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0.090 0.830 0.027 0001318342 false N-1A N-CSR INVESTMENT MANAGERS SERIES TRUST 2026-06-30 AAM/HIMCO Short Duration Fund Class A ASDAX This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-detail-himco</span>. You can also request this information by contacting us at (888) 966-9661. https://www.aamlive.com/publicsite/mutual-funds-detail-himco (888) 966-9661 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Expenses</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund<br/>(Class A/ASDAX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> 85 0.0084 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">SUMMARY OF RESULTS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">For the 12-month period ending June 30, 2026, the AAM/HIMCO Short Duration Fund Class A produced positive performance of 3.49%, before applicable sales charges. The Bloomberg 1-3 year U.S. Government/Credit Index (“Index”) returned 3.14% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to ABS,<span style="white-space: nowrap;"> </span>CMBS, bank loans, CLOs and high yield corporates due to spread tightening and the positive carry</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>The underweight to U.S. Treasuries was also of benefit</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>Security selection within the Industrial and financial sub-sectors of investment grade corporates was a positive contributor</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>A shorter interest rate duration position relative to the Index was a contributor given the increase in interest rates over the course of the 12-month period</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>The portfolio’s cash position was a drag on performance given the relative outperformance of the spread sectors</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the Index<span style="white-space: nowrap;"> </span></div> <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Performance</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1147646.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund (Class A/ASDAX)<sup style="font-size: smaller;">1</sup></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.64<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund (Class A/ASDAX)<em> — excluding sales load</em></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.49<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.16<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.74<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year US Government/Credit Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.14<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.12<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Aggregate Bond Index*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; vertical-align: top; width: 3pt; font-weight: normal; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; margin-top: -3pt; padding: 0;"> <div style="font-family: 'arial'; vertical-align: top; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; margin-top: -3pt; padding: 0px;"><sup style="font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 0px; padding: 0px;">Maximum sales charge (load) of 2.50% of offering price.</div> </td> </tr> </table> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule.</div> AAM/HIMCO Short Duration Fund (Class A/ASDAX) 0.0090 0.0264 0.0249 AAM/HIMCO Short Duration Fund (Class A/ASDAX) — excluding sales load 0.0349 0.0316 0.0274 Bloomberg 1-3 Year US Government/Credit Index 0.0314 0.0212 0.0200 Bloomberg Aggregate Bond Index 0.0379 0.0008 0.0154 SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-performance-himco</span> for the most recent performance information.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>430,862,985</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">308</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,157,688</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 430862985 308 1157688 0.30 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are<span style="white-space: nowrap;"> </span>as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.37%, 11/30/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 2/28/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.62%, 9/15/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 3/15/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.13%, 9/30/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 2/29/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 1/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 7/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.88%, 11/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.50%, 9/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1147651.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1147656.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.37%, 11/30/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 2/28/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.62%, 9/15/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 3/15/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.13%, 9/30/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 2/29/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 1/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 7/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.88%, 11/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.50%, 9/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> 0.024 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 20pt;">Material Fund Changes</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> AAM/HIMCO Short Duration Fund Class C ASDCX This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-detail-himco</span>. You can also request this information by contacting us at (888) 966-9661. https://www.aamlive.com/publicsite/mutual-funds-detail-himco (888) 966-9661 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Expenses</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund<br/>(Class C/ASDCX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>161</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.59<span>%</span></td> </tr> </table> 161 0.0159 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">SUMMARY OF RESULTS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">For the 12-month period ending June 30, 2026, the AAM/HIMCO Short Duration Fund Class C produced positive performance of 2.78%, before applicable sales charges. The Bloomberg 1-3 Year U.S. Government/Credit Index (“Index”) returned 3.14% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to ABS, CMBS, bank loans, CLOs and high yield corporates due to spread tightening and the positive carry</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- The underweight to U.S. Treasuries was also of benefit</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Security selection within the Industrial and financial sub-sectors of investment grade corporates was a positive contributor</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- A shorter interest rate duration position relative to the Index was a contributor given the increase in interest rates over the course of the 12-month period</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- The portfolio’s cash position was a drag on performance given the relative outperformance of the spread sectors</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the Index</div> <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Performance</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1147682.