Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (30.7%)
		Airlines (0.3%)
	5,547	Air Canada Pass Through Trust Series 2013-1, Class B*µ 5.375%, 11/15/22	$	5,571
	58,000	Air Canada Pass Through Trust Series 2015-2, Class B*µ 5.000%, 06/15/25		57,574
	225,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		251,174
	174,000	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		192,914
	184,000	JetBlue Pass Through Trust Series 2020-1, Class Bµ 7.750%, 05/15/30		209,399
	115,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.*µ 8.000%, 09/20/25		130,634
	195,383	United Airlines Pass Through Trust Series 2014-2, Class Bµ 4.625%, 03/03/24		196,993
	113,762	United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29		107,600
				1,151,859
		Communication Services (2.5%)
	345,000	Altice France, SA*µ 7.375%, 05/01/26		361,843
	335,000	Arrow Bidco, LLC* 9.500%, 03/15/24		295,232
	200,000	Ashtead Capital, Inc.*µ 4.000%, 05/01/28		213,010
	144,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		144,899
	140,000	Brink’s Company*µ 5.500%, 07/15/25		149,337
	77,000	Cable One, Inc.* 4.000%, 11/15/30		79,050
	385,000	CenturyLink, Inc.*µ 4.000%, 02/15/27		398,752
	550,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		588,956
	125,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		136,106
		CSC Holdings, LLC*µ
	200,000	5.750%, 01/15/30		214,940
	200,000	4.625%, 12/01/30		204,280
	724,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		736,026
		Diamond Sports Group, LLC / Diamond Sports Finance Company*
	150,000	6.625%, 08/15/27^		95,557
	115,000	5.375%, 08/15/26		93,089
	775,000	Embarq Corp.µ 7.995%, 06/01/36		950,871

PRINCIPAL AMOUNT			VALUE
		Entercom Media Corp.*
	193,000	7.250%, 11/01/24^	$	196,879
	141,000	6.500%, 05/01/27µ		144,735
	72,000	Frontier Communications Corp.*µ 5.875%, 10/15/27		77,220
	240,000	Intelsat Jackson Holdings, SA*@ 9.750%, 07/15/25		177,096
	290,000	LCPR Senior Secured Financing DAC*µ 6.750%, 10/15/27		312,217
	100,000	Ligado Networks, LLC* 15.500%, 11/01/23		101,110
	500,000	Netflix, Inc.*µ 4.875%, 06/15/30		608,085
		Scripps Escrow II, Inc.*
	95,000	3.875%, 01/15/29µ		95,253
	48,000	5.375%, 01/15/31		48,566
	300,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		313,035
	96,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.*µ 4.625%, 11/01/26		99,994
	170,000	Sprint Capital Corp.µ 6.875%, 11/15/28		218,656
	1,425,000	Sprint Corp.µ 7.125%, 06/15/24		1,663,103
	290,000	Telesat Canada / Telesat, LLC*µ 4.875%, 06/01/27		301,206
	265,000	United States Cellular Corp.µ 6.700%, 12/15/33		343,284
	395,000	Vodafone Group, PLCµ‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		491,368
				9,853,755
		Consumer Discretionary (3.8%)
	201,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		211,669
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	394,000	6.625%, 01/15/28		420,800
	124,000	9.875%, 04/01/27		140,589
	575,000	BorgWarner, Inc.*µ 5.000%, 10/01/25		677,574
		Caesars Entertainment, Inc.*
	93,000	8.125%, 07/01/27		102,033
	93,000	6.250%, 07/01/25µ		98,118
	330,000	Caesars Resort Collection, LLC / CRC Finco, Inc.* 5.250%, 10/15/25		328,835
		Carnival Corp.*µ
	98,000	10.500%, 02/01/26		113,791
	48,000	7.625%, 03/01/26		50,866
	145,000	Carvana Company* 5.625%, 10/01/25		150,043
		CCO Holdings, LLC / CCO Holdings Capital Corp.*µ
	750,000	4.750%, 03/01/30		798,067
	250,000	4.500%, 08/15/30		263,705
	230,000	5.750%, 02/15/26		237,415
	96,000	4.250%, 02/01/31		98,519
	475,000	Century Communities, Inc.µ 6.750%, 06/01/27		508,896

See accompanying Notes to Schedule of Investments

1

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	465,000	Dana Financing Luxembourg Sarl*µ 6.500%, 06/01/26	$	486,381
		DISH DBS Corp.µ
	347,000	7.750%, 07/01/26		376,908
	50,000	7.375%, 07/01/28		52,133
	285,000	ESH Hospitality, Inc.*µ 4.625%, 10/01/27		291,660
		Expedia Group, Inc.*µ
	115,000	7.000%, 05/01/25		126,378
	70,000	6.250%, 05/01/25		81,014
	120,000	Ford Motor Companyµ 8.500%, 04/21/23		134,525
		Ford Motor Credit Company, LLCµ
	715,000	4.134%, 08/04/25		751,679
	200,000	4.389%, 01/08/26		212,894
		General Motors Financial Company, Inc.^‡
	435,000	5.700%, 09/30/30µ 5 year CMT + 5.00%		489,592
	395,000	6.500%, 09/30/28 3 mo. USD LIBOR + 3.44%		431,032
	500,000	goeasy, Ltd.*µ 5.375%, 12/01/24		523,705
	96,000	Guitar Center, Inc.*µ 8.500%, 01/15/26		100,844
	280,000	Installed Building Products, Inc.*µ 5.750%, 02/01/28		299,712
		L Brands, Inc.µ
	292,000	6.875%, 11/01/35		339,050
	159,000	6.694%, 01/15/27		178,194
	50,000	6.875%, 07/01/25*		54,553
		Life Time, Inc.*
	144,000	5.750%, 01/15/26µ		145,685
	96,000	8.000%, 04/15/26		96,307
		M/I Homes, Inc.µ
	275,000	5.625%, 08/01/25		286,118
	130,000	4.950%, 02/01/28		137,322
		Macy’s Retail Holdings, LLCµ
	100,000	6.700%, 07/15/34*		95,364
	50,000	5.125%, 01/15/42		40,847
	93,000	Macy’s, Inc.*µ 8.375%, 06/15/25		103,085
	830,000	Mattel, Inc.*µ 5.875%, 12/15/27		915,756
	300,000	Mclaren Finance, PLC* 5.750%, 08/01/22		285,090
		Meredith Corp.
	92,000	6.500%, 07/01/25*µ		98,038
	50,000	6.875%, 02/01/26^		50,662
	144,000	Mohegan Gaming & Entertainment*µ 8.000%, 02/01/26		142,324
	278,000	Newell Brands, Inc.µ 4.700%, 04/01/26		306,125
	290,000	PetSmart, Inc.*µ 5.875%, 06/01/25		298,598
		Rite Aid Corp.
	373,000	8.000%, 11/15/26*		401,464
	98,000	7.700%, 02/15/27		97,916
		Royal Caribbean Cruises, Ltd.*µ
	100,000	11.500%, 06/01/25		115,407
	51,000	10.875%, 06/01/23		57,585
	505,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.*µ 4.875%, 11/01/27		504,202

