# EDGAR Filing Document

**Accession Number:** 0001943291
**File Stem:** 0001104659-23-006509
**Filing Date:** 2023-1
**Character Count:** 84532
**Document Hash:** 8206f3c9bc29492d4d8078f2046c90cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-006509.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001104659-23-006509

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**EFFECTIVENESS DATE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Antetokounmpo Sustainable Equities Trust
- **CENTRAL INDEX KEY:** 0001943291
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267049
- **FILM NUMBER:** 23552210

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 630-245-7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

**As filed with the U.S. Securities and Exchange Commission on January 25, 2023**

**Securities Act File No. 333-267049<br> Investment Company Act File No. 811-23822**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| ***UNDER THE SECURITIES ACT OF 1933*** | ◻ |
| **Pre-Effective Amendment No.** | ◻ |
| **Post-Effective Amendment No. 1** | ⌧ |

---

**and/or**

**REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| ***UNDER THE INVESTMENT COMPANY ACT***<br> ***OF 1940*** | ◻ |
| **Amendment No. 3** | ⌧ |

---

**(Check appropriate box or boxes)**

**Calamos Antetokounmpo Sustainable Equities Trust**

**(Exact Name of Registrant as Specified in Charter)**

**2020 Calamos Court<br> Naperville, Illinois<br> (Address of Principal Executive Offices)**

**60563<br> (Zip Code)**

**Registrant's Telephone Number, including Area Code: (630) 245-7200**

**J. Christopher Jackson** 

**2020 Calamos Court**

**Naperville, Illinois 60563**

**(Name and Address of Agent for Service)**

***With Copies to:***

**Paulita A. Pike<br> Ropes & Gray LLP<br> 191 North Wacker Drive, 32nd Floor<br> Chicago, Illinois 60606**

**Rita Rubin<br> Ropes & Gray LLP<br> 191 North Wacker Drive, 32nd Floor<br> Chicago, Illinois 60606**

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-1A (File Nos. 333-267049, 811-23822) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of adding an exhibit to such Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note, and Part C of the Registration Statement on Form N-1A. This Post-Effective Amendment No. 1 does not change the form of any prospectus or Statement of Additional Information included in amendments previously filed with the Securities and Exchange Commission (the "SEC"). As permitted by Rule 462(d), this Post-Effective Amendment No. 1 shall become effective upon filing with the SEC.

**PART C**

**OTHER INFORMATION**

Item 28. Exhibits.

---

| | |
|:---|:---|
| (a)(i) | [Certificate of Trust of the Registrant, dated as of August 15, 2022 (incorporated by reference to Exhibit (a)(i) to Registrant's Registration Statement on Form N-1A filed on August 24, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922094062/tm2223398d2_ex99-ai.htm) |
| (a)(ii) | [Amended and Restated Agreement and Declaration of Trust of the Registrant, dated as of January 10, 2023 (incorporated by reference to Exhibit (a)(ii) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-aii.htm) |
| (b) | [Bylaws of the Registrant (incorporated by reference to Exhibit (b) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-b.htm) |
| (c) | Instruments Defining Rights of Security Holder (see Articles III and V of Exhibit (a)(ii) above). |
| (d)(i) | [Investment Advisory Contract (incorporated by reference to Exhibit (d)(i) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-di.htm) |
| (d)(ii) | [Subadvisory Contract (filed herewith).](tm2223398d9_ex99-dii.htm) |
| (e) | [Distribution Agreement with Calamos Financial Services LLC, dated October 31, 2022 (incorporated by reference to Exhibit (e) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-e.htm) |
| (f) | None. |
| (g)(i) | [Master Custodian Agreement with State Street Bank and Trust Company, dated September 11, 2009 (incorporated by reference to Exhibit (g)(i) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-gi.htm) |
| (g)(ii) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (incorporated by reference to Exhibit (g)(ii) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-gii.htm) |
| (h)(i) | [Administration Agreement, effective November 1, 2018 with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(ii) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-hii.htm) |
| (h)(ii) | [Notification of Additional Fund, dated October 31, 2022, pursuant to Administration Agreement, effective November 1, 2018 (incorporated by reference to Exhibit (h)(ii) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hii.htm) |
| (h)(iii) | [Second Amended and Restated Transfer Agent Servicing Agreement by and among Calamos Investment Trust, Calamos Advisors Trust, Registrant, and U.S. Bank Global Fund Services, dated October 31, 2022 (incorporated by reference to Exhibit (h)(iii) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hiii.htm) |
| (h)(iv) | [Expense Limitation Agreement dated December 27, 2022 (incorporated by reference to Exhibit (h)(iv) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hiv.htm) |
| (h)(v) | [Services Agreement, effective November 1, 2018, with Ernst & Young LLP (incorporated by reference to Exhibit (h)(v) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-hv.htm) |
| (h)(vi) | [Amendment, dated October 31, 2022, to Services Agreement with Ernst & Young LLP (incorporated by reference to Exhibit (h)(vi) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hvi.htm) |
| (h)(vii) | [Master Services Agreement, dated March 15, 2004, with State Street Bank and Trust Company (incorporated by reference to Exhibit (h)(vii) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-hvii.htm) |
| (h)(viii) | [Notification of Additional Funds, dated October 31, 2022, pursuant to Master Services Agreement, dated March 15, 2004 (incorporated by reference to Exhibit (h)(viii) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hviii.htm) |
| (h)(ix) | [Administration Servicing Agreement with Firstar Mutual Fund Services, LLC, dated September 21, 2000 (incorporated by reference to Exhibit (h)(ix) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hix.htm) |
| (h)(x) | [Amendment, dated October 31, 2022, to Administration Servicing Agreement with U.S. Bank Global Fund Services, formerly known as Firstar Mutual Fund Services, LLC, dated September 11, 2000 (incorporated by reference to Exhibit (h)(x) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-hx.htm) |
| (i) | [Legal Opinion and Consent (incorporated by reference to Exhibit (i) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-i.htm) |
| (j) | [Consent of independent registered public accounting firm (incorporated by reference to Exhibit (j) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-j.htm) |
| (k) | None. |
| (l) | [Initial Capital Agreement, dated October 18, 2022 (incorporated by reference to Exhibit (l) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-l.htm) |

---

---

| | |
|:---|:---|
| (m) | [Rule 12b-1 Distribution Plan (incorporated by reference to Exhibit (m) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-m.htm) |
| (n) | [Multiple Class Plan Pursuant to Rule 18f-3 (incorporated by reference to Exhibit (n) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-n.htm) |
| (o) | Reserved. |
| (p)(i) | [Code of Ethics of the Registrant and Adviser, dated December 27, 2022 (incorporated by reference to Exhibit (p)(i) to Registrant's Registration Statement on Form N-1A filed on January 23, 2023).](https://www.sec.gov/Archives/edgar/data/1943291/000110465923005915/tm2223398d5_ex99-pi.htm) |
| (p)(ii) | [Code of Ethics of the Subadvisor, Distributor and affiliated entities (incorporated by reference to Exhibit (p)(ii) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-pii.htm) |
| (q) | [Powers of Attorney (incorporated by reference to Exhibit (q) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1943291/000110465922114935/tm2223398d3_ex99-q.htm) |

---

Item 29. Control Persons.

No person is directly or indirectly controlled by or under common control with the registrant.

Item 30. Indemnification.

