##### Table of Contents





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,
    2009oro

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-T o o
  Regulation S-K Form 10-K Form 10-K. þ
  12b-2
  Large accelerated
    filer o

Accelerated
    filer þ

Non-accelerated
    filer o

Smaller reporting
    company o(Do not check if smaller reporting company)   Rule 12b-2 o þ
      DOCUMENTS
    INCORPORATED BY REFERENCE




---



##### Table of Contents





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




---



##### Table of Contents



Investment Strategies
          http://investors.calamos.com.
  Business
    Strategy
     3




---



##### Table of Contents



Maintain
    Superior Investment Performance
    10-year 10-year (1)
    Focus
    on Clients, With an Emphasis on Serving Long-Term
    Investors
    Selectively
    Expand Our Investment Strategies
      (1) Source:
    State Street Corporation and Lipper, Inc. The data that follows
    is as of
    12/31/09,
    and reflects each Funds Class A Shares performance
    inclusive of the maximum 4.75% sales charge. Growth Fund:
    45.25%, -0.42%, and 4.98% for the 1-, 5- and
    10-year
    periods, respectively. Global Growth and Income Fund: 25.39%,
    5.26%, and 3.61% for the 1-, 5- and
    10-year
    periods, respectively. Growth and Income Fund: 30.50%,
    3.21%, and 5.07% for the 1-, 5- and
    10-year
    periods, respectively. Convertible Fund: 27.67%, 3.11%, and
    4.38% for the 1-, 5- and
    10-year
    periods, respectively. Market Neutral Income Fund: 8.37%, 1.13%,
    and 4.47% for the 1-, 5-and
    10-year
    periods, respectively. High Yield Fund: 39.48%, 3.51%, and 6.30%
    for the 1-, 5- and
    10-year
    periods, respectively. The most recent month end performance
    data is available at www.calamos.com and assumes
    reinvestment of dividends and capital gains distributions as
    well as an expense reimbursement that improved results.
    Performance data is for Class A shares, other share classes
    have different performance characteristics. The performance
    included is subject to change without notice, based on past
    performance, and may not be predictive of future results. Please
    see the prospectus for expense ratio and other relevant
    information. The S&P 500 Index returned 26.46%, 0.42% and
    -0.95% for the 1, 5-, and
    10-year
    periods, respectively. The benchmark for the High Yield Fund,
    the Credit Suisse High Yield Index returned 54.22%, 5.99%, and
    7.07% for the 1, 5-, and
    10-year
    periods, respectively.
 4




---



##### Table of Contents



Expand
    Our Distribution Relationships and Client Base
      Intermediary
      U.S.-based non-U.S. markets.
      Institutional
   5




---



##### Table of Contents



Capitalize
    on Our Recognized and Respected Brand
    Research Magazine Guide to International Investing 10-year Wall Street
    Journal, Investment Pensions Europe and
    Pensions and Investments,
  Investment and Pensions Europe Investment News, Pension and Investments,
    Barrons Seeking Alpha Research Magazine, Bloomberg.com, Pension and
    Investments.
    non-U.S. intermediary,
  Investment
    Philosophy, Management and Process
  Investment
    Philosophy
       6




---



##### Table of Contents



Investment
    Management
  day-to-day
  day-to-day
    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. 7




---



##### Table of Contents



bottom-up
  Investment
    Strategies
    Equity

$
11.9


Strategies that seek capital appreciation by investing in a
    range of global companies of various market capitalization under
    both growth and value disciplinesDefensive Equity


6.2


Strategies that pursue equity market upside with less potential
    downside than an all-equity portfolio, by investing in dynamic
    blend of convertible securities, equities and high yield
    securities, globallyConvertible


7.4


Strategies that pursue equity market upside with less potential
    downside than an all-equity portfolio, by investing primarily in
    convertible securitiesEnhanced Fixed Income


2.7


Closed-end portfolios that pursue high current income, from
    income and capital gains, investing primarily in high yield
    corporate bonds and convertible securitiesTotal Return


2.2


Closed-end portfolios that pursue current income, with increased
    emphasis on capital appreciation, by investing primarily in high
    yield corporate bonds, convertible securities and equitiesAlternative


1.7


Strategies that invest in non-traditional strategies, including
    market neutral and convertible arbitrage, among othersFixed Income


0.6


Strategies that invest in U.S. investment-grade bond market,
    international and high-yield securities, U.S. Government Agency
    obligations and repurchase agreements collateralized by U.S.
    Government Agency obligations.Total

$
32.7   Investment
    Products
    Mutual
    Funds
    Open-End
    Funds
     8




---



##### Table of Contents



U.S.-Domiciled
    Mutual Funds
 Assets UnderManagement atDecember 31, 2009


Year of(in billions)


InceptionEquityGrowth Fund

$
8.64



1990International Growth Fund


0.24



2005Global Equity Fund


0.04



2007Value Fund


0.06



2002Blue Chip


0.07



2003Evolving World Growth Fund


0.05



2008Multi-Fund Blend*






2006Defensive EquityGrowth and Income


3.98



1988Global Growth and Income


0.89



1996ConvertibleConvertible


3.17



1985AlternativeMarket Neutral Income Fund


1.69



1990High YieldHigh Yield Fund


0.30



1999Fixed IncomeTotal Return Bond Fund


0.20



2007Offshore FundsEquityGrowth Fund


0.14



2007Global Equity Fund


0.02



2007Defensive EquityU.S. Opportunities Fund


0.02



2007Global Opportunities Fund


0.02



2007Total

$
19.53     *
    
    A fund comprised of the following three Calamos funds invested I
    shares: Growth Fund, Global Growth and Income Fund, and Value
    Fund. Assets are reflected in the underlying funds. 9




---



##### Table of Contents



Closed-End
    Funds
              Closed-end
    Funds
  Assets UnderManagement atDecember 31, 2009


Year of(in billions)


InceptionEnhanced Fixed IncomeConvertible Opportunities and Income Fund

$
0.87



2002Convertible and High Income Fund


1.13



2003Global Dynamic Income Fund


0.72



2007Total ReturnStrategic Total Return Fund


2.08



2004Global Total Return Fund


0.15



2005Total

$
4.95   Separate
    Accounts
   10




---



##### Table of Contents



Institutional
    Accounts
  not-for-profit sub-advised
      Managed
    Accounts
    Wealth
    Management
    Distribution
    Relationships
  non-U.S. intermediary
 11




---



##### Table of Contents



Other
    Considerations
  Technology
    and Intellectual Property
      Competition
      Regulatory
    Environment
   12




---



##### Table of Contents



Employees
    SEC
    Filings
  http://investors.calamos.com.
 13




---



##### Table of Contents



Item 1A.
    Risk
    Factors  Business
    Risks
    Risks
    Related to Our Industry and Business
  A
    general or prolonged decline in the prices of securities may
    lead to a decline in our assets under management, revenues and
    earnings.
  and/or Rule 12b-1 Rule 12b-1 Rule 12b-1
  Changes
    in laws or regulations or in governmental policies due to the
    state of the economy 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.
    The
    asset management business is intensely
    competitive.
     14




---



##### Table of Contents



To the
    extent we are forced to compete on the basis of price, we may
    not be able to maintain our current fee structure.
    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.
    Catastrophic
    and unpredictable events could have a material adverse affect on
    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.
   15




---



##### Table of Contents



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.
  Rule 12b-1 and/or Rule 12b-1 Rule 12b-1
   16




---



##### Table of Contents



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.
    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.
   17




---



##### Table of Contents



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.
      We
    require specialized technology to operate our business and would
    be adversely affected if this technology became inoperative or
    obsolete.
        Damage
    to our reputation could adversely affect our
    business.
    Improper
    disclosure of personal data could result in liability and harm
    our reputation.
   18




---



##### Table of Contents



The
    disparity in the voting rights among the classes of shares may
    have a potential adverse affect 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.
          The
    Calamos Family Partners beneficial ownership of our
    Class B common stock, as well as anti-takeover provisions
    in our second 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.
    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 affect on our
    business.
   19




