##### 



UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
  Form 10-K
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year
    ended: December 31, 2006- or -o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934   Commission File Number:
    000-51003
  Calamos
    Asset Management, Inc. (Exact
    name of Registrant as specified in its charter)
  Delaware

32-0122554(State or other jurisdiction
    of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)2020 Calamos Court,

60563Naperville, Illinois

(Zip Code)(Address of principal executive
    offices)   Registrants telephone number, including area code:
 630-245-7200
  Securities registered pursuant to Section 12(b) of the
    Act:
   Title of each
    class

Name of each exchange on
    which registeredClass A Common Stock,
    $0.01 par value

The NASDAQ Stock Market LLC   Securities registered pursuant to Section 12(g) of the
    Act:
 None
  o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. þ
  Rule 12b-2
  o þ o
  Rule 12b-2 o þ
      DOCUMENTS
    INCORPORATED BY REFERENCE




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##### 



PART I
  Item 1.
    Business  we, us, our our company
    Calamos Advisors
  Calamos Family Partners
  Calamos Interests
  Calamos Financial Services
    mutual funds open-end
    funds
  Overview
       2




---



##### 



Business
    Strategy
        Maintain
    Superior Investment Performance
  (1)
  Focus
    on Clients, With an Emphasis on Serving Long-Term
    Investors
      (1) 12/31/06: Growth Fund: Market Neutral Income Fund: Global Growth and Income
    Fund:
 3




---



##### 



Selectively
    Expand Our Investment Strategies
      Expand
    Our Distribution Relationships
    Expand
    and Diversify Our Client Base
    Capitalize
    on Our Recognized and Respected Brand
   4




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##### 



Consumer Reports Smart Money Wall
    Street Journal 10-year Kiplingers Personal Finance BusinessWeek CNBC, Pensions and Investments
  Investment
    Philosophy, Management and Process
  Investment
    Philosophy
        Investment
    Management
  day-to-day
   5




---



##### 



Investment
    Process
      
    Assess Business Value.  We analyze businesses
    as would a buyer of the entire company, analyzing financial
    statements to determine an economic enterprise value.
    Assess Security Value.  Once we understand the
    value of a business, our investment team focuses on individual
    security values within its capital structure.
    Assess Investment Opportunities.  By
    understanding all aspects of a companys capital structure,
    we seek to identify opportunities across asset classes (where
    applicable), as well as investment strategies.
    Assess the Opportunitys Role in the
    Portfolio.  Using risk management and portfolio
    construction techniques, we determine whether an individual
    security has a place in our investment portfolios and strategies.      Investment
    Strategies
    Assets UnderManagement atDecember 31, 2006Asset Strategies

(in billions)


DescriptionEquity

$
22.8


Invests in a range of U.S. and
    global companies of various market capitalization under both
    growth and value disciplinesBalanced


12.9


Invests in dynamic blend of
    convertible securities, equities and high yield securities, both
    in the U.S. and globallyConvertible


5.0


Invests primarily in convertible
    securitiesHigh Yield


3.0


Invests in high yield securities
    or junk bonds, as well as higher-yielding
    convertible securitiesAlternative


1.0


Invests in non-traditional
    strategies, including market neutral, convertible arbitrage and
    leveraged equity, among othersTotal

$
44.7   Investment
    Products
   6




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##### 



Mutual
    Funds
    Open-End
    Funds
       7




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##### 



Assets UnderFund and

Management atTicker Symbol

December 31, 2006


Year of(A Shares)

(in billions)


Inception


DescriptionGrowth
    CVGRX

$
17.1



1990


Seeks long-term capital growth by
    investing in domestic equities identifying companies with higher
    growth relative to peersBlue Chip
    CBCAX


0.2



2003


Seeks long-term capital growth by
    investing in equities of larger, established U.S. companies
    with balance sheet strength, which can help mitigate downside
    riskValue
    CVAAX


0.1



2002


Seeks long-term capital growth by
    investing in the equities of domestic companies that are trading
    well below their intrinsic values but possess identifiable
    potential catalysts that can spur them to normal levelsInternational Growth
    CIGRX


0.3



2005


Seeks long-term capital growth by
    targeting securities of
    non-U.S. companies
    that demonstrate acceleration in revenue growth, earnings growth
    and return on capitalGlobal Growth and Income
    CVLOX


0.9



1996


Seeks high long-term total return
    through capital appreciation and current income, while offering
    a defensive approach to equity exposure by strategically
    allocating stocks, convertible and fixed-income securities among
    countries and security typesMulti-Fund Blend
    CMQAX


n/a



2006


As a fund of three Calamos funds,
    seeks long-term capital growth and, secondarily, current income
    by investing in the I shares of the Growth Fund, Global Growth
    and Income Fund, and Value FundGrowth and Income
    CVTRX


6.7



1988


Seeks high long-term total return
    through growth and current income by allocating investments
    among equity, convertible and fixed-income securitiesHigh Yield
    CHYDX


0.2



1999


Seeks the highest level of current
    income obtainable with reasonable risk, with a secondary
    objective of capital appreciation, by combining higher-yielding
    fixed income and convertible securities to achieve greater
    equity sensitivity than a traditional non-convertible fixed
    income allocationConvertible (1)
    CCVIX


0.8



1985


Seeks current income, with a
    secondary objective of capital growth, by investing in
    convertible securities issued by both U.S. and foreign companiesMarket Neutral Income
    CVSIX


1.0



1990


Seeks high current income
    consistent with stability of principal by dynamically combining
    complementary income-producing strategies such as convertible
    arbitrage and covered call writingTotal

$
27.3     (1)
    
    Closed to new investments, effective April 30, 2003.  four stars five
    stars (2)
    (2) 10-year 90-day 90-day
 8




---



##### 



Closed-End
    Funds
        Assets UnderManagement atDecember 31, 2006


Year ofFund and Ticker

(in billions)


Inception


DescriptionConvertible Opportunities and
    Income
    CHI

$
1.1



2002


Seeks total return through a
    combination of capital appreciation and current income by
    investing in convertible and non-convertible fixed income
    securitiesConvertible and High
    Income
    CHY


1.5



2003


Seeks total return through a
    combination of capital appreciation and current income by
    investing in convertible and high yield fixed income securitiesStrategic Total Return
    CSQ


3.6



2004


Seeks total return through a
    combination of capital appreciation and current income by
    investing in equity, convertible and high yield fixed income
    securitiesGlobal Total Return
    CGO


0.2



2005


Seeks total return through a
    combination of capital appreciation and current income by
    investing in a globally diversified portfolio of equity,
    convertible and high yield fixed income securitiesTotal

$
6.4      9




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##### 



Separate
    Accounts
    Institutional
    Accounts
  sub-advised
    Managed
    Accounts
      Alternative
    Investments
     10




---



##### 



Other
    Advisory Services
  Wealth
    Management
        Investor
    Services
    Other
    Considerations
  Technology
    and Intellectual Property
        Competition
   11




---



##### 



Regulatory
    Environment
             12




---



##### 



Employees
    SEC
    Filings
  Form 10-K, Form 10-Q, Form 8-K, www.calamos.com.
  Item 1A.
    Risk
    Factors  Business
    Risks
    Risks
    Related to Our Industry
  Changes
    in laws or regulations or in governmental policies could limit
    the sources and amounts of our revenues, increase our costs of
    doing business, decrease our profitability and materially and
    adversely affect our business.
    To the
    extent we are forced to compete on the basis of price, we may
    not be able to maintain our current fee structure.
   13




---



##### 



We
    derive a substantial portion of our revenues from contracts that
    may be terminated on short notice.
    Investors
    in the open-end funds can redeem their investments in these
    funds at any time without prior notice, which could adversely
    affect our earnings.
    A
    decline in the prices of securities would lead to a decline in
    our assets under management, revenues and
    earnings.
  and/or Rule 12b-1 Rule 12b-1 Rule 12b-1
  Catastrophic
    and unpredictable events could have a material adverse effect on
    our business.
   14




---



##### 



Risks
    Related to Our Business
  Control
    by Calamos family members of a majority of the combined voting
    power of our common stock may give rise to conflicts of
    interests.
    The
    loss of key executives could have a material adverse affect on
    our business.
    We
    depend on third-party distribution channels to market our
    investment products and access our client base.
   15




---



##### 



Rule 12b-1 and/or Rule 12b-1 Rule 12b-1
    Our
    ability to operate our company effectively could be impaired if
    we are unable to attract and retain qualified
    personnel.
      We
    derive a substantial portion of our revenues from a limited
    number of our products.
     16




