Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 33

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 33
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 Shares, based on rates in effect on October 31, 2025, the Fund's portfolio would need to experience an annual return of 1.34% (before giving effect to expenses associated with senior securities). The following table illustrates the hypothetical effect on the return to a holder of the Fund's common shares of the leverage obtained by us (and utilized on October 31, 2025). The purpose of this table is to assist you in understanding the effects of leverage. As the table shows, leverage generally increases the return to common shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the table.

| Assumed Portfolio Return (Net of Expenses) |     | (10.00 | )% |     | (5.00 | )% |     |  0.00 | % |     | 5.00 | % |     | 10.00 | % |
| Corresponding Common Share Return(1)​      |     | (16.32 | )  |     | (9.12 | )  |     | (1.93 | ) |     | 5.27 |   |     | 12.47 |   |

(1)Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2025 of 4.38%, and dividend expense on the MRP Shares.

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25 Additional Information About the Funds (Unaudited)

Calamos Global Total Return Fund GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/25 AVERAGE ANNUAL TOTAL RETURN †AS OF 10/31/25

|                                                 |     | 1    
 YEAR |       |   |     | 5     
 YEARS |       |   |     | 10    
 YEARS |       |   |     | SINCE     
 INCEPTION |      |   |
| Calamos Global Total Return Fund                |     |      |       |   |     |       |       |   |     |       |       |   |     |           |      |   |
| Market Price                                    |     |      | 11.59 | % |     |       | 10.14 | % |     |       |