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund (Class C/ASDCX)<sup style="font-size: smaller;">1</sup></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.78<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.38<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund (Class C/ASDCX)<em> — excluding sales load</em></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.78<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.38<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year US Government/Credit Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.14<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.12<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Aggregate Bond Index*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; vertical-align: top; width: 3pt; font-weight: normal; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; margin-top: -3pt; padding: 0;"> <div style="font-family: 'arial'; vertical-align: top; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; margin-top: -3pt; padding: 0px;"><sup style="font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 0px; padding: 0px;">A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases that are redeemed in whole or in part within 12 months of purchase.</div> </td> </tr> </table> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule.</div> AAM/HIMCO Short Duration Fund (Class C/ASDCX) 0.0178 0.0238 0.0198 AAM/HIMCO Short Duration Fund (Class C/ASDCX) — excluding sales load 0.0278 0.0238 0.0198 Bloomberg 1-3 Year US Government/Credit Index 0.0314 0.0212 0.0200 Bloomberg Aggregate Bond Index 0.0379 0.0008 0.0154 SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-performance-himco</span> for the most recent performance information.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>430,862,985</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">308</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,157,688</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 430862985 308 1157688 0.30 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are<span style="white-space: nowrap;"> </span>as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.37%, 11/30/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 2/28/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.62%, 9/15/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 3/15/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.13%, 9/30/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 2/29/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 1/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 7/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.88%, 11/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.50%, 9/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1147687.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1147692.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.37%, 11/30/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 2/28/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.62%, 9/15/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 3/15/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.13%, 9/30/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 2/29/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 1/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 7/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.88%, 11/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.50%, 9/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> 0.024 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 20pt;">Material Fund Changes</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> AAM/HIMCO Short Duration Fund Class I ASDIX This annual shareholder report contains important information about the AAM/HIMCO Short Duration Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-detail-himco</span>. You can also request this information by contacting us at (888) 966-9661. https://www.aamlive.com/publicsite/mutual-funds-detail-himco (888) 966-9661 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Expenses</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund<br/>(Class I/ASDIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span></td> </tr> </table> 60 0.0059 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">SUMMARY OF RESULTS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">For the 12-month period ending June 30, 2026, the AAM/HIMCO Short Duration Fund Class I produced positive performance of 3.84%. The Bloomberg 1-3 Year U.S. Government/Credit Index (“Index”) returned 3.14% over the same period. The Fund was primarily invested in U.S. Treasuries, investment grade corporates, high yield corporates, bank loans, securitized sectors and cash. The securitized sectors included asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Sector allocation was the primary source of positive performance, particularly the out-of-benchmark allocations to ABS, CMBS, bank loans, CLOs and high yield corporates due to spread tightening and the positive carry</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- The underweight to U.S. Treasuries was also of benefit</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Security selection within the Industrial and financial sub-sectors of investment grade corporates was a positive contributor</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- A shorter interest rate duration position relative to the Index was a contributor given the increase in interest rates over the course of the 12-month period</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- The portfolio’s cash position was a drag on performance given the relative outperformance of the spread sectors</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- The Fund did not have any direct holdings in the emerging market sector which detracted from the positive performance relative to the Index</div> <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Performance</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">GROWTH OF $25,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1147718.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/HIMCO Short Duration Fund (Class I/ASDIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.84<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.44<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year US Government/Credit Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.14<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.12<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Aggregate Bond Index*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule.</div> AAM/HIMCO Short Duration Fund (Class I/ASDIX) 0.0384 0.0344 0.0300 Bloomberg 1-3 Year US Government/Credit Index 0.0314 0.0212 0.0200 Bloomberg Aggregate Bond Index 0.0379 0.0008 0.0154 SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-performance-himco</span> for the most recent performance information.