PRINCIPAL AMOUNT			VALUE
	270,000	Taylor Morrison Communities, Inc.*µ 5.750%, 01/15/28	$	306,002
	610,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		655,280
	50,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		58,283
	280,000	VOC Escrow, Ltd.*µ 5.000%, 02/15/28		272,947
				14,601,581
		Consumer Staples (0.7%)
	96,000	Central Garden & Pet Companyµ 4.125%, 10/15/30		100,539
	95,000	Edgewell Personal Care Company*µ 5.500%, 06/01/28		101,769
	143,000	Energizer Holdings, Inc.*µ 4.375%, 03/31/29		146,169
		Kraft Heinz Foods Companyµ
	290,000	4.375%, 06/01/46		309,317
	48,000	4.250%, 03/01/31		54,121
	48,000	3.875%, 05/15/27		52,540
	395,000	Land O’Lakes, Inc.*µ 7.000%, 09/18/28		395,174
		Post Holdings, Inc.*µ
	475,000	5.500%, 12/15/29		516,301
	45,000	4.625%, 04/15/30		46,688
	210,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		222,354
		Vector Group, Ltd.*µ
	615,000	6.125%, 02/01/25		624,416
	260,000	5.750%, 02/01/29		268,741
				2,838,129
		Energy (2.4%)
	71,000	Antero Resources Corp.*µ 7.625%, 02/01/29		72,497
		Apache Corp.
	192,000	5.100%, 09/01/40µ		194,264
	108,000	4.875%, 11/15/27µ		111,137
	96,000	4.625%, 11/15/25^		98,240
		Buckeye Partners, LP
	550,000	3.950%, 12/01/26		555,132
	460,000	5.850%, 11/15/43		459,609
	415,000	ChampionX Corp.µ 6.375%, 05/01/26		435,501
	96,000	Cheniere Energy, Inc.*µ 4.625%, 10/15/28		100,117
	48,000	CNX Resources Corp.*^ 7.250%, 03/14/27		51,605
		Continental Resources, Inc.µ
	190,000	3.800%, 06/01/24		195,122
	145,000	4.375%, 01/15/28^		148,094
	475,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		427,614
	620,000	Enbridge, Inc.^‡ 5.750%, 07/15/80 5 year CMT + 5.31%		687,946
		EnLink Midstream Partners, LPµ
	835,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		461,555
	205,000	4.850%, 07/15/26		199,301

See accompanying Notes to Schedule of Investments

2

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		EQT Corp.
	265,000	8.750%, 02/01/30µ	$	338,241
	75,000	7.875%, 02/01/25^		88,510
	50,000	5.000%, 01/15/29µ		54,456
	43,000	Holly Energy Partners, LP / Holly Energy Finance Corp.*µ 5.000%, 02/01/28		43,323
	153,000	Laredo Petroleum, Inc.^ 10.125%, 01/15/28		133,376
	645,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		667,375
	425,000	MPLX, LP^‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		419,462
	300,000	Murphy Oil Corp.µ 5.875%, 12/01/27		285,564
	95,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		98,408
	50,000	Newfield Exploration Companyµ 5.750%, 01/30/22		51,938
		Occidental Petroleum Corp.µ
	590,000	4.300%, 08/15/39		517,235
	432,000	2.900%, 08/15/24		419,731
	363,000	2.700%, 08/15/22		364,459
	94,000	5.875%, 09/01/25		98,672
	50,000	Ovintiv, Inc.µ 6.500%, 08/15/34		61,161
	134,000	Par Petroleum, LLC / Par Petroleum Finance Corp.*µ 7.750%, 12/15/25		130,813
	790,000	Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		663,118
	72,000	Range Resources Corp.*µ 8.250%, 01/15/29		75,746
	48,000	Southwestern Energy Companyµ 8.375%, 09/15/28		51,455
	38,000	Transocean, Inc.* 11.500%, 01/30/27		30,015
	280,000	Viper Energy Partners, LP*^ 5.375%, 11/01/27		294,274
	450,000	W&T Offshore, Inc.* 9.750%, 11/01/23		356,594
				9,441,660
		Financials (13.1%)
	651,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		672,255
	96,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		98,281
	216,000	AG Issuer, LLC*µ 6.250%, 03/01/28		226,545
	875,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		926,748
	790,000	American International Group, Inc.µ‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%		905,790
	650,000	AmWINS Group, Inc.*µ 7.750%, 07/01/26		696,956

PRINCIPAL AMOUNT			VALUE
	710,000	AssuredPartners, Inc.* 7.000%, 08/15/25	$	732,606
		Aviation Capital Group, LLC*µ
	208,000	3.500%, 11/01/27		219,846
	45,000	6.750%, 04/06/21		45,491
	760,000	Bank of America Corp.µ‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		784,480
	690,000	Bank of Montrealµ^‡ 4.800%, 08/25/24 5 year CMT + 2.98%		717,904
		Bank of New York Mellon Corp.‡
	1,250,000	4.700%, 09/20/25µ 5 year CMT + 4.36%		1,371,938
	188,000	3.700%, 03/20/26^ 5 year CMT + 3.35%		194,332
	1,250,000	Bank of Nova Scotiaµ‡ 4.900%, 06/04/25 5 year CMT + 4.55%		1,344,375
	215,000	Bank OZK‡ 5.500%, 07/01/26 3 mo. USD LIBOR + 4.43%		217,670
	600,000	Barclays, PLC‡ 7.875%, 03/15/22 U.S. 5 yr Swap + 6.77%		631,998
		BP Capital Markets, PLCµ‡
	410,000	4.375%, 06/22/25 5 year CMT + 4.04%		436,474
	380,000	4.875%, 03/22/30 5 year CMT + 4.40%		417,282
	931,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 5.750%, 05/15/26		967,197
	250,000	Capital Farm Credit ACA*‡ 5.000%, 03/15/26 5 year CMT + 4.52%		252,783
		Charles Schwab Corp.µ‡
	873,000	4.000%, 12/01/30 10 year CMT + 3.08%		899,077
	765,000	5.375%, 06/01/25 5 year CMT + 4.97%		849,364
	792,000	CIT Group, Inc.^‡ 5.800%, 06/15/22 3 mo. USD LIBOR + 3.97%		814,485
		Citigroup, Inc.µ‡
	2,630,000	5.000%, 09/12/24 SOFR + 3.81%		2,733,254
	445,000	4.000%, 12/10/25 5 year CMT + 3.60%		453,967
	225,000	4.700%, 01/30/25 SOFR + 3.23%		230,659
		Credit Acceptance Corp.µ
	475,000	6.625%, 03/15/26		504,426
	161,000	5.125%, 12/31/24*		167,029
	565,000	Credit Suisse Group, AG*µ‡ 7.500%, 12/11/23 U.S. 5 yr Swap + 4.60%		628,048
	60,000	Cushman & Wakefield US Borrower, LLC*µ 6.750%, 05/15/28		65,371
		Discover Financial Servicesµ‡
	755,000	6.125%, 06/23/25 5 year CMT + 5.78%		850,998
	425,000	5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		454,661