Article VII of the Amended and Restated Declaration of Trust of registrant (the "Declaration of Trust") (Exhibit (a)(ii) to this registration statement) provides that, subject to certain exceptions and limitations, every person who is, or has been, a trustee or an officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof. To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person: (i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or (ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those trustees who are neither interested persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

The Declaration of Trust also provides that if any shareholder or former shareholder of any series is held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason, the shareholder or former shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the assets belonging to the applicable series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected series, shall, upon request by such shareholder or former shareholder, assume the defense of any claim made against him or her for any act or obligation of the series and satisfy any judgment thereon from the assets belonging to the series. Neither the Trust nor the applicable series shall be responsible for satisfying any obligation arising from such a claim that has been settled by the shareholder without the prior written notice to, and consent of, the Trust. Except as otherwise specifically provided in this Declaration of Trust or in the Bylaws, the Trust shall have no obligation to indemnify or hold harmless any shareholder against any loss or expense arising under any circumstances whether in connection with a proceeding of any kind or otherwise.

The registrant, its trustees and officers, its investment adviser, the other investment companies advised by the adviser and certain persons affiliated with them are insured, within the limits and subject to the limitations of the insurance, against certain expenses in connection with the defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings. The insurance expressly excludes coverage for any trustee or officer whose personal dishonesty, fraudulent breach of trust, lack of good faith, or intention to deceive or defraud has been finally adjudicated or may be established or who willfully fails to act prudently.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Securities Act") may be permitted to trustees, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Adviser.

With regard to directors and officers of Calamos Antetokounmpo Asset Management LLC ("CGAM"), and Calamos Advisors LLC ("CAL") that serve as trustees and officers of the registrant, information in the Statement of Additional Information under the captions "Management" and "Investment Advisory Services" is incorporated by reference. With regard to directors and officers of CGAM and CAL that do not serve in such capacity, see below:

---

| | |
|:---|:---|
| **Name** | **Positions<sup>1</sup>** |
| John H. "Yanni" Sianis | Director of CGAM; Chief of Staff of CAL |
| Giannis Sina Ugo Antetokounmpo | Director of CGAM; Professional athlete, Milwaukee Bucks, National Basketball Association<sup>2</sup> |
| Alexandros Constantinos Saratsis | Director of CGAM; Managing Director, Basketball, of Octagon<sup>3</sup> |
| Christian Helmetag | Vice President of CGAM; Senior Vice President, Corporate Controller of CAL; Principal Financial Officer & Principal Operations Officer of Calamos Financial Services LLC |
| Constance S. Palas | Chief Compliance Officer of CGAM; Vice President, Associate Counsel and Director of Corporate Responsibility of CAL |
| Christopher Russell | Secretary of CGAM; Senior Vice President, Head of Strategic Planning and Analysis and CRM Operations of CAL |
| William J. Takahashi | Vice President of CGAM; Senior Vice President, Head of Human Resources of CAL; Senior Vice President, Head of Human Resources of Calamos Financial Services LLC |
| Joe Mariano | Head of Trading, Co-Head of Risk of CGAM; Senior Vice President, Global Head of Trading and Co-Head of Risk of CAL |
| Derek Olsen | Head of Investment Operations and Information Technology, Co-Head of Risk of CGAM; Senior Vice President, Head of Investment Operations and Information Technology, Co-Head of Risk Management of CAL |
| Jacqueline Sinker | Senior Vice President, Chief Compliance Officer of CAL; Chief Compliance Officer of Calamos Financial Services LLC |

---

<sup>1</sup> The principal business address for all named individuals with respect to their positions with CGAM, CAL and Calamos Financial Services LLC is: 2020 Calamos Court, Naperville, Illinois 60563.

<sup>2</sup> The principal business address for Mr. Antetokounmpo with respect to his position with the Milwaukee Bucks is: 1543 North 2<sup>nd</sup> Street, 6<sup>th</sup> Floor, Milwaukee, Wisconsin 53212.

<sup>3</sup> The principal business address for Mr. Saratsis with respect to his position with Octagon is: 875 North Michigan Avenue, Suite 2300, Chicago, Illinois 60657.

Item 32. Principal Underwriter.

(a) Calamos Financial Services LLC ("CFS") serves as principal underwriter for the Calamos Antetokounmpo Sustainable Equities Trust.

(b) Information on the officers of CFS is set forth below. CFS has no directors. The principal business address for all named individuals is 2020 Calamos Court, Naperville, Illinois 60563 .

---

| | | |
|:---|:---|:---|
| Name | Position with<br> Underwriter | Position with Registrant |
| John S. Koudounis | President and Chief Executive Officer | Vice President |
| Robert F. Behan | Principal Executive Officer | Vice President |
| Daniel Dufresne | Executive Vice President, Chief Operating Officer | Vice President |
| Christian A. Helmetag | Principal Financial Officer and Principal Operations Officer | None |
| J. Christopher Jackson | General Counsel and Secretary | Vice President and Secretary |
| Jacqueline E. Sinker | Chief Compliance Officer | None |

---

(c) There are no commissions or other compensation received from the registrant directly or indirectly, by any principal underwriter who is not an affiliated person of the registrant or an affiliated person of an affiliated person.

Item 33. Location of Accounts and Records.

All such accounts, books, and other documents are maintained at the offices of the registrant, the registrant's Adviser, Calamos Antetokounmpo Asset Management LLC, the registrant's Subadviser, Calamos Advisors LLC, and CFS, the registrant's principal underwriter, 2020 Calamos Court, Naperville, Illinois 60563, at the offices of the custodian, State Street Bank and Trust Company, 1 Lincoln Street, Boston, Massachusetts, 02111, or at the offices of the transfer agent, U.S. Bank Global Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201.

Item 34. Management Services.

None.

Item 35. Undertakings.

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the registrant certifies that it has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Naperville, and the State of Illinois on the 25<sup>th</sup> day of January, 2023.

---

| | |
|:---|:---|
| **Calamos Antetokounmpo Sustainable Equities Trust** | **Calamos Antetokounmpo Sustainable Equities Trust** |
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr.<br> Trustee and President  |

---

Pursuant to the requirements of the Securities Act of 1933, Post-Effective Amendment No. 1 has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ John P. Calamos, Sr. | Trustee and President (principal executive officer) | January 25, 2023 |
| John P. Calamos, Sr. | Trustee and President (principal executive officer) |  |
| /s/ John E. Neal\* | Trustee | January 25, 2023 |
| John E. Neal |  |  |
| /s/ William Rybak\* | Trustee | January 25, 2023 |
| William Rybak |  |  |
| /s/ Virginia G. Breen\* | Trustee | January 25, 2023 |
| Virginia G. Breen |  |  |
| /s/ Lloyd A. Wennlund\* | Trustee | January 25, 2023 |
| Lloyd A. Wennlund |  |  |
| /s/ Karen L. Stuckey\* | Trustee | January 25, 2023 |
| Karen L. Stuckey |  |  |
| /s/ Christopher M. Toub\* | Trustee | January 25, 2023 |
| Christopher M. Toub |  |  |
| /s/ Thomas E. Herman | Vice President and Chief Financial Officer | January 25, 2023 |
| Thomas E. Herman | Vice President and Chief Financial Officer |  |

---

\* John P. Calamos, Sr. signs this document pursuant to powers of attorney filed in Pre-Effective Amendment No.1 to registrant's Registration Statement on Form N-1A, filed on November 4, 2022.

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr.<br> Attorney-in-Fact<br> January 25, 2023 |

---

**Exhibit Index**

[(d)(ii)](tm2223398d9_ex99-dii.htm) [Subadvisory Contract](tm2223398d9_ex99-dii.htm)

## Ex-99.(D)(Ii)

**Exhibit 99.(d)(ii)**

**CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST SUB-ADVISORY AGREEMENT**

**THIS AGREEMENT** is made and entered into on this 12<sup>th</sup> day of January 2023 by and among Calamos Antetokounmpo Asset Management LLC, a Delaware limited liability company (the "<u>Advisor</u>"), Calamos Advisors LLC, a Delaware limited liability company (the "<u>Sub-Advisor</u>"), and Calamos Antetokounmpo Sustainable Equities Trust, a Delaware statutory trust (the "<u>Trust</u>").