---



##### Table of Contents



The
    inability for Calamos Holdings LLC to maintain compliance with
    its financial covenants could have a material adverse affect on
    our company.
    Significant
    changes in market conditions and the economy may require a
    modification to our business plan.
    Our
    investment income may be negatively affected by fluctuation in
    our corporate investment portfolio resulting in a material
    adverse affect on our company.
   20




---



##### Table of Contents



As our
    business expands globally, foreign currency fluctuations may
    result in an adverse affect on the income of our
    company.
    Insurance
    coverage may be inadequate or not cover legal and regulatory
    proceedings.
    Item 1B.
    Unresolved
    Staff Comments    Item 2.
    Properties    Item 3.
    Legal
    Proceedings    Item 4.   21




---



##### Table of Contents



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

Cash Dividends2009

2008

per ShareHigh

Low

High

Low

2009

2008First Quarter

$
8.26


$
2.74


$
29.67


$
14.46


$
0.055


$
0.11Second Quarter

$
15.47


$
4.53


$
23.28


$
14.69


$
0.055


$
0.11Third Quarter

$
15.01


$
10.75


$
24.00


$
13.13


$
0.055


$
0.11Fourth Quarter

$
14.32


$
9.90


$
19.43


$
2.55


$
0.055


$
0.055       Equity
    Compensation Plan Information
    As of December 31, 2009
  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


2,470,281


$
23.08



N/A
(1)Restricted stock units


1,519,661







N/A
(1)Equity compensation plans not approved by security holders










Total


3,989,942


$
14.29



5,095,313
(1)     (1)
    
    A combined total of 10,000,000 shares of Calamos Asset
    Management, Inc.s Class A common stock may be issued
    under its incentive compensation plan. During the twelve months
    ended December 31, 2009, 2008 and 2007,
    203,693 shares, 246,204 shares and
    231,249 shares, respectively, were exercised. 22




---



##### Table of Contents



Performance
    Graph
  Total
    Return Performance
  
  Period EndingIndex

12/31/04


12/31/05


12/31/06


12/31/07


12/31/08


12/31/09Calamos Asset Management, Inc.


100.00



117.73



101.63



114.67



29.19



46.49SNL Asset Manager


100.00



127.18



147.49



167.89



79.79



129.44S&P 500


100.00



104.91



121.48



128.16



80.74



102.11   Other
    Information
    de-unitized gross-up
   23




---



##### Table of Contents



No Recognition of CAMs


100% Recognition of CAMsWholly-Owned Assets


Wholly-Owned AssetsOwnership in


Wholly-Owned


Ownership in


Wholly-Owned(in thousands, except share data)

Holdings


Assets


Holdings


AssetsDivide:Discounted value of CAMs wholly-owned assets













$
73,757Class A shares outstanding at December 31, 2009






19,668,583







19,668,583Discounted value per share of CAMs wholly-owned assets













$
3.75Multiply:Share price attributed to assets

$
11.52






$
7.77


$
3.75Class A shares outstanding at December 31, 2009


19,668,583



19,668,583



19,668,583



19,668,583Market capitalization of outstanding shares

$
226,582






$
152,825


$
73,757Divide by:Calamos Asset Management, Inc.s percentage ownership


21.5
%


100
%


21.5
%


100
%Market capitalization associated with CAMs assets

$
1,053,870






$
710,813


$
73,757Fully consolidated market capitalization

$1,053,870

$784,571  24




---



##### Table of Contents



Item 6.
    Selected
    Financial Data  Form 10-K.
  Year Ended December 31,(in thousands, except share data)

2009


2008


2007


2006


2005Income Statement Data:RevenuesInvestment management fees

$
200,790


$
274,174


$
325,395


$
329,383


$
284,951Distribution and underwriting fees


78,430



114,023



143,994



151,760



129,250Other


2,518



3,392



4,088



4,029



3,366Total revenues


281,738



391,589



473,477



485,172



417,567Operating expensesEmployee compensation and benefits


67,413



74,483



91,039



73,382



61,029Distribution and underwriting expenses


59,491



84,884



104,227



100,935



79,446Amortization of deferred sales commissions


12,201



23,417



27,249



32,924



31,431Marketing and sales promotion


10,762



11,908



40,833



15,631



14,738General and administrative


33,813



37,800



37,036



31,272



24,829Total operating expenses


183,680



232,492



300,384



254,144



211,473Operating income


98,058



159,097



173,093



231,028



206,094Non-operating income (loss)


(4,910
)


(364,055
)


31,499



12,407



10,922Income (loss) before income tax provision (benefit)


93,148



(204,958
)


204,592



243,435



217,016Income tax provision (benefit)


7,879



(3,787
)


18,666



22,770



19,624Net income (loss)


85,269



(201,171
)


185,926



220,665



197,392Net (income) loss attributable to non-controlling interest in
    partnership investments


(336
)


72,156



(1,598
)


(26
)


(5,161
)Net (income) loss attributable to non-controlling interest in
    Calamos Holdings LLC


(72,509
)


104,494



(156,583
)


(186,631
)


(163,009
)Net income (loss) attributable to Calamos Asset Management,
    Inc.

$
12,424


$
(24,521
)

$
27,745


$
34,008


$
29,222Earnings (loss) per share:Basic

$
0.63


$
(1.24
)

$
1.24


$
1.47


$
1.27Diluted(1)

$
0.62


$
(1.24
)

$
1.22


$
1.45


$
1.26Weighted average shares outstandingBasic


19,626,233



19,752,972



22,297,170



23,161,998



23,000,100Diluted(1)


19,954,124



97,449,228



99,760,872



100,805,030



100,625,824  25




---



##### Table of Contents



As of December 31,2009


2008


2007


2006


2005Balance Sheet Data (in thousands):Cash and cash equivalents

$
145,431


$
59,425


$
108,441


$
328,841


$
210,469Investment securities


207,886



173,155



535,476



142,675



128,265Partnership investments and offshore funds


37,549



28,471



353,004



86,846



79,662Total assets


557,078



475,873



1,217,672



791,788



665,309Long-term debt


125,000



125,000



525,000



150,000



150,000Total liabilities


177,252



164,826



602,553



208,848



205,292Calamos Asset Management, Inc. stockholders equity


165,314



150,773



213,737



214,577



186,134Non-controlling interests


214,512



160,274



401,382



368,363



273,883Total stockholders equity


379,826



311,047



615,119



582,940



460,017Assets Under Management (in millions):Mutual funds


24,480



17,498



34,835



33,704



32,244Separate accounts


8,234



6,542



11,373



11,021



11,561Total assets under management

$
32,714


$
24,040


$
46,208


$
44,725


$
43,805     (1)
    
    Diluted shares outstanding for the periods 2005 through 2008 are
    calculated (a) assuming the Calamos Interests exchanged all
    of their membership units in Calamos Holdings LLC for shares of
    Calamos Asset Management, Inc.s Class A common stock
    on a
    one-for-one
    basis and (b) including the effect of outstanding
    restricted stock unit and options awards. Because the company
    generated a loss in 2008, diluted per share results equal basic
    per share results as the economic impact of the Calamos
    Interests exchange and effect for the stock based
    compensation results in anti-dilution. In 2009, the ownership
    structure was
    de-unitized
    and the exchange, described above, is now based on a fair value
    approach which results in the same or fewer shares of
    Class A common stock being issued at the time of exchange.
    The effects of the exchange are anti-dilutive and are therefore
    excluded from the calculation of diluted weighted average shares
    outstanding for 2009. 26




---



##### Table of Contents



Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operation    Assets
    Under Management
    (in millions)

