rcas-taxable_ncsr.htm

Expiration

March 31, 2013

March 31, 2014

March 31, 2015

Rochdale Core Alternative Strategies Fund (RCAS)

Rochdale Core Alternative Strategies Fund TEI (RCAS TEI)

Annual Report


	March 31, 2012

	Dear Fellow Shareholders,

	The Rochdale Core Alternative Strategies Fund (“RCAS”) seeks to diversify clients’ traditional stock and bond only portfolios through inclusion of alternative strategies. RCAS seeks to provide a better total risk adjusted return than either the stock or bond market through a low variability investment strategy.

	For the year ended March 31, 2012, the Fund returned -4.52% Taxable and -4.59% TEI outperforming the -6.39% return HFRX Global Hedge Fund Index. 2011 was one of the most difficult and volatile investing periods on record. Particularly during the third quarter, as our hedge fund managers were seeking to avoid heightened volatility associated with investor sentiment regarding the U.S. debt ceiling debate, the future of the Eurozone and the sustainability of global economic growth.

	Against this backdrop, managers in RCAS appropriately reduced their equity investments. Although these actions were prudent from a risk management perspective and helped managers avoid most of the decline in equity markets, they were not positioned for the large and historic equity rally in October. We take little comfort from the fact that this difficult period caused most hedge fund managers to underperform the S&P 500 index in 2011. This was not a normal environment, nor a normal outcome.

	More positively, the Fund is up +3.16% Taxable and +3.14% TEI over the first quarter of 2012. We remain uncomfortable with the unanalyzable nature of policy decision ahead for both the U.S. and Europe and therefore see a continued benefit to RCAS for client portfolios. Recent market turmoil has again demonstrated how beneficial RCAS can be in avoiding equity declines. Early estimates show RCAS avoided about 75% of the market decline in the month of May. While a loss is never a great thing in a portfolio, credit managers and multi strategy arbitrage managers have been delivering positive results in this down market.

	Paranormal risks and unanalyzable outcomes posed by policy decisions and mini-panics from hypersensitive investors have taken on significant importance the past few years and RCAS has been a favorable investment option to help protect against extreme events. We prefer to acknowledge that the best forecasts in the world cannot predict extreme or unanalyzable events. Therefore allocating a portion of each client’s portfolio to a dynamic and hedged approached seems appropriate.

	Current Portfolio Dynamics and Performance

	Despite early positive performance for 2012, the effectiveness of Hedge Funds as an asset class in our client’s portfolio has been a topic of concern. The goal for RCAS is to provide positive net performance regardless of the equity market. Our Fund manager, PineBridge has expressed similar frustration regarding the Fund’s performance in 2011. To be clear, Rochdale Investment Management remains reasonably pleased with RCAS and PineBridge. We realize that while Fed or ECB policy decisions can significantly turn a bad situation around, it is not prudent for managers to base their investment decisions on what they hope policymakers will decide.

	Our belief, going forward is these hedged strategies will show value versus traditional stocks and bonds in the context of a total portfolio. We are closely monitoring our funds and continue to manage a lower volatility portfolio of managers that compliment each other. The fund includes a variety of strategies and a

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	variety of managers to help reduce volatility. Although a good percentage of managers remain cautious on the outlook, early signs indicate that net exposure to market risk have been increasing across the board and we have seen an encouraging start to the year.

	The general consensus is that correlations are starting to lower, particularly in Macro and Credit. This will mean less Beta or market driven performance and hopefully more opportunity for individual managers to contribute meaningfully going forward. Our expectations of a range bound market for the remainder of 2012 should bode well for the strategy.

	Capital to each manager is allocated based on a combination of factors including prospective outlook for the strategy, anticipated volatility level, and the covariance with other managers. Managers are generally allocated 1% to 6% of total assets. As of March 31, 2012, RCAS has exposure to thirty-three different investment managers over three broad alternative investment strategies.

Investment Style	Allocation		Number of Managers
Event/ Multi-Strategy	38.4	%		14
Equity Long/Short	42.5	%		11
Global Macro	17.1	%		8
Cash	2.0	%
Total	100	%		33

	The Event/Multi-Strategy sector returned approximately +4.0% for the quarter ended March 31, 2012 (approximately -1% YOY). The flexibility provided by healthy balance sheets and accommodative capital markets have allowed the pace of strategic corporate activity to become more robust. While the volume of large M&A deals have declined since the second half of 2011 and into the first quarter of 2012, the flow of restructuring activities has been more consistent.

	Managers who allocated capital to the Equity Long/Short strategy returned +4.2% for the quarter ended March 31, 2012 (approximately -5% YOY). Global equity markets were up sharply during the beginning of 2012, reflecting improving business conditions in the U.S. coupled with steps taken by the ECB to provide liquidity to the eurozone banking system. Although net exposures are increasing, some of the managers are still skeptical and have low net exposure causing a lag with the first quarter performance of the equity market.

	Finally, the Global Macro strategy returned approximately +0.7% for the quarter ended March 31, 2012 (approximately -9% YOY). The strategy showed promise in early 2012, but is continually challenged trying to analyze the unanalyzable factors surrounding the global outlook. Concern of an economic slowdown in emerging markets, especially China, are also weighing in on investors. Managers are also struggling with the volatility and potential pitfalls in commodity markets. This portion of the portfolio has fared poorly in recent history and we have increased the scrutiny on the investments in the Global Macro allocation.

	Investment Outlook

	Rochdale has come to appreciate the value of having a more flexible and dynamic approach to investing included within our clients’ portfolios. The traditional method of buying good companies and holding them for a long period has not achieved acceptable returns within most clients risk tolerances over the past decade when adjusted for the higher risk of holding equities, and the implementation of alternative investments inside client portfolios was designed to help reduce this risk. While 2011 relative performance for RCAS was disappointing, historically this asset class has shown value and we continue to believe the Fund holds a beneficial place inside portfolios.

	Our outlook for the U.S. and global economy remains one of continued slow self-sustaining growth. With corporate profits still solid, strong liquidity and reasonable valuations, this environment should also remain favorable for investing in stocks. However, the latest flare-up in the European debt crisis is again roiling markets. Until we gain clarity on a potential Greek default and future policy actions to address the Spanish banking sector challenges, we believe markets will likely remain constrained, with further downside possible if worst case scenarios of financial contagion materialize. Indeed, the recent rekindling of market worries over European sovereign debt are a reminder that the bouts of higher volatility experienced by portfolios invested solely in traditional stocks and bonds is likely to persist going forward. On this basis, we believe RCAS continues to represent an appropriate allocation for clients seeking diversification and growth of principal with low volatility across varying market conditions.

	Sincerely,



	Garrett R. D’Alessandro, CFA, CAIA, AIF® Chief Executive Officer & President Rochdale Investment Management LLC

	Important Disclosures

	The performance returns presented may contain figures estimated by the underlying manager which, if subsequently revised by the underlying manager, may change the returns indicated for the applicable period.

	The unsubsidized total annual fund operating expense ratio for the Rochdale Core Alternative Strategies Fund and the Rochdale Core Alternative Strategies Fund TEI is 2.35% and 2.20%, respectively. Cumulative Return at POP (Public Offering Price, reflecting maximum front end sales charge of 2.00%) since inception of July 1, 2007 for the Rochdale Core Alternative Strategies Fund and the Rochdale Core Alternative Strategies Fund TEI is -7.15% and -7.56%, respectively. Performance quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. The most recent month-end performance can be obtained by calling 800-245-9800.

	An investor should consider carefully the Funds’ investment objectives, risks, charges, and expenses. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-245-9888. Please read it carefully before investing. RIM Securities LLC, the affiliated broker dealer for Rochdale Investment Management LLC, 570 Lexington Avenue, New York, NY 10022.

	The views expressed herein represent the opinions of Rochdale Investment Management and are subject to change without notice at anytime. This information should not in any way be construed to be investment, financial, tax, or legal advice or other professional advice or service, and should not be relied on in making

	any investment or other decisions. Hedge fund investments are speculative and may entail substantial risks. Investing in small and medium-size companies may carry additional risks such as limited liquidity and increased volatility. Investing in international companies carries risks such as currency fluctuation, interest rate fluctuation, and economic and political instability. Short sales may increase volatility and potential for loss. As with all investments, there is no guarantee that investment objectives will be met.

