Form 4: MetLife Investment Management Acquires Additional Shares in Calamos Dynamic Convertible & Income Fund

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

Summary

• On September 9, 2024, MetLife Investment Management, LLC acquired 400,000 Series G Mandatory Redeemable Preferred Shares at $25 per share.
• On the same day, MetLife Investment Management, LLC acquired an additional 40,000 Series G Mandatory Redeemable Preferred Shares at $25 per share.
• These shares are held directly by clients for whom MetLife Investment Management serves as investment manager.
• MetLife Investment Management disclaims beneficial ownership of these securities except to the extent of its pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing indicating a transaction. The disclaimer of beneficial ownership tempers any strong positive interpretation.

Positives

• The acquisition of additional shares may indicate confidence in the Calamos Dynamic Convertible & Income Fund.

Management Comments

• MetLife Investment Management disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein.

Industry Context

This filing reflects investment activity in the closed-end fund space, specifically convertible and income funds. Institutional investors like MetLife Investment Management often take positions in these funds to generate income and potentially benefit from convertible securities.

Comparison to Industry Standards

• Comparable companies to Calamos Dynamic Convertible & Income Fund include other closed-end funds focused on convertible securities and income generation, such as AllianzGI Convertible & Income Fund (NCV) and Eaton Vance Convertible & Income Fund (EIC).
• Institutional ownership levels and trading activity are key metrics to compare against industry benchmarks to assess the significance of MetLife's transactions.

Stakeholder Impact

• The acquisition could have a minor positive impact on shareholders by increasing institutional ownership.

Key Dates