# EDGAR Filing Document

**Accession Number:** 0001496254
**File Stem:** 0001580642-26-001730
**Filing Date:** 2026-3
**Character Count:** 120283
**Document Hash:** 4cd04d74ac3b35f35c86cf30ee1fd594
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001730.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001730

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22440
- **FILM NUMBER:** 26740144

**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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22440</u>

<u>Alternative Strategies Income Fund</u> <br> (Exact name of registrant as specified in charter)

<u>2132 Deep Water Lane, Suite 232 Naperville, IL</u> <u>60565</u> <br> (Address of principal executive offices) (Zip code)

<u>Ultimus Fund Solutions, LLC.</u> <br> <u>80 Arkay Drive Suite 110, Hauppauge, NY 11788</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u>

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) ![(LOGO)](al001_v1.jpg)

Alternative Strategies Income Fund

Symbols: LTAFX, LTCFX, LTIFX

www.LTAFX.com

Semi-Annual Financial Statements and

Additional Information

December 31, 2025

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's prospectus. Please read the prospectus carefully before you invest or send money. Fund shares are not FDIC insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal. You may find the prospectus documents for free by calling toll-free (+1-877-803-6583) or visiting www.LTAFX.com.

Distributed by Ladenburg Thalmann & Co. Inc.

---

| |
|:---|
| Alternative Strategies Income Fund |
| Semi-Annual Financial Statements |
| **<u>**TABLE OF CONTENTS**</u>** |

---

---

| | |
|:---|:---|
| Portfolio Review | Page 1 |
| Schedule of Investments | Page 2 |
| Statements of Assets and Liabilities | Page 3 |
| Statements of Operations | Page 4 |
| Statements of Changes in Net Assets | Page 5 |
| Financial Highlights | Page 7 |
| Notes to Financial Statements | Page 10 |
| Additional Information | Page 18 |
| Privacy Policy | Page 20 |

---

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2025** |

---

**The Fund's Performance Figures for the Periods Ending December 31, 2025 Compared to Its Benchmarks**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;Average | &nbsp;&nbsp;Average | &nbsp;&nbsp;Average |
|  | &nbsp;&nbsp;Six Months (a) | &nbsp;&nbsp;One Year (a) | &nbsp;&nbsp;Annual Return<br> Five Years (a) | &nbsp;&nbsp;Annual Return<br> Ten Years (a) | &nbsp;&nbsp;Annual Return<br> Since Inception (a) |
| Alternative Strategies Income Fund: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A, without Sales Load \* | &nbsp;&nbsp;5.86% | &nbsp;&nbsp;18.58% | &nbsp;&nbsp;4.63% | &nbsp;&nbsp;2.99% | &nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A, with Sales Load \*\* | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;13.57% | &nbsp;&nbsp;3.73% | &nbsp;&nbsp;2.55% | &nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C \*\*\* | &nbsp;&nbsp;5.50% | &nbsp;&nbsp;17.80% | &nbsp;&nbsp;3.98% | &nbsp;&nbsp;2.29% | &nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I \*\*\*\* | &nbsp;&nbsp;5.93% | &nbsp;&nbsp;18.82% | &nbsp;&nbsp;4.87% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;3.15% | &nbsp;&nbsp;7.30% | &nbsp;&nbsp;(0.36)% | &nbsp;&nbsp;2.01% | &nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ Composite Index (CCMP) | &nbsp;&nbsp;14.10% | &nbsp;&nbsp;20.36% | &nbsp;&nbsp;12.52% | &nbsp;&nbsp;16.59% | &nbsp;&nbsp;16.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Total Return Index | &nbsp;&nbsp;11.00% | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% | &nbsp;&nbsp;14.53% |

---

\* Class A commenced operations on September 28, 2010.

\*\* Adjusted for initial maximum sales charge of 4.25%. Prior to October 1, 2017, sales charge was 6.00%.

\*\*\* Class C commenced operations on January 21, 2015. Subject to 1.00% early withdrawal charge on shares repurchased less than 365 days after purchase (as a % of the original purchase price).

---

| | |
|:---|:---|
| \*\*\*\* | Class I commenced operations on July 17, 2017. (a) Total returns are calculated based on unadjusted NAVs. |

---

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through's), ABS, and CMBS. The Bloomberg U.S. Aggregate Bond Index rolls up into other Bloomberg Capital flagship indices such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt. Investors cannot invest directly in an index or benchmark.

The NASDAQ Composite Index (CCMP) is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market. Investors cannot invest directly in an index or benchmark.

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

The performance data quoted here is historical in nature. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the advisor not waived its fees and reimbursed a portion of the Fund's expenses. The Fund's total gross annual operating expense, including underlying funds, is 4.36%, 5.35% and 4.30% before fee waivers, per the Fund's October 28, 2025 prospectus, for Class A, Class C and Class I, respectively. After fee waivers, the Fund's total annual operating expenses, excluding acquired fund fees and expenses, are 3.01%, 3.66% and 2.76% for Class A, Class C and Class I, respectively. Shares of Class A are subject to a maximum sales charge imposed on purchases of 4.25%. The performance data does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. Performance prior to December 17, 2021 is that of the Fund's previous investment advisor who utilized different investment strategies than the Fund's current investment advisor. For performance information current to the most recent month-end, please call 1-877-803-6583.