	Rochdale Investment Management, its affiliated companies, or their respective shareholders, directors, officers and/or employees may have long or short positions in the securities discussed herein.

Rochdale Core Alternative Strategies Fund LLC

Financial Statements

March 31, 2012

Rochdale Core Alternative Strategies Fund LLC

Financial Statements

March 31, 2012

TABLE OF CONTENTS

Rochdale Core Alternative Strategies Fund LLC		Page

Report of Independent Registered Public Accounting Firm		1

Financial Statements
Statement of Assets, Liabilities and Members’ Capital		2
Statement of Operations		3
Statements of Changes in Members’ Capital		4
Statement of Cash Flows		5
Notes to Financial Statements		6 - 12
Financial Highlights		13


Rochdale Core Alternative Strategies Master Fund LLC		Page

Report of Independent Registered Public Accounting Firm		1

Financial Statements
Statement of Assets, Liabilities and Members’ Capital		2
Statement of Operations		3
Statements of Changes in Members’ Capital		4
Statement of Cash Flows		5
Schedule of Investments		6 - 8
Notes to Financial Statements		9 - 17
Financial Highlights		18

Director and Officer Information
Approval of Investment Management Agreement
Additional Information

Report of Independent Registered Public Accounting Firm

The Members and

Board of Directors of

Rochdale Core Alternative

Strategies Fund LLC

We have audited the accompanying statement of assets, liabilities and members’ capital of Rochdale Core Alternative Strategies Fund LLC (the “Fund”), as of March 31, 2012, the related statements of operations and cash flows for the year then ended, the statements of changes in members’ capital for the years ended March 31, 2012 and 2011, and the financial highlights for the years ended March 31, 2012 2011, 2010, 2009 and for the period from July 1, 2007 (Commencement of Operations) through March 31, 2008. These financial statements and financial highlights are the responsibility of the Fund’s Management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As more fully described in the notes to the financial statements, the Fund invests substantially all of its assets in Rochdale Core Alternative Strategies Master Fund LLC (the “Master Fund”). The audited financial statements of the Master Fund are attached and are an integral part of the Fund’s financial statements.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of March 31, 2012 and the results of its operations and its cash flows for the year then ended, the statements of changes in members’ capital for the years ended March 31, 2012 and 2011 and its financial highlights for the years ended March 31, 2012 2011, 2010, 2009 and for the period from July 1, 2007 (Commencement of Operations) through March 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

New York, New York

May 29, 2012

PKF O’CONNOR DAVIES, a division of O’CONNOR DAVIES, LLP

29 Broadway, New York, NY 10006 I Tel: 212.867.8000 I Fax: 212.687.4346 I www.odpkf.com

O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

Rochdale Core Alternative Strategies Fund LLC

Statement of Assets, Liabilities and Members’ Capital

March 31, 2012

ASSETS
Investment in Rochdale Core Alternative Strategies Master Fund LLC	$	19,245,924
Cash and Equivalents		155,820
Prepaid expenses		12,389
Receivable from Adviser		3,133

Total Assets		19,417,266

LIABILITIES AND MEMBERS’ CAPITAL
Liabilities
Distribution payable		155,820
Incentive fee payable		1,917
Professional fees payable		29,413
Investor servicing fee payable		11,786
Accrued expenses and other liabilities		1,291

Total Liabilities		200,227

Total Members’ Capital	$	19,217,039

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Fund LLC

Statement of Operations

Year Ended March 31, 2012

NET INVESTMENT LOSS ALLOCATED FROM ROCHDALE CORE ALTERNATIVE STRATEGIES MASTER FUND, LLC
Interest income	$	770
Expenses		(341,655	)

Net Investment Loss Allocated		(340,885	)

FUND EXPENSES
Professional fees		56,773
Investor servicing fees (see Note 4)		51,196
Registration fees		17,135
Administration fees		11,052
Insurance expense		2,775
Custody fees		1,200
Total Fund Expenses		140,131

Less expenses waived and reimbursed (see Note 3)		(21,100	)
Less incentive fees adjustment (see Note 3) (1)		(8,350	)

Net Fund Expenses		110,681

Net Investment Loss		(451,566	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS ALLOCATED FROM ROCHDALE CORE ALTERNATIVE STRATEGIES MASTER FUND, LLC
Net realized loss on investments		(12,063	)
Net change in unrealized appreciation/depreciation on investments		(568,601	)

Net Realized and Unrealized Loss on Investments		(580,664	)

Net Decrease in Members’ Capital Resulting from Operations	$	(1,032,230	)

(1) Reflects calendar year end adjustment.

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Fund LLC

Statements of Changes in Members’ Capital

	Year Ended March 31, 2012			Year Ended March 31, 2011
FROM OPERATIONS
Net investment loss	$	(451,566	)	$	(460,393	)
Net realized loss on investments		(12,063	)		(428,734	)
Net change in unrealized appreciation/depreciation on investments		(568,601	)		2,192,225

Net Increase (Decrease) in Members’ Capital Resulting From Operations		(1,032,230	)		1,303,098

INCREASE (DECREASE) FROM TRANSACTIONS IN MEMBERS’ CAPITAL
Proceeds from sales of members’ interests		2,405,020			2,415,039
Payments for purchases of members’ interests		(3,100,634	)		(1,694,039	)
Net (Payments for) Proceeds of Members’ Interests		(695,614	)		721,000

Total Increase (Decrease) in Members’ Capital		(1,727,844	)		2,024,098

MEMBERS’ CAPITAL
Beginning of year		20,944,883			18,920,785

End of year	$	19,217,039		$	20,944,883

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Fund LLC

Statement of Cash Flows

Year Ended March 31, 2012

CASH FLOWS FROM OPERATING ACTIVITIES
Net decrease in members’ capital resulting from operations	$	(1,032,230	)
Adjustments to reconcile net decrease in members’ capital resulting from operations to net cash from operating activities:
Net change in unrealized appreciation/depreciation on investments		568,601
Net realized loss on investments		12,063
Purchases of investments in Master Fund		(2,405,020	)
Sales of investments in Master Fund		3,100,634
Net investment loss allocated from Master Fund		340,885
Expenses paid by the Master Fund		127,110
Changes in operating assets and liabilities:
Investments made in advance		350,000
Prepaid expenses		2,636
Receivable from Adviser		3,599
Contributions received in advance		(350,000	)
Distribution payable		153,369
Incentive fee payable		(8,546	)
Professional fees payable		1,035
Investor servicing payable		(13,506	)
Accrued expenses and other liabilities		(1,647	)

Net Cash from Operating Activities		848,983

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of members’ interests		2,405,020
Payments for purchases of members’ interests		(3,100,634	)
Net Cash used in Financing Activities		(695,614	)

Net Change in Cash and Cash Equivalents		153,369

CASH AND CASH EQUIVALENTS
Beginning of year		2,451

End of year	$	155,820

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

1.	Organization

Rochdale Core Alternative Strategies Fund LLC (the “Fund”) is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. The Fund commenced investment operations on July 1, 2007. The Fund’s investment objective is to seek long-term growth of principal across varying market conditions with low volatility. “Low volatility” in this objective means the past monthly net asset value fluctuations of the Fund net asset value that are no greater than the rolling 10-year annualized standard deviation of the monthly ups and downs of the higher of: (1) the return of the Barclays Capital Aggregate Bond Index plus 3% or (2) half of the return of the Standard & Poor’s 500-stock Index.

The Fund invests substantially all of its investable assets in Rochdale Core Alternative Strategies Master Fund LLC (the “Master Fund”), a registered investment company with the same investment objective as the Fund. Rochdale Investment Management LLC (the “Manager”, “Adviser” or “Rochdale”) is the investment adviser to the Master Fund. The Manager is also the adviser to Rochdale Core Strategies Fund TEI, LLC, which also invests substantially all of its investable assets with the Master Fund. The Manager delegates sub-investment advisory responsibilities to PineBridge Investments (the “Sub-Adviser”) with respect to the Master Fund.

