AMG Funds IV N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08004

Aston Funds

(Exact name of registrant as specified in charter)

120 North LaSalle Street, 25th Floor

Chicago, IL 60602

(Address of principal executive offices) (Zip code)

Kenneth C. Anderson, President

Aston Funds

120 North LaSalle Street, 25th Floor

Chicago, IL 60602

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 268-1400

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

This Privacy Statement is not part of the Semi Annual Report

PRIVACY STATEMENT

At Aston Funds, we appreciate the privacy concerns and expectations of our customers and we have established the following policies to maintain the privacy of information you share with us.

INFORMATION WE COLLECT

We collect and retain nonpublic personal information about you that may include:

• Information we receive on your account applications or other forms such as your name, address, financial information and/or social security number;

• Information we receive about your mutual fund transactions, such as purchases, sales, exchanges and account balances; and

• Information we collect through the use of Internet “cookies” when you access our website. Cookies are software files we use to track which of our sites you visit.

INFORMATION WE MAY SHARE

We do not sell any of your nonpublic personal information to third parties. We may share the information we collect with affiliates or with non-affiliated third parties only when those parties are acting on our behalf in servicing your account, or as required by law. These third parties may include:

• Administrative service providers who, for example, process transactions for your account, print checks or prepare account statements;

• Companies that provide services for us to help market our products to you; and

• Governmental or other legal agencies, as required by law

When information is shared with third parties, they are legally obligated to maintain the confidentiality of the information and to limit their use of it to servicing your account, except as permitted or required by law.

CONFIDENTIALITY AND SECURITY

We restrict access to your nonpublic personal information to authorized employees who need to access such information in order to provide services or products to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

As previously mentioned, we may collect information through the use of Internet “cookies” on our Web site. In addition, in order to provide you with access to your account via the web, it is necessary for us to collect certain nonpublic personal information such as your name, social security number and account information. Special measures such as data encryption and authentication apply to all nonpublic personal information and communications on our Web site.

APPLICABILITY

Our privacy policies apply only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of any of the Funds, the Funds consider you to be their customer. Shareholders purchasing or owning shares of any of the Funds through their bank, broker, or other financial institution should also consult that financial institution’s privacy policies.

Aston Funds values your business. We understand the importance of maintaining the integrity of your personal information and are committed to keeping your trust. Please contact us at 800-992-8151 if you have any questions concerning our policy, or visit us at www.astonfunds.com for additional copies of this policy.

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Aston Funds

Large Cap Funds

ASTON/Montag & Caldwell Growth Fund

ASTON/Veredus Select Growth Fund

ASTON/TAMRO Diversified Equity Fund

ASTON/Herndon Large Cap Value Fund

ASTON/Cornerstone Large Cap Value Fund

Equity Income Fund

ASTON/River Road Dividend All Cap Value Fund

Mid Cap Funds

ASTON/Fairpointe Mid Cap Fund

ASTON/Montag & Caldwell Mid Cap Growth Fund

ASTON/Cardinal Mid Cap Value Fund

Table of Contents

Performance Summary	2
Schedules of Investments	4
Statements of Assets and Liabilities	54
Statements of Operations	60
Statements of Changes in Net Assets	66
Financial Highlights	77
Notes to Financial Statements	127
Additional Information	145

Small Cap Funds

ASTON/Veredus Small Cap Growth Fund

(formerly the ASTON/Veredus Aggressive Growth Fund)

ASTON Small Cap Growth Fund

(formerly the ASTON/Crosswind Small Cap Growth Fund)

ASTON/Silvercrest Small Cap Fund

ASTON/TAMRO Small Cap Fund

ASTON/River Road Select Value Fund

ASTON/River Road Small Cap Value Fund

ASTON/River Road Independent Value Fund

Fixed Income Funds

ASTON/DoubleLine Core Plus Fixed Income Fund

ASTON/TCH Fixed Income Fund

Alternative Funds

ASTON/Lake Partners LASSO Alternatives Fund

ASTON Dynamic Allocation Fund

ASTON/M.D. Sass Enhanced Equity Fund

ASTON/River Road Long-Short Fund

International Funds

ASTON/Neptune International Fund

ASTON/Barings International Fund

Sector Fund

ASTON/Harrison Street Real Estate Fund

Balanced Fund

ASTON/Montag & Caldwell Balanced Fund

This report is submitted for general information to the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus which includes details regarding the funds’ objectives, policies, expenses and other information.

Aston Funds are distributed by Foreside Funds Distributors LLC, 400 Berwyn Park, 899 Cassatt Road, Berwyn, PA 19312

Shareholder Services 800-992-8151 • www.astonfunds.com

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

1

Aston Funds
Performance Summary (unaudited)	As of April 30, 2012

						Average Annual Total Returns
	Class		Six Month Total Return (a)			One Year			Five Year			Ten Year			Since Inception			Total Expense Ratio (b)			Net Expense Ratio (b)			Inception Date
Equity Funds
ASTON/Montag & Caldwell Growth Fund		N		11.27	%		6.94	%		4.74	%		3.96	%		8.70	%		1.07	%		1.07	%		11/02/94
		I		11.45			7.22			5.01			4.24			6.90			0.82			0.82			06/28/96
		R		11.15			6.70			4.49			N/A			6.35			1.32			1.32			12/31/02
ASTON/Veredus Select Growth Fund (c)		N		4.92			-15.23			-1.17			3.94			2.79			1.31			1.31			12/31/01
		I		4.93			-15.12			-0.94			N/A			2.10			1.06			1.06			09/11/06
ASTON/TAMRO Diversified Equity Fund (c)		N		11.28			-0.57			2.76			5.66			5.15			1.63			1.21			11/30/00
		I		N/A			N/A			N/A			N/A			1.28	(d)		1.38			0.96			03/02/12
ASTON/Herndon Large Cap Value Fund (c)		N		11.71			4.25			N/A			N/A			11.98			2.39			1.31			03/31/10
		I		11.91			4.53			N/A			N/A			8.91			2.14			1.06			03/02/11
ASTON/Cornerstone Large Cap Value Fund(c) (e)		N		9.13			3.60			0.21			5.45			7.27			1.61			1.30			01/04/93
		I		9.16			3.88			0.47			N/A			4.47			1.36			1.05			09/20/05
ASTON/River Road Dividend All Cap Value Fund (c)		N		8.87			3.85			1.84			N/A			6.05			1.15			1.15			06/28/05
		I		9.01			4.11			N/A			N/A			1.62			0.90			0.90			06/28/07
ASTON/Fairpointe Mid Cap Fund		N		8.91			-5.50			4.80			8.73			11.93			1.14			1.14			09/19/94
		I		9.08			-5.26			5.06			N/A			7.70			0.89			0.89			07/06/04
ASTON/Montag & Caldwell Mid Cap Growth Fund (c)(f)		N		11.23			3.45			N/A			N/A			1.77			3.08			1.26			11/02/07
ASTON/Cardinal Mid Cap Value Fund (c)		N		9.46			-2.45			N/A			N/A			0.53			6.23			1.58			11/02/07
ASTON/Veredus Small Cap Growth Fund (c)		N		7.12			-15.72			-0.76			1.86			7.15			1.66			1.50			06/30/98
		I		7.18			-15.56			-0.52			2.13			1.28			1.41			1.25			10/05/01
ASTON Small Cap Growth Fund (c)		N		11.76			-11.75			N/A			N/A			7.38			8.28			1.36			11/03/10
		I		11.84			N/A			N/A			N/A			-10.08	(d)		8.03			1.11			06/01/11
ASTON/Silvercrest Small Cap Fund (c)		N		N/A			N/A			N/A			N/A			10.10	(d)		3.34			1.41			12/27/11
		I		N/A			N/A			N/A			N/A			10.20	(d)		3.09			1.16			12/27/11
ASTON/TAMRO Small Cap Fund (c)		N		10.70			-3.35			3.85			8.58			10.64			1.30			1.30			11/30/00
		I		10.88			-3.12			4.11			N/A			7.72			1.05			1.05			01/04/05
ASTON/River Road Select Value Fund (c)		N		9.94			1.73			0.89			N/A			1.21			1.43			1.43			03/29/07
		I		10.14			2.16			N/A			N/A			0.51			1.18			1.18			06/28/07
ASTON/River Road Small Cap Value Fund		N		9.02			-0.08			-0.94			N/A			5.16			1.52			1.52			06/28/05
		I		9.17			0.15			-0.70			N/A			0.34			1.27			1.27			12/13/06
ASTON/River Road Independent Value Fund(c)		N		2.33			1.20			N/A			N/A			7.42			1.64			1.47			12/31/10
		I		2.52			N/A			N/A			N/A			1.01	(d)		1.39			1.22			06/01/11
Fixed Income Funds
ASTON/DoubleLine Core Plus Fixed Income Fund (c)		N		5.34			N/A			N/A			N/A			10.95	(d)		3.18			0.96			07/18/11
		I		5.48			N/A			N/A			N/A			11.16	(d)		2.93			0.71			07/18/11
ASTON/TCH Fixed Income Fund (c)		N		3.74			6.90			7.01			5.81			6.06			1.15			0.95			12/13/93
		I		3.94			7.23			7.24			6.05			6.47			0.90			0.70			07/31/00

  2

Aston Funds
Performance Summary (unaudited)	As of April 30, 2012

					Average Annual Total Returns
	Class		Six Month Total Return (a)		One Year		Five Year		Ten Year		Since Inception			Total Expense Ratio (b)		Net Expense Ratio (b)		Inception Date
Alternative Funds
ASTON/Lake Partners LASSO Alternatives Fund (c)		N		4.74		-1.61		N/A		N/A		4.60			3.07		2.99		03/03/10
		I		4.88		-1.38		N/A		N/A		8.54			2.82		2.74		04/01/09
ASTON/Dynamic Allocation Fund (c)		N		-2.33		-5.69		N/A		N/A		1.28			1.85		1.57		01/10/08
		I		-2.29		-5.46		N/A		N/A		2.95			1.60		1.32		11/02/10
ASTON/M.D. Sass Enhanced Equity Fund (c)		N		4.61		5.00		N/A		N/A		4.13			1.24		1.24		01/15/08
		I		4.84		5.26		N/A		N/A		8.36			0.99		0.99		03/03/10
ASTON/River Road Long-Short Fund (c)		N		5.04		N/A		N/A		N/A		4.20	(d)		8.70		2.75		05/04/11
International Funds
ASTON/Neptune International Fund (c)		N		3.44		-11.74		N/A		N/A		-6.16			7.74		1.28		06/17/08
		I		3.49		-11.57		N/A		N/A		-2.43			7.49		1.03		08/06/07
ASTON/Barings International Fund (c)		N		5.19		-8.28		N/A		N/A		5.63			1.69		1.41		03/03/10
		I		5.33		-8.02		N/A		N/A		-6.58			1.44		1.16		11/02/07
Sector Fund
ASTON/Harrison Street Real Estate Fund (c)		N		15.38		9.52		-0.79		10.35		8.80			1.69		1.37		12/30/97
		I		15.56		9.77		-0.55		N/A		5.17			1.44		1.12		09/20/05
Balanced Fund
ASTON/Montag & Caldwell Balanced Fund (c)		N		7.25		6.14		5.15		4.22		7.62			1.58		1.36		11/02/94
		I		7.31		6.39		5.35		4.43		3.55			1.33		1.11		12/31/98

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, upon redemption may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. For performance data current as of the most recent month-end, please visit our website at www.astonfunds.com

Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of fund shares.

(a) Not annualized.

(b) The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

(c) Certain expenses were subsidized. If these subsidies were not in effect, the returns would have been lower. The Adviser is contractually obligated to waive management fees and/or reimburse expenses through February 28, 2013.

(d) Returns are cumulative since inception and are not annualized.

(e) Effective February 29, 2012, the voluntary expense limitations were removed and replaced with contractual expense limitations of 1.30% for Class N and 1.05% for Class I.

(f) Effective February 29, 2012, the voluntary expense limitation was removed and replaced with a contractual expense limitation of 1.25%.

Mid and small company stocks may be subject to a higher degree of market risk because they tend to be more volatile and less liquid. Bond and balanced funds have the same interest rate, high yield, and credit risks associated with the underlying bonds in the portfolio, all of which could reduce a fund’s value. Exchange-Traded funds (ETFs) are securities of other investment companies. An ETF seeks to track the performance of an index by holding all or a sampling, of the securities of that index. ETFs invest in many different areas of the market, each of which may involve its own element of risk. By selling covered call options, a Fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. Sector funds may be subject to a higher degree of market risk because of concentration in a specific industry sector. International investing may include the risk of social and political instability, market illiquidity and currency volatility. Hedged mutual funds use derivative instruments, short selling, leveraging and investing in commodities, commodity-linked instruments and non-U.S. companies that involve significant risks. Real estate funds are non-diversified and may be more susceptible to risk than funds that invest more broadly and may be subject to a higher degree of market risk because of changes in property values of the underlying property and defaults by borrowers.

3

Aston Funds
ASTON/Montag & Caldwell Growth Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS—91.20%
		Consumer Discretionary – 15.82%
	300,250	Amazon.com *	$	69,627,975
	1,438,600	Bed Bath & Beyond *		101,263,054
	1,243,000	Las Vegas Sands		68,974,070
	1,143,100	McDonald’s		111,395,095
	480,000	NIKE, Class B		53,697,600
	1,559,800	Omnicom Group		80,033,338
	2,855,100	TJX		119,086,221
				604,077,353
		Consumer Staples – 21.79%
	2,317,900	Coca-Cola		176,902,128
	1,233,300	Colgate-Palmolive		122,022,702
	1,323,400	Costco Wholesale		116,684,178
	3,887,000	Kraft Foods, Class A		154,974,690
	1,574,600	PepsiCo		103,923,600
	1,293,500	Procter & Gamble		82,318,340
	2,200,000	Unilever (Netherlands)		75,570,000
				832,395,638
		Energy – 6.48%
	1,474,300	Cameron International *		75,557,875
	974,100	Occidental Petroleum		88,857,402
	1,119,000	Schlumberger		82,962,660
				247,377,937
		Healthcare – 14.91%
	2,797,500	Abbott Laboratories		173,612,850
	1,574,500	Allergan		151,152,000
	1,825,600	AmerisourceBergen		67,930,576
	1,225,854	Express Scripts *		68,390,395
	1,988,000	Stryker		108,485,160
				569,570,981

Shares			Market Value
		Industrials – 6.08%
	5,588,300	General Electric	$	109,418,914
	1,572,500	United Parcel Service, Class B		122,875,150
				232,294,064
		Information Technology – 23.39%
	1,476,100	Accenture, Class A (Ireland)		95,872,695
	272,000	Apple *		158,913,280
	3,445,500	Cisco Systems		69,426,825
	1,983,600	eBay *		81,426,780
	1,344,100	EMC *		37,917,061
	113,100	Google, Class A *		68,451,513
	1,807,600	Juniper Networks *		38,736,868
	1,927,700	Oracle		56,655,103
	2,380,000	Qualcomm		151,939,200
	1,089,800	Visa, Class A		134,023,604
				893,362,929
		Materials – 2.73%
	1,368,000	Monsanto		104,214,240
		Total Common Stocks (Cost $2,863,206,610)		3,483,293,142
	INVESTMENT COMPANY – 5.67%
	216,621,763	BlackRock Liquidity Funds TempCash Portfolio		216,621,763
		Total Investment Company (Cost $216,621,763)		216,621,763
	Total Investments – 96.87% (Cost $3,079,828,373)**			3,699,914,905
	Net Other Assets and Liabilities – 3.13%			119,396,477
	Net Assets – 100.00%		$	3,819,311,382

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	624,612,750
Gross unrealized depreciation		(4,526,218	)
Net unrealized appreciation	$	620,086,532

See accompanying Notes to Financial Statements.

  4

Aston Funds
ASTON/Veredus Select Growth Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.74%
		Consumer Discretionary – 19.94%
	54,425	CBS, Class B	$	1,815,073
	44,250	D.R. Horton		723,488
	67,975	Dish Network, Class A		2,173,161
	46,300	Lennar, Class A		1,284,362
	37,900	Lowe’s		1,192,713
	42,025	Mattel		1,412,040
	5,525	Ralph Lauren		951,792
				9,552,629
		Consumer Staples – 4.41%
	17,225	Estee Lauder, Class A		1,125,653
	14,050	Herbalife (Cayman)		987,996
				2,113,649
		Financials – 14.54%
	27,975	American Express		1,684,374
	100,000	Blackstone Group		1,356,000
	32,550	Comerica		1,042,251
	114,525	Fifth Third Bancorp		1,629,691
	10,900	Goldman Sachs Group		1,255,135
				6,967,451
		Healthcare – 17.37%
	9,925	Biogen Idec *		1,330,049
	61,625	HCA Holdings		1,658,945
	45,025	Hologic *		860,878
	14,225	Humana		1,147,673
	23,225	Illumina *		1,034,209
	1,850	Intuitive Surgical *		1,069,670
	19,400	Zimmer Holdings		1,220,842
				8,322,266

Shares			Market Value
		Industrials – 10.20%
	15,875	BE Aerospace *	$	746,601
	13,950	Fluor		805,613
	7,875	Hubbell, Class B		631,890
	58,450	Quanta Services *		1,292,914
	64,425	United Continental Holdings *		1,412,196
				4,889,214
		Information Technology – 28.53%
	19,025	Accenture, Class A (Ireland)		1,235,674
	2,100	Apple *		1,226,904
	27,275	eBay *		1,119,639
	37,475	Intel		1,064,290
	76,700	Microsoft		2,455,934
	40,400	Qualcomm		2,579,136
	20,625	Rackspace Hosting *		1,198,106
	17,325	Teradata *		1,208,939
	12,850	Visa, Class A		1,580,293
				13,668,915
		Materials – 0.75%
	8,450	Vulcan Materials		361,745
		Total Common Stocks (Cost $41,020,514)		45,875,869
	INVESTMENT COMPANY – 6.57%
	3,149,909	BlackRock Liquidity Funds TempCash Portfolio		3,149,909
		Total Investment Company (Cost $3,149,909)		3,149,909
	Total Investments – 102.31% (Cost $44,170,423)**			49,025,778
	Net Other Assets and Liabilities – (2.31)%			(1,107,163	)
	Net Assets – 100.00%		$	47,918,615

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	5,504,218
Gross unrealized depreciation		(648,863	)
Net unrealized appreciation	$	4,855,355

See accompanying Notes to Financial Statements.
	5

Aston Funds
ASTON/TAMRO Diversified Equity Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.06%
		Consumer Discretionary – 16.72%
	3,108	Amazon.com *	$	720,745
	17,836	Arcos Dorados Holdings, Class A (Argentina)		318,728
	14,668	CarMax *		452,801
	11,118	GNC Holdings, Class A		434,269
	9,985	Home Depot		517,123
	13,234	Johnson Controls		423,091
	10,748	Macy’s		440,883
	15,535	Toll Brothers *		394,589
				3,702,229
		Consumer Staples – 8.72%
	11,373	Kraft Foods, Class A		453,442
	8,052	McCormick & Co (Non-Voting Shares)		450,187
	6,163	Philip Morris International		551,650
	9,668	United Natural Foods *		476,536
				1,931,815
		Energy – 9.14%
	4,860	EOG Resources		533,677
	6,552	Exxon Mobil		565,700
	7,497	Range Resources		499,750
	13,472	Southwestern Energy *		425,446
				2,024,573
		Financials – 19.62%
	10,360	American Express		623,776
	5,420	Berkshire Hathaway, Class B *		436,039
	3,530	Franklin Resources		443,050
	3,809	Goldman Sachs Group		438,606
	7,772	Iberiabank		396,916
	13,260	JPMorgan Chase		569,915

Shares			Market Value
		Financials (continued)
	11,404	MetLife	$	410,886
	14,758	Raymond James Financial		540,438
	6,813	T. Rowe Price Group		430,003
	2,975	Western Union		54,681
				4,344,310
		Healthcare – 13.66%
	6,273	Advisory Board *		571,847
	5,542	Allergan		532,032
	6,551	Athenahealth *		474,620
	5,945	DaVita *		526,608
	6,638	Johnson & Johnson		432,067
	10,691	Teva Pharmaceutical, SP ADR (Israel)		489,006
				3,026,180
		Industrials – 13.46%
	5,986	AGCO *		278,828
	5,179	Boeing		397,747
	13,859	Cintas		542,857
	12,213	Colfax *		413,899
	10,112	Danaher		548,273
	6,249	Fluor		360,880
	7,597	Morningstar		438,499
				2,980,983
		Information Technology – 13.25%
	1,655	Apple *		966,917
	8,304	BMC Software *		342,623
	21,323	Cisco Systems		429,658
	1,754	F5 Networks *		234,913
	3,917	Factset Research Systems		410,737
	910	Google, Class A *		550,759
				2,935,607
		Materials – 3.49%
	5,767	Monsanto		439,330
	6,295	Mosaic		332,502
				771,832
		Total Common Stocks (Cost $17,280,430)		21,717,529

Number of Contracts
	PURCHASED OPTIONS – 0.43%
	29	Boeing - Call Strike @ $80 Exp 01/13	10,730
	439	Cisco - Call Strike @ $20 Exp 01/13	77,703
	63	Johnson & Johnson - Call Strike @ $70 Exp 01/13	3,780
	50	JPMorgan Chase - Call Strike @ $55 Exp 01/13	1,950
		Total Purchased Options (Premiums Paid $111,357)	94,163

See accompanying Notes to Financial Statements.

  6

Aston Funds
ASTON/TAMRO Diversified Equity Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.41%
	313,373	BlackRock Liquidity Funds TempCash Portfolio	$	313,373
		Total Investment Company (Cost $313,373)		313,373
	Total Investments – 99.90% (Cost $17,705,160)**			22,125,065
	Net Other Assets and Liabilities – 0.10%			23,204
	Net Assets – 100.00%		$	22,148,269

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	4,692,198
Gross unrealized depreciation		(272,293	)
Net unrealized appreciation	$	4,419,905

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.
	7

Aston Funds
ASTON/Herndon Large Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.22%
		Consumer Discretionary – 10.86%
	20,433	Coach	$	1,494,878
	19,810	Ross Stores		1,220,098
	42,957	TJX		1,791,737
	9,568	Yum! Brands		695,881
				5,202,594
		Consumer Staples – 13.43%
	38,150	Altria Group		1,228,812
	14,155	Campbell Soup		478,864
	8,128	Colgate-Palmolive		804,184
	22,182	Herbalife (Cayman)		1,559,838
	21,874	Kellogg		1,106,168
	13,993	Philip Morris International		1,252,513
				6,430,379
		Energy – 20.67%
	8,869	Apache		850,892
	8,725	Chevron		929,736
	9,177	Core Laboratories (Netherlands)		1,257,065
	13,416	Diamond Offshore Drilling		919,667
	19,116	Exxon Mobil		1,650,475
	36,785	Halliburton		1,258,783
	28,109	HollyFrontier		866,319
	33,767	Marathon Oil		990,724
	28,087	RPC		290,420
	35,949	Valero Energy		887,940
				9,902,021
		Financials – 18.36%
	16,853	Aflac		759,059
	36,566	American Capital Agency, REIT		1,142,322
	47,636	Annaly Capital Management, REIT		777,420
	34,817	Apartment Investment & Management, Class A, REIT		945,282
	16,920	CBOE Holdings		447,365
	369,671	Chimera Investment, REIT		1,068,349
	14,792	Discover Financial Services		501,449

Shares			Market Value
		Financials (continued)
	31,072	Eaton Vance	$	817,194
	65,065	Federated Investors, Class B		1,436,635
	28,109	Waddell & Reed Financial, Class A		898,926
				8,794,001
		Healthcare – 8.42%
	29,981	Endo Pharmaceuticals Holdings *		1,053,532
	20,289	Express Scripts *		1,131,923
	21,606	Gilead Sciences *		1,123,728
	8,574	Waters *		721,159
				4,030,342	��
		Industrials – 8.92%
	4,174	Caterpillar		428,962
	21,688	Copa Holdings SA, Class A (Panama)		1,763,451
	8,972	Cummins		1,039,227
	11,482	Lockheed Martin		1,039,580
				4,271,220
		Information Technology – 10.54%
	2,696	Apple *		1,575,111
	5,391	International Business Machines		1,116,368
	40,928	Microsoft		1,310,515
	26,977	Western Digital *		1,046,977
				5,048,971
		Materials – 5.02%
	5,062	CF Industries Holdings		977,270
	16,071	Cliffs Natural Resources		1,000,580
	11,154	Freeport-McMoRan Copper & Gold		427,198
				2,405,048
		Total Common Stocks (Cost $43,535,833)		46,084,576
	INVESTMENT COMPANY – 3.57%
	1,709,736	BlackRock Liquidity Funds TempCash Portfolio		1,709,736
		Total Investment Company (Cost $1,709,736)		1,709,736
	Total Investments – 99.79% (Cost $45,245,569)**			47,794,312
	Net Other Assets and Liabilities – 0.21%			102,977
	Net Assets – 100.00%		$	47,897,289

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	3,317,743
Gross unrealized depreciation		(769,000	)
Net unrealized appreciation	$	2,548,743

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

8

Aston Funds
ASTON/Cornerstone Large Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.13%
		Consumer Discretionary – 7.12%
	16,850	GameStop, Class A	$	383,506
	27,875	Mattel		936,600
	3,520	VF		535,216
				1,855,322
		Consumer Staples – 3.39%
	14,975	Wal-Mart Stores		882,177
		Energy – 11.17%
	10,375	Chevron		1,105,560
	18,012	Hess		939,146
	12,100	Royal Dutch Shell PLC, ADR (United Kingdom)		865,634
				2,910,340
		Financials – 14.39%
	10,925	ACE (Switzerland)		829,972
	17,400	Capital One Financial		965,352
	30,350	Citigroup		1,002,764
	54,950	Morgan Stanley		949,536
				3,747,624
		Healthcare – 17.30%
	18,475	Bristol-Myers Squibb		616,511
	21,200	Eli Lilly		877,468
	26,200	Merck		1,028,088
	22,550	Sanofi, ADR (France)		860,959
	24,550	Teva Pharmaceutical, SP ADR (Israel)		1,122,917
				4,505,943
		Industrials – 8.74%
	12,425	General Dynamics		838,687
	7,700	Lockheed Martin		697,158
	8,450	Parker Hannifin		740,981
				2,276,826

Shares			Market Value
		Information Technology – 30.34%
	1,950	Apple *	$	1,139,268
	14,550	eBay *		597,277
	1,725	Google, Class A *		1,044,022
	29,375	Hewlett-Packard		727,325
	23,200	Intel		658,880
	3,455	International Business Machines		715,461
	33,000	Microsoft		1,056,660
	30,550	Oracle		897,865
	27,500	Western Digital *		1,067,275
				7,904,033
		Materials – 2.37%
	27,850	Vale SA, SP ADR (Brazil)		618,270
		Telecommunication Services – 2.31%
	18,325	AT&T		603,076
		Total Common Stocks (Cost $23,573,733)		25,303,611
	INVESTMENT COMPANY – 2.91%
	757,761	BlackRock Liquidity Funds TempCash Portfolio		757,761
		Total Investment Company (Cost $757,761)		757,761
	Total Investments – 100.04% (Cost $24,331,494)**			26,061,372
	Net Other Assets and Liabilities – (0.04)%			(11,220	)
	Net Assets – 100.00%		$	26,050,152

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,151,665
Gross unrealized depreciation		(421,787	)
Net unrealized appreciation	$	1,729,878

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.
	9

Aston Funds
ASTON/River Road Dividend All Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.25%
		Consumer Discretionary – 13.55%
	459,225	American Greetings, Class A	$	7,347,600
	331,960	Bob Evans Farms		12,694,150
	75,455	Cracker Barrel Old Country Store		4,340,172
	227,770	Darden Restaurants		11,406,722
	198,805	Genuine Parts		12,878,588
	242,275	Hasbro		8,901,184
	544,030	Hillenbrand		11,391,988
	141,160	Meredith		4,069,643
	450,175	National CineMedia		6,433,001
	643,270	Regal Entertainment Group, Class A		8,754,905
	254,580	Target		14,750,365
	437,790	Thomson Reuters		13,054,898
				116,023,216
		Consumer Staples – 17.69%
	270,615	Dr Pepper Snapple Group		10,981,557
	512,510	General Mills		19,931,514
	240,170	Kimberly-Clark		18,846,140
	169,195	McCormick & Co (Non-Voting Shares)		9,459,692
	156,580	Molson Coors Brewing, Class B		6,510,596
	276,410	PepsiCo		18,243,060
	170,790	Procter & Gamble		10,869,076
	630,350	Sara Lee		13,892,914
	106,940	Smucker (J.M.)		8,515,632
	552,155	Sysco		15,957,280
	166,735	Wal-Mart Stores		9,822,359
	242,155	Walgreen		8,489,954
				151,519,774
		Energy – 5.79%
	852,980	BreitBurn Energy Partners LP		16,232,209
	152,215	Chevron		16,220,030
	186,020	ConocoPhillips		13,324,613
	259,870	Nordic American Tankers (Bermuda)		3,773,312
				49,550,164

Shares			Market Value
		Financials – 12.27%
	61,900	BlackRock	$	11,858,802
	237,395	Chubb		17,346,453
	14,450	CME Group		3,841,099
	196,959	Commerce Bancshares		7,898,056
	368,815	Compass Diversified Holdings		5,414,204
	327,575	OneBeacon Insurance Group, Class A (Bermuda)		4,661,392
	175,890	PartnerRe (Bermuda)		12,245,462
	180,870	PNC Financial Services Group		11,995,298
	670,545	Sabra Health Care, REIT		11,224,923
	186,865	Safety Insurance Group		7,446,570
	245,935	Tower Group		5,307,277
	179,975	U.S. Bancorp		5,789,796
				105,029,332
		Healthcare – 7.94%
	239,475	AstraZeneca PLC, SP ADR (United Kingdom)		10,512,953
	90,905	Becton, Dickinson		7,131,497
	190,450	Johnson & Johnson		12,396,391
	110,491	Landauer		5,825,086
	281,270	Medtronic		10,744,514
	276,927	Owens & Minor		8,097,345
	579,580	Pfizer		13,289,769
				67,997,555
		Industrials – 15.49%
	83,990	3M		7,505,346
	391,345	ABM Industries		9,110,512
	101,250	General Dynamics		6,834,375
	58,145	Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)		4,762,657
	250,540	Iron Mountain		7,608,900
	157,365	Lockheed Martin		14,247,827
	260,765	Norfolk Southern		19,017,591
	203,185	Raytheon		11,000,436
	288,055	Republic Services		7,884,065
	230,750	United Parcel Service, Class B		18,030,805
	126,530	United Technologies		10,329,909
	475,895	Waste Management		16,275,609
				132,608,032
		Information Technology – 8.28%
	371,745	Automatic Data Processing		20,676,456
	156,430	CA		4,132,881
	863,540	Intel		24,524,536
	58,380	j2 Global		1,508,066
	367,730	Microsoft		11,774,715
	267,800	Paychex		8,296,444
				70,913,098
		Materials – 2.50%
	236,920	Bemis		7,673,839
	55,500	Newmont Mining		2,644,575
	282,255	Nucor		11,067,219
				21,385,633
		Telecommunication Services – 5.80%
	120,715	Atlantic Tele-Network		4,111,552
	456,802	Telefonica Brasil SA ADR (Brazil)		13,005,153
	355,365	Verizon Communications		14,349,639
	654,455	Vodafone Group, SP ADR (United Kingdom)		18,213,483
				49,679,827

See accompanying Notes to Financial Statements.

  10

Aston Funds
ASTON/River Road Dividend All Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Utilities – 5.94%
	401,720	Avista	$	10,621,477
	572,120	Duke Energy		12,260,532
	113,390	Entergy		7,433,848
	219,695	Southern		10,092,788
	288,025	Unisource Energy		10,484,110
				50,892,755
		Total Common Stocks (Cost $723,694,616)		815,599,386
	INVESTMENT COMPANY – 4.37%
	37,398,099	BlackRock Liquidity Funds TempCash Portfolio		37,398,099
		Total Investment Company (Cost $37,398,099)		37,398,099
	Total Investments – 99.62%     (Cost $761,092,715)*			852,997,485
	Net Other Assets and Liabilities – 0.38%			3,230,381
	Net Assets – 100.00%		$	856,227,866

* At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	96,768,745
Gross unrealized depreciation		(4,863,975	)
Net unrealized appreciation	$	91,904,770

ADR American Depositary Receipt

LP Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.
	11

Aston Funds
ASTON/Fairpointe Mid Cap Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.21%
		Consumer Discretionary – 23.16%
	7,610,078	Belo, Class A	$	51,291,927
	782,300	BorgWarner *		61,832,993
	6,875,800	Gannett		95,023,556
	7,725,464	H&R Block		113,564,321
	8,315,468	Interpublic Group		98,205,677
	1,792,600	Mattel		60,231,360
	1,590,655	McGraw-Hill		78,212,506
	13,417,354	New York Times, Class A *		84,663,504
	1,458,297	Scholastic		44,550,973
				687,576,817
		Consumer Staples – 4.23%
	763,360	Bunge		49,236,720
	1,838,186	Molson Coors Brewing, Class B		76,431,774
				125,668,494
		Energy – 4.95%
	1,436,299	Compagnie Generale de
		Geophysique-Veritas, SP ADR (France) *		41,307,959
	1,501,829	Denbury Resources *		28,594,824
	1,638,092	FMC Technologies *		76,990,324
				146,893,107
		Financials – 6.79%
	1,941,528	Cincinnati Financial		69,157,227
	2,294,585	Eaton Vance		60,347,586
	1,515,688	Northern Trust		72,131,592
				201,636,405
		Healthcare – 16.76%
	20,813,236	Boston Scientific *		130,290,857
	2,040,919	Charles River Laboratories *		72,513,852
	2,553,268	Forest Laboratories *		88,930,324
	2,316,081	Hospira *		81,340,765

Shares			Market Value
		Healthcare (continued)
	1,933,345	Lincare Holdings	$	47,173,618
	1,218,853	Varian Medical Systems *		77,299,657
				497,549,073
		Industrials – 11.65%
	1,599,200	Chicago Bridge & Iron (Netherlands)		71,036,464
	1,886,300	Con-way		61,304,750
	1,382,444	Manpower		58,892,114
	10,435,200	Southwest Airlines		86,403,456
	2,897,500	Werner Enterprises		68,438,950
				346,075,734
		Information Technology – 27.29%
	2,987,464	Akamai Technologies *		97,391,326
	2,063,951	CA		54,529,585
	868,400	Cree *		26,833,560
	1,366,900	Harris		62,248,626
	2,288,398	Itron *		93,366,638
	2,571,100	Jabil Circuit		60,292,295
	2,682,350	Lexmark International Group, Class A		80,738,735
	928,804	Mentor Graphics *		13,421,218
	1,883,786	Molex		51,973,656
	1,819,864	Molex, Class A		41,674,886
	3,210,500	Nuance Communications *		78,464,620
	4,333,108	Unisys *		80,855,795
	1,763,759	Zebra Technologies, Class A *		68,416,212
				810,207,152
		Materials – 4.38%
	528,400	FMC		58,361,780
	1,009,800	Sigma-Aldrich		71,594,820
				129,956,600
		Total Common Stocks (Cost $2,5 07,724,478)		2,945,563,382
	INVESTMENT COMPANY – 1.16%
	34,447,522	BlackRock Liquidity Funds TempCash Portfolio		34,447,522
		Total Investment Company (Cost $34,447,522)		34,447,522
	Total Investments – 100.37% (Cost $2,542,172,000)**			2,980,010,904
	Net Other Assets and Liabilities – (0.37)%			(11,020,298	)
	Net Assets – 100.00%		$	2,968,990,606

* Non-income producing security.

** At April 30,2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	588,500,574
Gross unrealized depreciation		(150,661,670	)
Net unrealized appreciation	$	437,838,904

SP ADR Sponsored American Depositary Recceipt

See accompanying Notes to Financial Statements.

