Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


	PRINCIPAL AMOUNT			VALUE

ASSET BACKED SECURITY (0.0%)

			*Other (0.0%)*
		145,000	SVC ABS, LLC Series 2023-1A, Class C*~ 6.700%, 02/20/53 (Cost $132,791)	$	130,619


CORPORATE BONDS (31.3%)

			*Airlines (0.3%)*
		34,668	Air Canada Pass Through Trust Series 2015-2, Class B*~ 5.000%, 06/15/25		34,412
		180,907	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		175,172
		95,564	Alaska Airlines Pass Through Trust Series 2020-1, Class B*~ 8.000%, 02/15/27		96,436
		203,840	American Airlines Pass Through Trust Series 2021-1, Class B~ 3.950%, 01/11/32		179,862
		132,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*~ 5.500%, 04/20/26		130,164
		194,292	British Airways Pass Through Trust Series 2021-1, Class B*~ 3.900%, 03/15/33		174,375
		187,745	JetBlue Pass Through Trust Series 2020-1, Class B~ 7.750%, 05/15/30		189,284
			Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.*
		130,000	8.000%, 09/20/25		131,704
		114,000	8.000%, 09/20/25~		115,251

					1,226,660


			*Communication Services (1.9%)*
		200,000	Altice France Holding, SA* 10.500%, 05/15/27		84,946
		225,000	Altice France, SA*µ 5.500%, 10/15/29		160,002
		225,000	APi Group DE, Inc.*µ 4.750%, 10/15/29		200,524
		210,000	Arrow Bidco, LLC*µ 9.500%, 03/15/24		210,573
		200,000	Ashtead Capital, Inc.*µ 2.450%, 08/12/31		158,472
			Audacy Capital Corp.*
		231,000	6.750%, 03/31/29		5,047
		91,000	6.500%, 05/01/27		2,189
		136,000	Cincinnati Bell Telephone Company, LLC~ 6.300%, 12/01/28		111,728
		285,000	Consolidated Communications, Inc.*~ 6.500%, 10/01/28		222,776
			CSC Holdings, LLC*
		285,000	5.375%, 02/01/28µ		238,223
		215,000	4.500%, 11/15/31µ		154,469
		200,000	5.750%, 01/15/30~		103,822
		200,000	4.625%, 12/01/30~		101,104


PRINCIPAL AMOUNT			VALUE
		Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	150,000	6.625%, 08/15/27	$	4,433
	115,000	5.375%, 08/15/26		3,666
	264,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*~ 5.875%, 08/15/27		238,548
	135,000	Embarq Corp. 7.995%, 06/01/36		76,749
	195,000	Frontier California, Inc.~ 6.750%, 05/15/27		180,172
		Frontier Communications Holdings, LLC*µ
	123,000	5.000%, 05/01/28		104,350
	48,000	8.750%, 05/15/30		46,305
	202,000	Frontier Florida, LLCµ@ 6.860%, 02/01/28		189,581
	280,000	Frontier North, Inc.@ 6.730%, 02/15/28		253,134
	165,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*~ 3.500%, 03/01/29		142,218
		iHeartCommunications, Inc.
	70,000	8.375%, 05/01/27		47,950
	70,000	5.250%, 08/15/27*µ		55,232
	145,000	Intelsat Jackson Holdings, SA*@ 0.000%, 07/15/25		—
	230,000	LCPR Senior Secured Financing DAC*µ 6.750%, 10/15/27		216,106
	151,589	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		52,673
		Lumen Technologies, Inc.
	135,000	7.600%, 09/15/39		49,625
	90,000	4.000%, 02/15/27*		59,220
	95,000	Match Group Holdings II, LLC*~^ 3.625%, 10/01/31		78,391
	840,000	Paramount Global~‡ 6.375%, 03/30/62 5 year CMT + 4.00%		693,924
	63,000	Qwest Corp.µ 7.250%, 09/15/25		61,530
	595,000	Rogers Communications, Inc.*~‡ 5.250%, 03/15/82 5 year CMT + 3.59%		549,530
		Scripps Escrow II, Inc.*
	95,000	3.875%, 01/15/29~		79,046
	48,000	5.375%, 01/15/31		36,579
	195,000	Scripps Escrow, Inc.*µ 5.875%, 07/15/27		163,178
		Sirius XM Radio, Inc.*~
	185,000	4.000%, 07/15/28		161,165
	90,000	3.125%, 09/01/26		81,186
	48,000	3.875%, 09/01/31		37,628
	175,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		121,350
	165,000	Sprint, LLCµ 7.125%, 06/15/24		166,589
	165,000	Stagwell Global, LLC*µ 5.625%, 08/15/29		140,601


See accompanying Notes to Schedule of Investments

1


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	207,000	TEGNA, Inc. 4.625%, 03/15/28	$	186,623
	190,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		114,106
	70,000	Time Warner Cable, LLC 7.300%, 07/01/38		71,457
	320,000	United States Cellular Corp.~ 6.700%, 12/15/33		276,998
	70,000	Univision Communications, Inc.* 8.000%, 08/15/28		70,596
	395,000	Vodafone Group, PLC~‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		405,049

				6,969,363


		*Consumer Discretionary (3.8%)*
	228,000	Abercrombie & Fitch Management Company*~^ 8.750%, 07/15/25		231,680
	230,000	Adient Global Holdings Company* 8.250%, 04/15/31		236,516
	156,000	American Axle & Manufacturing, Inc.µ 6.875%, 07/01/28		148,615
		Ashton Woods USA, LLC / Ashton Woods Finance Company*µ
	194,000	6.625%, 01/15/28		187,189
	167,000	4.625%, 08/01/29		144,792
	217,000	At Home Group, Inc.* 4.875%, 07/15/28		126,194
		Bath & Body Works, Inc.
	254,000	6.694%, 01/15/27		255,232
	235,000	6.875%, 11/01/35~		218,252
	200,000	Benteler International AG* 10.500%, 05/15/28		204,602
		Caesars Entertainment Corp.*^
	118,000	4.625%, 10/15/29		103,982
	93,000	8.125%, 07/01/27		95,588
		Carnival Corp.*
	98,000	10.500%, 02/01/26		103,334
	92,000	7.625%, 03/01/26		90,881
	89,000	4.000%, 08/01/28		79,214
	230,000	Carriage Services, Inc.*µ 4.250%, 05/15/29		199,626
	145,000	Carvana Company* 4.875%, 09/01/29		90,063
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	750,000	4.750%, 03/01/30µ		650,303
	250,000	4.500%, 08/15/30~		211,730
	220,000	6.375%, 09/01/29µ		210,520
	186,000	4.250%, 02/01/31µ		152,918
	96,000	4.750%, 02/01/32µ		79,599
	96,000	CDI Escrow Issuer, Inc.*µ 5.750%, 04/01/30		89,286
	92,000	Churchill Downs, Inc.*µ 6.750%, 05/01/31		90,040
		Dana, Inc.µ
	155,000	4.250%, 09/01/30		133,148
	140,000	4.500%, 02/15/32^		117,618
		DISH DBS Corp.
	347,000	7.750%, 07/01/26~		224,981
	230,000	5.250%, 12/01/26*µ		188,869
	120,000	7.375%, 07/01/28~		67,669
	95,000	5.125%, 06/01/29		48,080


