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 31, 2005

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.)

1111 E. Warrenville Road
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 31, 2005, Calamos Asset Management, Inc. (“Corporation”) issued a press release reporting results for the fourth quarter and full year of 2004. 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 31, 2005.

2

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 31, 2005	By:	/s/ James S. Hamman, Jr.
		James S. Hamman, Jr.
		Executive Vice President,
		General Counsel and Secretary

3

Exhibit Index

Exhibit Number	Description
99.1	Press release dated January 31, 2005 issued by the Corporation reporting results for the fourth quarter and full year of 2004.

EX-99.1

Exhibit 99.1

Calamos Asset Management, Inc. 1111 E. Warrenville Road Naperville, Illinois 60563-1463 800.582.6959 www.calamos.com

FOR IMMEDIATE RELEASE		News Release
Contacts:
Maryellen Thielen	Jeff Kelley	Note: CLMS analyst call today at
630-955-4830 or 866-265-0521	630-577-9687	4:30 p.m. EST at www.calamos.com

Calamos Asset Management, Inc. Reports Strong Results
For Fourth Quarter and Full Year 2004

•   Assets under management climbed 59 percent to $38.0 billion at year-end 2004 versus 2003

•   Pro forma diluted earnings per share were 25 cents for the fourth quarter of 2004 and nearly doubled for 2004 versus 2003, to 79 cents per share

•   Net income was $4.0 million for the two months from the initial public offering (IPO) closing date through year-end

•   Mutual fund net purchases were $9.8 billion, a 49 percent increase over 2003

     NAPERVILLE, Ill., Jan. 31, 2005 – Calamos Asset Management, Inc. (Nasdaq: CLMS) reported strong results for the fourth quarter and full year 2004, led by a 59 percent increase in assets under management at the end of 2004 versus 2003.

     The company had $38.0 billion in assets under management at Dec. 31, 2004, a 14 percent increase from $33.2 billion at Sept. 30, 2004. This asset growth contributed to a 71 percent increase in revenues for the fourth quarter of 2004 versus the same period of 2003, to $91.4 million. The largest component of revenues, investment management fees, climbed 76 percent to $62.2 million for the fourth quarter of 2004 as compared with the year-earlier period.

     Operating income improved 71 percent to $40.6 million for the fourth quarter of 2004 versus the same period of 2003, reflecting higher revenues. Operating margin was 44.4 percent for the 2004 quarter. The company reported $4.0 million in net income from Nov. 2 through Dec. 31, 2004, reflecting its performance after the closing of its initial public offering (IPO). Management believes that pro forma results provide a more meaningful basis for period-to-period comparisons of the company’s results. These pro forma results give effect to the company’s 2004 reorganization, including its IPO, as if it had occurred at the beginning of each period presented.^{1, 2, 3} In addition, pro forma diluted earnings per share reflect the effect of exchanging all membership interests in Calamos Holdings LLC not held by the company for Class A shares of the company. For the fourth quarter of 2004, pro forma diluted earnings per share rose 79 percent to 25 cents, versus 14 cents of pro forma diluted earnings per share for the year-earlier period.

     “As of year-end 2004, 97 percent of our open-end rated fund assets had an overall rating of four or five stars from Morningstar. We believe our solid portfolio performance led to strong net inflows this past quarter,” said John P. Calamos, Sr., chairman and chief executive officer.

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CALAMOS ASSET MANAGEMENT, INC.
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“Looking forward into the rest of 2005, we continue to diversify our product offerings. We recently filed to offer a new open-end mutual fund, the Calamos International Growth Fund, and seeded an equity-oriented alternative-investment offering. Our goal is to expand our equity, high-yield and alternative investment strategies, targeted to the needs of our long-term investors.”

Full-Year Highlights

     For the 12 months ended Dec. 31, 2004, Calamos Asset Management reported pro forma revenues of $312.0 million, up 92 percent from $162.1 million for 2003. Investment management fee revenues for 2004 were $210.7 million, an increase of 93 percent from 2003 levels. On a pro forma basis, operating income nearly doubled to $133.3 million for 2004, compared with $66.6 million for 2003. Operating margin was 42.7 percent in 2004. As a public company, Calamos Asset Management reported $4.0 million in net income from Nov. 2 through Dec. 31, 2004. Pro forma diluted earnings per share were 79 cents for 2004, a 98 percent increase from pro forma diluted earnings per share of 40 cents for 2003.