---

| | |
|:---|:---|
| **Portfolio Analysis as of December 31, 2025** | **Portfolio Analysis as of December 31, 2025** |
| **Sector** | **Percent of Net Assets** |
| Structured Notes | 93.9% |
| Short-Term Investment | 6.9% |
| Liabilities in Excess of Other Assets | (0.8)% |
| Total | 100.0% |

---

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **PORTFOLIO OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Reference Asset** | <br>**Coupon Rate (%)** | <br>**Maturity Date** |<br>**Fair Value** |
|  | **STRUCTURED NOTES - 93.9%** |  |  |  |  |
|  | **APPLICATION SOFTWARE - 12.4%** |  |  |  |  |
| 500000 | BBVA Global Securities BV, Callable Structured Note (a)(b) | Duolingo, Inc. | 25.50 | 9/2/2026 | $336350 |
| 700000 | HSBC USA, Inc. Callable Structured Note (a)(b) | Monday.com Ltd. | 23.05 | 8/18/2026 | 653800 |
| 500000 | UBS A.G. Callable Structured Note (a)(b) | Strategy Inc. | 24.90 | 3/5/2026 | 221950 |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | SoundHound AI, Inc. | 30.05 | 11/10/2026 | 492300 |
|  |  |  |  |  | 1704400 |
|  | **AUTOMOBILES - 1.5%** |  |  |  |  |
| 500000 | GS Finance Corporation Callable Structured Note (a)(b) | Lucid Group Inc. | 39.80 | 2/6/2026 | 206250 |
|  | **AUTOMOTIVE RETAILERS - 4.7%** |  |  |  |  |
| 600000 | Toronto-Dominion Bank (The), Callable Structured Note (a)(b) | Carvana Co. | 24.50 | 3/5/2026 | 637200 |
|  | **BASE METALS - 5.3%** |  |  |  |  |
| 700000 | Royal Bank of Canada, Callable Structured Note (a)(b) | Alcoa Corporation | 18.00 | 4/10/2026 | 721560 |
|  | **BIOTECHNOLOGY - 6.8%** |  |  |  |  |
| 500000 | BNP Paribas S.A. Callable Structured Note (a)(b) | Viking Therapeutics Inc. | 33.60 | 11/27/2026 | 518850 |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note (a)(b) | Recursion Pharmaceuticals, Inc. | 30.10 | 4/27/2026 | 417050 |
|  |  |  |  |  | 935900 |
|  | **CONSUMER FINANCE - 3.9%** |  |  |  |  |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | Dave Inc. | 35.05 | 7/21/2026 | 534000 |
|  | **ELECTRONICS COMPONENTS - 2.6%** |  |  |  |  |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note (a)(b) | Enovix Corporation | 37.90 | 4/21/2026 | 350600 |
|  | **FOOD & DRUG STORES - 4.0%** |  |  |  |  |
| 700000 | National Bank of Canada Callable Structured Note <sup>(a)(b)</sup> | Hims & Hers Health Inc. | 33.40 | 7/29/2026 | 551530 |
|  | **INFRASTRUCTURE SOFTWARE - 5.0%** |  |  |  |  |
| 700000 | Nomura America Finance, LLC., Callable Structured Note(a)(b) | IonQ Inc. | 29.50 | 3/9/2027 | 682220 |
|  | **INSTITUTIONAL TRUST, FIDUCIARY & CUSTODY - 3.8%** |  |  |  |  |
| 700000 | Barclays Bank plc, Callable Structured Note (a)(b) | Coinbase Global, Inc. | 23.00 | 1/12/2027 | 519890 |
|  | **INTERNET MEDIA & SERVICES - 4.7%** |  |  |  |  |
| 700000 | Santander Global Issuances BV, Callable Structured Note(a)(b) | Peloton Interactive, Inc. | 24.57 | 10/14/2026 | 649303 |
|  | **INVESTMENT COMPANIES - 2.8%** |  |  |  |  |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note <sup>(a)(b)</sup> | MARA Holdings Inc. | 24.55 | 5/22/2026 | 383250 |
|  | **MANAGED CARE - 4.0%** |  |  |  |  |
| 500000 | Bank of Montreal N.A. Callable Structured Note <sup>(a)(b)</sup> | Oscar Health, Inc. | 42.00 | 7/22/2026 | 552680 |
|  | **MARINE SHIPPING - 4.0%** |  |  |  |  |
| 500000 | GS Finance Corporation Callable Structured Note (a)(b) | Zim Integrated Shipping Services Ltd. | 47.25 | 2/2/2026 | 552850 |
|  | **OTHER FINANCIAL SERVICES - 3.8%** |  |  |  |  |
| 500000 | BBVA Global Securities BV, Callable Structured Note (a)(b) | Affirm Holdings Inc. | 27.05 | 10/27/2026 | 522700 |
|  | **PROPERTY & CASUALITY INSURANCE - 3.8%** |  |  |  |  |
| 500000 | Societe Generale S.A. Callable Structured Note <sup>(a)(b)</sup> | Lemonade Inc. | 22.30 | 8/4/2026 | 519750 |
|  | **RENEWABLE ENERGY EQUIPMENT- 9.3%** |  |  |  |  |
| 500000 | BBVA Global Securities BV, Callable Structured Note (a)(b) | Sunrun Inc. | 39.95 | 10/21/2026 | 538750 |
| 700000 | Canadian Imperial Bank of Commerce Callable Structured Note (a)(b) | Enphase Energy, Inc. | 25.68 | 5/20/2026 | 729397 |
|  |  |  |  |  | 1268147 |
|  | **VIDEO GAMES - 3.8%** |  |  |  |  |
| 500000 | Citigroup Global Markets Holdings, Inc. Callable Structured Note <sup>(a)(b)</sup> | AppLovin Corporation | 20.10 | 10/28/2026 | 517550 |
|  | **WIRELESS TELECOMMUNICATIONS - 3.8%** |  |  |  |  |
| 500000 | Morgan Stanley Finance, LLC Callable Structured Note (a)(b) | AST SpaceMobile, Inc. | 29.00 | 9/15/2026 | 527900 |
|  | **WIRELINE TELECOMMUNICATIONS - 3.9%** |  |  |  |  |
| 500000 | JPMorgan Chase Financial Company, LLC Callable Structured Note (a)(b) | Applied Digital Corporation | 35.05 | 1/21/2027 | 539850 |
|  | **TOTAL STRUCTURED NOTES (Cost $14,000,000)** |  |  |  | **12877530** |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENT - 6.9%** |  |  |  |  |
|  | **MONEY MARKET FUND - 6.9%** |  |  |  |  |
| 942623 | First American Government Obligations Fund Class X, 3.67% <sup>(c)</sup> | First American Government Obligations Fund Class X, 3.67% <sup>(c)</sup> | First American Government Obligations Fund Class X, 3.67% <sup>(c)</sup> |  | **942623** |
|  | **TOTAL SHORT-TERM INVESTMENT** (Cost - $942,623) | **TOTAL SHORT-TERM INVESTMENT** (Cost - $942,623) | **TOTAL SHORT-TERM INVESTMENT** (Cost - $942,623) |  |  |
|  | **TOTAL INVESTMENTS - 100.8%** (Cost - $14,942,623) | **TOTAL INVESTMENTS - 100.8%** (Cost - $14,942,623) | **TOTAL INVESTMENTS - 100.8%** (Cost - $14,942,623) |  | $**13820153** |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** |  | **(103239)** |
|  | **NET ASSETS - 100.0%** |  |  |  | $**13716914** |