PRINCIPAL AMOUNT			VALUE
	186,000	DISH Network Corp.*µ 11.750%, 11/15/27	$	187,324
	200,000	Empire Resorts, Inc.*µ 7.750%, 11/01/26		162,382
	204,000	Everi Holdings, Inc.*µ 5.000%, 07/15/29		181,115
	190,000	Ford Motor Company~^ 6.100%, 08/19/32		183,971
		Ford Motor Credit Company, LLC
	350,000	7.350%, 11/04/27		360,073
	300,000	4.000%, 11/13/30~		258,885
	270,000	5.113%, 05/03/29~		252,191
	235,000	7.200%, 06/10/30		241,730
	200,000	7.350%, 03/06/30		207,262
		Gap, Inc.*µ
	71,000	3.875%, 10/01/31		50,835
	9,000	3.625%, 10/01/29		6,714
		General Motors Financial Company, Inc.~‡
	465,000	5.700%, 09/30/30^ 5 year CMT + 5.00%		419,239
	395,000	6.500%, 09/30/28 3 mo. USD LIBOR + 3.44%		354,753
		goeasy, Ltd.*
	325,000	5.375%, 12/01/24~		317,236
	177,000	4.375%, 05/01/26		162,242
	79,000	Group 1 Automotive, Inc.*~ 4.000%, 08/15/28		69,927
	193,000	Guitar Center, Inc.*µ 8.500%, 01/15/26		177,799
	115,000	Kohl’s Corp. 5.550%, 07/17/45		74,951
	185,000	LCM Investments Holdings II, LLC*µ 8.250%, 08/01/31		188,077
	190,000	Liberty Interactive, LLC~ 8.250%, 02/01/30		71,250
		Life Time, Inc.*
	179,000	8.000%, 04/15/26		179,328
	100,000	5.750%, 01/15/26µ		98,182
	70,000	Lindblad Expeditions Holdings, Inc.*µ 9.000%, 05/15/28		72,336
	123,000	Lindblad Expeditions, LLC*µ 6.750%, 02/15/27		119,229
	125,000	M/I Homes, Inc. 3.950%, 02/15/30		109,231
		Macy’s Retail Holdings, LLC
	320,000	6.700%, 07/15/34*		266,496
	90,000	4.300%, 02/15/43		56,650
	225,000	Mclaren Finance, PLC*µ 7.500%, 08/01/26		201,004
	242,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*~ 4.875%, 05/01/29		215,479
	135,000	Mohegan Tribal Gaming Authority*µ 8.000%, 02/01/26		123,792
		Newell Brands, Inc.
	45,000	6.375%, 09/15/27^		44,272
	23,000	6.625%, 09/15/29		23,055
		Nordstrom, Inc.
	90,000	5.000%, 01/15/44~		61,419
	86,000	4.250%, 08/01/31		67,950
	215,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		177,846


See accompanying Notes to Schedule of Investments

2


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	250,000	PetSmart, Inc. / PetSmart Finance Corp.*µ 4.750%, 02/15/28	$	229,700
	265,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*~^ 5.625%, 09/01/29		202,820
	543,000	Rite Aid Corp.* 8.000%, 11/15/26		272,081
	92,000	Royal Caribbean Cruises, Ltd.*µ 7.250%, 01/15/30		93,347
	270,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*µ 4.625%, 03/01/29		225,258
	365,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		349,564
	212,000	Sonic Automotive, Inc.*~ 4.625%, 11/15/29		181,866
	282,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.*µ 4.875%, 11/01/27		264,192
	450,000	Station Casinos, LLC*µ 4.500%, 02/15/28		408,735
	212,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		207,105
	45,000	Viking Cruises, Ltd.*µ 9.125%, 07/15/31		46,266
	220,000	Vista Outdoor, Inc.*µ 4.500%, 03/15/29		187,323
	90,000	Windsor Holdings III, LLC*µ 8.500%, 06/15/30		90,572
	175,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		180,236

				13,463,811


		*Consumer Staples (0.7%)*
	179,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		179,729
	218,000	Central Garden & Pet Company*µ 4.125%, 04/30/31		182,749
	213,000	Edgewell Personal Care Company* 4.125%, 04/01/29		186,520
		Energizer Holdings, Inc.*µ
	263,000	4.375%, 03/31/29		228,881
	48,000	6.500%, 12/31/27		46,918
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*µ
	280,000	5.500%, 01/15/30		271,071
	120,000	5.125%, 02/01/28		116,736
	70,000	5.750%, 04/01/33		67,243
	395,000	Land O’ Lakes, Inc.*~ 7.000%, 09/18/28		326,882
	191,000	Performance Food Group, Inc.*µ 4.250%, 08/01/29		169,677
	140,000	Pilgrim’s Pride Corp. 4.250%, 04/15/31		120,999
	182,000	Prestige Brands, Inc.*µ 3.750%, 04/01/31		153,442
	110,000	United Natural Foods, Inc.* 6.750%, 10/15/28		91,807


PRINCIPAL AMOUNT			VALUE
	293,000	Vector Group, Ltd.*~ 5.750%, 02/01/29	$	255,581

				2,398,235


		*Energy (2.7%)*
	190,000	Antero Resources Corp.*~ 5.375%, 03/01/30		177,255
	192,000	Apache Corp.~ 5.100%, 09/01/40		163,248
		Buckeye Partners, LPµ
	460,000	5.850%, 11/15/43		356,219
	205,000	3.950%, 12/01/26		189,020
	270,000	Callon Petroleum Company*~^ 7.500%, 06/15/30		262,524
	96,000	Cheniere Energy, Inc. 4.625%, 10/15/28		90,451
	139,000	Chesapeake Energy Corp.*~ 6.750%, 04/15/29		138,507
	50,000	Civitas Resources, Inc.*µ 8.750%, 07/01/31		51,779
		Continental Resources, Inc.*µ
	135,000	2.875%, 04/01/32		105,066
	95,000	5.750%, 01/15/31		92,065
	150,000	DT Midstream, Inc.*~ 4.125%, 06/15/29		133,169
		Earthstone Energy Holdings, LLC*µ
	181,000	8.000%, 04/15/27		180,254
	70,000	9.875%, 07/15/31		72,426
		Enbridge, Inc.µ‡
	775,000	5.750%, 07/15/80 5 year CMT + 5.31%		710,070
	650,000	7.375%, 01/15/83 5 year CMT + 3.71%		644,761
	560,000	Energy Transfer, LP~‡ 6.500%, 11/15/26 5 year CMT + 5.69%		511,134
		EnLink Midstream Partners, LP
	835,000	9.618%, 08/31/23µ‡ 3 mo. USD LIBOR + 4.11%		722,592
	205,000	4.850%, 07/15/26		199,397
	113,000	Enlink Midstream, LLC* 6.500%, 09/01/30		113,984
		Enterprise Products Operating, LLCµ‡
	205,000	5.250%, 08/16/77 3 mo. USD LIBOR + 3.03%		182,309
	185,000	8.304%, 08/16/77 3 mo. USD LIBOR + 2.99%		184,904
	220,000	EQM Midstream Partners, LP*~ 7.500%, 06/01/27		223,843
	46,000	Genesis Energy, LP / Genesis Energy Finance Corp.µ 8.875%, 04/15/30		45,945
	255,000	Gulfport Energy Corp.*µ 8.000%, 05/17/26		258,476
	265,000	Hilcorp Energy I, LP / Hilcorp Finance Company*~ 6.000%, 04/15/30		245,109
	144,000	Howard Midstream Energy Partners, LLC*µ 6.750%, 01/15/27		139,684
	186,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*µ 6.000%, 08/01/26		182,406


See accompanying Notes to Schedule of Investments

3


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	135,000	Nabors Industries, Inc.*µ 7.375%, 05/15/27	$	132,195
	135,000	Nabors Industries, Ltd.*µ 7.500%, 01/15/28		124,427
		New Fortress Energy, Inc.*µ
	180,000	6.750%, 09/15/25		171,526
	96,000	6.500%, 09/30/26		88,188
	200,000	Parkland Corp.*~ 5.875%, 07/15/27		194,660
	187,000	Patterson-UTI Energy, Inc.~ 5.150%, 11/15/29		173,521
	565,000	Plains All American Pipeline, LP~‡ 9.431%, 08/31/23 3 mo. USD LIBOR + 4.11%		513,308
	175,000	Rockcliff Energy II, LLC*µ 5.500%, 10/15/29		160,981
		Southwestern Energy Company~
	98,000	4.750%, 02/01/32		87,393
	90,000	5.375%, 02/01/29		85,139
	48,000	Sunoco, LP / Sunoco Finance Corp.~ 4.500%, 04/30/30		42,737
	230,000	Transocean, Inc.*µ 8.750%, 02/15/30		238,855
		Venture Global Calcasieu Pass, LLC*
	115,000	6.250%, 01/15/30		112,559
	45,000	4.125%, 08/15/31~		38,235
	45,000	3.875%, 08/15/29~		39,053
		Venture Global LNG, Inc.*µ
	230,000	8.375%, 06/01/31		233,593
	140,000	8.125%, 06/01/28		142,367
		Vital Energy, Inc.
	115,000	7.750%, 07/31/29*µ		98,792
	92,000	9.500%, 01/15/25~^		91,934
	280,000	VOC Escrow, Ltd.*µ 5.000%, 02/15/28		260,490
	190,000	Weatherford International, Ltd.*µ 8.625%, 04/30/30		194,874

