##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR
THE QUARTERLY PERIOD ENDED: September 30, 2009
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 Commission File Number: 000-51003
 
 CALAMOS ASSET MANAGEMENT, INC.
  
 Delaware
    
    32-0122554(State or Other Jurisdiction of 
Incorporation or Organization)
    
    (I.R.S. Employer
Identification No.)2020 Calamos Court, Naperville, Illinois
    
    60563(Address of Principal Executive Offices)
    
    (Zip Code)
 (630) 245-7200
 
 þ o
 o o
  Large accelerated filer o
Accelerated filer þNon-accelerated filer o(Do not check if a smaller reporting company)Smaller reporting company o
 o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 6. ExhibitsSIGNATURESEX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data)
 September 30,
    
    
    December 31,2009
    
    
    2008(unaudited)ASSETSCurrent assetsCash and cash equivalents
    
    $
    129,469
    
    
    $
    59,425Receivables:Affiliates and affiliated funds
    
    
    15,377
    
    
    
    13,187Customers
    
    
    8,369
    
    
    
    6,862Investment securities
    
    
    200,184
    
    
    
    173,155Derivative assets
    
    
    3,742
    
    
    
    14,288Partnership investments
    
    
    36,475
    
    
    
    28,471Prepaid expenses
    
    
    2,580
    
    
    
    2,607Deferred tax assets, net
    
    
    10,407
    
    
    
    11,837Other current assets
    
    
    17,039
    
    
    
    21,766Total current assets
    
    
    423,642
    
    
    
    331,598Non-current assetsDeferred tax assets, net
    
    
    78,262
    
    
    
    83,769Deferred sales commissions
    
    
    13,622
    
    
    
    18,414Property and equipment, net of accumulated depreciation ($39,424 at 9/30/09
and $31,719 at 12/31/08)
    
    
    35,397
    
    
    
    41,058Other non-current assets
    
    
    1,347
    
    
    
    1,034Total non-current assets
    
    
    128,628
    
    
    
    144,275Total assets
    
    
    552,270
    
    
    
    475,873LIABILITIESCurrent liabilitiesAccounts payable:Brokers
    
    
    11,879
    
    
    
    10,239Affiliates and affiliated funds
    
    
    50
    
    
    
    283Accrued compensation and benefits
    
    
    14,349
    
    
    
    10,419Interest payable
    
    
    1,968
    
    
    
    3,025Derivative liabilities
    
    
    8,396
    
    
    
    Accrued expenses and other current liabilities
    
    
    4,771
    
    
    
    5,889Total current liabilities
    
    
    41,413
    
    
    
    29,855Long-term liabilitiesLong-term debt
    
    
    125,000
    
    
    
    125,000Other long-term liabilities
    
    
    10,153
    
    
    
    9,971Total long-term liabilities
    
    
    135,153
    
    
    
    134,971Total liabilities
    
    
    176,566
    
    
    
    164,826STOCKHOLDERS EQUITYClass A Common Stock, $0.01 par value; authorized 600,000,000 shares; 23,621,037
shares issued and 19,621,037 shares outstanding at September 30, 2009;
23,497,687 shares issued and 19,497,687 shares outstanding at December 31, 2008
    
    
    236
    
    
    
    235Class B Common Stock, $0.01 par value; authorized 1,000 shares; 100 shares issued
and outstanding at September 30, 2009 and December 31, 2008
    
    
    0
    
    
    
    0Additional paid-in capital
    
    
    209,761
    
    
    
    207,844Retained earnings
    
    
    42,441
    
    
    
    38,010Accumulated other comprehensive income (loss)
    
    
    3,789
    
    
    
    (101
    )Treasury stock at cost; 4,000,000 shares at September 30, 2009 and December 31,
2008
    
    
    (95,215
    )
    
    
    (95,215
    )Calamos Asset Management, Inc. stockholders equity
    
    
    161,012
    
    
    
    150,773Non-controlling interest in partnership investments
    
    
    1,619
    
    
    
    1,289Non-controlling interest in Calamos Holdings LLC
    
    
    213,073
    
    
    
    158,985Total non-controlling interest
    
    
    214,692
    
    
    
    160,274Total stockholders equity
    
    
    375,704
    
    
    
    311,047Total liabilities and stockholders equity
    
    $
    552,270
    
    
    $
    475,873
  -2-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Nine Months Ended September 30, 2009 and 2008
(in thousands, except share data)
(unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008RevenuesInvestment management fees
    
    $
    52,868
    
    
    $
    71,479
    
    
    $
    142,362
    
    
    $
    227,202Distribution and underwriting fees
    
    
    20,271
    
    
    
    29,446
    
    
    
    56,287
    
    
    
    94,734Other
    
    
    659
    
    
    
    882
    
    
    
    1,797
    
    
    
    2,802Total revenues
    
    
    73,798
    
    
    
    101,807
    
    
    
    200,446
    
    
    
    324,738ExpensesEmployee compensation and benefits
    
    
    17,686
    
    
    
    16,547
    
    
    
    53,155
    
    
    
    60,001Distribution and underwriting expense
    
    
    15,713
    
    
    
    21,922
    
    
    
    42,473
    
    
    
    70,955Amortization of deferred sales commissions
    
    
    2,494
    
    
    
    6,002
    
    
    
    9,710
    
    
    
    18,088Marketing and sales promotion
    
    
    2,627
    
    
    
    3,527
    
    
    
    8,089
    
    
    
    9,598General and administrative
    
    
    7,904
    
    
    
