NPORT-EX 2 edgar.htm
Schedule of Investments
RIMROCK CORE BOND FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
CORPORATE BONDS – 16.7%
Aerospace & Defense – 0.5%
Textron Financial Corp.,    
(Variable, ICE LIBOR USD 3M + 1.74%), 1.86%, 2/15/42(1) 40,000 34,364
Communications – 1.6%
Charter Communications Operating LLC/Charter Communications Operating Capital,    
5.05%, 3/30/29 55,000 65,193
Comcast Corp.,    
4.15%, 10/15/28 35,000 40,645
    105,838
Energy – 3.3%
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,    
5.38%, 6/15/29 40,000 41,000
Antero Resources Corp.,    
5.38%, 3/1/30 20,000 20,381
ConocoPhillips Co.,    
6.95%, 4/15/29 25,000 33,862
Enterprise Products Operating LLC,    
(Variable, ICE LIBOR USD 3M + 2.78%), 2.90%, 6/1/67 (1) 40,000 36,919
Kinder Morgan, Inc.,    
4.30%, 3/1/28 35,000 40,012
Magellan Midstream Partners L.P.,    
3.25%, 6/1/30 40,000 43,120
    215,294
Healthcare – 2.4%
HCA, Inc.,    
4.13%, 6/15/29 40,000 45,291
UnitedHealth Group, Inc.,    
2.88%, 8/15/29 20,000 21,731
4.45%, 12/15/48 35,000 45,612
Zimmer Biomet Holdings, Inc.,    
3.55%, 3/20/30 40,000 44,292
    156,926
Media/Entertainment – 1.3%
CCO Holdings LLC/CCO Holdings Capital Corp.,    
4.50%, 6/1/33 40,000 41,511
Fox Corp.,    
4.71%, 1/25/29 35,000 41,236
    82,747
  PRINCIPAL AMOUNT VALUE
(in USD)
CORPORATE BONDS - 16.7% continued
Media/Leisure – 0.9%
Activision Blizzard, Inc.,    
3.40%, 6/15/27 (2) 35,000 38,854
4.50%, 6/15/47 15,000 18,690
    57,544
Metals/Mining – 1.3%
Barrick North America Finance LLC,    
5.75%, 5/1/43 30,000 42,195
Hecla Mining Co.,    
7.25%, 2/15/28 40,000 43,350
    85,545
Real Estate – 0.6%
Equinix, Inc.,    
2.50%, 5/15/31 40,000 41,054
Technology – 1.0%
QualityTech L.P./QTS Finance Corp.,    
3.88%, 10/1/28 60,000 64,445
Telecom/Cable – 0.7%
Frontier California, Inc.,    
6.75%, 5/15/27 40,000 43,468
Utilities – 0.9%
Florida Power & Light Co.,    
3.15%, 10/1/49(2) 55,000 60,077
Utilities/Power – 2.2%
Ferrellgas L.P./Ferrellgas Finance Corp.,    
5.38%, 4/1/26 25,000 24,594
FirstEnergy Transmission LLC,    
5.45%, 7/15/44 35,000 45,131
4.55%, 4/1/49 20,000 24,063
Superior Plus L.P./Superior General Partner, Inc.,    
4.50%, 3/15/29 50,000 51,864
    145,652
Total Corporate Bonds    
(Cost $1,051,696)   $1,092,954
     
COMMERCIAL MORTGAGE BACKED SECURITIES – 18.7%
Government Agency – 1.8%
FREMF Mortgage Trust, Series 2015-KF09, Class B, (Floating, ICE LIBOR USD 1M + 5.35%), 5.44%, 5/25/22(1) 119,874 119,963
 