See accompanying Notes to Schedule of Investments

3

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	500,000	Donnelley Financial Solutions, Inc.µ 8.250%, 10/15/24	$	526,785
	1,700,000	Fifth Third Bancorpµ‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,810,806
	200,000	Genworth Mortgage Holdings, Inc.*µ 6.500%, 08/15/25		214,276
	262,171	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate		235,432
	185,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*^ 3.750%, 12/15/27		188,778
	1,570,000	Goldman Sachs Group, Inc.µ‡ 4.400%, 02/10/25 5 year CMT + 2.85%		1,618,293
	427,000	Greystar Real Estate Partners, LLC*µ 5.750%, 12/01/25		441,398
	400,000	HSBC Holdings, PLCµ‡ 6.375%, 03/30/25 U.S. 5 yr Swap + 4.37%		438,592
	910,000	HUB International, Ltd.* 7.000%, 05/01/26		944,607
		Huntington Bancshares, Inc.µ‡
	1,075,000	4.450%, 10/15/27 7 year CMT + 4.05%		1,144,316
	375,000	5.625%, 07/15/30^ 10 year CMT + 4.95%		441,098
	220,000	5.700%, 04/15/23 3 mo. USD LIBOR + 2.88%		223,804
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ
	430,000	5.250%, 05/15/27		452,691
	49,000	4.375%, 02/01/29*		48,738
	300,000	ILFC E-Capital Trust II*µ‡ 3.480%, 12/21/65 3 mo. USD LIBOR + 1.80%		242,586
	485,000	Iron Mountain, Inc.*µ 5.250%, 03/15/28		510,506
	490,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.*µ 6.250%, 06/03/26		515,113
	1,720,000	JPMorgan Chase & Companyµ‡ 4.600%, 02/01/25 SOFR + 3.13%		1,770,654
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*µ
	424,000	5.250%, 10/01/25		424,509
	43,000	4.250%, 02/01/27		41,305
	575,000	Lloyds Banking Group, PLCµ‡ 7.500%, 06/27/24 U.S. 5 yr Swap + 4.76%		638,520
	760,000	Markel Corp.µ‡ 6.000%, 06/01/25 5 year CMT + 5.66%		838,174
		MetLife, Inc.µ
	1,340,000	6.400%, 12/15/66		1,735,273
	865,000	3.850%, 09/15/25^‡ 5 year CMT + 3.58%		896,391
	97,000	MGIC Investment Corp.µ 5.250%, 08/15/28		103,821

PRINCIPAL AMOUNT			VALUE
	380,000	Nationwide Financial Services, Inc.µ 6.750%, 05/15/87	$	457,797
		Navient Corp.
	422,000	5.000%, 03/15/27		428,254
	115,000	6.750%, 06/25/25		126,164
	96,000	4.875%, 12/30/99		95,462
	550,000	Nippon Life Insurance Company*µ‡ 2.750%, 01/21/51 5 year CMT + 2.65%		549,379
	580,000	Nordea Bank Abp*µ‡ 6.625%, 03/26/26 5 year CMT + 4.11%		663,711
		Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*µ
	113,000	7.500%, 06/01/25		122,264
	98,000	5.875%, 10/01/28		103,615
	750,000	PartnerRe Finance B, LLCµ^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		790,493
	220,000	Prospect Capital Corp.µ 3.706%, 01/22/26		217,833
	376,000	Prudential Financial, Inc.^‡ 3.700%, 10/01/50 5 year CMT + 3.04%		394,537
	500,000	QBE Insurance Group, Ltd.*µ^‡ 5.875%, 05/12/25 5 year CMT + 5.51%		544,970
	116,000	SLM Corp.µ 4.200%, 10/29/25		123,215
	2,530,000	State Street Corp.µ‡ 5.625%, 12/15/23 3 mo. USD LIBOR + 2.54%		2,661,433
	199,000	StoneX Group, Inc.*µ 8.625%, 06/15/25		216,610
	486,000	SVB Financial Group‡ 4.100%, 02/15/31 10 year CMT + 3.06%		496,405
	165,000	Tronox Finance, PLC*µ 5.750%, 10/01/25		171,580
		Truist Financial Corp.µ‡
	1,280,000	4.800%, 09/01/24 5 year CMT + 3.00%		1,338,714
	375,000	4.950%, 09/01/25 5 year CMT + 4.61%		410,820
	575,000	UBS Group, AG*µ‡ 7.000%, 01/31/24 U.S. 5 yr Swap + 4.34%		631,310
	143,000	United Shore Financial Services, LLC*µ 5.500%, 11/15/25		150,683
	172,000	VICI Properties, LP / VICI Note Company, Inc.*µ 3.750%, 02/15/27		175,364
	790,000	Voya Financial, Inc.^‡ 6.125%, 09/15/23 5 year CMT + 3.36%		850,388
	1,870,000	Wells Fargo & Companyµ‡ 3.900%, 03/15/26 5 year CMT + 3.45%		1,871,346
	208,000	XHR, LP*µ 6.375%, 08/15/25		218,537
				50,769,640

