Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 10

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 10
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 purposes of the table, the management fee has been converted to 1.25% of the Fund's average weekly net assets as of October 31, 2025 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage). (4)Reflects interest expense paid on $237 million in average borrowings under the SSB Agreement, plus $67 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage". (5)Reflects estimated dividend expense on $133 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage". (6)"Other Expenses" are based on estimated amounts for the Fund's current fiscal year. (7)The example does not include sales load or estimated offering costs, which would cause the expenses shown in the example to increase. In connection with an offering of common shares, the applicable prospectus supplement will set forth an example including sales load and estimated offering costs. Effects of Leverage The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $430 million. As of October 31, 2025, the Fund had utilized $302 million of the $430 million available under the SSB Agreement ($216 million of advances outstanding, and $85 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in connection with securities on loan), representing 22.9% of the Fund's managed assets as of that date,

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9 Additional Information About the Funds (Unaudited)

Calamos Convertible Opportunities and Income Fund (continued) and had $133 million of MRP Shares outstanding, representing 10.1% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 32.9% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount. As of October 31, 2025, the interest rate charged under the SSB Agreement was 4.38%.