# EDGAR Filing Document

**Accession Number:** 0001970466
**File Stem:** 0000926877-26-000084
**Filing Date:** 2026-3
**Character Count:** 25407
**Document Hash:** 9087a19a8c4ef4e6a4fdb3ec6e38570f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000926877-26-000084.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000926877-26-000084

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Trust Hedged Strategies Fund
- **CENTRAL INDEX KEY:** 0001970466

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23857
- **FILM NUMBER:** 26707346

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

**First Trust Hedged Strategies Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| Number of Shares | Cost |  | Value |
|  |  | **PRIVATE INVESTMENT VEHICLES - 92.2%** |  |
|  |  | **INVESTMENT PARTNERSHIPS - 92.2%** |  |
| N/A<sup>1</sup> | $3000000 | Acer Tree Credit Opportunities Partners LP<sup>\*,2</sup> | $3097409 |
| N/A<sup>1</sup> | 2000000 | Cartenna Partners LP<sup>\*,2</sup> | 2138758 |
| N/A<sup>1</sup> | 3081531 | Dorsal Capital Partners LP<sup>\*,2</sup> | 3774884 |
| N/A<sup>1</sup> | 3547257 | DSC Meridian Credit Opportunities Onshore Fund LP<sup>\*,2</sup> | 4811961 |
| N/A<sup>1</sup> | 3780390 | Linden Investors LP<sup>\*,2</sup> | 5308087 |
| N/A<sup>1</sup> | 3750000 | Old Orchard Credit Fund Ltd.<sup>\*,2</sup> | 4371614 |
| N/A<sup>1</sup> | 2532236 | Point72 Capital, L.P.<sup>\*,2</sup> | 3671823 |
| N/A<sup>1</sup> | 3106309 | Prana Absolute Return Fund LP<sup>\*,2</sup> | 4002332 |
| N/A<sup>1</sup> | 1979792 | RA Capital Healthcare Fund, LP<sup>\*,2</sup> | 3956125 |
| N/A<sup>1</sup> | 1418741 | RiverNorth Capital Partners, L.P.<sup>\*,2</sup> | 1791450 |
| N/A<sup>1</sup> | 1653764 | RiverNorth Inst. Partners, L.P.<sup>\*,2</sup> | 2077986 |
| N/A<sup>1</sup> | 3396906 | Sachem Head LP<sup>\*,2</sup> | 6085130 |
| N/A<sup>1</sup> | 2500000 | Schonfeld Strategic Partners Fund, LLC<sup>\*,2</sup> | 2640442 |
| N/A<sup>1</sup> | 3285477 | Sofinnova BioEquities LP<sup>\*,2</sup> | 3884761 |
| N/A<sup>1</sup> | 4542027 | Walleye Opportunities Fund LP<sup>\*,2</sup> | 6086052 |
|  |  | **TOTAL PRIVATE INVESTMENT VEHICLES** |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $43,574,430) | 57698814 |
|  |  | **SHORT-TERM INVESTMENTS - 0.2%** |  |
| 147696 |  | UMB Bank Money Market Special II Deposit Investment, 3.48%<sup>3</sup> | 147696 |
|  |  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $147,696) | 147696 |
|  |  | **TOTAL INVESTMENTS - 92.4%** |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $43,722,126) | 57846510 |
|  |  | Other Assets in Excess of Liabilities - 7.6% | 4769507 |
|  |  | **TOTAL NET ASSETS - 100.0%** | $62616017 |

---

LP - Limited Partnership

\* Non-income producing security.

<sup>1</sup> Investment does not issue shares.

<sup>2</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy table located in Note 2.

<sup>3</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to the Schedule of Investments.*