2009


2008


2007Mutual FundsOpen-end funds

$
19,531


$
13,594


$
27,434Closed-end funds


4,949



3,904



7,401Total mutual funds


24,480



17,498



34,835Separate AccountsInstitutional accounts


4,619



3,483



5,193Managed accounts


3,615



3,059



6,180Total separate accounts


8,234



6,542



11,373Total assets under management

$
32,714


$
24,040


$
46,208     
    purchases and redemptions of shares of the open-end funds and
    other investment products;
    the amount of non-reinvested capital gain and income
    distributions;
    fluctuations in the global financial markets that result in
    appreciation or depreciation of assets under management;
    the use of leverage within the closed-end funds;
    our ability to educate our target clients about our investment
    philosophy and provide them with
    best-in-class
    service;
    the relative investment performance and volatility 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.
 27




---



##### Table of Contents



Closed-End Funds.
  Separate
    Accounts
    
    Institutional accountsare separately managed accounts
    for institutional investors, such as public and private pension
    funds, public funds, endowment funds and private investment
    funds. Institutional accounts also include
    sub-advised
    portfolios, such as registered investment companies, where we
    act as investment advisor but for which we have no distribution
    responsibilities. Institutional accounts are typically 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.  Revenues
    
    total value and composition of our assets under management;
    the amount of non-reinvested capital gain and income
    distributions;
    market appreciation or depreciation;
    the use of leverage within our products;
    relative investment performance and volatility of our investment
    products and strategies compared 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; 28




---



##### Table of Contents




    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.  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
   29




---



##### Table of Contents



Operating
    Expenses
    
    variations in the level of total compensation expense due to,
    among other things, incentive compensation, changes in our
    employee count and mix, and competitive factors;
    changes in distribution and underwriting expense and
    amortization of the deferred sales commissions as a result of
    fluctuations in mutual fund sales and level of redemptions;
    market appreciation or depreciation of assets under management
    which will directly impact distribution and underwriting
    expenses;
    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,
    professional services, depreciation, 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
 30




---



##### Table of Contents



Other
    Operating Expenses
  and/or
    Impact of
    Distribution and Underwriting Activities
    (in thousands)

2009


2008Distribution and underwriting fees

$
78,430


$
114,023Distribution and underwriting expense


(59,491
)


(84,884
)Amortization of deferred sales commissions


(12,201
)


(23,417
)Net distribution fees

$
6,738


$
5,722Net distribution fee margin


9
%


5
%     Class A shares Rule 12b-1
 31




---



##### Table of Contents



Rule 12b-1 Rule 12b-1
    Class B shares
  Rule 12b-1 Rule 12b-1 Rule 12b-1 Rule 12b-1 Rule 12b-1
    Class C shares
  Rule 12b-1 Rule 12b-1 12b-1 Rule 12b-1
 32




---



##### Table of Contents



Rule 12b-1
  Class I shares Rule 12b-1
  Class R shares Rule 12b-1 12b-1 Rule 12b-1
  Class X shares Rule 12b-1
    Non-operating
    Income (Loss)
    Non-controlling
    Interest
  Non-controlling
    Interest in Calamos Holdings LLC
   33




---



##### Table of Contents



Non-controlling
    Interest in Partnership Investments and Offshore
    Funds
        Income
    Taxes
    Operating
    Results
  Year
    Ended December 31, 2009 Compared to Year Ended
    December 31, 2008
  Assets
    Under Management
   34




---



##### Table of Contents



Year EndedDecember 31,


Change(in millions)

2009


2008


Amount


PercentMutual FundsBeginning assets under management

$
17,498


$
34,835


$
(17,337
)


(50
)%Net purchases (redemptions)


527



(3,859
)


4,386



*Market appreciation (depreciation)


6,455



(13,478
)


19,933



*Ending assets under management


24,480



17,498



6,982



40Average assets under management


20,248



27,569



(7,321
)


(27
)Institutional and Managed AccountsBeginning assets under management


6,542



11,373



(4,831
)


(42
)Net redemptions


(638
)


(661
)


23



3Market appreciation (depreciation)


2,330



(4,170
)


6,500



*Ending assets under management


8,234



6,542



1,692



26Average assets under management


7,111



9,497



(2,386
)


(25
)Total Assets Under ManagementBeginning assets under management


24,040



46,208



(22,168
)


(48
)Net redemptions


(111
)


(4,520
)


4,409



98Market appreciation (depreciation)


8,785



(17,648
)


26,433



*Ending assets under management


32,714



24,040



8,674



36Average assets under management

$
27,359


$
37,066


$
(9,707
)


(26
)%     *
    
    Not meaningful.        One-Time
    Items
   35




---



##### Table of Contents



($ in thousands)

2008Net loss

$
(24,521
)Net deferred tax assets revaluation


6,771Net loss, as adjusted

$
(17,750
)Diluted loss per share

$
(1.24
)Net deferred tax assets revaluation


0.34Diluted loss per share, as adjusted

$
(0.90
)   Financial
    Review
  Revenues
    Change(in thousands)

2009


2008


Amount


PercentInvestment management fees

$
200,790


$
274,174


$
(73,384
)


(27
)%Distribution and underwriting fees


78,430



114,023



(35,593
)


(31
)Other


2,518



3,392



(874
)


(26
)Total revenues

$
281,738


$
391,589


$
(109,851
)


(28
)%      36




---



##### Table of Contents



Operating
    Expenses
    Change(in thousands)

2009


2008


Amount


PercentEmployee compensation and benefits

$
67,413


$
74,483


$
(7,070
)


(9
)%Distribution and underwriting expense


59,491



84,884



(25,393
)


(30
)Amortization of deferred sales commissions


12,201



23,417



(11,216
)


(48
)Marketing and sales promotion


10,762



11,908



(1,146
)


(10
)General and administrative


33,813



37,800



(3,987
)


(11
)Total operating expenses

$
183,680


$
232,492


$
(48,812
)


(21
)%     Rule 12b-1 Rule 12b-1 Rule 12b-1 Rule 12b-1
       37




---



##### Table of Contents



Non-Operating
    Income (Loss)
    (in thousands)

2009


2008


ChangeInterest income

$
737


$
2,334


$
(1,597
)Interest expense


(7,801
)


(32,010
)


24,209Net interest income (expense)


(7,064
)


(29,676
)


22,612Investment income (loss)


1,921



(295,793
)


297,714Debt extinguishment costs






(37,498
)


37,498Miscellaneous other income


233



(1,088
)


1,321Investment and other income (loss)


2,154



(334,379
)


336,533Non-operating loss


(4,910
)


(364,055
)


359,145Net (income) loss attributable to non-controlling interest in
    partnership investments


(336
)


72,156



(72,492
)Non-operating (loss)

$
(5,246
)

$
(291,899
)

$
286,653           Twelve Months Ended December 31, 2009Change inAccumulatedOtherNon-Operating


Comprehensive(in thousands)

Income (Loss)


Income


TotalMutual funds and common stock

$
14,484


$
34,778


$
49,262Partnership investments


9,110







9,110Equity option contracts


(21,673
)






(21,673
)Investment income (loss)


1,921



34,778



36,699Non-controlling interest in partnership investments


(336
)






(336
)Investment portfolio results

$
1,585






$
36,363Less: Non-controlling interest inCalamos Holdings LLC






(27,703
)Deferred income taxes






(2,613
)Change in accumulated other comprehensive income





$
4,462  38




---



##### Table of Contents



Income
    Tax Provision (Benefit)
    Net
    Income (loss)
    Year
    Ended December 31, 2008 Compared to Year Ended
    December 31, 2007
  Assets
    Under Management
    Year EndedDecember 31,


Change(in millions)

2008


2007


Amount


PercentMutual FundsBeginning assets under management

$
34,835


$
33,704


$
1,131



3
%Net redemptions


(3,859
)


(2,469
)


(1,390
)


(56
)Market appreciation (depreciation)


(13,478
)


3,600



(17,078
)


*Ending assets under management


17,498



34,835



(17,337
)


(50
)Average assets under management


27,569



33,892



(6,323
)


(19
)Institutional and Managed AccountsBeginning assets under management


11,373



11,021



352



3Net redemptions


(661
)


(1,152
)


491



43Market appreciation (depreciation)


(4,170
)


1,504



(5,674
)


