8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): January 30, 2007

Calamos Asset Management, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	0-51003	32-0122554
(State or Other Jurisdiction	(Commission File Number)	(I.R.S. Employer
of Incorporation)		Identification No.)

2020 Calamos Court
Naperville, Illinois	60563
(Address of Principal Executive Offices)	(Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

Not Applicable
(Former Name and Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Press Release

Item 2.02. Results of Operations and Financial Condition.

         On January 30, 2007, Calamos Asset Management, Inc. (“Corporation”) issued a press release reporting results for the fourth quarter and full year of 2006. A copy of the press release issued by the Corporation is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

     (c) Exhibits

          99.1 Press release issued by the Corporation on January 30, 2007.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CALAMOS ASSET MANAGEMENT, INC.

Date: January 30, 2007	By:	/s/ James S. Hamman, Jr.
		James S. Hamman, Jr.
		Executive Vice President, General Counsel and Secretary

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Exhibit Index

Exhibit Number	Description
99.1	Press release dated January 30, 2007 issued by the Corporation reporting results for the fourth quarter and full year of 2006.

EX-99.1

Exhibit 99.1

Calamos Asset Management, Inc. 2020 Calamos Court Naperville, Illinois 60563 800.582.6959 www.calamos.com

FOR IMMEDIATE RELEASE	News Release
Contact:
Maryellen Thielen	Note: CLMS investor conference call
630-955-4830	today at 11 a.m. ET at www.calamos.com

Calamos Asset Management, Inc. Reports Results for
Fourth Quarter and Full Year 2006

• Revenues increased 7 percent to $121.7 million for the fourth quarter of 2006 compared with the same period of 2005

• Diluted earnings per share increased 9 percent to 38 cents for the 2006 quarter versus the 2005 quarter, and rose 15 percent to $1.45 for 2006 versus 2005

• Net income was $8.9 million for the fourth quarter of 2006 and $34.0 million for the full year 2006

• The board declared a regular quarterly dividend of 11 cents per share, a 22 percent increase over the prior quarter

     NAPERVILLE, Ill., Jan. 30, 2007 – Calamos Asset Management, Inc. (Nasdaq: CLMS) today announced results for the fourth quarter and full year 2006.

     Revenues for the quarter ended Dec. 31, 2006 were $121.7 million, a 7 percent increase from $113.5 million for the fourth quarter of 2005. Fourth quarter 2006 operating income was $55.8 million, compared with $55.0 million for the same period a year ago. Operating margin was 45.9 percent, versus 48.5 percent for the fourth quarter of 2005.

     Net income for the fourth quarter of 2006 was $8.9 million, 8 percent higher than the $8.2 million reported for the fourth quarter of 2005.¹ Diluted earnings per share increased 9 percent to 38 cents per share for the fourth quarter of 2006, versus 35 cents per share for the year-earlier period.

     “Our focus on diversification benefited several of our funds this year, even though the growth equity sector remained largely out of favor with investors in 2006,” said John P. Calamos, Sr., chairman and chief executive officer. “In particular, we saw increased interest as well as inflows in our global, international and balanced strategies. In addition, our Market Neutral Income Fund – an alternative investment open-end fund with a 16-year track record – has more than tripled in size after it re-opened last January.”

     As announced earlier today, the board of directors raised the regular quarterly dividend 22 percent to 11 cents per share, payable on Feb. 28, 2007 to shareholders of record on Feb. 13, 2007. The previous quarterly dividend rate was 9 cents per share.

¹Net income reflects only 23.1 percent of the operating companies’ results due to minority interests’ ownership of 76.9 percent.

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CALAMOS ASSET MANAGEMENT, INC.
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     For the full year 2006, Calamos Asset Management reported revenues of $485.2 million, a 16 percent increase from $417.6 million for 2005. Operating income improved 12 percent to $231.0 million for 2006 from $206.1 million for 2005. Operating margin was 47.6 percent for 2006 and 49.4 percent for 2005. Net income was $34.0 million for 2006, a 16 percent increase from $29.2 million for 2005. Diluted earnings per share were $1.45 for 2006, up 15 percent from $1.26 for 2005.

