Form 4: MetLife Investment Management Acquires Series G Preferred Shares in Calamos Convertible Opportunities & Income Fund

MetLife Investment Management, LLC reports the acquisition of Series G Mandatory Redeemable Preferred Shares in Calamos Convertible Opportunities & Income Fund on September 9, 2024.

Summary

• MetLife Investment Management, LLC filed a Form 4 on September 11, 2024, reporting transactions in Calamos Convertible Opportunities & Income Fund [CHI].
• On September 9, 2024, MetLife Investment Management acquired 656,000 Series G Mandatory Redeemable Preferred Shares at $25 per share.
• Additionally, they acquired two tranches of 92,000 Series G Mandatory Redeemable Preferred Shares each, also at $25 per share on the same day.
• The shares are held directly by clients for whom MetLife Investment Management serves as investment manager.
• MetLife Investment Management disclaims beneficial ownership of the securities, except to the extent of its pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Positives

• The acquisition of a significant number of shares indicates confidence in the Calamos Convertible Opportunities & Income Fund.

Management Comments

• The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

Investment management firms frequently adjust their holdings in various funds based on their investment strategies and client needs.

Comparison to Industry Standards

• Investment management firms like BlackRock and Vanguard routinely make similar transactions in various funds.
• These transactions are a normal part of portfolio management and are disclosed as required by SEC regulations.

Stakeholder Impact

• The acquisition may have a minor positive impact on the fund's share price due to increased demand.

Key Dates