CSQ.NASDAQCalamos Strategic Total Return Fund

DEF: Calamos Funds Announce Joint Annual Meeting of Shareholders to Elect Trustees

Sentiment:

Proxy Statement

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Calamos Funds have scheduled a joint annual meeting of shareholders on June 23, 2025, to elect trustees for various funds.

Summary

  • Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity & Dynamic Income Trust will hold a joint annual meeting of shareholders on June 23, 2025.
  • The primary purpose of the meeting is to elect trustees to the board of each fund.
  • For most funds, shareholders will elect four trustees, with staggered terms expiring in 2026, 2027, and 2028.
  • Preferred shareholders of certain funds will separately elect one trustee to serve until 2028.
  • For Calamos Long/Short Equity & Dynamic Income Trust (CPZ), shareholders will elect five trustees with staggered terms.
  • Shareholders of record as of May 5, 2025, are entitled to vote at the meeting.
  • The board of trustees recommends voting 'For' the nominees.
  • The proxy statement and related materials are available online at www.Calamos.com/fundproxy.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The positive aspects include the board's recommendation to vote for the nominees and the multiple avenues for shareholders to vote. The sentiment is slightly positive due to the proactive engagement with shareholders.

Positives

  • The board of trustees is actively engaged in risk oversight through various committees and regular reviews.
  • The funds have a deferred compensation plan for non-interested trustees, allowing them to defer income taxes.
  • Shareholders have multiple options for voting, including mail, telephone, and internet.
  • The audit committee is comprised of independent members and financial experts.
  • The governance committee considers shareholder recommendations for trustee candidates.

Future Outlook

The document outlines the election of trustees with terms extending to the annual meetings in 2026, 2027, and 2028, indicating a focus on long-term governance and stability.

Management Comments

  • John P. Calamos, Sr., Trustee and President, cordially invites shareholders to attend the joint annual meeting.
  • The trustees of each Fund unanimously recommend that you vote 'For' the nominees on the enclosed proxy card(s).

Industry Context

This announcement is typical for registered investment companies, ensuring compliance with regulatory requirements for shareholder voting and board elections.

Comparison to Industry Standards

  • The structure of the board of trustees, with a mix of interested and independent members, is consistent with industry practices for closed-end funds.
  • The compensation structure for non-interested trustees, including retainers and meeting fees, aligns with industry benchmarks for similar funds.
  • The establishment of key committees such as the Audit, Governance, and Valuation Committees reflects standard corporate governance practices in the investment management industry.
  • The process for shareholder nomination of trustee candidates is in line with regulatory requirements and best practices for shareholder engagement.

Related Party Transactions

  • Each Fund has entered into an Investment Management Agreement with Calamos Advisors, where Calamos Advisors provides portfolio management services in exchange for fees based on the Fund's managed assets.

Stakeholder Impact

  • Shareholders have the opportunity to influence the governance of the funds through the election of trustees.
  • The election of qualified trustees is intended to benefit shareholders by ensuring effective oversight of the funds' management and operations.

Next Steps

  • Shareholders should review the proxy statement and vote on the election of trustees.
  • The elected trustees will assume their roles, and the board will continue to oversee the funds' operations.
  • The funds will prepare for the 2026 annual meeting, including accepting shareholder proposals.

Key Dates

DateDescription
May 29, 1987Calamos Advisors registered with the SEC.
December 31, 2024CILLC's assets under management were $40 billion.
May 5, 2025Record date for shareholders entitled to vote at the meeting.
May 13, 2025Date of the letter to shareholders and the mailing of the proxy statement.
June 23, 2025Joint annual meeting of shareholders.
January 13, 2026Deadline for shareholder proposals for inclusion in the 2026 proxy.
January 13, 2026Start of the period for submitting proposals for consideration at the 2026 annual meeting.
February 12, 2026End of the period for submitting proposals for consideration at the 2026 annual meeting.
August 26, 2021Filing date of each Fund's Agreement and Declaration of Trust and bylaws as exhibits to each Fund's Form 8-K with the SEC.
May 14, 2024Filing date of amendments to the Agreement and Declaration of Trust for CPZ and the bylaws of each Fund as exhibits to each Fund's Form 8-K with the SEC.

Keywords

trustees, election, Calamos Funds, shareholders meeting, proxy statement, fund governance, investment management

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.