Calamos Antetokounmpo Sustainable Equities Trust
08/12/2026 | Press release | Distributed by Public on 08/12/2026 08:29
Semi-Annual Report by Investment Company (Form N-CSRS)
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: | 811-23822 |
| EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: | Calamos Antetokounmpo Sustainable Equities Trust |
| ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: | 2020 Calamos Court, Naperville |
| Illinois 60563-2787 | |
| NAME AND ADDRESS OF AGENT FOR SERVICE: | John P Calamos, Sr., |
| Global Chief Investment Officer | |
| Calamos Antetokounmpo Asset Management LLC | |
| 2020 Calamos Court, | |
| Naperville, Illinois | |
| 60563-2787 |
| REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: | (630) 245-7200 |
| DATE OF FISCAL YEAR END: | December 31, 2026 |
| DATE OF REPORTING PERIOD: | January 1, 2026 through June 30, 2026 |
ITEM 1: REPORTS TO SHAREHOLDERS.
TABLE OF CONTENTS
|
Calamos Antetokounmpo Sustainable Equities Fund |
|
|
Calamos Antetokounmpo Sustainable Equities Fund |
|
|
Calamos Antetokounmpo Sustainable Equities Fund |
|
|
Calamos Antetokounmpo Sustainable Equities Fund |
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Calamos Antetokounmpo Sustainable Equities Fund
Class A: SROAX
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Calamos Antetokounmpo Sustainable Equities Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 Investment
|
Costs Paid as a Percentage of a $10,000 Investment
|
|
Class A
|
$70
|
1.35%Footnote Reference(1)
|
| Footnote | Description |
|
Footnote(1)
|
Annualized. |
KEY FUND STATISTICS
Table Summary
|
Total Net Assets
|
# of Portfolio Holdings
|
Portfolio Turnover Rate
|
|
$5,776,083
|
63
|
12%
|
WHAT DID THE FUND INVEST IN?
The Fund employs an integrated, fundamental, and sustainable investment process, investing in high-quality, primarily US multi-cap companies with strong financial metrics that also address non-financial risks related to governance, ecological impact, and human development.
Sector weightings and top 10 holdings exclude, if any, cash or equivalents.
Table Summary
|
SECTOR WEIGHTINGS
|
% OF NET ASSETS
|
|
Information Technology
|
37.8
|
|
Industrials
|
16.5
|
|
Financials
|
9.8
|
|
Communication Services
|
9.1
|
|
Health Care
|
8.5
|
|
Consumer Discretionary
|
8.1
|
|
Consumer Staples
|
4.5
|
|
Materials
|
3.1
|
|
Real Estate
|
1.5
|
TOP 10 HOLDINGS
% OF NET ASSETS
Table Summary
|
Alphabet, Inc. - Class A
|
8.4
|
|
NVIDIA Corp.
|
5.6
|
|
Apple, Inc.
|
5.6
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
4.6
|
|
Microsoft Corp.
|
4.6
|
|
Amazon.com, Inc.
|
3.8
|
|
Broadcom, Inc.
|
3.0
|
|
Applied Materials, Inc.
|
2.8
|
|
ASML Holding NV (ADR)
|
2.5
|
|
Amphenol Corp. - Class A
|
2.4
|
www.calamos.com
Calamos Antetokounmpo Sustainable Equities Fund
Class A: SROAX
Semi-Annual Shareholder Report - June 30, 2026
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SEQTSRS-A 26
Calamos Antetokounmpo Sustainable Equities Fund
Class C: SROCX
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Calamos Antetokounmpo Sustainable Equities Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 Investment
|
Costs Paid as a Percentage of a $10,000 Investment
|
|
Class C
|
$109
|
2.10%Footnote Reference(1)
|
| Footnote | Description |
|
Footnote(1)
|
Annualized. |
KEY FUND STATISTICS
Table Summary
|
Total Net Assets
|
# of Portfolio Holdings
|
Portfolio Turnover Rate
|
|
$5,776,083
|
63
|
12%
|
WHAT DID THE FUND INVEST IN?
The Fund employs an integrated, fundamental, and sustainable investment process, investing in high-quality, primarily US multi-cap companies with strong financial metrics that also address non-financial risks related to governance, ecological impact, and human development.
Sector weightings and top 10 holdings exclude, if any, cash or equivalents.
Table Summary
|
SECTOR WEIGHTINGS
|
% OF NET ASSETS
|
|
Information Technology
|
37.8
|
|
Industrials
|
16.5
|
|
Financials
|
9.8
|
|
Communication Services
|
9.1
|
|
Health Care
|
8.5
|
|
Consumer Discretionary
|
8.1
|
|
Consumer Staples
|
4.5
|
|
Materials
|
3.1
|
|
Real Estate
|
1.5
|
TOP 10 HOLDINGS
% OF NET ASSETS
Table Summary
|
Alphabet, Inc. - Class A
|
8.4
|
|
NVIDIA Corp.
|
5.6
|
|
Apple, Inc.
|
5.6
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
4.6
|
|
Microsoft Corp.
|
4.6
|
|
Amazon.com, Inc.
|
3.8
|
|
Broadcom, Inc.
|
3.0
|
|
Applied Materials, Inc.
|
2.8
|
|
ASML Holding NV (ADR)
|
2.5
|
|
Amphenol Corp. - Class A
|
2.4
|
www.calamos.com
Calamos Antetokounmpo Sustainable Equities Fund
Class C: SROCX
Semi-Annual Shareholder Report - June 30, 2026
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SEQTSRS-C 26
Calamos Antetokounmpo Sustainable Equities Fund
Class I: SROIX
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Calamos Antetokounmpo Sustainable Equities Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 Investment
|
Costs Paid as a Percentage of a $10,000 Investment
|
|
Class I
|
$57
|
1.10%Footnote Reference(1)
|
| Footnote | Description |
|
Footnote(1)
|
Annualized. |
KEY FUND STATISTICS
Table Summary
|
Total Net Assets
|
# of Portfolio Holdings
|
Portfolio Turnover Rate
|
|
$5,776,083
|
63
|
12%
|
WHAT DID THE FUND INVEST IN?
The Fund employs an integrated, fundamental, and sustainable investment process, investing in high-quality, primarily US multi-cap companies with strong financial metrics that also address non-financial risks related to governance, ecological impact, and human development.
Sector weightings and top 10 holdings exclude, if any, cash or equivalents.
Table Summary
|
SECTOR WEIGHTINGS
|
% OF NET ASSETS
|
|
Information Technology
|
37.8
|
|
Industrials
|
16.5
|
|
Financials
|
9.8
|
|
Communication Services
|
9.1
|
|
Health Care
|
8.5
|
|
Consumer Discretionary
|
8.1
|
|
Consumer Staples
|
4.5
|
|
Materials
|
3.1
|
|
Real Estate
|
1.5
|
TOP 10 HOLDINGS
% OF NET ASSETS
Table Summary
|
Alphabet, Inc. - Class A
|
8.4
|
|
NVIDIA Corp.
|
5.6
|
|
Apple, Inc.
|
5.6
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
4.6
|
|
Microsoft Corp.
|
4.6
|
|
Amazon.com, Inc.
|
3.8
|
|
Broadcom, Inc.
|
3.0
|
|
Applied Materials, Inc.
|
2.8
|
|
ASML Holding NV (ADR)
|
2.5
|
|
Amphenol Corp. - Class A
|
2.4
|
www.calamos.com
Calamos Antetokounmpo Sustainable Equities Fund
Class I: SROIX
Semi-Annual Shareholder Report - June 30, 2026
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SEQTSRS-I 26
Calamos Antetokounmpo Sustainable Equities Fund
Class R6: SRORX
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Calamos Antetokounmpo Sustainable Equities Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 Investment
|
Costs Paid as a Percentage of a $10,000 Investment
|
|
Class R6
|
$57
|
1.09%Footnote Reference(1)
|
| Footnote | Description |
|
Footnote(1)
|
Annualized. |
KEY FUND STATISTICS
Table Summary
|
Total Net Assets
|
# of Portfolio Holdings
|
Portfolio Turnover Rate
|
|
$5,776,083
|
63
|
12%
|
WHAT DID THE FUND INVEST IN?