1
Schedule of Investments
RIMROCK CORE BOND FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
COMMERCIAL MORTGAGE BACKED SECURITIES - 18.7% continued
Government Agency - Interest Only – 10.1%
Freddie Mac Multifamily Structured Pass Through Certificates, Series K094, Class X1, 1.02%, 6/25/29(1) (3) 2,694,100 167,188
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class X1, 1.05%, 4/25/34(1) (3) 2,091,708 182,944
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1514, Class X1, 0.70%, 10/25/34(1) (3) 1,497,057 93,603
Freddie Mac Multifamily Structured Pass Through Certificates, Series K152, Class X1, 1.10%, 1/25/31(1) (3) 2,645,531 190,066
FREMF Mortgage Trust, Series 2016-KF22, Class B, (Floating, ICE LIBOR USD 1M + 5.05%, 5.05% Floor), 5.14%, 7/25/23(1) 25,461 25,766
    659,567
Non Agency – 4.3%
COMM Mortgage Trust, Series 2010-C1, Class D, 5.99%, 7/10/46(1) (3) 135,000 137,282
Commercial Mortgage Trust, Series 2006-GG7, Class AJ, 6.21%, 7/10/38(1) (3) 74,487 67,056
SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class D, 3.59%, 9/15/39(1) (3) 75,000 75,771
    280,109
Non Agency - Interest Only – 2.5%
GS Mortgage Securities Trust, Series 2015-GC32, Class XA, 0.92%, 7/10/48(1) (3) 3,416,301 83,313
GS Mortgage Securities Trust, Series 2016-GS3, Class XA, 1.34%, 10/10/49(1) (3) 582,038 29,197
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class XA, 1.13%, 10/15/48(1) (3) 1,543,363 46,892
    159,402
Total Commercial Mortgage Backed Securities    
(Cost $1,169,929)   $1,219,041
     
  PRINCIPAL AMOUNT VALUE
(in USD)
RESIDENTIAL MORTGAGE BACKED SECURITIES – 54.3%
Government Agency – 19.4%
Fannie Mae REMIC, Series 2001-29, Class Z, 6.50%, 7/25/31 36,993 42,470
Fannie Mae REMIC, Series 2003-58, Class M, 3.50%, 7/25/33 15,070 16,109
Fannie Mae REMIC, Series 2005-122, Class SE, (Floating, 23.10% - ICE LIBOR USD 1M, 23.10% Cap), 22.80%, 11/25/35(1) 45,727 62,382
Fannie Mae REMIC, Series 2005-68, Class PG, 5.50%, 8/25/35 61,534 70,182
Fannie Mae REMIC, Series 2006-77, Class PC, 6.50%, 8/25/36 26,676 30,780
Fannie Mae REMIC, Series 2007-22, Class PA, 5.50%, 3/25/37 3,225 3,535
Fannie Mae REMIC, Series 2008-46, Class JA, 4.50%, 5/25/38 26,288 28,184
Fannie Mae REMIC, Series 2010-53, Class ZJ, 5.00%, 7/25/40 31,423 39,142
Fannie Mae REMIC, Series 2011-146, Class LX, 3.50%, 10/25/40 190,000 201,771
Fannie Mae REMIC, Series 2012-17, Class CW, 2.00%, 11/25/30 3,499 3,525
Fannie Mae REMIC, Series 2012-32, Class DU, 2.50%, 4/25/26 52,827 52,993
Fannie Mae REMIC, Series 2013-113, Class HA, 3.00%, 11/25/31 567 580
Fannie Mae REMIC, Series 2013-13, Class MA, 4.00%, 1/25/43 99,871 109,683
Fannie Mae REMIC, Series 2016-95, Class LZ, 2.50%, 12/25/46 140,744 140,541
Fannie Mae REMIC, Series 2019-42, Class ZL, 3.00%, 8/25/49 208,625 218,521
Freddie Mac REMIC, Series 2326, Class ZP, 6.50%, 6/15/31 21,940 25,314
Freddie Mac REMIC, Series 2653, Class SC, (Floating, 6.80% - ICE LIBOR USD 1M, 4.00% Floor, 6.80% Cap), 6.75%, 7/15/33(1) 28,510 31,887
Freddie Mac REMIC, Series 3871, Class JB, 5.50%, 6/15/41 7,057 8,189
Freddie Mac REMIC, Series 3908, Class B, 2.50%, 6/15/39 28,688 30,157
Freddie Mac REMIC, Series 3948, Class AD, 2.00%, 10/15/21 676 676
Freddie Mac REMIC, Series 3990, Class GY, 3.50%, 1/15/42 30,000 34,786
Freddie Mac REMIC, Series 4120, Class QB, 1.50%, 10/15/42 7,956 8,007
 