The Sub-Adviser has investment discretion to manage the assets of the Master Fund and is responsible for identifying prospective Hedge Funds, performing due diligence and review of those Hedge Funds and their Hedge Fund Managers, selecting Hedge Funds, allocating and reallocating the Master Fund’s assets among Hedge Funds, and providing risk management services, subject to the general supervision of the Manager.

The financial statements of the Master Fund are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. At March 31, 2012, the Fund’s beneficial ownership of the Master Fund’s net assets was 34.57%.

The Fund reserves the right to reject any subscriptions for Interests in the Fund. Generally, initial and additional subscriptions for investment (or “Member Interests”) in the Fund by eligible Members may be accepted at such times as the Fund may determine. Each Member must be a qualified investor and subscribe for a minimum initial investment in the Fund of $25,000. Additional investments in the Fund must be made in a minimum amount of $10,000. Brokers selling the Fund may establish higher minimum investment requirements than the Fund. The Fund from time to time may offer to repurchase members’ interests in the Fund at such times and on such terms as may be determined by the Fund’s Board in its complete and absolute discretion. Fund interests must be held for at least six months after initial purchase (or for a second six-month period as described below). Members must hold Fund interests for at least six months before being eligible to request that the Fund repurchase Fund interests during a tender offer. If no such request is made by a Member during a tender offer, such Member must hold Fund interests for a second six-month period before submitting an initial request.

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund.

Basis of Presentation and Use of Estimates

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Fair Value Measurements

The Fund follows fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

2.	Significant Accounting Policies (continued)

Fair Value Measurements (continued)

For the fiscal year ended March 31, 2012, the Fund’s investment consisted entirely of an investment in the Master Fund. The fair value hierarchy of the Master Fund’s investments is disclosed in the notes to the Master Fund’s financial statements, included elsewhere in this report.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRS”). This requirement amends FASB Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRS. This requirement is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the impact of these amendments and does not believe they will have a material impact on the Fund’s financial statements.

Investments Valuation

The net asset value of the Fund is determined as of the close of business at the end of each month. The net asset value of the Fund equals the value of the assets of the Fund, less liabilities, including accrued fees and expenses.

The Fund’s investment in the Master Fund represents substantially all of the Fund’s assets. All investments owned are carried at fair value, which is the portion of the net asset value of the Master Fund held by the Fund.

The accounting for and valuation of investments by the Master Fund is discussed in the notes to the financial statements for the Master Fund, which are an integral part of these financial statements.

The Fund has not maintained any positions in derivative instruments or directly engaged in hedging activities.

Investment Income Recognition

Purchases and sales of investments in the Master Fund are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Realized and unrealized gains and losses are included in the determination of income as allocated from the Master Fund based upon its ownership interest.

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

2.	Significant Accounting Policies (continued)

Fund Expenses

The direct expenses of the Fund include, but are not limited to, the following: legal fees; accounting and auditing fees; custodial fees; costs of computing the Fund’s net asset value; costs of insurance; registration expenses; expenses of meetings of the Board and members; all costs with respect to communications to members; and other types of expenses as may be approved from time to time by the Board. The Fund, as an investor in the Master Fund, recognizes its share of the fees and expenses of the Master Fund (including a management fee and incentive fee).

Income Taxes

The Fund’s tax year end is December 31. The Fund intends to be treated as a partnership for Federal income tax purposes, whereby each Member is responsible for the tax liability or benefit relating to such Member’s distributive share of taxable income or loss. Accordingly, no provision for Federal income taxes is reflected in the accompanying financial statements.

The Fund has adopted authoritative guidance on uncertain tax positions. The Fund recognizes the effect of tax positions when they are more likely than not of being sustained. Management is not aware of any exposure to uncertain tax positions that could require accrual or which could affect the Fund’s liquidity or future cash flows, or its treatment as a flow through entity, pursuant to relevant income tax regulations. As of March 31, 2012, the Fund’s tax years 2008 through 2011 remain open and subject to examination by relevant taxing authorities.

Distribution Policy

The Fund has no present intention of making periodic distributions of its net investment income or capital gains, if any, to Members. The amount and frequency of distributions, if any, will be at the sole discretion of the Board.

Capital Accounts

Net profits or net losses of the Fund for each month are allocated to the capital accounts of Members as of the last day of each month in accordance with each Members’ respective investment percentage in the Fund. Net profits or net losses are measured as the net change in the value of the net assets of the Fund during each month, before giving effect to any repurchases of interest in the Fund, and excluding the amount of any items to be allocated to the capital accounts of the Members of the Fund, other than in accordance with the Members’ respective investment percentages.

Prior to the end of each quarter and year end, the Fund receives Member contributions with an effective subscription date of the first day of the following month. These contributions

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

2.	Significant Accounting Policies (continued)

Capital Accounts (continued)

are held by the Master Fund and have an effective investment date of first day of the following month. The Master Fund, in turn, makes contributions to certain Hedge Funds, which have effective subscription dates of the first day of the following month. These amounts are reported as “Contributions received in advance” and “Investments made in advance”, respectively.

Cash and Cash Equivalents

The Fund considers all highly liquid investments with a maturity of ninety days or less at time of purchase to be cash equivalents.

Subsequent Events

The Fund has adopted financial reporting rules regarding subsequent events, which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund’s related events and transactions that occurred subsequent to March 31, 2012 through the date the financial statements have been issued (see Note 8).

3.	Commitments and Other Related Party Transactions

The Manager has contractually agreed to waive and/or reimburse the expenses of the Fund and the Master Fund, to the extent needed to limit their combined annual operating expenses to 2.25% of net assets. To the extent that the Manager reimburses or absorbs fees and expenses, it may seek payment of such amounts for three years after the year in which the expenses were reimbursed or absorbed. The Fund will make no such payment, however, if its total annual operating expenses exceed the expense limits in effect at the time the expenses are to be reimbursed or at the time these payments are proposed. For the fiscal year ended March 31, 2012, the Manager waived $21,100 of fees and expenses, which may be recouped by the Manager no later than March 31, 2015.

The following is a schedule of when fees may be recouped by the Manager:

Amount		Expiration

$	9,020	March 31, 2013
	27,673	March 31, 2014
	21,100	March 31, 2015
$	57,793

No accrual has been made for such contingent liability because of the uncertainty of the reimbursement from the Fund.

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

3.	Commitments and Other Related Party Transactions (continued)

The Sub-Adviser is entitled to receive a performance-based incentive fee equal to 10% of the net profits (taking into account net realized and unrealized gains or losses and net investment income or loss), if any, in excess of the non-cumulative “Preferred Return,” subject to reduction of that excess for prior losses that have not been previously offset against net profits (the “Incentive Fee”). The Incentive Fee will be accrued monthly and is generally payable annually on a calendar year basis. The Preferred Return is an annual return equal to the 3-year Treasury constant maturity rate as reported by the Board of Governors of the Federal Reserve System as of the last business day of the prior calendar year plus 2%.

4.	Investor Servicing Fees

The Fund pays a fee to RIM Securities, LLC, an affiliate of the Manager, as Distributor, to reimburse it for payments made to broker-dealers and certain financial advisers (“Investor Service Providers”) that have agreed to provide ongoing investor services to investors in the Fund that are their customers. This fee is paid quarterly and in an amount, with respect to each Investor Service Provider, not to exceed the lesser of: (i) 0.25% (on an annualized basis) of the aggregate value of outstanding interests held by investors that receive services from the Investment Service Provider, determined as of the last day of the calendar month (before any repurchase of Member interests); or (ii) the Distributor’s actual payments to the Investment Service Provider.

5.	Concentration, Liquidity and Off-Balance Sheet Risks

The Master Fund invests primarily in Hedge Funds that are illiquid securities and not registered under the 1940 Act. Such Hedge Funds invest in actively traded securities, illiquid securities, derivatives and other financial instruments using several investment strategies and investment techniques, including leverage, which may involve significant risks. The Master Fund’s concentration and liquidity risks are discussed in the notes to the Master Fund’s financial statements which are attached elsewhere in this report and are an integral part of these financial statements.