  12

Aston Funds
ASTON/Montag & Caldwell Mid Cap Growth Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.13%
		Consumer Discretionary – 21.51%
	1,410	Bed Bath & Beyond *	$	99,250
	1,220	BorgWarner *		96,429
	1,740	Dick’s Sporting Goods		88,044
	1,550	Harman International Industries		76,849
	5,120	LKQ *		171,264
	1,770	O’Reilly Automotive *		186,664
	3,570	Omnicom Group		183,177
	530	Panera Bread, Class A *		83,698
	1,320	PVH		117,216
	530	Ralph Lauren		91,303
	1,750	TJX		72,992
	850	Tractor Supply		83,649
	1,820	Warnaco Group (The) *		96,387
				1,446,922
		Consumer Staples – 5.87%
	2,950	Church & Dwight		149,860
	2,450	McCormick & Co (Non Voting Shares)		136,979
	1,260	Mead Johnson Nutrition		107,806
				394,645
		Energy – 7.23%
	2,470	Cameron International *		126,587
	840	Core Laboratories (Netherlands)		115,063
	2,660	Oceaneering International		137,336
	1,620	SM Energy		107,098
				486,084
		Financials – 4.73%
	1,180	IntercontinentalExchange *		156,987
	4,410	MSCI, Class A *		161,362
				318,349

Shares		Market Value
	Healthcare – 12.37%
3,810	Dentsply International	$	156,439
1,410	Edwards Lifesciences *		116,988
1,480	Henry Schein *		113,575
800	Perrigo		83,920
2,830	Quality Systems		105,842
2,030	Varian Medical Systems *		128,743
1,500	Waters *		126,165
			831,672
	Industrials – 21.01%
2,800	AMETEK		140,924
3,610	Donaldson		125,123
3,450	Expeditors International Washington		138,000
1,650	Fastenal		77,253
1,750	J.B. Hunt Transport Services		96,827
3,500	Jacobs Engineering Group *		153,405
1,310	Joy Global		92,709
5,770	Robert Half International		171,946
1,290	Roper Industries		131,451
1,500	Stericycle *		129,900
3,180	Verisk Analytics, Class A *		155,661
			1,413,199
	Information Technology – 19.94%
3,940	Altera		140,146
2,470	Amphenol, Class A		143,606
2,330	ANSYS *		156,273
1,360	F5 Networks *		182,145
1,150	FactSet Research Systems		120,589
2,220	Fiserv *		156,044
7,870	Juniper Networks *		168,654
5,410	NVIDIA *		70,330
7,190	Sapient		86,064
1,680	Teradata *		117,230
			1,341,081
	Materials – 3.47%
3,660	Ecolab		233,105
	Total Common Stocks (Cost $5,148,106)		6,465,057
INVESTMENT COMPANY – 4.81%
323,290	BlackRock Liquidity Funds TempCash Portfolio		323,290
	Total Investment Company (Cost $323,290)		323,290
Total Investments – 100.94% (Cost $5,471,396)**			6,788,347
Net Other Assets and Liabilities – (0.94)%			(63,180	)
Net Assets – 100.00%		$	6,725,167

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation.	$	1,378,686
Gross unrealized depreciation.		(61,735	)
Net unrealized appreciation	$	1,316,951

See accompanying Notes to Financial Statements.
	13

Aston Funds
ASTON/Cardinal Mid Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited)

			Market
Shares			Value
	COMMON STOCKS – 94.81%
		Consumer Discretionary – 12.28%
	750	HSN	$	29,025
	410	John Wiley & Sons, Class A		18,528
	1,500	Six Flags Entertainment		71,865
	935	Stanley Black & Decker		68,405
	1,874	Virgin Media		46,025
				233,848
		Consumer Staples – 3.60%
	860	Smucker (J.M.)		68,482
		Energy – 6.77%
	1,820	Chesapeake Energy		33,561
	440	Concho Resources *		47,159
	1,095	World Fuel Services		48,246
				128,966
		Financials – 18.23%
	1,780	Ares Capital		28,551
	6,450	CapitalSource		41,602
	1,035	Cash America International		48,386
	3,330	CYS Investments, REIT		45,721
	650	Entertainment Properties Trust, REIT		31,193
	1,430	Hatteras Financial, REIT		41,656
	2,020	Nelnet, Class A		52,156
	1,260	Starwood Property Trust, REIT		26,296
	500	T. Rowe Price Group		31,558
				347,119
		Healthcare – 3.33%
	311	Henry Schein *		23,866
	630	Teleflex		39,482
				63,348

		Market
Shares		Value
	Industrials – 12.81%
1,480	Atlas Air Worldwide Holdings *	$	68,154
1,001	Equifax		45,866
3,000	KAR Auction Services *		55,200
1,156	Teledyne Technologies *		74,701
			243,921
	Information Technology – 27.63%
1,250	Atmel *		11,087
1,220	Broadridge Financial Solutions		28,316
3,640	Convergys *		48,667
760	Fiserv *		53,420
860	Global Payments		39,930
380	Harris		17,305
1,270	IAC/InterActiveCorp		61,151
1,000	InterDigital		27,720
555	Intuit		32,173
2,085	j2 Global		53,856
1,150	Skyworks Solutions *		31,211
2,100	ValueClick *		44,478
3,130	Western Union		57,529
1,240	Yahoo! *		19,270
			526,113
	Materials – 8.87%
300	Albemarle		19,590
610	FMC		67,375
1,870	Silgan Holdings		82,037
			169,002
	Telecommunication Services – 1.29%
2,183	Windstream		24,537
	Total Common Stocks (Cost $1,445,921)		1,805,336
INVESTMENT COMPANY – 5.09%
96,914	BlackRock Liquidity Funds TempCash Portfolio		96,914
	Total Investment Company (Cost $96,914)		96,914
Total Investments – 99.90% (Cost $1,542,835)**			1,902,250
Net Other Assets and Liabilities – 0.10%			1,840
Net Assets – 100.00%		$	1,904,090

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	400,352
Gross unrealized depreciation		(40,937	)
Net unrealized appreciation	$	359,415

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

  14

Aston Funds
ASTON/Veredus Small Cap Growth Fund (formerly the ASTON/Veredus Aggressive Growth Fund)	April 30, 2012
Schedule of Investments (unaudited)

			Market
Shares			Value
	COMMON STOCKS – 96.81%
		Consumer Discretionary – 22.78%
	34,708	Amerigon *	$	496,324
	13,651	Caribou Coffee *		224,013
	3,874	DSW, Class A		217,951
	21,294	Francesca’s Holdings *		667,567
	7,924	Genesco *		594,300
	21,350	MDC Holdings		600,149
	14,945	Monro Muffler Brake		616,631
	29,673	Pier 1 Imports		509,782
	11,915	Select Comfort *		344,105
	34,275	Sinclair Broadcast Group, Class A		352,347
	30,092	Sonic Automotive, Class A		506,147
	9,832	Steven Madden *		424,841
	7,090	Ulta Salon Cosmetics & Fragrance		625,196
				6,179,353
		Consumer Staples – 4.02%
	7,760	Elizabeth Arden *		302,485
	11,932	Hain Celestial Group *		564,384
	13,550	Schiff Nutrition International *		222,898
				1,089,767
		Energy – 1.02%
	20,325	Matrix Service *		277,436
		Financials – 8.92%
	23,950	Apollo Global Management LLC, Class A		307,518
	9,000	Banner		197,550
	17,999	Calamos Asset Management, Class A		232,547
	21,200	Old National Bancorp		271,784
	12,750	Piper Jaffray *		309,188
	6,692	Portfolio Recovery Associates *		460,543
	9,005	Post Properties, REIT		438,544
	29,666	Strategic Hotels & Resorts, REIT *		202,025
				2,419,699

				Market
Shares				Value
		Healthcare – 15.34%
	7,075	ABIOMED *		$	172,134
	57,376	Akorn *			695,970
	12,892	Cepheid *			495,182
	8,575	Cynosure *			177,245
	22,521	Exact Sciences *			242,551
	55,925	Health Management Associates, Class A *			402,660
	21,642	Healthstream *			496,035
	10,225	PerkinElmer			282,210
	13,280	Questcor Pharmaceuticals *			596,272
	24,785	Vivus *			600,293
					4,160,552
		Industrials – 16.34%
	9,350	Acacia Research - Acacia Technologies *	��		383,350
	6,575	Azz			339,993
	70,225	Builders FirstSource *			292,838
	30,869	Dycom Industries *			722,026
	14,950	Granite Construction			416,208
	11,200	Hexcel *			306,656
	29,465	MasTec *			512,396
	19,828	Mistras Group *			465,363
	10,675	Team *			316,300
	65,900	US Airways Group *			676,134
					4,431,264
		Information Technology – 21.48%
	16,185	ACI Worldwide *			645,134
	21,950	Allot Communications *			538,653
	14,900	Anaren *			268,796
	11,494	Cadence Design Systems *			134,134
	32,575	Callidus Software *			257,994
	9,150	Cirrus Logic *			250,527
	25,550	Emulex *			221,774
	18,512	Heartland Payment Systems			564,061
	9,950	JDS Uniphase *			120,893
	25,802	LivePerson *			409,736
	13,519	Manhattan Associates *			677,978
	29,100	Move *			253,170
	18,125	Sanmina-SCI *			161,313
	33,150	ServiceSource International *			549,627
	77,772	Silicon Image *			466,632
	6,400	Tangoe Inc *			131,072
	25,760	TeleNav *			174,395
					5,825,889
		Materials – 6.91%
	12,800	Cabot			552,064
	16,225	Eagle Materials			571,445
	11,325	Kronos Worldwide			268,856
	36,950	Zagg *			481,459
					1,873,824
		Total Common Stocks (Cost $22,726,111)			26,257,784
	WARRANTS – 0%
		Energy – 0.00%
	4,906	Magnum Hunter Resources, Expiration 10/14/13			0
		Total Warrants (Cost $0)			0

See accompanying Notes to Financial Statements.
	15

Aston Funds
ASTON/Veredus Small Cap Growth Fund (formerly the ASTON/Veredus Aggressive Growth Fund)	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares		Market Value
INVESTMENT COMPANY – 4.30%
1,167,274	BlackRock Liquidity Funds TempCash Portfolio	$	1,167,274
	Total Investment Company (Cost $1,167,274)		1,167,274
Total Investments – 101.11% (Cost $23,893,385)**			27,425,058
Net Other Assets and Liabilities – (1.11)%			(300,163	)
Net Assets – 100.00%		$	27,124,895

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	4,166,223
Gross unrealized depreciation		(634,550	)
Net unrealized appreciation	$	3,531,673

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

  16

Aston Funds
ASTON Small Cap Growth Fund (formerly the ASTON/Crosswind Small Cap Growth Fund)	April 30, 2012
Schedule of Investments (unaudited)

			Market
Shares			Value
	COMMON STOCKS – 95.94%
		Consumer Discretionary – 11.08%
	2,422	G-III Apparel Group *	$	65,031
	1,180	GNC Holdings, Class A		46,091
	3,438	Jarden		144,155
	9,182	Knology *		178,590
	55,008	Office Depot *		167,224
	15,139	OfficeMax *		70,396
	6,339	Shutterfly *		197,270
	2,549	Wolverine World Wide		106,931
				975,688
		Energy – 4.03%
	594	CARBO Ceramics		49,949
	2,177	Carrizo Oil & Gas *		61,043
	927	Dril-Quip *		62,471
	18,273	Magnum Hunter Resources *		113,475
	2,046	Oasis Petroleum *		67,661
				354,599
		Financials – 3.70%
	11,136	DFC Global *		194,657
	3,308	Ezcorp, Class A *		88,621
	2,116	Walter Investment Management REIT *		42,807
				326,085
		Healthcare – 22.90%
	16,075	Allscripts Healthcare Solutions *		178,111
	10,090	DexCom *		98,781
	7,467	Hanger Orthopedic Group *		175,848
	48,068	Health Management Associates, Class A *		346,090
	21,912	HealthSouth *		490,610
	1,902	HeartWare International *		148,280
	2,402	Incyte *		54,477
	1,427	Onyx Pharmaceuticals *		64,943
	35,541	Tenet Healthcare *		184,458

			Market
Shares			Value
		Health Care (continued)
	7,758	Threshold Pharmaceuticals *	$	56,478
	13,541	Vanguard Health Systems *		120,244
	3,644	Volcano *		98,935
				2,017,255
		Industrials – 22.19%
	5,300	ACCO Brands *		55,650
	5,793	DigitalGlobe *		71,080
	6,082	Encore Capital Group *		144,143
	1,059	Genesee & Wyoming, Class A *		57,091
	21,269	Geo Group *		440,481
	8,714	Hexcel *		238,589
	11,069	Kelly Services, Class A		154,855
	1,496	Navistar International *		50,789
	2,413	Portfolio Recovery Associates *		166,063
	8,325	RailAmerica *		192,974
	3,870	Triumph Group		243,114
	3,174	TrueBlue *		54,783
	2,051	Woodward		85,301
				1,954,913
		Information Technology – 27.80%
	4,826	ADTRAN		147,290
	4,908	Ariba *		187,486
	2,118	Aruba Networks *		44,732
	5,024	Aspen Technology *		99,375
	14,242	AVG Technologies (Netherlands) *		197,252
	7,131	Fairchild Semiconductor International *		101,046
	3,044	Finisar *		50,287
	2,341	Fusion-io *		60,047
	1,981	Infoblox *		40,412
	19,143	Internap Network Services *		134,767
	8,079	Kenexa *		263,941
	9,875	Microsemi *		212,510
	2,988	Millennial Media *		56,682
	13,182	OCZ Technology Group *		77,774
	2,957	Polycom *		39,239
	4,207	Riverbed Technology *		83,004
	1,705	Semtech *		46,478
	697	Sourcefire *		35,540
	2,859	Vantiv, Class A *		64,385
	4,719	VeriFone Systems *		224,813
	7,704	Virtusa *		116,253
	6,275	Vocus *		81,136
	1,327	Wright Express *		84,689
				2,449,138
		Materials – 1.48%
	2,486	Kaiser Aluminum		130,689
		Telecommunication Services – 2.76%
	11,167	tw telecom *		243,217
		Total Common Stocks (Cost $8,070,208)		8,451,584
	WARRANTS – 0%
		Energy – 0.00%
	1,517	Magnum Hunter Resources, Expiration 10/14/13		0
		Total Warrants (Cost $0)		0

See accompanying Notes to Financial Statements.
	17

Aston Funds
ASTON Small Cap Growth Fund (formerly the ASTON/Crosswind Small Cap Growth Fund)	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 3.85%
	339,107	BlackRock Liquidity Funds TempCash Portfolio	$	339,107
		Total Investment Company (Cost $339,107)		339,107
	Total Investments – 99.79% (Cost $8,409,315)**			8,790,691
	Net Other Assets and Liabilities – 0.21%			18,190
	Net Assets – 100.00%		$	8,808,881

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	824,795
Gross unrealized depreciation		(443,419	)
Net unrealized appreciation	$	381,376

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

  18

Aston Funds
Silvercrest Small Cap Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.77%
		Consumer Discretionary – 8.95%
	4,742	AFC Enterprises *	$	80,993
	1,747	Core-Mark Holding		67,434
	2,665	Drew Industries *		79,364
	2,725	Maidenform Brands *		62,212
	2,053	Matthews International , Class A		61,590
				351,593
		Consumer Staples – 4.03%
	1,434	J & J Snack Foods		80,390
	1,194	Lancaster Colony		77,861
				158,251
		Energy – 5.08%
	2,239	Rosetta Resources *		112,555
	2,875	Swift Energy *		86,969
				199,524
		Financials – 21.09%
	4,910	Duff & Phelps, Class A		78,069
	1,998	EastGroup Properties, REIT		100,499
	5,408	FirstMerit		90,854
	4,994	Horace Mann Educators		87,645
	1,699	Iberiabank		86,768
	2,983	Independent Bank/Rockland MA		83,733
	1,524	Mid-America Apartment Communities, REIT		103,739
	1,872	Prosperity Bancshares		87,329
	3,758	Protective Life		109,959
				828,595
		Healthcare – 6.66%
	1,237	Analogic		84,376
	1,524	ICU Medical *		79,995
	2,233	Invacare		35,393
	1,379	West Pharmaceutical Services		61,917
				261,681

Shares			Market Value
		Industrials – 25.92%
	2,263	Albany International, Class A	$	54,493
	3,775	Altra Holdings *		69,007
	2,023	Applied Industrial Technologies		79,484
	2,358	Astec Industries *		73,782
	1,123	Cubic		51,916
	2,936	EMCOR Group		86,084
	2,767	Hexcel *		75,760
	2,329	Mine Safety Appliances		98,889
	2,491	Mistras Group *		58,464
	1,230	TAL International Group		50,811
	1,410	Teledyne Technologies *		91,114
	1,356	Tennant		60,071
	3,277	Thermon Group Holdings *		72,815
	4,429	US Ecology		96,021
				1,018,711
		Information Technology – 11.69%
	2,449	ACI Worldwide *		97,617
	2,587	FEI *		129,790
	1,645	Littelfuse		103,092
	2,395	MKS Instruments		66,222
	673	Plexus *		21,785
	1,237	Scansource *		40,771
				459,277
		Materials – 9.48%
	2,064	A Schulman		50,795
	1,872	HB Fuller		61,589
	1,567	Innophos Holdings		77,049
	4,543	PH Glatfelter		70,780
	1,483	Schnitzer Steel Industries, Class A		59,127
	1,429	Sensient Technologies		53,087
				372,427
		Utilities – 5.87%
	1,692	MGE Energy		77,392
	3,169	Portland General Electric		81,855
	2,083	UIL Holdings		71,593
				230,840
		Total Common Stocks (Cost $3,787,344)		3,880,899
	INVESTMENT COMPANY – 1.52%
	59,880	BlackRock Liquidity Funds TempCash Portfolio		59,880
		Total Investment Company (Cost $59,880)		59,880
	Total Investments – 100.29% (Cost $3,847,224)**			3,940,779
	Net Other Assets and Liabilities – (0.29)%			(11,308	)
	Net Assets – 100.00%		$	3,929,471

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$181,795
Gross unrealized depreciation	(88,240)
Net unrealized appreciation	$93,555

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.
	19

Aston Funds
ASTON/TAMRO Small Cap Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.71%
		Consumer Discretionary – 17.91%
	423,002	BJ’s Restaurants *	$	18,269,456
	1,320,620	Chico’s FAS		20,284,723
	467,275	Coinstar *		29,340,197
	1,882,857	EW Scripps (The), Class A *(a)		17,246,970
	1,123,893	Grand Canyon Education *		19,544,499
	487,006	Harman International Industries		24,145,757
	772,320	MDC Holdings		21,709,915
	564,610	Red Robin Gourmet Burgers *		20,133,993
	1,236,174	Texas Roadhouse		21,324,002
				191,999,512
		Consumer Staples – 5.72%
	325,481	Fresh Market *		16,654,863
	352,729	TreeHouse Foods *		20,285,445
	494,941	United Natural Foods *		24,395,642
				61,335,950
		Energy – 7.57%
	359,816	Atwood Oceanics *		15,950,643
	1,481,992	Comstock Resources *		26,038,599
	308,212	Contango Oil & Gas *		16,723,583
	843,446	Global Geophysical Services *		8,071,778
	1,561,353	Precision Drilling (Canada) *		14,411,288
				81,195,891
		Financials – 18.49%
	720,475	Bank of the Ozarks		22,262,678
	1,046,315	East West Bancorp		23,824,593
	1,612,707	Glacier Bancorp		24,029,334
	454,571	Iberiabank		23,214,941
	940,903	LaSalle Hotel Properties, REIT		27,671,957
	637,268	Stifel Financial *		23,209,301
	565,736	UMB Financial		27,183,615
	836,941	Waddell & Reed Financial, Class A		26,765,373
				198,161,792

Shares			Market Value
		Healthcare – 16.16%
	324,795	Advisory Board *	$	29,608,312
	332,548	AMERIGROUP *		20,538,165
	396,810	Analogic		27,066,410
	379,657	Athenahealth *		27,506,150
	1,373,293	DexCom *		13,444,539
	2,730,719	Health Management Associates, Class A *		19,661,177
	345,947	Teleflex		21,680,498
	313,743	United Therapeutics *		13,726,256
				173,231,507
		Industrials – 16.14%
	788,207	Aerovironment *		19,169,194
	356,077	Chicago Bridge & Iron
		(Netherlands)		15,816,940
	962,709	Colfax *		32,626,208
	588,087	Corporate Executive Board		24,329,159
	393,767	Forward Air		13,301,449
	313,671	Franklin Electric		15,730,601
	373,177	Morningstar		21,539,776
	701,331	Terex *		15,878,134
	188,115	Wabtec		14,631,585
				173,023,046
		Information Technology – 11.03%
	680,263	Acme Packet *		19,094,983
	1,344,614	Ceragon Networks (Israel) *(a)		12,437,680
	424,671	CommVault Systems *		22,112,619
	1,555,344	Ixia *		19,597,334
	623,367	Netgear *		23,999,630
	476,106	SeaChange International *		3,913,591
	71,609	VASCO Data Security International *		557,834
	795,913	Websense *		16,507,236
				118,220,907
		Materials – 3.69%
	201,590	Royal Gold		12,490,516
	423,779	Westlake Chemical		27,100,667
				39,591,183
		Total Common Stocks (Cost $780,834,525)		1,036,759,788
	INVESTMENT COMPANY – 2.92%
	31,299,969	BlackRock Liquidity Funds TempCash Portfolio		31,299,969
		Total Investment Company (Cost $31,299,969)		31,299,969
	Total Investments – 99.63% (Cost $812,134,494)**			1,068,059,757
	Net Other Assets and Liabilities – 0.37%			3,980,649
	Net Assets – 100.00%		$	1,072,040,406

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	284,300,938
Gross unrealized depreciation		(28,375,675	)
Net unrealized appreciation	$	255,925,263

See accompanying Notes to Financial Statements.

  20

Aston Funds
ASTON/TAMRO Small Cap Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2012, these securities amounted to $29,684,650 or 2.77% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.
	21

Aston Funds
ASTON/River Road Select Value Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.31%
		Consumer Discretionary – 22.09%
	23,940	Abercrombie & Fitch, Class A	$	1,201,070
	148,680	Ascena Retail Group *		3,044,966
	23,930	Ascent Capital Group, Class A *		1,232,395
	142,880	Big Lots *		5,235,123
	73,940	Bob Evans Farms		2,827,466
	47,020	Cracker Barrel Old Country Store		2,704,590
	108,050	DreamWorks Animation SKG, Class A *		1,945,980
	95,610	Fred’s, Class A		1,369,135
	49,080	Iconix Brand Group *		752,887
	151,320	Madison Square Garden, Class A *		5,442,980
	113,820	Rent-A-Center		3,893,782
	75,100	Service Corp International		869,658
	50,460	True Religion Apparel		1,370,494
	37,960	WMS Industries *		930,400
				32,820,926
		Consumer Staples – 7.43%
	56,310	Constellation Brands, Class A *		1,216,296
	147,420	Harris Teeter Supermarkets		5,597,537
	39,400	Industrias Bachoco, SP ADR (Mexico)		813,610
	33,396	J & J Snack Foods		1,872,180
	55,770	Village Super Market, Class A		1,539,252
				11,038,875
		Energy – 6.08%
	41,160	Cloud Peak Energy *		633,452
	66,500	Endeavour International *		829,920
	35,900	Energen		1,880,442
	136,209	Miller Energy Resources *		739,615
	78,670	Nordic American Tankers (Bermuda)		1,142,288
	46,570	Patterson-UTI Energy		753,037
	22,200	Resolute Energy *		235,542
	58,350	Rex Energy *		613,259

Shares			Market Value
		Energy (continued)
	139,980	Tetra Technologies *	$	1,219,226
	108,940	Vaalco Energy *		988,086
				9,034,867
		Financials – 15.33%
	7,765	Alleghany *		2,662,618
	122,185	Alterra Capital Holdings (Bahamas)		2,923,887
	46,100	BGC Partners, Class A		321,317
	11,373	Capital Southwest		1,088,624
	19,449	Commerce Bancshares		779,905
	13,560	FirstService (Canada) *		370,730
	80,700	Hilltop Holdings *		639,951
	21,760	Navigators Group *		1,033,600
	24,090	Oppenheimer Holdings, Class A		410,975
	35,760	PartnerRe (Bermuda)		2,489,611
	27,670	SEI Investments		558,657
	32,270	Tower Group		696,387
	76,320	W. R. Berkley		2,874,211
	11,346	White Mountains Insurance Group		5,933,958
				22,784,431
		Healthcare – 8.62%
	20,190	Chemed		1,218,265
	58,740	Ensign Group		1,568,945
	38,710	Hanger Orthopedic Group *		911,620
	43,610	Hill-Rom Holdings		1,415,145
	71,160	ICU Medical *		3,735,188
	26,630	Owens & Minor		778,661
	101,250	STERIS		3,180,263
				12,808,087
		Industrials – 18.60%
	67,340	ABM Industries		1,567,675
	112,900	Aircastle (Bermuda)		1,371,735
	16,970	Allegiant Travel *		997,157
	87,950	Brink’s		2,233,930
	23,500	Cubic		1,086,405
	122,290	Dolan *		979,543
	101,680	Equifax		4,658,978
	57,700	G & K Services, Class A		1,896,022
	242,080	Geo Group *		5,013,477
	53,910	Insperity		1,470,126
	48,050	John Bean Technologies		768,320
	80,160	Korn/Ferry International *		1,294,584
	38,289	Standard Parking *		729,788
	58,820	Unifirst		3,573,903
				27,641,643
		Information Technology – 13.20%
	124,160	Convergys		1,660,019
	48,840	CSG Systems International *		703,296
	89,990	Daktronics		732,519
	83,860	DST Systems		4,694,483
	178,490	Ingram Micro, Class A *		3,473,415
	40,990	Ituran Location and Control (Israel)		550,906
	25,630	j2 Global		662,023
	41,190	Mantech International, Class A		1,294,190
	128,590	NeuStar, Class A *		4,674,247
	110,310	Smart Technologies, Class A (Canada) *		279,084
	37,730	Total System Services		887,410
				19,611,592

See accompanying Notes to Financial Statements.

  22

Aston Funds
ASTON/River Road Select Value Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials – 2.30%
	24,070	Aptargroup	$	1,312,056
	23,130	Stepan		2,101,592
				3,413,648
		Telecommunication Services – 0.76%
	32,970	Atlantic Tele-Network		1,122,958
		Utilities – 1.90%
	59,330	Avista		1,568,685
	27,890	UGI		813,830
	11,960	Unisource Energy		435,344
				2,817,859
		Total Common Stocks (Cost $122,328,373)		143,094,886
	INVESTMENT COMPANY – 3.87%
	5,757,114	BlackRock Liquidity Funds TempCash Portfolio		5,757,114
		Total Investment Company (Cost $5,757,114)		5,757,114
	Total Investments – 100.18% (Cost $128,085,487)**			148,852,000
	Net Other Assets and Liabilities – (0.18)%			(271,796	)
	Net Assets – 100.00%		$	148,580,204

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	23,806,237
Gross unrealized depreciation		(3,039,724	)
Net unrealized appreciation	$	20,766,513

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.
	23

Aston Funds
ASTON/River Road Small Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.34%
		Consumer Discretionary – 25.22%
	312,338	Ascena Retail Group *	$	6,396,682
	49,091	Ascent Capital Group, Class A *		2,528,186
	296,520	Big Lots *		10,864,493
	150,040	Bob Evans Farms		5,737,530
	97,349	Cracker Barrel Old Country Store		5,599,514
	220,970	DreamWorks Animation SKG, Class A *		3,979,670
	199,288	Fred’s, Class A		2,853,804
	36,940	Frisch’s Restaurants		981,126
	101,725	Iconix Brand Group *		1,560,462
	429,521	Mac-Gray (a)		6,399,863
	306,720	Madison Square Garden, Class A *		11,032,718
	169,629	Monarch Casino & Resort *		1,642,009
	192,690	Motorcar Parts of America *		1,456,736
	228,865	Rent-A-Center		7,829,472
	157,112	Service Corp International		1,819,357
	104,640	True Religion Apparel *		2,842,022
	73,000	WMS Industries *		1,789,230
				75,312,874
		Consumer Staples – 7.88%
	133,995	Harbinger Group *		691,414
	301,389	Harris Teeter Supermarkets		11,443,740
	134,640	Industrias Bachoco, SP ADR (Mexico)		2,780,316
	68,844	J & J Snack Foods		3,859,395
	171,796	Village Super Market, Class A (a)		4,741,570
				23,516,435
		Energy – 6.39%
	83,530	Cloud Peak Energy *		1,285,527
	137,583	Endeavour International *		1,717,036
	538,313	Evolution Petroleum *		4,758,687
	537,508	Miller Energy Resources *		2,918,668
	159,040	Nordic American Tankers (Bermuda)		2,309,261
	46,090	Resolute Energy *		489,015
	90,630	Rex Energy *		952,521

Shares			Market Value
		Energy (continued)
	303,749	Tetra Technologies *	$	2,645,654
	221,555	Vaalco Energy *		2,009,504
				19,085,873
		Financials – 13.34%
	241,751	Alterra Capital Holdings (Bahamas)		5,785,101
	95,210	BGC Partners, Class A		663,614
	25,984	Capital Southwest		2,487,188
	218,212	Dime Community Bancshares		3,024,418
	24,065	First Citizens BancShares, Class A		4,170,465
	28,680	FirstService (Canada) *		784,111
	172,650	Hilltop Holdings *		1,369,115
	133,579	Medallion Financial		1,460,018
	47,637	Navigators Group *		2,262,758
	83,709	Oppenheimer Holdings, Class A		1,428,076
	301,600	SWS Group		1,701,024
	37,668	Tompkins Financial		1,425,734
	65,715	Tower Group		1,418,130
	22,640	White Mountains Insurance Group		11,840,720
				39,820,472
		Healthcare – 8.95%
	41,875	Chemed		2,526,738
	120,603	Ensign Group		3,221,306
	76,100	Hanger Orthopedic Group *		1,792,155
	87,430	Hill-Rom Holdings		2,837,104
	152,280	ICU Medical *		7,993,177
	58,980	Owens & Minor		1,724,575
	210,590	STERIS		6,614,632
				26,709,687
		Industrials – 16.25%
	138,420	ABM Industries		3,222,417
	227,560	Aircastle (Bermuda)		2,764,854
	33,890	Allegiant Travel *		1,991,376
	179,560	Brink’s		4,560,824
	47,676	Cubic		2,204,061
	248,410	Dolan *		1,989,764
	116,035	G & K Services, Class A		3,812,910
	493,960	Geo Group *		10,229,912
	105,059	Insperity		2,864,959
	98,020	John Bean Technologies		1,567,340
	161,710	Korn/Ferry International *		2,611,617
	190,519	Standard Parking *		3,631,292
	116,503	Unifirst		7,078,722
				48,530,048
		Information Technology – 13.96%
	32,461	Computer Services		1,087,444
	251,340	Convergys *		3,360,416
	101,930	CSG Systems International *		1,467,792
	178,700	Daktronics		1,454,618
	171,210	DST Systems		9,584,336
	196,559	Electro Rent		3,062,389
	326,303	Ingram Micro, Class A *		6,349,856
	100,060	Ituran Location and Control (Israel)		1,344,806
	41,710	j2 Global		1,077,369
	83,750	Mantech International, Class A		2,631,425
	267,070	NeuStar, Class A *		9,707,995
	218,950	Smart Technologies, Class A (Canada) *		553,944
				41,682,390

See accompanying Notes to Financial Statements.

  24

Aston Funds
ASTON/River Road Small Cap Value Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials – 2.26%
	48,333	Aptargroup	$	2,634,631
	45,296	Stepan		4,115,595
				6,750,226
		Telecommunication Services – 0.77%
	67,530	Atlantic Tele-Network		2,300,072
		Utilities – 1.32%
	115,210	Avista		3,046,152
	24,580	Unisource Energy		894,712
				3,940,864
		Total Common Stocks (Cost $216,035,940)		287,648,941
	Total Investments – 96.34% (Cost $216,035,940)**			287,648,941
	Net Other Assets and Liabilities – 3.66%			10,933,183
	Net Assets – 100.00%		$	298,582,124

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	76,602,887
Gross unrealized depreciation		(4,989,886	)
Net unrealized appreciation	$	71,613,001

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2012, these securities amounted to $11,141,433 or 3.73% of net assets.

