Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 60

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 60
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 companies strategically using convertibles as cost-effective tools for capitalizing on growth opportunities and refinancing other forms of debt. We expect this favorable environment to persist, providing continued opportunities for the portfolio. We maintain our constructive but risk-aware stance. Current valuations increasingly reflect growth expectations extending well into the next decade. Our multi-asset structure, which combines equity opportunities with convertibles and high-yield securities, provides flexibility to capture opportunities while managing downside risk. We believe this balanced approach positions the Calamos Strategic Total Return Fund to navigate both near-term volatility and long-term opportunities as the investment landscape evolves. www.calamos.com
45 Calamos Strategic Total Return Fund (CSQ) (Unaudited) INVESTMENT OBJECTIVE AND STRATEGIES Investment Objective The Fund's investment objective is to provide total return through a combination of capital appreciation and current income. Principal Investment Strategies Under normal circumstances, the Fund will invest primarily in a portfolio common and preferred stocks, convertible securities and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest up to 35% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers in developed and emerging markets. The Fund may invest up to 15% of its managed assets in securities of foreign issuers in emerging markets. "Managed assets" means the Fund's total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage). Calamos will dynamically allocate the Fund's investments among multiple asset classes (rather than maintaining a fixed or static allocation), seeking to obtain an appropriate balance of risk and reward on a long-term basis through all market cycles using multiple strategies and combining them to seek to achieve favorable risk adjusted returns. Calamos analyzes securities for the Fund's portfolio using an approach that focuses on assessing a total enterprise value before assessing the value of the securities issued by a company. Calamos seeks to assess the value of an issuer's total enterprise by studying its financial statements, including its balance sheet. Once enterprise value is determined, Calamos seeks to assess the value of the issuer's different types of securities, taking into account the business risk of the issuer, its competitive position and the seniority of each type of security relative to the rest of the issuer's capital structure.