Exhibit (d)(8)
CALAMOS INVESTMENT TRUST
March 1, 2007
Calamos Advisors LLC
0000 Xxxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
Re: Management Agreement
Pursuant to paragraph 1(b) of the Management Agreement (the "Agreement")
between Calamos Investment Trust and Calamos Advisors LLC dated December 13,
2004, as amended, we hereby notify you that the board of trustees of Calamos
Investment Trust has established an additional Sub-Trust, designated Calamos
Global Equity Fund ("the Fund"), and has appointed you as Manager to act as
manager and investment adviser to that Sub-Trust on the terms and conditions set
forth in the Agreement, except that the advisory fee schedule applicable to the
Fund shall equal the base fee plus or minus the performance adjustment fee, if
any, and shall be calculated as follows:
Base Fee.
The base fee rate shall be at the monthly rate of 1/12th of 1.00% of
the first $500 million of the average daily net assets; 1/12th of
0.95% of the next $500 million of the average daily net assets; 1/12th
of 0.90% of the next $5 billion of the average daily net assets;
1/12th of 0.88% of the next $5 billion of the average daily net
assets; 1/12th of 0.86% of the next $5 billion of the average daily
net assets; 1/12th of 0.84% of the next $5 billion of the average
daily net assets; 1/12th of 0.82% of the next $5 billion of the
average daily net assets; and 1/12 of 0.80% thereafter.
Performance Adjustment Fee.
The base fee shall be either increased or decreased by a performance
fee adjustment at the rate of 1/12th of 0.03% of the Fund's average
net assets over the preceding rolling Performance Period for each 1%
increment amount by which the Fund outperforms or underperforms its
benchmark, MSCI World Index ($US) ("Index") over such period and
rounded to the nearest 0.01%, subject to a maximum increase or
decrease of 0.30% of average net assets calculated over such period.
The Performance Period is the performance period that will commence
with the first day of the first full calendar month following the
Fund's commencement of operations. During the first eleven months of
the performance period for the Fund, there will be no performance
adjustment. Starting with the twelfth month of the period, the
performance adjustment will take effect. Following the twelfth month a
new month will be added to the performance period until the
performance period equals 36 months. Thereafter, the performance
period will consist of the current month plus the previous 35 months.
The investment performance of the Fund will be the sum of:
(1) the change in the Fund's net asset value ("NAV") per Class A
share during the Performance Period; plus
(2) the value of the Fund's cash distributions per Class A share
accumulated to the end of the Performance Period; plus
(3) the value of capital gains taxes per share paid or payable on
undistributed realized long-term capital gains accumulated to the
end of the Performance Period;
expressed as a percentage of the Fund's NAV per Class A share at the
beginning of the Performance Period. For this purpose, the value of
distributions per share of realized capital gains, of dividends per
Class A share paid from investment income and of capital gains taxes
per share paid or payable on undistributed realized long-term capital
gains shall be treated as reinvested in Class A shares of the Fund at
the NAV in effect at the close of business on the record date for the
payment of such distributions and dividends and the date on which
provision is made for such taxes, after giving effect to such
distributions, dividends and taxes.
The investment record of the Index will be the sum of:
(1) the change in the level of the Index during the Performance
Period; plus
(2) the value, computed consistently with the Index, of cash
distributions made by companies whose securities comprise the
Index accumulated to the end of the Performance Period; expressed
as a percentage of the Index level at the beginning of the
Performance Period. For this purpose, cash distributions on the
securities that comprise the Index shall be treated as reinvested
in the index at least as frequently as the end of each calendar
quarter following the payment of the dividend.
Appointment as Manager for the Sub-Trust designated Calamos Global Equity
Fund accepted this 1st day of March 2007.
Very truly yours,
CALAMOS INVESTMENT TRUST
By: /s/ Xxxxx X. Xxxxxx, Xx.
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Xxxxx X. Xxxxxx, Xx.
Secretary
Appointment as Manager for the Sub-Trust designated Calamos Global Equity
Fund accepted this 1st day of March 2007.
CALAMOS ADVISORS LCC
By: /s/ Xxx Xxxxxxx
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Xxx Xxxxxxx
Executive Vice President, Chief
Financial Officer, Chief Operating
Officer and Treasurer
