# EDGAR Filing Document

**Accession Number:** 0002063706
**File Stem:** 0001410368-26-020622
**Filing Date:** 2026-2
**Character Count:** 43999
**Document Hash:** 385ee9e5dbc62ce03ab8a977033fce3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-020622.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001410368-26-020622

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Aksia Hedged Strategies Fund
- **CENTRAL INDEX KEY:** 0002063706

**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:** 811-24073
- **FILM NUMBER:** 26697440

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** (630) 245-7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

## Nport-Ex

------

Schedule of Investments As of December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description of Investment** | **Initial**<br>**Acquisition**<br>**Date** |<br>**Shares** |<br>**Cost** |<br>**Fair Value** |
| **Hedge Funds (88.1%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Event Driven (7.8%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empyrean Capital Overseas Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 557 | $600000 | $658936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Offshore Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 4852 | 546560 | 561407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ValueAct Capital Partners II LP<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | N/A | 244657 | 270413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VR Global Offshore Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 225 | 222085 | 246651 |
| &nbsp;&nbsp;&nbsp;Long/Short Equity (10.2%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Strategic Equity Hedge Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;05/01/2025 | 461 | 263414 | 294022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D1 Capital Partners Offshore LP Class K<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;12/01/2025 | N/A | 425000 | 425598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D1 Capital Partners Offshore LP Class D<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | N/A | 249220 | 309258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holocene Advisors Offshore Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 737 | 775000 | 853544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ilex Offshore Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;11/03/2025 | 400 | 400000 | 407696 |
| &nbsp;&nbsp;&nbsp;Multi-Strategy (27.4%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Enhanced Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 857 | 900000 | 990926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elliott International Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;07/01/2024 | 1000 | 450000 | 502069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExodusPoint Partners International Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 1047 | 1125000 | 1218620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMR Multi-Strategy Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 7333 | 975000 | 1078190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point72 Capital LP<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | N/A | 525000 | 653717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor Overseas Fund II, Ltd.<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 752 | 801321 | 844485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verition Multi-Strategy Fund LLC Class C<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;12/01/2025 | 465 | 200000 | 202717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verition Multi-Strategy Fund LLC Class A<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 1465 | 630161 | 653297 |
| &nbsp;&nbsp;&nbsp;Relative Value (26.3%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claren Road Credit Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;07/01/2024 | 625 | 625000 | 639193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda Fixed Income Relative Value Opportunity Fund (Onshore) Ltd.<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;07/01/2024 | 1168 | 1200000 | 1248459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linden Investors LP<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | N/A | 774590 | 835897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One William Street Capital Offshore Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 583 | 618326 | 635623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratus Feeder Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 146 | 179061 | 222135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taula Global Macro Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 325 | 325000 | 372372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Sigma Spectrum US Fund LP<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;07/01/2024 | N/A | 925000 | 984751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Mortgage Investment Fund SP<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 2552 | 647700 | 684758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitebox Relative Value Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 225 | 225000 | 268811 |
| &nbsp;&nbsp;&nbsp;Tactical Trading (16.4%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brevan Howard Alpha Strategies Fund (Cayman No. 2) Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 5581 | 575000 | 602515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brevan Howard FG Macro Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 5424 | 547773 | 589417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caxton Macro Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 200 | 200000 | 256058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreshamQuant ACAR Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 824 | 689594 | 706222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirkoswald Global Macro Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;07/01/2024 | 6250 | 625000 | 688896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Man AHL CCS (Restricted) SPC - Enhanced Momentum Segregated Portfolio A<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 126781 | 192278 | 228721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rokos Global Macro Fund Limited<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;06/01/2024 | 1690 | 154774 | 206958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd<sup>(b)(d)(e)</sup> | &nbsp;&nbsp;04/01/2025 | 444 | 454843 | 406229 |
| **Total Hedge Funds (88.1%)** |  |  | $18291357 | $19748561 |
| **Mutual Funds (3.3%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States (3.3%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund Class I Shares<sup>(c)</sup> | &nbsp;&nbsp;06/01/2024 | 46318 | $725000 | $727200 |
| **Total Mutual Funds (3.3%)** |  |  | 725000 | 727200 |
| **Total Investment in Investment Funds (91.4%)** |  |  | $19016357 | $20475761 |
| Other Assets Less Liabilities (8.6%) |  |  |  | 1928592 |
| **Net Assets (100.0%)** |  |  |  | $22404353 |

---

<sup>(a)</sup> Private investment fund does not issue shares or units.

