Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 88

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 88
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                |     |  6.1 |   |
| Health Care                           |     |  6.1 |   |
| Energy                                |     |  3.4 |   |
| Materials                             |     |  3.2 |   |
| Utilities                             |     |  2.3 |   |
| Consumer Staples                      |     |  1.3 |   |
| Real Estate                           |     |  0.3 |   |
| Airlines                              |     |  0.2 |   |
| Special Purpose Acquisition Companies |     |  0.1 |   |

Sector Weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST INVESTMENT TEAM DISCUSSION Please discuss the Fund's strategy and role within an asset allocation. Calamos Long/Short Equity & Dynamic Income Trust (CPZ) seeks to provide investors with an attractive monthly distribution and total return, while maintaining a focus on capital preservation during periods of heightened market uncertainty. In pursuit of this goal, the Fund utilizes time-tested global long/short equity and multi-asset income strategies. The long/short strategy provides hedged market exposure. The multi-asset income strategy is managed to support an attractive monthly distribution and potentially reduce vulnerability to volatile financial markets. The Fund typically invests at least 80% of its managed assets in a globally diversified portfolio of equity securities, including common stocks, preferred stocks, convertible securities, and exchange-traded funds. Please discuss the Fund's distributions during the annual period. We employ a managed distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. In each month of the period, the Fund distributed $0.1400 per share, equating to an annualized distribution rate of 11.11%, which is attractive and competitive relative to other yield alternatives. For example, at the end of the period, the dividend yield of S&P 500 Index stocks was below 1.4%, and the 10-year US Treasury yield was in the low 4% range. As of October 31, 2025, the Fund has paid distributions totaling $9.65 per share since inception. How did the Fund perform over the annual period? For the 12 months ended October 31, 2025 ("annual period"), the Fund returned