The Fund employs an integrated, fundamental, and sustainable investment process, investing in high-quality, primarily US multi-cap companies with strong financial metrics that also address non-financial risks related to governance, ecological impact, and human development.
Sector weightings and top 10 holdings exclude, if any, cash or equivalents.
Table Summary
|
SECTOR WEIGHTINGS
|
% OF NET ASSETS
|
|
Information Technology
|
37.8
|
|
Industrials
|
16.5
|
|
Financials
|
9.8
|
|
Communication Services
|
9.1
|
|
Health Care
|
8.5
|
|
Consumer Discretionary
|
8.1
|
|
Consumer Staples
|
4.5
|
|
Materials
|
3.1
|
|
Real Estate
|
1.5
|
TOP 10 HOLDINGS
% OF NET ASSETS
Table Summary
|
Alphabet, Inc. - Class A
|
8.4
|
|
NVIDIA Corp.
|
5.6
|
|
Apple, Inc.
|
5.6
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)
|
4.6
|
|
Microsoft Corp.
|
4.6
|
|
Amazon.com, Inc.
|
3.8
|
|
Broadcom, Inc.
|
3.0
|
|
Applied Materials, Inc.
|
2.8
|
|
ASML Holding NV (ADR)
|
2.5
|
|
Amphenol Corp. - Class A
|
2.4
|
www.calamos.com
Calamos Antetokounmpo Sustainable Equities Fund
Class R6: SRORX
Semi-Annual Shareholder Report - June 30, 2026
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SEQTSRS-R6 26
Item 1(b). Not applicable.
Item 2: Code of Ethics.
The information required by this Item 2 is only required in an annual report on this Form N-CSR.
Item 3: Audit Committee Financial Expert.
The information required by this Item 3 is only required in an annual report on this Form N-CSR.
Item 4: Principal Accountant Fees and Services.
The information required by this Item 4 is only required in an annual report on this Form N-CSR.
Item 5: Audit Committee of Listed Registrants.
The information required by this Item 5 is only required in an annual report on this Form N-CSR.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of the N-CSR.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
SEMIANNUAL
FINANCIAL
STATEMENTS
AND
OTHER
INFORMATION
June
30,
2026
Visit
www.calamos.com/paperless
to
enroll.
You
can
view
shareholder
communications,
including
fund
prospectuses,
and
other
shareholder
materials.
Calamos
Antetokounmpo
Sustainable
Equities
Fund
TIMELY
INFORMATION
INSIDE
Table
of
Contents
Statement
of
Assets
and
Liabilities
(unaudited)
1
Statement
of
Operations
(unaudited)
2
Statement
of
Changes
in
Net
Assets
3
Financial
Highlights
4
Schedule
of
Investments
(unaudited)
8
Notes
to
Financial
Statements
(unaudited)
10
Report
of
Independent
Registered
Public
Accounting
Firm
15
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
16
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
1
www.calamos.com
See
accompanying
Notes
to
Financial
Statements
ASSETS
Investments
in
securities,
at
value
$
5,711,624
Cash
with
custodian
86,230
Receivables:
Due
from
Investment
adviser
42,090
Accrued
dividends
2,416
Prepaid
expenses
783
Total
assets
5,843,143
LIABILITIES
Payables:
Affiliates:
Investment
advisory
fees
3,921
Distribution
fees
11
Trustees'
fees
and
officer
compensation
1,843
Other
accounts
payable
and
accrued
liabilities
61,285
Total
liabilities
67,060
NET
ASSETS
$
5,776,083
COMPOSITION
OF
NET
ASSETS
Paid
in
capital
$
4,097,441
Accumulated
distributable
earnings
1,678,642
NET
ASSETS
$
5,776,083
CLASS
A
SHARES
†
Net
assets
applicable
to
shares
outstanding
$
183,091
Shares
outstanding
12,230
Net
asset
value
and
redemption
price
per
share
$
14
.97
Maximum
offering
price
per
share
(Net
asset
value,
plus
4.75%
of
offering
price)
$
15
.72
CLASS
C
SHARES
†**
Net
assets
applicable
to
shares
outstanding
$
151,854
Shares
outstanding
10,369
Net
asset
value
and
redemption
price
per
share
$
14
.65
CLASS
I
SHARES
†
Net
assets
applicable
to
shares
outstanding
$
5,283,950
Shares
outstanding
351,646
Net
asset
value
and
redemption
price
per
share
$
15
.03
CLASS
R6
SHARES
†
Net
assets
applicable
to
shares
outstanding
$
157,188
Shares
outstanding
10,460
Net
asset
value
and
redemption
price
per
share
$
15
.03
-
Investments
in
securities,
at
cost
$
4,127,699
†
No
par
value;
unlimited
number
of
shares
authorized.
**
Redemption
price
may
be
reduced
by
contingent
deferred
sales
charge.
Statement
of
Operations
Six
Months
Ended
June
30,
2026
(unaudited)
2
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
See
accompanying
Notes
to
Financial
Statements
INVESTMENT
INCOME
Interest
$
1,089
Dividends
23,331
Dividend
taxes
withheld
(
411
)
Total
investment
income
24,009
EXPENSES
Investment
advisory
fees
22,529
Distribution
fees
Class
A
212
Class
C
710
Legal
fees
39,070
Registration
fees
28,837
Audit
fees
25,490
Printing
and
mailing
fees
12,289
Trustees'
fees
and
officer
compensation
5,972
Accounting
fees
4,095
Transfer
agent
fees
4,019
Tax
fees
826
Custodian
fees
306
Fund
administration
fees
139
Other
5,330
Total
expenses
149,824
Less
expense
reductions
(
119,756
)
Net
expenses
30,068
NET
INVESTMENT
(LOSS)
(
6,059
)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
83,509
Foreign
currency
transactions
1
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
451,435
NET
GAIN
534,945
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
528,886
Statement
of
Changes
in
Net
Assets
June
30,
2026
3
www.calamos.com
See
accompanying
Notes
to
Financial
Statements
(UNAUDITED)
SIX
MONTHS
ENDED
JUNE
30,
2026
YEAR
ENDED
DECEMBER
31,
2025
OPERATIONS
Net
investment
income
(loss)
$
(
6,059
)
$
3,711
Net
realized
gain
83,510
207,385
Change
in
unrealized
appreciation
451,435
335,096
Net
increase
in
net
assets
resulting
from
operations
528,886
546,192
DISTRIBUTIONS
TO
SHAREHOLDERS
Class
A
-
(
5,672
)
Class
C
-
(
4,901
)
Class
I
-
(
166,153
)
Class
R6
-
(
5,077
)
Total
distributions
-
(
181,803
)
CAPITAL
SHARE
TRANSACTIONS
125,298
177,096
TOTAL
INCREASE
IN
NET
ASSETS
654,184
541,485
NET
ASSETS
Beginning
of
period
$
5,121,899
$
4,580,414
End
of
period
$
5,776,083
$
5,121,899
Financial
Highlights
June
30,
2026
4
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
Selected
data
for
a
share
outstanding
throughout
each
period
were
as
follows:
Class
A
(Unaudited)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
February
3,
2023
•
through
December
31,
2023
2025
2024
Net
asset
value,
beginning
of
period
$
13.59
$
12.54
$
10.97
$
10.00
Income
from
investment
operations:
Net
investment
income
(loss)
(a)
(
0.03
)
(
0.02
)
(b)
0.02
0.03
Net
realized
and
unrealized
gain
(loss)
1.41
1.56
1.57
0.97
Total
from
investment
operations
1.38
1.54
1.59
1.00
Distributions:
Dividends
from
net
investment
income
-
-
(
0.02
)
(
0.03
)
Dividends
from
net
realized
gains
-
(
0.49
)
-
-
Total
distributions
**
-
(
0.49
)
(
0.02
)
(
0.03
)
Net
asset
value,
end
of
period
$
14.97
$
13.59
$
12.54
$
10.97
Ratios
and
supplemental
data:
Total
return
(c)
10
.15
%
12
.30
%
14
.45
%
10
.03
%
Net
assets,
end
of
period
(000)
$
183
$
163
$
184
$
157
Ratio
of
net
expenses
to
average
net
assets
1
.35
%
(d)
1
.35
%
1
.35
%
1
.35
%
(d)
Ratio
of
gross
expenses
to
average
net
assets
prior
to
expense
reductions
5
.86
%
(d)
5
.78
%
6
.11
%
10
.24
%
(d)
Ratio
of
net
investment
income
(loss)
to
average
net
assets
(
0
.44
%
)
(d)
(
0
.14
%
)
0
.15
%
0
.37
%
(d)
Portfolio
turnover
rate
(e)
12
%
31
%
20
%
11
%
•
Commencement
of
operations.
