Calamos Strategic Total Return Fund (CSQ) NPORT-P Calamos Strategic Total Return Fund (Jan 2021 report)

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (18.8%)
		Airlines (0.3%)
	31,431	Air Canada Pass Through Trust Series 2013-1, Class B* 5.375%, 11/15/22	$	31,568
	333,499	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		331,048
	1,400,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		1,562,862
	1,105,000	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		1,225,113
	1,134,000	JetBlue Pass Through Trust Series 2020-1, Class Bµ 7.750%, 05/15/30		1,290,537
	725,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		823,564
	418,645	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		429,254
	1,209,768	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		1,219,737
	706,474	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		668,204
				7,581,887
		Communication Services (2.5%)
	1,975,000	Altice France, SA* 7.375%, 05/01/26		2,071,419
	1,795,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,581,916
	1,205,000	Ashtead Capital, Inc.*µ 4.000%, 05/01/28		1,283,385
	884,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		889,516
	910,000	Brink’s Company* 5.500%, 07/15/25		970,688
	473,000	Cable One, Inc.* 4.000%, 11/15/30		485,596
	1,400,000	CenturyLink, Inc.*µ 4.000%, 02/15/27		1,450,008
	2,135,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		2,286,222
	710,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		773,084
		CSC Holdings, LLC*
	4,240,000	5.500%, 04/15/27µ		4,478,542
	2,600,000	5.750%, 01/15/30		2,794,220
	1,600,000	5.500%, 05/15/26µ		1,660,928
	400,000	4.625%, 12/01/30		408,560
	2,630,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		2,673,684

PRINCIPAL AMOUNT			VALUE
		Diamond Sports Group, LLC / Diamond Sports Finance Company*^
	825,000	6.625%, 08/15/27	$	525,566
	656,000	5.375%, 08/15/26		531,012
	4,561,000	Embarq Corp.µ 7.995%, 06/01/36		5,596,028
		Entercom Media Corp.*^
	1,015,000	7.250%, 11/01/24		1,035,402
	818,000	6.500%, 05/01/27		839,669
		Frontier Communications Corp.
	1,820,000	11.000%, 09/15/25@		968,640
	1,690,000	7.625%, 04/15/24@		875,724
	435,000	5.875%, 10/15/27*^		466,538
	301,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27		317,772
	345,000	Hughes Satellite Systems Corp.µ 5.250%, 08/01/26		383,009
		Intelsat Jackson Holdings, SA@
	1,495,000	9.750%, 07/15/25*		1,103,160
	935,000	8.000%, 02/15/24*		958,945
	585,000	5.500%, 08/01/23		409,640
	1,050,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,130,440
	575,000	Ligado Networks, LLC* 15.500%, 11/01/23		581,383
		Netflix, Inc.
	910,000	4.875%, 06/15/30*^		1,106,715
	610,000	4.875%, 04/15/28µ		715,042
		Scripps Escrow II, Inc.*
	591,000	3.875%, 01/15/29		592,572
	295,000	5.375%, 01/15/31		298,478
	1,595,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		1,664,303
	591,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.*^ 4.625%, 11/01/26		615,586
		Sirius XM Radio, Inc.*
	1,500,000	5.500%, 07/01/29		1,636,035
	1,500,000	4.625%, 07/15/24^		1,551,960
	1,050,000	Sprint Capital Corp. 6.875%, 11/15/28		1,350,520
		Sprint Corp.
	4,245,000	7.125%, 06/15/24		4,954,297
	1,400,000	7.625%, 03/01/26		1,727,320
	880,000	Telecom Italia Capital, SA 6.000%, 09/30/34		1,055,745
	976,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		1,013,713
	1,660,000	United States Cellular Corp. 6.700%, 12/15/33		2,150,381
	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 USD 5 year swap rate + 4.87%		155,496
	464,000	Windstream Services, LLC / Windstream Finance Corp.@ 7.750%, 10/01/21		4,988
				60,123,847
		Consumer Discretionary (3.1%)
	1,243,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		1,308,978

See accompanying Notes to Schedule of Investments

1

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	856,000	6.625%, 01/15/28	$	914,225
	661,000	9.875%, 04/01/27		749,429
	1,445,000	BorgWarner, Inc.*µ^ 5.000%, 10/01/25		1,702,773
	1,500,000	Boyd Gaming Corp. 6.000%, 08/15/26		1,554,765
		Caesars Entertainment, Inc.*
	605,000	8.125%, 07/01/27^		663,764
	605,000	6.250%, 07/01/25		638,293
	1,740,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		1,733,858
		Carnival Corp.*^
	582,000	10.500%, 02/01/26		675,778
	295,000	7.625%, 03/01/26		312,611
	900,000	Carvana Company* 5.625%, 10/01/25		931,302
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	3,900,000	5.125%, 05/01/27		4,103,385
	1,410,000	5.750%, 02/15/26		1,455,458
	620,000	5.000%, 02/01/28		651,862
	598,000	4.250%, 02/01/31		613,691
	900,000	Cedar Fair, LP^ 5.250%, 07/15/29		902,340
		Century Communities, Inc.
	1,500,000	6.750%, 06/01/27		1,607,040
	1,330,000	5.875%, 07/15/25		1,385,860
	2,500,000	Dana Financing Luxembourg Sarl* 6.500%, 06/01/26		2,614,950
		DISH DBS Corp.^
	926,000	7.750%, 07/01/26		1,005,812
	300,000	7.375%, 07/01/28		312,795
		ESH Hospitality, Inc.*µ
	820,000	5.250%, 05/01/25		837,089
	600,000	4.625%, 10/01/27		614,022
		Expedia Group, Inc.*µ
	715,000	7.000%, 05/01/25		785,742
	436,000	6.250%, 05/01/25		504,605
	735,000	Ford Motor Companyµ 8.500%, 04/21/23		823,964
		Ford Motor Credit Company, LLC
	1,600,000	4.063%, 11/01/24µ		1,668,320
	1,400,000	4.134%, 08/04/25µ		1,471,820
	1,400,000	3.664%, 09/08/24µ		1,444,940
	1,050,000	4.000%, 11/13/30µ		1,076,250
	600,000	4.389%, 01/08/26^		638,682
		General Motors Financial Company, Inc.^‡
	140,000	5.700%, 09/30/30 5 year CMT + 5.00%		157,570
	125,000	6.500%, 09/30/28 3 mo. USD LIBOR + 3.44%		136,402
	2,400,000	goeasy, Ltd.*µ 5.375%, 12/01/24		2,513,784
	591,000	Guitar Center, Inc.* 8.500%, 01/15/26		620,822
	301,000	Installed Building Products, Inc.* 5.750%, 02/01/28		322,190
		International Game Technology, PLC*µ
	1,500,000	6.250%, 01/15/27^		1,720,500
	374,000	5.250%, 01/15/29		399,783
		L Brands, Inc.
	1,708,000	6.875%, 11/01/35		1,983,210

PRINCIPAL AMOUNT			VALUE
	982,000	6.694%, 01/15/27	$	1,100,547
	294,000	6.875%, 07/01/25*µ		320,769
	1,500,000	Lennar Corp.µ^ 5.250%, 06/01/26		1,771,695
		Life Time, Inc.*
	884,000	5.750%, 01/15/26		894,343
	589,000	8.000%, 04/15/26		590,885
		M/I Homes, Inc.µ
	1,295,000	5.625%, 08/01/25		1,347,357
	855,000	4.950%, 02/01/28		903,154
		Macy’s Retail Holdings, LLC
	600,000	6.700%, 07/15/34*		572,184
	275,000	5.125%, 01/15/42		224,656
	605,000	Macy’s, Inc.*^ 8.375%, 06/15/25		670,606
		Mattel, Inc.*
	1,505,000	5.875%, 12/15/27^		1,660,497
	1,390,000	6.750%, 12/31/25		1,462,197
	1,365,000	Mclaren Finance, PLC* 5.750%, 08/01/22		1,297,159
		Meredith Corp.^
	590,000	6.500%, 07/01/25*µ		628,722
	290,000	6.875%, 02/01/26		293,840
	3,280,000	Meritage Homes Corp.µ 7.000%, 04/01/22		3,482,934
	884,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		873,710
	1,122,000	Newell Brands, Inc.µ 4.700%, 04/01/26		1,235,513
	1,400,000	Penske Automotive Group, Inc.^ 5.500%, 05/15/26		1,456,042
		Rite Aid Corp.
	2,348,000	8.000%, 11/15/26*		2,527,176
	586,000	7.700%, 02/15/27		585,496
		Royal Caribbean Cruises, Ltd.*
	600,000	11.500%, 06/01/25		692,442
	300,000	10.875%, 06/01/23^		338,733
	1,500,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		1,497,630
	901,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		1,021,139
	1,500,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		1,611,345
	470,648	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		468,130
	290,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		338,044
	1,200,000	VOC Escrow, Ltd.*^ 5.000%, 02/15/28		1,169,772
				74,595,381
		Consumer Staples (0.9%)
	591,000	Central Garden & Pet Company^ 4.125%, 10/15/30		618,942
	900,000	Dean Foods Company*@ 6.500%, 03/15/23		17,478
	588,000	Edgewell Personal Care Company*µ 5.500%, 06/01/28		629,895
	886,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		905,634

See accompanying Notes to Schedule of Investments

2

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	780,000	Fresh Market, Inc.* 9.750%, 05/01/23	$	805,475
	1,475,000	JBS USA LUX, SA / JBS USA Finance, Inc.*µ 6.750%, 02/15/28		1,637,604
	480,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*µ 6.500%, 04/15/29		546,403
		Kraft Heinz Foods Companyµ
	1,820,000	4.375%, 06/01/46		1,941,230
	296,000	4.250%, 03/01/31		333,743
	296,000	3.875%, 05/15/27		323,999
	125,000	Land O’Lakes, Inc.*µ 7.000%, 09/18/28		125,055
		New Albertson’s, Inc.
	751,000	7.750%, 06/15/26		873,946
	298,000	8.000%, 05/01/31		370,813
		Petsmart, Inc. / PetSmart Finance Corp.*
	250,000	7.750%, 02/15/29		250,000
	250,000	4.750%, 02/15/28		250,000
		Pilgrim’s Pride Corp.*
	1,720,000	5.875%, 09/30/27		1,834,466
	600,000	5.750%, 03/15/25		613,986
		Post Holdings, Inc.*
	1,430,000	5.750%, 03/01/27		1,503,373
	450,000	5.500%, 12/15/29^		489,128
	300,000	5.625%, 01/15/28		318,816
	300,000	4.625%, 04/15/30		311,256
	1,185,000	Simmons Foods, Inc.* 7.750%, 01/15/24		1,238,195
	1,300,000	United Natural Foods, Inc.* 6.750%, 10/15/28		1,376,479
		Vector Group, Ltd.*
	1,645,000	5.750%, 02/01/29		1,700,305
	1,585,000	6.125%, 02/01/25		1,609,266
				20,625,487
		Energy (1.8%)
	448,000	Antero Resources Corp.* 7.625%, 02/01/29		457,444
		Apache Corp.
	1,187,000	5.100%, 09/01/40		1,200,995
	667,000	4.875%, 11/15/27		686,376
	593,000	4.625%, 11/15/25^		606,835
	896,000	Bruin E&P Partners, LLC*@ 8.875%, 08/01/23		1,568
		Buckeye Partners, LP
	900,000	3.950%, 12/01/26^		908,397
	600,000	5.850%, 11/15/43		599,490
	915,000	ChampionX Corp. 6.375%, 05/01/26		960,201
	1,200,000	Cheniere Energy Partners, LPµ 5.625%, 10/01/26		1,251,252
	591,000	Cheniere Energy, Inc.*µ 4.625%, 10/15/28		616,348
	768,000	Chesapeake Energy Corp.*@ 11.500%, 01/01/25		229,152
	297,000	CNX Resources Corp.*^ 7.250%, 03/14/27		319,305
		Continental Resources, Inc.^
	1,175,000	3.800%, 06/01/24		1,206,678
	875,000	4.375%, 01/15/28µ		893,672

PRINCIPAL AMOUNT			VALUE
	1,950,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%	$	1,755,468
	515,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25		80,309
	200,000	Enbridge, Inc.µ‡ 5.750%, 07/15/80 5 year CMT + 5.31%		221,918
	2,610,000	Energy Transfer Operating, LPµ‡ 3.223%, 11/01/66 3 mo. USD LIBOR + 3.02%		1,817,265
		EnLink Midstream Partners, LP
	1,775,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		981,149
	1,285,000	4.850%, 07/15/26µ		1,249,277
		EQT Corp.
	630,000	8.750%, 02/01/30µ^		804,119
	500,000	7.875%, 02/01/25^		590,065
	300,000	5.000%, 01/15/29µ		326,736
	1,173,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		1,053,847
		Gulfport Energy Corp.@
	1,080,000	6.000%, 10/15/24		834,678
	1,000,000	6.375%, 05/15/25		772,050
	302,000	Hess Midstream Operations, LP*µ 5.125%, 06/15/28		314,340
	313,000	HighPoint Operating Corp. 7.000%, 10/15/22		126,142
	286,000	Holly Energy Partners, LP / Holly Energy Finance Corp.* 5.000%, 02/01/28		288,145
	985,000	Laredo Petroleum, Inc. 10.125%, 01/15/28		858,664
	1,800,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,862,442
		Moss Creek Resources Holdings, Inc.*
	600,000	10.500%, 05/15/27		534,126
	540,000	7.500%, 01/15/26		453,670
	135,000	MPLX, LPµ‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		133,241
	600,000	Murphy Oil Corp.µ 5.875%, 12/01/27		571,128
	591,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		612,199
	285,000	Newfield Exploration Company 5.750%, 01/30/22		296,047
	540,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		225,380
		Occidental Petroleum Corp.
	3,641,000	4.300%, 08/15/39µ		3,191,955
	2,675,000	2.900%, 08/15/24^		2,599,030
	2,190,000	2.700%, 08/15/22µ^		2,198,804
	580,000	5.875%, 09/01/25^		608,826
	285,000	Ovintiv, Inc.µ 6.500%, 08/15/34		348,618
	562,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		548,636
	900,000	Parkland Fuel Corp.*~ 5.875%, 07/15/27		963,261

See accompanying Notes to Schedule of Investments

3

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	1,390,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%	$	1,166,752
	446,000	Range Resources Corp.* 8.250%, 01/15/29		469,205
	1,165,000	SESI, LLC@ 7.750%, 09/15/24		453,663
	327,000	SM Energy Company*^ 10.000%, 01/15/25		363,398
	295,000	Southwestern Energy Company^ 8.375%, 09/15/28		316,234
	639,000	Transocean, Inc.* 11.500%, 01/30/27		504,733
	1,450,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23		1,350,443
	600,000	Viper Energy Partners, LP*^ 5.375%, 11/01/27		630,588
	1,065,000	W&T Offshore, Inc.* 9.750%, 11/01/23		843,938
	552,000	Weatherford International, Ltd.* 11.000%, 12/01/24		473,737
				43,731,939
		Financials (3.7%)
	3,918,000	Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25		4,045,923
	589,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		602,995
	1,255,000	AG Issuer, LLC* 6.250%, 03/01/28		1,316,269
	2,500,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		2,647,850
	1,899,000	Ally Financial, Inc. 8.000%, 11/01/31		2,765,647
	250,000	American International Group, Inc.µ‡
		5.750%, 04/01/48
		3 mo. USD LIBOR + 2.87%		286,642
	2,383,000	AmWINS Group, Inc.* 7.750%, 07/01/26		2,555,148
	2,700,000	AssuredPartners, Inc.* 7.000%, 08/15/25		2,785,968
		Aviation Capital Group, LLC*µ
	1,307,000	3.500%, 11/01/27		1,381,434
	295,000	6.750%, 04/06/21		298,221
	240,000	Bank of America Corp.µ‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		247,730
	220,000	Bank of Montrealµ^‡ 4.800%, 08/25/24 5 year CMT + 2.98%		228,897
		Bank of New York Mellon Corp.µ^‡
	400,000	4.700%, 09/20/25 5 year CMT + 4.36%		439,020
	62,000	3.700%, 03/20/26 5 year CMT + 3.35%		64,088
	400,000	Bank of Nova Scotiaµ‡ 4.900%, 06/04/25 5 year CMT + 4.55%		430,200

PRINCIPAL AMOUNT			VALUE
	70,000	Bank OZK‡ 5.500%, 07/01/26 3 mo. USD LIBOR + 4.43%	$	70,869
	200,000	Barclays, PLC‡ 7.875%, 03/15/22 USD 5 year swap rate + 6.77%		210,666
		BP Capital Markets, PLCµ‡
	135,000	4.375%, 06/22/25 5 year CMT + 4.04%		143,717
	120,000	4.875%, 03/22/30 5 year CMT + 4.40%		131,773
	3,447,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26		3,581,019
		Charles Schwab Corp.µ‡
	292,000	4.000%, 12/01/30 10 year CMT + 3.08%		300,722
	235,000	5.375%, 06/01/25 5 year CMT + 4.97%		260,916
	250,000	CIT Group, Inc.^‡ 5.800%, 06/15/22 3 mo. USD LIBOR + 3.97%		257,097
		Citigroup, Inc.µ‡
	825,000	5.000%, 09/12/24 SOFR + 3.81%		857,389
	150,000	4.000%, 12/10/25^ 5 year CMT + 3.60%		153,023
	75,000	4.700%, 01/30/25 SOFR + 3.23%		76,886
		Credit Acceptance Corp.
	1,500,000	6.625%, 03/15/26^		1,592,925
	1,092,000	5.125%, 12/31/24*µ		1,132,895
	200,000	Credit Suisse Group, AG*µ‡ 7.500%, 12/11/23 USD 5 year swap rate + 4.60%		222,318
	372,000	Cushman & Wakefield US Borrower, LLC*µ 6.750%, 05/15/28		405,301
		Discover Financial Servicesµ‡
	245,000	6.125%, 06/23/25 5 year CMT + 5.78%		276,152
	135,000	5.500%, 10/30/27 3 mo. USD LIBOR + 3.08%		144,422
	1,500,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		1,580,355
	550,000	Fifth Third Bancorpµ‡ 4.500%, 09/30/25 5 year CMT + 4.22%		585,849
	1,233,000	Genworth Mortgage Holdings, Inc.*µ 6.500%, 08/15/25		1,321,012
	1,015,525	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate		911,952
	1,143,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*µ 3.750%, 12/15/27		1,166,340
	500,000	Goldman Sachs Group, Inc.µ‡ 4.400%, 02/10/25 5 year CMT + 2.85%		515,380
	1,891,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,954,765

See accompanying Notes to Schedule of Investments

4

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	200,000	HSBC Holdings, PLCµ‡ 6.375%, 03/30/25 U.S. 5 yr Swap + 4.37%	$	219,296
	5,150,000	HUB International, Ltd.* 7.000%, 05/01/26		5,345,854
		Huntington Bancshares, Inc.^‡
	350,000	4.450%, 10/15/27µ 7 year CMT + 4.05%		372,568
	125,000	5.625%, 07/15/30 10 year CMT + 4.95%		147,033
	70,000	5.700%, 04/15/23 3 mo. USD LIBOR + 2.88%		71,210
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ
	1,455,000	5.250%, 05/15/27		1,531,780
	297,000	4.375%, 02/01/29*		295,414
	2,448,000	ILFC E-Capital Trust II*µ‡ 3.480%, 12/21/65 3 mo. USD LIBOR + 1.80%		1,979,502
	2,625,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		2,763,049
	2,475,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.*µ 6.250%, 06/03/26		2,601,844
	555,000	JPMorgan Chase & Companyµ‡ 4.600%, 02/01/25 SOFR + 3.13%		571,345
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
	2,606,000	5.250%, 10/01/25		2,609,127
	288,000	4.250%, 02/01/27^		276,647
	990,000	Level 3 Financing, Inc.µ 5.375%, 05/01/25		1,017,542
	200,000	Lloyds Banking Group, PLCµ‡ 7.500%, 06/27/24 USD 5 year swap rate + 4.76%		222,094
	2,646,000	LPL Holdings, Inc.* 5.750%, 09/15/25		2,735,461
	240,000	Markel Corp.µ‡ 6.000%, 06/01/25 5 year CMT + 5.66%		264,686
		MetLife, Inc.µ
	2,990,000	6.400%, 12/15/66		3,871,990
	285,000	3.850%, 09/15/25^‡ 5 year CMT + 3.58%		295,343
	586,000	MGIC Investment Corp.µ 5.250%, 08/15/28		627,208
	120,000	Nationwide Financial Services, Inc.µ 6.750%, 05/15/87		144,568
		Navient Corp.
	2,555,000	5.000%, 03/15/27		2,592,865
	665,000	6.750%, 06/25/25^		729,558
	589,000	4.875%, 03/15/28		585,702
	565,000	NexBank Capital, Inc.*‡ 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		556,598
	200,000	Nippon Life Insurance Company*µ‡ 2.750%, 01/21/51 5 year CMT + 2.65%		199,774
	200,000	Nordea Bank Abp*µ‡ 6.625%, 03/26/26 5 year CMT + 4.11%		228,866
		OneMain Finance Corp.
	1,500,000	7.125%, 03/15/26		1,761,375

PRINCIPAL AMOUNT			VALUE
	1,145,000	6.875%, 03/15/25µ^	$	1,313,670
		Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*
	708,000	7.500%, 06/01/25		766,042
	592,000	5.875%, 10/01/28		625,922
	250,000	PartnerRe Finance B, LLCµ^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		263,497
	1,355,000	Prospect Capital Corp.µ 3.706%, 01/22/26		1,341,653
	124,000	Prudential Financial, Inc.^‡ 3.700%, 10/01/50 5 year CMT + 3.04%		130,113
	200,000	QBE Insurance Group, Ltd.*µ‡ 5.875%, 05/12/25 5 year CMT + 5.51%		217,988
	1,500,000	Radian Group, Inc. 4.875%, 03/15/27		1,623,825
	718,000	SLM Corp. 4.200%, 10/29/25		762,660
	1,500,000	Starwood Property Trust, Inc. 4.750%, 03/15/25		1,511,670
	800,000	State Street Corp.µ^‡ 5.625%, 12/15/23 3 mo. USD LIBOR + 2.54%		841,560
	1,225,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,333,400
	164,000	SVB Financial Group‡ 4.100%, 02/15/31 10 year CMT + 3.06%		167,511
	525,000	Tronox Finance, PLC* 5.750%, 10/01/25		545,937
		Truist Financial Corp.‡
	415,000	4.800%, 09/01/24^ 5 year CMT + 3.00%		434,036
	125,000	4.950%, 09/01/25µ 5 year CMT + 4.61%		136,940
	200,000	UBS Group, AG*‡ 7.000%, 01/31/24 USD 5 year swap rate + 4.34%		219,586
	886,000	United Shore Financial Services, LLC* 5.500%, 11/15/25		933,605
	1,141,000	VICI Properties, LP / VICI Note Company, Inc.* 3.750%, 02/15/27		1,163,318
	250,000	Voya Financial, Inc.^‡ 6.125%, 09/15/23 5 year CMT + 3.36%		269,110
	630,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%		630,454
	1,255,000	XHR, LP* 6.375%, 08/15/25		1,318,578
				89,119,149
		Health Care (1.8%)
		Acadia Healthcare Company, Inc.
	2,680,000	6.500%, 03/01/24		2,735,637
	591,000	5.000%, 04/15/29*		622,701
	3,285,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		3,637,448
		Bausch Health Companies, Inc.*
	1,300,000	5.000%, 01/30/28		1,340,898
	511,000	5.000%, 02/15/29		524,076

See accompanying Notes to Schedule of Investments

5

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	295,000	5.250%, 02/15/31	$	303,956
		Centene Corp.
	1,216,000	4.250%, 12/15/27		1,289,033
	598,000	3.000%, 10/15/30		626,441
		CHS/Community Health Systems, Inc.*
	6,285,000	8.125%, 06/30/24		6,624,390
	1,325,000	8.000%, 03/15/26		1,426,097
	663,000	6.875%, 04/15/29		671,566
		DaVita, Inc.*
	1,477,000	4.625%, 06/01/30		1,552,386
	299,000	3.750%, 02/15/31		297,224
		Encompass Health Corp.
	600,000	4.750%, 02/01/30		644,436
	600,000	4.500%, 02/01/28		628,872
	1,450,000	HCA, Inc.µ 7.500%, 11/06/33		1,991,053
	1,955,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23		808,627
	1,251,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		1,128,002
		Tenet Healthcare Corp.
	2,710,000	6.250%, 02/01/27*		2,858,833
	1,600,000	4.625%, 07/15/24		1,630,256
	1,575,000	6.875%, 11/15/31		1,709,631
	1,520,000	4.875%, 01/01/26*		1,587,762
	2,609,000	Teva Pharmaceutical Finance Company, BV 2.950%, 12/18/22		2,619,123
		Teva Pharmaceutical Finance Netherlands III, BV
	2,530,000	2.800%, 07/21/23		2,510,949
	2,380,000	6.000%, 04/15/24^		2,507,901
	2,031,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		2,094,205
				44,371,503
		Industrials (2.8%)
	1,180,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,312,750
	1,255,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		1,291,006
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	1,425,000	4.625%, 01/15/27		1,495,580
	848,000	4.875%, 02/15/30		907,428
	591,000	3.500%, 03/15/29		584,251
		Allison Transmission, Inc.*
	1,300,000	4.750%, 10/01/27		1,362,062
	295,000	3.750%, 01/30/31^		293,962
		American Airlines Group, Inc.*
	925,000	5.000%, 06/01/22		870,878
	295,000	3.750%, 03/01/25^		226,634
	3,100,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		3,273,755
	600,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		657,372
	1,480,000	Beacon Roofing Supply, Inc.* 4.875%, 11/01/25		1,498,056
		Cascades, Inc. / Cascades USA, Inc.*
	901,000	5.125%, 01/15/26		958,907

PRINCIPAL AMOUNT			VALUE
	600,000	5.375%, 01/15/28	$	635,202
		Delta Air Lines, Inc.
	297,000	7.375%, 01/15/26^		341,508
	297,000	3.800%, 04/19/23		304,758
		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ
	295,000	4.750%, 10/20/28		327,058
	148,000	4.500%, 10/20/25		158,326
	589,000	Endurance Acquisition Merger Sub* 6.000%, 02/15/29		581,661
	575,000	EnerSys*µ 4.375%, 12/15/27		613,812
	2,530,000	Fly Leasing, Ltd.^ 5.250%, 10/15/24		2,468,167
	80,000	General Electric Company^‡ 3.554%, 03/15/21 3 mo. USD LIBOR + 3.33%		75,767
	591,000	GFL Environmental, Inc.*µ 3.750%, 08/01/25		605,444
		Golden Nugget, Inc.*^
	900,000	6.750%, 10/15/24		902,088
	620,000	8.750%, 10/01/25		644,992
	673,000	Graham Packaging Company, Inc.*^ 7.125%, 08/15/28		731,935
	600,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		674,382
	750,000	Graphic Packaging International, LLC*µ 4.750%, 07/15/27		829,035
	1,500,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		1,526,400
	1,360,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		1,356,274
	135,000	Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.* 5.750%, 01/20/26		140,265
	1,500,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		1,583,325
		Howmet Aerospace, Inc.
	1,375,000	5.125%, 10/01/24^		1,514,342
	511,000	6.875%, 05/01/25µ		596,051
	1,450,000	JELD-WEN, Inc.* 4.625%, 12/15/25		1,482,219
	1,079,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		1,207,423
	886,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		912,252
	598,000	MasTec, Inc.*µ 4.500%, 08/15/28		630,531
		Meritor, Inc.
	1,867,000	6.250%, 02/15/24^		1,894,464
	177,000	4.500%, 12/15/28*		180,441
	722,000	Moog, Inc.*µ 4.250%, 12/15/27		753,320
	1,425,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		1,509,032
		Navistar International Corp.*
	1,880,000	6.625%, 11/01/25		1,960,314
	590,000	9.500%, 05/01/25		657,815
	1,140,000	Novelis Corp.* 4.750%, 01/30/30		1,201,321

See accompanying Notes to Schedule of Investments

6

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	1,370,000	Park-Ohio Industries, Inc. 6.625%, 04/15/27	$	1,380,645
	600,000	Patrick Industries, Inc.* 7.500%, 10/15/27		658,728
	1,300,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		1,394,965
	302,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		323,140
	1,155,000	QVC, Inc. 4.375%, 09/01/28		1,204,388
	885,000	Scientific Games International, Inc.* 5.000%, 10/15/25		912,638
	1,019,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		1,087,171
	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		609,349
		Sinclair Television Group, Inc.*
	600,000	5.500%, 03/01/30^		619,284
	591,000	4.125%, 12/01/30		590,031
		Standard Industries, Inc.*
	575,000	5.000%, 02/15/27		600,202
	302,000	4.375%, 07/15/30		320,552
	100,000	Stanley Black & Decker, Inc.µ‡ 4.000%, 03/15/60 5 year CMT + 2.66%		106,264
		Station Casinos, LLC*
	1,725,000	4.500%, 02/15/28		1,696,003
	788,000	5.000%, 10/01/25		793,894
	591,000	Stericycle, Inc.* 3.875%, 01/15/29		607,560
	879,000	STL Holding Company, LLC* 7.500%, 02/15/26		915,830
	985,000	Tennant Company 5.625%, 05/01/25		1,025,139
	1,200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		1,268,604
		TransDigm, Inc.
	1,490,000	6.250%, 03/15/26*		1,578,074
	875,000	7.500%, 03/15/27		936,932
		United Rentals North America, Inc.
	640,000	5.875%, 09/15/26		674,758
	297,000	3.875%, 02/15/31		310,570
	750,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		773,302
		WESCO Distribution, Inc.*
	563,000	7.125%, 06/15/25		613,203
	283,000	7.250%, 06/15/28		318,338
	1,500,000	XPO Logistics, Inc.*^ 6.750%, 08/15/24		1,587,705
				66,639,834
		Information Technology (0.5%)
	600,000	CDK Global, Inc.* 5.250%, 05/15/29		650,970
	1,201,000	CommScope Technologies, LLC* 6.000%, 06/15/25		1,228,190
		Dell International, LLC / EMC Corp.*µ
	1,405,000	6.020%, 06/15/26		1,696,411
	925,000	6.100%, 07/15/27^		1,145,529
	545,000	5.850%, 07/15/25		647,700

PRINCIPAL AMOUNT			VALUE
	586,000	Fair Isaac Corp.*µ 4.000%, 06/15/28	$	605,707
	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,367,219
	1,300,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		1,290,497
	900,000	MTS Systems Corp.* 5.750%, 08/15/27		979,668
	886,000	ON Semiconductor Corp.*µ 3.875%, 09/01/28		921,502
	855,000	Open Text Corp.* 3.875%, 02/15/28		877,025
	784,000	PTC, Inc.* 4.000%, 02/15/28		818,049
	589,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		596,186
				12,824,653
		Materials (0.9%)
	1,835,000	Alcoa Nederland Holding, BV* 7.000%, 09/30/26		1,940,879
	600,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		631,308
	900,000	ArcelorMittal, SA^ 7.250%, 10/15/39		1,301,049
	507,000	Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.* 6.000%, 02/15/25		522,616
	1,285,000	Clearwater Paper Corp.*µ^ 4.750%, 08/15/28		1,331,992
	800,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		818,888
		Freeport-McMoRan, Inc.
	780,000	5.000%, 09/01/27^		831,301
	570,000	5.450%, 03/15/43µ		714,563
	515,000	5.400%, 11/14/34µ		642,138
	886,000	HB Fuller Company 4.250%, 10/15/28		908,301
	915,000	Hudbay Minerals, Inc.* 6.125%, 04/01/29		971,282
	900,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		957,051
		Kaiser Aluminum Corp.*
	615,000	4.625%, 03/01/28^		635,842
	535,000	6.500%, 05/01/25		573,097
	663,000	Mercer International, Inc.* 5.125%, 02/01/29		675,637
	295,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		327,960
		New Gold, Inc.*
	364,000	6.375%, 05/15/25		377,843
	300,000	7.500%, 07/15/27		324,261
	301,000	Norbord, Inc.*µ 5.750%, 07/15/27		324,105
	1,300,000	OCI, NV*µ 4.625%, 10/15/25		1,348,139
	593,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		643,583
		PBF Holding Company, LLC / PBF Finance Corp.
	2,455,000	7.250%, 06/15/25~		1,631,421
	296,000	9.250%, 05/15/25*^		286,010

See accompanying Notes to Schedule of Investments

7

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	1,328,000	Silgan Holdings, Inc.^ 4.125%, 02/01/28	$	1,379,500
	906,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		954,009
	295,000	Valvoline, Inc.* 3.625%, 06/15/31		297,133
				21,349,908
		Real Estate (0.2%)
	1,500,000	CBL & Associates, LP@ 5.250%, 12/01/23		562,935
	358,000	EPR Propertiesµ^ 3.750%, 08/15/29		350,421
		Forestar Group, Inc.*
	1,500,000	8.000%, 04/15/24		1,579,170
	862,000	5.000%, 03/01/28		898,695
	294,000	iStar, Inc.µ 5.500%, 02/15/26		299,660
		Service Properties Trust
	1,500,000	4.350%, 10/01/24		1,475,130
	550,000	5.250%, 02/15/26		542,636
				5,708,647
		Utilities (0.3%)
	856,000	Calpine Corp.* 4.500%, 02/15/28		880,464
	65,000	CenterPoint Energy, Inc.^‡ 6.125%, 09/01/23 3 mo. USD LIBOR + 3.27%		68,561
	175,000	CMS Energy Corp.µ‡ 4.750%, 06/01/50 5 year CMT + 4.12%		198,462
	250,000	Dominion Energy, Inc.µ‡ 4.650%, 12/15/24 5 year CMT + 2.99%		263,763
	330,000	Duke Energy Corp.µ‡ 4.875%, 09/16/24 5 year CMT + 3.39%		354,242
	265,000	NextEra Energy Capital Holdings, Inc.µ‡ 4.800%, 12/01/77 3 mo. USD LIBOR + 2.41%		291,768
	810,000	NRG Energy, Inc.µ 6.625%, 01/15/27		850,670
	1,896,000	PPL Capital Funding, Inc.µ‡ 2.905%, 03/30/67 3 mo. USD LIBOR + 2.67%		1,767,527
	125,000	Sempra Energy^‡ 4.875%, 10/15/25 5 year CMT + 4.55%		134,848
	247,000	Southern Companyµ‡ 4.000%, 01/15/51 5 year CMT + 3.73%		261,180
		Talen Energy Supply, LLC*
	600,000	10.500%, 01/15/26		552,768
	300,000	7.250%, 05/15/27^		317,655
	1,500,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,669,905
				7,611,813
		TOTAL CORPORATE BONDS (Cost $441,866,970)		454,284,048

PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (23.1%)
		Communication Services (2.6%)
		Liberty Media Corp.
	15,900,000	2.250%, 09/30/46	$	7,530,081
	7,750,000	1.375%, 10/15/23		9,522,580
	2,680,000	0.500%, 12/01/50*		2,766,644
	7,150,000	Liberty Media Corp. / Liberty Formula Oneµ 1.000%, 01/30/23		8,805,368
	1,883,000	Live Nation Entertainment, Inc.^ 2.500%, 03/15/23		2,278,524
	3,000,000	Match Group FinanceCo 2, Inc.*~ 0.875%, 06/15/26		5,151,660
	2,500,000	Match Group FinanceCo 3, Inc.* 2.000%, 01/15/30		4,539,550
	1,970,000	Sea, Ltd.* 2.375%, 12/01/25		4,888,516
	4,856,000	Snap, Inc. 0.750%, 08/01/26		11,641,969
	4,935,000	Zynga, Inc. 0.250%, 06/01/24		6,656,673
				63,781,565
		Consumer Discretionary (5.7%)
	1,187,000	Bloomin’ Brands, Inc.* 5.000%, 05/01/25		2,333,274
	15,201,000	Booking Holdings, Inc.*^ 0.750%, 05/01/25		20,570,297
	7,785,000	Burlington Stores, Inc.* 2.250%, 04/15/25		10,479,233
	6,435,000	Chegg, Inc.* 0.000%, 09/01/26		7,461,769
	1,900,000	Cinemark Holdings, Inc.* 4.500%, 08/15/25		3,087,462
	1,895,000	Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		3,885,527
	3,299,000	DISH Network Corp. 2.375%, 03/15/24		3,025,843
	11,035,000	Etsy, Inc.*µ^ 0.125%, 09/01/27		14,675,226
	2,776,000	Fiverr International, Ltd.* 0.000%, 11/01/25		3,500,147
	1,108,000	Guess, Inc. 2.000%, 04/15/24		1,263,940
	5,995,000	Liberty Broadband Corp.* 2.750%, 09/30/50		6,190,977
		Liberty Interactive, LLC
	1,470,000	4.000%, 11/15/29		1,145,350
	790,000	3.750%, 02/15/30		610,283
	7,670,000	Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		7,731,360
		NCL Corp., Ltd.*
	2,439,000	5.375%, 08/01/25		3,781,621
	1,505,000	6.000%, 05/15/24		2,908,096
	11,345,000	Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23		13,759,216
	400,000	Tesla, Inc. 2.000%, 05/15/24		5,108,060
	4,160,000	Under Armour, Inc.* 1.500%, 06/01/24		6,877,146
	7,865,000	Vail Resorts, Inc.* 0.000%, 01/01/26		7,931,381
	4,225,000	Wayfair, Inc.* 0.625%, 10/01/25		4,312,964

See accompanying Notes to Schedule of Investments

8

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	5,865,000	Winnebago Industries, Inc. 1.500%, 04/01/25	$	7,676,698
				138,315,870
		Energy (0.7%)
	3,190,000	EQT Corp.* 1.750%, 05/01/26		4,328,288
	3,960,000	Integra LifeSciences Holdings Corp.* 0.500%, 08/15/25		4,452,584
	6,515,000	Pioneer Natural Resources Company*^ 0.250%, 05/15/25		9,020,930
				17,801,802
		Financials (0.8%)
		Ares Capital Corp.
	7,500,000	3.750%, 02/01/22^		7,654,500
	3,000,000	4.625%, 03/01/24		3,238,980
	4,700,000	JPMorgan Chase Bank, N.A.*^ 0.125%, 01/01/23		5,711,910
	1,490,000	Prospect Capital Corp. 4.950%, 07/15/22		1,531,482
				18,136,872
		Health Care (3.4%)
	1,850,000	CONMED Corp.^ 2.625%, 02/01/24		2,599,620
	9,218,000	DexCom, Inc.* 0.250%, 11/15/25		9,409,734
	3,673,000	Envista Holdings Corp.*^ 2.375%, 06/01/25		6,739,331
	5,500,000	Exact Sciences Corp. 0.375%, 03/15/27		7,876,110
	3,348,000	Guardant Health, Inc.* 0.000%, 11/15/27		4,475,874
	5,015,000	Insulet Corp. 0.375%, 09/01/26		6,935,093
	8,035,000	Jazz Investments I, Ltd.* 2.000%, 06/15/26		10,486,880
	1,844,000	Natera, Inc.* 2.250%, 05/01/27		5,265,081
	6,925,000	NeoGenomics, Inc. 0.250%, 01/15/28		7,484,609
	4,680,000	Omnicell, Inc.* 0.250%, 09/15/25		6,260,717
	7,755,000	Pacira BioSciences, Inc.* 0.750%, 08/01/25		9,292,119
	2,540,000	Repligen Corp. 0.375%, 07/15/24		4,622,190
	1,985,000	Tricida, Inc.* 3.500%, 05/15/27		971,380
				82,418,738
		Industrials (3.6%)
	8,180,000	Air Canada* 4.000%, 07/01/25		11,151,467
	4,600,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		4,878,254
	1,015,000	Chart Industries, Inc.* 1.000%, 11/15/24		2,161,686
	8,240,000	Middleby Corp.* 1.000%, 09/01/25		10,370,205
	3,763,000	Parsons Corp.* 0.250%, 08/15/25		3,935,646

PRINCIPAL AMOUNT			VALUE
	23,675,000	Southwest Airlines Company 1.250%, 05/01/25	$	33,287,997
	5,805,000	Sunrun, Inc.* 0.000%, 02/01/26		5,915,759
	14,800,000	Uber Technologies, Inc.* 0.000%, 12/15/25		15,510,992
				87,212,006
		Information Technology (5.3%)
	2,507,000	21Vianet Group, Inc.* 0.000%, 02/01/26		2,573,561
	3,775,000	Bentley Systems, Inc.* 0.125%, 01/15/26		3,802,897
	3,382,000	Bill.com Holdings, Inc.* 0.000%, 12/01/25		3,676,741
	2,293,000	Cloudflare, Inc.* 0.750%, 05/15/25		4,935,637
	5,830,000	Coupa Software, Inc.* 0.375%, 06/15/26		7,512,188
	4,030,000	Datadog, Inc.* 0.125%, 06/15/25		5,416,965
	1,355,000	Five9, Inc.* 0.500%, 06/01/25		1,910,062
	2,170,000	II-VI, Inc. 0.250%, 09/01/22		4,006,970
	3,415,000	Inphi Corp.* 0.750%, 04/15/25		4,968,415
	6,115,000	LivePerson, Inc.* 0.000%, 12/15/26		6,798,535
	3,860,000	Lumentum Holdings, Inc. 0.500%, 12/15/26		4,755,134
	13,000,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		14,728,610
	2,735,000	Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		3,091,617
	5,015,000	Okta, Inc.^ 0.125%, 09/01/25		7,620,293
	4,695,000	ON Semiconductor Corp. 1.625%, 10/15/23		8,314,282
	7,590,000	Repay Holdings Corp.* 0.000%, 02/01/26		7,591,442
	7,650,000	RingCentral, Inc.* 0.000%, 03/01/25		9,607,864
	4,981,000	Shift4 Payments, Inc.* 0.000%, 12/15/25		5,701,502
	1,542,000	Shopify, Inc.^ 0.125%, 11/01/25		1,827,794
	3,524,000	Silicon Laboratories, Inc.* 0.625%, 06/15/25		4,565,589
	2,680,000	Square, Inc.*^ 0.000%, 05/01/26		3,013,338
	2,389,000	Wix.com, Ltd.* 0.000%, 08/15/25		2,436,517
	2,670,000	Workday, Inc. 0.250%, 10/01/22		4,282,146
	2,852,000	Zscaler, Inc.* 0.125%, 07/01/25		4,263,483
				127,401,582
		Real Estate (0.6%)
	6,120,000	IH Merger Sub, LLC 3.500%, 01/15/22		8,123,872

See accompanying Notes to Schedule of Investments

9

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	5,430,000	Redfin Corp.* 0.000%, 10/15/25	$	6,693,615
				14,817,487
		Utilities (0.4%)
	7,455,000	NRG Energy, Inc. 2.750%, 06/01/48		8,917,224
		TOTAL CONVERTIBLE BONDS (Cost $448,319,651)		558,803,146
	BANK LOANS (2.3%) ¡
		Communication Services (0.5%)
	1,555,313	Clear Channel Outdoor Holdings, Inc.‡ 3.711%, 08/21/26 3 mo. LIBOR + 3.50%		1,520,800
	888,750	CommScope, Inc.‡ 3.371%, 04/06/26 1 mo. LIBOR + 3.25%		889,097
	613,463	Consolidated Communications, Inc.! 0.000%, 10/02/27		619,526
	458,850	Consolidated Communications, Inc.‡ 5.750%, 10/02/27 1 mo. LIBOR + 4.75%		463,386
	592,515	CSC Holdings, LLC‡ 2.627%, 04/15/27 1 mo. LIBOR + 2.50%		590,850
	1,865,000	Frontier Communications Corp.‡ 5.750%, 10/08/21 1 mo. LIBOR + 4.75%		1,869,541
	1,153,350	iHeartCommunications, Inc.‡ 3.121%, 05/01/26 1 mo. LIBOR + 3.00%		1,141,240
	2,791,100	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		2,844,089
	2,275,000	Intelsat Jackson Holdings, SA‡ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		2,313,072
				12,251,601
		Consumer Discretionary (0.5%)
	1,127,494	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		1,151,103
	270,000	Meredith Corp.! 0.000%, 01/31/25		275,654
	1,360,000	Petco Animal Supplies, Inc.! 0.000%, 01/26/23		1,360,388
	4,163,238	PetSmart, Inc.‡ 4.500%, 03/11/22 3 mo. LIBOR + 3.50%		4,167,797
	1,170,000	PetSmart, Inc.! 0.000%, 03/11/22		1,171,281
	600,000	PetSmart, Inc. 1.000%, 01/27/28 3 mo. LIBOR + 3.50%		600,000
	250,000	United Natural Foods, Inc. 0.000%, 10/22/25		250,907