    9,698
    
    
    
    25,071
    
    
    
    28,445Total operating expenses
    
    
    46,424
    
    
    
    57,696
    
    
    
    138,498
    
    
    
    187,087Operating income
    
    
    27,374
    
    
    
    44,111
    
    
    
    61,948
    
    
    
    137,651Non-operating ActivitiesNet interest expense
    
    
    (1,764
    )
    
    
    (7,634
    )
    
    
    (5,284
    )
    
    
    (22,556
    )Investment and other income (loss)
    
    
    (6,208
    )
    
    
    (71,010
    )
    
    
    1,669
    
    
    
    (93,829
    )Total non-operating loss
    
    
    (7,972
    )
    
    
    (78,644
    )
    
    
    (3,615
    )
    
    
    (116,385
    )Income (loss) before income taxes
    
    
    19,402
    
    
    
    (34,533
    )
    
    
    58,333
    
    
    
    21,266Income taxes
    
    
    1,670
    
    
    
    (394
    )
    
    
    5,096
    
    
    
    11,744Net income (loss)
    
    
    17,732
    
    
    
    (34,139
    )
    
    
    53,237
    
    
    
    9,522Net (income) loss attributable to
non-controlling interest in partnership
investments
    
    
    (141
    )
    
    
    27,659
    
    
    
    (330
    )
    
    
    40,928Net (income) loss attributable to
non-controlling interest in Calamos Holdings
LLC
    
    
    (15,001
    )
    
    
    5,681
    
    
    
    (45,178
    )
    
    
    (48,904
    )Net income (loss) attributable to Calamos
Asset Management, Inc.
    
    $
    2,590
    
    
    $
    (799
    )
    
    $
    7,729
    
    
    $
    1,546Earnings (loss) per shareBasic
    
    $
    0.13
    
    
    $
    (0.04
    )
    
    $
    0.39
    
    
    $
    0.08Diluted
    
    $
    0.13
    
    
    $
    (0.05
    )
    
    $
    0.39
    
    
    $
    0.06Weighted average shares outstandingBasic
    
    
    19,621,137
    
    
    
    19,453,173
    
    
    
    19,616,455
    
    
    
    19,842,888Diluted (1)
    
    
    20,090,555
    
    
    
    96,829,687
    
    
    
    19,948,616
    
    
    
    97,160,244Cash dividends per share
    
    $
    0.055
    
    
    $
    0.11
    
    
    $
    0.165
    
    
    $
    0.33
 
 (1)
    
    See Note 8 to the consolidated financial statements.  -3-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
Nine Months Ended September 30, 2009
(in thousands)
(unaudited)
 Calamos Asset Management, Inc. Stockholders
    
    
    Non-controllingAdditional
    
    
    
    
    
    
    Accumulated Other
    
    
    
    
    
    
    interest in
    
    
    Non-controllingCommon
    
    
    Paid-in
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury
    
    
    partnership
    
    
    interest in CalamosStock
    
    
    Capital
    
    
    Earnings
    
    
    Income (Loss)
    
    
    Stock
    
    
    investments
    
    
    Holdings LLC
    
    
    TotalBalance at Dec. 31, 2008
    
    $
    235
    
    
    $
    207,844
    
    
    $
    38,010
    
    
    $
    (101
    )
    
    $
    (95,215
    )
    
    $
    1,289
    
    
    $
    158,985
    
    
    $
    311,047Net income
    
    
    
    
    
    
    
    
    
    
    7,729
    
    
    
    
    
    
    
    
    
    
    
    330
    
    
    
    45,178
    
    
    
    53,237Changes in unrealized
gains on available-for-
sale securities, net of
income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,391
    
    
    
    
    
    
    
    
    
    
    
    24,466
    
    
    
    28,857Reclassification of
unrealized loss on
securities contributed to
Holdings
    
    
    
    
    
    
    501
    
    
    
    
    
    
    
    (501
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total comprehensive
income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    82,094Issuance of common stock
(123,350 Class A common
shares)
    
    
    1
    
    
    
    (1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cumulative impact of
changes in ownership of
Calamos Holdings LLC
    
    
    
    
    
    
    78
    
    
    
    (1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (390
    )
    
    
    (313
    )Compensation expense
recognized under stock
incentive plans
    
    
    
    
    
    
    1,339
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,909
    
    
    
    6,248Dividend equivalent accrued
under stock incentive plans
    
    
    
    
    
    
    
    
    
    
    (61
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (217
    )
    
    
    (278
    )Dividends declared
    
    
    
    
    
    
    
    
    
    
    (3,236
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (19,858
    )
    
    
    (23,094
    )Balance at Sept. 30, 2009
    
    $
    236
    
    
    $
    209,761
    
    
    $
    42,441
    
    
    $
    3,789
    
    
    $
    (95,215
    )
    
    $
    1,619
    
    
    $
    213,073
    
    
    $
    375,704
  -4-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2009 and 2008
(in thousands)
(unaudited)
 2009
    
    
    2008Cash and cash equivalents at beginning of year
    
    $
    59,425
    
    
    $
    108,441Cash flows from operating activities:Net income
    
    
    53,237
    
    
    
    9,522Adjustments to reconcile net income to net cash provided by
operating activities:Amortization of deferred sales commissions
    
    
    9,710
    
    
    
    18,088Other depreciation and amortization
    
    
    7,823
    
    
    
    8,000Unrealized depreciation (appreciation) on CFS securities,
derivative assets, derivative liabilities and partnership
investments
    
