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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,
    2010oro

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   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 Global Funds Offshore
    Funds
  Calamos Financial Services
  Calamos Interests
    mutual funds open-end
    funds
  Overview
   2




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(1)
    
    Represents combined economic
    interest of Calamos Family Partners, Inc. and John P. Calamos,
    Sr. who is also a member of Calamos Holdings LLC.    Investment Strategies
     3




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http://investors.calamos.com.
  Business
    Strategy
        Maintain
    Superior Investment Performance
      Focus
    on Clients, With an Emphasis on Serving Long-Term
    Investors
   4




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Selectively
    Expand Our Investment Strategies
    Expand
    Our Client Base
  non-U.S. sales.
    Capitalize
    on Our Recognized and Respected Brand
    Kiplingers Personal
    Finance Forbes
  Fortune,
    Forbes, Financial Advisor, Crains Chicago Business Fund Action,
   5




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Investment
    Philosophy
        Investment
    Management
  day-to-day
  day-to-day co-chief
  Investment
    Process
     6




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Assess Business Value.
  Assess Security Value.
  Assess Investment Opportunities.
  Assess the Opportunitys Role in the
    Portfolio.
  bottom-up
  Client
    Relationships
      Intermediary
           7




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Institutional
  5-year
  U.S.-based non-U.S. clients
  Wealth
    Management
    Global
   8




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##### Table of Contents



Investment
    Strategies
    STRATEGY (in millions)Equity

$
12,846


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


7,540


Strategies that pursue equity market upside with less potential
    downside than an all-equity portfolio, by investing primarily in
    convertible securitiesLow-volatility Equity


6,949


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, globallyEnhanced Fixed Income


2,960


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


2,343


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


2,200


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


576


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

$
35,414   Investment
    Products
    Investment
    Companies
    Open-End
    Mutual Funds
       9




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10




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Open-end
    Mutual Funds
  Assets UnderManagement atDecember 31, 2010


Year of(in millions)


InceptionU.S. Domiciled Mutual FundsEquityGrowth Fund

$
9,005



1990Value Fund


59



2002Blue Chip


65



2003International Growth Fund


332



2005Multi-Fund Blend*






2006Global Equity Fund


57



2007Evolving World Growth Fund


136



2008Discovery Growth Fund


24



2010Low-volatility EquityGrowth and Income


4,218



1988Global Growth and Income


1,593



1996ConvertibleConvertible


3,526



1985AlternativeMarket Neutral Income Fund


2,180



1990High YieldHigh Yield Fund


287



1999Fixed IncomeTotal Return Bond Fund


218



2007Offshore FundsEquityGrowth Fund


182



2007Global Equity Fund


36



2007Low-volatility EquityU.S. Opportunities Fund


41



2007Global Opportunities Fund


90



2007Total

$
22,049     *
    
    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.  Closed-End
    Funds
     11




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Closed-end
    Funds
  Assets UnderManagement atDecember 31, 2010


Year of(in millions)


InceptionEnhanced Fixed IncomeConvertible Opportunities and Income Fund

$
1,004



2002Convertible and High Income Fund


1,197



2003Global Dynamic Income Fund


759



2007Total ReturnStrategic Total Return Fund


2,191



2004Global Total Return Fund


152



2005Total

$
5,303   Separate
    Accounts
    Institutional
    Accounts
  not-for-profit sub-advised
     12




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Institutional
    Accounts
  Assets UnderManagement atDecember 31, 2010(in millions)Equity

$
1,263Low-volatility Equity


667Convertible


3,538Alternative


20Fixed Income


71Total*

$
5,559     *
    
    Total institutional assets under management do not include
    assets serviced through mutual funds.  Managed
    Accounts
    Managed
    Accounts
  Assets UnderManagement atDecember 31, 2010(in millions)Equity

$
1,687Low-volatility Equity


340Convertible


476Total

$
2,503     Competitive
    Environment
     13




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Technology
    and Intellectual Property
      Regulatory
    Environment
       14




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Employees
    SEC
    Filings
  http://investors.calamos.com
 15




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Item 1A.
    Risk
    Factors  Risks
    Related to Our Industry
  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
  Changes
    in laws, regulations or 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.
  Dodd-Frank Rule 12b-1
  The
    asset management business is intensely
    competitive.
       16




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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.
    Risks
    Related to Our Business
  The
    loss of key executives could have a material adverse effect on
    our business.
    Our
    ownership structure is not consistently understood and this may
    cause investor confusion and missed business
    opportunities.
   17




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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
    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.
   18




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The
    inability for Calamos Holdings LLC to maintain compliance with
    its financial covenants could have a material adverse effect on
    our company.
    Significant
    changes in market conditions and the economy may require a
    modification to our business plan.
    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 any applicable laws.
    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. A change of control could also
    prevent us for a two-year period from increasing the investment
    advisory fees we are able to charge our mutual fund
    clients.
     19




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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.
    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.
   20




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Control
    by Calamos family members of a majority of the combined voting
    power of our common stock.
    Our
    investment income may be negatively affected by fluctuation in
    our corporate investment portfolio resulting in a material
    adverse effect on our company.
    Insurance
    coverage may be inadequate or not cover legal and regulatory
    proceedings.
    Expansion
    into international markets may increase operational, regulatory
    and other risks.
   21




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Our
    ability to operate our company effectively could be impaired if
    we are unable to attract and retain qualified
    personnel.
    Catastrophic
    and unpredictable events could have a material adverse effect on
    our business.
      Changes
    in tax laws and regulations as well as exposure to additional
    income tax liabilities could have a material adverse effect on
    our business.
    Item 1B.
    Unresolved
    Staff Comments    Item 2.
    Properties   22




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Item 3.
    Legal
    Proceedings  No. 10-CV-04422 No. 10-CV-06558
  No. 10-CV-5833 1-100. No. 10-CV-07295
  No. 10-CV-5106
 23




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No. 11-CV-00462
      Item 4.   24




