Fund Description: Calamos Long/Short Equity & Dynamic Income Trust is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Calamos Long/Short Equity & Dynamic Income Trust seeks current income and risk-managed capital appreciation. FUND STRATEGY: The Fund will invest, 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 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, U.S. Treasuries and sovereign debt issued by foreign governments (Fixed Income Sleeve. In the Long/Short Component of the Equity Sleeve, the Fund seeks to achieve its investment objective by taking long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and/or for hedging purposes. FUND MANAGEMENT: Calamos is the Fund’s investment adviser.