---



##### 



We are
    dependent on Calamos Holdings LLC to distribute cash to us in
    amounts sufficient to pay our tax liabilities and other
    expenses.
    We
    intend to pay regular dividends to our stockholders, but our
    ability to do so is subject to the discretion of our board of
    directors and may be limited by our holding company structure
    and applicable provisions of Delaware law.
    A
    change of control of our company would automatically terminate
    our investment management agreements with our clients, unless
    our separate account clients consent and, in the case of fund
    clients, the funds boards of trustees and shareholders
    voted to continue the agreements, and could prevent us for a
    two-year period from increasing the investment advisory fees we
    are able to charge our mutual fund clients.
      Failure
    to improve or protect our intellectual property rights may have
    a material adverse effect on our business.
   17




---



##### 



Damage
    to our reputation could adversely affect our
    business.
    Risks
    Related to the Company
  The
    disparity in the voting rights among the classes of shares may
    have a potential adverse effect on the price of our Class A
    common stock.
    Future
    sales of our Class A common stock in the public market
    could lower our stock price, and any additional capital raised
    by us through the sale of equity or convertible securities may
    dilute our stockholders ownership in us.
    and/or
      The
    Calamos familys beneficial ownership of our Class B
    common stock, as well as anti-takeover provisions in our amended
    and restated certificate of incorporation and bylaws, could
    discourage a change of control that our stockholders may favor,
    which could negatively affect our stock price.
   18




---



##### 



If the
    Internal Revenue Service disallows all or any portion of the tax
    amortization deduction allocated to the company in association
    with the section 754 election made by Calamos Holdings LLC,
    such action could have a material adverse effect on our
    business.
    Item 1B.
    Unresolved
    Staff Comments    Item 2.
    Properties    Item 3.
    Legal
    Proceedings    Item 4.
    Submission
    of Matters to a Vote of Security Holders   19




---



##### 



PART II
  Item 5.
    Market
    for Registrants Common Equity, Related Stockholder Matters
    and Issuer Purchases of Equity Securities      Market Price Range


Cash Dividends2006


2005


per ShareHigh


Low


High


Low


2006


2005First Quarter

$
39.43


$
30.72


$
31.40


$
23.01


$
0.09


$
0.07Second Quarter

$
44.10


$
26.14


$
28.74


$
20.55


$
0.09


$
0.07Third Quarter

$
30.40


$
24.23


$
29.97


$
23.23


$
0.09


$
0.07Fourth Quarter

$
31.85


$
26.42


$
32.81


$
23.42


$
0.09


$
0.07       Equity
    Compensation Plan Information
  Number of SecuritiesRemaining Availablefor Future IssuanceNumber of Securities


Weighted-Average


Under Equityto be Issued upon


Exercise Price of


Compensation PlansExercise of


Outstanding


(ExcludingOutstanding Options,


Options, Warrants


Securities ReflectedWarrants and Rights


and Rights


in Column (a))Plan Category

(a)


(b)


(c)Equity compensation plans approved
    by security holders:Stock options


1,335,098


$
25.30



(1
)Restricted stock units


1,288,440







(1
)Equity compensation plans not
    approved by security holders










Total


2,623,538


$
12.87



7,142,863
(1)     (1)
    
    A combined total of 10,000,000 shares of Calamos Asset
    Management, Inc.s common stock may be issued under the
    stock option and restricted stock unit plans. During the twelve
    months ended December 31, 2006, 233,599 shares were
    exercised under the restricted stock unit plan. 20




---



##### 



(c)


(d)Total Number of


Maximum NumberShares Purchased as


of Shares that may(a)


(b)


Part of Publicly


be PurchasedTotal Number of


Average Price Paid


Announced Plans or


Under the Plans orShares Purchased


per Share


Programs


ProgramsOctober 19 
    October 31, 2006














2,000,000November 1 
    November 30, 2006














2,000,000December 1 
    December 31, 2006














2,000,000Total














2,000,000    21




---



##### 



Performance
    Graph
  Total
    Return Performance
  
  Period EndedIndex

10/28/04


12/31/04


03/31/05


06/30/05


09/30/05


12/31/05


03/31/06


06/30/06


09/30/06


12/31/06Calamos Asset Management,
    Inc.


100.00



135.34



135.50



137.53



124.91



159.57



190.29



147.85



150.05



137.76S&P 500 Index


100.00



107.83



105.51



106.95



110.81



113.12



117.34



115.10



121.05



128.52SNL Asset Manager Index


100.00



114.57



111.74



124.09



130.81



145.71



157.33



141.63



163.57



168.98  22




---



##### 



Item 6.
    Selected
    Financial Data      Form 10-K.
  Pro FormaCombinedYear Ended December 31,


Nov. 2 to


Jan. 1 to


Year Ended


Year Ended December 31,(in thousands, except share data)

2006


2005


Dec. 31, 2004


Nov. 1, 2004


2004


2003


2002(Predecessor)





(Predecessor)


(Predecessor)Income Statement Data:RevenuesInvestment management fees

$
329,383


$
284,951


$
41,787


$
168,938


$
210,725


$
109,052


$
62,594Distribution and underwriting fees


151,760



129,250



19,350



79,578



98,928



53,005



24,883Other revenue


4,029



3,366



633



1,861



2,494



328



363Total revenue


485,172



417,567



61,770



250,377



312,147



162,385



87,840Operating expensesEmployee compensation and benefits


73,382



61,029



12,537



53,170



65,707



33,657



28,317Distribution expenses


100,935



79,446



11,040



39,517



50,557



22,576



7,982Amortization of deferred sales
    commissions


32,924



31,431



5,109



24,315



29,424



19,879



11,677Marketing and sales promotion


15,631



14,738



2,263



16,881



19,144



9,184



6,988General and administrative


31,272



24,829



2,587



11,258



13,845



8,671



6,863Total operating expenses


254,144



211,473



33,536



145,141



178,677



93,967



61,827Operating income


231,028



206,094



28,234



105,236



133,470



68,418



26,013Other income (expense), net


12,381



5,761



1,016



(1,487
)


(471
)


25



(899
)Income before minority interest in
    Calamos Holdings LLC and income taxes


243,409



211,855



29,250



103,749



132,999



68,443



25,114Minority interest in Calamos
    Holdings LLC


186,631



163,009



22,609







22,609







Income before income tax


56,778



48,846



6,641



103,749



110,390



68,443



25,114Income taxes


22,770



19,624



2,649



1,567



4,216



1,117



383Net income

$
34,008


$
29,222


$
3,992


$
102,182


$
106,174


$
67,326


$
24,731Earnings per shareBasic

$
1.47


$
1.27


$
0.18


$
1.06






$
0.70


$
0.26Diluted(1)

$
1.45


$
1.26


$
0.17


$
1.06






$
0.70


$
0.26Weighted average shares outstandingBasic(2)


23,161,998



23,000,100



22,700,100



96,800,000







96,800,000



96,800,000Diluted(1)


100,805,030



100,625,824



100,491,409



96,800,000







96,800,000



96,800,000   23




---



##### 



As of December 31,2006


2005


2004


2003


2002(Predecessor)


(Predecessor)Balance Sheet Data (in
    thousands):Cash and cash equivalents

$
328,841


$
210,469


$
149,768


$
5,073


$
2,648Investment securities


142,862



128,265



90,444



9,296



6,025Partnership investments


90,528



79,956



60,150



2,806



2,307Total assets


795,840



665,477



516,452



104,531



57,272Long-term debt


150,000



150,000



150,000



23,008



10,945Total liabilities


212,900



205,460



191,342



58,107



32,246Minority interests


368,363



273,883



166,616



11



10Total stockholders equity


214,577



186,134



158,494



46,413



25,016Assets Under Management (in
    millions):Mutual funds


33,704



32,244



27,275



14,831



5,799Separate accounts


11,021



11,561



10,700



9,009



7,093Total assets under management

$
44,725


$
43,805


$
37,975


$
23,840


$
12,892     (1)
    
    In calculating diluted earnings per share for 2006, 2005 and for
    the period November 2, 2004 to December 31, 2004, the
    effective tax rates of 40.1%, 40.2% and 39.9%, respectively,
    were applied to income before minority interest in Calamos
    Holdings LLC and income taxes. Diluted shares outstanding for
    2006, 2005 and for the period November 2, 2004 to
    December 31, 2004 are calculated (a) assuming the
    Calamos Interests exchanged all of their membership units in
    Calamos Holdings LLC for shares of the Companys
    Class A common stock on a
    one-for-one
    basis and (b) including the effect of outstanding
    restricted stock unit and option awards.(2)
    
    Basic shares for the periods to November 2, 2004 reflect
    the 96,800,000 existing after giving effect to the formation
    transaction, whereby on October 15, 2004, Calamos Family
    Partners, Inc. contributed all of its assets and liabilities,
    including all equity interest in its wholly owned subsidiaries,
    to Calamos Holdings LLC in exchange for 96,800,000 of the
    membership units of Calamos Holdings LLC.  Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operation   24




---



##### 



Assets
    Under Management
    (in millions)