				9,601,424


		*Financials (13.4%)*
	251,000	Acrisure, LLC / Acrisure Finance, Inc.*µ 7.000%, 11/15/25		243,061
	286,000	Aethon United BR, LP / Aethon United Finance Corp.*µ 8.250%, 02/15/26		285,457
	311,000	AG Issuer, LLC*µ 6.250%, 03/01/28		300,892
	465,000	Aircastle, Ltd.*‡ 5.250%, 06/15/26 5 year CMT + 4.41%		355,776
	315,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*µ 6.750%, 10/15/27		300,009
	360,000	Allstate Corp.‡ 5.750%, 08/15/53 3 mo. USD LIBOR + 2.94%		357,545
		Ally Financial, Inc.‡
	1,236,000	4.700%, 05/15/26~ 5 year CMT + 3.87%		943,056
	935,000	4.700%, 05/15/28µ 7 year CMT + 3.48%		660,063


PRINCIPAL AMOUNT			VALUE
	685,000	American International Group, Inc.µ‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%	$	663,683
	379,000	AmWINS Group, Inc.*µ 4.875%, 06/30/29		347,801
	1,160,000	Ares Finance Company III, LLC*µ‡ 4.125%, 06/30/51 5 year CMT + 3.24%		873,724
	208,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		187,614
	75,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		72,917
	835,000	AXIS Specialty Finance, LLCµ‡ 4.900%, 01/15/40 5 year CMT + 3.19%		672,284
		Bank of America Corp.µ‡
	1,091,000	6.125%, 04/27/27^ 5 year CMT + 3.23%		1,073,369
	340,000	5.125%, 06/20/24 Update Replacements.xls: TSFR3M + 3.55		334,907
	330,000	6.250%, 09/05/24 3 mo. USD LIBOR + 3.71%		327,739
	330,000	6.100%, 03/17/25 Update Replacements.xls: TSFR3M + 4.16		328,832
	405,000	Bank of Montrealµ‡ 4.800%, 08/25/24 5 year CMT + 2.98%		362,495
	1,560,000	Bank of New York Mellon Corp.µ‡ 4.700%, 09/20/25 5 year CMT + 4.36%		1,529,798
	670,000	Bank of Nova Scotiaµ‡ 3.625%, 10/27/81 5 year CMT + 2.613%		485,676
		BP Capital Markets, PLCµ‡
	810,000	4.875%, 03/22/30 5 year CMT + 4.40%		754,248
	355,000	4.375%, 06/22/25 5 year CMT + 4.04%		342,263
	375,000	BroadStreet Partners, Inc.*µ 5.875%, 04/15/29		335,164
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*µ
	170,000	4.500%, 04/01/27		147,191
	116,000	5.750%, 05/15/26		108,945
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		183,108
	1,098,000	Capital One Financial Corp.~^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		872,350
	161,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		148,721
		Charles Schwab Corp.µ‡
	895,000	4.000%, 06/01/26 5 year CMT + 3.17%		802,430
	675,000	5.375%, 06/01/25 5 year CMT + 4.97%		661,932
	433,000	4.000%, 12/01/30 10 year CMT + 3.08%		344,122


See accompanying Notes to Schedule of Investments

4


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
		Citigroup, Inc.~‡
	1,454,000	4.150%, 11/15/26 5 year CMT + 3.00%	$	1,224,137
	1,141,000	3.875%, 02/18/26 5 year CMT + 3.42%		993,902
	445,000	4.000%, 12/10/25 5 year CMT + 3.60%		399,788
	1,115,000	Citizens Financial Group, Inc.~‡ 4.000%, 10/06/26 5 year CMT + 3.22%		863,032
	365,000	Corebridge Financial, Inc.µ 6.875%, 12/15/52		355,565
		Credit Acceptance Corp.
	285,000	6.625%, 03/15/26^		279,656
	161,000	5.125%, 12/31/24*		157,893
		Discover Financial Services~‡
	660,000	6.125%, 06/23/25 5 year CMT + 5.78%		637,065
	505,000	5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		392,587
	241,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		238,701
	635,000	Enstar Finance, LLCµ‡ 5.500%, 01/15/42 5 year CMT + 4.01%		493,439
	1,500,000	Fifth Third Bancorp~‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,374,540
	275,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*~ 3.750%, 12/15/27		219,786
		Goldman Sachs Group, Inc.~‡
	1,180,000	4.400%, 02/10/25 5 year CMT + 2.85%		1,025,208
	442,000	4.125%, 11/10/26 5 year CMT + 2.95%		378,935
	427,000	Greystar Real Estate Partners, LLC*~ 5.750%, 12/01/25		421,505
		HUB International, Ltd.*µ
	276,000	5.625%, 12/01/29		247,064
	195,000	7.000%, 05/01/26		194,803
		Huntington Bancshares, Inc.~‡
	940,000	4.450%, 10/15/27 7 year CMT + 4.05%		805,975
	505,000	5.625%, 07/15/30 10 year CMT + 4.95%		464,837
	144,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.~ 4.375%, 02/01/29		116,935
	510,000	ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. USD LIBOR + 1.80%		369,750
		Iron Mountain, Inc.*
	380,000	5.250%, 03/15/28		357,610
	45,000	7.000%, 02/15/29		45,213
	525,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.*µ 5.000%, 08/15/28		448,754
		JPMorgan Chase & Companyµ‡
	2,840,000	3.650%, 06/01/26 5 year CMT + 2.85%		2,543,277
	330,000	6.125%, 04/30/24 Update Replacements.xls: TSFR3M + 3.59		328,713


PRINCIPAL AMOUNT			VALUE
	430,000	KeyCorp‡ 5.000%, 09/15/26 3 mo. USD LIBOR + 3.61%	$	348,016
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*~
	379,000	5.250%, 10/01/25		363,423
	95,000	4.750%, 06/15/29		80,145
	265,000	LD Holdings Group, LLC* 6.125%, 04/01/28		174,243
		Level 3 Financing, Inc.*
	243,000	3.400%, 03/01/27		214,715
	200,000	4.250%, 07/01/28µ		141,864
	90,000	4.625%, 09/15/27µ		68,524
	1,085,000	Liberty Mutual Group, Inc.*~‡ 4.125%, 12/15/51 5 year CMT + 3.32%		871,580
	139,000	LPL Holdings, Inc.*µ 4.000%, 03/15/29		124,718
		M&T Bank Corp.‡
	355,000	6.450%, 02/15/24 3 mo. USD LIBOR + 3.61		343,761
	200,000	5.125%, 11/01/26 3 mo. USD LIBOR + 3.52		169,368
	200,000	5.000%, 08/01/24 5 year CMT + 3.17		176,618
	670,000	Markel Corp.~‡ 6.000%, 06/01/25 5 year CMT + 5.66%		653,927
		MetLife, Inc.µ
	1,205,000	6.400%, 12/15/66		1,213,495
	605,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		568,742
	255,000	Nationstar Mortgage Holdings, Inc.*µ 5.500%, 08/15/28		231,474
	380,000	Nationwide Financial Services, Inc.µ 6.750%, 05/15/87		366,122
		Navient Corp.
	197,000	5.000%, 03/15/27		178,527
	100,000	4.875%, 03/15/28µ		87,470
	220,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*~ 4.500%, 09/30/28		172,685
	370,000	Northern Trust Corp.µ‡ 4.600%, 10/01/26 3 mo. USD LIBOR + 3.20		331,413
		OneMain Finance Corp.
	130,000	9.000%, 01/15/29		132,211
	130,000	3.875%, 09/15/28~		107,220
	95,000	7.125%, 03/15/26^		94,164
	98,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*µ 5.875%, 10/01/28		90,900
	1,148,000	PartnerRe Finance B, LLCµ^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		971,116
	295,000	PHH Mortgage Corp.*µ 7.875%, 03/15/26		267,474
		PNC Financial Services Group, Inc.‡
	885,000	3.400%, 09/15/26µ 5 year CMT + 2.60%		680,016


