SCHEDULE: MetLife Investment Management Reports 78.6% Stake

MetLife Investment Management, LLC has reported beneficial ownership of 880,000 Series I Mandatory Redeemable Preferred Shares in Calamos Dynamic Convertible & Income Fund, representing 78.6% of the class.

Summary

• MetLife Investment Management, LLC (the "Reporting Person") has filed a Schedule 13G.
• As of August 31, 2026, the Reporting Person beneficially owns 880,000 Series I Mandatory Redeemable Preferred Shares of Calamos Dynamic Convertible & Income Fund.
• This ownership stake represents approximately 78.6% of the total outstanding Series I Mandatory Redeemable Preferred Shares.
• The calculation is based on 1,120,000 Series I Mandatory Redeemable Preferred Shares outstanding.
• The Reporting Person holds sole voting power and sole dispositive power for these shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting ownership stakes and not containing significant new financial or strategic information.

Positives

• MetLife Investment Management, LLC maintains a significant and controlling ownership stake in the Series I Mandatory Redeemable Preferred Shares.
• The filing confirms that the shares are held in the ordinary course of business, suggesting stable investment strategy.

Negatives

• The filing does not provide any new financial performance data or strategic updates for Calamos Dynamic Convertible & Income Fund.
• The high concentration of ownership by a single entity could limit the liquidity or influence of other shareholders.

Risks

• Potential for conflicts of interest given the significant ownership stake by MetLife Investment Management, LLC.
• The concentration of ownership might lead to decisions that prioritize the interests of the Reporting Person over other stakeholders.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Management Comments

• "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."
• "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."

Industry Context

StockSavvy.ai notes that this filing is a routine Schedule 13G, indicating a significant passive ownership stake by an institutional investor. Such filings are common for large funds managing assets on behalf of multiple clients.

Comparison to Industry Standards

• The filing does not provide performance data to compare against industry standards.
• Ownership stakes of this magnitude (78.6%) in preferred shares are substantial and suggest a significant investment allocation by MetLife Investment Management, LLC across its client portfolios.

Related Party Transactions

• MetLife Investment Management, LLC manages these Series I Mandatory Redeemable Preferred Shares on behalf of various clients, including Foremost Insurance Company, Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company. These are related parties through common control.

Stakeholder Impact

• Shareholders: The significant ownership by MetLife may influence corporate decisions, potentially impacting minority shareholder interests.
• Creditors: The stability of the fund's preferred share structure, as indicated by the long-term holding, could be viewed positively by creditors.
• Management of Calamos Dynamic Convertible & Income Fund: May face increased influence from MetLife Investment Management, LLC regarding fund strategy and operations.

Next Steps

• MetLife Investment Management, LLC will continue to hold the Series I Mandatory Redeemable Preferred Shares as part of its investment management activities.
• The company will likely file subsequent amendments to this Schedule 13G if there are material changes in its ownership stake.

Key Dates

Keywords

Calamos Dynamic Convertible & Income Fund, MetLife Investment Management, Schedule 13G, Preferred Shares, Ownership Stake, Beneficial Ownership, Mandatory Redeemable Preferred Shares, Investment Management