*Ending assets under management


6,542



11,373



(4,831
)


(42
)Average assets under management


9,497



10,877



(1,380
)


(13
)Total Assets Under ManagementBeginning assets under management


46,208



44,725



1,483



3Net redemptions


(4,520
)


(3,621
)


(899
)


(25
)Market appreciation (depreciation)


(17,648
)


5,104



(22,752
)


*Ending assets under management


24,040



46,208



(22,168
)


(48
)Average assets under management

$
37,066


$
44,769


$
(7,703
)


(17
)%     *
    
    Not meaningful. 39




---



##### Table of Contents



One-Time
    Items
     40




---



##### Table of Contents



($ in thousands)

2008


2007Operating expenses

$
232,492


$
300,384Termination of closed-end fund compensation agreements






19,500Closed-end fund structuring fees






6,904Operating expenses, as adjusted

$
232,492


$
273,980Operating income

$
159,097


$
173,093Termination of closed-end fund compensation agreements






19,500Closed-end fund structuring fees






6,904Operating income, as adjusted

$
159,097


$
199,497Operating margin


40.6%



36.6%Termination of closed-end fund compensation agreements






4.1Closed-end fund structuring fees






1.4Operating margin, as adjusted


40.6%



42.1%Net income (loss)

$
(24,521
)

$
27,745Termination of closed-end fund compensation agreements






2,634Closed-end fund structuring fees






933Net deferred tax assets revaluation


6,771



Net income (loss), as adjusted

$
(17,750
)

$
31,312Diluted earnings (loss) per share

$
(1.24
)

$
1.22Termination of closed-end fund compensation agreements






0.11Closed-end fund structuring fees






0.04Net deferred tax assets revaluation


0.34



Diluted earnings (loss) per share, as adjusted

$
(0.90
)

$
1.37   Financial
    Review
  Operating
    Income
    Revenues
    Change(in thousands)

2008


2007


Amount


PercentInvestment management fees

$
274,174


$
325,395


$
(51,221
)


(16
)%Distribution and underwriting fees


114,023



143,994



(29,971
)


(21
)Other


3,392



4,088



(696
)


(17
)Total revenues

$
391,589


$
473,477


$
(81,888
)


(17
)%  41




---



##### Table of Contents



Operating
    Expenses
      Change(in thousands)

2008


2007


Amount


PercentEmployee compensation and benefits

$
74,483


$
91,039


$
(16,556
)


(18
)%Distribution and underwriting expense


84,884



104,227



(19,343
)


(19
)Amortization of deferred sales commissions


23,417



27,249



(3,832
)


(14
)Marketing and sales promotion


11,908



40,833



(28,925
)


(71
)General and administrative


37,800



37,036



764



2Total operating expenses

$
232,492


$
300,384


$
(67,892
)


23
%        42




---



##### Table of Contents



12b-1 Rule 12b-1 Rule 12b-1 Rule 12b-1
        Non-Operating
    Income (Loss)
    (in thousands)

2008


2007


ChangeInterest income

$
2,334


$
16,706


$
(14,372
)Interest expense


(32,010
)


(19,555
)


(12,455
)Net interest income (expense)


(29,676
)


(2,849
)


(26,827
)Investment income (loss)


(295,793
)


33,413



(329,206
)Debt extinguishment costs


(37,498
)






(37,498
)Miscellaneous other income


(1,088
)


935



(2,023
)Investment and other income (loss)


(334,379
)


34,348



(368,727
)Non-operating loss


(364,055
)


31,499



(395,554
)Net (income) loss attributable to non-controlling interest in
    partnership investments


72,156



(1,598
)


73,754Non-operating income (loss)

$
(291,899
)

$
29,901


$
(321,800
)      43




---



##### Table of Contents



other-than-temporary
    Income
    Tax Provision (Benefit)
    Net
    Income (loss)
      Liquidity
    and Capital Resources
     44




---



##### Table of Contents



December 31,


December 31,


Increase(in thousands)

2009


2008


(Decrease)Cash and cash equivalents

$
145,431


$
59,425


$
86,006Investment securities


207,886



173,155



34,731Derivatives, net


(1,730
)


14,288



(16,018
)Partnership investments, net of non-controlling interests


35,924



27,182



8,742Total corporate investment portfolio

$
387,511


$
274,050


$
113,461     Increase(in thousands)

(Decrease)Net realized and unrealized gains (losses) on investment
    securities:Mutual funds

$
44,830Partnership investments


8,324Equity option contracts


(21,673
)Other net cash generated by business activities


81,980$
113,461       Results as ofCovenant

Requirement

December 31, 2009EBITDA/interest expense

Not less than 3.0

15.39Debt/EBITDA

Not more than 3.0

1.04Investment coverage ratio

Not less than 1.175

2.14Net worth

Not less than $160 million

$271 million  45




---



##### Table of Contents



December 31,

December 31,(in thousands)

2009

2008Statements of financial condition data:Cash and cash equivalents

$
145,431


$
59,425Receivables


26,489



20,049Investment securities and derivative options


209,606



187,443Partnership investments


37,549



28,471Deferred tax assets, net


85,256



95,606Deferred sales commissions


12,705



18,414Long-term debt


125,000



125,000   step-up
    (in thousands)

2009

2008

2007Cash flow data:Net cash provided by operating activities

$
140,329


$
125,228


$
226,475Net cash provided by (used in) investing activities


2,517



323,296



(654,152
)Net cash provided by (used in) financing activities


(56,840
)


(497,540
)


207,277        46




---



##### Table of Contents



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)

$
169,632


$
7,677


$
45,654


$
58,068


$
58,233Operating lease
    obligations(2)


70,448



4,665



8,568



8,947



48,268Other long-term
    obligations(3)


776



395



274



102



5Total

$
240,856


$
12,737


$
54,496


$
67,117


$
106,506     (1)
    
    The Companys senior unsecured notes, which aggregate to
    $125 million, have series maturing in 2011, 2014, 2017 and
    2019.(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 the incentive compensation plan. These obligations are
    included in other long-term liabilities in the accompanying
    consolidated statements of financial condition.  Critical
    Accounting Policies and Estimates
      Deferred
    Sales Commissions
  12b-1 12b-1
 47




---



##### Table of Contents



24-month
    Compensation
    Plans
  one-for-one
  Income
    Tax Provision (Benefit)
  step-up
  Recently
    Issued Accounting Pronouncements
   48




---



##### Table of Contents



Forward-Looking
    Information
  Form 10-K,
    and/or
    best-in-class Risk
    Factors
   49




---



##### Table of Contents



Item 7a.
    Quantitative
    and Qualitative Disclosures About Market Risk          2009

2008Investment

Partnership

Investment

Partnership(in thousands)

Securities

Investments

Securities

InvestmentsFair value

$
207,886


$
37,549


$
173,155


$
28,471Fair value assuming price changes of:10% increase


228,675



41,304



190,471



31,31810% decrease


187,097



33,794



155,840



25,624      50




---



##### 



Item 8.
    Financial
    Statements and Supplementary Data   
 Reports of Independent Registered Public
    Accounting Firms


F-1Report of Independent Registered Public
    Accounting Firm


F-3Managements Report on Internal Control Over
    Financial Reporting


F-4Consolidated Statements of Financial Condition at
    December 31, 2009 and 2008


F-5Consolidated Statements of Operations for the
    years ended December 31, 2009, 2008 and 2007


F-6Consolidated Statements of Changes in
    Stockholders Equity for the years ended December 31,
    2009, 2008 and 2007


F-7Consolidated Statements of Cash Flows for the
    years ended December 31, 2009, 2008 and 2007


F-8Notes to Consolidated Financial Statements


F-9EX-10.11EX-21.1EX-23.1EX-23.2EX-31.1EX-31.2EX-32.1EX-32.2   51




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM           Internal Control  Integrated Framework
  McGladrey &
    Pullen, LLP
    F-1




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM           KPMG
    LLP
    F-2