<sup>(b)</sup> Investment valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>(c)</sup> Affiliated investment fund.

<sup>(d)</sup> Investment restricted for resale. The total value of these investments is $19,748,561, which represents 88.1% of net assets.

<sup>(e)</sup> Non-income producing.

See accompanying Notes to Schedule of Investments.

Notes to Schedule of Investments (Unaudited)

**Note 1 — Organization**

Calamos Aksia Hedged Strategies Fund (the "Fund") was organized as a Delaware statutory trust on March 21, 2025. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company and operates as an interval fund, commenced operations on October 1, 2025. The Fund's investment advisor is Calamos Advisors LLC (the "Advisor" or "Calamos") and the Fund's sub-advisor is Aksia LLC (the "Sub-Advisor" or "Aksia" and together, the "Advisors"). The Advisor and the Sub-Advisor are each registered as an investment advisor with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

Simultaneous with the Fund's commencement of operations, Calamos Aksia Hedge Fund Access Core Alpha LP, a Delaware limited partnership (the "Predecessor Fund") reorganized with and into the Fund (the "Fund Conversion"). The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund and at the time of the Fund Conversion was managed by the same Advisor, Sub-Advisor and portfolio managers as the Fund.

The Fund's investment objective is to achieve long-term capital appreciation while maintaining a low sensitivity to equity markets. The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in Alternative Funds and Direct Investments (each as defined below). The Fund intends to utilize a multi-layered strategy and expects to hold Liquid Investments for the purposes of liquidity management and to meet liquidity needs for quarterly repurchases.

Alternative funds are commingled asset pools that typically offer their securities privately, without registering such securities under the Securities Act ("Alternative Funds"). The Fund may make direct investments in equity, debt and other financial instruments and obligations that are consistent with the types of alternative investment strategies pursued by Alternative Funds or that provide access to private markets ("Direct Investments").

**Note 2 — Significant Accounting Policies**

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Valuation of Investments**

The Fund's net asset value ("NAV") per Share is determined daily by the Advisor as of the close of business on each day the New York Stock Exchange ("NYSE") is open for trading or at such other times as the Board may determine. In accordance with the procedures approved by the Board, the NAV per outstanding Share of beneficial interest is determined, on a class-specific basis, by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Board has designated the Advisor as its Valuation Designee to perform fair valuation determinations for the Fund with respect to all Fund investments. The Board oversees the Advisor in its role as Valuation Designee and has approved a valuation policy for the Fund (the "Valuation Policy") and the Advisor's valuation procedures (the "Valuation Procedures"). The Advisor, as Valuation Designee, has formed a separate valuation committee (the "Valuation Committee") for determining the fair value of the Fund's investments. The Valuation Committee oversees the implementation of the Valuation Procedures and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. The Valuation Committee is composed of individuals affiliated with the Advisor.

Notes to Schedule of Investments (Unaudited)

The Advisor, including through the Valuation Committee, conducts the valuation determinations, provides primary day-to-day oversight of valuation of the Fund's investments and acts in accordance with the Valuation Procedures as approved by the Board.

The Advisor values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of Shares or amount of the instrument held. The Advisor values securities/instruments that are not actively traded but whose fair value can be determined based on other observable market data using a price determined by an approved independent pricing vendor.

The Advisor may engage one or more independent valuation firms to perform procedures, including providing input about calculation models or providing assurance on the concluded fair values for individual investments held by the Fund. Such independent third-party pricing services and independent third-party valuation services may be utilized by the Advisor to verify valuation models pursuant to the Fund's valuation policy at such timing intervals as the Advisor may deem appropriate.

If the Advisor reasonably believes an opinion from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Advisor's Valuation Committee will determine a good-faith fair valuation for the impacted investment. The Advisor's Valuation Committee, who is solely responsible for the determination of the fair value of the investments, will consider all available information at its disposal prior to making a valuation determination, including information or opinions from third-party firms.

