kansas city life insurance company supplement ...supplement to prospectus the date of this...

KANSAS CITY LIFE INSURANCE COMPANY

Kansas City Life Variable Annuity Separate Account Kansas City Life Variable Life Separate Account

Supplement dated August 9, 2016 to the Prospectuses dated May 1, 2016 for the

Century II Variable Annuity Contract

Century II Affinity Variable Annuity Contract Century II Freedom Variable Annuity Contract

Century II Single Premium Affinity Variable Annuity Contract Century II Variable Universal Life Insurance Contract

Century II Alliance Variable Universal Life Insurance Contract Century II Survivorship Variable Universal Life Insurance Contract

Century II Heritage Survivorship Variable Universal Life Insurance Contract Century II Accumulator Variable Universal Life Insurance Contract

Effective August 1, 2016, the Prospectuses are amended as follows: Under the heading “Annual Portfolio Operating Expenses” please replace the information relating to American Century Variable Portfolios, Inc. and American Century Variable Portfolios II, Inc. with the following:

Portfolio Management Fees

12b-1/ Service

Fees

Other Expenses

Acquired Fund Fees

and Expenses

Total Portfolio Annual

Operating Expenses

Contractual Fee Waiver or Expense

Reimbursement

Total Portfolio Annual Operating

Expenses After Reimbursement

American Century Variable Portfolios, Inc.

American Century VP Capital Appreciation Fund – Class I 1.00% NA 0.00% NA 1.00% 0.01%1 0.99%

American Century VP Income & Growth Fund – Class I 0.70% NA 0.00% NA 0.70% NA NA

American Century VP International Fund – Class I 1.31% NA 0.02% NA 1.33% 0.21%2 1.12%

American Century VP Mid Cap Value Fund – Class I 1.00% NA 0.01% NA 1.01% 0.14%3 0.87%

American Century VP Ultra®

Fund – Class I 1.00% NA 0.01% NA 1.01% 0.16%4 0.85%

American Century VP Value Fund – Class I 0.97% NA 0.00% NA 0.97% 0.15%5 0.82%

American Century Variable Portfolios II, Inc.

American Century VP Inflation Protection Fund – Class II 0.46% 0.25% 0.01% NA 0.72% NA NA

1 Effective August 1, 2015, the advisor has agreed to waive 0.01 percentage points of the fund’s management fee. The advisor expects this waiver to continue until April 30, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. 2 Effective August 1, 2016, the advisor has agreed to waive 0.21 percentage points of the fund’s management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. 3 Effective August 1, 2016, the advisor has agreed to waive 0.14 percentage points of the fund’s management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. 4 Effective August 1, 2016, the advisor has agreed to waive 0.16 percentage points of the fund’s management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. 5 Effective August 1, 2016, the advisor has agreed to waive 0.15 percentage points of the fund’s management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. THIS SUPPLEMENT SHOULD BE READ CAREFULLY TOGETHER WITH THE PROSPECTUS, AND BOTH DOCUMENTS SHOULD BE KEPT TOGETHER FOR FUTURE REFERENCE.

KANSAS CITY LIFE INSURANCE COMPANY

Kansas City Life Variable Annuity Separate Account Kansas City Life Variable Life Separate Account

Supplement dated October 7, 2016 to the Prospectuses dated May 1, 2016 for the

Century II Variable Annuity Contract

Century II Affinity Variable Annuity Contract Century II Freedom Variable Annuity Contract

Century II Single Premium Affinity Variable Annuity Contract Century II Variable Universal Life Insurance Contract

Century II Alliance Variable Universal Life Insurance Contract Century II Survivorship Variable Universal Life Insurance Contract

Century II Heritage Survivorship Variable Universal Life Insurance Contract Century II Accumulator Variable Universal Life Insurance Contract

Effective October 3, 2016, the Prospectuses are amended as follows: Under the heading “Annual Portfolio Operating Expenses” please replace the information relating to AIM Variable Insurance Funds (Invesco Variable Insurance Funds) with the following:

Portfolio Management Fees

12b-1/ Service

Fees

Other Expenses

Acquired Fund Fees

and Expenses

Total Portfolio Annual

Operating Expenses

Contractual Fee Waiver or Expense

Reimbursement

Total Portfolio Annual Operating

Expenses After Reimbursement

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco V.I. American Franchise Fund – Series I Shares 0.67% NA 0.21%1 NA 0.88% NA NA

Invesco V.I. Core Equity Fund – Series I Shares 0.61% NA 0.20%1 0.01% 0.82% 0.01%2 0.81%

Invesco V.I. Technology Fund – Series I Shares 0.75% NA 0.30%1 NA 1.05% NA NA

1 “Other Expenses” have been restated to reflect current fees. 2 Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to the net management fee that Invesco earns on the Fund’s investments in certain affiliated funds, which will have the effect of reducing the Acquired Fund Fees and Expenses. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to reduce the advisory fee waiver without the approval of the Board of Trustees. THIS SUPPLEMENT SHOULD BE READ CAREFULLY TOGETHER WITH THE PROSPECTUS, AND BOTH DOCUMENTS SHOULD BE KEPT TOGETHER FOR FUTURE REFERENCE.

VIP-1 P1, P2, P4 06/16

SUPPLEMENT DATED JUNE 27, 2016TO THE PROSPECTUSES DATED MAY 1, 2016

OF

TEMPLETON FOREIGN VIP FUND

TEMPLETON GROWTH VIP FUND(Series of Franklin Templeton Variable Insurance Products Trust)

Effective June 30, 2016, the prospectus is amended as follows:

I. The benchmark for the Templeton Foreign VIP Fund has changed from the MSCI EAFEIndex to the MSCI ACWI EX USA Index. The “Fund Summary – Performance – AverageAnnual Total Returns” table on page TF-S4 is revised to add the following:

1 Year 5 Years 10 Years

MSCI All Country World ex-US Index(index reflects no deduction for fees,expenses or taxes)1 -5.25% 1.51% 3.38%

1. Performance figures as of December 31, 2015. The MSCI All Country World ex-US Index is replacing the MSCI EAFE Indexas the Fund’s benchmark. The investment manager believes the composition of the MSCI All Country World ex-US Indexmore accurately reflects the Fund’s holdings.

II. The benchmark for the Templeton Growth VIP Fund has changed from the MSCI WorldIndex to the MSCI ACWI Index. The “Fund Summary – Performance – Average Annual TotalReturns” table on page TG-S3 is revised to add the following:


MSCI All Country World Index (indexreflects no deduction for fees, expensesor taxes)1 -1.84% 6.66% 5.31%

1. Performance figures as of December 31, 2015. The MSCI All Country World Index is replacing the MSCI World Index as theFund’s benchmark. The investment manager believes the composition of the MSCI All Country World Index more accuratelyreflects the Fund’s holdings.

Please keep this supplement with your prospectus for future reference.

SUPPLEMENT TO PROSPECTUS

The date of this supplement is July 15, 2016.

MFS® Variable Insurance Trust:

1024027 1 VIT-SUP-I-071516

MFS® GLOBAL EQUITY SERIES MFS® RESEARCH SERIES MFS® GROWTH SERIES MFS® TOTAL RETURN BOND SERIES MFS® INVESTORS TRUST SERIES MFS® TOTAL RETURN SERIES

MFS® MID CAP GROWTH SERIES MFS® UTILITIES SERIES

MFS® NEW DISCOVERY SERIES MFS® VALUE SERIES

Effective after the close of business on July 15, 2016, the second paragraph of the sub-section entitled "Disclosure of Portfolio Holdings" in the sub-section entitled "Investment Adviser" under the main heading "Management of the Fund" is restated in its entirety as follows:

The following information is generally available to you on mfs.com (once you have selected "Individual Investor" as your role, click on “Products & Services,” then “Variable Insurance Portfolios,” then select the fund's name):

VIP2 P1, P2, P4 07/16

SUPPLEMENT DATED JULY 18, 2016TO THE PROSPECTUSES DATED MAY 1, 2016

OF

FRANKLIN GLOBAL REAL ESTATE VIP FUND

FRANKLIN SMALL CAP VALUE VIP FUND(Series of Franklin Templeton Variable Insurance Products Trust)

IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY

The prospectus of Franklin Small Cap Value VIP Fund is amended as follows:

I. The first paragraph under the “FUND SUMMARIES” – “Principal Investment Strategies”section, on page FSV-S1, is replaced with the following:

Under normal market conditions, the Fund invests at least 80% of its net assets ininvestments of small-capitalization (small-cap) companies. Small-cap companies arecompanies with market capitalizations (the total market value of a company’s outstandingstock) under $3.5 billion at the time of purchase. Effective September 30, 2016, thedefinition of small-cap companies will be revised to read as follows: Small-cap companiesare companies with market capitalizations (the total market value of a company’soutstanding stock) not exceeding either: 1) the highest market capitalization in the Russell2000 Index; or 2) the 12-month average of the highest market capitalization in the Russell2000 Index, whichever is greater, at the time of purchase. As of May 31, 2016, the highestmarket capitalization in the Russell 2000 Index was $5.96 billion.

II. The “Performance” section, on page FSV-S3, is revised to add the following:


Russell 2000 Value Index (index reflects no deduction for fees, expensesor taxes) 1 -7.47% 7.67% 5.58%

1. Performance figures as of December 31, 2015. The Russell 2000 Value Index is replacing the Russell 2500 Value Indexas the Fund’s benchmark. The investment manager believes the composition of the Russell 2000 Value Index moreaccurately reflects the Fund’s holdings.

No one index is representative of the Fund’s portfolio.

III. Effective September 30, 2016, the first paragraph under the “FUND DETAILS” – “PrincipalInvestment Policies and Practices” section on page FSV D-1 is replaced with the following:

Under normal market conditions, the Fund invests at least 80% of its net assets ininvestments of small-capitalization (small-cap) companies. Shareholders will be given atleast 60 days’ advance notice of any change to this 80% policy. Small-cap companies arecompanies with market capitalizations (the total market value of a company’s outstandingstock) under $3.5 billion at the time of purchase. Effective September 30, 2016, thedefinition of small-cap companies will be revised to read as follows: Under normal marketconditions, the Fund invests at least 80% of its net assets in investments of small-capitalization (small-cap) companies. Small-cap companies are companies with market

capitalizations (the total market value of a company’s outstanding stock) not exceedingeither: 1) the highest market capitalization in the Russell 2000 Index; or 2) the 12-monthaverage of the highest market capitalization in the Russell 2000 Index, whichever isgreater, at the time of purchase. As of May 31, 2016, the highest market capitalization inthe Russell 2000 Index was $5.96 billion.

The prospectus of Franklin Global Real Estate VIP Fund is amended as follows:

The “FUND DETAILS” – “Management” section, on page FGR D-6, is revised to show theaddress of Franklin Templeton Institutional, LLC (FT Institutional) as 280 Park Avenue,New York, NY 10017.

Please keep this supplement with your prospectuses for future reference.

JPMORGAN INSURANCE TRUST

JPMorgan Insurance Trust U.S. Equity Portfolio(All Share Classes)

Supplement dated July 21, 2016 to theProspectuses dated May 1, 2016, as supplemented

Effective immediately, the portfolio manager information for JPMorgan Insurance Trust U.S. Equity Portfolio (the“Portfolio”) in the section titled “Management” in the Fund’s “Risk/Return Summary” is hereby deleted in itsentirety and replaced with the following:

Management

J.P. Morgan Investment Management Inc.