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     Internal Control  Integrated
    Framework
    (a) (b) (c)
    Internal Control 
    Integrated Framework
    McGladrey &
    Pullen, LLP
    F-3




---



##### Table of Contents



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/  Cristina
    WasiakCristina
    Wasiak
    Senior Vice President, 
    Chief Financial Officer    F-4




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  CONSOLIDATED
    STATEMENTS OF FINANCIAL CONDITION
  December 31,(in thousands, except share data)

2009


2008ASSETSCurrent assetsCash and cash equivalents

$
145,431


$
59,425Receivables:Affiliates and affiliated funds


17,174



13,187Customers


9,315



6,862Investment securities


207,886



173,155Derivative assets


1,720



14,288Partnership investments


37,549



28,471Prepaid expenses


2,741



2,607Deferred tax assets, net


9,610



11,837Other current assets


2,133



21,766Total current assets


433,559



331,598Non-current assetsDeferred tax assets, net


76,646



83,769Deferred sales commissions


12,705



18,414Property and equipment, net


32,912



41,058Other non-current assets


1,256



1,034Total non-current assets


123,519



144,275Total assets


557,078



475,873LIABILITIESCurrent liabilitiesPayables to brokers


16,102



12,428Accrued compensation and benefits


15,768



10,419Derivative liabilities


3,450



Interest payable


3,026



3,025Accrued expenses and other current liabilities


3,711



3,983Total current liabilities


42,057



29,855Long-term liabilitiesLong-term debt


125,000



125,000Deferred rent


9,419



9,217Other long-term liabilities


776



754Total long-term liabilities


135,195



134,971Total liabilities


177,252



164,826STOCKHOLDERS EQUITYClass A Common Stock, $0.01 par value; authorized
    600,000,000 shares; 23,668,583 shares issued and
    19,668,583 shares outstanding at December 31, 2009;
    23,497,687 shares issued and 19,497,687 shares
    outstanding at December 31, 2008


237



235Class B Common Stock, $0.01 par value; authorized
    1,000 shares; 100 shares issued and outstanding at
    December 31, 2009 and December 31, 2008


0



0Additional paid-in capital


209,895



207,844Retained earnings


46,035



38,010Accumulated other comprehensive income (loss)


4,362



(101
)Treasury stock at cost; 4,000,000 shares at
    December 31, 2009 and December 31, 2008


(95,215
)


(95,215
)Calamos Asset Management, Inc. stockholders equity


165,314



150,773Non-controlling interest in partnership investments


1,625



1,289Non-controlling interest in Calamos Holdings LLC


212,887



158,985Total non-controlling interest.


214,512



160,274Total stockholders equity


379,826



311,047Total liabilities and stockholders equity

$
557,078


$
475,873    F-5




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  CONSOLIDATED
    STATEMENTS OF OPERATIONS
  Year Ended December 31,(in thousands, except share data)

2009


2008


2007RevenuesInvestment management fees

$
200,790


$
274,174


$
325,395Distribution and underwriting fees


78,430



114,023



143,994Other


2,518



3,392



4,088Total revenues


281,738



391,589



473,477ExpensesEmployee compensation and benefits


67,413



74,483



91,039Distribution and underwriting expense


59,491



84,884



104,227Amortization of deferred sales commissions


12,201



23,417



27,249Marketing and sales promotion


10,762



11,908



40,833General and administrative


33,813



37,800



37,036Total operating expenses


183,680



232,492



300,384Operating income


98,058



159,097



173,093Non-operating income (loss)Net interest expense


(7,064
)


(29,676
)


(2,849
)Investment and other income (loss)


2,154



(296,881
)


34,348Debt extinguishment costs






(37,498
)


Total non-operating income (loss)


(4,910
)


(364,055
)


31,499Income (loss) before income tax provision (benefit)


93,148



(204,958
)


204,592Income tax provision (benefit)


7,879



(3,787
)


18,666Net income (loss)


85,269



(201,171
)


185,926Net (income) loss attributable to non-controlling interest in
    partnership investments


(336
)


72,156



(1,598
)Net (income) loss attributable to non-controlling interest in
    Calamos Holdings LLC


(72,509
)


104,494



(156,583
)Net income (loss) attributable to Calamos Asset Management,
    Inc.

$
12,424


$
(24,521
)

$
27,745Earnings (loss) per share:Basic

$
0.63


$
(1.24
)

$
1.24Diluted

$
0.62


$
(1.24
)

$
1.22Weighted average shares outstanding:Basic


19,626,233



19,752,972



22,297,170Diluted


19,954,124



97,449,228



99,760,872Cash dividends per share

$
0.22


$
0.385


$
0.44    F-6




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  CONSOLIDATED
    STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
  Non-Calamos Asset Management, Inc. Stockholders


Non-


ControllingAccumulated





Controlling


Interest inAdditional





Other





Interest in


CalamosCommon


Paid-in


Retained


Comprehensive


Treasury


Partnership


Holdings(in thousands)

Stock


Capital


Earnings


Income (Loss)


Stock


Investments


LLC


TotalBalance at Dec. 31, 2006

$
232


$
157,724


$
52,261


$
4,360


$



$
48,850


$
319,513


$
582,940Net income










27,745











1,598



156,583



185,926Changes in unrealized losses on
    available-for-sale
    securities, net of income taxes














1,561











7,242



8,803Total comprehensive income






























194,729Issuance of common stock (162,184 Class A common shares)


1



(1
)






















Repurchase of common stock (2,452,100 Class A common shares)


















(60,603
)










(60,603
)Sale of Calamos Holdings LLC membership units
    (2,452,100 units)






47,493



















(47,493
)


Net purchase of non-controlling interest in partnership
    investments






















(1,271
)






(1,271
)Cumulative impact of changes in ownership of Calamos Holdings LLC






(7,814
)


23



(840
)










6,986



(1,645
)Compensation expense recognized under stock incentive plans






1,522



















5,263



6,785Dividend equivalent accrued under stock incentive plans










(120
)














(404
)


(524
)Dividends declared










(9,807
)














(95,485
)


(105,292
)Balance at Dec. 31, 2007

$
233


$
198,924


$
70,102


$
5,081


$
(60,603
)

$
49,177


$
352,205


$
615,119Net loss










(24,521
)










(72,156
)


(104,494
)


(201,171
)Changes in unrealized losses on
    available-for-sale
    securities, net of income taxes














(24,502
)










(30,029
)


(54,531
)Reclassification adjustment for realized losses on
    available-for-sale
    securities included in income, net of income taxes














20,014















20,014Total comprehensive income






























(235,688
)Issuance of common stock (173,605 Class A common shares)


2



(2
)






















Repurchase of common stock (1,547,900 Class A common shares)


















(34,612
)










(34,612
)Sale of Calamos Holdings LLC membership units
    (1,547,900 units)






27,469



















(27,469
)


Capital contribution






13,762



















50,853



64,615Net purchase of non-controlling interest in partnership
    investments and Offshore Funds






















145,304







145,304De-consolidation of non-controlling interests in partnership
    investments and Offshore Funds






















(121,036
)






(121,306
)Cumulative impact of changes in ownership of Calamos Holdings LLC






(33,781
)






(694
)










(989
)


(35,464
)Compensation expense recognized under stock incentive plans






1,472



















5,627



7,099Dividend equivalent accrued under stock incentive plans










20















79



99Dividends declared










(7,591
)














(86,798
)


(94,389
)Balance at Dec. 31, 2008

$
235


$
207,844


$
38,010


$
(101
)

$
(95,215
)

$
1,289


$
158,985


$
311,047Net income










12,424











336



72,509



85,269Changes in unrealized losses on
    available-for-sale
    securities, net of income taxes














4,951











27,717



32,668Reclassification of unrealized loss on securities contributed to
    Holdings






501







(501
)














Total comprehensive income






























117,937Issuance of common stock (170,896 Class A common shares)


2



(2
)






















Cumulative impact of changes in ownership of Calamos Holdings LLC






(303
)


(2
)


13











(153
)


