# EDGAR Filing Document

**Accession Number:** 0001496254
**File Stem:** 0000910472-25-004186
**Filing Date:** 2025-11
**Character Count:** 27311
**Document Hash:** 3289ee2576bd022d304af4d9552890b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004186.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004186

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alternative Strategies Income Fund
- **CENTRAL INDEX KEY:** 0001496254

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22440
- **FILM NUMBER:** 251525407

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 212-409-2680

**MAIL ADDRESS:**
- **STREET 1:** 17645 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alternative Strategies Fund
- **DATE OF NAME CHANGE:** 20131029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ladenburg Thalmann Alternative Strategies Fund
- **DATE OF NAME CHANGE:** 20100709

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alternative Strategies Income Fund** | **Alternative Strategies Income Fund** |  |  |  |  |
| **PORTFOLIO OF INVESTMENTS (Unaudited)** | **PORTFOLIO OF INVESTMENTS (Unaudited)** |  |  |  |  |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | | | |
| **Principal** |  |  |  |  |  |
| **Amount ($)** |  | **Reference Asset** | **Coupon Rate (%)** | **Maturity Date** | **Fair Value** |
|  | **STRUCTURED NOTES - 89.3%** |  |  |  |  |
|  | **APPLICATION SOFTWARE - 18.0%** |  |  |  |  |
| 500000 | BBVA Global Securities BV, Callable Structured Note <sup>(a)(b)</sup> | Duolingo, Inc. | 25.50 | 9/2/2026 | $499100 |
| 700000 | HSBC USA, Inc. Callable Structured Note <sup>(a)(b)</sup> | Monday.com Ltd. | 23.05 | 8/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712390 |
| 500000 | UBS A.G. Callable Structured Note <sup>(a)(b)</sup> | Strategy Inc. | 24.90 | 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493450 |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | SoundHound AI, Inc. | 30.05 | 11/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530500 |
| 500000 | Credit Agricole Corporate & Investment Bank S.A., Callable Structured Note <sup>(a)(b)</sup> | Unity Software Inc. | 21.42 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512900 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748340 |
|  | **AUTOMOBILES - 3.3%** |  |  |  |  |
| 500000 | GS Finance Corporation Callable Structured Note <sup>(a)(b)</sup> | Lucid Group Inc. | 39.80 | 2/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510050 |
|  | **BASE METALS - 4.5%** |  |  |  |  |
| 700000 | Royal Bank of Canada, Callable Structured Note <sup>(a)(b)</sup> | Alcoa Corporation | 18.00 | 4/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687610 |
|  | **BIOTECHNOLOGY - 6.2%** |  |  |  |  |
| 500000 | BNP Paribas S.A. Callable Structured Note <sup>(a)(b)</sup> | Viking Therapeutics Inc. | 33.60 | 11/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497400 |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note <sup>(a)(b)</sup> | Recursion Pharmaceuticals, Inc. | 30.10 | 4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440750 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938150 |
|  | **CONSUMER FINANCE - 6.4%** |  |  |  |  |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | Dave Inc. | 35.05 | 7/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531950 |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note <sup>(a)(b)</sup> | Upstart Holdings Inc. | 38.30 | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446350 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978300 |
|  | **ELECTRONICS COMPONENTS - 2.9%** |  |  |  |  |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note <sup>(a)(b)</sup> | Enovix Corporation | 37.90 | 4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446350 |
|  | **FOOD & DRUG STORES - 4.4%** |  |  |  |  |
| 700000 | National Bank of Canada Callable Structured Note <sup>(a)(b)</sup> | Hims & Hers Health Inc. | 33.40 | 7/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676060 |
|  | **INTERNET MEDIA & SERVICES - 3.4%** |  |  |  |  |
| 500000 | Toronto-Dominion Bank (The) Callable Structured Note <sup>(a)(b)</sup> | Lyft, Inc. | 22.00 | 11/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523150 |
|  | **INVESTMENT COMPANIES - 6.7%** |  |  |  |  |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | MARA Holdings Inc. | 24.55 | 5/22/2026 | $495200 |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | Riot Platforms Inc. | 31.55 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528600 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023800 |
|  | **MANAGED CARE - 3.7%** |  |  |  |  |
| 500000 | Bank of Montreal N.A. Callable Structured Note <sup>(a)(b)</sup> | Oscar Health, Inc. | 42.00 | 7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565455 |