    
    (17,396
    )
    
    
    122,678Net realized loss (gain) on sale of investment
securities, derivative assets and derivative liabilities
    
    
    18,565
    
    
    
    (20,663
    )Deferred taxes
    
    
    4,518
    
    
    
    5,536Stock-based compensation
    
    
    6,248
    
    
    
    5,441Employee taxes paid on vesting under stock incentive plans
    
    
    (175
    )
    
    
    (1,715
    )(Increase) decrease in assets:Accounts receivable:Affiliates and affiliated mutual funds, net
    
    
    (2,190
    )
    
    
    6,910Customers
    
    
    (1,507
    )
    
    
    2,275Deferred sales commissions
    
    
    (4,918
    )
    
    
    (6,582
    )Other assets
    
    
    4,112
    
    
    
    (1,627
    )Increase (decrease) in liabilities:Accounts payable
    
    
    1,407
    
    
    
    (3,866
    )Accrued compensation and benefits
    
    
    3,930
    
    
    
    (16,554
    )Other liabilities and accrued expenses
    
    
    (2,172
    )
    
    
    (5,890
    )Net cash provided by operating activities
    
    
    81,192
    
    
    
    121,553Cash flows provided by (used in) investing activities:Net additions to property and equipment
    
    
    (2,069
    )
    
    
    (4,503
    )Purchase of investment securities
    
    
    (2,358
    )
    
    
    (173,325
    )Proceeds from sale of investment securities
    
    
    15,073
    
    
    
    113,331Net (purchases) sales of derivatives
    
    
    1,405
    
    
    
    Net changes in partnership investments and offshore funds
    
    
    (241
    )
    
    
    2,862Net cash provided by (used in) investing activities
    
    
    11,810
    
    
    
    (61,635
    )Cash flows used in financing activities:Capital contribution received
    
    
    
    
    
    
    31,317Deferred tax benefit on vesting under stock incentive plans
    
    
    136
    
    
    
    192Repurchase of common stock
    
    
    
    
    
    
    (34,612
    )Cash distributions paid to non-controlling interests
    
    
    (19,858
    )
    
    
    (80,894
    )Cash dividends paid to common stockholders
    
    
    (3,236
    )
    
    
    (6,519
    )Net cash used in financing activities
    
    
    (22,958
    )
    
    
    (90,516
    )Net increase (decrease) in cash
    
    
    70,044
    
    
    
    (30,598
    )Cash and cash equivalents at end of period
    
    $
    129,469
    
    
    $
    77,843
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CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 (1) Organization and Description of Business
  (2) Basis of Presentation
        6




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CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
    (3) Investment Securities
  September 30, 2009TotalAvailable-for-
    
    
    CFS
    
    
    Investment(in thousands)
    
    Sale
    
    
    Securities
    
    
    SecuritiesMutual FundsEquity
    
    $
    91,659
    
    
    $
    26,292
    
    
    $
    117,951Balanced
    
    
    628
    
    
    
    
    
    
    
    628Fixed income
    
    
    80,725
    
    
    
    
    
    
    
    80,725High yield
    
    
    564
    
    
    
    
    
    
    
    564Other
    
    
    205
    
    
    
    
    
    
    
    205Total mutual funds
    
    
    173,781
    
    
    
    26,292
    
    
    
    200,073Common stock
    
    
    
    
    
    
    111
    
    
    
    111$
    173,781
    
    
    $
    26,403
    
    
    $
    200,184
 December 31, 2008TotalAvailable-for-
    
    
    CFS
    
    
    Investment(in thousands)
    
    Sale
    
    
    Securities
    
    
    SecuritiesMutual FundsEquity
    
    $
    66,947
    
    
    $
    32,671
    
    
    $
    99,618Balanced
    
    
    436
    
    
    
    
    
    
    
    436Fixed income
    
    
    72,418
    
    
    
    
    
    
    
    72,418High yield
    
    
    380
    
    
    
    
    
    
    
    380Other
    
    
    172
    
    
    
    
    
    
    
    172Total mutual funds
    
    
    140,353
    
    
    
    32,671
    
    
    
    173,024Common stock
    
    
    
    
    
    
    131
    
    
    
    131$
    140,353
    
    
    $
    32,802
    
    
    $
    173,155
  7




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
  Three Months Ended Sept. 30,
    
    
    Nine Months Ended Sept. 30,(in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Available-for-sale securities:Proceeds from sale
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    113,329Gross realized gains on sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,234Unrealized gains (losses)
    
    
    16,648
    
    
    
    (60,651
    )
    
    
    30,638
    
    
    
    (105,254
    )CFS securities:Unrealized gains (losses)
    
    
    4,151
    
    
    
    (8,982
    )
    
    
    8,361
    
    
    
    (9,935
    )
  September 30,
    
    
    December 31,(in thousands)
    
    2009
    
    
    2008Total cumulative unrealized gains on available-for-sale securities
with net gains:Mutual FundsEquity
    
    $
    24,900
    
    
    $
    160Fixed income
    
    
    7,195
    
    
    
    1,681Total gains
    
    
    32,095
    
    
    
    1,841Total cumulative unrealized losses on available-for-sale securities
with net losses:Mutual FundsEquity
    
    
    (35
    )
    
    
    (75
    )Balanced
    
    
    (183
    )
    
    
    (346
    )High yield
    
    
    (122
    )
    
    
    (272
    )Other
    
    
    (15
    )
    
