,895	KKR & Company, Inc.^ 6.000%, 09/15/23		192,952
				259,615
		Health Care (1.4%)
	1,095	Avantor, Inc. 6.250%, 05/15/22		98,846
	1,300	Boston Scientific Corp. 5.500%, 06/01/23		139,438
		Danaher Corp.
	130	4.750%, 04/15/22		198,914
	22	5.000%, 04/15/23^		28,494
				465,692
		Industrials (1.9%)
	800	Colfax Corp. 5.750%, 01/15/22		144,128
	205	Fortive Corp. 5.000%, 07/01/21		204,090
	2,430	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		286,691
				634,909
		Information Technology (0.8%)
	170	Broadcom, Inc.^ 8.000%, 09/30/22		250,663

See accompanying Notes to Schedule of Investments

2

Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2021 (UNAUDITED)

NUMBER OF   SHARES			VALUE
		Utilities (3.0%)
	995	AES Corp. 6.875%, 02/15/24	$	102,783
	875	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§** 4.566%, 09/15/29		53,144
	1,890	Dominion Energy, Inc. 7.250%, 06/01/22		186,808
	3,750	DTE Energy Company 6.250%, 11/01/22		186,337
	1,945	Essential Utilities, Inc. 6.000%, 04/30/22		111,235
		NextEra Energy, Inc.
	4,935	4.872%, 09/01/22		283,318
	1,210	6.219%, 09/01/23		60,016
				983,641
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,614,498)		3,092,487
	COMMON STOCKS (67.1%)
		Communication Services (7.3%)
	515	Alphabet, Inc. - Class A#		1,062,198
	4,275	Comcast Corp. - Class A		231,320
	2,015	Facebook, Inc. - Class A#		593,478
	375	Netflix, Inc.#		195,623
	1,710	Walt Disney Company#~		315,529
				2,398,148
		Consumer Discretionary (8.0%)
	370	Amazon.com, Inc.#~		1,144,809
	2,245	General Motors Company		128,998
	1,135	Home Depot, Inc.		346,459
	785	Lowe’s Companies, Inc.		149,291
	650	McDonald’s Corp.		145,691
	2,805	MGM Resorts International		106,562
	1,340	NIKE, Inc. - Class B		178,073
	895	Starbucks Corp.		97,797
	650	Target Corp.		128,745
	190	Tesla, Inc.#		126,907
	1,310	TJX Companies, Inc.		86,656
				2,639,988
		Consumer Staples (4.7%)
	4,990	Coca-Cola Company		263,023
	390	Costco Wholesale Corp.		137,467
	2,930	Mondelez International, Inc. - Class A		171,493
	1,345	PepsiCo, Inc.		190,250
	1,740	Philip Morris International, Inc.		154,408
	2,065	Procter & Gamble Company		279,663
	1,500	Sysco Corp.		118,110
	1,570	Walmart, Inc.		213,253
				1,527,667
		Energy (2.2%)
	2,925	Chevron Corp.		306,511
	3,480	Exxon Mobil Corp.		194,288
	1,920	Hess Corp.		135,859
	1,505	Marathon Petroleum Corp.		80,503
				717,161

