# EDGAR Filing Document

**Accession Number:** 0001535538
**File Stem:** 0001655589-25-000027
**Filing Date:** 2025-9
**Character Count:** 2267
**Document Hash:** 75e5cc3d84adaa187c5b686656d7b76b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001655589-25-000027.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001655589-25-000027

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**EFFECTIVENESS DATE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Alternative Strategies Funds
- **CENTRAL INDEX KEY:** 0001535538

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-189667
- **FILM NUMBER:** 251310378

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### K2 Alternative Strategies Fund (Series ID: S000042023)

---

|  |  |  |
|:---|:---|:---|
| Class Name    | Ticker Symbol | Class ID   |
| Class A       | FAAAX         | C000130561 |
| Class C       | FASCX         | C000130562 |
| Class R       | FSKKX         | C000130563 |
| Class R6      | FASRX         | C000130564 |
| Advisor Class | FABZX         | C000130565 |

---

## Series and Classes Contracts Data

### K2 Alternative Strategies Fund (Series ID: S000042023)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000130561 | Class A       | FAAAX           |
| C000130562 | Class C       | FASCX           |
| C000130563 | Class R       | FSKKX           |
| C000130564 | Class R6      | FASRX           |
| C000130565 | Advisor Class | FABZX           |

#### 068 P3 09/25

#### FRANKLIN ALTERNATIVE STRATEGIES FUNDS

#### SUPPLEMENT DATED SEPTEMBER 12, 2025

#### TO THE PROSPECTUS AND

#### STATEMENT OF ADDITIONAL INFORMATION ("SAI")

#### EACH DATED OCTOBER 1, 2024 OF

#### K2 ALTERNATIVE STRATEGIES FUND (THE "FUND")
<br>**Effective September 19, 2025, all references and information pertaining to Bardin Hill Arbitrage IC Management LP in the Fund's Prospectus and SAI are deleted in their entirety.**

#### Please retain this supplement for future reference.

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