    
    (46
    )Total losses
    
    
    (355
    )
    
    
    (739
    )Total cumulative net unrealized gains on available-for-sale securities
    
    $
    31,740
    
    
    $
    1,102
   8




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (4) Derivative Assets and Liabilities
   (5) Partnership Investments
  September 30,
    
    
    December 31,(in thousands)
    
    2009
    
    
    2008Calamos Market Neutral Opportunities Fund LP:Securities owned
    
    $
    23,207
    
    
    $
    27,038Securities sold but not yet purchased
    
    
    (10,236
    )
    
    
    (5,697
    )Accrued expenses and other current liabilities
    
    
    (272
    )
    
    
    (7,525
    )Other current assets
    
    
    6,205
    
    
    
    886Calamos Market Neutral Opportunities Fund LP securities, net
    
    
    18,904
    
    
    
    14,702Investment in other partnerships
    
    
    17,571
    
    
    
    13,769Partnership investments
    
    $
    36,475
    
    
    $
    28,471
   9




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (6) Fair Value Measurements
   Fair Value Measurements at Reporting Date UsingQuoted Prices
    
    
    Significantin Active
    
    
    Other
    
    
    SignificantMarkets for
    
    
    Observable
    
    
    Unobservable(in thousands)
    
    September
    
    
    Identical Assets
    
    
    Inputs
    
    
    InputsDescription
    

30, 2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Investment securities (Note 3)Mutual funds
    
    $
    200,073
    
    
    $
    200,073
    
    
    $
    
    
    
    $
    Common stocks
    
    
    111
    
    
    
    111
    
    
    
    
    
    
    
    200,184
    
    
    
    200,184
    
    
    
    
    
    
    
    Derivative assets (Note 4)Exchange-traded put option contracts
    
    
    3,742
    
    
    
    3,742
    
    
    
    
    
    
    
    Derivative liabilities (Note 4)Exchange-traded call option contracts
    
    
    (8,396
    )
    
    
    (8,396
    )
    
    
    
    
    
    
    Securities and derivatives owned by the
PartnershipInvestments (Note 5)Common stocks
    
    
    531
    
    
    
    531
    
    
    
    
    
    
    
    Convertible preferred stocks
    
    
    634
    
    
    
    634
    
    
    
    
    
    
    
    Purchased options
    
    
    108
    
    
    
    108
    
    
    
    
    
    
    
    Convertible bonds
    
    
    19,761
    
    
    
    
    
    
    
    19,761
    
    
    
    Corporate bonds
    
    
    1,115
    
    
    
    
    
    
    
    1,115
    
    
    
    Convertible preferred stocks
    
    
    1,058
    
    
    
    
    
    
    
    1,058
    
    
    
    23,207
    
    
    
    1,273
    
    
    
    21,934
    
    
    
    Securities sold but not yet purchased
(Note 5)Common stocks
    
    
    (10,170
    )
    
    
    (10,170
    )
    
    
    
    
    
    
    Exchange-traded call option contracts
    
    
    (66
    )
    
    
    (66
    )
    
    
    
    
    
    
    (10,236
    )
    
    
    (10,236
    )
    
    
    
    
    
    
    Total
    
    $
    208,501
    
    
    $
    186,567
    
    
    $
    21,934
    
    
    $
    
 10




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (7) Fair Value of Financial Instruments
   (8) Earnings Per Share
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands, except per share data)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Earnings per share  basicEarnings available to common shareholders
    
    $
    2,590
    
    
    $
    (799
    )
    
    $
    7,729
    
    
    $
    1,546Weighted average shares outstanding
    
    
    19,621
    
    
    
    19,453
    
    
    
    19,616
    
    
    
    19,843Earnings per share  basic
    
    $
    0.13
    
    
    $
    (0.04
    )
    
    $
    0.39
    
    
    $
    0.08Earnings per share  dilutedIncome before income taxes
    
    
    
    
    
    $
    (34,533
    )
    
    
    
    
    
    $
    21,266Non-controlling interest in partnership investments
    
    
    
    
    
    
    27,659
    
    
    
    
    
    
    
    40,928Less: Impact of revaluation of net deferred tax
assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    32,888Less: Impact of income taxes
    
    
    
    
    
    
    (2,270
    )
    
    
    
    
    
    
    23,260Earnings available to common shareholders
    
    $
    2,590
    
    
    $
    (4,604
    )
    
    $
    7,729
    
    
    $
    6,046Weighted average shares outstanding
    
    
    19,621
    
    
    
    19,453
    
    
    
    19,616
    
    
    
    19,843Exchange of Calamos Interests ownership for common
stock
    
    
    
    
    
    
    77,019
    
    
    
    
    
    
    
    77,006Dilutive impact of restricted stock units
    
    
    470
    
    
    
    358
    
    
    
    333
    
    
    
    311Dilutive impact of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Weighted average diluted shares outstanding
    
    
    20,091
    
    
    
    96,830
    
    
    
    19,949
    
    
    
    97,160Earnings per share  diluted
    
    $
    0.13
    
    
    $
    (0.05
    )
    
    $
    0.39
    
    
    $
    0.06
   -11-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
    Three Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2009
    
    2008
    
    2009
    
    2008Exchange of Calamos
Interests ownership
interest in Holdings
for shares of Class A
common stock
    
    
    53,894,411
    
    
    
    
    
    
    
    53,894,411
    
    
    
    Restricted stock units
    
    
    290,699
    
    
    
    44,083
    
    
    
