Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) NPORT-P Calamos Long/Short Equity & Dynamic Income Trust (Jul 2021 report)

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (30.8%)
		Airlines (0.4%)
	351,432	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24		$        356,173
	53,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		54,129
	216,181	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		239,847
	157,310	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		175,897
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	144,000	5.500%, 04/20/26		150,821
	48,000	5.750%, 04/20/29		51,949
	215,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		218,391
	174,401	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		206,410
	69,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		77,842
	178,811	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		183,161
	106,599	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		105,679
				1,820,299
		Communication Services (2.0%)
	335,000	Arrow Bidco, LLC* 9.500%, 03/15/24		343,931
	200,000	Ashtead Capital, Inc.* 4.000%, 05/01/28		211,470
	144,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		146,291
	140,000	Brink’s Company* 5.500%, 07/15/25		147,588
	550,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		578,539
	170,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		183,782
		CSC Holdings, LLC*
	285,000	5.375%, 02/01/28		301,769
	200,000	5.750%, 01/15/30		208,852
	200,000	4.625%, 12/01/30		197,194
	204,000	Cumulus Media New Holdings, Inc.* 6.750%, 07/01/26		214,977
		Diamond Sports Group, LLC / Diamond Sports Finance Company*
	150,000	6.625%, 08/15/27		60,308
	115,000	5.375%, 08/15/26		66,907

PRINCIPAL AMOUNT			VALUE
	25,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		$          25,870
	680,000	Embarq Corp. 7.995%, 06/01/36		762,858
		Entercom Media Corp.*^
	96,000	6.750%, 03/31/29		98,069
	96,000	6.500%, 05/01/27		98,987
	112,000	Frontier Florida, LLC& 6.860%, 02/01/28		122,834
	280,000	Frontier North, Inc.@ 6.730%, 02/15/28		304,797
	165,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		165,317
	145,000	Intelsat Jackson Holdings, SA*@ 9.750%, 07/15/25		82,051
	290,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		310,178
	111,736	Ligado Networks, LLC* 15.500%, 11/01/23		110,670
	385,000	Lumen Technologies, Inc.* 4.000%, 02/15/27		396,369
	500,000	Netflix, Inc.* 4.875%, 06/15/30		603,355
		Scripps Escrow II, Inc.*
	95,000	3.875%, 01/15/29		95,134
	48,000	5.375%, 01/15/31^		48,037
	300,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		310,803
	96,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.* 4.625%, 11/01/26		100,109
	140,000	Sirius XM Radio, Inc.* 4.000%, 07/15/28		144,480
	145,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		147,978
	345,000	Sprint Capital Corp.^ 6.875%, 11/15/28		445,457
	480,000	Sprint Corp. 7.125%, 06/15/24		552,778
	265,000	United States Cellular Corp. 6.700%, 12/15/33		330,124
	395,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		489,362
				8,407,225
		Consumer Discretionary (3.3%)
	201,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		217,864
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	394,000	6.625%, 01/15/28		420,705
	119,000	4.625%, 08/01/29		119,417
	56,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		58,405
	610,000	Bally’s Corp.* 6.750%, 06/01/27		659,941

See accompanying Notes to Schedule of Investments

1

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Caesars Entertainment, Inc.*
	93,000	8.125%, 07/01/27		$        102,475
	93,000	6.250%, 07/01/25		98,291
	330,000	Caesars Resort Collection, LLC / CRC Finco, Inc.* 5.250%, 10/15/25		332,785
		Carnival Corp.*
	98,000	10.500%, 02/01/26^		112,362
	48,000	7.625%, 03/01/26		50,955
	230,000	Carriage Services, Inc.* 4.250%, 05/15/29		230,193
	145,000	Carvana Company* 5.625%, 10/01/25		150,717
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	750,000	4.750%, 03/01/30		796,012
	250,000	4.500%, 08/15/30		262,908
	114,000	5.750%, 02/15/26		117,924
	96,000	4.250%, 02/01/31		99,068
	475,000	Century Communities, Inc. 6.750%, 06/01/27		508,207
		DISH DBS Corp.
	347,000	7.750%, 07/01/26		396,690
	120,000	7.375%, 07/01/28^		129,983
	144,000	Everi Holdings, Inc.* 5.000%, 07/15/29		147,403
	120,000	Ford Motor Company 8.500%, 04/21/23		133,418
		Ford Motor Credit Company, LLC
	715,000	4.134%, 08/04/25		766,280
	300,000	4.000%, 11/13/30		317,802
	200,000	4.389%, 01/08/26		217,114
		General Motors Financial Company, Inc.‡
	435,000	5.700%, 09/30/30 5 year CMT + 5.00%		497,022
	395,000	6.500%, 09/30/28^ 3 mo. USD LIBOR + 3.44%		447,413
		goeasy, Ltd.*
	325,000	5.375%, 12/01/24		337,448
	177,000	4.375%, 05/01/26		182,600
	96,000	Goodyear Tire & Rubber Company* 5.000%, 07/15/29		101,232
	96,000	Guitar Center, Inc.*& 8.500%, 01/15/26		102,639
		L Brands, Inc.
	254,000	6.694%, 01/15/27		301,818
	142,000	6.875%, 11/01/35		182,819
	85,000	Liberty Interactive, LLC 8.500%, 07/15/29		97,606
	144,000	Life Time, Inc.* 8.000%, 04/15/26		150,955
		M/I Homes, Inc.
	275,000	5.625%, 08/01/25		283,203
	130,000	4.950%, 02/01/28		137,162
		Macy’s Retail Holdings, LLC
	100,000	6.700%, 07/15/34*		106,417
	50,000	5.125%, 01/15/42		45,797
	93,000	Macy’s, Inc.* 8.375%, 06/15/25		101,468
		Mattel, Inc.*
	830,000	5.875%, 12/15/27		909,049
	24,000	3.750%, 04/01/29^		25,334
		Mclaren Finance, PLC*
	300,000	5.750%, 08/01/22		300,000
	225,000	7.500%, 08/01/26		228,821