The Advisor seeks to evaluate on a daily basis material information about the Fund's portfolio companies; however, for the reasons noted herein, the Advisor will not be able to acquire and/or evaluate properly such information on a daily basis. Due to these various factors, the Fund's fair value determinations can cause the Fund's NAV on a given day to materially understate or overstate the value of its investments. As a result, investors who purchase Shares may receive more or less Shares and investors who tender their Shares may receive more or less cash proceeds than they otherwise would receive. If the Fund's NAV is adjusted after a Shareholder has received their Shares upon purchase or received repurchase proceeds in a repurchase offer, for example as a result of the Fund's next annual audit following such purchase or repurchase, the adjustment will not, in most cases, result in an adjustment to the number of Shares received by the Shareholder in a purchase, or a Shareholder's repurchase proceeds in a repurchase offer.

The fair value of options which are listed on major security exchanges are valued at their last reported sales price as of the valuation date or based on the midpoint of the bid/ask spread at the close of business. Options which are traded on over-the-counter ("OTC") markets are generally valued using indicative broker quotes derived from pricing models that are widely accepted by marketplace participants.

**Investments in Hedge Funds**

Investments in the Hedge Funds are recorded on a trade-date basis. The Advisor values the investments in the Hedge Funds at fair value. Investments in the Hedge Funds are recorded NAV as a practical expedient for determining fair value.

As a practical expedient, fair value ordinarily represents the Fund's proportionate share of the Hedge Funds net asset values determined in accordance with each Hedge Fund's valuation policies and reported at the time of the Fund's valuation by the management of each Hedge Fund. Generally, the fair value of the Fund's investment in each Hedge Fund represents the amount that the Fund could reasonably expect to receive from such Hedge Fund if the Fund's investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable.

Due to the nature of the Hedge Funds, the Fund can only liquidate its position in the Hedge Fund according to the terms described in each Hedge Fund's operating or private placement memorandum.

**Commitments and Contingencies**

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, counterparties, debt agents, borrowers, private investment funds, or other parties and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from parties with whom it conducts business.

Notes to Schedule of Investments (Unaudited)

**Note 3 — Fair Value of Investments**

**Fair Value — Definition**

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

● Level 1 — Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

● Level 2 — Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

● Level 3 — Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

Investments in Hedge Funds are measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy, however these amounts are shown in the table below under net asset value in order to reconcile back to the Schedule of Investments.

The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the investment. 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.

Notes to Schedule of Investments (Unaudited)

**Note 3 — Fair Value of Investments (continued)**

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | LEVEL1 | LEVEL 2 | LEVEL 3 | NET ASSET <br> VALUE | TOTAL |
| **Assets:** |  |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hedge Funds <sup>(1)</sup> | $- | $- | $- | $19748561 | $19748561 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | $727200 | $- | $- | $- | $727200 |
| Total investments, at fair value | $727200 | $- | $- | $19748561 | $20475761 |

---

<sup>(1)</sup> The Hedge Fund investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Calamos Aksia Hedged Strategies Fund