---

(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.

(c) Rate
 disclosed is the seven day effective yield as of December 31, 2025.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value (identified cost $14,942,623) | $13820153 |
| &nbsp;&nbsp;&nbsp;Interest Receivable | 2688 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 6624 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 13829465 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions Payable | 37102 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 7150 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution/Shareholder Servicing Fees | 33689 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 13386 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses | 21224 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 112551 |
| **Net Assets** | $13716914 |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets consisted of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $26067743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Deficit | (12350829) |
| **Net Assets** | $13716914 |
| **Class A Shares** |  |
| Net Assets | $5867068 |
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 430631 |
| Net Asset Value and Redemption Price Per Share (Net Assets divided by shares outstanding) | $13.62 |
| Offering Price Per Share ($13.62/0.9575) | $14.22 |
| **Class C Shares** |  |
| Net Assets | $499400 |
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 39503 |
| Net Asset Value, Offering and Redemption Price Per Share (1) (Net Assets divided by shares outstanding) | $12.64 |
| **Class I Shares** |  |
| Net Assets | $7350446 |
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 531754 |
| Net Asset Value, Offering and Redemption Price Per Share (Net Assets divided by shares outstanding) | $13.82 |

---

(1) Class
C Shares are subject to a 1.00% early withdrawal charge on shares repurchased less than 365 days after purchase date.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest Income | $2060165 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 2060165 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 113247 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 7877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 691 |
| &nbsp;&nbsp;&nbsp;Distribution Fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2073 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 31397 |
| &nbsp;&nbsp;&nbsp;Fund Accounting Fees | 18452 |
| &nbsp;&nbsp;&nbsp;Registration & Filing Fees | 16362 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 16016 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 15560 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 14365 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 13093 |
| &nbsp;&nbsp;&nbsp;Printing Expense | 12476 |
| &nbsp;&nbsp;&nbsp;Third Party Administrative Services Fees | 11671 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 10732 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 4904 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2448 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 2042 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 293406 |
| &nbsp;&nbsp;&nbsp;**Less: Fees Waived/Reimbursed by Advisor** | (75483) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 217923 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1842242 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |
| &nbsp;&nbsp;&nbsp;Net Realized Loss on Investments | 9319 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation/(Depreciation) on Investments | (946402) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (937083) |
| **Net Increase in Net Assets Resulting From Operations** | $905159 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1842242 | $2901666 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | 9319 | (2410348) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (946402) | 1818138 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | 905159 | 2309456 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Paid From Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (769300) | (1285675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (69163) | (108913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1003063) | (1488897) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1841526) | (2883485) |
| **From Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 255465 | 1113472 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 135010 | 198980 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (116765) | (2496597) |
| &nbsp;&nbsp;&nbsp;**Total Class A** | 273710 | (1184145) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 8076 | 14178 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (22158) | (53041) |
| &nbsp;&nbsp;&nbsp;**Total Class C** | (14082) | (38863) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 20 | 1099 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 47968 | 961513 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (241118) | (177301) |
| &nbsp;&nbsp;&nbsp;**Total Class I** | (193130) | 785311 |
| &nbsp;&nbsp;&nbsp;**Total From Shares of Beneficial Interest Transactions** | 66498 | (437697) |
| **Total Decrease in Net Assets** | (869869) | (1011726) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 14586783 | 15598509 |
| &nbsp;&nbsp;&nbsp;End of Period | $13716914 | $14586783 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **SHARE ACTIVITY:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 17382 | 74805 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 9336 | 13883 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (7750) | (174023) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares of Beneficial Interest** | 18968 | (85335) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 602 | 1048 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1544) | (3881) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares of Beneficial Interest** | (942) | (2833) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 1 | 85 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3271 | 66086 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (15793) | (12313) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares of Beneficial Interest** | (12521) | 53858 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund - Class A** |
| **FINANCIAL HIGHLIGHTS** |

---

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the Six**<br>**Months Ended**<br>**December 31, 2025** | **2025** | **2024(g)** | **2023(g)** | **2022(g)** | **2021(g)** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.57 | $15.09 | $19.40 | $20.40 | $25.80 | $19.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 1.83 | 2.78 | 1.77 | 2.04 | 0.92 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (0.94 | (0.47) | (3.15) | (0.84) | (4.64) | 7.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 0.89 | 2.31 | (1.38) | 1.20 | (3.72) | 8.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (1.84) | (2.83) | (2.77) | (2.04) | (1.00) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  | (0.16) | (0.16) | (0.68) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.84 | (2.83) | (2.93) | (2.20) | (1.68) | (1.52) |
| **Net Asset Value, End of Period** | $13.62 | $14.57 (e) | $15.09 (e) | $19.40 (e) | $20.40 (e) | $25.80 (e) |
| **Total Return (b)** | 5.86 | 17.11 % (e) | (7.67)% (e) | 5.76 % (e) | (15.38)% (e) | 44.33 % (e) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $5867 | $6000 | $7499 | $5517 | $5662 | $6938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets (including incentive fee): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (c)(f) | 4.00 | 4.23% | 5.32% | 6.12% | 3.95% | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement (c)(f) | 3.00 | 3.00% | 3.90% | 5.37% | 3.01% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income, Net of Reimbursement (c)(d) | 24.25 | 19.07% | 15.76% | 9.95% | 3.68% | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 83.19 | 162.11% | 149.37% | 105.29% | 86.39% | 0.11% |

---

(a) Per
 share amounts are calculated using the average shares method, which more appropriately presents
 the per share data for the year.