See accompanying Notes to Schedule of Investments

4

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Health Care (1.8%)
		Acadia Healthcare Company, Inc.µ
	500,000	5.625%, 02/15/23	$	501,820
	96,000	5.000%, 04/15/29*		101,150
		Bausch Health Companies, Inc.*
	640,000	5.000%, 01/30/28		660,134
	83,000	5.000%, 02/15/29µ		85,124
	48,000	5.250%, 02/15/31		49,457
	95,000	Centene Corp.µ 3.000%, 10/15/30		99,518
		CHS/Community Health Systems, Inc.*
	875,000	8.125%, 06/30/24		922,250
	610,000	8.000%, 03/15/26		656,543
	108,000	6.875%, 04/15/29		109,395
		DaVita, Inc.*µ
	241,000	4.625%, 06/01/30		253,301
	49,000	3.750%, 02/15/31		48,709
		Encompass Health Corp.µ
	100,000	4.750%, 02/01/30		107,406
	100,000	4.500%, 02/01/28		104,812
		Tenet Healthcare Corp.
	835,000	6.875%, 11/15/31		906,376
	480,000	5.125%, 11/01/27*µ		507,259
	261,000	Teva Pharmaceutical Finance Company, BVµ 2.950%, 12/18/22		262,013
	1,015,000	Teva Pharmaceutical Finance Netherlands III, BVµ 2.800%, 07/21/23		1,007,357
	621,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		640,326
				7,022,950
		Industrials (3.0%)
	190,000	Abercrombie & Fitch Management Company*µ 8.750%, 07/15/25		211,375
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*µ
	215,000	4.625%, 01/15/27		225,649
	127,000	4.875%, 02/15/30		135,900
	95,000	3.500%, 03/15/29		93,915
	50,000	Allison Transmission, Inc.*µ 3.750%, 01/30/31		49,824
		American Airlines Group, Inc.*
	155,000	5.000%, 06/01/22		145,931
	50,000	3.750%, 03/01/25^		38,413
	940,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		992,687
	525,000	Beacon Roofing Supply, Inc.* 4.875%, 11/01/25		531,405
	635,000	Cascades, Inc. / Cascades USA,
		Inc.*µ 5.125%, 01/15/26		675,811
		Delta Air Lines, Inc.
	49,000	3.800%, 04/19/23^		50,280
	47,000	7.375%, 01/15/26µ		54,043
		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ
	48,000	4.750%, 10/20/28		53,216
	24,000	4.500%, 10/20/25		25,674

PRINCIPAL AMOUNT			VALUE
	96,000	Endurance Acquisition Merger Sub* 6.000%, 02/15/29	$	94,804
	85,000	EnerSys*µ 4.375%, 12/15/27		90,738
	406,000	Fly Leasing, Ltd.^ 5.250%, 10/15/24		396,077
	240,000	General Electric Company^‡ 3.554%, 03/15/21 3 mo. USD LIBOR + 3.33%		227,302
	96,000	GFL Environmental, Inc.*µ 3.750%, 08/01/25		98,346
	100,000	Golden Nugget, Inc.*^ 8.750%, 10/01/25		104,031
	108,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		117,458
	218,000	H&E Equipment Services, Inc.*µ 3.875%, 12/15/28		217,403
	22,000	Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.750%, 12/30/99		22,858
	475,000	Herc Holdings, Inc.*µ 5.500%, 07/15/27		501,386
	82,000	Howmet Aerospace, Inc.µ 6.875%, 05/01/25		95,648
	290,000	JELD-WEN, Inc.*µ 4.625%, 12/15/25		296,444
	171,000	KeHE Distributors, LLC / KeHE Finance Corp.*µ 8.625%, 10/15/26		191,352
	143,000	Ken Garff Automotive, LLC*µ 4.875%, 09/15/28		147,237
	96,000	MasTec, Inc.*µ 4.500%, 08/15/28		101,222
	29,000	Meritor, Inc.*µ 4.500%, 12/15/28		29,564
	107,000	Moog, Inc.*µ 4.250%, 12/15/27		111,642
	430,000	Nationstar Mortgage Holdings, Inc.*µ 6.000%, 01/15/27		455,357
		Navistar International Corp.*
	345,000	6.625%, 11/01/25		359,738
	95,000	9.500%, 05/01/25		105,919
	172,000	Novelis Corp.*µ^ 4.750%, 01/30/30		181,252
	225,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27		226,748
	275,000	Patrick Industries, Inc.*µ 7.500%, 10/15/27		301,917
	210,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		225,340
	47,000	Picasso Finance Sub, Inc.*µ 6.125%, 06/15/25		50,290
	185,000	QVC, Inc.µ 4.375%, 09/01/28		192,911
	165,000	SEG Holding, LLC / SEG Finance Corp.*µ 5.625%, 10/15/28		176,038
	98,000	Sensata Technologies, Inc.*µ 3.750%, 02/15/31		100,702
		Sinclair Television Group, Inc.*µ
	100,000	5.500%, 03/01/30		103,214

See accompanying Notes to Schedule of Investments

5

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	96,000	4.125%, 12/01/30	$	95,843
		Standard Industries, Inc.*µ
	100,000	5.000%, 02/15/27		104,383
	47,000	4.375%, 07/15/30		49,887
	315,000	Stanley Black & Decker, Inc.µ‡ 4.000%, 03/15/60 5 year CMT + 2.66%		334,732
		Station Casinos, LLC*
	450,000	4.500%, 02/15/28		442,435
	264,000	5.000%, 10/01/25		265,975
	96,000	Stericycle, Inc.*µ 3.875%, 01/15/29		98,690
	145,000	STL Holding Company, LLC*µ 7.500%, 02/15/26		151,076
		TransDigm, Inc.µ
	655,000	7.500%, 03/15/27		701,361
	465,000	6.250%, 03/15/26*		492,486
	48,000	United Rentals North America, Inc.µ 3.875%, 02/15/31		50,193
	280,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		288,700
		WESCO Distribution, Inc.*µ
	93,000	7.125%, 06/15/25		101,293
	45,000	7.250%, 06/15/28		50,619
				11,834,734
		Information Technology (0.5%)
	299,000	CommScope Technologies, LLC* 6.000%, 06/15/25		305,769
		Dell International, LLC / EMC Corp.*
	155,000	6.100%, 07/15/27^		191,954
	80,000	5.850%, 07/15/25µ		95,075
	56,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		57,883
	210,000	KBR, Inc.*µ 4.750%, 09/30/28		218,339
	210,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		208,465
	275,000	MTS Systems Corp.*µ 5.750%, 08/15/27		299,343
	143,000	ON Semiconductor Corp.*µ 3.875%, 09/01/28		148,730
	129,000	Open Text Corp.*µ 3.875%, 02/15/28		132,323
	118,000	PTC, Inc.*µ 4.000%, 02/15/28		123,125
	96,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		97,171
				1,878,177
		Materials (1.0%)
	90,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		94,696
	240,000	ArcelorMittal, SAµ 7.250%, 10/15/39		346,946
	210,000	Clearwater Paper Corp.*µ 4.750%, 08/15/28		217,680
	285,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		291,729
		Freeport-McMoRan, Inc.µ
	300,000	5.450%, 03/15/43		376,086
	285,000	5.000%, 09/01/27		303,744
	90,000	5.400%, 11/14/34		112,218

