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CALAMOS® ADVISORS TRUST

Supplement dated December 7, 2016 to the CALAMOS® GROWTH AND INCOME PORTFOLIO

Prospectus and Statement of Additional Information, each dated April 29, 2016

Effective July 1, 2016, John S. Koudounis is a Vice President and Thomas E. Herman is a Vice President and Chief Financial Officer of Calamos Advisors Trust (the “Trust”). Additionally, effective immediately, R. Matthew Freund is a member of the investment team managing the Calamos Growth and Income Portfolio (the “Portfolio”), as well as a Co-Chief Investment Officer of Calamos Advisors LLC (“Calamos Advisors”). Accordingly, the Prospectus and Statement of Additional Information are hereby amended as follows:

The table listing the Portfolio’s portfolio managers on page 7 of the Prospectus is deleted and replaced with the following:

 

Portfolio Manager/Portfolio Title

(If Applicable)

   

Portfolio Manager

Experience in

the Portfolio

    Primary Title with
Investment Adviser

John P. Calamos, Sr. (President, Chairman)

    since Portfolio’s inception    Global CIO

R. Matthew Freund

    since November 2016    SVP, Sr. Co-Portfolio Manager

John Hillenbrand

    12 years    SVP, Sr. Co-Portfolio Manager

David Kalis

    since May 1, 2015    SVP, Sr. Co-Portfolio Manager

Eli Pars

    2 years    SVP, Sr. Co-Portfolio Manager

Jon Vacko

    12 years    SVP, Sr. Co-Portfolio Manager

Joe Wysocki

    since May 1, 2015    SVP, Co-Portfolio Manager

The “Portfolio Managers” section on page 16 of the Prospectus is deleted in its entirety and replaced with the following:

Portfolio Managers

John P. Calamos, Sr. During the past five years, John P. Calamos, Sr. has been President and Trustee of the Calamos Advisors Trust (“Trust”) and for CALAMOS ADVISORS: Founder, Chairman and Global Chief Investment Officer (“Global CIO”) since August 2016; Chairman and Global CIO since April 2016; Chairman, Chief Executive Officer and Global Co-CIO since April 2013; Chief Executive Officer and Global Co-CIO since August 2012; and Chief Executive Officer and Co-CIO prior thereto.

R. Matthew Freund. R. Matthew Freund joined CALAMOS ADVISORS in November 2016 as a Co-CIO, Head of Fixed Income Strategies, as well as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments since 2010.

John Hillenbrand. John Hillenbrand joined CALAMOS ADVISORS in 2002 and since September 2015 is a Co-CIO, Head of Multi-Asset Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March 2013 to September 2015 he was a Co-Portfolio Manager. Between August 2002 and March 2013 he was a senior strategy analyst.

David Kalis. David Kalis joined CALAMOS ADVISORS in February 2013 and has been a Co-CIO, Head of U.S. Growth Equity Strategies, as well as a Senior Co-Portfolio Manager, since September 2015. Between March 2013 and September 2015 he was a Co-Portfolio Manager. Previously, he was a Managing Partner at Charis Capital Management LLC from 2010 until 2013. Prior thereto, Mr. Kalis was Senior Vice President, Institutional Asset Management Group at Northern Trust Global Investments from 2006 to 2009.

Eli Pars. Eli Pars joined CALAMOS ADVISORS in May 2013 and has been Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager, since September 2015. Between May 2013 and September 2015, he was a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February 2009 until November 2012. Prior thereto, Mr. Pars was President at Mulligan Partners LLC from October 2006 until February 2009.

Jon Vacko. Jon Vacko joined CALAMOS ADVISORS in 2000 and has been a Sr. Co-Portfolio Manager since September 2015. Previously, he was a Co-Portfolio Manager from August 2013 to September 2015; prior thereto he was a Co-Head of Research and Investments from July 2010 to August 2013. Between July 2002 and July 2010 he was a senior strategy analyst.

Joe Wysocki. Joe Wysocki joined CALAMOS ADVISORS in October 2003 and since March 2015 is a Co-Portfolio Manager. Previously, Mr. Wysocki was a sector head from March 2014 to March 2015. Prior thereto, he was a Co-Portfolio Manager from March 2013 to March 2014. Between February 2007 and March 2013 he was a senior strategy analyst.

The Portfolio’s statement of additional information provides additional information about the portfolio managers, including other accounts they manage, their ownership in the CALAMOS FAMILY OF FUNDS and their compensation.

The “Team Approach to Management” section beginning on page 16 of the Prospectus is deleted in its entirety and replaced with the following:

Team Approach to Management. CALAMOS ADVISORS employs a “team of teams” approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO’s team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our team of teams approach.

This team of teams approach is further reflected in the composition of CALAMOS ADVISORS’ Investment Committee, made up of the Global CIO, the Co-CIO team, and the head of global trading and investment risk. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

 

  •   Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

 

  •   Promotes collaboration between teams; and

 

  •   Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

 

  •   Inform the firm’s top-down macro view, market direction, asset allocation, and sector/country positioning.

