Alpha Core Strategies Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number     811-21630                          

                                     Alpha Core Strategies Fund                                             

(Exact name of registrant as specified in charter)

50 South LaSalle Street

                               Chicago, IL 60603                              

(Address of principal executive offices) (Zip code)

Robert D. DiCarlo,

President

Alpha Core Strategies Fund

50 South LaSalle Street

                                Chicago, IL 60603                              

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (312) 630-6000

Date of fiscal year end:  March 31

Date of reporting period:  September 30, 2015

Item 1. Reports to Stockholders.

2

ALPHA CORE STRATEGIES FUND

TABLE OF CONTENTS

2	STATEMENT OF ASSETS AND LIABILITIES
3	SCHEDULE OF INVESTMENTS
5	STATEMENT OF OPERATIONS
6	STATEMENTS OF CHANGES IN NET ASSETS
7	STATEMENT OF CASH FLOWS
8	FINANCIAL HIGHLIGHTS
9	NOTES TO THE FINANCIAL STATEMENTS
14	SUPPLEMENTAL INFORMATION
16	FOR MORE INFORMATION

NOT FDIC INSURED

May lose value/No bank guarantee

SEMIANNUAL REPORT 1 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 2015 (UNAUDITED)

Rounded to thousands, except per unit data
ASSETS:
Investments in Sub-Funds, at fair value (Cost $541,688,000)	$654,315,000
Cash and cash equivalents	6,243,000
Deposit on pending investments in Sub-Funds	8,000,000
Receivable for Sub-Funds sold	4,692,000
Receivable for fund shares sold	4,000
Prepaid and other assets	124,000
Total Assets	673,378,000
LIABILITIES:
Capital subscriptions received in advance	6,983,000
Payable for fund shares redeemed	13,655,000
Payable to affiliates:
Investment management fees	1,647,000
Administration fees and expenses	56,000
Custody and accounting fees	10,000
Transfer agent fees and expenses	6,000
Trustee fees and expenses	41,000
Other accrued liabilities	195,000
Total Liabilities	22,593,000
Net Assets	$650,785,000
ANALYSIS OF NET ASSETS:
Net capital	$518,844,000
Accumulated net investment loss	(49,811,000	)
Accumulated undistributed net realized gain	69,125,000
Net unrealized appreciation (depreciation) on investments	112,627,000
Net Assets	$650,785,000
Units Outstanding (unlimited authorization)	41,010,000
Net Asset Value, Per Unit	$15.87

See Notes to the Financial Statements.

ALPHA CORE STRATEGIES FUND 2 SEMIANNUAL REPORT

SCHEDULE OF INVESTMENTS

ALPHA CORE STRATEGIES FUND SEPTEMBER 30, 2015 (UNAUDITED)

	VALUE (ROUNDED TO THOUSANDS)
SUB-FUNDS – 100.5%
Credit/Distressed – 12.6%
(Cost $69,102,000)
Chatham Asset Partners High Yield Fund, L.P.		$23,937,000
Knighthead Domestic Fund, L.P.		28,049,000
Varadero Partners L.P.		29,726,000
		81,712,000
Global Macro – 15.7%
(Cost $98,805,000)
Autonomy Global Macro, L.P.		26,920,000
Discovery Global Opportunity Partners, L.P.		26,176,000
Graticule Asia Macro Fund L.P.		25,905,000
Tse Capital Fund L.P.		23,381,000
		102,382,000
Non-U.S. Equity Hedge – 14.2%
(Cost $70,207,000)
Hermitage Global Partners, L.P.*		25,000
Indus Pacific Opportunities Fund L.P.		23,270,000
MW Eureka (US) Fund		27,463,000
Pelham Long/Short Fund, L.P.		21,244,000
Zebedee Focus Fund Limited		20,735,000
		92,737,000
Relative Value Multi-Strategy – 11.7%
(Cost $66,489,000)
Alphadyne Investment Strategies Partners, L.P.		25,236,000
DW Catalyst Onshore Fund LP		21,549,000
Investcorp Interlachen Multi-Strategy Fund, LLC*		69,000
North Pole Offshore		29,360,000
		76,214,000
Sector Hedge – 10.9%
(Cost $48,594,000)
Brenham Capital Management, L.P.		26,018,000
Broadfin Healthcare Fund, L.P.		18,073,000
Camber Capital Fund, L.P.		26,830,000
		70,921,000
Special Situations – 19.5%
(Cost $102,845,000)
Archer Capital Fund, L.P.		24,095,000
Corvex Partners, L.P.		31,332,000
HG Vora Special Opportunities Fund, L.P.		27,742,000
JHL Capital Group Fund, LLC		1,188,000
Pentwater Event Fund LLC		18,189,000
Senator Global Opportunity Fund, L.P.		24,291,000
		126,837,000
U.S. Equity Hedge – 15.9%
(Cost $85,646,000)
Black Diamond Thematic, L.P.		20,861,000
Harvest Small Cap Partners, L.P.		15,954,000