Portfolio ManagerManaged the

Portfolio SincePrimary Title with

Investment Adviser

Susan Bao 2004 Managing DirectorThomas Luddy 2006 Managing DirectorDavid Small 2016 Managing Director

In addition, the first paragraph in the section titled “The Portfolio’s Management and Administration — The Portfo-lio Managers” is hereby deleted in its entirety and replaced by the following:

The portfolio managers primarily responsible for daily management of the Portfolio are Susan Bao, Managing Direc-tor of JPMIM; Thomas Luddy, Managing Director of JPMIM; and David Small, Managing Director of JPMIM, each ofwhom has day to day management responsibility for a portion of the Portfolio. Ms. Bao has been a portfoliomanager in the U.S. Equity Group since 2002 and has been employed by the firm since 1997. An employee since1976, Mr. Luddy has held numerous key positions in the firm, including Global Head of Equity, Head of EquityResearch and Chief Investment Officer. He began as an equity research analyst, becoming a portfolio manager in1982. Mr. Small, an employee since 2005 and a portfolio manager since 2016, was the Associate Director of U.S.Equity Research from July 2015 to July 2016 and is currently the Head of U.S. Equity Research. In addition,Mr. Small previously was the insurance analyst on the Fundamental Research Team from 2008 to 2016. Each of theportfolio managers, except Mr. Small, is a CFA charterholder.

INVESTORS SHOULD RETAIN THIS SUPPLEMENTWITH THE PROSPECTUSES FOR FUTURE REFERENCE

SUP-JPMITUSE-716


Prospectus Supplement

VP International FundSupplement dated August 1, 2016 Prospectus dated May 1, 2016

The following replaces the tables in the Fees and Expenses section on page 2 of the prospectus:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class I Class IIManagement Fee 1.31% 1.21%Distribution and Service (12b-1) Fees None 0.25%Other Expenses 0.02% 0.02%Total Annual Fund Operating Expenses 1.33% 1.48%Fee Waiver1 0.21% 0.21%Total Annual Fund Operating Expenses After Waiver 1.12% 1.27%

1 Effective August 1, 2016, the advisor has agreed to waive 0.21 percentage points of the fund’s management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors.

1 year 3 years 5 years 10 yearsClass I $114 $401 $709 $1,582Class II $130 $448 $789 $1,749

©2016 American Century Proprietary Holdings, Inc. All rights reserved.CL-SPL-90062 1608



VP Mid Cap Value FundSupplement dated August 1, 2016 Prospectus dated May 1, 2016








VP Ultra® FundSupplement dated August 1, 2016 Prospectus dated May 1, 2016








VP Value FundSupplement dated August 1, 2016 Prospectus dated May 1, 2016






Lit. No. INP8BS-006-0816O CGD/8024-S56802

1. The following is added to the “Investment objectives, strategies and risks” section of the prospectuses under the heading “Managed Risk Asset Allocation Fund”:

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the fund or the underlying fund to losses in excess of its initial investment. Derivatives may be difficult for the fund or the underlying fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund or the underlying fund may invest and the various risks associated with those derivatives is included in the fund’s statement of additional information under “Description of certain securities, investment techniques and risks.”

2. The paragraph captioned “Investing in futures contracts” under the heading “Managed Risk Asset

Allocation Fund” in the “Investment objectives, strategies and risks” section of each prospectus is amended in its entirety to read as follows:

Investing in futures contracts — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund or the underlying fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions futures may be deemed to be illiquid. For example, the fund or the underlying fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If a fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund or the underlying fund to successfully utilize futures contracts may depend in part upon the ability of the fund’s investment adviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the futures in which the fund invests. If the investment adviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, the fund or the underlying fund could be exposed to the risk of loss.

Keep this supplement with your prospectus.

American Funds Insurance Series®


August 19, 2016

(for Class P1 shares prospectus and Class P2 shares prospectus dated May 1, 2016)

Lit. No. INA8BS-019-0816O CGD/8024-S56801

The following is added to the “Investment objectives, strategies and risks” section of the prospectuses under the heading “Asset Allocation Fund”:

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund’s statement of additional information under “Description of certain securities, investment techniques and risks.”

Investing in futures contracts — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund’s investment adviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the futures in which the fund invests. If the investment adviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, the fund could be exposed to the risk of loss.




August 19, 2016

(for Class 1 shares prospectus, Class 2 shares prospectus, Class 3 shares prospectus, and Class 4 shares prospectus dated May 1, 2016)

FSC1 P1 P2 P4 08/16

SUPPLEMENT DATED AUGUST 26, 2016TO THE PROSPECTUSES

DATED MAY 1, 2016OF

FRANKLIN SMALL-MID CAP GROWTH VIP FUND(A series of Franklin Templeton Variable Insurance Products Trust)

Effective September 1, 2016, the Prospectus is amended as follows:

I. The section in the Fund Summary under the heading “Portfolio Managers” on page FSC-S4is replaced with the following:

Portfolio Managers

Edward B. JamiesonPresident, Chief Investment Officer and Director of Advisers and portfolio manager of theFund since 2005.

John P. ScandaliosVice President of Advisers and portfolio manager of the Fund since September 2016.

Michael McCarthy, CFAExecutive Vice President of Advisers and portfolio manager of the Fund since 1995.

James Cross, CFAPortfolio Manager of Advisers and portfolio manager of the Fund since 2006.

II. In the Fund Details, under the heading “Management,” the portfolio manager informationon page FSC-D6 is replaced with the following:

The Fund is managed by a team of dedicated professionals focused on investments of smalland mid-cap companies demonstrating accelerating growth, increasing profitability, orabove average growth or growth potential as compared with the overall economy. Theportfolio managers of the team are as follows:

Edward B. Jamieson President, Chief Investment Officer and Director of AdvisersMr. Jamieson has been the lead portfolio manager of the Fund 2005. He has primaryresponsibility for the investments of the Fund. He has final authority over all aspects of theFund’s investment portfolio, including but not limited to, purchases and sales of individualsecurities, portfolio risk assessment, and the management of daily cash balances inaccordance with anticipated investment management requirements. The degree to which hemay perform these functions, and the nature of these functions, may change from time totime. He joined Franklin Templeton Investments in 1987.

John P. Scandalios Vice President of AdvisersMr. Scandalios has been a portfolio manager of the Fund since September 2016, providingresearch and advice on the purchases and sales of individual securities, and portfolio riskassessment. He joined Franklin Templeton Investments in 1996.

SUPP-1

Michael McCarthy, CFA Executive Vice President of AdvisersMr. McCarthy has been a portfolio manager of the Fund since 1995, providing research andadvice on the purchases and sales of individual securities, and portfolio risk assessment. Hejoined Franklin Templeton Investments in 1992.

James Cross, CFA Portfolio Manager of AdvisersMr. Cross has been a portfolio manager of the Fund since 2006, providing research andadvice on the purchases and sales of individual securities, and portfolio risk assessment. Hejoined Franklin Templeton Investments in 1998.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Please keep this supplement with your prospectus for future reference.

SUPP-2

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FEDERATED GOVERNMENT MONEY FUND IIA Portfolio of Federated Insurance Series

PRIMARY SHARESSERVICE SHARES

SUPPLEMENT TO PROSPECTUSES DATED APRIL 30, 2016

1. Under the heading entitled “What are the Main Risks of Investing in the Fund?,” delete “Interest Rate Risk” and replace itwith the following:

“Interest Rate Risk. Prices of fixed-income securities generally fall when interest rates rise. The longer the maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changes in government monetary policy arelikely to affect the level of interest rates.”

2. Under the heading entitled “What are the Main Risks of Investing in the Fund?,” delete “Regulatory Reform Risk” inits entirety.

3. Under the heading entitled “What are the Fund’s Investment Strategies?,” delete the sixth paragraph and replace it withthe following:

“The Fund will operate as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the1940 Act, as amended. “Government money market funds” are required to invest at least 99.5% of their total assets in: (i) cash;(ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchaseagreements that are collateralized fully. Government money market funds are exempt from requirements that permit money marketfunds to impose a liquidity fee and/or temporary redemption gates.”

4. Under the heading entitled “What are the Specific Risks of Investing in the Fund?,” delete “Interest Rate Risk” andreplace it with the following:

“Interest Rate Risk

Prices of fixed-income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, wheninterest rates rise, prices of fixed-income securities fall. However, market factors, such as the demand for particular fixed-incomesecurities, may cause the price of certain fixed-income securities to fall while the prices of other securities rise or remain unchanged.

The longer the maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changesin government monetary policy are likely to affect the level of interest rates. Money market funds try to minimize this risk bypurchasing short-term securities.”

5. Under the heading entitled “What are the Specific Risks of Investing in the Fund?,” delete “Regulatory Reform Risk” inits entirety.

6. Under the heading entitled “How to Redeem and Exchange Shares,” sub-heading “Limitations on RedemptionProceeds,” please add the following paragraph to the end of the section.

“Pursuant to rules under Section 22(e) of the 1940 Act, while it is unlikely that the Fund’s weekly liquid assets would fall below 10%given the Fund’s investment strategy and operation as a government money market fund, the Board, in its discretion, may suspendredemptions in the Fund and approve the liquidation of the Fund if the Fund’s weekly liquid assets were to fall below 10% and theBoard determines it would not be in the best interests of the Fund to continue operating. The Board also may suspend redemptions inthe Fund and approve the liquidation of the Fund if the Board determines that the deviation between the Fund’s amortized cost priceper share and its market-based NAV may result in material dilution or other unfair results to investors or existing shareholders. Prior tosuspending redemptions, the Fund would be required to notify the SEC of its decision to liquidate and suspend redemptions. If theFund ceases honoring redemptions and determines to liquidate, the Fund expects that it would notify shareholders on the Fund’swebsite or by press release. Distributions to shareholders of liquidation proceeds may occur in one or more disbursements.”

August 29, 2016

e e eratd dFederated Government Money Fund IIFederated Investors Funds4000 Ericsson DriveWarrendale, PA 15086-7561

Contact us at FederatedInvestors.comor call 1-800-341-7400.

Federated Securities Corp., Distributor

Q453305 (8/16)

Federated is a registered trademark of Federated Investors, Inc.2016 ©Federated Investors, Inc.

VIP3 P1_P2_P4 09/16

SUPPLEMENT DATED SEPTEMBER 28, 2016TO THE PROSPECTUSES

DATED MAY 1, 2016OF

FRANKLIN GLOBAL REAL ESTATE VIP FUND

FRANKLIN INCOME VIP FUND

FRANKLIN MUTUAL GLOBAL DISCOVERY VIP FUND

FRANKLIN MUTUAL SHARES VIP FUND

TEMPLETON FOREIGN VIP FUND

TEMPLETON GROWTH VIP FUND(Series of Franklin Templeton Variable Insurance Products Trust)

The Prospectus is amended as follows:

I. For the Franklin Mutual Global Discovery VIP Fund, Templeton Foreign VIP Fund andTempleton Growth VIP Fund, the following is added to the “Fund Summary – Principal Risks”section:

Regional Focus Because the Fund may invest at least a significant portion of its assets incompanies in a specific region, including Europe, the Fund is subject to greater risks ofadverse developments in that region and/or the surrounding regions than a fund that ismore broadly diversified geographically. Political, social or economic disruptions in theregion, even in countries in which the Fund is not invested, may adversely affect the valueof securities values held by the Fund. Current political uncertainty surrounding theEuropean Union (EU) and its membership, including the 2016 referendum in which theUnited Kingdom voted to exit the EU, may increase market volatility. The financialinstability of some countries in the EU, including Greece, Italy and Spain, together withthe risk of that impacting other more stable countries may increase the economic risk ofinvesting in companies in Europe.