2
Schedule of Investments
RIMROCK CORE BOND FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
RESIDENTIAL MORTGAGE BACKED SECURITIES - 54.3% continued
Government Agency – 19.4%continued
Freddie Mac REMIC, Series 4146, Class ME, 3.50%, 12/15/42 12,000 13,314
Freddie Mac REMIC, Series 4170, Class TC, 1.63%, 2/15/28 13,862 14,144
Freddie Mac REMIC, Series 4182, Class MB, 1.50%, 5/15/41 6,441 6,539
Freddie Mac REMIC, Series 4286, Class DA, 3.50%, 10/15/30 53,133 57,253
Freddie Mac REMIC, Series 4471, Class GA, 3.00%, 2/15/44 16,458 17,242
    1,267,906
Government Agency - Interest Only – 19.9%
Fannie Mae REMIC, Series 2004-64, Class SW, (Floating, 7.05% - ICE LIBOR USD 1M, 7.05% Cap), 6.97%, 8/25/34(1) 42,646 7,287
Fannie Mae REMIC, Series 2005-12, Class SC, (Floating, 6.75% - ICE LIBOR USD 1M, 6.75% Cap), 6.67%, 3/25/35(1) 55,112 9,185
Fannie Mae REMIC, Series 2007-88, Class JI, (Floating, 6.45% - ICE LIBOR USD 1M, 6.45% Cap), 6.37%, 4/25/37(1) 278,483 54,633
Fannie Mae REMIC, Series 2010-118, Class LI, 5.50%, 10/25/40 69,433 12,836
Fannie Mae REMIC, Series 2010-147, Class KI, 1.18%, 1/25/41 1,180,783 39,825
Fannie Mae REMIC, Series 2011-87, Class SG, (Floating, 6.55% - ICE LIBOR USD 1M, 6.55% Cap), 6.47%, 4/25/40(1) 84,668 7,510
Fannie Mae REMIC, Series 2012-70, Class YS, (Floating, 6.65% - ICE LIBOR USD 1M, 6.65% Cap), 6.57%, 2/25/41(1) 10,970 394
Fannie Mae REMIC, Series 2013-103, Class SK, (Floating, 5.92% - ICE LIBOR USD 1M, 5.92% Cap), 5.84%, 10/25/43(1) 46,554 8,980
Fannie Mae REMIC, Series 2016-105, Class SA, (Floating, 6.00% - ICE LIBOR USD 1M, 6.00% Cap), 5.92%, 1/25/47(1) 34,953 7,261
Fannie Mae REMIC, Series 2016-74, Class GS, (Floating, 6.00% - ICE LIBOR USD 1M, 6.00% Cap), 5.92%, 10/25/46(1) 48,121 11,618
  PRINCIPAL AMOUNT VALUE
(in USD)
RESIDENTIAL MORTGAGE BACKED SECURITIES - 54.3% continued
Government Agency - Interest Only – 19.9%continued
Fannie Mae REMIC, Series 2018-62, Class SB, (Floating, 6.20% - ICE LIBOR USD 1M, 6.20% Cap), 6.12%, 9/25/48(1) 248,860 45,108
Fannie Mae REMIC, Series 2020-56, Class DI, 2.50%, 8/25/50 273,032 41,893
Fannie Mae REMIC, Series 2020-60, Class NI, 4.00%, 9/25/50 698,903 101,739
Freddie Mac REMIC, Series 2981, Class SU, (Floating, 7.80% - ICE LIBOR USD 1M, 7.80% Cap), 7.70%, 5/15/30(1) 41,630 5,596
Freddie Mac REMIC, Series 3308, Class S, (Floating, 7.20% - ICE LIBOR USD 1M, 7.20% Cap), 7.10%, 3/15/32(1) 35,667 5,703
Freddie Mac REMIC, Series 3460, Class SA, (Floating, 6.20% - ICE LIBOR USD 1M, 6.20% Cap), 6.10%, 6/15/38(1) 51,075 9,736
Freddie Mac REMIC, Series 3598, Class JI, 1.42%, 10/15/37(1) (3) 174,609 7,452
Freddie Mac REMIC, Series 3621, Class SB, (Floating, 6.23% - ICE LIBOR USD 1M, 6.23% Cap), 6.13%, 1/15/40(1) 38,781 7,732
Freddie Mac REMIC, Series 3621, Class WI, 1.64%, 5/15/37(1) (3) 365,979 17,710
Freddie Mac REMIC, Series 3635, Class IB, 1.32%, 10/15/37(1) (3) 551,084 23,057
Freddie Mac REMIC, Series 3666, Class SC, (Floating, 5.77% - ICE LIBOR USD 1M, 5.77% Cap), 5.67%, 5/15/40(1) 105,701 20,083
Freddie Mac REMIC, Series 4029, Class IM, 4.00%, 4/15/42 21,086 3,633
Freddie Mac REMIC, Series 4106, Class EI, 3.50%, 4/15/41 144,474 10,823
Freddie Mac REMIC, Series 4150, Class DI, 3.00%, 1/15/43 291,409 26,027
Freddie Mac REMIC, Series 4165, Class TI, 3.00%, 12/15/42 536,577 38,290
Freddie Mac REMIC, Series 4194, Class BI, 3.50%, 4/15/43 32,512 4,016
Freddie Mac REMIC, Series 4259, Class DI, 4.00%, 6/15/43 147,112 10,829
Freddie Mac REMIC, Series 4363, Class TI, 1.80%, 10/15/39(1) (3) 230,175 11,501
 
3
Schedule of Investments
RIMROCK CORE BOND FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
RESIDENTIAL MORTGAGE BACKED SECURITIES - 54.3% continued
Government Agency - Interest Only – 19.9%continued
Freddie Mac REMIC, Series 4415, Class IO, 1.70%, 4/15/41(1) (3) 27,538 1,565
Freddie Mac REMIC, Series 5013, Class IN, 2.50%, 9/25/50 767,499 117,037
FREMF Mortgage Trust, Series 19K-1510, Class X2A, 0.10%, 1/25/34 13,965,433 125,246
FREMF Mortgage Trust, Series 2018-K157, Class X2A, 0.10%, 8/25/33 14,697,457 122,937
Government National Mortgage Association, Series 2008-7, Class IO, 5.50%, 3/20/37 246,323 20,863
Government National Mortgage Association, Series 2009-88, Class QI, 6.00%, 9/16/39 293,165 13,558
Government National Mortgage Association, Series 2010-42, Class BS, (Floating, 6.48% - ICE LIBOR USD 1M, 6.48% Cap), 6.39%, 4/20/40(1) 24,134 4,801
Government National Mortgage Association, Series 2011-H18, Class AI, 1.21%, 8/20/61(1) (3) 31,213 1,661
Government National Mortgage Association, Series 2012-136, Class BI, 3.50%, 11/20/42 290,329 45,150
Government National Mortgage Association, Series 2013-133, Class PI, 5.00%, 2/16/37 64,793 6,706
Government National Mortgage Association, Series 2015-159, Class HS, (Floating, 6.20% - ICE LIBOR USD 1M, 6.20% Cap), 6.11%, 11/20/45(1) 69,411 12,688
Government National Mortgage Association, Series 2015-168, Class SD, (Floating, 6.20% - ICE LIBOR USD 1M, 6.20% Cap), 6.12%, 11/20/45(1) 577,840 104,560
Government National Mortgage Association, Series 2016-160, Class GS, (Floating, 6.10% - ICE LIBOR USD 1M, 6.10% Cap), 6.01%, 11/20/46(1) 70,529 17,183
Government National Mortgage Association, Series 2017-130, Class YI, 4.00%, 4/20/45 720,788 76,858
  PRINCIPAL AMOUNT VALUE
(in USD)
RESIDENTIAL MORTGAGE BACKED SECURITIES - 54.3% continued
Government Agency - Interest Only – 19.9%continued
Government National Mortgage Association, Series 2020-123, Class IL, 2.50%, 8/20/50 418,868 55,227
Government National Mortgage Association, Series 2020-77, Class EI, (Floating, 122.00% - ICE LIBOR USD 1M, 1.00% Cap), 1.00%, 8/20/49(1) 1,076,903 28,077
    1,304,574
Non Agency – 15.0%
Banc of America Mortgage Trust, Series 2003-H, Class 3A1, 2.91%, 9/25/33(1) (3) 111,258 112,848
Bear Stearns ALT-A Trust, Series 2004-1, Class 2A2, 2.98%, 2/25/34(1) (3) 51,352 52,247
Bear Stearns ARM Trust, Series 2003-6, Class 1A2, 2.93%, 8/25/33(1) (3) 72,850 76,502
CHL Mortgage Pass Through Trust, Series 2004-22, Class A3, 2.81%, 11/25/34(1) (3) 80,662 81,799
CHL Mortgage Pass Through Trust, Series 2004-HYB3, Class 2A, 2.10%, 6/20/34(1) (3) 57,895 59,372
Countrywide Asset-Backed Certificates, Series 2004-12, Class AF5, (Step to 4.73% on 10/25/21), 5.68%, 10/25/21(4) 3,516 3,510
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class 2A2, 2.54%, 11/25/32(1) (3) 85,257 86,011
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR12, Class 2A1, 4.33%, 4/25/33(1) (3) 15,522 16,324
CSFB Mortgage-Backed Pass Through Certificates, Series 2003-AR24, Class 2A4, 2.59%, 10/25/33(1) (3) 110,659 109,324
GRMT Mortgage Loan Trust, Series 2001-1A, Class A5, 6.65%, 7/20/31 38,747 38,926
IndyMac INDX Mortgage Loan Trust, Series 2005-AR1, Class 4A1, 2.96%, 3/25/35(1) (3) 40,850 41,310
JP Morgan Mortgage Trust, Series 2006-A2, Class 5A1, 2.43%, 11/25/33(1) (3) 15,420 15,639
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A2, 2.54%, 7/25/35(1) (3) 52,875 54,155
 