2006


2005


2004Mutual FundsOpen-end funds

$
27,303


$
26,303


$
21,245Closed-end funds


6,401



5,941



6,030Total mutual funds


33,704



32,244



27,275Separate AccountsInstitutional accounts


5,203



5,130



4,099Managed accounts


5,723



6,340



6,527Alternative investments


95



91



74Total separate accounts


11,021



11,561



10,700Total assets under
    management

$
44,725


$
43,805


$
37,975     
    purchases and redemptions of shares of the open-end funds and
    other investment products;
    fluctuations in the financial markets around the world that
    result in appreciation or depreciation of assets under
    management;
    our ability to educate our target clients about our investment
    philosophy and provide them with
    best-in-class
    service;
    the relative investment performance of our investment products
    as compared to competing offerings and market indices;
    competitive conditions in the mutual fund, asset management and
    broader financial services sectors;
    investor sentiment and confidence; and
    our introduction of new investment strategies and products and
    our decision to close strategies when deemed in the best
    interests of our clients.  Investment
    Products
  Mutual
    Funds
    Open-End Funds.
 25




---



##### 



Closed-End Funds.
  Separate
    Accounts
    
    Institutional accountsare separately managed accounts
    for institutional investors, such as public and private pension
    funds, public funds and endowment funds, and are offered
    directly by us through institutional consultants and through
    national and regional broker-dealers.
    Managed accountsare separately managed accounts for high
    net worth investors offered primarily through national and
    regional broker-dealers.
    Alternative investmentsinclude private investment
    vehicles, primarily hedge funds, offered directly by us to
    qualified individual and institutional investors.  Revenues
    
    total value and composition of our assets under management;
    market appreciation or depreciation;
    investment performance relative to benchmarks and competitors;
    level of net purchases and redemptions, which represent the sum
    of new client assets, additional funding from existing clients,
    withdrawals of assets from and termination of client accounts,
    and purchases and redemptions of mutual fund shares;
    a determination by the independent trustees of the mutual funds
    to terminate or significantly alter the funds investment
    management agreements with us; and
    increased competition.  and/or Rule 12b-1
  
    total value and composition of our assets under management
    generally and by share class;
    market appreciation or depreciation; and
    the level of purchases and redemptions. 26




---



##### 



Investment
    Management Fees
      Distribution
    and Underwriting Fees
  and/or Rule 12b-1
  Rule 12b-1 and/or Rule 12b-1 Rule 12b-1
      Other
    Revenues
    Operating
    Expenses
    
    variations in the level of total compensation expense due to,
    among other things, bonuses, changes in our employee count and
    mix, and competitive factors;
    changes in distribution and underwriting expense as a result of
    fluctuations in mutual fund sales, level of redemptions and
    market appreciation or depreciation of assets under management; 27




---



##### 




    the amount of
    Rule 12b-1
    distribution
    and/or
    service fees that we receive, as well as our continued ability
    to receive those fees in the future, which would affect the
    amortization expenses associated with the receipt of these fees;
    changes in the level of our marketing and promotion expenses in
    response to market conditions, including our efforts to further
    penetrate our existing distribution channels; and
    expenses and capital costs, such as technology assets,
    depreciation, amortization, and research and development,
    incurred to maintain and enhance our administrative and
    operating services infrastructure.  Employee
    Compensation and Benefits
      Distribution
    and Underwriting Expense
  Rule 12b-1 and/or
  Amortization
    of Deferred Sales Commissions
  and/or Rule 12b-1 Rule 12b-1 Rule 12b-1
  Other
    Operating Expenses
  and/or
 28




---



##### 



Impact of
    Distribution and Underwriting Activities
    2006


2005Distribution and underwriting fees

$
151,760


$
129,250Distribution and underwriting
    expense


(100,935
)


(79,446
)Amortization of deferred sales
    commissions


(32,924
)


(31,431
)Net distribution fees

$
17,901


$
18,373Net distribution fee margin


12
%


14
%     Class A shares Rule 12b-1 Rule 12b-1 Rule 12b-1
    Class B shares
  Rule 12b-1 Rule 12b-1
 29




---



##### 



Rule 12b-1 Rule 12b-1 Rule 12b-1
    Class C shares
  Rule 12b-1 Rule 12b-1 12b-1 Rule 12b-1
  Rule 12b-1
  Class I shares Rule 12b-1
  Class R shares Rule 12b-1 Rule 12b-1
   30




---



##### 



Other
    Income (Expense), Net
    Minority
    Interest
      Income
    Taxes
    Dilutive
    Effect of Issuance of New Shares of Class A Common
    Stock
     31




---



##### 



Operating
    Results
  Year
    Ended December 31, 2006 Compared to Year Ended
    December 31, 2005
  Assets
    Under Management
    Year EndedDecember 31,


Change(in millions)

2006


2005


Amount


PercentMutual FundsBeginning assets under management

$
32,244


$
27,275


$
4,969



18
%Net purchases


288



3,421



(3,133
)


92Market appreciation


1,172



1,548



(376
)


24Ending assets under management


33,704



32,244



1,460



5Average assets under management


34,075



29,084



4,991



17Separate AccountsBeginning assets under management


11,561



10,700



861



8Net purchases (redemptions)


(1,107
)


212



(1,319
)


622Market appreciation


567



649



(82
)


13Ending assets under management


11,021



11,561



(540
)


5Average assets under management


11,605



10,889



716



7Total Assets Under
    ManagementBeginning assets under management


43,805



37,975



5,830



15Net purchases (redemptions)


(819
)


3,633



(4,452
)


123Market appreciation


1,739



2,197



(458
)


21Ending assets under
    management


44,725



43,805



920



2Average assets under management

$
45,680


$
39,973


$
5,707



14
%    32




---



##### 



Revenues
    Change(in thousands)

2006


2005


Amount


PercentInvestment management fees

$
329,383


$
284,951


$
44,432



16
%Distribution and underwriting fees


151,760



129,250



22,510



17Other


4,029



3,366



663



20Total revenues

$
485,172


$
417,567


$
67,605



16
%       Operating
    Expenses
    Change(in thousands)

2006


2005


Amount


PercentEmployee compensation and benefits

$
73,382


$
61,029


$
12,353



20
%Distribution and underwriting
    expense


100,935



79,446



21,489



27Amortization of deferred sales
    commissions


32,924



31,431



1,493



5Marketing and sales promotion


15,631



14,738



893



6General and administrative


31,272



24,829



6,443



26Total operating expenses

$
254,144


$
211,473


$
42,671



20
%    33




---



##### 



Rule 12b-1 Rule 12b-1 Rule 12b-1
      Income
    Taxes
    Other
    Income (Expense), Net
    (in thousands)

2006


2005


ChangeNet interest income (expense)

$
5,004


$
(3,075
)

$
8,079Investment and other income


7,403



13,997



(6,594
)Minority interest in partnership
    investments


(26
)


(5,161
)


5,135Total other income (expense), net

$
12,381


$
5,761


$
6,620     year-over-year
   34




---



##### 



Net
    Income
    Year
    Ended December 31, 2005 Compared to Year Ended
    December 31, 2004
     35




---



##### 



period-to-period
  November 2 to


January 1 to


Pro FormaDecember 31,


November 1,


Combined(in thousands, except share data)

2005


2004


2004


2004(Predecessor)Revenues:Investment management fees

$
284,951


$
41,787


$
168,938


$
210,725Distribution and underwriting fees


129,250



19,350



79,578



98,928Other


3,366



633



1,861



2,494Total revenues


417,567



61,770



250,377



312,147Expenses:Employee compensation and benefits


61,029



12,537



53,170



65,707Distribution and underwriting
    expenses


79,446



11,040



39,517



50,557Amortization of deferred sales
    commissions


31,431



5,109



24,315



29,424Marketing and sales promotion


14,738



2,263



16,881



19,144General and administrative


24,829



2,587



11,258



13,845Total expenses


211,473



33,536



145,141



178,677Operating income


206,094



28,234



105,236



133,470Other income
    (expense):Net interest income (expense)


(3,075
)


(882
)


(3,813
)


(4,695
)Investment income and other income


13,997



3,220



2,326



5,546Minority interest in partnership
    investments


(5,161
)


(1,322
)






(1,322
)Total other income (expense), net


5,761



1,016



(1,487
)


(471
)Income before minority interest in
    Calamos Holdings LLC and income taxes


211,855



29,250



103,749



132,999Minority interest in Calamos
    Holdings LLC


163,009



22,609







22,609Income before income taxes


48,846



6,641



103,749



110,390Income taxes


19,624



2,649



1,567



4,216Net income

$
29,222


$
3,992


$
102,182


$
106,174Earnings per shareBasic

$
1.27


$
0.18


$
1.06Diluted

$
1.26


$
0.17


$
1.06Weighted average shares outstandingBasic


23,000,100



22,700,100



96,800,000Diluted


100,625,824



100,491,409



96,800,000   Assets
    Under Management
    36




---



##### 



Year EndedDecember 31,


Change(in millions)