**First Trust Hedged Strategies Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions on Redemptions** | **Redemptions<br> Permitted** | **Redemption<br> Notice Period** | **Cost** | **Fair Value** | **Original<br> Acquisition Date** |
| Acer Tree Credit Opportunities Partners LP<sup>1</sup> | Quarterly | 45 Days | $3000000 | $3097409 | 2/1/2025 |
| Cartenna Partners LP<sup>1</sup> | Quarterly | 45 Days | 2000000 | 2138758 | 3/1/2025 |
| Dorsal Capital Partners LP<sup>1</sup> | Quarterly | 45 Days | 3081531 | 3774884 | 7/3/2023 |
| DSC Meridian Credit Opportunities Onshore Fund LP<sup>1</sup> | Quarterly<sup>2</sup> | 65 Days | 3547257 | 4811961 | 7/3/2023 |
| Linden Investors LP<sup>1</sup> | Quarterly<sup>2</sup> | 65 Days | 3780390 | 5308087 | 7/3/2023 |
| Old Orchard Credit Fund Ltd.<sup>1</sup> | Quarterly<sup>2</sup> | 65 Days | 3750000 | 4371614 | 9/1/2023 |
| Point72 Capital, L.P.<sup>1</sup> | Quarterly<sup>2</sup> | 45 Days | 2532236 | 3671823 | 8/1/2023 |
| Prana Absolute Return Fund LP<sup>1</sup> | Quarterly | 50 Days | 3106309 | 4002332 | 7/3/2023 |
| RA Capital Healthcare Fund, LP<sup>1</sup> | Quarterly<sup>3</sup> | 95 Days | 1979792 | 3956125 | 7/3/2023 |
| RiverNorth Capital Partners, L.P.<sup>1</sup> | Quarterly<sup>3</sup> | 65 Days | 1418741 | 1791450 | 7/3/2023 |
| RiverNorth Inst. Partners, L.P.<sup>1</sup> | Monthly<sup>3</sup> | 65 Days | 1653764 | 2077986 | 7/3/2023 |
| Sachem Head LP<sup>1</sup> | Quarterly<sup>2</sup> | 70 Days | 3396906 | 6085130 | 7/3/2023 |
| Schonfeld Strategic Partners Fund, LLC<sup>1</sup> | Quarterly<sup>4</sup> | 45 Days | 2500000 | 2640442 | 4/1/2025 |
| Sofinnova BioEquities LP<sup>1</sup> | Quarterly | 65 Days | 3285477 | 3884761 | 7/3/2023 |
| Walleye Opportunities Fund LP<sup>1</sup> | Monthly<sup>2</sup> | 30 Days | 4542027 | 6086052 | 7/3/2023 |
| **Totals:** |  |  | $43574430 | $57698814 |  |

---

<sup>1</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>2</sup> The Underlying Fund can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the Underlying Fund.

<sup>3</sup> The Underlying Fund can institute a gate provision on redemptions at the fund level of 10 – 25% of the fair value of the investment in the Underlying Fund.

<sup>4</sup> The Underlying Fund can institute a gate provision on redemptions at the investor level of 12.5% of the fair value of the investment in the Underlying Fund.

*See accompanying Notes to the Schedule of Investments.*

**First Trust Hedged Strategies Fund**

**PORTFOLIO COMPOSITION**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Country of Incorporation** | **Value** | **Percent of Total<br> Net Assets** |
| United States | $57846510 | 92.4% |
| **Total Investments** | **57846510** | **92.4%** |
| Other Assets in Excess of Liabilities | 4769507 | 7.6% |
| **Total Net Assets** | $**62616017** | **100.0%** |

---

*See accompanying Notes to the Schedule of Investments.*

**First Trust Hedged Strategies Fund**

**NOTES TO THE SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

**Note 1 – Valuation of Investments**

UMB Fund Services, Inc. ("UMBFS"), the Fund's administrator, calculates the Fund's net asset value ("NAV") as of the close of business on each business day and at such other times as the Board of Trustees (the "Board") may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date").

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated First Trust Capital Management L.P., (the "Investment Adviser") as the valuation designee (in such capacity, the "Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The Investment Adviser carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.

As a general matter, the fair value of the Fund's interest in an Underlying Fund (i.e., generally a private fund that is excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) will represent the amount that the Fund could reasonably expect to receive from the Underlying Fund if the Fund's interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Valuation Designee believes to be reliable. The Valuation Designee will determine the fair value of such Underlying Fund based on the most recent final or estimated value reported by the Underlying Fund, as well as any other relevant information available at the time the Valuation Designee values its portfolio. A substantial amount of time may elapse between the occurrence of an event necessitating the pricing of Fund assets and the receipt of valuation information from the Underlying Manager of an Underlying Fund.

Between the periodic valuation periods, the NAVs of such Underlying Funds are adjusted daily based on the total return that each Underlying Fund is estimated by the Valuation Designee to generate during the period. The Valuation Designee monitors these estimates regularly and updates them as necessary if macro or individual Underlying Fund changes warrant any adjustments, subject to the review and supervision of the Board.

The Valuation Designee will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the Underlying Manager at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with generally accepted accounting principles in the United States of America ("GAAP") and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Underlying Fund. In other cases, as when an Underlying Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Underlying Fund interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the Underlying Fund. Any such decision will be made in good faith by the Valuation Designee, under oversight by the Board.

Where deemed appropriate by the Valuation Designee and consistent with the Investment Company Act, investments in Underlying Funds may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular Underlying Fund under consideration.

Debt securities will generally be valued using a third-party pricing system, agent, or dealer selected by the Valuation Designee, which may include the use of valuations furnished by a pricing service that employs a matrix to determine valuations for normal institutional size trading units. Debt securities with remaining maturities of 60 days or less, absent unusual circumstances, will be valued at amortized cost, so long as such valuations are determined by the Valuation Designee to represent fair value.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value as determined in good faith by the Valuation Designee.

Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV if the judgments of the Valuation Designee (in reliance on the Underlying Funds and/or their administrators) regarding appropriate valuations should prove incorrect.

