Edgar Filing: MERCANTILE ALTERNATIVE STRATEGIES FUND LLC

Ownership Submission

FORM 5

	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Form 3 Holdings Reported
	Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ^*

MERCANTILE BANKSHARES CORP

2. Issuer Name and Ticker or Trading Symbol
MERCANTILE ALTERNATIVE STRATEGIES FUND LLC [N/A]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

2 HOPKINS PLAZA

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
03/31/2006

(Street)

BALTIMORE,Â MDÂ 21201

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Reporting
(check applicable line)
_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Limited Liability Company Interest ⁽¹⁾	Â	Â	3⁽²⁾	Â	Â	Â	Â	D	Â
Limited Liability Company Interest ⁽¹⁾	03/31/2004	Â	S4⁽⁴⁾	1,250,000 ⁽¹⁾ ⁽⁴⁾	D ⁽⁴⁾	$ 1,250,000 ⁽¹⁾	1 ⁽¹⁾ ⁽⁴⁾ ⁽⁵⁾	D	Â
Limited Liability Company Interest ⁽¹⁾	12/31/2004	Â	S4⁽⁴⁾	1,300,000 ⁽¹⁾ ⁽⁴⁾	D ⁽⁴⁾	$ 1,300,000 ⁽¹⁾	1 ⁽¹⁾ ⁽⁴⁾ ⁽⁶⁾	D	Â
Limited Liability Company Interest ⁽¹⁾	06/30/2005	Â	S4⁽⁴⁾	4,400,000 ⁽¹⁾ ⁽⁴⁾	D ⁽⁴⁾	$ 4,400,000 ⁽¹⁾	1 ⁽¹⁾ ⁽⁴⁾ ⁽⁷⁾	D	Â
Limited Liability Company Interest ⁽¹⁾	12/31/2005	Â	S4⁽⁴⁾	1,250,000 ⁽¹⁾ ⁽⁴⁾	D ⁽⁴⁾	$ 1,250,000 ⁽¹⁾	1 ⁽¹⁾ ⁽⁴⁾ ⁽⁸⁾	D	Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MERCANTILE BANKSHARES CORP 2 HOPKINS PLAZA BALTIMORE,Â MDÂ 21201	Â	Â X	Â	Â

Signatures

Mercantile Bankshares Corporation By: /s/ John L. Unger, Secretary		08/22/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Mercantile Alternative Strategies Fund LLC (the ?Company?) is a limited liability company organized under the laws of the State of Delaware and registered under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. Each Interest is a percentage of ownership interest in the Company. The value of each Interest is the corresponding percentage of the net asset value of the Company (as more fully set forth in the Company documents available with the Securities and Exchange Commission (?SEC?)). The percentage interest in the Company held by Mercantile Bankshares Corporation (?MBC?) at a given time is related to the investments made by other investors have placed into the Company and is subject to change when they buy or sell Interest.
(2)	Filer?s Interest has been held directly by MBC since December 30, 2002, which was the effective date of the registration statement filed by the Company with the SEC on December 30, 2002. Filer?s Interest was in exchange for the seed capital that MBC placed into the Company
(3)	The Interest held by MBC represented 100% of the Interests outstanding at the conclusion of the transaction. This transaction is the last transaction for the fiscal year.
(4)	The transaction was a tender offer.
(5)	The Interest held by MBC represented 54% of the Interests outstanding at the conclusion of the transaction. This transaction is the last transaction for the fiscal year.
(6)	The Interest held by MBC represented 53% of the Interests outstanding at the conclusion of the transaction. This transaction is the last transaction for the fiscal year.
(7)	The Interest held by MBC represented 46% of the Interests outstanding at the conclusion of the transaction. The percentage interest for the fiscal year in which this transaction took place is listed by the last transaction that took place for the fiscal year.
(8)	The Interest held by MBC represented 45% of the Interests outstanding at the conclusion of the transaction. This transaction is the last transaction for the fiscal year.

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