2005


2004


Amount


PercentMutual
    FundsBeginning assets under management

$
27,275


$
14,831


$
12,444



84
%Net purchases


3,421



9,899



(6,478
)


65Market appreciation


1,548



2,545



(997
)


39Ending assets under management


32,244



27,275



4,969



18Average assets under management


29,084



21,166



7,918



37Separate
    AccountsBeginning assets under management


10,700



9,009



1,691



19Net purchases


212



681



(469
)


69Market appreciation


649



1,010



(361
)


36Ending assets under management


11,561



10,700



861



8Average assets under management


10,889



9,541



1,348



14Total Assets Under
    ManagementBeginning assets under management


37,975



23,840



14,135



59Net purchases


3,633



10,580



(6,947
)


66Market appreciation


2,197



3,555



(1,358
)


38Ending assets under
    management


43,805



37,975



5,830



15Average assets under management

$
39,973


$
30,707


$
9,266



30
%     Revenues
    Change(in thousands)

2005


2004


Amount


PercentInvestment management fees

$
284,951


$
210,725


$
74,226



35
%Distribution and underwriting fees


129,250



98,928



30,322



31Other


3,366



2,494



872



35Total revenues

$
417,567


$
312,147


$
105,420



34
%    37




---



##### 



Operating
    Expenses
    Change(in thousands)

2005


2004


Amount


PercentEmployee compensation and benefits

$
61,029


$
65,707


$
(4,678
)


7
%Distribution and underwriting
    expense


79,446



50,557



28,889



57Amortization of deferred sales
    commissions


31,431



29,424



2,007



7Marketing and sales promotion


14,738



19,144



(4,406
)


23General and administrative


24,829



13,845



10,984



79Total operating expenses

$
211,473


$
178,677


$
32,796



18
%     Rule 12b-1 Rule 12b-1 Rule 12b-1
 38




---



##### 



Income
    Taxes
    Other
    Income (Expense), Net
    (in thousands)

2005


2004


ChangeNet interest income (expense)

$
(3,075
)

$
(4,695
)

$
1,620Investment and other income


13,997



5,546



8,451Minority interest in partnership
    investments


(5,161
)


(1,322
)


(3,839
)Total other income (expense), net

$
5,761


$
(471
)

$
6,232     Net
    Income
  period-to-period
  39




---



##### 



Pro FormaNov. 2 to


Jan. 1 to


Combined


Pro Forma


Pro Forma(in thousands, except share data)

2005


Dec. 31, 2004


Nov. 1, 2004


2004


Adjustments


2004(Predecessor)Revenues

$
417,567


$
61,770


$
250,377


$
312,147


$
(157
)(1)

$
311,990Expenses


211,473



33,536



145,141



178,677



(8
)(1)


178,669Operating income


206,094



28,234



105,236



133,470



(149
)


133,321Total other income (expense), net


5,761



1,016



(1,487
)


(471
)


(1,808
)(1)


(2,279
)Income before minority interest in
    Calamos Holdings LLC and income taxes


211,855



29,250



103,749



132,999



(1,957
)


131,042Minority interest in Calamos
    Holdings LLC


163,009



22,609







22,609



78,293
(2)


100,902Income before income taxes


48,846



6,641



103,749



110,390



(80,250
)


30,140Income taxes


19,624



2,649



1,567



4,216



7,805
(3)


12,021Net income

$
29,222


$
3,992


$
102,182


$
106,174


$
(88,055
)

$
18,119Earnings per share, basic

$
1.27


$
0.18


$
1.06










$
0.79Weighted average shares
    outstanding, basic


23,000,100



22,700,100



96,800,000
(4)










23,000,100
(5)Calculation of earnings per share,
    diluted, assuming exchange of membership units:Income before minority interest and
    income taxes


211,855



29,250















131,042Impact of income taxes(6)


85,102



11,668















52,273Earnings available to common
    shareholders


126,753



17,582















78,769Earnings per share, diluted

$
1.26


$
0.17


$
1.06










$
0.79Weighted average shares
    outstanding, diluted(7)


100,625,824



100,491,409



96,800,000











100,080,642   Notes to Pro
    Forma Adjustments:
  (1)
    
    Represents the adjustment related to the Real Estate
    Distribution, whereby Calamos Family Partners, Inc. (formerly
    known as Calamos Holdings Inc.), distributed its interest in all
    of its owned real estate assets to its stockholders, who
    contributed those assets to a new limited liability company.
    This adjustment is presented based on actual amounts recorded
    during the periods presented.(2)
    
    Represents an adjustment to increase Calamos Asset Management,
    Inc.s minority interest allocation in Calamos Holdings LLC
    to 77.0%. Minority interest was determined by multiplying the
    income before minority interest in Calamos Holdings LLC and
    income taxes by Calamos Family Partners, Inc. and John P.
    Calamos, Sr.s 77.0% aggregate ownership. The minority
    interest adjustment is presented based on the income for the
    periods presented.(3)
    
    Reflects the impact of federal and state income taxes on the
    income allocated from Calamos Holdings LLC to Calamos Asset
    Management, Inc. Historically, Calamos Family Partners, Inc.
    operated as an S corporation and was not subject to
    U.S. federal and certain state income taxes, but was
    subject to Illinois replacement taxes. The amount of pro forma
    adjustment was determined by eliminating the Illinois
    replacement tax and applying the combined projected federal
    corporate income tax rate and applicable state tax rates to
    income before income taxes.(4)
    
    Represents the adjustment related to the Formation Transaction,
    whereby on October 15, 2004, Calamos Family Partners, Inc.
    contributed all of its assets and liabilities, including, among
    other things, all equity 40




---



##### 



interests in its wholly owned subsidiaries, to Calamos Holdings
    LLC in exchange for 96.8 million membership units of
    Calamos Holdings LLC.  (5)
    
    Reflects 23.0 million shares of Class A common stock,
    which represents 23.0% of the outstanding shares after the
    offering. In addition to shares of Class A common stock,
    there are 100 shares of Class B common stock
    outstanding.(6)
    
    In calculating diluted earnings per share, the effective tax
    rates for the years ended December 31, 2005 and 2004 of
    40.2% and 39.9%, respectively, were applied to income before
    minority interest and income taxes.(7)
    
    Diluted shares outstanding for each period presented represent
    the weighted average Class A common stock after giving
    effect to the offering as of the beginning of 2004. The diluted
    shares outstanding are calculated: (a) including the effect
    of outstanding restricted stock unit and option awards and
    (b) assuming Calamos Family Partners, Inc. and John P.
    Calamos, Sr. exchanged all of their membership units in
    Calamos Holdings LLC for, and converted all outstanding shares
    of our Class B common stock into, shares of our
    Class A common stock, in each case on a
    one-for-one
    basis.    Pro Forma


Change2005


2004


Amount


Percent(in thousands)Total revenues

$
417,567


$
311,990


$
105,577



34
%Total operating expenses


211,473



178,669



32,804



18Operating income


206,094



133,321



72,773



55Other income (expense), net


5,761



(2,279
)


8,040



*Minority interest


163,009



100,902



62,107



62Income taxes


19,624



12,021



7,603



63Net income

$
29,222


$
18,119


$
11,103



61
%     *
    
    Not meaningful.  Quarterly
    Results of Operations
    At or for the Quarter Ended(in thousands, except

2005


2006share data)

March 31


June 30


Sept. 30


Dec. 31


March 31


June 30


Sept. 30


Dec. 31Assets under management (in
    millions)

$
38,246


$
39,512


$
42,169


$
43,805


$
47,601


$
45,812


$
44,809


$
44,725Total revenue


97,321



99,072



107,686



113,488



120,618



124,353



118,547



121,654Total operating expenses


48,332



50,325



54,354



58,462



61,993



64,406



61,909



65,836Operating income


48,989



48,747



53,332



55,026



58,625



59,947



56,638



55,818Net income

$
6,371


$
7,002


$
7,639


$
8,210


$
9,005


$
8,101


$
8,041


$
8,861Diluted earnings per share

$
0.28


$
0.30


$
0.33


$
0.35


$
0.38


$
0.34


$
0.34


$
0.38Diluted shares outstanding(1)


100,598,485



100,557,047



100,667,805



100,699,343



100,973,155



100,845,107



100,757,758



100,817,074     (1)
    
    The diluted shares outstanding are calculated:
    (a) including the effect of outstanding restricted stock
    unit and option awards and (b) assuming Calamos Family
    Partners, Inc. and John P. Calamos, Sr. exchanged all of
    their membership units in Calamos Holdings LLC for, and
    converted all outstanding shares of our Class B common
    stock into, shares of our Class A common stock, in each
    case on a
    one-for-one
    basis. 41




---



##### 



Liquidity
    and Capital Resources
      (in thousands)