     Other highlights for the fourth quarter and full year 2004:

•   At year-end 2004, the company had $27.0 billion in mutual funds and $11.0 billion in separate accounts, for a total of $38.0 billion in assets under management. The 59 percent year-over-year increase in assets under management was driven by $10.6 billion of net purchases and $3.6 billion of market appreciation.

•   Mutual fund and separate account net purchases were $1.7 billion and $177 million, respectively, during the fourth quarter of 2004. For the full year, mutual fund net purchases totaled $9.8 billion, a 49 percent increase over 2003, with the Calamos Growth Fund and the Calamos Growth and Income Fund accounting for $6.6 billion of the total net purchases.

•   In March, the company introduced the Calamos Strategic Total Return Fund, a closed-end fund offering that contributed $3.3 billion in assets under management during 2004.

•   Separate account net purchases were $800 million in 2004, a 69 percent increase over 2003.

•   Average assets under management were $35.4 billion for the fourth quarter of 2004, versus $22.2 billion for the fourth quarter of 2003. For the full year, average assets under management were $30.7 billion, compared with $17.8 billion for 2003.

•   The company completed a $150 million private placement debt offering in the first quarter and its initial public offering on Nov. 2.

     Management will review fourth quarter 2004 financial and operating results at 4:30 p.m. EST on Monday, Jan. 31. 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 800-659-2037 (617-614-2713 outside the U.S.) and entering passcode 57352512. Management’s presentation and a replay of the call will be available until Feb. 7, 2005 by clicking on the Investor Relations tab at www.calamos.com. Until Feb. 7, 2005, an audio replay will be available by dialing 888-286-8010 (617-801-6888 outside the U.S.) and entering passcode 30566535.

About Calamos Asset Management, Inc.

     Calamos Asset Management, Inc. (Nasdaq: CLMS) operates companies that provide investment advisory services to institutions and individuals seeking superior risk-adjusted

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returns over the long term. With roots dating back to 1977, the company applies its proprietary investment process across an expanding range of investment strategies within the equity, global, convertible, high yield and alternative investment classes. Calamos Asset Management’s stock began trading on Oct. 28, 2004. For more information, visit www.calamos.com.

Forward-Looking Information

     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 and 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, unavailability of third-party retail distribution channels, our ownership structure, fluctuations in the financial markets and the competitive conditions in the mutual fund, asset management and broader financial services sectors. For a discussion concerning these and other risks, uncertainties and other important factors that could affect future results, see “Forward-Looking Information” in Part I, Item 2 of the company’s Quarterly Report on Form 10-Q for the period ended September 30, 2004. The company expects to file its 2004 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission by March 31, 2005. This report will include more complete information on the company’s annual financial results.

Mutual Fund Ratings

     This news release includes references to ratings by Morningstar, Inc. which were derived from information published by Morningstar. Overall Morningstar ratings of mutual funds reflect historical risk-adjusted performance as of a particular date and are subject to change every month. Overall Morningstar ratings of mutual funds are calculated from a fund’s three-, five- and 10-year average annual returns, as available, in excess of 90-day T-bill returns with appropriate fee adjustments and a risk factor that reflects fund performance below 90-day T-bill returns. The top 10 percent of the funds in an investment category receive five stars, the next 22.5 percent receive four stars, the next 35 percent receive three stars, the next 22.5 percent receive two stars and the last 10 percent receive one star. Each share class of a fund is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.

     Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Calamos International Growth Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Calamos International Growth Fund. For a prospectus, please contact your securities representative or Calamos Financial Services LLC, the Fund’s distributor, 1111 E. Warrenville Road, Naperville, Illinois 60563, (800) 582-6959. Please read the prospectus carefully before you invest or send money.

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Calamos Asset Management, Inc.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)

	Oct. 1 to						Combined Three
	Nov. 1, 2004			Nov. 2 to			Months Ended
	(Predecessor)			Dec. 31, 2004			Dec. 31, 2004
Revenues:
Investment management fees	$	20,398		$	41,787		$	62,185
Distribution and underwriting fees		9,007			19,350			28,357
Other		226			633			859
Total revenues		29,631			61,770			91,401
Expenses:
Employee compensation and benefits		7,922			12,538			20,460
Distribution expense		4,847			11,040			15,887
Amortization of deferred sales commissions		2,638			5,109			7,747
Marketing and sales promotion		964			2,228			3,192
General and administrative		882			2,622			3,504
Total expenses		17,253			33,537			50,790
Operating income		12,378			28,233			40,611
Total other income (expense), net(7)		(450	)		1,017			567
Income before minority interest and income taxes		11,928			29,250			41,178
Minority interest		—			(22,609	)		(22,609	)
Income before income taxes		11,928			6,641			18,569
Income taxes		2			2,649			2,651
Net income	$	11,926		$	3,992		$	15,918
Earnings per share, basic	$	0.12		$	0.18
Weighted average shares outstanding, basic		96,800,000			22,700,100
Calculation of earnings per share, diluted, assuming exchange of membership units(5):
Income before minority interest and income taxes				$	29,250
Income taxes					11,668
				$	17,582
Earnings per share, diluted	$	0.12		$	0.17
Weighted average shares outstanding, diluted		96,800,000			100,491,409