(b) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends,
 returns of capital and capital gains distributions, if any. Had the Advisor not absorbed
 a portion of Fund expenses, total returns would have been lower. Class A total return does
 not reflect the applicable sales load.

(c) Does
 not include expenses of other investment companies in which the Fund invests.

(d) Recognition
 of investment income is affected by timing of and declaration of dividends by the underlying
 investment companies in which the Fund invests.

(e) Includes
 adjustments in accordance with accounting principles generally accepted in the United States
 and, consequently, the net asset value for financial reporting purposes and the returns based
 upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

(f) Ratios
 to average net assets (excluding incentive fee effective October 28, 2022 through September
 30, 2023)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross | 4.34% | 3.75% | 3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement | 3.0% | 3.0% | 2.44% |

---

(g) Effective
 September 21, 2023, the Fund had a four-for-one reverse stock split. Per Share amounts for
 the periods have been adjusted to give effect to the four-for-one stock split.

(h) Not
 annualized.

(i) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund - Class C** |
| **FINANCIAL HIGHLIGHTS** |

---

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the Six**<br>**Months Ended**<br>**December 31, 2025** | **2025** | **2024(g)** | **2023(g)** | **2022(g)** | **2021(g)** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $13.62 | $14.22 | $18.36 | $19.32 | $24.60 | $18.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 1.66 | 2.56 | 1.41 | 1.80 | 0.64 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (0.87 | (0.49) | (2.79) | (0.80) | (4.32) | 7.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 0.79 | 2.07 | (1.38) | 1.00 | (3.68) | 7.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (1.77) | (2.67) | (2.61) | (1.80) | (0.96) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  | (0.15) | (0.16) | (0.64) | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.77 | (2.67) | (2.76) | (1.96) | (1.60) | (1.48) |
| **Net Asset Value, End of Period** | $12.64 | $13.62 (e) | $14.22 (e) | $18.36 (e) | $19.32 (e) | $24.60 (e) |
| **Total Return (b)** | 5.50 | 16.36 % (e) | (8.07)% (e) | 5.13 % (e) | (15.94)% (e) | 43.32 % (e) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $499 | $551 | $615 | $1423 | $1570 | $2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets (including incentive fee): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (c)(f) | 4.75 | 4.99% | 6.32% | 6.86% | 4.69% | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement (c)(f) | 3.65 | 3.65% | 4.71% | 6.01% | 3.61% | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income, Net of Reimbursement (c)(d) | 23.65 | 18.66% | 15.54% | 9.28% | 2.57% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 83.19 | 162.11% | 149.37% | 105.29% | 86.39% | 0.11% |

---

(a) Per
 share amounts are calculated using the average shares method, which more appropriately presents
 the per share data for the year.

(b) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends,
 returns of capital and capital gains distributions, if any. Had the Advisor not absorbed
 a portion of Fund expenses, total returns would have been lower.

(c) Does
 not include expenses of other investment companies in which the Fund invests.

(d) Recognition
 of investment income is affected by timing of and declaration of dividends by the underlying
 investment companies in which the Fund invests.

(e) Includes
 adjustments in accordance with accounting principles generally accepted in the United States
 and, consequently, the net asset value for financial reporting purposes and the returns based
 upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

(f) Ratios
 to average net assets (excluding incentive fee effective October 28, 2022 through September
 30, 2023)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross | 5.33% | 4.5% | 4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement | 3.65% | 3.65% | 3.04% |

---

(g) Effective
 September 21, 2023, the Fund had a four-for-one reverse stock split. Per Share amounts for
 the periods have been adjusted to give effect to the four-for-one stock split.

(h) Not
 annualized.

(i) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund - Class I** |
| **FINANCIAL HIGHLIGHTS** |

---

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the Six**<br>**Months Ended**<br>**December 31, 2025** | **2025** | **2024(g)** | **2023(g)** | **2022(g)** | **2021(g)** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.77 | $15.26 | $19.60 | $20.60 | $26.00 | $19.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 1.88 | 2.90 | 1.67 | 2.12 | 1.24 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (0.97 | (0.52) | (3.03) | (0.84) | (4.96) | 7.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 0.91 | 2.38 | (1.36) | 1.28 | (3.72) | 8.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (1.86) | (2.87) | (2.82) | (2.12) | (1.00) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  | (0.16) | (0.16) | (0.68) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.86 | (2.87) | (2.98) | (2.28) | (1.68) | (1.52) |
| **Net Asset Value, End of Period** | $13.82 | $14.77 (e) | $15.26 (e) | $19.60 (e) | $20.60 (e) | $26.00 (e) |
| **Total Return (b)** | 5.93 | 17.48 % (e) | (7.46)% (e) | 6.04 % (e) | (15.22)% (e) | 44.53 % (e) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $7350 | $8036 | $7484 | $10206 | $10419 | $5884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets (including incentive fee): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (c)(f) | 3.75 | 4.00% | 5.26% | 5.88% | 3.73% | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement (c)(f) | 2.75 | 2.75% | 3.78% | 5.13% | 2.95% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income, Net of Reimbursement (c)(d) | 24.58 | 19.69% | 16.14% | 10.20% | 4.85% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 83.19 | 162.11% | 149.37% | 105.29% | 86.39% | 0.11% |

---

(a) Per
 share amounts are calculated using the average shares method, which more appropriately presents
 the per share data for the year.