2006


2005Statements of financial
    condition data:Cash and cash equivalents

$
328,841


$
210,469Receivables


36,649



34,476Investment securities


142,862



128,265Partnership investments


90,528



79,956Deferred tax assets, net


99,240



109,126Deferred sales commissions


49,891



58,390Long-term debt


150,000



150,000   step-up
    Nov. 2


Jan. 1through


through


Pro FormaDec. 31,


Nov. 1,


Combined(in thousands)

2006


2005


2004


2004


2004(Predecessor)Cash flow data:Net cash provided by operating
    activities

$
253,455


$
223,592


$
21,335


$
112,032


$
133,367Net cash used in investing
    activities


(20,137
)


(72,564
)


(49,851
)


(57,499
)


(107,350
)Net cash provided by (used in)
    financing activities


(114,946
)


(90,327
)


45,308



73,370



118,678    42




---



##### 



Contractual
    Obligations
    Payments Due by PeriodLess than








More than(in thousands)

Total


1 Year


1-3 Years


3-5 Years


5 YearsLong-term debt obligations,
    including interest(1)

$
185,370


$
7,860


$
15,720


$
161,790


$
Operating lease obligations(2)


80,686



3,439



6,977



7,320



62,950Other long-term obligations(3)


1,085



295



610



180



Total

$
267,141


$
11,594


$
23,307


$
169,290


$
62,950     (1)
    
    The Companys $150.0 million of 5.24% senior
    unsecured notes are due in April 2011.(2)
    
    In accordance with generally accepted accounting principles in
    the United States, these obligations are not reflected in the
    accompanying consolidated statements of financial condition.(3)
    
    Other long-term obligations principally represent commitments
    under equity compensation agreements. These obligations are
    included in other long-term liabilities in the accompanying
    consolidated statements of financial condition. 43




---



##### 



Critical
    Accounting Policies and Estimates
      Deferred
    Sales Commissions
  12b-1 12b-1
  24-month
    Compensation
    Plans
   44




---



##### 



one-for-one
      Income
    Taxes
  step-up
  Recently
    Issued Accounting Pronouncements
  Accounting for Uncertainty in Income Taxes  an
    interpretation of FASB Statement No. 109
  Fair Value
    Measurements,
  Forward-Looking
    Information
  Form 10-K,
     45




---



##### 



and/or best-in-class
    Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk           46




---



##### 



Item 8.
    Financial
    Statements and Supplementary Data  Report of
    Independent Registered Public Accounting Firm


F-1Managements
    Report on Internal Control Over Financial Reporting


F-2Report of
    Independent Registered Public Accounting Firm on Internal
    Control Over Financial Reporting


F-3Consolidated
    Statements of Financial Condition at December 31, 2006 and
    2005


F-5Consolidated
    Statements of Operations for the years ended December 31,
    2006 and 2005, the period November 2, 2004 to
    December 31, 2004 and the period January 1, 2004 to
    November 1, 2004


F-6Consolidated
    Statements of Changes in Stockholders Equity for the years
    ended December 31, 2006 and 2005, the period
    November 2, 2004 to December 31, 2004 and the period
    January 1, 2004 to November 1, 2004


F-7Consolidated
    Statements of Cash Flows for the years ended December 31,
    2006 and 2005, the period November 2, 2004 to
    December 31, 2004 and the period January 1, 2004 to
    November 1, 2004


F-8Notes to
    Consolidated Financial Statements


F-9   47




---



##### 



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             KPMG
    LLP
    F-1




---



##### 



MANAGEMENTS
    REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING  Rule 13a-15(f) 15d-15(f)
        /s/  John
    P.
    Calamos, Sr.John
    P. Calamos, Sr.
    Chairman, Chief Executive Officer
    and Co-Chief Investment Officer

/s/  Patrick
    H.
    DudasikPatrick
    H. Dudasik
    Executive Vice President, Chief Operating
    Officer, Chief Financial Officer and Treasurer    F-2




---



##### 



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    ON INTERNAL CONTROL OVER FINANCIAL REPORTING              F-3




---



##### 



KPMG
    LLP
    F-4




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.



CONSOLIDATED
    STATEMENTS OF FINANCIAL CONDITION  December 31,(in thousands, except share data)

2006


2005ASSETS:Current assetsCash and cash equivalents

$
328,841


$
210,469Receivables:Affiliates and affiliated funds


26,431



24,670Customers


10,218



9,806Investment securities


142,862



128,265Partnership investments


90,528



79,956Prepaid expenses


2,383



2,342Deferred tax assets, net


7,375



7,846Other assets


138



195Total current assets


608,776



463,549Non-current assetsDeferred tax assets, net


91,865



101,280Deferred sales commissions


49,891



58,390Property and equipment, net


43,615



40,547Other non-current assets


1,693



1,711Total non-current assets


187,064



201,928Total assets


795,840



665,477LIABILITIES AND
    STOCKHOLDERS EQUITY:Current liabilitiesAccounts payable:Brokers


20,969



18,485Affiliates and affiliated funds


264



93Accrued compensation and benefits


22,722



19,131Accrued expenses and other current
    liabilities


10,942



11,025Total current liabilities


54,897



48,734Long-term liabilitiesLong-term debt


150,000



150,000Other long-term liabilities


8,003



6,726Total long-term liabilities


158,003



156,726Total liabilities


212,900



205,460Minority interest in partnership
    investments


48,850



44,453Minority interest in Calamos
    Holdings LLC


319,513



229,430Stockholders equityClass A Common Stock,
    $0.01 par value; authorized 600,000,000 shares; issued
    and outstanding 23,161,898 shares at December 31, 2006
    and 23,000,000 shares at December 31, 2005


232



230Class B Common Stock,
    $0.01 par value; authorized 1,000 shares; issued and
    outstanding 100 shares


0



0Additional paid-in capital


157,724



156,274Retained earnings


52,261



26,698Accumulated other comprehensive
    income


4,360



2,932Total stockholders equity


214,577



186,134Total liabilities, minority
    interest and stockholders equity

$
795,840


$
665,477    F-5




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.



CONSOLIDATED
    STATEMENTS OF OPERATIONS  Year Ended


Year Ended


November 2 to


January 1 to(in thousands, except share data)

December 31,


December 31,


December 31,


November 1,2006


2005


2004


2004(Predecessor)Revenues:Investment management fees

$
329,383


$
284,951


$
41,787


$
168,938Distribution and underwriting fees


151,760



129,250



19,350



79,578Other


4,029



3,366



633



1,861Total revenues


485,172



417,567



61,770



250,377Expenses:Employee compensation and benefits


73,382



61,029



12,537



53,170Distribution and underwriting
    expense


100,935



79,446



11,040



39,517Amortization of deferred sales
    commissions


32,924



31,431



5,109



24,315Marketing and sales promotion


15,631



14,738



2,263



16,881General and administrative


31,272



24,829



2,587



11,258Total expenses


254,144



211,473



33,536



145,141Operating income


231,028



206,094



28,234



105,236Other income
    (expense):Net interest income (expense)


5,004



(3,075
)


(882
)


(3,813
)Investment and other income


7,403



13,997



3,220



2,326Minority interest in partnership
    investments


(26
)


(5,161
)


(1,322
)


Total other income (expense), net


12,381



5,761



1,016



(1,487
)Income before minority interest in
    Calamos Holdings LLC and income taxes


243,409



211,855



29,250



103,749Minority interest in Calamos
    Holdings LLC


186,631



163,009



22,609



Income before income taxes


56,778



48,846



6,641



103,749Income taxes


22,770



19,624



2,649



1,567Net income

$
34,008


$
29,222


$
3,992


$
102,182Earnings per share:Basic

$
1.47


$
1.27


$
0.18


$
1.06Diluted

$
1.45


$
1.26


$
0.17


$
1.06Weighted average shares
    outstanding:Basic


23,161,998



23,000,100



22,700,100



96,800,000Diluted


100,805,030



100,625,824



100,491,409



96,800,000Cash dividends per share

$
0.36


$
0.28







    F-6




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.