**
Distribution
for
annual
periods
determined
in
accordance
with
federal
income
tax
regulations.
(a)
Net
investment
income
(loss)
allocated
based
on
average
shares
method.
(b)
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
net
investment
income
on
the
Statement
of
Operations
for
the
period
due
to
class
specific
expenses.
(c)
Total
return
measures
net
investment
income
(loss)
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
effect
of
taxes
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares,
sales
charges,
or
contingent
deferred
sales
charges,
if
applicable.
(d)
Annualized.
(e)
Not
annualized.
5
www.calamos.com
Financial
Highlights
June
30,
2026
Selected
data
for
a
share
outstanding
throughout
each
period
were
as
follows:
Class
C
(Unaudited)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
February
3,
2023
•
through
December
31,
2023
2025
2024
Net
asset
value,
beginning
of
period
$
13.34
$
12.42
$
10.93
$
10.00
Income
from
investment
operations:
Net
investment
income
(loss)
(a)
(
0.08
)
(
0.11
)
(b)
(
0.07
)
(b)
(
0.03
)
(b)
Net
realized
and
unrealized
gain
(loss)
1.39
1.52
1.56
0.96
Total
from
investment
operations
1.31
1.41
1.49
0.93
Distributions:
Dividends
from
net
realized
gains
-
(
0.49
)
-
-
Total
distributions
**
-
(
0.49
)
-
-
Net
asset
value,
end
of
period
$
14.65
$
13.34
$
12.42
$
10.93
Ratios
and
supplemental
data:
Total
return
(c)
9
.82
%
11
.46
%
13
.54
%
9
.30
%
Net
assets,
end
of
period
(000)
$
152
$
138
$
124
$
109
Ratio
of
net
expenses
to
average
net
assets
2
.10
%
(d)
2
.10
%
2
.10
%
2
.10
%
(d)
Ratio
of
gross
expenses
to
average
net
assets
prior
to
expense
reductions
6
.60
%
(d)
6
.55
%
6
.86
%
10
.99
%
(d)
Ratio
of
net
investment
income
(loss)
to
average
net
assets
(
1
.20
%
)
(d)
(
0
.88
%
)
(
0
.60
%
)
(
0
.38
%
)
(d)
Portfolio
turnover
rate
(e)
12
%
31
%
20
%
11
%
•
Commencement
of
operations.
**
Distribution
for
annual
periods
determined
in
accordance
with
federal
income
tax
regulations.
(a)
Net
investment
income
(loss)
allocated
based
on
average
shares
method.
(b)
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
net
investment
income
on
the
Statement
of
Operations
for
the
period
due
to
class
specific
expenses.
(c)
Total
return
measures
net
investment
income
(loss)
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
effect
of
taxes
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares,
sales
charges,
or
contingent
deferred
sales
charges,
if
applicable.
(d)
Annualized.
(e)
Not
annualized.
6
Financial
Highlights
June
30,
2026
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
Selected
data
for
a
share
outstanding
throughout
each
period
were
as
follows:
Class
I
(Unaudited)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
February
3,
2023
•
through
December
31,
2023
2025
2024
Net
asset
value,
beginning
of
period
$
13.62
$
12.55
$
10.97
$
10.00
Income
from
investment
operations:
Net
investment
income
(loss)
(a)
(
0.01
)
0.02
0.05
0.06
Net
realized
and
unrealized
gain
(loss)
1.42
1.55
1.58
0.96
Total
from
investment
operations
1.41
1.57
1.63
1.02
Distributions:
Dividends
from
net
investment
income
-
(
0.01
)
(
0.05
)
(
0.05
)
Dividends
from
net
realized
gains
-
(
0.49
)
-
-
Total
distributions
**
-
(
0.50
)
(
0.05
)
(
0.05
)
Net
asset
value,
end
of
period
$
15.03
$
13.62
$
12.55
$
10.97
Ratios
and
supplemental
data:
Total
return
(b)
10
.35
%
12
.54
%
14
.81
%
10
.21
%
Net
assets,
end
of
period
(000)
$
5,284
$
4,678
$
4,146
$
3,148
Ratio
of
net
expenses
to
average
net
assets
1
.10
%
(c)
1
.10
%
1
.10
%
1
.10
%
(c)
Ratio
of
gross
expenses
to
average
net
assets
prior
to
expense
reductions
5
.62
%
(c)
5
.56
%
5
.86
%
9
.99
%
(c)
Ratio
of
net
investment
income
(loss)
to
average
net
assets
(
0
.19
%
)
(c)
0
.12
%
0
.38
%
0
.63
%
(c)
Portfolio
turnover
rate
(d)
12
%
31
%
20
%
11
%
•
Commencement
of
operations.
**
Distribution
for
annual
periods
determined
in
accordance
with
federal
income
tax
regulations.
(a)
Net
investment
income
(loss)
allocated
based
on
average
shares
method.
(b)
Total
return
measures
net
investment
income
(loss)
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
effect
of
taxes
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares,
sales
charges,
or
contingent
deferred
sales
charges,
if
applicable.
(c)
Annualized.
(d)
Not
annualized.
7
www.calamos.com
Financial
Highlights
June
30,
2026
Selected
data
for
a
share
outstanding
throughout
each
period
were
as
follows:
Class
R6
(Unaudited)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
February
3,
2023
•
through
December
31,
2023
2025
2024
Net
asset
value,
beginning
of
period
$
13.62
$
12.55
$
10.97
$
10.00
Income
from
investment
operations:
Net
investment
income
(loss)
(a)
(
0.01
)
0.02
0.05
0.06
Net
realized
and
unrealized
gain
(loss)
1.42
1.55
1.58
0.96
Total
from
investment
operations
1.41
1.57
1.63
1.02
Distributions:
Dividends
from
net
investment
income
-
(
0.01
)
(
0.05
)
(
0.05
)
Dividends
from
net
realized
gains
-
(
0.49
)
-
-
Total
distributions
**
-
(
0.50
)
(
0.05
)
(
0.05
)
Net
asset
value,
end
of
period
$
15.03
$
13.62
$
12.55
$
10.97
Ratios
and
supplemental
data:
Total
return
(b)
10
.35
%
12
.55
%
14
.84
%
10
.22
%
Net
assets,
end
of
period
(000)
$
157
$
142
$
127
$
110
Ratio
of
net
expenses
to
average
net
assets
1
.09
%
(c)
1
.09
%
1
.07
%
1
.09
%
(c)
Ratio
of
gross
expenses
to
average
net
assets
prior
to
expense
reductions
5
.59
%
(c)
5
.54
%
5
.86
%
9
.98
%
(c)
Ratio
of
net
investment
income
(loss)
to
average
net
assets
(
0
.18
%
)
(c)
0
.13
%
0
.42
%
0
.63
%
(c)
Portfolio
turnover
rate
(d)
12
%
31
%
20
%
11
%
•
Commencement
of
operations.
**
Distribution
for
annual
periods
determined
in
accordance
with
federal
income
tax
regulations.