(b) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends,
 returns of capital and capital gains distributions, if any. Had the Advisor not absorbed
 a portion of Fund expenses, total returns would have been lower.

(c) Does
 not include expenses of other investment companies in which the Fund invests.

(d) Recognition
 of investment income is affected by timing of and declaration of dividends by the underlying
 investment companies in which the Fund invests.

(e) Includes
 adjustments in accordance with accounting principles generally accepted in the United States
 and, consequently, the net asset value for financial reporting purposes and the returns based
 upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

(f) Ratios
 to average net assets (excluding incentive fee effective October 28, 2022 through September
 30, 2023)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross | 4.28% | 3.5% | 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of Reimbursement | 2.75% | 2.75% | 2.38% |

---

(g) Effective
 September 21, 2023, the Fund had a four-for-one reverse stock split. Per Share amounts for
 the periods have been adjusted to give effect to the four-for-one stock split.

(h) Not
 annualized.

(i) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

Alternative Strategies Income Fund (the "Fund"), formerly known as Alternative Strategies Fund, was organized as a Delaware statutory trust on June 15, 2010 and is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as a non-diversified, closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares. The investment objective of the Fund is to seek attractive risk-adjusted returns with low to moderate volatility and low correlation to the broader markets, through a concentrated alternative investment approach with an emphasis on income generation. The Fund pursues its investment objective by investing primarily in structured notes.

The Fund currently offers Class A, Class C and Class I shares. Class A shares commenced operations on September 28, 2010, Class C shares commenced operations on January 21, 2015 and Class I shares commenced operations on July 17, 2017. Class A shares are offered at net asset value plus a maximum sales charge of 4.25%. Class C and I shares are offered at net asset value. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements 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 and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

*Operating Segment*s – The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and chief financial officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

*Valuation of Fund of Funds* – The Fund may invest in funds of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value using the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a market price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

*Valuation of Structured Notes –* Structured notes are notes where the principal and/or interest rate or value of the structured note is determined by reference to the performance of an underlying reference asset. Underlying reference assets may include

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

a security, a basket of equity securities, a market index or a commodity. Structured notes are valued at fair value based on daily price reporting from the counterparty issuing the structured note.

*Security Valuation* – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Advisor, those securities will be valued at "fair value" as determined in good faith by the Fund's fair value committee using procedures adopted by and under the supervision of the Fund's Board of Trustees (the "Board"). There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's net asset value ("NAV").

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair value as determined using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Fund, (ii) administrator, and (iii) advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.

*Fair Valuation Process.* As noted above, the fair value committee is composed of one or more representatives from each of the (i) Fund, (ii) administrator, and (iii) advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and 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 its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2025 for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Total | Level I | Level 2 | Level 3 |
| Structured Notes | $12877530 | $— | $12877530 | $— |
| Short-Term Investment | 942623 | 942623 |  |  |
| Total | $13820153 | $942623 | $12877530 | $— |

---

\* Refer to the Portfolio of Investments for industry classifications.

The Fund held no Level 3 securities as of December 31, 2025.

The Fund had no unfunded commitments as of the six months ended December 31, 2025.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

*Distributions from Real Estate Investment Trusts* – Distribution from Real Estate Investment Trusts are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available.

*Interest Income on Structured Notes* – Interest from Structured notes is not accrued daily but is considered as part of the daily valuation and recorded as interest income when earned at the respective coupon payment date.

*Federal Income Taxes –* The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all its taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended June 30, 2022, through June 30, 2024, or expected to be taken in the Fund's June 30, 2025, tax returns. The Fund identifies its major tax jurisdiction as U.S. Federal. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended June 30, 2025 the Fund did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed for the last three years.

*Distributions to Shareholders* – Distributions from investment income are declared and recorded on a daily basis and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

All or a portion of a distribution may consist of return of capital, shareholders should not assume that the source of a distribution is net income.

*Indemnification* – The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

*Advisory Fees* – SCG Asset Management, LLC ("SCG") serves as the Fund's investment advisor (the "Advisor"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for these services and the related expenses borne by the Advisor, the Fund has agreed to pay the Advisor under the Investment Management Agreement a monthly fee calculated at an annual rate of 1.50% of the average daily net assets of the Fund.

The Advisor and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Advisor has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (excluding front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired (underlying) fund fees and expenses, or extraordinary expenses such as litigation), to the extent that they exceed 3.00%, 3.65% and 2.75% per annum of the Fund's average daily net assets attributable to Class A, Class C shares and Class I shares, respectively (the "Expense Limitation"). In consideration of the Advisor's agreement to limit the Fund's expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees and expenses will be made only if payable not more than three years from when they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitation (at the time of waiver/reimbursement or recapture) to be exceeded. During the six months ended December 31, 2025 the Advisor waived fees of $75,483.

The following amounts are subject to recapture by SCG by the following dates:

---

| | | |
|:---|:---|:---|
| June 30, 2026 | June 30, 2027 | June 30, 2028 |
| $138608 | $228379 | $185861 |

---

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

*Ultimus Fund Solutions, LLC ("UFS") –* UFS, provides administration, fund accounting, and transfer agent services to the Fund. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Fund are also officers of UFS and are not paid any fees directly by the Fund for servicing in such capacities.