			VALUE (ROUNDED TO THOUSANDS)
SUB-FUNDS – 100.5% – continued
U.S. Equity Hedge – 15.9% – continued
Lakewood Capital Partners, L.P.				$18,415,000
Tide Point Capital Management, LLC				23,471,000
Tourbillon Global Equities LLC				24,811,000
				103,512,000
Total Investments in Sub-Funds
(Cost $541,688,000)				$654,315,000
	NUMBER OF SHARES		VALUE (ROUNDED TO THOUSANDS)
CASH EQUIVALENT – 1.0%
Northern Institutional Funds – Diversified Assets Portfolio, 0.01% (1)(2)		6,243,000		$6,243,000
Total Cash Equivalent
(Cost $6,243,000)				$6,243,000
TOTAL INVESTMENTS – 101.5%
(Cost $547,931,000)				660,558,000
Liabilities less Other Assets – (1.5)%				(9,773,000	)
NET ASSETS – 100.0%				$650,785,000

(1) Investment in affiliated Portfolio. 50 South Capital Advisors, LLC is the investment adviser to the Fund and Northern Trust Investments, Inc. is the investment adviser to the Diversified Assets Portfolio of the Northern Institutional Funds. 50 South Capital Advisors, LLC and Northern Trust Investments, Inc. are affiliates of Northern Trust Corporation.

(2) At March 31, 2015, the value of the Fund’s investment in the Diversified Assets Portfolio of the Northern Institutional Funds was approximately $161,000 with net purchases of approximately $6,082,000 during the six months ended September 30, 2015.

* During the current year, all of the underlying investments’ value in these Sub-Funds were held in a side-pocket arrangement. The Fund will not be able to redeem such value from any particular underlying investment until such amount is released from its respective side-pocket arrangement. In the aggregate, approximately 0.01% of the Fund’s net assets are in side-pocket arrangements. The Fund is not able to estimate the timing of receipt of such amounts.

Percentages shown are based on net assets.

Sub-Fund investments are non-income producing.

See Notes to the Financial Statements.

SEMIANNUAL REPORT 3 ALPHA CORE STRATEGIES FUND

SCHEDULE OF INVESTMENTS

ALPHA CORE STRATEGIES FUND continued SEPTEMBER 30, 2015 (UNAUDITED)

At September 30, 2015, the investment strategies of Sub-Funds as a percentage of the Fund’s net assets were as follows:

STRATEGY WEIGHTINGS	PERCENTAGE
Credit/Distressed		12.6%
Global Macro		15.7
Non-U.S. Equity Hedge		14.2
Relative Value Multi-Strategy		11.7
Sector Hedge		10.9
Special Situations		19.5
U.S. Equity Hedge		15.9
Cash Equivalent and Liabilities Less Other Assets		(0.5)
Total		100.0%

At September 30, 2015, the Fund’s Sub-Funds investments were domiciled as follows:

COUNTRIES	COST		VALUE
Cayman Islands – 12.5%		$62,253,000		$81,427,000
United States – 88.0%		479,435,000		572,888,000
Total		$541,688,000		$654,315,000

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 – Unadjusted quoted market prices in active markets for identical investments on the measurement date and on an ongoing basis.

Level 2 – Other observable inputs. (e.g. quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 – Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and other financial instruments, if any. The Fund’s investment in the Northern Institutional Funds - Diversified Assets Portfolio is valued using Level 1 inputs. All other Sub-Funds’ values were measured using the net asset value per share (or its equivalent) practical expedient and in accordance with ASU 2015-07 and have not been classified in the fair value hierarchy.

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At September 30, 2015, there were no transfers between Level 1, Level 2 or Level 3 based on levels assigned to the securities on March 31, 2015.

The Fund is not able to obtain complete investment holdings details on each of the Sub-Funds held within the Fund’s portfolio in order to determine whether the Fund’s proportional share of any investments held by the Sub-Funds exceeds 5% of the net assets of the Fund as of September 30, 2015.

See Notes to the Financial Statements.

ALPHA CORE STRATEGIES FUND 4 SEMIANNUAL REPORT

ALPHA CORE STRATEGIES FUND

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

Rounded to thousands
EXPENSES:
Investment management fees	$3,117,000
Administration fees and expenses	312,000
Custody and accounting fees	70,000
Transfer agent fees and expenses	31,000
Registration fees	10,000
Audit and tax fees	85,000
Insurance	71,000
Legal fees	70,000
Printing	13,000
Trustee fees and expenses	120,000
Commitment fees	145,000
Interest expense	36,000
Other	15,000
Total expenses	4,095,000
Less expenses reimbursed by investment manager	(1,000	)
Total Net Expenses	4,094,000
Net Investment Loss	(4,094,000	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments	13,947,000
Net change in unrealized appreciation (depreciation) on investments	(26,774,000	)
Net Loss on Investments	(12,827,000	)
Net Decrease in Net Assets Resulting from Operations	$(16,921,000	)

See Notes to the Financial Statements.