(a)
Net
investment
income
(loss)
allocated
based
on
average
shares
method.
(b)
Total
return
measures
net
investment
income
(loss)
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
effect
of
taxes
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares,
sales
charges,
or
contingent
deferred
sales
charges,
if
applicable.
(c)
Annualized.
(d)
Not
annualized.
Calamos
Antetokounmpo
Sustainable
Equities
Fund
Schedule
of
Investments
June
30,
2026
(unaudited)
8
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(98.9%)
Communication
Services
(9.1%)
1,361
Alphabet,
Inc.
-
Class
A
$
486,381
520
Netflix,
Inc.#
37,128
523,509
Consumer
Discretionary
(8.1%)
914
Amazon.com,
Inc.#
217,843
225
Booking
Holdings,
Inc.
40,104
1,166
Chipotle
Mexican
Grill,
Inc.#
39,644
132
Home
Depot,
Inc.
46,554
801
TJX
Cos.,
Inc.
121,351
465,496
Consumer
Staples
(4.5%)
707
Colgate-Palmolive
Co.
64,818
48
Costco
Wholesale
Corp.
44,903
1,729
Darling
Ingredients,
Inc.#
94,438
470
Walmart,
Inc.
53,232
257,391
Financials
(9.8%)
179
American
Express
Co.
60,547
510
Bank
of
New
York
Mellon
Corp.
73,751
532
Intercontinental
Exchange,
Inc.
65,494
425
Jack
Henry
&
Associates,
Inc.
58,539
173
S&P
Global,
Inc.
70,456
357
Travelers
Cos.,
Inc.
117,853
342
Visa,
Inc.
-
Class
A
117,337
563,977
Health
Care
(8.5%)
711
Edwards
Lifesciences
Corp.#
64,317
60
Eli
Lilly
&
Co.
71,966
1,077
GE
HealthCare
Technologies,
Inc.
68,939
462
Gilead
Sciences,
Inc.
58,369
535
Merck
&
Co.,
Inc.
68,747
175
Thermo
Fisher
Scientific,
Inc.
87,738
417
Veeva
Systems,
Inc.
-
Class
A#
74,005
494,081
Industrials
(16.5%)
474
Canadian
Pacific
Kansas
City
Ltd.
41,072
47
Caterpillar,
Inc.
50,050
203
Cintas
Corp.
34,526
81
Deere
&
Co.
51,381
132
Eaton
Corp.
PLC
56,248
204
Ferguson
Enterprises,
Inc.
48,415
61
GE
Vernova,
Inc.
71,667
213
Howmet
Aerospace,
Inc.
57,267
423
Nextpower,
Inc.
-
Class
A#
50,396
462
nVent
Electric
PLC
78,360
247
Old
Dominion
Freight
Line,
Inc.
53,500
475
Otis
Worldwide
Corp.
34,010
108
Quanta
Services,
Inc.
77,764
NUMBER
OF
SHARES
b
b
VALUE
b
131
Rockwell
Automation,
Inc.
$
64,856
122
Trane
Technologies
PLC
59,922
424
Veralto
Corp.
37,600
186
Verisk
Analytics,
Inc.
33,393
232
Waste
Management,
Inc.
51,708
952,135
Information
Technology
(37.8%)
776
Amphenol
Corp.
-
Class
A
136,824
1,112
Apple,
Inc.
321,768
227
Applied
Materials,
Inc.
164,121
485
Arista
Networks,
Inc.#
82,392
72
ASML
Holding
NV
(ADR)
143,240
1,189
Bentley
Systems,
Inc.
-
Class
B
35,539
452
Broadcom,
Inc.
170,743
128
Cadence
Design
Systems,
Inc.#
48,041
229
KLA
Corp.
69,092
706
Microsoft
Corp.
263,352
143
Motorola
Solutions,
Inc.
59,386
1,631
NVIDIA
Corp.
326,347
214
Palo
Alto
Networks,
Inc.#
72,978
178
SAP
SE
(ADR)
27,432
554
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(ADR)
264,574
2,185,829
Materials
(3.1%)
228
Ecolab,
Inc.
63,523
152
Linde
PLC
78,879
109
Sherwin-Williams
Co.
37,531
179,933
Real
Estate
(1.5%)
241
American
Tower
Corp.
39,420
368
Prologis,
Inc.
49,853
89,273
TOTAL
COMMON
STOCKS
(Cost
$4,127,699)
5,711,624
TOTAL
INVESTMENTS
(98.9%)
(Cost
$4,127,699)
5,711,624
OTHER
ASSETS,
LESS
LIABILITIES
(1.1%)
64,459
NET
ASSETS
(100.0%)
$
5,776,083
#
Non-income
producing
security.
ABBREVIATION
ADR
American
Depositary
Receipt
9
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Antetokounmpo
Sustainable
Equities
Fund
Schedule
of
Investments
June
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund's
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
June
30,
2026
(see
Note
5):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
-
-
-
-
Common
Stocks
63
$
5,711,624
$
-
$
-
$
5,711,624
Total
$
5,711,624
$
-
$
-
$
5,711,624
Notes
to
Financial
Statements
(unaudited)
10
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
Note
1
-
Organization
and
Significant
Accounting
Policies
Organization.
Calamos
Antetokounmpo
Sustainable
Equities
Trust
(the
"Trust"),
a
Delaware
statutory
trust
organized
on
August
15,
2022,
consists
of
a
single
series,
Calamos
Antetokounmpo
Sustainable
Equities
Fund
(the
"Fund"),
which
commenced
operations
on
February
3,
2023.
The
Trust
currently
offers
Class
A,
Class
C,
Class
I,
and
Class
R6
shares.
The
Fund's
investment
objective
is
long-term
capital
appreciation.
Calamos
Antetokounmpo
Asset
Management
LLC
("CGAM",
or
the
"Adviser"),
serves
as
the
Fund's
adviser.
CGAM
is
jointly
owned
by
Calamos
Advisors
LLC
("Calamos
Advisors")
and
Original
C
Fund,
LLC,
an
entity
whose
voting
rights
are
wholly
owned
by
Original
PE,
LLC
which,
in
turn,
is
wholly
owned
by
Giannis
Sina
Ugo
Antetokounmpo.
Calamos
Advisors
LLC
serves
as
the
Fund's
subadviser
("Subadviser").
Mr.
Antetokounmpo
serves
on
the
Adviser's
Board
of
Directors
and
has
indirect
control
of
half
of
the
Adviser's
Board
of
Directors.
Mr.
Antetokounmpo
is
not
a
portfolio
manager
of
the
Fund
and is
not involved
in
the
day-to-day
management
of
the
Fund's
investments,
and
neither
Original
C
nor
Mr.
Antetokounmpo provide
any
"investment
advice"
to
the
Fund.
Mr.
Antetokounmpo
provided
input
in
selecting
the
initial
strategy
for
the
Fund.
Mr.
Antetokounmpo is
involved
with
marketing
efforts
on
behalf
of
the
Adviser.
If
Mr.
Antetokounmpo
is
no
longer
involved
with
the
Fund
or
the
Adviser
then
"Antetokounmpo"
will
be
removed
from
the
name
of
the
Fund
and
the
Adviser.
Further,
shareholders
would
be
notified
of
any
change
in
the
name
of
the
Fund
or
its
strategy.
The
Adviser
is
jointly
owned
and
controlled
by
Calamos
Advisors and,
indirectly,
by
Mr.
Antetokounmpo,
a
well-known
professional
athlete.
Unanticipated
events,
including,
without
limitation,
death,
adverse
reputational
events
or
business
disputes,
could
result
in
Mr.
Antetokounmpo
no
longer
being
associated
or
involved
with
the
Adviser.
Any
such
event
could
adversely
impact
the
Fund
and
result
in
shareholders
experiencing
substantial
losses.