In the normal course of business, the Hedge Funds in which the Master Fund invests trade various derivatives and financial instruments and enter into various investment activities with off balance sheet risk. The Master Fund’s off balance sheet risk in these financial instruments is discussed in the notes to the Master Fund’s financial statements which are attached elsewhere in this report and are an integral part of these financial statements.

6.	Investment Transactions

For the fiscal year ended March 31, 2012, the Fund’s assets were invested in the Master Fund and the Fund made aggregate purchases of $2,405,020 and aggregate sales of $3,100,634 in the Master Fund.

Rochdale Core Alternative Strategies Fund LLC

Notes to Financial Statements

7.	Issuer Tender Offer

The Fund offered to purchase up to $3,000,000 of Interests in the Fund thereof properly tendered by Members at a price equal to the net asset value of Interests as of December 30, 2011. For Interests tendered, the Member received a promissory note entitling the Member to a cash amount equal to at least 90% of the net asset value calculated on December 30, 2011, of the Interests tendered and accepted for purchase by the Fund, upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 15, 2011. The offer terminated at 5:00 p.m., Eastern Time, on September 12, 2011. Pursuant to the Offer, Interests with a net asset value of $1,558,192, as determined as of the valuation date, were tendered and accepted by the Fund.

8.	Subsequent Event

On April 25, 2012, the Adviser and City National Bank (“City National”) announced that they had reached an agreement pursuant to which City National will acquire 100% of the issued and outstanding stock of the Adviser’s Parent Company. This transaction (the “Transaction”) is expected to be completed on or about June 30, 2012 (“Closing Date”). Following the Closing Date, the Adviser, together with certain other companies that, currently, are also wholly-owned by the Adviser’s parent company, will continue to conduct their businesses as wholly-owned subsidiaries of City National. While the Transaction is expected to close on the Closing Date, consummation of the Transaction is contingent on the satisfaction of several conditions.

Management has evaluated the impact of this subsequent event and determined it will not have a material impact on the Fund’s financial statements.

Rochdale Core Alternative Strategies Fund LLC

Financial Highlights

													Period from
													July 1, 2007
													(Commencement of
													Operations)
	Year Ended			Year Ended			Year Ended			Year Ended			through
	March 31, 2012			March 31, 2011			March 31, 2010			March 31, 2009			March 31, 2008
TOTAL RETURN
Total Return before incentive fee		(4.56	%)		6.76	%		8.74	%		(11.68	%)		(5.05	%)
Incentive fee		0.04	%		(0.09	%)		(0.01	%)		0.00	%		0.00	%
Total Return after incentive fee		(4.52	%)		6.67	%		8.73	%		(11.68	%)		(5.05	%)

RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ($000’s)	$	19,217		$	20,945		$	18,921		$	17,676		$	18,262
Portfolio Turnover		13.27	%		20.32	%		20.91	%		19.34	%		1.39	%

RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS
Net investment loss, before waivers and reimbursements		(2.31	%)		(2.47	%)		(2.29	%)		(2.28	%)		(2.86	%)
Net investment loss, after waivers and reimbursements		(2.21	%)		(2.33	%)		(2.24	%)		(2.13	%)		(1.80	%)

RATIO OF EXPENSES TO AVERAGE NET ASSETS, BEFORE INCENTIVE FEE
Operating expenses, before waivers and reimbursements		2.35	%		2.39	%		2.30	%		2.40	%		3.31	%
Operating expenses, after waivers and reimbursements		2.25	%		2.25	%		2.25	%		2.25	%		2.25	%

RATIO OF EXPENSES TO AVERAGE NET ASSETS, NET OF WAIVERS AND REIMBURSEMENTS AFTER INCENTIVE FEE

Operating expenses, after waivers and reimbursements		2.25	%		2.25	%		2.25	%		2.25	%		2.25	%
Incentive fee		(0.04	%)		0.09	%		0.01	%		0.00	%		0.00	%
Total Operating expenses, after waivers and reimbursements, after incentive fee		2.21	%		2.34	%		2.26	%		2.25	%		2.25	%

Total return is calculated for all Members taken as a whole and an individual Member’s return may vary from these Fund returns based on the timing of capital transactions. The total return for periods less than one year are not annualized.

Portfolio turnover represents the Master Fund’s portfolio turnover for the periods above. The ratios of net investment loss to average net assets and ratios of expenses to average net assets are annualized for periods of less than one year. The ratios of expenses to average net assets do not include expenses of the Hedge Funds in which the Master Fund invests.

The expense ratios are calculated for all Members taken as a whole. The computation of such ratios based on the amount of expenses assessed to an individual Member’s capital may vary from these ratios based on the timing of capital transactions.

The accompanying notes are an integral part of these financial statements

See Report of Independent Registered Public Accounting Firm

Rochdale Core Alternative Strategies Master Fund LLC

Financial Statements

March 31, 2012

Rochdale Core Alternative Strategies Master Fund LLC

Financial Statements

March 31, 2012

TABLE OF CONTENTS

		Page
Report of Independent Registered Public Accounting Firm		1

Financial Statements
Statement of Assets, Liabilities and Members’ Capital		2
Statement of Operations		3
Statements of Changes in Members’ Capital		4
Statement of Cash Flows		5
Schedule of Investments		6 - 8
Notes to Financial Statements		9 - 17
Financial Highlights		18

Director and Officer Information
Approval of Investment Management Agreement
Additional Information

Report of Independent Registered Public Accounting Firm

The Members and

Board of Directors of

Rochdale Core Alternative Strategies

Master Fund LLC

We have audited the accompanying statement of assets, liabilities and members’ capital of Rochdale Core Alternative Strategies Master Fund LLC (the “Fund”), including the schedule of investments, as of March 31, 2012, the related statements of operations and cash flows for the year then ended, the statements of changes in members’ capital for the years ended March 31, 2012 and 2011, and the financial highlights for the years ended March 31, 2012, 2011, 2010, 2009 and for the period from July 1, 2007 (Commencement of Operations) through March 31, 2008. These financial statements and financial highlights are the responsibility of the Fund’s Management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatements. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of cash and investments as of March 31, 2012, by correspondence with the custodian and investment managers, respectively, or by other appropriate auditing procedures where replies from investment managers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of March 31, 2012 and the results of its operations and its cash flows for the year then ended, the statements of changes in members’ capital for the years ended March 31, 2012 and 2011 and its financial highlights for the years ended March 31, 2012, 2011, 2010, 2009 and for the period from July 1, 2007 (Commencement of Operations) through March 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

New York, New York

May 29, 2012

PKF O’CONNOR DAVIES, a division of O’CONNOR DAVIES, LLP

29 Broadway, New York, NY 10006 I Tel: 212.867.8000 I Fax: 212.687.4346 I www.odpkf.com

Rochdale Core Alternative Strategies Master Fund LLC

Statement of Assets, Liabilities and Members’ Capital

March 31, 2012

ASSETS
Investments, at fair value (cost $48,580,010)	$	54,528,187
Investments made in advance (see Note 2)		1,250,000
Receivable for fund investments sold		187,842
Interest receivable		33

Total Assets		55,966,062

LIABILITIES AND MEMBERS’ CAPITAL
Liabilities
Management fees payable		114,463
Contributions received in advance (see Note 2)		45,000
Accrued professional fees payable		62,602
Accrued expenses and other liabilities		75,252

Total Liabilities		297,317

Total Members’ Capital	$	55,668,745

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Statement of Operations

Year Ended March 31, 2012

INVESTMENT INCOME
Interest income	$	2,137

Investment Income		2,137

EXPENSES
Management fees (see Note 4)		714,736
Administration fees		107,826
Professional fees		102,378
Directors’ fees		16,453
Custody fees		6,750
Other expenses		4,411

Total Expenses		952,554

Net Investment Loss		(950,417	)

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on investments		(19,751	)
Net change in unrealized appreciation/depreciation on investments		(1,465,676	)

Net Realized and Unrealized Loss on Investments		(1,485,427	)

Net Decrease in Members’ Capital Resulting from Operations	$	(2,435,844	)

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Statements of Changes in Members’ Capital