PRINCIPAL AMOUNT			VALUE
	220,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		$        222,024
	144,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		149,992
	278,000	Newell Brands, Inc. 4.700%, 04/01/26		310,081
	93,000	Penn National Gaming, Inc.* 4.125%, 07/01/29		91,713
	473,000	Rite Aid Corp.* 8.000%, 11/15/26		475,379
		Royal Caribbean Cruises, Ltd.*
	100,000	11.500%, 06/01/25		114,576
	51,000	10.875%, 06/01/23		57,970
	225,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*^ 4.625%, 03/01/29		227,833
	505,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		516,691
	270,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		305,691
	50,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		58,036
	220,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		224,587
	280,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		278,160
	47,000	Williams Scotsman International, Inc.*^ 4.625%, 08/15/28		48,641
				14,067,096
		Consumer Staples (0.6%)
	218,000	Central Garden & Pet Company* 4.125%, 04/30/31		223,027
		Edgewell Personal Care Company*
	143,000	4.125%, 04/01/29		144,014
	95,000	5.500%, 06/01/28		100,682
	218,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		219,273
		Kraft Heinz Foods Company
	290,000	4.375%, 06/01/46		334,016
	48,000	4.250%, 03/01/31		55,342
	48,000	3.875%, 05/15/27		53,175
	395,000	Land O’ Lakes, Inc.* 7.000%, 09/18/28		411,582
	191,000	Performance Food Group, Inc.* 4.250%, 08/01/29		194,379
	135,000	Post Holdings, Inc.*^ 4.625%, 04/15/30		137,665
	182,000	Prestige Brands, Inc.* 3.750%, 04/01/31		180,695
	210,000	United Natural Foods, Inc.* 6.750%, 10/15/28		227,081
		Vector Group, Ltd.*
	295,000	5.750%, 02/01/29		300,623
	117,000	10.500%, 11/01/26		124,507
				2,706,061

See accompanying Notes to Schedule of Investments

2

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Energy (2.3%)
		Antero Resources Corp.*
	71,000	7.625%, 02/01/29		$          77,830
	48,000	5.375%, 03/01/30		48,880
		Apache Corp.
	192,000	5.100%, 09/01/40		206,139
	108,000	4.875%, 11/15/27		116,322
	96,000	4.625%, 11/15/25		103,304
		Buckeye Partners, LP
	550,000	3.950%, 12/01/26		559,168
	460,000	5.850%, 11/15/43		468,271
	333,000	ChampionX Corp. 6.375%, 05/01/26		348,817
	50,000	Cheniere Energy Partners, LP*^ 4.000%, 03/01/31		52,936
	96,000	Cheniere Energy, Inc. 4.625%, 10/15/28		101,451
		Continental Resources, Inc.
	190,000	3.800%, 06/01/24^		199,513
	145,000	4.375%, 01/15/28		162,077
	475,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		447,037
	100,000	DT Midstream, Inc.* 4.125%, 06/15/29		102,640
	620,000	Enbridge, Inc.‡ 5.750%, 07/15/80 5 year CMT + 5.31%		698,920
	560,000	Energy Transfer, LP‡ 6.500%, 11/15/26 5 year CMT + 5.69		573,574
		EnLink Midstream Partners, LP
	835,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		646,816
	205,000	4.850%, 07/15/26		214,584
		EQT Corp.
	265,000	7.500%, 02/01/30		348,419
	75,000	6.625%, 02/01/25		86,755
	50,000	5.000%, 01/15/29		56,560
		Laredo Petroleum, Inc.
	153,000	10.125%, 01/15/28		162,163
	50,000	7.750%, 07/31/29*		48,426
	210,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		215,336
	425,000	MPLX, LP‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		433,020
	96,000	Murphy Oil Corp. 6.375%, 07/15/28		101,688
		New Fortress Energy, Inc.*
	96,000	6.500%, 09/30/26		97,141
	95,000	6.750%, 09/15/25		97,035
	48,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		50,227
		Occidental Petroleum Corp.
	590,000	4.300%, 08/15/39		585,752
	432,000	2.900%, 08/15/24		435,551
	94,000	5.875%, 09/01/25		104,290
	50,000	Ovintiv, Inc. 6.500%, 08/15/34		66,797
	134,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		133,149

PRINCIPAL AMOUNT			VALUE
	790,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		$        708,448
	72,000	Range Resources Corp.* 8.250%, 01/15/29		79,811
	38,000	Transocean, Inc.*^ 11.500%, 01/30/27		37,858
		Venture Global Calcasieu Pass, LLC*
	45,000	4.125%, 08/15/31		46,422
	45,000	3.875%, 08/15/29		46,004
	94,000	Vine Energy Holdings, LLC* 6.750%, 04/15/29		98,252
	280,000	Viper Energy Partners, LP* 5.375%, 11/01/27		293,796
	290,000	W&T Offshore, Inc.* 9.750%, 11/01/23		279,305
				9,740,484
		Financials (14.7%)
		Acrisure, LLC / Acrisure Finance, Inc.*
	516,000	7.000%, 11/15/25^		525,097
	283,000	6.000%, 08/01/29		283,212
	146,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		156,421
	221,000	AG Issuer, LLC* 6.250%, 03/01/28		232,428
	875,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		915,127
		Ally Financial, Inc.‡
	1,186,000	4.700%, 08/01/33 5 year CMT + 3.87%		1,246,462
	750,000	4.700%, 05/15/28 7 year CMT + 3.48%		781,297
	742,000	American Express Company‡ 3.550%, 09/15/26 5 year CMT + 2.85		748,522
	790,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%		903,278
	189,000	AmWINS Group, Inc.* 4.875%, 06/30/29		193,016
	930,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24		938,593
	710,000	AssuredPartners, Inc.* 7.000%, 08/15/25		723,689
	208,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		221,543
	835,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19		892,239
	760,000	Bank of America Corp.µ‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		784,996
	690,000	Bank of Montrealµ^‡ 4.800%, 08/25/24 5 year CMT + 2.98%		739,128
		Bank of New York Mellon Corp.µ‡
	1,250,000	4.700%, 09/20/25^ 5 year CMT + 4.36%		1,382,800

