| HUNDREDFOLD SELECT ALTERNATIVE FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) |
| May 31, 2023 |
| |
| Shares | | | | | | | Fair Value |
| | | OPEN-END FUND — 8.8% | | | |
| | | FIXED INCOME - 8.8% | | | |
| 2,188,889 | | Voya Securitized Credit Fund, Class I | | | | $ 19,700,000 |
| | | | | | | | |
| | | TOTAL OPEN-END FUND (Cost $19,700,000) | | | 19,700,000 |
| | | | | | | | |
| Principal Amount ($) | | | | | Coupon Rate (%) | Maturity | |
| | | U.S. GOVERNMENT & AGENCIES — 80.5% | | | |
| | | U.S. TREASURY BILLS — 80.5% | | | |
| 13,149,000 | | United States Treasury Bill(a) | | 4.8400 | 06/15/23 | 13,122,891 |
| 19,222,000 | | United States Treasury Bill(a) | | 5.0900 | 07/20/23 | 19,089,025 |
| 37,781,000 | | United States Treasury Bill(a) | | 5.1300 | 08/17/23 | 37,370,993 |
| 111,245,000 | | United States Treasury Bill(a) | | 5.2200 | 08/24/23 | 109,907,947 |
| | | | | | | 179,490,856 |
| | | | | | | |
| | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $179,486,075) | | | 179,490,856 |
| Shares | | | | | | | |
| | | SHORT-TERM INVESTMENTS — 16.2% | | | |
| | | MONEY MARKET FUNDS - 16.2% | | | |
| 29,888,974 | | Fidelity Government Portfolio, Institutional Class, 4.97%(b) | | | | 29,888,974 |
| 6,194,859 | | First American Government Obligations Fund Class X, 4.95%(b)(c) | | | | 6,194,859 |
| | | TOTAL MONEY MARKET FUNDS (Cost $36,083,833) | | 36,083,833 |
| | | | | | | | |
| | | TOTAL SHORT-TERM INVESTMENTS (Cost $36,083,833) | | 36,083,833 |
| | | | | |
| | | TOTAL INVESTMENTS - 105.5% (Cost $235,269,908) | | | $ 235,274,689 |
| | | LIABILITIES IN EXCESS OF OTHER ASSETS - (5.5)% | | | (12,164,862 ) |
| | | NET ASSETS - 100.0% | | | | | $ 223,109,827 |
| | | | | | |
| OPEN FUTURES CONTRACTS | | | | |
| Number of Contracts | | Open Long Futures Contracts | | | Expiration | Notional Amount | Unrealized Appreciation(d) |
| 32 | | CME E-Mini NASDAQ 100 Index Future | | 06/16/2023 | $ 9,152,320 | $ 79,371 |
| 42 | | CME E-Mini Standard & Poor's 500 Index Future | | 06/16/2023 | 8,800,050 | 287,122 |
| | | TOTAL FUTURES CONTRACTS | | $ 366,493 |
| | | | | |
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