CONSOLIDATED
    STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY  AccumulatedAdditional





OtherCommon


Paid-in


Retained


Comprehensive(in thousands)

Stock


Capital


Earnings


Income


TotalBalance at December 31, 2003

$



$
2,274


$
42,094


$
2,045


$
46,413Net income










102,182







102,182Changes in unrealized gains on
    available-for-sale
    securities














1,854



1,854Total comprehensive income


















104,036Additional capital contributions,
    in cash






3,300











3,300Classification of EAU liability to
    additional paid-in capital






6,679











6,679Compensation expense recognized
    under stock incentive plans






33











33Dividends paid










(57,581
)






(57,581
)Balance at November 1, 2004






12,286



86,695



3,899



102,880Reclassify historical retained
    earnings to additional paid-in capital






86,695



(86,695
)






Balance at November 2, 2004
    after reclassification






98,981







3,899



102,880Allocation of 77% to minority
    interest






(76,215
)






(3,002
)


(79,217
)Balance at November 2, 2004
    before proceeds of IPO






22,766







897



23,66323% of net proceeds from IPO


230



11,231











11,461Impact of overallotment option on
    allocated income






88











88Initial deferred tax asset






119,934











119,934Net income










3,992







3,992Changes in unrealized gains on
    available-for-sale
    securities, net of minority interest and income taxes














847



847Total comprehensive income


















4,839Compensation expense recognized
    under stock incentive plans, net of minority interest






137











137Dividend equivalent accrued under
    stock incentive plans, net of minority interest










(18
)






(18
)Dividends declared










(1,610
)






(1,610
)Balance at December 31, 2004


230



154,156



2,364



1,744



158,494Net income










29,222







29,222Changes in unrealized gains on
    available-for-sale
    securities, net of minority interest and income taxes














1,188



1,188Total comprehensive income


















30,410Compensation expense recognized
    under stock incentive plans, net of minority interest






946











946Dividend equivalent accrued under
    stock incentive plans, net of minority interest










(58
)






(58
)Dividends declared










(4,830
)






(4,830
)Net effect of corrections on
    initial deferred tax asset






1,172











1,172Balance at December 31, 2005


230



156,274



26,698



2,932



186,134Net income










34,008







34,008Changes in unrealized gains on
    available-for-sale
    securities, net of minority interest and income taxes














1,405



1,405Total comprehensive income


















35,413Issuance of common stock under
    stock incentive plans (161,898 Class A common shares)


2



113







23



138Compensation expense recognized
    under stock incentive plans, net of minority interest






1,337











1,337Dividend equivalent accrued under
    stock incentive plans, net of minority interest










(107
)






(107
)Dividends declared










(8,338
)






(8,338
)Balance at December 31, 2006

$
232


$
157,724


$
52,261


$
4,360


$
214,577    F-7




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.



CONSOLIDATED
    STATEMENTS OF CASH FLOWS  Year Ended


Year Ended


November 2 to


January 1 toDecember 31,


December 31,


December 31,


November 1,(in thousands)

2006


2005


2004


2004(Predecessor)Cash and cash equivalents at
    beginning of period

$
210,469


$
149,768


$
132,976


$
5,073Cash flows from operating
    activities:Net income


34,008



29,222



3,992



102,182Adjustments to reconcile income to
    net cash provided by operating activities:Minority interest in partnership
    investments


26



5,161



1,322



Minority interest in Calamos
    Holdings LLC


186,631



163,009



22,609



Amortization of deferred sales
    commissions


32,924



31,431



5,109



24,315Other depreciation and amortization


7,179



4,772



295



1,220Unrealized appreciation on CFS
    securities and partnership investments


(489
)


(8,983
)


(2,812
)


(201
)Management fees received in
    partnership units


(131
)


(151
)


(27
)


(134
)Deferred taxes


9,320



9,326



1,297



Stock-based compensation


5,780



4,114



595



32Employee taxes paid on vesting
    under stock incentive plans


(2,255
)










(Gain) loss on disposal of property


120



408







(1,989
)Non-cash donation of equipment






139







(Increase) decrease in assets:Accounts receivable:Affiliates and affiliated mutual
    funds


(1,761
)


(3,448
)


(8,466
)


6,395Customers


(412
)


(3,794
)


6,663



(8,733
)Deferred sales commissions


(24,425
)


(28,404
)


(7,164
)


(34,441
)Other assets


(637
)


(74
)


549



(865
)Increase (decrease) in liabilities:Accounts payable


2,655



5,251



(16
)


7,229Accrued compensation and benefits
    and deferred compensation


3,591



9,146



5,017



1,212Other liabilities and accrued
    expenses


1,331



6,467



(7,628
)


15,810Net cash provided by operating
    activities


253,455



223,592



21,335



112,032Cash flows used in investing
    activities:Net additions to property and
    equipment


(10,082
)


(40,679
)


(909
)


(9,090
)Net purchases of securities and
    partnership investments


(10,055
)


(31,885
)


(48,942
)


(48,409
)Net cash used in investing
    activities


(20,137
)


(72,564
)


(49,851
)


(57,499
)Cash flows provided by (used in)
    financing activities:Net payments on bank debt














(30,199
)Net payments on mortgage payable














(152
)Net borrowings on debt offering














148,003Capital contributions received














3,300Net proceeds from issuance of
    common stock










382,131



Proceeds from issuances of common
    stock used to purchase membership units in Calamos Holdings LLC










(332,300
)


Deferred tax benefit on vesting
    under stock incentive plans


(289
)










Cash dividends paid to minority
    shareholders


(106,319
)


(83,887
)


(4,523
)


(47,582
)Cash dividends paid to common
    shareholders


(8,338
)


(6,440
)






Net cash provided by (used in)
    financing activities


(114,946
)


(90,327
)


45,308



73,370Net increase in cash


118,372



60,701



16,792



127,903Cash and cash equivalents at end of
    period

$
328,841


$
210,469


$
149,768


$
132,976Supplemental disclosure of cash
    flow information:Cash paid for:Income taxes

$
14,950


$
10,960


$
1,356


$
1,161Interest

$
7,860


$
7,860


$



$
4,432Supplement schedule of noncash
    activities:Fair value of fixed assets and
    other assets distributed to stockholders

$



$



$



$
(18,354
)Fair value of mortgage payable and
    other liabilities assumed by stockholders

$



$



$



$
8,355Fair value of distribution to
    stockholders

$



$



$



$
(9,999
)    F-8




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.



NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS  (1)
    Organization
    and Description of Business             
   
  (2)
    Reorganization
    and Formation    (3)
    Summary
    of Significant Accounting Policies  Principles
    of Consolidation and Use of Estimates
    94-2, Treatment of Minority Interest in Certain Real Estate
    Investment Trusts.
 F-9




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
            Financial
    Instruments
        Receivables
    from Customers
    Investment
    Securities
   F-10




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   available-for-sale Accounting for Certain Investments in
    Debt and Equity Securities available-for-sale available-for-sale
    other-than-temporary
  Property
    and Equipment
    Internally
    Developed Software
  98-1, Accounting for the Costs of Computer Software Developed or
    Obtained for Internal Use (SOP 98-1),
  Compensation
    Plans
  Share-Based Payment
  one-for-one
   F-11




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Revenue
    Recognition
    Rule 12b-1 and/or 12b-1
  Net
    Interest Income (Expense)
    Investment
    and Other Income
    Deferred
    Sales Commissions
  12b-1 12b-1
    Income
    Taxes
   F-12




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Accounting for Income Taxes.
  Earnings
    Per Share
  Earnings per Share
  (4)
    Related-Party
    Transactions    (in thousands)

2006


2005


2004Investment management fees from:The Funds

$
209,799


$
174,374


$
123,264The Closed-End Funds


52,462



50,022



39,439Private investment pools


279



149



162Totals

$
262,540


$
224,545


$
162,865Distribution and underwriting fees
    from the Funds

$
138,185


$
115,790


$
84,666Portfolio accounting fees from:The Funds

$
3,154


$
2,628


$
1,478The Closed-End Funds


700



675



410Totals

$
3,854


$
3,303


$
1,888     F-13




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (in thousands)

2006


2005


2004General and administrative

$
934


$
777


$
459Net payable to Dragon

$
(32
)

$
(30
)

$
(2
)     (in thousands)

2006


2005


2004General and administrative

$
386


$
672


$
1,039Other income

$
354


$



$
Net payable to AEA

$
(11
)

$
(7
)

$
(50
)   month-by-month
  20-year
    20-year
   F-14




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    out-of-pocket
      (in thousands)

2006


2005


2004Expense allocated from the Company
    to Dragon

$
73


$
139


$
48Expense allocated from the Company
    to CFP


1,394



479



30Expense allocated from the Company
    to CPH


229



712



124Total expenses allocated from the
    Company to affiliates


1,696



1,330



202Expense allocated from CPH to the
    Company


1,210



561



65Net expense allocated from the
    Company to affiliates

$
486


$
769


$
137Net receivable for management
    services from Dragon

$
4


$
14


$
48Net receivable for management
    services from CFP

$
155


$
65


$
30Net receivable (payable) for
    management services from CPH

$
(154
)

$
28


$
59    F-15




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (5)
    Investment
    Securities    2006Available-


CFS


Total(in thousands)

for-Sale


Securities


SecuritiesAffiliated Mutual Funds

$
138,375


$
3,750


$
142,125Other investment securities


574



163



737$
138,949


$
3,913


$
142,862   2005Available-


CFS


Totalfor-Sale


Securities


SecuritiesAffiliated Mutual Funds

$
123,976


$
3,634


$
127,610Other investment securities


479



176



655$
124,455


$
3,810


$
128,265   available-for-sale available-for-sale
  Twelve Months


Twelve MonthsEnded


Ended


November 2 to


January 1 toDecember 31,


December 31,


December 31,


November 1,(in thousands)

2006


2005


2004


2004Available-for-sale
    securities:Proceeds from sale

$
18


$



$



$
Realized gains (losses)


10











Unrealized gains


10,112



8,638



6,113



1,854CFS securities:Unrealized gains (losses)


(63
)


231



297



124  F-16




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  available-for-sale
  (in thousands)

2006


2005Total cumulative unrealized gains
    on
    available-for-sale
    securities with net gains:Affiliated Mutual Funds

$
28,644


$
18,609Other investment securities


205



190Total gains


28,849



18,799Total cumulative unrealized losses
    on
    available-for-sale
    securities with net losses:Affiliated Mutual Funds


(64
)


(149
)Other investment securities


(12
)


Total losses


(76
)


(149
)Total cumulative net unrealized
    gains (losses) on
    available-for-sale
    securities

$
28,773


$
18,650   available-for-sale other-than-temporary Other-than-temporary other-than-temporary other-than-temporary
  (6)
    Partnership
    Investments    (in thousands)

2006


2005Calamos Equity Opportunities
    Fund LP:Securities owned

$
110,956


$
76,835Securities sold but not yet
    purchased


(24,104
)


Calamos Equity Opportunities
    Fund LP securities, net


86,852



76,835Investment in Calamos
    Multi-Strategy, L.P.