    797,813
    
    
    
    248,168Stock options
    
    
    2,472,381
    
    
    
    2,681,026
    
    
    
    2,472,381
    
    
    
    2,681,026Total
    
    
    56,657,491
    
    
    
    2,725,109
    
    
    
    57,164,605
    
    
    
    2,929,194
  (9) Stock Based Compensation
  -12-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
    (10) Income Taxes
   (11) Non-Operating Activities, Net of Non-Controlling Interest in Partnership Investments
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Interest income
    
    $
    186
    
    
    $
    519
    
    
    $
    566
    
    
    $
    1,859Interest expense
    
    
    (1,950
    )
    
    
    (8,153
    )
    
    
    (5,850
    )
    
    
    (24,415
    )Net interest expense
    
    
    (1,764
    )
    
    
    (7,634
    )
    
    
    (5,284
    )
    
    
    (22,556
    )Investment income (loss)
    
    
    (6,060
    )
    
    
    (71,228
    )
    
    
    1,452
    
    
    
    (94,536
    )Miscellaneous other income (loss)
    
    
    (148
    )
    
    
    218
    
    
    
    217
    
    
    
    707Investment and other income (loss)
    
    
    (6,208
    )
    
    
    (71,010
    )
    
    
    1,669
    
    
    
    (93,829
    )Non-operating (loss)
    
    
    (7,972
    )
    
    
    (78,644
    )
    
    
    (3,615
    )
    
    
    (116,385
    )Net (income) loss attributable to non-controlling
interest in partnership investments
    
    
    (141
    )
    
    
    27,659
    
    
    
    (330
    )
    
    
    40,928Non-operating loss, net of non-
controlling interest in partnership investments
    
    $
    (8,113
    )
    
    $
    (50,985
    )
    
    $
    (3,945
    )
    
    $
    (75,457
    )
 -13-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (12) Recently Issued Accounting Pronouncements
 Business Combinations
 Non-controlling Interests in Consolidated Financial
Statements  an amendment of ARB No. 51
 Disclosures about Derivative Instruments and Hedging
Activities  an amendment of FASB Statement No. 133
 Interim Disclosures about Fair Value of
Financial Instruments, , Disclosures about Fair Value of Financial Instruments,
 Recognition and Presentation of
Other-Than-Temporary Impairments, ,
 Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That
Are Not Orderly,
 Subsequent Events
 The FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles, a replacement of FASB Statement No. 162,
 -14-




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##### Table of Contents



Fair Value Measurements and Disclosures
 Fair Value Measurements and Disclosures
 Amendments to FASB Interpretation No. 46(R),
 (13) Subsequent Events
  -15-




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##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
   September 30,(in millions)
    
    2009
    
    
    2008Mutual FundsOpen-end funds
    
    $
    18,092
    
    
    $
    19,110Closed-end funds
    
    
    4,764
    
    
    
    5,738Total mutual funds
    
    
    22,856
    
    
    
    24,848Separate AccountsInstitutional accounts
    
    
    4,219
    
    
    
    4,271Managed accounts
    
    
    3,468
    
    
    
    4,210Total separate accounts
    
    
    7,687
    
    
    
    8,481Total assets under management
    
    $
    30,543
    
    
    $
    33,329
     -16-




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##### Table of Contents



Operating Results
 Third Quarter and Nine Months Ended September 30, 2009 Compared to Third Quarter and Nine Months
Ended September 30, 2008
 Assets Under Management
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change($ in millions)
    
    2009
    
    
    2008
    
    
    Amount
    
    
    Percent
    
    
    2009
    
    
    2008
    
    
    Amount
    
    
    PercentMutual FundsBeginning assets under management
    
    $
    20,003
    
    
    $
    30,693
    
    
    $
    (10,690
    )
    
    
    (35
    )%
    
    $
    17,498
    
    
    $
    34,835
    
    
    $
    (17,337
    )
    
    
    (50
    )%Net purchases (redemptions)
    
    
    21
    
    
    
    (1,011
    )
    
    
    1,032
    
    
    
    *
    
    
    
    95
    
    
    
    (1,742
    )
    
    
    1,837
    
    
    
    *Market appreciation (depreciation)
    
    
    2,832
    
    
    
    (4,834
    )
    
    
    7,666
    
    
    
    *
    
    
    
    5,263
    
    
    
    (8,245
    )
    
    
    13,508
    
    
    
    *Ending assets under management
    
    
    22,856
    
    
    
    24,848
    
    
    
    (1,992
    )
    
    
    (8
    )
    
    
    22,856
    
    
    
    24,848
    
    
    
    (1,992
    )
    
    
    (8
    )Average assets under management
    
    
    21,382
    
    
    
    28,649
    
    
    
    (7,267
    )
    
    
    (25
    )
    
    
    19,092
    
    
    
    30,714
    
    
    
    (11,622
    )
    
    
    (38
    )InstitutionalBeginning assets under management
    
    
    3,898
    
    
    
    5,284
    
    
    
    (1,386
    )
    
    
    (26
    )%
    
    
    3,498
    
    
    
    5,333
    
    
    
    (1,835
    )
    
    
    (34
    )%Net purchases (redemptions)
    
    
    (217
    )
    
    
    (158
    )
    
    
    (59
    )
    
    
    (37
    )
    
    
    (274
    )
    
    
    255
    
    
    
    529
    
    
    
    *Market appreciation (depreciation)
    
    
    538
    
    
    
    (855
    )
    
