SCHEDULE: Lincoln National Discloses Preferred Share Ownership

The Lincoln National Life Insurance Company has filed a Schedule 13G, reporting beneficial ownership of 640,000 Series H Mandatory Redeemable Preferred Shares in Calamos Strategic Total Return Fund.

Summary

• The Lincoln National Life Insurance Company (LNL) and its affiliate, Lincoln Life & Annuity Company of New York (LLANY), collectively beneficially own 640,000 Series H Mandatory Redeemable Preferred Shares of Calamos Strategic Total Return Fund.
• This ownership represents 10.6% of the class of securities.
• LNL directly holds 560,000 shares, and LLANY holds 80,000 shares.
• Nomura Investment Management Advisers acts as the investment adviser and attorney-in-fact for LNL and LLANY regarding these shares.
• The filing is made under Schedule 13G, indicating passive investment intent.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting beneficial ownership changes and not containing operational or financial performance data.

Positives

• Lincoln National Life Insurance Company and its affiliate hold a significant stake (10.6%) in Calamos Strategic Total Return Fund's Series H Preferred Shares, suggesting a notable investment position.
• The filing is made under Schedule 13G, which is typically for passive investors, implying no intent to influence or control the issuer.

Negatives

• The filing does not provide any financial performance data for Calamos Strategic Total Return Fund, making it impossible to assess the investment's performance.
• The nature of 'Mandatory Redeemable Preferred Shares' could imply specific redemption terms and potential future cash outflows for the issuer, though details are not provided here.

Risks

• The filing does not explicitly mention any risks associated with the investment or the issuer.
• As this is a Schedule 13G filing, it is primarily informational and does not detail potential risks to the reporting persons or the issuer.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance.

Management Comments

• "The amount reported includes 80,000 Series H Mandatory Redeemable Preferred Shares held of record by Lincoln Life & Annuity Company of New York, an affiliate of the Reporting Person under common ownership by Lincoln National Corporation."
• "Nomura Investment Management Advisers, a series of Nomura Investment Management Business Trust, acts as investment adviser and attorney-in-fact for each of LNL and LLANY with respect to the Series H Mandatory Redeemable Preferred Shares."
• "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."

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Lincoln National Life Insurance Company is a standard disclosure for significant beneficial ownership of a class of securities. It indicates a substantial investment in Calamos Strategic Total Return Fund's preferred shares, but without accompanying financial performance data, its strategic implications for the fund or the broader investment management industry remain limited to ownership structure.

Related Party Transactions

• The filing notes that 80,000 shares are held by Lincoln Life & Annuity Company of New York, an affiliate of The Lincoln National Life Insurance Company under common ownership by Lincoln National Corporation.

Stakeholder Impact

• Shareholders of Calamos Strategic Total Return Fund: The disclosure confirms a significant institutional investor's stake, which could be viewed positively for stability, but the filing itself does not impact current share value.
• Lincoln National Corporation stakeholders: The filing confirms a substantial investment by its subsidiaries in a specific financial instrument, reflecting its asset allocation strategy.

Next Steps

• No specific next steps are outlined in this filing beyond the reporting of beneficial ownership.

Key Dates

Keywords

Preferred Shares, Beneficial Ownership, Calamos Strategic Total Return Fund, Lincoln National Life Insurance Company, Schedule 13G, Investment Adviser, Mandatory Redeemable