Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ)

METRO CHICAGO, Ill. , Dec. 1, 2025 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in December 2025 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

Calamos L/S Equity & Dynamic Income Trust blends equity and fixed-income investments with a unique long/short strategy, offering potential hedging. CPZ has outperformed the S&P 500 recently, but aided by a significant narrowing of its discount, now the fund trades at a less attractive mid-single-digit discount. The fund maintains a steady distribution rate, coming in at an attractive ~10%, but relies heavily on short-term capital gains, making it less tax-friendly for taxable accounts.

Closed End Funds (CEFs) offer a combination of portfolio mitigation risk diversification and active management.

Calamos Long/ Short Equity & Dynamic Income Trust is a complex and high fee fund which offers investors exposure to equities, preferred stock, and fixed income. CPZ has delivered weak risk-adjusted performance, underperforming both the S&P 500 and peer long/short funds while exhibiting higher volatility. The fund is tax-inefficient which makes it less attractive for taxable investors compared to other products.

METRO CHICAGO, Ill. , June 2, 2025 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in June 2025 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

METRO CHICAGO, Ill. , May 1, 2025 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in May 2025 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

Consider the Calamos Long/Short Equity & Dynamic Income fund for less market volatility while trading at a current -10% discount. CPZ offers a unique mix: Long stocks, long corporate bonds, and shorts mostly the S&P 500, with an 11% current market yield paid monthly. CPZ uses leverage, a 33% bond portfolio, and only needs to cover a 9.8% NAV yield to maintain its 11% annualized current market yield.

METRO CHICAGO, Ill. , Feb. 3, 2025 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in February 2025 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

METRO CHICAGO, Ill. , Dec. 18, 2024 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in January 2025 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

METRO CHICAGO, Ill. , Nov. 1, 2024 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in November 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

METRO CHICAGO, Ill. , Oct. 1, 2024 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in October 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

CPZ has delivered a strong total return of +15% in 2024, attributed to better macro bets and pair trading strategies. The CEF structure can be a hindrance for long-short funds due to its high distribution rate and potential for return of capital distributions. CPZ maintains a net long position in Industrials, Health Care, and Information Technology.

METRO CHICAGO, Ill. , Sept. 3, 2024 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in September 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

METRO CHICAGO , July 1, 2024 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in July 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans. Fund Distribution Payable date Record date Ex-dividend date CHI (inception 06/26/2002) Calamos Convertible Opportunities and Income Fund $0.0950 7/19/24 7/12/24 7/12/24 CHY (inception 05/28/2003) Calamos Convertible and High Income Fund $0.1000 7/19/24 7/12/24 7/12/24 CSQ (inception 03/26/2004) Calamos Strategic Total Return Fund $0.1025 7/19/24 7/12/24 7/12/24 CGO (inception 10/27/2005) Calamos Global Total Return Fund $0.0800 7/19/24 7/12/24 7/12/24 CHW (inception 06/27/2007) Calamos Global Dynamic Income Fund $0.0500 7/19/24 7/12/24 7/12/24 CCD (inception 03/27/2015) Calamos Dynamic Convertible and Income Fund $0.1950 7/19/24 7/12/24 7/12/24 CPZ (inception 11/29/2019) Calamos Long/Short Equity & Dynamic Income Trust $0.1400 7/19/24 7/12/24 7/12/24   The following table provides estimates of Calamos Global Total Return Fund's and Calamos Global Dynamic Income Fund's distribution sources, reflecting YTD cumulative experience.

Calamos L/S Equity & Dynamic Inc Trust offers exposure to a dynamic portfolio, but has a portfolio that works against itself. Overall, I believe there are limited reasons to own the CPZ closed-end fund, and even those reasons come with their own issues. I believe there are alternatives where investors could put their capital to work and be more effective, including new Calamos "buffer ETFs."

METRO CHICAGO, Ill. , June 4, 2024 /PRNewswire/ -- Calamos Investments®* has announced corrections to monthly distributions and sources of distributions paid in June 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.