SEMIANNUAL REPORT 5 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015

(UNAUDITED) OR FISCAL YEAR ENDED MARCH 31, 2015

Rounded to thousands	SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)			FISCAL YEAR ENDED MARCH 31, 2015
OPERATIONS:
Net investment loss		$(4,094,000	)		$(7,162,000	)
Net realized gain on investments		13,947,000			10,332,000
Net change in unrealized appreciation (depreciation) on investments		(26,774,000	)		32,713,000
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,921,000	)		35,883,000
UNIT TRANSACTIONS:
Capital Subscriptions (7,375,000 and 5,474,000 Units, respectively)		120,780,000			84,593,000
Capital Redemptions (1,389,000 and 2,118,000 Units, respectively)		(22,315,000	)		(33,218,000	)
Net Increase in Net Assets Resulting from Capital Transactions		98,465,000			51,375,000
Total Increase in Net Assets		81,544,000			87,258,000
NET ASSETS:
Beginning of Period (35,024,000 Units)		569,241,000			481,983,000
End of Period (41,010,000 Units)		$650,785,000			$569,241,000
Accumulated Net Investment Loss		$(49,811,000	)		$(45,717,000	)

See Notes to the Financial Statements.

ALPHA CORE STRATEGIES FUND 6 SEMIANNUAL REPORT

ALPHA CORE STRATEGIES FUND

STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)

Rounded to thousands
CASH FLOWS FROM OPERATING ACTIVITIES
Net decrease in net assets from operations	$(16,921,000	)
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities:
Purchase of Sub-Funds	(176,500,000	)
Proceeds from disposition of Sub-Funds	80,637,000
Net realized gain on investments	(13,947,000	)
Net change in unrealized (appreciation) depreciation on investments	26,774,000
Changes in operating assets and liabilities:
Increase in prepaid and other assets	(63,000	)
Increase in investment management fees payable	265,000
Increase in administration fees and expenses payable	7,000
Increase in custody and accounting fees and expenses payable	1,000
Increase in transfer agent fees and expenses payable	1,000
Increase in trustee fees and expenses payable	22,000
Decrease in other accrued liabilities	(51,000	)
Net cash flow used in operating activities	(99,775,000	)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital subscriptions	124,838,000
Capital redemptions	(16,981,000	)
Borrowings on line of credit	36,400,000
Repayments on line of credit	(38,400,000	)
Net cash flow provided by financing activities	105,857,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	6,082,000
Cash and Cash Equivalents—Beginning of Period	161,000
Cash and Cash Equivalents—End of Period	$6,243,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	$43,000

See Notes to the Financial Statements.

SEMIANNUAL REPORT 7 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

FINANCIAL HIGHLIGHTS

Selected per unit data	SIX MONTHS ENDED SEPTEMBER 30, 2015 (5) (UNAUDITED)			YEAR ENDED MARCH 31, 2015  (5)			YEAR ENDED MARCH 31, 2014  (5)			YEAR ENDED MARCH 31, 2 013 (5)			YEAR ENDED MARCH 31, 2012  (5)			YEAR ENDED MARCH 31, 2011  (5)
Net Asset Value, Beginning of Period		$16.25			$15.22			$13.81			$12.80			$13.22			$12.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss		(0.11	)		(0.21	)		(0.20	)		(0.19	)		(0.17	)		(0.17	)
Net realized and unrealized gains (losses)		(0.27	)		1.24			1.61			1.20			(0.25	)		0.75
Total from Investment Operations		(0.38	)		1.03			1.41			1.01			(0.42	)		0.58
Net Asset Value, End of Period		$15.87			$16.25			$15.22			$13.81			$12.80			$13.22
Total Return (1)		(2.34	)%		6.77	%		10.21	%		7.89	%		(3.18	)%		4.59	%
SUPPLEMENTAL DATA AND RATIOS:
Net Assets, rounded to thousands, end of period		$650,785,000			$569,241,000			$481,983,000			$478,118,000			$481,855,000			$494,954,000
Ratio to average net assets of: (2)
Expenses, net of waivers and reimbursements (3)		1.31	% (6)		1.37	% (6)		1.37	% (6)		1.43	% (6)		1.29	% (6)		1.32	% (6)
Expenses, before waivers and reimbursements (3)		1.31	%		1.37	%		1.37	%		1.43	%		1.29	%		1.34	%
Net investment loss, net of waivers and reimbursements		(1.31	)% (6)		(1.37	)% (6)		(1.37	)% (6)		(1.43	)% (6)		(1.29	)% (6)		(1.31	)% (6)
Net investment loss, before waivers and reimbursements		(1.31	)%		(1.37	)%		(1.37	)%		(1.43	)%		(1.29	)%		(1.33	)%
Portfolio Turnover Rate (4)		12.16	%		15.33	%		21.16	%		42.68	%		11.93	%		17.25	%

⁽¹⁾ Assumes investment at net asset value at the beginning of the period and a complete redemption of the investment at net asset value at the end of the period. An investor’s return may vary from these returns based on the timing of capital transactions. Total return is not annualized for periods less than one year.