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

Cash Dividends2010

2009

per ShareHigh

Low

High

Low

2010

2009First Quarter

$
15.33


$
11.55


$
8.26


$
2.74


$
0.075


$
0.055Second Quarter

$
14.82


$
8.64


$
15.47


$
4.53


$
0.075


$
0.055Third Quarter

$
11.91


$
8.45


$
15.01


$
10.75


$
0.075


$
0.055Fourth Quarter

$
14.26


$
11.01


$
14.32


$
9.90


$
0.075


$
0.055       Equity
    Compensation Plan Information
    As of December 31, 2010
  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


2,411,866


$
23.17



N/A(1
)Restricted stock units


1,628,920







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










Total


4,040,786


$
13.83



5,016,897
(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 years ended
    December 31, 2010, 2009 and 2008, 273,734 shares,
    170,896 shares and 173,605 shares, respectively, were
    converted. 25




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Performance
    Graph
  Total
    Return Performance
  
  Period EndingIndex

12/31/05


12/31/06


12/31/07


12/31/08


12/31/09


12/31/10Calamos Asset Management, Inc.


100.00



86.33



97.40



24.79



39.49



49.19SNL Asset Manager


100.00



115.97



132.01



62.74



101.78



117.15S&P 500


100.00



115.79



122.16



76.96



97.33



111.99   Other
    Information
    de-unitized grossing-up
   26




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No Recognition of CAMs


Full Recognition of CAMsOther Assets


Other AssetsOwnership in


Other


Ownership in


Other(in thousands, except share data)

Holdings


Assets


Holdings


AssetsDivide:Discounted value of CAMs Other Assets













$
94,722Class A shares outstanding at December 31, 2010






19,942,317







19,942,317Discounted value per share of CAMs Other Assets













$
4.75Multiply:Share price attributed to assets

$
14.00






$
9.25


$
4.75Class A shares outstanding at December 31, 2010


19,942,317



19,942,317



19,942,317



19,942,317Market capitalization of outstanding shares

$
279,192






$
184,466


$
94,722Divide by:CAMs percentage ownership


21.7
%


100
%


21.7
%


100
%Market capitalization associated with CAMs assets

$
1,286,599






$
850,073


$
94,722Fully consolidated market capitalization

$1,286,599

$944,795    27




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No Recognition of CAMs


Full Recognition of CAMsOther Assets


Other Assets(in thousands, except share data)Market capitalization associated with CAMs investment in
    Calamos Holdings (see table above)

$
1,286,599


$
850,073Multiply by:Calamos Interests ownership in Calamos Holdings
    LLC(1)


78.3
%


78.3
%Calamos Interests value exchanged for Class A common
    stock

$
1,007,052



665,391Divide by:Share price of CAM Class A common stock

$
14.00


$
14.00Shares issued to the Calamos Interests upon Exchange


71,932,296



47,527,952     (1)
    
    The ownership percentage presented in the table has been
    approximated for presentation purposes yet the values presented
    are derived from the precise ownership percentage. 28




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

2010


2009


2008


2007


2006Income Statement Data:RevenuesInvestment management fees

$
238,308


$
200,790


$
274,174


$
325,395


$
329,383Distribution and underwriting fees


84,753



78,430



114,023



143,994



151,760Other


2,978



2,518



3,392



4,088



4,029Total revenues


326,039



281,738



391,589



473,477



485,172Operating expensesEmployee compensation and benefits


75,292



67,413



74,483



91,039



73,382Distribution expenses


66,493



59,491



84,884



104,227



100,935Amortization of deferred sales commissions


9,206



12,201



23,417



27,249



32,924Marketing and sales promotion


13,775



10,762



11,908



40,833



15,631General and administrative


34,772



33,813



37,800



37,036



31,272Total operating expenses


199,538



183,680



232,492



300,384



254,144Operating income


126,501



98,058



159,097



173,093



231,028Non-operating income (loss)


21,662



(4,910
)


(364,055
)


31,499



12,407Income (loss) before income tax provision (benefit)


148,163



93,148



(204,958
)


204,592



243,435Income tax provision (benefit)


12,375



7,879



(3,787
)


18,666



22,770Net income (loss)


135,788



85,269



(201,171
)


185,926



220,665Net (income) loss attributable to non-controlling interest in
    Calamos Holdings LLC


(115,788
)


(72,509
)


104,494



(156,583
)


(186,631
)Net (income) loss attributable to non-controlling interest in
    partnership investments


(72
)


(336
)


72,156



(1,598
)


(26
)Net income (loss) attributable to Calamos Asset Management,
    Inc.

$
19,928


$
12,424


$
(24,521
)

$
27,745


$
34,008Earnings (loss) per share:Basic

$
1.00


$
0.63


$
(1.24
)

$
1.24


$
1.47Diluted(1)

$
0.99


$
0.62


$
(1.24
)

$
1.22


$
1.45Weighted average shares outstandingBasic


19,884,847



19,626,233



19,752,972



22,297,170



23,161,998Diluted(1)


20,187,992



19,954,124



97,449,228



99,760,872



100,805,030   29




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As of December 31,2010


2009


2008


2007


2006Balance Sheet Data (in thousands):Cash and cash equivalents

$
82,870


$
145,431


$
59,425


$
108,441


$
328,841Investment
    securities(2)


314,215



207,886



173,155



535,476



142,675Partnership investments,
    net(2)


41,678



37,549



28,471



353,004



86,846Total assets


589,246



557,078



475,873



1,217,672



791,788Long-term debt, including current portion


125,000



125,000



125,000



525,000



150,000Total liabilities


185,854



177,252



164,826



602,553



208,848Calamos Asset Management, Inc. stockholders equity


183,016



165,314



150,773



213,737



214,577Non-controlling interests


220,376



214,512



160,274



401,382



368,363Total stockholders equity


403,392



379,826



311,047



615,119



582,940Assets Under Management (in millions):Mutual funds


27,352



24,480



17,498



34,835



33,704Separate accounts


8,062



8,234



6,542



11,373



11,021Total assets under management

$
35,414


$
32,714


$
24,040


$
46,208


$
44,725     (1)
    
    Diluted shares outstanding for the periods 2006 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 and 2010.(2)
    