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>430,862,985</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">308</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,157,688</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 430862985 308 1157688 0.30 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are<span style="white-space: nowrap;"> </span>as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.37%, 11/30/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 2/28/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.62%, 9/15/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 3/15/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.13%, 9/30/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 2/29/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 1/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 7/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.88%, 11/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.50%, 9/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1147723.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1147728.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.37%, 11/30/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 2/28/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.62%, 9/15/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.25%, 3/15/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.13%, 9/30/2027</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 2/29/2028</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 1/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 4.00%, 7/31/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.88%, 11/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Note, 3.50%, 9/30/2029</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> 0.024 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 0.023 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 20pt;">Material Fund Changes</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> AAM/Insight Select Income Fund Class A CPUAX This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome</span>. You can also request this information by contacting us at (888) 966-9661. https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome (888) 966-9661 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Expenses</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund<br/>(Class A/CPUAX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table> 87 0.0085 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">SUMMARY OF RESULTS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period.<span style="white-space: nowrap;"> </span> The fund seeks to provide current income and outperformed the stated benchmark by investing primarily in US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of investment grade structured credit.</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>Sector allocation contributed positively with overweight to high yield and emerging markets corporates and underweight to US IG industrials contributing positively.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span>Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed.<span style="white-space: nowrap;"> </span> Selection was strongly positive particularly within IG financials and industrials.<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span> Corp Andina de Fomento, Bank of Nova Scotia, Avianca and Venture Global all contributed positively while Braskem, Eldorado and Argentina overweight and Panama underweight detracted somewhat from performance.<span style="white-space: nowrap;"> </span></div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Duration and yield curve impacts were negative over the year as the portfolio periodically positioned overweight in the 5 yr part of the curve on the expectation of Fed cuts while the market priced in hikes based upon the tariffs and rising oil prices from the Iranian conflict.<span style="white-space: nowrap;"> </span> The treasury curve flattened as well with the long end rising 18bps while the 5yr rose 43.</div> <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Performance</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1147502.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund (Class A/CPUAX)<sup style="font-size: smaller;">1</sup></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.21<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund (Class A/CPUAX)<em> — excluding sales load</em></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.13<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Credit Bond Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.34<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.38<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Aggregate Bond Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; vertical-align: top; width: 3pt; font-weight: normal; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; margin-top: -3pt; padding: 0;"> <div style="font-family: 'arial'; vertical-align: top; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; margin-top: -3pt; padding: 0px;"><sup style="font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 0px; padding: 0px;">Maximum sales charge (load) of 3.00% of offering price.</div> </td> </tr> </table> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule.</div> AAM/Insight Select Income Fund (Class A/CPUAX) 0.0098 -0.0021 0.0241 AAM/Insight Select Income Fund (Class A/CPUAX) — excluding sales load 0.0413 0.0040 0.0272 Bloomberg Credit Bond Index 0.0434 0.0038 0.0249 Bloomberg Aggregate Bond Index 0.0379 0.0008 0.0154 SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-performance-selectincome</span> for the most recent performance information.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>222,132,616</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">491</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>481,925</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table> 222132616 491 481925 0.46 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are<span style="white-space: nowrap;"> </span>as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Bond, 4.62%, 2/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp., 5.55%, 6/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 2.97%, 2/4/2033</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexico Government International Bond, 6.87%, 5/13/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley, 6.63%, 11/1/2034</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group, Inc., 1.99%, 1/27/2032</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">MetLife, Inc., 9.25%, 4/8/2038</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">General Motors Co., 5.63%, 4/15/2030</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 5.49%, 4/23/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of Nova Scotia, 7.35%, 4/27/2085</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1147507.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1147512.