⁽²⁾  Annualized for periods less than one year.

⁽³⁾  The computation of such ratios based on the amount of expenses assessed to an investor’s capital may vary from these ratios based on the timing of capital transactions. These ratios do not include the expenses of the Sub-Funds.

⁽⁴⁾  Portfolio turnover rate includes initial and additional investments in Sub-Funds, as well as partial and full withdrawals from Sub-Funds.

⁽⁵⁾  Per unit information is calculated using the average units outstanding method.

⁽⁶⁾  The net expense and net investment loss ratios include an additional reimbursement on advisory fees incurred in connection with the investment of uninvested cash in an affiliated money market fund of approximately $1,000, $1,000, $6,000, $14,000, $35,000, and $68,000, which represents less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01% and 0.02% of average net assets for the six months ended September 30, 2015, and fiscal years ended March 31, 2015, 2014, 2013, 2012 and 2011, respectively. Absent the additional reimbursement, expense reimbursement would have been decreased and net investment loss and net expenses increased by a corresponding amount.

See Notes to the Financial Statements.

ALPHA CORE STRATEGIES FUND 8 SEMIANNUAL REPORT

ALPHA CORE STRATEGIES FUND

NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (UNAUDITED)

1. ORGANIZATION

Alpha Core Strategies Fund (the “Fund”) is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end, diversified management investment company. At a meeting held on November 13, 2014, the Board of Trustees (the “Board”) approved a resolution to change the name of the Fund from “NT Alpha Strategies Fund” to “Alpha Core Strategies Fund” effective January 1, 2015. The Fund’s investment objective is to seek attractive risk-adjusted rates of return through investment in a diversified portfolio of assets. The Fund operates as a “Fund-of-Funds,” investing, either directly or indirectly, in a group of funds or other pooled investment vehicles (the “Sub-Funds”) managed by investment advisers selected by the Fund’s investment manager. The Fund seeks to provide investors with exposure to alternative investment strategies by investing in diversified markets and instruments.

U.S. tax-exempt investors and non-U.S. investors may not invest directly in the Fund, but rather invest in one of the two following “Feeder Funds,” both of which invest substantially all of their assets in the Fund: (1) Alpha Core Strategies Feeder Fund, Q.P. (formerly known as Northern Trust Alpha Strategies Fund, Q.P.), which is open to U.S. tax-exempt investors and non-U.S. investors that are both Accredited Investors and Qualified Purchasers (as such term is defined in Section 2(a)(51) of the 1940 Act) or (2) Alpha Core Strategies Feeder Fund (formerly known as Northern Trust Alpha Strategies Fund), which is open to U.S. tax-exempt investors and non-U.S. investors that are Accredited Investors, but not Qualified Purchasers.

Effective June 1, 2015, 50 South Capital Advisors, LLC (“50 South”) replaced Northern Trust Investments, Inc. (“NTI”) as the Fund’s investment manager. 50 South is a direct wholly owned subsidiary of Northern Trust Corporation (“NTC”), and is registered with the U.S. Securities and Exchange Commission as an investment adviser. Control and management of the Fund and Feeder Funds business within NTC, as well as services being provided to the Fund and the fees associated with those services, have not changed due to the investment manager change.

The Northern Trust Company (“Northern Trust”), a subsidiary of NTC, is the custodian, fund accountant, transfer agent and administrator of the Fund.

Northern Trust Securities, Inc., (“NTSI”), a subsidiary of NTC, serves as the placement agent for the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The Fund, which is defined as a non-diversified closed-end management investment company in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies”.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America or “U.S. GAAP”. The preparation of financial statements in conformity with U.S. GAAP 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 during the reporting period. Actual results may differ from those estimates.

A) VALUATION OF SECURITIES Investments in Sub-Funds are valued at fair value, as determined by 50 South, pursuant to delegation from the Board of the Fund. The Board has delegated the responsibility of determining the valuation of the Fund’s Sub-Funds to the Fund’s Pricing Committee (“Pricing Committee”), subject to oversight by the Board. The Pricing Committee consists of representatives from 50 South and NTI as recommended to, and approved by, the Fund’s Board.

In determining the month end fair value of each Sub-Fund investment, the Pricing Committee considers the estimated net asset value (“NAV”) of such Sub-Fund investment provided to the Fund by the Sub-Fund, or its equivalent such as ownership interest in partners’ capital or members’ capital of the Sub-Fund as of the reporting date as a practical expedient for fair value, as well as any other considerations identified that may increase or decrease such estimated fair value. In addition, each Sub-Fund’s NAV is monitored for conformity with U.S. GAAP through monthly reviews of the values of the underlying investments held by each Sub-Fund (when the Sub-Fund’s underlying investments are identified to the Pricing Committee, either directly or through a third-party pricing vendor) and through operational due diligence performed prior to investing in a Sub-Fund and continually through the review of each Sub-Fund’s audited financial statements. If a Sub-Fund’s NAV is not available or a Sub-Fund’s NAV is determined not to be reasonable based on the Pricing Committee’s evaluation, the Pricing Committee will make the final determination of the fair value of a Sub-Fund. In making its determination, the Pricing Committee is authorized to consider factors that it deems appropriate to the determination of the fair value of the Sub-Fund. Such factors may include, but are not limited to, the following: changes in the equity and fixed income markets; type of Sub-Fund (i.e., strategy); current financial position of the Sub-Fund; cost of the investment; and news events. Accordingly, because of the inherent uncertainty of these valuations, these estimated fair