**W I T N E S S E T H:**

**WHEREAS**, the Trust is registered with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

**WHEREAS**, the Trust has appointed Calamos Antetokounmpo Asset Management LLC (the "<u>Advisor</u>") as the investment advisor for its series (each a "Fund") pursuant to the terms of an Investment Advisory Agreement (the "<u>Advisory Agreement</u>");

**WHEREAS**, the Advisor and Sub-Advisor are registered investment advisors under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>");

**WHEREAS**, the Advisory Agreement permits the Advisor, at its option, subject to approval by the Trust's Board of Trustees (the "<u>Board</u>") and, to the extent necessary, shareholders of its series, to delegate certain of its duties under the Advisory Agreement to other investment advisors, subject to the requirements of the 1940 Act; and

**WHEREAS**, the Advisor desires to retain the Sub-Advisor to assist it in the provision of a continuous investment program for the Trust's assets, and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement;

**NOW, THEREFORE**, the parties do mutually agree and promise as follows:

1. <u>Appointment and Acceptance as Sub-Advisor.</u> The Advisor hereby retains the Sub-Advisor to act as Sub-Advisor and manage on a discretionary basis any or
all of the Trust' s assets and investments allocated by the Advisor to the Sub- Advisor
(the " <u>Allocated Portion</u> ") , and to provide investment advice to the series
of the Trust as hereinafter set forth, subject to the oversight of the Advisor and the Board and subject to the terms of this Agreement;
and the Sub-Advisor hereby accepts such appointment.

2. <u>Duties of Sub-Advisor.</u> 

a. <u>Investments</u>. The Sub-Advisor
is hereby authorized and directed and hereby agrees, subject to the stated investment objectives, investment policies and restrictions
of each Fund as set forth in the Fund ' s registration statement, prospectus and Statement
of Additional Information as currently in effect and as supplemented or amended from time to time (collectively referred to hereinafter
as the " <u>Prospectus</u> ") along with the requirements
applicable to registered investment companies under applicable laws (including the 1940 Act), the oversight and direction (excluding,
for the avoidance of doubt, any direction with respect to the selection and management of the specific investments) of the Advisor and
the Board, and any portfolio guidelines (including the list of securities permitted to be and/or restricted from trading) agreed from
time to time in writing by the Advisor and Sub-Advisor (" <u>Guidelines</u> "),
at its own expense as provided in Section 4 hereof in consideration of the fees
payable as provided in Section 5 hereof, with respect to the Allocated Portion to: (i) regularly provide investment advice,
research and recommendations to a Fund; (ii) furnish, supervise and monitor a continuous investment program for a Fund and the composition
of its portfolio to determine in its discretion what securities, cash and other investments shall be purchased, retained or sold; and
(iii) arrange, subject to the provisions of paragraph (d) below, for the purchase and sale of securities and other investments.
The Advisor shall provide the Sub-Advisor with such assistance as may be reasonably requested by the Sub-Advisor in connection with its
activities under this Agreement, including, without limitation, information concerning a Fund and the Fund ' s
affairs.

The Advisor hereby authorizes the Sub-Advisor, at all times in accordance with the Prospectus and the Guidelines, with respect to the Allocated Portion to (i) enter into, on behalf of the Trust and as its Sub-Advisor and/or agent in fact, (A) any agreement, and any supporting documentation, with any futures commission merchant registered with the U.S. Commodity Futures Trading Commission ("<u>CFTC</u>") to provide execution and clearing services for exchange-traded commodity futures contracts, options on futures contracts and cleared swaps for the Trust and (B) futures (including security futures) contracts, forward foreign currency exchange contracts, options on securities (listed and over-the-counter), options on indices (listed and over-the-counter), options on foreign currency and other foreign currency transactions, swap transactions (cleared or un-cleared) (including, without limitation, interest rate, credit default, total return, and related types of swap and notional rate agreements), options on swap transactions, forward rate agreements, TBA transactions and other transactions involving the forward purchase or sale of securities, repurchase and reverse repurchase transactions, buy/sell back transactions and other similar types of investment contracts or transactions, and any agreements, instruments or documentation governing any of the foregoing (including, without limitation, brokerage agreements, execution agreements, ISDA master agreements, master securities forward transactions agreements, master repurchase agreements, master securities lending agreements, security or collateral agreements, control agreements and any other agreements, instruments or documents similar or incidental to the foregoing that currently are, or in the future become, customary or necessary with respect to the documentation of any of the foregoing, and any schedules and annexes to the aforementioned agreements, instruments and documents, and any releases, consents, waivers, amendments, elections or confirmations to any of the aforementioned agreements, instruments and documents (collectively, "<u>Investment Instruments</u>"), (ii) pledge and deliver cash, securities, commodities or other assets of the Trust as collateral security in connection with any Investment Instrument, and (iii) otherwise act on behalf of the Trust in connection with the exercise of any rights or the satisfaction of any obligations and liabilities of the Trust under any Investment Instruments or other agreement or documentation.

b. <u>Compliance with Applicable Laws and Governing Documents</u>.
In the performance of its duties and obligations under this
Agreement or otherwise, the Sub-Advisor shall act in conformity with the Trust' s Declaration
of Trust (as it may be amended or modified from time to time), By-Laws (as they may be amended or modified from time to time), procedures
and policies (" <u>Policies</u> ") adopted by the
Board and/or by the Advisor, the Guidelines, and the Prospectus and with instructions and directions received in writing from the Advisor
or the Board and will conform to and comply with the requirements of the 1940 Act, the Advisers Act and, to the extent applicable, the
Commodity Exchange Act, as amended (" <u>CEA</u> "),
and the rules and regulations adopted under the 1940 Act, the Advisers Act and, to the extent applicable, the CEA, from time to
time, the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "),
and all applicable federal and state laws and regulations necessary to allow the Trust to qualify as a " regulated
investment company " as defined in Subchapter M of the Code. The Sub-Advisor shall maintain
compliance procedures and processes that are reasonably designed to ensure compliance with all laws, rules, regulations and requirements
applicable to the investment advisor of a closed-end investment company like the Trust under the Advisers
Act, including Rule 206(4)-7 thereunder, and the 1940 Act. No supervisory activity undertaken by the Advisor shall limit the Sub-Advisor ' s
full responsibility for all of its obligations and responsibilities hereunder. To the extent that the CEA and the CFTC regulations require:
(A) registration by the Sub-Advisor as a commodity pool operator or commodity trading advisor and/or membership with the National
Futures Association (" <u>NFA</u> ") with respect
to the Fund, (B) specific disclosure, as applicable to the investors in the Fund, or (C) filing of reports and other documents
with respect to the Fund, Sub-Advisor shall promptly and fully comply, or work with the Advisor to take reasonable steps to cause the
Trust to comply, with all such requirements.