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.
	25

Aston Funds
ASTON/River Road Independent Value Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			��	Market Value
	COMMON STOCKS – 47.60%
		Consumer Discretionary – 9.85%
	200,974	Aaron’s *		$	5,460,464
	721,022	American Greetings, Class A			11,536,352
	176,197	Big Lots *			6,455,858
	469,400	Core-Mark Holding (a)			18,118,840
	85,514	Papa John’s International *			3,444,504
	729,203	Valassis Communications *			14,584,060
					59,600,078
		Consumer Staples – 3.56%
	307,867	Central Garden & Pet *			3,257,233
	1,244,206	Cott (Canada) *			8,149,549
	105,899	Harris Teeter Supermarkets			4,020,985
	157,241	Oil-Dri Corporation of America (a)			3,327,220
	62,590	Weis Markets			2,791,514
					21,546,501
		Energy – 5.31%
	681,759	Bill Barrett *			16,348,581
	95,896	Contango Oil & Gas *			5,203,317
	654,334	Patterson-UTI Energy			10,580,581
					32,132,479
		Financials – 3.32%
	173,592	Baldwin & Lyons, Class B (a)			3,779,098
	519,574	Potlatch, REIT			16,262,666
					20,041,764
		Healthcare – 10.24%
	28,683	Bio - Rad Laboratories, Class A *			3,097,477
	323,691	Covance *			15,135,791
	301,267	ICU Medical *			15,813,505
	649,984	Owens & Minor			19,005,532
	260,910	Patterson Cos			8,894,422
					61,946,727

Shares			Market Value
		Industrials – 2.62%
	173,800	Alamo Group	$	5,853,584
	322,971	Sykes Enterprises *		5,119,090
	80,264	Unifirst		4,876,841
				15,849,515
		Information Technology – 7.57%
	959,465	CSG Systems International *		13,816,296
	1,217,046	EPIQ Systems		13,825,642
	452,049	FLIR Systems		10,153,020
	253,985	Mantech International, Class A		7,980,209
				45,775,167
		Materials – 2.92%
	904,425	Pan American Silver (Canada)		17,645,332
		Utilities – 2.21%
	252,298	Artesian Resources, Class A (a)		4,816,369
	91,133	Avista		2,409,556
	339,155	California Water Service Group		6,142,097
				13,368,022
		Total Common Stocks (Cost $295,631,474)		287,905,585
	INVESTMENT COMPANY – 51.83%
	313,543,869	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		313,543,869
		Total Investment Company (Cost $313,543,869)		313,543,869
	Total Investments – 99.43% (Cost $609,175,343)**			601,449,454
	Net Other Assets and Liabilities – 0.57%			3,472,995
	Net Assets – 100.00%		$	604,922,449

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	13,270,713
Gross unrealized depreciation		(20,996,602	)
Net unrealized depreciation	$	(7,725,889	)

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2012, these securities amounted to $30,041,527 or 4.97% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

  26

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited)

Par Value			Market Value
	AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS – 19.24%
		Fannie Mae – 7.12%
	$924,601	5.000%, 09/25/33 Series 2003-92, Class PZ, REMIC	$	1,077,394
	1,326,118	5.561%, 09/25/36 (a) (b) Series 2009-86, Class CI, REMIC		187,906
	905,127	6.381%, 10/25/36 (a) (b) Series 2007-57, Class SX, REMIC		148,629
	188,534	5.500%, 03/25/38 Series 2008-14, Class ZA, REMIC		216,477
	278,352	4.000%, 01/25/41 Series 2010-156, Class ZC, REMIC		282,735
	419,077	4.000%, 03/25/41 (c) Series 2011-18, Class UZ, REMIC		424,446
	103,040	4.000%, 08/25/41 Series 2011-77, Class CZ, REMIC		103,963
	239,314	8.812%, 09/25/41 (a) Series 2011-88, Class SB, REMIC		251,659
	288,422	13.226%, 09/25/41 (a) Series 2011-87, Class US, REMIC		292,405
	1,005,842	3.500%, 03/25/42 Series 2012-20, Class ZT, REMIC		955,600
	1,500,000	4.000%, 04/25/42 Series 2012-31, Class Z, REMIC		1,559,945
				5,501,159
		Freddie Mac – 8.40%
	720,909	5.000%, 12/15/34 Series 2909, Class Z, REMIC		818,920
	565,706	5.500%, 08/15/36 Series 3626, Class AZ, REMIC		642,090
	620,434	5.860%, 04/15/37 (a) (b) Series 3301, Class MS, REMIC		81,531
	607,829	5.760%, 11/15/37 (a) (b) Series 3382, Class SB, REMIC		78,855
	523,421	6.150%, 11/15/37 (a) (b) Series 3384, Class S, REMIC		75,430

Par Value			Market Value
	$1,500,000	4.000%, 12/15/38 Series 3738, Class BP, REMIC	$	1,623,309
	1,591,974	5.280%, 01/15/39 (a) (b) Series 3500, Class SA, REMIC		183,179
	81,650	14.279%, 10/15/40 (a) Series 3747, Class KS, REMIC		86,533
	105,118	4.000%, 01/15/41 Series 3795, Class VZ, REMIC		110,373
	262,894	9.419%, 01/15/41 (a) Series 3796, Class SK, REMIC		269,024
	40,902	13.076%, 04/15/41 (a) Series 3864, Class MS, REMIC		41,095
	389,383	4.000%, 06/15/41 Series 3872, Class BA, REMIC		412,702
	206,081	4.000%, 07/15/41 Series 3888, Class ZG, REMIC		217,648
	361,943	4.500%, 07/15/41 Series 3894, Class ZA, REMIC		381,102
	76,616	12.779%, 07/15/41 (a) Series 3899, Class SD, REMIC		78,200
	417,832	9.078%, 09/15/41 Series 3924, Class US, REMIC		428,171
	507,334	3.500%, 11/15/41 Series 3957, Class DZ, REMIC		496,376
	457,550	4.000%, 11/15/41 Series 3957, Class HZ, REMIC		466,460
				6,490,998
		Government National Mortgage Association – 3.72%
	53,019	30.942%, 03/20/34 (a) Series 2004-35, Class SA		95,676
	1,658,662	5.951%, 03/20/39 (b) Series 2010-98, Class IA		233,978
	1,139,973	4.500%, 05/16/39 Series 2009-32, Class ZE		1,278,677
	567,857	4.500%, 05/20/39 Series 2009-35, Class DZ		638,191
	559,418	4.500%, 09/20/39 Series 2009-75, Class GZ		628,588
				2,875,110
		Total Agency Collateralized Mortgage Obligations         (Cost $14,021,523)		14,867,267
	U.S. GOVERNMENT OBLIGATIONS – 18.95%
		U.S. Treasury Bonds – 1.86%
	1,170,000	4.250%, 11/15/40 (g)		1,435,810
		U.S. Treasury Notes – 17.09%
	1,480,000	0.500%, 05/31/13		1,484,856
	450,000	0.750%, 09/15/13		453,235
	3,780,000	1.875%, 04/30/14		3,900,193
	1,380,000	1.250%, 10/31/15		1,415,687
	1,030,000	2.750%, 11/30/16		1,123,424
	440,000	1.875%, 09/30/17		461,691
	1,325,000	2.375%, 05/31/18		1,425,825
	1,145,000	3.625%, 08/15/19		1,325,427
	1,450,000	3.125%, 05/15/21		1,615,618
				13,205,956
		Total U.S. Government Obligations (Cost $14,596,645)		14,641,766

See accompanying Notes to Financial Statements.
	27

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES – 5.61%
		Fannie Mae – 3.74%
	$667,367	4.000%, 09/01/31 Pool # MA3894	$	715,347
	209,276	5.500%, 07/01/36 Pool # 995112		230,474
	814,684	6.000%, 01/01/39 Pool # 995581		901,802
	996,811	4.000%, 02/01/42 Pool # AK4039		1,043,711
				2,891,334
		Freddie Mac – 1.87%
	143,869	5.000%, 07/01/35 Gold Pool # G01840		155,859
	261,273	5.500%, 08/01/38 Gold Pool # G04587		284,757
	63,707	5.500%, 12/01/38 Gold Pool # G06172		69,473
	897,579	4.000%, 10/01/41 Gold Pool # T60392		937,848
				1,447,937
		Total U.S. Government Mortgage- Backed Securities (Cost $4,306,388)		4,339,271
	CORPORATE NOTES AND BONDS – 30.47%
		Consumer Discretionary – 2.14%
	125,000	Comcast 5.850%, 11/15/15		144,096
	180,000	Daimler Finance North America 1.950%, 03/28/14 (d)		182,405
	150,000	DIRECTV Holdings 5.000%, 03/01/21		164,233
	100,000	Mattel Senior Unsecured Notes 2.500%, 11/01/16		103,180
	175,000	News America 6.650%, 11/15/37		203,979
	150,000	Omnicom Group Senior Unsecured Notes 4.450%, 08/15/20		162,883
	150,000	Target Senior Unsecured Notes 3.875%, 07/15/20		165,811
	300,000	Time Warner Cable 5.000%, 02/01/20		334,849
	175,000	Wynn Las Vegas 7.750%, 08/15/20		194,250
				1,655,686
		Consumer Staples – 3.44%
	225,000	Altria Group 9.250%, 08/06/19		307,307
	200,000	CCL Finance 9.500%, 08/15/14		227,000
	325,000	Coca-Cola Senior Unsecured Notes 1.800%, 09/01/16		334,017
	250,000	Coca-Cola Femsa SAB de CV Senior Unsecured Notes 4.625%, 02/15/20		275,739

Par Value			Market Value
		Consumer Staples (continued)
	$100,000	Corp Lindley Senior Unsecured Notes 6.750%, 11/23/21 (d)	$	107,250
	100,000	Corp Pesquera Inca 9.000%, 02/10/17		108,000
	150,000	General Mills Senior Unsecured Notes 3.150%, 12/15/21		152,710
	120,000	Gruma Senior Unsecured Notes 7.750%, 12/29/49		121,500
	120,000	Kellogg Senior Unsecured Notes 7.450%, 04/01/31		161,186
	90,000	Kraft Foods Senior Unsecured Notes 5.375%, 02/10/20		105,542
	200,000	Kroger 7.500%, 01/15/14		222,010
	200,000	Virgolino de Oliveira Finance 11.750%, 02/09/22 (d)		190,500
	325,000	Wal-Mart Stores Senior Unsecured Notes 3.250%, 10/25/20		346,384
				2,659,145
		Energy – 4.89%
	125,000	BP Capital Markets 4.750%, 03/10/19		142,035
	200,000	CNOOC Finance 212 3.875%, 05/02/22 (d) (e)		200,444
	200,000	CNPC General Capital Ltd 3.950%, 04/19/22 (d)		201,672
	125,000	ConocoPhillips 6.500%, 02/01/39		169,379
	200,000	Devon Energy Senior Unsecured Notes 6.300%, 01/15/19		247,331
	75,000	4.000%, 07/15/21		81,044
	168,580	Dolphin Energy Senior Secured Notes 5.888%, 06/15/19		183,963
	200,000	Gazprom OAO Via Gaz Capital Senior Unsecured Notes 5.092%, 11/29/15		212,250
	150,000	Halliburton Senior Unsecured Notes 6.150%, 09/15/19		184,942
	225,000	Kinder Morgan Energy Partners Senior Unsecured Notes 6.950%, 01/15/38		266,028
	175,000	Marathon Petroleum Senior Secured Notes 5.125%, 03/01/21		194,350
	166,000	ONEOK Partners 6.125%, 02/01/41		190,894
	215,000	Pacific Rubiales Energy 7.250%, 12/12/21 (d)		235,425
	100,000	7.250%, 12/12/21		109,500
	300,000	Pemex Project Funding Master Trust 6.625%, 06/15/35		354,750
	50,000	Petrobras International Finance 5.375%, 01/27/21		54,991
	150,000	Phillips 66 5.875%, 05/01/42 (d)		158,827

See accompanying Notes to Financial Statements.

  28

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Energy (continued)
	$ 25,000	Plains All American Pipeline LP/PAA Finance Senior Unsecured Notes 5.150%, 06/01/42	$	25,555
	250,000	Reliance Holdings USA 5.400%, 02/14/22 (d)		250,958
	100,000	Transocean 6.000%, 03/15/18		112,019
	175,000	Valero Energy 6.125%, 02/01/20		203,748
				3,780,105
		Financials – 7.63%
	275,000	American Express Credit Senior Unsecured Notes 2.750%, 09/15/15		285,570
	300,000	Australia & New Zealand Banking Group Senior Unsecured Notes 4.875%, 01/12/21 (d)		332,957
	200,000	Banco Bradesco SA/Cayman Islands Subordinated Notes 5.750%, 03/01/22 (d)		203,800
	200,000	Banco de Bogota Senior Unsecured Notes 5.000%, 01/15/17 (d)		208,200
	300,000	Banco do Brasil SA/Cayman 8.500%, 10/29/49 (a) (c)		346,140
	200,000	Banco Internacional del Peru Senior Unsecured Notes 5.750%, 10/07/20		204,500
	300,000	Banco Mercantil del Norte Subordinated Notes 6.862%, 10/13/21 (a)		319,500
	175,000	Boston Properties Senior Unsecured Notes, REIT 4.125%, 05/15/21		183,780
	175,000	Citigroup Senior Unsecured Notes 6.000%, 12/13/13		184,844
	100,000	Controladora Comercial Mexicana Senior Secured Notes 7.000%, 06/30/18 (c)		102,000
	100,000	DBS Bank 5.000%, 11/15/19 (a)		104,628
	300,000	General Electric Capital Senior Unsecured Notes 2.900%, 01/09/17		311,177
	175,000	Goldman Sachs Group Senior Unsecured Notes 5.750%, 01/24/22		182,965
	105,162	Iirsa Norte Finance Senior Secured Notes 8.750%, 05/30/24		126,721
		JPMorgan Chase Senior Unsecured Notes
	250,000	4.950%, 03/25/20		274,844
	75,000	4.500%, 01/24/22		79,998
	300,000	Korea Development Bank 4.375%, 08/10/15		318,928
	135,000	MetLife Senior Unsecured Notes 6.375%, 06/15/34		166,053

Par Value			Market Value
		Financials (continued)
	$225,000	National Rural Utilities Cooperative Finance Collateral Trust 10.375%, 11/01/18	$	330,423
	200,000	Oversea-Chinese Banking 4.250%, 11/18/19 (a)		205,694
	100,000	PNC Funding 6.700%, 06/10/19		123,738
	150,000	4.375%, 08/11/20		165,490
	250,000	Pttep Australia International Finance Property 4.152%, 07/19/15		260,614
	200,000	Royal Bank of Canada Senior Notes 2.300%, 07/20/16		205,673
		Simon Property Group Senior Unsecured Notes
	100,000	5.650%, 02/01/20		116,698
	35,000	4.375%, 03/01/21		38,033
	200,000	VTB Bank OJSC Via VTB Capital Senior Unsecured Notes 6.875%, 05/29/18		212,042
	275,000	Wells Fargo Senior Unsecured Notes 4.600%, 04/01/21		302,444
				5,897,454
		Healthcare – 1.40%
	100,000	Amgen Senior Unsecured Notes 3.875%, 11/15/21		105,272
	255,000	Becton Dickinson Senior Unsecured Notes 3.125%, 11/08/21		264,734
	200,000	Biogen Idec Senior Unsecured Notes 6.875%, 03/01/18		245,452
	150,000	Express Scripts Holding 2.100%, 02/12/15 (d)		152,341
		WellPoint Senior Unsecured Notes
	125,000	5.250%, 01/15/16		140,888
	150,000	5.875%, 06/15/17		176,606
				1,085,293
		Industrials – 4.09%
	125,000	3M Senior Unsecured Notes 5.700%, 03/15/37		164,871
	100,000	Anheuser-Busch InBev Worldwide 5.375%, 11/15/14		111,138
	100,000	Boeing Senior Unsecured Notes 6.875%, 03/15/39		143,834
		Covidien International Finance
	185,000	2.800%, 06/15/15		193,141
	50,000	6.000%, 10/15/17		60,218
	125,000	Daimler Finance North America 6.500%, 11/15/13		135,501
	150,000	Embraer Overseas 6.375%, 01/15/20		168,000
	200,000	Empresas ICA 8.900%, 02/04/21		200,000
	100,000	Grupo KUO SAB de CV 9.750%, 10/17/17		108,750

See accompanying Notes to Financial Statements.
	29

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Industrials (continued)
	$200,000	Hutchison Whampoa International 11 4.625%, 01/13/22 (d)	$	208,589
	150,000	Illinois Tool Works Senior Unsecured Notes 3.375%, 09/15/21 (d)		156,676
	100,000	Novartis Capital 4.400%, 04/24/20		114,423
	150,000	Penerbangan Malaysia 5.625%, 03/15/16		169,032
		Southwest Airlines Senior Unsecured Notes
	75,000	5.750%, 12/15/16		83,516
	125,000	5.125%, 03/01/17		137,198
	250,000	United Parcel Service Senior Unsecured Notes 3.125%, 01/15/21		266,214
	100,000	Volcan Cia Minera Senior Unsecured Notes 5.375%, 02/02/22		104,100
	200,000	Votorantim Cimentos 7.250%, 04/05/41 (d)		205,500
	200,000	Waste Management 6.125%, 11/30/39		249,861
	200,000	WPE International Cooperatief 10.375%, 09/30/20		178,000
				3,158,562
		Information Technology – 1.19%
	100,000	Arrow Electronics Senior Unsecured Notes 3.375%, 11/01/15		103,750
	100,000	IBM Senior Unsecured Notes 1.950%, 07/22/16		103,323
	200,000	Intel Senior Unsecured Notes 3.300%, 10/01/21		211,652
	200,000	Motorola Solutions Senior Unsecured Notes 6.000%, 11/15/17		233,699
	250,000	Xerox Senior Unsecured Notes 4.250%, 02/15/15		266,599
				919,023
		Materials – 1.21%
	100,000	Alcoa Senior Unsecured Notes 6.150%, 08/15/20		109,143
	250,000	Celulosa Arauco y Constitucion Senior Unsecured Notes 4.750%, 01/11/22		255,804
	200,000	Corp Nacional del Cobre de Chile Senior Unsecured Notes 3.875%, 11/03/21		209,086
	150,000	Ecolab Senior Unsecured Notes 2.375%, 12/08/14		155,364
	100,000	Inversiones CMPC 4.750%, 01/19/18		105,012
	100,000	POSCO Senior Unsecured Notes 4.250%, 10/28/20 (d)		100,649
				935,058

Par Value			Market Value
		Telecommunications – 1.74%
	$50,000	AT&T Senior Unsecured Notes 5.350%, 09/01/40	$	54,791
	150,000	Axiata SPV1 Labuan 5.375%, 04/28/20		161,508
	296,000	British Telecom Senior Unsecured Notes 5.950%, 01/15/18		345,966
	25,000	Comcast 5.900%, 03/15/16		29,024
	125,000	Deutsche Telekom International Finance BV 8.750%, 06/15/30		172,245
	100,000	France Telecom Senior Unsecured Notes 2.750%, 09/14/16		102,734
	300,000	Globo Comunicacao e Participacoes 6.250%, 07/20/15 (e)		323,250
	150,000	NII Capital 8.875%, 12/15/19		151,875
				1,341,393
		Utilities – 2.74%
	200,000	Abu Dhabi National Energy Senior Unsecured Notes 5.875%, 12/13/21		216,250
	150,000	AES Gener Senior Unsecured Notes 7.500%, 03/25/14		161,250
	200,000	Duke Energy Senior Unsecured Notes 3.550%, 09/15/21		208,953
	350,000	EGE Haina Finance Senior Secured Notes 9.500%, 04/26/17		366,625
	200,000	Hongkong Electric Finance 4.250%, 12/14/20		209,345
	100,000	Hydro Quebec 2.000%, 06/30/16		103,357
	200,000	Instituto Costarricense de Electricidad Senior Unsecured Notes 6.950%, 11/10/21 (d)		212,000
		Midamerican Energy Holdings Senior Unsecured Notes
	50,000	5.950%, 05/15/37		60,463
	150,000	6.500%, 09/15/37		192,613
	97,024	Nakilat 6.267%, 12/31/33		106,903
	250,000	Southern Power Senior Unsecured Notes 4.875%, 07/15/15		276,236
				2,113,995
		Total Corporate Notes and Bonds (Cost $23,161,006)		23,545,714
	COLLATERALIZED MORTGAGE-BACKED SECURITIES – 15.64%
	500,000	American General Mortgage Loan Trust Series 2010-1A, Class A3 5.650%, 03/25/58 (a) (d)		526,120
	839,210	Banc of America Funding Series 2010-R9, Class 3A3 5.500%, 12/26/35 (d)		374,805

See accompanying Notes to Financial Statements.

  30

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
$	50,000	Banc of America Merrill Lynch Commercial Mortgage Series 2007-1, Class A4 5.451%, 01/15/49	$	56,648
	25,000	Bear Stearns Commercial Mortgage Securities Series 2006-PW14, Class AM 5.243%, 12/11/38		26,012
	25,000	Bear Stearns Commercial Mortgage Securities Series 2006-PW13, Class AM 5.582%, 09/11/41 (a)		26,599
	437,246	Citicorp Mortgage Securities Series 2007-2, Class 3A1 5.500%, 02/25/37		390,009
	50,000	Citigroup Commercial Mortgage Trust Series 2005-C3, Class AM 4.830%, 05/15/43 (a)		51,604
	100,000	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4, 6.276%, 12/10/49 (a)		116,373
	7,630,374	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class XP 0.323%, 11/15/44 (a) (b) (d)		37,061
	60,000	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A4 5.322%, 12/11/49		66,759
	1,288,503	Citimortgage Alternative Loan Trust Series 2007-A4, Class 1A13 5.750%, 04/25/37		907,065
	50,000	Commercial Mortgage Pass Through Certificates Series 2006-C7, Class AM 5.965%, 06/10/46 (a)		51,256
	193,165	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 2.586%, 07/10/46 (a) (b) (d)		13,096
	642,568	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/25/36		265,187
	156,828	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/25/37		113,507
	597,856	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 0.739%, 09/25/37 (a)		306,813
	575,632	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 6.261%, 09/25/37 (a) (b)		119,513
	383,249	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-16, Class A8 1.139%, 09/25/35 (a)		334,935
	300,000	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/25/37		265,278
	100,000	Credit Suisse First Boston Mortgage Securities Series 1998 -C2 Class F 6.750%, 11/15/30 (a) (d)		107,067

Par Value			Market Value
$	5,723,550	Credit Suisse First Boston Mortgage Securities Series 1997-C2, Class AX 0.269%, 01/17/35 (a) (b)	$	17,514
	183,519	Credit Suisse First Boston Mortgage Securities Series 2005-8, Class 9A4 5.500%, 09/25/35		166,232
	821,046	Credit Suisse Mortgage Capital Certificates Series 2006-7, Class 1A3 5.000%, 08/25/36		635,716
	100,000	Fontainebleau Miami Beach Trust Series 2001-FBLU, Class C 4.270%, 05/05/27 (d)		101,265
	50,000	GE Capital Commercial Mortgage Series 2005-C4, Class AM 5.437%, 11/10/45 (a)		51,381
	50,000	GMAC Commercial Mortgage Securities Series 2006-C1, Class AM 5.290%, 11/10/45 (a)		50,655
	100,000	GMAC Commercial Mortgage Securities Series 2006 -C1 Class AJ 5.349%, 11/10/45 (a) (e)		75,635
	50,000	Greenwich Capital Commercial Funding Series 2007-GG9, Class A4 5.444%, 03/10/39		55,532
	219,965	HSBC Asset Loan Obligation Series 2007-2, Class 1A1 5.500%, 09/25/37		213,806
	58,790	JPMorgan Chase Commercial Mortgage Securities Series 2003 -CB6 Class A1 4.393%, 07/12/37		59,262
	40,000	JPMorgan Chase Commercial Mortgage Securities Series 2006-CB16, Class A4 5.552%, 05/12/45		45,236
	2,635,149	JPMorgan Chase Commercial Mortgage Securities Series 2006-LDP8, Class X 0.735%, 05/15/45 (a) (b)		50,107
	1,286,883	JPMorgan Chase Commercial Mortgage Securities Series 2011-C4, Class XA 1.793%, 07/15/46 (a) (b) (d)		98,467
	25,000	JPMorgan Chase Commercial Mortgage Securities Series 2011-C5, Class AS 5.491%, 08/15/46 (a) (d)		27,986
	50,000	JPMorgan Chase Commercial Mortgage Securities Series 2007-CB19, Class A4 5.925%, 02/12/49 (a)		57,278
	100,000	JPMorgan Chase Commercial Mortgage Securities Series 2007 -CB17 Class AM 5.925%, 02/12/49 (a)		97,512
	50,000	JPMorgan Chase Commercial Mortgage Securities Series 2007-CB20, Class A4 5.794%, 02/12/51 (a)		57,770
	50,000	JPMorgan Chase Commercial Mortgage Securities Series 2007-C1, Class A4 5.716%, 02/15/51		55,507

See accompanying Notes to Financial Statements.
	31

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$100,000	LB-UBS Commercial Mortgage Trust Series 2006 -C7 Class AJ 5.407%, 11/15/38 (e)	$	57,147
	8,153,346	LB-UBS Commercial Mortgage Trust Series 2007-C7, Class XCL 0.121%, 09/15/45 (a) (b) (d)		69,727
	36,289	Morgan Stanley Capital I Series 2006-HQ9, Class AAB 5.685%, 07/12/44		37,598
	50,000	Morgan Stanley Capital I Series 2006-HQ9, Class AM 5.773%, 07/12/44 (a)		54,347
	1,479,308	Morgan Stanley Capital I Series 2011-C1, Class XA 1.148%, 09/15/47 (a) (b) (d)		56,806
	7,244,413	Morgan Stanley Capital I Series 2007-1Q16, Class X2 0.368%, 12/12/49 (a) (b) (d)		58,796
	300,000	Nomura Asset Acceptance Series 2005-AP3, Class A3 5.318%, 08/25/35 (a)		188,603
	63,102	Prudential Commercial Mortgage Trust Series 2003 -PWR1 Class A1 3.669%, 02/11/36		63,542
	320,400	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/25/36		171,901
	824,081	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/25/37		535,767
	100,000	Rialto Real Estate Fund LP Series 2012-LT1A, Class A 4.750%, 02/15/25 (d)		100,511
	601,888	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 5.326%, 02/25/36 (a)		419,152
	245,259	Structured Asset Securities Series 2005-10, Class 1A1 5.750%, 06/25/35		226,768
	100,000	TIAA Seasoned Commercial Mortgage Trust Series 2007-C4 Class AJ 5.656%, 08/15/39 (a)		104,508
	25,000	Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Class AM 5.493%, 12/15/44 (a)		26,404
	602,890	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 6.000%, 06/25/37		501,198
	1,000,000	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A2 6.000%, 07/25/37		981,961
	1,021,898	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/25/37		949,275
	983,626	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/25/37		936,255

Par Value			Market Value
	$474,573	Wells Fargo Mortgage Loan Trust Series 2012-RR1 Class A1 2.847%, 08/27/37 (a) (c) (d)	$	477,017
		Total Collateralized Mortgage- Backed Securities (Cost $11,902,364)		12,089,851
	ASSET-BACKED SECURITIES – 2.24%
	100,000	Credit-Based Asset Servicing and Securitization Series 2007-MX1, Class A4 6.231%, 12/25/36 (d) (f)		68,011
	757,000	GSAA Trust Series 2006-15, Class AF3B 5.933%, 09/25/36 (a)		134,436
	565,042	Residential Asset Mortgage Products Series 2006-RS5, Class A3 0.409%, 09/25/36 (a)		410,652
	500,000	Residential Asset Securities Series 2004-KS6, Class A15 5.850%, 07/25/34 (a)		395,762
	756,701	Series 2005-KS4, Class M1 0.649%, 05/25/35 (a)		721,579
		Total Asset-Backed Securities (Cost $1,763,054)		1,730,440
	FOREIGN GOVERNMENT BONDS – 3.70%
	300,000	Banco Latinoamericano de Comercio Exterior Senior Unsecured Notes 3.750%, 04/04/17 (d)		300,750
	325,000	Corp Andina de Fomento Senior Unsecured Notes 3.750%, 01/15/16		341,286
	226,000	Mexico Government International Bond Senior Unsecured Notes 5.625%, 01/15/17		264,985
	50,000	Province of Ontario Canada 2.300%, 05/10/16		52,068
	400,000	Qatar Government International Bond 4.500%, 01/20/22		424,000
	250,000	Qatar Government International Bond 6.400%, 01/20/40		300,313
	250,000	Ras Laffan Liquefied Natural Gas III 5.838%, 09/30/27		270,685
	200,000	Russian Foreign Bond 4.500%, 04/04/22 (c) (d)		207,600
	400,000	South Africa Government International Bond Senior Unsecured Notes 4.665%, 01/17/24		421,000
	250,000	Wakala Global Sukuk 4.646%, 07/06/21		273,930
		Total Foreign Government Bonds (Cost $2,808,042)		2,856,617
	Total Investments – 95.85% (Cost $72,559,022)* 74,070,926
	Net Other Assets and Liabilities – 4.15%			3,204,500
	Net Assets – 100.00%		$	77,275,426

See accompanying Notes to Financial Statements.

  32

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

* At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	1,736,879
Gross unrealized depreciation		(224,975	)
Net unrealized appreciation	$	1,511,904

(a) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2012.

(b) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value the “interest only” holding.

(c) Securities with a total aggregate market value of $1,557,203 or 2.02% of the net assets were valued under the fair valuation procedures established by the Fund’s Board of Trustees.

(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are purchased in accordance with guidelines approved by the Fund’s Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2012, these securities amounted to $5,933,278 or 7.68% of net assets. These securities have been determined by the Subadviser to be liquid securities.

(e) Delayed delivery security. See Note B-3 in the Notes to Financial Statements.

(f) Step Coupon. Security becomes interest bearing at a future date.

(g) Security with a market value of $441,844 has been pledged as collateral for delayed delivery securities.

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

S&P Standard & Poor

Portfolio Composition

U.S. Government Obligations	19	%
U.S. Government Agency Obligations	30	%
Corporate Notes and Bonds (S&P Ratings)
AAA	2	%
AA	4	%
A	11	%
BBB	17	%
BB	3	%
B	2	%
Lower than B	11	%
Not Rated	1	%
	100	%

See accompanying Notes to Financial Statements.
	33

Aston Funds
ASTON/TCH Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited)

Par Value			Market Value
	CORPORATE NOTES AND BONDS – 60.69%
		Consumer Discretionary – 5.60%
		JC Penney Senior Unsecured Notes
	$300,000	6.375%, 10/15/36	$	258,750
	250,000	7.400%, 04/01/37		241,250
	1,000,000	Limited Brands Senior Unsecured Notes 7.600%, 07/15/37		1,015,000
		Macy’s Retail Holdings
	100,000	7.875%, 07/15/15 (a)		117,597
	500,000	6.375%, 03/15/37		587,499
	250,000	Mattel Senior Unsecured Notes 6.200%, 10/01/40		285,171
	500,000	O’Reilly Automotive 4.625%, 09/15/21		540,741
	250,000	Staples 9.750%, 01/15/14		283,402
	450,000	Whirlpool, MTN Unsecured Notes 8.600%, 05/01/14		505,548
	250,000	Wyndham Worldwide Senior Unsecured Notes 7.375%, 03/01/20		299,183
				4,134,141
		Consumer Staples – 2.84%
		Altria Group
	500,000	8.500%, 11/10/13		556,512
	200,000	10.200%, 02/06/39		321,104
	250,000	Corn Products International Senior Unsecured Notes 6.625%, 04/15/37		294,691
	200,000	Kellogg Senior Unsecured Notes 5.125%, 12/03/12		205,515

Par Value			Market Value
		Consumer Staples (continued)
	$150,000	PepsiCo Senior Unsecured Notes 7.900%, 11/01/18	$	203,747
	250,000	Ralcorp Holdings 6.625%, 08/15/39		260,759
	200,000	Reynolds American 7.750%, 06/01/18		251,138
				2,093,466
		Energy – 9.79%
		Chesapeake Energy
	500,000	6.775%, 03/15/19		486,875
	250,000	6.625%, 08/15/20		245,000
	250,000	6.125%, 02/15/21		237,500
	250,000	CNOOC Finance 212 3.875%, 05/02/22 (b) (e)		250,556
	500,000	Dolphin Energy 5.500%, 12/15/21 (b)		535,000
	500,000	Ecopetrol SA Senior Unsecured Notes 7.625%, 07/23/19		630,250
	250,000	El Paso Pipeline Partners Operating 7.500%, 11/15/40		301,506
	250,000	Energy Transfer Partners Senior Unsecured Notes 9.000%, 04/15/19		312,797
	500,000	6.500%, 02/01/42		531,176
	400,000	Hess Senior Unsecured Notes 8.125%, 02/15/19		520,432
	400,000	Kinder Morgan Energy Partners Senior Unsecured Notes 9.000%, 02/01/19		515,301
	450,000	Nabors Industries 9.250%, 01/15/19		587,050
	250,000	Pride International Senior Unsecured Notes 6.875%, 08/15/20		308,215
	750,000	Rockies Express Pipeline Senior Unsecured Notes 6.875%, 04/15/40 (b)		633,750
	250,000	Rowan Senior Unsecured Notes 5.000%, 09/01/17		270,078
	250,000	Valero Energy 9.375%, 03/15/19		330,888
	400,000	Weatherford International 9.625%, 03/01/19		529,628
				7,226,002
		Financials – 20.95%
	250,000	AFLAC Senior Unsecured Notes 8.500%, 05/15/19		330,668
	450,000	American Financial Group Senior Unsecured Notes 9.875%, 06/15/19		556,581
	250,000	Banco Bradesco SA/Cayman Islands Subordinated Notes 5.750%, 03/01/22 (b)		254,750
	250,000	Bancolombia SA Senior Unsecured Notes 5.950%, 06/03/21		266,875

See accompanying Notes to Financial Statements.

  34

Aston Funds
ASTON/TCH Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$250,000	Berkshire Hathaway Finance Senior Unsecured Notes 0.940%, 02/11/13 (c)	$	251,275
	150,000	Blackstone Holdings Finance 6.625%, 08/15/19 (b) (d)		162,543
	250,000	Bunge Ltd Finance 8.500%, 06/15/19		311,371
	500,000	Daimler Finance 1.249%, 04/10/14 (b) (c)		500,186
	250,000	Discover Bank Subordinated Notes 7.000%, 04/15/20		291,050
	250,000	Export-Import Bank of Korea 4.375%, 09/15/21		255,860
	500,000	5.000%, 04/11/22		539,215
	1,000,000	General Electric Capital, MTN Senior Unsecured Notes 1.166%, 04/24/14 (c)		1,002,354
	800,000	Goldman Sachs Capital I 6.345%, 02/15/34		747,503
	250,000	Goldman Sachs Group Subordinated Notes 6.750%, 10/01/37		247,821
	450,000	Harley-Davidson Funding 5.750%, 12/15/14 (b)		490,068
	500,000	HCP Senior Unsecured Notes 5.375%, 02/01/21		551,830
	500,000	IPIC, GMTN 5.000%, 11/15/20 (b)		521,250
	500,000	6.875%, 11/01/41 (b)		536,250
	200,000	Jefferies Group Senior Unsecured Notes 8.500%, 07/15/19		222,000
	750,000	JPMorgan Chase Capital XXVII 7.000%, 11/01/39		759,375
	250,000	Korea Finance Senior Unsecured Notes 4.625%, 11/16/21		260,660
	250,000	Lincoln National Senior Unsecured Notes
		6.300%, 10/09/37		273,856
	750,000	7.000%, 06/15/40		886,712
	300,000	Marsh & McLennan Senior Unsecured Notes 9.250%, 04/15/19		399,077
	750,000	Merrill Lynch, MTN 6.875%, 04/25/18		836,584
	500,000	Morgan Stanley Senior Unsecured Notes 5.500%, 07/28/21		489,410
	250,000	NASDAQ OMX Group Senior Unsecured Notes 5.550%, 01/15/20		261,966
	1,000,000	NB Capital Trust II 7.830%, 12/15/26		1,008,750
	125,000	Prudential Financial Senior Unsecured Notes 5.625%, 05/12/41		131,289
	500,000	Prudential Financial, MTN 5.800%, 11/16/41		540,085
	250,000	Royal Bank of Canada Senior Unsecured Notes 1.253%, 10/30/14 (c)		252,404

Par Value			Market Value
		Financials (continued)
	$1,000,000	SLM, MTN Senior Unsecured Notes 5.625%, 08/01/33	$	835,000
	500,000	Wells Fargo Senior Unsecured Notes 0.666%, 10/28/15 (c)		490,522
				15,465,140
		Healthcare – 2.92%
		Davita
	125,000	6.375%, 11/01/18		131,563
	375,000	6.625%, 11/01/20		394,219
	200,000	Hospira, GMTN Senior Unsecured Notes 6.400%, 05/15/15		224,184
	250,000	Humana Senior Unsecured Notes 8.150%, 06/15/38		333,006
	500,000	Lorillard Tobacco 8.125%, 05/01/40		618,397
	450,000	WellPoint Senior Unsecured Notes 6.800%, 08/01/12		456,904
				2,158,273
		Industrials – 2.75%
	750,000	Ball 5.750%, 05/15/21		810,000
	250,000	FedEx Senior Notes 8.000%, 01/15/19		328,936
	250,000	Mattel Senior Unsecured Notes 5.450%, 11/01/41		265,454
	250,000	Transocean 7.350%, 12/15/41		306,892
	250,000	Waste Management 7.375%, 03/11/19		318,231
				2,029,513
		Information Technology – 1.69%
	250,000	KLA Instruments Senior Unsecured Notes 6.900%, 05/01/18		302,808
	200,000	Motorola Senior Unsecured Notes 6.625%, 11/15/37		223,503
	500,000	Telecom Italia Capital SA 7.721%, 06/04/38		471,875
	250,000	Xerox Senior Unsecured Notes 1.874%, 09/13/13 (c)		251,922
				1,250,108
		Materials – 5.62%
	750,000	ArcelorMittal Senior Unsecured Notes 5.500%, 03/01/21		739,596
	400,000	7.000%, 10/15/39		390,834
	700,000	Bemis Senior Unsecured Notes 6.800%, 08/01/19		835,369

See accompanying Notes to Financial Statements.
	35

Aston Funds
ASTON/TCH Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Materials (continued)
	$250,000	Dow Chemical (The) Senior Unsecured Notes 8.550%, 05/15/19	$	331,816
	250,000	Hyundai Steel Senior Unsecured Notes 4.625%, 04/21/16 (b)		259,784
	500,000	International Paper Senior Unsecured Notes 8.700%, 06/15/38		682,567
	550,000	Rio Tinto Finance 8.950%, 05/01/14		634,027
	250,000	Sonoco Products Senior Unsecured Notes 5.750%, 11/01/40		275,922
				4,149,915
		Telecommunication Services – 4.84%
	250,000	CBS 8.875%, 05/15/19		333,536
	500,000	CenturyLink Senior Unsecured Notes 7.600%, 09/15/39		475,623
	500,000	7.650%, 03/15/42		475,161
	400,000	Expedia 5.950%, 08/15/20		418,631
	350,000	Frontier Communications Senior Unsecured Notes 9.000%, 08/15/31		335,125
	250,000	Telefonica Emisiones SAU 5.877%, 07/15/19		246,792
	250,000	Telefonica Europe BV 8.250%, 09/15/30		256,118
	450,000	Time Warner Cable 8.250%, 02/14/14		506,677
	500,000	Windstream 7.500%, 06/01/22		526,250
				3,573,913
		Utilities – 3.69%
	200,000	Allegheny Energy Supply Senior Unsecured Notes 6.750%, 10/15/39 (b)		223,789
	250,000	CMS Energy Senior Unsecured Notes 5.050%, 03/15/22		255,571
	500,000	Dubai Electricity & Water Authority Senior Unsecured Notes 8.500%, 04/22/15 (b)		559,000
	450,000	FPL Group Capital 7.875%, 12/15/15		541,729
	250,000	Oncor Electric Delivery 7.500%, 09/01/38		317,354
	150,000	Pacific Gas & Electric Senior Unsecured Notes 8.250%, 10/15/18		202,240
	450,000	Sempra Energy Senior Unsecured Notes 9.800%, 02/15/19		624,839
				2,724,522
		Total Corporate Notes and Bonds (Cost $40,721,270)		44,804,993

Par Value			Market Value
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 24.82%
		Fannie Mae – 7.57%
	$332,756	6.000%, 11/01/17, Pool # 662854	$	364,408
	144,183	6.000%, 04/01/18, Pool # 725175		157,898
	293,660	5.500%, 11/01/18, Pool # 748886		321,818
	136,414	4.500%, 06/01/19, Pool # 747860		148,170
	594,060	6.000%, 01/01/21, Pool # 850787		651,496
	272,720	6.000%, 09/01/32, Pool # 847899		305,755
	132,236	6.000%, 02/01/34, Pool # 771952		148,254
	108,763	7.500%, 02/01/35, Pool # 787557		133,425
	59,183	7.500%, 04/01/35, Pool # 819231		72,658
	198,710	6.000%, 11/01/35, Pool # 844078		221,227
	314,556	5.000%, 05/01/36, Pool # 745581		342,098
	211,877	6.000%, 12/01/36, Pool # 888029		234,960
	279,404	5.500%, 06/01/37, Pool # 918778		305,783
	265,099	6.500%, 10/01/37, Pool # 888890		299,619
	866,762	5.500%, 03/01/38, Pool # 962344		948,596
	438,449	4.000%, 02/01/41, Pool # AE0949		464,422
	441,942	4.000%, 02/01/41, Pool # AH5695		468,053
				5,588,640
		Freddie Mac – 7.68%
	625,708	5.500%, 11/01/20, Gold Pool # G18083		680,901
	117,410	5.500%, 12/01/20, Gold Pool # G11820		127,766
	126,362	6.000%, 10/01/35, Gold Pool # A47772		140,168
	332,777	5.500%, 05/01/37, Gold Pool # A60048		362,897
	608,509	5.500%, 09/01/37, Gold Pool # G03202		663,584
	709,322	5.000%, 02/01/38, Gold Pool # A73409		767,106
	1,033,244	5.000%, 04/01/38, Gold Pool # G04334		1,139,858
	482,495	4.000%, 12/01/39, Gold Pool # G06935		509,795
	217,902	4.000%, 05/01/41, Gold Pool # Q00870		230,470
	990,089	4.000%, 11/01/41, Gold Pool # Q04550		1,047,193
				5,669,738

See accompanying Notes to Financial Statements.