SEMIANNUAL REPORT 9 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

NOTES TO THE FINANCIAL STATEMENTS continued

values may differ significantly from the values that could have been used had a readily available market for the investments existed, and the differences could be material.

50 South continually monitors markets and the investment managers of the Sub-Funds. 50 South is responsible for notifying the Pricing Committee if the markets and/or a Sub-Fund’s manager’s circumstances relevant to the valuation of the fair valued Sub-Fund change materially.

The Fund’s cash equivalent investment, which is comprised of an investment in the Diversified Assets Portfolio of the Northern Institutional Funds, an open-ended investment company, is valued at its NAV.

B) CASH AND CASH EQUIVALENTS The Fund treats all financial instruments with original maturities of three months or less as cash equivalents. Cash and cash equivalents held in the Fund are shown on the accompanying Schedule of Investments.

C) INVESTMENT TRANSACTIONS, INCOME AND EXPENSES Investment transactions are recorded as of the trade date. The Fund determines the gain or loss realized from investment transactions by using an identified cost basis method. Interest income and expenses are recognized on an accrual basis. The Fund does not currently intend to make any distributions. The interest rate reflected in the Schedule of Investments represents the seven-day yield for money market funds.

D) FEES AND EXPENSES The Fund is responsible for paying administrative and operating expenses. In addition, the Fund is responsible for paying the operating expenses of the Feeder Funds.

The Fund also is responsible for fees payable by the Sub-Funds to their respective advisers (collectively, the “Advisory Fees”) in proportion to the Fund’s investments in the Sub-Funds. The Advisory Fees will vary, but they will typically consist of a management (asset-based) fee and an incentive fee. Management fees typically range between 1% and 2% of a Sub-Fund’s net asset value per year, and incentive fees typically range between 10% and 25% of the Sub-Fund’s net new profits. These Advisory Fees are accounted for in the valuations of the Sub-Funds (which are reported in these financial statements net of such fees) and are not included in the Statement of Operations.

E) FEDERAL INCOME TAXES The Fund operates and has elected to be treated as a partnership for federal income tax purposes. Accordingly, no provision for the payment of federal, state or local income taxes has been provided. Each unitholder is individually required to report on its own tax return its distributive share of the Fund’s taxable income or loss.

As of March 31, 2015, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure. The Fund’s federal tax returns filed for tax years 2012 and thereafter remain subject to examination by the Internal Revenue Service.

3. RELATED PARTY, INVESTMENT MANAGEMENT AND OTHER AGREEMENTS

As compensation for investment management services, 50 South is entitled to receive a 1.00% per annum fee of the Fund’s NAV, payable quarterly in arrears, calculated as of the last business day of each quarter. 50 South has agreed to reimburse the Fund for all operating expenses, exclusive of management, administration, custody, transfer agent fees, interest expense and Sub-Fund fees and expenses, that exceed 0.50% per annum of the Fund’s NAV. Prior to June 1, 2015, NTI had the same compensation and reimbursement agreements with the Fund. The reimbursements described above are contractual. There were no reimbursements for the six months ended September 30, 2015, as expenses described above did not exceed the threshold.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a 0.01% per annum fee of the Fund’s NAV, payable monthly in arrears, calculated as of the last business day of each month.

For compensation as custodian and fund accountant, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board.

The Fund has an administration agreement with Northern Trust for certain administrative services. Pursuant to the administration agreement with the Fund, Northern Trust, as administrator, is entitled to receive a 0.10% per annum fee of the Fund’s NAV payable monthly in arrears calculated as of the last business day of each month.

50 South has agreed to reimburse the Fund for all administration, custody and transfer agent fees that exceed 0.30% per annum of the Fund’s NAV. Prior to June 1, 2015, NTI had agreed to reimburse the Fund for all administration, sub-administration, custody and transfer agent fees that exceed 0.30% per annual of the Fund’s NAV. The reimbursements described above are contractual. There was no reimbursement for the six months ended September 30, 2015, as expenses described above did not exceed the threshold.

NTSI may solicit subscriptions for Common Units (as defined below) on a “best efforts” basis. The Fund does not pay a placement fee to NTSI and common unitholders do not pay any sales charges or servicing fees.

ALPHA CORE STRATEGIES FUND 10 SEMIANNUAL REPORT

ALPHA CORE STRATEGIES FUND

SEPTEMBER 30, 2015 (UNAUDITED)

As of September 30, 2015, NTI’s investment in the Fund was approximately $16,000 (less than 1% of net assets).