The
Fund
will,
under
normal
circumstances,
invest
at
least
80%
of
its
net
assets
(plus
borrowings
for
investment
purposes,
if
any)
in
equity
securities
of
issuers
domiciled
in
the
U.S.
that,
in
the
view
of
the
Subadviser,
have
above
average
growth
potential
and
meet
certain
environmental,
social
and
governance
("ESG")
criteria.
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
American
Depositary
Receipts
("ADRs"),
which
are
securities
representing
equity
ownership
in
foreign
issuers.
The
Fund
may
invest
in
companies
of
any
size
and
seeks
diversification
by
economic
sector.
Significant
Accounting
Policies.
The
financial
statements
have
been
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(U.S.
GAAP),
and
the
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Under
U.S.
GAAP,
management
is
required
to
make
certain
estimates
and
assumptions
at
the
date
of
the
financial
statements
and
actual
results
may
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Fund.
Fund
Valuation.
The
Fund's
Board
of
Trustees
("Board"
or
"Trustees"),
including
a
majority
of
the
Trustees
who
are
not
"interested
persons"
of
the
Fund,
have
designated
the
Adviser
to
perform
fair
valuation
determinations
related
to
all
Fund
investments
under
the
oversight
of
the
Board.
As
"valuation
designee"
the
Adviser
has
adopted
procedures
consistent
with
ASC
Topic
820:
Fair
Value
Measurement
to
guide
the
determination
of
the
net
asset
value
("NAV")
on
any
day
on
which
the
Fund's
NAV
is
determined.
The
valuation
of
the Fund's
investments
is
in
accordance
with
these
procedures.
Fund
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
Fund
determines
its
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 the
Fund
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.
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.
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
or
based
on
a
quotation
provided
by
the
counterparty
to
such
option
under
the
ultimate
supervision
of
the
Board.
Securities
that
are
principally
traded
in foreign
markets
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
Fund
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
New
York
Stock
Exchange
("NYSE")
business
day.
In
addition,
trading
may
take
place
Notes
to
Financial
Statements
(unaudited)
11
www.calamos.com
in
various
foreign
markets
on
Saturdays
or
on
other
days
when
the
NYSE
is
not
open
and
on
which
the
Fund's
NAV
is
not
calculated.
If
the
valuation
designee
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
valuation
designee.
The
Fund
also
may
use
fair
value
pricing,
pursuant
to
guidelines
adopted
by
the
Adviser,
if
trading
in
the
security
is
halted
or
if
the
value
of
a
security
it
holds
is
materially
affected
by
events
occurring
before
the
Fund'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
Adviser,
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
the
Fund
to
calculate
its
NAV
may
differ
from
market
quotations
or
official
closing
prices.
There
can
be
no
assurance
that
the
Fund
could
purchase
or
sell
a
portfolio
security
at
the
price
used
to
calculate
the
Fund's
NAV.
Investment
Transactions.
Investment
transactions
are
recorded
on
a
trade
date
basis
as
of
June
30,
2026.
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
after
the
ex-dividend
date.
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
Fund 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.
Allocation
of
Expenses.
Expenses
directly
attributable
to
the
Fund
are
charged
to
that
Fund;
certain
other
common
expenses
of
Calamos
Advisors
Trust,
Calamos
Investment
Trust,
Calamos
Convertible
Opportunities
and
Income
Fund,
Calamos
Convertible
and
High
Income
Fund,
Calamos
Strategic
Total
Return
Fund,
Calamos
Global
Total
Return
Fund,
Calamos
Global
Dynamic
Income
Fund,
Calamos
Dynamic
Convertible
and
Income
Fund,
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust,
Calamos
Antetokounmpo
Sustainable
Equities
Trust,
Calamos
ETF
Trust,
Calamos
Aksia
Alternative
Credit
and
Income
Fund,
Calamos
Aksia
Private
Equity
and
Alternatives
Fund,
and
Calamos
Aksia
Hedged
Strategies
Fund
are
allocated
proportionately
among
each
fund
to
which
the
expenses
relate
in
relation
to
the
net
assets
of
each
fund
or
on
another
reasonable
basis.
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,
and
distribute
to
shareholders
substantially
all
of
the
Fund's
taxable
income
and
net
realized
gains.
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
transactions
and
investments
in
passive
foreign
investment
companies.
The
financial
statements
are
not
adjusted
for
temporary
differences.
The
Fund
recognized
no
liability
for
uncertain
tax
positions.
A
reconciliation
is
not
provided
as
the
beginning
and
ending
amounts
of
unrecognized
benefits
are
zero,
with
no
interim
additions,
reductions
or
settlements.
Generally,
the
federal
Notes
to
Financial
Statements
(unaudited)
12
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
returns
are
subject
to
examination
by
the
Internal
Revenue
Service
for
a
period
of
three
years
from
date
of
filing,
while
the
state
returns
may
remain
open
for
an
additional
year
depending
upon
jurisdiction.
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
may
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund's
management
expects
the
risk
of
material
loss
in
connection
to
a
potential
claim
to
be
remote.
Segment
Reporting.
An
operating
segment
is
defined
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
chief
operating
decision
maker,
and
for
which
discrete
financial
information
is
available.
Consistent
with
the
definition
of
a
chief
operating
decision
maker
("CODM")
provided
by
Financial
Accounting
Standards
Board
("FASB")
"Accounting
Standards
Update
(ASU)
2023-07-Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures,"
the
Fund's
CODM
is
Calamos
Advisors'
Chief
Executive
Officer,
who
also
serves
as
Trustee
and
Vice
President
of
the
Fund.
The Fund
operates
as
a
single
reportable
segment,
which
reflects
how
the
CODM
monitors
and
manages
the
operating
results
of
the
Fund.
The
financial
information
used
by
the
CODM
to
assess
the
segment's
performance
and
to
allocate
resources,
including
total
return,
expense
ratios,
changes
in
net
assets
from
operations
and
portfolio
composition,
is
consistent
with
that
presented
within
the
Fund's
financial
statements
and
financial
highlights.
Note
2
-
Investment
Advisor
and
Transactions
with
Affiliates
or
Certain
Other
Parties
Pursuant
to
an
investment
advisory
agreement
with
CGAM,
the
Fund
pays
a
monthly
investment
advisory
fee
based
on
the
average
daily
net
assets
of
the
Fund
at
the
annual
rate
of
0.85%.
CGAM
has
contractually
agreed
to
limit
the
annual
ordinary
operating
expenses
of
the
Fund
as
a
percentage
of
the
average
net
assets
of
each
class
of
shares
to
1.35%
for
Class
A
shares,
2.10%
for
Class
C
shares,
and
1.10%
for
Class
I
shares.
CGAM
has
contractually
agreed
to
limit
the
Fund's
annual
ordinary
operating
expenses
for
Class
R6
shares
(as
a
percentage
of
average
net
assets)
to
1.10%
less
the
Fund's
annual
sub-transfer
agency
ratio
(the
aggregate
sub-transfer
agency
fees
of
the
Fund's
other
share
classes
divided
by
the
aggregate
average
annual
net
assets
of
the
Fund's
other
share
classes).
This
expense
limitation
agreement
is
binding
on
CGAM
through May
1,
2027.
For
the
period
ended
June
30,
2026,
CGAM
waived
or
absorbed
$119,756
of
expenses.
This
amount
is
included
in
the
Statement
of
Operations
under
the
caption
"Expense
reductions".
The
Fund
reimburses
Calamos
Advisors
for
a
portion
of
compensation
paid
to
the
Trust's
Chief
Compliance
Officer.
This
compensation
is
reported
as
part
of
the
"Trustees'
fees
and
officer
compensation"
expense
on
the
Statement
of
Operations.
Two
Trustees
and
certain
officers
of
the
Trust
are
also
officers
and
directors
of
CGAM.
Trustees
and
certain
officers
of
the
Fund
are
also
officers
and/or
directors
of
Calamos
Advisors.
Such
Trustees
and
officers
serve
without
direct
compensation
from
the
Trust.
The
Trust's
Statement
of
Additional
Information
contains
additional
information
about
the
Trust's
Trustees
and
Officers
and
is
available
without
charge,
upon
request,
at
www.calamos.com
or
by
calling
800.582.6959.