  36

Aston Funds
ASTON/TCH Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Government National Mortgage Association – 3.93%
	$337,532	5.000%, 05/01/37, Pool # 782156	$	373,992
	798,949	5.000%, 08/20/37, Pool # 4015		888,487
	574,723	6.000%, 07/20/38, Pool # 4195		648,112
	680,437	5.500%, 08/20/38, Pool # 4215		740,069
	220,856	6.000%, 01/15/39, Pool # 698036		249,529
				2,900,189
		U.S. Treasury Bill – 1.35%
	1,000,000	0.075%, 06/07/12		999,933
		U.S. Treasury Inflation Index Bonds – 4.29%
	1,580,850	1.375%, 07/15/18		1,832,798
	1,084,810	1.750%, 01/15/28		1,336,944
				3,169,742
		Total U.S. Government and Agency Obligations (Cost $16,830,088)		18,328,242
	COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.51%
	275,000	Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class A4 5.742%, 09/11/42 (c)		322,219
	793,038	JP Morgan Chase Commercial Mortgage Securities Series 2005-CB13, Class A2 5.247%, 01/12/43		795,622
		Total Commercial Mortgage-Backed Securities (Cost $935,636)		1,117,841
	ASSET-BACKED SECURITIES – 6.90%
	293,744	Capital Auto Receivables Asset Trust Series 2008-2, Class A4 5.420%, 12/15/14		296,990
	453,339	CarMax Auto Owner Trust Series 2009-1, Class A4 5.810%, 12/16/13		461,362
	38,786	Ford Credit Auto Owner Trust Series 2008-B, Class A4A 4.950%, 03/15/13		38,882
	372,852	Series 2008-C, Class A4A 5.160%, 04/15/13		374,653
	819,694	6.070%, 05/15/14		839,192
	300,000	Series 2009-B, Class A4 4.500%, 07/15/14		307,552
	112,242	Harley-Davidson Motorcycle Trust Series 2008-1, Class A4 4.900%, 12/15/13		113,000
	881,793	4.550%, 01/15/17		889,483
		Nissan Auto Receivables Owner Trust
	42,611	Series 2009-1, Class A3 5.000%, 09/15/14		42,886
	664,372	Series 2008-B, Class A4 5.050%, 11/17/14		671,609

Par Value		Market Value
$1,042,329	USAA Auto Owner Trust Series 2009-1, Class A4 4.770%, 09/15/14	$	1,055,837
	Total Asset-Backed Securities (Cost $5,118,306)		5,091,446
FOREIGN GOVERNMENT BONDS – 1.67%
500,000	Republic of Latvia 5.250%, 02/22/17 (b)		515,000
500,000	Republic of Poland 5.000%, 03/23/22		537,500
150,000	State of Qatar Senior Notes 6.400%, 01/20/40 (b)		180,188
	Total Foreign Government Bonds (Cost $1,140,391)		1,232,688

Shares
INVESTMENT COMPANY – 2.36%
1,741,634	BlackRock Liquidity Funds TempCash Portfolio (f)		1,741,634
	Total Investment Company (Cost $1,741,634)		1,741,634
Total Investments – 97.95% (Cost $66,487,325)*			72,316,844
Net Other Assets and Liabilities – 2.05%			1,510,594
Net Assets – 100.00%		$	73,827,438

* At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,292,279
Gross unrealized depreciation		(462,760	)
Net unrealized appreciation	$	5,829,519

(a) Step Coupon. A bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods until maturity. The coupon rate will be 7.875% untill maturity.

(b) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are purchased in accordance with guidelines approved by the Fund’s Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2012, these securities amounted to $5,622,114 or 7.62% of net assets. These securities have been determined by the Subadviser to be liquid securities.

(c) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2012.

(d) Standard & Poor’s (S&P) credit ratings are used in the absence of a rating by Moody’s Investors, Inc.

(e) Delayed delivery security. See Note B-3 in the Notes to Financial Statements.

(f) Security with a market value of $556,928 has been pledged as collateral for delayed delivery security.

GMTN Global Medium Term Note

MTN Medium Term Note

NASDAQ MTN Medium Term Note Automated Quotations

S&P Standard & Poor

See accompanying Notes to Financial Statements.
	37

Aston Funds
ASTON/TCH Fixed Income Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

	XXXXXX
Portfolio Composition
Investment Company	2	%
U.S. Government Obligations	6	%
U.S. Government Agency Obligations	19	%
Corporate Notes and Bonds
(Moody’s Ratings (d) unaudited)
Aaa	9	%
Aa	3	%
A	11	%
Baa	37	%
Ba	12	%
B	1	%
	100	%

See accompanying Notes to Financial Statements.

  38

Aston Funds
ASTON/Lake Partners LASSO Alternatives Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	INVESTMENT COMPANIES – 101.20%
		Arbitrage – 11.46%
	8,086	Arbitrage Fund-I	$	106,166
	348,167	Dunham Monthly Distribution Fund-N		12,927,447
	818,039	Merger Fund		12,933,193
	362,865	Touchstone Merger Arbitrage Fund		3,846,371
				29,813,177
		Hedged Fixed Income – 25.19%
	615,659	Driehaus Active Income Fund .		6,470,573
	643,519	Driehaus Select Credit Fund		6,505,979
	11,912	Eaton Vance Global Macro Absolute Return Fund-I		118,409
	1,200,988	John Hancock Funds II - Strategic Income Opportunities Fund .		13,018,714
	2,602,473	Metropolitan West High Yield Bond Fund-I		26,337,029
	1,000,048	Templeton Global Total Return Fund-AD		13,070,631
				65,521,335
		Commodities – 2.87%
	97,523	Forward Commodity Long/Short Strategy Fund-I		2,534,628
	192,259	Guggenheim - Long/Short Commodities Strategy Fund-Y		4,921,820
				7,456,448
		Global Macro – 7.46%
	1,812,858	John Hancock Funds II - Global Absolute Return Strategies Fund *		19,397,578
		Long/Short Strategies – 47.16%
	1,140,367	FPA Crescent Fund-I		32,432,027
	2,508,348	Robeco Boston Partners Long/Short Equity Fund-IS		50,618,463
	377,343	Royce Global Select Fund-INV		6,629,922

Shares			Market Value
		Long/Short Strategies (continued)
	2,543,350	The Weitz Funds - Partners III Opportunity Fund	$	32,885,520
	9,990	Turner Medical Sciences Long/Short Fund *		101,503
				122,667,435
		Cash Equivalents – 7.06%
	18,352,297	Blackrock Liquidity Funds Treasury Trust Fund Portfolio		18,352,297
		Total Investment Companies (Cost $257,948,143)		263,208,270
	Total Investments – 101.20% (Cost $257,948,143)**			263,208,270
	Net Other Assets and Liabilities – (1.20)%			(3,121,875	)
	Net Assets – 100.00%		$	260,086,395

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,131,121
Gross unrealized depreciation		(870,994	)
Net unrealized appreciation	$	5,260,127

See accompanying Notes to Financial Statements.
	39

Aston Funds
ASTON Dynamic Allocation Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	EXCHANGE TRADED FUNDS – 89.59%
		Commodities – 6.03%
	36,470	iShares Silver Trust *	$	1,098,111
	6,995	SPDR Gold Shares *		1,132,351
				2,230,462
		Domestic Equities – 12.91%
	133,324	Financial Select Sector SPDR Fund		2,055,856
	30,820	Health Care Select Sector SPDR Fund		1,156,058
	43,928	Utilities Select Sector SPDR Fund		1,566,472
				4,778,386
		Domestic Fixed Income – 51.96%
	174,698	iShares Barclays 1-3 Year Treasury Bond Fund		14,754,993
	20,391	iShares Barclays Aggregate Bond Fund		2,255,041
	19,044	iShares iBoxx Investment Grade Corporate Bond Fund		2,218,245
				19,228,279
		International Equities – 6.07%
	94,177	iShares MSCI Australia Index Fund		2,245,180
		Real Estate – 12.62%
	30,226	iShares Cohen & Steers Realty Majors Index Fund		2,379,995
	34,959	Vanguard REIT		2,288,766
				4,668,761
		Total Exchange Traded Funds (Cost $32,935,383)		33,151,068

Shares			Market Value
	INVESTMENT COMPANY – 10.51%
	3,890,174	BlackRock Liquidity Funds TempCash Portfolio	$	3,890,174
		Total Investment Company (Cost $3,890,174)		3,890,174
	Total Investments – 100.10%     (Cost $36,825,557)**			37,041,242
	Net Other Assets and Liabilities – (0.10)%			(38,514	)
	Net Assets – 100.00%		$	37,002,728

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	290,440
Gross unrealized depreciation		(74,755	)
Net unrealized appreciation	$	215,685

MSCI Morgan Stanley Capital International

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depositary Receipt

See accompanying Notes to Financial Statements.

  40

Aston Funds
ASTON/M.D. Sass Enhanced Equity Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.36%
		Consumer Discretionary – 8.77%
	135,000	Carnival (a)	$	4,386,150
	87,000	Kohl’s (a)		4,361,310
	280,000	Staples (a)		4,312,000
				13,059,460
		Consumer Staples – 13.74%
	170,000	ConAgra Foods (a)		4,389,400
	68,000	PepsiCo (a)		4,488,000
	40,000	Procter & Gamble		2,545,600
	155,000	Sysco (a)		4,479,500
	130,000	Walgreen (a)		4,557,800
				20,460,300
		Financials – 10.34%
	240,000	Bank of America (a)		1,946,400
	125,000	MetLife (a)		4,503,750
	63,000	PartnerRe (Bahamas) (a)		4,386,060
	50,000	SunTrust Banks (a)		1,214,000
	100,000	Wells Fargo (a)		3,343,000
				15,393,210
		Healthcare – 11.96%
	55,000	Becton Dickinson (a)		4,314,750
	110,000	Eli Lilly (a)		4,552,900
	67,000	Johnson & Johnson (a)		4,361,030
	120,000	Medtronic (a)		4,584,000
				17,812,680
		Industrials – 13.88%
	90,000	Eaton (a)		4,336,200
	90,000	Emerson Electric (a)		4,728,600
	200,000	General Electric (a)		3,916,000
	5,000	Illinois Tool Works (a)		286,900
	25,000	Lockheed Martin (a)		2,263,500
	15,100	Raytheon (a)		817,514
	53,000	United Technologies (a)		4,326,920
				20,675,634

Shares			Market Value
		Information Technology – 18.69%
	370,000	Applied Materials (a)	$	4,436,300
	225,000	Cisco Systems (a)		4,533,750
	310,000	Corning (a)		4,448,500
	95,000	Harris (a)		4,326,300
	145,000	Intel (a)		4,118,000
	4,000	Microsoft (a)		128,080
	725,000	Nokia OYJ, SP ADR (Finland) (a)		2,646,250
	410,000	Xerox (a)		3,189,800
				27,826,980
		Telecommunication Services – 3.09%
	140,000	AT&T (a)		4,607,400
		Utilities – 16.89%
	69,000	Entergy (a)		4,523,640
	174,096	Exelon		6,791,485
	95,000	FirstEnergy (a)		4,447,900
	6,000	NextEra Energy (a)		386,100
	164,000	PPL (a)		4,485,400
	145,000	Public Service Enterprise Group (a)		4,516,750
				25,151,275
		Total Common Stocks (Cost $148,695,874)		144,986,939

Number of Contracts
	PURCHASED OPTIONS – 0.55%
		SPDR S&P 500 ETF Trust
	300	Strike @ $120 Exp 05/19/12	1,200
	500	Strike @ $121 Exp 05/19/12	2,000
	500	Strike @ $122 Exp 05/19/12	2,500
	500	Strike @ $123 Exp 05/19/12	3,500
	1,867	Strike @ $124 Exp 05/19/12	13,069
	1,900	Strike @ $125 Exp 05/19/12	15,200
	1,468	Strike @ $126 Exp 05/19/12	13,212
	1,200	Strike @ $123 Exp 06/16/12	48,000
	1,200	Strike @ $124 Exp 06/16/12	52,800
	1,200	Strike @ $125 Exp 06/16/12	60,000
	500	Strike @ $126 Exp 06/16/12	27,500
	2,500	Strike @ $124 Exp 06/29/12	172,500
	2,500	Strike @ $125 Exp 06/29/12	192,500
	2,500	Strike @ $126 Exp 06/29/12	220,000
		Total Purchased Options (Premiums Paid $1,977,426)	823,981

Shares
	INVESTMENT COMPANY – 4.35%
	6,475,318	BlackRock Liquidity Funds FedFund Portfolio		6,475,318
		Total Investment Company (Cost $6,475,318)		6,475,318
	Total Investments – 102.26%     (Cost $157,148,618)**			152,286,238
	Net Other Assets and Liabilities – (2.26)%			(3,372,746	)
	Net Assets – 100.00%		$	148,913,492

See accompanying Notes to Financial Statements.
	41

Aston Funds
ASTON/M.D. Sass Enhanced Equity Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	5,591,024
Gross unrealized depreciation		(10,453,404	)
Net unrealized depreciation	$	(4,862,380	)

(a) These securities are pledged as collateral for call options written.

ETF Exchange-Traded Fund

S&P Standard & Poor

SP ADR Sponsored American Depositary Receipt

SPDR Standard & Poor’s Depositary Receipt

Transactions in written call options for the period ended April 30, 2012 were as follows:

	Number of Contracts			Premium
Outstanding October 31, 2011		37,160		$	3,231,770
Call Options Written		59,461			4,318,238
Call Options Closed or Expired		(44,129	)		(3,509,819	)
Call Options Exercised		(7,474	)		(795,059	)
Outstanding, April 30, 2012		45,018		$	3,245,130

Premiums received and value of written call equity options outstanding as of April 30, 2012.

Number  of Contracts		Description	Premium Received		Market Value
		Applied Materials
	1,500	Strike @ $13 Exp 10/12	$	54,222	$	57,000
		AT&T
	100	Strike @ $31 Exp 05/12		3,597		18,800
	713	Strike @ $32 Exp 07/12		25,751		93,403
	300	Strike @ $32 Exp 10/12		25,192		48,000
	287	Strike @ $33 Exp 10/12		14,199		29,274
		Bank of America
	600	Strike @ $10 Exp 08/12		11,400		10,200
	1,800	Strike @ $9 Exp 08/12		51,555		63,000
		Becton Dickinson
	550	Strike @ $80 Exp 09/12		105,721		104,500
		Carnival
	110	Strike @ $35 Exp 07/12		7,587		7,150
	1,028	Strike @ $36 Exp 07/12		97,244		41,120
	212	Strike @ $35 Exp 10/12		23,950		28,620
		Cisco Systems
	2,150	Strike @ $22 Exp 01/13		189,014		202,100
		ConAgra Foods
	240	Strike @ $26 Exp 06/12		9,354		9,600
	340	Strike @ $27 Exp 09/12		14,951		11,900
	820	Strike @ $28 Exp 09/12		23,759		10,250
		Corning
	174	Strike @ $16 Exp 08/12		8,348		4,524
	1,312	Strike @ $17 Exp 08/12		28,831		14,432
	150	Strike @ $18 Exp 08/12		5,096		900
	464	Strike @ $16 Exp 11/12		21,796		25,984
	1,000	Strike @ $17 Exp 11/12		35,975		35,000
		Eaton
	300	Strike @ $55 Exp 10/12		26,983		22,500
	600	Strike @ $52.5 Exp 01/13		130,968		138,000

Number  of Contracts		Description	Premium Received		Market Value
		Eli Lilly
	150	Strike @ $41 Exp 07/12	$	13,196	$	18,300
	950	Strike @ $43 Exp 10/12		127,074		159,600
		Emerson Electric
	900	Strike @ $55 Exp 09/12		125,825		135,000
		Entergy
	33	Strike @ $70 Exp 01/13		4,883		3,465
		FirstEnergy
	103	Strike @ $44 Exp 07/12		8,649		29,355
	175	Strike @ $46 Exp 07/12		12,070		25,375
	672	Strike @ $47 Exp 07/12		39,631		57,120
		General Electric
	400	Strike @ $17 Exp 06/12		25,590		101,600
	1,150	Strike @ $21 Exp 09/12		55,269		40,250
	450	Strike @ $22 Exp 12/12		15,739		18,450
		Harris
	298	Strike @ $40 Exp 05/12		42,085		157,940
	50	Strike @ $45 Exp 05/12		5,399		6,750
	602	Strike @ $45 Exp 08/12		53,562		144,480
		Illinois Tool Works
	50	Strike @ $52.5 Exp 06/12		8,149		26,500
		Intel
	700	Strike @ $29 Exp 07/12		48,282		53,900
	750	Strike @ $29 Exp 10/12		75,730		92,250
		Johnson & Johnson
	270	Strike @ $67.5 Exp 10/12		39,373		20,790
	400	Strike @ $67.5 Exp 01/13		46,029		49,600
		Kohls
	170	Strike @ $52.5 Exp 07/12		34,505		20,400
	700	Strike @ $55 Exp 10/12		130,180		91,000
		Lockheed Martin
	250	Strike @ $85 Exp 06/12		56,993		147,500
		Medtronic
	200	Strike @ $42 Exp 08/12		16,395		7,200
	800	Strike @ $43 Exp 08/12		110,378		18,400
	200	Strike @ $41 Exp 11/12		24,045		23,600
		MetLife
	50	Strike @ $42 Exp 06/12		4,199		250
	1,100	Strike @ $41 Exp 09/12		136,630		89,100
	50	Strike @ $42 Exp 01/13		8,099		6,950
		Microsoft
	40	Strike @ $29 Exp 07/12		3,319		12,960
		NextEra Energy
	20	Strike @ $60 Exp 06/12		2,559		8,920
	40	Strike @ $62.5 Exp 09/12		5,719		10,800
		Nokia OYJ, SP ADR (Finland)
	210	Strike @ $6 Exp 10/12		3,355		2,100
	750	Strike @ $10 Exp 01/13		7,481		5,250
	3,040	Strike @ $7.5 Exp 01/13		43,490		33,440
		PartnerRe (Bahamas)
	630	Strike @ $70 Exp 08/12		68,219		152,775
		PepsiCo
	100	Strike @ $67.5 Exp 07/12		14,897		6,700
	580	Strike @ $67.5 Exp 10/12		88,417		75,980

See accompanying Notes to Financial Statements.

  42

Aston Funds
ASTON/M.D. Sass Enhanced Equity Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Number of Contracts		Description	Premium Received		Market Value
		PPL
	204	Strike @ $28 Exp 10/12	$	9,991	$	9,690
		Public Service Enterprise Group
	1,200	Strike @ $35 Exp 06/12		70,796		3,000
		Raytheon
	1	Strike @ $48 Exp 05/12		123		585
	50	Strike @ $52.5 Exp 05/12		4,549		9,250
	100	Strike @ $52.5 Exp 08/12		9,747		28,100
		Staples
	250	Strike @ $18 Exp 06/12		9,744		1,250
	2,550	Strike @ $17 Exp 09/12		124,885		102,000
		SunTrust Banks
	500	Strike @ $26 Exp 07/12		33,987		37,750
		Sysco
	400	Strike @ $31 Exp 08/12		20,677		8,000
	150	Strike @ $32 Exp 08/12		8,846		1,125
	850	Strike @ $29 Exp 11/12		88,760		102,000
	50	Strike @ $31 Exp 11/12		2,949		2,000
		United Technologies
	470	Strike @ $85 Exp 08/12		76,597		85,070
	60	Strike @ $87.5 Exp 11/12		15,298		13,860
		Walgreen
	150	Strike @ $37 Exp 10/12		15,596		22,650
	1,150	Strike @ $38 Exp 10/12		113,820		139,150
		Wells Fargo
	1,000	Strike @ $34 Exp 07/12		101,974		109,000
		Xerox
	3,900	Strike @ $9 Exp 07/12		111,488		31,200
	200	Strike @ $9 Exp 10/12		4,395		3,600
		Total Written Call Options	$	3,245,130	$	3,539,587

See accompanying Notes to Financial Statements.
	43

Aston Funds
ASTON/River Road Long-Short Fund	April 30, 2012
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Exchange Traded Funds, Materials and Telecommunication Services are negative 4.22%, 0.96% and 1.20%, respectively and cannot be represented in the pie

Shares			Market Value
	COMMON STOCKS – 80.89%
		Consumer Discretionary – 25.01%
	4,747	Big Lots *	$	173,930
	9,471	DreamWorks Animation SKG, Class A * (a)		170,573
	7,889	General Motors * (a)		181,447
	9,286	Iconix Brand Group *		142,447
	2,179	Kohl’s (a)		109,233
	9,312	Liberty Media, Class A * (a)		175,438
	5,249	Madison Square Garden, Class A * (a)		188,807
	8,267	Thomson Reuters (a)		246,522
				1,388,397
		Consumer Staples – 9.30%
	3,933	Constellation Brands, Class A * (a)		84,953
	5,836	Harris Teeter Supermarkets (a)		221,593
	5,039	Molson Coors Brewing, Class B (a)		209,522
				516,068
		Energy – 6.52%
	2,328	Devon Energy (a)		162,611
	6,452	Nordic American Tankers (a)		93,683
	6,535	Patterson-UTI Energy (a)		105,671
				361,965
		Financials – 14.62%
	2,123	Berkshire Hathaway, Class B * (a)		170,795
	662	CME Group (a)		175,973
	6,732	Loews (a)		276,887
	359	White Mountains Insurance Group (a)		187,757
				811,412
		Healthcare – 8.37%
	1,810	Becton, Dickinson (a)		141,994
	6,141	Hill-Rom Holdings (a)		199,275
	3,228	Medtronic (a)		123,310
				464,579

Shares			Market Value
		Industrials – 4.99%
	3,443	Expeditors International of Washington (a)	$	137,720
	6,714	Geo Group * (a)		139,047
				276,767
		Information Technology – 8.49%
	2,818	DST Systems (a)		157,752
	2,508	Global Payments (a)		116,446
	10,726	Western Union (a)		197,144
				471,342
		Utilities – 3.60%
	4,227	National Fuel Gas (a)		200,022
		Total Common Stocks (Cost $4,332,076)		4,490,552
	INVESTMENT COMPANY – 18.81%
	1,044,190	BlackRock Liquidity Funds TempCash Portfolio		1,044,190
		Total Investment Company (Cost $1,044,190)		1,044,190
	Total Investments – 99.70% (Cost $5,376,266)***			5,534,742

$1,063,796 in cash and $4,062,211 in securities was segregated or on deposit with a prime broker to cover short sales as of April 30, 2012 and is included in “Net Other Assets and Liabilities”.

SHORT SALES – (22.63)%
	Consumer Discretionary – (7.96)%
(372)	BJ’s Restaurants **	(16,067	)
(3,414)	Boyd Gaming **	(26,254	)
(900)	Charter Communications, Class A **	(54,423	)
(3,757)	Clear Channel Outdoor Holdings, Class A **	(28,440	)
(569)	DineEquity **	(27,642	)
(3,108)	Gannett	(42,953	)
(1,144)	Hanesbrands **	(32,284	)
(1,721)	La-Z-Boy **	(25,935	)
(2,546)	Leggett & Platt	(55,426	)
(1,034)	Life Time Fitness **	(48,143	)
(4,485)	Office Depot **	(13,634	)
(2,849)	Systemax **	(48,917	)
(375)	Tempur-Pedic International **	(22,065	)
		(442,183	)
	Exchange Traded Funds – (4.22)%
(7,445)	United States Natural Gas Fund **	(122,247	)
(2,818)	United States Oil Fund **	(111,818	)
		(234,065	)
	Financials – (3.47)%
(3,420)	CBL & Associates Properties, REIT	(63,715	)
(3,145)	Equity One, REIT	(65,353	)
(1,401)	Mercury General	(63,311	)
		(192,379	)
	Healthcare – (0.34)%
(1,073)	Insulet **	(19,164	)
		(19,164	)

See accompanying Notes to Financial Statements.

  44

Aston Funds
ASTON/River Road Long-Short Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Industrials – (3.25)%
	(2,619)	Delta Air Lines **	$	(28,704	)
	(1,805)	Deluxe		(42,977	)
	(1,476)	Granite Construction		(41,092	)
	(1,100)	Masco		(14,498	)
	(946)	Mobile Mini **		(17,842	)
	(4,269)	Mueller Water Products, Class A		(15,326	)
	(1,098)	USG **		(19,819	)
				(180,258	)
		Information Technology – (1.23)%
	(8,388)	Earthlink		(68,110	)
				(68,110	)
		Materials – (0.96)%
	(3,015)	Louisiana-Pacific **		(27,286	)
	(700)	Molycorp **		(18,942	)
	(428)	Seabridge Gold (Canada) **		(7,173	)
				(53,401	)
		Telecommunication Services – (1.20)%
	(1,723)	CenturyLink		(66,439	)
		Total Short Sales – (22.63)% (Proceeds $1,256,184)		(1,255,999	)
	Net Other Assets and Liabilities – 22.92%			1,272,625
	Net Assets – 100.00%		$	5,551,368

* Non-income producing security.

** No dividend payable on security sold short.

*** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	233,634
Gross unrealized depreciation		(75,158	)
Net unrealized appreciation	$	158,476

(a) Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.
	45

Aston Funds
ASTON/Neptune International Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.17%
		Australia – 2.47%
	1,500	WorleyParsons	$	44,153
		Brazil – 1.32%
	1,000	Petroleo Brasileiro, ADR		23,540
		China – 24.33%
	1,000	Baidu, SP ADR *		132,700
	10,000	China Life Insurance, Class H *		27,067
	5,000	China Mobile		55,390
	7,000	China Resources Enterprise		25,443
	35,000	Mandarin Oriental International		55,650
	40,000	PetroChina, Class H		60,629
	21,666	Shangri-La Asia		46,020
	1,000	Tencent Holdings		31,423
				434,322
		France – 7.04%
	100	Hermes International		35,376
	300	LVMH Moet Hennessy Louis Vuitton		49,698
	850	Total		40,584
				125,658
		India – 1.33%
	500	Infosys, SP ADR		23,675
		Japan – 10.18%
	300	FANUC		51,065
	2,000	Komatsu		57,991
	3,500	Kubota		34,018
	5,000	Toray Industries		38,640
				181,714
		Netherlands – 3.00%
	1,000	Akzo Nobel		53,590
		Norway – 2.75%
	1,000	Yara International		49,048

Shares			Market Value
		Russia – 11.16%
	4,000	Gazprom, SP ADR	$	45,880
	1,781	MMC Norilsk Nickel, ADR		31,542
	150	NovaTek, SP GDR		19,065
	5,000	Rosneft Oil, GDR *		35,675
	2,750	Sberbank, SP ADR		35,503
	1,250	X5 Retail Group, GDR *		31,600
				199,265
		Switzerland – 2.47%
	800	Novartis AG		44,114
		Taiwan – 2.62%
	3,000	Taiwan Semiconductor Manufacturing, SP ADR		46,740
		United Kingdom – 29.50%
	1,300	Antofagasta PLC		24,916
	1,300	BHP Billiton PLC		41,657
	1,000	British American Tobacco PLC		51,267
	2,500	Diageo PLC		62,928
	1,000	GlaxoSmithKline PLC		23,126
	2,999	HSBC Holdings PLC		27,017
	1,000	Imperial Tobacco Group PLC		39,988
	17,140	Polyus Gold International, SP GDR *		52,791
	5,000	Rolls-Royce Holdings PLC *		66,823
	530,000	Rolls-Royce Holdings PLC, C Shares * (a) (b)		860
	1,687	Standard Chartered PLC		41,232
	5,000	Tesco PLC		25,751
	2,000	Unilever PLC		68,259
				526,615
		Total Common Stocks (Cost $1,716,191)		1,752,434
	INVESTMENT COMPANY – 0.68%
	12,243	BlackRock Liquidity Funds TempCash Portfolio		12,243
		Total Investment Company (Cost $12,243)		12,243
	Total Investments – 98.85% (Cost $1,728,434)**			1,764,677
	Net Other Assets and Liabilities – 1.15%			20,466
	Net Assets – 100.00%		$	1,785,143

See accompanying Notes to Financial Statements.

  46

Aston Funds
ASTON/Neptune International Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	267,595
Gross unrealized depreciation		(231,352	)
Net unrealized appreciation	$	36,243

(a) Security with a total aggregate market value of $860 or 0.05% of the net assets, were valued under the fair valuation procedures established by the Fund’s Board of Trustees.

(b) This security has been determined by the Subadviser to be an illiquid security. At April 30, 2012, this security amounted to $860 or 0.05% of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SP GDR Sponsored Global Depositary Receipt

See accompanying Notes to Financial Statements.
	47

Aston Funds
ASTON/Barings International Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.91%
		Australia – 2.51%
	30,234	Newcrest Mining	$	828,510
	470,059	Paladin Energy *		781,195
				1,609,705
		Belgium – 1.65%
	14,736	Anheuser-Busch InBev		1,062,102
		China – 1.57%
	7,600	Baidu, SP ADR *		1,008,520
		France – 6.06%
	14,420	Sanofi		1,100,597
	36,642	SES		877,417
	66,216	Suez Environnement		933,910
	20,411	Total		974,538
				3,886,462
		Germany – 9.64%
	15,714	Bayer		1,106,798
	10,227	Bayerische Motoren Werke		972,124
	18,950	Deutsche Boerse		1,189,737
	9,481	Fresenius		946,268
	7,391	Muenchener Rueckversicherungs- Gesellschaft		1,072,755
	13,558	SAP		898,949
				6,186,631
		Hong Kong – 1.22%
	65,000	Sun Hung Kai Properties		784,157
		India – 1.30%
	19,821	Niko Resources		835,096
		Israel – 3.31%
	86,247	Israel Chemicals		989,444

Shares			Market Value
		Israel (continued)
	24,811	Teva Pharmaceutical Industries, SP ADR	$	1,134,855
				2,124,299
		Japan – 20.59%
	10,600	Daito Trust Construction		957,239
	15,100	East Japan Railway		941,859
	4,500	FANUC		765,969
	74,000	Hitachi Metals		928,707
	23,800	Honda Motor		863,287
	761	Jupiter Telecommunications		806,370
	4,390	KEYENCE		1,042,515
	10,800	Kyocera		1,063,226
	47,800	Mitsubishi		1,043,530
	10,800	Nidec		973,948
	864	Rakuten		963,126
	22,700	Sysmex		918,349
	39,000	Tokio Marine Holdings		1,005,774
	16,900	Tokyo Electron		943,005
				13,216,904
		Mexico – 3.10%
	41,883	America Movil, Class L, ADR		1,116,182
	34,398	Fresnillo		870,863
				1,987,045
		Netherlands – 1.42%
	25,709	Royal Dutch Shell		914,411
		Papua New Guinea – 1.73%
	144,614	Oil Search		1,107,501
		Russia – 1.36%
	76,318	Gazprom, SP ADR		875,367
		Singapore – 3.08%
	89,000	DBS Group Holdings		1,003,992
	108,700	Keppel		970,614
				1,974,606
		South Korea – 3.10%
	62,604	KT, SP ADR		804,461
	966	Samsung Electronics		1,188,134
				1,992,595
		Sweden – 1.36%
	131,480	TeliaSonera		872,256
		Switzerland – 8.46%
	27,795	Julius Baer Group		1,064,151
	5,813	Roche Holding		1,061,858
	3,507	Syngenta		1,231,401
	81,085	UBS *		1,012,167
	4,323	Zurich Financial Services		1,057,353
				5,426,930
		United Kingdom – 26.45%
	52,251	Admiral Group		1,026,907
	45,607	BG Group		1,073,598
	165,262	BP		1,193,508
	12,363	British American Tobacco		633,820
	459,381	Centamin *		511,434

See accompanying Notes to Financial Statements.

  48

Aston Funds
ASTON/Barings International Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United Kingdom (continued)
	42,357	GlaxoSmithKline	$	979,563
	159,061	ICAP		980,159
	27,648	Imperial Tobacco Group		1,105,597
	94,035	Prudential		1,151,439
	9,501	Randgold Resources		836,491
	223,279	Resolution		810,962
	77,249	Rolls-Royce Holdings *		1,032,402
	8,188,394	Rolls-Royce Holdings, C Shares * (a) (b)		13,289
	29,961	SABMiller		1,258,626
	25,457	Shire		830,416
	41,991	Standard Chartered		1,026,298
	47,070	Tullow Oil		1,171,823
	98,970	WPP		1,338,756
				16,975,088
		Total Common Stocks (Cost $60,340,515)		62,839,675
	INVESTMENT COMPANY – 2.51%
	1,607,345	BlackRock Liquidity Funds TempCash Portfolio		1,607,345
		Total Investment Company (Cost $1,607,345)		1,607,345
	Total Investments – 100.42% (Cost $61,947,860)**			64,447,020
	Net Other Assets and Liabilities – (0.42)%			(267,396	)
	Net Assets – 100.00%		$	64,179,624

 * Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	5,630,069
Gross unrealized depreciation		(3,130,909	)
Net unrealized appreciation	$	2,499,160

(a) Security with a total aggregate market value of $13,289 or 0.02% of the net assets were valued under the fair valuation procedures established by the Fund’s Board of Trustees.

(b) This security has been determined by the Subadviser to be an illiquid security. At April 30, 2012, this security amounted to $13,289 or 0.02% of net assets.

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.
	49

Aston Funds
ASTON/Harrison Street Real Estate Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.83%
		Diversified – 23.28%
	4,200	Crown Castle International *	$	237,762
	5,100	Digital Realty Trust		382,959
	5,600	Dundee Real Estate Investment Trust (Canada)		209,068
	9,200	Dupont Fabros Technology		249,780
	4,400	Entertainment Properties Trust		211,156
	7,200	Rayonier		326,520
	5,100	Vornado Realty Trust		437,784
				2,055,029
		Healthcare – 12.63%
	22,200	Medical Properties Trust		208,236
	10,300	Sabra Health Care		172,422
	12,500	Ventas		734,875
				1,115,533
		Hotels – 6.46%
	9,000	RLJ Lodging Trust		169,020
	32,600	Strategic Hotels & Resorts *		222,006
	1,346	Wynn Resorts		179,557
				570,583
		Industrial – 5.22%
	17,200	CubeSmart		216,032
	17,600	STAG Industrial		244,992
				461,024
		Office Properties – 8.14%
	14,200	BioMed Realty Trust		281,444
	5,300	SL Green Realty		436,932
				718,376
		Residential – 14.76%
	4,500	Camden Property Trust		304,515
	8,300	Equity Residential		509,952

Shares			Market Value
		Residential (continued)
	3,000	Mid-America Apartment
		Communities	$	204,210
	10,800	UDR		284,364
				1,303,041
		Retail – 28.34%
	10,100	CBL & Associates Properties		188,163
	17,500	Inland Real Estate		150,500
	19,200	Kimco Realty		372,672
	6,300	Macerich		387,891
	8,200	National Retail Properties		224,516
	4,400	Regency Centers		197,824
	6,300	Simon Property Group		980,280
				2,501,846
		Total Common Stocks (Cost $7,281,240)		8,725,432
	INVESTMENT COMPANY – 1.54%
	136,051	BlackRock Liquidity Funds TempCash Portfolio		136,051
		Total Investment Company (Cost $136,051)		136,051
	Total Investments – 100.37% (Cost $7,417,291)**			8,861,483
	Net Other Assets and Liabilities – (0.37)%			(32,829	)
	Net Assets – 100.00%		$	8,828,654

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation.	$	1,445,168
Gross unrealized depreciation.		(976	)
Net unrealized appreciation	$	1,444,192

See accompanying Notes to Financial Statements.