    In 2007, we established Calamos Global Funds PLC, also referred
    to as Offshore Funds. As of December 31, 2007, the Company
    wholly-owned the Offshore Funds, which were consolidated with
    the Companys results and reported within partnership
    investments, net. In December 2008, the Company sold a portion
    of its investment in the Offshore Funds that required the
    Company to de-consolidate the offshore funds from its results as
    it was no longer the majority owner. Accordingly, as of
    December 31, 2008, the Company began recording its
    investment in Offshore Funds at the net asset value of its
    investment and classified this investment as an
    available-for-sale
    security in investment securities in the consolidated statement
    of financial condition. 30




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

2010


2009


2008Mutual FundsOpen-end funds

$
22,049


$
19,531


$
13,594Closed-end funds


5,303



4,949



3,904Total mutual funds


27,352



24,480



17,498Separate AccountsInstitutional accounts


5,559



4,619



3,483Managed accounts


2,503



3,615



3,059Total separate accounts


8,062



8,234



6,542Total assets under management

$
35,414


$
32,714


$
24,040     
    purchases and redemptions of shares of the open-end funds and
    other investment products;
    the amount of distributed and reinvested capital gains and
    income;
    fluctuations in the global financial markets and the valuations
    of securities 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
  Investment
    Companies
    Open-End Mutual Funds.
 31




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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 limited or 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 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; 32




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
    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 of our assets under management;
    total composition of our assets under management 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
   33




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##### 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 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 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 and support new and existing distribution channels and
    clients; 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
    Expenses
  Rule 12b-1 and/or
  Amortization
    of Deferred Sales Commissions
  and/or Rule 12b-1 Rule 12b-1 Rule 12b-1
 34




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

2010


2009Distribution and underwriting fees

$
84,753


$
78,430Distribution expenses


(66,493
)


(59,491
)Amortization of deferred sales commissions


(9,206
)


(12,201
)Net distribution fees

$
9,054


$
6,738Net distribution fee margin


11
%


9
%     Class A shares Rule 12b-1
 35




---



##### 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
  Rule 12b-1
 36




---



##### Table of Contents



Class I shares Rule 12b-1
  Class R shares Rule 12b-1 12b-1 Rule 12b-1
  Offshore Funds Rule 12b-1
    Non-operating
    Income (Loss)
    Non-controlling
    Interest
  Non-controlling
    Interest in Calamos Holdings LLC
     37




---



##### Table of Contents



Non-controlling
    Interest in Partnership Investments and Offshore
    Funds
        Income
    Taxes
    Operating
    Results
  Year
    Ended December 31, 2010 Compared to Year Ended
    December 31, 2009
  Assets
    Under Management
   38




---



##### Table of Contents



Year EndedDecember 31,


Change(in millions)

2010


2009


Amount


PercentMutual FundsBeginning assets under management

$
24,480


$
17,498


$
6,982



40
%Net purchases (redemptions)


(23
)


527



(550
)


*Market appreciation


2,895



6,455



(3,560
)


(55
)Ending assets under management


27,352



24,480



2,872



12Average assets under management


24,739



20,248



4,491



22Institutional AccountsBeginning assets under management


4,619



3,498



1,121



32Net purchases (redemptions)


154



(111
)


265



*Market appreciation


786



1,232



(446
)


(36
)Ending assets under management


5,559



4,619



940



20Average assets under management


4,932



3,930



1,002



25Managed AccountsBeginning assets under management


3,615



3,044



571



19Net redemptions


(1,530
)


(527
)


(1,003
)


*Market appreciation


418



1,098



(680
)


(62
)Ending assets under management


2,503



3,615



(1,112
)


(31
)Average assets under management


2,578



3,181



(603
)


(19
)Total Assets Under ManagementBeginning assets under management


32,714



24,040



8,674



36Net redemptions


(1,399
)


(111
)


(1,288
)


*Market appreciation


4,099



8,785



(4,686
)


(53
)Ending assets under management


35,414



32,714



2,700



8Average assets under management

$
32,249


$
27,359


$
4,890



18
%     *
    
    Not meaningful.  year-over-year
   39




---



##### Table of Contents



Financial
    Review
  Revenues
    Change(in thousands)

2010


2009


Amount


PercentInvestment management fees

$
238,308


$
200,790


$
37,518



19
%Distribution and underwriting fees


84,753



78,430



6,323



8Other


2,978



2,518



460



18Total revenues

$
326,039


$
281,738


$
44,301



16
%          40




---



##### Table of Contents



Operating
    Expenses
    Change(in thousands)

2010


2009


Amount


PercentEmployee compensation and benefits

$
75,292


$
67,413


$
7,879



12
%Distribution expenses


66,493



59,491



7,002



12Amortization of deferred sales commissions


9,206



12,201



(2,995
)


(25
)Marketing and sales promotion


13,775



10,762



3,013



28General and administrative


34,772



33,813



959



3Total operating expenses

$
199,538


$
183,680


$
15,858



9
%     Rule 12b-1 Rule 12b-1
    e-business,
   41




---



##### Table of Contents



Non-Operating
    Activities, Net of Non-controlling Interest in Partnership
    Investments
    (in thousands)

2010


2009


ChangeInterest income

$
379


$
737


$
(358
)Interest expense


(7,801
)


(7,801
)


Net interest expense


(7,422
)


(7,064
)


(358
)Investment income


28,686



1,921



26,765Miscellaneous other income


398



233



165Investment and other income


29,084



2,154



26,930Non-operating income (loss)


21,662



(4,910
)


26,572Net income attributable to non-controlling interest in
    partnership investments


(72
)


(336
)


264Non-operating income (loss), net of non-controlling interest in
    partnership investments

$
21,590


$
(5,246
)

$
26,836        42




---



##### Table of Contents



Twelve Months Ended December 31, 2010Change inAccumulatedOtherNon-Operating


Comprehensive(in thousands)

Income, net


Income


TotalMutual funds and common stock

$
34,489


$
8,581


$
43,070Partnership investments


4,144







4,144Equity option contracts


(9,947
)