- **b. Investment Company Act file number:** 811-24073

- **c. CIK number of Registrant:** 0002063706

- **d. LEI of Registrant:** 529900ZEEOODPY2QQY89

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

  - **Street Address 1:** 2020 Calamos Court

  - **City:** Naperville

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60563

  - **Telephone number:** 630-245-7200

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

- **a. Name of Series:** Calamos Aksia Hedged Strategies Fund

- **c. LEI of Series:** 529900ZEEOODPY2QQY89

**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:** $23128443.99

**Total Liabilities:** $724090.98

**Net Assets:** $22404353.01

**Cash Not Reported:** $703344.60

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.30%                | 0.69%                | 1.02%                |
| Class ID N/A | 1.40%                | 0.59%                | 1.15%                |
| Class ID N/A | 1.40%                | 0.69%                | 1.11%                |
| Class ID N/A | 1.30%                | 0.59%                | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1055206.43                                |
| Month 2  | $10833.16                | $118603.40                                 |
| Month 3  | $0.00                    | $257030.08                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Calamos Market Neutral Income Fund | Calamos Market Neutral Income Fund | CUSIP: 128119880<br>LEI: 549300V8T4Z368WZGT46 | Long             | EC               | RF                | US        |     46318 | NS      | $727199.52    | 3.25%             |  |  |  | No            | 1                  | On Loan: No      |
| ATLAS ENHANCED FUND SERIES X       | ATLAS ENHANCED FUND SERIES X       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       257 | NS      | $308431.93    | 1.38%             |  |  |  | No            | N/A                | On Loan: No      |
| BREVAN HOWARD ALPHA STRG X         | BREVAN HOWARD ALPHA STRG X         | CUSIP: 000000000<br>LEI: 549300A8XIECL6GGOE93 | Long             |  | PF                | US        |      1331 | NS      | $149408.62    | 0.67%             |  |  |  | No            | N/A                | On Loan: No      |
| BREVAN HOWARD FG MACRO FUND X      | BREVAN HOWARD FG MACRO FUND X      | CUSIP: 000000000<br>LEI: 54930092Z3CK4YL92E97 | Long             |  | PF                | US        |      1405 | NS      | $159010.11    | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| EMPYREAN CAPITAL OVERSEAS X        | EMPYREAN CAPITAL OVERSEAS X        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       257 | NS      | $304198.94    | 1.36%             |  |  |  | No            | N/A                | On Loan: No      |
| EXODUSPOINT PARTNERS INT FND X     | EXODUSPOINT PARTNERS INT FND X     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       422 | NS      | $510445.71    | 2.28%             |  |  |  | No            | N/A                | On Loan: No      |
| HOLOCENE ADVISORS OFFSHORE X       | HOLOCENE ADVISORS OFFSHORE X       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       362 | NS      | $419238.21    | 1.87%             |  |  |  | No            | N/A                | On Loan: No      |
| LMR MULTI STRATEGY FUND LT X       | LMR MULTI STRATEGY FUND LT X       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      2563 | NS      | $311715.01    | 1.39%             |  |  |  | No            | N/A                | On Loan: No      |
| GARDA FIXED INCOME OPP FND X       | GARDA FIXED INCOME OPP FND X       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       368 | NS      | $404933.00    | 1.81%             |  |  |  | No            | N/A                | On Loan: No      |
| GRESHAMQUANT ACAR FUND LTD X       | GRESHAMQUANT ACAR FUND LTD X       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       272 | NS      | $212693.53    | 0.95%             |  |  |  | No            | N/A                | On Loan: No      |
| CFM STRATUS FEEDER LIMITED         | CFM STRATUS FEEDER LIMITED         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       146 | NS      | $222134.64    | 0.99%             |  |  |  | No            | N/A                | On Loan: No      |
| ILEX OFFSHORE FUND LTD CLASS A     | ILEX OFFSHORE FUND LTD CLASS A     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       400 | NS      | $407695.61    | 1.82%             |  |  |  | No            | N/A                | On Loan: No      |
| ATLAS ENHANCED FUND, LTD.          | ATLAS ENHANCED FUND, LTD.          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       325 | NS      | $390192.20    | 1.74%             |  |  |  | No            | N/A                | On Loan: No      |
