Company: CPZ
Filing Date: 2025-06-27
Form Type: N-CSRS
Source: 0001104659-25-063509
Chunk: 32

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-06-27
Form: N-CSRS
Chunk 32
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 The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on interest rate swaps in the Statements of Operations. A realized gain or loss is recorded in net realized gain (loss) on interest rate swaps in the Statements of Operations upon payment or receipt of a periodic payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of each Fund. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note. Premiums paid to or by a Fund are accrued daily and included in realized gain (loss) when paid on swaps in the accompanying Statements of Operations. The contracts are marked-to-market daily based upon third party vendor valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, counterparty's creditworthiness, and the possible lack of liquidity with respect to the contracts. As of April 30, 2025, the Funds had no outstanding interest rate swap agreements. As of April 30, 2025, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

| Gross amounts at fair value:          |     | ASSET                         
 DERIVATIVES                   
 CONVERTIBLE OPPORTUNITIES AND 
 INCOME FUND                   |       |     | LIABILITY   
 DERIVATIVES |   |
|:--------------------------------------|:----|:------------------------------|------:|:----|:------------|:--|
| Exchange-Traded Purchased Options(1)​ |     | $                             | 9,750 |     | $           | — |
|                                       |     | $                             | 9,750 |     | $           | — |

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143 Notes to Financial Statements (Unaudited)

| Gross amounts at fair value:           |     | CONVERTIBLE AND             
 HIGH INCOME FUND            |           |     |