NUMBER OF   SHARES			VALUE
		Financials (8.9%)
	1,350	American International Group, Inc.	$	62,384
	583	Assurant, Inc.		82,652
	9,845	Bank of America Corp.		380,903
	125	BlackRock, Inc.		94,245
	2,795	Charles Schwab Corp.		182,178
	875	Chubb, Ltd.		138,224
	3,415	Citigroup, Inc.		248,441
	1,140	Discover Financial Services		108,289
	585	Goldman Sachs Group, Inc.		191,295
	1,515	Intercontinental Exchange, Inc.		169,195
	3,145	JPMorgan Chase & Company		478,763
	3,935	KeyCorp		78,621
	1,555	Marsh & McLennan Companies, Inc.		189,399
	3,875	Morgan Stanley		300,932
	510	Northern Trust Corp.		53,606
	1,760	US Bancorp		97,346
	2,185	Wells Fargo & Company		85,368
				2,941,841
		Health Care (7.6%)
	815	Abbott Laboratories		97,670
	645	Agilent Technologies, Inc.		82,005
	215	Anthem, Inc.		77,174
	2,010	Baxter International, Inc.		169,523
	1,745	Bristol-Myers Squibb Company		110,162
	945	Edwards Lifesciences Corp.#		79,040
	345	Eli Lilly & Company		64,453
	350	Humana, Inc.		146,738
	85	Intuitive Surgical, Inc.#		62,810
	1,705	Johnson & Johnson		280,217
	2,060	Medtronic, PLC		243,348
	2,915	Merck & Company, Inc.		224,717
	3,310	Pfizer, Inc.		119,921
	230	Stryker Corp.		56,023
	360	Thermo Fisher Scientific, Inc.		164,297
	1,245	UnitedHealth Group, Inc.		463,227
	305	Vertex Pharmaceuticals, Inc.#		65,541
				2,506,866
		Industrials (5.9%)
	6,390	Carrier Global Corp.		269,786
	3,390	CSX Corp.		326,864
	175	FedEx Corp.		49,707
	1,610	Honeywell International, Inc.		349,483
	1,180	J.B. Hunt Transport Services, Inc.		198,323
	790	Northrop Grumman Corp.		255,675
	4,860	Raytheon Technologies Corp.		375,532
	580	Union Pacific Corp.		127,838
				1,953,208
		Information Technology (19.2%)
	765	Accenture, PLC - Class A		211,331
	430	Adobe, Inc.#~		204,409
	505	Advanced Micro Devices, Inc.#		39,643
	13,055	Apple, Inc.		1,594,668
	2,510	Cisco Systems, Inc.		129,792
	1,375	Fidelity National Information
		Services, Inc.		193,339
	495	Global Payments, Inc.		99,782
	580	Lam Research Corp.		345,239
	1,335	Marvell Technology Group, Ltd.		65,388
	845	MasterCard, Inc. - Class A		300,862
	1,925	Micron Technology, Inc.#		169,804

See accompanying Notes to Schedule of Investments

3

Calamos Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2021 (UNAUDITED)

NUMBER OF   SHARES			VALUE
	6,460	Microsoft Corp.~	$	1,523,074
	665	NVIDIA Corp.		355,063
	315	PayPal Holdings, Inc.#		76,495
	565	QUALCOMM, Inc.		74,913
	830	Salesforce.com, Inc.#		175,852
	250	ServiceNow, Inc.#~		125,028
	370	Skyworks Solutions, Inc.		67,888
	995	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		117,689
	2,130	Visa, Inc. - Class A		450,985
				6,321,244
		Materials (2.3%)
	580	Celanese Corp. - Class A		86,890
	5,565	Freeport-McMoRan, Inc.#		183,255
	985	Linde, PLC		275,938
	1,110	PPG Industries, Inc.		166,789
	240	Vulcan Materials Company		40,500
				753,372
		Real Estate (1.0%)
	810	American Tower Corp.		193,639
	835	Crown Castle International Corp.		143,728
				337,367
		TOTAL COMMON STOCKS (Cost $12,371,630)		22,096,862
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.4%) #
		Information Technology (0.0%)
	22	Intel Corp.
	140,800	Call, 06/18/21, Strike $70.00		3,366
	10 88,210	Micron Technology, Inc. Call, 06/18/21, Strike $90.00		6,200
	20140,340	Oracle Corp.
		Call, 06/18/21, Strike $80.00		1,040
				10,606
		Other (0.4%)
	65	iShares China Large-Cap ETF
	303,290	Call, 06/18/21, Strike $56.00 iShares MSCI EAFE ETF		618
	235 1,782,945	Call, 06/18/21, Strike $75.00		64,390
	200 1,517,400	Call, 06/18/21, Strike $78.00		11,200
	105 560,070	iShares MSCI Emerging Markets Call, 06/18/21, Strike $59.00		2,520
	60 320,040	Call, 06/18/21, Strike $57.00		3,510
	35 239,820	iShares MSCI Japan ETF Call, 06/18/21, Strike $70.00		4,690
	38 839,572	iShares Russell 2000 ETF Call, 06/18/21, Strike $230.00		21,964