See accompanying Notes to Schedule of Investments

3

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	188,000	3.700%, 03/20/26 5 year CMT + 3.35%		$        197,421
	1,250,000	Bank of Nova Scotiaµ‡ 4.900%, 06/04/25 5 year CMT + 4.55%		1,371,925
	600,000	Barclays, PLC‡ 7.875%, 03/15/22 U.S. 5 yr Swap + 6.77%		623,004
		BP Capital Markets, PLC‡
	810,000	4.875%, 03/22/30 5 year CMT + 4.40%		894,021
	410,000	4.375%, 06/22/25 5 year CMT + 4.04%		439,118
	191,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		194,717
	931,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LL*^ 5.750%, 05/15/26		969,301
	1,113,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16		1,145,411
		Charles Schwab Corp.‡
	975,000	4.000%, 08/01/33^ 5 year CMT + 3.17		1,021,858
	433,000	4.000%, 12/01/30^ 10 year CMT + 3.08%		451,147
	400,000	5.375%, 06/01/25 5 year CMT + 4.97%		446,752
	792,000	CIT Group, Inc.^‡ 5.800%, 06/15/22 3 mo. USD LIBOR + 3.97%		813,321
		Citigroup, Inc.‡
	2,875,000	3.875%, 02/18/26 5 year CMT + 3.42		2,954,264
	445,000	4.000%, 12/10/25 5 year CMT + 3.60%		461,612
	1,115,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22		1,139,028
		Credit Acceptance Corp.
	475,000	6.625%, 03/15/26^		502,626
	161,000	5.125%, 12/31/24*		166,567
	565,000	Credit Suisse Group, AG*‡ 7.500%, 12/11/23 U.S. 5 yr Swap + 4.60%		625,427
	60,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		64,522
		Discover Financial Services‡
	755,000	6.125%, 06/23/25 5 year CMT + 5.78%		850,477
	425,000	5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		460,122
	500,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		518,605
	200,000	Enact Holdings, Inc.* 6.500%, 08/15/25		217,186
	1,610,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,755,785
	275,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		273,147

PRINCIPAL AMOUNT			VALUE
		Goldman Sachs Group, Inc.‡
	1,435,000	4.400%, 02/10/25 5 year CMT + 2.85%		$     1,492,830
	1,375,000	3.800%, 05/10/26^ 5 year CMT + 2.97		1,402,802
	148,000	3.650%, 08/10/26 5 year CMT + 2.92		148,707
	427,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		437,731
		HSBC Holdings, PLCµ‡
	400,000	6.375%, 03/30/25 U.S. 5 yr Swap + 4.37%		444,004
	250,000	4.000%, 03/09/26 5 year CMT + 3.22		252,908
	410,000	HUB International, Ltd.* 7.000%, 05/01/26		425,301
		Huntington Bancshares, Inc.‡
	1,075,000	4.450%, 10/15/27 7 year CMT + 4.05%		1,157,721
	375,000	5.625%, 07/15/30^ 10 year CMT + 4.95%		442,339
	220,000	5.700%, 04/15/23^ 3 mo. USD LIBOR + 2.88%		227,821
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	430,000	5.250%, 05/15/27		452,923
	144,000	4.375%, 02/01/29		145,950
	300,000	ILFC E-Capital Trust II*‡ 3.910%, 12/21/65 3 mo. USD LIBOR + 1.80%		254,055
	485,000	Iron Mountain, Inc.* 5.250%, 03/15/28		508,746
		Jefferies Finance, LLC / JFIN Co-Issuer Corp.*
	525,000	5.000%, 08/15/28		537,763
	490,000	6.250%, 06/03/26		528,294
		JPMorgan Chase & Companyµ‡
	1,720,000	4.600%, 02/01/25 SOFR + 3.13%		1,782,075
	1,115,000	3.650%, 06/01/26 5 year CMT + 2.85		1,125,827
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
	379,000	5.250%, 10/01/25		385,310
	95,000	4.750%, 06/15/29		94,706
	218,000	LD Holdings Group, LLC* 6.125%, 04/01/28		216,640
	200,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		203,978
	575,000	Lloyds Banking Group, PLC‡ 7.500%, 06/27/24 U.S. 5 yr Swap + 4.76%		649,767
		LPL Holdings, Inc.*
	239,000	4.000%, 03/15/29		243,085
	70,000	4.375%, 05/15/31		71,850
	760,000	Markel Corp.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		849,277
		MetLife, Inc.
	1,205,000	6.400%, 12/15/66^		1,545,328
	865,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		907,869
	380,000	Nationwide Financial Services, Inc. 6.750%, 05/15/87		469,433

See accompanying Notes to Schedule of Investments

4

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Navient Corp.
	422,000	5.000%, 03/15/27^		$        440,340
	220,000	4.875%, 03/15/28		222,108
	550,000	Nippon Life Insurance Company*‡ 2.750%, 01/21/51 5 year CMT + 2.65%		545,979
	580,000	Nordea Bank Abp*µ‡ 6.625%, 03/26/26 5 year CMT + 4.11%		669,697
		Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*
	113,000	7.500%, 06/01/25		122,565
	98,000	5.875%, 10/01/28		104,623
	1,283,000	PartnerRe Finance B, LLC^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		1,347,022
	117,000	PHH Mortgage Corp.* 7.875%, 03/15/26		120,260
	220,000	Prospect Capital Corp.µ 3.706%, 01/22/26		228,540
	376,000	Prudential Financial, Inc.‡ 3.700%, 10/01/50 5 year CMT + 3.04%		397,594
	500,000	QBE Insurance Group, Ltd.*^‡ 5.875%, 05/12/25 5 year CMT + 5.51%		551,180
	85,000	Quicken Loans, LLC / Quicken Loans Co-Issuer, Inc.* 3.625%, 03/01/29		85,674
	220,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		222,508
	144,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		146,074
	116,000	SLM Corp. 4.200%, 10/29/25		125,706
	2,530,000	State Street Corp.^‡ 5.625%, 12/15/23 3 mo. USD LIBOR + 2.54%		2,695,437
	199,000	StoneX Group, Inc.* 8.625%, 06/15/25		216,383
		SVB Financial Group‡
	875,000	4.000%, 05/15/26 5 year CMT + 3.20		909,842
	651,000	4.100%, 02/15/31^ 10 year CMT + 3.06%		673,264
		Truist Financial Corp.µ‡
	1,280,000	4.800%, 09/01/24^ 5 year CMT + 3.00%		1,364,326
	375,000	4.950%, 09/01/25 5 year CMT + 4.61%		413,393
	575,000	UBS Group, AG*‡ 7.000%, 01/31/24 U.S. 5 yr Swap + 4.34%		633,932
		United Wholesale Mortgage, LLC*
	143,000	5.500%, 11/15/25		147,512
	96,000	5.500%, 04/15/29		95,633
	172,000	VICI Properties, LP / VICI Note Company, Inc.*^ 3.750%, 02/15/27		177,291
	1,870,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%		1,942,949
		XHR, LP*
	208,000	6.375%, 08/15/25		221,890