  50

Aston Funds
ASTON/Montag & Caldwell Balanced Fund	April 30, 2012
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 55.94%
		Consumer Discretionary – 9.70%
	1,490	Amazon.com *	$	345,531
	7,300	Bed Bath & Beyond *		513,847
	6,300	Las Vegas Sands		349,587
	6,000	McDonald’s		584,700
	2,450	NIKE, Class B		274,082
	7,950	Omnicom Group		407,915
	14,550	TJX		606,881
				3,082,543
		Consumer Staples – 13.33%
	11,800	Coca-Cola		900,576
	6,300	Colgate-Palmolive		623,322
	6,700	Costco Wholesale		590,739
	19,750	Kraft Foods, Class A		787,433
	8,020	PepsiCo		529,320
	6,550	Procter & Gamble		416,842
	11,200	Unilever (Netherlands)		384,720
				4,232,952
		Energy – 4.05%
	7,500	Cameron International *		384,375
	5,300	Occidental Petroleum		483,466
	5,650	Schlumberger		418,891
				1,286,732
		Healthcare – 9.15%
	14,250	Abbott Laboratories		884,355
	8,050	Allergan		772,800
	9,250	AmerisourceBergen		344,192
	6,265	Express Scripts *		349,524
	10,150	Stryker		553,886
				2,904,757
		Industrials – 3.72%
	28,400	General Electric		556,072
	8,000	United Parcel Service, Class B		625,120
				1,181,192

Shares			Market Value
		Information Technology – 14.32%
	7,550	Accenture, Class A (Ireland)	$	490,373
	1,380	Apple *		806,251
	17,550	Cisco Systems		353,632
	10,100	eBay *		414,605
	6,800	EMC *		191,828
	600	Google, Class A *		363,138
	9,000	Juniper Networks *		192,870
	9,800	Oracle		288,022
	12,100	Qualcomm		772,464
	5,500	Visa, Class A		676,390
				4,549,573
		Materials – 1.67%
	6,950	Monsanto		529,451
		Total Common Stocks (Cost $14,725,171)		17,767,200

Par Value
CORPORATE NOTES AND BONDS – 21.97%
	Consumer Staples – 3.95%
$350,000	Coca-Cola Senior Unsecured Notes 5.350%, 11/15/17	421,479
350,000	PepsiCo Senior Unsecured Notes 5.000%, 06/01/18	412,854
400,000	Wal-Mart Stores Senior Unsecured Notes 3.200%, 05/15/14	421,930
		1,256,263
	Energy – 1.35%
400,000	ConocoPhillips 4.750%, 02/01/14	428,130
	Financials – 5.44%
425,000	General Electric Capital Senior Unsecured Notes, MTN 4.375%, 09/16/20	455,973
400,000	JPMorgan Chase Senior Unsecured Notes 4.350%, 08/15/21	419,354
400,000	U.S. Bancorp Senior Unsecured Notes 4.200%, 05/15/14	427,484
400,000	Wells Fargo Senior Unsecured Notes, MTN, Series 1 3.750%, 10/01/14	424,491
		1,727,302
	Healthcare – 3.95%
400,000	Abbott Laboratories Senior Unsecured Notes 4.350%, 03/15/14	428,676
300,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37	398,751
400,000	Medtronic Senior Unsecured Notes 3.000%, 03/15/15	426,617
		1,254,044

See accompanying Notes to Financial Statements.
	51

Aston Funds
ASTON/Montag & Caldwell Balanced Fund	April 30, 2012
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Information Technology – 4.71%
	$350,000	Cisco Systems Senior Unsecured Notes 5.500%, 02/22/16	$	408,320
	350,000	Google Senior Unsecured Notes 3.625%, 05/19/21		386,767
	300,000	Hewlett-Packard Senior Unsecured Notes 4.500%, 03/01/13		308,916
	375,000	Oracle Senior Unsecured Notes 4.950%, 04/15/13		391,656
				1,495,659
		Telecommunication Services – 2.57%
	400,000	AT&T Senior Unsecured Notes 4.950%, 01/15/13		412,385
	350,000	Verizon Communications Senior Unsecured Notes 5.550%, 02/15/16		404,159
				816,544
		Total Corporate Notes and Bonds (Cost $6,635,828)		6,977,942
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS –12.05%
		Fannie Mae – 0.23%
	17,052	7.500%, 02/01/35, Pool # 787557		20,918
	9,281	7.500%, 04/01/35, Pool # 819231		11,394
	35,353	6.000%, 11/01/35, Pool # 844078		39,359
				71,671
		Freddie Mac – 0.72%
	200,000	4.500%, 01/15/13		206,053
	20,880	5.500%, 12/01/20, Gold Pool # G11820		22,722
				228,775
		Government National Mortgage Association – 0.11%
	32,784	5.500%, 02/15/39, Pool # 698060		36,677
		U.S. Treasury Bonds – 3.01%
	150,000	8.000%, 11/15/21		232,195
	375,000	5.375%, 02/15/31		523,125
	200,000	3.125%, 11/15/41		200,344
				955,664
		U.S. Treasury Notes – 7.98%
	350,000	4.000%, 02/15/15		385,082
	250,000	4.500%, 02/15/16		286,758
	425,000	2.625%, 04/30/16		458,701
	350,000	4.625%, 02/15/17		413,273
	450,000	3.125%, 05/15/19		505,195
	475,000	2.125%, 08/15/21		486,949
				2,535,958
		Total U.S. Government and Agency Obligations (Cost $3,580,083)		3,828,745

Shares			Market Value
	INVESTMENT COMPANY – 10.25%
	3,254,277	BlackRock Liquidity Funds TempCash Portfolio	$	3,254,277
		Total Investment Company (Cost $3,254,277)		3,254,277
	Total Investments – 100.21% (Cost $28,195,359)**			31,828,164
	Net Other Assets and Liabilities – (0.21)%			(66,599	)
	Net Assets – 100.00%		$	31,761,565

* Non-income producing security.

** At April 30, 2012, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	3,660,775
Gross unrealized depreciation		(27,970	)
Net unrealized appreciation	$	3,632,805

MTN Medium Term Note

Portfolio Composition
Common Stocks	56	%
Investment Company	10	%
U.S. Government and Agency Obligations	12	%
Corporate Notes and Bonds (Moody’s Ratings)
Aaa	1	%
Aa	9	%
A	12	%
	100	%

See accompanying Notes to Financial Statements.

  52

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Aston Funds
	April 30, 2012
Statements of Assets and Liabilities (unaudited)

	Montag & Caldwell Growth Fund		Veredus Select Growth Fund
ASSETS:
Investments:
Investments at cost	$	3,079,828,373	$	44,170,423
Net unrealized appreciation		620,086,532		4,855,355
Total investments at value		3,699,914,905		49,025,778
Cash		8,125,859		—
Receivables:
Dividends and interest		4,393,566		12,999
Dividend reclaims		—		—
Fund shares sold		85,786,706		584
Investments sold		65,229,521		3,197,045
Due from Adviser, net (Note G)		—		—
Other assets.		104,548		5,022
Total assets		3,863,555,105		52,241,428
LIABILITIES:
Payables:
Due to custodian		—		20,181
Dividend distribution		—		—
Investments purchased		35,727,722		4,170,717
Fund shares redeemed		5,433,473		58,275
Due to Adviser, net (Note G)		1,951,237		27,269
Administration fees (Note G)		170,860		3,980
Distribution fees (Note G)		184,609		1,315
Audit and tax fees		17,033		10,362
Transfer agent fees		464,884		22,079
Registration fees		—		—
Trustees fees and related expenses (Note G)		86		29
Accrued expenses and other payables		293,819		8,606
Total liabilities		44,243,723		4,322,813
NET ASSETS	$	3,819,311,382	$	47,918,615
NET ASSETS CONSIST OF:
Paid in capital	$	3,072,799,201	$	63,252,498
Accumulated undistributed (distribution in excess of) net investment income (loss)		8,610,213		172,235
Accumulated net realized gain (loss) on investments and purchased options		117,815,436		(20,361,473	)
Net unrealized appreciation on investments and purchased options		620,086,532		4,855,355
TOTAL NET ASSETS	$	3,819,311,382	$	47,918,615
Class N:
Net Assets	$	1,801,757,475	$	12,723,366
Shares of beneficial interest outstanding (unlimited authorization)		71,255,463		1,125,742
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	25.29	$	11.30
Class I:
Net Assets	$	2,008,214,441	$	35,195,249
Shares of beneficial interest outstanding (unlimited authorization)		79,051,228		3,071,240
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	25.40	$	11.46
Class R:
Net Assets	$	9,339,466	$	—
Shares of beneficial interest outstanding (unlimited authorization)		373,145		—
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	25.03	$	—

See accompanying Notes to Financial Statements.

  54

Aston Funds

TAMRO Diversified Equity Fund			Herndon Large Cap Value Fund			Cornerstone Large Cap Value Fund			River Road Dividend All Cap Value Fund		Fairpointe Mid Cap Fund		Montag & Caldwell Mid Cap Growth Fund			Cardinal Mid Cap Value Fund
$	17,705,160		$	45,245,569		$	24,331,494		$	761,092,715	$	2,542,172,000	$	5,471,396		$	1,542,835
	4,419,905			2,548,743			1,729,878			91,904,770		437,838,904		1,316,951			359,415
	22,125,065			47,794,312			26,061,372			852,997,485		2,980,010,904		6,788,347			1,902,250
	30,316			5,951			2,827			849,313		—		—			—
	3,216			57,237			44,019			1,588,107		767,831		1,351			11
	—			—			1,827			1,183		—		—			—
	5,438			84,760			29,604			4,839,977		4,310,140		28,076			—
	84,366			—			244,979			137,219		12,694,690		83,969			23,701
	8,345			—			—			—		—		1,655			4,555
	2,709			8,555			1,114			51,517		51,342		83			30
	22,259,455			47,950,815			26,385,742			860,464,801		2,997,834,907		6,903,481			1,930,547
	—			—			—			—		1,308,065		65,895			5,561
	—			—			—			233,437		—		—			—
	67,695			—			253,748			2,730,634		15,772,624		35,268			—
	602			26			26,176			659,309		9,130,622		54,632			—
	14,325			29,071			11,624			482,526		1,754,707		—			—
	2,740			3,533			3,962			38,669		140,051		1,941			1,738
	2,188			995			2,331			34,295		163,478		680			191
	10,361			11,209			11,909			12,753		19,509		10,217			10,360
	6,937			5,095			9,520			—		346,006		2,683			2,801
	—			—			4,554			—		—		4,352			4,402
	42			4			178			530		864		45			19
	6,296			3,593			11,588			44,782		208,375		2,601			1,385
	111,186			53,526			335,590			4,236,935		28,844,301		178,314			26,457
$	22,148,269		$	47,897,289		$	26,050,152		$	856,227,866	$	2,968,990,606	$	6,725,167		$	1,904,090
$	18,048,602		$	45,632,625		$	52,885,691		$	749,888,256	$	2,462,679,401	$	5,567,823		$	1,762,147
	12,246			170,974			213			17,367		1,429,514		(16,768	)		1,135
	(332,484	)		(455,053	)		(28,565,630	)		14,417,473		67,042,787		(142,839	)		(218,607	)
	4,419,905			2,548,743			1,729,878			91,904,770		437,838,904		1,316,951			359,415
$	22,148,269		$	47,897,289		$	26,050,152		$	856,227,866	$	2,968,990,606	$	6,725,167		$	1,904,090
$	21,759,952		$	9,853,660		$	22,690,883		$	336,924,540	$	1,589,446,710	$	6,725,167		$	1,904,090
	1,619,519			830,227			2,079,737			29,530,217		49,465,219		622,649			190,459
$	13.44		$	11.87		$	10.91		$	11.41	$	32.13	$	10.80		$	10.00
$	388,317		$	38,043,629		$	3,359,269		$	519,303,326	$	1,379,543,896	$	—		$	—
	28,884			3,205,523			307,534			45,540,602		42,353,312		—			—
$	13.44		$	11.87		$	10.92		$	11.40	$	32.57	$	—		$	—
$	—		$	—		$	—		$	—	$	—	$	—		$	—
	—			—			—			—		—		—			—
$	—		$	—		$	—		$	—	$	—	$	—		$	—

See accompanying Notes to Financial Statements.
	55

Aston Funds
	April 30, 2012
Statements of Assets and Liabilities (unaudited) – continued

	Veredus Small Cap Growth Fund			Small Cap Growth Fund
ASSETS:
Investments:
Investments at cost	$	23,893,385		$	8,409,315
Net unrealized appreciation (depreciation)		3,531,673			381,376
Total investments at value		27,425,058			8,790,691
Cash		—			—
Receivables:
Dividends and interest		11,878			1,456
Fund shares sold		50			5,978
Investments sold		914,603			506,336
Due from Adviser, net (Note G)		—			2,947
Deferred offering costs (Note B-13)		—			—
Other assets		537			10,098
Total assets		28,352,126			9,317,506
LIABILITIES:
Payables:
Due to custodian		207,847			14,662
Dividend distribution		—			—
Investments purchased		948,387			398,585
Fund shares redeemed		12,215			71,680
Due to Adviser, net (Note G)		14,141			—
Administration fees (Note G)		3,367			2,120
Distribution fees (Note G)		2,528			611
Audit and tax fees		10,425			10,225
Transfer agent fees		18,927			5,176
Registration fees		2,244			—
Trustees fees and related expenses (Note G)		73			60
Offering costs		—			—
Accrued expenses and other payables		7,077			5,506
Total liabilities		1,227,231			508,625
NET ASSETS	$	27,124,895		$	8,808,881
NET ASSETS CONSIST OF:
Paid in capital	$	42,549,808		$	8,221,179
Accumulated undistributed (distribution in excess of) net investment income (loss)		(155,011	)		(52,451	)
Accumulated net realized gain (loss) on investments		(18,801,575	)		258,777
Net unrealized appreciation (depreciation) on investments		3,531,673			381,376
TOTAL NET ASSETS	$	27,124,895		$	8,808,881
Class N:
Net Assets	$	24,743,920		$	5,956,610
Shares of beneficial interest outstanding (unlimited authorization)		1,869,676			535,852
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	13.23		$	11.12
Class I:
Net Assets	$	2,380,975		$	2,852,271
Shares of beneficial interest outstanding (unlimited authorization)		173,428			255,934
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	13.73		$	11.14

See accompanying Notes to Financial Statements.

  56

Aston Funds

Silvercrest Small Cap Fund		TAMRO Small Cap Fund			River Road Select Value Fund		River Road Small Cap Value Fund			River Road Independent Value Fund			DoubleLine Core Plus Fixed Income Fund		TCH Fixed Income Fund
$	3,847,224	$	812,134,494		$	128,085,487	$	216,035,940		$	609,175,343		$	72,559,022	$	66,487,325
	93,555		255,925,263			20,766,513		71,613,001			(7,725,889	)		1,511,904		5,829,519
	3,940,779		1,068,059,757			148,852,000		287,648,941			601,449,454			74,070,926		72,316,844
	2,493		988,183			—		10,930,680			—			1,907,717		486,337
	2,280		211,963			27,497		59,038			60,381			656,928		839,846
	—		1,087,149			175,643		250,437			1,818,973			1,383,514		65,210
	11,489		13,697,980			211,337		938,017			6,040,632			692,364		524,222
	10,301		—			—		—			—			2,337		—
	52,459		—			—		—			—			56,998		—
	27		18,512			6,577		6,720			8,333			624		1,286
	4,019,828		1,084,063,544			149,273,054		299,833,833			609,377,773			78,771,408		74,233,745
	—		—			426,502		—			231,493			—		—
	—		—			—		—			—			2,248		18,402
	7,461		6,965,498			37,767		68,815			2,891,680			856,708		249,673
	—		4,024,195			51,689		739,840			735,129			596,788		67,930
	—		783,685			121,626		227,543			468,949			—		23,941
	1,924		50,502			8,722		16,412			27,782			4,081		7,555
	56		39,890			734		5,144			36,190			2,468		3,902
	7,587		12,427			11,893		11,910			10,246			13,448		13,038
	4,196		61,905			15,220		145,631			18,903			1,613		11,368
	5,507		1,513			—		42			3,397			12,102		3,014
	34		53			332		807			162			22		121
	61,496		—			—		—			—			—		—
	2,096		83,470			18,365		35,565			31,393			6,504		7,363
	90,357		12,023,138			692,850		1,251,709			4,455,324			1,495,982		406,307
$	3,929,471	$	1,072,040,406		$	148,580,204	$	298,582,124		$	604,922,449		$	77,275,426	$	73,827,438
$	3,601,290	$	787,163,071		$	122,310,165	$	227,009,949		$	593,758,075		$	75,472,419	$	75,109,328
	6,947		(2,637,283	)		383,269		938,888			(1,371,145	)		56,332		136,564
	227,679		31,589,355			5,120,257		(979,714	)		20,261,408			234,771		(7,247,973	)
	93,555		255,925,263			20,766,513		71,613,001			(7,725,889	)		1,511,904		5,829,519
$	3,929,471	$	1,072,040,406		$	148,580,204	$	298,582,124		$	604,922,449		$	77,275,426	$	73,827,438
$	565,286	$	392,594,826		$	7,193,261	$	49,341,088		$	353,939,571		$	25,201,206	$	63,744,626
	51,358		19,131,741			868,243		3,709,689			32,517,783			2,339,881		5,932,517
$	11.01	$	20.52		$	8.28	$	13.30		$	10.88		$	10.77	$	10.74
$	3,364,185	$	679,445,580		$	141,386,943	$	249,241,036		$	250,982,878		$	52,074,220	$	10,082,812
	305,311		32,460,908			16,937,741		18,679,473			23,013,432			4,835,003		938,351
$	11.02	$	20.93		$	8.35	$	13.34		$	10.91		$	10.77	$	10.75

See accompanying Notes to Financial Statements.
	57

Aston Funds
	April 30, 2012
Statements of Assets and Liabilities (unaudited) – continued

	Lake Partners LASSO Alternatives Fund			Dynamic Allocation Fund
ASSETS:
Investments:
Investments at cost	$	257,948,143		$	36,825,557
Net unrealized appreciation (depreciation)		5,260,127			215,685
Total investments at value		263,208,270			37,041,242
Foreign currency (Cost $27,841, $717,576 and $1,803)		—			—
Cash		—			19,734
Segregated Cash (Note B-5)		—			—
Receivables:
Dividends and interest		1			416
Dividend reclaims		—			—
Fund shares sold		1,200,298			13,820
Investments sold		—			—
Due from Adviser, net (Note G)		—			—
Deferred offering costs (Note B-13)		—			—
Other assets		3,512			6,265
Total assets		264,412,081			37,081,477
LIABILITIES:
Payables:
Due to custodian		3,830,900			—
Securities sold short, at value (proceeds $1,256,184)		—			—
Interest and dividends on securities sold short		—			—
Investments purchased		35,035			—
Fund shares redeemed		173,031			21,563
Due to Adviser, net (Note G)		209,419			15,426
Administration fees (Note G)		12,895			4,630
Distribution fees (Note G)		2,307			3,306
Audit and tax fees		11,923			11,328
Transfer agent fees		21,683			15,718
Registration fees		2,460			—
Trustees fees and related expenses (Note G)		1,012			19
Accrued expenses and other payables		25,021			6,759
Call options written, at value (premiums received $3,245,130)		—			—
Total liabilities		4,325,686			78,749
NET ASSETS	$	260,086,395		$	37,002,728
NET ASSETS CONSIST OF:
Paid in capital	$	258,585,414		$	37,841,346
Accumulated undistributed (distribution in excess of) net investment income (loss)		(2,727,034	)		27,646
Accumulated net realized gain (loss) on investments, purchased and written options,securities sold short, foreign currency transactions and capital gain distributions received		(1,032,112	)		(1,081,949	)
Net unrealized appreciation (depreciation) on investments, purchased and written options, securities sold short and translation of assets and liabilities in foreign currency		5,260,127			215,685
TOTAL NET ASSETS	$	260,086,395		$	37,002,728
Class N:
Net Assets	$	24,039,441		$	32,266,784
Shares of beneficial interest outstanding (unlimited authorization)		1,951,493			3,838,331
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.32		$	8.41
Class I:
Net Assets	$	236,046,954		$	4,735,944
Shares of beneficial interest outstanding (unlimited authorization)		19,133,101			562,519
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.34		$	8.42

See accompanying Notes to Financial Statements.

  58

Aston Funds

M.D. Sasst Enhanced Equity Fund			River Road Long-Short Fund			Neptune International Fund			Barings International Fund		Harrison Street Real Estate Fund				Montag & Caldwell Balanced Fund
$	157,148,618		$	5,376,266		$	1,728,434		$	61,947,860	$	7,417,291			$	28,195,359
	(4,862,380	)		158,476			36,243			2,499,160		1,444,192				3,632,805
	152,286,238			5,534,742			1,764,677			64,447,020		8,861,483				31,828,164
	—			—			28,230			720,910		1,807				—
	1,914,276			—			—			—		12,023				55,338
	—			1,063,796			—			—		—				—
	109,994			92			8,067			311,006		4,895				129,892
	—			—			846			60,567		—				—
	2,707,761			—			—			5,541		14,996				237,516
	30,285			399,592			—			—		48,936				290,666
	—			6,607			8,685			—		2,402				—
	—			544			—			—		—				—
	15,069			73			29			1,011		86				485
	157,063,623			7,005,446			1,810,534			65,546,055		8,946,628				32,542,061
	—			8,815			10			408		—				—
	—			1,255,999			—			—		—				—
	—			1,209			—			—		—				—
	4,167,777			160,301			—			1,260,258		40,375		��		685,960
	301,404			—			—			12,965		43,882				48,732
	82,749			—			—			41,558		—				12,384
	9,096			1,868			3,706			10,243		1,995				3,546
	6,720			566			37			45		877				1,150
	11,358			12,391			11,902			11,885		11,150				13,262
	10,720			2,793			5,586			5,419		7,802				10,049
	—			4,259			2,291			4,260		3,207				182
	136			37			19			44		97				94
	20,584			5,840			1,840			19,346		8,589				5,137
	3,539,587			—			—			—		—				—
	8,150,131			1,454,078			25,391			1,366,431		117,974				780,496
$	148,913,492		$	5,551,368		$	1,785,143		$	64,179,624	$	8,828,654			$	31,761,565
$	151,988,797		$	5,356,407		$	5,171,474		$	61,129,145	$	21,929,805			$	30,939,027
	54,267			(67,026	)		7,994			531,448		218,620				(234,586	)
	2,027,265			103,326			(3,431,063	)		15,213		(14,763,963	)			(2,575,681	)
	(5,156,837	)		158,661			36,738			2,503,818		1,444,192				3,632,805
$	148,913,492		$	5,551,368		$	1,785,143		$	64,179,624	$	8,828,654			$	31,761,565
$	69,488,148		$	5,551,368		$	362,470		$	414,239	$	8,734,814			$	30,255,260
	7,813,123			533,075			44,652			59,763		850,269				1,412,286
$	8.89		$	10.41		$	8.12		$	6.93	$	10.27			$	21.42
$	79,425,344		$	—		$	1,422,673		$	63,765,385	$	93,840			$	1,506,305
	8,922,317			—			174,981			9,194,890		9,191				70,475
$	8.90		$	—		$	8.13		$	6.93	$	10.21			$	21.37

See accompanying Notes to Financial Statements.
	59

Aston Funds

For the Year Ended April 30, 2012

Statements of Operations (unaudited)

	Montag & Caldwell Growth Fund			Veredus Select Growth Fund
INVESTMENT INCOME:
Dividends	$	29,535,664		$	486,751
Less: foreign taxes withheld		(95,105	)		—
Total investment income		29,440,559			486,751
EXPENSES:
Investment advisory fees (Note G)		11,342,700			224,407
Distribution expenses (Note G)(a)		2,149,520			19,748
Transfer agent fees		1,369,590			45,692
Administration fees (Note G)		909,814			22,087
Registration expenses		51,229			11,437
Custodian fees		65,694			2,757
Audit and tax fees		15,657			9,424
Legal fees		90,276			1,489
Reports to shareholder expense		129,944			3,560
Trustees fees and related expenses (Note G)		137,395			2,473
Interest expense (Note H)		—			70
Other expenses		107,987			4,575
Total expenses before waivers/reimbursements		16,369,806			347,719
Less: Investment advisory fees waived (Note G)		—			(33,366	)
Less: Expenses reimbursed (Note G)		—			—
Net expenses		16,369,806			314,353
NET INVESTMENT INCOME (LOSS)		13,070,753			172,398
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		139,113,306			(446,152	)
Net realized loss on purchased options		—			—
Net change in unrealized appreciation of investments		231,194,371			1,370,451
Net change in unrealized appreciation on purchased options		—			—
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		370,307,677			924,299
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	383,378,430		$	1,096,697

(a) Distribution expense is incurred at the Class N level for all funds except Montag & Caldwell Growth Fund.

The distribution expense for Class N and R of the Montag & Caldwell Growth Fund is $2,127,251 and $22,269, respectively.

(b) On January 13, 2012, Fairpointe Mid Cap Fund had a redemption-in-kind transfer of securities in the amount of $38,179,960.

The net realized gain on the transaction of $2,483,994 will not be realized by the Fund for tax purposes.

See accompanying Notes to Financial Statements.

  60

Aston Funds

TAMRO Diversified Equity Fund			Herndon Large Cap Value Fund			Cornerstone Large Cap Value Fund			River Road Dividend All Cap Value Fund			Fairpointe Mid Cap Fund			Montag & Caldwell Mid Cap Growth Fund			Cardinal Mid Cap Value Fund
$	147,932		$	427,510		$	273,441		$	13,542,841		$	21,965,281		$	17,328		$	18,490
	(1,277	)		(559	)		(6,638	)		(30,980	)		(25,696	)		(75	)		—
	146,655			426,951			266,803			13,511,861			21,939,585			17,253			18,490
	89,654			113,930			102,246			2,584,325			10,194,446			23,134			7,949
	27,859			9,512			30,441			407,483			1,940,008			6,804			2,207
	19,588			17,589			24,755			224,123			1,022,997			9,488			8,876
	13,724			14,856			14,533			196,823			745,921			9,261			8,217
	17,405			16,708			13,426			36,949			39,782			8,951			8,951
	2,258			3,183			3,731			19,400			58,135			1,525			570
	9,424			9,319			10,893			11,517			15,625			9,319			9,424
	593			524			1,149			18,753			72,448			130			47
	837			413			1,098			17,796			133,689			122			50
	940			776			952			28,057			113,007			247			87
	87			—			—			—			12,242			—			—
	3,126			2,966			3,426			20,992			77,766			2,266			2,197
	185,495			189,776			206,650			3,566,218			14,426,066			71,247			48,575
	(51,086	)		(30,732	)		(50,999	)		—			—			(23,134	)		(7,949	)
	—			—			—			—			—			(14,092	)		(28,261	)
	134,409			159,044			155,651			3,566,218			14,426,066			34,021			12,365
	12,246			267,907			111,152			9,945,643			7,513,519			(16,768	)		6,125
	(130,015	)		(158,754	)		757,598			15,982,437			68,665,511	(b)		214,979			4,728
	(135,373	)		—			—			—			—			—			—
	2,469,881			2,673,319			1,296,977			36,949,598			158,537,461			369,066			149,186
	132,322			—			—			—			—			—			—
	2,336,815			2,514,565			2,054,575			52,932,035			227,202,972			584,045			153,914
$	2,349,061		$	2,782,472		$	2,165,727		$	62,877,678		$	234,716,491		$	567,277		$	160,039

See accompanying Notes to Financial Statements.
	61

Aston Funds

For the Year Ended April 30, 2012

Statements of Operations (unaudited) – continued

	Veredus Small Cap Growth Fund			Small Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	66,438		$	5,216
Less: foreign taxes withheld		—			—
Interest		—			—
Total investment income		66,438			5,216
EXPENSES:
Investment advisory fees (Note G)		153,046			41,047
Distribution expenses (Note G)		31,671			6,943
Transfer agent fees		36,688			19,118
Administration fees (Note G)		16,426			10,189
Registration expenses		13,147			17,065
Custodian fees		3,026			4,963
Audit and tax fees		9,424			9,319
Legal fees		788			216
Amortization of offering costs (Note B-13)		—			—
Reports to shareholder expense		2,646			181
Trustees fees and related expenses (Note G)		1,405			380
Interest expense (Note H)		—			—
Other expenses		3,436			2,631
Total expenses before waivers/reimbursements		271,703			112,052
Less: Investment advisory fees waived (Note G)		(50,254	)		(41,047	)
Less: Expenses reimbursed (Note G)		—			(18,911	)
Net expenses		221,449			52,094
NET INVESTMENT INCOME (LOSS)		(155,011	)		(46,878	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		1,903,184	(b)		442,297
Net change in unrealized appreciation (depreciation) on investments		(326,612	)		522,931
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,576,572			965,228
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,421,561		$	918,350

(a) Silvercrest Small Cap Fund began issuing shares on December 23, 2011.

(b) On December 2, 2011, Veredus Small Cap Growth Fund had a redemption-in-kind transfer of securities in the amount of $13,225,479. The net realized gain on the transaction of $1,299,502 will not be realized by the Fund for tax purposes.

(c) On April 26, 2012, Silvercrest Small Cap Fund had a redemption-in-kind transfer of securities in the amount of $2,597,146. The net realized gain on the transaction of $211,366 will not be realized by the Fund for tax purposes.

See accompanying Notes to Financial Statements.

  62

Aston Funds

Silvercrest Small Cap Fund(a)			TAMRO Small Cap Fund			River Road Select Value Fund			River Road Small Cap Value Fund			River Road Independent Value Fund			DoubleLine Core Plus Fixed Income Fund			TCH Fixed Income Fund
$	25,917		$	3,164,127		$	1,255,346		$	2,885,841		$	2,359,485		$	1,202		$	1,482
	—			(8,853	)		(12,460	)		(32,211	)		(3,517	)		—			—
	—			—			—			—			—			1,287,612			1,810,708
	25,917			3,155,274			1,242,886			2,853,630			2,355,968			1,288,814			1,812,190
	16,110			4,608,076			706,759			1,444,163			2,778,584			137,606			197,801
	442			474,242			12,096			87,906			438,634			30,651			56,547
	13,118			240,126			38,346			207,233			226,769			31,047			30,987
	6,279			270,999			44,627			91,072			149,103			31,144			34,339
	8,130			22,874			15,912			15,415			29,836			19,891			15,415
	1,191			22,251			7,589			10,805			13,781			9,019			3,165
	7,587			11,256			10,893			10,893			9,320			11,959			11,959
	45			26,161			3,619			8,363			13,843			1,890			1,904
	27,541			—			—			—			9,185			132,993			—
	288			38,911			7,156			12,629			38,825			2,636			1,820
	118			42,593			5,461			12,562			21,347			1,618			2,849
	—			2,905			2			—			—			—			—
	1,980			32,163			7,157			13,701			16,387			3,173			4,320
	82,829			5,792,557			859,617			1,914,742			3,745,614			413,627			361,106
	(16,110	)		—			—			—			(56,039	)		(137,606	)		(56,408	)
	(47,749	)		—			—			—			—			(72,736	)		—
	18,970			5,792,557			859,617			1,914,742			3,689,575			203,285			304,698
	6,947			(2,637,283	)		383,269			938,888			(1,333,607	)		1,085,529			1,507,492
	227,679	(c)		36,006,399			6,632,303			12,488,633			21,620,532			237,718			376,538
	93,555			71,979,736			6,411,264			15,150,147			(7,151,566	)		1,257,079			806,643
	321,234			107,986,135			13,043,567			27,638,780			14,468,966			1,494,797			1,183,181
$	328,181		$	105,348,852		$	13,426,836		$	28,577,668		$	13,135,359		$	2,580,326		$	2,690,673

See accompanying Notes to Financial Statements.
	63

Aston Funds

For the Year Ended April 30, 2012

Statements of Operations (unaudited) – continued

	Lake Partners LASSO Alternatives Fund			Dynamic Allocation Fund
INVESTMENT INCOME:
Dividends	$	2,288,166		$	409,795
Less: foreign taxes withheld		—			—
Interest		—			—
Total investment income		2,288,166			409,795
EXPENSES:
Investment advisory fees (Note G)		1,148,072			180,501
Distribution expenses (Note G)		24,441			50,696
Transfer agent fees		82,396			45,028
Administration fees (Note G)		65,948			20,695
Registration expenses		29,836			17,255
Custodian fees		6,964			1,592
Audit and tax fees		10,373			10,373
Legal fees		5,792			1,284
Interest and dividend expense on securities sold-short		—			—
Amortization of offering costs (Note B-13)		—			—
Reports to shareholder expense		15,649			2,928
Trustees fees and related expenses (Note G)		9,773			1,917
Interest expense (Note H)		—			—
Other expenses		7,648			3,854
Total expenses before waivers/reimbursements		1,406,892			336,123
Less: Investment advisory fees waived (Note G)		(4,764	)		(48,520	)
Less: Expenses reimbursed (Note G)		—			—
Plus: Net expenses recouped (Note G)		—			—
Net expenses		1,402,128			287,603
NET INVESTMENT INCOME (LOSS)		886,038			122,192
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(1,532,188	)		(1,059,467	)
Net realized gain (loss) on purchased options		—			—
Net realized gain on written option transactions		—			—
Net realized loss on securities sold short		—			—
Net realized gain (loss) on foreign currency transactions		—			—
Capital gain distributions received		4,642,875			—
Net change in unrealized appreciation (depreciation) on investments		6,884,020			(133,956	)
Net change in unrealized appreciation on purchased options		—			—
Net change in unrealized appreciation (depreciation) on written options		—			—
Net change in unrealized appreciation on securities sold short		—			—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currency		—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		9,994,707			(1,193,423	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	10,880,745		$	(1,071,231	)

(a) On December 2, 2011, Harrison Street Real Estate Fund had a redemption-in-kind transfer of securities in the amount of $30,913,574. The net realized gain on the transaction of $606,174 will not be realized by the Fund for tax purposes.

See accompanying Notes to Financial Statements.