4
Schedule of Investments
RIMROCK CORE BOND FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
RESIDENTIAL MORTGAGE BACKED SECURITIES - 54.3% continued
Non Agency – 15.0%continued
Residential Asset Securitization Trust, Series 2004-IP2, Class 2A1, 2.90%, 12/25/34(1) (3) 43,167 42,707
Structured Asset Securities Corp. Mortgage Pass Through Certificates, Series 2003-26A, Class 7A, 2.18%, 9/25/33(1) (3) 80,515 83,127
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A11, 2.60%, 7/25/34(1) (3) 41,957 41,594
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A3, 2.60%, 7/25/34(1) (3) 64,264 63,708
    979,103
Total Residential Mortgage Backed Securities    
(Cost $3,375,972)   $3,551,583
     
OTHER STRUCTURED PRODUCTS – 1.4%
CLO / CDO – 0.7%
Garrison Funding L.P., Series 2018-1A, Class A1T, (Floating, ICE LIBOR USD 3M + 1.45%), 1.58%, 3/20/27(1) 46,943 46,892
Other Structured Products – 0.7%
Marlette Funding Trust, Series 2017-3A, Class D, 5.03%, 12/15/24 44,561 44,786
Total Other Structured Products    
(Cost $91,370)   $91,678
     
U.S. GOVERNMENT OBLIGATIONS – 4.6%
U.S. Treasury Notes – 4.6%
0.38%, 7/15/24(2) 150,000 149,994
0.63%, 7/31/26 50,000 49,660
0.75%, 8/31/26 100,000 99,891
    299,545
Total U.S. Government Obligations    
(Cost $298,859)   $299,545
    
  NUMBER
OF SHARES 		VALUE
(in USD)
SHORT TERM INVESTMENT FUND – 7.0%
Northern Institutional Funds - U.S. Treasury Portfolio (Premier), 0.01%(5) 462,428 462,428
Total Short Term Investment Fund  
(Cost $462,428) $462,428
     
Total Investments – 102.7%  
(Cost $6,450,254) $6,717,229
    
REVERSE REPURCHASE AGREEMENTS – (3.7%)
J.P. Morgan Securities, 0.25%,
due 9/23/21 (dated 8/23/21 ; collateralized by Florida Power & Light Co., 3.15%, due 10/1/49 and value $60,003)(2) 		(57,321) (57,321)
J.P. Morgan Securities, 0.30%,
due 9/23/21 (dated 8/23/21 ; collateralized by Activision Blizzard, Inc., 3.40%, due 6/15/27 and value $38,827)(2) 		(36,052) (36,052)
UBS Securities, 0.10%,
due 9/23/21 (dated 8/23/21 ; collateralized by U.S. Treasury Notes, 0.38%, due 7/15/24 and value $149,977)(2) 		(150,000) (150,000)
Total Reverse Repurchase Agreements  
(Cost $(243,373)) $(243,373)
Other Assets less Liabilities – 1.0% 62,958
NET ASSETS – 100.0% $6,536,814
    
(1) Variable rate security. Rate as of August 31, 2021 is disclosed.
(2) All or a portion of this security was pledged as collateral for reverse repurchase agreements. The total value of pledged collateral was $248,807, which represented 3.81% of the net assets of the fund.
(3) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(4) Step coupon bond. Rate as of August 31, 2021 is disclosed.
(5) 7-day current yield as of August 31, 2021 is disclosed.
    
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:
 
1M - 1 Month
 
3M - 3 Month
 
ARM - Adjustable Rate Mortgage
 
CDO - Collaterlized Debt Obligation
 
CLO - Collateralized Loan Obligation
 
Fannie Mae - Federal National Mortgage Association
 
Freddie Mac - Federal Home Loan Mortgage Corporation
 
5
Schedule of Investments
RIMROCK CORE BOND FUND August 31, 2021 (UNAUDITED)
 
ICE - Intercontinental Exchange
 
IO - Interest Only
 
LIBOR - London Interbank Offered Rate
 
LLC - Limited Liability Company
 
REMIC - Real Estate Mortgage Investment Conduit
 
USD - United States Dollar
Percentages shown are based on Net Assets.
At August 31, 2021, the Fund had open futures contracts as follows:
TYPE NO. OF
CONTRACTS 		NOTIONAL
AMOUNT 		CONTRACT
POSITION 		CONTRACT
EXP. 		UNREALIZED
APP/(DEP)
10-Year U.S. Treasury Note 12 $1,601 Long 12/21 $4,969
Ultra U.S. Treasury Bond 2 395 Long 12/21 2,672
Total         $7,641
At August 31, 2021, the credit quality distribution for the Fund as a percentage of investments including cash was:
QUALITY DISTRIBUTION* % OF INVESTMENTS
Cash Equivalents 6.9%
AAA 55.3
AA 6.2
A 9.9
BBB 12.1
BB 5.4
B 1.0
CCC 1.0
Not Rated 2.2
Total 100.0%
    