II. For all funds (excluding the Franklin Mutual Global Discovery VIP Fund and FranklinMutual Shares VIP Fund), the “Fund Details – Principal Risks – Foreign Securities” section isrevised to add the following as a second paragraph to the “Regional” sub-section:

The risk of investments in Europe may be heightened due to the 2016 referendum inwhich the United Kingdom voted to exit the European Union (EU). Political, economicand legal uncertainty may cause increased market volatility. In addition, if one or morecountries were to exit the EU or abandon the use of the Euro as a currency, the value ofinvestments associated with those countries or the Euro could decline significantly andunpredictably and it would likely cause additional market disruption globally andintroduce new legal and regulatory uncertainties.

III. For the Franklin Mutual Global Discovery VIP Fund and Franklin Mutual Shares VIPFund, the “Fund Details – Principal Risks – Foreign Securities” section is revised to add thefollowing:

Regional. Adverse conditions in a certain region or country can adversely affect securitiesof issuers in other countries whose economies appear to be unrelated. To the extent thatthe Fund invests a significant portion of its assets in a specific geographic region or aparticular country, the Fund will generally have more exposure to the specific regional orcountry economic risks. In the event of economic or political turmoil or a deterioration ofdiplomatic relations in a region or country where a substantial portion of the Fund’sassets are invested, the Fund may experience substantial illiquidity or reduction in thevalue of the Fund’s investments.

The risk of investments in Europe may be heightened due to the 2016 referendum inwhich the United Kingdom voted to exit the European Union (EU). Political, economicand legal uncertainty may cause increased market volatility. In addition, if one or morecountries were to exit the EU or abandon the use of the Euro as a currency, the value ofinvestments associated with those countries or the Euro could decline significantly andunpredictably and it would likely cause additional market disruption globally andintroduce new legal and regulatory uncertainties.

Please keep this supplement with your Prospectus for future reference.

Lit. No. INA8BS-020-0916P Printed in USA CGD/AFD/8024-S56982

The following paragraph is added to the section captioned “The Capital SystemSM” in the “Management and organization” section of the prospectus:

John R. Queen, Vice President, Capital Fixed Income Investors, serves as a fixed-income portfolio manager for

Asset Allocation Fund. John has 25 years of investment experience in total (13 years with Capital Research and

Management Company or affiliate). He has one year of experience in managing the fund.




September 30, 2016

(for Class 1 shares prospectus, Class 2 shares prospectus, Class 3 shares prospectus, and Class 4 shares prospectus dated May 1, 2016, as supplemented to date)

Lit. No. INP8BS-007-0916P Printed in USA CGD/AFD/8024-S56983

The following paragraph is added to the section captioned “The Capital SystemSM for the underlying funds” in the “Management and organization” section of the prospectus:

John R. Queen, Vice President, Capital Fixed Income Investors, serves as a fixed-income portfolio manager for

Asset Allocation Fund, the underlying fund for Managed Risk Asset Allocation Fund. John has 25 years of

investment experience in total (13 years with Capital Research and Management Company or affiliate). He has

one year of experience in managing the underlying fund.




September 30, 2016

(for Class P1 shares prospectus and Class P2 shares prospectus dated May 1, 2016, as supplemented to date)

VK‐VIAMFR‐STATPRO‐1‐SUP‐1


Statutory Prospectus Supplement dated October 3, 2016 The purpose of this supplement is to provide you with changes to the current Statutory Prospectus for Series I shares of the Fund listed below: Invesco V.I. American Franchise Fund The following information replaces in its entirety the information appearing under the heading “Fund Summary - Fees and Expenses of the Fund” in the prospectus: “This table describes the fees and expenses that are incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interest in an insurance company separate account that invests in the Series I shares of the Fund but does not represent the effect of any fees or other expenses assessed in connection with your variable product, and if it did, expenses would be higher. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Shareholder Fees (fees paid directly from your investment) Series I shares

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None

Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less)

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Series I shares

Management Fees 0.67%

Distribution and/or Service (12b-1) Fees None

Other Expenses1 0.21

Total Annual Fund Operating Expenses 0.88

1 “Other Expenses” have been restated to reflect current fees. Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example does not represent the effect of any fees or expenses assessed in connection with your variable product, and if it did, expenses would be higher.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year 3 Years 5 Years 10 Years

Series I shares $90 $281 $488 $1,084 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.” The following information replaces in its entirety the information appearing under the heading “Hypothetical Investment and Expense Information” in the Prospectus.



“In connection with the final settlement reached between Invesco and certain of its affiliates with certain regulators, including the New York Attorney General’s Office, the SEC and the Colorado Attorney General’s Office (the settlement) arising out of certain market timing and unfair pricing allegations made against Invesco and certain of its affiliates, Invesco and certain of its affiliates agreed, among other things, to disclose certain hypothetical information regarding investment and expense information to Fund shareholders. The chart below is intended to reflect the annual and cumulative impact of the Fund’s expenses, including investment advisory fees and other Fund costs, on the Fund’s returns over a 10-year period. The example reflects the following:

• You invest $10,000 in the Fund and hold it for the entire 10-year period; and • Your investment has a 5% return before expenses each year. There is no assurance that the annual expense ratio will be the expense ratio for the Fund for any of the years shown. The

chart does not take into account any fees or other expenses assessed in connection with your variable product; if it did, the expenses shown would be higher, while the ending balance shown would be lower. This is only a hypothetical presentation made to illustrate what expenses and returns would be under the above scenarios; your actual returns and expenses are likely to differ (higher or lower) from those shown below. Series I Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Annual Expense Ratio1 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88%

Cumulative Return Before Expenses 5.00% 10.25% 15.76% 21.55% 27.63% 34.01% 40.71% 47.75% 55.13% 62.89% Cumulative Return After Expenses 4.12% 8.41% 12.88% 17.53% 22.37% 27.41% 32.66% 38.13% 43.82% 49.74% End of Year Balance $10,412.00 $10,840.97 $11,287.62 $11,752.67 $12,236.88 $12,741.04 $13,265.97 $13,812.53 $14,381.61 $14,974.13 Estimated Annual Expenses $89.81 $93.51 $97.37 $101.38 $105.55 $109.90 $114.43 $119.15 $124.05 $129.17 1 Your actual expenses may be higher or lower than those shown.”

VICEQ‐STATPRO‐1‐SUP‐1


Statutory Prospectus Supplement dated October 3, 2016 The purpose of this supplement is to provide you with changes to the current Statutory Prospectus for Series I shares of the Fund listed below: Invesco V.I. Core Equity Fund The following information replaces in its entirety the information appearing under the heading “Fund Summary - Fees and Expenses of the Fund” in the prospectus: “This table describes the fees and expenses that are incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interest in an insurance company separate account that invests in the Series I shares of the Fund but does not represent the effect of any fees or other expenses assessed in connection with your variable product, and if it did, expenses would be higher. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------




None


Series I shares




Acquired Fund Fees and Expenses 0.01


Fee Waiver and/or Expense Reimbursement2 0.01

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.81

1 “Other Expenses” have been restated to reflect current fees. 2 Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to the net

management fee that Invesco earns on the Fund’s investments in certain affiliated funds, which will have the effect of reducing the Acquired Fund Fees and Expenses. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to reduce the advisory fee waiver without the approval of the Board of Trustees.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.


The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter.



Series I shares $83 $261 $454 $1,013



Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio.” The following information replaces in its entirety the information appearing under the heading “Hypothetical Investment and Expense Information” in the Prospectus. “In connection with the final settlement reached between Invesco and certain of its affiliates with certain regulators, including the New York Attorney General’s Office, the SEC and the Colorado Attorney General’s Office (the settlement) arising out of certain market timing and unfair pricing allegations made against Invesco and certain of its affiliates, Invesco and certain of its affiliates agreed, among other things, to disclose certain hypothetical information regarding investment and expense information to Fund shareholders. The chart below is intended to reflect the annual and cumulative impact of the Fund’s expenses, including investment advisory fees and other Fund costs, on the Fund’s returns over a 10-year period. The example reflects the following:

• You invest $10,000 in the Fund and hold it for the entire 10-year period; • Your investment has a 5% return before expenses each year; and • The Fund’s current annual expense ratio includes any applicable contractual fee waiver or expense reimbursement for the

period committed. There is no assurance that the annual expense ratio will be the expense ratio for the Fund for any of the years shown. The




I‐VITEC‐STATPRO‐1‐SUP‐1


Statutory Prospectus Supplement dated October 3, 2016 The purpose of this supplement is to provide you with changes to the current Statutory Prospectus for Series I shares of the Fund listed below: Invesco V.I. Technology Fund The following information replaces in its entirety the information appearing under the heading “Fund Summary - Fees and Expenses of the Fund” in the prospectus: “This table describes the fees and expenses that are incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interest in an insurance company separate account that invests in the Series I shares of the Fund but does not represent the effect of any fees or other expenses assessed in connection with your variable product, and if it did, expenses would be higher. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------




None


Series I shares





1 “Other Expenses” have been restated to reflect current fees. Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.


The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.



Series I shares $107 $334 $579 $1,283 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 61% of the average value of its portfolio.” The following information replaces in its entirety the information appearing under the heading “Hypothetical Investment and Expense Information” in the Prospectus. “In connection with the final settlement reached between Invesco and certain of its affiliates with certain regulators, including the New York Attorney General’s Office, the SEC and the Colorado Attorney General’s Office (the settlement) arising out of certain



market timing and unfair pricing allegations made against Invesco and certain of its affiliates, Invesco and certain of its affiliates agreed, among other things, to disclose certain hypothetical information regarding investment and expense information to Fund shareholders. The chart below is intended to reflect the annual and cumulative impact of the Fund’s expenses, including investment advisory fees and other Fund costs, on the Fund’s returns over a 10-year period. The example reflects the following:

• You invest $10,000 in the Fund and hold it for the entire 10-year period; and • Your investment has a 5% return before expenses each year. There is no assurance that the annual expense ratio will be the expense ratio for the Fund for any of the years shown. The




IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDSSUPPLEMENT TO CURRENT PROSPECTUSES

Effective after the close of business on October 7, 2016, shareholders of the Federated Funds will no longer bepermitted to exchange into or from the Shares of the following funds:

Federated Institutional Prime 60 Day FundFederated Institutional Money Market ManagementFederated Institutional Prime Obligations FundFederated Institutional Tax-Free Cash TrustFederated Institutional Prime Value Obligations Fund

The exchange privilege may be modified or terminated at any time.