    
    1,393
    
    
    
    *
    
    
    
    995
    
    
    
    (1,317
    )
    
    
    2,312
    
    
    
    *Ending assets under management
    
    
    4,219
    
    
    
    4,271
    
    
    
    (52
    )
    
    
    (1
    )
    
    
    4,219
    
    
    
    4,271
    
    
    
    (52
    )
    
    
    (1
    )Average assets under management
    
    
    4,044
    
    
    
    4,908
    
    
    
    (864
    )
    
    
    (18
    )
    
    
    3,774
    
    
    
    5,093
    
    
    
    (1,319
    )
    
    
    (26
    )Managed AccountsBeginning assets under management
    
    
    3,131
    
    
    
    5,233
    
    
    
    (2,102
    )
    
    
    (40
    )%
    
    
    3,044
    
    
    
    6,040
    
    
    
    (2,996
    )
    
    
    (50
    )%Net purchases (redemptions)
    
    
    (85
    )
    
    
    (202
    )
    
    
    117
    
    
    
    58
    
    
    
    (436
    )
    
    
    (426
    )
    
    
    (10
    )
    
    
    (2
    )Market appreciation (depreciation)
    
    
    422
    
    
    
    (821
    )
    
    
    1,243
    
    
    
    *
    
    
    
    860
    
    
    
    (1,404
    )
    
    
    2,264
    
    
    
    *Ending assets under management
    
    
    3,468
    
    
    
    4,210
    
    
    
    (742
    )
    
    
    (18
    )
    
    
    3,468
    
    
    
    4,210
    
    
    
    (742
    )
    
    
    (18
    )Average assets under management
    
    
    3,295
    
    
    
    4,859
    
    
    
    (1,564
    )
    
    
    (32
    )
    
    
    3,085
    
    
    
    5,272
    
    
    
    (2,187
    )
    
    
    (41
    )Total Separate AccountsBeginning assets under management
    
    
    7,029
    
    
    
    10,517
    
    
    
    (3,488
    )
    
    
    (33
    )
    
    
    6,542
    
    
    
    11,373
    
    
    
    (4,831
    )
    
    
    (42
    )Net redemptions
    
    
    (302
    )
    
    
    (360
    )
    
    
    58
    
    
    
    16
    
    
    
    (710
    )
    
    
    (171
    )
    
    
    (539
    )
    
    
    *Market appreciation (depreciation)
    
    
    960
    
    
    
    (1,676
    )
    
    
    2,636
    
    
    
    *
    
    
    
    1,855
    
    
    
    (2,721
    )
    
    
    4,576
    
    
    
    *Ending assets under management
    
    
    7,687
    
    
    
    8,481
    
    
    
    (794
    )
    
    
    (9
    )
    
    
    7,687
    
    
    
    8,481
    
    
    
    (794
    )
    
    
    (9
    )Average assets under management
    
    
    7,339
    
    
    
    9,767
    
    
    
    (2,428
    )
    
    
    (25
    )
    
    
    6,859
    
    
    
    10,365
    
    
    
    (3,506
    )
    
    
    (34
    )Total Assets Under ManagementBeginning assets under management
    
    
    27,032
    
    
    
    41,210
    
    
    
    (14,178
    )
    
    
    (34
    )
    
    
    24,040
    
    
    
    46,208
    
    
    
    (22,168
    )
    
    
    (48
    )Net redemptions
    
    
    (281
    )
    
    
    (1,371
    )
    
    
    1,090
    
    
    
    *
    
    
    
    (615
    )
    
    
    (1,913
    )
    
    
    1,298
    
    
    
    *Market appreciation (depreciation)
    
    
    3,792
    
    
    
    (6,510
    )
    
    
    10,302
    
    
    
    *
    
    
    
    7,118
    
    
    
    (10,966
    )
    
    
    18,084
    
    
    
    *Ending assets under management
    
    
    30,543
    
    
    
    33,329
    
    
    
    (2,786
    )
    
    
    (8
    )
    
    
    30,543
    
    
    
    33,329
    
    
    
    (2,786
    )
    
    
    (8
    )Average assets under management
    
    $
    28,721
    
    
    $
    38,416
    
    
    $
    (9,695
    )
    
    
    (25
    )
    
    
    25,951
    
    
    $
    41,079
    
    
    $
    (15,128
    )
    
    
    (37
    )
 
 *
    
    Not meaningful.   -17-




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##### Table of Contents



Impact of One-Time Items
    Nine Months EndedSeptember 30,($ in thousands)
    
    2009
    
    
    2008Net income attributable to Calamos Asset Management, Inc.
    
    $
    7,729
    
    
    $
    1,546Net deferred tax assets revaluation
    
    
    
    
    
    
    6,771Net income attributable to Calamos Asset
Management, Inc. as adjusted
    
    $
    7,729
    
    
    $
    8,317Diluted earnings per share
    
    $
    0.39
    
    
    $
    0.06Net deferred tax assets revaluation
    
    
    
    
    
    
    0.34Diluted earnings per share, as adjusted
    
    $
    0.39
    
    
    $
    0.40
 Financial Overview
   -18-




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##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,($ in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Distribution and underwriting fees
    
    $
    20,271
    
    
    $
    29,446
    
    
    $
    56,287
    
    
    $
    94,734Distribution and underwriting expense
    
    
    15,713
    
    
    
    21,922
    
    
    
    42,473
    
    
    
    70,955Amortization of deferred sales commissions
    
    
    2,494
    
    
    
