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Alternative Strategies Fund is subject to a number of risks and is not suitable for all investors. Investors should carefully consider the investment objectives, risks, charges, expenses of a fund before investing. The fund’s prospectus and its summary prospectus contain this and other information about the fund. Please read the prospectus and summary prospectus carefully before you invest or send money. By itself, the Fund does not constitute a balanced investment program. An investment in the Fund’s shares may involve certain costs and risks such as derivatives risk, liquidity risk, interest rate risk, market risk, credit risk, master limited partnerships and energy sector risks, mortgage-backed and asset-backed risks, real estate securities risk, and management risk. Share price and investment return will fluctuate such that an investor’s shares may be worth more or less than their original cost upon redemption. There may be additional risks that the Fund does not currently foresee or consider material. Shares of mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any agency, and involve investment risks, including the possible loss of the principal amount invested. You may wish to consult with your legal or tax advisors, before deciding whether to invest in the Fund.

Alternative Investment Risk:

An alternative investments strategy is subject to a number of risks and is not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risk associated with such an investment. Investors should carefully review and consider potential risks before investing. The fund’s asset allocation among several underlying funds, that represent different alternative asset classes and strategies, strive to limit risk and exposure to any one asset class or strategy; however, an asset class or strategy selected by the fund’s investment adviser may perform poorly relative to other asset classes and strategies not selected.

Certain risks may include the following: loss of all or a substantial portion of the investment due to leveraging, short selling or other speculative practices; lack of liquidity in that there may be no secondary market for the fund or the securities that make-up the fund, and non may develop or expected to develop; volatility of returns; restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; adviser risk; and less regulation and potentially higher fees than traditional mutual fund strategies.

Alternative Strategies Fund Risk:

An investment in the Fund’s shares is subject to risks. The value of the Fund’s investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund’s shares to increase or decrease. You could lose money by investing in the Fund. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider carefully the following risks the Fund faces through its direct investments and its investments in Investment Funds. There may be additional risks that the Fund does not currently foresee or consider material. You may wish to consult with your legal or tax advisors, before deciding whether to invest in the Fund.

The Fund is a closed-end investment company structured as an interval fund and designed for long-term investors. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will develop. The fund’s shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time.

Please read the prospectus and summary prospectus carefully before you invest or send money.

Performance Risk:

Past performance is no guarantee of future results. Individual performance results will vary and may include the reinvestment of income, dividends and capital gain distribution. There are risks involved with all investments that could include tax penalties and risk/loss of principal. Investment returns and principal value will fluctuate such that when shares are redeemed, they may be worth more or less than original cost. Additionally, the fund will bear a proportionate share of the fund’s operating expenses, which may also negatively affect performance. For additional information on performance and investment risks please see the fund’s prospectus.

Investment Objective Disclosure:

The Alternative Strategies Fund employs an investment thesis using multiple alternative investment instruments: derivatives, equities, exchange-traded funds, real estate, MLP or a combination of these and/or other instruments. These various investment strategies are typically driven quantitatively to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. The Alternative Strategies Fund employs an investment process designed to isolate opportunities in yield oriented securities, which can include equity, exchange-traded funds, preferred-equities, listed partnerships (MLPs), REITs and some other corporate obligations. In contrast to traditional fixed income, the yield alternative focus is primarily from non-fixed income securities, and in contrast to equity strategies, the investment thesis is predicated more on the yield realized from the securities than on the appreciation of the price of the underlying securities. In addition, it should not be assumed that any of the securities and/or strategies discussed herein were or will prove to be profitable or result in achievement of stated investment objectives. Each of the underlying funds is subject to investment risks due to the types of instruments held by the underlying fund or investment strategies pursued by the underlying funds, which, in turn, may magnify the fund’s risk exposure or expose the fund to additional investment risk. MLPs and REITs have unique tax characteristics as do their various investment structures.

Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder’s risk of loss. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded. The more a fund invests in leveraged instruments and the greater the use of leverage in the fund, the more the leverage may magnify and accelerate potential losses on those investments in the fund.

The fund has the potential to invest up to 25% of its portfolio in REITs and holdings related to real estate. Risks associated with real estate include the potential for a decline in values of underlying properties and the possibility of defaults on the properties. Investors should be aware of the risks involved with investing in a fund that may concentrate in REITs and real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments.

Activities with respect to investment services, securities and brokerage are conducted through Ladenburg Thalmann & Co. Inc, (“LTCO”) a member of the NYSE, NYSE AMEX and other principal exchanges. Member of FINRA /SIPC.

Ladenburg Thalmann Asset Management, Inc. is a SEC Registered Investment Adviser under the Investment Advisers Act of 1940 (“Advisers Act”), both financial entities are wholly owned subsidiary of our parent company “Ladenburg Thalmann Financial Services, Inc.. Ladenburg Thalmann Financial Services, Inc. is listed on the AMEX exchange under the symbol LTS. www.ladenburg.com

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• LTAFX Fact Sheet