The Federated Funds include all of the following registrants (unless otherwise noted, this includes any of their portfoliosand share classes):

FEDERATED ADJUSTABLE RATE SECURITIES FUND

FEDERATED EQUITY FUNDS

FEDERATED EQUITY INCOME FUND, INC.

FEDERATED FIXED INCOME SECURITIES, INC.

FEDERATED GLOBAL ALLOCATION FUND

FEDERATED GOVERNMENT INCOME SECURITIES FUND, INC.

FEDERATED GOVERNMENT INCOME TRUST

FEDERATED HIGH INCOME BOND FUND, INC.

FEDERATED HIGH YIELD TRUST

FEDERATED INCOME SECURITIES TRUST

FEDERATED INDEX TRUST

FEDERATED INSTITUTIONAL TRUST

FEDERATED INSURANCE SERIES

FEDERATED INTERNATIONAL SERIES, INC.

FEDERATED INVESTMENT SERIES FUNDS, INC.

FEDERATED MDT SERIES

FEDERATED MDT STOCK TRUST

FEDERATED MUNICIPAL SECURITIES FUND, INC.

FEDERATED MUNICIPAL SECURITIES INCOME TRUST

FEDERATED SHORT-INTERMEDIATE DURATION MUNICIPAL TRUST

FEDERATED TOTAL RETURN GOVERNMENT BOND FUND

FEDERATED TOTAL RETURN SERIES, INC.

FEDERATED U.S. GOVERNMENT SECURITIES FUND: 1-3 YEARS


FEDERATED WORLD INVESTMENT SERIES, INC.

INTERMEDIATE MUNICIPAL TRUST

MONEY MARKET OBLIGATIONS TRUST

Federated U.S. Treasury Cash Reserves (All Shares)

October 6, 2016

e e eratd dFederated Investors Funds4000 Ericsson DriveWarrendale, PA 15086-7561



Q453367 (10/16)


0111STK1116

November 18, 2016

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.

Supplement to Summary Prospectus and Statutory Prospectus dated April 29, 2016

In connection with a recommendation by The Dreyfus Corporation (Dreyfus), the fund's investment adviser, to change the fund's investment strategy to focus on sustainable and environmental, social and governance (ESG) investing, the fund's board has approved, subject to shareholder approval, (1) changes to the fund's investment strategy, including removing the current fundamental social investment policy and related fundamental social considerations, and changes to the fund's fundamental investment objective, (2) the engagement of Newton Investment Management (North America) Limited (Newton), an affiliate of Dreyfus, as sub-adviser for the fund and (3) a "manager of managers" arrangement for the fund whereby Dreyfus, under certain circumstances, would be able to hire and replace affiliated and unaffiliated sub-advisers for the fund without obtaining shareholder approval. Shareholders of record at the close of business on January 4, 2017 will be asked to vote at a special meeting of shareholders, to be held on March 9, 2017. If approved by fund shareholders, these and other proposed changes described below will become effective on or about May 1, 2017 (the Effective Date). To be consistent with the proposed change to the fund's investment strategy, as of the Effective Date, the fund's name will be changed to "The Dreyfus Sustainable U.S. Equity Portfolio, Inc."

As of the Effective Date, and subject to shareholder approval, the fund normally will invest in companies that, in the opinion of Newton, demonstrate attractive investment attributes and sustainable business practices and have no material unresolvable ESG issues. These are companies that have adopted, or are making progress towards, a sustainable business approach that Newton believes will create long-term shareholder value without compromising the needs of future generations. The fund normally will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (or derivatives or other strategic instruments with similar economic characteristics) of U.S. companies.

Currently, to pursue its goals, the fund normally invests at least 80% of its net assets in the common stocks of companies that, in the opinion of the fund's management, meet traditional investment standards and conduct their business in a manner that contributes to the enhancement of the quality of life in America. This policy to so invest at least 80% of its net assets (the 80% Investment Policy) will be removed on or about February 10, 2017 irrespective of whether shareholders approve removing the current fundamental social investment policy and related fundamental social considerations and engaging Newton to serve as the fund's sub-adviser. However, if shareholders do not approve such proposals, the fund would continue to invest in accordance with the current fundamental social investment policy and related fundamental social considerations described in the prospectus notwithstanding the removal of the 80% Investment Policy.

******

If shareholders approve removing the current fundamental social investment policy and related fundamental social considerations and engaging Newton to serve as the fund's sub-adviser at the special meeting of shareholders, the following information will take effect for the fund as of the Effective Date.

2 NY 76411518v2

Goal and Approach

The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests in companies that, in the opinion of Newton, demonstrate attractive investment attributes and sustainable business practices and have no material unresolvable ESG issues. These are companies that have adopted, or are making progress towards, a sustainable business approach that the fund's sub-adviser believes will create long-term shareholder value without compromising the needs of future generations. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (or derivatives or other strategic instruments with similar economic characteristics) of U.S. companies. The fund considers U.S. companies to be those companies organized or with their primary stock exchange listing, principal place of business, or majority of assets or business, in the United States. The fund's investment objective and policy with respect to the investment of 80% of its net assets may be changed by the fund's board, upon 60 days' prior notice to shareholders.

The fund invests principally in common stocks. The fund may invest in the stocks of companies with any market capitalization, but focuses on companies with market capitalizations of $5 billion or more at the time of purchase. The fund may invest up to 20% of its net assets in the stocks of foreign companies, including up to 10% of its net assets in the securities of issuers in emerging market countries, that demonstrate attractive investment attributes and sustainable business practices and have no material unresolvable ESG issues.

Newton employs a fundamental bottom-up investment process to select stocks for the fund's portfolio. The core of Newton's investment philosophy is the belief that no company, market or economy can be considered in isolation; each must be understood within a wider context. Newton uses a series of investment themes, which are designed to define the wider social, financial and political environment, as a framework for understanding events, trends and competitive pressures worldwide.

Fundamental proprietary research is at the heart of Newton's investment process. Newton's global industry analysts and responsible investment team consider the context provided by the investment themes. Newton then conducts rigorous analysis of the competitive position and valuation of potential investments, as well as an assessment of any material ESG issues. Using fundamental proprietary research that systematically integrates the consideration of ESG issues, Newton seeks attractively-priced companies with good products, strong management and strategic direction that have adopted, or are making progress towards, a sustainable business approach. These are companies that Newton believes should benefit from favorable long-term trends. When considering the financial attractiveness of a potential investment, Newton utilizes a variety of valuation techniques, which may include free cash flow and cost of capital measurements, asset valuation, and absolute and relative earnings ratios, and assesses the appropriateness of these valuations in the context of other fundamental factors, such as strategic positioning, the sustainability of the company's business model, return on invested capital and use of financial leverage.

Newton's systematically integrated ESG approach includes investment-led fundamental ESG research and analysis, controversy monitoring, company engagement and active proxy voting consistent with Newton's investment and engagement priorities. Prior to investment, each company will receive a proprietary ESG quality review rating designed to ensure that any material ESG issues of the company are taken into consideration. Newton assigns an ESG quality review rating to a company based on a proprietary quality review that may include:

3 NY 76411518v2

• Environmental analysis, which includes an assessment of material environmental issues, such as carbon emissions, water management, energy sources and uses, hazardous materials, environmental benefits, natural resources, biodiversity, land rehabilitation and the risks presented by physical threats such as extreme weather events.

• Social analysis, which includes an assessment of material social issues, such as human rights, human capital management, diversity and inclusion, supply chain management, labor standards, health and safety, business ethics, including consumer protection, and avoidance of corruption in all forms, including extortion and bribery.

• Governance analysis, which includes an assessment of corporate governance structures and processes and takes into account the particular company circumstances and regulatory restrictions, guidelines and established best practices with respect to board structure, including the balance between executive and independent board representation, succession planning, capital structure, remuneration, risk management, internal controls, shareholder rights, ownership structure and transparency.

The fund will not purchase shares of a company whose primary business involves tobacco.

Newton monitors the fund's portfolio for emerging ESG controversies and issues and periodically reviews each company's ESG quality rating. This integrated investment process is intended to ensure that ESG issues are taken into account and that the fund invests in companies with attractive fundamental investment attributes that adopt, or are making progress towards, sustainable business practices. Once an investment has been made, any material but resolvable ESG issues identified in the ESG quality review process will be addressed with the company in an engagement plan in order to promote change. Newton typically votes at every shareholder meeting of every portfolio holding. This activity is undertaken in-house to ensure that the opinions expressed through Newton's voting record are in line with Newton's investment and engagement priorities. The fund will not invest in companies that Newton deems to have material unresolvable ESG issues.

The fund's portfolio managers typically will consider selling a security as a result of one or more of the following:

• price movement and market activity have created an excessive valuation; • the valuation of the company has become expensive relative to its peers; • the company has encountered a material, unresolvable ESG issue; • there has been a significant change in the prospects of the company; • there has been a change in investment theme or strategy; or • profit-taking.

Although not a principal investment strategy, the fund may, but is not required to, use derivatives or other strategic instruments, principally options, futures and options on futures (including those relating to stocks, indices and foreign currencies), and forward contracts, as a substitute for investing directly in an underlying asset or currency, to increase returns, to manage foreign currency risk, as part of a hedging strategy or for other purposes related to the management of the fund. To the extent such instruments have similar economic characteristics to equity securities as described in the fund's policy with respect to the investment of at least 80% of its net assets, these investments will be considered investments included within such policy. Derivatives may be

4 NY 76411518v2

entered into on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. A derivatives contract will obligate or entitle the fund to deliver or receive an asset or cash payment based on the change in value of the underlying asset. When the fund enters into derivatives transactions, it may be required to segregate assets or enter into offsetting positions, in accordance with applicable regulations. Although not a principal investment strategy, the fund may invest in exchange-traded funds (ETFs), such as those that are designed to track the performance of an index, and real estate investment trusts (REITs), which are pooled investment vehicles that invest primarily in income-producing real estate or loans related to real estate.

The fund will not lend its portfolio securities.

Investment Risks

As of the Effective Date, an investment in the fund, as is currently the case, will be subject to the principal risk that the fund's investment approach may cause it to perform differently than similar funds that do not have such an investment approach. The fund's proposed investment approach that systematically integrates the consideration of ESG issues in the securities selection process may result in the fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might otherwise be disadvantageous for the fund to do so. The fund will vote proxies in a manner that is consistent with its investment approach, which may not always be consistent with maximizing the performance of the issuer in the short-term. In addition, to the extent the fund invests in large capitalization stocks, the fund may underperform funds that invest primarily in the stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities affecting their business.

The fund also will be subject, as of the Effective Date, to the following additional risks that are not anticipated to be principal risks of investing in the fund:

• Small- and mid-cap stock risk. To the extent the fund invests in small- and mid-cap companies, it will be subject to additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities. These companies may have limited product lines, markets or financial resources, or may depend on a limited management group. Some of the fund's investments will rise and fall based on investor perception rather than economic factors. Other investments may be made in anticipation of future products, services or events whose delay or cancellation could cause the stock price to drop.

• Foreign investment risk. To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. Investments denominated in foreign currencies are subject to the risk that such currencies will decline

5 NY 76411518v2

in value relative to the U.S. dollar and affect the value of these investments held by the fund.

• Emerging market risk. The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.

• Liquidity risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. Investments in foreign securities tend to have greater exposure to liquidity risk than domestic securities.