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Bond, 4.62%, 2/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp., 5.55%, 6/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 2.97%, 2/4/2033</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexico Government International Bond, 6.87%, 5/13/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley, 6.63%, 11/1/2034</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group, Inc., 1.99%, 1/27/2032</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">MetLife, Inc., 9.25%, 4/8/2038</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">General Motors Co., 5.63%, 4/15/2030</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 5.49%, 4/23/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of Nova Scotia, 7.35%, 4/27/2085</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> 0.010 0.010 0.008 0.007 0.007 0.006 0.006 0.006 0.006 0.006 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 20pt;">Material Fund Changes</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> AAM/Insight Select Income Fund Class C CPUCX This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome</span>. You can also request this information by contacting us at (888) 966-9661. https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome (888) 966-9661 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Expenses</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund<br/>(Class C/CPUCX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>163</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr> </table> 163 0.0160 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">SUMMARY OF RESULTS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period.<span style="white-space: nowrap;"> </span> The fund seeks to provide current income and outperformed the stated benchmark by investing primarily in US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of investment grade structured credit.</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Sector allocation contributed positively with overweight to high yield and emerging markets corporates and underweight to US IG industrials contributing positively.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed.<span style="white-space: nowrap;"> </span> Selection was strongly positive particularly within IG financials and industrials. Corp<span style="white-space: nowrap;"> </span>Andina de Fomento, Bank of Nova Scotia, Avianca and Venture Global all contributed positively while Braskem, Eldorado and Argentina overweight and Panama underweight detracted somewhat from performance.</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Duration and yield curve impacts were negative over the year as the portfolio periodically positioned overweight in the 5 yr part of the curve on the expectation of Fed cuts while the market priced in hikes based upon the tariffs and rising oil prices from the Iranian<span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span><span style="white-space: nowrap;"> </span> conflict.<span style="white-space: nowrap;"> </span> The treasury curve flattened as well with the long end rising 18bps while the 5yr rose 43.</div> <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Performance</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1147538.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund (Class C/CPUCX)<sup style="font-size: smaller;">1</sup></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.26<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.37<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund (Class C/CPUCX)<em> — excluding sales load</em></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.25<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">-0.37<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Credit Bond Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.34<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.38<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Aggregate Bond Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; vertical-align: top; width: 3pt; font-weight: normal; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; margin-top: -3pt; padding: 0;"> <div style="font-family: 'arial'; vertical-align: top; font-style: italic; font-size: 6pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; margin-top: -3pt; padding: 0px;"><sup style="font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 0px; padding: 0px;">A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases that are redeemed in whole or in part within 12 months of purchase.</div> </td> </tr> </table> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">* SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule.</div> AAM/Insight Select Income Fund (Class C/CPUCX) 0.0226 -0.0037 0.0195 AAM/Insight Select Income Fund (Class C/CPUCX) — excluding sales load 0.0325 -0.0037 0.0195 Bloomberg Credit Bond Index 0.0434 0.0038 0.0249 Bloomberg Aggregate Bond Index 0.0379 0.0008 0.0154 SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-performance-selectincome</span> for the most recent performance information.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>222,132,616</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">491</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>481,925</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table> 222132616 491 481925 0.46 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are<span style="white-space: nowrap;"> </span>as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Bond, 4.62%, 2/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp., 5.55%, 6/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 2.97%, 2/4/2033</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexico Government International Bond, 6.87%, 5/13/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley, 6.63%, 11/1/2034</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group, Inc., 1.99%, 1/27/2032</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">MetLife, Inc., 9.25%, 4/8/2038</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">General Motors Co., 5.63%, 4/15/2030</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 5.49%, 4/23/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of Nova Scotia, 7.35%, 4/27/2085</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1147543.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1147548.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Bond, 4.62%, 2/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp., 5.55%, 6/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 2.97%, 2/4/2033</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexico Government International Bond, 6.87%, 5/13/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley, 6.63%, 11/1/2034</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group, Inc., 1.99%, 1/27/2032</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">MetLife, Inc., 9.25%, 4/8/2038</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">General Motors Co., 5.63%, 4/15/2030</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 5.49%, 4/23/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of Nova Scotia, 7.35%, 4/27/2085</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> 0.010 0.010 0.008 0.007 0.007 0.006 0.006 0.006 0.006 0.006 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 20pt;">Material Fund Changes</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> AAM/Insight Select Income Fund Class I CPUIX This annual shareholder report contains important information about the AAM/Insight Select Income Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome</span>. You can also request this information by contacting us at (888) 966-9661. https://www.aamlive.com/publicsite/mutual-funds-detail-selectincome (888) 966-9661 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Expenses</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund<br/>(Class I/CPUIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span></td> </tr> </table> 60 0.0059 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">SUMMARY OF RESULTS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the Bloomberg US Credit Index to show how the Fund’s performance compares to the returns of similar investments for the reporting period.