	Year Ended March 31, 2012			Year Ended March 31, 2011
FROM OPERATIONS
Net investment loss	$	(950,417	)	$	(968,025	)
Net realized loss on investments		(19,751	)		(1,165,122	)
Net change in unrealized appreciation/depreciation on investments		(1,465,676	)		6,330,075

Net Increase (Decrease) in Members’ Capital Resulting From Operations		(2,435,844	)		4,196,928

INCREASE (DECREASE) FROM TRANSACTIONS IN MEMBERS’ CAPITAL
Proceeds from sales of members’ interests		5,807,542			6,139,018
Payments for purchases of members’ interests		(6,693,038	)		(8,961,701	)
Net Payments for Members’ Interests		(885,496	)		(2,822,683	)

Total Increase (Decrease) in Members’ Capital		(3,321,340	)		1,374,245

MEMBERS’ CAPITAL
Beginning of year		58,990,085			57,615,840

End of year	$	55,668,745		$	58,990,085

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Statement of Cash Flows

Year Ended March 31, 2012


CASH FLOW FROM OPERATING ACTIVITIES
Net decrease in members’ capital resulting from operations	$	(2,435,844	)
Adjustments to reconcile net decrease in members’ capital resulting from operations to net cash from operating activities:
Purchases of investments		(7,250,000	)
Sales of investments		9,220,657
Purchases of money market fund		(24,943,864	)
Sales of money market fund		24,781,290
Net change in unrealized appreciation/depreciation on investments		1,465,676
Net realized loss on investments		19,751
Change in Operating Assets and Liabilities:
Investments made in advance		(1,250,000	)
Receivable for fund investments sold		1,917,685
Prepaid expenses		96
Interest receivable		54
Management fees payable		52,679
Contributions received in advance		(680,000	)
Professional fees payable		(3,623	)
Accrued expense and other liabilities		(9,061	)

Net Cash from Operating Activities		885,496

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of members’ interests		5,807,542
Payments for purchases of members’ interests		(6,693,038	)
Net Cash used in Financing Activities		(885,496	)

Net Change in Cash and Cash Equivalents		-

CASH AND CASH EQUIVALENTS
Beginning of year		-

End of year	$	-

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Schedule of Investments

March 31, 2012


								Redemptions
Long-Term Investment Funds 1:	Percentage of Members’ Capital			Cost		Fair Value		Frequency	Notice Period # of Days

Equity Long / Short Strategy:

Absolute Partners Fund LLC		3.23	%	$	1,750,000	$	1,799,766	Monthly		90
Alphagen Rhocas		3.11			1,750,000		1,729,825	Monthly		30
Blackthorn Partners, LP		3.86			1,620,085		2,151,883	Monthly		45
Clovis Capital Partners Institutional, LP		3.80			2,064,783		2,118,632	Quarterly		45
Criterion Institutional Partners, LP		4.78			2,250,000		2,661,397	Monthly		45
LAE Fund L.P.		2.73			1,500,000		1,520,518	Monthly		30
Newbrook Capital Partners, L.P.		4.95			2,500,000		2,753,366	Quarterly		45
Sandler Associates		5.46			2,500,000		3,038,151	Quarterly		30
Seligman Health Spectrum Plus Fund LLC		4.21			1,750,000		2,342,654	Monthly		30
Standard Global Equity Partners SA, LP		4.86			2,500,000		2,705,839	Quarterly		45
Standard Pacific Pan-Asia Fund, L.P.		2.15			1,250,000		1,196,035	Quarterly		45
		43.14			21,434,868		24,018,066

Event / Multi-Strategy:

Bennelong Asia Pacific Multi Strategy Equity Fund, LP		0.32			165,549		179,863	**		**
Brencourt Multi Strategy Arbitrage, LP		0.19			107,621		108,347	**		**
Brigade Leveraged Capital Structures Fund LP		3.80			1,626,511		2,114,521	Quarterly		60
Canyon Value Realization Fund, LP		4.22			2,000,000		2,348,792	Annually		100
Castlerigg Partners		0.06			55,489		34,206	**		**
GoldenTree Partners LP		4.56			1,860,543		2,537,556	Quarterly		90
GoldenTree Partners LP 2		0.67			289,457		370,467	**		**
HBK Fund II L.P.		6.37			3,000,000		3,543,817	Quarterly		90
King Street Capital LP		0.07			22,542		38,877	**		**
Luxor Capital Partners, L.P.		3.70			2,000,000		2,060,531	Quarterly		90
OZ Asia Domestic Partners, LP		4.44			2,250,000		2,468,715	Annually		45
Polygon Recovery Fund, LP		0.43			534,567		241,685	*		*
Stark Select Asset Fund LLC 3		0.25			137,091		136,982	**		**
York Capital Management, LP		5.67			3,000,000		3,158,435	Quarterly		45
		34.75			17,049,370		19,342,794

Global Macro Strategy:

Blenheim Commodity Fund, LLC		2.99			1,500,000		1,662,471	Monthly		65
Boronia Diversified Fund (U.S.) LP		1.84			1,000,000		1,027,392	Monthly		30
CamCap Resources, LP		1.94			1,250,000		1,080,180	Quarterly		60
Caxton Global Investments (USA) LLC		0.07			30,876		37,847	**		**
Dynamic		1.66			609,607		925,711	Monthly		30
MKP Opportunity Partners, LP		3.48			1,750,000		1,935,756	Monthly		60
Robeco Transtrend Diversified Fund LLC		2.94			1,500,000		1,637,872	Monthly		5
Sunrise Commodities Fund		2.72			1,110,000		1,514,809	Monthly		15
		17.64			8,750,483		9,822,038

Total Long-Term Investment Funds:		95.53	%	$	47,234,721	$	53,182,898

Short-Term Investment:

Money Market Fund:
First American Government Obligations Fund, 0.02% 4		2.42	%	$	1,345,289	$	1,345,289

Total Investments		97.95	%	$	48,580,010	$	54,528,187

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Schedule of Investments, Continued

March 31, 2012

1. All investments are non-income producing.

2. This Fund is a side pocket of GoldenTree Partners LP.

3. This Fund is a side pocket of Stark Investments Limited Partnership.

4. 7-Day Yield.

* Redemption restrictions exist for Hedge Funds whereby the Hedge Fund Managers may suspend redemption either in their sole discretion or other factors. Such factors include the magnitude of redemptions requested, portfolio valuation issues or market conditions. The Polygon Recovery Fund, LP is a portfolio mainly comprised of the assets of Polygon Global Opportunity Master Fund, of which redemptions are currently suspended as the fund is in the process of being liquidated or restructured.

** Special Investments have been established for Bennelong Asia Pacific Multi Strategy Equity Fund, LP, Brencourt Multi Strategy Arbitrage, LP, Castlerigg Partners, GoldenTree Partners LP, King Street Capital LP, Stark Select Asset Fund LLC and Caxton Global Investments (USA) LLC. These investments are long-term and illiquid.

Equity Long / Short Strategy. Equity investing involves the purchase and / or sale of listed or unlisted equity and equity-related financial instruments usually based on fundamental research and analysis. Hedge Fund Managers may invest opportunistically in several sectors or they may be sector specialists. These Hedge Fund Managers may be globally or regionally focused. Hedge Fund Managers may also have a style bias, such as growth or value. The average holding period of Hedge Fund Managers may vary as well between long-term or short-term trading. Some Hedge Fund Managers may also take a top-down thematic approach while others utilize a bottoms-up approach pursuant to which individual securities are selected.

Event / Multi-Strategy. Multi-strategy investing is an investment strategy that focuses on the securities of companies undergoing some material structural changes. These changes can come in the form of mergers, acquisitions, spin offs, Dutch tender offers, share buybacks and other reorganizations. This strategy also seeks to exploit relative value inefficiencies across the capital structure or among closely related markets, generally without assuming an unhedged exposure to any particular market or financial instrument.

Global Macro Strategy. Macro strategies take long, short and relative value positions in financial instruments based on a top-down fundamental and technical analysis of capital market conditions. Hedge Fund Managers begin evaluating opportunities based on economic and/or technical factors, working their way down to regional, country and industry specific analysis. The Hedge Fund Managers make judgements about the expected future price direction of asset classes and express that opinion by taking long or short positions in a variety of instruments. Investments are usually made in a wide variety of global futures, cash instruments and other financial instruments, including stocks, bonds, currencies, derivatives and commodities.