(9,947
)Investment income


28,686



8,581



37,267Non-controlling interest in partnership investments


(72
)






(72
)Investment portfolio results

$
28,614






$
37,195Less: Non-controlling interest inCalamos Holdings LLC






(6,317
)Change in AOCI due to stock issuance






77Deferred income taxes






(862
)Change in accumulated other comprehensive income





$
1,479     Income
    Tax Provision
    Net
    Income
    Year
    Ended December 31, 2009 Compared to Year Ended
    December 31, 2008
  Assets
    Under Management
   43




---



##### 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 AccountsBeginning assets under management


3,498



5,333



(1,835
)


(34
)Net purchases (redemptions)


(111
)


152



(263
)


*Market appreciation (depreciation)


1,232



(1,987
)


3,219



*Ending assets under management


4,619



3,498



1,121



32Average assets under management


3,930



4,719



(789
)


(17
)Managed AccountsBeginning assets under management


3,044



6,040



(2,996
)


(50
)Net redemptions


(527
)


(813
)


286



35Market appreciation (depreciation)


1,098



(2,183
)


3,281



*Ending assets under management


3,615



3,044



571



19Average assets under management


3,181



4,778



(1,597
)


(33
)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.       44




---



##### Table of Contents



One-Time
    Items
      ($ 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
)%    45




---



##### Table of Contents



Operating
    Expenses
    Change(in thousands)

2009


2008


Amount


PercentEmployee compensation and benefits

$
67,413


$
74,483


$
(7,070
)


(9
)%Distribution 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
     46




---



##### 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 expense


(7,064
)


(29,676
)


22,612Investment income (loss)


1,921



(295,793
)


297,714Miscellaneous other income (loss)


233



(1,088
)


1,321Investment and other income (loss)


2,154



(296,881
)


299,035Debt extinguishment costs






(37,498
)


37,498Non-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        47




---



##### Table of Contents



Twelve Months Ended December 31, 2009Change inAccumulatedOtherNon-Operating


Comprehensive(in thousands)

Income, net


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


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






(27,715
)Change in AOCI due to stock issuance






13Deferred income taxes






(2,613
)Change in accumulated other comprehensive income





$
4,463     Income
    Tax Provision (Benefit)
    Net
    Income (loss)
    Liquidity
    and Capital Resources
     48




---



##### Table of Contents



December 31,


December 31,(in thousands)

2010


2009Cash and cash equivalents

$
82,870


$
145,431Investment securities


314,215



207,886Derivatives, net


(1,892
)


(1,730
)Partnership investments, net of non-controlling interests


39,981



35,924Total corporate investment portfolio

$
435,174


$
387,511         Results as ofCovenant

Requirement

December 31, 2010EBITDA/interest expense

Not less than 3.0

18.39Debt/EBITDA

Not more than 3.0

0.87Investment coverage ratio

Not less than 1.175

3.07Net worth

Not less than $160 million

$279 million     December 31,

December 31,(in thousands)

2010

2009Statements of financial condition data:Cash and cash equivalents

$
82,870


$
145,431Receivables


29,671



26,489Investment securities and derivatives, net


312,323



206,156Partnership investments, net


39,981



35,924Deferred tax assets, net


75,717



86,256Deferred sales commissions


8,515



12,705Long-term debt, including current portion


125,000



125,000    49




---



##### Table of Contents



(in thousands)

2010

2009

2008Cash flow data:Net cash provided by operating activities

$
144,767


$
140,631


$
125,228Net cash provided by (used in) investing activities


(79,861
)


2,517



323,296Net cash used in financing activities


(127,467
)


(57,142
)


(497,540
)        50




---



##### 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)

$
161,956


$
39,701


$
11,908


$
55,146


$
55,201Operating lease
    obligations(2)


66,912



4,841



9,266



8,759



44,046Other long-term
    obligations(3)


821



243



385



169



24Total

$
229,689


$
44,785


$
21,559


$
64,074


$
99,271     (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
 51




---



##### Table of Contents



24-month
    Compensation
    Plans
  one-for-one
  Income
    Tax Provision (Benefit)
  step-up
  Recently
    Issued Accounting Pronouncements
   52




---



##### Table of Contents



Forward-Looking
    Information
  Form 10-K,
    and/or
    best-in-class Risk
    Factors
    Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk  Securities
    Price Sensitivity
   53




---



##### Table of Contents



Carrying Value AssumingCarrying


10%


10%(in thousands)

Value


Increase


DecreaseAvailable-for-sale
    securities:Mutual funds

$
310,251


$
341,276


$
279,226CFS securities:Mutual funds


3,838



4,222



3,454Common stock


126



139



113Derivative contracts:Puts (assets)


4,026



4,429



3,623Calls (liabilities)


(5,918
)


(6,510
)


(5,326
)Partnership investments:Partnerships


39,980



43,978



35,982       Interest
    Rate Sensitivity
    Other
    Market Risks
   54




---



##### 



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, 2010 and 2009


F-5Consolidated Statements of Operations for the
    years ended December 31, 2010, 2009 and 2008


F-6Consolidated Statements of Changes in
    Stockholders Equity for the years ended December 31,
    2010, 2009 and 2008


F-7Consolidated Statements of Cash Flows for the
    years ended December 31, 2010, 2009 and 2008


F-8Notes to Consolidated Financial Statements


F-9EX-21.1EX-23.1EX-23.2EX-31.1EX-31.2EX-32.1EX-32.2   55




---



##### 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)

2010


2009ASSETSCurrent assets:Cash and cash equivalents

$
82,870


$
145,431Receivables:Affiliates and affiliated funds


19,320



17,174Customers


10,351



9,315Investment securities


314,215



207,886Derivative assets


4,026



1,720Partnership investments, net


41,678



37,549Prepaid expenses


3,087



2,741Deferred tax assets, net


8,757



9,610Other current assets


1,481



2,133Total current assets


485,785



433,559Non-current assets:Deferred tax assets, net


66,960



76,646Deferred sales commissions


8,515



12,705Property and equipment, net


26,745



32,912Other non-current assets


1,241



1,256Total non-current assets


103,461



123,519Total assets

$
589,246


$
557,078LIABILITIES AND STOCKHOLDERS EQUITYLIABILITIESCurrent liabilities:Distribution fees payable