(445
)Compensation expense recognized under stock incentive plans






1,855



















6,795



8,650Dividend equivalent accrued under stock incentive plans










(79
)














(293
)


(372
)Dividends declared










(4,318
)














(52,673
)


(56,991
)Balance at Dec. 31, 2009

$
237


$
209,895


$
46,035


$
4,362


$
(95,215
)

$
1,625


$
212,887


$
379,826    F-7




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS
  Year Ended December 31,(in thousands)

2009


2008


2007Cash and cash equivalents at beginning of period

$
59,425


$
108,441


$
328,841Cash flows from operating activities:Net income (loss)


85,269



(201,171
)


185,926Adjustments to reconcile income to net cash provided by
    operating activities:Amortization of deferred sales commissions


12,201



23,417



27,249Other depreciation and amortization


10,281



12,222



9,015Loss on write-off of property and equipment






2,031



Change in unrealized depreciation (appreciation) on trading
    securities, derivative assets, derivative liabilities and
    partnership investments, net


(22,848
)


158,636



(9,733
)Net realized loss on sale of investment securities, derivative
    assets and derivative liabilities


25,810



172,413



Deferred taxes


6,586



(2,610
)


7,843Stock based compensation


8,650



7,099



6,785Employee taxes paid on vesting under stock incentive plans


(293
)


(1,796
)


(1,853
)(Increase) decrease in assets:Receivables:Affiliates and affiliated funds, net


(3,987
)


14,454



(1,129
)Customers


(2,453
)


4,837



(1,481
)Deferred sales commissions


(6,493
)


(7,755
)


(11,434
)Other assets


18,838



(19,401
)


(3,492
)Increase (decrease) in liabilities:Payables to brokers


3,674



(10,374
)


(1,538
)Accrued compensation and benefits


5,349



(16,043
)


3,740Accrued expenses and other liabilities


(255
)


(10,731
)


16,577Net cash provided by operating activities


140,329



125,228



226,475Cash flows provided by (used in) investing activities:Net additions to property and equipment


(2,011
)


(4,616
)


(13,414
)Purchases of investment securities


(4,472
)


(176,977
)


(382,297
)Proceeds from sale of investment securities


15,073



370,344



Net (purchases) sales of derivatives


(5,655
)


9,897



Net changes in partnership investments


(418
)


124,648



(258,441
)Net cash provided by (used in) investing activities


2,517



323,296



(654,152
)Cash flows provided by (used in) financing activities:Net proceeds from issuance of debt










372,963Repayment of debt






(400,000
)


Capital contribution received






31,317



Deferred tax benefit on vesting under stock incentive plans


151



144



209Repurchase of common stock






(34,612
)


(60,603
)Equity distributions paid to non-controlling interests


(31,523
)


(29,741
)


(33,880
)Tax distributions paid to non-controlling interests


(21,150
)


(57,057
)


(61,605
)Cash dividends paid to common stockholders


(4,318
)


(7,591
)


(9,807
)Net cash provided by (used in) financing activities


(56,840
)


(497,540
)


207,277Net increase (decrease) in cash and cash equivalents


86,006



(49,016
)


(220,400
)Cash and cash equivalents at end of period

$
145,431


$
59,425


$
108,441Supplemental disclosure of cash flow information:Cash paid for:Income taxes

$
469


$
11,807


$
8,401Interest

$
7,677


$
41,077


$
7,860    F-8




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
  (1)
    Organization
    and Description of Business      
    (2)
    Summary
    of Significant Accounting Policies  Basis
    of Presentation
      Principles
    of Consolidation
     F-9




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      available-for-sale
    Financial
    Instruments
       F-10




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Receivables
    from Customers
    Investment
    Securities
    available-for-sale available-for-sale
  available-for-sale
    other-than-temporary available-for-sale Other-than-temporary other-than-temporary other-than-temporary
  Derivative
    Assets and Liabilities
    Property
    and Equipment
    Internally
    Developed Software
   F-11




---



##### Table of Contents



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




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Income
    Taxes
      Earnings
    (Loss) Per Share
    (3)
    Related-Party
    Transactions   F-13




---



##### Table of Contents



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

2009


2008


2007Investment management fees from:The Funds

$
122,956


$
165,638


$
205,171The Closed-End Funds


38,540



54,492



60,186Private investment pools










57Totals

$
161,496


$
220,130


$
265,414Distribution fees from the Funds

$
73,686


$
106,316


$
134,017Portfolio accounting fees from:The Funds

$
1,846


$
2,516


$
3,074The Closed-End Funds


497



701



784Totals

$
2,343


$
3,217


$
3,858     (in thousands)

2009


2008


2007General and administrative

$
135


$
1,042


$
876Net payable to Dragon





$
(125
)

$
(39
)     20-year
    20-year
 F-14




---



##### Table of Contents



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

2009


2008


2007Expense allocated from the Company to Dragon

$
55


$
54


$
61Expense allocated from the Company to CFP


579



2,011



2,106Expense allocated from the Company to CPH


962



431



237Total expenses allocated from the Company to affiliates


1,596



2,496



2,404Expense allocated from CPH to the Company


975



1,653



1,859Net expense allocated from the Company to affiliates

$
621


$
843


$
545Net receivable for management services from Dragon

$
4


$
6


$
4Net receivable for management services from CFP

$
17


$
48


$
27Net receivable for management services from CPH

$
50


$
26


$
19    F-15




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (4)
    Investment
    Securities    2009Available-


CFS


Total(in thousands)

for-Sale


Securities


SecuritiesMutual FundsEquity

$
67,981


$
27,938


$
95,919Fixed income


81,908







81,908Defensive equity


28,736







28,736Other


1,218







1,218Total mutual funds


179,843



27,938



207,781Common stock






105



105$
179,843


$
28,043


$
207,886   2008Available-


CFS


Total(in thousands)

for-Sale


Securities


SecuritiesMutual FundsEquity

$
45,992


$
32,671


$
78,663Fixed income


72,418







72,418Defensive equity


21,129







21,129Other


814







814Total mutual funds


140,353



32,671



173,024Common stock






131



131$
140,353


$
32,802


$
173,155       (in thousands)

2009


2008


2007Available-for-sale
    securities:Proceeds from sale

$



$
368,233


$
7Gross realized gains on sales






21,022



3Gross realized losses on sales






(155,174
)


Unrealized gains (losses)


34,778



(724
)


9,683Net gains (losses) reclassified out of accumulated other
    comprehensive income to earnings






(148,729
)


3CFS securities:Unrealized gains (losses)


9,808



(17,680
)


385  F-16




---



##### Table of Contents



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

2009


2008Total cumulative unrealized gains on
    available-for-sale
    securities with net gains:Equity

$
21,965


$
90Defensive equity


7,668



70Fixed income


6,565



678Other


2



Total gains


36,200



838Total cumulative unrealized losses on
    available-for-sale
    securities with net losses:Equity


(26
)


(75
)Defensive equity


(23
)


(81
)Other


(270
)


(583
)Total losses


(319
)


(739
)Total cumulative net unrealized gains (losses) on
    available-for-sale
    securities

$
35,881


$
99   available-for-sale
    (5)
    Derivative
    Assets and Liabilities     F-17




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (6)
    Partnership
    Investments    (in thousands)

2009


2008Calamos Market Neutral Opportunities Fund LP:Securities owned

$
21,976


$
27,038Securities sold but not yet purchased


(10,934
)


(5,697
)Accrued expenses and other current liabilities


(112
)


(7,525
)Other current assets


8,222



886Calamos Market Neutral Opportunities Fund LP securities, net


19,152



14,702Investment in other partnerships


18,397



13,769Partnership investments

$
37,549


$
28,471       available-for-sale
    (7)
    Fair
    Value Measurements   F-18




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  over-the-counter
    Fair Value Measurements UsingQuoted Prices


Significantin Active


OtherMarkets for


Observable(in thousands)

December 31,


Identical Assets


InputsDescription

2009


(Level 1)