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Schedule of Investments, Continued

March 31, 2012

Strategy Allocation Breakdown
(as a % of total investments)

The accompanying notes are an integral part of these financial statements

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


1.	Organization

	Rochdale Core Alternative Strategies Master Fund LLC (the “Master Fund”) is a closed-end, non-diversified management Investment Company that was organized as a limited liability company under the laws of the State of Delaware on September 11, 2006 and serves as a master fund in a master feeder structure. Interests in the Master Fund are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”). Investments in the Master Fund may be made only by U.S. and foreign investment companies, common or commingled trust funds, organizations or trusts described in Sections 401(a) or 501(a) of the Internal Revenue Code of 1986, as amended, or similar organizations or entities that are “accredited investors” within the meaning of Regulation D under the 1933 Act. The Master Fund is a registered investment company under the Investment Company Act of 1940.

	Rochdale Investment Management, LLC (the “Manager”, “Adviser” or “Rochdale”) is the investment adviser to the Master Fund. The Manager delegates sub-investment advisory responsibilities to PineBridge Investments (the “Sub-Adviser”) with respect to the Master Fund.

	The Master Fund seeks to achieve its objective by investing substantially all of its assets in the securities of privately placed investment vehicles, typically referred to as hedge funds (“Hedge Funds” or “Investment Funds”), that pursue a variety of “absolute return” investment strategies. “Absolute return” refers to a broad class of investment strategies that attempt to consistently generate positive returns regardless of market conditions.

	The Master Fund’s investment objective is to seek long-term growth of principal across varying market conditions with low volatility. “Low volatility” in this objective means the past monthly net asset value fluctuations of the Master Fund’s net asset value that is no greater than the rolling 10-year annualized standard deviation of the monthly ups and downs of the higher of: (1) the return of the Barclays Capital Aggregate Bond Index plus 3% or (2) half of the return of the Standard & Poor’s 500-stock Index. Master Fund investments generally fall within the following broadly defined investment fund strategies: equity long/short, event/multi-strategy driven and global macro.

2.	Significant Accounting Policies

	The following is a summary of significant accounting policies followed by the Master Fund.

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


2.	Significant Accounting Policies (continued)

	Basis of Presentation and Use of Estimates

	The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

	Investments Valuation

	Investments are carried at fair value. The fair value of alternative investments has been estimated using the Net Asset Value (“NAV”) as reported by the management of the respective alternative investment fund. Financial Accounting Standards Board (FASB) guidance provides for the use of NAV as a “Practical Expedient” for estimating fair value of alternative investments. NAV reported by each alternative investment fund is used as a practical expedient to estimate the fair value of the Master Fund’s interest therein and their classification within Level 2 or 3 is based on the Master Fund’s ability to redeem its interest in the near term and liquidate the underlying portfolios.

	The Master Fund has not maintained any positions in derivative instruments or directly engaged in hedging activities.

	Fair Value Measurements

	The Master Fund follows fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized in the three broad levels listed below:

	Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Master Fund has the ability to access.

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


2.	Significant Accounting Policies (continued)

	Fair Value Measurements (continued)

	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 Master 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. See Note 3.

	Investment Income Recognition

	Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Realized and unrealized gains and losses are included in the determination of income.

	Fund Expenses

	The expenses of the Master Fund include, but are not limited to, the following: legal fees; accounting and auditing fees; custodial fees; management fees; an incentive fee; costs of computing the Master Fund’s net asset value; costs of insurance; registration expenses; due diligence, including travel and related expenses; expenses of meetings of the Board and members; all costs with respect to communications to members; and other types of expenses as may be approved from time to time by the Board.

	Income Taxes

	The Master Fund’s tax year end is December 31. The Master Fund is treated as a partnership for Federal income tax purposes. Each Member is responsible for the tax liability or benefit relating to such Member’s distributive share of taxable income or loss. Accordingly, no provision for Federal income taxes is reflected in the accompanying financial statements.

	The Master Fund has adopted authoritative guidance on uncertain tax positions. The Master Fund recognizes the effect of tax positions when they are more likely than not of being sustained. Management is not aware of any exposure to uncertain tax positions that could require accrual or which could affect its liquidity or future cash flows. As of

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


2.	Significant Accounting Policies (continued)

	Income Taxes (continued)

	March 31, 2012, the Master Fund’s tax years 2008 through 2011 remain open and subject to examination by relevant taxing authorities.

	Subsequent Events

	The Master Fund has adopted financial reporting rules regarding subsequent events, which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Master Fund’s related events and transactions that occurred subsequent to March 31, 2012 through the date the financial statements have been issued (see Note 9).

	Capital Accounts

	Net profits or net losses of the Master Fund for each month are allocated to the capital accounts of Members as of the last day of each month in accordance with Members’ respective investment percentages of the Master Fund. Net profits or net losses are measured as the net change in the value of the net assets of the Master Fund during a fiscal period, before giving effect to any repurchases of interest in the Master Fund, and excluding the amount of any items to be allocated to the capital accounts of the Members of the Master Fund, other than in accordance with the Members’ respective investment percentages.

	Prior to the end of each quarter and year end, the Master Fund receives Member contributions with an effective subscription date of the first day of the following month.

	The Master Fund, in turn, makes contributions to certain Hedge Funds, which have effective subscription dates of the first day of the following month. These amounts are reported as “Contributions received in advance” and “Investments made in advance”, respectively.

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


3.	Investments

	The following alternative and temporary investments were measured at fair value as of March 31, 2012 using the practical expedient:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Alternative Investments	$	-	$	30,482,519	$	22,700,379	$	53,182,898
Short-Term Investment		1,345,289		-		-		1,345,289

Total Investments	$	1,345,289	$	30,482,519	$	22,700,379	$	54,528,187

The following is a reconciliation of the beginning and ending balances for Level 3 investments during the fiscal year ended March 31, 2012:

	Alternative Investments

Balance, March 31, 2011	$	22,394,146

Total Realized Gains/(Losses)		90,853
Change in Unrealized Gains/Losses		(490,926	)

Purchases		2,750,000
Sales		(2,043,694	)

Transfers in and/or out of Level 3		-

Balance, March 31, 2012	$	22,700,379

	Net unrealized gains relating to Level 3 alternative investments still held at March 31, 2012 are $2,370,133.

	There were no significant transfers into or out of Level 1, 2 or 3 fair value measurements during the reporting period, as compared to their classification from the most recent annual report.

	In May 2011, the Financial Accounting Standards Board (“FASB”) issued “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRS”). This requirement amends FASB Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRS. This requirement is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years.

	Management is currently evaluating the impact of these amendments and does not believe they will have a material impact on the Master Fund’s financial statements.

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


4.	Commitments and Other Related Party Transactions

	Management and Incentive Fees

	Under the supervision of the Master Fund’s Board and pursuant to an investment management agreement (“Investment Management Agreement”), Rochdale Investment Management LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended, serves as the Manager for the Master Fund. The Manager is authorized, subject to the approval of the Master Fund’s Board, to retain one or more other organizations, including its affiliates, to provide any or all of the services required to be provided by the Manager to the Master Fund or to assist in providing these services.

	The Manager has engaged the Sub-Adviser to provide sub-investment advisory services. The Sub-Adviser has investment discretion to manage the assets of the Master Fund and is responsible for identifying prospective Hedge Funds, performing due diligence and review of those Hedge Funds and their Hedge Fund Managers, selecting Hedge Funds, allocating and reallocating the Master Fund’s assets among Hedge Funds, and providing risk management services, subject to the general supervision of the Manager.

	The investment management fee is shared by the Manager and the Sub-Adviser. The Master Fund will pay the Manager an investment management fee at an annual rate equal to 1.25% of the Master Fund’s month-end net assets, including assets attributable to the Manager (or its affiliates) and before giving effect to any repurchases by the Master Fund of Member interests. The investment management fee is accrued monthly. The investment management fee will be paid to the Manager out of the Master Fund’s assets.