• Derivatives risk. A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the fund's use of derivatives may result in losses to the fund. Derivatives in which the fund may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying assets or the fund's other investments in the manner intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Certain types of derivatives, including over-the-counter transactions, involve greater risks than the underlying obligations because, in addition to general market risks, they are subject to liquidity risk, credit and counterparty risk (failure of the counterparty to the derivatives transaction to honor its obligation) and pricing risk (risk that the derivative cannot or will not be accurately valued).

• ETF risk. The risks of investing in ETFs typically reflect the risks associated with the types of instruments in which the ETFs invest. When the fund invests in an ETF, shareholders of the fund will bear indirectly their proportionate share of the expenses of the ETF (including management fees) in addition to the expenses of the fund. ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an index. The value of the underlying securities can fluctuate in response to activities of individual companies or in response to general market and/or economic conditions. Additional risks of investments in ETFs include: (i) the market price of an ETF's shares may trade at a discount to its net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading may be halted if the listing exchanges' officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts trading generally. The fund will incur brokerage costs when purchasing and selling shares of ETFs.

• REIT risk. Investments in REITs expose the fund to risks similar to investing directly in real estate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or

6 NY 76411518v2

foreign law and/or to maintain exempt status under the Investment Company Act of 1940, as amended.

• Portfolio turnover risk. At times, the fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions and lower the fund's after-tax performance.

******

If shareholders approve removing the current fundamental social investment policy and related fundamental social considerations of the fund and engaging Newton to serve as the fund's sub-adviser at the special meeting of shareholders, Dreyfus will seek to implement the changes to the fund's investment strategy in an orderly manner, taking into consideration such factors as market conditions, portfolio transaction costs and the potential tax implications to fund shareholders. Since the fund's shareholders are the Participating Insurance Companies and their separate accounts, the tax impact of the sale of such portfolio securities will depend on the tax status of the participating insurance company.

******

Portfolio Management

As of the Effective Date, Dreyfus will continue to be the fund's investment adviser and, subject to shareholder approval, Newton will serve as the fund's sub-adviser. Dreyfus, and not the fund, will compensate Newton out of the fee Dreyfus receives from the fund. If fund shareholders approve removing the current fundamental social investment policy and related fundamental social considerations of the fund and engaging Newton to serve as the fund's sub-adviser, Dreyfus will contractually reduce the annual rate of its management fee from 0.75% to 0.60% of the value of the fund's average daily net assets, effective as of the Effective Date. In addition, Dreyfus will contractually agree, effective as of the Effective Date and until May 1, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund so that the expenses of none of the share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.70%.

As of the Effective Date, and subject to shareholder approval described above, John Gilmore, Jeff Munroe and Terry Coles will be the fund's primary portfolio managers. Mr. Gilmore, who will be the fund's lead portfolio manager, is the lead manager of Newton's sustainable U.S. equity model and a member of its global equities team providing specialist insight into the North American market. He joined Newton in 2013; prior thereto, he was a portfolio manager at Kames Capital. Mr. Munroe is the investment leader of the global equities team at Newton, where he has been employed since 1993. Mr. Coles is a portfolio manager on the global equities team at Newton, where he has been employed since 2010. In addition, Newton's responsible investment team, led by Sandra Carlisle, will be responsible for the fund's fundamental ESG research and analysis, controversy monitoring, company engagement and active proxy voting. Ms. Carlisle joined Newton in 2013; prior thereto, she was a director at F&C Investments.

Newton is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon), located at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom. Newton, a registered investment adviser, was formed in 1978 and, as of September 30, 2016, together with its affiliates that comprise the Newton group of companies, managed approximately $70.9 billion in discretionary separate accounts and other investment accounts. Newton, subject

7 NY 76411518v2

to Dreyfus' supervision and approval, will provide the day-to-day management of the fund's assets as of the Effective Date. Newton is affiliated with Dreyfus.

******

As of the Effective Date, and subject to shareholder approval, the fund will implement a "manager of managers" arrangement whereby Dreyfus would be permitted to select one or more sub-advisers to manage the fund's portfolio in the future without obtaining shareholder approval. Dreyfus will evaluate and recommend to the fund's board sub-advisers for the fund. Dreyfus will monitor and evaluate the performance of the sub-advisers for the fund and will advise and recommend to the fund's board any changes to the fund's sub-advisers. Dreyfus has obtained from the Securities and Exchange Commission (SEC) an exemptive order, upon which the fund may rely, that permits Dreyfus, subject to certain conditions and approval by the fund's board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined in the Investment Company Act of 1940, as amended) of Dreyfus' ultimate parent company, BNY Mellon, without obtaining shareholder approval. Dreyfus has applied for an exemptive order from the SEC, which would replace the existing order, and upon which the fund may rely if granted by the SEC, that would permit Dreyfus, subject to certain conditions and approval by the fund's board, to hire and replace one or more sub-advisers that are either unaffiliated or affiliated with Dreyfus (whether or not wholly-owned subsidiaries of BNY Mellon), without obtaining shareholder approval. The requested order, like the existing order, also relieves the fund from disclosing the sub-investment advisory fee paid by Dreyfus to an unaffiliated sub-adviser in documents filed with the SEC and provided to shareholders. In addition, pursuant to the existing order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus. The requested order would require the same disclosure with respect to the sub-investment advisory fee payable by Dreyfus separately to a sub-adviser that is an affiliate of Dreyfus (whether or not a wholly-owned subsidiary of BNY Mellon). Dreyfus has ultimate responsibility (subject to oversight by the fund's board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the fund's board. Currently, the fund has selected Newton, subject to shareholder approval, to manage all of the fund's assets. One of the conditions of the requested order, like the existing order, is that the fund's board, including a majority of the "non-interested" board members, must approve each new sub-adviser. In addition, the fund would be required under the requested order, as under the existing order, to provide shareholders with information about each new sub-adviser within 90 days of the hiring of any new sub-adviser. There is no guarantee that the requested order will be granted by the SEC.

******

497 1 d292033d497.htm 497CALAMOS® ADVISORS TRUST

Supplement dated December 7, 2016 to the CALAMOS® GROWTH AND INCOME PORTFOLIOProspectus 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 CalamosAdvisors Trust (the “Trust”). Additionally, effective immediately, R. Matthew Freund is a member of the investment team managing the CalamosGrowth and Income Portfolio (the “Portfolio”), as well as a Co-Chief Investment Officer of Calamos Advisors LLC (“CalamosAdvisors”). 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 ManagerExperience inthe Portfolio

Primary Title withInvestment Adviser

John P. Calamos, Sr. (President, Chairman) since Portfolio’s inception Global CIOR. Matthew Freund since November 2016 SVP, Sr. Co-Portfolio ManagerJohn Hillenbrand 12 years SVP, Sr. Co-Portfolio ManagerDavid Kalis since May 1, 2015 SVP, Sr. Co-Portfolio ManagerEli Pars 2 years SVP, Sr. Co-Portfolio ManagerJon Vacko 12 years SVP, Sr. Co-Portfolio ManagerJoe 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; Chairmanand Global CIO since April 2016; Chairman, Chief Executive Officer and Global Co-CIO since April 2013; Chief Executive Officer and GlobalCo-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 USAAInvestments since 2010.

John Hillenbrand. John Hillenbrand joined CALAMOS ADVISORS in 2002 and since September 2015 is a Co-CIO, Head of Multi-AssetStrategies 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 VicePresident, 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 ofConvertible 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 November2012. 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 July2010 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 accountsthey 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 CIOand our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible foroversight of investment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manageinvestment team members and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of theirrespective investment strategies. While investment research professionals within each Co-CIO’s team are assigned specific strategyresponsibilities, 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 ofthe Global CIO, the Co-CIO team, and the head of global trading and investment risk. Other members of the investment team participate inInvestment 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.

2

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-PortfolioManager.

The “Officers” section beginning on page 21 of the Statement of Additional Information is hereby amended to include the following informationabout the new officers and to delete information pertaining to Nimish S. Bhatt: Name and Age Position with Trust Principal OccupationsJohn S. Koudounis, 50

Vice President (since 2016)

Chief Executive Officer, CAM, CILLC,Calamos Advisors, CWM, and CFS (since2016); 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 FinancialOfficer, CAM, CILLC, Calamos Advisors,CWM, and CFS (since 2016); ChiefFinancial Officer and Treasurer, HarrisAssociates (2010-2016).

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

Investment management and administrative services are provided to the Portfolio by Calamos Advisors pursuant to an Investment ManagementAgreement (the “Agreement”) dated May 1, 1999. The Trust pays Calamos Advisors a fee accrued daily and paid monthly at the annual rate of0.75% of average daily net assets. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For moreinformation, 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. Koudounishas received profits and equity interests in Calamos Partners LLC. In addition, Mr. Koudounis has the option to purchase a controlling interest inCalamos Partners LLC upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief ExecutiveOfficer of Calamos Asset Management, Inc. and Calamos Investments, LLC. John P. Calamos, Sr. is an affiliated person of the Portfolio andCalamos 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 areaffiliated persons of the Portfolio and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and ChiefFinancial Officer; Vice President and Secretary; and Treasurer of the Portfolio, respectively, and as Chief Executive Officer; President and Head ofGlobal Distribution; Senior Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; and Vice Presidentof Calamos Advisors, respectively.

The “Team Approach to Management” section beginning on page 30 of the Statement of Additional Information is deleted in its entirety andreplaced 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 teamconsisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO team are responsible for oversight ofinvestment team resources, investment processes, performance and risk. As heads of investment verticals, Co-CIOs manage investment teammembers and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities of their respectiveinvestment strategies. While investment research professionals within each Co-CIO’s team are assigned specific strategy responsibilities, they alsoprovide support to other investment team verticals, creating deeper insights across a wider range of investment strategies. The combination ofspecialized investment teams with cross team collaboration results in what we call our team of teams approach.

3

This team of teams approach is further reflected in the composition of CALAMOS ADVISORS’ Investment Committee, made up ofthe Global CIO, the Co-CIO team, and the head of global trading and investment risk. Other members of the investment team participate inInvestment 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 strategyimplementation. R. Matthew Freund, John Hillenbrand, David Kalis, Eli Pars, and Jon Vacko are each Sr. Co-Portfolio Managers, and JoeWysocki 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 regardingthese other accounts as of December 31, 2015 is set forth below.

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

RegisteredInvestmentCompanies

Other PooledInvestmentVehicles

OtherAccounts

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 —

4

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

RegisteredInvestmentCompanies

Other PooledInvestmentVehicles

OtherAccounts

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 inthe table does not include information about those accounts where the Co-Portfolio Manager or members of his family have a beneficial orpecuniary 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 fundsnot 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 raisepotential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfoliomanagers (e.g., cross trades between the Portfolio and another account and allocation of aggregated trades). Calamos Advisors has developedpolicies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securitiesheld by the Portfolio in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocationof securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type ofsecurities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients thathave given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directedCalamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with otherbrokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given CalamosAdvisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a “rotational” method of placing and aggregating client ordersand 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 accountsize; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient topay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specificguidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strictadherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors’ head trader must approve eachinstance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must bereported 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 objectivemethodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors mayconsider subjective elements in attempting to allocate a trade, in which case the Portfolio may not participate, or may participate to a lesser degreethan other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors isbound 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. Aperformance fee arrangement may result in increased compensation to the Co-Portfolio Managers from such accounts due to unrealizedappreciation as well as realized gains in the client’s account.