In addition, certain affiliates of UFS provide services to the Fund as follows:

*Northern Lights Compliance Services, LLC ("NLCS")* – NLCS, an affiliate of UFS, provides a chief compliance officer to the Fund, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Fund. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*Blu Giant, LLC ("Blu Giant") –* Blu Giant, an affiliate of UFS and the distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

*Distributor* – The distributor of the Fund is Ladenburg Thalmann & Co., Inc. (the "Distributor"). The Board has adopted, on behalf of the Fund, a shareholder services plan (the "Shareholder Services Plan") under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Under the Shareholder Services Plan, the Fund may pay 0.25% per year of its average daily net assets of each of Class A and Class C shares for such services. For the six months ended December 31, 2025, the Fund incurred shareholder servicing fees of $7,877 and $691 for Class A and Class C shares, respectively. Under the distribution plan, the Fund pays 0.75% per year of its average daily net assets for such services for Class C shares. For the six months ended December 31, 2025, the Fund incurred distributions fees of $2,073 for Class C.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the six months ended December 31, 2025, the Distributor received $0 in underwriting commissions for sales of the Fund's shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers.

**4.** **RISKS** 

*Structured Note Risk –* The Fund will primarily invest in structured notes. The structured notes may include investments in structured products, securitizations, and other asset-backed securities. Among other risks, the notes (i) are subject to the risks associated with the underlying assets; (ii) will often be leveraged, which will generally magnify the opportunities for gain and risk of loss; (iii) are highly complex, which may cause disputes as to their terms and impact the valuation and liquidity of such positions; and (iv) often contain significant obstacles to asserting "putback" or similar claims against the notes.

These instruments are notes where the principal and/or interest rate or value of the structured note is determined by reference to the performance of an underlying reference asset. Underlying reference assets may include a security or other financial instrument though the Fund primarily invests in structured notes that reference the performance of a particular underlying equity security. The Fund may also invest in structured notes that reference the performance of a basket of equity securities, a market index or a commodity. The interest and/or principal payments that may be made on a structured note may vary widely, depending on a variety of factors, including the volatility of the underlying reference asset. The performance results of structured notes will not replicate exactly the performance of the underlying reference asset that the notes seek to replicate. Issuers of structured notes can vary and may include corporations, banks, broker-dealers and limited purpose trusts or other vehicles. Structured notes may be exchange traded or traded OTC and privately negotiated.

At December 31, 2025, the aggregate value of such securities amounted to $12,877,530 and the value amounts to 93.9% of the net assets of the Fund.

*Liquidity Risk –* There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% of the shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. The Fund's structured notes and other investments are also subject to liquidity risk.

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

Liquidity risk exists when investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

*Market Risk –* An investment in the Fund's shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. There is a risk that you may lose money by investing in the Fund.

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the six months ended December 31, 2025, amounted to $11,800,000 and $11,600,000, respectively.

**6.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of control of the portfolio under section 2(a)(9) of the 1940 Act. As of December 31, 2025, Charles Schwab held 28.9%, and Gregory H Sachs, an affiliate of the Fund, held 49.9%, of the Fund and each may be deemed to control the Fund.

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at December 31, 2025, was as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $14949568 |
| Unrealized Appreciation | $413037 |
| Unrealized Depreciation | (1542452) |
| Tax Net Unrealized Depreciation | $(1129415) |

---

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions for the following fiscal years were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>June 30, 2025 | Fiscal Year Ended<br>June 30, 2024 |
| Ordinary Income | $2883485 | $2495502 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  | 153977 |
|  | $2883485 | $2649479 |

---

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) |
| $17734 | $— | $(848741) | $(10367482) | $(32960) | $(183013) | $(11414462) |

---

The difference between book basis and tax basis distributable earnings unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, and to the tax adjustments for accrued dividends payable.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $848,741.

At June 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $4116256 | $6251226 | $10367482 | $— |

---

**9.** **REPURCHASE OFFERS** 

Pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended, the Fund offers shareholders on a quarterly basis the option of redeeming shares, at net asset value, of no less than 5% and no more than 25% of the shares outstanding. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase up to and including 5% of such shareholder's shares in each quarterly repurchase. Limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases.

During the six months ended December 31, 2025, the Fund completed two quarterly repurchase offers. In those offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The Fund may under officer approval increase the repurchase percentage above 5%. The results of those repurchase offers were as follows:

---

| | | |
|:---|:---|:---|
| **Class A** | **Repurchase Offer #1** | **Repurchase Offer #2** |
| Commencement Date | June 25, 2025 | September 23, 2025 |
| Repurchase Request |  |  |
| Deadline | July 28, 2025 | October 23, 2025 |
| Repurchase Pricing Date | July 28, 2025 | October 23, 2025 |
| Net Asset Value as of |  |  |
| Repurchase Offer Date | $15.36 | $15.04 |
| Amount Repurchased | $10223 | $106407 |
| Percentage of Outstanding |  |  |
| Shares Repurchased | 0.16% | 1.67% |

---

---

| |
|:---|
| **Alternative Strategies Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Class C** | **Repurchase Offer #1** | **Repurchase Offer #2** |
| Commencement Date | June 25, 2025 | September 23, 2025 |
| Repurchase Request |  |  |
| Deadline | July 28, 2025 | October 23, 2025 |
| Repurchase Pricing Date | July 28, 2025 | October 23, 2025 |
| Net Asset Value as of |  |  |
| Repurchase Offer Date | $14.35 | $0.00 |
| Amount Repurchased | $22143 | $0 |
| Percentage of Outstanding |  |  |
| Shares Repurchased | 3.82% | 0.00% |
| **Class I** | **Repurchase Offer #1** | **Repurchase Offer #2** |
| Commencement Date | June 25, 2025 | September 23, 2025 |
| Repurchase Request |  |  |
| Deadline | July 28, 2025 | October 23, 2025 |
| Repurchase Pricing Date | July 28, 2025 | October 23, 2025 |
| Net Asset Value as of |  |  |
| Repurchase Offer Date | $15.56 | $15.25 |
| Amount Repurchased | $13269 | $227834 |
| Percentage of Outstanding |  |  |
| Shares Repurchased | 0.16% | 2.70% |

---

**10.** **ACCOUNTING PRONOUNCEMENTS** 

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements for the six months ended December 31, 2025.