     At Dec. 31, 2006, the company had $33.3 billion in mutual funds and $11.4 billion in separate accounts, for a total of $44.7 billion in assets under management. Assets increased 2 percent during the year due to $1.7 billion in net market appreciation, partially offset by $819 million in net redemptions. Average assets under management were $45.2 billion for the fourth quarter of 2006, a 6 percent increase from $42.6 billion for the same period of 2005. However, assets under management decreased by $84 million during the fourth quarter due to $1.8 billion in net redemptions, offset by $1.7 billion in net market appreciation.

     Highlights of 2006 included:

• The company made significant progress in diversifying sales of its investment strategies, achieving a 139 percent increase in net inflows in 2006 versus 2005 on all its open-end mutual funds, excluding its Growth Fund and Convertible Fund.

• The Calamos Market Neutral Income Fund more than tripled in size during 2006, reflecting strong investor interest since it was re-opened last January. Fund assets were $949.0 million at year-end 2006.

• The Calamos Global Growth and Income Fund achieved its 10-year anniversary in September, earning a Lipper ranking as the #2 global multi-cap core fund for 10 years out of 20 funds, as well as “top fund” recognition in the February 2007 issue of Consumer Reports. The fund had $909.2 million in assets at year-end 2006, a 72 percent increase from year-end 2005.

• Also in June, the Calamos Convertible and High Income Fund (NYSE: CHY) completed a successful secondary public offering.

     Management will hold an investor conference call at 11 a.m. Eastern time on Tuesday, Jan. 30. To access the live call and view management’s presentation, click on the Investor Relations tab at www.calamos.com. Alternatively, participants may listen to the live call by dialing 800-374-2572 (706-679-3532 outside the U.S.). Management’s presentation and a replay of the call will be available until Feb. 28 by clicking on the Investor Relations tab at www.calamos.com. Until the end of the day on Feb. 2, an audio replay will be available by dialing 800-642-1687 (706-645-9291 outside the U.S.) and entering conference ID number 4588131.

     Calamos Asset Management, Inc. (Nasdaq: CLMS) is a diversified investment firm offering equity, high yield, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and open-end and closed-end funds, offering a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit www.calamos.com.

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CALAMOS ASSET MANAGEMENT, INC.
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     From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future financial performance, strategies, expectations, competitive environment and regulations. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, but are not limited to: loss of revenues due to contract terminations and redemptions, our ownership structure, catastrophic or unpredictable events, unavailability of third-party retail distribution channels, damage to our reputation, our interpretation of and positioning relative to the market, fluctuations in the financial markets and the competitive conditions in the mutual fund, asset management and broader financial services sectors. For a discussion concerning some of these and other risks, uncertainties and other important factors that could affect future results, see “Forward-Looking Information” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, where applicable, “Risk Factors” in the company’s annual and quarterly reports filed with the U.S. Securities and Exchange Commission.

     As of Dec. 31, 2006, Lipper ranked the Calamos Global Growth and Income Fund #61 for 1 year and #22 for 5 years among 96 and 56 global multi-cap core funds, respectively. Before investing, carefully consider the funds’ investment objectives, risks, charges and expenses. Contact (800) 582-6959 or visit www.calamos.com for a prospectus containing this and other information. Please read it carefully.

