MetLife clients buy 880K CCD preferred shares

Calamos Dynamic Convertible & Income Fund (CCD) reported insider activity by MetLife Investment Management, LLC, a ten percent owner.

Rhea-AI Filing Summary

Calamos Dynamic Convertible & Income Fund (CCD) reported insider activity by MetLife Investment Management, LLC, a ten percent owner. On 2026-08-26, client accounts it manages purchased 880,000 Series I Mandatory Redeemable Preferred Shares in multiple non-derivative transactions at $25.00 per share, reported as indirect ownership. On 2026-08-24, those client accounts recorded other dispositions of 440,000 Series D Mandatory Redeemable Preferred Shares at $25.00 per share, which were redeemed in full by the fund at the original purchase price plus accrued and unpaid dividends. The reporting person states the securities are held directly by its clients and disclaims beneficial ownership except to the extent of its pecuniary interest.

Insider Trade Summary

Net Buyer: 880,000 shares

Net Buy 9 txns

Insider MetLife Investment Management, LLC

Role 10% Owner

Bought 880,000 shs ($22.00M)

Type	Security	Shares	Price	Value
Purchase	Series I Mandatory Redeemable Preferred Shares F2, F3	296,000	$25.00	$7.40M
Purchase	Series I Mandatory Redeemable Preferred Shares F2, F3	168,000	$25.00	$4.20M
Purchase	Series I Mandatory Redeemable Preferred Shares F2, F3	244,000	$25.00	$6.10M
Purchase	Series I Mandatory Redeemable Preferred Shares F2, F3	44,000	$25.00	$1.10M
Purchase	Series I Mandatory Redeemable Preferred Shares F2, F3	128,000	$25.00	$3.20M
Other	Series D Mandatory Redeemable Preferred Shares F1, F2, F3	36,000	$25.00	$900K
Other	Series D Mandatory Redeemable Preferred Shares F1, F2, F3	244,000	$25.00	$6.10M
Other	Series D Mandatory Redeemable Preferred Shares F1, F2, F3	124,000	$25.00	$3.10M
Other	Series D Mandatory Redeemable Preferred Shares F1, F2, F3	36,000	$25.00	$900K

Holdings After Transaction: Series D Mandatory Redeemable Preferred Shares — 0 shares (Indirect, See Footnotes); Series I Mandatory Redeemable Preferred Shares — 128,000 shares (Indirect, See Footnotes)

Footnotes (3)

1. F1. These Series D Mandatory Redeemable Preferred Shares were redeemed in full by the Issuer at their original purchase price of $25.00 per share, plus accrued and unpaid dividends, which dividends are exempt from Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), pursuant to Rule 16a-9 thereunder.
2. F2. These securities are held directly by clients for whom the Reporting Person serves as investment manager.
3. F3. 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 Exchange Act, or for any other purpose.

Key Figures

Series I Mandatory Redeemable Preferred Shares purchased: 880,000 shares Series I purchase price per share: $25.00 per share Series D Mandatory Redeemable Preferred Shares disposed: 440,000 shares +1 more

4 metrics

Series I Mandatory Redeemable Preferred Shares purchased 880,000 shares Non-derivative purchases on 2026-08-26 by MetLife-managed client accounts

Series I purchase price per share $25.00 per share Price reported for each Series I Preferred Share purchased on 2026-08-26

Series D Mandatory Redeemable Preferred Shares disposed 440,000 shares Code J other dispositions on 2026-08-24; shares redeemed in full by the issuer

Series D redemption price per share $25.00 per share Original purchase price at which Series D shares were redeemed, plus accrued and unpaid dividends

Key Terms

Mandatory Redeemable Preferred Shares, pecuniary interest, redeemed in full, Rule 16a-9

4 terms

Mandatory Redeemable Preferred Shares financial

"Series I Mandatory Redeemable Preferred Shares"

A share that pays a fixed return and must be bought back by the issuer at a set time or upon a predetermined event, combining features of stock and a loan. It matters to investors because holders get priority on payments and a promised repayment date—like lending money with a scheduled payback—so these shares limit upside from company growth but reduce risk compared with ordinary shares and can affect a company’s future cash needs.

pecuniary interest financial

"except to the extent of its pecuniary interest therein"

redeemed in full financial

"These Series D Mandatory Redeemable Preferred Shares were redeemed in full"

Rule 16a-9 regulatory

"dividends are exempt from Section 16 of the Exchange Act pursuant to Rule 16a-9"

FAQ

What insider transactions did CCD report involving MetLife Investment Management, LLC?