5

As of December 31, 2015, John P. Calamos, Sr., our Global CIO receives all of his compensation from Calamos Advisors. He has entered into anemployment 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 thattarget 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 CalamosAdvisors. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and LTIawards. Each of these individuals has a bonus range of opportunity which is expressed as a percentage of base salary. Each of these individuals isalso eligible for discretionary LTI awards based on individual and collective performance; however, these awards are not guaranteed from year toyear. LTI awards consist of restricted stock units, fund shares and fund share units, or a combination of (i) restricted stock units, (ii) fund sharesand fund share units and/or (iii) stock options. Additionally, Messrs. Hillenbrand, Kalis and Pars have each been granted additional deferred bonusand compensation awards. As of November 2016, R. Matthew Freund receives all of his compensation from Calamos Advisors. Mr. Freund’scompensation consists of base salary, annual cash incentive consisting of a short-term cash incentive and a long-term incentive payable either incash or equity. Mr. Freund’s total compensation consisting of base salary and minimum annual short-term cash and long-term incentive areguaranteed 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 dataprovided by third party analytical agencies. The Co-Portfolio Managers’ compensation structure does not differentiate between the funds and otheraccounts managed by the Co-Portfolio Managers and is determined on an overall basis, taking into consideration annually the performance of thevarious strategies managed by the Co-Portfolio Managers. Portfolio performance, as measured by risk-adjusted portfolio performance, is utilized todetermine the target bonus, as well as overall performance of Calamos Advisors. All Co-Portfolio Managers are eligible to receive annual equityawards 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 stockunits which vest over periods of time. Unless terminated early, the stock options have a ten-year term. Grants of restricted stock units and stockoptions 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 for2015 included investment performance, as measured by the asset-weighted percentile ranks of the Calamos Mutual Funds managed by CalamosAdvisors 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 ofthe Portfolio. At October 31, 2016, Mr. Freund does not beneficially own (as determined pursuant to Rule 16a-1(a)(2) under the 1934 Act) sharesof the Portfolio.

Please retain this supplement for future reference.

CATSPT 12/16

6

0111STK1216

Important Notice Regarding Change in Investment Policy

December 23, 2016

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.

Supplement to Summary Prospectus and Statutory Prospectus

dated April 29, 2016

In connection with a recommendation by The Dreyfus Corporation (Dreyfus), the fund's

investment adviser, to change the fund's investment strategy to focus on sustainable and

environmental, social and governance (ESG) investing, the fund's board has approved, subject to

shareholder approval, (1) changes to the fund's investment strategy, including removing the

current fundamental social investment policy and related fundamental social considerations, and

changes to the fund's fundamental investment objective, (2) the engagement of Newton

Investment Management (North America) Limited (Newton), an affiliate of Dreyfus, as sub-

adviser for the fund and (3) a "manager of managers" arrangement for the fund whereby Dreyfus,

under certain circumstances, would be able to hire and replace sub-advisers for the fund without

obtaining shareholder approval. Shareholders of record as of the close of business on January 4,

2017 will be asked to vote at a special meeting of shareholders, to be held on March 9, 2017. If

approved by fund shareholders, these and other proposed changes described below will become

effective on or about May 1, 2017 (the Effective Date). To be consistent with the proposed

change to the fund's investment strategy, as of the Effective Date, the fund's name will be

changed to "The Dreyfus Sustainable U.S. Equity Portfolio, Inc."

As of the Effective Date, and subject to shareholder approval, the fund normally will invest at

least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (or

derivative instruments with similar economic characteristics) of U.S. companies that demonstrate

attractive investment attributes and sustainable business practices and have no material

unresolvable ESG issues. When determining whether a company engages in "sustainable

business practices," Newton considers whether the company (i) engages in such practices in an

economic sense (i.e., the durability of the company's strategy, operations and finances), and (ii)

takes appropriate account of material externalities caused by or affecting its business, as

determined through Newton's ESG quality review described below, which includes assessment of

a company's environmental, social and/or governance practices. Newton also may invest in

companies where it believes it can promote sustainable business practices through ongoing

company engagement and active proxy voting, as described below.

Currently, to pursue its goals, the fund normally invests at least 80% of its net assets in the

common stocks of companies that, in the opinion of the fund's management, meet traditional

investment standards and conduct their business in a manner that contributes to the enhancement

of the quality of life in America. This policy to so invest at least 80% of its net assets (the 80%

Investment Policy) will be removed on or about February 10, 2017 irrespective of whether

shareholders approve removing the current fundamental social investment policy and related

fundamental social considerations and engaging Newton to serve as the fund's sub-adviser.

However, if shareholders do not approve such proposals, the fund would continue to invest in

accordance with the current fundamental social investment policy and related fundamental social

considerations described in the prospectus notwithstanding the removal of the 80% Investment

Policy.

******

2 0111STK1216

If shareholders approve removing the current fundamental social investment policy and

related fundamental social considerations and engaging Newton to serve as the fund's sub-

adviser at the special meeting of shareholders, the following information will take effect for

the fund as of the Effective Date.

Goal and Approach

The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at

least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (or

derivative instruments with similar economic characteristics) of U.S. companies that demonstrate

attractive investment attributes and sustainable business practices and have no material

unresolvable ESG issues. When determining whether a company engages in "sustainable

business practices," Newton considers whether the company (i) engages in such practices in an

economic sense (i.e., the durability of the company's strategy, operations and finances), and (ii)

takes appropriate account of material externalities caused by or affecting its business, as

determined through Newton's ESG quality review described below, which includes assessment of

a company's environmental, social and/or governance practices. Newton also may invest in

companies where it believes it can promote sustainable business practices through ongoing

company engagement and active proxy voting, as described below. The fund's investment

objective and policy with respect to the investment of 80% of its net assets may be changed by

the fund's board, upon 60 days' prior notice to shareholders.

The fund invests principally in common stocks. The fund may invest in the stocks of companies

with any market capitalization, but focuses on companies with market capitalizations of $5 billion

or more at the time of purchase. The fund may invest up to 20% of its net assets in the stocks of

foreign companies, including up to 10% of its net assets in the securities of issuers in emerging

market countries, that demonstrate attractive investment attributes and sustainable business

practices and have no material unresolvable ESG issues.

Newton seeks attractively-priced companies with good products, strong management and

strategic direction that have adopted, or are making progress towards, a sustainable business

approach. These are companies that Newton believes should benefit from favorable long-term

trends. Newton uses an investment process that combines investment themes with fundamental

research and analysis to select stocks for the fund's portfolio.

Investment Themes. Part of Newton's investment philosophy is the belief that no company,

market or economy can be considered in isolation; each must be understood within a broader

context. Therefore, Newton's global industry analysts and Responsible Investment team begin

their process by considering the context provided by a series of macroeconomic investment

themes, which are designed to define the broader social, financial and political environment as a

framework for understanding events, trends and competitive pressures worldwide.

Fundamental Research and Analysis. Newton next conducts rigorous fundamental analysis of the

competitive position and valuation of potential investments, systematically integrating the

consideration of ESG issues through its proprietary ESG quality review, which is designed to

ensure that Newton appropriately accounts for any material ESG issues of the company in

determining the potential investment's valuation.

Newton assigns an ESG quality review rating to a company based on a proprietary quality review

that includes one or more of the following:

3 0111STK1216

Environmental analysis, which includes an assessment of material environmental issues,

such as carbon emissions, water management, energy sources and uses, hazardous

materials, environmental benefits, natural resources, biodiversity, land rehabilitation and

the risks presented by physical threats such as extreme weather events.

Social analysis, which includes an assessment of material social issues, such as human

rights, human capital management, diversity and inclusion, supply chain management,

labor standards, health and safety, business ethics, including consumer protection, and

avoidance of corruption in all forms, including extortion and bribery.

Governance analysis, which includes an assessment of corporate governance structures

and processes and takes into account the particular company circumstances and

regulatory restrictions, guidelines and established best practices with respect to board

structure, including the balance between executive and independent board representation,

succession planning, capital structure, remuneration, risk management, internal controls,

shareholder rights, ownership structure and transparency.

The fund will not purchase shares in a company that manufactures tobacco products.

Ongoing ESG Monitoring and Engagement. In addition to investing in companies that Newton

believes are "sustainable" after applying the fundamental analysis and ESG quality review rating

described above, Newton may invest in companies where it believes it can promote sustainable

business practices through ongoing company engagement and active proxy voting consistent with

Newton's investment and engagement priorities. Newton monitors the fund's entire portfolio for

emerging ESG controversies and issues and periodically reviews each company's ESG quality

rating. This integrated investment process is intended to ensure that ESG issues are taken into

account and that the fund invests in companies with attractive fundamental investment attributes

that adopt, or are making progress towards, sustainable business practices. Once an investment

has been made, any material but resolvable ESG issues identified in the ESG quality review

process will be addressed with the company in an engagement plan in order to promote change.

Newton typically votes at every shareholder meeting of every portfolio holding. This activity is

undertaken in-house to ensure that the opinions expressed through Newton's voting record are in

line with Newton's investment and engagement priorities. The fund will not invest in companies

that Newton deems to have material unresolvable ESG issues.

The fund's portfolio managers typically will consider selling a security as a result of one or more

of the following:

price movement and market activity have created an excessive valuation;

the valuation of the company has become expensive relative to its peers;

the company has encountered a material, unresolvable ESG issue;

there has been a significant change in the prospects of the company;

there has been a change in investment theme or strategy; or

profit-taking.

Although not a principal investment strategy, the fund may, but is not required to, use derivatives,

principally options, futures and options on futures (including those relating to stocks, indices and

4 0111STK1216

foreign currencies), and forward contracts, as a substitute for investing directly in an underlying

asset or currency, to increase returns, to manage foreign currency risk, as part of a hedging

strategy or for other purposes related to the management of the fund. To the extent such

instruments have similar economic characteristics to equity securities as described in the fund's

policy with respect to the investment of at least 80% of its net assets, these investments will be

considered investments included within such policy. Derivatives may be entered into on

established exchanges or through privately negotiated transactions referred to as over-the-counter

derivatives. A derivatives contract will obligate or entitle the fund to deliver or receive an asset

or cash payment based on the change in value of the underlying asset. When the fund enters into

derivatives transactions, it may be required to segregate assets or enter into offsetting positions, in

accordance with applicable regulations. Although not a principal investment strategy, the fund

may invest in exchange-traded funds (ETFs), such as those that are designed to track the

performance of an index, and real estate investment trusts (REITs), which are pooled investment

vehicles that invest primarily in income-producing real estate or loans related to real estate.

The fund will not lend its portfolio securities.