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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Income
(in thousands, except per share data)

	Combined						Pro Forma
	Three Months						Combined Three
	Ended			Pro Forma			Months Ended
	Dec. 31, 2004			Adjustments			Dec. 31, 2004
Revenues:
Investment management fees	$	62,185		$	—		$	62,185
Distribution and underwriting fees		28,357			—			28,357
Other		859			—			859
Total revenues		91,401			—			91,401
Expenses:
Employee compensation and benefits		20,460			—			20,460
Distribution expense		15,887			—			15,887
Amortization of deferred sales commissions		7,747			—			7,747
Marketing and sales promotion		3,192			—			3,192
General and administrative		3,504			—			3,504
Total expenses		50,790			—			50,790
Operating income		40,611			—			40,611
Total other income (expense), net		567			—			567
Income before minority interest and income taxes		41,178			—			41,178
Minority interest(1)		(22,609	)		(9,098	)		(31,707	)
Income before income taxes		18,569			(9,098	)		9,471
Income taxes(2)		2,651			1,126			3,777
Net income	$	15,918		$	(10,224	)	$	5,694
Pro forma earnings per share, basic							$	0.25
Weighted average shares outstanding, basic(4)								23,000,100
Calculation of pro forma earnings per share, diluted, assuming exchange of membership units(5):
Income before minority interest and income taxes							$	41,178
Income taxes (5)								16,426
							$	24,752
Pro forma earnings per share, diluted							$	0.25
Weighted average shares outstanding, diluted								100,320,519

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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Income
(in thousands, except per share data)

	Three Months					Pro Forma Three
	Ended		Pro Forma			Months Ended
	Dec. 31, 2003		Adjustments			Dec. 31, 2003
Revenues:
Investment management fees	$	35,391	$	—		$	35,391
Distribution and underwriting fees		17,983		—			17,983
Other(3)		111		(73	)		38
Total revenues		53,485		(73	)		53,412
Expenses:
Employee compensation and benefits(3)(6)		9,833		316			10,149
Distribution expense		8,168		—			8,168
Amortization of deferred sales commissions		6,188		—			6,188
Marketing and sales promotion		2,767		—			2,767
General and administrative(3)		2,719		55			2,774
Total expenses		29,675		371			30,046
Operating income		23,810		(444	)		23,336
Total other income (expense), net(3)		67		94			161
Income before minority interest and income taxes		23,877		(350	)		23,527
Minority interest(1)		—		(18,116	)		(18,116	)
Income before income taxes		23,877		(18,466	)		5,411
Income taxes(2)		382		1,776			2,158
Net income	$	23,495		($20,242	)	$	3,253
Earnings per share, basic	$	0.24				$	0.14
Weighted average shares outstanding, basic(4)		96,800,000					23,000,100
Calculation of pro forma earnings per share, diluted, assuming exchange of membership units(5):
Income before minority interest and income taxes						$	23,527
Income taxes							9,385
						$	14,142
Earnings per share, diluted	$	0.24				$	0.14
Weighted average shares outstanding, diluted		96,800,000					100,000,100

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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Income
(in thousands, except per share data)

	Jan. 1 to						Combined
	Nov. 1, 2004			Nov. 2 to			Year Ended
	(Predecessor)			Dec. 31, 2004			Dec. 31, 2004
Revenues:
Investment management fees	$	168,938		$	41,787		$	210,725
Distribution and underwriting fees		79,578			19,350			98,928
Other		1,861			633			2,494
Total revenues		250,377			61,770			312,147
Expenses:
Employee compensation and benefits		53,170			12,538			65,708
Distribution expense		39,517			11,040			50,557
Amortization of deferred sales commissions		24,315			5,109			29,424
Marketing and sales promotion		16,693			2,228			18,921
General and administrative		11,445			2,622			14,067
Total expenses		145,140			33,537			178,677
Operating income		105,237			28,233			133,470
Total other income (expense), net(7)		(1,487	)		1,017			(470	)
Income before minority interest and income taxes		103,750			29,250			133,000
Minority interest		—			(22,609	)		(22,609	)
Income before income taxes		103,750			6,641			110,391
Income taxes		1,567			2,649			4,216
Net income	$	102,183		$	3,992		$	106,175
Earnings per share, basic	$	1.06		$	0.18
Weighted average shares outstanding, basic		96,800,000			22,700,100
Calculation of earnings per share, diluted, assuming exchange of membership units(5):
Income before minority interest and income taxes				$	29,250
Income taxes					11,668
				$	17,582
Earnings per share, diluted	$	1.06		$	0.17
Weighted average shares outstanding, diluted		96,800,000			100,491,409