|  | **MARINE SHIPPING - 3.8%** |  |  |  |  |
| 500000 | GS Finance Corporation Callable Structured Note <sup>(a)(b)</sup> | Zim Integrated Shipping Services Ltd. | 47.25 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577850 |
|  | **NON-ALCHOLIC BEVERAGES - 3.5%** |  |  |  |  |
| 500000 | GS Finance Corporation Callable Structured Note <sup>(a)(b)</sup> | Celsius Holdings Inc. | 26.00 | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528550 |
|  | **PROPERTY & CASUALITY INSURANCE - 3.4%** |  |  |  |  |
| 500000 | Societe Generale S.A. Callable Structured Note <sup>(a)(b)</sup> | Lemonade Inc. | 22.30 | 8/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516950 |
|  | **RENEWABLE ENERGY EQUIPMENT- 8.4%** |  |  |  |  |
| 500000 | BBVA Global Securities BV, Callable Structured Note <sup>(a)(b)</sup> | Sunrun Inc. | 39.95 | 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566400 |
| 700000 | Canadian Imperial Bank of Commerce Callable Structured Note <sup>(a)(b)</sup> | Enphase Energy, Inc. | 25.68 | 5/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708895 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275295 |
|  | **VIDEO GAMES - 3.5%** |  |  |  |  |
| 500000 | Citigroup Global Markets Holdings, Inc. Callable Structured Note <sup>(a)(b)</sup> | AppLovin Corporation | 20.10 | 10/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536600 |
|  | **WIRELESS TELECOMMUNICATIONS - 3.5%** |  |  |  |  |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note <sup>(a)(b)</sup> | AST SpaceMobile, Inc. | 29.00 | 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537350 |
|  | **WIRELINE TELECOMMUNICATIONS - 3.7%** |  |  |  |  |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | Applied Digital Corporation | 35.05 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562450 |
|  | **TOTAL STRUCTURED NOTES (Cost $13,300,000)** |  |  |  | **13632310** |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENT - 11.5%** |  |  |  |  |
|  | **MONEY MARKET FUND - 11.5%** |  |  |  |  |
| 1755027 | First American Government Obligations Fund Class X, 4.05% <sup>(c)</sup> |  |  |  | **1755027** |
|  | **TOTAL SHORT-TERM INVESTMENT (Cost - $1,755,027)** |  |  |  |  |
|  | **TOTAL INVESTMENTS - 100.8% (Cost - $15,055,027)** |  |  |  | **$15387337** |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** |  |  |  | **(126293)** |
|  | **NET ASSETS - 100.0%** |  |  |  | **$15261044** |
| (a) | Fixed contingent rate security. |  |  |  |  |
| (b) | The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date on a quarterly basis if the closing level of each Reference Asset on the applicable quarterly Observation Date is greater than its Coupon Barrier Level. However, if the closing level of any Reference Asset is less than or equal to its Coupon Barrier Level on an Observation Date, the notes will not pay the Contingent Coupon for that Observation Date. | The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date on a quarterly basis if the closing level of each Reference Asset on the applicable quarterly Observation Date is greater than its Coupon Barrier Level. However, if the closing level of any Reference Asset is less than or equal to its Coupon Barrier Level on an Observation Date, the notes will not pay the Contingent Coupon for that Observation Date. | The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date on a quarterly basis if the closing level of each Reference Asset on the applicable quarterly Observation Date is greater than its Coupon Barrier Level. However, if the closing level of any Reference Asset is less than or equal to its Coupon Barrier Level on an Observation Date, the notes will not pay the Contingent Coupon for that Observation Date. | The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date on a quarterly basis if the closing level of each Reference Asset on the applicable quarterly Observation Date is greater than its Coupon Barrier Level. However, if the closing level of any Reference Asset is less than or equal to its Coupon Barrier Level on an Observation Date, the notes will not pay the Contingent Coupon for that Observation Date. | The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date on a quarterly basis if the closing level of each Reference Asset on the applicable quarterly Observation Date is greater than its Coupon Barrier Level. However, if the closing level of any Reference Asset is less than or equal to its Coupon Barrier Level on an Observation Date, the notes will not pay the Contingent Coupon for that Observation Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Rate disclosed is the seven day effective yield as of September 30, 2025. |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Alternative Strategies Fund