The Fund currently invests uninvested cash in the Diversified Assets Portfolio (the “Portfolio”) of Northern Institutional Funds, an investment company which is advised by NTI. The Fund bears indirectly a proportionate share of the Portfolio’s operating expenses. These operating expenses include the management fee (which reflects a combined fee for advisory and administrative services), transfer agency and custody fees that the Portfolio pays to NTI and/or its affiliates. Currently, the aggregate annual rate of the management fee, transfer agency and custody fees payable to NTI and/or its affiliates on any assets invested in the Portfolio is 0.35%. However, 50 South has agreed to reimburse the Fund in an amount equal to the portion of the management fee attributable to advisory services paid by the Fund as a result of its investments in the Portfolio. This reimbursement is included on the Statement of Operations as “Less expenses reimbursed by investment manager”.

4. CAPITAL TRANSACTIONS

The Fund offers common interests (“Common Units”) in a private placement to qualified investors that are “Accredited Investors” within the meaning given to such term in Regulation D under the Securities Act of 1933, as amended. Common Units are offered monthly. The minimum subscription per investor is $50,000, subject to waiver or modification by 50 South in its sole discretion. Subscriptions are payable in full at the time an investor returns a completed subscription agreement, which must be at least three business days before the month-end valuation. The net asset value of the Fund is equal to the estimated value of its total assets, minus the estimated sum of its total liabilities, as of the pertinent valuation date. Although common unitholders will not have the right to redeem their Common Units, at the discretion of the Board, and subject to its overall fiduciary duties to all unitholders, the Board intends to make quarterly tender offers for its Common Units at the NAV as of the applicable tender date. The minimum amount of Common Units that may be tendered is equal to $100,000. Should a Common Unitholder choose to accept any such tender offer, such acceptance must be in writing and must be received by the Fund, as set forth in the notice of such tender offer, within approximately twenty business days from the commencement of such quarterly tender offer. The Fund is authorized to issue preferred units, although none have been offered as of September 30, 2015.

5. INVESTMENT TRANSACTIONS

The Fund had aggregate purchases of $175,850,000 and proceeds from sales of Sub-Funds of $73,791,000 (excluding short-term investments) for the six months ended September 30, 2015.

At September 30, 2015, the estimated cost of investments for federal income tax purposes was $541,688,000. At September 30, 2015, accumulated net unrealized appreciation on investments was $112,627,000 consisting of $118,386,000 gross unrealized appreciation and $5,759,000 gross unrealized depreciation.

6. NET ASSETS

The net assets of the Fund are determined as of the last business day of each calendar month.

7. RISK FACTORS

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Sub-Funds may borrow and may utilize various lines of credit, reverse repurchase agreements, “dollar rolls,” issuance of debt securities, swaps, forward purchases, other off-balance sheet derivative transactions and other forms of leverage. While leverage presents opportunities for increasing total return, it has the effect of potentially increasing losses as well. If income and appreciation on investments made with borrowed funds are less than the cost of the leverage, the value of a Sub-Fund’s net assets will decrease. Accordingly, any event which adversely affects the value of an investment by a Sub-Fund would be magnified to the extent leverage is employed. The cumulative effect of the use of leverage in a market that moves adversely to a leveraged investment could result in a substantial loss which would be greater than if leverage were not used. In periods of extreme market volatility, the need to sell assets in a declining market can cause even greater losses, as prices may be artificially depressed. Generally, most leveraged transactions involve the posting of collateral. Increases in the amount of margin that a Sub-Fund is required to post could result in a disposition of Sub-Fund assets at times and prices which could be disadvantageous to the Sub-Fund and could result in substantial losses. Creditors’ claims may be senior to the rights of unitholders in the Sub-Fund.

FASB Accounting Standards Codification 820 (“ASC 820”) Fair Value Measurement requires disclosure to assist in understanding the nature and risk of the investments by major category. The table below summarizes the fair value and other pertinent liquidity information of the Fund’s underlying investments by major category.

	Fair Value (in millions)		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Credit/Distressed (a)		$82		$  —	quarterly		45-90 days
Global Macro (c)		102		—	quarterly, monthly		30-90 days
Non-U.S. Equity Hedge (d)		93		—	not eligible, quarterly, monthly,		45-90 days
Relative Value Multi-Strategy (b)		76		—	not eligible, quarterly, monthly		60-85 days
Sector Hedge (d)		71		—	quarterly, monthly		60-95 days
Special Situations (a)		127		—	quarterly, monthly		60-90 days
U.S. Equity Hedge (d)		103		—	quarterly		45-90 days
		$654		$  —

SEMIANNUAL REPORT 11 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

NOTES TO THE FINANCIAL STATEMENTS continued

(a) Event Driven—The managers in this category seek to profit from opportunities arising from specific situations affecting individual stocks or unique circumstances in a particular industry, sector or market. These market participants typically specialize in certain sectors of the Event Driven space, utilizing unique skills or knowledge of bankruptcy law, specific market events, or otherwise. Sub-strategies in this category include Credit/Distressed and Special Situations. The fair values of the investments in this category have been estimated using the net asset value per share (or its equivalent) of the investments. Investments representing approximately 58.87% of the fair value of investments in this category cannot be immediately redeemed because the investments include investor level gate restrictions. These gates range from one month to twelve months and do not allow for full redemptions. Investments representing approximately 5.80% of the fair value of investments in this category cannot be redeemed because the investments include restrictions that do not allow for full redemptions within the first 12 months after acquisition. The remaining restriction period for these investments was approximately ten to eleven months at September 30, 2015.

