Company: CPZ
Filing Date: 2025-06-27
Form Type: N-CSRS
Source: 0001104659-25-063509
Chunk: 1

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-06-27
Form: N-CSRS
Chunk 1
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 Calamos Dynamic Convertible and Income Fund (CCD), Calamos Global Total Return Fund (CGO), Calamos Convertible Opportunities and Income Fund (CHI), Calamos Global Dynamic Income Fund (CHW), and Calamos Convertible and High Income Fund (CHY) adhere to a level distribution policy. Both distribution policies represent our commitment to provide common shareholders with a predictable but not assured level of cash flow through the disbursement of the following: • Net investment income • Net realized short-term capital gains • Net realized long-term capital gains (under a level distribution policy, only a limited number of times a year) • And, if necessary, return of capital We set distributions at levels that we believe are sustainable for the long term. Each Fund's current monthly distribution per share as of April 30, 2025, is as follows: • Calamos Global Dynamic Income Fund: $0.0500 • Calamos Global Total Return Fund: $0.0800 • Calamos Convertible Opportunities and Income Fund: $0.0950 • Calamos Convertible and High Income Fund: $0.1000 • Calamos Strategic Total Return Fund: $0.1025 • Calamos Dynamic Convertible and Income Fund: $0.1950 • Calamos Long/Short Equity & Dynamic Income Fund: $ 0.1400 You should not draw any conclusions about a Fund's investment performance from the amount of its distribution or from the terms of a Fund's plan. The Funds' Board of Trustees may amend or terminate the managed distribution policy at any time without prior notice to the Fund's shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of a Fund's managed distribution policy. For more information about any Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 866.363.9219 (Monday through Friday from 8:30 a.m. to 5:00 p.m., Central Time). You can also visit us at www.calamos.com.

TABLE OF CONTENTS

| Statements of Assets and Liabilities    |     |   1 |
| Statements of Operations                |     |   3 |
| Statements of Changes In Net Assets     |     |   5 |
| Statements of Cash Flows                |     |   8 |
| Financial Highlights                    |     |  16 |
| Schedules of Investments                |     |  25 |
| Notes to Financial Statements           |     |