PRINCIPAL AMOUNT			VALUE
	144,000	HB Fuller Companyµ 4.250%, 10/15/28	$	147,624
	148,000	Hudbay Minerals, Inc.* 6.125%, 04/01/29		157,104
		Kaiser Aluminum Corp.*µ
	93,000	6.500%, 05/01/25		99,623
	85,000	4.625%, 03/01/28		87,881
	108,000	Mercer International, Inc.*µ 5.125%, 02/01/29		110,058
	75,000	Mineral Resources, Ltd.*µ 8.125%, 05/01/27		83,380
		New Gold, Inc.*
	64,000	6.375%, 05/15/25		66,434
	50,000	7.500%, 07/15/27		54,044
	210,000	OCI, NV*µ 4.625%, 10/15/25		217,776
	95,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		103,104
		PBF Holding Company, LLC / PBF Finance Corp.
	465,000	7.250%, 06/15/25µ		309,006
	48,000	9.250%, 05/15/25*^		46,380
	80,000	Silgan Holdings, Inc.µ 4.125%, 02/01/28		83,102
	500,000	Univar Solutions USA, Inc.*µ 5.125%, 12/01/27		526,495
	48,000	Valvoline, Inc.*µ 3.625%, 06/15/31		48,347
				3,883,457
		Real Estate (0.2%)
	57,000	EPR Propertiesµ 3.750%, 08/15/29		55,793
		Forestar Group, Inc.*µ
	270,000	8.000%, 04/15/24		284,251
	139,000	5.000%, 03/01/28		144,917
	47,000	iStar, Inc.µ 5.500%, 02/15/26		47,905
	95,000	Service Properties Trustµ 5.250%, 02/15/26		93,728
				626,594
		Utilities (1.4%)
	129,000	Calpine Corp.*µ 4.500%, 02/15/28		132,687
	200,000	CenterPoint Energy, Inc.^‡ 6.125%, 09/01/23 3 mo. USD LIBOR + 3.27%		210,958
	575,000	CMS Energy Corp.µ‡ 4.750%, 06/01/50 5 year CMT + 4.12%		652,090
	800,000	Dominion Energy, Inc.µ‡ 4.650%, 12/15/24 5 year CMT + 2.99%		844,040
	1,045,000	Duke Energy Corp.µ‡ 4.875%, 09/16/24 5 year CMT + 3.39%		1,121,766
	840,000	NextEra Energy Capital Holdings, Inc.µ‡ 4.800%, 12/01/77 3 mo. USD LIBOR + 2.41%		924,848
	258,000	PPL Capital Funding, Inc.µ‡ 2.905%, 03/30/67 3 mo. USD LIBOR + 2.67%		240,518

See accompanying Notes to Schedule of Investments

6

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	375,000	Sempra Energyµ‡ 4.875%, 10/15/25 5 year CMT + 4.55%	$	404,542
	753,000	Southern Companyµ‡ 4.000%, 01/15/51 5 year CMT + 3.73%		796,230
				5,327,679
		TOTAL CORPORATE BONDS (Cost $114,484,890)		119,230,215
	CONVERTIBLE BOND (0.1%)
		Consumer Discretionary (0.1%)
	468,000	DISH Network Corp. 2.375%, 03/15/24 (Cost $432,177)		429,250
	BANK LOANS (3.1%) ¡
		Communication Services (0.5%)
	493,750	Clear Channel Outdoor Holdings, Inc.‡ 3.711%, 08/21/26 3 mo. LIBOR + 3.50%		482,794
	99,750	Consolidated Communications, Inc.! 0.000%, 10/02/27		100,736
	79,800	Consolidated Communications, Inc.‡ 5.750%, 10/02/27 1 mo. LIBOR + 4.75%		80,589
	300,000	Frontier Communications Corp.‡ 5.750%, 10/08/21 1 mo. LIBOR + 4.75%		300,730
	178,200	iHeartCommunications, Inc.‡ 3.121%, 05/01/26 1 mo. LIBOR + 3.00%		176,329
	825,000	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		840,663
				1,981,841
		Consumer Discretionary (0.5%)
	124,837	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		127,451
	115,000	Meredith Corp.! 0.000%, 01/31/25		117,408
	220,000	Petco Animal Supplies, Inc.! 0.000%, 01/26/23		220,063
	672,340	PetSmart, Inc.‡ 4.500%, 03/11/22 3 mo. LIBOR + 3.50%		673,076
	190,000	PetSmart, Inc.! 0.000%, 03/11/22		190,208
	100,000	PetSmart, Inc. 0.000%, 01/27/28 3 mo. LIBOR + 3.50%		100,000
	100,000	United Natural Foods, Inc. 0.000%, 10/22/25		100,363
	472,392	Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		474,017
				2,002,586

PRINCIPAL AMOUNT			VALUE
		Energy (0.1%)
	203,684	Par Pacific Holdings, Inc.‡ 7.000%, 01/12/26 3 mo. LIBOR + 6.75%	$	200,799
		Financials (0.1%)
	238,200	Connect Finco Sarl‡ 5.500%, 12/11/26 1 mo. LIBOR + 4.50%		239,178
		Health Care (1.1%)
	948,597	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		942,076
	673,026	Endo Luxembourg Finance Company I Sarl‡ 5.000%, 04/29/24 3 mo. LIBOR + 4.25%		669,660
	446,689	Gentiva Health Services, Inc.‡ 3.375%, 07/02/25 1 mo. LIBOR + 3.25%		447,667
	775,976	Mallinckrodt International Finance, SA‡ 5.500%, 09/24/24 3 mo. LIBOR + 4.75%		733,348
	652,643	Ortho Clinical Diagnostics, SA‡ 3.394%, 06/30/25 1 mo. LIBOR + 3.25%		651,827
	830,335	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		778,094
				4,222,672
		Industrials (0.5%)
	217,317	BW Gas & Convenience Holdings, LLC‡ 6.380%, 11/18/24 1 mo. LIBOR + 6.25%		220,848
	446,625	Dun & Bradstreet Corp.‡ 3.878%, 02/06/26 1 mo. LIBOR + 3.75%		448,380
	296,250	Granite US Holdings Corp.‡ 5.504%, 09/30/26 3 mo. LIBOR + 5.25%		294,213
	264,406	Navistar International Corp.‡ 3.630%, 11/06/24 1 mo. LIBOR + 3.50%		264,770
	682,977	Scientific Games International, Inc.‡ 2.871%, 08/14/24 1 mo. LIBOR + 2.75%		672,627
				1,900,838
		Information Technology (0.3%)
	296,222	BMC Software Finance, Inc.‡ 4.371%, 10/02/25 1 mo. LIBOR + 4.25%		296,361
	371,250	Camelot U.S. Acquisition 1 Company‡ 3.121%, 10/30/26 1 mo. LIBOR + 3.00%		372,564
	135,000	Camelot U.S. Acquisition 1 Company‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		135,675

