HUNDREDFOLD SELECT ALTERNATIVE FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN-END FUNDS — 84.7%      
    ALTERNATIVE - 23.9%      
1,303,844     AQR Equity Market Neutral Fund, Class R6       $   14,994,207  
682,996     Federated Hermes MDT Market Neutral Fund, Institutional Shares       14,711,728  
              29,705,935  
    FIXED INCOME - 60.8%      
1,107,754     Easterly Income Opportunities Fund, Class I       11,011,077  
3,382,167     JPMorgan High Yield Fund, Class R6       21,950,265  
1,511,601     PGIM Securitized Credit Fund, Class Z       14,692,760  
1,436,658     PIMCO High Yield Spectrum Fund, Institutional Class       13,231,619  
1,370,691     PIMCO Income Fund, Institutional Class       14,556,736  
              75,442,457  
               
    TOTAL OPEN-END FUNDS (Cost $103,982,283)     105,148,392  
               
Principal Amount ($)         Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 6.3%      
    U.S. TREASURY BILLS — 6.3%      
372,000   United States Treasury Bill(a)   4.0800 07/10/25 370,345  
7,580,000   United States Treasury Bill(a)   4.2200 08/21/25 7,508,790  
            7,879,135  
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $7,879,015)     7,879,135  
             
Shares              
    SHORT-TERM INVESTMENTS — 10.9%      
    MONEY MARKET FUNDS - 10.9%      
12,049,704     Fidelity Money Market Government Portfolio, Institutional Class, 4.17%(a)       12,049,704  
1,520,017     First American Government Obligations Fund Class X, 4.21%(a),(b)       1,520,017  
    TOTAL MONEY MARKET FUNDS (Cost $13,569,721)   13,569,721  
               
    TOTAL SHORT-TERM INVESTMENTS (Cost $13,569,721)   13,569,721  
         
    TOTAL INVESTMENTS - 101.9% (Cost $125,431,019)     $   126,597,248  
    LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%         (2,345,147)
    NET ASSETS - 100.0%         $ 124,252,101  
                       
 
 

 

HUNDREDFOLD SELECT ALTERNATIVE FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized Appreciation
76     CME E-Mini Standard & Poor's 500 Index Futures   06/23/2025 $22,480,800 $185,985 
    TOTAL FUTURES CONTRACTS  
 
         
(a) Rate disclosed is the seven-day effective yield as of May 31, 2025.    
(b) All or a portion of this investment is a holding of the Hundredfold Select Alternative Fund Limited (HFSA Fund Limited).  
         
   
               
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION: (1)(2)(3)        
Reference Entity     Counterparty   Termination Date   Interest Rate Receivable   Notional Amount at May 31, 2025   Fair Value   Upfront Premiums Paid   Unrealized Appreciation
CDX North American High Yield Series 44 BRC   6/20/2030   500 bps    $    (14,600,000)    $  1,039,257    $   847,882    $      191,375
                               
BRC - Barclays Capital                               
(1) For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference security and receive the reference security or (ii) pay a net amount equal to the par value of the defaulted reference security less its recovery value.
(2) For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the market value of the credit default swap contracts as of period end, will serve as an indicator of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a reference security reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract.  Generally, wider credit spreads represent a perceived deterioration of the reference security’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.
(3)  For centrally cleared swaps, the notional amounts represents the maximum potential the Fund may pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference security.

 

TOTAL RETURN SWAPS                     
Number of Shares   Reference Entity   Notional Amount at May 31, 2025   Interest Rate Payable(1)    Termination Date   Counterparty   Unrealized Appreciation (Depreciation)
Long Position:                        
       1,180,891   AQR Long-Short Equity Fund, Class R6    $      22,000,000   USD-SOFR plus 165 bp   7/1/2026   NGFP    $                       -   
       1,362,782   Buffalo High Yield Fund, Institutional Class            14,513,628   USD-SOFR plus 165 bp   6/15/2026   NGFP                  (31,785)
       1,528,796   BlackRock Strategic Income Opportunities Portfolio, Class K            14,676,440   USD-FED plus 165 bp   6/30/2026   CIBC                    59,565
       1,864,623   Fidelity Advisor High Income Fund, Class Z            14,618,646   USD-SOFR plus 165 bp   5/30/2028   BRC                    21,239
          812,918   Nuveen Floating Rate Income Fund, Class R6            14,713,808   USD-SOFR plus 165 bp   5/2/2028   BRC                 133,559
                         
                    Total:      $           182,578
    BRC - Barclays Capital                     
    CIBC - Canadian Imperial Bank of Commerce                    
    FED - Federal Funds Effective Rate                    
    NGFP - Nomura Global Financial Products, Inc.                     
    SOFR - Secured Overnight Financing Rate                    
    (1) Interest rate is based upon predeterminied notional amounts, which may be a multiple of the number of shares plus a specified spread.