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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Income
(in thousands, except per share data)

	Combined						Pro Forma
	Year Ended			Pro Forma			Year Ended
	Dec. 31, 2004			Adjustments			Dec. 31, 2004
Revenues:
Investment management fees	$	210,725		$	—		$	210,725
Distribution and underwriting fees		98,928			—			98,928
Other(3)		2,494			(157	)		2,337
Total revenues		312,147			(157	)		311,990
Expenses:
Employee compensation and benefits(3)		65,708			(123	)		65,585
Distribution expense		50,557			—			50,557
Amortization of deferred sales commissions		29,424			—			29,424
Marketing and sales promotion		18,921			—			18,921
General and administrative(3)		14,067			115			14,182
Total expenses		178,677			(8	)		178,669
Operating income		133,470			(149	)		133,321
Total other income (expense), net(3)		470			(1,808	)		(2,278	)
Income before minority interest and income taxes		133,000			(1,957	)		131,043
Minority interest(1)		(22,609	)		(78,293	)		(100,902	)
Income before income taxes		110,391			(80,250	)		30,141
Income taxes(2)		4,216			7,805			12,021
Net income	$	106,175		$	(88,055	)	$	18,120
Pro forma earnings per share, basic							$	0.79
Weighted average shares outstanding, basic								23,000,100
Calculation of pro forma earnings per share, diluted, assuming exchange of membership units(5):
Income before minority interest and income taxes							$	131,043
Income taxes								52,273
							$	78,770
Pro forma earnings per share, diluted							$	0.79
Weighted average shares outstanding, diluted								100,080,642

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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Income
(in thousands, except per share data)

						Pro Forma Year
	Year Ended		Pro Forma			Ended
	Dec. 31, 2003		Adjustments			Dec. 31, 2003
Revenues:
Investment management fees	$	109,052	$	—		$	109,052
Distribution and underwriting fees		53,005		—			53,005
Other(3)		328		(255	)		73
Total revenues		162,385		(255	)		162,130
Expenses:
Employee compensation and benefits(3)(6)		33,657		1,380			35,037
Distribution expense		22,576		—			22,576
Amortization of deferred sales commissions		19,879		—			19,879
Marketing and sales promotion		8,949		—			8,949
General and administrative(3)		8,906		213			9,119
Total expenses		93,967		1,593			95,560
Operating income		68,418		(1,848	)		66,570
Total other income (expense), net(3)		26		310			336
Income before minority interest and income taxes		68,444		(1,538	)		66,906
Minority interest(1)		—		(51,518	)		(51,518	)
Income before income taxes		68,444		(53,056	)		15,388
Income taxes(2)		1,117		5,020			6,137
Net income	$	67,327	$	(58,076	)	$	9,251
Earnings per share, basic	$	0.70				$	0.40
Weighted average shares outstanding, basic(4)		96,800,000					23,000,100
Calculation of pro forma earnings per share, diluted, assuming exchange of membership units(5):
Income before minority interest and income taxes						$	66,906
Income taxes							26,689
						$	40,217
Earnings per share, diluted	$	0.70				$	0.40
Weighted average shares outstanding diluted(5)		96,800,000					100,000,100

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Calamos Asset Management, Inc.
Assets Under Management
(in millions)

	Year Ended				Period-to-Period
	Dec. 31, 2004		Dec. 31, 2003		$ Change			% Change
Mutual Funds
Beginning assets under management	$	14,651	$	5,712	$	8,939			156	%
Net purchases		9,776		6,556		3,220			49	%
Market appreciation		2,524		2,383		141			6	%
Ending assets under management		26,951		14,651		12,300			84	%
Average assets under management		20,850		9,751		11,099			114	%
Separate Accounts
Beginning assets under management		9,189		7,180		2,009			28	%
Net purchases		804		475		329			69	%
Market appreciation		1,031		1,534		(503	)		33	%
Ending assets under management		11,024		9,189		1,835			20	%
Average assets under management		9,857		8,085		1,772			22	%
Total Assets Under Management
Beginning assets under management		23,840		12,892		10,948			85	%
Net purchases		10,580		7,031		3,549			50	%
Market appreciation		3,555		3,917		(362	)		9	%
Ending assets under management		37,975		23,840		14,135			59	%
Average assets under management	$	30,707	$	17,836	$	12,871			72	%