See accompanying Notes to Schedule of Investments

5


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	425,000	6.000%, 05/15/27µ 5 year CMT + 3.00%	$	394,391
	360,000	6.200%, 09/15/27 5 year CMT + 3.24%		346,432
	785,000	QBE Insurance Group, Ltd.*µ‡ 5.875%, 05/12/25 5 year CMT + 5.51%		756,960
	220,000	RHP Hotel Properties, LP / RHP Finance Corp.*µ 4.500%, 02/15/29		196,244
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*~
	85,000	3.875%, 03/01/31		70,117
	85,000	3.625%, 03/01/29		72,468
	45,000	2.875%, 10/15/26		40,179
	1,362,000	State Street Corp.~^‡ 5.625%, 12/15/23 3 mo. USD LIBOR + 2.54%		1,326,452
	199,000	StoneX Group, Inc.* 8.625%, 06/15/25		201,762
		Truist Financial Corp.µ‡
	835,000	4.800%, 09/01/24 5 year CMT + 3.00%		746,423
	685,000	4.950%, 09/01/25 5 year CMT + 4.61%		648,188
	256,000	5.100%, 03/01/30 Update Replacements.xls: H15T10Y + 4.35		228,987
	600,000	U.S. Bancorpµ‡ 5.300%, 04/15/27 3 mo. USD LIBOR + 2.91%		527,130
		United Wholesale Mortgage, LLC*~
	221,000	5.500%, 04/15/29		194,526
	90,000	5.750%, 06/15/27		84,277
		Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	93,000	10.500%, 02/15/28µ		92,512
	90,000	6.500%, 02/15/29~		62,755
	210,000	VZ Secured Financing, BV*µ 5.000%, 01/15/32		170,911
		Wells Fargo & Company‡
	1,480,000	3.900%, 03/15/26~ 5 year CMT + 3.45%		1,329,469
	353,000	7.625%, 09/15/28 5 year CMT + 3.61		363,216
	208,000	XHR, LP*µ 6.375%, 08/15/25		205,298

				48,068,470


		*Health Care (1.1%)*
		Bausch Health Companies, Inc.*
	318,000	11.000%, 09/30/28µ		235,861
	72,000	6.125%, 02/01/27		47,556
	62,000	14.000%, 10/15/30		39,575
		CHS/Community Health Systems, Inc.*
	535,000	8.000%, 03/15/26µ		526,183
	377,000	6.125%, 04/01/30~		238,256
	108,000	6.875%, 04/15/29~		71,954
	24,000	5.250%, 05/15/30µ		19,218
		DaVita, Inc.*µ
	372,000	4.625%, 06/01/30		317,926
	222,000	3.750%, 02/15/31		177,667
		Embecta Corp.*µ
	144,000	5.000%, 02/15/30		118,945


PRINCIPAL AMOUNT			VALUE
	48,000	6.750%, 02/15/30	$	42,379
		Encompass Health Corp.µ
	100,000	4.750%, 02/01/30		91,147
	100,000	4.500%, 02/01/28		93,031
	200,000	Jazz Securities DAC*~ 4.375%, 01/15/29		178,160
		Medline Borrower, LP*
	233,000	5.250%, 10/01/29^		207,081
	230,000	3.875%, 04/01/29µ		201,722
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	350,000	5.125%, 04/30/31µ		297,076
	200,000	4.125%, 04/30/28~		179,390
	470,000	Tenet Healthcare Corp.µ 6.875%, 11/15/31		471,119
		Teva Pharmaceutical Finance Netherlands III, BV
	230,000	5.125%, 05/09/29		211,510
	200,000	4.750%, 05/09/27~		186,414
	115,000	3.150%, 10/01/26		104,120

				4,056,290


		*Industrials (3.1%)*
	220,000	ACCO Brands Corp.*µ 4.250%, 03/15/29		189,134
	800,000	AerCap Holdings, NV~‡ 5.875%, 10/10/79 5 year CMT + 4.54%		775,600
		Air Lease Corp.~‡
	885,000	4.125%, 12/15/26 5 year CMT + 3.15%		642,829
	810,000	4.650%, 06/15/26 5 year CMT + 4.08%		723,330
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	315,000	4.625%, 01/15/27~		299,061
	185,000	3.500%, 03/15/29~		161,126
	145,000	5.875%, 02/15/28		141,967
	220,000	Allegiant Travel Company*~ 7.250%, 08/15/27		217,855
	50,000	American Airlines Group, Inc.*µ 3.750%, 03/01/25		47,768
	108,000	Arcosa, Inc.* 4.375%, 04/15/29		97,914
	740,000	ARD Finance, SA*µ 6.500%, 06/30/27 7.250% PIK rate		602,715
	151,000	Beacon Roofing Supply, Inc.*µ 4.125%, 05/15/29		133,621
	191,000	BWX Technologies, Inc.*~ 4.125%, 04/15/29		173,485
	90,000	Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26		86,831
	47,000	Delta Air Lines, Inc.~ 7.375%, 01/15/26		48,837
	48,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		46,512
	245,000	Deluxe Corp.*µ 8.000%, 06/01/29		205,908
	143,000	Eco Material Technologies, Inc.*µ 7.875%, 01/31/27		138,101
	46,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		45,803


See accompanying Notes to Schedule of Investments

6


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	85,000	EnerSys* 4.375%, 12/15/27	$	78,979
	118,000	Graham Packaging Company, Inc.*µ 7.125%, 08/15/28		103,898
	88,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		77,027
	203,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		172,893
	443,000	H&E Equipment Services, Inc.*µ 3.875%, 12/15/28		389,384
	281,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*µ 5.750%, 01/20/26		265,562
	290,000	Herc Holdings, Inc.*µ 5.500%, 07/15/27		278,893
	220,000	IEA Energy Services, LLC*µ 6.625%, 08/15/29		215,327
	290,000	JELD-WEN, Inc.*^ 4.625%, 12/15/25		285,563
	305,000	Ken Garff Automotive, LLC*µ 4.875%, 09/15/28		268,891
	185,000	Knife River Holding Company* 7.750%, 05/01/31		189,488
	96,000	MasTec, Inc.*µ 4.500%, 08/15/28		89,316
	107,000	Moog, Inc.*~ 4.250%, 12/15/27		99,258
	230,000	Newfold Digital Holdings Group, Inc.*µ 6.000%, 02/15/29		169,933
	172,000	Novelis Corp.*~ 4.750%, 01/30/30		154,805
	70,000	OI European Group, BV* 4.750%, 02/15/30		63,531
	225,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*~ 4.000%, 10/15/27		202,923
	285,000	Patrick Industries, Inc.*~ 4.750%, 05/01/29		248,035
	95,000	QVC, Inc. 5.450%, 08/15/34		48,156
		Sealed Air Corp.*
	144,000	6.125%, 02/01/28		143,862
	48,000	5.000%, 04/15/29		44,867
	98,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		82,928
		Sinclair Television Group, Inc.*
	141,000	4.125%, 12/01/30~		91,955
	100,000	5.500%, 03/01/30		52,763
	195,000	Standard Industries, Inc.*µ 5.000%, 02/15/27		187,017
	315,000	Stanley Black & Decker, Inc.µ‡ 4.000%, 03/15/60 5 year CMT + 2.66%		241,098
	150,000	Stericycle, Inc.*~ 3.875%, 01/15/29		132,670
	145,000	STL Holding Company, LLC*µ 7.500%, 02/15/26		135,153
		TransDigm, Inc.µ
	405,000	7.500%, 03/15/27		404,931
	243,000	6.250%, 03/15/26*		242,137
	140,000	6.750%, 08/15/28*		140,864