  64

Aston Funds

M.D. Sass Enhanced Equity Fund			River Road Long-Short Fund			Neptune International Fund			Barings International Fund			Harrison Street Real Estate Fund			Montag  & Caldwell Balanced Fund
$	1,871,597		$	33,176		$	18,318		$	962,554		$	198,585		$	130,920
	—			(289	)		(1,078	)		(69,475	)		(1,128	)		(414	)
	—			—			—			—			—			131,225
	1,871,597			32,887			17,240			893,079			197,457			261,731
	439,761			29,307			8,616			295,332			64,292			94,732
	68,594			6,106			442			492			8,688			17,758
	53,489			8,930			16,870			16,948			21,693			25,826
	41,347			9,101			13,434			35,594			10,771			15,824
	18,349			8,951			14,719			16,907			14,769			12,929
	—			5,377			2,912			21,499			3,349			1,302
	10,373			10,373			10,893			10,893			9,943			12,114
	—			122			44			1,491			454			676
	—			50,184			—			—			—			—
	—			33,046			—			—			—			—
	4,400			1,097			39			1,108			342			899
	4,896			221			87			2,343			850			969
	690			—			—			—			—			—
	22,699			2,284			2,428			3,930			3,095			3,107
	664,598			165,099			70,484			406,537			138,246			186,136
	—			(29,307	)		(8,616	)		(66,413	)		(57,551	)		(29,439	)
	—			(44,089	)		(52,638	)		—			—			—
	61,190			—			—			—			—			—
	725,788			91,703			9,230			340,124			80,695			156,697
	1,145,809			(58,816	)		8,010			552,955			116,762			105,034
	2,598,870			463,152			(70,051	)		497,901			1,035,558	(a)		637,008
	(3,036,741	)		—			—			—			—			—
	2,670,307			—			—			—			—			—
	—			(208,938	)		—			—			—			—
	—			—			(19,450	)		(13,862	)		5			—
	—			—			—			—			—			—
	2,741,846			(17,647	)		121,636			2,185,976			(1,511,744	)		1,074,836
	509,568			—			—			—			—			—
	(1,039,935	)		—			—			—			—			—
	—			60,233			—			—			—			—
	—			—			19,793			(27,332	)		9			—
	4,443,915			296,800			51,928			2,642,683			(476,172	)		1,711,844
$	5,589,724		$	237,984		$	59,938		$	3,195,638		$	(359,410	)	$	1,816,878

See accompanying Notes to Financial Statements.
	65

Aston Funds

Statements of Changes in Net Assets

	Montag & Caldwell Growth Fund						Veredus Select Growth Fund
	Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
NET ASSETS at Beginning of Period	$	3,441,019,426		$	3,042,348,287		$	80,277,274		$	104,506,310
Increase (decrease) in net assets from operations:
Net investment income (loss)		13,070,753			23,212,618			172,398			12,937
Net realized gain (loss) on investments, purchase options, payments by affiliates, capital gain distributions and foreign currency transactions		139,113,306			276,464,229			(446,152	)		2,087,190
Net change in unrealized appreciation (depreciation)on investments, purchase options, translation of assets and liabilities denominated in foreign currency		231,194,371			(24,507,953	)		1,370,451			(6,313,915	)
Net increase (decrease) in net assets from operations		383,378,430			275,168,894			1,096,697			(4,213,788	)
Distributions to shareholders from:
Net investment income:
Class N		(8,653,266	)		(8,322,107	)		—			—
Class I		(13,404,437	)		(12,483,308	)		(27,060	)		—
Class R		(23,730	)		(29,409	)		—			—
Net realized gain on investments:
Class N		(125,020,421	)		(2,646,170	)		—			—
Class I		(132,016,151	)		(2,724,240	)		—			—
Class R		(653,567	)		(13,510	)		—			—
Total distributions		(279,771,572	)		(26,218,744	)		(27,060	)		—
Capital share transactions:
Proceeds from sales of shares:
Class N		173,915,063			660,309,446			352,644			7,667,702
Class I		399,982,388			621,098,679			1,959,703			11,926,061
Class R		1,555,849			5,580,418			—			—
Proceeds from reinvestment of distributions:
Class N		130,056,898			10,562,918			—			—
Class I		100,607,628			11,978,807			26,847			—
Class R		530,624			21,213			—			—
Cost of shares redeemed:
Class N		(235,683,883	)		(618,544,121	)		(8,817,760	)		(28,127,415	)
Class I		(294,601,441	)		(536,452,510	)		(26,949,730	)		(11,481,596	)
Class R		(1,678,028	)		(4,833,861	)		—			—
Net increase (decrease) from capital share transactions		274,685,098			149,720,989			(33,428,296	)		(20,015,248	)
Total increase (decrease) in net assets		378,291,956			398,671,139			(32,358,659	)		(24,229,036	)
NET ASSETS at End of Period	$	3,819,311,382		$	3,441,019,426		$	47,918,615		$	80,277,274
Undistributed net investment income	$	8,610,213		$	17,620,893		$	172,235		$	26,897

(a) Cornerstone Large Cap Value Fund had a redemption-in-kind on March 18, 2011, which resulted in a redemption out of the Fund of $222,180,158. The redemption was comprised of securities and cash in the amounts of $218,362,480 and $3,817,758, respectively.

See accompanying Notes to Financial Statements.

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TAMRO Diversified Equity Fund						Herndon Large Cap Value Fund						Cornerstone Large Cap Value Fund
Six Months Ended April  30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
$	24,353,652		$	15,669,792		$	17,969,968		$	1,472,096		$	24,756,738		$	224,034,670
	12,246			(44,914	)		267,907			136,661			111,152			1,616,818
	(265,388	)		656,066			(158,754	)		677,342			757,598			34,986,939
	2,602,203			(699,407	)		2,673,319			(196,751	)		1,296,977			(15,657,682	)
	2,349,061			(88,255	)		2,782,472			617,252			2,165,727			20,946,075
	—			—			(69,391	)		(13,657	)		(110,362	)		(265,642	)
	—			—			(154,780	)		—			(577	)		(1,541,502	)
	—			—			—			—			—			—
	(473,355	)		—			(340,506	)		—			—			—
	—			—			(604,334	)		—			—			—
	—			—			—			—			—			—
	(473,355	)		—			(1,169,011	)		(13,657	)		(110,939	)		(1,807,144	)
	977,360			13,791,809			4,210,860			14,353,866			4,467,537			9,241,468
	383,293			—			25,988,442			12,434,600			3,188,291			413
	—			—			—			—			—			—
	461,380			—			409,897			13,657			106,567			254,223
	—			—			759,114			—			577			964,424
	—			—			—			—			—			—
	(5,903,122	)		(5,019,694	)		(1,330,320	)		(10,907,846	)		(8,520,260	)		(6,696,820	)
	—			—			(1,724,133	)		—			(4,086	)		(222,180,571	)(a)
	—			—			—			—			—			—
	(4,081,089	)		8,772,115			28,313,860			15,894,277			(761,374	)		(218,416,863	)
	(2,205,383	)		8,683,860			29,927,321			16,497,872			1,293,414			(199,277,932	)
$	22,148,269		$	24,353,652		$	47,897,289		$	17,969,968		$	26,050,152		$	24,756,738
$	12,246		$	—		$	170,974		$	127,238		$	213		$	—

See accompanying Notes to Financial Statements.
	67

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Statements of Changes in Net Assets – continued

	River Road Dividend All Cap Value Fund						Fairpointe Mid Cap Fund
	Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
NET ASSETS at Beginning of Period	$	620,152,985		$	273,172,565		$	2,841,488,832		$	1,969,004,161
Increase (decrease) in net assets from operations:
Net investment income (loss)		9,945,643			11,709,666			7,513,519			8,114,614
Net realized gain on investments		15,982,437			4,466,315			68,665,511			18,380,917
Net change in unrealized appreciation (depreciation) on investments		36,949,598			13,856,396			158,537,461			(48,573,966	)
Net increase (decrease) in net assets from operations		62,877,678			30,032,377			234,716,491			(22,078,435	)
Distributions to shareholders from:
Net investment income:
Class N		(4,109,948	)		(4,480,688	)		(2,661,253	)		(4,195,319	)
Class I		(5,708,066	)		(6,151,388	)		(5,501,975	)		(1,840,072	)
Net realized gain on investments:
Class N		(2,301,513	)		—			(10,321,076	)		(3,944,537	)
Class I		(2,349,496	)		—			(8,446,694	)		(1,492,202	)
Total distributions		(14,469,023	)		(10,632,076	)		(26,930,998	)		(11,472,130	)
Capital share transactions:
Proceeds from sales of shares:
Class N		93,152,764			200,005,589			233,036,383			723,036,262
Class I		188,262,252			193,412,218			362,461,382			1,264,789,286
Proceeds from reinvestment of distributions:
Class N		6,318,663			4,324,529			12,395,039			7,690,209
Class I		5,762,025			3,993,640			9,858,507			2,953,475
Cost of shares redeemed:
Class N		(85,872,994	)		(52,119,639	)		(276,597,077	)		(731,287,676	)
Class I		(19,956,484	)		(22,036,218	)		(421,437,953	)(a)		(361,146,320	)
Net increase (decrease) from capital share transactions		187,666,226			327,580,119			(80,283,719	)		906,035,236
Total increase (decrease) in net assets		236,074,881			346,980,420			127,501,774			872,484,671
NET ASSETS at End of Period	$	856,227,866		$	620,152,985		$	2,968,990,606		$	2,841,488,832
Undistributed (distributions in excess of) net investment income (loss)	$	17,367		$	(110,262	)	$	1,429,514		$	2,079,223

(a) Fairpointe Mid Cap Fund had a redemption-in-kind on January 13, 2012, which resulted in a redemption out of the Fund of $38,722,763. The redemption was comprised of securities and cash in the amounts of $38,179,960 and $542,803, respectively.

(b) Veredus Small Cap Growth Fund had a redemption-in-kind on December 2, 2011, which resulted in a redemption out of the Fund of $13,436,583. The redemption was comprised of securities and cash in the amount of $13,225,479 and $211,104, respectively.

See accompanying Notes to Financial Statements.

  68

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Montag & Caldwell Mid Cap Growth Fund						Cardinal Mid Cap Value Fund						Veredus Small Cap Growth Fund
Six Months Ended April  30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
$	4,507,024		$	3,399,072		$	1,640,534		$	1,408,743		$	43,191,062		$	49,784,390
	(16,768	)		(30,444	)		6,125			6,900			(155,011	)		(476,381	)
	214,979			299,123			4,728			91,525			1,903,184			6,542,782
	369,066			240,447			149,186			15,411			(326,612	)		(2,611,145	)
	567,277			509,126			160,039			113,836			1,421,561			3,455,256
	—			—			(6,507	)		(6,680	)		—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			(6,507	)		(6,680	)		—			—
	1,891,701			738,840			131,384			141,784			591,254			3,538,598
	—			—			—			—			132,806			327,191
	—			—			2,881			2,608			—			—
	—			—			—			—			—			—
	(240,835	)		(140,014	)		(24,241	)		(19,757	)		(3,850,557	)		(13,481,571	)
	—			—			—			—			(14,361,231	)(b)		(432,802	)
	1,650,866			598,826			110,024			124,635			(17,487,728	)		(10,048,584	)
	2,218,143			1,107,952			263,556			231,791			(16,066,167	)		(6,593,328	)
$	6,725,167		$	4,507,024		$	1,904,090		$	1,640,534		$	27,124,895		$	43,191,062
$	(16,768	)	$	—		$	1,135		$	1,517		$	(155,011	)	$	—

See accompanying Notes to Financial Statements.
	69

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Statements of Changes in Net Assets – continued

	Small Cap Growth Fund						Silvercrest Small Cap Fund
	Six Months Ended April 30, 2012 (unaudited)			Period Ended October 31, 2011(a)			Period Ended April 30, 2012(b) (unaudited)
NET ASSETS at Beginning of Period	$	7,961,781		$	—		$	—
Increase (decrease) in net assets from operations:
Net investment income (loss)		(46,878	)		(34,103	)		6,947
Net realized gain (loss) on investments		442,297			(183,520	)		227,679
Net change in unrealized appreciation (depreciation) on investments		522,931			(141,555	)		93,555
Net increase (decrease) in net assets from operations		918,350			(359,178	)		328,181
Distributions to shareholders from:
Net investment income:
Class N		—			—			—
Class I		—			—			—
Net realized gain on investments:
Class N		—			—			—
Class I		—			—			—
Total distributions		—			—			—
Capital share transactions:
Proceeds from sales of shares:
Class N		495,911			6,238,604			517,885
Class I		—			2,963,841			5,692,382
Proceeds from reinvestment of distributions:
Class N		—			—			—
Class I		—			—			—
Cost of shares redeemed:
Class N		(567,161	)		(881,486	)		—
Class I		—			—			(2,608,977	)(c)
Net increase (decrease) from capital share transactions		(71,250	)		8,320,959			3,601,290
Total increase (decrease) in net assets		847,100			7,961,781			3,929,471
NET ASSETS at End of Period	$	8,808,881		$	7,961,781		$	3,929,471
Undistributed (distributions in excess of) net investment income (loss)	$	(52,451	)	$	(5,573	)	$	6,947

(a) Small Cap Growth Fund began issuing shares on November 2, 2010.

(b) Silvercrest Small Cap Fund began issuing shares on December 23, 2011.

(c) Silvercrest Small Cap Fund had a redemption-in-kind on April 26, 2012, which resulted in a redemption out of the Fund of $2,608,977. The redemption was comprised of securities and cash in the amount of $2,579,146 and $29,831, respectively.

See accompanying Notes to Financial Statements.

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TAMRO Small Cap Fund						River Road Select Value Fund						River Road Small Cap Value Fund
Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Period Ended October 31, 2011(a)
$	1,001,284,211		$	885,435,944		$	143,687,434		$	215,753,587		$	337,488,064		$	468,670,448
	(2,637,283	)		(5,328,724	)		383,269			42,145			938,888			83,034
	36,006,399			99,904,044			6,632,303			29,375,751			12,488,633			44,847,576
	71,979,736			(22,100,977	)		6,411,264			(13,992,847	)		15,150,147			(11,965,485	)
	105,348,852			72,474,343			13,426,836			15,425,049			28,577,668			32,965,125
	—			—			—			(176,001	)		—			(643,153	)
	—			—			—			(958,025	)		—			(1,405,337	)
	(37,105,939	)		(7,598,056	)		(2,638,084	)		(475,433	)		—			—
	(60,086,992	)		(12,204,102	)		(26,691,130	)		(1,484,315	)		—			—
	(97,192,931	)		(19,802,158	)		(29,329,214	)		(3,093,774	)		—			(2,048,490	)
	58,992,376			134,405,206			1,001,842			9,181,896			5,554,947			38,752,450
	80,244,868			203,159,987			23,881,063			40,104,315			18,911,741			51,580,650
	36,431,124			7,455,712			2,564,966			633,791			—			639,592
	41,999,122			8,709,830			23,172,373			2,107,208			—			1,383,335
	(81,119,949	)		(121,337,026	)		(7,857,721	)		(53,148,045	)		(54,295,024	)		(178,262,562	)
	(73,947,267	)		(169,217,627	)		(21,967,375	)		(83,276,593	)		(37,655,272	)		(76,192,484	)
	62,600,274			63,176,082			20,795,148			(84,397,428	)		(67,483,608	)		(162,099,019	)
	70,756,195			115,848,267			4,892,770			(72,066,153	)		(38,905,940	)		(131,182,384	)
$	1,072,040,406		$	1,001,284,211		$	148,580,204		$	143,687,434		$	298,582,124		$	337,488,064
$	(2,637,283	)	$	—		$	383,269		$	—		$	938,888		$	—

See accompanying Notes to Financial Statements.
	71

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Statements of Changes in Net Assets – continued

	River Road Independent Value Fund						DoubleLine Core Plus Fixed Income Fund
	Six Months Ended April 30, 2012 (unaudited)			Period Ended October 31, 2011(a)			Six Months Ended April 30, 2012 (unaudited)			Period Ended October 31, 2011(b)
NET ASSETS at Beginning of Period	$	391,700,125		$	—		$	27,143,189		$	—
Increase (decrease) in net assets from operations:
Net investment income (loss)		(1,333,607	)		(1,085,446	)		1,085,529			186,165
Net realized gain (loss) on investments and capital gain distributions		21,620,532			5,386,949			237,718			43,586
Net change in unrealized appreciation (depreciation) on investments		(7,151,566	)		(574,323	)		1,257,079			254,825
Net increase (decrease) in net assets from operations		13,135,359			3,727,180			2,580,326			484,576
Distributions to shareholders from:
Net investment income:
Class N		—			—			(466,028	)		(148,691	)
Class I		—			—			(553,666	)		(42,117	)
Net realized gain on investments:
Class N		(3,623,431	)		—			(34,851	)		—
Class I		(2,074,734	)		—			(24,248	)		—
Total distributions		(5,698,165	)		—			(1,078,793	)		(190,808	)
Capital share transactions:
Proceeds from sales of shares:
Class N		134,456,823			369,370,471			18,637,423			23,893,578
Class I		171,503,461			87,929,924			48,842,087			5,325,160
Proceeds from reinvestment of distributions:
Class N		3,615,800			—			498,859			142,202
Class I		2,024,439			—			560,783			42,117
Cost of shares redeemed:
Class N		(94,897,202	)		(65,670,819	)		(17,366,703	)		(1,531,005	)
Class I		(10,918,191	)		(3,656,631	)		(2,541,745	)		(1,022,631	)
Net increase (decrease) from capital share transactions		205,785,130			387,972,945			48,630,704			26,849,421
Total increase (decrease) in net assets		213,222,324			391,700,125			50,132,237			27,143,189
NET ASSETS at End of Period	$	604,922,449		$	391,700,125		$	77,275,426		$	27,143,189
Undistributed (distributions in excess of) net investment income (loss)	$	(1,371,145	)	$	(37,538	)	$	56,332		$	(9,503	)

(a) River Road Independent Value Fund began issuing shares on December 30, 2010.

(b) DoubleLine Core Plus Fixed Income Fund began issuing shares on July 15, 2011.

See accompanying Notes to Financial Statements.

  72

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TCH Fixed Income Fund						Lake Partners LASSO Alternatives Fund						Dynamic Allocation Fund
Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
$	72,769,324		$	61,154,711		$	207,625,322		$	28,019,637		$	49,240,524		$	54,234,248
	1,507,492			2,777,397			886,038			141,372			122,192			(167,249	)
	376,538			350,010			3,110,687			(4,044,043	)		(1,059,467	)		5,957,161
	806,643			153,269			6,884,020			(2,659,656	)		(133,956	)		(2,211,531	)
	2,690,673			3,280,676			10,880,745			(6,562,327	)		(1,071,231	)		3,578,381
	(1,407,245	)		(2,179,922	)		(255,933	)		(60,987	)		(84,100	)		(145,930	)
	(240,559	)		(630,662	)		(3,425,003	)		(200,883	)		(10,446	)		(916	)
	—			—			—			(51,647	)		(4,208,287	)		(1,740,103	)
	—			—			—			(141,825	)		(428,748	)		(5,816	)
	(1,647,804	)		(2,810,584	)		(3,680,936	)		(455,342	)		(4,731,581	)		(1,892,765	)
	5,365,560			26,608,188			8,139,249			13,063,407			5,343,309			19,238,553
	1,540,050			3,668,580			65,950,999			200,746,741			699,939			6,991,108
	1,350,292			2,084,931			254,527			112,282			4,285,707			1,882,196
	185,009			473,715			1,747,717			314,308			439,194			6,732
	(6,209,562	)		(12,995,724	)		(2,629,857	)		(3,488,899	)		(16,953,215	)		(32,146,225	)
	(2,216,104	)		(8,695,169	)		(28,201,371	)		(24,124,485	)		(249,918	)		(2,651,704	)
	15,245			11,144,521			45,261,264			186,623,354			(6,434,984	)		(6,679,340	)
	1,058,114			11,614,613			52,461,073			179,605,685			(12,237,796	)		(4,993,724	)
$	73,827,438		$	72,769,324		$	260,086,395		$	207,625,322		$	37,002,728		$	49,240,524
$	136,564		$	276,876		$	(2,727,034	)	$	67,864		$	27,646		$	—

See accompanying Notes to Financial Statements.
	73

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Statements of Changes in Net Assets – continued

	M.D. Sass Enhanced Equity Fund						River Road Long-Short Fund
	Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Period Ended October 31, 2011(a)
NET ASSETS at Beginning of Period	$	113,205,174		$	92,563,052		$	4,593,930		$	—
Increase (decrease) in net assets from operations:
Net investment income (loss)		1,145,809			1,731,594			(58,816	)		(30,424	)
Net realized gain (loss) on investments, purchased options, written options and securities sold short and foreign currency transactions		2,232,436			11,844,073			254,214			(150,888	)
Net change in unrealized appreciation (depreciation) on investments, purchased options, written options, securities sold short and translation of assets and liabilities denominated in foreign currency		2,211,479			(5,531,012	)		42,586			116,075
Net increase (decrease) in net assets from operations		5,589,724			8,044,655			237,984			(65,237	)
Distributions to shareholders from:
Net investment income:
Class N		(483,042	)		(652,123	)		—			—
Class I		(689,020	)		(1,009,975	)		—			—
Net realized gain on investments:
Class N		(5,377,824	)		(1,928,441	)		—			—
Class I		(6,563,185	)		(2,282,232	)		—			—
Total distributions		(13,113,071	)		(5,872,771	)		—			—
Capital share transactions:
Proceeds from sales of shares:
Class N		29,228,769			26,609,227			1,035,157			4,660,217
Class I		33,147,701			25,630,704			—			—
Proceeds from reinvestment of distributions:
Class N		5,793,693			2,544,539			—			—
Class I		5,299,417			2,663,560			—			—
Cost of shares redeemed:
Class N		(10,416,882	)		(28,044,291	)		(315,703	)		(1,050	)
Class I		(19,821,033	)		(10,933,501	)		—			—
Net increase (decrease) from capital share transactions		43,231,665			18,470,238			719,454			4,659,167
Total increase (decrease) in net assets		35,708,318			20,642,122			957,438			4,593,930
NET ASSETS at End of Period	$	148,913,492		$	113,205,174		$	5,551,368		$	4,593,930
Undistributed (distributions in excess of) net investment income (loss)	$	54,267		$	80,520		$	(67,026	)	$	(8,210	)

(a) River Road Long-Short Fund began issuing shares on May 3, 2011.

(b) Harrison Street Real Estate Fund had a redemption-in-kind on December 2, 2011, which resulted in a redemption out of the Fund of $31,399,368. The redemption was comprised of securities and cash in the amounts of $30,913,574 and $485,794, respectively.

See accompanying Notes to Financial Statements.

  74

Aston Funds

Neptune International Fund						Barings International Fund						Harrison Street Real Estate Fund
Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
$	1,742,113		$	1,874,755		$	52,782,652		$	48,168,829		$	39,212,065		$	35,582,298
	8,010			21,534			552,955			683,032			116,762			321,324
	(89,501	)		104,683			484,039			3,681,538			1,035,563			8,172,513
	141,429			(211,560	)		2,158,644			(6,777,543	)		(1,511,735	)		(4,472,206	)
	59,938			(85,343	)		3,195,638			(2,412,973	)		(359,410	)		4,021,631
	—			(4,729	)		(2,517	)		(3,391	)		(46,752	)		(95,034	)
	(2,340	)		(16,585	)		(507,253	)		(1,016,220	)		(823	)		(532,220	)
	—			—			(9,564	)		—			—			—
	—			—			(1,371,156	)		—			—			—
	(2,340	)		(21,314	)		(1,890,490	)		(1,019,611	)		(47,575	)		(627,254	)
	18,556			83,936			950			299,750			2,356,334			3,015,671
	—			—			13,940,927			15,930,055			2,284			37,683
	—			4,729			12,081			3,391			44,264			93,419
	2,340			12,301			1,167,330			816,360			539			532,220
	(33,775	)		(126,951	)		(275	)		(68,520	)		(963,237	)		(3,431,764	)
	(1,689	)		—			(5,029,189	)		(8,934,629	)		(31,416,610	)(b)		(11,839	)
	(14,568	)		(25,985	)		10,091,824			8,046,407			(29,976,426	)		235,390
	43,030			(132,642	)		11,396,972			4,613,823			(30,383,411	)		3,629,767
$	1,785,143		$	1,742,113		$	64,179,624		$	52,782,652		$	8,828,654		$	39,212,065
$	7,994		$	2,324		$	531,448		$	488,263		$	218,620		$	149,433

See accompanying Notes to Financial Statements.
	75

Aston Funds

Statements of Changes in Net Assets – continued

	Montag & Caldwell Balanced Fund
	Six Months Ended April 30, 2012 (unaudited)			Year Ended October 31, 2011
NET ASSETS at Beginning of Period	$	24,729,716		$	30,555,528
Increase in net assets from operations:
Net investment income		105,034			216,304
Net realized gain on investments and foreign currency transactions		637,008			2,651,240
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		1,074,836			(947,217	)
Net increase in net assets from operations		1,816,878			1,920,327
Distributions to shareholders from:
Net investment income:
Class N		(139,226	)		(266,744	)
Class I		(9,882	)		(45,549	)
Total distributions		(149,108	)		(312,293	)
Capital share transactions:
Proceeds from sales of shares:
Class N		8,745,013			1,639,927
Class I		30,307			4,647,220
Proceeds from reinvestment of distributions:
Class N		135,468			258,918
Class I		2,964			33,009
Cost of shares redeemed:
Class N		(3,513,717	)		(9,141,134	)
Class I		(35,956	)		(4,871,786	)
Net increase (decrease) from capital share transactions		5,364,079			(7,433,846	)
Total increase (decrease) in net assets		7,031,849			(5,825,812	)
NET ASSETS at End of Period	$	31,761,565		$	24,729,716
Distributions in excess of net investment income	$	(234,586	)	$	(190,512	)

See accompanying Notes to Financial Statements.

  76

Aston Funds
ASTON/Montag & Caldwell Growth Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	24.72		$	22.92		$	20.87		$	18.84		$	31.51		$	25.15
Income from Investment Operations:
Net investment income (a)		0.07			0.14			0.12			0.08			0.07			0.06
Net realized and unrealized gain (loss) on investments		2.51			1.83			2.01	(b)		2.61			(8.66	)		6.54
Total from investment operations		2.58			1.97			2.13			2.69			(8.59	)		6.60
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.13	)		(0.08	)		(0.06	)		(0.05	)		(0.06	)
Distributions from net realized gain on investments		(1.88	)		(0.04	)		—			(0.60	)		(4.03	)		(0.18	)
																		��
Total distributions		(2.01	)		(0.17	)		(0.08	)		(0.66	)		(4.08	)		(0.24	)
Net increase (decrease) in net asset value		0.57			1.80			2.05			2.03			(12.67	)		6.36
Net Asset Value, End of Period	$	25.29		$	24.72		$	22.92		$	20.87		$	18.84		$	31.51
Total Return (c)		11.27	%(d)		8.56	%		10.20	%		15.08	%		(31.13	)%		26.41	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,801,757		$	1,683,183		$	1,506,075		$	1,277,346		$	602,905		$	759,567
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.06	%(e)		1.06	%		1.08	%(f)		1.11	%		1.08	%(f)		1.07	%(f)
After reimbursement and/or waiver of expenses by Adviser		1.06	%(e)		1.06	%		1.08	%(f)		1.11	%		1.08	%(f)		1.07	%(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.62	%(e)		0.59	%		0.56	%		0.41	%		0.26	%		0.23	%
After reimbursement and/or waiver of expenses by Adviser		0.62	%(e)		0.59	%		0.56	%		0.41	%		0.26	%		0.23	%
Portfolio Turnover		22.10	%(d)		63.48	%		57.39	%(g)		35.09	%(h)		52.32	%		69.02	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Includes payments by affiliates of less than $0.005 per share.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2010, October 31, 2008 and October 31, 2007. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(g) Portfolio turnover rate excludes securities received from a reorganization.

(h) Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.
	77

Aston Funds
ASTON/Montag & Caldwell Growth Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	24.85		$	23.05		$	20.97		$	18.94		$	31.61		$	25.24
Income from Investment Operations:
Net investment income (a)		0.11			0.21			0.18			0.12			0.13			0.14
Net realized and unrealized gain (loss) on investments		2.51			1.82			2.02	(b)		2.62			(8.70	)		6.55
Total from investment operations		2.62			2.03			2.20			2.74			(8.57	)		6.69
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.19	)		(0.12	)		(0.11	)		(0.07	)		(0.14	)
Distributions from net realized gain on investments		(1.88	)		(0.04	)		—			(0.60	)		(4.03	)		(0.18	)
Total distributions		(2.07	)		(0.23	)		(0.12	)		(0.71	)		(4.10	)		(0.32	)
Net increase (decrease) in net asset value		0.55			1.80			2.08			2.03			(12.67	)		6.37
Net Asset Value, End of Period	$	25.40		$	24.85		$	23.05		$	20.97		$	18.94		$	31.61
Total Return (c)		11.45	%(d)		8.82	%		10.49	%		15.36	%		(30.96	)%		26.72	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,008,214		$	1,749,183		$	1,528,981		$	1,205,637		$	754,671		$	1,254,382
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.81	%(e)		0.81	%		0.83	%(f)		0.86	%		0.83	%(f)		0.79	%(f)
After reimbursement and/or waiver of expenses by Adviser		0.81	%(e)		0.81	%		0.83	%(f)		0.86	%		0.83	%(f)		0.79	%(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.87	%(e)		0.84	%		0.81	%		0.66	%		0.51	%		0.51	%
After reimbursement and/or waiver of expenses by Adviser		0.87	%(e)		0.84	%		0.81	%		0.66	%		0.51	%		0.51	%
Portfolio Turnover		22.10	%(d)		63.48	%		57.39	%(g)		35.09	%(h)		52.32	%		69.02	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Includes payments by affiliates of less than $0.005 per share.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2010, October 31, 2008 and October 31, 2007. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(g) Portfolio turnover rate excludes securities received from a reorganization.

(h) Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.

  78

Aston Funds
ASTON/Montag & Caldwell Growth Fund – Class R	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	24.45		$	22.70		$	20.73		$	18.69		$	31.33		$	25.04
Income from Investment Operations:
Net investment income (a)		0.05			0.08			0.07			0.03			—	(b)		—	(b)
Net realized and unrealized gain (loss) on investments		2.48			1.80			1.98	(c)		2.61			(8.58	)		6.49
Total from investment operations		2.53			1.88			2.05			2.64			(8.58	)		6.49
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.09	)		(0.08	)		—			(0.03	)		(0.02	)
Distributions from net realized gain on investments		(1.88	)		(0.04	)		—			(0.60	)		(4.03	)		(0.18	)
Total distributions		(1.95	)		(0.13	)		(0.08	)		(0.60	)		(4.06	)		(0.20	)
Net increase (decrease) in net asset value		0.58			1.75			1.97			2.04			(12.64	)		6.29
Net Asset Value, End of Period	$	25.03		$	24.45		$	22.70		$	20.73		$	18.69		$	31.33
Total Return (d)		11.15	%(e)		8.29	%		9.90	%		14.87	%		(31.28	)%		26.06	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,339		$	8,654		$	7,292		$	3,840		$	266		$	4,062
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.31	%(f)		1.31	%		1.33	%(g)		1.36	%		1.33	%(g)		1.29	%(g)
After reimbursement and/or waiver of expenses by Adviser		1.31	%(f)		1.31	%		1.33	%(g)		1.36	%		1.33	%(g)		1.29	%(g)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.37	%(f)		0.34	%		0.31	%		0.16	%		0.01	%		0.01	%
After reimbursement and/or waiver of expenses by Adviser		0.37	%(f)		0.34	%		0.31	%		0.16	%		0.01	%		0.01	%
Portfolio Turnover		22.10	%(e)		63.48	%		57.39	%(h)		35.09	%(i)		52.32	%		69.02	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Represents less than $0.005 per share.

(c) Includes payments by affiliates of less than $0.005 per share.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Annualized.

(g) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2010, October 31, 2008 and October 31, 2007. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(h) Portfolio turnover rate excludes securities received from a reorganization.

(i) Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.
	79

Aston Funds
ASTON/Veredus Select Growth Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.77		$	11.35		$	9.07		$	8.69		$	16.77		$	13.08
Income from Investment Operations:
Net investment loss		0.02	(a)		(0.02	)(a)		(0.04	)		(0.01	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investments		0.51			(0.56	)		2.32			0.39			(5.60	)		3.77
Total from investment operations		0.53			(0.58	)		2.28			0.38			(5.66	)		3.69
Less Distributions:
Distributions from and in excess of net investment income		—			—			—	(b)		—			—			—
Distributions from net realized gain on investments		—			—			—			—			(2.42	)		—
Total distributions		—			—			—			—			(2.42	)		—
Net increase (decrease) in net asset value		0.53			(0.58	)		2.28			0.38			(8.08	)		3.69
Net Asset Value, End of Period	$	11.30		$	10.77		$	11.35		$	9.07		$	8.69		$	16.77
Total Return (c)		4.92	%(d)		(5.11	)%		25.15	%		4.37	%		(39.09	)%		28.14	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	12,723		$	20,733		$	42,567		$	39,437		$	37,142		$	50,783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.42	%(e)(f)		1.30	%		1.33	%		1.37	%		1.34	%		1.52	%
After reimbursement and/or waiver of expenses by Adviser		1.30	%(e)(f)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.32	%(e)		(0.15	)%		(0.38	)%		(0.24	)%		(0.55	)%		(0.81	)%
After reimbursement and/or waiver of expenses by Adviser		0.44	%(e)		(0.15	)%		(0.35	)%		(0.17	)%		(0.51	)%		(0.59	)%
Portfolio Turnover		95.79	%(d)		312.62	%		325.01	%		331.55	%		387.57	%		283.38	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Represents less than $(0.005) per share.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the six months ended April 30, 2012, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.

  80

Aston Funds
ASTON/Veredus Select Growth Fund – Class I	April 30, 2012
Financial Highlights

	Six  Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.92		$	11.48		$	9.16		$	8.74		$	16.83		$	13.08
Income from Investment Operations:
Net investment income (loss)		0.04			0.01	(a)		(0.01	)		0.01			(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.51			(0.57	)		2.34			0.41			(5.65	)		3.77
Total from investment operations		0.55			(0.56	)		2.33			0.42			(5.67	)		3.75
Less Distributions:
Distributions from and in excess of net investment income		(0.01	)		—			(0.01	)		—			—			—
Distributions from net realized gain on investments		—			—			—			—			(2.42	)		—
Total distributions		(0.01	)		—			(0.01	)		—			(2.42	)		—
Net increase (decrease) in net asset value		0.54			(0.56	)		2.32			0.42			(8.09	)		3.75
Net Asset Value, End of Period	$	11.46		$	10.92		$	11.48		$	9.16		$	8.74		$	16.83
Total Return (b)		4.93	%(c)		(4.88	)%		25.39	%		4.81	%		(38.96	)%		28.52	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	35,195		$	59,544		$	61,939		$	47,699		$	46,040		$	3,216
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.17	%(d)(e)		1.05	%		1.08	%		1.12	%		1.09	%		1.19	%
After reimbursement and/or waiver of expenses by Adviser		1.05	%(d)(e)		1.05	%		1.05	%		1.05	%		1.05	%		0.97	%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.57	%(d)		0.10	%		(0.13	)%		0.01	%		(0.30	)%		(0.48	)%
After reimbursement and/or waiver of expenses by Adviser		0.69	%(d)		0.10	%		(0.10	)%		0.08	%		(0.26	)%		(0.26	)%
Portfolio Turnover		95.79	%(c)		312.62	%		325.01	%		331.55	%		387.57	%		283.38	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the six months ended April 30, 2012, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.
	81

Aston Funds
ASTON/TAMRO Diversified Equity Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	12.34		$	11.83		$	9.72		$	8.34		$	14.41		$	13.91
Income from Investment Operations:
Net investment income (loss)		0.01	(a)		(0.02	)		—	(b)		—	(b)		0.04			0.03
Net realized and unrealized gain (loss) on investments		1.35			0.53			2.13			1.42			(4.94	)		2.13
Total from investment operations		1.36			0.51			2.13			1.42			(4.90	)		2.16
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.02	)		(0.04	)		(0.01	)		(0.03	)
Distributions from net realized gain on investments		(0.26	)		—			—			—			(1.16	)		(1.63	)
Total distributions		(0.26	)		—			(0.02	)		(0.04	)		(1.17	)		(1.66	)
Net increase (decrease) in net asset value		1.10			0.51			2.11			1.38			(6.07	)		0.50
Net Asset Value, End of Period	$	13.44		$	12.34		$	11.83		$	9.72		$	8.34		$	14.41
Total Return (c)		11.28	%(d)		4.31	%		21.95	%		17.13	%		(36.75	)%		16.98	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	21,760		$	24,354		$	15,670		$	10,486		$	8,562		$	15,359
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.66	%(e)(f)		1.62	%(f)		1.63	%		1.95	%		1.88	%		1.74	%(f)
After reimbursement and/or waiver of expenses by Adviser		1.20	%(e)(f)		1.20	%(f)		1.20	%		1.20	%		1.20	%		1.20	%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(0.35	)%(e)		(0.63	)%		(0.45	)%		(0.77	)%		(0.37	)%		(0.30	)%
After reimbursement and/or waiver of expenses by Adviser		0.11	%(e)		(0.21	)%		(0.02	)%		(0.02	)%		0.31	%		0.24	%
Portfolio Turnover		24.34	%(d)		65.96	%		81.75	%		85.49	%		93.82	%		37.87	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Represents less than $(0.005) per share.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the years ended October 31, 2011 and October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.