The Advisor shall provide the Sub-Advisor with copies of the Trust's Declaration of Trust, By-Laws, Policies, the Guidelines, and the Prospectus, and shall provide the Sub-Advisor with reasonable notice of any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus or in any Policies or Guidelines adopted by the Board and/or the Advisor, and the Sub-Advisor shall, in the performance of its duties and obligations under this Agreement, manage the Fund's portfolio in compliance with such documents and changes, provided that the Sub-Advisor has received notice of the effectiveness of such changes from the Fund or the Advisor and any such changes to the investment objectives, policies, restrictions or guidelines for the Fund shall be reasonably acceptable to the Sub-Advisor, provided, further, that any such changes shall be deemed to be acceptable to the Sub-Advisor unless the Sub-Advisor has provided the Advisor written notice within seven (7) business days of receiving such documents that any of the changes are not reasonably acceptable. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus reflecting such changes.

The Sub-Advisor shall not delegate investment advisory services to any third-party concerning transactions for a Fund without the prior written consent of the Advisor or the Board.

c. <u>Voting of Proxies</u>.
Absent specific written instructions to the contrary provided to the Sub-Advisor by the Advisor, the Sub-Advisor shall vote, either in
person or by proxy, all securities in which a Fund may be invested from time to time with respect to the Allocated Portion in accordance
with its proxy voting procedures and provide a record of votes cast containing all of the voting information required by Form N-PX
in an electronic format to enable a Fund to file Form N-PX as required. The Sub-Advisor shall provide its proxy voting policy (" <u>Proxy Policy</u> ") to the Board and the Advisor, and, if requested by the Advisor, shall provide
a summary of the Proxy Policy suitable for including in the Prospectus. The Sub-Advisor shall provide the Board and the Advisor with any
material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect. The Sub-Advisor shall promptly
inform the Advisor of all tender offers, rights offerings and other voluntary corporate action requests affecting securities in a Fund
with respect to the Allocated Portion and, absent specific written instructions to the contrary provided to the Sub-Advisor by the Advisor,
shall respond on behalf of a Fund to all such corporate action requests and shall complete and file notices of claims in connection with
class action lawsuits concerning securities in a Fund with respect to the Allocated Portion.

d. <u>Brokerage</u>.
 With respect to the Allocated Portion, the Sub-Advisor is authorized, subject to the supervision and oversight of the Advisor and
 the Board, to establish and maintain accounts on behalf of a Fund with, and place orders for the purchase and sale of the Fund ' s
 portfolio securities or other investments with or through, such persons, brokers or dealers, futures commission merchants or other
 counterparties (" <u>brokers</u> ") as the
 Sub-Advisor may elect and negotiate commissions to be paid on such transactions; provided, however, that a broker affiliated with
 the Sub-Advisor shall be used only in transactions permissible under applicable laws, rules and regulations, including, without
 limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder, as well as permitted by the
 Policies adopted by the Fund. The Sub-Advisor, upon reasonable request of the Advisor, shall
promptly provide the Advisor with copies of all agreements regarding brokerage arrangements
related to a Fund.

On occasions when the Sub-Advisor deems the purchase or sale of a security to be in the best interests of the Trust as well as other clients of the Sub-Advisor, the Sub-Advisor, to the extent permitted by applicable laws and regulations (including any applicable exemptive orders or SEC guidance) and subject to the trade allocation procedures approved by the Trust's Board or the Advisor, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions or spreads and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in accordance with the approved procedures.

The Sub-Advisor shall render reports to the Advisor and/or to the Board as reasonably requested regarding commissions generated as a result of trades executed for the Trust, as well as information regarding third-party services, if any, received by the Sub-Advisor as a result of trading activity relating to the Trust with brokers and dealers.

e. <u>Code of Ethics</u>. The Sub-Advisor, including its Access Persons (as defined in subsection
 (e) of Rule 17j-1 under the 1940 Act), shall observe and comply with Rule 17j-1 and the Sub-Advisor ' s
 written code of ethics, as the same may be amended from time to time (" <u>Code of Ethics</u> "). On at least
 a quarterly basis, the Sub-Advisor shall, at the request of the Advisor, either (i) certify to the Advisor that the Sub-Advisor
 and its Access Persons have complied in all material respects with the Sub-Advisor ' s
 Code of Ethics or (ii) identify any (A) material violations which have occurred with respect to the Code of Ethics or
 (B) with respect to any Access Persons who provide services to the Trust, multiple violations (whether or not material) by the
 same individual(s) which have occurred with respect to the Code of Ethics. Quarterly, the Sub-Advisor shall furnish a written
 report, which complies with the requirements of Rule 17j-1, concerning its Code of Ethics, to the Trust and the Advisor. The
 Sub-Advisor shall notify the Advisor promptly of any material violation of the Code of Ethics involving employees providing services
 to the Trust and provide information relevant to the Trust related to any such violation. Further, the Sub-Advisor represents that
 it has policies and procedures regarding the detection and prevention of the misuse of material, nonpublic information by the
 Sub-Advisor and its employees. Upon the written request of the Advisor or Sub-Advisor, the Sub-Advisor shall permit the Advisor, its
 employees or agents, to examine the reports (or summaries of the reports) required to be made by the Sub-Advisor under
 Rule 17j-1(c)(1) and other records evidencing enforcement of the Code of Ethics.

f. <u>Books and Records</u>.
The Sub-Advisor shall maintain, and provide to the Fund ' s Administrator for inclusion in the
Fund ' s records, all records that are required of an investment advisor of a registered investment
company pursuant to the applicable laws, rules and regulations, including, without limitation, the 1940 Act, the Advisers Act, the
1934 Act, the CEA and the rules and regulations under the 1940 Act, the Advisers Act and, to the extent applicable, the CEA. The
Sub-Advisor acknowledges that the records that it maintains with respect to the Fund that are included in the Fund ' s
records are property of the Fund and further agrees that all accounts, books and other records maintained and preserved by it shall be
surrendered promptly to the Fund, or to any third party at the Fund ' s direction, including
the Advisor or any governmental agency or other instrumentality having regulatory authority over the Advisor or the Fund; provided, that
the Sub-Advisor may at its own expense make and retain copies of any such records.

g. <u>Information Concerning the Trust</u> <u>' s Assets and Sub-Advisor</u>. From time to time as the Advisor or the Board
may request, the Sub-Advisor shall furnish the requesting party information and reports on portfolio transactions and on the securities
and other assets held in the portfolio, all in such detail, form and frequency as the Advisor or the Board may reasonably request. The
Sub-Advisor shall respond in writing to any request or questionnaire from the Trust ' s Board
under Section 15(c) of the 1940 Act.

The Advisor shall furnish to the Sub-Advisor the Prospectus, proxy statements, reports to shareholders, financial statements, Declaration of Trust and By-Laws, and any amendments thereto, and such other information with regard to the affairs of the Trust as the Sub-Advisor may reasonably request.

The Advisor acknowledges and agrees that, provided that the Sub-Advisor has provided the Advisor with complete, accurate and timely information regarding the Sub-Advisor's activities relating to the Trust, the Prospectus will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Trust, including, without limitation, the 1940 Act, the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), and the rules and regulations thereunder, and that the Sub-Advisor shall have no liability in connection therewith, except as to the accuracy of (x) material information furnished in writing by the Sub-Advisor to the Trust or to the Advisor specifically for inclusion in the Prospectus, or (y) information which was provided to the Sub-Advisor to review and which the Sub-Advisor approved as to the accuracy of such information. The Sub-Advisor shall provide to the Advisor in a timely manner such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus. The Sub-Advisor shall review all disclosure about the Fund(s) and the Sub-Advisor contained in a Fund's Prospectus and certain advertisements for accuracy and shall approve or disapprove of such disclosure within seven (7) business days of receiving such disclosure.