PRINCIPAL AMOUNT			VALUE
	2,198,182	Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%	$	2,205,744
				11,182,874
		Energy (0.1%)
	243,560	Lealand Finance Company, BV‡ 1.121%, 06/30/25 1 mo. LIBOR + 3.00%		163,185
	19,639	McDermott Technology Americas, Inc.‡ 3.121%, 06/30/24 1 mo. LIBOR + 3.00%		16,202
	1,293,158	Par Pacific Holdings, Inc.‡ 7.000%, 01/12/26 3 mo. LIBOR + 6.75%		1,274,840
				1,454,227
		Financials (0.1%)
	1,538,375	Connect Finco Sarl‡ 5.500%, 12/11/26 1 mo. LIBOR + 4.50%		1,544,690
	303,595	Level 3 Financing, Inc.‡ 1.871%, 03/01/27 1 mo. LIBOR + 1.75%		302,363
				1,847,053
		Health Care (0.5%)
	2,826,830	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		2,807,395
	2,078,462	Endo Luxembourg Finance Company I Sarl‡ 5.000%, 04/29/24 3 mo. LIBOR + 4.25%		2,068,069
	1,729,940	Gentiva Health Services, Inc.‡ 3.375%, 07/02/25 1 mo. LIBOR + 3.25%		1,733,729
	1,237,205	Mallinckrodt International Finance, SA‡ 5.500%, 09/24/24 3 mo. LIBOR + 4.75%		1,169,239
	1,873,547	Ortho Clinical Diagnostics, SA‡ 3.394%, 06/30/25 1 mo. LIBOR + 3.25%		1,871,205
	2,648,213	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		2,481,601
				12,131,238
		Industrials (0.4%)
	2,068,500	Berry Global, Inc.‡ 2.133%, 07/01/26 1 mo. LIBOR + 2.00%		2,068,107
	1,362,558	BW Gas & Convenience Holdings, LLC‡ 6.380%, 11/18/24 1 mo. LIBOR + 6.25%		1,384,699
	1,230,700	Dun & Bradstreet Corp.‡ 3.878%, 02/06/26 1 mo. LIBOR + 3.75%		1,235,537
	898,625	Granite US Holdings Corp.‡ 5.504%, 09/30/26 3 mo. LIBOR + 5.25%		892,447

See accompanying Notes to Schedule of Investments

10

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	999,308	Navistar International Corp.‡ 3.630%, 11/06/24 1 mo. LIBOR + 3.50%	$	1,000,683
	759,229	RegionalCare Hospital Partners Holdings, Inc.‡ 3.871%, 11/16/25 1 mo. LIBOR + 3.75%		759,753
	1,925,204	Scientific Games International, Inc.‡ 2.871%, 08/14/24 1 mo. LIBOR + 2.75%		1,896,027
	304,575	TransDigm, Inc.‡ 2.371%, 12/09/25 1 mo. LIBOR + 2.25%		300,006
				9,537,259
		Information Technology (0.2%)
	1,396,696	BMC Software Finance, Inc.‡ 4.371%, 10/02/25 1 mo. LIBOR + 4.25%		1,397,353
	1,440,450	Camelot U.S. Acquisition 1 Company‡ 3.121%, 10/30/26 1 mo. LIBOR + 3.00%		1,445,549
	805,000	Camelot U.S. Acquisition 1 Company 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		809,025
	1,296,141	VFH Parent, LLC‡ 3.129%, 03/01/26 1 mo. LIBOR + 3.00%		1,295,869
				4,947,796
		Materials (0.0%)
	873,400	Innophos, Inc.‡ 3.621%, 02/07/27 1 mo. LIBOR + 3.50%		875,221
		TOTAL BANK LOANS (Cost $54,523,661)		54,227,269
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (10.2%)
		Communication Services (0.9%)
	18,160	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		20,996,828
		Consumer Discretionary (0.8%)
	124,295	Aptiv, PLC 5.500%, 06/15/23		19,321,658
		Consumer Staples (0.1%)
	36,755	Energizer Holdings, Inc. 7.500%, 01/15/22		3,379,622
		Financials (0.9%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		3,914,595
	31,880	Assurant, Inc. 6.500%, 03/15/21		4,090,523
	500	Bank of America Corp.‡‡ 7.250%		731,390

NUMBER OF SHARES				VALUE
	222,280		KKR & Company, Inc.µ^ 6.000%, 09/15/23	$	12,930,027
					21,666,535
			Health Care (1.5%)
	96,145		Avantor, Inc. 6.250%, 05/15/22		8,903,988
	90,115		Boston Scientific Corp. 5.500%, 06/01/23		9,845,965
			Danaher Corp.
	9,980		4.750%, 04/15/22		16,170,594
	1,896		5.000%, 04/15/23^		2,600,554
					37,521,101
			Industrials (2.1%)
	62,970		Colfax Corp. 5.750%, 01/15/22		9,702,418
	21,885		Fortive Corp. 5.000%, 07/01/21		21,016,165
	180,605		Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		19,680,527
					50,399,110
			Information Technology (1.2%)
	19,390		Broadcom, Inc. 8.000%, 09/30/22		28,479,063
			Utilities (2.7%)
	84,885		CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§**** 4.566%, 09/15/29		5,043,612
	170,935		Dominion Energy, Inc. 7.250%, 06/01/22		16,871,284
	135,145		DTE Energy Company 6.250%, 11/01/22		6,268,025
	142,970		Essential Utilities, Inc. 6.000%, 04/30/22		8,442,379
			NextEra Energy, Inc.
	382,660		4.872%, 09/01/22		23,403,486
	94,060		6.219%, 09/01/23		5,005,873
					65,034,659
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $211,214,592)		246,798,576
	COMMON STOCKS (82.3%)
			Communication Services (8.3%)
	34,670		Alphabet, Inc. - Class A#		63,354,571
	10,635		Alphabet, Inc. - Class C#		19,523,095
	264,885		AT&T, Inc.^~		7,583,658
	411,425		Comcast Corp. - Class A		20,394,337
	8,050		Cumulus Media, Inc. - Class A#		69,874
	176,235		Facebook, Inc. - Class A^#		45,526,788
	32,360		Netflix, Inc.#		17,228,140
	205,085	EUR	Orange, SA		2,406,964
	149,335		Walt Disney Company#		25,113,667
					201,201,094
			Consumer Discretionary (10.4%)
	32,615		Amazon.com, Inc.^#		104,570,213
	59,260		Carnival Corp.		1,106,384
	825,570		Ford Motor Company#		8,693,252

See accompanying Notes to Schedule of Investments

11

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	243,463	General Motors Company	$	12,338,705
	94,175	Home Depot, Inc.^		25,504,473
	38,550	Lennar Corp. - Class A		3,205,433
	69,245	Lowe’s Companies, Inc.^		11,553,528
	62,500	McDonald’s Corp.		12,990,000
	245,080	MGM Resorts International		6,999,485
	162,800	NIKE, Inc. - Class B^		21,748,452
	44,300	Royal Caribbean Cruises, Ltd.^		2,879,500
	77,770	Starbucks Corp.		7,528,914
	56,455	Target Corp.		10,227,952
	14,925	Tesla, Inc.#		11,843,435
	143,900	TJX Companies, Inc.^		9,215,356
				250,405,082
		Consumer Staples (5.7%)
	58,750	Altria Group, Inc.		2,413,450
	459,960	Coca-Cola Company^		22,147,074
	41,820	Costco Wholesale Corp.		14,738,623
	250,885	Mondelez International, Inc. - Class A^		13,909,064
	112,795	PepsiCo, Inc.		15,404,413
	147,500	Philip Morris International, Inc.		11,748,375
	203,745	Procter & Gamble Company		26,122,146
	86,605	Sysco Corp.		6,193,124
	52,650	Walgreens Boots Alliance, Inc.		2,645,663
	154,510	Walmart, Inc.		21,707,110
				137,029,042
		Energy (3.2%)
	475,000	BP, PLC (ADR)		10,554,500
	47,998	Calfrac Well Services, Ltd.#		140,965
	237,650	Chevron Corp.^		20,247,780
	66,007	Denbury, Inc.#		1,888,460
	60,000	Diamond Offshore Drilling, Inc.#		13,728
	70,400	Energy Transfer, LP		441,408
	76,005	Enterprise Products Partners, LP		1,537,581
	7,920	EP Energy Corp.#		324,720
	355,670	Exxon Mobil Corp.		15,948,243
	16,000	GasLog, Ltd.^		65,600
	126,365	Hess Corp.^		6,821,183
	232,940	Kinder Morgan, Inc.		3,279,795
	73,344	Lonestar Resources US, Inc.#		365,987
	21,360	Magellan Midstream Partners, LP		949,666
	100,220	Marathon Petroleum Corp.		4,325,495
	132,452	Mcdermott International, Ltd.#		135,101
	8,038	Oasis Petroleum, Inc.#		301,184
	26,500	Pioneer Natural Resources Company		3,203,850
	156,200	Schlumberger, Ltd.		3,469,202
	31,050	Targa Resources Corp.^		849,838
	33,540	Valero Energy Corp.		1,892,662
	18,259	Weatherford International, PLC#		124,161
	17,355	Whiting Petroleum Corp.#		353,001
	10,000	Williams Companies, Inc.^		212,300
				77,446,410
		Financials (9.1%)
	35,430	Affiliated Managers Group, Inc.^		3,904,032
	65,730	American Express Company		7,641,770
	346,890	American International Group, Inc.		12,987,562
	1,019,405	Bank of America Corp.^~		30,225,358
	71,870	Bank of New York Mellon Corp.		2,862,582
	10,715	BlackRock, Inc.		7,514,001
	90,405	Charles Schwab Corp.		4,659,474
	46,700	Chubb, Ltd.~		6,802,789
	344,010	Citigroup, Inc.^		19,949,140