3,676



3,121Partnership investments

$
90,528


$
79,956        F-17




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (7)
    Property
    and Equipment    2006Accumulated(in thousands)

Cost


Depreciation


NetFurniture, fixtures, and equipment

$
56,848


$
13,233


$
43,615   2005AccumulatedCost


Depreciation


NetFurniture, fixtures, and equipment

$
46,904


$
6,357


$
40,547     (8)
    Debt        (in thousands)

2006


2005Senior unsecured notes

$
150,000


$
150,000Less current portion






Total long-term debt

$
150,000


$
150,000   (9)
    Minority
    Interest in Calamos Holdings LLC   F-18




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    (in thousands)Minority interest at
    November 1, 2004

$
Historical shareholders
    equity as of November 1, 2004:


79,217Net proceeds retained from the
    Offering


38,370Income allocated to minority
    interests from November 2 to December 31, 2004(1)


22,604Impact of overallotment option on
    allocated income(2)


(88
)Compensation expense recognized
    under stock incentive plans


458Changes in unrealized gains on
    available-for-sale
    securities


4,707Dividend equivalent accrued under
    stock incentive plans


(61
)Dividends declared


(9,913
)Minority interest at
    December 31, 2004


135,294Income allocated to minority
    interests


163,009Compensation expense recognized
    under stock incentive plans


3,168Changes in unrealized gains on
    available-for-sale
    securities


6,651Dividend equivalent accrued under
    stock incentive plans


(196
)Dividends declared


(78,496
)Minority interest at
    December 31, 2005


229,430Issuance of common stock under
    stock incentive plans


(369
)Income allocated to minority
    interests


186,631Compensation expense recognized
    under stock incentive plans


4,444Shares withheld for taxes paid on
    vesting under stock incentive plans


(1,734
)Changes in unrealized gains on
    available-for-sale
    securities


7,782Dividend equivalent accrued under
    stock incentive plans


(352
)Dividends declared


(106,319
)Minority interest at
    December 31, 2006

$
319,513     (1)
    
    Because CAM owned 20% of Holdings from November 2, 2004
    through November 7, 2004 and 23% from November 8, 2004
    through December 31, 2004, the net income allocation of
    77.3% is a result of the weighted average based upon the actual
    number of days.(2)
    
    The subsequent purchase of 3,000,000 units on
    November 8, 2004, resulting from the underwriters
    exercise of the overallotment option, increased CAMs
    ownership in Holdings by 3% to 23%. As a result, the 3% of
    income from November 2, 2004 through November 7, 2004
    is not allocated to CAM in the statement of operations. However,
    CAM purchased 3% of the total equity of Holdings, including 3%
    of income from November 2, 2004 through November 7,
    2004, which is reflected as an increase in equity and as a
    decrease to minority interest.  (10)
    Common
    Stock   F-19




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (11)
    Effect of
    Initial Public Offering to Stockholders Equity    AdditionalPaid-in(in thousands)

Common


Capital


TotalNet proceeds from issuance of
    common stock

$
230


$
381,901


$
382,131Use of proceeds to purchase
    membership units from CFP






(332,300
)


(332,300
)Net proceeds retained by the
    Company


230



49,601



49,831Allocation of 77% to minority
    interest






(38,370
)


(38,370
)23% of net proceeds from the
    Offering

$
230


$
11,231


$
11,461   (12)
    Profit
    Sharing Plan    (13)
    Compensation
    Plans    Incentive
    Stock Plans
     F-20




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    WeightedAverageNumber


Fair Value ofof


RSUsShares


GrantedOutstanding at October 26,
    2004





$
Granted


1,350,212



18.00Forfeited


(4,276
)


18.00Exercised upon vesting






Outstanding at December 31,
    2004


1,345,936



18.00Granted


103,656



28.78Forfeited


(34,730
)


18.00Exercised upon vesting






Outstanding at December 31,
    2005


1,414,862



18.79Granted


134,117



35.08Forfeited


(26,940
)


24.33Exercised upon vesting


(233,599
)


18.00Outstanding at December 31,
    2006


1,288,440



20.51Converted during the year ended
    December 31:2004






2005






2006


161,898



18.00     one-for-one
  10-year
 F-21




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2006

2005

2004Dividend yield

1.02%-1.42%

0.96%-0.97%

1.56%Expected volatility

33%-35%

33%

33%Risk-free interest rate

4.6%-5.0%

3.9%-4.2%

3.7%Expected life

7.5 years

7.5 years

7.5 years     Options Outstanding


Options ExercisableAverage


Weighted





WeightedRange of




Remaining


Average


Number


AverageExercise

Number of


Contractual


Option


of


OptionPrices

Shares


Life


Price


Shares


Price$18.00


663,318



7.8 years


$
18.00







$25.74-$29.11


289,301



8.2 years



28.62







$35.43


382,479



9.1 years



35.43







1,335,098



8.5 years



25.30







     WeightedNumber


Averageof


ExerciseShares


PriceOutstanding at October 26,
    2004





$
Granted


727,727



18.00Forfeited






Exercised






Outstanding at December 31,
    2004


727,727



18.00Granted


313,467



28.78Forfeited


(31,227
)


18.00Exercised






Outstanding at December 31,
    2005


1,009,967



21.35Granted


402,349



35.08Forfeited


(77,218
)


24.63Exercised






Outstanding at December 31,
    2006


1,335,098



25.30Exercisable at December 31:2004






2005






2006






  F-22




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Equity
    Appreciation Units
    (14)
    Income
    Taxes    November 2 to


January 1 toDecember 31,


November 1,(in thousands)

2006


2005


2004


2004Current:Federal

$
10,860


$
8,309


$
1,104


$
State


2,590



1,989



248



1,567Total current income taxes


13,450



10,298



1,352



1,567Deferred:Federal


7,531



7,537



1,059



State


1,789



1,789



238



Total deferred income taxes


9,320



9,326



1,297



Total income taxes

$
22,770


$
19,624


$
2,649


$
1,567  F-23




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    (in thousands)

2006


2005Deferred tax assets:Intangible assets

$
105,700


$
114,575Other


1,537



1,520Total deferred tax assets


107,237



116,095Deferred tax liabilities:Unrealized net holding gains on
    investments on
    available-for-sale
    securities


2,294



1,357Deferred sales commission


4,098



4,699Other


1,605



913Total deferred tax liabilities


7,997



6,969Net deferred tax assets

$
99,240


$
109,126     mark-to-market stepped-up
   F-24




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Twelve Months


Twelve MonthsEnded


Ended


November 2 to


January 1 toDecember 31,


December 31,


December 31,


November 1,2006


2005


2004


2004Statutory U.S. federal income
    tax rate


35.0
%


35.0
%


35.0
%


35.0
%Income passed through to
    stockholders














(35.0
)%State income taxes, net of federal
    tax benefits


5.0
%


5.0
%


4.8
%


1.5
%Other non-deductible items


0.1
%


0.2
%


0.1
%


0.0
%Effective income tax rate


40.1
%


40.2
%


39.9
%


1.5
%     (15)
    Earnings
    Per Share    November 2 to


January 1 toDecember 31,


November 1,(in thousands, except per share amounts)

2006


2005


2004


2004Earnings per share 
    basic:Earnings available to common
    shareholders

$
34,008


$
29,222


$
3,992


$
102,182Weighted average shares outstanding


23,162



23,000



22,700



96,800Earnings per share  basic

$
1.47


$
1.27


$
0.18


$
1.06Earnings per share 
    diluted:Income before minority interest in
    Calamos Holdings LLC and income taxes