PRINCIPAL AMOUNT			VALUE
	141,000	Tronox, Inc.*µ 4.625%, 03/15/29	$	117,009
	77,943	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		70,254
	187,000	Vertiv Group Corp.*µ 4.125%, 11/15/28		168,068
	201,000	Wabash National Corp.*µ 4.500%, 10/15/28		169,678
	150,000	Waste Pro USA, Inc.*µ 5.500%, 02/15/26		142,131
	45,000	WESCO Distribution, Inc.*~ 7.250%, 06/15/28		46,000
		Williams Scotsman International, Inc.*µ
	202,000	6.125%, 06/15/25		201,388
	47,000	4.625%, 08/15/28		43,425

				11,038,457


		*Information Technology (0.7%)*
	96,000	Booz Allen Hamilton, Inc.*µ 4.000%, 07/01/29		86,868
	112,000	Coherent Corp.*~^ 5.000%, 12/15/29		100,947
	299,000	CommScope Technologies, LLC*~ 6.000%, 06/15/25		271,662
	175,000	CommScope, Inc.*µ 4.750%, 09/01/29		134,858
	96,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		85,164
	56,000	Fair Isaac Corp.* 4.000%, 06/15/28		51,472
	210,000	KBR, Inc.*~ 4.750%, 09/30/28		192,433
		MPH Acquisition Holdings, LLC*
	210,000	5.750%, 11/01/28~^		161,001
	95,000	5.500%, 09/01/28µ		82,929
	96,000	NCR Corp.*µ 5.125%, 04/15/29		86,011
	143,000	ON Semiconductor Corp.*~ 3.875%, 09/01/28		129,691
		Open Text Corp.*
	129,000	3.875%, 02/15/28~		115,029
	90,000	6.900%, 12/01/27		92,092
	72,000	3.875%, 12/01/29~		60,955
	72,000	Open Text Holdings, Inc.*~ 4.125%, 12/01/31		59,849
	96,000	Playtika Holding Corp.*µ 4.250%, 03/15/29		84,816
	265,000	TTM Technologies, Inc.* 4.000%, 03/01/29		226,132
		Twilio, Inc.~
	130,000	3.625%, 03/15/29		111,865
	47,000	3.875%, 03/15/31		39,825
	205,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		176,778
	220,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*~^ 3.875%, 02/01/29		189,416

				2,539,793


		*Materials (0.7%)*
	150,000	ArcelorMittal, SAµ 7.000%, 10/15/39		155,629


See accompanying Notes to Schedule of Investments

7


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	90,000	ATI, Inc.µ 5.875%, 12/01/27	$	87,936
	46,000	Carpenter Technology Corp.µ 7.625%, 03/15/30		47,008
	145,000	Chemours Company*~ 4.625%, 11/15/29		122,896
	300,000	Clearwater Paper Corp.* 4.750%, 08/15/28		265,947
	139,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		135,571
		Commercial Metals Company~
	96,000	4.125%, 01/15/30		86,410
	48,000	4.375%, 03/15/32		41,956
	250,000	Constellium, SE*µ^ 3.750%, 04/15/29		217,672
	144,000	HB Fuller Company 4.250%, 10/15/28		129,345
	200,000	INEOS Finance, PLC* 6.750%, 05/15/28		190,870
		Kaiser Aluminum Corp.*µ
	210,000	4.625%, 03/01/28		188,845
	24,000	4.500%, 06/01/31		19,697
	53,000	LSF11 A5 HoldCo, LLC*µ 6.625%, 10/15/29		44,559
	244,000	Mercer International, Inc.µ 5.125%, 02/01/29		200,312
	200,000	OCI, NV*µ 6.700%, 03/16/33		198,060
		Owens-Brockway Glass Container, Inc.*µ
	150,000	6.625%, 05/13/27		149,624
	135,000	7.250%, 05/15/31		137,380
	80,000	Silgan Holdings, Inc.~ 4.125%, 02/01/28		73,323
	96,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		56,509

				2,549,549


		*Other (0.1%)*
		Gen Digital, Inc.*
	90,000	7.125%, 09/30/30^		90,788
	90,000	6.750%, 09/30/27µ		90,397

				181,185


		*Real Estate (0.2%)*
	152,000	EPR Propertiesµ 3.750%, 08/15/29		125,160
		Forestar Group, Inc.*
	139,000	5.000%, 03/01/28		129,491
	97,000	3.850%, 05/15/26		90,399
	211,000	MIWD Holdco II, LLC / MIWD Finance Corp.*~ 5.500%, 02/01/30		179,584
	95,000	Service Properties Trustµ 5.250%, 02/15/26		86,824

				611,458


		*Special Purpose Acquisition Companies (0.1%)*
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*µ
	185,000	6.750%, 01/15/30		159,122
	96,000	4.625%, 01/15/29		84,233

				243,355


PRINCIPAL AMOUNT			VALUE

		*Utilities (2.5%)*
	910,000	Algonquin Power & Utilities Corp.~‡ 4.750%, 01/18/82 5 year CMT + 3.25%	$	735,262
	200,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68		162,628
	335,000	CenterPoint Energy, Inc.~‡ 6.125%, 09/01/23 3 mo. USD LIBOR + 3.27%		329,272
	590,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		520,415
		Dominion Energy, Inc.~‡
	695,000	4.650%, 12/15/24 5 year CMT + 2.99%		637,197
	367,000	4.350%, 01/15/27 5 year CMT + 3.20%		315,609
		Duke Energy Corp.‡
	900,000	4.875%, 09/16/24~ 5 year CMT + 3.39%		875,700
	368,000	3.250%, 01/15/82µ 5 year CMT + 2.32%		274,546
	510,000	Emera, Inc.‡ 6.750%, 06/15/76 3 mo. USD LIBOR + 5.44		497,362
		National Rural Utilities Cooperative Finance Corp.µ
	712,000	7.125%, 09/15/53		716,977
	385,000	5.250%, 04/20/46‡ 3 mo. USD LIBOR + 3.63%		362,505
	770,000	NextEra Energy Capital Holdings, Inc.µ‡ 3.800%, 03/15/82 5 year CMT + 2.55%		655,347
	434,000	PPL Capital Funding, Inc.µ‡ 8.203%, 03/30/67 3 mo. USD LIBOR + 2.67%		393,369
		Sempra‡
	560,000	4.875%, 10/15/25~ 5 year CMT + 4.55%		531,619
	240,000	4.125%, 04/01/52µ 5 year CMT + 2.87%		197,076
		Southern Companyµ‡
	873,000	4.000%, 01/15/51 5 year CMT + 3.73%		818,254
	280,000	3.750%, 09/15/51 5 year CMT + 2.92%		242,964
		Vistra Corp.*µ‡
	305,000	7.000%, 12/15/26 5 year CMT + 5.74%		274,982
	185,000	8.000%, 10/15/26 5 year CMT + 6.93%		176,355
	205,000	WEC Energy Group, Inc.µ‡ 7.433%, 05/15/67 3 mo. USD LIBOR + 2.11%		175,652

				8,893,091


		TOTAL CORPORATE BONDS (Cost $124,548,801)		111,841,141


See accompanying Notes to Schedule of Investments

8


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


	PRINCIPAL AMOUNT			VALUE

CONVERTIBLE BONDS (0.1%)

			*Communication Services (0.0%)*
		138,000	Cable One, Inc.µ 03/15/26	$	113,637


			*Consumer Discretionary (0.1%)*
			DISH Network Corp.
		338,000	2.375%, 03/15/24µ		311,606
		90,000	0.000%, 12/15/25		54,963

					366,569


			*Other (0.0%)*
		95,000	Multiplan Corp.* 6.000%, 10/15/27		64,816


			TOTAL CONVERTIBLE BONDS (Cost $571,872)		545,022


BANK LOANS (2.8%) ¡

			*Airlines (0.1%)*
		156,750	American Airlines, Inc.‡ 10.338%, 04/20/28 3 mo. SOFR + 4.75%		162,562
		148,000	Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		154,568