PRINCIPAL AMOUNT			VALUE
	96,000	4.875%, 06/01/29		$          98,333
				62,550,307
		Health Care (1.5%)
	96,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		101,053
		Bausch Health Companies, Inc.*
	640,000	5.000%, 01/30/28		612,602
	265,000	5.250%, 02/15/31		248,594
	83,000	5.000%, 02/15/29		78,497
	95,000	Centene Corp. 3.000%, 10/15/30		98,889
	96,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		98,502
		CHS/Community Health Systems, Inc.*
	610,000	8.000%, 03/15/26		654,335
	377,000	6.125%, 04/01/30		382,474
	108,000	6.875%, 04/15/29^		113,809
		DaVita, Inc.*
	284,000	4.625%, 06/01/30		293,673
	142,000	3.750%, 02/15/31		138,265
		Encompass Health Corp.
	100,000	4.750%, 02/01/30		107,275
	100,000	4.500%, 02/01/28		104,189
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		208,826
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	350,000	5.125%, 04/30/31		360,955
	200,000	4.125%, 04/30/28		205,378
		Tenet Healthcare Corp.
	835,000	6.875%, 11/15/31		957,636
	480,000	5.125%, 11/01/27*		504,427
	1,015,000	Teva Pharmaceutical Finance Netherlands III, BV 2.800%, 07/21/23		1,007,053
				6,276,432
		Industrials (3.0%)
	190,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		210,402
	220,000	ACCO Brands Corp.* 4.250%, 03/15/29		220,112
	560,000	Air Lease Corp.^‡ 4.650%, 06/15/26 5 year CMT + 4.08		586,432
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	217,000	4.875%, 02/15/30		235,078
	215,000	4.625%, 01/15/27		227,550
	95,000	3.500%, 03/15/29		96,022
	50,000	Allison Transmission, Inc.* 3.750%, 01/30/31		50,047
	47,000	Ambience Merger Sub, Inc.* 7.125%, 07/15/29		47,633
	50,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		44,569
	108,000	Arcosa, Inc.* 4.375%, 04/15/29		110,715
	940,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		992,772

See accompanying Notes to Schedule of Investments

5

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	175,000	Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29		$        175,609
	191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		195,821
	635,000	Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26		673,056
		Delta Air Lines, Inc.
	49,000	3.800%, 04/19/23		50,632
	47,000	7.375%, 01/15/26		55,385
		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
	48,000	4.750%, 10/20/28		53,804
	24,000	4.500%, 10/20/25µ		25,853
	141,000	Endure Digital, Inc.* 6.000%, 02/15/29		136,912
	85,000	EnerSys* 4.375%, 12/15/27		89,047
	205,000	Fly Leasing, Ltd. 5.250%, 10/15/24		208,077
	96,000	GFL Environmental, Inc.* 3.750%, 08/01/25		98,900
	100,000	Golden Nugget, Inc.*^ 8.750%, 10/01/25		105,459
	108,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		115,636
	88,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		87,772
	48,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		49,567
	443,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		439,957
	108,000	HCRX Investments Holdco, LP* 4.500%, 08/01/29		110,313
	475,000	Herc Holdings, Inc.* 5.500%, 07/15/27		499,253
	82,000	Howmet Aerospace, Inc. 6.875%, 05/01/25		95,485
	290,000	JELD-WEN, Inc.* 4.625%, 12/15/25		295,846
	96,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		104,122
	213,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		219,646
	96,000	MasTec, Inc.* 4.500%, 08/15/28		101,312
	124,000	Meritor, Inc.* 4.500%, 12/15/28		126,983
	107,000	Moog, Inc.* 4.250%, 12/15/27		110,542
	255,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		259,554
	172,000	Novelis Corp.* 4.750%, 01/30/30		183,414
	225,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27		228,978
		Patrick Industries, Inc.*
	275,000	7.500%, 10/15/27		299,252
	96,000	4.750%, 05/01/29		98,040

PRINCIPAL AMOUNT			VALUE
	235,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		$        255,177
	47,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		49,863
	185,000	QVC, Inc. 4.375%, 09/01/28		190,219
	225,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC / Reynolds Group Issuer Lu* 4.000%, 10/15/27		225,049
	95,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		100,270
	98,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		98,981
		Sinclair Television Group, Inc.*
	100,000	5.500%, 03/01/30^		100,451
	96,000	4.125%, 12/01/30		93,196
		Standard Industries, Inc.*
	195,000	5.000%, 02/15/27		202,034
	47,000	4.375%, 07/15/30^		48,373
	315,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		337,998
		Station Casinos, LLC*
	450,000	4.500%, 02/15/28		454,297
	264,000	5.000%, 10/01/25		267,678
	96,000	Stericycle, Inc.* 3.875%, 01/15/29		97,443
	145,000	STL Holding Company, LLC* 7.500%, 02/15/26		153,017
		TransDigm, Inc.
	655,000	7.500%, 03/15/27		694,929
	465,000	6.250%, 03/15/26*		488,608
	96,000	Tronox, Inc.* 4.625%, 03/15/29		97,800
		United Rentals North America, Inc.
	95,000	3.750%, 01/15/32		95,000
	48,000	3.875%, 02/15/31		49,459
	280,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		286,003
		WESCO Distribution, Inc.*
	93,000	7.125%, 06/15/25		100,315
	45,000	7.250%, 06/15/28		50,171
				12,651,890
		Information Technology (0.6%)
	96,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		99,021
	299,000	CommScope Technologies, LLC* 6.000%, 06/15/25		303,844
		Dell International, LLC / EMC Corp.
	155,000	6.100%, 07/15/27		191,764
	80,000	5.850%, 07/15/25µ		94,054
	56,000	Fair Isaac Corp.* 4.000%, 06/15/28		58,597
	210,000	KBR, Inc.* 4.750%, 09/30/28		213,761
	210,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		204,267
	96,000	NCR Corp.* 5.125%, 04/15/29		100,052