See accompanying Notes to Schedule of Investments

7

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
	612,133		VFH Parent, LLC‡ 3.129%, 03/01/26 1 mo. LIBOR + 3.00%	$	612,005
					1,416,605
			Materials (0.0%)
	133,988		Innophos, Inc.‡ 3.621%, 02/07/27 1 mo. LIBOR + 3.50%		134,267
			TOTAL BANK LOANS (Cost $11,845,759)		12,098,786
NUMBER OF SHARES				VALUE
	COMMON STOCKS (69.9%)
			Communication Services (9.0%)
	5,800		Alphabet, Inc. - Class A#~		10,598,688
	4,569,000	GBP	BT Group, PLC#		7,834,335
	25,000		Facebook, Inc. - Class A^#~		6,458,250
	857,000	EUR	Orange, SA		10,058,112
					34,949,385
			Consumer Discretionary (4.8%)
	78,000		Caesars Entertainment, Inc.#		5,490,420
	229,000		Las Vegas Sands Corp.~		11,012,610
	29,800		Royal Caribbean Cruises, Ltd.^		1,937,000
					18,440,030
			Consumer Staples (3.0%)
	120,000		Coca-Cola Company^~		5,778,000
	80,000		Sysco Corp.~		5,720,800
					11,498,800
			Energy (6.4%)
	174,000		Canadian Natural Resources, Ltd.		3,928,920
	94,300		Chevron Corp.^~		8,034,360
	335,500		Kinder Morgan, Inc.~		4,723,840
	389,000		Williams Companies, Inc.~		8,258,470
					24,945,590
			Financials (6.8%)
	23,065,000	GBP	Lloyds Banking Group, PLC#		10,349,981
	5,289,000	GBP	Natwest Group, PLC#		10,618,553
	61,500		Truist Financial Corp.		2,950,770
	85,500		Wells Fargo & Company		2,554,740
					26,474,044
			Health Care (6.1%)
	76,500		Baxter International, Inc.~		5,877,495
	262,000		Boston Scientific Corp.^#~		9,285,280
	25,500		UnitedHealth Group, Inc.~		8,506,290
					23,669,065
			Industrials (21.0%)
	80,600		AerCap Holdings, NV#		3,082,144
	230,000		Air Lease Corp. - Class A~		9,114,900
	146,000		Delta Air Lines, Inc.~		5,542,160
	27,600		Honeywell International, Inc.~		5,392,212
	40,600		Kansas City Southern		8,228,402
	63,700		L3Harris Technologies, Inc.~		10,925,187
	128,500		Raytheon Technologies Corp.~		8,574,805
	95,700		Republic Services, Inc. - Class A~		8,662,764

NUMBER OF SHARES				VALUE
	120,000		Southwest Airlines Company^~	$	5,272,800
	60,000		TransUnion		5,222,400
	42,900		Union Pacific Corp.		8,471,463
	25,000		Waste Management, Inc.		2,783,000
					81,272,237
			Information Technology (5.9%)
	45,500		Fidelity National Information Services, Inc.~		5,617,430
	52,200		Global Payments, Inc.		9,214,344
	35,500		Salesforce.com, Inc.#		8,007,380
					22,839,154
			Materials (1.3%)
	20,800		Linde, PLC~		5,104,320
			Real Estate (5.6%)
	1,389,000	GBP	British Land Company, PLC		8,494,071
	1,248,000	GBP	Land Securities Group, PLC		10,449,241
	93,500		MGM Growth Properties, LLC - Class A~		2,912,525
					21,855,837
			TOTAL COMMON STOCKS (Cost $278,913,622)		271,048,462
	CONVERTIBLE PREFERRED STOCKS (0.6%)
			Financials (0.6%)
	1,580		Bank of America Corp.‡‡ 7.250% (Cost $2,331,323)		2,311,192
	EXCHANGE-TRADED FUNDS (8.2%)
			Other (8.2%)
	355,000		Energy Select Sector SPDR Fund		13,958,600
	2,600		iShares iBoxx High Yield Corporate Bond ETF^		226,122
	132,000		iShares MSCI Mexico Capped ETF^		5,305,080
	406,500		iShares MSCI United Kingdom ETF^~		11,877,930
	2,100		SPDR Bloomberg Barclays High Yield Bond ETF^		227,640
			TOTAL EXCHANGE-TRADED FUNDS (Cost $34,553,030)		31,595,372
	PREFERRED STOCKS (9.7%)
			Communication Services (1.1%)
	18,750		United States Cellular Corp.^~ 7.250%, 12/01/64		478,500
	63,250		Qwest Corp. 6.500%, 09/01/56		1,623,627
	15,650		Telephone & Data Systems, Inc.~ 7.000%, 03/15/60		397,667
	25,585		United States Cellular Corp. 6.250%, 09/01/69		684,910
	25,330		AT&T, Inc. 4.750%, 02/18/25		644,649