Investment Risks

As of the Effective Date, an investment in the fund, as is currently the case, will be subject to the

principal risk that the fund's investment approach may cause it to perform differently than mutual

funds that invest in equity securities of U.S. companies, but which do not integrate considerations

of ESG issues when selecting investments. The fund's proposed investment approach that

systematically integrates the consideration of ESG issues in the securities selection process may

result in the fund forgoing opportunities to buy certain securities when it might otherwise be

advantageous to do so, or selling securities when it might otherwise be disadvantageous for the

fund to do so. The fund will vote proxies in a manner that is consistent with its investment

approach, which may not always be consistent with maximizing the performance of the issuer in

the short-term. In addition, to the extent the fund invests in large capitalization stocks, the fund

may underperform funds that invest primarily in the stocks of lower quality, smaller capitalization

companies during periods when the stocks of such companies are in favor. Compared to small-

and mid-cap companies, large-cap companies may be less responsive to changes and

opportunities affecting their business.

The fund also will be subject, as of the Effective Date, to the following additional risks that are

not anticipated to be principal risks of investing in the fund:

Small- and mid-cap stock risk. To the extent the fund invests in small- and mid-cap companies, it will be subject to additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities. These companies may have limited product lines, markets or financial resources, or may depend on a limited management group. Some of the fund's investments will rise and fall based on investor perception rather than economic factors. Other investments may be made in anticipation of future products, services or events whose delay or cancellation could cause the stock price to drop.

Foreign investment risk. To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign

5 0111STK1216

issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund.

Emerging market risk. The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.

Liquidity risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. Investments that are illiquid may be more difficult to value. Investments in foreign securities, particularly those in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.

Derivatives risk. A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the fund's use of derivatives may result in losses to the fund. Derivatives in which the fund may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying assets or the fund's other investments in the manner intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Certain types of derivatives, including over-the-counter transactions, involve greater risks than the underlying obligations because, in addition to general market risks, they are subject to liquidity risk, credit and counterparty risk (failure of the counterparty to the derivatives transaction to honor its obligation) and pricing risk (risk that the derivative cannot or will not be accurately valued). Future rules and regulations of the Securities and Exchange Commission (SEC) may require the fund to alter, perhaps materially, its use of derivatives.

ETF risk. The risks of investing in ETFs typically reflect the risks associated with the types of instruments in which the ETFs invest. When the fund invests in an ETF, shareholders of the fund will bear indirectly their proportionate share of the expenses of the ETF (including management fees) in addition to the expenses of the fund. ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an index. The value of the underlying securities can fluctuate in response to activities of individual companies or in response to general market and/or economic conditions. Additional risks of investments in ETFs include: (i) the market price of an ETF's shares may trade at a discount to its net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading may be halted if the listing exchanges' officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts trading generally. The fund will incur brokerage costs when purchasing and selling shares of ETFs.

6 0111STK1216

REIT risk. Investments in REITs expose the fund to risks similar to investing directly in real estate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the Investment Company Act of 1940, as amended.

Portfolio turnover risk. At times, the fund may engage in short-term trading, which

could produce higher transaction costs and taxable distributions and lower the fund's

after-tax performance.

******

If shareholders approve removing the current fundamental social investment policy and related

fundamental social considerations of the fund and engaging Newton to serve as the fund's sub-

adviser at the special meeting of shareholders, Dreyfus will seek to implement the changes to the

fund's investment strategy in an orderly manner, taking into consideration such factors as market

conditions, portfolio transaction costs and the potential tax implications to fund shareholders.

Since the fund's shareholders are the Participating Insurance Companies and their separate

accounts, the tax impact of the sale of such portfolio securities will depend on the tax status of the

participating insurance company.

******

Portfolio Management

As of the Effective Date, Dreyfus will continue to be the fund's investment adviser and, subject to

shareholder approval, Newton will serve as the fund's sub-adviser. Dreyfus, and not the fund,

will compensate Newton out of the fee Dreyfus receives from the fund. If fund shareholders

approve removing the current fundamental social investment policy and related fundamental

social considerations of the fund and engaging Newton to serve as the fund's sub-adviser, Dreyfus

will contractually reduce the annual rate of its management fee from 0.75% to 0.60% of the value

of the fund's average daily net assets, effective as of the Effective Date. In addition, Dreyfus will

contractually agree, effective as of the Effective Date and until May 1, 2018, to waive receipt of

its fees and/or assume the direct expenses of the fund so that the expenses of none of the share

classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage

commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.70%.

As of the Effective Date, and subject to shareholder approval described above, John Gilmore, Jeff

Munroe and Terry Coles will be the fund's primary portfolio managers. Mr. Gilmore, who will be

the fund's lead portfolio manager, is the lead manager of Newton's sustainable U.S. equity model

and a member of its global equities team providing specialist insight into the North American

market. He joined Newton in 2013; prior thereto, he was a portfolio manager at Kames Capital.

Mr. Munroe is the investment leader of the global equities team at Newton, where he has been

employed since 1993. Mr. Coles is a portfolio manager on the global equities team at Newton,

where he has been employed since 2010. In addition, Newton's responsible investment team, led

by Sandra Carlisle, will be responsible for the fund's fundamental ESG research and analysis,

controversy monitoring, company engagement and active proxy voting. Ms. Carlisle joined

Newton in 2013; prior thereto, she was a director at F&C Investments.

7 0111STK1216

Newton is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation

(BNY Mellon), located at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom.

Newton, a registered investment adviser, was formed in 1978 and, as of September 30, 2016,

together with its affiliates that comprise the Newton group of companies, managed approximately

$70.9 billion in discretionary separate accounts and other investment accounts. Newton, subject

to Dreyfus' supervision and approval, will provide the day-to-day management of the fund's

assets as of the Effective Date. Newton is affiliated with Dreyfus.

******

As of the Effective Date, and subject to shareholder approval, the fund will implement a

"manager of managers" arrangement whereby Dreyfus would be permitted to select one or more

sub-advisers to manage the fund's portfolio in the future without obtaining shareholder approval.

Dreyfus will evaluate and recommend to the fund's board sub-advisers for the fund. Dreyfus will

monitor and evaluate the performance of the sub-advisers for the fund and will advise and

recommend to the fund's board any changes to the fund's sub-advisers. Dreyfus has obtained

from the SEC an exemptive order, upon which the fund may rely, that permits Dreyfus, subject to

certain conditions and approval by the fund's board, to enter into and materially amend sub-

investment advisory agreements with one or more sub-advisers who are either unaffiliated with

Dreyfus or are wholly-owned subsidiaries (as defined in the Investment Company Act of 1940, as

amended) of Dreyfus' ultimate parent company, BNY Mellon, without obtaining shareholder

approval. Dreyfus has applied for an exemptive order from the SEC, which would replace the

existing order, and upon which the fund may rely if granted by the SEC, and subject to

shareholder approval, that would permit Dreyfus, subject to certain conditions and approval by

the fund's board, to hire and replace one or more sub-advisers that are either unaffiliated or

affiliated with Dreyfus (whether or not wholly-owned subsidiaries of BNY Mellon), without

obtaining shareholder approval. The requested order, like the existing order, also relieves the

fund from disclosing the sub-investment advisory fee paid by Dreyfus to an unaffiliated sub-

adviser in documents filed with the SEC and provided to shareholders. In addition, pursuant to

the existing order, it is not necessary to disclose the sub-investment advisory fee payable by

Dreyfus separately to a sub-adviser that is a wholly-owned subsidiary of BNY Mellon in

documents filed with the SEC and provided to shareholders; such fees are to be aggregated with

fees payable to Dreyfus. The requested order would require the same disclosure with respect to

the sub-investment advisory fee payable by Dreyfus separately to a sub-adviser that is an affiliate

of Dreyfus (whether or not a wholly-owned subsidiary of BNY Mellon). Dreyfus has ultimate

responsibility (subject to oversight by the fund's board) to supervise any sub-adviser and

recommend the hiring, termination, and replacement of any sub-adviser to the fund's board.

Currently, the fund has selected Newton, subject to shareholder approval, to manage all of

the fund's assets. One of the conditions of the requested order, like the existing order, is that the

fund's board, including a majority of the "non-interested" board members, must approve each new

sub-adviser. In addition, the fund would be required under the requested order, as under the

existing order, to provide shareholders with information about each new sub-adviser within 90

days of the hiring of any new sub-adviser. There is no guarantee that the requested order will be

granted by the SEC.

******

For the fund's current prospectus, visit www.dreyfus.com, or call 1-800-DREYFUS (inside the

U.S. only).

1. With respect to the Class 1, Class 1A, Class 2 and Class 4 shares prospectuses only, the information under the heading “Portfolio managers” in the “Management” section of the Global Growth Fund summary portion of the prospectus is amended in its entirety to read as follows:

Portfolio managers The individuals primarily responsible for the portfolio management of the fund are:

Portfolio manager/ Series title (if applicable)

Portfolio manager experience in this fund

Primary title with investment adviser

Patrice Collette 1 year Partner – Capital World Investors

Isabelle de Wismes 4 years Partner – Capital World Investors

Paul Flynn Less than 1 year Partner – Capital World Investors

Jonathan Knowles 4 years Partner – Capital World Investors

2. With respect to the Class 1, Class 1A, Class 2 and Class 4 shares prospectuses only, the information under the heading “Portfolio managers” in the “Management” section of the New World Fund summary portion of the prospectus is amended in its entirety to read as follows:





Carl M. Kawaja Vice President

18 years Partner – Capital World Investors

Bradford F. Freer Less than 1 year Partner – Capital World Investors

Nicholas J. Grace 4 years Partner – Capital World Investors

Robert H. Neithart 5 years Partner – Capital Fixed Income Investors

3. With respect to the Class 1, Class 1A, Class 2 and Class 4 shares prospectuses only, the information under the heading “Portfolio managers” in the “Management” section of the Bond Fund summary portion of the prospectus is amended in its entirety to read as follows:





Pramod Atluri 1 year Vice President – Capital Fixed Income Investors

David A. Hoag 9 years Partner – Capital Fixed Income Investors

American Funds Insurance Series® Prospectus Supplement

January 1, 2017

(for Class 1 shares prospectus, Class 2 shares prospectus, Class 3 shares prospectus and Class 4 shares prospectus dated May 1, 2016, as supplemented to date, and Class 1A shares prospectus dated December 23, 2016)

4. The table under the heading “The Capital SystemSM” in the “Management and organization” section of the prospectus is amended in its entirety to read as follows:

Portfolio manager for the Series/Title (if applicable)

Primary title with investment adviser (or affiliate) and investment experience

Portfolio manager’s role in management of, and experience in, the fund(s)

Donald D. O’Neal

Vice Chairman of the Board

Partner – Capital Research Global Investors Investment professional for 31 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth-Income Fund — 11 years

Alan N. Berro

President

Partner – Capital World Investors Investment professional for 31 years in total; 26 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Asset Allocation Fund — 17 years

Carl M. Kawaja

Vice President

Partner – Capital World Investors Investment professional for 29 years in total; 25 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: New World Fund — 18 years

Sung Lee

Vice President

Partner – Capital Research Global Investors Investment professional for 22 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: International Fund — 11 years International Growth and Income Fund — 8 years

Dylan Yolles

Vice President

Partner – Capital International Investors Investment professional for 19 years in total; 17 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth-Income Fund — 11 years (plus 5 years of prior experience as an investment analyst for the fund)

Hilda L. Applbaum Partner – Capital World Investors Investment professional for 30 years in total; 22 years with Capital Research and Management Company or affiliate

Serves as an equity/fixed-income portfolio manager for: Global Balanced Fund — 6 years