See accompanying Notes to Schedule of Investments

6

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	218,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		$        220,191
	143,000	ON Semiconductor Corp.* 3.875%, 09/01/28		148,999
	129,000	Open Text Corp.* 3.875%, 02/15/28		133,531
	96,000	Playtika Holding Corp.* 4.250%, 03/15/29		95,850
	118,000	PTC, Inc.* 4.000%, 02/15/28		122,280
	220,000	TTM Technologies, Inc.* 4.000%, 03/01/29		221,648
		Twilio, Inc.
	130,000	3.625%, 03/15/29		133,718
	47,000	3.875%, 03/15/31^		49,182
	220,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		220,427
				2,611,186
		Materials (0.9%)
	90,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		94,635
	240,000	ArcelorMittal, SA 7.250%, 10/15/39		350,734
	300,000	Clearwater Paper Corp.* 4.750%, 08/15/28		303,561
	285,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		290,506
		Freeport-McMoRan, Inc.
	300,000	5.450%, 03/15/43		385,704
	285,000	5.000%, 09/01/27		301,168
	90,000	5.400%, 11/14/34		114,419
	144,000	HB Fuller Company 4.250%, 10/15/28		147,522
	191,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		195,643
		Kaiser Aluminum Corp.*
	85,000	4.625%, 03/01/28		88,872
	24,000	4.500%, 06/01/31		24,987
	156,000	Mercer International, Inc. 5.125%, 02/01/29		159,304
		New Gold, Inc.*
	64,000	6.375%, 05/15/25		66,065
	50,000	7.500%, 07/15/27		54,045
	189,000	OCI, NV* 4.625%, 10/15/25		196,296
	95,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		103,045
	94,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		56,802
	80,000	Silgan Holdings, Inc. 4.125%, 02/01/28		83,133
	96,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		97,982
	500,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		524,505
	97,000	Valvoline, Inc.* 3.625%, 06/15/31		96,697
				3,735,625

PRINCIPAL AMOUNT			VALUE
		Real Estate (0.2%)
	152,000	EPR Properties^ 3.750%, 08/15/29		$        154,373
		Forestar Group, Inc.*
	139,000	5.000%, 03/01/28		144,892
	47,000	3.850%, 05/15/26		47,716
	142,000	iStar, Inc. 5.500%, 02/15/26		149,083
	95,000	Service Properties Trust 5.250%, 02/15/26		96,163
				592,227
		Utilities (1.3%)
	129,000	Calpine Corp.* 4.500%, 02/15/28		133,155
	200,000	CenterPoint Energy, Inc.‡ 6.125%, 09/01/23 3 mo. USD LIBOR + 3.27%		211,870
	575,000	CMS Energy Corp.^‡ 4.750%, 06/01/50 5 year CMT + 4.12%		646,449
	800,000	Dominion Energy, Inc.^‡ 4.650%, 12/15/24 5 year CMT + 2.99%		856,472
	1,045,000	Duke Energy Corp.‡ 4.875%, 09/16/24 5 year CMT + 3.39%		1,118,140
	840,000	NextEra Energy Capital Holdings, Inc.‡ 4.800%, 12/01/77 3 mo. USD LIBOR + 2.41%		947,150
	258,000	PPL Capital Funding, Inc.‡ 2.812%, 03/30/67 3 mo. USD LIBOR + 2.67%		252,977
	375,000	Sempra Energy‡ 4.875%, 10/15/25 5 year CMT + 4.55%		410,138
		Southern Company‡
	753,000	4.000%, 01/15/51 5 year CMT + 3.73%		799,550
	280,000	3.750%, 09/15/51 5 year CMT + 2.92		286,591
				5,662,492
		TOTAL CORPORATE BONDS (Cost $124,973,510)		130,821,324
	CONVERTIBLE BONDS (0.1%)
		Consumer Discretionary (0.1%)
	288,000	DISH Network Corp.µ 2.375%, 03/15/24		279,081
	85,000	Peloton Interactive, Inc.*µ 0.000%, 02/15/26		80,433
		TOTAL CONVERTIBLE BONDS
		(Cost $340,552)		359,514
	BANK LOANS (3.0%) ¡
		Airlines (0.1%)
	165,000	AAdvantage Loyalty IP, Ltd.‡ 5.500%, 04/20/28 3 mo. LIBOR + 4.75%		169,888

See accompanying Notes to Schedule of Investments

7

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	249,375	United Airlines, Inc.‡ 4.500%, 04/21/28 1 mo. LIBOR + 3.75%		$        250,140
				420,028
		Communication Services (0.6%)
	491,250	Clear Channel Outdoor Holdings, Inc.‡ 3.629%, 08/21/26 3 mo. LIBOR + 3.50%		477,792
	128,521	Consolidated Communications, Inc.‡ 4.250%, 10/02/27 1 mo. LIBOR + 3.50%		128,248
	530,000	DIRECTV Financing, LLC! 0.000%, 07/21/27		529,605
	299,250	Frontier Communications Corp.‡ 4.500%, 05/01/28 3 mo. LIBOR + 3.75%		299,626
	135,000	Frontier Communications Corp.! 0.000%, 05/01/28		135,169
	159,678	iHeartCommunications, Inc.‡ 3.092%, 05/01/26 1 mo. LIBOR + 3.00%		157,781
	825,000	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		841,649
				2,569,870
		Consumer Discretionary (0.5%)
	95,000	At Home Group, Inc.! 0.000%, 06/24/28		95,119
	50,000	At Home Group, Inc.‡ 4.750%, 06/24/28 3 mo. LIBOR + 4.25%		50,063
	199,000	Life Time Fitness, Inc.‡ 5.750%, 12/16/24 3 mo. LIBOR + 4.75%		199,125
	288,506	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		294,938
	339,150	Petco Health and Wellness Company, Inc.‡ 4.000%, 03/03/28 3 mo. LIBOR + 3.25%		338,063
	385,000	PetSmart, Inc.‡ 4.500%, 02/12/28 6 mo. LIBOR + 3.75%		385,337
	144,737	Rent-A-Center, Inc.‡ 4.750%, 02/17/28 1 mo. LIBOR + 4.00%		145,461
	75,000	Rent-A-Center, Inc.! 0.000%, 02/17/28		75,375
	174,500	TKC Holdings, Inc.! 0.000%, 05/15/28		172,701
	47,300	TKC Holdings, Inc.‡ 6.500%, 05/15/28 3 mo. LIBOR + 5.50%		46,812
	335,000	WW International, Inc.‡ 4.000%, 04/13/28 1 mo. LIBOR + 3.50%		334,687
				2,137,681