$
16,560


$
16,102Accrued compensation and benefits


21,411



15,768Current portion of long-term debt


32,885



Interest payable


3,026



3,026Derivative liabilities


5,918



3,450Accrued expenses and other current liabilities


3,906



3,711Total current liabilities


83,706



42,057Long-term liabilities:Long-term debt


92,115



125,000Deferred rent


9,456



9,419Other long-term liabilities


577



776Total long-term liabilities


102,148



135,195Total liabilities


185,854



177,252STOCKHOLDERS EQUITYClass A Common Stock, $0.01 par value; authorized
    600,000,000 shares; 23,942,317 shares issued and
    19,942,317 shares outstanding at December 31, 2010;
    23,668,583 shares issued and 19,668,583 shares
    outstanding at December 31, 2009


239



237Class B Common Stock, $0.01 par value; authorized
    1,000 shares; 100 shares issued and outstanding at
    December 31, 2010 and December 31, 2009


0



0Additional paid-in capital


212,256



209,895Retained earnings


59,895



46,035Accumulated other comprehensive income


5,841



4,362Treasury stock at cost; 4,000,000 shares at
    December 31, 2010 and December 31, 2009


(95,215
)


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


183,016



165,314Non-controlling interest in Calamos Holdings LLC


218,679



212,887Non-controlling interest in partnership investments


1,697



1,625Total non-controlling interest


220,376



214,512Total stockholders equity


403,392



379,826Total liabilities and stockholders equity

$
589,246


$
557,078    F-5




---



##### Table of Contents



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

2010


2009


2008RevenuesInvestment management fees

$
238,308


$
200,790


$
274,174Distribution and underwriting fees


84,753



78,430



114,023Other


2,978



2,518



3,392Total revenues


326,039



281,738



391,589ExpensesEmployee compensation and benefits


75,292



67,413



74,483Distribution expenses


66,493



59,491



84,884Amortization of deferred sales commissions


9,206



12,201



23,417Marketing and sales promotion


13,775



10,762



11,908General and administrative


34,772



33,813



37,800Total operating expenses


199,538



183,680



232,492Operating income


126,501



98,058



159,097Non-operating income (loss)Net interest expense


(7,422
)


(7,064
)


(29,676
)Investment and other income (loss)


29,084



2,154



(296,881
)Debt extinguishment costs










(37,498
)Total non-operating income (loss)


21,662



(4,910
)


(364,055
)Income (loss) before income taxes


148,163



93,148



(204,958
)Income tax provision (benefit)


12,375



7,879



(3,787
)Net income (loss)


135,788



85,269



(201,171
)Net (income) loss attributable to non-controlling interest in
    Calamos Holdings LLC


(115,788
)


(72,509
)


104,494Net (income) loss attributable to non-controlling interest in
    partnership investments


(72
)


(336
)


72,156Net income (loss) attributable to Calamos Asset Management,
    Inc.

$
19,928


$
12,424


$
(24,521
)Earnings (loss) per share:Basic

$
1.00


$
0.63


$
(1.24
)Diluted

$
0.99


$
0.62


$
(1.24
)Weighted average shares outstanding:Basic


19,884,847



19,626,233



19,752,972Diluted


20,187,992



19,954,124



97,449,228Cash dividends declared per share

$
0.30


$
0.22


$
0.385    F-6




---



##### Table of Contents



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


controlling


Non-Accumulated





Interest in


controllingAdditional





Other





Calamos


Interest inCommon


Paid-in


Retained


Comprehensive


Treasury


Holdings


Partnership(in thousands)

Stock


Capital


Earnings


Income (Loss)


Stock


LLC


Investments


TotalBalance at Dec. 31, 2007

$
233


$
198,924


$
70,102


$
5,081


$
(60,603
)

$
352,205


$
49,177


$
615,119Net loss










(24,521
)










(104,494
)


(72,156
)


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














(24,502
)






(147,028
)






(171,530
)Reclassification adjustment for realized losses on
    available-for-sale
    securities included in income, net of income taxes














20,014







116,999







137,013Total comprehensive loss






























(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
)


(121,036
)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







99Distribution to non-controlling interests






















(86,798
)






(86,798
)Dividends declared










(7,591
)


















(7,591
)Balance at Dec. 31, 2008

$
235


$
207,844


$
38,010


$
(101
)

$
(95,215
)

$
158,985


$
1,289


$
311,047Net income










12,424











72,509



336



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
    Calamos Holdings LLC






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
)Distribution to non-controlling interests






















(52,673
)






(52,673
)Dividends declared










(4,318
)


















(4,318
)Balance at Dec. 31, 2009

$
237


$
209,895


$
46,035


$
4,362


$
(95,215
)

$
212,887


$
1,625


$
379,826Net income










19,928











115,788



72



135,788Changes in unrealized gains on
    available-for-sale
    securities, net of income taxes














3,880







23,378







27,258Reclassification adjustment for realized gains on
    available-for-sale
    securities included in income, net of income tax














(2,478
)






(17,060
)






(19,538
)Total comprehensive income






























143,508Issuance of common stock (273,734 Class A common shares)


2



(2
)






















Cumulative impact of changes in ownership of Calamos Holdings LLC






388



(3
)


77







(1,652
)






(1,190
)Compensation expense recognized under stock incentive plans






1,975















7,141







9,116Dividend equivalent accrued under stock incentive plans










(104
)










(376
)






(480
)Distribution to non-controlling interests






















(121,427
)






(121,427
)Dividends declared










(5,961
)


















(5,961
)Balance at Dec. 31, 2010

$
239


$
212,256


$
59,895


$
5,841


$
(95,215
)

$
218,679


$
1,697


$
403,392    F-7




---



##### Table of Contents



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

2010


2009


2008Cash and cash equivalents at beginning of period

$
145,431


$
59,425


$
108,441Cash flows from operating activities:Net income (loss)