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Calamos Asset Management, Inc.
Notes to Unaudited Consolidated Condensed Statements of Income

The unaudited condensed consolidated pro forma statements of income for Calamos Asset Management, Inc. and Calamos Family Partners, Inc. for the years ended Dec. 31, 2004 and 2003 and for the three months ended Dec. 31, 2004 and 2003 give effect to the reorganization described in the company’s Registration Statement on Form S-1 (File No. 333-117847) filed with the U.S. Securities and Exchange Commission. The reorganization includes (1) the Real Estate Distribution, whereby Calamos Family Partners, Inc. (formerly known as Calamos Holdings Inc.), distributed its interest in all of its owned real estate assets to its stockholders, who contributed those assets to a new limited liability company; (2) the Formation Transaction, whereby on Oct. 15, 2004, Calamos Family Partners, Inc. contributed all of its assets and liabilities, including all equity interests in its wholly owned subsidiaries, to Calamos Holdings LLC in exchange for 96,800,000 of the membership units of Calamos Holdings LLC; and (3) the consummation of the company’s IPO and use of the net proceeds to acquire membership units in Calamos Holdings LLC. The pro forma statements give effect to the reorganization as if it had occurred at the beginning of each period presented. The most significant pro forma adjustments relate to the minority interest of Calamos Family Partners, Inc. and to income taxes, as Calamos Family Partners, Inc. historically operated as an S corporation. Management believes that pro forma results provide a more meaningful basis for period-to-period comparisons of the company’s results. For more information, see the company’s Registration Statement on Form S-1.

On Nov. 2, 2004, the company became the sole manager of Calamos Holdings LLC and is now conducting the business previously conducted by Calamos Family Partners, Inc. Accordingly, reported results for the periods from Jan. 1, 2004 through Nov. 1, 2004 and Oct. 1, 2004 through Nov. 1, 2004 reflect the operations for Calamos Family Partners, Inc. and its subsidiaries. Reported results for the period from Nov. 2, 2004 through Dec. 31, 2004 reflect the results of operations for Calamos Asset Management, Inc.

1   Represents an adjustment to increase Calamos Asset Management, Inc.’s minority interest allocation to 77.0 percent. Minority interest was determined by multiplying the combined income before minority interest and taxes by Calamos Family Partners, Inc.’s and John P. Calamos, Sr.’s 77.0 percent aggregate ownership. The minority interest adjustment is presented based on the combined income for the periods presented.

2   Reflects the impact of federal and state income taxes on the income allocated from Calamos Holdings LLC to Calamos Asset Management, Inc. Historically, Calamos Family Partners, Inc. operated as an “S” corporation and was not subject to U.S. federal and certain state income taxes, but was subject to Illinois replacement taxes. The amount of pro forma adjustment was determined by eliminating the Illinois replacement tax and applying the combined projected federal corporate income tax rate and applicable state tax rates to income before income taxes.

3   Represents the adjustment related to the Real Estate Distribution based on actual amounts recorded during the periods presented.

4   Represents 23,000,000 shares of Class A common stock, which represents 23.0 percent of the outstanding shares after the offering. In addition to shares of Class A common stock, there are 100 shares of Class B common stock outstanding.

5   Diluted shares outstanding for each period presented represent our weighted average Class A common stock after giving effect to the offering as of the beginning of each period presented. The diluted shares outstanding are calculated: (a) including the effect of outstanding restricted stock unit and option awards and (b) assuming Calamos Family Partners, Inc. and John P. Calamos, Sr. exchanged all of their membership units in Calamos Holdings LLC for, and converted all outstanding shares of our Class B common stock into, shares of our Class A common stock, in each case on a one-for-one basis. In calculating diluted earnings per share an effective tax rate of 39.89 percent was applied to income before minority interest and income taxes.

6   Gives effect to the recharacterization of compensation in the form of equity distributions to owners in the amount of $0.4 million and $1.6 million for the three months ended and twelve months ended December 31, 2004, respectively.

7   Includes $3.7 million of investment income, less: $1.3 million of interest expense and $1.3 million of minority interest related to the consolidation of the Calamos Equity Opportunities Fund L.P. for the period November 2, 2004 to December 31, 2004.

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