    6,002
    
    
    
    9,710
    
    
    
    18,088Net distribution fees
    
    $
    2,064
    
    
    $
    1,522
    
    
    $
    4,104
    
    
    $
    5,691Net distribution fee margin
    
    
    10
    %
    
    
    5
    %
    
    
    7
    %
    
    
    6
    %
   Revenues
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change($ in thousands)
    
    2009
    
    
    2008
    
    
    Amount
    
    
    Percent
    
    
    2009
    
    
    2008
    
    
    Amount
    
    
    PercentInvestment management fees
    
    $
    52,868
    
    
    $
    71,479
    
    
    $
    (18,611
    )
    
    
    (26
    )%
    
    $
    142,362
    
    
    $
    227,202
    
    
    $
    (84,840
    )
    
    
    (37
    )%Distribution and
underwriting fees
    
    
    20,271
    
    
    
    29,446
    
    
    
    (9,175
    )
    
    
    (31
    )
    
    
    56,287
    
    
    
    94,734
    
    
    
    (38,447
    )
    
    
    (41
    )Other
    
    
    659
    
    
    
    882
    
    
    
    (223
    )
    
    
    (25
    )
    
    
    1,797
    
    
    
    2,802
    
    
    
    (1,005
    )
    
    
    (36
    )Total revenues
    
    $
    73,798
    
    
    $
    101,807
    
    
    $
    (28,009
    )
    
    
    (28
    )%
    
    $
    200,446
    
    
    $
    324,738
    
    
    $
    (124,292
    )
    
    
    (38
    )%
   -19-




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##### Table of Contents



Operating Expenses
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change($ in thousands)
    
    2009
    
    
    2008
    
    
    Amount
    
    
    Percent
    
    
    2009
    
    
    2008
    
    
    Amount
    
    
    PercentEmployee compensation and benefits
    
    $
    17,686
    
    
    $
    16,547
    
    
    $
    1,139
    
    
    
    7
    %
    
    $
    53,155
    
    
    $
    60,001
    
    
    $
    (6,846
    )
    
    
    (11
    )%Distribution and underwriting
expense
    
    
    15,713
    
    
    
    21,922
    
    
    
    (6,209
    )
    
    
    (28
    )
    
    
    42,473
    
    
    
    70,955
    
    
    
    (28,482
    )
    
    
    (40
    )Amortization of deferred sales
commissions
    
    
    2,494
    
    
    
    6,002
    
    
    
    (3,508
    )
    
    
    (58
    )
    
    
    9,710
    
    
    
    18,088
    
    
    
    (8,378
    )
    
    
    (46
    )Marketing and sales promotion
    
    
    2,627
    
    
    
    3,527
    
    
    
    (900
    )
    
    
    (26
    )
    
    
    8,089
    
    
    
    9,598
    
    
    
    (1,509
    )
    
    
    (16
    )General and administrative
    
    
    7,904
    
    
    
    9,698
    
    
    
    (1,794
    )
    
    
    (18
    )
    
    
    25,071
    
    
    
    28,445
    
    
    
    (3,374
    )
    
    
    (12
    )Total operating expenses
    
    $
    46,424
    
    
    $
    57,696
    
    
    $
    (11,272
    )
    
    
    (20
    )%
    
    $
    138,498
    
    
    $
    187,087
    
    
    $
    (48,589
    )
    
    
    (26
    )%
     -20-




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##### Table of Contents



Non-Operating Activities Net of Non-Controlling Interest in Partnership Investments
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,($ in thousands)
    
    2009
    
    
    2008
    
    
    Change
    
    
    2009
    
    
    2008
    
    
    ChangeInterest income
    
    $
    186
    
    
    $
    519
    
    
    $
    (333
    )
    
    $
    566
    
    
    $
    1,859
    
    
    $
    (1,293
    )Interest expense
    
    
    (1,950
    )
    
    
    (8,153
    )
    
    
    6,203
    
    
    
    (5,850
    )
    
    
    (24,415
    )
    
    
    18,565Net interest expense
    
    
    (1,764
    )
    
    
    (7,634
    )
    
    
    5,870
    
    
    
    (5,284
    )
    
    
    (22,556
    )
    
    
    17,272Investment income (loss)
    
    
    (6,060
    )
    
    
    (71,228
    )
    
    
    65,168
    
    
    
    1,452
    
    
    
    (94,536
    )
    
    
    95,988Miscellaneous other income (loss)
    
    
    (148
    )
    
    
    218
    
    
    
    (366
    )
    
    
    217
    
    
    
    707
    
    
    
    (490
    )Investment and other income (loss)
    
    
    (6,208
    )
    
    
    (71,010
    )
    
    
    64,802
    
    
    
    1,669
    
    
    
    (93,829
    )
    
    
    95,498Non-operating loss
    
    
    (7,972
    )
    
    
    (78,644
    )
    
    
    70,672
    
    
    
    (3,615
    )
    
    
    (116,385
    )
    
    
    112,770Net (income) loss attributable to non-controlling
interest in partnership investments
    
    
    (141
    )
    
    
    27,659
    
    
    
    (27,800
    )
    
    
    (330
    )
    
    
    40,928
    
    
    
    (41,258
    )Non-operating loss net of non-
controlling interest in partnership
investments
    
    $
    (8,113
    )
    
    $
    (50,985
    )
    
    $
    42,872
    
    
    $
    (3,945
    )
    
    $
    (75,457
    )
    