Pramod Atluri Vice President – Capital Fixed Income Investors Investment professional for 18 years in total; 1 year with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Bond Fund — 1 year

David C. Barclay Partner – Capital Fixed Income Investors Investment professional for 35 years in total; 29 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: High-Income Bond Fund — 23 years

L. Alfonso Barroso Partner – Capital Research Global Investors Investment professional for 22 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: International Fund — 8 years

David J. Betanzos Partner – Capital Fixed Income Investors Investment professional for 17 years in total; 15 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Capital Income Builder — 3 years Mortgage Fund — 2 years U.S. Government/AAA-Rated Securities Fund — 2 years

Mark A. Brett Partner – Capital Fixed Income Investors Investment professional for 38 years in total; 23 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Global Balanced Fund — 6 years Global Bond Fund — 2 years

Christopher D. Buchbinder Partner – Capital Research Global Investors Investment professional for 21 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Blue Chip Income and Growth Fund — 9 years

J. David Carpenter Partner – Capital World Investors Investment professional for 22 years in total; 18 years with Capital Research and Management Company or affiliate


Thomas H. Chow Vice President – Capital Fixed Income Investors Investment professional for 28 years in total; 2 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: High-Income Bond Fund — 2 years




Patrice Collette Partner – Capital World Investors Investment professional for 22 years in total, 17 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Growth Fund — 1 year (plus 14 years of prior experience as an investment analyst for the fund)

David A. Daigle Partner – Capital Fixed Income Investors Investment professional for 22 years, all with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Asset Allocation Fund — 7 years Global Bond Fund — 2 years High-Income Bond Fund — 7 years (plus 9 years of prior experience as an investment analyst for the fund)

Isabelle de Wismes Partner – Capital World Investors Investment professional for 33 years in total; 23 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Growth Fund — 4 years (plus 14 years of prior experience as an investment analyst for the fund)

Mark E. Denning Partner – Capital Research Global Investors Investment professional for 34 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Small Capitalization Fund — 19 years

Paul Flynn Partner – Capital World Investors Investment professional for 21 years in total; 19 years with Capital Research and Management Company or affiliate

Serves as an equity/fixed-income portfolio manager for: Global Growth Fund — Less than 1 year Global Balanced Fund — 4 years

J. Blair Frank Partner – Capital Research Global Investors Investment professional for 23 years in total; 22 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Small Capitalization Fund — 14 years Growth-Income Fund — 11 years

Bradford F. Freer Partner – Capital World Investors Investment professional for 24 years in total; 23 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: New World Fund — Less than 1 year (plus 14 years of prior experience as an investment analyst for the fund) Global Growth and Income Fund — 3 years (plus 6 years of prior experience as an investment analyst for the fund)

Nicholas J. Grace Partner – Capital World Investors Investment professional for 27 years in total; 23 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: New World Fund — 4 years (plus 8 years of prior experience as an investment analyst for the fund) Global Growth and Income Fund — 1 year

David A. Hoag Partner – Capital Fixed Income Investors Investment professional for 29 years in total; 25 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Bond Fund — 9 years

Thomas H. Høgh Partner – Capital Fixed Income Investors Investment professional for 30 years in total; 26 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Global Bond Fund — 10 years

Claudia P. Huntington Partner – Capital Research Global Investors Investment professional for 44 years in total; 41 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Small Capitalization Fund — 4 years Growth-Income Fund — 23 years (plus 5 years of prior experience as an investment analyst for the fund)

Gregory D. Johnson Partner – Capital World Investors Investment professional for 23 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth Fund — 10 years

Michael T. Kerr Partner – Capital World Investors Investment professional for 33 years in total; 31 years with Capital Research and Management Company or affiliate


Jonathan Knowles Partner – Capital World Investors Investment professional for 25 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Growth Fund — 4 years (plus 10 years of prior experience as an investment analyst for the fund)




Darcy Kopcho Partner – Capital International Investors Investment professional for 37 years in total; 28 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Capital Income Builder — 3 years

Lawrence Kymisis Partner – Capital Research Global Investors Investment professional for 22 years in total; 14 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Small Capitalization Fund — 5 years

Harold H. La Partner – Capital Research Global Investors Investment professional for 19 years in total; 18 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Small Capitalization Fund — 9 years (plus 4 years of prior experience as an investment analyst for the fund)

Jeffrey T. Lager Partner – Capital World Investors Investment professional for 22 years in total; 20 years with Capital Research and Management Company or affiliate


James B. Lovelace Partner – Capital Research Global Investors Investment professional for 35 years, all with Capital Research and Management Company or affiliate


Jesper Lyckeus Partner – Capital Research Global Investors Investment professional for 22 years in total; 21 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: International Fund — 10 years (plus 8 years of prior experience as an investment analyst for the fund) International Growth and Income Fund — 8 years

Fergus N. MacDonald Partner – Capital Fixed Income Investors Investment professional for 24 years in total; 13 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Mortgage Fund — 6 years U.S. Government/AAA-Rated Securities Fund — 7 years

Ronald B. Morrow Partner – Capital World Investors Investment professional for 48 years in total; 19 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth Fund — 14 years (plus 5 years of prior experience as an investment analyst for the fund)

James R. Mulally Partner – Capital Fixed Income Investors Investment professional for 41 years in total; 37 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Asset Allocation Fund — 11 years Ultra-Short Bond Fund — 1 year

Robert H. Neithart Partner – Capital Fixed Income Investors Investment professional for 29 years, all with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: New World Fund — 5 years (plus 2 years of prior experience as an investment analyst for the fund) Global Balanced Fund — 6 years Global Bond Fund — 3 years

Aidan O’Connell Partner – Capital Research Global Investors Investment professional for 19 years in total; 13 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Small Capitalization Fund — 3 years (plus 9 years of prior experience as an investment analyst for the fund)

John R. Queen Vice President – Capital Fixed Income Investors Investment professional for 25 years in total; 13 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: Asset Allocation Fund — 1 year

Andraz Razen Partner – Capital World Investors Investment professional for 18 years in total; 12 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth Fund — 4 years (plus 3 years of prior experience as an investment analyst for the fund)

David M. Riley Partner – Capital Research Global Investors Investment professional for 22 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: International Growth and Income Fund — 8 years




William L. Robbins Partner – Capital International Investors Investment professional for 24 years in total; 22 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth-Income Fund — 5 years (plus 12 years of prior experience as an investment analyst for the fund)

Martin Romo Partner – Capital World Investors Investment professional for 24 years in total; 23 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Growth Fund — 1 year (plus 15 years of prior experience as an investment analyst for the fund) Global Growth and Income Fund — 7 years (plus 1 year of prior experience as an investment analyst for the fund)

Theodore R. Samuels Partner – Capital International Investors Investment professional for 37 years in total; 35 years with Capital Research and Management Company or affiliate


Andrew B. Suzman Partner – Capital World Investors Investment professional for 23 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Growth and Income Fund — 8 years

Tomonori Tani Partner – Capital World Investors Investment professional for 15 years in total; 12 years with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: Global Balanced Fund — Less than 1 year

James Terrile Partner – Capital Research Global Investors Investment professional for 22 years in total; 20 years with Capital Research and Management Company or affiliate


Christopher Thomsen Partner – Capital Research Global Investors Investment professional for 19 years, all with Capital Research and Management Company or affiliate

Serves as an equity portfolio manager for: International Fund — 11 years

Ritchie Tuazon Vice President – Capital Fixed Income Investors Investment professional for 16 years in total; 6 years with Capital Research and Management Company or affiliate

Serves as a fixed-income portfolio manager for: U.S. Government/AAA-Rated Securities Fund — 2 years

Alan J. Wilson Partner – Capital World Investors Investment professional for 31 years in total; 25 years with Capital Research and Management Company or affiliate


Philip Winston Partner – Capital International Investors Investment professional for 32 years in total; 20 years with Capital Research and Management Company or affiliate



Lit. No. INA8BS-029-0117O CGD/8024-S57907

IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDSSUPPLEMENT TO CURRENT PROSPECTUSES

Effective January 4, 2017, shareholders in the following share classes of the Federated Funds will be permitted to convert their sharesheld in a fund into another share class of that same fund provided that the shareholder meets the eligibility requirements andinvestment minimum for the share class into which the conversion is sought. Such conversion of classes should not result in arealization event for tax purposes. Contact your financial intermediary or call 1-800-341-7400 to convert your Shares.

Class A Shares

At the election of the shareholder, Class A Shares that are not subject to a contingent deferred sales charge based upon the redemptionof a “Large Ticket” purchase made within 24 months may be converted to any other share class of the same fund, provided that theshareholder meets the investment minimum and eligibility requirements for the share class into which the conversion is sought,as applicable.

Class C Shares

At the election of the shareholder, Class C Shares that are not subject to a contingent deferred sales charge may be converted to anyother share class within the same fund, provided that the shareholder meets the investment minimum and eligibility requirements forthe share class into which the conversion is sought, as applicable.

Automated Shares, Capital Shares, Cash II Shares, Cash Series Shares, Class F Shares, Class P Shares, Class R Shares,Class R6 Shares, ClassY Shares, Eagle Shares, Institutional Shares,Wealth Shares, Investment Shares, Premier Shares,Primary Shares, Retirement Shares, Service Shares and Trust Shares

At the election of the shareholder, shares may be converted to any other share class of the same fund, provided that the shareholdermeets the investment minimum and eligibility requirements for the share class into which the conversion is sought, as applicable.

The Federated Funds include all of the following registrants (unless otherwise noted, this includes any of their portfoliosand share classes as named above):

FEDERATED ADJUSTABLE RATE SECURITIES FUND

FEDERATED EQUITY FUNDS

FEDERATED EQUITY INCOME FUND, INC.

FEDERATED FIXED INCOME SECURITIES, INC.

FEDERATED GLOBAL ALLOCATION FUND

FEDERATED GOVERNMENT INCOME SECURITIES FUND, INC.

FEDERATED GOVERNMENT INCOME TRUST

FEDERATED HIGH INCOME BOND FUND, INC.

FEDERATED HIGH YIELD TRUST

FEDERATED INCOME SECURITIES TRUST

FEDERATED INDEX TRUST

FEDERATED INSTITUTIONAL TRUST

FEDERATED INSURANCE SERIES

FEDERATED INTERNATIONAL SERIES, INC.

FEDERATED INVESTMENT SERIES FUNDS, INC.

FEDERATED MDT SERIES

FEDERATED MDT STOCK TRUST

FEDERATED MUNICIPAL SECURITIES FUND, INC.

FEDERATED MUNICIPAL SECURITIES INCOME TRUST

FEDERATED SHORT-INTERMEDIATE DURATION MUNICIPAL TRUST

FEDERATED TOTAL RETURN GOVERNMENT BOND FUND

FEDERATED TOTAL RETURN SERIES, INC.



FEDERATED WORLD INVESTMENT SERIES, INC.

INTERMEDIATE MUNICIPAL TRUST

MONEY MARKET OBLIGATIONS TRUST

January 4, 2017

e e eratd dFederated Investors Funds4000 Ericsson DriveWarrendale, PA 15086-7561



Q453557 (1/17)


kansas city life insurance company supplement ...supplement to prospectus the date of this...

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