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (0.0%)
	99,022	United Natural Foods, Inc.‡ 3.592%, 10/22/25 1 mo. LIBOR + 3.50%		$          98,836
		Energy (0.0%)
	198,026	Par Pacific Holdings, Inc.‡ 6.870%, 01/12/26 3 mo. LIBOR + 6.75%		197,037
		Financials (0.1%)
	225,000	Jazz Financing Lux Sarl‡ 4.000%, 05/05/28 1 mo. LIBOR + 3.50%		225,563
		Health Care (0.9%)
	938,685	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		909,793
	407,433	Endo Luxembourg Finance Company I Sarl‡ 5.750%, 03/27/28 3 mo. LIBOR + 5.00%		398,928
	411,997	Gentiva Health Services, Inc.‡ 2.875%, 07/02/25 1 mo. LIBOR + 2.75%		410,969
	92,063	Icon Luxembourg Sarl! 0.000%, 07/03/28		91,980
	72,049	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		71,984
	22,937	Icon Luxembourg Sarl! 0.000%, 07/03/28		22,917
	17,951	Icon Luxembourg Sarl‡ 3.000%, 07/03/28 3 mo. LIBOR + 2.50%		17,935
	725,623	Mallinckrodt International Finance, SA‡ 6.000%, 09/24/24 6 mo. LIBOR + 5.25%		707,334
	220,000	Padagis, LLC‡ 5.250%, 07/06/28 3 mo. LIBOR + 4.75%		220,687
	826,021	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		801,629
				3,654,156
		Industrials (0.4%)
	100,000	ACProducts, Inc.‡ 4.750%, 05/05/28 6 mo. LIBOR + 4.25%		99,508
	70,000	Air Canada! 0.000%, 07/28/28		70,204
	50,000	Air Canada! 0.000%, 07/28/28		50,146
	191,100	BW Gas & Convenience Holdings, LLC‡ 4.000%, 03/17/28 1 mo. LIBOR + 3.50%		191,578
	444,392	Dun & Bradstreet Corp.‡ 3.336%, 02/06/26 1 mo. LIBOR + 3.25%		441,196

See accompanying Notes to Schedule of Investments

8

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
	294,818		Granite Holdings US Acquisition Company‡ 4.147%, 09/30/26 3 mo. LIBOR + 4.00%		$        294,818
	679,466		Scientific Games International, Inc.‡ 2.842%, 08/14/24 1 mo. LIBOR + 2.75%		670,361
					1,817,811
			Information Technology (0.4%)
	115,000		AP Core Holdings II, LLC! 0.000%, 07/21/27		114,641
	262,652		Banff Merger Sub, Inc.‡ 3.842%, 10/02/25 1 mo. LIBOR + 3.75%		260,799
	134,325		Camelot U.S. Acquisition 1 Co.‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		134,472
	369,375		Camelot U.S. Acquisition 1 Company‡ 3.092%, 10/30/26 1 mo. LIBOR + 3.00%		366,281
	612,133		VFH Parent, LLC‡ 3.085%, 03/01/26 1 mo. LIBOR + 3.00%		608,525
					1,484,718
			Materials (0.0%)
	133,313		Innophos, Inc.‡ 3.592%, 02/07/27 1 mo. LIBOR + 3.50%		133,229
			TOTAL BANK LOANS (Cost $12,543,879)		12,738,929
NUMBER OF SHARES				VALUE
	COMMON STOCKS (80.4%)
			Communication Services (8.4%)
	5,450		Alphabet, Inc. - Class A^#~		14,685,188
	50,000		Facebook, Inc. - Class A^#~		17,815,000
	3,050		Lumen Technologies, Inc.^		38,034
	2,060,000	GBP	Vodafone Group, PLC		3,312,380
					35,850,602
			Consumer Discretionary (6.1%)
	1,000		Amazon.com, Inc.#		3,327,590
	114,000		Caesars Entertainment, Inc.^#~		9,959,040
	213,500		Las Vegas Sands Corp.#~		9,041,725
	42,000		VF Corp.		3,368,400
					25,696,755
			Consumer Staples (2.7%)
	152,600		Sysco Corp.µ~		11,322,920
			Energy (2.6%)
	177,000		Royal Dutch Shell, PLC - Class A		7,189,740
	155,700		Williams Companies, Inc.~		3,900,285
					11,090,025
			Financials (11.6%)
	175,000		Bank of America Corp.~		6,713,000

NUMBER OF SHARES				VALUE
	521,500		Huntington Bancshares, Inc.~		$     7,342,720
	2,849,000	GBP	Legal & General Group, PLC		10,320,410
	5,165,000	GBP	Natwest Group, PLC		14,496,689
	190,000		Truist Financial Corp.^~		10,341,700
					49,214,519
			Health Care (3.7%)
	229,000		Boston Scientific Corp.^#~		10,442,400
	12,500		UnitedHealth Group, Inc.~		5,152,750
					15,595,150
			Industrials (30.1%)
	186,900		AerCap Holdings, NV#~		9,905,700
	500,500		Air Lease Corp. - Class Aµ~		21,201,180
	55,000		Boeing Company#~		12,456,400
	324,000		CSX Corp.		10,471,680
	300,500		Delta Air Lines, Inc.µ^#~		11,989,950
	59,000		Honeywell International, Inc.µ^~		13,793,610
	38,700		L3Harris Technologies, Inc.~		8,774,838
	155,000		Raytheon Technologies Corp.^~		13,477,250
	121,400		Southwest Airlines Companyµ^#~		6,133,128
	73,500		Uber Technologies, Inc.#~		3,194,310
	46,500		Union Pacific Corp.~		10,172,340
	132,000		United Airlines Holdings, Inc.#~		6,167,040
					127,737,426
			Information Technology (12.4%)
	63,600		Fidelity National Information Services, Inc.µ^~		9,479,580
	45,500		FleetCor Technologies, Inc.^#~		11,749,010
	26,500		Paycom Software, Inc.µ^#~		10,600,000
	50,600		salesforce.com, Inc.µ#~		12,241,658
	22,800		Twilio, Inc. - Class A#		8,517,852
					52,588,100
			Materials (1.9%)
	26,000		Linde, PLC~		7,992,140
			Real Estate (0.9%)
	104,500		MGM Growth Properties, LLC~		3,950,100
			TOTAL COMMON STOCKS (Cost $331,936,397)		341,037,737
	CONVERTIBLE PREFERRED STOCKS (2.7%)
			Consumer Discretionary (2.2%)
	38,800	EUR	Volkswagen, AG‡ ‡‡ 0.000%		9,450,534
			Financials (0.5%)
	1,255		Bank of America Corp.µ‡‡ 7.250%		1,856,835
	5,917		Prospect Capital Corp. 5.350%, 07/01/26		145,736
					2,002,571
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,154,307)		11,453,105