See accompanying Notes to Schedule of Investments

8

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	15,800	AT&T, Inc.~
		5.350%, 11/01/66	$	422,018
				4,251,371
		Consumer Discretionary (0.3%)
	3,615	Guitar Center, Inc.		408,495
	5,225	Qurate Retail, Inc. 8.000%, 03/15/31		522,814
	12,200	Ford Motor Company^~
		6.200%, 06/01/59		320,860
				1,252,169
		Energy (0.5%)
	29,900	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		513,383
	28,750	NuStar Logistics, LP‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		637,387
	41,525	Energy Transfer Operating, LP‡ 7.625%, 08/15/23 3 mo. USD LIBOR + 4.74%		893,203
				2,043,973
		Financials (5.6%)
	9,245	Allstate Corp. 5.100%, 10/15/24		247,304
	79,690	Wells Fargo & Company^ 4.750%, 03/15/25		1,993,844
	26,000	Prudential Financial, Inc.^ 4.125%, 09/01/60		668,460
	16,600	Spirit Realty Capital, Inc. 6.000%, 10/03/22		440,232
	31,600	Prospect Capital Corp. 6.250%, 06/15/24		797,584
	16,115	Oaktree Capital Group, LLC 6.550%, 09/15/23		443,324
	8,550	Northern Trust Corp.^~ 4.700%, 01/01/25		229,140
	81,400	Morgan Stanley^ 4.875%, 01/15/25		2,139,192
	18,000	Affiliated Managers Group, Inc.^ 4.750%, 09/30/60		471,240
	8,200	WR Berkley Corp. 5.700%, 03/30/58		218,776
	11,250	First Republic Bank^ 4.125%, 10/30/25		282,150
	34,575	Citizens Financial Group, Inc.^ 5.000%, 01/06/25		904,482
	52,600	Capital One Financial Corp. 5.000%, 12/01/24		1,374,438
	25,300	CIT Group, Inc.^ 5.625%, 12/15/24		668,679
	9,250	Annaly Capital Management, Inc.^‡ 6.950%, 09/30/22 3 mo. USD LIBOR + 4.99%		230,695
	16,383	Bank of America Corp.^ 4.375%, 11/03/25		415,309
	21,000	Brookfield Finance, Inc. 4.625%, 10/16/80		525,840
	26,025	CNO Financial Group, Inc. 5.125%, 11/25/60		667,541
	13,244	Cullen/Frost Bankers, Inc. 4.450%, 12/15/25		335,868

NUMBER OF SHARES			VALUE
	35,500	Selective Insurance Group, Inc. 4.600%, 12/15/25	$	878,625
	8,994	Signature Bank/New York NY^ 5.000%, 12/30/25		228,807
	9,000	B Riley Financial, Inc. 6.000%, 01/31/28		226,260
	8,250	Fulton Financial Corp. 5.125%, 01/15/26		216,397
	32,900	US Bancorp^ 3.750%, 01/15/26		806,050
	17,776	Capital One Financial Corp.^~ 4.800%, 06/01/25		450,621
	42,950	Arch Capital Group, Ltd. 5.250%, 09/29/21		1,103,815
	52,454	JPMorgan Chase & Company^ 4.750%, 12/01/24		1,374,295
	45,790	WR Berkley Corp.^ 5.100%, 12/30/59		1,201,072
	35,000	Truist Financial Corp. 4.750%, 09/01/25		916,650
	35,606	KeyCorp^ 5.650%, 12/15/23		949,968
	17,135	Legg Mason, Inc. 5.450%, 09/15/56		438,485
		Industrials (0.3%)
	7,500	Brookfield Finance I UK, PLC^ 4.500%, 11/24/25		188,400
	19,700	Air Lease Corp.^‡ 6.150%, 03/15/24 3 mo. USD LIBOR + 3.65%		511,215
	11,400	QVC, Inc. 6.250%, 11/26/68		285,456
				985,071
		Real Estate (1.5%)
	15,300	Brookfield Property Partners, LP^~ 6.375%, 09/30/24		370,719
	30,345	Public Storage^ 4.625%, 06/17/25		795,646
	16,750	PS Business Parks, Inc.^~ 5.200%, 12/07/22		439,855
	33,200	Federal Realty Investment Trust 5.000%, 09/29/22		853,240
	17,100	EPR Properties~ 5.750%, 11/30/22		392,274
	15,800	Digital Realty Trust, Inc.~ 5.850%, 03/13/24		431,656
	13,659	SITE Centers Corp.^ 6.250%, 03/01/21		343,387
	5,436	Global Net Lease, Inc. 6.875%, 11/26/24		136,661
	22,900	Brookfield Property Partners, LP~ 5.750%, 03/31/25		532,425
	16,375	American Homes 4 Rent~ 6.250%, 09/19/23		436,721
	34,750	Kimco Realty Corp.^ 5.250%, 12/20/22		905,238
				5,637,822
		Utilities (0.4%)
	8,850	Southern Company~ 4.950%, 01/30/80		230,985
	16,150	DTE Energy Company~ 5.250%, 12/01/77		422,645

See accompanying Notes to Schedule of Investments

9

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	19,000	Brookfield Renewable Partners, LP^ 5.250%, 03/31/25	$	505,020
	15,800	Algonquin Power & Utilities Corp.^‡ 6.875%, 10/17/78 3 mo. USD LIBOR + 3.68%		437,344
				1,595,994
		TOTAL PREFERRED STOCKS (Cost $37,275,094)		37,611,543
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (2.5%) #
		Communication Services (0.3%)
	85	Alphabet, Inc.
	15,532,560	Call, 02/19/21, Strike $1,750.00		997,050
		Consumer Discretionary (0.0%)
	280	Peloton Interactive, Inc.
	4,091,640	Call, 02/05/21, Strike $160.00		105,700
	298	Royal Caribbean Cruises, Ltd.
	1,937,000	Call, 02/05/21, Strike $80.00		7,450
				113,150
		Consumer Staples (0.0%)
	125	Clorox Company
	2,618,250	Put, 02/05/21, Strike $190.00		11,250
		Energy (0.3%)
	7,500	Energy Select Sector SPDR Fund
	29,490,000	Call, 03/19/21, Strike $41.00		1,361,250
		Financials (0.3%)
		Lemonade, Inc.
	450
	6,536,250	Put, 02/19/21, Strike $140.00		603,000
	450
	6,536,250	Call, 02/19/21, Strike $160.00		438,750
				1,041,750
		Industrials (0.1%)
	595	Plug Power, Inc.
	3,758,615	Call, 02/19/21, Strike $80.00		174,038
	429	Union Pacific Corp.
	8,471,463	Call, 02/19/21, Strike $212.50		43,329
				217,367
		Information Technology (0.2%)
	435	Fidelity National Information
	5,370,510	Services, Inc. Call, 02/19/21, Strike $135.00		42,412
	300	Paycom Software, Inc.
	11,392,200	Call, 03/19/21, Strike $400.00		637,500
				679,912
		Other (1.3%)
	3,100	iShares Russell 2000 ETF
	63,723,600	Put, 02/19/21, Strike $202.00     SPDR S&P 500 ETF Trust		1,808,850

