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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 RkBlr0p4vbgmfsFhNzDEcw==

<SEC-DOCUMENT>0001181431-07-017178.txt : 20070306
<SEC-HEADER>0001181431-07-017178.hdr.sgml : 20070306
<ACCEPTANCE-DATETIME>20070306092244
ACCESSION NUMBER:		0001181431-07-017178
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070302
FILED AS OF DATE:		20070306
DATE AS OF CHANGE:		20070306

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERCANTILE ALTERNATIVE STRATEGIES FUND LLC
		CENTRAL INDEX KEY:			0001198144
		IRS NUMBER:				470892581
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		TWO HOPKINS PLAZA
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21201
		BUSINESS PHONE:		800-239-0418

	MAIL ADDRESS:	
		STREET 1:		TWO HOPKINS PLAZA
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCANTILE SMALL CAP MANAGER FUND LLC
		DATE OF NAME CHANGE:	20021021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCANTILE CAPITAL OPPORTUNITIES FUND LLC
		DATE OF NAME CHANGE:	20021011

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PNC INVESTMENT CORP
		CENTRAL INDEX KEY:			0000905582

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21257
		FILM NUMBER:		07673442

	BUSINESS ADDRESS:	
		STREET 1:		249 FIFTH AVE.
		STREET 2:		ONE PLAZA, 21ST FLOOR
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		2155855350

	MAIL ADDRESS:	
		STREET 1:		222 DELAWARE AVNUE
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19899
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd149704.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-03-02</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001198144</issuerCik>
        <issuerName>MERCANTILE ALTERNATIVE STRATEGIES FUND LLC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000905582</rptOwnerCik>
            <rptOwnerName>PNC INVESTMENT CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 DELAWARE AVENUE, SUITE 304</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Limited Liability Company Interest</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>24558011.35</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Mercantile Alternative Strategies Fund LLC (the &quot;Company&quot;) is a limited liability company organized under the laws of the State of Delaware and registered under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company.  Each Interest is a percentage of ownership in the Company.  The value of each Interest is the corresponding percentage of the net asset value of the Company (as more fully set forth in the Company documents available with the Securities and Exchange Commission).</footnote>
        <footnote id="F2">The Interest held by PNC Investment Corp. (&quot;PNC&quot;) represented 48.38% of the Interest outstanding at the conclusion of the transaction.  The percentage interest in the Company held by PNC at a given time is related to the investments made by other investors in the Company and is subject to change when other investors buy or sell Interests.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Maria C. Schaffer, Treasurer</signatureName>
        <signatureDate>2007-03-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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