The Sub-Advisor shall further provide to the Advisor, the Trust or the Board in a timely manner with such information and assurances (including certifications and sub-certifications) and with such assistance as the Advisor, the Trust or the Board may reasonably request from time to time (subject to the Sub-Advisor's receipt of any necessary information from issuers held in a Fund's portfolio) in order to assist it in complying with applicable laws, rules, regulations and exemptive orders, including requirements in connection with the Advisor's, the Sub-Advisor's or the Board's fulfillment of its responsibilities under Section 15(c) of the 1940 Act and the preparation and/or filing of periodic and other reports and filings required to maintain the registration and qualification of the Trust, or to meet other regulatory or tax requirements applicable to the Trust. The Sub-Advisor shall review all draft reports to shareholders, Prospectus or amendments thereto or portions thereof that relate to the Sub-Advisor and its relationship to a Fund (including the Fund's investments, strategies and risks) and other documents related to the Fund provided to the Sub-Advisor and shall provide comments on such drafts and/or certifications or sub-certifications as to the accuracy of the information provided by the Sub-Advisor and/or contained in such reports or other documents within seven (7) business days of receiving such draft report, Prospectus (including any amendment to the Prospectus) or other document.

The Sub-Advisor shall report regularly on a timely and ongoing basis to the Advisor and to the Board and shall make appropriate persons, including portfolio managers, available for the purpose of reviewing with representatives of the Advisor and the Board on a regular basis at reasonable times the management of a Fund, the performance of the Fund in relation to standard industry indices and the Fund's own performance benchmark, and general conditions affecting the marketplace. The Sub-Advisor shall render to the Advisor and the Board on a timely basis such other periodic and special reports regarding its activities under this Agreement as the Advisor or the Board may reasonably request. The Sub-Advisor shall, (i) on a continuing basis, provide the distributor of a Fund (the "<u>Distributor</u>") with assistance with diligence, educational and informational efforts of consultants, financial advisors, other intermediaries and possible investors in the Fund in such amount and form as the Distributor may reasonably request from time to time, and (ii) upon reasonable notice from the Distributor, use reasonable efforts to cause the portfolio manager(s) or other person who manages or is responsible for overseeing the management of the Fund to provide such diligence, educational and informational assistance to the Distributor, including, without limitation, by participating in conference calls, meetings and road trips.

The Sub-Advisor shall further notify the Advisor promptly upon detection of any (i) error in connection with its management of a Fund, including, but not limited to, any trade errors, (ii) breach of any of the Policies or Guidelines, (iii) violation of any applicable law or regulation, including the 1940 Act and the Code, or (iv) material violation of the Sub-Advisor's own compliance policies and procedures, in each case that relate to the Fund. In the event of detection of such an error, breach or violation, the Sub-Advisor shall promptly inform the Advisor and also provide a memorandum to the Advisor that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Advisor has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws). The Sub-Advisor shall maintain errors and omission insurance coverage and fidelity insurance coverage, each in at least such minimum amounts as agreed upon from time to time by the Advisor and the Sub-Advisor, and from insurance providers that are in the business of regularly providing insurance coverage to investment advisors. The Sub-Advisor shall provide prior written notice to the Advisor: (A) of any material changes in its insurance policies or insurance coverage; or (B) if any material claims will be made on its insurance policies.

The Sub-Advisor shall, upon becoming aware, promptly notify the Advisor and the Trust in writing if: (i) there is a material breach of this Agreement; (ii) any of the representations and warranties of the Sub-Advisor contained herein (x) that are qualified by materiality becomes inaccurate after the execution of this Agreement or (y) that are not qualified by materiality becomes materially inaccurate after the execution of this Agreement; (iii) the Sub-Advisor is, or likely will become subject to, any statutory disqualification pursuant to Section 9(b) of the 1940 Act or otherwise that would prevent the Sub-Advisor from serving as an investment advisor or performing its duties pursuant to this Agreement. The Sub-Advisor shall notify the Advisor and the Trust promptly if any statement regarding the Sub-Advisor contained in a Fund's Prospectus with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

h. <u>Custody Arrangements</u>. The Sub-Advisor shall at no time have custody or physical control of any assets or cash of the Trust. The Sub-Advisor
shall on each business day provide the Advisor, the Trust and the Trust's custodian such information
as the Advisor, the Trust and the Trust' s custodian may reasonably request relating to all
transactions and portfolio holdings of a Fund. The Sub-Advisor shall advise the Trust' s custodian
and the Advisor on a prompt basis of each purchase and sale of a portfolio investment specifying the name of the issuer, the description
and amount purchased or sold, the market price, commission or spread and gross or net price, trade date, settlement date and identity
of the effecting broker or dealer and such other information as may reasonably be required. The Sub-Advisor shall arrange for the transmission
to the custodian and accounting agent on a daily basis such confirmation, trade tickets, and other documents and information as may be
reasonably necessary to enable the custodian and accounting agent to perform their administrative and recordkeeping responsibilities
with respect to a Fund.

i. <u>Assistance with Valuation</u>.
The Advisor and the Board are responsible for the accuracy, reliability, and completeness of any market or fair market value determinations
of a Fund ' s portfolio investments. The Sub-Advisor shall provide information and assistance
reasonably required by the Advisor or its designated agent(s) in determining or assessing the market value of securities or other
instruments held in a Fund, including those securities or instruments for which market quotations are not readily available or for which
the Advisor or the Board has otherwise determined are to be fair valued. In addition, in order to assist in a Fund ' s
obligation to value its portfolio assets to determine the Fund ' s net asset value and upon the
request of the Advisor, the Sub-Advisor shall assist the Fund or the Advisor and their designated agent(s) in their determination
of whether prices obtained for valuation purposes accurately reflect the fair value of the Fund ' s
assets at such times as the Advisor or its agents shall reasonably request. Without limiting the foregoing, the Sub-Advisor shall provide
the reasonable portfolio investments data and relevant information underlying its market or fair value recommendations to the Advisor
or its designated agents as the Advisor reasonably requests. The Sub-Advisor shall also provide the Advisor and its designated agent(s) with
notice and analysis of any events that may affect or relate to the valuation of a Fund ' s portfolio
securities on a weekly basis and undertakes to monitor for such events with respect to all securities held by the Fund.

j. <u>Compliance Program</u>.
The Sub-Advisor shall cooperate fully with the Fund ' s Chief Compliance Officer in executing
his/her responsibilities to monitor service providers of the Fund pursuant to Rule 38a-1 under the 1940 Act, including, but not limited
to, providing copies of the Sub-Advisor ' s compliance policies and procedures,
and reporting information as reasonably requested by the Advisor and the Board.

k. <u>Interaction With Other Service Providers</u>. The Sub-Advisor shall cooperate with and provide reasonable assistance to the Advisor, the Board, the Trust's
administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents
and representatives of the Trust and the Advisor, keep all such persons fully informed as to such matters as may be reasonably necessary
to the performance of their obligations to the Trust and the Advisor, provide prompt responses to reasonable requests made by such persons
and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

l. <u>Insurance</u>. The
Sub-Advisor agrees that it shall maintain at all times during the course of this Agreement and for the period thereafter in which indemnification
obligations thereto could be triggered, an insurance policy with respect to the Sub-Advisor in a commercially reasonable amount and on
commercially reasonable terms taking into account the aggregate amount that it could potentially be required to pay based on actual or
potential liabilities in connection with its indemnification or other obligations under this Agreement.

3. <u>Independent Contractor</u>.
In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent contractor and unless otherwise expressly provided
herein or otherwise authorized in writing, shall have no authority to act for or represent the Trust or the Advisor in any way or otherwise
be deemed an agent of the Trust or the Advisor. The Sub-Advisor shall perform its obligations under this Agreement and will require any
individual performing work on its behalf to perform such work (i) in a diligent, professional and commercially reasonable manner
and (ii) in compliance with all applicable laws, rules and regulations, including, without limitation, applicable anti-corruption,
anti-bribery, anti-money laundering and data privacy laws.

