Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed an amendment reporting shared beneficial ownership of 978,911 shares of Calamos Long/Short Equity & Dynamic Income Trust common stock, representing 4.9% of the class.
The filing states the 4.9% calculation uses 19,632,194 shares outstanding as of October 31, 2025. The advisers say the shares are owned by client accounts over which they possess shared voting and dispositive power but disclaim beneficial ownership pursuant to Rule 13d-4.
Positive
None.
Negative
None.
Insights
Amendment clarifies shared advisory control over a 4.9% stake; advisers disclaim direct beneficial ownership.
The filing lists 978,911 shares and a 4.9% stake using an outstanding share count of 19,632,194 as of October 31, 2025. It attributes voting and dispositive power to Sit entities on behalf of client accounts rather than direct proprietary ownership.
Key dependencies include client account composition and voting arrangements; any change in account holdings or voting instructions would alter reported control. Subsequent filings would show material shifts if the position crosses Schedule 13D thresholds.
Key Figures
Shares reported:978,911 sharesPercent of class:4.9%Shares outstanding:19,632,194 shares
3 metrics
Shares reported978,911 sharesAmount listed with shared voting and dispositive power
Percent of class4.9%Reported percent of common stock held (calculation basis stated)
Shares outstanding19,632,194 sharesShares outstanding used to compute percentage, <date>October 31, 2025</date>
"SIA and SFI disclaim beneficial ownership of such securities."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"shared voting and investment power over securities of the Issuer described in this"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Calamos Long/Short Equity & Dynamic Income Trust
(Name of Issuer)
Common Stock
(Title of Class of Securities)
12812C106
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
12812C106
1
Names of Reporting Persons
Sit Investment Associates, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MINNESOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
978,911.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
978,911.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
978,911.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
12812C106
1
Names of Reporting Persons
Sit Fixed Income Advisors II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
978,911.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
978,911.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
978,911.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Calamos Long/Short Equity & Dynamic Income Trust
(b)
Address of issuer's principal executive offices:
2020 Calamos Court, Naperville, Illinois, 60563
Item 2.
(a)
Name of person filing:
Sit Investment Associates, Inc.
Sit Fixed Income Advisors II, LLC
(b)
Address or principal business office or, if none, residence:
c/o Sit Investment Associates, Inc.
80 South Eighth Street, Suite 3300
Minneapolis, MN 55402
(c)
Citizenship:
Sit Investment Associates, Inc. Minnesota Corporation
Sit Fixed Income Advisors II, LLC Delaware LLC
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See response to item 9 on each cover page.
(b)
Percent of class:
See response to item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See response to item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See response to item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to item 8 on each cover page.
The ownership percentages reported are based on 19,632,194 shares of common stock outstanding as of October 31, 2025, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission.
Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Sit Investment Associates report in CPZ?
Sit Investment Associates and its subsidiary report shared ownership of 978,911 shares, representing 4.9% of common stock, based on 19,632,194 shares outstanding as of October 31, 2025.
Do Sit Advisors claim beneficial ownership of CPZ shares?
No. The filing states the shares are owned by client accounts and that the advisers possess shared voting and dispositive power, but they disclaim beneficial ownership pursuant to Rule 13d-4.
Which entities filed the Schedule 13G/A for CPZ?
The amendment was filed by Sit Investment Associates, Inc. (Minnesota corporation) and Sit Fixed Income Advisors II, LLC (Delaware LLC), with the latter noted as a subsidiary of the former.
What share count and date does the filing use to compute the percentage?
The percentage is computed using 19,632,194 shares outstanding as of October 31, 2025, as reported in the issuer's Form N-CSR cited in the filing.
Who signed the Schedule 13G/A amendment for CPZ?
Both filings were signed by Paul E. Rasmussen, Vice President, with signature dates shown as 04/06/2026 for each reporting entity.
