Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 191

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 191
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  5.5 |   |
| Global Total Return Fund                  |     |                              |  5.2 |   |
| Long/Short Equity & Dynamic Income Trust  |     |                              |  6.9 |   |

www.calamos.com
259 About Closed-End Funds

What is a Closed-End Fund? A closed-end fund is a publicly traded investment company that raises its initial investment capital through the issuance of a fixed number of shares to investors in a public offering. Shares of a closed-end fund are listed on a stock exchange or traded in the over-the-counter market. Like all investment companies, a closed-end fund is professionally managed and offers investors a unique investment solution based on its investment objective approved by the fund's Board of Trustees. Potential Advantages of Closed-End Fund Investing • Defined Asset Pool Allows Efficient Portfolio Management —Although closed-end fund shares trade actively on a securities exchange, this doesn't affect the closed-end fund manager because there are no new investors buying into or selling out of the fund's portfolio. • More Flexibility in the Timing and Price of Trades —Investors can purchase and sell shares of closed-end funds throughout the trading day, just like the shares of other publicly traded securities. • Lower Expense Ratios —The expense ratios of closed-end funds are oftentimes less than those of mutual funds. Over time, a lower expense ratio could enhance investment performance. • Closed-End Structure Makes Sense for Less-Liquid Asset Classes —A closed-end structure makes sense for investors considering less-liquid asset classes, such as high-yield bonds or micro-cap stocks. • Ability to Put Leverage to Work —Closed-end funds may issue senior securities (such as preferred shares or debentures) or borrow money to "leverage" their investment positions. • No Minimum Investment Requirements OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

| OPEN-END FUND                                                      |     | CLOSED-END FUND                                                                         |
| Issues new shares on an ongoing basis                              |     | Generally issues a fixed number of shares                                               |
| Issues common equity shares                                        |     | Can issue common equity shares and senior securities such as preferred shares and bonds |
| Sold at NAV plus any sales charge                                  |     | Price determined by the marketplace                                                     |
| Sold through the fund's distributor                                |     | Traded in the secondary market                                                          |
| Fund redeems shares at NAV calculated at the close of business day |     | Fund does not redeem shares                                                             |

You can purchase or sell common shares of