* Credit quality ratings are based on the conservative average of Moody’s, S&P Global and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating, the Fund will assign a rating. The ratings, expressed in S&P Global’s nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in S&P Global’s nomenclature, range from A-1 (obligor’s capacity to meet its financial commitment on the obligation is strong) to D (in default). The ratings represent the rating agencies’ opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of August 31, 2021:
INVESTMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Assets:        
Corporate Bonds(1) $— $1,092,954 $— $1,092,954
Commercial Mortgage Backed Securities — 1,219,041 — 1,219,041
Residential Mortgage Backed Securities — 3,551,583 — 3,551,583
Other Structured Products — 91,678 — 91,678
U.S. Government Obligations 299,545 — — 299,545
Short Term Investment Fund 462,428 — — 462,428
Liabilities:        
Reverse Repurchase Agreements — (243,373) — (243,373)
Total Investments $761,973 $5,711,883 $— $6,473,856
OTHER FINANCIAL
INSTRUMENTS 		       
Assets        
Futures Contracts $7,641 $— $— $7,641
    
(1) Classifications as defined in the Schedule of Investments.
 
6
Schedule of Investments
RIMROCK EMERGING MARKETS CORPORATE CREDIT FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
CORPORATE BONDS – 91.7%
Chemicals/Paper/Packaging – 5.4%
OCP S.A.,    
5.13%, 6/23/51 200,000 202,577
Sasol Financing U.S.A. LLC,    
4.38%, 9/18/26 200,000 206,815
    409,392
Consumer/Retail – 2.6%
B2W Digital Lux S.a.r.l.,    
4.38%, 12/20/30 200,000 200,275
Energy – 15.1%
AI Candelaria Spain SLU,    
5.75%, 6/15/33 250,000 253,996
FEL Energy VI S.a.r.l.,    
5.75%, 12/1/40 198,924 211,896
Geopark Ltd.,    
6.50%, 9/21/24 250,000 257,813
Oleoducto Central S.A.,    
4.00%, 7/14/27 200,000 206,805
Petroleos Mexicanos,    
6.88%, 8/4/26 200,000 218,688
    1,149,198
Financials – 12.3%
Banco Mercantil del Norte S.A.,    
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%), 6.75%, 9/27/24 (1) (2) 200,000 216,146
BBVA Bancomer S.A.,    
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.65%), 5.13%, 1/18/33 (1) 200,000 208,771
Itau Unibanco Holding S.A.,    
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.98%), 6.13%, 12/12/22 (1) (2) 300,000 306,678
Movida Europe S.A.,    
5.25%, 2/8/31 200,000 203,393
    934,988
Food & Beverage – 8.4%
Grupo Bimbo S.A.B. de C.V.,    
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.28%), 5.95%, 4/17/23 (1) (2) 200,000 212,050
JBS U.S.A. LUX S.A./JBS U.S.A. Finance, Inc.,    
6.75%, 2/15/28 200,000 219,500
  PRINCIPAL AMOUNT VALUE
(in USD)
CORPORATE BONDS - 91.7% continued
Food & Beverage – 8.4%continued
MHP Lux S.A.,    
6.95%, 4/3/26 200,000 212,845
    644,395
Manufacturing/Industrials – 8.3%
Adani Ports & Special Economic Zone Ltd.,    
5.00%, 8/2/41 200,000 210,526
KOC Holding A.S.,    
6.50%, 3/11/25 200,000 217,267
Limak Iskenderun Uluslararasi Liman Isletmeciligi A.S.,    
9.50%, 7/10/36 200,000 209,122
    636,915
Metals/Mining – 11.0%
Cia de Minas Buenaventura S.A.A.,    
5.50%, 7/23/26 200,000 197,641
CSN Inova Ventures,    
6.75%, 1/28/28 200,000 220,330
Nexa Resources S.A.,    
5.38%, 5/4/27 200,000 211,207
Stillwater Mining Co.,    
7.13%, 6/27/25 200,000 208,155
    837,333
Real Estate – 13.1%
CIBANCO S.A. Institucion de Banca Multiple Trust CIB,    
4.38%, 7/22/31 200,000 196,267
CIFI Holdings Group Co. Ltd.,    
5.95%, 10/20/25 200,000 210,290
Logan Group Co. Ltd.,    
5.25%, 10/19/25 200,000 201,800
Trust Fibra Uno,    
4.87%, 1/15/30 200,000 220,271
Yuzhou Group Holdings Co. Ltd.,    
8.30%, 5/27/25 200,000 171,503
    1,000,131
Technology – 2.5%
StoneCo Ltd.,    
3.95%, 6/16/28 200,000 193,235
 