See accompanying Notes to Schedule of Investments

9

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	PREFERRED STOCKS (6.3%)
		Communication Services (0.8%)
	25,330	AT&T, Inc.^ 4.750%, 02/18/25		$        670,485
	15,800	AT&T, Inc.^~ 5.350%, 11/01/66		418,700
	58,930	Qwest Corp.µ^ 6.500%, 09/01/56		1,494,465
	25,585	United States Cellular Corp.µ 6.250%, 09/01/69		710,751
				3,294,401
		Consumer Discretionary (0.3%)
	12,200	Ford Motor Companyµ^~ 6.200%, 06/01/59		338,672
	3,615	Guitar Center, Inc. 0.000%		410,755
	3,688	Qurate Retail, Inc.µ 8.000%, 03/15/31		400,074
				1,149,501
		Energy (0.5%)
	35,935	Energy Transfer, LP‡ 7.625%, 08/15/23 3 mo. USD LIBOR + 4.74		911,312
	29,900	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		696,670
	28,750	NuStar Logistics, LP‡ 6.860%, 01/15/43 3 mo. USD LIBOR + 6.73%		726,512
				2,334,494
		Financials (3.3%)
	18,000	Affiliated Managers Group, Inc.^ 4.750%, 09/30/60		480,960
	17,285	Annaly Capital Management, Inc.^‡ 6.950%, 09/30/22 3 mo. USD LIBOR + 4.99%		451,138
	34,494	Arch Capital Group, Ltd.^ 5.250%, 09/29/21		873,388
	9,000	B Riley Financial, Inc. 6.000%, 01/31/28		239,310
	16,383	Bank of America Corp.^ 4.375%, 11/03/25		427,269
	21,000	Brookfield Finance, Inc. 4.625%, 10/16/80		539,280
	23,370	CIT Group, Inc.µ 5.625%, 12/15/24		623,278
	26,025	CNO Financial Group, Inc.µ^ 5.125%, 11/25/60		714,386
	15,419	Cullen/Frost Bankers, Inc.µ^ 4.450%, 12/15/25		407,061
	7,063	First Republic Bank/CAµ^ 4.125%, 10/30/25		178,553
	8,250	Fulton Financial Corp.µ^ 5.125%, 01/15/26		224,812
	27,185	KeyCorpµ 5.650%, 12/15/23		750,578
	17,135	Legg Mason, Inc.µ 5.450%, 09/15/56		432,832
	33,420	Morgan Stanleyµ 4.875%, 01/15/25		908,690

NUMBER OF SHARES			VALUE
	16,115	Oaktree Capital Group, LLCµ^ 6.550%, 09/15/23		$        451,703
	24,075	Prudential Financial, Inc.^ 4.125%, 09/01/60		631,969
	35,500	Selective Insurance Group, Inc.µ^ 4.600%, 12/15/25		924,775
	8,994	Signature Bank/New York NYµ^ 5.000%, 12/30/25		236,632
	16,600	Spirit Realty Capital, Inc.µ 6.000%, 10/03/22		435,418
	31,375	Truist Financial Corp.µ^ 4.750%, 09/01/25		832,379
	18,395	US Bancorp^ 3.750%, 01/15/26		459,507
	35,915	W R Berkley Corp.^ 5.100%, 12/30/59		983,712
	69,435	Wells Fargo & Company^ 4.750%, 03/15/25		1,818,503
				14,026,133
		Industrials (0.3%)
	18,200	Air Lease Corp.‡ 6.150%, 03/15/24 3 mo. USD LIBOR + 3.65%		496,496
	7,500	Brookfield Finance I UK, PLC^ 4.500%, 11/24/25		190,650
	11,400	QVC, Inc.µ 6.250%, 11/26/68		299,136
	7,275	WESCO International, Inc.µ‡ 10.625%, 06/22/25 5 year CMT + 10.33		225,889
				1,212,171
		Real Estate (0.8%)
	16,375	American Homes 4 Rent^~ 6.250%, 09/19/23		454,406
	22,900	Brookfield Property Partners, LPµ~ 5.750%, 03/31/25		560,821
	15,300	Brookfield Property Partners, LPµ~ 6.375%, 09/30/24		389,079
	17,100	EPR Propertiesµ^~ 5.750%, 11/30/22		437,076
	16,515	Global Net Lease, Inc.µ 6.875%, 11/26/24		443,263
	31,680	Kimco Realty Corp.µ^ 5.250%, 12/20/22		851,875
	11,330	Public Storage^ 4.625%, 06/17/25		315,427
				3,451,947
		Utilities (0.3%)
	15,800	Algonquin Power & Utilities Corp.‡ 6.875%, 10/17/78 3 mo. USD LIBOR + 3.68%		439,240
	16,750	Brookfield Renewable Partners, LP^ 5.250%, 03/31/25		438,348
	16,150	DTE Energy Companyµ~ 5.250%, 12/01/77		427,329
				1,304,917
		TOTAL PREFERRED STOCKS (Cost $25,640,916)		26,773,564