  82

Aston Funds
ASTON/TAMRO Diversified Equity Fund – Class I	April 30, 2012
Financial Highlights

	Period Ended 04/30/12 (unaudited)(a)
Net Asset Value, Beginning of Period	$	13.27
Income from Investment Operations:
Net investment income		0.01	(b)
Net realized and unrealized gain on investments		0.16
Total from investment operations		0.17
Less Distributions:
Distributions from and in excess of net investment income		—
Total distributions		—
Net increase in net asset value		0.17
Net Asset Value, End of Period	$	13.44
Total Return (c)		1.28	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	388
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.41	%(e)(f)
After reimbursement and/or waiver of expenses by Adviser		0.95	%(e)(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(0.10	)%(e)
After reimbursement and/or waiver of expenses by Adviser		0.36	%(e)
Portfolio Turnover		24.34	%(d)

(a) TAMRO Diversified Equity Fund began issuing Class I shares on March 1, 2012.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the period ended April 30, 2012, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.
	83

Aston Funds
ASTON/Herndon Large Cap Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Period Ended 10/31/10 (a)
Net Asset Value, Beginning of Period	$	11.31		$	10.39		$	10.00
Income from Investment Operations:
Net investment income		0.10	(b)		0.12	(b)		0.03
Net realized and unrealized gain on investments		1.13			0.81			0.36
Total from investment operations		1.23			0.93			0.39
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.01	)		—
Distributions from net realized gain on investments		(0.56	)		—			—
Total distributions		(0.67	)		(0.01	)		—
Net increase in net asset value		0.56			0.92			0.39
Net Asset Value, End of Period	$	11.87		$	11.31		$	10.39
Total Return (c)		11.71	%(d)		9.09	%		3.90	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,854		$	6,089		$	1,472
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.52	%(e)		2.38	%		13.84	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.30	%(e)		1.30	%		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.48	%(e)		(0.05	)%		(11.94	)%(e)
After reimbursement and/or waiver of expenses by Adviser		1.70	%(e)		1.03	%		0.60	%(e)
Portfolio Turnover		25.27	%(d)		189.70	%		38.64	%(d)

(a) Herndon Large Cap Value Fund began issuing Class N shares on March 30, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

  84

Aston Funds
ASTON/Herndon Large Cap Value Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.33		$	11.48
Income from Investment Operations:
Net investment income		0.11	(b)		0.10	(b)
Net realized and unrealized gain (loss) on investments		1.13			(0.25	)
Total from investment operations		1.24			(0.15	)
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		—
Distributions from net realized gain on investments		(0.56	)		—
Total distributions		(0.70	)		—
Net increase (decrease) in net asset value		0.54			(0.15	)
Net Asset Value, End of Period	$	11.87		$	11.33
Total Return (c)		11.91	%(d)		(1.31	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	38,044		$	11,881
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.27	%(e)		2.13	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.05	%(e)		1.05	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.73	%(e)		0.20	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.95	%(e)		1.28	%(e)
Portfolio Turnover		25.27	%(d)		189.70	%

(a) Herndon Large Cap Value Fund began issuing Class I shares on March 1, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.
	85

Aston Funds
ASTON/Cornerstone Large Cap Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.04		$	9.20		$	8.31		$	9.07		$	15.57		$	14.06
Income from Investment Operations:
Net investment income		0.05	(a)		0.12	(a)		0.13			0.15			0.15			0.19
Net realized and unrealized gain (loss) on investments		0.86			0.83			0.89			0.41			(5.08	)		2.09
Total from investment operations		0.91			0.95			1.02			0.56			(4.93	)		2.28
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.11	)		(0.13	)		(0.15	)		(0.16	)		(0.20	)
Distributions from net realized gain on investments		—			—			—			(1.17	)		(1.41	)		(0.57	)
Total distributions		(0.04	)		(0.11	)		(0.13	)		(1.32	)		(1.57	)		(0.77	)
Net increase (decrease) in net asset value		0.87			0.84			0.89			(0.76	)		(6.50	)		1.51
Net Asset Value, End of Period	$	10.91		$	10.04		$	9.20		$	8.31		$	9.07		$	15.57
Total Return (b)		9.13	%(c)		10.44	%		12.37	%		8.60	%		(34.85	)%		16.77	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	22,691		$	24,631		$	19,984		$	20,173		$	19,704		$	130,476
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.63	%(d)		1.61	%		1.19	%(e)		1.21	%		1.18	%(e)		1.16	%
After reimbursement and/or waiver of expenses by Adviser		1.23	%(d)(f)		1.14	%(f)		1.07	%(e)		1.07	%(g)		1.02	%(e)		0.94	%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.47	%(d)		0.80	%		1.32	%		1.77	%		1.22	%		1.06	%
After reimbursement and/or waiver of expenses by Adviser		0.87	%(d)		1.27	%		1.44	%		1.91	%		1.38	%		1.28	%
Portfolio Turnover		35.77	%(c)		59.07	%(h)		37.44	%		39.00	%		67.57	%		28.05	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2010 and October 31, 2008, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Effective March 22, 2011, the Adviser changed the voluntary expense limitation from 1.07% to 1.19%. Subsequently on February 29, 2012, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.30%.

(g) The contractual expense limitation of 1.07%, which excludes interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, was removed by the Adviser and replaced with a voluntary expense limitation of 1.07% effective March 1, 2009. Voluntary expense waivers can end at any time.

(h) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

  86

Aston Funds
ASTON/Cornerstone Large Cap Value Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.05		$	9.19		$	8.31		$	9.06		$	15.57		$	14.07
Income from Investment Operations:
Net investment income		0.04	(a)		0.16	(a)		0.15			0.17			0.20			0.23
Net realized and unrealized gain (loss) on investments		0.88			0.84			0.88			0.42			(5.10	)		2.07
Total from investment operations		0.92			1.00			1.03			0.59			(4.90	)		2.30
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.14	)		(0.15	)		(0.17	)		(0.20	)		(0.23	)
Distributions from net realized gain on investments		—			—			—			(1.17	)		(1.41	)		(0.57	)
Total distributions		(0.05	)		(0.14	)		(0.15	)		(1.34	)		(1.61	)		(0.80	)
Net increase (decrease) in net asset value		0.87			0.86			0.88			(0.75	)		(6.51	)		1.50
Net Asset Value, End of Period	$	10.92		$	10.05		$	9.19		$	8.31		$	9.06		$	15.57
Total Return (b)		9.16	%(c)		10.95	%		12.53	%		9.01	%		(34.73	)%		16.98	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,359		$	126		$	204,051		$	205,580		$	188,688		$	289,024
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.38	%(d)		1.36	%		0.94	%(e)		0.96	%		0.93	%(e)		0.91	%
After reimbursement and/or waiver of expenses by Adviser		0.98	%(d)(f)		0.89	%(f)		0.82	%(e)		0.82	%(g)		0.77	%(e)		0.69	%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.72	%(d)		1.05	%		1.57	%		2.02	%		1.47	%		1.31	%
After reimbursement and/or waiver of expenses by Adviser		1.12	%(d)		1.52	%		1.69	%		2.16	%		1.63	%		1.53	%
Portfolio Turnover		35.77	%(c)		59.07	%(h)		37.44	%		39.00	%		67.57	%		28.05	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expense to average net assets included interest expenses of less than 0.005% for the years ended October 31, 2010 and October 31, 2008, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Effective March 22, 2011, the Adviser changed the voluntary expense limitation from 0.82% to 0.94%. Subsequently on February 29, 2012, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.05%.

(g) The contractual expense limitation of 0.82%, which excludes interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, was removed by the Adviser and replaced with a voluntary expense limitation of 0.82% effective March 1, 2009. Voluntary expense waivers can end at any time.

(h) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.
	87

Aston Funds
ASTON/River Road Dividend All Cap Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.68		$	10.23		$	8.58		$	8.43		$	12.58		$	11.81
Income from Investment Operations:
Net investment income		0.14	(a)		0.29	(a)		0.26	(a)		0.26	(a)		0.38			0.46	(a)
Net realized and unrealized gain (loss) on investments		0.80			0.42			1.62			0.08			(3.54	)		0.81
Total from investment operations		0.94			0.71			1.88			0.34			(3.16	)		1.27
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.26	)		(0.23	)		(0.19	)		(0.32	)		(0.37	)
Return of capital		—			—			—			—			(0.01	)		—
Distributions from net realized gain on investments		(0.07	)		—			—			—			(0.66	)		(0.13	)
Total distributions		(0.21	)		(0.26	)		(0.23	)		(0.19	)		(0.99	)		(0.50	)
Net increase (decrease) in net asset value		0.73			0.45			1.65			0.15			(4.15	)		0.77
Net Asset Value, End of Period	$	11.41		$	10.68		$	10.23		$	8.58		$	8.43		$	12.58
Total Return (b)		8.87	%(c)		6.94	%		22.20	%		4.33	%		(26.82	)%		10.89	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	336,925		$	301,290		$	135,544		$	81,842		$	51,504		$	32,313
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.11	%(d)		1.12	%		1.14	%		1.21	%		1.35	%(e)		1.53	%
After reimbursement and/or waiver of expenses by Adviser		1.11	%(d)		1.12	%		1.14	%		1.21	%		1.30	%(e)		1.30	%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.55	%(d)		2.70	%		2.69	%		3.36	%		3.81	%		3.48	%
After reimbursement and/or waiver of expenses by Adviser		2.55	%(d)		2.70	%		2.69	%		3.36	%		3.86	%		3.71	%
Portfolio Turnover		15.88	%(c)		24.65	%		29.92	%		47.34	%		48.95	%		114.56	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2008, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.

  88

Aston Funds
ASTON/River Road Dividend All Cap Value Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Period Ended 10/31/07(a)
Net Asset Value, Beginning of Period	$	10.67		$	10.22		$	8.57		$	8.42		$	12.57		$	12.94
Income from Investment Operations:
Net investment income		0.15	(b)		0.32	(b)		0.28	(b)		0.29	(b)		0.41			0.16	(b)
Net realized and unrealized gain (loss) on investments		0.80			0.42			1.63			0.07			(3.55	)		(0.37	)
Total from investment operations		0.95			0.74			1.91			0.36			(3.14	)		(0.21	)
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.29	)		(0.26	)		(0.21	)		(0.34	)		(0.16	)
Return of capital		—			—			—			—			(0.01	)		—
Distributions from net realized gain on investments		(0.07	)		—			—			—			(0.66	)		—
Total distributions		(0.22	)		(0.29	)		(0.26	)		(0.21	)		(1.01	)		(0.16	)
Net increase (decrease) in net asset value		0.73			0.45			1.65			0.15			(4.15	)		(0.37	)
Net Asset Value, End of Period	$	11.40		$	10.67		$	10.22		$	8.57		$	8.42		$	12.57
Total Return (c)		9.01	%(d)		7.21	%		22.53	%		4.59	%		(26.66	)%		(1.58	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	519,303		$	318,863		$	137,629		$	77,185		$	144		$	197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.86	%(e)		0.87	%		0.89	%		0.96	%		1.10	%(f)		1.42	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.86	%(e)		0.87	%		0.89	%		0.96	%		1.05	%(f)		0.96	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.80	%(e)		2.95	%		2.94	%		3.61	%		4.06	%		2.86	%(e)
After reimbursement and/or waiver of expenses by Adviser		2.80	%(e)		2.95	%		2.94	%		3.61	%		4.11	%		3.33	%(e)
Portfolio Turnover		15.88	%(d)		24.65	%		29.92	%		47.34	%		48.95	%		114.56	%

(a) River Road Dividend All Cap Value Fund began issuing Class I shares on June 27, 2007.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2008, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.
	89

Aston Funds
ASTON/Fairpointe Mid Cap Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	29.76		$	29.04		$	22.73		$	17.25		$	32.32		$	27.16
Income from Investment Operations:
Net investment income (loss)		0.06			0.06	(a)		0.01			0.09			0.05			(0.02	)
Net realized and unrealized gain (loss) on investments		2.57			0.82			6.35			5.82			(12.93	)		7.01
Total from investment operations		2.63			0.88			6.36			5.91			(12.88	)		6.99
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.08	)		(0.05	)		(0.14	)		—			—
Distributions from net realized gain on investments		(0.21	)		(0.08	)		—			(0.29	)		(2.19	)		(1.83	)
Total distributions		(0.26	)		(0.16	)		(0.05	)		(0.43	)		(2.19	)		(1.83	)
Net increase (decrease) in net asset value		2.37			0.72			6.31			5.48			(15.07	)		5.16
Net Asset Value, End of Period	$	32.13		$	29.76		$	29.04		$	22.73		$	17.25		$	32.32
Total Return (b)		8.91	%(c)		2.98	%		28.01	%		35.60	%		(42.50	)%		27.08	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,589,447		$	1,502,266		$	1,469,354		$	842,233		$	508,886		$	823,036
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.12	%(d)(e)		1.14	%(e)		1.14	%(e)		1.20	%(e)		1.16	%(e)		1.15	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.12	%(d)(e)		1.14	%(e)		1.14	%(e)		1.20	%(e)		1.16	%(e)		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.41	%(d)		0.21	%		—	%(f)		0.46	%		0.18	%		(0.09	)%
After reimbursement and/or waiver of expenses by Adviser		0.41	%(d)		0.21	%		—	%(f)		0.46	%		0.18	%		(0.09	)%
Portfolio Turnover		10.32	%(c)(g)		11.20	%		13.82	%		17.72	%		22.58	%		26.15	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the years ended October 31, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Represents less than 0.005%.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

  90

Aston Funds
ASTON/Fairpointe Mid Cap Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	30.20		$	29.41		$	23.00		$	17.47		$	32.64		$	27.34
Income from Investment Operations:
Net investment income		0.11			0.14	(a)		0.07			0.13			0.11			0.05
Net realized and unrealized gain (loss) on investments		2.60			0.82			6.43			5.89			(13.09	)		7.08
Total from investment operations		2.71			0.96			6.50			6.02			(12.98	)		7.13
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.09	)		(0.09	)		(0.20	)		—			—
Distributions from net realized gain on investment		(0.21	)		(0.08	)		—			(0.29	)		(2.19	)		(1.83	)
Total distributions		(0.34	)		(0.17	)		(0.09	)		(0.49	)		(2.19	)		(1.83	)
Net increase (decrease) in net asset value		2.37			0.79			6.41			5.53			(15.17	)		5.30
Net Asset Value, End of Period	$	32.57		$	30.20		$	29.41		$	23.00		$	17.47		$	32.64
Total Return (b)		9.08	%(c)		3.22	%		28.31	%		35.97	%		(42.39	)%		27.43	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,379,544		$	1,339,223		$	499,651		$	150,953		$	93,176		$	126,691
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.87	%(d)(e)		0.89	%(e)		0.89	%(e)		0.95	%(e)		0.91	%(e)		0.87	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.87	%(d)(e)		0.89	%(e)		0.89	%(e)		0.95	%(e)		0.91	%(e)		0.87	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.66	%(d)		0.46	%		0.25	%		0.71	%		0.43	%		0.19	%
After reimbursement and/or waiver of expenses by Adviser		0.66	%(d)		0.46	%		0.25	%		0.71	%		0.43	%		0.19	%
Portfolio Turnover		10.32	%(c)(f)		11.20	%		13.82	%		17.72	%		22.58	%		26.15	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for six months ended April 30, 2012 and the years ended October 31, 2011, October 31, 2010, October 31, 2009, October 31, 2008 and October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.
	91

Aston Funds
ASTON/Montag & Caldwell Mid Cap Growth Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Period Ended 10/31/08(a)
Net Asset Value, Beginning of Period	$	9.71		$	8.51		$	6.83		$	5.85		$	10.00
Income from Investment Operations:
Net investment loss		(0.03	)		(0.07	)		(0.04	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.12			1.27			1.74			1.02			(4.10	)
Total from investment operations		1.09			1.20			1.70			0.98			(4.15	)
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.02	)		—			—
Total distributions		—			—			(0.02	)		—			—
Net increase (decrease) in net asset value		1.09			1.20			1.68			0.98			(4.15	)
Net Asset Value, End of Period	$	10.80		$	9.71		$	8.51		$	6.83		$	5.85
Total Return (b)		11.23	%(c)		14.10	%		24.85	%		16.75	%		(41.50	)%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,725		$	4,507		$	3,399		$	2,959		$	1,815
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.62	%(d)		3.07	%		3.55	%		5.02	%		5.80	%(d)
After reimbursement and/or waiver of expenses by Adviser		1.25	%(d)(e)		1.39	%(e)		1.40	%		1.40	%		1.40	%(d)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(1.98	)%(d)		(2.39	)%		(2.75	)%		(4.13	)%		(5.07	)%(d)
After reimbursement and/or waiver of expenses by Adviser		(0.62	)%(d)		(0.71	)%		(0.60	)%		(0.51	)%		(0.67	)%(d)
Portfolio Turnover		18.06	%(c)		29.31	%		31.49	%		54.37	%		63.66	%(c)

(a) Montag & Caldwell Mid Cap Growth Fund began issuing Class N shares on November 1, 2007.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) For the period November 1, 2010 through September 29, 2011 the Adviser contractually waived management fees and/or reimbursed expenses so that the net expense ratio is no more than 1.40%, excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses. Effective September 30, 2011, the Adviser implemented a voluntary expense limitation of 1.25%. Subsequently on February 29, 2012, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.25%.

See accompanying Notes to Financial Statements.

  92

Aston Funds
ASTON/Cardinal Mid Cap Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Period
	04/30/12			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08(a)
Net Asset Value, Beginning of Period	$	9.17		$	8.51		$	7.17		$	6.23		$	10.00
Income from Investment Operations:
Net investment income		0.04			0.04			0.03			0.02			0.01
Net realized and unrealized gain (loss) on investments		0.83			0.66			1.34			0.99			(3.78	)
Total from investment operations		0.87			0.70			1.37			1.01			(3.77	)
Less Distributions:
Distributions from net investment income		(0.04	)		(0.04	)		(0.03	)		(0.07	)		—
Total distributions		(0.04	)		(0.04	)		(0.03	)		(0.07	)		—
Net increase (decrease) in net asset value		0.83			0.66			1.34			0.94			(3.77	)
Net Asset Value, End of Period	$	10.00		$	9.17		$	8.51		$	7.17		$	6.23
Total Return (b)		9.46	%(c)		8.22	%		19.14	%		16.45	%		(37.70	)%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,904		$	1,641		$	1,409		$	916		$	783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		5.50	%(d)		6.05	%		7.64	%		11.18	%		11.20	%(d)
After reimbursement and/or waiver of expenses by Adviser		1.40	%(d)		1.40	%		1.40	%		1.40	%		1.40	%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(3.41	)%(d)		(4.23	)%		(5.87	)%		(9.48	)%		(9.64	)%(d)
After reimbursement and/or waiver of expenses by Adviser		0.69	%(d)		0.43	%		0.37	%		0.30	%		0.16	%(d)
Portfolio Turnover		19.11	%(c)		36.96	%		39.23	%		65.55	%		50.79	%(c)

(a) Cardinal Mid Cap Value Fund began issuing Class N shares on November 1, 2007.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.
	93

Aston Funds
ASTON/Veredus Small Cap Growth Fund – Class N (formerly the ASTON/Veredus Aggressive Growth Fund)	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Year
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07
Net Asset Value, Beginning of Period	$	12.36		$	11.80		$	8.97		$	8.38		$	22.42		$	18.44
Income from Investment Operations:
Net investment loss		(0.07	)(a)		(0.14	)(a)		(0.14	)(a)		(0.10	)		(0.17	)		(0.24	)(a)
Net realized and unrealized gain (loss) on investments		0.94			0.70			2.97			0.74			(8.31	)		5.45
Total from investment operations		0.87			0.56			2.83			0.64			(8.48	)		5.21
Less Distributions:
Distributions from net realized gain on investments		—			—			—			(0.05	)		(5.56	)		(1.23	)
Total distributions		—			—			—			(0.05	)		(5.56	)		(1.23	)
Net increase (decrease) in net asset value		0.87			0.56			2.83			0.59			(14.04	)		3.98
Net Asset Value, End of Period	$	13.23		$	12.36		$	11.80		$	8.97		$	8.38		$	22.42
Total Return (b)		7.12	%(c)		4.75	%		31.55	%		7.79	%		(47.87	)%		30.01	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	24,744		$	26,300		$	33,594		$	32,140		$	43,149		$	114,803
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.82	%(d)		1.65	%(e)		1.63	%		1.82	%(e)		1.55	%(e)		1.48	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.49	%(d)		1.49	%(e)		1.49	%		1.49	%(e)		1.49	%(e)		1.48	%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(1.38	)%(d)		(1.19	)%		(1.40	)%		(1.48	)%		(1.21	)%		(1.27	)%
After reimbursement and/or waiver of expenses by Adviser		(1.06	)%(d)		(1.03	)%		(1.27	)%		(1.15	)%		(1.15	)%		(1.27	)%
Portfolio Turnover		77.74	%(c)(f)		197.43	%		187.83	%		264.98	%		166.19	%		126.54	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2011, October 31, and October 31, 2008 and 0.02% for the year ended October 31, 2007, which are not included in the contractual expense limitation. The expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

  94

Aston Funds
ASTON/Veredus Small Cap Growth Fund – Class I (formerly the ASTON/Veredus Aggressive Growth Fund)	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Year
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07
Net Asset Value, Beginning of Period	$	12.80		$	12.19		$	9.25		$	8.61		$	22.83		$	18.71
Income from Investment Operations:
Net investment loss		(0.05	)(a)		(0.11	)(a)		(0.11	)(a)		(0.08	)		(0.21	)		(0.19	)(a)
Net realized and unrealized gain (loss) on investments		0.98			0.72			3.05			0.77			(8.45	)		5.54
Total from investment operations		0.93			0.61			2.94			0.69			(8.66	)		5.35
Less Distributions:
Distributions from net realized gain on investments		—			—			—			(0.05	)		(5.56	)		(1.23	)
Total distributions		—			—			—			(0.05	)		(5.56	)		(1.23	)
Net increase (decrease) in net asset value		0.93			0.61			2.94			0.64			(14.22	)		4.12
Net Asset Value, End of Period	$	13.73		$	12.80		$	12.19		$	9.25		$	8.61		$	22.83
Total Return (b)		7.18	%(c)		5.09	%		31.78	%		8.16	%		(47.77	)%		30.34	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,381		$	16,891		$	16,190		$	13,356		$	16,719		$	115,942
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.57	%(d)		1.40	%(e)		1.38	%		1.57	%(e)		1.30	%(e)		1.19	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.24	%(d)		1.24	%(e)		1.24	%		1.24	%(e)		1.24	%(e)		1.19	%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(1.13	)%(d)		(0.94	)%		(1.15	)%		(1.23	)%		(0.96	)%		(0.98	)%
After reimbursement and/or waiver of expenses by Adviser		(0.81	)%(d)		(0.78	)%		(1.02	)%		(0.90	)%		(0.90	)%		(0.98	)%
Portfolio Turnover		77.74	%(c)(f)		197.43	%		187.83	%		264.98	%		166.19	%		126.54	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2011, October 31, 2009 and October 31, 2008 and 0.02% for the year ended October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.
	95

Aston Funds
ASTON Small Cap Growth Fund – Class N (formerly the ASTON/Crosswind Small Cap Growth Fund)	April 30, 2012
Financial Highlights

	Six Months
	Ended			Period
	04/30/12			Ended
	(unaudited)			10/31/11 (a)
Net Asset Value, Beginning of Period	$	9.95		$	10.00
Income from Investment Operations:
Net investment loss		(0.06	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.23			(0.01	)
Total from investment operations		1.17			(0.05	)
Less Distributions:
Distributions from and in excess of net investment income		—			—
Total distributions		—			—
Net increase (decrease) in net asset value		1.17			(0.05	)
Net Asset Value, End of Period	$	11.12		$	9.95
Total Return (b)		11.76	%(c)		(0.50	)%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,957		$	5,411
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.81	%(d)		8.27	%(d)
After reimbursement and/or waiver of expenses by Adviser		1.35	%(d)		1.35	%(d)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(2.68	)%(d)		(8.14	)%(d)
After reimbursement and/or waiver of expenses by Adviser		(1.22	)%(d)		(1.21	)%(d)
Portfolio Turnover		76.00	%(c)		205.85	%(c)

(a) Small Cap Growth Fund began issuing Class N shares on November 2, 2010.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

  96

Aston Funds
ASTON Small Cap Growth Fund – Class I (formerly the ASTON/Crosswind Small Cap Growth Fund)	April 30, 2012
Financial Highlights

	Six Months
	Ended			Period
	04/30/12			Ended
	(unaudited)			10/31/11 (a)
Net Asset Value, Beginning of Period	$	9.97		$	12.40
Income from Investment Operations:
Net investment loss		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.22			(2.39	)
Total from investment operations		1.17			(2.43	)
Less Distributions:
Distributions from and in excess of net investment income		—			—
Total distributions		—			—
Net increase (decrease) in net asset value		1.17			(2.43	)
Net Asset Value, End of Period	$	11.14		$	9.97
Total Return (b)		11.84	%(c)		(19.60	)%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,852		$	2,551
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.56	%(d)		6.25	%(d)
After reimbursement and/or waiver of expenses by Adviser		1.10	%(d)		1.10	%(d)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(2.43	)%(d)		(6.11	)%(d)
After reimbursement and/or waiver of expenses by Adviser		(0.97	)%(d)		(0.96	)%(d)
Portfolio Turnover		76.00	%(c)		205.85	%(c)

(a) Small Cap Growth Fund began issuing Class I shares on May 31, 2011.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.
	97

Aston Funds
ASTON/Silvercrest Small Cap Fund – Class N	April 30, 2012
Financial Highlights

	Period
	Ended
	04/30/12(a)
	(unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.01
Net realized and unrealized gain on investments		1.00
Total from investment operations		1.01
Less Distributions:
Distributions from and in excess of net investment income		—
Total distributions		—
Net increase in net asset value		1.01
Net Asset Value, End of Period	$	11.01
Total Return (b)		10.10	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	565
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		5.36	%(c)
After reimbursement and/or waiver of expenses by Adviser		1.40	%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(3.75	)%(d)
After reimbursement and/or waiver of expenses by Adviser		0.21	%(d)
Portfolio Turnover		134.55	%(c)(e)

(a) Silvercrest Small Cap Fund began issuing Class N shares on December 23, 2011.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

  98

Aston Funds
ASTON/Silvercrest Small Cap Fund – Class I	April 30, 2012
Financial Highlights

	Period
	Ended
	04/30/12(a)
	(unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.02
Net realized and unrealized gain on investments		1.00
Total from investment operations		1.02
Less Distributions:
Distributions from and in excess of net investment income		—
Total distributions		—
Net increase in net asset value		1.02
Net Asset Value, End of Period	$	11.02
Total Return (b)		10.20	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,364
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		5.11	%(d)
After reimbursement and/or waiver of expenses by Adviser		1.15	%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(3.51	)%(d)
After reimbursement and/or waiver of expenses by Adviser		0.45	%(d)
Portfolio Turnover		134.55	%(c)(e)

(a) Silvercrest Small Cap Fund began issuing Class I shares on December 23, 2011.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.
	99

Aston Funds
ASTON/TAMRO Small Cap Fund – Class N	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Year
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07
Net Asset Value, Beginning of Period	$	20.57		$	19.42		$	14.67		$	13.64		$	20.99		$	19.73
Income from Investment Operations:
Net investment income (loss)		(0.07	)		(0.15	)(a)		(0.08	)(a)		(0.05	)(a)		0.05			(0.08	)(a)
Net realized and unrealized gain (loss)on investments		2.04			1.75			4.83			1.08			(6.43	)		2.48
Total from investment operations		1.97			1.60			4.75			1.03			(6.38	)		2.40
Less Distributions:
Distributions from net realized gain on investments		(2.02	)		(0.45	)		—			—			(0.97	)		(1.14	)
Total distributions		(2.02	)		(0.45	)		—			—			(0.97	)		(1.14	)
Net increase (decrease) in net asset value		(0.05	)		1.15			4.75			1.03			(7.35	)		1.26
Net Asset Value, End of Period	$	20.52		$	20.57		$	19.42		$	14.67		$	13.64		$	20.99
Total Return (b)		10.70	%(c)		8.16	%		32.29	%		7.63	%		(31.58	)%		12.56	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	392,595		$	375,969		$	335,809		$	241,524		$	159,965		$	235,242
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.29	%(d)(e)		1.29	%		1.34	%		1.37	%		1.32	%		1.33	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.29	%(d)(e)		1.29	%		1.34	%		1.36	%(f)		1.30	%		1.30	%(e)
Ratios of net investment income (loss)to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(0.67	)%(d)		(0.69	)%		(0.49	)%		(0.41	)%		0.29	%		(0.42	)%
After reimbursement and/or waiver of expenses by Adviser		(0.67	)%(d)		(0.69	)%		(0.49	)%		(0.40	)%		0.31	%		(0.39	)%
Portfolio Turnover		19.47	%(c)		47.25	%		62.13	%		89.92	%		66.65	%		58.88	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the year ended October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) The Adviser removed the contractual expense limitation of 1.30%, excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, effective March 1, 2009.

See accompanying Notes to Financial Statements.

  100

Aston Funds
ASTON/TAMRO Small Cap Fund – Class I	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Year
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07
Net Asset Value, Beginning of Period	$	20.91		$	19.69		$	14.87		$	13.79		$	21.16		$	19.83
Income from Investment Operations:
Net investment income (loss)		(0.04	)		(0.09	)(a)		(0.04	)(a)		(0.02	)(a)		0.02			(0.02	)(a)
Net realized and unrealized gain (loss)on investments		2.08			1.76			4.87			1.12			(6.42	)		2.49
Total from investment operations		2.04			1.67			4.83			1.10			(6.40	)		2.47
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.01	)		(0.02	)		—			—
Distributions from net realized gain on investments		(2.02	)		(0.45	)		—			—			(0.97	)		(1.14	)
Total distributions		(2.02	)		(0.45	)		(0.01	)		(0.02	)		(0.97	)		(1.14	)
Net increase (decrease) in net asset value		0.02			1.22			4.82			1.08			(7.37	)		1.33
Net Asset Value, End of Period	$	20.93		$	20.91		$	19.69		$	14.87		$	13.79		$	21.16
Total Return (b)		10.88	%(c)		8.40	%		32.62	%		7.94	%		(31.42	)%		12.86	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	679,446		$	625,315		$	549,627		$	515,592		$	238,399		$	137,059
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.04	%(d)(e)		1.04	%		1.09	%		1.12	%		1.07	%		1.05	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.04	%(d)(e)		1.04	%		1.09	%		1.11	%(f)		1.05	%		1.02	%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(0.42	)%(d)		(0.44	)%		(0.24	)%		(0.16	)%		0.54	%		(0.14	)%
After reimbursement and/or waiver of expenses by Adviser		(0.42	)%(d)		(0.44	)%		(0.24	)%		(0.15	)%		0.56	%		(0.11	)%
Portfolio Turnover		19.47	%(c)		47.25	%		62.13	%		89.92	%		66.65	%		58.88	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the year ended October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) The Adviser removed the contractual expense limitation of 1.05%, excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, effective March 1, 2009.

See accompanying Notes to Financial Statements.
	101

Aston Funds
ASTON/River Road Select Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Period
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07(a)
Net Asset Value, Beginning of Period	$	9.54		$	9.01		$	7.71		$	7.13		$	10.13		$	10.00
Income from Investment Operations:
Net investment income (loss)		0.01	(b)		(0.02	)(b)		0.02	(b)		—	(b)(c)		—	(b)(c)		0.01
Net realized and unrealized gain (loss)on investments		0.79			0.66			1.28			0.59			(3.00	)		0.12
Total from investment operations		0.80			0.64			1.30			0.59			(3.00	)		0.13
Less Distributions:
Distributions from net investment income		—			(0.03	)		—			(0.01	)		—			—
Distributions from net realized gains on investments		(2.06	)		(0.08	)		—			—			—			—
Total distributions		(2.06	)		(0.11	)		—			(0.01	)		—			—
Net increase (decrease) in net asset value		(1.26	)		0.53			1.30			0.58			(3.00	)		0.13
Net Asset Value, End of Period	$	8.28		$	9.54		$	9.01		$	7.71		$	7.13		$	10.13
Total Return (d)		9.94	%(e)		7.12	%		16.86	%		8.33	%		(29.62	)%		1.30	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	7,193		$	13,160		$	52,522		$	41,801		$	26,714		$	10,292
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by Adviser		1.45	%(f)(g)		1.42	%(g)		1.41	%(g)		1.44	%		1.56	%		3.18	%(f)
After recoupment and/or waiver of expenses by Adviser		1.45	%(f)(g)		1.42	%(g)		1.43	%(g)		1.50	%		1.50	%		1.50	%(f)
Ratios of net investment income (loss) to average net assets:
Before recoupment and/or waiver of expenses by Adviser		0.31	%(f)		(0.18	)%		0.31	%		0.04	%		(0.08	)%		(1.43	)%(f)
After recoupment and/or waiver of expenses by Adviser		0.31	%(f)		(0.18	)%		0.29	%		(0.02	)%		(0.02	)%		0.25	%(f)
Portfolio Turnover		19.71	%(e)		48.22	%		53.73	%		44.09	%		54.93	%		41.51	%(e)

(a) River Road Select Value Fund began issuing Class N shares on March 28, 2007.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than $(0.005) per share.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Annualized.

(g) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the years ended October 31, 2011 and October 31, 2010, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.

  102

Aston Funds
ASTON/River Road Select Value Fund – Class I	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Period
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07(a)
Net Asset Value, Beginning of Period	$	9.59		$	9.04		$	7.73		$	7.14		$	10.13		$	10.51
Income from Investment Operations:
Net investment income		0.02	(b)		0.01	(b)		0.05	(b)		0.02	(b)		0.02	(b)		0.01
Net realized and unrealized gain (loss) on investments		0.80			0.67			1.28			0.59			(3.00	)		(0.39	)
Total from investment operations		0.82			0.68			1.33			0.61			(2.98	)		(0.38	)
Less Distributions:
Distributions from net investment income		—			(0.05	)		(0.02	)		(0.02	)		(0.01	)		—
Distributions from net realized gains on investments		(2.06	)		(0.08	)		—			—			—			—
Total distributions		(2.06	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		—
Net increase (decrease) in net asset value		(1.24	)		0.55			1.31			0.59			(2.99	)		(0.38	)
Net Asset Value, End of Period	$	8.35		$	9.59		$	9.04		$	7.73		$	7.14		$	10.13
Total Return (c)		10.14	%(d)		7.56	%		17.19	%		8.52	%		(29.49	)%		(3.52	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	141,387		$	130,527		$	163,232		$	167,334		$	84,002		$	7,482
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by Adviser		1.20	%(e)(f)		1.17	%(f)		1.16	%(f)		1.19	%		1.31	%		2.57	%(e)
After recoupment and/or waiver of expenses by Adviser		1.20	%(e)(f)		1.17	%(f)		1.18	%(f)		1.25	%		1.25	%		1.24	%(e)
Ratios of net investment income (loss) to average net assets:
Before recoupment and/or waiver of expenses by Adviser		0.56	%(e)		0.07	%		0.56	%		0.29	%		0.17	%		(0.91	)%(e)
After recoupment and/or waiver of expenses by Adviser		0.56	%(e)		0.07	%		0.54	%		0.23	%		0.23	%		0.42	%(e)
Portfolio Turnover		19.71	%(d)		48.22	%		53.73	%		44.09	%		54.93	%		41.51	%(d)

(a) River Road Select Value Fund began issuing Class I shares on June 27, 2007.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the years ended October 31, 2011 and October 31, 2010, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.
	103

Aston Funds
ASTON/River Road Small Cap Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Year
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07
Net Asset Value, Beginning of Period	$	12.20		$	11.60		$	10.22		$	9.30		$	14.37		$	13.46
Income from Investment Operations:
Net investment income (loss)		0.02	(a)		(0.03	)		0.03			0.01			0.01	(a)		0.05	(a)
Net realized and unrealized gain (loss)on investments		1.08			0.67			1.36			0.92			(4.54	)		1.04
Total from investment operations		1.10			0.64			1.39			0.93			(4.53	)		1.09
Less Distributions:
Distributions from and in excess of net investment income		—			(0.04	)		(0.01	)		(0.01	)		—			(0.05	)
Distributions from net realized gain on investments		—			—			—			—			(0.54	)		(0.13	)
Total distributions		—			(0.04	)		(0.01	)		(0.01	)		(0.54	)		(0.18	)
Net increase (decrease) in net asset value		1.10			0.60			1.38			0.92			(5.07	)		0.91
Net Asset Value, End of Period	$	13.30		$	12.20		$	11.60		$	10.22		$	9.30		$	14.37
Total Return (b)		9.02	%(c)		5.46	%		13.60	%		9.99	%		(32.51	)%		8.12	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	49,341		$	91,347		$	213,326		$	216,221		$	160,245		$	237,695
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.39	%(d)		1.37	%(e)		1.39	%(e)		1.40	%		1.45	%(e)		1.44	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.39	%(d)		1.37	%(e)		1.39	%(e)		1.40	%(f)		1.45	%(e)		1.44	%(e)
Ratios of net investment income (loss)to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.39	%(d)		(0.13	)%		0.27	%		0.05	%		0.08	%		0.38	%
After reimbursement and/or waiver of expenses by Adviser		0.39	%(d)		(0.13	)%		0.27	%		0.05	%		0.08	%		0.38	%
Portfolio Turnover		12.37	%(c)		42.29	%		51.05	%		35.83	%		57.32	%		74.18	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2011, October 31, 2010, October 31, 2008 and October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) The Adviser removed the contractual expense limitation of 1.50%, excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, effective March 1, 2009.