As
of
June
30,
2026,
certain
affiliates
of
Calamos
Advisors
hold
material
investments
in
the
Fund
as
follows:
Note
3
-
Investments
The
cost
of
purchases
and
proceeds
from
sales
of
long-term
investments
for
the
period
ended
June
30,
2026
are
shown
in
the
table
below.
FUND
PERCENTAGE
001
Calamos
Antetokounmpo
Sustainable
Equities
Fund
78
%
U.S.
GOVERNMENT
SECURITIES
OTHER
Cost
of
purchases
$
-
$
755,092
Proceeds
from
sales
-
635,673
Notes
to
Financial
Statements
(unaudited)
13
www.calamos.com
Note
4
-
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
June
30,
2026
was
as
follows*:
*
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
Fund's
most
recent
annual
report.
The
tax
character
of
distributions
for
the
period
ended
June
30,
2026
will
be
determined
at
the
end
of the
Fund's
current
fiscal
year.
Distributions
for
the
year
ended
December
31,
2025
were
characterized
for
federal
income
tax
purposes
as
follows:
As
of
December
31,
2025,
the
components
of
accumulated
earnings/(loss)
on
a
tax
basis
were
as
follows:
The
Fund
had
utilized
capital
loss
carryforwards of
$9,286
for
the year
ended
December
31,
2025.
Note
5
-
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
the
Fund's
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
Level
1
-
Prices
are
determined
using
inputs
from
unadjusted
quoted
prices
from
active
markets
(including
securities
actively
traded
on
a
securities
exchange)
for
identical
assets.
Level
2
-
Prices
are
determined
using
significant
observable
market
inputs
other
than
unadjusted
quoted
prices,
including
quoted
prices
of
similar
securities,
fair
value
adjustments
to
quoted
foreign
securities,
interest
rates,
credit
risk,
prepayment
speeds,
and
other
relevant
data.
Level
3
-
Prices
reflect
unobservable
market
inputs
(including
the
Fund's
own
judgments
about
assumptions
market
participants
would
use
in
determining
fair
value)
when
observable
inputs
are
unavailable.
The
summary
of
the
inputs
used
in
valuing
the
Fund's holdings
are
available
after
the
Fund's
Schedule
of
Investments.
Cost
basis
of
investments
$
4,127,699
Gross
unrealized
appreciation
1,758,315
Gross
unrealized
depreciation
(
174,391
)
Net
unrealized
appreciation
(depreciation)
$
1,583,924
YEAR
ENDED
DECEMBER
31,
2025
Distributions
paid
from:
Ordinary
income
$
3,566
Long-term
capital
gains
178,237
Return
of
capital
-
Undistributed
capital
gains
$
17,350
Total
undistributed
earnings
17,350
Net
unrealized
gains/(losses)
1,132,406
Total
accumulated
earnings/(losses)
$
1,149,756
Paid-in-capital
3,972,143
Net
assets
applicable
to
common
shareholders
$
5,121,899
Notes
to
Financial
Statements
(unaudited)
14
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
Note
6
-
Capital
Share
Transactions
The
following
table
summarizes
the
activity
in
capital
shares
of
the
Fund
for
the period
ended:
Note
7
-
Subsequent
Events
Subsequent
events,
if
any,
through
the
date
that
the
financial
statements
were
issued,
have
been
evaluated
in
the
preparation
of
the
financial
statements.
There
have
been
no
subsequent
events
that
occurred
during
such
period
that
would
require
disclosure
or
would
be
required
to
be
recognized
in
the
financial
statements.
FOR
THE
SIX
MONTHS
ENDED
JUNE
30,
2026
FOR
THE
YEAR
ENDED
DECEMBER
31,
2025
Class
A
Shares
Dollars
Shares
Dollars
Shares
sold
298
$
4,147
1,019
$
12,723
Shares
issued
as
reinvestment
of
distributions
-
-
419
5,672
Less
shares
redeemed
(
52
)
(
699
)
(
4,105
)
(
50,978
)
Net
increase
(decrease)
246
$
3,448
(
2,667
)
$
(
32,583
)
Class
C
Shares
Dollars
Shares
Dollars
Shares
sold
-
$
-
-
$
-
Shares
issued
as
reinvestment
of
distributions
-
-
369
4,901
Less
shares
redeemed
-
-
-
-
Net
increase
(decrease)
-
$
-
369
$
4,901
Class
I
Shares
Dollars
Shares
Dollars
Shares
sold
10,442
$
150,492
21,674
$
299,299
Shares
issued
as
reinvestment
of
distributions
-
-
12,244
166,153
Less
shares
redeemed
(
2,222
)
(
28,642
)
(
20,845
)
(
265,751
)
Net
increase
(decrease)
8,220
$
121,850
13,073
$
199,701
Class
R6
Shares
Dollars
Shares
Dollars
Shares
sold
-
$
-
-
$
-
Shares
issued
as
reinvestment
of
distributions
-
-
374
5,077
Less
shares
redeemed
-
-
-
-
Net
increase
(decrease)
-
$
-
374
$
5,077
Report
of
Independent
Registered
Public
Accounting
Firm
15
www.calamos.com
To
the
Shareholders
and
the
Board
of
Trustees
of
Calamos
Antetokounmpo
Sustainable
Equities
Trust
Results
of
Review
of
Interim
Financial
Information
We
have
reviewed
the
accompanying
statement
of
assets
and
liabilities
of
Calamos
Antetokounmpo
Sustainable
Equities
Fund
(the
"Fund"),
a
series
of
Calamos
Antetokounmpo
Sustainable
Equities
Trust
(the
"Trust"),
including
the
schedule
of
investments,
as
of
June
30,
2026,
the
related
statements
of
operations,
changes
in
net
assets,
and
the
financial
highlights
for
the
six-month
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
"interim
financial
information").
Based
on
our
review,
we
are
not
aware
of
any
material
modifications
that
should
be
made
to
the
accompanying
interim
financial
information
for
it
to
be
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
We
have
previously
audited,
in
accordance
with
the
standards
of
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB),
the
statement
of
changes
in
net
assets
for
the
year
ended
December
31,
2025,
and
the
financial
highlights
for
the
years
ended
December
31,
2025,
2024,
and
the
period
from
February
3,
2023
(commencement
of
operations)
through
December
31,
2023,
and
in
our
report
dated
February
10,
2026,
we
expressed
an
unqualified
opinion
on
such
statement
of
changes
in
net
assets
and
financial
highlights.
Basis
for
Review
Results
This
interim
financial
information
is
the
responsibility
of
the
Fund's
management.
We
are
a
public
accounting
firm
registered
with
the
PCAOB
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
review
in
accordance
with
standards
of
the
PCAOB.
A
review
of
interim
financial
information
consists
principally
of
applying
analytical
procedures
and
making
inquiries
of
persons
responsible
for
financial
and
accounting
matters.
It
is
substantially
less
in
scope
than
an
audit
conducted
in
accordance
with
the
standards
of
the
PCAOB,
the
objective
of
which
is
the
expression
of
an
opinion
regarding
the
financial
statements
taken
as
a
whole.
Accordingly,
we
do
not
express
such
an
opinion.
Chicago,
Illinois
August 7,
2026
We
have
served
as
the
auditor
of
one
or
more
Calamos
investment
companies
since
2003.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
16
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
The
Board
of
Trustees
(the
"Board"
or
"Trustees")
of
Calamos
Antetokounmpo
Sustainable
Equities
Trust
(the
"Trust")
oversees
the
management
of
Calamos
Antetokounmpo
Sustainable
Equities
Fund
(the
"Fund"),
a
series
of
the
Trust,
and,
as
required
by
law,
determines
annually
whether
to
continue
the
Trust's
management
agreement
with
Calamos
Antetokounmpo
Asset
Management
LLC
("Adviser"),
pursuant
to
which
the
Adviser
serves
as
the
investment
manager
and
provides
certain
administrative
services
for
the
Fund,
and
the
investment
sub-advisory
agreement
by
and
among
the
Trust,
the
Adviser
and
Calamos
Advisors
LLC
("Sub-Adviser"),
pursuant
to
which
the
Sub-Adviser
serves
as
investment
sub-adviser
for
the
Fund.