CCD reported that MetLife Investment Management, LLC, as a ten percent owner, had client accounts buy 880,000 Series I Mandatory Redeemable Preferred Shares at $25.00 per share and record dispositions of 440,000 Series D Mandatory Redeemable Preferred Shares redeemed by the fund at $25.00 per share.

How many CCD Series I Mandatory Redeemable Preferred Shares were purchased and at what price?

Client accounts managed by MetLife Investment Management purchased 880,000 Series I Mandatory Redeemable Preferred Shares of CCD on 2026-08-26 in several transactions at a reported price of $25.00 per share, all classified as non-derivative purchases with indirect ownership.

What happened to CCD’s Series D Mandatory Redeemable Preferred Shares in this Form 4?

On 2026-08-24, CCD’s Series D Mandatory Redeemable Preferred Shares held in MetLife-managed client accounts showed other dispositions totaling 440,000 shares at $25.00 per share. A footnote states these shares were redeemed in full by the issuer at the original purchase price plus accrued and unpaid dividends.

Does MetLife Investment Management claim beneficial ownership of the CCD securities reported?

The filing states the securities are held directly by clients for whom MetLife Investment Management serves as investment manager, and it disclaims beneficial ownership of the securities reported, except to the extent of its pecuniary interest in them.

Are the CCD transactions by MetLife Investment Management direct or indirect holdings?

All reported CCD transactions are classified as indirect ownership. The filing explains that the securities are held directly by clients, while MetLife Investment Management acts as investment manager, with ownership nature referenced to the explanatory footnotes.

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Available on EDGAR 08/26/2026 - 04:07 PM Accepted by SEC EDGAR 08/26/2026 - 04:06 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MetLife Investment Management, LLC

(Last) (First) (Middle)

ONE METLIFE WAY

(Street)

WHIPPANY NEW JERSEY 07981

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Calamos Dynamic Convertible & Income Fund [ CCD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series D Mandatory Redeemable Preferred Shares	08/24/2026		J(1)		36,000	D	$25	0	I(2)(3)	See Footnotes(2)(3)
Series D Mandatory Redeemable Preferred Shares	08/24/2026		J(1)		244,000	D	$25	0	I(2)(3)	See Footnotes(2)(3)
Series D Mandatory Redeemable Preferred Shares	08/24/2026		J(1)		124,000	D	$25	0	I(2)(3)	See Footnotes(2)(3)
Series D Mandatory Redeemable Preferred Shares	08/24/2026		J(1)		36,000	D	$25	0	I(2)(3)	See Footnotes(2)(3)
Series I Mandatory Redeemable Preferred Shares	08/26/2026		P		296,000	A	$25	296,000	I(2)(3)	See Footnotes(2)(3)
Series I Mandatory Redeemable Preferred Shares	08/26/2026		P		168,000	A	$25	168,000	I(2)(3)	See Footnotes(2)(3)
Series I Mandatory Redeemable Preferred Shares	08/26/2026		P		244,000	A	$25	244,000	I(2)(3)	See Footnotes(2)(3)
Series I Mandatory Redeemable Preferred Shares	08/26/2026		P		44,000	A	$25	44,000	I(2)(3)	See Footnotes(2)(3)
Series I Mandatory Redeemable Preferred Shares	08/26/2026		P		128,000	A	$25	128,000	I(2)(3)	See Footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These Series D Mandatory Redeemable Preferred Shares were redeemed in full by the Issuer at their original purchase price of $25.00 per share, plus accrued and unpaid dividends, which dividends are exempt from Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), pursuant to Rule 16a-9 thereunder.

2. These securities are held directly by clients for whom the Reporting Person serves as investment manager.

3. 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 Exchange Act, or for any other purpose.

	/s/ Israel Grafstein, Chief Compliance Officer of MetLife Investment Management, LLC	08/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)