The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Class I shares. The Fund’s annual returns for one, five and ten years compare with those of the Bloomberg 1-3 Year U.S. Government/Credit Index, which the Advisor believes is a better performance benchmark for comparison to the Fund’s performance in light of the Fund’s investment strategies, and the returns of the Bloomberg Aggregate Bond Index, a broad measure of market performance. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.aamlive.com/publicsite/mutual-funds or by calling the Fund at 1-888-966-9661. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than shown.
The year-to-date return as of September 30, 2026, was 1.22%.
| Class I Shares | ||
| Highest Calendar Quarter Return at NAV | 4.53% | Quarter Ended 06/30/2020 |
| Lowest Calendar Quarter Return at NAV | (4.21)% | Quarter Ended 03/31/2020 |
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Class I Shares — Return Before Taxes | 5.69% | 3.27% | 3.05% |
| Class I Shares — Return After Taxes on Distributions* | 3.92% | 1.95% | 1.90% |
| Class I Shares — Return After Taxes on Distributions and Sale of Fund Shares* | 3.34% | 1.93% | 1.84% |
| Class A Shares — Return Before Taxes | 2.76% | 2.49% | 2.53% |
| Class C Shares — Return Before Taxes | 3.65% | 2.24% | 2.03% |
| Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes) | 5.35% | 1.97% | 2.09% |
| Bloomberg Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% |
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After — tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I.
The bar chart and table below provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Class I shares. The Fund’s annual returns for one, five and ten years compare with those of the Bloomberg Credit Bond Index, which the Advisor believes is a better performance benchmark for comparison to the Fund’s performance in light of the Fund’s investment strategies, and the returns of the Bloomberg Aggregate Bond Index, a broad measure of market performance. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.aamlive.com/publicsite/mutual-funds, or by calling the Fund at 1-888-966-9661. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The year-to-date return as of September 30, 2026, was (3.40)%.
| Class I Shares | ||
| Highest Calendar Quarter Return at NAV | 11.27% | Quarter Ended 06/30/2020 |
| Lowest Calendar Quarter Return at NAV | (8.68)% | Quarter Ended 06/30/2022 |
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Class I Shares — Return Before Taxes | 7.71% | 0.38% | 3.60% |
| Class I Shares — Return After Taxes on Distributions* | 5.71% | (1.30)% | 2.00% |
| Class I Shares — Return After Taxes on Distributions and Sale of Fund Shares* | 4.53% | (0.45)% | 2.07% |
| Class A Shares — Return Before Taxes | 4.23% | (0.47)% | 3.03% |
| Class C Shares — Return Before Taxes | 5.53% | (0.62)% | 2.56% |
| Bloomberg Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 7.83% | (0.05)% | 3.15% |
| Bloomberg Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% |
* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After — tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I.