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Exhibit(i)(1)
[Bell, Boyd & Lloyd LLC Letterhead]
July 28, 2000
Calamos Investment Trust
1111 East Warrenville Road
Naperville, Illinois 60563-1497
Ladies and Gentlemen:
We have acted as counsel for Calamos Investment Trust (the "Trust") in
connection with the registration under the Securities Act of 1933 (the "Act") of
an indefinite number of Class A shares, Class B shares, Class C shares and Class
I shares of beneficial interest (the "Shares") of each of the series of the
Trust designated Calamos Convertible Fund, Calamos Convertible Growth and Income
Fund (formerly known as Calamos Growth and Income Fund), Calamos Market Neutral
Fund, Calamos Growth Fund, Calamos Global Convertible Fund (formerly known as
Global Growth and Income Fund), Calamos High Yield Fund, and Calamos Convertible
Technology Fund (collectively, the "Funds") in post-effective amendment no. 23
to the Trust's registration statement no. 33-19228 on form N-1A (the
"Registration Statement").
In this connection we have examined originals, or copies certified or
otherwise identified to our satisfaction, of such documents, corporate and other
records, certificates and other papers as we deemed it necessary to examine for
the purpose of this opinion, including the amended and restated agreement and
declaration of trust, as amended (the "Trust Agreement") and by-laws of the
Trust, actions of the board of trustees of the Trust authorizing the issuance of
shares of the Funds and the Registration Statement.
Based on such examination, we are of the opinion that upon the issuance and
delivery of the Shares after the post-effective amendment has been declared
effective and in accordance with the Trust Agreement and the actions of the
board of trustees authorizing the issuance of the Shares, and the receipt by the
Trust of the authorized consideration therefor, the Shares so issued will be
validly issued, fully paid and nonassessable by the Trust.
The Trust is an entity of the type commonly known as a "Massachusetts
business trust". Under Massachusetts law, shareholders could, under certain
circumstances, be held personally liable for the obligations of the Trust or any
series of the Trust (each, a "Series"). However, the Agreement and Declaration
of Trust disclaims shareholder liability for acts or obligations of the Trust
and any Series and requires that notice of such disclaimer be given in each
agreement, obligation or instrument entered into or executed by the Trust or the
Trustees. The Agreement and Declaration of Trust provides for indemnification
out of the property of a Series for all loss and expense of any shareholder of a
Series held personally liable for the obligations of the Trust or a Series.
Thus, the risk of a shareholder incurring financial loss on account of
shareholder liability is limited to circumstances in which a Series itself would
be unable to meet its obligations.
In giving this opinion, we have relied upon the opinion of Goodwin, Procter
& Hoar LLP dated July 28, 2000, a copy of which is attached hereto and have made
no independent inquiry with respect to any matter covered by such opinion.
We consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not admit that we are in the category
of persons whose consent is required under section 7 of the Act.
Very truly yours,
/s/ Bell, Boyd & Lloyd LLC
