Align Alternative Access Fund

Strategy Exposure

Portfolio allocation across the Fund’s five strategy sleeves. Values reflect notional exposure.

Fund Highlights

Fund Offering Terms

Fund Performance

Total returns (%) at net asset value as of August 31, 2026. Returns assume reinvestment of all distributions.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate. Returns for periods greater than one year are annualized; periods of one year or less are cumulative. Maximum Drawdown reflects the largest peak-to-trough decline since inception. Fund inception: June 2, 2025.
*Indices are unmanaged, do not reflect fees or expenses, and cannot be invested in directly.

Risk / Return

Trailing 6 Months

Trailing six months ending August 31, 2026

Trailing 12 Months

Trailing twelve months ending August 31, 2026

DOCUMENTS

Investor Materials

CONTACT INFORMATION

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Important Information

Disclosures and Risk Factors: There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund involves a high degree of risk, including the potential loss of the entire investment. Investors must be able to tolerate limited liquidity and the risks associated with alternative investments. The Fund should not be viewed as a complete investment program. It may employ leverage through borrowing and derivative instruments such as swaps and options which can amplify both gains and losses. The Fund is subject to the risks of its underlying funds in addition to general economic and market conditions. The Fund and its service providers are subject to operational and cybersecurity risks. Cybersecurity breaches — whether intentional or accidental — may result in data loss, business disruption, and financial harm. Distributed by Foreside Financial Services, LLC.

This Report contains certain limited information about the Fund. Please see the Fund’s current Prospectus for a more complete description of the Fund’s terms.

BEFORE INVESTING, CAREFULLY CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES. THIS AND OTHER IMPORTANT INFORMATION IS CONTAINED IN THE FUND’S PROSPECTUS, AVAILABLE AT WWW.ALIGNALTACCESS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

To learn more, view the Fund’s ownership filings here.

Distributions and Return of Capital: The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses.

A return of capital to shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of shares, even if such shares are sold at a loss relative to the shareholder’s original investment.

Liquidity and Repurchase Risks: Investing in the Fund’s shares involves risks, including the following:

• • Shares of the Fund are not listed on any securities exchange, which makes them inherently illiquid.
  • There is no secondary market for the Fund’s shares, and it is not anticipated that a secondary market will develop.
  • Shares of the Fund are not redeemable. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified time frame.
  • Although the Fund may offer to repurchase a portion of outstanding shares in accordance with the Fund’s repurchase policy, the Fund will not be required to repurchase shares at a shareholder’s option nor will shares be exchangeable for units, interests or shares of any other security.
  • While the Fund targets to extend repurchase offers quarterly of up to 5% of the Fund’s outstanding shares, the Fund is not required to extend such repurchase offers. A given repurchase offer may be for less than 5% of the Fund’s outstanding shares.
  • Regardless of how the Fund performs, an investor may not be able to sell or otherwise liquidate his, her or its shares whenever such investor would prefer and, except to the extent permitted under the repurchase offer, will be unable to reduce the shareholder’s exposure on any market downturn.

Footnotes

1. The listings of “Top Managers” are determined by the total market value of fund assets invested in the manager/fund at the time the report was generated. Managers and holdings are subject to change.
2. Hedged Equity / Absolute Return includes cash and cash equivalents held as collateral for the Fund’s options strategies.
3. The Align Alternative Access Fund is offered exclusively to Accredited Investors. An Accredited Investor includes individuals with a net worth exceeding $1 million (excluding the value of their primary residence), or income exceeding $200,000 individually (or $300,000 jointly with a spouse or spousal equivalent) in each of the last two years, with a reasonable expectation of reaching the same income level in the current year. Certain entities also qualify based on total assets or professional status.
4. The stated minimum investment for Class I Shares may be reduced for certain investors.
5. The Fund expects to offer investors limited quarterly liquidity through a tender offer process. Under normal market conditions, the Fund expects to repurchase 5% of its outstanding shares of beneficial interest of the Fund (“Shares”) at their net asset value (NAV). No assurance can be given that such tender offers will be approved by the Fund’s Board of Trustees. If a tender offer is oversubscribed, investors may be subject to a pro rata reduction in the Shares ultimately repurchased by the Fund unless the Fund increases the size of the tender offer. All terms of each tender offer will be publicly disclosed.
6. The Net Expense Ratio shown reflects the Fund's estimated annual expenses for Class I shares, after fee waivers and expense reimbursements, and excludes acquired fund fees and expenses ("AFFE") and interest expense. As set forth in the Fund's current Prospectus dated August 1, 2026, the Fund's estimated Total Annual Expenses (as a percentage of net assets attributable to shares) are 7.94%, consisting of a Management Fee of 0.50%, Other Expenses of 4.36%, Interest Expense of 0.16%, and AFFE of 2.92%. The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount equal to 3.91%, resulting in Net Annual Expenses of 4.03%, inclusive of AFFE and interest expense. Excluding AFFE and interest expense, the Fund's net expense ratio is 0.95%. AFFE represents the Fund's pro rata share of the fees and expenses of the underlying funds in which the Fund invests; these amounts are borne indirectly by shareholders and are not retained by the Adviser. Estimated AFFE excludes incentive fees charged by underlying funds, which are performance-based and cannot reasonably be estimated in advance. Pursuant to an Expense Limitation Agreement, the Adviser has agreed, until at least January 1, 2028, to waive its management fees and to pay or absorb the ordinary operating expenses of the Fund (excluding borrowing costs, dividends and interest on securities sold short, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) to the extent that the Management Fee plus the Fund's ordinary annual operating expenses exceed 0.95% per annum of the Fund's average monthly net assets. The Expense Limitation Agreement may not be terminated by the Adviser but may be terminated by the Fund's Board of Trustees. Any amounts waived or reimbursed by the Adviser are subject to repayment by the Fund within three years, provided the Fund can make the repayment without exceeding the lesser of the expense limitation in place at the time of the waiver or the expense limitation in effect at the time of repayment, and the repayment is approved by the Board. Please refer to the Fund's Prospectus for additional details regarding the Fund's fees and expenses. Please refer to the Fund's Prospectus for additional details.
7. Maximum Drawdown represents the largest peak-to-trough decline experienced over the measurement period, calculated using month-end NAV for the Fund and month-end total return values for benchmark indices. The period runs from Fund inception (June 2, 2025) through the reporting date, and does not require the trough to have recovered. Because the Fund and benchmarks report at different frequencies, drawdown depths and durations may not be directly comparable.
8. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the U.S. investment-grade, fixed-rate, taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).
9. Standard Deviation is a statistical measure of the historical variability of returns around their average; higher values indicate greater volatility. Figures shown are annualized, calculated from monthly total returns for the Fund and benchmark indices over the stated measurement period.