	The Manager will pay a fee to the Sub-Adviser at a rate equal to 60% of the amount of the fee earned by the Manager pursuant to the Investment Management Agreement.

	The Sub-Adviser through the feeder funds is entitled to receive a performance-based incentive fee equal to 10% of the net profits (taking into account net realized and unrealized gains or losses and net investment income or loss), if any, in excess of the non-cumulative “Preferred Return,” subject to reduction of that excess for prior losses that have not been previously offset against net profits (the “Incentive Fee”). The Incentive Fee will be accrued monthly and is generally payable annually on a calendar year basis. The Preferred Return is an annual return equal to the 3-year Treasury constant maturity rate as reported by the Board of Governors of the Federal Reserve System as of the last business day of the prior calendar year plus 2%.

	Expense Reimbursement

	The Manager has contractually agreed to waive and/or reimburse the Master Fund’s expenses to the extent needed to limit the Master Fund’s annual operating expenses combined with the annual operating expenses of Rochdale Core Alternative Strategies Fund LLC or Rochdale Core Alternative Strategies Fund TEI LLC (the “Feeder Funds”)

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


4.	Commitments and Other Related Party Transactions (continued)

	Expense Reimbursement (continued)

	to 2.25% of net assets for each Feeder Fund. To the extent that the Manager reimburses or absorbs fees and expenses, it may seek payment of such amounts for three years after the year in which the expenses were reimbursed or absorbed. A Feeder Fund will make no such payment, however, if its total annual operating expenses exceed the expense limits in effect at the time the expenses are to be reimbursed or at the time these payments are proposed.

	The following is a schedule of when fees may be recouped by the Manager with respect to the Rochdale Core Alternative Strategies Fund LLC:

	There were no amounts receivable or payable as a result of these reimbursements in the Rochdale Core Alternative Strategies Fund TEI LLC and Subsidiary at March 31, 2012.

	No accrual has been made for such contingent liability because of the uncertainty of the reimbursement from the Fund.

5.	Investment Risks and Uncertainties

	Alternative Investments consist of non-traditional, not readily marketable investments, some of which may be structured as offshore limited partnerships, venture capital funds, hedge funds, private equity funds and common trust funds. The underlying investments of such funds, whether invested in stock or other securities, are generally not currently traded in a public market and typically are subject to restrictions on resale. Values determined by investment managers and general partners of underlying securities that are thinly traded or not traded in an active market may be based on historical cost, appraisals, a review of the investees’ financial results, financial condition and prospects, together with comparisons to similar companies for which quoted market prices are available or other estimates that require varying degrees of judgment.

	Investments are carried at fair value provided by the respective alternative investment’s management. Because of the inherent uncertainty of valuations, the estimated fair values may differ significantly from the values that would have been used had a ready market for such investments existed or had such investments been liquidated, and those differences could be material.

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements


6.	Concentration, Liquidity and Off-Balance Sheet Risk

	The Master Fund invests primarily in Hedge Funds that are not registered under the 1940 Act and invest in and actively trade securities and other financial instruments using different strategies and investment techniques, including leverage, which may involve significant risks. These Hedge Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Hedge Funds may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility of the Hedge Funds’ net asset value.

	Various risks are also associated with an investment in the Master Fund, including risks relating to the multi-manager structure of the Master Fund, risks relating to compensation arrangements and risks relating to limited liquidity, as described below.

	Redemption restrictions exist for Hedge Funds whereby the Hedge Fund Managers may suspend redemption either in their sole discretion or other factors. Such factors include the magnitude of redemptions requested, portfolio valuation issues or market conditions.

	Redemptions are currently restricted for certain Hedge Funds with a fair value at March 31, 2012 aggregating $1,148,274 as noted in the Schedule of Investments.

	In the normal course of business, the Hedge Funds in which the Master Fund invests trade various financial instruments and enter into various investment activities with off-balance sheet risk. These include, but are not limited to, short selling activities, writing option contracts, contracts for differences, and interest rate, credit default and total return equity swap contracts. The Master Fund’s risk of loss in these Hedge Funds is limited to the value of its own investments reported in these financial statements by the Master Fund. The Master Fund itself does not invest directly in securities with off-balance sheet risk.

7.	Investment Transactions

	For the fiscal year ended March 31, 2012, the aggregate purchases (excluding short-term securities) were $7,250,000 and sales of investments were $9,220,657.

8.	Issuer Tender Offer

	The Master Fund offered to purchase up to $8,000,000 of Interests in the Master Fund properly tendered at a price equal to the net asset value of Interests as of December 30, 2011. For Interests tendered, the security holder received a promissory note entitling the security holder to a cash amount equal to at least 90% of the net asset value calculated on December 30, 2011, of the Interests tendered and accepted for purchase by the Master Fund, upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 15, 2011. The offer terminated at 5:00 p.m., Eastern Time, on September 12,

Rochdale Core Alternative Strategies Master Fund LLC

Notes to Financial Statements

8.	Issuer Tender Offer (continued)

	2011. Pursuant to the Offer, Interests with a net asset value of $1,558,192, as determined as of the valuation date, were tendered and accepted by the Master Fund.

9.	Subsequent Event

	On April 25, 2012, the Adviser and City National Bank (“City National”) announced that they had reached an agreement pursuant to which City National will acquire 100% of the issued and outstanding stock of the Adviser’s Parent Company. This transaction (the “Transaction”) is expected to be completed on or about June 30, 2012 (“Closing Date”). Following the Closing Date, the Adviser, together with certain other companies that, currently, are also wholly-owned by the Adviser’s parent company, will continue to conduct their businesses as wholly-owned subsidiaries of City National. While the Transaction is expected to close on the Closing Date, consummation of the Transaction is contingent on the satisfaction of several conditions.

	Management has evaluated the impact of this subsequent event and determined it will not have a material impact on the Master Fund’s financial statements.

Rochdale Core Alternative Strategies Master Fund LLC

Financial Highlights

									Period from
									July 1, 2007
									(Commencement of
									Operations)
	Year Ended		Year Ended		Year Ended		Year Ended		through
	March 31, 2012		March 31, 2011		March 31, 2010		March 31, 2009		March 31, 2008
TOTAL RETURN - NET	(4.08	%)	7.32	%	9.16	%	(11.14	%)	(5.01	%)

RATIOS/SUPPLEMENTAL DATA

Net Assets, end of period ($000’s)	$55,669		$58,990		$ 57,616		$ 50,359		$ 48,948
Portfolio Turnover	13.27	%	20.32	%	20.91	%	19.34	%	1.39	%

Ratio of Net Investment Loss to Average Net Assets	(1.66	%)	(1.67	%)	(1.83	%)	(1.55	%)	(1.57	%)

Ratio of Expenses to Average Net Assets	1.67	%	1.68	%	1.69	%	1.67	%	1.86	%

Total return is calculated for all Members taken as a whole and an individual Member’s return may vary from these Master Fund returns based on the timing of capital transactions. The total return for periods less than one year are not annualized.

The ratios of net investment loss to average net assets and ratios of expenses to average net assets are annualized for periods of less than one year. The ratios of expenses to average net assets do not include expenses of the Hedge Funds in which the Master Fund invests.

The ratios above do not include the proportionate share of income or loss from their investments in other funds.

The accompanying notes are an integral part of these financial statements

See Report of Independent Registered Public Accounting Firm

ROCHDALE CORE ALTERNATIVE STRATEGIES MASTER FUND LLC

DIRECTOR AND OFFICER INFORMATION

The Directors of the Fund, who were elected for an indefinite term by the shareholders of the Fund, are responsible for the overall management of the Fund, including, general supervision and review of the investment activities of the Fund. The Directors, in turn, elect the officers of the Fund, who are responsible for administering the day to day operations of the Fund. The current Directors and Officers, their affiliations and principal occupations for the past five years are set forth below. The Statement of Additional Information includes additional information about the Directors and is available, without charge, by calling 1-866-209-1967.