 

  •   Establish firm-wide secular and cyclical themes for review.

 

  •   Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

 

  •   Review firm-wide, portfolio and individual security liquidity constraint.

 

  •   Evaluate firm-wide and portfolio investment performance.

 

  •   Evaluate firm-wide and portfolio hedging policies and execution.

 

  •   Evaluate enhancements to the overall investment process.

 

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John P. Calamos, Sr. is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, John Hillenbrand, David Kalis, Eli Pars, and Jon Vacko are each Sr. Co-Portfolio Managers, and Joe Wysocki is a Co-Portfolio Manager.

The “Officers” section beginning on page 21 of the Statement of Additional Information is hereby amended to include the following information about the new officers and to delete information pertaining to Nimish S. Bhatt:

 

Name and Age

   

Position with Trust

   

Principal Occupations

John S. Koudounis, 50    Vice President (since 2016)    Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.
Thomas E. Herman, 55    Vice President and Chief Financial Officer (since 2016)    Senior Vice President and Chief Financial Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Chief Financial Officer and Treasurer, Harris Associates (2010-2016).

The first paragraph in the “Investment Advisory Services” section on page 29 of the Statement of Additional Information is deleted and replaced with the following paragraph:

Investment management and administrative services are provided to the Portfolio by Calamos Advisors pursuant to an Investment Management Agreement (the “Agreement”) dated May 1, 1999. The Trust pays Calamos Advisors a fee accrued daily and paid monthly at the annual rate of 0.75% of average daily net assets. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under “Management of the Portfolio.” Calamos Advisors is an indirect subsidiary of Calamos Asset Management, Inc., whose Class B super-majority voting shares are all owned by Calamos Partners LLC. John P. Calamos, Sr. owns a controlling interest in Calamos Family Partners, Inc., which owns Calamos Partners LLC. In connection with the formation of Calamos Partners LLC, John S. Koudounis has received profits and equity interests in Calamos Partners LLC. In addition, Mr. Koudounis has the option to purchase a controlling interest in Calamos Partners LLC upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of Calamos Asset Management, Inc. and Calamos Investments, LLC. John P. Calamos, Sr. is an affiliated person of the Portfolio and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer (“Global CIO”) of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson and Curtis Holloway are affiliated persons of the Portfolio and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; and Treasurer of the Portfolio, respectively, and as Chief Executive Officer; President and Head of Global Distribution; Senior Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; and Vice President of Calamos Advisors, respectively.

The “Team Approach to Management” section beginning on page 30 of the Statement of Additional Information is deleted in its entirety and replaced with the following:

TEAM APPROACH TO MANAGEMENT

CALAMOS ADVISORS employs a “team of teams” approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals within each Co-CIO’s team are assigned specific strategy responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team collaboration results in what we call our team of teams approach.

 

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This team of teams approach is further reflected in the composition of CALAMOS ADVISORS’ Investment Committee, made up of the Global CIO, the Co-CIO team, and the head of global trading and investment risk. Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues or topics as deemed appropriate.

The structure and composition of the Investment Committee results in a number of benefits, as it:

 

  •   Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;

 

  •   Promotes collaboration between teams; and

 

  •   Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.

The objectives of the Investment Committee are to:

 

  •   Inform the firm’s top-down macro view, market direction, asset allocation, and sector/country positioning.

 

  •   Establish firm-wide secular and cyclical themes for review.

 

  •   Review firm-wide and portfolio risk metrics, recommending changes where appropriate.

 

  •   Review firm-wide, portfolio and individual security liquidity constraint.

 

  •   Evaluate firm-wide and portfolio investment performance.

 

  •   Evaluate firm-wide and portfolio hedging policies and execution.

 

  •   Evaluate enhancements to the overall investment process.

John P. Calamos, Sr. is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, John Hillenbrand, David Kalis, Eli Pars, and Jon Vacko are each Sr. Co-Portfolio Managers, and Joe Wysocki is a Co-Portfolio Manager.

The Co-Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Portfolio. Information regarding these other accounts as of December 31, 2015 is set forth below.

Other Accounts Managed and Assets by Account Type as of December 31, 2015

 

     Registered
Investment
Companies		      Other Pooled
Investment
Vehicles		      Other
Accounts		  
     Accounts      Assets      Accounts      Assets      Accounts      Assets  

John P. Calamos, Sr.