The
"Independent
Trustees,"
who
comprise
more
than
80%
of
the
Board,
have
never
been
affiliated
with
the
Adviser
or
the
Sub-Adviser.
In
connection
with
their
most
recent
consideration
regarding
the
continuation
of
the
management
agreement
and
investment
sub-advisory
agreement,
the
Trustees
received
and
reviewed
a
substantial
amount
of
information
provided
by
the
Adviser
and
Sub-Adviser
in
response
to
detailed
requests
of
the
Independent
Trustees
and
their
independent
legal
counsel.
In
the
course
of
their
consideration
of
the
agreements,
the
Independent
Trustees
were
advised
by
their
counsel
and,
in
addition
to
meeting
with
management
of
the
Adviser
and
Sub-Adviser,
they
met
separately
in
executive
session
with
their
counsel.
At
a
meeting
held
on
June
24,
2026,
based
on
their
evaluation
of
the
information
referred
to
above
and
other
information
provided
in
this
and
previous
meetings,
the
Trustees
determined
that
the
overall
arrangements
between
the
Trust
and
the
Adviser
and
Sub-Adviser
on
behalf
of
the
Fund
were
fair
in
light
of
the
nature,
quality
and
extent
of
the
services
provided
by
the
Adviser,
Sub-Adviser
and
their
affiliates,
as
applicable,
the
fees
charged
for
those
services
and
other
matters
that
the
Trustees
considered
relevant
in
the
exercise
of
their
business
judgment.
At
that
meeting,
the
Trustees,
including
all
of
the
Independent
Trustees,
approved
the
continuation
of
the
management
agreement
and
investment
sub-advisory
agreement
with
respect
to
the
Fund
through
January
12,
2028,
subject
to
possible
earlier
termination
as
provided
in
such
agreements.
In
connection
with
its
consideration
of
the
management
agreement
and
sub-advisory
agreement
of
the
Trust,
the
Board
considered,
among
other
things:
(i)
the
nature,
quality
and
extent
of
the
Adviser's
and
Sub-Adviser's
services,
(ii)
the
investment
performance
of
the
Fund
as
well
as
performance
information
for
comparable
funds
and
other,
comparable
clients
of
the
Adviser
and
Sub-Adviser,
(iii)
the
fees
and
other
expenses
paid
by
the
Fund
as
well
as
expense
information
for
comparable
funds
and
for
other,
comparable
clients
of
the
Adviser
and
Sub-Adviser,
(iv)
the
profitability
of
the
Adviser
and
Sub-Adviser
and
their
affiliates
from
their
relationship
with
the
Fund,
(v)
whether
economies
of
scale
may
be
realized
as
the
Fund
grows
and
whether
potential
economies
may
be
shared,
in
some
measure,
with
the
Fund's
investors
and
(vi)
other
benefits
to
the
Adviser
and
Sub-Adviser
from
their
relationship
with
the
Fund.
In
the
Board's
deliberations,
no
single
factor
was
responsible
for
the
Board's
decision
to
approve
the
continuation
of
the
management
agreement
and
investment
sub-advisory
agreement,
and
each
Trustee
may
have
afforded
different
weight
to
the
various
factors.
Nature,
Quality
and
Extent
of
Services.
The
Board's
consideration
of
the
nature,
quality
and
extent
of
the
Adviser's
and
Sub-
Adviser's
services
to
the
Fund
took
into
account
the
knowledge
gained
from
the
Board's
meetings
with
the
Adviser
and/or
Sub-Adviser
throughout
the
years.
In
addition,
the
Board
considered:
the
Adviser's
and
Sub-Adviser's
history
of
managing
the
Fund
and
the
Sub-Adviser's
long-term
history
of
managing
other
funds
in
the
Calamos
fund
complex;
the
consistency
of
investment
approach;
the
Sub-Adviser's
relatively
recent
acquisition
of
Pearl
Impact
Capital
LLC;
the
background
and
experience
of
Messrs.
Madden
and
Tursich
and
Ms.
Williamson
(who
are
now
employees
of
the
Sub-Adviser)
and
the
other
investment
personnel
responsible
for
managing
the
Fund;
the
Sub-Adviser's
provision
of
administrative
services
for
other
funds
in
the
Calamos
fund
complex,
including,
among
other
things,
in
the
areas
of
brokerage
selection,
trade
execution,
compliance
and
shareholder
communications;
and
the
"dual-hatting"
arrangement
in
place
between
the
Adviser
and
Sub-
Adviser
with
respect
to
employees
of
the
Sub-Adviser
that
provide
services
to
the
Adviser.
The
Board
also
reviewed
the
Adviser's
and
Sub-Adviser's
resources
and
key
personnel
involved
in
providing
investment
management
and
investment
sub-advisory
services
to
the
Fund.
In
addition,
the
Board
considered
compliance
reports
about
the
Adviser
and
Sub-Adviser
from
the
Trust's
Chief
Compliance
Officer.
The
Board
also
considered
the
information
provided
by
the
Adviser
and
Sub-Adviser
regarding
the
Fund's
performance
and
the
steps
the
Adviser
and
Sub-Adviser
are
taking
to
improve
performance.
In
particular,
the
Board
noted
the
additional
personnel
added
to
the
Sub-Adviser's
investment
team,
which
includes
portfolio
managers,
research
analysts,
research
associates
and
risk
management
personnel.
The
Board
also
noted
the
Adviser's
and
Sub-Adviser's
significant
investment
into
their
infrastructure
and
investment
processes.
Investment
Performance
of
the
Fund.
The
Board
considered
the
Fund's
investment
performance
over
various
time
periods,
including
how
the
Fund
performed
compared
to
the
average
performance
of
a
group
of
comparable
funds
(the
Fund's
"Category")
selected
by
an
independent
third-party
service
provider.
As
noted
below,
the
Category
represents
a
custom
group
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
17
www.calamos.com
of
comparable
funds,
also
selected
by
the
independent
third-party
service
provider.
The
performance
periods
considered
by
the
Board
ended
on
March
31,
2026,
except
where
otherwise
noted.
Because
the
Fund
commenced
operations
on
February
3,
2023,
five-
and
ten-year
performance
was
not
available
and
the
Board
only
considered
one-
and
three-year
performance.
To
the
extent
the
Board
considered
data
for
periods
other
than
those
ending
on
March
31,
2026
or
considered
comparative
data
in
addition
to
that
of
the
Category,
such
as
comparative
data
for
an
alternate
group
of
comparable
funds,
the
data
was
still
produced
by
an
independent
third-party
service
provider.
The
Board
considered
that
the
Fund
outperformed
its
custom
Category
average
for
the
one-year
period,
and
it
underperformed
for
the
three-year
period. The
Board
noted
that,
for
the
since
inception
(February
3,
2023)
period
ended
March
31,
2026,
the
Fund's
performance
ranked
in
the
second
quartile
of
the
Category.
The
Board
also
considered
that
the
Fund
had
only
commenced
operations
on
February
3,
2023
and
that
it
would
be
prudent
to
allow
the
portfolio
management
team
time
to
further
develop
its
performance
record
with
the
Fund.
Costs
of
Services
Provided
and
Profits
Realized
by
the
Adviser
and
Sub-Adviser.
Using
information
provided
by
an
independent
third-party
service
provider,
the
Board
evaluated
the
Fund's
actual
management
fee
rate
and
sub-advisory
fee
rate
compared
to
the
median
management
fee
rate
and
sub-advisory
fee
rate
for
other
open-end
funds
similar
in
size,
character
and
investment
strategy
(the
Fund's
"Expense
Group")
and
the
Fund's
total
expense
ratio
compared
to
the
median
total
expense
ratio
of
the
Fund's
Expense
Group.