Interested Directors and Officers
		Term of		Number of	Other
	Position(s)	Office and		Funds in Fund	Directorships
	Held with	Length of	Principal Occupation(s)	Complex Overseen	Held by
Name, Address and Age	Fund	Time Served	During the Past Five Years	by Director	Director
Carl Acebes	Chairman and	Since Inception	Chairman and Co-Chief Investment Officer of Rochdale Investment Management LLC	1	*
570 Lexington Avenue	Director
New York, NY 10022
Age: 65

Garrett R. D’Alessandro	President	Since Inception	President, Chief Executive Officer and Co-Chief Investment Officer of Rochdale Investment Management LLC	1	*
570 Lexington Avenue	Vice-Chairman	Since 2011
New York, NY 10022	and Director	Since 2011
Age: 54

William O’Donnell	Treasurer	Since 2011	Chief Financial Officer of Rochdale Investment Management LLC since July 2011; Financial Consultant, October 2009 to June 2011; Financial Officer, Compliance Officer & Corporate Secretary Trustee - Clay Finlay Pension Plan of Clay Finlay LLC, October 1990 to to September 2009	N/A	N/A
570 Lexington Avenue
New York, NY 10022
Age: 48




Barbara Hawkesworth	Chief	Since 2011	Executive Vice President, Chief Compliance Officer and Deputy General Counsel for Rochdale Investment Management LLC and Symphonic Financial Advisors LLC	N/A	N/A
570 Lexington Avenue	Compliance
New York, NY 10022	Officer
Age: 39


Kurt Hawkesworth	Secretary	Since 2010	Senior Executive Vice President, Chief Operating Officer and General Counsel of Rochdale Investment Management LLC	N/A	N/A
570 Lexington Avenue
New York, NY 10022
Age: 40

Independent Directors
		Term of		Number of	Other
	Position(s)	Office and		Funds in Fund	Directorships
	Held with	Length of	Principal Occupation(s)	Complex Overseen	Held by
Name, Address and Age	Fund	Time Served	During the Past Five Years	by Director	Director
Daniel A. Hanwacker, Sr.	Director	Since 2011	CEO and President, Hanwacker Associates, Inc. (asset management consulting and executive search services)	1	*
570 Lexington Avenue
New York, NY 10022
Age: 60

Susan Henshaw Jones	Director	Since 2011	President and Director, Museum of the City of New York	1	*
570 Lexington Avenue
New York, NY 10022
Age: 64

Jay C. Nadel	Director	Since 2011	Financial Services Consultant	1	*
570 Lexington Avenue					Lapolla Industries,
New York, NY 10022					Inc. (2007 - present)
Age: 53


*	Rochdale Investment Trust, Rochdale Core Alternative Strategies Fund TEI LLC, Rochdale Core Alternative Strategies Fund LLC, Rochdale Structured Claims Fixed Income Fund LLC, Rochdale Alternative Total Return Fund LLC, Rochdale International Trade Fixed Income Fund and Rochdale Royalty Rights Fund.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

At a quarterly meeting held on December 14, 2011, the Directors of the Rochdale Core Alternative Strategies Master Fund LLC (the “Master Fund”) and Rochdale Core Alternative Strategies Fund LLC and Rochdale Core Alternative Strategies Fund TEI LLC (the “Feeder Funds”), (collectively, the “Funds”), including all of the Directors who are not “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act), met in person and voted to approve the investment advisory agreement (the “Advisory Agreement”) between the Master Fund and Rochdale Investment Management, LLC (the “Adviser”).

In the course of their review, the Directors with the assistance of independent counsel, considered their legal responsibilities that attach to that process under the Investment Company Act and state law. The Independent Directors considered the terms of the Advisory Agreement, as well as the related terms of the sub-advisory agreement with PineBridge Investments LLC (the “Sub-Adviser”), including the structure of the compensation arrangements, the resources and experience of the Adviser and Sub-Adviser and the individuals at those organizations dedicated to the business of the Funds. The Independent Directors then reviewed fee information for a variety of investment funds similar in structure to the Master Fund and determined that the advisory fees as well as the Feeder Funds’ expense ratios were competitive to the peer group funds. In reviewing the nature, extent and quality of advisory services provided by the Adviser, the Board considered the performance of the Master Fund and the Feeder Funds relative to their respective benchmarks and the Adviser’s oversight of the Sub-Adviser’s management of the Master Fund’s portfolio. The Board concluded that the overall quality of the services provided by the Adviser to the Funds was satisfactory and continues to support the Board’s original selection of the Adviser. The Board also considered the experience and capabilities of the Adviser’s management and investment professionals as well as the fact that the Funds serve as vehicles for implementing asset allocation strategies for the substantial portion of the Funds’ shareholders who are also advisory clients of Rochdale.

In reviewing the structure of the advisory fee and corollary factors such as the cost of services provided and profits realized by the Adviser, the Board considered information relating to advisory fee revenues and those expenses borne by the Adviser, including benefits that may be realized by the Adviser as a result of its relationship with the Funds. The Board concluded that, in light of the increased expenses associated with the management of the Funds and the financial commitment made by the Adviser to its investment advisory business, the rate at which the Adviser is compensated for its services is reasonable.

The Board also considered information about economies of scale, the Adviser’s financial interest in the renewal of the Advisory Agreement and any fallout benefits that might be derived from the Adviser’s contractual arrangements with the Funds. No single factor reviewed by the Board was identified as being a determining factor in their collective decision to renew the Advisory Agreement and the Board did not necessarily place the same level of importance on the various factors taken into consideration during the Directors’ deliberations. Overall, the Board concluded that continuation of the Advisory Agreement would be in the best interest of the Funds and consistent with the expectations of their shareholders.

Additional Information

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Master Fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-800-245-9888; and (ii) on the SEC’s website at www.sec.gov.

Portfolio Holdings Disclosure

The Master Fund will file 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 Forms N-Q will be available on the SEC’s website at www.sec.gov, and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-732-0330.

	FYE 3/31/2012	FYE 3/31/2011
Audit Fees	$15,773	$15,773
Audit-Related Fees	$0	$0
Tax Fees	$3,150	$3,150
All Other Fees	$0	$0

Non-Audit Related Fees	FYE 3/31/2012	FYE 3/31/2011
Registrant	$3,150	$3,150
Registrant’s Investment Adviser	$0	$0

Name	Title	Length of Service	Business Experience During Past 5 Years	Role of Portfolio Manager
Carl Acebes	Chairman and Director	Dec ’06 – Present	Founder and Chief Investment Officer of Rochdale Investment Management LLC. Founder of Rochdale Securities Corporation and the Rochdale Corporation.	Heads the team of investment professionals and is intricately involved in the firm’s day to day investment management and research work.
Garrett R. D’Alessandro	President	Dec ’06 – Present	President, CEO and Director of Research of Rochdale Investment Management LLC.	Directs portfolio management strategies and investment research efforts and determines companies that satisfy the firm’s criteria for inclusion in client portfolios.

Name	Number of Registered Investment Companies Managed and Total Assets for Such Accounts (Including The Trust)	Beneficial Ownership of Equity Securities In Trust	Number of Other Pooled Investment Vehicles Managed and Total Assets for Such Accounts	Number of Other Accounts Managed and Total Assets For Such Accounts
Carl Acebes	6, $910 million	$0	10, $1,039 million	99, $60 million
Garrett R. D’Alessandro	6, $910 million	$0	10, $1,039 million	129, $258 million

		No. of Accounts	Market Value
Robert Discolo	RIC	1	$55,668,746
	performance fee	1	$55,668,746
	OPI	14	$1,031,647,296
	performance fee	11	$1,007,818,296
	OA	3	$2,110,292,655
	performance fee	3	$2,110,292,655
Vinti Khanna	RIC	1	$55,668,746
	performance fee	1	$55,668,746
	OPI	13	$564,808,819
	performance fee	10	$540,979,819
	OA	3	$2,110,292,655
	performance fee	3	$2,110,292,655

/s/ Garrett R. D’Alessandro Garrett R. D’Alessandro President, Rochdale Core Alternative Strategies Fund LLC	/s/ William O’Donnell William O’Donnell Treasurer, Rochdale Core Alternative Strategies Fund LLC
Dated: 6/11/12	Dated: 6/05/12