Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 186

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 186
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 higher than the respective Expense Group medians. The Board noted the small number of peer funds in its Category and the exclusion of funds that, like the Fund, use leverage. CGO.The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective Expense Group medians. The Board reviewed the Fund's expenses in light of its level of assets and performance record. The Board also noted the small number of peer funds in its Category and the exclusion of funds that, like the Fund, use leverage. CSQ.The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective Expense Group medians. The Board reviewed the Fund's expenses in light of its performance record. The Board considered that the Fund's total expense ratio was only about one basis point higher than the Expense Group median. CPZ.The Board considered that the Fund's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board reviewed the Fund's expenses in light of its performance record. Economies of Scale. The Board considered whether each Fund's management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board also considered the benefits accruing to shareholders from the Adviser's investments into its infrastructure and investment processes. Other Benefits Derived from the Relationship with the Funds. The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Funds. The Board concluded that while the Adviser may potentially benefit from its relationship with the Funds in ways other than the fees payable by the Funds, the Funds also may benefit from their relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Funds and the fees payable by each Fund. The Board also considered the Adviser's use of a portion of the commissions paid by the Funds on their portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of the Adviser and concluded, based on reports from the Funds' Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services was consistent with regulatory requirements. After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for each Fund with the Adviser was in the best interest of each Fund and its shareholders. CALAMOS CLOSED-END FAMILY OF FUNDS AN