4. <u>Expenses</u>. During
the term of this Agreement, the Sub-Advisor shall pay all expenses incurred by it in connection with its activities under this Agreement,
including, without limitation, all costs associated with attending or otherwise participating in regular or special meetings of the Board,
shareholders and with the Advisor, as requested, additions or modifications to the Sub-Advisor's operations necessary to perform
its services under this Agreement and all costs associated with any information or proxy statements and/or other disclosure materials
that are for the primary benefit of the Sub-Advisor (including any legal fees and any shareholder meeting and/or solicitation costs, if
applicable). The Sub-Advisor shall, at its sole expense, provide the office space, furnishings, equipment and personnel required, and
employ or associate itself with such persons or firms as it believes to be qualified, to execute its duties under this Agreement. The
Sub-Advisor shall not be responsible for the cost of making investments (including third-party fees and expenses with respect to or associated
with finders fees (or similar costs associated with identifying investments), negotiating, evaluating (including due diligence) and investing
in, any such investments) purchased or sold for the Trust.

Except as otherwise provided in this Agreement or by law, the Sub-Advisor shall not be responsible for expenses of the Advisor, the Trust or a Fund, which shall include, but not be limited to: organizational and offering expenses (which include out-of-pocket expenses, but not overhead or employee costs of the Sub-Advisor); expenses for legal, accounting and auditing services(including expenses of legal counsel to the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Trust, the Advisor or the Sub-Advisor); taxes (including, without limitation, securities and commodities issuance and transfer taxes) and governmental fees (including, without limitation, fees payable by the Trust to Federal, State or other governmental agencies and associated filing costs); dues and expenses incurred in connection with membership in investment company organizations (including, without limitation, membership dues of the Investment Company Institute); costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Trust's custodians and sub-custodians, administrators and sub-administrators, registrars, depositories, transfer agents, dividend disbursing agents and dividend reinvestment plan agents (including under the custody, administration and other agreements); costs of valuation service providers retained by the Trust or the Advisor; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the SEC and various states and other jurisdictions (including filing fees and legal fees and disbursements of counsel); fees and expenses of registering or qualifying securities of a Fund for sale in the various states; fees and expenses incident to listing of a Fund's shares on any exchange; postage, freight and other charges in connection with the shipment of a Fund's portfolio securities; fees and expenses of Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Trust, the Advisor or the Sub-Advisor and of any other trustees or members of any advisory board or committee who are not employees of the Advisor or Sub-Advisor or any corporate affiliate of the Advisor or Sub-Advisor; salaries of shareholder relations personnel; costs of shareholders meetings; insurance (including, without limitation, insurance premiums on property or personnel (including, without limitation, officers and Trustees of the Trust) of a Fund which inure to its benefit); interest; brokerage costs (including, without limitation, brokers' commissions or transactions costs chargeable to a Fund in connection with portfolio securities transactions to which the Fund is a party); any costs and expenses associated with or related to due diligence performed with respect to a Fund's offering of its shares, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisers, distribution platforms and third-party due diligence providers, to the extent contemplated in the Trust's distribution plan; a Fund's proportionate share of expenses related to co-investments; broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisers (including the Advisor or its affiliates) in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction, fees and expenses in connection with arranging financing for a particular non-consummated transaction, travel costs, deposits or down payments that are forfeited in connection with, or amounts paid as a penalty for, a particular non-consummated transaction and other expenses incurred in connection with activities related to a particular non-consummated transaction); all expenses incident to the payment of any dividend, distribution (including any dividend or distribution program), withdrawal or redemption, whether in shares or in cash; the cost of making investments (including third-party fees and expenses with respect to or associated with negotiating any such investments) purchased or sold for a Fund; litigation and other extraordinary or non-recurring expenses (including, without limitation, legal claims and liabilities and litigation costs and any indemnification related thereto) (subject, however, to Section 10 hereof); and all other charges and costs of the Trust's or a Fund's operations.

The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor or its affiliates for any expenses of the Trust, a Fund or the Advisor as may be reasonably incurred by the Sub-Advisor as specifically provided for in this Agreement (including, for the avoidance of doubt, any of the above expenses incurred by the Sub-Advisor or its affiliates on behalf of the Trust or a Fund or as specifically agreed to beforehand by the Advisor). The Sub-Advisor shall keep and supply to the Fund and the Advisor reasonable records of all such expenses.

5. <u>Compensation</u>. For the services provided and the expenses
assumed pursuant to this Agreement, the Sub-Advisor shall be entitled to the fee as described on Exhibit A. Such fee shall be payable
monthly from the Advisor, computed and calculated as described in Exhibit A. Advisor shall pay or cause the Trust to pay, as appropriate,
such amounts directly to the Sub-Advisor at the same time (or promptly following such time) fees are paid to the Advisor pursuant to
the Advisory Agreement.

The method of determining net assets of the Fund(s) for purposes hereof shall be the same as the method of determining net assets for purposes of establishing the offering and repurchase price of the shares as described in the applicable Fund's Prospectus. If this Agreement shall be effective for only a portion of a month, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect.

6. <u>Representations and Warranties of Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor
and the Trust as follows:

a. The Sub-Advisor is registered as an investment advisor under the Advisers Act and is registered or licensed
as an investment advisor under the laws of all jurisdictions in which its activities require it to be so registered or licensed and will
continue to be so registered for so long as this Agreement remains in effect;

b. The Sub-Advisor is a limited liability company duly formed and properly registered and operating under
the laws of the State of Delaware with the power to own and possess its assets, perform its obligations under this Agreement, and to carry
on its business as it is now being, and to be, conducted;

c. The execution, delivery and
performance by the Sub-Advisor of this Agreement are within the Sub-Advisor ' s powers
and have been duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental body, agency
or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement,
and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any
provision of applicable law, rule or regulation, (ii) the Sub-Advisor ' s governing
instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor; and

d. The Sub-Advisor has reviewed the registration requirements of the CEA and the NFA relating to commodity
trading advisors and is either appropriately registered with the CFTC and a member of the NFA or exempt or excluded from CFTC registration
requirements and has provided the Sub-Advisor and the Trust with a copy of any document evidencing its application for or receipt of such
exemption or exclusion, and any amendments thereto;

e. The Sub-Advisor has adopted
and implemented a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act (the " <u>Code of Ethics</u> ") and has provided the Advisor and the Trust with a copy of such Code of Ethics
and any amendments thereto;

f. The Sub-Advisor has adopted
and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed
to prevent violations of federal securities laws by the Sub-Advisor, its employees and officers (" <u>Compliance Procedures</u> ") and has provided the Advisor and the Trust with a copy of such Compliance
Procedures and any amendments thereto;

g. The Sub-Advisor is in compliance with all applicable laws, rules and regulations, including, without
limitation, applicable anti-corruption, anti-bribery, anti-money laundering and data privacy laws, and has policies and procedures to
ensure compliance with all such laws, rules and regulations;

h. The Form ADV of the Sub-Advisor
provided to the Advisor is and all amendments and annual updates to the Sub-Advisor ' s
Form ADV to be provided to the Advisor shall be a true and complete copy of the form as currently in effect and to the extent required,
filed with the SEC, and the information contained therein is accurate and complete in all material respects and does not omit to state
any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

i. The Sub-Advisor has reviewed the Prospectus, and represents and warrants that, with respect to the disclosure
about the Sub-Advisor or information relating to the Sub-Advisor, such Prospectus contains, as of the date hereof, no untrue statement
of any material fact and does not omit any statement of material fact necessary to make the statements contained therein not misleading;

j. The Sub-Advisor has in place,
and shall have in place during the entire term of this Agreement, a business continuity plan, which may be updated from time to time,
that governs the Sub-Advisor ' s treatment of (i) material data processed by the
Sub-Advisor ' s computer system in the performance of its duties hereunder and the retrieval
of any such material data from the Sub-Advisor ' s back-up facilities and (ii) the performance
of its duties under this Agreement relating to contingency planning, disaster recovery, back-up processing, recovery time objective, resumption
operating capacities, escalation, activation and crisis management procedures; and

k. This Agreement is enforceable
against the Sub-Advisor in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization, arrangement,
moratorium and other similar laws of general applicability relating to or affecting creditors ' rights and to general equity principles.

