Lincoln National owns 10.6% of Calamos Series H

An affiliated Lincoln National group discloses a 10.6% beneficial position in CSQ’s Series H mandatory redeemable preferred shares.

Rhea-AI Filing Summary

CALAMOS STRATEGIC TOTAL RETURN FUND (CSQ) reports that The Lincoln National Life Insurance Company and its affiliate Lincoln Life & Annuity Company of New York collectively beneficially own 640,000 Series H Mandatory Redeemable Preferred Shares, representing 10.6% of this class.

Of these, 560,000 shares are held directly by The Lincoln National Life Insurance Company and 80,000 shares are held by Lincoln Life & Annuity Company of New York. The shares were acquired under a Securities Purchase Agreement dated August 26, 2026, and Nomura Investment Management Advisers acts as investment adviser and attorney-in-fact for both entities.

Key Figures

Beneficial ownership: 640,000 shares Ownership percentage: 10.6% Direct holdings (LNL): 560,000 shares +5 more

8 metrics

Beneficial ownership 640,000 shares Total Series H Mandatory Redeemable Preferred Shares beneficially owned by Lincoln entities

Ownership percentage 10.6% Percent of CSQ’s Series H Mandatory Redeemable Preferred Shares class

Direct holdings (LNL) 560,000 shares Series H shares held directly by The Lincoln National Life Insurance Company

Direct holdings (LLANY) 80,000 shares Series H shares held directly by Lincoln Life & Annuity Company of New York

Shared voting power 80,000 shares Series H shares over which there is shared power to vote or direct the vote

Sole dispositive power 560,000 shares Series H shares over which there is sole power to dispose or direct disposition

Shared dispositive power 80,000 shares Series H shares over which there is shared power to dispose or direct disposition

Agreement date August 26, 2026 Date of Securities Purchase Agreement for the Series H shares

Key Terms

Series H Mandatory Redeemable Preferred Shares, beneficially owned, Sole voting power, Shared dispositive power, +2 more

6 terms

Series H Mandatory Redeemable Preferred Shares financial

"Title of class of securities: Series H Mandatory Redeemable Preferred Shares"

beneficially owned financial

"Ownership (a) | Amount beneficially owned: 640,000 shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole voting power financial

"Sole Voting Power 0.00 6 | Shared Voting Power 80,000.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Shared dispositive power financial

"Shared Dispositive Power 80,000.00"

Securities Purchase Agreement regulatory

"pursuant to the Securities Purchase Agreement, dated as of August 26, 2026"

A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.

attorney-in-fact regulatory

"acts as investment adviser and attorney-in-fact for each of LNL and LLANY"

An attorney-in-fact is the person or entity given legal authority through a power of attorney to act on behalf of another for specific tasks, such as signing documents, voting shares, or handling transactions. For investors, this matters because it lets a trusted representative make timely decisions or complete paperwork when the owner cannot, much like handing keys to someone to run errands on your behalf—so checks on scope and limits of that authority are important.

FAQ

What stake does Lincoln National hold in CSQ’s Series H preferred shares?

The filing reports that The Lincoln National Life Insurance Company and its affiliate collectively beneficially own 640,000 Series H Mandatory Redeemable Preferred Shares, representing 10.6% of that class outstanding.

How many CSQ Series H shares does each Lincoln entity hold?

The Lincoln National Life Insurance Company holds 560,000 Series H Mandatory Redeemable Preferred Shares directly, while its affiliate Lincoln Life & Annuity Company of New York holds 80,000 shares directly.

What voting and dispositive power is reported over CSQ’s Series H shares?

The reporting person has 0 shares with sole voting power and 80,000 shares with shared voting power, plus 560,000 shares with sole dispositive power and 80,000 shares with shared dispositive power over the Series H shares.

How did Lincoln National acquire its CSQ Series H preferred stake?

The companies state they acquired their Series H Mandatory Redeemable Preferred Shares under a Securities Purchase Agreement dated August 26, 2026, between Calamos Strategic Total Return Fund and the purchasers named in that agreement.

Who advises Lincoln National on the CSQ Series H preferred investment?

The document states that Nomura Investment Management Advisers, a series of Nomura Investment Management Business Trust, acts as investment adviser and attorney-in-fact for both The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York regarding these shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/08/2026 - 09:45 AM Accepted by SEC EDGAR 09/08/2026 - 09:44 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Calamos Strategic Total Return Fund

(Name of Issuer)

Series H Mandatory Redeemable Preferred Shares

(Title of Class of Securities)

128125*86

(CUSIP Number)

08/26/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 128125*86

1

Names of Reporting Persons

The Lincoln National Life Insurance Company

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

INDIANA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 80,000.00
7	Sole Dispositive Power 560,000.00
8	Shared Dispositive Power 80,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

640,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.6 %

12

Type of Reporting Person (See Instructions)

IC

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Calamos Strategic Total Return Fund
(b)	Address of issuer's principal executive offices: 2020 Calamos Court, c/o Calamos Advisors LLC, Naperville, Illinois 60563
Item 2.
(a)	Name of person filing: This Statement is filed by The Lincoln National Life Insurance Company ("LNL"). The Series H Mandatory Redeemable Preferred Shares reported herein consist of shares held of record by LNL and by its affiliate, Lincoln Life & Annuity Company of New York ("LLANY"), a fellow subsidiary of Lincoln National Corporation under common ownership with LNL. LNL and LLANY acquired their respective Series H Mandatory Redeemable Preferred Shares pursuant to the Securities Purchase Agreement, dated as of August 26, 2026, by and among Calamos Strategic Total Return Fund and the purchasers named therein. 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.
(b)	Address or principal business office or, if none, residence: The Lincoln National Life Insurance Company: 1301 South Harrison Street, Fort Wayne, Indiana 46802. Lincoln Life & Annuity Company of New York: 120 Madison Street, Suite 1310, Syracuse, New York 13202.
(c)	Citizenship: The Lincoln National Life Insurance Company is domiciled in the State of Indiana. Lincoln Life & Annuity Company of New York is domiciled in the State of New York.
(d)	Title of class of securities: Series H Mandatory Redeemable Preferred Shares
(e)	CUSIP Number(s): 128125*86
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 640,000 shares (560,000 shares held directly by The Lincoln National Life Insurance Company and 80,000 shares held directly by Lincoln Life & Annuity Company of New York, an affiliate)
(b)	Percent of class: 10.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 80,000
	(iii) Sole power to dispose or to direct the disposition of: 560,000
	(iv) Shared power to dispose or to direct the disposition of: 80,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

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.

SIGNATURE

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.

The Lincoln National Life Insurance Company

Signature:	/s/ Zachary Illig
Name/Title:	Zachary Illig, Assitant Vice President
Date:	09/02/2026