See accompanying Notes to Schedule of Investments

10

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	PURCHASED OPTIONS (0.6%) #
			Consumer Discretionary (0.1%)
	42 13,975,878		Amazon.com, Inc. Call, 10/15/21, Strike $3,500.00	$	352,380
	10 325,490		Domino’s Pizza, Inc. Put, 07/23/21, Strike $525.00		1,043
	430 5,076,150		Peloton Interactive, Inc. Call, 08/06/21, Strike $118.00		142,975
					496,398
			Energy (0.1%)
	890 3,615,180		Royal Dutch Shell, PLC Call, 10/15/21, Strike $40.00		204,700
			Financials (0.2%)
	8,700 5,019,900		Itau Unibanco Holding, SA Call, 12/17/21, Strike $5.00		848,250
			Industrials (0.0%)
	1,814 9,164,328		Southwest Airlines Company Call, 08/20/21, Strike $52.00		170,516
			Information Technology (0.1%)
	333 7,805,520		Workday, Inc. Call, 09/17/21, Strike $230.00		459,540
			Other (0.1%)
	357 4,284,000		ARK Innovation ETF Put, 08/06/21, Strike $109.00		8,033
	560 20,415,920		Invesco QQQ Trust Series Put, 08/13/21, Strike $355.00		101,080
	5,325 79,619,400		iShares 20+ Year Treasury Bond Put, 08/20/21, Strike $140.00		63,900
	2,420 106,119,420		SPDR S&P 500 ETF Trust Put, 08/09/21, Strike $432.00		325,490
					498,503
			TOTAL PURCHASED OPTIONS (Cost $4,432,106)		2,677,907
	TOTAL INVESTMENTS (123.9%) (Cost $512,021,667)				525,862,080
	LIABILITIES, LESS OTHER ASSETS (-23.9%)				(101,467,418	)
	NET ASSETS (100.0%)			$	424,394,662
NUMBER OF SHARES				VALUE
	COMMON STOCKS SOLD SHORT (-3.0%) #
			Consumer Discretionary (-3.0%)
	(60,500	)	eBay, Inc.		(4,126,705	)
	(33,500	)	Target Corp.		(8,745,175	)
			TOTAL COMMON STOCKS SOLD SHORT (Cost $(11,057,929))		(12,871,880	)

NUMBER OF SHARES				VALUE
	EXCHANGE-TRADED FUNDS SOLD SHORT (-36.8%) #
			Other (-36.8%)
	(35,700	)	ARK Innovation ETF		$     (4,284,000	)
	(56,000	)	Invesco QQQ Trust Series		(20,415,920	)
	(326,000	)	Vanguard S&P 500 ETF		(131,426,900	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Cost $(149,486,011))		(156,126,820	)
			TOTAL SECURITIES SOLD SHORT (Premium $160,543,940)		(168,998,700	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	WRITTEN OPTIONS (-1.1%) #
			Communication Services (0.0%)
	200 7,126,000		Facebook, Inc. Call, 08/20/21, Strike $370.00		(62,000	)
			Consumer Discretionary (-0.1%)
	10 3,327,590		Amazon.com, Inc. Call, 08/20/21, Strike $3,400.00		(47,375	)
	65 2,115,685		Domino’s Pizza, Inc. Call, 08/20/21, Strike $535.00		(44,200	)
			Peloton Interactive, Inc.
	430 5,076,150		Call, 08/06/21, Strike $126.00		(35,475	)
	430 5,076,150		Call, 08/20/21, Strike $130.00		(87,935	)
					(214,985	)
			Energy (0.0%)
	2,280 7,528,560		Canadian Natural Resources, Ltd. Put, 08/20/21, Strike $30.00		(57,000	)
	3,800 18,768,200		Energy Select Sector SPDR Fund Put, 08/20/21, Strike $45.00		(117,800	)
					(174,800	)
			Financials (-0.2%)
	8,700 5,019,900		Itau Unibanco Holding, SA Put, 08/20/21, Strike $6.00		(300,150	)
			Moody’s Corp.
	95 3,572,000		Call, 09/17/21, Strike $380.00		(83,600	)
	95 3,572,000		Call, 09/17/21, Strike $370.00		(134,900	)
	95 3,572,000		Put, 09/17/21, Strike $370.00		(82,175	)
					(600,825	)
			Industrials (0.0%)
			Southwest Airlines Company
	1,214 6,133,128		Call, 08/06/21, Strike $51.00		(82,552	)
	1,214 6,133,128		Put, 08/20/21, Strike $47.50		(70,412	)
					(152,964	)

See accompanying Notes to Schedule of Investments

11

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JULY 31, 2021 (UNAUDITED)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Other (-0.8%)
		ARK Innovation ETF
	357 4,284,000	Put, 08/06/21, Strike $100.00		$           (1,785)
	357 4,284,000	Put, 08/20/21, Strike $100.00		(14,994)
		Invesco QQQ Trust Series
	560 20,415,920	Put, 08/13/21, Strike $345.00		(44,520)
	560 20,415,920	Put, 08/20/21, Strike $340.00		(61,600)
		iShares 20+ Year Treasury Bond
	5,325 79,619,400	Call, 09/17/21, Strike $150.00		(1,605,488)
	2,665 39,847,080	Put, 09/17/21, Strike $130.00		(61,295)
		Vanguard S&P 500 ETF
	3,650 147,149,750	Put, 08/20/21, Strike $350.00		(146,000)
	3,260 131,426,900	Put, 08/20/21, Strike $380.00		(415,650)
	465 18,746,475	Call, 08/20/21, Strike $385.00		(920,700)
				(3,272,032)
		TOTAL WRITTEN OPTIONS (Premium $3,693,174)		(4,477,606)

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted 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.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $36,843,987.

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

@ In default status and considered non-income producing.

‡ Variable rate security. The rate shown is the rate in effect at July 31, 2021.

& Illiquid security.

¡ 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.

# Non-income producing security.

~ 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 $142,496,168.

‡‡ Perpetual maturity.

FOREIGN CURRENCY ABBREVIATIONS

EUR	European Monetary Unit
GBP	British Pound Sterling
USD	U.S. Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. 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

12

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Long/Short Equity & Dynamic Income Trust (the “Fund”) 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.

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). 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:

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted ASU2017-08 as of November 29, 2019, with no material impact on the Fund’s Schedule of Investments.

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

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 each 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, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, 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 the board of trustees, 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 a 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, 2021 was as follows*:

Cost basis of investments	$347,784,553
Gross unrealized appreciation	31,894,727

Gross unrealized depreciation	(27,293,506)
Net unrealized appreciation (depreciation)	$4,601,221

* 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, the 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, the 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.