The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of corporate fixed income securities that are economically tied to emerging market countries. The Fund may invest in debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. Such instruments may be denominated in non-U.S. currencies and the U.S. dollar. The Fund may also invest in mortgage- or asset-backed securities or preferred securities of emerging market issuers. The Fund may also, to a lesser extent, invest in interests of real estate investment trusts (“REITs”) that are economically tied to emerging markets. The Fund will use the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI Broad Diversified) (the “EMCB Index”) as its benchmark. At times, the Fund may have significant investment exposure to securities issued by companies in the financial sector,

but will typically seek to limit such exposure to no more than 10% of the exposure to such financial sector securities represented in the EMCB Index.

Under normal conditions, the Fund’s average portfolio duration typically will vary within two years from that of the portfolio duration of the securities comprising the EMCB Index, as calculated by Rimrock. As of June30, 2022, the EMCB Index’s duration was 4.43 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

Rimrock has broad discretion to identify countries that it considers to qualify as emerging markets. The Fund typically will focus on countries with relatively low gross national product per capita and which Rimrock believes demonstrate a potential for rapid economic growth. The Fund’s country and currency composition will be based on Rimrock’s evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, industry and sector developments, legal and political developments, macroeconomic trends and any other specific factors that Rimrock believes to be relevant. In lieu of investing directly in emerging market issuers or currencies, the Fund may invest in derivative instruments – including futures, forwards, options and swaps – whose return is based on the return of an emerging market security or emerging market currency. The Fund may use derivatives for risk management and hedging purposes, or to seek to increase income or gains for the Fund. In particular, the Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may invest in both investment-grade and non-investment grade or “high yield” fixed income securities (also referred to as “junk bonds”), subject to a maximum of 20% of its total assets in securities rated below “B” by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by Rimrock to be of comparable quality. There is no bottom limit on the ratings of securities that may be purchased or held by the Fund, and the Fund may also invest in debt securities of distressed issuers or issuers in default at the time of purchase. The Fund will not invest more than 15% of its net assets in illiquid securities.

The Fund may also seek to obtain market exposure to the securities in which it invests by entering into repurchase agreements and reverse repurchase agreements, engaging in short sales, purchasing or selling securities on a when-issued, delayed delivery or forward commitment basis, or by using other investment techniques.

The Fund’s investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.