					317,130


			*Communication Services (0.3%)*

		480,000	Clear Channel Outdoor Holdings, Inc.‡ 8.851%, 08/21/26 3 mo. SOFR + 3.50%		466,234
		1,250	Clear Channel Outdoor Holdings, Inc.‡ 8.933%, 08/21/26 1 mo. SOFR + 3.50%		1,180
		149,109	CMG Media Corp.‡ 8.842%, 12/17/26 3 mo. SOFR + 3.50%		135,796
		248,290	DIRECTV Financing, LLC‡ 10.433%, 08/02/27 1 mo. SOFR + 5.00%		247,127
		284,000	Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo. SOFR + 2.50%		156,403
		73,805	Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%		73,891
		90,000	Telesat Canada‡ 8.183%, 12/07/26 1 mo. SOFR + 2.75%		55,358
		94,050	Univision Communications, Inc.‡ 9.492%, 06/24/29 3 mo. SOFR + 4.25%		94,138

					1,230,127


			*Consumer Discretionary (0.5%)*
		103,306	American Axle & Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%		103,423


PRINCIPAL AMOUNT			VALUE
	179,550	Caesars Entertainment, Inc.‡ 8.555%, 02/06/30 1 mo. SOFR + 3.25%	$	179,887
	189,525	Hanesbrands, Inc.‡ 9.055%, 03/08/30 1 mo. SOFR + 3.75%		189,703
	109,382	Life Time Fitness, Inc.‡ 10.050%, 01/15/26 3 mo. SOFR + 4.50%		109,975
	91,278	PENN Entertainment, Inc. 8.169%, 05/03/29 1 mo. SOFR + 2.75%		91,278
	322,050	Petco Health and Wellness Company, Inc.‡ 8.754%, 03/03/28 3 mo. SOFR + 3.25%		321,416
	313,440	PetSmart, Inc.‡ 9.169%, 02/11/28 1 mo. SOFR + 3.75%		313,719
	161,500	SkyMiles IP, Ltd.‡ 9.076%, 10/20/27 3 mo. SOFR + 3.75%		168,134
	125,200	TKC Holdings, Inc.‡ 10.933%, 05/15/28 1 mo. LIBOR + 5.50%		117,988
	45,000	Windsor Holdings III, LLC! 0.000%, 06/21/30		44,925
	316,575	WW International, Inc.‡ 8.933%, 04/13/28 1 mo. SOFR + 3.50%		239,146

				1,879,594


		*Consumer Staples (0.0%)*
	100,000	United Natural Foods, Inc.! 0.000%, 10/22/25		100,277


		*Energy (0.1%)*
	194,513	Par Petroleum, LLC‡ 9.614%, 02/28/30 3 mo. SOFR + 4.25%		193,702


		*Financials (0.4%)*
	184,536	Alliant Holdings Intermediate, LLC‡ 8.722%, 11/05/27 1 mo. SOFR + 3.50%		184,402
	135,000	Amynta Agency Borrower, Inc.‡ 10.419%, 02/28/28 1 mo. SOFR + 5.00%		133,324
	173,681	AssuredPartners, Inc.‡ 8.819%, 02/12/27 1 mo. SOFR + 3.50%		173,029
	140,000	Avolon TLB Borrower 1 (US), LLC‡ 7.755%, 06/22/28 1 mo. SOFR + 2.50%		140,204
	99,500	Castlelake Aviation, Ltd.‡ 8.004%, 10/22/27 3 mo. SOFR + 2.75%		99,571
	184,075	Hub International, Ltd.‡ 9.060%, 11/10/29 3 mo. SOFR + 4.00%		184,669
	198,726	Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%		198,740


See accompanying Notes to Schedule of Investments

9


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	257,400	VFH Parent, LLC‡ 8.405%, 01/13/29 1 mo. SOFR + 3.00%	$	256,563

				1,370,502


		*Health Care (0.4%)*
	323,680	Amneal Pharmaceuticals, LLC‡ 8.933%, 05/04/25 1 mo. SOFR + 3.50%		308,710
	42,750	Bausch Health Companies, Inc.‡ 10.605%, 02/01/27 1 mo. SOFR + 5.25%		35,016
	113,114	ICON Luxembourg S.A.R.L.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		113,351
	249,936	Mallinckrodt International Finance, SA‡ 10.619%, 09/30/27 1 mo. SOFR + 5.25%		189,913
	207,059	Padagis, LLC‡ 10.280%, 07/06/28 3 mo. SOFR + 4.75%		200,502
	28,182	PRA Health Sciences, Inc. 7.754%, 07/03/28 3 mo. SOFR + 2.25%		28,242
	815,946	Team Health Holdings, Inc.‡ 10.569%, 03/02/27 1 mo. SOFR + 5.25%		564,165

				1,439,899


		*Industrials (0.3%)*
	98,000	ACProducts, Inc.‡ 9.754%, 05/17/28 3 mo. SOFR + 4.25%		84,598
	118,800	Air Canada‡ 8.839%, 08/11/28 3 mo. LIBOR + 3.50%		119,012
	233,238	ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		234,258
	121,864	Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%		122,094
	198,000	Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%		197,984
	194,503	United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%		195,110

				953,056


		*Information Technology (0.2%)*
	177,307	Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%		177,086
	209,772	Camelot Finance SA‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		209,838
	56,895	Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		56,922
	44,775	CDK Global, Inc.‡ 9.492%, 07/06/29 3 mo. SOFR + 4.25%		44,847


	PRINCIPAL AMOUNT			VALUE
		178,747	II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%	$	178,926

					667,619


			*Information Technology (0.0%)*
		174,200	Dun & Bradstreet Corp.‡ 8.291%, 02/06/26 1 mo. SOFR + 3.00%		174,227


			*Materials (0.3%)*
		44,444	American Axle & Manufacturing, Inc.‡ 8.436%, 12/13/29 6 mo. SOFR + 3.50%		44,389
		185,000	Ineos US Finance, LLC‡ 8.805%, 02/18/30 1 mo. SOFR + 3.50%		183,324
		225,124	Innophos, Inc.‡ 8.683%, 02/05/27 1 mo. SOFR + 3.25%		225,476
		95,000	LSF11 A5 Holdco, LLC‡ 9.669%, 10/15/28 1 mo. SOFR + 4.25%		94,822
		93,813	LSF11 A5 HoldCo, LLC‡ 8.933%, 10/15/28 1 mo. SOFR + 3.50%		93,070
		89,771	Trinseo Materials Operating SCA! 0.000%, 05/03/28		71,586
		189,267	WR Grace & Company‡ 9.313%, 09/22/28 3 mo. LIBOR + 3.75%		189,244

					901,911


			*Special Purpose Acquisition Companies (0.2%)*
		162,500	AP Core Holdings II, LLC‡ 10.933%, 09/01/27 1 mo. SOFR + 5.50%		157,592
		99,000	Clydesdale Acquisition Holdings, Inc.‡ 9.594%, 04/13/29 1 mo. SOFR + 4.18%		98,231
		44,438	Fertitta Entertainment, LLC‡ 9.319%, 01/27/29 1 mo. SOFR + 4.00%		44,036
		198,500	Oscar AcquisitionCo, LLC‡ 9.842%, 04/29/29 3 mo. SOFR + 4.50%		196,227
		178,650	Patagonia Holdco, LLC‡ 10.789%, 08/01/29 3 mo. SOFR + 5.75%		154,384

					650,470


			TOTAL BANK LOANS (Cost $10,371,291)		9,878,514


	NUMBER OF SHARES			VALUE

CONVERTIBLE PREFERRED STOCK (0.0%)

			*Financials (0.0%)*
		3,850	Bank OZKµ 4.625%, 11/15/26 (Cost $96,434)		61,100


See accompanying Notes to Schedule of Investments

10


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


	NUMBER OF SHARES			VALUE

PREFERRED STOCKS (2.7%)

			*Communication Services (0.5%)*
		21,155	AT&T, Inc.µ 4.750%, 02/18/25	$	390,944
		9,450	AT&T, Inc.µ 5.350%, 11/01/66		209,696
		36,510	Qwest Corp.µ 6.500%, 09/01/56		528,665
		12,250	Telephone and Data Systems, Inc.µ 6.000%, 09/30/26		170,520
		20,175	United States Cellular Corp.µ 5.500%, 03/01/70		291,125
		14,325	United States Cellular Corp.µ 5.500%, 06/01/70		206,280

