<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Mon Oct 26 22:07:10 UTC 2026 -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_OvernightCheckDeliveryFee_lbl" xml:lang="en-US">Overnight check delivery fee</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_RetirementAccountFees_lbl" xml:lang="en-US">Retirement account fees (annual maintenance fee)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="oef_Component1OtherExpensesOverAssets_lbl" xml:lang="en-US">Shareholder service fees</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="oef_Component3OtherExpensesOverAssets_lbl" xml:lang="en-US">All other expenses</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_S000045893Member_lbl" xml:lang="en-US">AAM/HIMCO Short Duration Fund</label>
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    <loc xlink:type="locator" xlink:label="ck0001318342_C000142996Member" xlink:href="ck0001318342-20260630.xsd#ck0001318342_C000142996Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_C000142996Member_lbl" xml:lang="en-US">Class A</label>
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    <loc xlink:type="locator" xlink:label="ck0001318342_C000124377Member" xlink:href="ck0001318342-20260630.xsd#ck0001318342_C000124377Member"/>
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    <loc xlink:type="locator" xlink:label="ck0001318342_C000124378Member" xlink:href="ck0001318342-20260630.xsd#ck0001318342_C000124378Member"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_C000124378Member" xlink:to="ck0001318342_C000124378Member_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_FixedIncomeSecuritiesRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_FixedIncomeSecuritiesRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_FixedIncomeSecuritiesRiskMember_lbl" xml:lang="en-US">Fixed Income Securities Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_FixedIncomeSecuritiesRiskMember" xlink:to="ck0001318342_FixedIncomeSecuritiesRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_LiquidityRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_LiquidityRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_LiquidityRiskMember_lbl" xml:lang="en-US">Liquidity Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_LiquidityRiskMember" xlink:to="ck0001318342_LiquidityRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_PreferredStockRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_PreferredStockRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_PreferredStockRiskMember_lbl" xml:lang="en-US">Preferred Stock Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_PreferredStockRiskMember" xlink:to="ck0001318342_PreferredStockRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_PortfolioTurnoverRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_PortfolioTurnoverRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_PortfolioTurnoverRiskMember_lbl" xml:lang="en-US">Portfolio Turnover Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_PortfolioTurnoverRiskMember" xlink:to="ck0001318342_PortfolioTurnoverRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_MarketRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_MarketRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_MarketRiskMember_lbl" xml:lang="en-US">Market Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_MarketRiskMember" xlink:to="ck0001318342_MarketRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_RecentMarketEventsMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_RecentMarketEventsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_RecentMarketEventsMember_lbl" xml:lang="en-US">Recent Market Events [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_RecentMarketEventsMember" xlink:to="ck0001318342_RecentMarketEventsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_IssuerEventRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_IssuerEventRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_IssuerEventRiskMember_lbl" xml:lang="en-US">Issuer Event Risk [Member]</label>
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    <loc xlink:type="locator" xlink:label="ck0001318342_MortgageBackedAndAssetBackedSecuritiesRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_MortgageBackedAndAssetBackedSecuritiesRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_MortgageBackedAndAssetBackedSecuritiesRiskMember_lbl" xml:lang="en-US">Mortgage-Backed and Asset-Backed Securities Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_MortgageBackedAndAssetBackedSecuritiesRiskMember" xlink:to="ck0001318342_MortgageBackedAndAssetBackedSecuritiesRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_HighYieldJunkBondRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_HighYieldJunkBondRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_HighYieldJunkBondRiskMember_lbl" xml:lang="en-US">High Yield (&#8220;Junk&#8221;) Bond Risk [Member]</label>
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    <loc xlink:type="locator" xlink:label="ck0001318342_BankLoansAndLoanParticipationsRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_BankLoansAndLoanParticipationsRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_BankLoansAndLoanParticipationsRiskMember_lbl" xml:lang="en-US">Bank Loans and Loan Participations Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_BankLoansAndLoanParticipationsRiskMember" xlink:to="ck0001318342_BankLoansAndLoanParticipationsRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_CollateralizedLoanObligationsRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_CollateralizedLoanObligationsRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_CollateralizedLoanObligationsRiskMember_lbl" xml:lang="en-US">Collateralized Loan Obligations Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_CollateralizedLoanObligationsRiskMember" xlink:to="ck0001318342_CollateralizedLoanObligationsRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_PrivatePlacementsAndRestrictedSecuritiesRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_PrivatePlacementsAndRestrictedSecuritiesRiskMember_lbl" xml:lang="en-US">Private Placements and Restricted Securities Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:to="ck0001318342_PrivatePlacementsAndRestrictedSecuritiesRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_SectorFocusRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_SectorFocusRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_SectorFocusRiskMember_lbl" xml:lang="en-US">Sector Focus Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_SectorFocusRiskMember" xlink:to="ck0001318342_SectorFocusRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_CallRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_CallRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_CallRiskMember_lbl" xml:lang="en-US">Call Risk [Member]</label>
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    <loc xlink:type="locator" xlink:label="ck0001318342_ForeignInvestmentRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_ForeignInvestmentRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_ForeignInvestmentRiskMember_lbl" xml:lang="en-US">Foreign Investment Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_ForeignInvestmentRiskMember" xlink:to="ck0001318342_ForeignInvestmentRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_CurrencyRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_CurrencyRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_CurrencyRiskMember_lbl" xml:lang="en-US">Currency Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_CurrencyRiskMember" xlink:to="ck0001318342_CurrencyRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_ForeignSovereignRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_ForeignSovereignRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_ForeignSovereignRiskMember_lbl" xml:lang="en-US">Foreign Sovereign Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_ForeignSovereignRiskMember" xlink:to="ck0001318342_ForeignSovereignRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_ConvertibleSecuritiesRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_ConvertibleSecuritiesRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_ConvertibleSecuritiesRiskMember" xlink:to="ck0001318342_ConvertibleSecuritiesRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_ManagementAndStrategyRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_ManagementAndStrategyRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_ManagementAndStrategyRiskMember_lbl" xml:lang="en-US">Management and Strategy Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_ManagementAndStrategyRiskMember" xlink:to="ck0001318342_ManagementAndStrategyRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_USGovernmentSecuritiesRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_USGovernmentSecuritiesRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_USGovernmentSecuritiesRiskMember_lbl" xml:lang="en-US">U.S. Government Securities Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_USGovernmentSecuritiesRiskMember" xlink:to="ck0001318342_USGovernmentSecuritiesRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_SovereignDebtRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_SovereignDebtRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_SovereignDebtRiskMember_lbl" xml:lang="en-US">Sovereign Debt Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_SovereignDebtRiskMember" xlink:to="ck0001318342_SovereignDebtRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_EmergingMarketsRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_EmergingMarketsRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_EmergingMarketsRiskMember_lbl" xml:lang="en-US">Emerging Markets Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_EmergingMarketsRiskMember" xlink:to="ck0001318342_EmergingMarketsRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_MunicipalBondRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_MunicipalBondRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ck0001318342_MunicipalBondRiskMember_lbl" xml:lang="en-US">Municipal Bond Risk [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ck0001318342_MunicipalBondRiskMember" xlink:to="ck0001318342_MunicipalBondRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:label="ck0001318342_CybersecurityRiskMember" xlink:href="ck0001318342-20260630.xsd#ck0001318342_CybersecurityRiskMember"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ck0001318342_HighYieldJunkBondRiskMember_lbl0" xml:lang="en-US">High Yield Junk Bond Risk Member</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ck0001318342_ForeignInvestmentRiskMember_lbl0" xml:lang="en-US">Foreign Investment Risk Member</label>
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