      29         19,358,582,269         9         822,029,569         1,817         1,712,586,462   

John Hillenbrand

      25         15,483,771,003         9         822,029,569         1,817         1,712,586,462   

Jon Vacko

      25         15,483,771,003         9         822,029,569         1,817         1,712,586,462   

Eli Pars

      20         15,374,753,827         7         672,794,487         1,817         1,712,586,462   

David Kalis

      16         12,516,391,983         6         631,602,998         1,817         1,712,586,462   

Joe Wysocki

      11         9,529,967,181         5         494,143,752         1,817         1,712,586,462   

R. Matthew Freund (1)

      0         —           0         —           0         —     

 

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Number of Accounts and Assets for which Advisory Fee is Performance Based as of December 31, 2015

 

     Registered
Investment
Companies		      Other Pooled
Investment
Vehicles		      Other
Accounts		  
     Accounts      Assets      Accounts      Assets      Accounts      Assets  

John P. Calamos, Sr.

      2         745,153,753         0         0         0         0   

John Hillenbrand

      2         745,153,753         0         0         0         0   

Jon Vacko

      2         745,153,753         0         0         0         0   

Eli Pars

      2         745,153,753         0         0         0         0   

David Kalis

      1         160,748,656         0         0         0         0   

Joe Wysocki

      2         745,153,753         0         0         0         0   

R. Matthew Freund (1)

      0         —           0         0         0         0   

(1) R. Matthew Freund is added to the Portfolio effective immediately, and the information for Mr. Freund in the above tables is as of October 31, 2016.

Each Co-Portfolio Manager may invest for his own benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about those accounts where the Co-Portfolio Manager or members of his family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors or any of its affiliates.

The Portfolio’s Co-Portfolio Managers are responsible for managing both the Portfolio and other accounts, including separate accounts and funds not required to be registered under the 1940 Act.

Other than potential conflicts between investment strategies, the side-by-side management of both the Portfolio and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between the Portfolio and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Portfolio in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a “rotational” method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients.

A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors’ head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to Calamos Advisors’ Chief Compliance Officer on a monthly basis.

Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case the Portfolio may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The Co-Portfolio Managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-Portfolio Manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the Co-Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in the client’s account.

 

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As of December 31, 2015, John P. Calamos, Sr., our Global CIO receives all of his compensation from Calamos Advisors. He has entered into an employment agreement that provides for compensation in the form of an annual base salary and a target bonus, both components payable in cash. His target bonus is set at a percentage of the respective base salary. Similarly, there is a target for Long-Term Incentive (“LTI”) awards and that target is also set at a percentage of his base salary.

As of December 31, 2015, John Hillenbrand, David Kalis, Eli Pars, Jon Vacko, and Joe Wysocki receive all of their compensation from Calamos Advisors. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and LTI awards. Each of these individuals has a bonus range of opportunity which is expressed as a percentage of base salary. Each of these individuals is also eligible for discretionary LTI awards based on individual and collective performance; however, these awards are not guaranteed from year to year. LTI awards consist of restricted stock units, fund shares and fund share units, or a combination of (i) restricted stock units, (ii) fund shares and fund share units and/or (iii) stock options. Additionally, Messrs. Hillenbrand, Kalis and Pars have each been granted additional deferred bonus and compensation awards. As of November 2016, R. Matthew Freund receives all of his compensation from Calamos Advisors. Mr. Freund’s compensation consists of base salary, annual cash incentive consisting of a short-term cash incentive and a long-term incentive payable either in cash or equity. Mr. Freund’s total compensation consisting of base salary and minimum annual short-term cash and long-term incentive are guaranteed through 2018. Mr. Freund’s base salary is guaranteed through March 31, 2019.

The amounts paid to all Co-Portfolio Managers and the criteria utilized to determine the amounts are benchmarked against industry specific data provided by third party analytical agencies. The Co-Portfolio Managers’ compensation structure does not differentiate between the funds and other accounts managed by the Co-Portfolio Managers and is determined on an overall basis, taking into consideration annually the performance of the various strategies managed by the Co-Portfolio Managers. Portfolio performance, as measured by risk-adjusted portfolio performance, is utilized to determine the target bonus, as well as overall performance of Calamos Advisors. All Co-Portfolio Managers are eligible to receive annual equity awards in shares of CAM under an incentive compensation plan.

Historically, the annual equity awards granted under the incentive compensation plan have been comprised of stock options and restricted stock units which vest over periods of time. Unless terminated early, the stock options have a ten-year term. Grants of restricted stock units and stock options must generally be approved by the Compensation Committee of the Board of Directors of CAM.

The compensation structure described above is also impacted by additional corporate objectives set by the Board of Directors of CAM, which for 2015 included investment performance, as measured by the asset-weighted percentile ranks of the Calamos Mutual Funds managed by Calamos Advisors over one-, three- and five-year measurement periods; flow data, as measured by gross sales, net sales and net sales improvement year-over-year; and financial performance, as measured by Non-GAAP earnings per share and operating margin.

At December 31, 2015, no Co-Portfolio Manager beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the 1934 Act) shares of the Portfolio. At October 31, 2016, Mr. Freund does not beneficially own (as determined pursuant to Rule 16a-1(a)(2) under the 1934 Act) shares of the Portfolio.

Please retain this supplement for future reference.

CATSPT 12/16

 

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