(Level 2)Investment securities (Note 4)Mutual funds

$
207,781


$
207,781


$
Common stocks


105



105



207,886



207,886



Derivative assets (Note 5)Exchange-traded put option contracts


1,720



1,720



Derivative liabilities (Note 5)Exchange-traded call option contracts


(3,450
)


(3,450
)


Securities and derivatives owned by the Partnership Investments
    (Note 6)Common stocks


532



532



Convertible preferred stocks


1,767



660



1,107Purchased options


179



179



Convertible bonds


18,798







18,798Corporate bonds


700







70021,976



1,371



20,605Securities sold but not yet purchased Common stocks (Note 6)


(10,893
)


(10,893
)


Exchange-traded call option contracts


(41
)


(41
)


(10,934
)


(10,934
)


Total

$
217,198


$
196,593


$
20,605   F-19




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Fair Value Measurements UsingQuoted Prices


Significantin Active


OtherMarkets for


Observable(in thousands)

December 31,


Identical Assets


InputsDescription

2008


(Level 1)


(Level 2)Investment securities (Note 4)Mutual funds

$
173,024


$
173,024


$
Common stocks


131



131



173,155



173,155



Derivative assets (Note 5)Exchange-traded put option contracts


14,288



14,288



Derivative liabilities (Note 5)Exchange-traded call option contracts










Securities and derivatives owned by the Partnership Investments
    (Note 6)Common stocks


6,947



6,645



302Convertible preferred stocks


3,052



2,306



746Purchased options


327



327



Convertible bonds


14,268







14,268Corporate bonds


2,444







2,44427,038



9,278



17,760Securities sold but not yet purchased Common stocks (Note 6)


(5,491
)


(5,240
)


(251
)Exchange-traded call option contracts


(206
)


(206
)


(5,697
)


(5,446
)


(251
)Total

$
208,784


$
191,275


$
17,509   (8)
    Property
    and Equipment    (in thousands)

2009


2008Furniture, fixtures, and equipmentCost

$
73,086


$
72,777Accumulated depreciation


40,174



31,719Furniture, fixtures, and equipment, net

$
32,912


$
41,058   (9)
    Debt   F-20




---



##### Table of Contents



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

2009


2008Senior unsecured notes5.24% notes due April 29, 2011

$
32,886


$
32,8866.33% notes due July 15, 2014


46,160



46,1606.52% notes due July 15, 2017


22,100



22,1006.67% notes due July 15, 2019


23,854



23,854Total senior unsecured notes


125,000



125,000Less current portion






Total long-term debt

$
125,000


$
125,000     (10)
    Common
    Stock    (11)
    Profit
    Sharing Plan    (12)
    Stock
    Based Compensation   F-21




---



##### Table of Contents



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


Average Fairof


Value of RSUsShares


GrantedOutstanding at December 31, 2006


1,288,440


$
20.51Granted


256,469



27.58Forfeited


(267,390
)


20.44Exercised upon vesting


(231,249
)


18.00Outstanding at December 31, 2007


1,046,270



22.82Granted


358,722



19.92Forfeited


(115,707
)


22.81Exercised upon vesting


(246,204
)


18.00Outstanding at December 31, 2008


1,043,081



22.96Granted


705,224



8.21Forfeited


(24,951
)


17.58Exercised upon vesting


(203,693
)


19.51Outstanding at December 31, 2009


1,519,661



16.67Converted during the year ended December 31:2007


162,184



18.002008


173,605



18.002009


170,896



19.51     one-for-one one-for-one
 F-22




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  10-year
  2008

2007Dividend yield

2.10%-2.27%

1.67%Expected volatility

35%

35%Risk-free interest rate

3.3%-4.7%

4.7%Expected life

7.5 years

7.5 years       Options Outstanding


Options ExercisableAverage


Weighted





WeightedRange of

Number


Remaining


Average


Number


AverageExercise

of


Contractual


Option


of


OptionPrices

Shares


Life


Price


Shares


Price$17.80


197,712



6.9 years


$
17.80






$
$18.00-$29.11


2,010,475



6.8 years



21.99



425,426



20.09$35.43


262,094



6.1 years



35.43







2,470,281



6.7 years



23.08



425,426


$
20.09    F-23




---



##### Table of Contents



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


AverageOf


ExerciseShares


PriceOutstanding at December 31, 2006


1,335,098


$
25.30Granted


769,407



27.58Forfeited


(290,920
)


24.73Exercised






Outstanding at December 31, 2007


1,813,585



26.35Granted


1,076,166



19.92Forfeited


(301,425
)


23.54Exercised






Outstanding at December 31, 2008


2,588,326



24.01Granted






Stock options exchanged, net


(66,835
)


28.60Forfeited


(51,210
)


21.18Exercised






Outstanding at December 31, 2009


2,470,281



23.08Exercisable at December 31:2007






2008


173,655



18.002009


425,426



20.09    F-24




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (13)
    Non-Operating
    Income (Loss), Net of Non-controlling Interest in Partnership
    Investments    (in thousands)

2009


2008


2007Interest income

$
737


$
2,334


$
16,706Interest expense


(7,801
)


(32,010
)


(19,555
)Net interest expense


(7,064
)


(29,676
)


(2,849
)Investment income (loss)


1,921



(295,793
)


33,413Debt extinguishment costs






(37,498
)


Miscellaneous other income (loss)


233



(1,088
)


935Investment and other income (loss)


2,154



(334,379
)


34,348Non-operating income (loss)


(4,910
)


(364,055
)


31,499Net (income) loss attributable to non-controlling interest in
    partnership investments


(336
)


72,156



(1,598
)Non-operating income (loss), net of non-controlling interest in
    partnership investments

$
(5,246
)

$
(291,899
)

$
29,901   (14)
    Income
    Taxes    (in thousands)

2009


2008


2007Current:Federal

$
773


$
(1,090
)

$
8,404State:CAM portion


189



(355
)


2,001Calamos Interests portion


331







Total current income taxes


1,293



(1,445
)


10,405Deferred:Federal


6,059



(8,444
)


6,672State


527



6,102



1,589Total deferred income taxes


6,586



(2,342
)


8,261Total income provision (benefit)

$
7,879


$
(3,787
)

$
18,666      F-25




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      2009


2008


2007Statutory U.S. federal income tax rate


34.0
%


35.0
%


35.0
%Effect of higher tax rates in carryback period






0.6
%


State income taxes, net of federal tax benefits


2.0
%


2.0
%


5.0
%Other non-deductible items


0.4
%


(0.3
)%


0.2
%Holdings state income taxes


1.5
%






Impact on net deferred tax assets from change in statutory
    income tax rate


0.9
%


(23.9
)%


Effective income tax rate


38.8
%


13.4
%


40.2
%Calamos Interests state income taxes


(1.0
)%






CAM effective income tax rate


37.8
%


13.4
%


40.2
%     (in thousands)

2009


2008Deferred tax assets:Intangible assets

$
74,030


$
82,006Capital loss carryforward


12,202



10,850Other


3,992



4,918Total deferred tax assets


90,224



97,774Deferred tax liabilities:Unrealized net holding gains on investments of
    available-for-sale
    securities


2,709



96Deferred sales commission


916



1,360Other


344



712Total deferred tax liabilities


3,969



2,168Net deferred tax assets

$
86,255


$
95,606    F-26




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  mark-to-market stepped-up
        (15)
    Earnings
    (Loss) Per Share    (in thousands, except per share amounts)

2009


2008


2007Earnings (loss) per share  basic:Earnings (loss) available to common shareholders


12,424


$
(24,521
)

$
27,745Weighted average shares outstanding


19,626



19,753



22,297Earnings (loss) per share  basic

$
0.63


$
(1.24
)

$
1.24Earnings (loss) per share  diluted:Income (loss) before income taxes





$
(204,958
)

$
204,592Non-controlling interest in partnership investments






72,156



(1,598
)Less: Impact of revaluation of net deferred tax assets






32,888



Less: Impact of income taxes






(49,535
)


