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River Canyon Fund Management LLC (the “Adviser”) has contractually agreed to waive fees and reimburse expenses for the River Canyon Total Return Bond Fund to the extent that total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.65% until January 28, 2025.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. This and other information are contained in the fund’s prospectus and statement of additional information, which may be obtained by contacting River Canyon or calling 1-800-245-0371. Please read these documents carefully before you invest or send money.

Any investment in the fund involves significant risk, including the risk of loss of all or a portion of your investment. The results indicated herein include both realized and unrealized gains and losses, and actual results when realized may differ materially from those set forth herein. Total returns include reinvestment of dividends and distributions. Current performance may be lower or higher than the performance data presented. Investment returns and principal value will fluctuate with market conditions. The value of an investment in the fund, when redeemed, may be worth more or less than its original purchase cost. You should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing.

Certain information contained herein constitutes “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof, or other variations thereon, or comparable terminology. Due to various risks and uncertainties, actual events or results, or the actual performance of an individual investment, an asset class or the fund may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is not indicative of future results.

It is important to note that the fund is not guaranteed by the U.S. Government. Fixed income investments involve interest rate risk, issuer credit risk, prepayment risk, duration risk, price volatility risk, and risk of default. Funds investing in bonds can lose their value as interest rates rise, and investors participating in such funds can suffer a partial or total loss of their principal. More details regarding these risk are contained in the fund’s prospectus and statement of additional information.

Mortgage-backed securities (“MBS”) and other asset-backed securities involve risks that are different from or more acute than risks associated with other types of debt instruments. For example, rising interest rates tend to extend the duration of fixed-rate MBS, making them more sensitive to changes in interest rates and causing funds investing in such securities (such as this fund) to exhibit additional volatility. Conversely, declining interest rates may cause borrowers to pay off their mortgages sooner than expected, thereby reducing returns because the fund may be required to reinvest the return of borrower principal at the lower prevailing interest rate. MBS related to floating rate loans may exhibit greater price volatility than a fixed rate obligation of similar credit quality. With respect to non-agency MBS, there are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Non-agency MBS also are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

Investments made by the fund and the results achieved by the fund are not expected to be the same as those made by any other Canyon-advised or River Canyon-advised fund or account, including those with a similar name, investment objective, or policies.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.

Morningstar Rating™ as of April 30 2024 for the Inst. series; other classes may have different performance characteristics. The River Canyon Total Return Bond Fund was rated against the following numbers of Multisector Bond funds over the following time periods: Overall 5 Stars (313 funds rated); 3 Yrs. 5 Stars (313 funds rated); 5 Yrs. 5 Stars (263 funds rated). 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 product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. 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. Morningstar Rankings represent a fund’s total-return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. 

© 2024 Morningstar. All Rights Reserved.

The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.

Foreside Financial Services, LLC, member FINRA is the distributor of the Fund and is not affiliated with River Canyon Fund Management.

© River Canyon Fund Management.  All rights reserved.

Todd Lemkin

Partner, Portfolio Manager

Todd Lemkin is an Investment Partner and Chief Investment Officer of Canyon Capital Advisors. Mr. Lemkin joined Canyon in 2003 and is responsible for the efforts of CCA’s portfolio team to develop, analyze, and implement investment ideas across the firm’s global platform. Mr. Lemkin has extensive investment expertise across the cable, media, telecom, satellite, industrials, real estate, gaming, and packaging sectors. Prior to this role, Mr. Lemkin focused on Canyon’s European investment effort and the firm’s London office. Prior to joining Canyon, Mr. Lemkin worked at Scoggin Capital Management, where he focused on analyzing securities of distressed and bankrupt companies. Mr. Lemkin was also an Investment Banker in the Healthcare Group of Banc of America Securities and the Mergers & Acquisitions Group of Lehman Brothers. Mr. Lemkin is a member of the Board of Governors of Cedar Sinai Hospital as well as a Director of Atlas Crest Investment Corp. (“ACII”). Mr. Lemkin is a graduate of the University of California, Berkeley (B.A., English).

Sam Reid

Partner, Portfolio Manager

Sam Reid is an Investment Partner at Canyon. Mr. Reid joined Canyon in 2008 and is a Portfolio Manager for River Canyon funds. Prior to this role, Mr. Reid was Head Debt Trader for Canyon’s investments across the firm’s global platform. Prior to joining Canyon, Mr. Reid worked at JPMorgan Chase as a sell-side High Yield Credit trader, where he traded CDS and high yield bonds in both a market making and proprietary trading capacity. Mr. Reid is a graduate of Georgetown University (dual B.S., International Business and Finance). Mr. Reid is a CFA® charterholder.