7. <u>Representations and Warranties of Advisor</u>. The Advisor represents and warrants to the Sub-Advisor
as follows:

a. The Advisor is registered as an investment advisor under the Advisers Act and is registered or licensed
as an investment advisor under the laws of all jurisdictions in which its activities require it to be so registered or licensed and will
continue to be so registered for so long as this Agreement remains in effect;

b. The Advisor is a limited liability company duly organized and validly existing under the laws of the State
of Delaware with the power to own and possess its assets, perform its obligations under this Agreement, and to carry on its business as
it is now being, and to be, conducted;

c. The execution, delivery and
performance by the Advisor of this Agreement are within the Advisor ' s powers and have
been duly authorized by all necessary action, and no action by or in respect of, or filing with, any governmental body, agency or official
is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement, and the execution,
delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any provision of applicable
law, rule or regulation, (ii) the Advisor ' s governing instruments, or (iii) any
agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

d. The Advisor acknowledges that
it received a copy of the Sub-Advisor ' s Form ADV prior to the execution of this
Agreement;

e. The Advisor has duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor
to enter into this Agreement; and

f. This Agreement is enforceable
against the Advisor in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization, arrangement, moratorium
and other similar laws of general applicability relating to or affecting creditors ' rights
and to general equity principles.

8. <u>Delivery of Documents to the Advisor.</u> The Sub-Advisor has furnished the Advisor with true, accurate
and complete copies of the following:

a. The Sub-Advisor ' s
Form ADV, as of the date hereof;

b. Separate lists of persons who the Sub-Advisor wishes to have authorized to give written and oral instructions
to custodian(s) of the Trust; and

c. The Sub-Advisor ' s
Code of Ethics, Proxy Voting Policy, Valuation Policy and Procedures, 206(4)- 7 Policies and Procedures, and other Compliance Policies
and Procedures of the Sub-Advisor, as in effect on the date hereof.

The Sub-Advisor shall furnish the Advisor from time to time with copies, properly certified or otherwise authenticated, of all amendments of or supplements to the foregoing.

9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and
warranties made by the Sub-Advisor and the Advisor pursuant to Sections 6 and 7, respectively, shall survive the termination of this Agreement.
In the event that any of the foregoing representations and warranties of the parties are no longer true, the applicable party shall promptly
notify the other and/or update all information and documents which such party is required to provide to the other party hereunder.

10. <u>Standard of Care and Liability</u>.
The Sub-Advisor shall act in good faith, use reasonable care and act in a manner consistent with applicable federal and state laws and
regulations, and the documents and instruments governing the Trust, in rendering services in accordance with the terms of this Agreement.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor or a reckless disregard of its duties
hereunder, the Sub-Advisor, each of its affiliates and all respective partners , members, directors,
officers, trustees and employees (" <u>Affiliates</u> ") and each person, if any,
who within the meaning of Section 15 of the 1933 Act controls, is controlled by or is under common control with the Sub- Advisor
(" <u>Control Persons</u> ") shall not be liable for any error of judgment or mistake
of law and shall not be subject to any expenses or liability to the Advisor, the Trust or any of the shareholders of a Fund, in connection
with the matters to which this Agreement relates.

11. <u>Duration and Termination.</u>

a. <u>Duration</u>. Unless sooner
terminated, this Agreement shall remain in effect until two years from the date hereof, and thereafter shall continue automatically for
successive annual periods, provided such continuance is specifically approved at least annually by the T rust' s
Board or vote of a majority of the outstanding voting securities (as required by the 1940 Act); provided that in either event its continuance
also is approved by a majority of the Trust' s Trustees who are not " interested
persons " (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person
at a meeting called for the purpose of voting on such approval.

b. <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may
be terminated at any time, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by vote of a majority of the Trust' s Board, or by vote of a majority of the outstanding voting securities upon at
least 60 days ' written notice to the Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the Advisor, upon at least
60 days ' written notice to the Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by the Sub-Advisor upon at least
60 days ' written notice to the Advisor and the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by the non-defaulting party upon delivery of written notice from the non-defaulting party to the defaulting
party in the event of a material breach of any provision of this Agreement by the defaulting party, provided that, to the extent such
material breach is capable of being cured, the non-defaulting party shall have first provided the defaulting party written notice of the
material breach and the defaulting party shall have failed to cure such breach to the reasonable satisfaction of the non-defaulting party
within 10 days after the delivery of such notice.

The notice provided for in (i), (ii), (iii) and (iv) above may be waived by the party required to be notified.

This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement. In the event of an assignment that occurs solely due to the change of control of the Sub-Advisor, any necessary approvals or notices to continuation of this Agreement will be obtained or made at the sole expense of the Sub-Advisor.

c. <u>Effect of Expiration or Termination</u>. If this Agreement expires or is terminated, then the Sub-Advisor
shall be entitled to receive all amounts (including any accrued but unreimbursed expenses) payable to it and not yet paid pursuant to
Sections 4 and 5 hereof, as applicable.

d. <u>Transactions in Progress Upon Termination</u>. The Advisor and the Sub-Advisor shall cooperate with
each other to ensure that portfolio or other transactions in progress at the date of termination of this Agreement shall be completed
by the Sub-Advisor in accordance with the terms of such transactions, and to this end the Sub-Advisor shall provide the Advisor with all
necessary information and documentation to secure the implementation thereof.

e. <u>Assistance with Valuation Upon Termination.</u> Upon and following termination of this Agreement, the
Sub-Advisor shall and/or shall cause its Affiliates to continue to provide the Advisor and the Fund, at no cost to the Advisor or the
Trust (other than costs that are required to be borne by the Advisor or the Trust), assistance with the valuation of loans or other securities
held by a Fund pursuant to Section 2(j) of this Agreement to the extent such loans or other securities were originated by the
Sub-Advisor or an Affiliate of the Sub-Advisor.

f. <u>Delivery of Records Upon Termination</u>. In the event of termination for any reason, all records of
a Fund shall promptly be returned to the Advisor or the Trust, free from any claim or retention of rights in such records by the Sub-Advisor,
although the Sub-Advisor may, at its own expense, make and retain copies of such records.

12. <u>Duties of the Advisor</u>. The Advisor shall continue to
have responsibility for all services to be provided
to the Trust and the Fund(s) pursuant to the Advisory Agreement and shall oversee and review the Sub-Advisor ' s
performance of its duties under this Agreement.