81,644Earnings (loss) available to common shareholders

$
12,424


$
(116,155
)

$
121,350Weighted average shares outstanding


19,626



19,753



22,297Exchange of Calamos Interests ownership for common stock






77,444



77,000Dilutive impact of restricted stock units


328



252



386Dilutive impact of stock options










78Weighted average shares outstanding


19,954



97,449



99,761Earnings (loss) per share  diluted

$
0.62


$
(1.24
)

$
1.22  F-27




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          2009


2008


2007Exchange of Calamos Interests membership units in Holdings
    for shares of Class A common stock on a
    one-for-one
    basis


47,923,822



77,444,069



Restricted stock units


897,064



755,876



Stock options


2,472,381



2,588,326



1,282,721Total


51,293,267



80,788,271



1,282,721   Form 10-K).
 F-28




---



##### Table of Contents



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

PaymentsYear ended December 31:2010

$
4,6652011


4,2522012


4,3162013


4,4092014


4,538Thereafter


48,268Total minimum lease payments

$
70,448   (17)
    Regulatory
    and Net Capital Requirements  (Rule 15c3-1),
  (Dollars in thousands)

2009

2008Net capital

$
37,926


$
26,240Excess of required net capital

$
36,823


$
25,342Net capital ratio


0.44 : 1.0



0.51 : 1.0   Rule 15c3-3(k)(2)(i) Rule 15c3-3,
 F-29




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (18)
    Concentration
    Risk    2009

2008

2007Calamos Growth Fund


34
%


40
%


43
%Calamos Growth and Income Fund


15
%


16
%


17
%   (19)
    Common
    Stock Repurchase and Capital Contribution      (20)
    Quarterly
    Financial Information (Unaudited)  At or for the Quarter Ended(In thousands, except

2008


2009share data)

March 31


June 30


Sept. 30


Dec. 31


March 31


June 30


Sept. 30


Dec. 31Assets under management (in millions)

$
40,906


$
41,210


$
33,329


$
24,040


$
23,469


$
27,032


$
30,543


$
32.714Total revenue


110,693



112,238



101,807



66,851



59,569



67,079



73,798



81,292Total operating expenses


66,264



63,127



57,696



45,405



46,379



45,695



46,424



45,182Operating income


44,429



49,111



44,111



21,446



13,190



21,384



27,374



36,110Net income (loss)

$
449


$
1,896


$
(799
)

$
(26,067
)

$
3,352


$
1,787


$
2,590


$
4,695Diluted earnings (loss) per share

$
0.02


$
0.09


$
(0.05
)

$
(1.34
)

$
0.17


$
0.09


$
0.13


$
0.23Diluted shares outstanding


97,621,495



97,051,708



96,829,687



98,551,808



19,751,288



19,990,070



20,090,555



20,080,566    F-30




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (21)
    Recently
    Issued Accounting Pronouncements  Accounting
    Standards Adopted During Fiscal Year 2009
            other-than-temporary
       F-31




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      New
    Accounting Standards Not Yet Adopted
   F-32




---



##### Table of Contents



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 J. BoynePresident of Distribution and
    Operations, Secretary

John P. Calamos, Sr.Chairman, Chief Executive Officer and Co-Chief Investment
    OfficerNick P. CalamosPresident of Investments
    and Co-Chief Investment Officer

Gary J. FelstenSenior Vice President
    and Director of Human Resources

Nick P. CalamosPresident of Investments
    and Co-Chief Investment OfficerJames F. BakaExecutive Vice President  
    Wealth Management

Cristina WasiakSenior Vice President
    and Chief Financial Officer

G. Bradford BulkleyFounder
    Bulkley Capital, L.P.Nimish S. BhattSenior Vice President
    and Director of Operations

Randall T. ZipfelSenior Vice President
    and Chief Operating Officer  
    Investments and IT

Mitchell S. FeigerPresident and Chief Executive Officer
    MB Financial, Inc.Richard W. GilbertPresident
    Gilbert Communications, Inc.Arthur L. KnightPrivate Investor and Business Consultant
    Former President and Chief Executive Officer
    Morgan Products, Ltd.  II-1




---



##### Table of Contents



http://investors.calamos.com
  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
    Accountant Fees and Services   II-2




---



##### Table of Contents



PART IV
  Item 15.
    Exhibits and
    Financial Statement Schedules          ExhibitNumber

Description of Exhibit3(i)


Second Amended and Restated Certificate of Incorporation of the
    Registrant (incorporated by reference to Exhibit 3(i) to
    the Registrants Annual Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 13, 2009).3(ii)


Second Amended and Restated By-laws of the Registrant
    (incorporated by reference to Exhibit 3(ii) to the
    Registrants Annual Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 13, 2009).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).4.3


Note Purchase Agreement, dated as of July 13, 2007, by and
    among Calamos Holdings LLC and various institutional investors
    (incorporated by reference to Exhibit 4.1 to the
    Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    July 18, 2007).4.4


Waiver and First Amendment to 2007 Note Purchase Agreement,
    dated as of December 22, 2008, between Calamos Holdings LLC
    and various institutional investors (incorporated by reference
    to Exhibit 4.5 to the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    December 29, 2008).4.5


Note Purchase Agreement, dated as of April 29, 2004,
    between Calamos Holdings LLC and various institutional investors
    (incorporated by reference to Exhibit 4.1 to the
    Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    December 29, 2008).4.6


Amendment No. 1 to Note Purchase Agreement dated as of
    October 15, 2004 (incorporated by reference to
    Exhibit 4.2 to the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    December 29, 2008).4.7


Waiver and Second Amendment to 2004 Note Purchase Agreement,
    dated as of December 22, 2008, between Calamos Holdings LLC
    and various institutional investors (incorporated by reference
    to Exhibit 4.4 to the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    December 29, 2008).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


Amendment Number 1 to 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
    August 9, 2007).10.4


Employment Agreement between the Registrant and James F. Baka
    (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 May 7,
    2008). II-3




---



##### Table of Contents



ExhibitNumber

Description of Exhibit10.5


Omnibus Amendment Relating to Code Section 409A
    (incorporated by reference to Exhibit 10.5 to the
    Registrants Annual Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 13, 2009).10.6


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).10.7


Form of Equity Award Statement (incorporated by reference to
    Exhibit 10.7 to the Registrants Annual Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 13, 2009).10.8


Form of Non-Employee Equity Award Statement (incorporated by
    reference to Exhibit 10.7 to the Registrants Annual
    Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 13, 2009).10.9


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


Fourth Amended and Restated Limited Liability Company Agreement
    of Calamos Holdings LLC by and among Calamos Family Partners,
    Inc., John P. Calamos, Sr. and the Registrant.10.12


Management Services and Resources Agreement by and among the
    Registrant, Calamos Family Partners, Inc. and Calamos Property
    Holdings LLC (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
    August 9, 2007).10.13


Lease Agreement 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).10.14


Lease Agreement between CityGate Centre I LLC and Calamos
    Holdings LLC (incorporated by reference to Exhibit 99.1 to
    the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    November 20, 2007).21.1


Subsidiaries of the Company.23.1


Consent of Independent Registered Public Accounting Firm,
    McGladrey & Pullen, LLP.23.2


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




---



##### Table of Contents



SIGNATURES
      By:
    /s/  Cristina
    Wasiak   Title:
    Senior 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, 2010/s/  Cristina
    WasiakCristina
    Wasiak

Senior Vice President, Chief Financial Officer (Principal
    Financial Officer)

March 5, 2010/s/  Nick
    P. CalamosNick
    P. Calamos

President of Investments and Co-Chief Investment Officer,
    Director

March 5, 2010/s/  G.
    Bradford BulkleyG.
    Bradford Bulkley

Director

March 5, 2010/s/  Mitchell
    S. FeigerMitchell
    S. Feiger

Director

March 5, 2010/s/  Richard
    W. GilbertRichard
    W. Gilbert

Director

March 5, 2010/s/  Arthur
    L. KnightArthur
    L. Knight

Director

March 5, 2010  II-5