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CALAMOS ASSET MANAGEMENT, INC.
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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Operations
(in thousands, except per share data)

	Three Months Ended Dec. 31,				Year Ended Dec. 31,
		2006		2005		2006		2005
Revenues:
Investment management fees	$	82,858	$	78,012	$	329,383	$	284,951
Distribution and underwriting fees		37,783		34,526		151,760		129,250
Other		1,013		950		4,029		3,366
Total revenues		121,654		113,488		485,172		417,567
Expenses:
Employee compensation and benefits		18,886		15,883		73,382		61,029
Distribution and underwriting expense		25,597		22,440		100,935		79,446
Amortization of deferred sales commissions		8,416		7,633		32,924		31,431
Marketing and sales promotion		4,319		4,327		15,631		14,738
General and administrative		8,618		8,179		31,272		24,829
Total expenses		65,836		58,462		254,144		211,473
Operating income		55,818		55,026		231,028		206,094
Total other income (expense), net		7,482		5,138		12,381		5,761
Income before minority interest in Calamos Holdings LLC and income taxes		63,300		60,164		243,409		211,855
Minority interest in Calamos Holdings LLC		48,490		46,270		186,631		163,009
Income before income taxes		14,810		13,894		56,778		48,846
Income taxes		5,949		5,684		22,770		19,624
Net income	$	8,861	$	8,210	$	34,008	$	29,222
Earnings per share, basic	$	0.38	$	0.36	$	1.47	$	1.27
Weighted average shares outstanding, basic		23,161,998		23,000,100		23,161,998		23,000,100
Calculation of earnings per share, diluted, assuming exchange of membership units:
Income before minority interest in Calamos Holdings LLC and income taxes	$	63,300	$	60,164	$	243,409	$	211,855
Impact of income taxes		25,428		24,613		97,607		85,102
Earnings available to common shareholders	$	37,872	$	35,551	$	145,802	$	126,753
Earnings per share, diluted	$	0.38	$	0.35	$	1.45	$	1.26
Weighted average shares outstanding, diluted		100,817,074		100,699,343		100,805,030		100,625,824

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CALAMOS ASSET MANAGEMENT, INC.
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Calamos Asset Management, Inc.
Assets Under Management
(in millions)

	Quarter Ended Dec. 31,						Change
		2006			2005		Amount			Percent
Mutual Funds
Beginning assets under management	$	33,187		$	30,476		$	2,711			9	%
Net purchases (redemptions)		(1,109	)		799			(1,908	)		239
Market appreciation		1,203			623			580			93
Ending assets under management		33,281			31,898			1,383			4
Average assets under management		33,545			30,904			2,641			9
Separate Accounts
Beginning assets under management		11,622			11,693			(71	)		1
Net redemptions		(655	)		(126	)		(529	)		420
Market appreciation		477			340			137			40
Ending assets under management		11,444			11,907			(463	)		4
Average assets under management		11,620			11,675			(55	)		0
Total Assets Under Management
Beginning assets under management		44,809			42,169			2,640			6
Net purchases (redemptions)		(1,764	)		673			(2,437	)		362
Market appreciation		1,680			963			717			74
Ending assets under management		44,725			43,805			920			2
Average assets under management	$	45,165		$	42,579		$	2,586			6	%

	At Dec. 31,				Change
		2006		2005	Amount			Percent
Mutual Funds
Open-end funds	$	26,880	$	25,957	$	923			4	%
Closed-end funds		6,401		5,941		460			8
Total mutual funds		33,281		31,898		1,383			4
Separate Accounts
Institutional accounts		4,247		4,169		78			2
Managed accounts		6,332		6,899		(567	)		8
Private client accounts		770		748		22			3
Alternative investments		95		91		4			4
Total separate accounts		11,444		11,907		(463	)		4
Ending assets under management	$	44,725	$	43,805	$	920			2	%

	At Dec. 31,				Change
Assets by Strategy		2006		2005	Amount			Percent
Equity	$	22,869	$	23,747	$	(878	)		4	%
Balanced		12,887		11,260		1,627			14
Convertible		4,987		5,662		(675	)		12
High Yield		2,966		2,783		183			7
Alternative		1,016		353		663			188
Ending assets under management	$	44,725	$	43,805	$	920			2	%

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