Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 15

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 15
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 assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2025. As of October 31, 2025, the Fund had utilized $329 million of the $480 million available under the SSB Agreement ($252 million in advances outstanding, and $77 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 23.2% of the Fund's managed assets as of that date, and had $145 million in MRPS outstanding, representing 10.2% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 33.4% of the Fund's managed assets.

www.calamos.com
13 Additional Information About the Funds (Unaudited)

Calamos Convertible and High Income Fund (continued)

| SHAREHOLDER TRANSACTION EXPENSES                                        
 Sales Load (as a percentage of offering price)                          
 Offering Expenses Borne by the Fund (as a percentage of offering price) |     |   |  1.00 
     — | %(1)​ 
 (1)​  |
|:------------------------------------------------------------------------|:----|:--|------:|:------|
| Dividend Reinvestment Plan Fees (per sales transaction fee)(2)​         |     | $ | 15.00 |       |

| ANNUAL EXPENSES                         |     | PERCENTAGE   
 OF AVERAGE   
 NET ASSETS   
 ATTRIBUTABLE 
 TO COMMON    
 SHAREHOLDERS |      |   |
| Management Fee(3)​                      |     |              | 1.25 | % |
| Interest Payments on Borrowed Funds(4)​ |     |              | 1.97 | % |
| Preferred Stock Dividend Payments(5)​   |     |              | 0.70 | % |
| Other Expenses(6)​                      |     |              | 0.09 | % |
| Total Annual Expenses                   |     |              | 4.01 | % |

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 4.01% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

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