**11.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following:

The Fund completed a quarterly repurchase offer on January 23, 2026 which resulted in 1.33%, 4.33% and 0.11% of Class A shares, Class C and Class I shares being repurchased for $78,641, $21,596, and $8,114 respectively.

By the written consent of shareholders constituting a majority of the Fund's outstanding shares, Gary Weiss, Brian Fox and Gregory Sachs were elected as Trustees of the Fund effective September 30, 2025.

**ADDITIONAL INFORMATION**

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

*<u>Alternative Strategies Income Fund\* - SCG Asset Management, LLC</u>*

In connection with the regular meeting held on November 24, 2025 the Board of Trustees (the "Trustees") of the Alternative Strategies Income Fund (the "Fund"), including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), discussed the renewal of an investment advisory agreement (the "Advisory Agreement") between the Fund and SCG Asset Management, LLC ("SCG"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

*Nature, Extent and Quality of Services.* The Trustees noted that SCG was established in 2020 as a subsidiary of Sachs Capital Group, LP which was founded in 2008. The Trustees discussed that SCG was currently managing approximately $136 million in assets for institutional investors and high net-worth individuals in several strategies focused on opportunities for riskadjusted returns through investments in structured products among other investments. The Trustees then reviewed the backgrounds of the key investment personnel at SCG, who are responsible for providing services to the Fund, taking into account their education and financial industry experience, and noting no material changes occurred over the past year. The Trustees noted that SCG's personnel were well experienced with investing in structured notes and had the resources to handle the complex and research-intensive investment process involved with such a strategy. The Trustees noted that Gregory H. Sachs, SCG's founding Chairman, Chief Executive Officer and Chief Investment Officer, had more than 30 years of asset management experience. The Trustees noted that SCG utilized a propriety model to analyze investable assets, and to further identify investable assets, SCG has a team of quantitative researchers and risk managers who run screens performing pre-investment stress tests. The Trustees also discussed SCG's approach to risk management, noting that SCG applies risk management through sector and industry diversification, and the selection of notes that are less sensitive to market volatility. The Trustees noted that SCG is the valuation designee and discussed SCG's procedures to handle investments that may need to be fair valued. The Board noted that the SCG has progressively adjusted their progress to be more selective of investments while continuing to commit experienced resources to support the Fund. After a discussion, the Trustees concluded that SCG was expected to provide a high level of quality service to the Fund and its shareholders.

*Performance.* The Trustees noted that the Fund's performance is not positive compared to its Peer Group Funds selection, provided by SCG, which consists of closed end interval funds with a strategy intended to generate income for end investors. The Trustees noted that the Fund had a yield of approximately 23%. The Trustees acknowledged that the Fund's objective is income and discussed as to whether the Fund had achieved its objective over the prior year. The Trustees concluded that the Fund's performance was not unreasonable and that SCG was implementing its strategy in accordance with the Fund's prospectus.

*Fees and Expenses.* The Trustees compared the contractual management fee of the Fund to the fees and expenses of a peer group of funds provided by SCG with alternative investment strategies and some with similar fee structures. The Trustees noted that the Fund's advisory fee was in the range of the peer group. The Trustees noted that the management of the Fund is very research intensive and actively managed, therefore may cost more than other funds to manage. The Trustees discussed the Fund's current expense limitation agreement and the SCG's willingness to discuss breakpoints in the future as the Fund increases in assets. The Trustees concluded that the Fund's advisory fee was not unreasonable in light of the services the Fund would receive from SCG under the Advisory Agreement, and the level of fees paid by a peer group of similarly managed funds

*Profitability.* The Trustees reviewed the profitability analysis provided by SCG. The Trustees considered that SCG was not yet profitable. The Trustees concluded that excessive profitability was not an issue with respect to SCG's relationship with the Fund.

*Economies of Scale.* The Trustees considered whether economies of scale had been reached with respect to the management of the Fund. The Trustees noted that the Fund had indicated a willingness to continue to evaluate the appropriateness of breakpoints when the Fund reached higher assets. The Trustees agreed that in light of the expense limitation agreement in place, and the SCG's willingness to consider breakpoints in the future, the absence of breakpoints at this time was acceptable.

*Conclusion.* Having requested and received such information from SCG as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that the renewal of the Advisory Agreement was in the best interests of the Fund and its shareholders.

\* Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Fund.

**PRIVACY NOTICE**

**Rev. Feb 2014**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES ALTERNATIVE STRATEGIES INCOME FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES ALTERNATIVE STRATEGIES INCOME FUND DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Social Security number | &nbsp;&nbsp;■ Purchase History |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Assets | &nbsp;&nbsp;■ Account Balances |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Retirement Assets | &nbsp;&nbsp;■ Account Transactions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transaction History | &nbsp;&nbsp;■ Wire Transfer Instructions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Checking Account Information |  |
|  | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Alternative Strategies Income Fund chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Alternative Strategies Income Fund chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does Alternative<br> Strategies Income <br> Fund share?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –** |  |  |
| &nbsp;&nbsp;such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes –** |  |  |
| &nbsp;&nbsp;to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** |  |  |
| &nbsp;&nbsp;information about your transactions and experiences | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** |  |  |
| &nbsp;&nbsp;information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-877-803-6583 |