(b) Relative Value—The managers in this category seek to deliver alpha without subjecting themselves to or relying on beta or general market exposure for performance. They seek to do this by identifying and exploiting various arbitrage opportunities between and among related groups of securities, with the expectation that returns will have a low correlation to the markets in which those securities trade. Sub-strategies in this category include Relative Value Multi-Strategy. The fair values of the investments in this category have been estimated using the net asset value per share (or its equivalent) of the investments. Investments representing approximately 28.27% of the fair value of investments in this category cannot be immediately redeemed because the investments include investor level gate restrictions. These gates range up to three months and do not allow for full redemptions. For one investment representing approximately 0.09% of the fair value of investments in this category, no redemptions are currently permitted. The Fund is not able to estimate when the redemption restriction might lapse.

(c) Global Macro—The managers in this category employ strategies directed more heavily towards the ebbs and flows of markets on a larger scale, as opposed to focusing on the relative attractiveness between individual securities. Managers seek to identify the direction that certain markets will follow over various time periods and position their portfolios accordingly. Sub-strategies in this category include Global Macro. The fair values of the investments in this category have been estimated using the net asset value per share (or its equivalent) of the investments. As of September 30, 2015, there are no redemption restrictions.

(d) Hedged Equity—The managers in this category seek to identify and select equity securities that will rise in price on the long side and those that will fall in price on the short side. Equity securities make up the large bulk of their underlying exposure. Net exposure ranges from zero to 100%, while gross exposure can be 200% or more. Sub-strategies in this category include Non-U.S. Equity Hedge, Sector Hedge and U.S. Equity Hedge. The fair values of the investments in this category have been estimated using the net asset value per share (or its equivalent) of the investments. Investments representing approximately 1.09% of the fair value of investments in this category cannot be immediately redeemed because the investments include restrictions that do not allow for full redemptions within the first 12 months after acquisition. The remaining restriction period for these investments was approximately eleven months at September 30, 2015. For one investment representing approximately 0.01% of the fair value of investments in this category, no redemptions are currently permitted. The Fund is not able to estimate when the redemption restriction might lapse.

8. BOARD OF TRUSTEES

Each member of the Board (each, a “Trustee”) who is not an “interested person” of the Fund, as defined in the 1940 Act, receives an annual retainer of $28,000 and $1,500 for each special in-person meeting of the Board or committee held outside the regular quarterly meetings.

At September 30, 2015, there were five Trustees, of which four were not “interested persons” of the Fund. Also, each Trustee who is not an “interested person” of the fund and who serves as the Board chair or a committee chair receives an additional retainer of $10,000 per annum from the Fund.

At a meeting held on November 12, 2015, the Board approved an increase in the annual retainer from $28,000 to $32,100 for Trustees who are not “interested persons”. The Board also approved an increase from $10,000 to $15,000 per annum for the additional retainer for the Trustee who serves as the Board chair. These changes will be effective on January 1, 2016.

The Fund reimburses those Trustees who are not “interested persons” of the Fund for all reasonable out-of-pocket expenses incurred by them in performing their duties.

ALPHA CORE STRATEGIES FUND 12 SEMIANNUAL REPORT

ALPHA CORE STRATEGIES FUND

SEPTEMBER 30, 2015 (UNAUDITED)

Effective November 22, 2015, one of the Trustees who is not an “interested person”, Richard W. Durkes, resigned and thus, there are four Trustees, of which three of whom are not “interested persons” of the Fund.

9. BANK BORROWINGS

The Fund and another registered fund advised by 50 South have entered into a $50,000,000 revolving bank credit agreement, dated February 26, 2015, (the “Agreement”) administered by the Bank of Montreal for liquidity and other purposes. The interest rate charged under the Agreement is 1.75% above the London Interbank Offered Rate (“LIBOR”) on the date of the borrowing. In addition, there is an annual commitment fee of 0.75% on the unused portion of the credit line under the Agreement, payable quarterly in arrears, which is included in “Commitment fees” on the Statement of Operations. The Agreement will expire on February 25, 2016, unless renewed.

As of September 30, 2015, the Fund did not have any borrowings outstanding under the Agreement.

When utilized, the average dollar amounts of the borrowings and the weighted average interest rates for the six months ended September 30, 2015 on the borrowings were $8,597,000 and 1.94%, respectively.

10. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Fund through the date the financial statements were issued, and has concluded, other than the item noted in Note 8, that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

SEMIANNUAL REPORT 13 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

SUPPLEMENTAL INFORMATION (UNAUDITED)

On November 12, 2015, the Board of Trustees of the Fund adopted an amendment to the Fund’s By-Laws to establish the Court of Chancery of the State of Delaware or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware as the exclusive forum for any derivative action or proceeding brought on behalf of the Fund, any action asserting a claim of breach of a fiduciary duty owed by any trustee, officer or other employee of the Fund, any action asserting a claim arising pursuant to any provision of the Delaware Statutory Trust Act or the Fund’s Agreement and Declaration of Trust or By-Laws, any action to interpret, apply, enforce or determine the validity of the Fund’s Agreement and Declaration of Trust or By-Laws or any action asserting a claim governed by the internal affairs doctrine.

The text of the amendment to the Fund’s By-Laws is set forth below. A copy of the Fund’s By-Laws have been filed as an exhibit to the Fund’s Annual Report on Form NSAR, filed with the Securities and Exchange Commission on or about November 24, 2015.

*    *    *

4.4. Forum for Adjudication of Disputes. Unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any trustee, officer or other employee of the Trust to the Trust or the Trust’s Unitholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Statutory Trust Statute or the Declaration or these By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the Declaration or these By-Laws or (v) any action asserting a claim governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware (each, a “Covered Action”). Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i) deemed to have notice of and consented to the provisions of this Section 4.4, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in this Section 4.4.

If any Covered Action is filed in a court other than the Court of Chancery of the State of Delaware or the Superior Court of the State of Delaware (a “Foreign Action”) in the name of any Unitholder, such Unitholder shall be deemed to have consented to (i) the personal jurisdiction of the Court of Chancery of the State of Delaware and the Superior Court of the State of Delaware in connection with any action brought in any such courts to enforce the first paragraph of this Section 4.4 (an “Enforcement Action”) and (ii) having service of process made upon such Unitholder in any such Enforcement Action by service upon such Unitholder’s counsel in the Foreign Action as agent for such Unitholder. Furthermore, except to the extent prohibited by any provision of the Delaware Statutory Trust Statute or the Declaration, if any Unitholder shall initiate or assert a Foreign Action without the written consent of the Trust, then each such Unitholder shall be obligated jointly and severally to reimburse the Trust and any trustee, officer or other employee of the Trust made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited to, all reasonable attorneys’ fees and other litigation expenses) that the parties may incur in connection with any successful motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with this Section 4.4.

If any provision or provisions of this Section 4.4 shall be held to be invalid, illegal or unenforceable as applied to any person or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provision(s) in any other circumstance and of the remaining provisions of this Section 4.4 (including, without limitation, each portion of any sentence of this Section 4.4 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons and circumstances shall not in any way be affected or impaired thereby.

ALPHA CORE STRATEGIES FUND 14 SEMIANNUAL REPORT

ALPHA CORE STRATEGIES FUND

THIS PAGE INTENTIONALLY LEFT BLANK

SEMIANNUAL REPORT 15 ALPHA CORE STRATEGIES FUND

ALPHA CORE STRATEGIES FUND

FOR MORE INFORMATION (UNAUDITED)

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-Q. The Fund’s Form N-Q is available on the SEC’s web site at sec.gov. You may also obtain a copy at the SEC’s Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 800-SEC-0330.

PROXY VOTING

A description of the Fund’s Proxy Voting Policies and Procedures and the Fund’s portfolio securities voting record, for the 12-month period ended June 30 are available, without charge, upon request, by contacting the investment manager at 800-595-9111 or by visiting the SEC’s web site at sec.gov.

ALPHA CORE STRATEGIES FUND 16 SEMIANNUAL REPORT

Item 2. Code of Ethics.

Not applicable for the reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for the reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for the reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(a) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for the reporting period.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

(a) Not applicable for the reporting period.

(b) The Fund is managed by an investment team that is responsible for the selection and monitoring of Advisers and Sub-Funds. As of the date of this report, the investment team is led by Robert P. Morgan and Tristan L. Thomas.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

3

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of 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.

Item 12. Exhibits.

(a)(1)	Not applicable for the reporting period.
(a)(2)	Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the 1940 Act.
(a)(3)	No written solicitations to purchase securities pursuant to Rule 23c-1 under the 1940 Act were sent or delivered during the period covered by this report by or on behalf of the registrant.
(b)	Exhibit 99.906 CERT: Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the 1940 Act.

4

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.

Alpha Core Strategies Fund
By:	/s/ Robert D. DiCarlo
	Robert D. DiCarlo, President
	(Principal Executive Officer)
Date:	December 3, 2015

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/ Robert D. DiCarlo
	Robert D. DiCarlo, President
	(Principal Executive Officer)
Date:	December 3, 2015
By:	/s/ Randal E. Rein
	Randal E. Rein, Treasurer
	(Principal Financial Officer
	and Principal Accounting Officer)
Date:	December 3, 2015

5