					1,797,230


			*Consumer Discretionary (0.3%)*
		7,685	Ford Motor Companyµ 6.200%, 06/01/59		192,048
		7,236	Ford Motor Companyµ 6.500%, 08/15/62		174,315
		3,615	Guitar Center, Inc.&		460,913
		1,670	Qurate Retail, Inc.µ 8.000%, 03/15/31		59,786

					887,062


			*Energy (0.5%)*
		31,635	Energy Transfer, LP~‡ 7.625%, 08/30/23 3 mo. USD LIBOR + 4.74%		794,671
		24,000	NuStar Energy, LP~‡ 11.151%, 08/30/23 3 mo. USD LIBOR + 5.64%		582,720
		17,500	NuStar Logistics, LP~‡ 12.304%, 01/15/43 3 mo. USD LIBOR + 6.73%		459,725

					1,837,116


			*Financials (0.9%)*
		8,975	Affiliated Managers Group, Inc.µ 4.750%, 09/30/60		166,038
		14,000	Allstate Corp.µ 7.375%, 07/15/28		375,760
		15,560	Annaly Capital Management, Inc.µ‡ 10.531%, 08/30/23 3 mo. USD LIBOR + 4.99%		395,846
		3,675	Capital One Financial Corp.µ^ 4.800%, 06/01/25		68,612
		27,375	CNO Financial Group, Inc.µ 5.125%, 11/25/60		444,844
		4,608	Cullen/Frost Bankers, Inc.µ^ 4.450%, 12/15/25		86,446
		3,184	First Citizens BancShares, Inc.µ^ 5.625%, 01/04/27		65,972
		8,383	KeyCorpµ‡ 6.200%, 12/15/27 5 year CMT + 3.13%		180,151
		5,400	Morgan Stanleyµ 6.500%, 10/15/27		140,670
		20,881	Prospect Capital Corp.~ 5.350%, 07/01/26		345,581


	NUMBER OF SHARES			VALUE
		28,900	Reinsurance Group of America, Inc.µ‡ 7.125%, 10/15/52 5 year CMT + 3.46%	$	743,886
		16,896	Selective Insurance Group, Inc.µ 4.600%, 12/15/25		295,342

					3,309,148


			*Industrials (0.1%)*
		12,175	WESCO International, Inc.µ‡ 10.625%, 06/22/25 5 year CMT + 10.33		330,186


			*Real Estate (0.2%)*
		23,352	Brookfield Property Partners, LP~ 5.750%, 03/31/25		315,836
		12,800	Brookfield Property Partners, LP~ 6.375%, 09/30/24		187,136
		6,245	Global Net Lease, Inc.µ 6.875%, 11/26/24		127,772
		8,025	Spirit Realty Capital, Inc.µ 6.000%, 08/30/23		182,970

					813,714


			*Utilities (0.2%)*
		14,975	Brookfield Renewable Partners, LP~ 5.250%, 03/31/25		309,384
		13,450	DTE Energy Companyµ 5.250%, 12/01/77		321,993

					631,377


			TOTAL PREFERRED STOCKS (Cost $10,834,695)		9,605,833


COMMON STOCKS (88.6%)

			*Communication Services (5.1%)*
		138,000	Alphabet, Inc. - Class A~#		18,315,360
		3,935	Altice USA, Inc. - Class Aµ#		13,340
		1,322	Cumulus Media, Inc. - Class Aµ#		8,381

					18,337,081


			*Consumer Discretionary (13.9%)*
		134,000	Amazon.com, Inc.µ#		17,913,120
		189,000	Caesars Entertainment, Inc.µ#		11,154,780
		71,000	Hyatt Hotels Corp. - Class Aµ		8,970,850
		58,000	Marriott International, Inc. - Class Aµ		11,704,980

					49,743,730


			*Consumer Staples (3.1%)*
		145,500	Sysco Corp.µ		11,103,105


			*Energy (0.1%)*
		560	Chesapeake Energy Corp.µ		47,230
		12,950	Energy Transfer, LP		172,106

					219,336


			*Financials (11.7%)*
		580,000	Huntington Bancshares, Inc.µ		7,099,200
		127,000	Morgan Stanleyµ		11,628,120
		72,700	PNC Financial Services Group, Inc.µ		9,951,903


See accompanying Notes to Schedule of Investments

11


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


	NUMBER OF SHARES			VALUE
		55,500	Visa, Inc. - Class Aµ	$	13,194,015

					41,873,238


			*Health Care (7.8%)*
		30,000	Danaher Corp.µ		7,651,800
		78,000	Medtronic, PLCµ		6,845,280
		71,000	Merck & Company, Inc.µ		7,572,150
		10,400	Thermo Fisher Scientific, Inc.µ		5,706,064

					27,775,294


			*Industrials (30.5%)*
		31,500	AerCap Holdings, NV~#		2,010,015
		228,500	Air Lease Corp. - Class Aµ		9,674,690
		375,000	CSX Corp.µ		12,495,000
		257,000	Delta Air Lines, Inc.µ		11,888,820
		58,500	Honeywell International, Inc.µ		11,356,605
		73,800	L3Harris Technologies, Inc.µ		13,984,362
		17,500	Parker-Hannifin Corp.µ		7,175,175
		23,300	Paycom Software, Inc.µ		8,592,108
		141,500	RTX Corp.µ		12,442,095
		33,500	Union Pacific Corp.µ		7,772,670
		211,500	United Airlines Holdings, Inc.µ#		11,486,565

					108,878,105


			*Information Technology (14.6%)*
		17,800	Analog Devices, Inc.µ		3,551,634
		371,500	Intel Corp.µ		13,288,555
		104,000	Micron Technology, Inc.µ		7,424,560
		53,500	Microsoft Corp.µ		17,971,720
		100,500	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~		9,964,575

					52,201,044


			*Materials (1.8%)*
		24,500	Celanese Corp. - Class Aµ		3,072,055
		8,900	Linde, PLC~		3,476,963

					6,549,018


			*Real Estate (0.0%)*
		5,466	American Finance Trust, Inc.µ 7.500%, 03/26/24		112,654


			*Special Purpose Acquisition Company (0.0%)*
		1,380	Intelsat Emergence, SA~&		31,740


			TOTAL COMMON STOCKS (Cost $315,706,016)		316,824,345


	NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

PURCHASED OPTIONS (0.7%) #

			*Consumer Discretionary (0.1%)*
		13 3,862,040	Booking Holdings, Inc. Call, 08/04/23, Strike $3,010.00		77,090
		1,890 11,154,780	Caesars Entertainment, Inc. Call, 08/04/23, Strike $61.00		200,340
		175 4,680,025	Tesla, Inc. Put, 08/18/23, Strike $255.00		82,250

					359,680


	NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

			*Financials (0.0%)*
		290 6,894,170	Visa, Inc. Put, 09/01/23, Strike $230.00	$	47,995


			*Health Care (0.0%)*
		340 3,626,100	Merck & Company, Inc. Call, 08/18/23, Strike $110.00		40,120


			*Information Technology (0.2%)*
			Intel Corp.
		2,490 8,906,730	Put, 08/04/23, Strike $33.00		6,225
		1,000 3,577,000	Call, 08/18/23, Strike $34.00		216,500
		600 7,033,800	Oracle Corp. Call, 08/25/23, Strike $118.00		168,600
		230 5,175,230	salesforce, Inc. Put, 08/18/23, Strike $220.00		63,940

					455,265


			*Materials (0.1%)*
		225 6,869,925	Air Products & Chemicals, Inc. Call, 08/18/23, Strike $300.00		241,875
		89 3,476,963	Linde, PLC Put, 09/15/23, Strike $380.00		48,950

					290,825


			*Other (0.3%)*
		6,500 71,773,000	Industrial Select Sector SPDR Put, 08/18/23, Strike $107.00		211,250
			iShares 20+ Year Treasury Bond ETF
		3,220 32,216,100	Call, 08/18/23, Strike $104.00		37,030
		1,720 17,208,600	Put, 09/15/23, Strike $98.00		182,320
			SPDR S&P 500 ETF Trust
		1,500 68,668,500	Put, 09/15/23, Strike $450.00		643,500
		760 34,792,040	Put, 08/11/23, Strike $450.00		77,900