1
Schedule of Investments
RIMROCK EMERGING MARKETS CORPORATE CREDIT FUND August 31, 2021 (UNAUDITED)
  PRINCIPAL AMOUNT VALUE
(in USD)
CORPORATE BONDS - 91.7% continued
Telecom/Cable – 9.7%
Network i2i Ltd.,    
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.27%), 5.65%, 1/15/25 (1) (2) 250,000 266,875
Sable International Finance Ltd.,    
5.75%, 9/7/27 250,000 262,888
VTR Comunicaciones SpA,    
5.13%, 1/15/28 200,000 209,250
    739,013
Utilities/Power – 3.3%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia SpA,    
5.38%, 12/30/30 250,000 248,585
Total Corporate Bonds    
(Cost $6,903,723)   $6,993,460
    
  NUMBER
OF SHARES 		VALUE
(in USD)
SHORT TERM INVESTMENT FUND – 7.4%
Northern Institutional Funds - U.S. Treasury Portfolio (Premier), 0.01%(3) 563,174 563,174
Total Short Term Investment Fund  
(Cost $563,174) $563,174
     
Total Investments – 99.1%  
(Cost $7,466,897) $7,556,634
Other Assets less Liabilities – 0.9% 66,897
NET ASSETS – 100.0% $7,623,531
    
(1) Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of August 31, 2021.
(2) Perpetual bond. Maturity date represents next call date.
(3) 7-day current yield as of August 31, 2021 is disclosed.
    
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:
 
5Y - 5 Year
 
CIB - Corporate and Investment Bank
 
CMT - Constant Maturity
 
LLC - Limited Liability Company
 
S.A. - Société Anonyme (French: Public Limited Company)
 
S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Spanish: Variable Stock Corporation)
Percentages shown are based on Net Assets.
At August 31, 2021, the Fund had open futures contracts as follows:
TYPE NO. OF
CONTRACTS 		NOTIONAL
AMOUNT 		CONTRACT
POSITION 		CONTRACT
EXP. 		UNREALIZED
APP/(DEP)
10-Year U.S. Treasury Note (2) $(266,906) Short 12/21 $(844)
At August 31, 2021, the credit quality distribution for the Fund as a percentage of investments including cash was:
QUALITY DISTRIBUTION* % OF INVESTMENTS
Cash Equivalents 7.4%
BBB 11.1
BB 52.3
B 29.2
Total 100.0%
    
* Credit quality ratings are based on the conservative average of Moody’s, S&P Global and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating, the Fund will assign a rating. The ratings, expressed in S&P Global’s nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in S&P Global’s nomenclature, range from A-1 (obligor’s capacity to meet its financial commitment on the obligation is strong) to D (in default). The ratings represent the rating agencies’ opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of August 31, 2021:
INVESTMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Assets:        
Corporate Bonds(1) $— $6,993,460 $— $6,993,460
Short Term Investment Fund 563,174 — — 563,174
Total Investments $563,174 $6,993,460 $— $7,556,634
 
2
Schedule of Investments
RIMROCK EMERGING MARKETS CORPORATE CREDIT FUND August 31, 2021 (UNAUDITED)
INVESTMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
OTHER FINANCIAL
INSTRUMENTS 		       
Liabilities        
Futures Contracts $(844) $— $— $(844)
    
(1) Classifications as defined in the Schedule of Investments.
3