SCHEDULE: MetLife Investment Management Discloses 38.6% Stake in Calamos Fund

MetLife Investment Management, LLC has reported beneficial ownership of 440,000 Series H Mandatory Redeemable Preferred Shares in Calamos Global Dynamic Income Fund, representing 38.6% 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 440,000 Series H Mandatory Redeemable Preferred Shares of Calamos Global Dynamic Income Fund.
• This ownership stake represents approximately 38.6% of the total outstanding Series H Mandatory Redeemable Preferred Shares.
• The calculation is based on 1,140,000 Series H Mandatory Redeemable Preferred Shares outstanding.
• The Reporting Person has sole voting power and sole dispositive power over these shares.
• The shares 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 a significant ownership stake without disclosing new strategic information or financial performance.

Positives

• MetLife Investment Management, LLC holds a substantial ownership stake, indicating confidence or a strategic position in the Calamos Global Dynamic Income Fund.
• The filing confirms that the shares are held in the ordinary course of business, suggesting a standard investment practice rather than a hostile takeover attempt.

Negatives

• The filing does not provide any information on the financial performance or strategic direction of the Calamos Global Dynamic Income Fund itself, only on the ownership stake.

Risks

• Concentration of ownership by a single entity could potentially influence the fund's strategic decisions or future redemptions, although the filing states no intent to influence control.
• Changes in MetLife Investment Management's strategy or investment objectives could lead to significant shifts in the fund's shareholder base.

Future Outlook

No forward-looking statements or guidance are provided in this filing, as it is a disclosure of current ownership.

Management Comments

• "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."

Industry Context

StockSavvy.ai notes that significant ownership disclosures by institutional investors like MetLife are common in the investment fund industry. This filing indicates a substantial position in a specific class of preferred shares within the Calamos Global Dynamic Income Fund, which operates in the actively managed income and alternative investment space.

Comparison to Industry Standards

• Ownership stakes of this magnitude (38.6%) in a specific security class by a single institutional investor are significant and can be higher than typical passive index fund holdings. However, for actively managed funds or specialized securities like mandatory redeemable preferred shares, such concentrated ownership by a dedicated investor is not uncommon.
• Competitors in the income fund space include BlackRock, PIMCO, and Franklin Templeton, though direct comparison of ownership stakes is difficult without specific filings from those entities regarding this particular fund.

Related Party Transactions

• MetLife Investment Management manages these Series H Mandatory Redeemable Preferred Shares on behalf of various clients, including 21St Century Insurance Company and Metropolitan Life Insurance Company.

Stakeholder Impact

• Shareholders of Calamos Global Dynamic Income Fund: The significant stake held by MetLife may influence fund governance and liquidity, particularly concerning the Series H Mandatory Redeemable Preferred Shares.
• Creditors of Calamos Global Dynamic Income Fund: The stability of the fund's capital structure, as represented by the preferred shares, is indirectly impacted by the actions of major holders.
• MetLife Investment Management clients (21St Century Insurance Company, Metropolitan Life Insurance Company): These clients benefit from the management of their investment in the Calamos fund by a dedicated entity.

Next Steps

• MetLife Investment Management will continue to hold the Series H Mandatory Redeemable Preferred Shares in the ordinary course of business.
• Future filings will be made if there are material changes in ownership.

Key Dates

Keywords

Calamos Global Dynamic Income Fund, MetLife Investment Management, Schedule 13G, Preferred Shares, Beneficial Ownership, Investment Management, Ownership Stake