					1,152,000


			TOTAL PURCHASED OPTIONS (Cost $4,017,856)		2,345,885


		TOTAL INVESTMENTS (126.2%) (Cost $466,279,756)			451,232,459


LIABILITIES, LESS OTHER ASSETS (-26.2%)					(93,710,213)


NET ASSETS (100.0%)				$	357,522,246


	NUMBER OF SHARES			VALUE

COMMON STOCKS SOLD SHORT (-11.3%) #

			*Consumer Discretionary (-1.1%)*
		(1,300)	Booking Holdings, Inc.		(3,862,040)


See accompanying Notes to Schedule of Investments

12


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


	NUMBER OF SHARES			VALUE

			*Consumer Staples (-2.6%)*
		(10,000)	Costco Wholesale Corp.	$	(5,606,700)
		(22,000)	Walmart, Inc.		(3,516,920)

					(9,123,620)


			*Financials (-2.0%)*
		(158,000)	Wells Fargo & Company		(7,293,280)


			*Information Technology (-5.6%)*
		(44,000)	Apple, Inc.		(8,643,800)
		(16,000)	Lam Research Corp.		(11,495,840)

					(20,139,640)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $31,880,608)		(40,418,580)


EXCHANGE-TRADED FUNDS SOLD SHORT (-29.2%) #

			*Other (-29.2%)*
		(185,000)	SPDR S&P 500 ETF Trust		(84,691,150)
		(123,000)	VanEck Semiconductor ETF		(19,756,260)


			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $90,731,260)		(104,447,410	)


		TOTAL SECURITIES SOLD SHORT (Proceeds $122,611,868)			(144,865,990)


	NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

WRITTEN OPTIONS (-1.3%) #

			*Consumer Discretionary (-0.2%)*
			Amazon.com, Inc.
		1,060 14,170,080	Put, 09/15/23, Strike $110.00		(75,260)
		530 7,085,040	Call, 09/15/23, Strike $157.50		(57,505)
			Booking Holdings, Inc.
		13 3,862,040	Call, 08/04/23, Strike $3,170.00		(22,490)
		13 3,862,040	Call, 08/18/23, Strike $3,200.00		(32,240)
		13 3,862,040	Put, 08/18/23, Strike $2,830.00		(52,910)
			Caesars Entertainment, Inc.
		1,890 11,154,780	Call, 08/04/23, Strike $64.00		(72,765)
		1,890 11,154,780	Call, 08/18/23, Strike $65.00		(146,475)
		262 7,006,666	Tesla, Inc. Call, 08/18/23, Strike $290.00		(81,875)

					(541,520)


			*Financials (-0.1%)*
		727 9,258,345	PNC Financial Services Group, Inc. Call, 08/18/23, Strike $135.00		(308,975)
			Visa, Inc.


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	435 10,341,255	Put, 09/15/23, Strike $215.00	$	(29,145)
	75 1,782,975	Call, 09/15/23, Strike $240.00		(34,688)
	1,580 7,293,280	Wells Fargo & Company Put, 08/04/23, Strike $46.00		(82,950)

				(455,758)


		*Health Care (0.0%)*
	340 3,626,100	Merck & Company, Inc. Put, 09/15/23, Strike $100.00		(38,760)


		*Information Technology (-0.1%)*
	2,805 10,033,485	Intel Corp. Call, 09/15/23, Strike $40.00		(112,200)
	375 3,522,750	Microchip Technology, Inc. Call, 08/18/23, Strike $90.00		(215,625)
	145 3,947,335	Microsoft Corp. Call, 08/04/23, Strike $375.00		(362)
		salesforce, Inc.
	245 5,512,745	Call, 08/18/23, Strike $230.00		(79,013)
	165 3,712,665	Call, 08/18/23, Strike $240.00		(16,500)
	400 7,108,400	Snowflake, Inc. Put, 08/18/23, Strike $145.00		(15,600)

				(439,300	)


		*Materials (0.0%)*
		Linde, PLC
	178 6,953,926	Put, 09/15/23, Strike $355.00		(28,480)
	89 3,476,963	Call, 09/15/23, Strike $400.00		(55,625)

				(84,105)


		*Other (-0.9%)*
		Industrial Select Sector SPDR
	6,500 71,773,000	Put, 08/18/23, Strike $103.00		(81,250)
	3,250 35,886,500	Call, 09/15/23, Strike $110.00		(895,375)
		iShares 20+ Year Treasury Bond ETF
	3,440 34,417,200	Put, 10/20/23, Strike $90.00		(106,640)
	3,220 32,216,100	Call, 09/01/23, Strike $104.00		(106,260)
	1,720 17,208,600	Call, 10/20/23, Strike $109.00		(65,360)
		SPDR S&P 500 ETF Trust
	3,000 137,337,000	Put, 09/29/23, Strike $420.00		(529,500)
	760 34,792,040	Call, 08/25/23, Strike $470.00		(110,960)
	760 34,792,040	Put, 08/25/23, Strike $430.00		(46,740)
	3,450 16,798,050	SPDR S&P Regional Banking ETF Call, 08/18/23, Strike $47.00		(807,300)
		Vanguard S&P 500 ETF
	850 35,757,800	Call, 08/18/23, Strike $425.00		(212,500)


See accompanying Notes to Schedule of Investments

13


Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	850 35,757,800	Put, 08/18/23, Strike $375.00	$	(31,875	)

				(2,993,760	)


		TOTAL WRITTEN OPTIONS (Premium $3,852,099)		(4,553,203	)

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

~	Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $159,541,343.

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $221,025,156.

@	In default status and considered non-income producing.

^	Security, or portion of security, is on loan.

‡	Variable rate security. The rate shown is the rate in effect at July 31, 2023.

¡	Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

!	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

&	Illiquid security.

#	Non-income producing security.

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.


See accompanying Notes to Schedule of Investments

14

Notes to Schedule of Investments (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Long/Short Equity & Dynamic Income Trust (the “Fund”, or “Trust”) was organized as a Delaware statutory trust on September 21, 2017 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on November 29, 2019.

The Fund’s investment strategy is to seek current income and risk-managed capital appreciation. Under normal circumstances, at least 80% of its managed assets in a globally diversified portfolio comprised of equity securities which are defined to include common stock, preferred stock, convertible securities, and exchange-traded funds (“ETFs”) (the “Equity Sleeve”), as well as long and short equity positions managed pursuant to a long/short equity strategy (the “Long/Short Component”). The Long/Short Component will comprise at least 50% of the Fund’s managed assets with a focus on absolute returns in a risk-managed format. The Fund may invest up to 20% of its managed assets opportunistically in globally diversified income-producing securities, including high-yield and investment grade corporate securities, leveraged loans, distressed debt securities, securitized products, US Treasuries and sovereign debt issued by foreign governments (the “Fixed Income Sleeve”). “Managed assets” means the Fund’s total assets (including any assets attributable to any financial leverage that may be outstanding) minus the sum of liabilities (other than debt representing financial leverage).

Significant Accounting Policies. The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and the Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

Fund Valuation. The Trust’s Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, have designated Calamos Advisors LLC (“Calamos Advisors”, or the “Advisor”) to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are determined. The valuation of the Fund’s investments is in accordance with these procedures.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board of Trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board of Trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board of Trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board of Trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board of Trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

The Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of

premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Note 2 – Investments

The cost basis of investments for federal income tax purposes at July 31, 2023 was as follows*:


Cost basis of investments			$339,815,789

Gross unrealized appreciation			14,381,504
Gross unrealized depreciation			(52,384,027)

Net unrealized appreciation (depreciation)			$(38,002,523)

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Note 3 – Short Sales

Securities sold short represent obligations to deliver the securities at a future date. The Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statement of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

Calamos Long Short Equit... (NASDAQ:CPZ)
過去株価チャート
から 4 2024 まで 5 2024