<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-12-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001496254</issuerCik>
        <issuerName>Alternative Strategies Fund</issuerName>
        <issuerTradingSymbol>LTIFX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300607</rptOwnerCik>
            <rptOwnerName>Sachs Gregory H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>SACHS CAPITAL GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>2132 DEEP WATER LANE, SUITE 232</rptOwnerStreet2>
            <rptOwnerCity>NAPERVILLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60564</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Footnote (1)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001643484</rptOwnerCik>
            <rptOwnerName>Gregory H. Sachs Revocable Trust UDT Dtd. 4/24/98</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2132 DEEP WATER LANE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 232</rptOwnerStreet2>
            <rptOwnerCity>NAPERVILLE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60564</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Footnote (1)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class I Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>5000000</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Trust</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Sachs is the Chief Executive Officer and Managing Partner of SCG Asset Management, LLC, the investment adviser to Alternative Strategies Fund.</footnote>
        <footnote id="F2">Mr. Sachs is the Trustee and Beneficiary of Gregory H. Sachs Revocable Trust UDT Dtd. 4/24/98.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Gregory H. Sachs, Trustee ofGregory H. Sachs Revocable Trust UDT Dtd. 4/24/98</signatureName>
        <signatureDate>2022-01-06</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Gregory H. Sachs</signatureName>
        <signatureDate>2022-01-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