13. <u>Brand Usage.</u> 

a. Other than (i) in connection
with required disclosures in the Prospectus or other Fund materials, and (ii) as necessary to identify relevant parties in Advisor
and/or Fund related regulatory filings, agreements or other documents, neither the Advisor nor the Trust or a Fund shall use the Sub-Advisor ' s
actual or fictitious name(s), mark, derivative and/or logo (or that of any affiliate of the Sub-Advisor, other than that of the Advisor
or of the Fund or any affiliate of the Sub-Advisor that is an affiliate of the Sub-Advisor solely by reason of the Sub-Advisor ' s
provision of services pursuant to this Agreement) or otherwise refer to the Sub-Advisor in any materials distributed to third parties,
including the Fund ' s shareholders, without prior review and written approval by the Sub-Advisor,
which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Advisor, Trust and the Fund(s), shall, to the
extent applicable and as soon as is reasonably possible, cease to use the Sub-Advisor ' s actual
or fictitious name(s), mark, derivative and/or logo.

b. Other than (i) in connection
with required disclosures in the Prospectus or other Fund materials, and (ii) as necessary to identify relevant parties in Sub-Advisor
and/or Fund related regulatory filings, agreements or other documents, the Sub-Advisor shall not use the Advisor ' s
or Fund ' s actual or fictitious name(s) (or that of any other affiliate of the Advisor)
or otherwise refer to the Advisor or a Fund in any materials distributed to third parties, including the Fund ' s
shareholders, without prior review and written approval by the Advisor, which may not be unreasonably withheld or delayed. Upon termination
of this Agreement, the Sub-Advisor shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious
name(s), mark, derivative and/or logo of the Advisor and the Fund.

14. <u>Amendment</u>. This Agreement may be amended only by mutual
written consent of the parties, provided that the terms of
any material amendment shall not be effective unless and until approved, if such approval is required by applicable law, by: (a) the
Board or by a vote of a majority of the outstanding voting securities (as required by the 1940 Act) and (b) the vote of a majority
of those Trustees of the Trust who are not " interested persons " of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval.

15. <u>Confidentiality</u>. Subject to their obligations
under this Agreement and the duties of the Sub-Advisor or Advisor
to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, each party shall treat
as confidential and not disclose any information pertaining to the Trust or the Fund(s) and the actions of the Sub-Advisor, the
Advisor and the Trust in respect thereof (collectively, " <u>Fund Information</u> ").
The Sub-Advisor and Advisor each shall not use knowledge of non-public information regarding a Fund ' s
portfolio as a basis to place or recommend any securities transactions for its own benefit to the detriment of the Fund.

Subject to its obligations under this Agreement and the duties to comply with applicable law, including any request or demand of any regulatory or taxing authority having jurisdiction, the Advisor shall treat as confidential and not disclose any information produced or provided by the Sub-Advisor and/or its Affiliates or Control Persons relating to any such persons (excluding, for the avoidance of doubt, any Fund Information) (collectively, "<u>Sub-Advisor Information</u>").

Subject to its obligations under this Agreement and the duties to comply with applicable law, including any request or demand of any regulatory or taxing authority having jurisdiction, the Sub-Advisor shall treat as confidential and not disclose any information produced or provided by the Advisor and/or its Affiliates or Control Persons (collectively, "<u>Advisor Information</u>").

Notwithstanding the foregoing, the terms "Fund Information," "Sub-Advisor Information" and "Advisor Information" shall not, for the purposes of this Agreement, include any information which (a) at the time of disclosure or thereafter is or becomes available to and known by the public other than as a result of a disclosure by a party, its Affiliates or Control Persons in breach of this Agreement, (b) was or becomes available to a party on a non-confidential basis from a source other than the Advisor, the Sub-Advisor or the Trust or any of their Affiliates or Control Persons; provided that such source is not known to the party to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of secrecy to, the Advisor, Sub-Advisor or the Trust, or (c) has been independently developed by a party or any of its Affiliates or Control Persons without using Fund Information and without violating any of its obligations under this Agreement.

In the event that a party is requested or required to disclose any Fund Information, Sub-Advisor Information or Advisor Information pursuant to applicable law, governmental rule or regulation, court order, administrative or arbitral proceeding or by any regulatory authority having jurisdiction over the party or its Affiliates or Control Persons, the disclosing party shall provide (unless prohibited by law or regulation or not reasonably practicable) the non-disclosing party with prompt written notice in advance, if possible, but otherwise promptly thereafter, of any such request or requirement.

16. <u>Notice</u>. Any notice that is required to be given by the
parties to each other under the terms of this Agreement shall be in writing, delivered, or mailed postpaid to the other parties, or transmitted
by facsimile or e-mail with acknowledgment of receipt, to the parties at the following addresses or facsimile numbers, which may from
time to time be changed by the parties by notice to the other party:

If to the Sub-Advisor:

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

Attention: Office of the General Counsel

Email: cjackson@calamos.com

If to the Advisor:

Calamos Antetokounmpo Asset Management LLC

2020 Calamos Court

Naperville, Illinois 60563

Attention: Chief Legal Officer

Email: cjackson@calamos.com

If to the Trust:

Calamos Antetokounmpo Sustainable Equities Trust<br> 2020 Calamos Court

Naperville, Illinois 60563

Attention: Chief Financial Officer

E-mail: therman@calamos.com

with copies to:

Ropes & Gray LLP

191 North Wacker Drive

32<sup>nd</sup> Floor

Chicago, IL 60606

Attention: Paulita Pike

Email:Paulita.Pike@ropesgray.com

Such notice shall be deemed effective when provided in accordance with this Section 16.

17. <u>Governing Law, Jurisdiction, *etc*</u> *.* This Agreement shall be governed by and construed in accordance with substantive laws of the State of Delaware without reference to
choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control. The state
and federal courts sitting within the State of Delaware shall be the sole and exclusive forums for any action or proceeding hereunder
and the parties hereto consent to the jurisdiction thereof. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

18. <u>Counterparts</u>.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute
one and the same instrument. The parties may exchange facsimiles or .pdf images by email of actual signatures in lieu of mailing physical
copies of counterparts.

19. <u>Certain Definitions</u>.
For the purposes of this Agreement and except as otherwise provided herein, " interested person, "
 " affiliated person, " " assignment " and " vote of a majority of the outstanding voting securities " shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted or guidance
as may be issued by the SEC.

20. <u>Captions</u>. The
captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

21. <u>Severability</u>.
If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement
shall not be affected adversely and shall remain in full force and effect.

22. <u>Entire Agreement</u>.
This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof. Each party shall
perform such further actions and execute such further documents as are necessary to effectuate the purpose of this Agreement. The Trust
is an intended third-party beneficiary of this Agreement.

23. <u>Survival</u>. The
provisions of Sections 2(h), 2(k), 9, 10, 11(c), 11(d), 11(e), 11(f), 13, 15, 16, 17 and 23 shall survive termination of this Agreement.

[*Remainder of page left intentionally blank*. *The signature page follows*.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

ADVISOR

Calamos Antetokounmpo Asset Management LLC

---

| | |
|:---|:---|
| By: | /s/ Thomas Herman |
| Name: | Thomas Herman |
| Title: | Chief Financial Officer |

---

SUB-ADVISOR

Calamos Advisors LLC

---

| | |
|:---|:---|
| By: | /s/ Thomas Herman |
| Name: | Thomas Herman |
| Title: | Chief Financial Officer |

---

Calamos Antetokounmpo Sustainable Equities Trust

---

| | |
|:---|:---|
| By: | /s/ J. Christopher Jackson |
| Name: | J. Christopher Jackson |
| Title: | Secretary |

---

**EXHIBIT A TO** 

**SUB-ADVISORY AGREEMENT**

<u>Sub-Advisory Fee</u>

The Advisor shall pay the Sub-Advisor a sub-advisory fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of such Fund at an annual rate of 0.35%.