**First Trust Hedged Strategies Fund**

**NOTES TO THE SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

**Note 2 – Fair Value Measurements and Disclosure**

ASC 820, *Fair Value Measurement* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement.

Under ASC 820 various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels as described below:

· Level
 1 — Unadjusted quoted prices in active markets for identical assets or
 liabilities that the Fund has the ability to access.

· Level
 2 — Observable inputs other than quoted prices included in Level 1 that
 are observable for the asset or liability, either directly or indirectly. These inputs may
 include quoted prices for the identical instrument on an inactive market, prices for similar
 instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates
 and similar data.

· Level
 3 — Unobservable inputs for the asset or liability, to the extent relevant
 observable inputs are not available, representing the Fund's own assumptions about
 the assumptions a market participant would use in valuing the asset or liability, and would
 be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

In accordance with Accounting Standards Update ("ASU") 2015-07, *Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),* investments valued at the NAV as practical expedient in accordance with GAAP are not included in the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private Investment Vehicles | $- | $- | $57698814 | $57698814 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 147696 | - | - | 147696 |
| Total Investments | $147696 | $- | $57698814 | $57846510 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Trust Hedged Strategies Fund

- **b. Investment Company Act file number:** 811-23857

- **c. CIK number of Registrant:** 0001970466

- **d. LEI of Registrant:** 5493000CFSNV8PM4PD85

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 414-299-2270

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Trust Hedged Strategies Fund

- **c. LEI of Series:** 5493000CFSNV8PM4PD85

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $62853275.85

**Total Liabilities:** $274568.91

**Net Assets:** $62578706.94

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.20%                | 0.17%                | 0.82%                |
| Class ID N/A | 2.26%                | 0.25%                | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1456054.60                                |
| Month 2  | $0.00                    | $237499.10                                 |
| Month 3  | $0.00                    | $616305.18                                 |

### Schedule of Portfolio Investments

| Name                                          | Title                                         | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ACER TREE CREDIT OPP PARTNERS LP   /          | ACER TREE CREDIT OPP PARTNERS LP   /          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3097409.02   | 4.95%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CARTENNA PARTNERS LP   /                      | CARTENNA PARTNERS LP   /                      | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $2138757.44   | 3.42%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dorsal Capital Partners LP   /                | Dorsal Capital Partners LP   /                | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $3774884.13   | 6.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| POINT72 CAPITAL CL A LP   /                   | POINT72 CAPITAL CL A LP   /                   | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $3671823.04   | 5.87%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Prana Absolute Return Fund LP   /             | Prana Absolute Return Fund LP   /             | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $4002331.92   | 6.40%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RA Capital Healthcare Fund, L.P   /           | RA Capital Healthcare Fund, L.P   /           | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $3956125.29   | 6.32%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RA Capital Healthcar Side Pocket Receivab   / | RA Capital Healthcar Side Pocket Receivab   / | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $375163.16    | 0.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RiverNorth Capital Partners, L.P.   /         | RiverNorth Capital Partners, L.P.   /         | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $1791449.70   | 2.86%             |  |  |  | Yes           | 3                  | On Loan: No      |
| DSC Meridian Credit OpportunitiesFund LP   /  | DSC Meridian Credit OpportunitiesFund LP   /  | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $4811961.29   | 7.69%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Eisler Capital Multi Strategy Fund Ltd.   /   | Eisler Capital Multi Strategy Fund Ltd.   /   | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $4143293.26   | 6.62%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RiverNorth Inst Partners, L.P.   /            | RiverNorth Inst Partners, L.P.   /            | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $2077986.34   | 3.32%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Sachem Head LP    /                           | Sachem Head LP    /                           | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $6085130.11   | 9.72%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Linden Investors LP    /                      | Linden Investors LP    /                      | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $5308087.26   | 8.48%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Old Orchard Credit Fund Ltd.   /              | Old Orchard Credit Fund Ltd.   /              | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $4371613.97   | 6.99%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Schonfeld Strategic Partners Fund LLC   /     | Schonfeld Strategic Partners Fund LLC   /     | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $2640441.76   | 4.22%             |  |  |  | Yes           | 3                  | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /               | UMB MONEY MARKET II SPECIAL   /               | CUSIP: SF8888628<br>LEI: N/A | Long             | STIV             | CORP              | US        |   1189752 | PA      | $1189752.40   | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Sofinnova BioEquities LP   /                  | Sofinnova BioEquities LP   /                  | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $3884761.14   | 6.21%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Walleye Opportunitie Fund LP   /              | Walleye Opportunitie Fund LP   /              | CUSIP: 999999999<br>LEI: N/A | Long             | EC               | RF                | US        |         1 | NS      | $6086051.64   | 9.73%             |  |  |  | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** First Trust Hedged Strategies Fund

**Signature:** /s/ Michael D. Peck

**Name of Signer:** Michael D. Peck

**Title:** President