| BLACKROCK STRATEGIC EQUITY HED     | BLACKROCK STRATEGIC EQUITY HED     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       461 | NS      | $294021.71    | 1.31%             |  |  |  | No            | N/A                | On Loan: No      |
| BREVAN HOWARD ALPHA STRATEGIES     | BREVAN HOWARD ALPHA STRATEGIES     | CUSIP: 000000000<br>LEI: 549300A8XIECL6GGOE93 | Long             |  | PF                | US        |      2250 | NS      | $252502.65    | 1.13%             |  |  |  | No            | N/A                | On Loan: No      |
| BREVAN HOWARD FG MACRO FUND LI     | BREVAN HOWARD FG MACRO FUND LI     | CUSIP: 000000000<br>LEI: 54930049W6JTJSOO6R68 | Long             |  | PF                | US        |      1998 | NS      | $226165.69    | 1.01%             |  |  |  | No            | N/A                | On Loan: No      |
| D1 CAPITAL PARTNERS OFFSHORE L     | D1 CAPITAL PARTNERS OFFSHORE L     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1000 | NS      | $309257.85    | 1.38%             |  |  |  | No            | N/A                | On Loan: No      |
| EMPYREAN CAPITAL OVERSEAS FUND     | EMPYREAN CAPITAL OVERSEAS FUND     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       300 | NS      | $354737.16    | 1.58%             |  |  |  | No            | N/A                | On Loan: No      |
| EXODUSPOINT PARTNERS INTERNATI     | EXODUSPOINT PARTNERS INTERNATI     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       300 | NS      | $363254.85    | 1.62%             |  |  |  | No            | N/A                | On Loan: No      |
| GARDA FIXED INCOME RELATIVE VA     | GARDA FIXED INCOME RELATIVE VA     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       400 | NS      | $439929.38    | 1.96%             |  |  |  | No            | N/A                | On Loan: No      |
| HOLOCENE ADVISORS OFFSHORE FUN     | HOLOCENE ADVISORS OFFSHORE FUN     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       275 | NS      | $318490.87    | 1.42%             |  |  |  | No            | N/A                | On Loan: No      |
| KIRKOSWALD GLOBAL MACRO FUND L     | KIRKOSWALD GLOBAL MACRO FUND L     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      2250 | NS      | $283347.24    | 1.26%             |  |  |  | No            | N/A                | On Loan: No      |
| LMR MULTI STRATEGY FUND LIMITE     | LMR MULTI STRATEGY FUND LIMITE     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1270 | NS      | $395263.21    | 1.76%             |  |  |  | No            | N/A                | On Loan: No      |
| ONE WILLIAM STREET CAPITAL OFF     | ONE WILLIAM STREET CAPITAL OFF     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       300 | NS      | $334567.92    | 1.49%             |  |  |  | No            | N/A                | On Loan: No      |
| ROKOS GLOBAL MACRO FUND LIMITE     | ROKOS GLOBAL MACRO FUND LIMITE     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1690 | NS      | $206957.56    | 0.92%             |  |  |  | No            | N/A                | On Loan: No      |
| SABA CAPITAL CARRY NEUTRAL TAI     | SABA CAPITAL CARRY NEUTRAL TAI     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       200 | NS      | $163946.78    | 0.73%             |  |  |  | No            | N/A                | On Loan: No      |
| SCULPTOR OVERSEAS FUND II, LTD     | SCULPTOR OVERSEAS FUND II, LTD     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       400 | NS      | $465902.26    | 2.08%             |  |  |  | No            | N/A                | On Loan: No      |
| TAULA GLOBAL MACRO FUND LIMITE     | TAULA GLOBAL MACRO FUND LIMITE     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       225 | NS      | $257795.95    | 1.15%             |  |  |  | No            | N/A                | On Loan: No      |
| TWO SIGMA SPECTRUM U.S. FUND,      | TWO SIGMA SPECTRUM U.S. FUND,      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1000 | NS      | $376547.53    | 1.68%             |  |  |  | No            | N/A                | On Loan: No      |
| VALUEACT CAPITAL PARTNERS II,      | VALUEACT CAPITAL PARTNERS II,      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1000 | NS      | $270412.64    | 1.21%             |  |  |  | No            | N/A                | On Loan: No      |
| VERITION MULTI STRATEGY FUND L     | VERITION MULTI STRATEGY FUND L     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1000 | NS      | $450580.51    | 2.01%             |  |  |  | No            | N/A                | On Loan: No      |
| VOYA MORTGAGE INVESTMENT FUND      | VOYA MORTGAGE INVESTMENT FUND      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1173 | NS      | $326659.69    | 1.46%             |  |  |  | No            | N/A                | On Loan: No      |