---

**Rev. Feb 2014**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** |  |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Alternative Strategies Income Fund |
| &nbsp;&nbsp;**What we do** |  |
| &nbsp;&nbsp;**How does Alternative Strategies Income Fund protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;**How does Alternative Strategies Income Fund collect my personal information?**<br>| &nbsp;&nbsp;We collect your personal information, for example, when you<br>■ Open an account<br>■ Provide account information<br>■ Give us your contact information<br>■ Make deposits or withdrawals from your account<br>■ Make a wire transfer<br>■ Tell us where to send the money<br>■ Tells us who receives the money<br>■ Show your government-issued ID<br>■ Show your driver's license<br>We also collect your personal information from other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?**<br>| &nbsp;&nbsp;Federal law gives you the right to limit only<br>■ Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>■ Affiliates from using your information to market to you<br>■ Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** |  |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Alternative Strategies Income Fund does not share with our affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies<br>■ *Alternative Strategies Income Fund does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *Alternative Strategies Income Fund doesn't jointly market.* |

---

---

| |
|:---|
| **Investment Advisor** |
| SCG Asset Management, LLC |
| 2132 Deep Water Lane, Suite 232 |
| Naperville, IL 60565 |
| **Administrator** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive Suite 450 |
| Cincinnati, OH 45246 |

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**How to Obtain Proxy Voting Information**

Information regarding how the Fund votes proxies relating to portfolio securities for the 12 month period ended June 30<sup>th</sup> as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-877-803-6583 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter Portfolio Holdings**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Reports and other information about the Fund are available on the EDGAR Database on the Commission's website at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-803-6583.

*AltStrat-SAR26*

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 1 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable – Closed-End Fund

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 1

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Trust Name: <u>Alternative Strategies Income Fund</u> 

---

| | |
|:---|:---|
| By | /s/ Gregory Sachs |
| Gregory Sachs | Gregory Sachs |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Gregory Sachs |
| Gregory Sachs | Gregory Sachs |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Michelle Sibley |
| Michelle Sibley | Michelle Sibley |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

## Ex-99.Code

**Ladenburg Alternative Strategies Fund CODE OF ETHICS**

June 17, 2010

Ladenburg Alternative Strategies Fund (the "Trust") on behalf of the Ladenburg Alternative Strategies Fund, a series of the Trust (the "Fund") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Fund must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Fund ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Ladenburg Investment Trust.

**Access Persons may not take advantage of their relationship with the Fund**

Access Persons should avoid any situation (unusual investment opportunities, perquisites, accepting gifts of more than token value from persons seeking to do business with the Fund) that might compromise, or call into question, the exercise of their fully independent judgement in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and directors (or persons occupying a similar status or performing
a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and directors (or persons occupying a similar status or performing
a similar function) of each Adviser or Sub-Adviser with respect to its corresponding series of the Trust (together, the "Advisers");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Adviser (or of any company controlling or
controlled by or under common control with the Trust or the Adviser) who, in connection with his or her regular functions or duties,
makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions
relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control
with the Trust or the Adviser who obtains information concerning recommendations made to the

Fund with regard to the purchase or sale of Covered Securities by the Fund.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Adviser with respect to Adviser personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister- in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in portfolio securities held by a general or limited partnership;

(c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in

securities held by a trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Sub-Adviser"** means the sub-adviser to the Trust.

**"Trust"** means the Ladenburg Alternative Strategies Fund.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered
Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which
he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making Access Persons may not participate in any initial public
offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain
prior written authorization from the Chief Compliance Officer prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person may purchase a Covered Security in which by reason of such
transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the
acquisition by the Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services, other
than de minimis gifts, from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Persons may not serve on the board of directors of
a publicly traded company without prior authorization from the Chief Compliance Officer based upon a determination that such service
would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate
such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of
the Trust.

Advanced notice should be given so that the Trust, Adviser, or Sub-Adviser may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making Access Person may not execute a Personal Securities Transaction
involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the
Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust
a material fact necessary in order to make the statements made, in light of the circumstances under which they are
made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud
or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

**EXEMPTED TRANSACTIONS**

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or Sales of Securities effected in any account in which an Access
Person has no Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or Sales of Securities which are non-volitional on the part the
Access Person (for example, the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;• Purchase of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Securities made as part of an employee benefit plan involving
the periodic purchase or company stock or mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Securities effected upon the exercise of rights issued by an
issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale
of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders are effective unless the order conflicts with a Trust order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

**REPORTING AND MONITORING**

The Chief Compliance Officer or his designees shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer. These statements and confirms for each series of the Trust may be sent to its respective Adviser.

**Initial Holdings Report**

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

**Annual Holdings Reports**

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

**Quarterly Transaction Reports**

All Access Persons, shall report to the Chief Compliance Officer or his designees the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;• The price of the Covered Security at which the transaction was effected;
and

&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer, or bank with or through whom the transaction
was effected.

&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Ladenburg Alternative Strategies Fund's Board of Trustees.

Upon being informed of a violation of this Code, the Ladenburg Alternative Strategies Fund's Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. Ladenburg Alternative Strategies Fund shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

&nbsp;&nbsp;&nbsp;&nbsp;• Summarize existing procedures concerning Personal Securities investing and any changes in the
procedures made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Identify any violations of this Code and any significant remedial action taken during the prior
year; and;

&nbsp;&nbsp;&nbsp;&nbsp;• Identify any recommended changes in existing restrictions or procedures based upon the experience
under the Code, evolving industry practices or developments in applicable laws and regulations.

**ACKNOWLEDGMENT**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Gregory Sachs, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Alternative Strategies Income Fund (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/10/2026 | /s/ Gregory Sachs |
| | | Gregory Sachs |
| | | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Michelle Sibley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Alternative Strategies Income Fund (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/10/2026 | /s/ Michelle Sibley |
| | | Michelle Sibley |
| | | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Gregory Sachs, Principal Executive Officer/President, and Michelle Sibley, Principal Financial Officer/Treasurer of Alternative Strategies Income Fund (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Gregory Sachs | /s/ Gregory Sachs | /s/ Michelle Sibley | /s/ Michelle Sibley |
| Gregory Sachs | Gregory Sachs | Michelle Sibley | Michelle Sibley |
| Date: | 3/10/2026 | Date: | 3/10/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.