NUMBER OF SHARES			VALUE
	125,000	Discover Financial Services	$	10,442,500
	51,500	Goldman Sachs Group, Inc.^		13,965,255
	33,700	Intercontinental Exchange, Inc.		3,718,795
	273,910	JPMorgan Chase & Company		35,244,000
	226,225	KeyCorp		3,814,153
	132,475	Marsh & McLennan Companies, Inc.		14,560,327
	290,930	Morgan Stanley^		19,506,856
	43,760	Northern Trust Corp.		3,902,954
	157,631	Starwood Property Trust, Inc.		2,957,158
	150,870	US Bancorp		6,464,779
	288,350	Wells Fargo & Company		8,615,898
				219,739,383
		Health Care (10.7%)
	139,700	Abbott Laboratories~		17,265,523
	55,690	Agilent Technologies, Inc.		6,692,267
	18,870	Anthem, Inc.		5,604,013
	149,780	Baxter International, Inc.		11,507,597
	151,745	Bristol-Myers Squibb Company		9,321,695
	26,830	CVS Health Corp.		1,922,370
	82,050	Edwards Lifesciences Corp.#		6,775,689
	109,850	Eli Lilly & Company		22,845,504
	48,980	Gilead Sciences, Inc.		3,213,088
	26,400	Humana, Inc.		10,114,104
	10,420	Intuitive Surgical, Inc.#		7,790,409
	176,230	Johnson & Johnson^		28,748,400
	56,350	Laboratory Corp. of America Holdings#		12,899,079
	156,340	Medtronic, PLC		17,405,332
	251,550	Merck & Company, Inc.		19,386,958
	288,990	Pfizer, Inc.		10,374,741
	20,295	Stryker Corp.		4,485,398
	42,800	Thermo Fisher Scientific, Inc.		21,815,160
	105,000	UnitedHealth Group, Inc.^		35,025,900
	26,610	Vertex Pharmaceuticals, Inc.#		6,095,819
				259,289,046
		Industrials (5.3%)
	322,640	CSX Corp.^		27,667,993
	14,820	FedEx Corp.		3,487,739
	836,550	General Electric Company		8,934,354
	104,790	Honeywell International, Inc.^		20,472,822
	92,435	J.B. Hunt Transport Services, Inc.		12,447,297
	233,120	Masco Corp.		12,660,747
	191,469	McDermott International, Inc.#		195,298
	37,050	Northrop Grumman Corp.		10,618,901
	334,130	Raytheon Technologies Corp.		22,296,495
	49,810	Union Pacific Corp.		9,835,981
				128,617,627
		Information Technology (25.3%)
	56,335	Accenture, PLC - Class A		13,628,563
	35,170	Adobe, Inc.#		16,134,941
	44,250	Advanced Micro Devices, Inc.#		3,789,570
	1,272,370	Apple, Inc.^~		167,901,945
	322,615	Applied Materials, Inc.		31,190,418
	247,515	Cisco Systems, Inc.		11,034,219
	117,815	Fidelity National Information Services, Inc.		14,545,440
	43,165	Global Payments, Inc.		7,619,486
	56,750	Lam Research Corp.		27,464,163
	190,675	Marvell Technology Group, Ltd.^		9,812,136
	72,315	MasterCard, Inc. - Class A		22,872,511
	158,425	Micron Technology, Inc.#		12,399,925
	593,615	Microsoft Corp.~		137,694,935

See accompanying Notes to Schedule of Investments

12

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	1,520,000	Nokia Corp.(ADR)^#	$	6,931,200
	53,055	NVIDIA Corp.		27,566,847
	27,590	PayPal Holdings, Inc.#		6,464,613
	66,010	QUALCOMM, Inc.		10,316,043
	86,580	Salesforce.com, Inc.#		19,528,985
	21,845	ServiceNow, Inc.#		11,865,330
	44,000	Skyworks Solutions, Inc.^		7,447,000
	85,550	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		10,396,036
	178,525	Visa, Inc. - Class A^		34,499,956
				611,104,262
		Materials (2.3%)
	41,160	Celanese Corp. - Class A		5,027,694
	410,755	Freeport-McMoRan, Inc.#		11,053,417
	80,575	Linde, PLC		19,773,105
	82,000	Nucor Corp.		3,995,860
	96,625	PPG Industries, Inc.		13,016,354
	20,585	Vulcan Materials Company		3,070,047
				55,936,477
		Real Estate (1.5%)
	70,930	American Tower Corp.		16,126,645
	122,605	Crown Castle International Corp.		19,526,072
				35,652,717
		Utilities (0.5%)
	99,075	DTE Energy Company^		11,762,184
		TOTAL COMMON STOCKS (Cost $1,476,479,453)		1,988,183,324
	RIGHTS (0.0%) #
		Financials (0.0%)
	22,573	Motors Liquidation Company (Cost $—)		8,464
	WARRANTS (0.0%) #
		Energy (0.0%)
	6,263	Denbury, Inc. 09/18/25, Strike $32.59		54,175
	2,279	Denbury, Inc. 09/18/23, Strike $35.41		9,253
	57,470	Mcdermott International, Ltd. 06/30/27, Strike $15.98		6
	51,723	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5
	47,885	Tidewater, Inc. 11/14/42, Strike $0.00		499,440
	16,676	Tidewater, Inc. 11/14/42, Strike $0.00		173,931
		TOTAL WARRANTS (Cost $4,161,894)		736,810
	EXCHANGE-TRADED FUNDS (1.7%)
		Other (1.7%)
	195,550	iShares MSCI EAFE ETF^		14,155,865
	5,525	iShares Preferred & Income Securities ETF^		209,121
	93,905	iShares Russell 2000 Value ETF^		12,996,452

NUMBER OF SHARES			VALUE
	113,666	SPDR Bloomberg Barclays High Yield Bond ETF^	$	12,321,394
		TOTAL EXCHANGE-TRADED FUNDS (Cost $37,816,836)		39,682,832
	PREFERRED STOCKS (0.8%)
		Communication Services (0.1%)
	8,482	AT&T, Inc. 4.750%, 02/18/25		215,867
	5,000	AT&T, Inc. 5.350%, 11/01/66		133,550
	20,000	Qwest Corp. 6.500%, 09/01/56		513,400
	4,950	Telephone & Data Systems, Inc. 7.000%, 03/15/60		125,780
	58,050	United States Cellular Corp. 6.250%, 09/01/69		1,553,998
	5,970	United States Cellular Corp.^ 7.250%, 12/01/64		152,354
				2,694,949
		Consumer Discretionary (0.1%)
	4,000	Ford Motor Company^ 6.200%, 06/01/59		105,200
	8,178	Guitar Center, Inc.		924,057
	10,843	Qurate Retail, Inc. 8.000%, 03/15/31		1,084,951
				2,114,208
		Energy (0.2%)
	13,185	Energy Transfer Operating, LP‡ 7.625%, 08/15/23 3 mo. USD LIBOR + 4.74%		283,609
	82,205	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		1,411,460
	31,109	NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		623,735
	55,975	NuStar Logistics, LP‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		1,240,966
				3,559,770
		Financials (0.3%)
	6,000	Affiliated Managers Group, Inc.^ 4.750%, 09/30/60		157,080
	2,975	Allstate Corp. 5.100%, 10/15/24		79,581
	3,100	Annaly Capital Management, Inc.‡ 6.950%, 09/30/22 3 mo. USD LIBOR + 4.99%		77,314
	13,585	Arch Capital Group, Ltd. 5.250%, 09/29/21		349,134
	3,000	B Riley Financial, Inc. 6.000%, 01/31/28		75,420
	5,617	Bank of America Corp. 4.375%, 11/03/25		142,391
	7,000	Brookfield Finance, Inc. 4.625%, 10/16/80		175,280

