AAM/Phocas Real Estate Fund

APRAX • APRIX

2023 Distributions for AAM Fund Family

Most Recent Dividend Distribution

	Ex-Date	Dividend Distribution Per Share ($)	Reinvestment Price ($)
Class I (APRIX)	3/27/2024	0.04340	33.11
Class A (APRAX)	3/27/2024	0.02199	32.90

Historical Dividend Distributions — Trailing 3 Years On A Quarterly Basis

Class I (APRIX)

See Table

Ex-Date	Dividend Distribution Per Share ($)	Reinvestment Price ($)
7/1/2021	0.11924	41.59
9/29/2021	0.12967	42.58
12/29/2021	0.10606	48.28
3/30/2022	0.09936	46.01
7/1/2022	0.13521	37.64
9/29/2022	0.15183	32.79
12/23/2022	0.16029	32.54
3/30/2023	0.18233	32.05
7/3/2023	0.19883	33.07
9/28/2023	0.17034	29.81
12/22/2023	0.24839	34.61
3/27/2024	0.04340	33.11

Class A (APRAX)

See Table

Ex-Date	Dividend Distribution Per Share ($)	Reinvestment Price ($)
7/1/2021	0.09494	41.27
9/29/2021	0.10286	42.27
12/29/2021	0.08859	47.90
3/30/2022	0.05786	45.72
7/1/2022	0.11291	37.40
9/29/2022	0.12838	32.58
12/23/2022	0.13852	32.33
3/30/2023	0.15618	31.84
7/3/2023	0.17806	32.85
9/28/2023	0.15009	29.61
12/22/2023	0.22892	34.39
3/27/2024	0.02199	32.90

Capital Gains Distributions

As of 12/22/2023 | For Calendar Years Not Shown, No Capital Gains Were Distributed

Class I (APRIX)

See Table

Ex-Date	Dividend Distribution Per Share ($)	Reinvestment Price ($)
9/28/2018	0.04391	31.93
12/28/2018	0.46364	28.67
12/30/2019	1.09304	35.60
12/30/2020	0.15184	34.63
12/29/2021	1.00102	47.90
12/23/2022	1.31685	32.54

Class A (APRAX)

See Table

Ex-Date	Dividend Distribution Per Share ($)	Reinvestment Price ($)
9/28/2018	0.04391	31.77
12/28/2018	0.46364	28.49
12/30/2019	1.09304	35.31
12/30/2020	0.15184	34.36
12/29/2021	1.00102	48.28
12/23/2022	1.31685	32.33

This information is provided for informational use only and should not be used for tax purposes. Please consult a tax professional for any questions regarding your specific tax situation.

The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-888-966-9661.

You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Funds before investing. The Funds' prospectuses and summary prospectuses contain this and other information about the Fund, and should be read carefully before investing. Click on the fund name to obtain a current copy of its prospectus and summary prospectus or call 888.966.9661.

All products shown above may not be available within your firm. Please consult your AAM Representative for more information.

Mutual fund investing involves risk, including the potential loss of principal.

Distributed by IMST Distributors, LLC

866.606.7220

Literature

All Literature

Additional Distribution Information

AAM Fund Family

Fund Facts

Tickers / CUSIPs

Class A:	APRAX / 46141Q 220
Class I:	APRIX / 46141Q 238

Inception Date

September 30, 2006

Minimum Investment

Class A Shares:	$2,500 initial
	$500 subsequent
Class I Shares:	$25,000 initial
	$5,000 subsequent

Expense Ratio²

Class A:	1.15% net
	1.68% gross
Class I:	0.90% net
	1.43% gross

²The Fund’s advisor has contractually agreed to waive certain fees/expenses until April 30, 2033 and may recoup previously waived expenses that it assumed during the previous three-year period.

TOP

866.606.7220

feedback@aamlive.com

Copyright © 2026. Advisors Asset Management, Inc. (AAM). All rights reserved.
AAM is a SEC registered investment advisor and member FINRA / SIPC . Registrant MSRB. Registration does not imply a certain level of skill or training.