135,788



85,269



(201,171
)Adjustments to reconcile net income (loss) to net cash provided
    by operating activities:Amortization of deferred sales commissions


9,206



12,201



23,417Other depreciation and amortization


7,778



10,281



12,222Loss on write-off of property and equipment


238







2,031Deferred rent


72



202



1,776Change in unrealized (gains) losses on CFS securities,
    derivative assets, derivative liabilities and partnership
    investments, net


(1,808
)


(22,848
)


158,636Net realized (gain) loss on sale of investment securities,
    derivative assets and derivative liabilities


(22,018
)


25,810



172,413Deferred taxes


9,598



6,586



(2,610
)Stock based compensation


9,116



8,650



7,099Employee taxes paid on vesting under stock incentive plans


(1,128
)


(293
)


(1,796
)(Increase) decrease in assets:Receivables:Affiliates and affiliated funds, net


(2,146
)


(3,987
)


14,454Customers


(1,036
)


(2,453
)


4,837Deferred sales commissions


(5,016
)


(6,493
)


(7,755
)Other assets


461



19,153



(19,401
)Increase (decrease) in liabilities:Distribution fees payable


458



3,674



(10,374
)Accrued compensation and benefits


5,608



5,349



(16,043
)Accrued expenses and other liabilities


(404
)


(470
)


(12,507
)Net cash provided by operating activities


144,767



140,631



125,228Cash flows provided by (used in) investing activities:Net additions to property and equipment


(1,972
)


(2,011
)


(4,616
)Purchases of investment securities


(425,553
)


(4,472
)


(176,977
)Proceeds from sale of investment securities


357,903



15,073



370,344Net (purchases) sales of derivatives


(9,785
)


(5,655
)


9,897Net changes in partnership investments


(454
)


(418
)


124,648Net cash provided by (used in) investing activities


(79,861
)


2,517



323,296Cash flows provided by (used in) financing activities:Repayment of debt










(400,000
)Capital contribution received










31,317(Excess tax liability) deferred tax benefit on vesting under
    stock incentive plans


(79
)


(151
)


144Repurchase of common stock










(34,612
)Equity distributions paid to non-controlling interests


(76,418
)


(31,523
)


(29,741
)Tax distributions paid to non-controlling interests


(45,009
)


(21,150
)


(57,057
)Cash dividends paid to common stockholders


(5,961
)


(4,318
)


(7,591
)Net cash used in financing activities


(127,467
)


(57,142
)


(497,540
)Net increase (decrease) in cash and cash equivalents


(62,561
)


86,006



(49,016
)Cash and cash equivalents at end of period

$
82,870


$
145,431


$
59,425Supplemental disclosure of cash flow information:Cash paid for:Income taxes

$
2,706


$
469


$
11,807Interest

$
7,677


$
7,677


$
41,077    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
   F-11




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Internally
    Developed Software
    Compensation
    Plans
  one-for-one
  Revenue
    Recognition
    Rule 12b-1 and/or
  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)
          Foreign
    Currency
    Income
    Taxes
      Earnings
    (Loss) Per Share
   F-13




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (3)
    Related-Party
    Transactions    (in thousands)

2010


2009


2008Investment management fees from:The Funds

$
150,963


$
122,956


$
165,638The Closed-End Funds


45,149



38,540



54,492Totals

$
196,112


$
161,496


$
220,130Distribution fees from the Funds

$
81,277


$
73,686


$
106,316Portfolio accounting fees from:The Funds

$
2,232


$
1,846


$
2,516The Closed-End Funds


571



497



701Totals

$
2,803


$
2,343


$
3,217     (in thousands)

2009


2008General and administrative

$
135


$
1,042Net payable to Dragon





$
125     20-year
   F-14




---



##### Table of Contents



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

2010


2009


2008Expense allocated from the Company to Dragon

$
40


$
55


$
54Expense allocated from the Company to CFP


369



579



2,011Expense allocated from the Company to CPH


746



962



431Total expenses allocated from the Company to affiliates


1,155



1,596



2,496Expense allocated from CPH to the Company


173



975



1,653Net expense allocated from the Company to affiliates

$
982


$
621


$
843Net receivable for management services from Dragon

$
3


$
4


$
6Net receivable for management services from CFP

$
15


$
17


$
48Net receivable for management services from CPH

$
57


$
50


$
26    F-15




---



##### Table of Contents



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


Unrealized


FairDecember 31, 2010

Cost


Gains


Losses


ValueAvailable-for-sale
    securities:Mutual FundsEquity

$
129,280


$
32,483


$
(3
)

$
161,760Fixed income


89,712



18



(425
)


89,305Low-volatility equity


45,219



12,580



(1
)


57,798Other


1,579



51



(242
)


1,388Total
    available-for-sale
    securities

$
265,790


$
45,132


$
(671
)

$
310,251CFS securities:Mutual FundsEquity

$
3,004


$
834


$



$
3,838Common Stock


56



70







126Total CFS securities

$
3,060


$
904


$



$
3,964Total investment securities













$
314,215   Unrealized


Unrealized


FairDecember 31, 2009

Cost


Gains


Losses


ValueAvailable-for-sale
    securities:Mutual FundsEquity

$
46,042


$
21,965


$
(26
)

$
67,981Fixed income


75,343



6,565







81,908Low-volatility equity


21,091



7,668



(23
)


28,736Other


1,486



2



(270
)


1,218Total
    available-for-sale
    securities

$
143,962


$
36,200


$
(319
)

$
179,843CFS securities:Mutual FundsEquity

$
25,353


$
2,585


$



$
27,938Common Stock


56



49







105Total CFS securities

$
25,409


$
2,634


$



$
28,043Total investment securities













$
207,886     available-for-sale
 F-16




---



##### Table of Contents



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

2010


2009


2008Available-for-sale
    securities:Unrealized gains (losses)

$
29,869


$
34,778


$
(724
)Net gains (losses) reclassified out of accumulated other
    comprehensive income to earnings

$
21,289






$
(148,729
)CFS securities:Unrealized gains (losses)