The
Board
also
reviewed
the
Adviser's
and
Sub-Adviser's
management
fee
rates
for
their
institutional
separate
accounts,
other
advisory
accounts
and
sub-advisory
accounts
with
comparable
investment
strategies.
The
Board
took
into
account
that,
although
the
rates
of
fees
paid
by
institutional
clients
or
for
sub-advisory
services
were
generally
lower
than
the
rates
of
fees
paid
by
the
Fund,
the
differences
reflected
the
Adviser's
and
Sub-Adviser's
greater
level
of
responsibilities
and
significantly
broader
scope
of
services
regarding
the
Fund,
the
more
extensive
regulatory
obligations
and
risks
associated
with
managing
the
Fund,
and
other
financial
considerations
with
respect
to
creation
and
sponsorship
of
the
Fund.
The
Board
considered
factors
that
led
to
more
expenses
for
registered
funds
including
but
not
limited
to:
(i)
capital
expenditures
to
establish
a
fund,
(ii)
length
of
time
to
reach
critical
mass,
and
the
related
expenses,
(iii)
higher
servicing
costs
of
intermediaries
and
shareholders,
(iv)
higher
redemption
rates
of
assets
under
management,
(v)
entrepreneurial
risk
assumed
by
the
Adviser
and
Sub-Adviser
and
(vi)
greater
exposure
to
"make
whole"
errors.
The
Board
also
considered
the
Adviser's
and
Sub-Adviser's
costs
in
serving
as
the
Fund's
investment
adviser
and
sub-adviser,
respectively,
including
but
not
limited
to
costs
associated
with
technology,
infrastructure
and
compliance
necessary
to
manage
or
sub-advise
the
Fund.
The
Board
reviewed
the
Adviser's
and
Sub-Adviser's
methodology
for
allocating
costs
among
their
lines
of
business.
The
Board
also
considered
information
regarding
the
structure
of
the
Adviser's
and
Sub-Adviser's
compensation
program
for
portfolio
managers,
analysts
and
certain
other
employees,
and
the
relationship
of
such
compensation
to
the
attraction
and
retention
of
quality
personnel.
Finally,
the
Board
reviewed
information
on
the
profitability
of
the
Adviser
and
the
Sub-Adviser
in
serving
as
the
Fund's
investment
adviser
and
sub-adviser,
respectively,
and
of
the
Adviser,
Sub-Adviser
and
their
affiliates
in
all
of
their
relationships
with
the
Fund,
as
well
as
an
explanation
of
the
methodology
utilized
in
allocating
various
expenses
among
the
Fund
and
the
Adviser's
and
Sub-Adviser's
other
business
units.
Data
was
provided
to
the
Board
with
respect
to
profitability,
both
on
a
pre-
and
post-marketing
cost
basis.
The
Board
reviewed
the
financial
statements
of
the
Adviser's
and
Sub-Adviser's
parent
companies
and
discussed
their
corporate
structure.
The
Board
considered
that
the
Fund's
management
fee
rate
is
lower
than
its
Expense
Group
median,
though
its
total
expense
ratio
is
higher
than
the
Fund's
Expense
Group
median.
The
Board
also
considered
that
the
Adviser
had
contractually
agreed
to
limit
Fund
expenses
through
April
30,
2027
and
was
currently
subsidizing
the
Fund
under
this
arrangement.
The
Board
reviewed
the
Fund's
expenses
in
light
of
its
level
of
assets
and
its
more
recent
performance
record.
Economies
of
Scale.
The
Board
considered
whether
the
Fund's
management
fee
shares
with
shareholders
potential
economies
of
scale
that
may
be
achieved
by
the
Adviser
and
Sub-Adviser.
The
Board
also
considered
the
benefits
accruing
to
shareholders
from
the
Adviser's
and
Sub-Adviser's
investments
into
their
infrastructure
and
investment
processes.
Other
Benefits
Derived
from
the
Relationship
with
the
Fund.
The
Board
also
considered
other
benefits
that
accrue
to
the
Adviser,
Sub-Adviser
and
their
affiliates
from
their
relationship
with
the
Fund.
The
Board
concluded
that,
while
each
of
the
Adviser
and
Sub-Adviser
may
potentially
benefit
from
its
relationship
with
the
Fund
in
ways
other
than
the
fees
payable
by
the
Fund,
the
Fund
also
may
benefit
from
its
relationship
with
the
Adviser
and
Sub-Adviser
in
ways
other
than
the
services
to
be
provided
by
the
Adviser
and
Sub-Adviser
and
their
affiliates
pursuant
to
their
agreements
with
the
Fund
and
the
fees
payable
by
the
Fund.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
18
Calamos
Antetokounmpo
Sustainable
Equities
Trust
SEMIANNUAL
REPORT
The
Board
also
considered
the
Sub-Adviser's
use
of
a
portion
of
the
commissions
paid
by
the
Fund
on
its
portfolio
brokerage
transactions
to
obtain
research
products
and
services
benefiting
the
Fund
and/or
other
clients
of
the
Sub-Adviser
and
concluded,
based
on
reports
from
the
Trust's
Chief
Compliance
Officer,
that
the
Sub-Adviser's
use
of
"soft"
commission
dollars
to
obtain
research
products
and
services
was
consistent
with
regulatory
requirements.
After
full
consideration
of
the
above
factors
as
well
as
other
factors
that
were
instructive
in
their
consideration,
the
Trustees,
including
all
of
the
Independent
Trustees,
concluded
that
the
continuation
of
the
management
agreement
for
the
Fund
with
the
Adviser
and
the
investment
sub-advisory
agreement
with
the
Sub-Adviser
with
respect
to
the
Fund
were
in
the
best
interest
of
the
Fund
and
its
shareholders.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
1. Aggregate remuneration paid to all trustees by Calamos Antetokounmpo Sustainable Equities Trust for the period covered by the report is shown in the Statement of Operations included as part of the financial statements filed under Item 7 of the N-CSR. Such remuneration only is paid to independent ("non-interested") trustees. John P. Calamos, Sr. and John S. Koudounis, the trustees who are "interested persons" of the Calamos Antetokounmpo Sustainable Equities Trust, do not receive remuneration for services provided to the Calamos Antetokounmpo Sustainable Equities Trust.
2. Not applicable.
3. The Chief Compliance Officer of the Calamos Antetokounmpo Sustainable Equities Trust is the only officer who receives compensation from the Calamos Antetokounmpo Sustainable Equities Trust. Walter Kelly is the Chief Compliance Officer of the Trust. Aggregate remuneration paid to Mr. Kelly by Calamos Antetokounmpo Sustainable Equities Trust for the period covered by the report is shown in the Statement of Operations included as part of the financial statements filed under Item 7 of the N-CSR.
4. Not applicable.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Not applicable. Included in the financial statements filed under Item 7 of the N-CSR.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees.
Item 16: 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 timely reported.
(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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19: Exhibits.
(a)(1) Code of Ethics - Not applicable for semiannual reports.
(a)(2) Not applicable
(a)(4) Not applicable
(a)(5) Not applicable
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 Antetokounmpo Sustainable Equities Trust
| By: | /s/ John P. Calamos, Sr. | |
| Name: | John P. Calamos, Sr. | |
| Title: | Principal Executive Officer | |
| Date: | August 12, 2026 |
| By: | /s/ Thomas E. Herman | |
| Name: | Thomas E. Herman | |
| Title: | Principal Financial Officer | |
| Date: | August 12, 2026 |
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.
| By: | /s/ John P. Calamos, Sr. | |
| Name: | John P. Calamos, Sr. | |
| Title: | Principal Executive Officer | |
| Date: | August 12, 2026 |
| By: | /s/ Thomas E. Herman | |
| Name: | Thomas E. Herman | |
| Title: | Principal Financial Officer | |
| Date: | August 12, 2026 |
Calamos Antetokounmpo Sustainable Equities Trust published this content on August 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 12, 2026 at 15:51 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]