<span style="white-space: nowrap;"> </span> The fund seeks to provide current income and outperformed the stated benchmark by investing primarily in US investment grade corporate bonds, high yield corporate bonds, taxable municipals, US dollar denominated sovereign and foreign agency bonds, Asset-backed securities, and other forms of investment grade structured credit.</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Sector allocation contributed positively with overweight to high yield and emerging markets corporates and underweight to US IG industrials contributing positively.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">- Security selection contributed strongly to overall Fund performance as spreads compressed and subordinated bonds and hybrid structures outperformed.<span style="white-space: nowrap;"> </span> Selection was strongly positive particularly within IG financials and industrials. <span style="white-space: nowrap;"> </span>Corp Andina de Fomento, Bank of Nova Scotia, Avianca and Venture Global all contributed positively while Braskem, Eldorado and Argentina overweight and Panama underweight detracted somewhat from performance.</div> <div style="font-size: 9pt; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">-<span style="white-space: nowrap;"> </span> Duration and yield curve impacts were negative over the year as the portfolio periodically positioned overweight in the 5 yr part of the curve on the expectation of Fed cuts while the market priced in hikes based upon the tariffs and rising oil prices from the Iranian conflict.<span style="white-space: nowrap;"> </span> The treasury curve flattened as well with the long end rising 18bps while the 5yr rose 43.</div> <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Fund Performance</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 3pt; font-family: 'arial'; color: rgb(3, 58, 225); letter-spacing: 1.25px; text-transform: uppercase;">GROWTH OF $25,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1147574.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AAM/Insight Select Income Fund (Class I/CPUIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.29<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Credit Bond Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.34<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.38<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Aggregate Bond Index</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> AAM/Insight Select Income Fund (Class I/CPUIX) 0.0429 0.0061 0.0297 Bloomberg Credit Bond Index 0.0434 0.0038 0.0249 Bloomberg Aggregate Bond Index 0.0379 0.0008 0.0154 SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg Credit Bond Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(3, 58, 225); font-size: 9pt; font-family: 'arial';">https://www.aamlive.com/publicsite/mutual-funds-performance-selectincome</span> for the most recent performance information.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>222,132,616</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">491</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>481,925</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table> 222132616 491 481925 0.46 <div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are<span style="white-space: nowrap;"> </span>as of the reporting period end. The Sector Allocation chart represents Corporate Bonds held by the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Bond, 4.62%, 2/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp., 5.55%, 6/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 2.97%, 2/4/2033</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexico Government International Bond, 6.87%, 5/13/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley, 6.63%, 11/1/2034</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group, Inc., 1.99%, 1/27/2032</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">MetLife, Inc., 9.25%, 4/8/2038</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">General Motors Co., 5.63%, 4/15/2030</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 5.49%, 4/23/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of Nova Scotia, 7.35%, 4/27/2085</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1147579.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1147584.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(252, 102, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(3, 58, 225); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">United States Treasury Bond, 4.62%, 2/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp., 5.55%, 6/15/2046</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 2.97%, 2/4/2033</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mexico Government International Bond, 6.87%, 5/13/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley, 6.63%, 11/1/2034</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group, Inc., 1.99%, 1/27/2032</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">MetLife, Inc., 9.25%, 4/8/2038</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">General Motors Co., 5.63%, 4/15/2030</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of America Corp., 5.49%, 4/23/2037</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Bank of Nova Scotia, 7.35%, 4/27/2085</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> 0.010 0.010 0.008 0.007 0.007 0.006 0.006 0.006 0.006 0.006 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 20pt;">Material Fund Changes</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(3, 58, 225); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-family: 'arial';">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases that are redeemed in whole or in part within 12 months of purchase. SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Maximum sales charge (load) of 2.50% of offering price. A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain purchases that are redeemed in whole or in part within 12 months of purchase. SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule. SEC rules require that a broad-based securities market index be provided to compare the performance in annual shareholder reports and prospectuses. The fund also continues to compare its performance to the Bloomberg 1-3 Year US Government/Credit Index. There is no change in the fund’s investment strategies as a result of the SEC rule. Maximum sales charge (load) of 3.00% of offering price.