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	1	S&P 500 Index
	397,289	Put, 05/21/21, Strike $3,750.00	$	4,070
				112,962
		TOTAL PURCHASED OPTIONS (Cost $246,624)		123,568
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.9%)
	966,239	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $966,239)		966,239
	TOTAL INVESTMENTS (102.5%)   (Cost $22,347,939)			33,752,366
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.9%)			(966,239	)
	OTHER ASSETS, LESS LIABILITIES (0.4%)			155,823
	NET ASSETS (100.0%)		$	32,941,950

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	Canadian Dollar	04/22/21		50,000	$	39,789	$	187
State Street Bank and Trust	Canadian Dollar	04/22/21		20,000		15,915		293
State Street Bank and Trust	New Taiwanese Dollar	04/22/21		316,000		11,076		(350	)
State Street Bank and Trust	New Taiwanese Dollar	04/22/21		177,000		6,204		(107	)
							$	23
COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	New Taiwanese Dollar	04/22/21		193,000	$	6,765	$	178
State Street Bank and Trust	Canadian Dollar	04/22/21		10,000		7,958		(94	)
State Street Bank and Trust	Canadian Dollar	04/22/21		12,000		9,549		(162	)
State Street Bank and Trust	New Taiwanese Dollar	04/22/21		288,000		10,095		309
State Street Bank and Trust	Canadian Dollar	04/22/21		13,000		10,345		(3	)
State Street Bank and Trust	Canadian Dollar	04/22/21		16,000		12,732		51

See accompanying Notes to Schedule of Investments

4

Growth and Income Portfolio

SCHEDULE OF INVESTMENTS MARCH 31, 2021 (UNAUDITED)

COUNTERPARTY	SHORT CONTRACTS		SETTLEMENT DATE		LOCAL CURRENCY		CURRENT VALUE		UNREALIZED  GAIN/LOSS
State Street Bank and Trust		New Taiwanese Dollar		04/22/21		3,062,000	$	107,326	$	3,645
Northern Trust Company		Canadian Dollar		04/22/21		168,000		133,690		(1,369	)
									$	2,555

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
^	Security, or portion of security, is on loan.
§	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
**	Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at March 31, 2021.
#	Non-income producing security.
~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $302,593.
†	Represents investment of cash collateral received from securities on loan as of March 31, 2021.
Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

5

Note 1 – Organization and Significant Accounting Policies

Organization. CALAMOS ADVISORS TRUST (the “Trust”), a Massachusetts business trust organized February 17, 1999, consists of a single series, Calamos Growth and Income Portfolio (the “Portfolio”), which commenced operations on May 19, 1999.

The Trust currently offers the Portfolio’s shares to certain life insurance companies for allocation to certain separate accounts established for the purpose of funding qualified and non-qualified variable annuity contracts and variable life insurance contracts. The Portfolio seeks high long-term total return through growth and current income.

The Portfolio invests primarily in a diversified portfolio of convertible instruments (including synthetic convertible instruments), equity and fixed-income securities of U.S. companies without regard to market capitalization. In pursuing its investment objective, the Portfolio attempts to utilize these different types of securities to strike, in the investment adviser’s opinion, the appropriate balance between risk and return in terms of growth and income.

Significant Accounting Policies. The Schedules of Investments have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Portfolio:

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Portfolio adopted ASU2017-08 as of January 1, 2020, with no material impact on the Portfolio’s financial statements.

In October 2020, FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 was issued to clarify how to amortize premiums for debt securities where there are bonds with multiple call dates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated the impact of this guidance within the Portfolio’s financial statements and has determined the adoption of ASU 2020-08 will have no impact on the Fund’s financial statements.

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

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Portfolio determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Portfolio determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Portfolio determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Portfolio’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Portfolio also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Portfolio’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Portfolio to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

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

Forward Foreign Currency Contracts. The Portfolio may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The net unrealized gain, if any, represents the credit risk to the Portfolio on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates.

As of March 31, 2021, the Portfolio had outstanding forward foreign currency contracts as listed on the Schedule of Investments.

Note 2 – Investments

The cost basis of investments for federal income tax purposes at March 31, 2021 was as follows*:

Cost basis of investments	$22,347,939
Gross unrealized appreciation	11,762,912
Gross unrealized depreciation	(358,485)
Net unrealized appreciation (depreciation)	$11,404,427

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