$
855


$
9,808


$
(17,680
)   (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)

2010


2009Calamos Market Neutral Opportunities Fund LP:Deposits with broker

$
11,128


$
8,008Securities owned


16,365



21,976Securities sold but not yet purchased


(7,175
)


(10,934
)Accrued expenses and other current liabilities


(62
)


(112
)Other current assets


69



214Calamos Market Neutral Opportunities Fund LP, net


20,325



19,152Investment in other partnerships


21,353



18,397Partnership investments, net

$
41,678


$
37,549       available-for-sale
     F-18




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (7)
    Fair
    Value Measurements    over-the-counter
 F-19




---



##### Table of Contents



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


SignificantMarkets for


OtherIdentical Assets


Observable(in thousands)

December 31,


and Liabilities


InputsDescription

2010


(Level 1)


(Level 2)Cash and cash equivalentsMoney market funds

$
35,392


$
35,392


$
Investment securities (Note 4)Mutual FundsEquity


165,598



165,598



Fixed income


89,305



89,305



Low-volatility equity


57,798



57,798



Other


1,388



1,388



Total mutual funds


314,089



314,089



Common stock


126



126



314,215



314,215



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


4,026



4,026



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


(5,918
)


(5,918
)


Securities and derivatives owned by the Partnership (Note 6)Convertible bonds


16,140







16,140Purchased options


145



145



Common stocks


80



80



16,365



225



16,140Securities sold but not yet purchased of the Partnership
    (Note 6)Common stocks


(7,165
)


(7,165
)


Exchange-traded call option contracts


(10
)


(10
)


(7,175
)


(7,175
)


Total

$
356,905


$
340,765


$
16,140   F-20




---



##### Table of Contents



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


SignificantMarkets for


OtherIdentical Assets


Observable(in thousands)

December 31,


and Liabilities


InputsDescription

2009


(Level 1)


(Level 2)Cash and cash equivalentsMoney market funds

$
99,966


$
99,966


$
Investment securities (Note 4)Mutual FundsEquity


95,919



95,919



Fixed income


81,908



81,908Low-volatility equity


28,736



28,736Other


1,218



1,218



Total mutual funds


207,781



207,781Common stock


105



105207,886



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 (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 of the Partnership
    (Note 6)Common stocks


(10,893
)


(10,893
)


Exchange-traded call option contracts


(41
)


(41
)


(10,934
)


(10,934
)


Total

$
317,164


$
296,559


$
20,605  F-21




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (8)
    Property
    and Equipment    (in thousands)

2010


2009Furniture, fixtures, and equipmentCost

$
74,257


$
73,086Accumulated depreciation and amortization


47,512



40,174Furniture, fixtures, and equipment, net

$
26,745


$
32,912   (9)  Long-term
    Debt
          (in thousands)

2010


2009Senior unsecured notes5.24% notes due April 29, 2011

$
32,885


$
32,8856.33% 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


23,855



23,855Total senior unsecured notes


125,000



125,000Less current portion of long-term debt


(32,885
)


Total long-term debt

$
92,115


$
125,000    F-22




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (10)
    Common
    Stock    (11)
    Profit
    Sharing Plan    (12)
    Stock
    Based Compensation     F-23




---



##### Table of Contents



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


Average FairOf


Value of RSUsShares


GrantedOutstanding 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



16.67Granted


529,161



12.69Forfeited


(52,370
)


14.48Exercised upon vesting


(367,532
)


15.94Outstanding at December 31, 2010


1,628,920



15.61Converted during the year ended December 31:2008


173,605



18.002009


170,896



19.512010


273,734



15.94     one-for-one one-for-one one-for-one
  10-year
 F-24




---



##### Table of Contents



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

2.10% - 2.27%Expected volatility

35%Risk-free interest rate

3.3% -4.7%Expected life

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


186,178



5.9 years


$
17.80



16,228


$
17.80$18.00-$29.11


1,963,089



5.7 years



22.04



675,430



20.64$35.43


262,599



5.1 years



35.43



87,533



35.432,411,866



5.7 years



23.17



779,191


$
22.24    F-25




---



##### Table of Contents



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


AverageOf


ExerciseShares


PriceOutstanding 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



23.08Granted






Forfeited


(58,415
)


19.43Exercised






Outstanding at December 31, 2010


2,411,866



23.17   Exercisable at December 31:2008


173,655



18.002009


425,426



20.092010


779,191



22.24    F-26




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (13)
    Non-Operating
    Income (Loss)    (in thousands)

2010


2009


2008Interest income

$
379


$
737


$
2,334Interest expense


(7,801
)


(7,801
)


(32,010
)Net interest expense


(7,422
)


(7,064
)


(29,676
)Investment income (loss)


28,686



1,921



(295,793
)Miscellaneous other income (loss)


398



233



(1,088
)Investment and other income (loss)


29,084



2,154



(296,881
)Debt extinguishment costs










(37,498
)Non-operating income (loss)

$
21,662


$
(4,910
)

$
(364,055
)   (14)
    Income
    Taxes    (in thousands)

2010


2009


2008Current:Federal

$
1,946


$
773


$
(1,090
)State:CAM portion


314



189



(355
)Calamos Interests portion


517



331



Total current income taxes


2,777



1,293



(1,445
)Deferred:Federal


8,861



6,059



(8,444
)State


737



527



6,102Total deferred income taxes


9,598



6,586



(2,342
)Total income tax provision (benefit)

$
12,375


$
7,879


$
(3,787
)        F-27




---



##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        2010


2009


2008Statutory U.S. federal income tax rate


34.0
%


34.0
%


35.0
%Effect of higher tax rates in carryback period










0.6
%State income taxes, net of federal tax benefits


1.9
%


2.0
%


2.0
%Other non-deductible items


0.3
%


0.4
%


(0.3
)%Holdings state income taxes


2.0
%


1.5
%


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


0.8
%


0.9
%


(23.9
)%Effective income tax rate


39.0
%


38.8
%


13.4
%Calamos Interests state income taxes


(1.7
)%


(1.0
)%


CAM effective income tax rate


37.3
%


37.8
%


13.4
%     (in thousands)

