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Hundredfold Select Alternative Fund




Fund Ratings

The Fund received a 4-Star Overall Morningstar Rating as of 3/31/2026. The Hundredfold Select Alternative Fund (HFSAX) was rated against the following numbers of U.s-domiciled Tactical Allocation fund over the following perios: 226 funds in the last three years, 202 in the last five years and 202 in the last ten years. With respect to these Tactical Allocation funds, the Hundredfold Select Alternative Fund received a 4-Star rating overall, a 3-Star rating for 3 years, a 3-Star rating for 5 years and a 5-Star rating for 10 years. Past performance is no guarantee of future results. No compensation given for ratings. Other share classes can have different star ratings.

Portfolio Team

Ralph Doudera

Head Portfolio Manager, Managing Member

Ralph Doudera serves as Managing Member of Hundredfold Advisors, LLC and the head portfolio manager for the Hundredfold Select Alternative Fund. He has been active in the investment industry since 1973 and has led the firm’s investment strategy and portfolio management since its founding. In addition to his role at Hundredfold Advisors, Ralph is the Founder and Chief Executive Officer of Spectrum Financial and Head Portfolio Manager for the Spectrum Funds.

Ralph holds a degree in Mechanical Engineering and a Master’s degree in Management and Finance from the New Jersey Institute of Technology. He also earned a Master’s degree in Biblical Studies from Regent University.

Throughout his career, Ralph has written and spoken extensively on investment strategy and the stewardship of wealth. He has authored more than 115 Spectrum Quarterly newsletters for clients and shareholders and has lectured on investment topics for organizations including the National Association of Active Investment Managers (NAAIM). His work has also appeared in Investment Advisor magazine, including the article “Beating Buy and Hold: A Thinking Man’s Guide to Market Timing.”

Ralph is the founder of the Simply Distribute Foundation, a public charity dedicated to supporting organizations focused on microfinance, children’s hospitals in developing countries, orphan care, church development, and evangelism leadership. The foundation reflects his belief that responsible stewardship of wealth can create meaningful and lasting change in the world.

He is the author of Wealth Conundrum, a book exploring the challenges and responsibilities that come with wealth, now in its third printing and available in multiple languages including Korean and Arabic.

Ralph has five children and eight grandchildren. He and his wife, Gina, divide their time between Virginia Beach and their ranch in Texas. Together they are passionate about investing in the lives of others and host retreats at Casa Cecilia, their beachfront property in Santa Teresa, Costa Rica. These gatherings are designed to provide rest, adventure, and space for individuals to seek God’s guidance and affirm His plan for their lives.

Outside of work, Ralph’s interests range from auto racing to composing music and playing piano on his church worship team. He also enjoys surfing in Costa Rica.

Mary K. Collins, ChFC®

Chief Compliance Officer, Managing Member

Mary Collins brings more than three decades of leadership experience in investment management, operations, and compliance. As a managing member of Hundredfold Advisors, LLC, she helps guide the firm’s strategic direction, operational oversight, and long-term organizational stewardship.

Mary also serves as President, Chief Financial Officer, and Chief Compliance Officer of Spectrum Financial, where she oversees financial management, regulatory compliance, organizational structure, and firm operations. In addition to her executive responsibilities, she serves as a member of Spectrum’s portfolio management team.

She joined Spectrum Financial in 1988 as a financial planner and has played an integral role in the firm’s growth and development for more than 35 years. Today, the firm provides portfolio management services for individuals, retirement plans, charitable organizations, foundations, endowments, and trusts, and serves as sub-advisor to several mutual funds.

Mary graduated from Old Dominion University with a degree in Business Administration concentrated in Corporate Finance and holds the Chartered Financial Consultant® (ChFC®) designation. Outside of her professional responsibilities, Mary serves as Chairman of the Simply Distribute Foundation, a public charity focused on distributing the majority of contributions annually to organizations supporting education, medical services, microfinance, and evangelism. Under the foundation’s leadership, more than $15 million has been distributed to charitable initiatives worldwide.

Mary lives in Virginia Beach with her husband, their five children, and ten grandchildren. She believes wealth carries responsibility and is passionate about building organizations that create lasting impact for families, communities, and future generations.

Chris Hendrix, CMT

Portfolio Support

Kristian Peros

Portfolio Support

Michael Phetvixay

Investment Specialist

Emily Frazier, CKA

Chief Development Officer | Advisor & Portfolio Relations

Literature

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Monthly Commentary

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Fund Fact Sheet

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Disclosures:

The performance data quotes represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher then the performance data quoted and assumes the reimbursement of any divident and/or capital gains distributions. To obtain performance data current to most recent month-end, please cal toll free 1-866-842-4860

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results The Morningstar Rating™ for funds, or "star rating" is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Ratings does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5 receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. No compensation was given for ratings.

Consider these risks before investing: Aggressive investing techniques, asset-backed securities risk, credit risk, counterparty risk, depositary receipt risk, derivatives risk, emerging markets risk, equity securities risk, foreign securities risk, high portfolio turnover risk, high-yield securities risk, holding cash risk, interest rate risk, leverage risk, master limited partnership risk, non-diversification risk, other investment companies risk and ETFs risk, prepayment risk and mortgage-backed securities risk, shorting securities risk, small and mid-capitalization risk, subadvisor investment strategy risk, tax risk, and floating rate notes risk. There is no guarantee the fund will achieve its investment objective. You can lose money by investing in the Fund, Please carefully review the prospectus for detailed information about these risks.

S&P 500 TR Index is a capitalization weighted index of 500 stocks representing all major domestig industry groups. It is not possible to directly invest in the Index. The S&P 500 TR assumes the reinvestment of dividents and capital gains.

Bloombern U.S. AGG. Bond TR Index: measures the underlying performance of the Total U.S. investment grade bond market. It is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Request a prospectus or a summary prospectus from your financial representative or by calling Ultimus Fund Solutions at 855-582-8006 or access www.hundredfontselect.com. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Ultimus Fund Solutions serves as a transfer agent to the Fund and is not affiliated with the advisor, sub-advisor or distributor