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	1,550
	57,360,850	Put, 02/19/21, Strike $380.00	$	2,140,550
	1,265
	46,813,855	Put, 01/29/21, Strike $380.00		1,304,215
				5,253,615
		TOTAL PURCHASED OPTIONS (Cost $8,364,662)		9,675,344
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (3.2%)
	6,267,232	JPMorgan Prime Money Market Fund - Capital Class, 0.110%***		6,270,365
	6,270,100	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.030%***		6,270,100
		TOTAL SHORT TERM INVESTMENTS (Cost $12,540,465)		12,540,465
	TOTAL INVESTMENTS (128.0%)     (Cost $500,741,022)			496,540,629
	LIABILITIES, LESS OTHER ASSETS (-28.0%)			(108,509,073)
	NET ASSETS (100.0%)		$	388,031,556
	COMMON STOCKS SOLD SHORT (-4.7%) #
		Consumer Discretionary (-2.6%)
	(7,200)	Domino’s Pizza, Inc.		(2,669,472)
	(9,700)	Tesla, Inc.		(7,697,241)
				(10,366,713)
		Financials (-1.7%)
	(45,000)	Lemonade, Inc.		(6,536,250)
		Industrials (-0.4%)
	(23,000)	Plug Power, Inc.		(1,452,910)
		TOTAL COMMON STOCKS SOLD SHORT (Proceeds $13,515,870)		(18,355,873)
	EXCHANGE-TRADED FUNDS SOLD SHORT (-30.2%) #
		Other (-30.2%)
	(277,500)	Consumer Staples Select Sector SPDR Fund		(17,784,975)
	(268,400)	SPDR S&P 500 ETF Trust		(99,326,788)
		TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Cost $(110,513,284))		(117,111,763)
	TOTAL SECURITIES SOLD SHORT     (Proceeds $124,029,154)		$	(135,467,636)

See accompanying Notes to Schedule of Investments

10

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTIONS (-2.4%) #
		Communication Services (-0.1%)
	85	Alphabet, Inc.
	15,532,560	Call, 02/19/21, Strike $1,900.00	$	(351,475)
	250	Facebook, Inc.
	6,458,250	Put, 02/19/21, Strike $230.00		(48,750)
				(400,225)
		Consumer Discretionary (-0.2%)
	1,130	Las Vegas Sands Corp.
	5,434,170	Put, 01/29/21, Strike $52.00		(432,225)
		Peloton Interactive, Inc.
	280
	4,091,640	Call, 02/05/21, Strike $175.00		(41,440)
	280
	4,091,640	Call, 02/19/21, Strike $180.00		(83,160)
		Royal Caribbean Cruises, Ltd.
	298
	1,937,000	Call, 02/05/21, Strike $85.00		(5,364)
	298
	1,937,000	Call, 02/19/21, Strike $90.00		(13,559)
	97	Tesla, Inc.
	7,697,241	Put, 02/19/21, Strike $455.00		(21,728)
				(597,476)
		Consumer Staples (-0.1%)
		Clorox Company
	280
	5,864,880	Call, 02/19/21, Strike $210.00		(215,600)
	125
	2,618,250	Put, 02/05/21, Strike $182.50		(2,500)
				(218,100)
		Energy (-0.7%)
	1,735	Chevron Corp.
	14,782,200	Put, 03/19/21, Strike $90.00		(1,474,750)
		Energy Select Sector SPDR Fund
	7,500
	29,490,000	Call, 03/19/21, Strike $46.00		(393,750)
	7,500
	29,490,000	Put, 03/19/21, Strike $36.00		(926,250)
				(2,794,750)
		Financials (-0.3%)
	1,300	Charles Schwab Corp.
	6,700,200	Put, 02/19/21, Strike $48.00		(117,000)
		Lemonade, Inc.
	450
	6,536,250	Put, 02/19/21, Strike $120.00		(252,000)
	450
	6,536,250	Call, 03/19/21, Strike $220.00		(270,000)
	450
	6,536,250	Put, 03/19/21, Strike $110.00		(420,750)
				(1,059,750)
		Health Care (0.0%)
	65	Vertex Pharmaceuticals, Inc.
	1,489,020	Put, 02/19/21, Strike $230.00		(58,825)
		Industrials (-0.1%)
	595	Plug Power, Inc.
	3,758,615	Call, 03/19/21, Strike $100.00		(242,463)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	429	Union Pacific Corp.
	8,471,463	Put, 02/19/21, Strike $200.00	$	(304,590)
				(547,053)
		Information Technology (-0.1%)
	440	Microsoft Corp.
	10,206,240	Put, 02/19/21, Strike $215.00		(104,280)
	300	Paycom Software, Inc.
	11,392,200	Call, 05/21/21, Strike $480.00		(375,000)
	355	Salesforce.com, Inc.
	8,007,380	Call, 02/19/21, Strike $250.00		(49,522)
				(528,802)
		Other (-0.8%)
	3,100	iShares Russell 2000 ETF
	63,723,600	Put, 02/05/21, Strike $205.00		(1,395,000)
		SPDR S&P 500 ETF Trust
	1,575
	58,286,025	Put, 02/19/21, Strike $340.00		(483,525)
	1,550
	57,360,850	Put, 03/31/21, Strike $340.00		(1,299,675)
	1,126
	41,669,882	Put, 01/29/21, Strike $370.00		(42,225)
				(3,220,425)
		TOTAL WRITTEN OPTIONS (Premium $7,939,738)		(9,425,406)

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 $85,498,618.

^ 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 January 31, 2021.

¡ 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 $70,783,670.

‡‡ Perpetual maturity.

*** The rate disclosed is the 7 day net yield as of January 31, 2021.

See accompanying Notes to Schedule of Investments

11

Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

FOREIGN CURRENCY ABBREVIATIONS

EUR European Monetary Unit

GBP British Pound Sterling

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 January 1, 2020, with no material impact on the Fund’s financial statements.

In October 2020, FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 was issued to clarify how to amortize premiums for debt securities where there are bonds with multiple call dates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated the impact of this guidance within the Fund’s financial statements and has determined the adoption of ASU 2020-08 will have no impact on the Fund’s financial statements.

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 January 31, 2021 was as follows*:

Cost basis of investments	$368,772,130
Gross unrealized appreciation	16,705,658
Gross unrealized depreciation	(33,830,202)
Net unrealized appreciation (depreciation)	$(17,124,544)

* 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.