<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001333986</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Series H Mandatory Redeemable Preferred Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>08/31/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001275214</issuerCik>
        <issuerName>CALAMOS STRATEGIC TOTAL RETURN FUND</issuerName>
        <issuerCusips>
          <issuerCusipNumber>128125*86</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>2020 CALAMOS COURT</com:street1>
          <com:street2>C/O CALAMOS ADVISORS LLC</com:street2>
          <com:city>NAPERVILLE</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60563</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Equitable Holdings, Inc.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1200000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1200000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1200000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>19.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>CALAMOS STRATEGIC TOTAL RETURN FUND</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>2020 CALAMOS COURT, C/O CALAMOS ADVISORS LLC, NAPERVILLE, ILLINOIS, 60563.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Equitable Holdings, Inc.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1345 AVENUE OF THE AMERICAS, NEW YORK, NY, 10105</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Delaware</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>1,200,000</amountBeneficiallyOwned>
        <classPercent>19.87</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>1,200,000</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>1,200,000</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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 &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Equitable Holdings, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>Anthony Bruccoleri</signature>
        <title>Lead Director</title>
        <date>09/11/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