Mr. Rizkalla is a Senior Vice President within the Investment team at Canyon. Mr. Rizkalla joined Canyon in 2022 and is a Portfolio Manager for River Canyon funds and primarily focuses on structured products including asset-backed securities, residential mortgage-backed securities, and commercial mortgage-backed securities. Prior to joining Canyon, Mr. Rizkalla worked at Thornburg Investment Management, where he invested in a variety of structured products. Previously, Mr. Rizkalla worked at J.P. Morgan as an investment banker in the Structured Products Group. Mr. Rizkalla is a graduate of Seattle Pacific University (B.A., Accounting). Mr. Rizkalla is a CFA® charter holder.

Mitch Julis

Co-Founder, Co-Chairman and Co-Chief Executive Officer

Mitch Julis is Co-Founder, Co-Chairman and Co-Chief Executive Officer of Canyon Partners, LLC. Mr. Julis is a graduate of the Princeton School of Public and International Affairs (B.A., magna cum laude, Phi Beta Kappa), Harvard Law School (J.D., magna cum laude) and Harvard Business School (M.B.A., honors).  He received an honorary doctorate from Yeshiva University of New York in 2011.  Prior to forming Canyon, Mr. Julis directed a group of professionals responsible for a portfolio of distressed and special situation securities at Drexel Burnham Lambert.  Prior to working at Drexel, he was a bankruptcy and creditors’ rights attorney at Wachtell, Lipton, Rosen & Katz in New York.  Mr. Julis has authored a number of articles published in law journals and other periodicals on the subject of bankruptcy, distressed credits and special situation investing.

In 2014, Mr. Julis, along with Co-Founder Josh Friedman, received Institutional Investor’s “Lifetime Achievement” Award. Mr. Julis serves as a Trustee of the Brown University Corporation, on the Board of Governors at the Watson Institute for International and Public Affairs at Brown University, on the Board of Trustees at Yeshiva University and as Trustee Emeritus at the Asia Society.  He previously served on the Board of Trustees at Princeton University.  He is currently a member of the Advisory Council for the Julis-Rabinowitz Center for Public Policy and Finance at the Princeton School of Public and International Affairs and a member of Princeton’s School of Engineering and Applied Science Leadership Council.  Furthermore, he sits on the Jacobs Technion-Cornell Institute Advisory Council and the Lincoln Center Theater Board of Directors. Also noteworthy is his active role in establishing the Harvard Law School Program on Jewish and Israeli Law. In 2019, Mr. Julis received an Honorary Fellowship from the Technion – Israel Institute of Technology.

Mr. Julis and his wife, Joleen, reside in Dallas, TX and have 4 children.

Josh Friedman

Co-Founder, Co-Chairman and Co-Chief Executive Officer

Josh Friedman is Co-Founder, Co-Chairman and Co-Chief Executive Officer of Canyon Partners, LLC. Mr. Friedman is a graduate of Harvard College (B.A., summa cum laude, Phi Beta Kappa, Physics), Oxford University (M.A., honors, Politics and Economics, Marshall Scholar), Harvard Business School (M.B.A., Baker Scholar) and Harvard Law School (J.D., Sears Prize, magna cum laude). Prior to forming Canyon, Mr. Friedman was Director of Capital Markets for High Yield and Private Placements at Drexel Burnham Lambert. Prior to working at Drexel, Mr. Friedman worked in the Mergers and Acquisitions Department of Goldman Sachs in New York.

In 2014, Mr. Friedman, along with Co-Founder Mitch Julis, received Institutional Investor’s “Lifetime Achievement” Award. Mr. Friedman is a member of the George W. Bush Presidential Center Executive Advisory Council. Additionally, Mr. Friedman serves on the boards and/or investment committees of a number of endowments and foundations including Harvard Management Company, Harvard Committee on University Resources, California Institute of Technology, Lincoln Center for the Performing Arts, The Broad Foundation, Los Angeles County Museum of Art (LACMA), and the Dallas Museum of Art (DMA). Mr. Friedman previously served on the investment committee of the J. Paul Getty Trust and Board of the Dean’s Advisors for Harvard Business School, as well as the boards of the Los Angeles Philharmonic, the UCLA Hospital Department of Neurosurgery, the UCLA Anderson School of Management, The California Science Center, and The Andrew W. Mellon Foundation.

Mr. Friedman and his wife, Beth, live in Dallas, Texas and have three sons. Mr. and Mrs. Friedman co-endowed the Star-Friedman Challenge for Promising Scientific Research at Harvard University and are 2019 recipients of the Ellis Island Medal of Honor.

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