| WHITEBOX RELATIVE VALUE FUND,      | WHITEBOX RELATIVE VALUE FUND,      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       225 | NS      | $268811.48    | 1.20%             |  |  |  | No            | N/A                | On Loan: No      |
| CLAREN ROAD CREDIT FUND, LTD.      | CLAREN ROAD CREDIT FUND, LTD.      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       225 | NS      | $237988.53    | 1.06%             |  |  |  | No            | N/A                | On Loan: No      |
| CAXTON MACRO LIMITED               | CAXTON MACRO LIMITED               | CUSIP: 000000000<br>LEI: 549300HWZ57RFN2XM241 | Long             |  | PF                | US        |       200 | NS      | $256058.29    | 1.14%             |  |  |  | No            | N/A                | On Loan: No      |
| ELLIOTT INTERNATIONAL LIMITED      | ELLIOTT INTERNATIONAL LIMITED      | CUSIP: 000000000<br>LEI: 549300P8QBK1C4F4CV32 | Long             |  | PF                | US        |      1000 | NS      | $502069.49    | 2.24%             |  |  |  | No            | N/A                | On Loan: No      |
| GRESHAMQUANT ACAR FUND, LTD.       | GRESHAMQUANT ACAR FUND, LTD.       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       175 | NS      | $136776.89    | 0.61%             |  |  |  | No            | N/A                | On Loan: No      |
| LINDEN INVESTORS LP                | LINDEN INVESTORS LP                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1000 | NS      | $429611.20    | 1.92%             |  |  |  | No            | N/A                | On Loan: No      |
| POINT72 CAPITAL, L.P.              | POINT72 CAPITAL, L.P.              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       525 | NS      | $653717.43    | 2.92%             |  |  |  | No            | N/A                | On Loan: No      |
| REDWOOD OFFSHORE FUND, LTD.        | REDWOOD OFFSHORE FUND, LTD.        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      2250 | NS      | $261818.07    | 1.17%             |  |  |  | No            | N/A                | On Loan: No      |
| SOURCEROCK FUND LP                 | SOURCEROCK FUND LP                 | CUSIP: 000000000<br>LEI: 254900EZIR05GDSS7888 | Long             |  | PF                | US        |      1000 | NS      | $152666.65    | 0.68%             |  |  |  | No            | N/A                | On Loan: No      |
| VR GLOBAL OFFSHORE FUND LTD.       | VR GLOBAL OFFSHORE FUND LTD.       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       225 | NS      | $246650.76    | 1.10%             |  |  |  | No            | N/A                | On Loan: No      |
| CLAREN RD FUND, LTD SERIES 6       | CLAREN RD FUND, LTD SERIES 6       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |        50 | NS      | $52886.34     | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| ATLAS ENH FUND, LTD SERIES 6       | ATLAS ENH FUND, LTD SERIES 6       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |        75 | NS      | $90044.35     | 0.40%             |  |  |  | No            | N/A                | On Loan: No      |
| LMR MULTI STRATEGY SERIES 15       | LMR MULTI STRATEGY SERIES 15       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       500 | NS      | $60809.94     | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| EXODUSPT INTL FUND SERIES 6        | EXODUSPT INTL FUND SERIES 6        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |        75 | NS      | $90813.71     | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| AHL ENHANCED MOMENTUM SEGPORTA     | AHL ENHANCED MOMENTUM SEGPORTA     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     90843 | NS      | $169244.54    | 0.76%             |  |  |  | No            | N/A                | On Loan: No      |
| AHL ENHANCED MOMENTUM SEGPORTA     | AHL ENHANCED MOMENTUM SEGPORTA     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     35938 | NS      | $59476.56     | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| HOLOCENE ADVISORS OFFSHORE FUN     | HOLOCENE ADVISORS OFFSHORE FUN     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       100 | NS      | $115814.86    | 0.52%             |  |  |  | No            | N/A                | On Loan: No      |
| TAULA GLOBAL MACRO FUND LIMITE     | TAULA GLOBAL MACRO FUND LIMITE     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       100 | NS      | $114575.98    | 0.51%             |  |  |  | No            | N/A                | On Loan: No      |
| ATLAS ENHANCED LTD 12.25           | ATLAS ENHANCED LTD 12.25           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       200 | NS      | $202257.78    | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| BREVAN HOWARD FG MACRO 12/25       | BREVAN HOWARD FG MACRO 12/25       | CUSIP: 000000000<br>LEI: 54930092Z3CK4YL92E97 | Long             |  | PF                | US        |      2021 | NS      | $204241.63    | 0.91%             |  |  |  | No            | N/A                | On Loan: No      |
| EXODUSPOINT PARTNERS INT 12/25     | EXODUSPOINT PARTNERS INT 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       250 | NS      | $254105.91    | 1.13%             |  |  |  | No            | N/A                | On Loan: No      |
| BREVAN HOWARD ALPHA STRA 12/25     | BREVAN HOWARD ALPHA STRA 12/25     | CUSIP: 000000000<br>LEI: 549300A8XIECL6GGOE93 | Long             |  | PF                | US        |      2000 | NS      | $200603.31    | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| GRESHAMQUANT ACAR LTD 12/25        | GRESHAMQUANT ACAR LTD 12/25        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       377 | NS      | $356751.86    | 1.59%             |  |  |  | No            | N/A                | On Loan: No      |
| D1 CAPITAL PARTNER OFF L 12/25     | D1 CAPITAL PARTNER OFF L 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1705 | NS      | $425598.14    | 1.90%             |  |  |  | No            | N/A                | On Loan: No      |
| CLAREN ROAD CREDIT LTD 12/25       | CLAREN ROAD CREDIT LTD 12/25       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       350 | NS      | $348318.50    | 1.55%             |  |  |  | No            | N/A                | On Loan: No      |
| GARDA FIXED INCOME RELAT 12/25     | GARDA FIXED INCOME RELAT 12/25     | CUSIP: 000000000<br>LEI: 549300PDY1H35OTEB771 | Long             |  | PF                | US        |       400 | NS      | $403597.09    | 1.80%             |  |  |  | No            | N/A                | On Loan: No      |
| ONE WILLIAM ST CAP OFF 12/25       | ONE WILLIAM ST CAP OFF 12/25       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       283 | NS      | $301054.88    | 1.34%             |  |  |  | No            | N/A                | On Loan: No      |
| LINDEN INVESTORS LP 12/25          | LINDEN INVESTORS LP 12/25          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1068 | NS      | $406285.31    | 1.81%             |  |  |  | No            | N/A                | On Loan: No      |
| SABA CAPITAL CARRY NE TA 12/25     | SABA CAPITAL CARRY NE TA 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       244 | NS      | $242281.89    | 1.08%             |  |  |  | No            | N/A                | On Loan: No      |
| REDWOOD OFFSHORE LTD 12/25         | REDWOOD OFFSHORE LTD 12/25         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      2602 | NS      | $299589.35    | 1.34%             |  |  |  | No            | N/A                | On Loan: No      |
| KIRKOSWALD GLOBAL MACR L 12/25     | KIRKOSWALD GLOBAL MACR L 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      4000 | NS      | $405549.15    | 1.81%             |  |  |  | No            | N/A                | On Loan: No      |
| SCULPTOR OVERSEAS II LTD 12/25     | SCULPTOR OVERSEAS II LTD 12/25     | CUSIP: 000000000<br>LEI: V3CZ69PWTI9ZKRI3F560 | Long             |  | PF                | US        |       352 | NS      | $378583.13    | 1.69%             |  |  |  | No            | N/A                | On Loan: No      |
| VERITION MULTI STRATEG C 12/25     | VERITION MULTI STRATEG C 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       465 | NS      | $202716.57    | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| TWO SIGMA SPECTRUM US LP 12/25     | TWO SIGMA SPECTRUM US LP 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1615 | NS      | $608203.47    | 2.71%             |  |  |  | No            | N/A                | On Loan: No      |
| VOYA MORTGAGE INVESTMENT 12/25     | VOYA MORTGAGE INVESTMENT 12/25     | CUSIP: 000000000<br>LEI: PPUJHXVXYWX45NJBTH20 | Long             |  | PF                | US        |      1379 | NS      | $358098.77    | 1.60%             |  |  |  | No            | N/A                | On Loan: No      |
| VERITION MULTI STRATEG A 12/25     | VERITION MULTI STRATEG A 12/25     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       465 | NS      | $202716.57    | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| LMR MULTI STRATEGY LTD 12/25       | LMR MULTI STRATEGY LTD 12/25       | CUSIP: 000000000<br>LEI: 5493003X87Z8IZ0MTF79 | Long             |  | PF                | US        |      3000 | NS      | $310401.54    | 1.39%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-02-18

**Name of Applicant:** Calamos Aksia Hedged Strategies Fund

**Signature:** Stephen Atkins

**Name of Signer:** Stephen Atkins

**Title:** Treasurer