$
243,409


$
211,855


$
29,250Less: Impact of income taxes


97,607



85,102



11,668Earnings available to common
    shareholders

$
145,802


$
126,753


$
17,582


$
102,182Weighted average shares outstanding


23,162



23,000



22,700



96,800Conversion of membership units for
    common stock


77,000



77,000



77,300



Dilutive impact of RSUs


523



577



491



Dilutive impact of stock options


120



49







Weighted average shares and
    potential dilutive shares outstanding


100,805



100,626



100,491



96,800Earnings per share 
    dilutive

$
1.45


$
1.26


$
0.17


$
1.06   one-for-one
 F-25




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     (16)
    Commitments
    and Contingencies        Minimum(in thousands)

PaymentsYear ended December 31:2007

$
3,4392008


3,4682009


3,5092010


3,6072011


3,713Thereafter


62,950Total minimum lease payments

$
80,686   (17)
    Regulatory
    and Net Capital Requirements  (Rule 15c3-1),
 F-26




---



##### 



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    (Dollars in thousands)

2006


2005Net capital

$
5,330


$
6,574Excess of required net capital

$
3,647


$
5,239Net capital ratio


4.74



3.05   Rule 15c3-3(k)(2)(i) Rule 15c3-3,
  (18)
    Concentration
    Risk    2006


2005


2004Calamos Growth Fund


48
%


47
%


40
%Calamos Growth and Income Fund


16
%


16
%


16
%   (19)
    Recently
    Issued Accounting Pronouncements  Accounting for Uncertainty in Income Taxes  an
    interpretation of FASB Statement No. 109
  Fair Value
    Measurements
 F-27




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##### 



Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure    Item 9A.
    Controls
    and Procedures  Form 10-K, Rule 13a-15(e) 15d-15(e)
    Form 10-K.
  Item 9B.
    Other
    Information    PART III
  Item 10.
    Directors
    and Executive Officers of the Registrant  Management



DirectorsJohn P. Calamos, Sr.Chairman, Chief
    Executive
     Officer and  Co-Chief
     Investment Officer

James F. BakaSenior Vice President
    and  National Sales
     Manager-Institutional Services

John P. Calamos, Sr.Chairman, Chief
    Executive Officer and Co-Chief
     Investment OfficerNick P. CalamosSenior Executive Vice
    President and Co-Chief Investment Officer

Nimish S. BhattSenior Vice President
    and Director of Operations

Nick P. CalamosSenior Executive Vice
    President and Co-Chief Investment OfficerPatrick H. DudasikExecutive Vice
    President, Chief Financial Officer and Treasurer

Robert M. KunimuraSenior Vice President
    and Chief Technology Officer

G. Bradford BulkleyFounder  Bulkley Capital, L.P.James S. Hamman, Jr.Executive Vice
    President, General Counsel and Secretary

Philip (Phipps) E. MoriartySenior Vice President
    and  National Sales 
     Manager-Intermediary  Channels

Richard W. GilbertPresident  Gilbert Communications, Inc.Scott Craven JonesExecutive Vice
    President and Chief Administrative Officer



Arthur L. KnightPrivate Investor and
    Business Consultant  Former President and Chief Executive Officer 
     Morgan Products, Ltd.  II-1




---



##### 



Item 11.
    Executive
    Compensation    Item 12.
    Security
    Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters    Item 13.
    Certain
    Relationships and Related Transactions    Item 14.
    Principal
    Accounting Fees and Services   II-2




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##### 



PART IV
  Item 15.
    Exhibits and
    Financial Statement Schedules          ExhibitNumber

Description of Exhibit3(i)


Amended and Restated Certificate
    of Incorporation of the Registrant (incorporated by reference to
    Exhibit 3.1 to the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    November 2, 2004).3(ii)


Amended and Restated By-Laws of
    the Registrant (incorporated by reference to Exhibit 3.2 to
    the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    April 26, 2005).3(iii)


Amended and Restated By-Laws of
    the Registrant (incorporated by reference to Exhibit 3.2 to
    the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    January 23, 2007).4.1


Stockholders Agreement among
    John P. Calamos, Sr., Nick P. Calamos and John P.
    Calamos, Jr., certain trusts controlled by them, Calamos
    Family Partners, Inc. and the Registrant (incorporated by
    reference to Exhibit 4.1 to the Registrants Quarterly
    Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).4.2


Registration Rights Agreement
    between Calamos Family Partners, Inc., John P. Calamos, Sr.
    and the Registrant (incorporated by reference to
    Exhibit 4.2 to the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.1


Employment Agreement between the
    Registrant and John P. Calamos, Sr. (incorporated by
    reference to Exhibit 10.1 to the Registrants
    Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.2


Employment Agreement between the
    Registrant and Nick P. Calamos (incorporated by reference to
    Exhibit 10.2 to the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.3


Employment Agreement between the
    Registrant and James S. Hamman, Jr. (incorporated by
    reference to Exhibit 10.3 to the Registrants
    Quarterly Report on
    Form 10-Q
    filed with the Securities an Exchange Commission on
    December 3, 2004).10.4


Employment Agreement between the
    Registrant and Patrick H. Dudasik (incorporated by reference to
    Exhibit 10.4 to the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.5


Calamos Asset Management, Inc.
    Incentive Compensation Plan (incorporated by reference to
    Exhibit 10.5 to the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.6


Form of EAU-Based RSU Award
    Statement (incorporated by reference to Exhibit 10.6 to the
    Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.7


Form of IPO Equity Award Statement
    (incorporated by reference to Exhibit 10.7 to the
    Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.8


Form of Services-Based RSU Award
    Statement (incorporated by reference to Exhibit 10.8 to the
    Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004). II-3




---



##### 



ExhibitNumber

Description of Exhibit10.9


Contribution Agreement between the
    Registrant and Calamos Holdings LLC (incorporated by reference
    to Exhibit 10.9 to the Registrants Quarterly Report
    on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.10


Tax Indemnity Agreement among the
    Registrant, Calamos Family Partners, Inc. and Calamos Holdings
    LLC (incorporated by reference to Exhibit 10.10 to the
    Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.11


Second Amended and Restated
    Limited Liability Company Agreement of Calamos Holdings LLC
    effective as of November 2, 2004, by and among Calamos
    Family Partners, Inc., John P. Calamos, Sr. and the
    Registrant (incorporated by reference to Exhibit 10.11 to
    the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    December 3, 2004).10.12


Amendment No. 1 to the Second
    Amended and Restated Limited Liability Company Agreement of
    Calamos Holdings LLC (incorporated by reference to
    Exhibit 10.12 to the Registrants Annual Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 13, 2006).10.13


Amendment No. 2 to the Second
    Amended and Restated Limited Liability Company Agreement of
    Calamos Holdings LLC (incorporated by reference to
    Exhibit 10 to the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    August 9, 2006).10.14


Amendment Number 1 to
    Management Services Agreement between the Registrant and Calamos
    Family Partners, Inc. (incorporated by reference to
    Exhibit 10 to the Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    August 12, 2005).10.15


Lease Between 2020 Calamos Court
    LLC and Calamos Holdings LLC (formerly with Calamos Holdings,
    Inc. (incorporated by reference to Exhibit 10 to the
    Registrants Quarterly Report on
    Form 10-Q
    filed with the Securities and Exchange Commission on
    November 10, 2005).21.1


Subsidiaries of the Company
    (incorporated by reference to Exhibit 21.1 to the
    Registrants Annual Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 31, 2005).23.1


Consent of Independent Registered
    Public Accounting Firm, KPMG LLP.31.1


Certification of Principal
    Executive Officer pursuant to
    Rule 13a-14(a).31.2


Certification of Principal
    Financial Officer pursuant to
    Rule 13a-14(a).32.1


Certification of Principal
    Executive Officer pursuant to 18 U.S.C. Section 1350.32.2


Certification of Principal
    Financial Officer pursuant to 18 U.S.C. Section 1350.    II-4




---



##### 



SIGNATURES
      By:
    /s/  Patrick
    H. Dudasik   Title:
    Executive Vice President,      Signature

Title

Date/s/  John
    P.
    Calamos, Sr.John
    P. Calamos, Sr.

Chairman of the Board, Chief
    Executive Officer and Co-Chief Investment Officer (Principal
    Executive Officer)

March 5, 2007/s/  Patrick
    H. DudasikPatrick
    H. Dudasik

Executive Vice President, Chief
    Operating Officer, Chief Financial Officer and Treasurer

March 5, 2007/s/  Nick
    P. CalamosNick
    P. Calamos

Senior Executive Vice President,
    Co-Chief Investment Officer and Director

March 5, 2007/s/  G.
    Bradford BulkleyG.
    Bradford Bulkley

Director

March 5, 2007/s/  Mitchell
    S. FeigerMitchell
    S. Feiger

Director

March 5, 2007/s/  Richard
    W. GilbertRichard
    W. Gilbert

Director

March 5, 2007/s/  Arthur
    L. KnightArthur
    L. Knight

Director

March 5, 2007  II-5