- **b. Investment Company Act file number:** 811-22440

- **c. CIK number of Registrant:** 0001496254

- **d. LEI of Registrant:** 549300E0KMS6U0D13888

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

  - **Street Address 1:** 277 PARK AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **Telephone number:** 212-409-2680

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

- **a. Name of Series:** Alternative Strategies Fund

- **c. LEI of Series:** 549300E0KMS6U0D13888

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $15505858.25

**Total Liabilities:** $244814.27

**Net Assets:** $15261043.98

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 241.76205500 | **1-Year:** 410.93995900 | **5-Year:** 5.89801400 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 6.13%                | 2.08%                | 1.75%                |
| Class ID N/A | 6.01%                | 2.05%                | 1.76%                |
| Class ID N/A | 6.06%                | 2.13%                | 1.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9319.44                 | $464517.94                                 |
| Month 2  | $0.00                    | $-30851.30                                 |
| Month 3  | $0.00                    | $74711.20                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase Financial Co LLC               | JPM 5/22/2026   | CUSIP: 48136GUN8<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495200.00    | 3.24%             | 2026-05-22      | Fixed         | 24.55%                | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                          | RY 04/10/2026   | CUSIP: 78017KKY7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $687610.00    | 4.51%             | 2026-04-10      | Fixed         | 18.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                   | MS 04/21/26     | CUSIP: 61778NPA3<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $446350.00    | 2.92%             | 2026-04-21      | Fixed         | 37.90%                | No            |                  2 | On Loan: No      |
| First American Funds Inc.                     | FRST AM-GV OB-X | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1755027 | PA      | $1755027.22   | 11.50%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Financial Co LLC               | JPM  06/17/26   | CUSIP: 48136EL45<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    500000 | PA      | $528600.00    | 3.46%             | 2026-06-17      | Fixed         | 31.55%                | No            |                  2 | On Loan: No      |
| BBVA Global Securities BV                     | BBVASM 09/02/26 | CUSIP: 05556GBH3<br>LEI: 7245002K0ECNIA1YTU43 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $499100.00    | 3.27%             | 2026-09-02      | Fixed         | 25.50%                | No            |                  2 | On Loan: No      |
| BBVA Global Securities BV                     | BBVASM 10/21/26 | CUSIP: 05554T4X0<br>LEI: 7245002K0ECNIA1YTU43 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $566400.00    | 3.71%             | 2026-10-21      | Fixed         | 39.95%                | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.        | C 10/28/26      | CUSIP: 17333LRA5<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |    500000 | PA      | $536600.00    | 3.52%             | 2026-10-28      | Fixed         | 20.10%                | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                         | SOCGEN 08/04/26 | CUSIP: 83371NDU7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $516950.00    | 3.39%             | 2026-08-04      | Fixed         | 22.30%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Financial Co LLC               | JPM 11/10/2026  | CUSIP: 48136GFF2<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530500.00    | 3.48%             | 2026-11-10      | Fixed         | 30.05%                | No            |                  2 | On Loan: No      |
| GS Finance Corp                               | GS 02/06/26     | CUSIP: 40058GS44<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510050.00    | 3.34%             | 2026-02-06      | Fixed         | 39.80%                | No            |                  2 | On Loan: No      |
| National Bank of Canada                       | NACN 07/29/26   | CUSIP: 63305MPP0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $676060.00    | 4.43%             | 2026-07-29      | Fixed         | 33.40%                | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce            | CM 05/20/26     | CUSIP: 13607XZN0<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $708894.90    | 4.65%             | 2026-05-20      | Fixed         | 25.68%                | No            |                  2 | On Loan: No      |
| Bank of Montreal                              | BMO 07/22/26    | CUSIP: 06376ETP7<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $565455.00    | 3.71%             | 2026-07-22      | Fixed         | 42.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Financial Co LLC               | JPM 01/21/2027  | CUSIP: 48136FUZ3<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    500000 | PA      | $562450.00    | 3.69%             | 2027-01-21      | Fixed         | 35.05%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                   | MS 04/27/26     | CUSIP: 61778NRT0<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440750.00    | 2.89%             | 2026-04-27      | Fixed         | 30.10%                | No            |                  2 | On Loan: No      |
| UBS AG, London Branch                         | UBS 03/05/26    | CUSIP: 90308V3A7<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |    500000 | PA      | $493450.00    | 3.23%             | 2026-03-05      | Fixed         | 24.90%                | No            |                  2 | On Loan: No      |
| GS Finance Corp                               | GS 01/22/26     | CUSIP: 40058ECH7<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $528550.00    | 3.46%             | 2026-01-22      | Fixed         | 26.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                   | MS 09/15/26     | CUSIP: 61779DSS2<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $537350.00    | 3.52%             | 2026-09-15      | Fixed         | 29.00%                | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                | BNP 11/27/26    | CUSIP: 05616UTN8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $497400.00    | 3.26%             | 2026-11-27      | Fixed         | 33.60%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Financial Co LLC               | JPM 07/21/26    | CUSIP: 48136FZN5<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531950.00    | 3.49%             | 2026-07-21      | Fixed         | 35.05%                | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank | ACAFP 09/16/26  | CUSIP: 22534F2L8<br>LEI: 1VUV7VQFKUOQSJ21A208 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $512900.00    | 3.36%             | 2026-09-16      | Fixed         | 21.42%                | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                | HSBC 08/18/26   | CUSIP: 40447CU73<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    700000 | PA      | $712390.00    | 4.67%             | 2026-08-18      | Fixed         | 23.05%                | No            |                  2 | On Loan: No      |
| GS Finance Corp                               | GS 02/02/26     | CUSIP: 40058GQF1<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $577850.00    | 3.79%             | 2026-02-02      | Fixed         | 47.25%                | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                     | TD 11/17/25     | CUSIP: 89115GKV0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $523150.00    | 3.43%             | 2025-11-17      | Fixed         | 22.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC.                   | MS 12/04/25     | CUSIP: 61777RAP8<br>LEI: 5493003FCPSE9RKT4B56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $446350.00    | 2.92%             | 2025-12-04      | Fixed         | 38.30%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** Alternative Strategies Fund

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer