Calamos Aksia Hedged Strategies Fund

Issuer

Calamos Aksia Hedged Strategies Fund

Security title

Class I Shares

Principal address

Citizenship

HEDGX (Offshore)'s jurisdiction of organization is the Cayman Islands and Aksia's jurisdiction of organization is the United States of America.

Principal occupation

HEDGX (Offshore) is a feeder fund and Aksia is an investment adviser.

Filing person

Calamos Aksia Hedged Strategies Fund (Offshore), Ltd. ("HEDGX (Offshore)") Aksia LLC ("Aksia" and together with HEDGX (Offshore), the "Reporting Persons"). HEDGX (Offshore) is the direct owner of the Class I Shares and Aksia has indirect ownership of the Class I Shares via its voting and investment control over HEDGX (Offshore).

Criminal proceedings response

Each Reporting Person has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

Proceedings description

Each Reporting Person has not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which the Reporting Person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Principal business address

HEDGX (Offshore): C/O MOURANT GOVERNANCE SERVICES (CAYMAN) 94 SOLARIS AVENUE, CAMANA BAY GRAND CAYMAN, CAYMAN ISLANDS KY1-1108 Aksia: 599 Lexington Avenue, 37th Floor New York, NY 10022

Source of funds

The aggregate purchase price of the 2,628,728.927 shares was approximately $26,289,000. The source of funds for these purchases was working capital.

Purpose of transaction

The Reporting Persons acquired and hold the Class I Shares for investment purposes. Depending on market conditions and other factors (including evaluation of the Issuer's businesses and prospects, availability of funds, alternative uses of funds and general economic conditions), the Reporting Persons may from time to time acquire additional securities of the Issuer or dispose of all or a portion of the Issuer. As of the date hereof, the Reporting Persons do not have any plan or proposal that relates to or would result in any of the transactions enumerated in sub items (a) through (j) of the instructions to Item 4 of this Schedule 13D.

Number of shares

By virtue of the relationship among the Reporting Persons described in Item 2, each such Reporting Person may be deemed to share the power to vote or direct the vote and to share the power to dispose of or direct the disposition of the 2,628,728.927 Class I Shares.

Transactions

Except as otherwise set forth below, none of the Reporting Persons has effected any transactions in the Class I Shares in the past 60 days. Transaction Date Transaction Type Shares (#) Price Per Share ($) July 24, 2026 Purchase 181,099.426 $10.46 July 30, 2026 Purchase 9,495.238 $10.50 August 24, 2026 Purchase 284,586.108 $10.51 September 23, 2026 Purchase 714,183.381 $10.47

Other persons with an interest

Except as stated within this Item 5, to the knowledge of the Reporting Persons, only the Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the Class I Shares reported by this Schedule 13D.

Date ownership ceased to exceed 5%

Inapplicable.

Percentage of class

The following information assumes there are 6,651,509.66 Class I Shares outstanding based on information furnished by the Issuer, and based on the number of shares outstanding, the Reporting Persons beneficially own 39.52% of the Issuer. HEDGX (Offshore) is the direct beneficial owner of 2,628,728.927 Class I Shares of the Issuer. Aksia is an indirect beneficial owner of the same 2,628,728.927 Class I Shares of the Issuer and has the power to vote and dispose of the 2,628,728.927 Class I Shares.

Contracts and arrangements

Except for the joint filing agreement attached hereto as Exhibit 1 and the aforementioned ability of Aksia to vote and dispose of the Class I Shares held by HEDGX (Offshore), to the best knowledge of the Reporting Persons, except as set forth herein in this Schedule 13D, there are no other contracts, arrangements, understandings or relationships (legal or otherwise), including, but not limited to, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, between the Reporting Person, and any other person, with respect to any securities of the Issuer, including any securities pledged or otherwise subject to a contingency the occurrence of which would give another person voting power or investment power over such securities other than standard default and similar provisions contained in loan agreements.

Filed exhibits

Exhibit 1: Joint Filing Agreement between the Reporting Persons, dated as of May 1, 2026 (Previously Filed).