    $
    71,512
   Three Months Ended September 30, 2009
    
    
    Nine Months Ended September 30, 2009Change in
    
    
    
    
    
    
    
    
    
    
    Change inNon-
    
    
    Accumulated
    
    
    
    
    
    
    Non-
    
    
    AccumulatedOperating
    
    
    Other
    
    
    
    
    
    
    Operating
    
    
    OtherIncome
    
    
    Comprehensive
    
    
    
    
    
    
    Income
    
    
    Comprehensive($ in thousands)
    
    (Loss)
    
    
    Income
    
    
    Total
    
    
    (Loss)
    
    
    Income
    
    
    TotalMutual funds and common stock
    
    $
    6,408
    
    
    $
    16,648
    
    
    $
    23,056
    
    
    $
    10,963
    
    
    $
    30,638
    
    
    $
    41,601Partnership investments
    
    
    3,931
    
    
    
    
    
    
    
    3,931
    
    
    
    8,027
    
    
    
    
    
    
    
    8,027Equity option contracts
    
    
    (16,399
    )
    
    
    
    
    
    
    (16,399
    )
    
    
    (17,538
    )
    
    
    
    
    
    
    (17,538
    )Investment income (loss)
    
    
    (6,060
    )
    
    
    16,648
    
    
    
    10,588
    
    
    
    1,452
    
    
    
    30,638
    
    
    
    32,090Non-controlling interest in
partnership investments
    
    
    (141
    )
    
    
    
    
    
    
    (141
    )
    
    
    (330
    )
    
    
    
    
    
    
    (330
    )Investment portfolio results
    
    $
    (6,201
    )
    
    
    
    
    
    $
    10,447
    
    
    $
    1,123
    
    
    
    
    
    
    $
    31,760Less:
Non-controlling interest in Calamos Holdings LLC
    
    
    
    
    
    
    (13,474
    )
    
    
    
    
    
    
    
    
    
    
    (24,465
    )Deferred income taxes
    
    
    
    
    
    
    (3,393
    )
    
    
    
    
    
    
    
    
    
    
    (2,283
    )Change in accumulated other
comprehensive income
    
    
    
    
    
    $
    (219
    )
    
    
    
    
    
    
    
    
    
    $
    3,890
  -21-




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##### Table of Contents



Income Taxes
   Net Income
   Liquidity and Capital Resources
   Increase(in thousands)
    
    September 30, 2009
    
    
    December 31, 2008
    
    
    (Decrease)Cash and cash equivalents
    
    $
    129,469
    
    
    $
    59,425
    
    
    $
    70,044Investment securities
    
    
    200,184
    
    
    
    173,155
    
    
    
    27,029Derivatives, net
    
    
    (4,654
    )
    
    
    14,288
    
    
    
    (18,942
    )Partnership investments, net of non-controlling interests
    
    
    34,856
    
    
    
    27,182
    
    
    
    7,674Total corporate investment portfolio
    
    $
    359,855
    
    
    $
    274,050
    
    
    $
    85,805
  Increase(in thousands)
    
    (Decrease)Net realized and unrealized gains (losses) on investment securities:Mutual funds
    
    $
    41,601Partnership investments
    
    
    7,697Equity option contracts
    
    
    (17,538
    )Other net cash generated by business activities
    
    
    54,046$
    85,806
 -22-




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##### Table of Contents



Results as ofCovenant
    
    September 30, 2009EBITDA/interest expense  not less than 3.0
    
    
    8.54Debt/EBITDA  not more than 3.0
    
    
    1.09Investment coverage ratio  not less than 1.175
    
    
    2.04Net worth  not less than $160 million
    
    $271 million
  September 30,
    
    December 31,(in thousands)
    
    2009
    
    2008Statements of financial condition data:Cash and cash equivalents
    
    $
    129,469
    
    
    $
    59,425Receivables
    
    
    23,746
    
    
    
    20,049Investment securities
    
    
    200,184
    
    
    
    173,155Derivatives, net
    
    
    (4,654
    )
    
    
    14,288Partnership investments
    
    
    36,475
    
    
    
    28,471Deferred tax assets, net
    
    
    88,669
    
    
    
    95,606Deferred sales commissions
    
    
    13,622
    
    
    
    18,414Long-term debt
    
    
    125,000
    
    
    
    125,000
  September 30,(in thousands)
    
    2009
    
    2008Cash flow data:Net cash provided by operating activities
    
    $
    81,193
    
    
    $
    121,553Net cash provided by (used in) investing activities
    
    
    11,809
    
    
    
    (61,635
    )Net cash used in financing activities
    
    
    (22,958
    )
    
    
    (90,516
    )
   Recently Issued Accounting Pronouncements
 Fair Value Measurements and Disclosures
 -23-




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##### Table of Contents



Fair Value Measurements and Disclosures
 Amendments to FASB Interpretation No. 46(R),
 Critical Accounting Policies
  Forward-Looking Information
   Risk Factors
 -24-




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
   -25-




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##### Table of Contents



PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 6. Exhibits
 3(i)
    
    Second Amended and Restated Certificate of Incorporation of the Registrant
(incorporated by reference to Exhibit 3.1 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 3.2 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).10.1
    
    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).31.1
    
    Certification pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.31.2
    
    Certification pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.32.1
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
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##### Table of Contents



SIGNATURES
  CALAMOS ASSET MANAGEMENT, INC.
(Registrant)Date:  November 4, 2009
    By:
    /s/ Cristina WasiakCristina WasiakChief Financial Officer -27-