See accompanying Notes to Schedule of Investments

13

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	16,635	Capital One Financial Corp. 5.000%, 12/01/24	$	434,673
	6,924	Capital One Financial Corp.^ 4.800%, 06/01/25		175,523
	8,000	CIT Group, Inc.^ 5.625%, 12/15/24		211,440
	11,275	Citizens Financial Group, Inc.^ 5.000%, 01/06/25		294,954
	8,775	CNO Financial Group, Inc. 5.125%, 11/25/60		225,079
	4,456	Cullen/Frost Bankers, Inc.^ 4.450%, 12/15/25		113,004
	3,750	First Republic Bank 4.125%, 10/30/25		94,050
	2,750	Fulton Financial Corp. 5.125%, 01/15/26		72,133
	16,896	JPMorgan Chase & Company 4.750%, 12/01/24		442,675
	11,491	KeyCorp 5.650%, 12/15/23		306,580
	5,735	Legg Mason, Inc.^ 5.450%, 09/15/56		146,759
	26,375	Morgan Stanley^ 4.875%, 01/15/25		693,135
	2,700	Northern Trust Corp. 4.700%, 01/01/25		72,360
	5,400	Oaktree Capital Group, LLC^ 6.550%, 09/15/23		148,554
	10,000	Prospect Capital Corp.^ 6.250%, 06/15/24		252,400
	8,500	Prudential Financial, Inc.^ 4.125%, 09/01/60		218,535
	12,000	Selective Insurance Group, Inc. 4.600%, 12/15/25		297,000
	3,006	Signature Bank/New York NY 5.000%, 12/30/25		76,473
	5,250	Spirit Realty Capital, Inc. 6.000%, 10/03/22		139,230
	11,500	Truist Financial Corp. 4.750%, 09/01/25		301,185
	11,110	US Bancorp^ 3.750%, 01/15/26		272,195
	25,365	Wells Fargo & Company^ 4.750%, 03/15/25		634,632
	14,550	WR Berkley Corp. 5.100%, 12/30/59		381,646
	2,700	WR Berkley Corp. 5.700%, 03/30/58		72,036
				7,132,451
		Industrials (0.0%)
	6,250	Air Lease Corp.‡ 6.150%, 03/15/24 3 mo. USD LIBOR + 3.65%		162,188
	2,500	Brookfield Finance I UK, PLC^ 4.500%, 11/24/25		62,800
	3,750	QVC, Inc.^ 6.250%, 11/26/68		93,900
				318,888
		Real Estate (0.1%)
	5,180	American Homes 4 Rent^ 6.250%, 09/19/23		138,151
	7,275	Brookfield Property Partners, LP 5.750%, 03/31/25		169,144

NUMBER OF SHARES			VALUE
	5,000	Brookfield Property Partners, LP 6.375%, 09/30/24	$	121,150
	5,000	Digital Realty Trust, Inc.^ 5.850%, 03/13/24		136,600
	5,400	EPR Properties 5.750%, 11/30/22		123,876
	10,500	Federal Realty Investment Trust^ 5.000%, 09/29/22		269,850
	1,829	Global Net Lease, Inc. 6.875%, 11/26/24		45,981
	11,000	Kimco Realty Corp.^ 5.250%, 12/20/22		286,550
	5,300	PS Business Parks, Inc. 5.200%, 12/07/22		139,178
	9,655	Public Storage 4.625%, 06/17/25		253,154
	4,578	SITE Centers Corp.^ 6.250%, 03/01/21		115,091
				1,798,725
		Utilities (0.0%)
	5,000	Algonquin Power & Utilities Corp.‡ 6.875%, 10/17/78 3 mo. USD LIBOR + 3.68%		138,400
	6,000	Brookfield Renewable Partners, LP 5.250%, 03/31/25		159,480
	5,100	DTE Energy Company 5.250%, 12/01/77		133,467
	2,800	Southern Company 4.950%, 01/30/80		73,080
				504,427
		TOTAL PREFERRED STOCKS (Cost $18,710,004)		18,123,418
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.4%) #
		Consumer Discretionary (0.2%)
	360	Alibaba Group Holding, Ltd.
	9,137,880	Call, 01/21/22, Strike $300.00		1,022,400
	155	Tesla, Inc.
	12,299,715	Call, 06/18/21, Strike $800.00		2,284,700
				3,307,100
		Financials (0.0%)
	2,960	Wells Fargo & Company
	8,844,480	Call, 04/16/21, Strike $30.00		663,040
		Information Technology (0.0%)
	1,700	Intel Corp.
	9,436,700	Call, 06/18/21, Strike $70.00		192,100
	725	Micron Technology, Inc.
	5,674,575	Call, 06/18/21, Strike $90.00		367,937
				560,037
		Other (0.2%)
	4,150	Financial Select Sector SPDR Fund
	12,014,250	Call, 03/19/21, Strike $29.00		554,025

See accompanying Notes to Schedule of Investments

14

Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	1,520	iShares MSCI EAFE ETF
	11,003,280	Call, 03/19/21, Strike $74.00	$	218,120
	5,805	iShares MSCI Emerging Markets
	30,946,455	Call, 06/18/21, Strike $59.00		795,285
	2,100	iShares Russell 2000 ETF
	43,167,600	Call, 03/19/21, Strike $195.00		3,601,500
				5,168,930
		TOTAL PURCHASED OPTIONS (Cost $6,728,832)		9,699,107
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (4.8%)
	58,229,378	JPMorgan Prime Money Market Fund - Capital Class, 0.110%***		58,258,492
	58,511,821	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.030%***		58,511,821
		TOTAL SHORT TERM INVESTMENTS (Cost $116,770,313)		116,770,313
	TOTAL INVESTMENTS (144.4%) (Cost $2,816,592,206)			3,487,317,307
	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.0%)			(242,000,000	)
	LIABILITIES, LESS OTHER ASSETS (-34.4%)			(829,640,964	)
	NET ASSETS (100.0%)		$	2,415,676,343
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTION (0.0%) #
		Consumer Discretionary (0.0%)
	155	Tesla, Inc.
	12,299,715	Put, 06/18/21, Strike $500.00 (Premium $797,813)		(424,313	)

NOTES TO SCHEDULE OF INVESTMENTS
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $118,322,841.
^	Security, or portion of security, is on loan.
@	In default status and considered non-income producing.
‡	Variable rate security. The rate shown is the rate in effect at January 31, 2021.
~	Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $7,456,620.
¡	Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
!	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
‡‡	Perpetual maturity.
§	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
**	Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at January 31, 2021.
#	Non-income producing security.
***	The rate disclosed is the 7 day net yield as of January 31, 2021.

FOREIGN CURRENCY ABBREVIATION

EUR         European Monetary Unit

Note: The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

15

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Strategic Total Return Fund (the “Fund”) was organized as a Delaware statutory trust on December 31, 2003 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on March 26, 2004.

Significant Accounting Policies. The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted ASU2017-08 as of January 1, 2020, with no material impact on the Fund’s financial statements.

In October 2020, FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 was issued to clarify how to amortize premiums for debt securities where there are bonds with multiple call dates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated the impact of this guidance within the Fund’s financial statements and has determined the adoption of ASU 2020-08 will have no impact on the Fund’s financial statements.

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Note 2 – Investments

The cost basis of investments for federal income tax purposes at January 31, 2021 was as follows*:

Cost basis of investments	$	2,815,794,393
Gross unrealized appreciation		875,416,028
Gross unrealized depreciation		(204,317,427)
Net unrealized appreciation (depreciation)		$671,098,601

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Note 3 – Mandatory Redeemable Preferred Shares

On September 6, 2017, the Fund issued 9,680,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $242.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2021.

Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	3,220	$25	$80,500,000
Series B	9/06/24	4.00%	3,220	$25	$80,500,000
Series C	9/06/27	4.24%	3,240	$25	$81,000,000
				Total	$242,000,000

The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in the Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

Previously, the MRPS had been assigned a rating of “AA” by Fitch Ratings, Inc. (“Fitch”). As of December 17, 2020, Kroll Bond Rating Agency LLC (“Kroll”) replaced Fitch as the rating agency for the MRPS. The MRPS have been assigned a rating of `AA-’ by Kroll. If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund, such as Kroll), the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” within the Statement of Operations.

The MRPS rank junior to the Fund’s borrowings under the SSB Agreement and senior to the Fund’s outstanding common stock. The Fund may, at its option, subject to various terms and conditions, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends, plus a make whole premium equal to the discounted value of the remaining scheduled payments. Each class of MRPS is subject to mandatory redemption on the term redemption date specified in the table above. Periodically, the Fund is subject to an overcollateralization test based on applicable rating agency criteria (the “OC Test”) and an asset coverage test with respect to its outstanding senior securities (the “AC Test”). The Fund may be required to redeem MRPS before their term redemption date if it does not comply with one or both tests. So long as any MRPS are outstanding, the Fund may not declare, pay or set aside for payment cash dividends or other distributions on shares of its common stock unless (1) the Fund has satisfied the OC Test on at least one testing date in the preceding 65 days, (2) immediately after such transaction, the Fund would comply with the AC Test, (3) full cumulative dividends on the MRPS due on or prior to the date of such transaction have been declared and paid and (4) the Fund has redeemed all MRPS required to have been redeemed on such date or has deposited funds sufficient for such redemption, subject to certain grace periods and exceptions.

Except as otherwise required pursuant to the Fund’s governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of the Fund, voting separately as a class. Except during any time when the Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the board of trustees on any matter submitted to them for their vote or to the vote of shareholders of the Fund generally.