Company: CPZ
Filing Date: 2025-06-27
Form Type: N-CSRS
Source: 0001104659-25-063509
Chunk: 26

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-06-27
Form: N-CSRS
Chunk 26
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 from U.S. generally accepted accounting principles. To the extent these "book and tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences. Distributions to holders of Mandatory Redeemable Preferred Shares ("MRPS") as described in Note 8 are accrued on a daily basis and are treated as an operating expense due to the fixed term of the obligation. The distributions are shown on the Statement of Operations as Interest expense and amortization of offering costs on MRPS. For tax purposes, the distributions made to the holders of the MRPS are treated as dividends. The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2022 – 2024 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions. Indemnifications.Under the Funds' organizational documents, each Fund is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Fund. In addition, in the normal course of business, a Fund may enter into contracts that provide general indemnifications to other parties. A Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote. Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays an annual fee, payable monthly based on the average weekly managed assets of the Fund, as shown below:

| FUND                                      |     | ANNUAL RATE |      |   |
| Convertible Opportunities and Income Fund |     |             | 0.80 | % |
| Convertible and High Income Fund          |     |             | 0.80 | % |
| Strategic Total Return Fund               |     |             | 1.00 | % |
| Dynamic Convertible and Income Fund       |     |             | 1.00 | % |
| Global Dynamic Income Fund                |     |             | 1.00 | % |
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