2010


2009Deferred tax assets:Intangible assets

$
66,116


$
74,030Capital loss carryforward


11,058



12,202Other


3,412



3,992Total deferred tax assets


80,586



90,224Deferred tax liabilities:Unrealized net holding gains on investments of
    available-for-sale
    securities


3,571



2,709Deferred sales commission


706



916Other


592



344Total deferred tax liabilities


4,869



3,969Net deferred tax assets

$
75,717


$
86,255      F-28




---



##### 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)

2010


2009


2008Earnings (loss) per share  basic:Earnings (loss) available to common shareholders


19,928



12,424


$
(24,521
)Weighted average shares outstanding


19,885



19,626



19,753Earnings (loss) per share  basic

$
1.00


$
0.63


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









$
(204,958
)Non-controlling interest in partnership investments










72,156Less: Impact of revaluation of net deferred tax assets










32,888Less: Impact of income taxes










(49,535
)Earnings (loss) available to common shareholders

$
19,928


$
12,424


$
(116,155
)Weighted average shares outstanding


19,885



19,626



19,753Exchange of Calamos Interests ownership for common stock










77,444Dilutive impact of restricted stock units


303



328



252Weighted average shares outstanding


20,188



19,954



97,449Earnings (loss) per share  diluted

$
0.99


$
0.62


$
(1.24
)      F-29




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##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          2010


2009


2008Exchange of Calamos Interests ownership in Holdings for
    shares of Class A common stock


47,527,952



47,923,822



77,444,069Restricted stock units


49,418



897,064



755,876Stock options


2,411,866



2,472,381



2,588,326Total


49,989,236



51,293,267



80,788,271     (16)
    Commitments
    and Contingencies       F-30




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##### Table of Contents



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

PaymentsYear ended December 31:2011

$
4,8402012


4,8482013


4,4182014


4,5382015


4,222Thereafter


44,046Total minimum lease payments

$
66,912   (17)
    Regulatory
    and Net Capital Requirements  (Rule 15c3-1),
  (Dollars in thousands)

2010


2009Net capital

$
9,698


$
37,926Excess of required net capital

$
8,527


$
36,823Net capital ratio


1.81 : 1.0



0.44 : 1.0   Rule 15c3-3(k)(2)(i) Rule 15c3-3,
  (18)Concentration
    Risk
    2010


2009


2008Calamos Growth Fund


31
%


34
%


40
%Calamos Growth and Income Fund


14
%


15
%


16
%  F-31




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##### Table of Contents



CALAMOS
    ASSET MANAGEMENT, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (19)
    Quarterly
    Financial Information (Unaudited)  At or for the Quarter Ended(in thousands, except

2009


2010share data)

March 31


June 30


Sept. 30


Dec. 31


March 31


June 30


Sept. 30


Dec. 31Assets under management (in millions)

$
23,469


$
27,032


$
30,543


$
32,714


$
32,963


$
29,913


$
32,564


$
35,414Total revenue


59,569



67,079



73,798



81,292



81,130



80,466



78,419



86,024Total operating expenses


46,379



45,695



46,424



45,182



50,612



50,811



47,808



50,307Operating income


13,190



21,384



27,374



36,110



30,518



29,655



30,611



35,717Net income

$
3,352


$
1,787


$
2,590


$
4,695


$
4,811


$
4,670


$
4,693


$
5,754Diluted earnings per share

$
0.17


$
0.09


$
0.13


$
0.23


$
0.24


$
0.23


$
0.23


$
0.28Diluted shares outstanding


19,751,288



19,990,070



20,090,555



20,080,566



20,122,940



20,201,608



20,143,747



20,428,635   (20)
    Recently
    Issued Accounting Pronouncements  Accounting
    Standards Adopted During Fiscal Year 2010
  No. 2009-17 No. 2010-10, 2009-17 No. 2010-10. No. 2010-10
  No. 2010-09,
  No. 2010-08,
  No. 2010-06,
 F-32




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##### 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  Executive Management

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

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

Nick P. CalamosPresident of Investments 
    and Co-Chief Investment OfficerJames J. Boyne 
    President of Distribution and
    Operations, Secretary

G. Bradford BulkleyFounder
    Bulkley Capital, L.P.Gary J. FelstenSenior Vice President 
    and Director of Human Resources

Mitchell S. FeigerPresident and Chief Executive Officer 
    MB Financial, Inc.Cristina Wasiak 
    Senior Vice President
    and Chief Financial Officer

Richard W. Gilbert 
    President 
    Gilbert Communications, Inc.Randall T. ZipfelSenior Vice President 
    and Chief Operating Officer 
    Investments and IT

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




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##### 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




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##### 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). II-3




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##### Table of Contents



ExhibitNumber

Description of Exhibit10.4


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).10.5


Calamos Asset Management, Inc. Incentive Compensation Plan as
    amended effective May 22, 2009 (incorporated by reference
    to Exhibit 10.1 to the Registrants Current Report on
    Form 8-K
    filed with the Securities and Exchange Commission on
    May 27, 2009).10.6


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).10.7


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).10.8


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).10.9


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).10.10


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 (incorporated by
    reference to Exhibit 10.11 to the Registrants Annual
    Report on
    Form 10-K
    filed with the Securities and Exchange Commission on
    March 9, 2010).10.11


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).10.12


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).10.13


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




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##### 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 4, 2011/s/  Cristina
    WasiakCristina
    Wasiak

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

March 4, 2011/s/  Nick
    P. CalamosNick
    P. Calamos

President of Investments and Co-Chief Investment Officer,
    Director

March 4, 2011/s/  G.
    Bradford BulkleyG.
    Bradford Bulkley

Director

March 4, 2011/s/  Mitchell
    S. FeigerMitchell
    S. Feiger

Director

March 4, 2011/s/  Richard
    W. GilbertRichard
    W. Gilbert

Director

March 4, 2011/s/  Arthur
    L. KnightArthur
    L. Knight

Director

March 4, 2011  II-5