See accompanying Notes to Financial Statements.

  104

Aston Funds
ASTON/River Road Small Cap Value Fund – Class I	April 30, 2012
Financial Highlights

	Six Months
	Ended			Year			Year			Year			Year			Period
	04/30/12			Ended			Ended			Ended			Ended			Ended
	(unaudited)			10/31/11			10/31/10			10/31/09			10/31/08			10/31/07(a)
Net Asset Value, Beginning of Period	$	12.22		$	11.62		$	10.24		$	9.32		$	14.37		$	14.04
Income from Investment Operations:
Net investment income		0.04			0.01			0.06			0.03			0.04	(b)		0.09	(b)
Net realized and unrealized gain (loss)on investments		1.08			0.65			1.35			0.92			(4.54	)		0.46
Total from investment operations		1.12			0.66			1.41			0.95			(4.50	)		0.55
Less Distributions:
Distributions from and in excess of net investment income		—			(0.06	)		(0.03	)		(0.03	)		(0.01	)		(0.09	)
Distributions from net realized gain on investments		—			—			—			—			(0.54	)		(0.13	)
Total distributions		—			(0.06	)		(0.03	)		(0.03	)		(0.55	)		(0.22	)
Net increase (decrease) in net asset value		1.12			0.60			1.38			0.92			(5.05	)		0.33
Net Asset Value, End of Period	$	13.34		$	12.22		$	11.62		$	10.24		$	9.32		$	14.37
Total Return (c)		9.17	%(d)		5.70	%		13.80	%		10.31	%		(32.34	)%		3.91	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	249,241		$	246,141		$	255,344		$	282,542		$	114,666		$	64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.14	%(e)		1.12	%(f)		1.14	%(f)		1.15	%		1.20	%(f)		1.16	%(e)(f)
After reimbursement and/or waiver of expenses by Adviser		1.14	%(e)		1.12	%(f)		1.14	%(f)		1.15	%(g)		1.20	%(f)		1.16	%(e)(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.64	%(e)		0.12	%		0.52	%		0.30	%		0.33	%		0.31	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.64	%(e)		0.12	%		0.52	%		0.30	%		0.33	%		0.31	%(e)
Portfolio Turnover		12.37	%(d)		42.29	%		51.05	%		35.83	%		57.32	%		74.18	%

(a) River Road Small Cap Value Fund began issuing Class I shares on December 12, 2006.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2011, October 31, 2010, October 31, 2008 and the period ended October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(g) The Adviser removed the contractual expense limitation of 1.25%, excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, effective March 1, 2009.

See accompanying Notes to Financial Statements.
	105

Aston Funds
ASTON/River Road Independent Value Fund – Class N	April 30, 2012
Financial Highlights

	Six Months
	Ended			Period
	04/30/12			Ended
	(unaudited)			10/31/11(a)
Net Asset Value, Beginning of Period	$	10.75		$	10.00
Income from Investment Operations:
Net investment loss		(0.03	)		(0.07	)(b)
Net realized and unrealized gain on investments		0.28			0.82
Total from investment operations		0.25			0.75
Less Distributions:
Distributions from net realized gain on investments		(0.12	)		—
Total distributions		(0.12	)		—
Net increase in net asset value		0.13			0.75
Net Asset Value, End of Period	$	10.88		$	10.75
Total Return (c)		2.33	%(d)		7.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	353,940		$	306,223
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.44	%(e)		1.59	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.42	%(e)		1.42	%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(0.59	)%(e)		(0.98	)%(e)
After reimbursement and/or waiver of expenses by Adviser		(0.57	)%(e)		(0.80	)%(e)
Portfolio Turnover		72.20	%(d)		105.69	%(d)

(a) River Road Independent Value Fund began issuing Class N shares on December 30, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

  106

Aston Funds
ASTON/River Road Independent Value Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.75		$	10.92
Income from Investment Operations:
Net investment loss		(0.02	)		(0.02	)(b)
Net realized and unrealized gain (loss) on investments		0.30			(0.15	)
Total from investment operations		0.28			(0.17	)
Less Distributions:
Distributions from net realized gain on investments		(0.12	)		—
Total distributions		(0.12	)		—
Net increase (decrease) in net asset value		0.16			(0.17	)
Net Asset Value, End of Period	$	10.91		$	10.75
Total Return (c)		2.52	%(d)		(1.47	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	250,983		$	85,478
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.19	%(e)		1.34	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.17	%(e)		1.17	%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(0.34	)%(e)		(0.73	)%(e)
After reimbursement and/or waiver of expenses by Adviser		(0.32	)%(e)		(0.55	)%(e)
Portfolio Turnover		72.20	%(d)		105.69	%(d)

(a) River Road Independent Value Fund began issuing Class I shares on May 31, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.
	107

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Period Ended 10/31/11 (a)
Net Asset Value, Beginning of Period	$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.22	(b)		0.12	(b)
Net realized and unrealized gain on investments		0.34			0.41
Total from investment operations		0.56			0.53
Less Distributions:
Distributions from and in excess of net investment income		(0.21	)		(0.09	)
Distributions from net realized gain on investments		(0.02	)		—
Total distributions		(0.23	)		(0.09	)
Net increase in net asset value		0.33			0.44
Net Asset Value, End of Period	$	10.77		$	10.44
Total Return (c)		5.34	%(d)		5.33	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	25,201		$	22,657
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.78	%(e)		3.16	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.94	%(e)		0.94	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		3.37	%(e)		1.63	%(e)
After reimbursement and/or waiver of expenses by Adviser		4.21	%(e)		3.85	%(e)
Portfolio Turnover		70.46	%(d)		38.49	%(d)

(a) DoubleLine Core Plus Fixed Income Fund began issuing Class N shares on July 15, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

  108

Aston Funds
ASTON/DoubleLine Core Plus Fixed Income Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Period Ended 10/31/11  (a)
Net Asset Value, Beginning of Period	$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.24	(b)		0.13	(b)
Net realized and unrealized gain on investments		0.33			0.41
Total from investment operations		0.57			0.54
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.10	)
Distributions from net realized gain on investments		(0.02	)		—
Total distributions		(0.24	)		(0.10	)
Net increase in net asset value		0.33			0.44
Net Asset Value, End of Period	$	10.77		$	10.44
Total Return (c)		5.48	%(d)		5.38	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	52,074		$	4,486
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.53	%(e)		2.91	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.69	%(e)		0.69	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		3.62	%(e)		1.88	%(e)
After reimbursement and/or waiver of expenses by Adviser		4.46	%(e)		4.10	%(e)
Portfolio Turnover		70.46	%(d)		38.49	%(d)

(a) DoubleLine Core Plus Fixed Income Fund began issuing Class I shares on July 15, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.
	109

Aston Funds
ASTON/TCH Fixed Income Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.59		$	10.49		$	10.02		$	8.60		$	9.73		$	9.62
Income from Investment Operations:
Net investment income		0.22			0.47	(a)		0.50	(a)		0.49	(a)		0.47			0.48	(a)
Net realized and unrealized gain (loss)on investments		0.17			0.10			0.47			1.44			(1.10	)		0.14
Total from investment operations		0.39			0.57			0.97			1.93			(0.63	)		0.62
Less Distributions:
Distributions from and in excess of net investment income		(0.24	)		(0.47	)		(0.50	)		(0.51	)		(0.50	)		(0.51	)
Total distributions		(0.24	)		(0.47	)		(0.50	)		(0.51	)		(0.50	)		(0.51	)
Net increase (decrease) in net asset value		0.15			0.10			0.47			1.42			(1.13	)		0.11
Net Asset Value, End of Period	$	10.74		$	10.59		$	10.49		$	10.02		$	8.60		$	9.73
Total Return (b)		3.74	%(c)		5.62	%		9.98	%		22.99	%		(6.89	)%		6.56	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	63,745		$	62,346		$	46,274		$	47,008		$	42,765		$	52,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.03	%(d)		1.14	%		0.98	%		0.96	%		1.06	%		1.04	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.87	%(d)		0.88	%(f)		0.62	%		0.61	%		0.65	%(f)		0.73	%(e)(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		4.01	%(d)		4.20	%		4.51	%		4.93	%		4.59	%		4.63	%
After reimbursement and/or waiver of expenses by Adviser		4.17	%(d)		4.46	%		4.87	%		5.28	%		5.00	%		4.94	%
Portfolio Turnover		29.87	%(c)		37.51	%		23.92	%		40.81	%		78.39	%		71.61	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2007, which is not included in the contractual or voluntary expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) The Adviser’s contractual expense limitation, which affects the net expense ratio, was changed from 0.74% to 0.64% on September 1, 2007. Subsequently, on October 1, 2008, the Adviser’s expense reimbursement level changed from 0.64% to 0.74%. Subsequently, on March 1, 2011, the Adviser’s expense reimbursement level changed from 0.74% to 0.94%. The contractual expense limitation excludes interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

  110

Aston Funds
ASTON/TCH Fixed Income Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	10.59		$	10.49		$	10.02		$	8.60		$	9.73		$	9.62
Income from Investment Operations:
Net investment income		0.23			0.49	(a)		0.51	(a)		0.50	(a)		0.48			0.51	(a)
Net realized and unrealized gain (loss) on investments		0.18			0.11			0.48			1.44			(1.09	)		0.13
Total from investment operations		0.41			0.60			0.99			1.94			(0.61	)		0.64
Less Distributions:
Distributions from and in excess of net investment income		(0.25	)		(0.50	)		(0.52	)		(0.52	)		(0.52	)		(0.53	)
Total distributions		(0.25	)		(0.50	)		(0.52	)		(0.52	)		(0.52	)		(0.53	)
Net increase (decrease) in net asset value		0.16			0.10			0.47			1.42			(1.13	)		0.11
Net Asset Value, End of Period	$	10.75		$	10.59		$	10.49		$	10.02		$	8.60		$	9.73
Total Return (b)		3.94	%(c)		5.89	%		10.11	%		23.14	%		(6.65	)%		6.84	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	10,083		$	10,423		$	14,881		$	20,276		$	25,891		$	39,318
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.85	%(d)		0.89	%		0.85	%		0.84	%		0.81	%		0.78	%(e)
After reimbursement and/or waiver of expenses by Adviser		0.69	%(d)		0.63	%(f)		0.49	%		0.49	%		0.40	%(f)		0.47	%(e)(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		4.19	%(d)		4.45	%		4.64	%		5.05	%		4.84	%		4.89	%
After reimbursement and/or waiver of expenses by Adviser		4.35	%(d)		4.71	%		5.00	%		5.40	%		5.25	%		5.20	%
Portfolio Turnover		29.87	%(c)		37.51	%		23.92	%		40.81	%		78.39	%		71.61	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2007, which is not included in the contractual or voluntary expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) The Adviser’s contractual expense limitation, which affects the net expense ratio, was changed from 0.49% to 0.39% on September 1, 2007. Subsequently, on October 1, 2008, the Adviser’s expense reimbursement level changed from 0.39% to 0.49%. Subsequently, on March 1, 2011, the Adviser’s expense reimbursement level changed from 0.49% to 0.69%. The contractual expense limitation excludes interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.
	111

Aston Funds
ASTON/Lake Partners LASSO Alternatives Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	11.94		$	11.97		$	11.48
Income from Investment Operations:
Net investment income (loss)		0.03	(b)		(0.01	)(b)		0.04	(b)
Net realized and unrealized gain on investments		0.53			0.13			0.45
Total from investment operations		0.56			0.12			0.49
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.08	)		—
Distributions from capital gains		—			(0.07	)		—
Total distributions		(0.18	)		(0.15	)		—
Net increase (decrease) in net asset value		0.38			(0.03	)		0.49
Net Asset Value, End of Period	$	12.32		$	11.94		$	11.97
Total Return (c)		4.74	%(d)		0.92	%		4.27	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	24,039		$	17,626		$	8,296
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (e)		1.45	%(f)(g)		1.53	%		2.19	%(f)
After reimbursement and/or waiver of expenses by Adviser (e)		1.45	%(f)(g)		1.45	%		1.45	%(f)(h)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.54	%(f)(g)		(0.17	)%		(0.25	)%(f)
After reimbursement and/or waiver of expenses by Adviser		0.54	%(f)(g)		(0.10	)%		0.49	%(f)
Portfolio Turnover		31.71	%(d)		79.77	%		116.68	%

(a) Lake Partners LASSO Alternatives Fund began issuing Class N shares on March 2, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) Ratios of expenses and net investment income to average net assets include advisory fee waiver of less than 0.005% for the six months ended April 30, 2012.

(h) Effective March 30, 2010, the contractual expense limitation was decreased from 1.60% to 1.45% excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

  112

Aston Funds
ASTON/Lake Partners LASSO Alternatives Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Period Ended 10/31/09(a)
Net Asset Value, Beginning of Period	$	11.97		$	11.98		$	11.15		$	10.00
Income from Investment Operations:
Net investment income (loss)		0.05	(b)		0.02	(b)		0.08	(b)		(—	) (c)
Net realized and unrealized gain on investments		0.53			0.13			0.89			1.15
Total from investment operations		0.58			0.15			0.97			1.15
Less Distributions:
Distributions from and in excess of net investment income		(0.21	)		(0.09	)		(0.07	)		—
Distributions from net realized gain on investments		—			(0.07	)		(0.07	)		—
Total distributions		(0.21	)		(0.16	)		(0.14	)		—
Net increase (decrease) in net asset value		0.37			(0.01	)		0.83			1.15
Net Asset Value, End of Period	$	12.34		$	11.97		$	11.98		$	11.15
Total Return (d)		4.88	%(e)		1.22	%		8.74	%		11.50	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	236,047		$	189,999		$	19,723		$	1,845
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (f)		1.20	%(g)(h)		1.28	%		2.32	%		18.16	%(g)
After reimbursement and/or waiver of expenses by Adviser (f)		1.20	%(g)(h)		1.20	%		1.24	%(i)		1.35	%(g)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.79	%(g)(h)		0.08	%		(0.41	)%		(16.92	)%(g)
After reimbursement and/or waiver of expenses by Adviser		0.79	%(g)(h)		0.15	%		0.67	%		(0.11	)%(g)
Portfolio Turnover		31.71	%(e)		79.77	%		116.68	%		65.93	%(e)

(a) Lake Partners LASSO Alternatives Fund began issuing Class I shares on March 31, 2009.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than $(0.005) per share.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Annualized.

(h) Ratios of expenses and net investment income to average net assets include advisory fee waiver of less than 0.005% for the six months ended April 30, 2012.

(i) Effective March 30, 2010, the contractual expense limitation was decreased from 1.35% to 1.20% excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.
	113

Aston Funds
ASTON Dynamic Allocation Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Period Ended 10/31/08(a)
Net Asset Value, Beginning of Period	$	9.54		$	9.25		$	9.17		$	8.24		$	10.00
Income from Investment Operations:
Net investment income (loss)		0.03			(0.03	)(b)		0.05			0.06			0.07
Net realized and unrealized income (loss) on investments		(0.25	)		0.66			0.66			0.99	(c)		(1.76	)
Total from investment operations		(0.22	)		0.63			0.71			1.05			(1.69	)
Less Distributions:
Distributions from and in excess of net investment income		(0.02	)		(0.03	)		(0.05	)		(0.12	)		(0.07	)
Distributions from net realized gains on investments		(0.89	)		(0.31	)		(0.58	)		—			—
Total distributions		(0.91	)		(0.34	)		(0.63	)		(0.12	)		(0.07	)
Net increase (decrease) in net asset value		(1.13	)		0.29			0.08			0.93			(1.76	)
Net Asset Value, End of Period	$	8.41		$	9.54		$	9.25		$	9.17		$	8.24
Total Return (d)		(2.33	)%(e)		6.86	%		7.92	%		12.98	%		(16.98	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	32,267		$	44,847		$	54,234		$	39,191		$	6,070
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (f)		1.52	%(g)		1.58	%		1.45	%(h)		1.69	%		5.11	%(g)(h)
After reimbursement and/or waiver of expenses by Adviser (f)		1.30	%(g)		1.30	%		1.30	%(h)		1.30	%		1.31	%(g)(h)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.30	%(g)		(0.63	)%		0.38	%(h)		0.39	%		(2.48	)%(g)
After reimbursement and/or waiver of expenses by Adviser		0.52	%(g)		(0.35	)%		0.53	%(h)		0.78	%		1.32	%(g)
Portfolio Turnover		203.70	%(e)		387.35	%		519.43	%		365.93	%		498.68	%(e)

(a) Dynamic Allocation Fund began issuing Class N shares on January 9, 2008.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Includes payments by affiliates of less than $0.005 per share.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Annualized.

(h) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the year ended October 31, 2010 and 0.01% for the period ended October 31, 2008, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.

  114

Aston Funds
ASTON Dynamic Allocation Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	9.55		$	9.28
Income from Investment Operations:
Net investment income (loss)		0.03			(0.01	)(b)
Net realized and unrealized gain (loss) on investments		(0.25	)		0.64
Total from investment operations		(0.22	)		0.63
Less Distributions:
Distributions from and in excess of net investment income		(0.02	)		(0.05	)
Distributions from net realized gains on investments		(0.89	)		(0.31	)
Total distributions		(0.91	)		(0.36	)
Net increase (decrease) in net asset value		(1.13	)		0.27
Net Asset Value, End of Period	$	8.42		$	9.55
Total Return (c)		(2.29	)%(d)		6.89	(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,736		$	4,393
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (e)		1.27	%(f)		1.33	%(f)
After reimbursement and/or waiver of expenses by Adviser (e)		1.05	%(f)		1.05	%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.55	%(f)		(0.38	)%(f)
After reimbursement and/or waiver of expenses by Adviser		0.77	%(f)		(0.10	)%(f)
Portfolio Turnover		203.70	%(d)		387.35	%

(a) Dynamic Allocation Fund began issuing Class I shares on November 1, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

See accompanying Notes to Financial Statements.
	115

Aston Funds
ASTON/M.D. Sass Enhanced Equity Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Period Ended 10/31/08(a)
Net Asset Value, Beginning of Period	$	9.61		$	9.41		$	8.57		$	8.09		$	10.00
Income from Investment Operations:
Net investment income		0.07			0.14			0.10			0.11			0.14
Net realized and unrealized gain (loss) on investments		0.33			0.56			0.84			1.02			(1.91	)
Total from investment operations		0.40			0.70			0.94			1.13			(1.77	)
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.13	)		(0.10	)		(0.13	)		(0.14	)
Distributions from net realized gain on investments		(1.04	)		(0.37	)		—			(0.52	)		—
Total distributions		(1.12	)		(0.50	)		(0.10	)		(0.65	)		(0.14	)
Net increase (decrease) in net asset value		(0.72	)		0.20			0.84			0.48			(1.91	)
Net Asset Value, End of Period	$	8.89		$	9.61		$	9.41		$	8.57		$	8.09
Total Return (b)		4.61	%(c)		7.69	%		11.05	%		15.86	%		(17.91	)%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	69,488		$	48,365		$	46,423		$	22,552		$	14,389
Ratios of expenses to average net assets:
Before reimbursement, waiver and/or recoupment of expenses by Adviser		1.20	%(d)(e)		1.24	%(e)		1.37	%		2.11	%		2.38	%(d)
After reimbursement, waiver and/or recoupment of expenses by Adviser		1.30	%(d)(e)		1.33	%(e)		1.40	%		1.25	%(f)		1.10	%(d)
Ratios of net investment income to average net assets:
Before reimbursement, waiver and/or recoupment of expenses by Adviser		1.78	%(d)		1.51	%		1.20	%		0.55	%		0.86	%(d)
After reimbursement, waiver and/or recoupment of expenses by Adviser		1.68	%(d)		1.41	%		1.17	%		1.41	%		2.14	%(d)
Portfolio Turnover		31.11	%(c)		87.37	%		41.33	%		51.56	%		23.68	%(c)

(a) M.D. Sass Enhanced Equity Fund began issuing Class N shares on January 14, 2008.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the year ended October 31, 2011, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Effective June 1, 2009, due to the change in Subadviser, the contractual expense limitation was increased from 1.10% to 1.40% excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fee’s and expenses.

See accompanying Notes to Financial Statements.

  116

Aston Funds
ASTON/M.D. Sass Enhanced Equity Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	9.62		$	9.41		$	9.04
Income from Investment Operations:
Net investment income		0.09			0.16			0.09
Net realized and unrealized gain on investments		0.32			0.57			0.37
Total from investment operations		0.41			0.73			0.46
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.15	)		(0.09	)
Distributions from net realized gain on investments		(1.04	)		(0.37	)		—
Total distributions		(1.13	)		(0.52	)		(0.09	)
Net increase (decrease) in net asset value		(0.72	)		0.21			0.37
Net Asset Value, End of Period	$	8.90		$	9.62		$	9.41
Total Return (b)		4.84	%(c)		7.97	%		5.10	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	79,425		$	64,840		$	46,140
Ratios of expenses to average net assets:
Before reimbursement, waiver and/or recoupment of expenses by Adviser		0.95	%(d)(e)		0.99	%(e)		1.10	%(d)
After reimbursement, waiver and/or recoupment of expenses by Adviser		1.05	%(d)(e)		1.08	%(e)		1.15	%(d)
Ratios of net investment income to average net assets:
Before reimbursement, waiver and/or recoupment of expenses by Adviser		2.03	%(d)		1.76	%		1.37	%(d)
After reimbursement, waiver and/or recoupment of expenses by Adviser		1.93	%(d)		1.66	%		1.32	%(d)
Portfolio Turnover		31.11	%(c)		87.37	%		41.33	%(c)

(a) M.D. Sass Enhanced Equity Fund began issuing Class I shares on March 2, 2010.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the six months ended April 30, 2012 and the year ended October 31, 2011, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.
	117

Aston Funds
ASTON/River Road Long-Short Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	9.91		$	10.00
Income from Investment Operations:
Net investment loss		(0.12	)		(0.04	)(b)
Net realized and unrealized gain (loss) on investments		0.62			(0.05	)
Total from investment operations		0.50			(0.09	)
Less Distributions:
Distributions from and in excess of net investment income		—			—
Distributions from net realized gains on investments		—			—
Total distributions		—			—
Net increase (decrease) in net asset value		0.50			(0.09	)
Net Asset Value, End of Period	$	10.41		$	9.91
Total Return (c)		5.04	%(d)		(0.80	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,551		$	4,594
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser including interest and dividend expense for securities sold short		6.76	%(e)		8.68	%(e)
After reimbursement and/or waiver of expenses by Adviser including interest and dividend expense for securities sold short		3.75	%(e)		2.72	%(e)
After reimbursement and/or waiver of expenses by Adviser excluding interest and dividend expense for securities sold short		1.70	%(e)		1.70	%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(5.41	)%(e)		(6.80	)%(e)
After reimbursement and/or waiver of expenses by Adviser		(2.41	)%(e)		(0.84	)%(e)
Portfolio Turnover		149.63	%(d)		127.32	%(d)

(a) River Road Long-Short Fund began issuing Class N shares on May 3, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

  118

Aston Funds
ASTON/Neptune International Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Period Ended 10/31/08(a)
Net Asset Value, Beginning of Period	$	7.85		$	8.31		$	7.09		$	5.85		$	11.14
Income from Investment Operations:
Net investment income		0.03			0.08	(b)		0.07	(b)		0.09	(b)		0.02	(b)
Net realized and unrealized gain (loss) on investments		0.24			(0.46	)		1.55	(c)		1.18	(c)		(5.31	)
Total from investment operations		0.27			(0.38	)		1.62			1.27			(5.29	)
Less Distributions:
Distributions from and in excess of net investment income		—			(0.08	)		(0.40	)		(0.03	)		—
Total distributions		—			(0.08	)		(0.40	)		(0.03	)		—
Net increase (decrease) in net asset value		0.27			(0.46	)		1.22			1.24			(5.29	)
Net Asset Value, End of Period	$	8.12		$	7.85		$	8.31		$	7.09		$	5.85
Total Return (d)		3.44	%(e)		(4.63	)%		23.76	%		21.94	%		(47.49	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	362		$	366		$	432		$	293		$	225
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		8.38	%(f)		7.73	%		8.58	%(g)		2.64	%		3.15	%(f)
After reimbursement and/or waiver of expenses by Adviser		1.27	%(f)		1.27	%		1.28	%(g)		1.27	%		1.27	%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(6.38	)%(f)		(5.55	)%		(6.29	)%		0.07	%		(1.24	)%(f)
After reimbursement and/or waiver of expenses by Adviser		0.73	%(f)		0.92	%		1.01	%		1.44	%		0.64	%(f)
Portfolio Turnover		8.28	%(e)		23.01	%		18.94	%		42.65	%		7.39	%

(a) Neptune International Fund began issuing Class N shares on June 16, 2008.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Includes payments by affiliates of $0.01 per share for the year ended October 31, 2010 and less than $0.005 per share for the year ended October 31, 2009.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Annualized.

(g) Ratios of expenses to average net assets include interest expense of 0.01% for the year ended October 31, 2010, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.
	119

Aston Funds
ASTON/Neptune International Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Period Ended 10/31/07(a)
Net Asset Value, Beginning of Period	$	7.87		$	8.32		$	7.09		$	5.85		$	12.24		$	10.00
Income from Investment Operations:
Net investment income		0.04			0.10	(b)		0.09	(b)		0.10	(b)		0.17	(b)		0.03
Net realized and unrealized gain (loss) on investments		0.23			(0.45	)		1.55	(c)		1.19	(c)		(6.42	)		2.21
Total from investment operations		0.27			(0.35	)		1.64			1.29			(6.25	)		2.24
Less Distributions:
Distributions from and in excess of net investment income		(0.01	)		(0.10	)		(0.41	)		(0.05	)		(0.14	)		—
Total distributions		(0.01	)		(0.10	)		(0.41	)		(0.05	)		(0.14	)		—
Net increase (decrease) in net asset value		0.26			(0.45	)		1.23			1.24			(6.39	)		2.24
Net Asset Value, End of Period	$	8.13		$	7.87		$	8.32		$	7.09		$	5.85		$	12.24
Total Return (d)		3.49	%(e)		(4.36	)%		24.16	%		22.23	%		(51.55	)%		22.30	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,423		$	1,376		$	1,443		$	1,194		$	8,378		$	2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		8.13	%(f)		7.48	%		8.33	%(g)		2.39	%		3.02	%		11.72	%(f)
After reimbursement and/or waiver of expenses by Adviser		1.02	%(f)		1.02	%		1.03	%(g)		1.02	%		1.04	%(h)		1.25	%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		(6.13	)%(f)		(5.30	)%		(6.04	)%		0.32	%		(0.24	)%		(9.21	)%(f)
After reimbursement and/or waiver of expenses by Adviser		0.98	%(f)		1.17	%		1.26	%		1.69	%		1.74	%		1.26	%(f)
Portfolio Turnover		8.28	%(e)		23.01	%		18.94	%		42.65	%		7.39	%		5.14	%(e)

(a) Neptune International Fund began issuing Class I shares on August 3, 2007.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Includes payments by affiliates of $0.01 per share for the year ended October 31, 2010 and less than $0.005 per share for the year ended October 31, 2009.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Annualized.

(g) Ratios of expenses to average net assets include interest expense of 0.01% for the year ended October 31, 2010, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

(h) Effective February 11, 2008, the contractual expense limitation of 1.40% was removed and the Adviser agreed to voluntarily waive management fees and/or reimburse expenses for the Fund so that the net expense ratio is no more than 1.02%, excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses, for Class I Shares. This voluntary waiver became the contractual expense limitation on February 29, 2008. For the period February 11, 2008 through February 29, 2008, the Adviser contractually waived management fees and/or reimbursed expenses of 1.40%, excluding interest, brokerage commissions, other investments related costs, extraordinary expenses and acquired fund fees and expenses. Effective February 29, 2008, the Adviser implemented a voluntary expense limitation of 1.02% for Class I Shares. Subsequently on February 29, 2008, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.02%

See accompanying Notes to Financial Statements.

  120

Aston Funds
ASTON/Barings International Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	6.81		$	7.24		$	6.48
Income from Investment Operations:
Net investment income		0.05	(b)		0.07	(b)		0.06	(b)
Net realized and unrealized gain (loss) on investments		0.28			(0.37	)		0.70
Total from investment operations		0.33			(0.30	)		0.76
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.13	)		—
Distributions from net realized gain on investments		(0.17	)		—			—
Total distributions		(0.21	)		(0.13	)		—
Net increase (decrease) in net asset value		0.12			(0.43	)		0.76
Net Asset Value, End of Period	$	6.93		$	6.81		$	7.24
Total Return (c)		5.19	%(d)		(4.22	)%		11.73	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	414		$	393		$	184
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.62	%(e)		1.68	%(f)		1.72	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.40	%(e)		1.40	%(f)		1.40	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.40	%(e)		0.76	%(f)		1.07	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.62	%(e)		1.04	%(f)		1.39	%(e)
Portfolio Turnover		18.97	%(d)		58.96	%		65.32	%(d)

(a) Barings International Fund began issuing Class N shares on March 2, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(d) Not Annualized.

(e) Annualized.

(f) For the period November 1, 2010 through February 28, 2011, the Adviser voluntarily waived management fees and/or reimbursed expenses at 1.40%. Effective March 1, 2011, the contractual expense limitation was decreased from 1.50% to 1.40% excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.
	121

Aston Funds
ASTON/Barings International Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Period Ended 10/31/08(a)
Net Asset Value, Beginning of Period	$	6.82		$	7.26		$	6.44		$	5.08		$	10.00
Income from Investment Operations:
Net investment income		0.06	(b)		0.09	(b)		0.06	(b)		0.10	(b)		0.10
Net realized and unrealized gain (loss) on investments		0.28			(0.38	)		0.78			1.27	(c)		(5.02	)
Total from investment operations		0.34			(0.29	)		0.84			1.37			(4.92	)
Less Distributions:
Distributions from and in excess of net investment income		(0.06	)		(0.15	)		(0.02	)		(0.01	)		—
Distributions from net realized gain on investments		(0.17	)		—			—			—			—
Total distributions		(0.23	)		(0.15	)		(0.02	)		(0.01	)		—
Net increase (decrease) in net asset value		0.11			(0.44	)		0.82			1.36			(4.92	)
Net Asset Value, End of Period	$	6.93		$	6.82		$	7.26		$	6.44		$	5.08
Total Return (d)		5.33	%(e)		(4.09	)%		12.89	%		27.11	%		(49.20	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	63,765		$	52,390		$	47,985		$	28,277		$	5,517
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.37	%(f)		1.43	%(g)		1.47	%		2.01	%		3.95	%(f)(h)
After reimbursement and/or waiver of expenses by Adviser		1.15	%(f)		1.15	%(g)		1.15	%		1.15	%		1.18	%(f)(h)
Ratios of net investment income (loss)to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.65	%(f)		1.01	%		0.63	%		0.80	%		(1.11	)%(f)
After reimbursement and/or waiver of expenses by Adviser		1.87	%(f)		1.29	%		0.95	%		1.66	%		1.66	%(f)
Portfolio Turnover		18.97	%(e)		58.96	%		65.32	%		115.51	%		121.99	%(e)

(a) Barings International Fund began issuing Class I shares on November 1, 2007.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Includes payments by affiliates of less than $0.005 per share.

(d) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(e) Not Annualized.

(f) Annualized.

(g) For the period November 1, 2010 through February 28, 2011, the Adviser voluntarily waived management fees and/or reimbursed expenses at 1.15%. Effective March 1, 2011, the contractual expense limitation was decreased from 1.25% to 1.15% excluding interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses.

(h) Ratios of expenses to average net assets include interest expense of less than 0.01% for the period ended October 31, 2008, which is not included in the contractual or voluntary expense limitations. The interest expense is from utilizing the line of credit as discussed in Note H to Financial Statements.

See accompanying Notes to Financial Statements.

  122

Aston Funds
ASTON/Harrison Street Real Estate Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	8.97		$	8.16		$	5.77		$	6.08		$	15.59		$	19.99
Income from Investment Operations:
Net investment income		0.08	(a)		0.15	(a)		0.14	(a)		0.15	(a)		0.07	(a)		0.30	(a)
Net realized and unrealized gain (loss) on investments		1.29			0.79			2.36			(0.28	)		(5.50	)		(0.40	)
Total from investment operations		1.37			0.94			2.50			(0.13	)		(5.43	)		(0.10	)
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.13	)		(0.11	)		(0.18	)		(0.09	)		(0.05	)
Distributions from net realized gain on investments		—			—			—			—			(3.99	)		(4.25	)
Total distributions		(0.07	)		(0.13	)		(0.11	)		(0.18	)		(4.08	)		(4.30	)
Net increase (decrease) in net asset value		1.30			0.81			2.39			(0.31	)		(9.51	)		(4.40	)
Net Asset Value, End of Period	$	10.27		$	8.97		$	8.16		$	5.77		$	6.08		$	15.59
Total Return (b)		15.38	%(c)		11.66	%		43.77	%		(1.44	)%		(43.76	)%		(1.41	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	8,735		$	6,287		$	6,158		$	4,011		$	6,030		$	49,123
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.27	%(d)		1.61	%(e)		1.68	%(e)		1.94	%		1.57	%(e)		1.46	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.37	%(d)		1.29	%(e)		1.37	%(e)		1.37	%		1.37	%(e)		1.37	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.81	%(d)		1.36	%		1.65	%		2.55	%		0.49	%		1.73	%
After reimbursement and/or waiver of expenses by Adviser		1.70	%(d)		1.68	%		1.96	%		3.12	%		0.69	%		1.82	%
Portfolio Turnover		27.53	%(c)(f)		143.86	%		75.30	%		139.76	%		85.08	%		88.75	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2011, October 31, 2010, October 31, 2008 and October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.
	123

Aston Funds
ASTON/Harrison Street Real Estate Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	8.92		$	8.12		$	5.74		$	6.08		$	15.62		$	20.00
Income from Investment Operations:
Net investment income		0.08	(a)		0.16	(a)		0.16	(a)		0.16	(a)		0.09	(a)		0.34	(a)
Net realized and unrealized gain (loss) on investments		1.30			0.79			2.34			(0.28	)		(5.51	)		(0.40	)
Total from investment operations		1.38			0.95			2.50			(0.12	)		(5.42	)		(0.06	)
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.15	)		(0.12	)		(0.22	)		(0.13	)		(0.07	)
Distributions from net realized gain on investments		—			—			—			—			(3.99	)		(4.25	)
Total distributions		(0.09	)		(0.15	)		(0.12	)		(0.22	)		(4.12	)		(4.32	)
Net increase (decrease) in net asset value		1.29			0.80			2.38			(0.34	)		(9.54	)		(4.38	)
Net Asset Value, End of Period	$	10.21		$	8.92		$	8.12		$	5.74		$	6.08		$	15.62
Total Return (b)		15.56	%(c)		11.82	%		44.14	%		(1.27	)%		(43.58	)%		(1.18	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	94		$	32,925		$	29,425		$	21,905		$	23,411		$	41,545
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		2.02	%(d)		1.44	%(e)		1.43	%(e)		1.69	%		1.32	%(e)		1.20	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.12	%(d)		1.12	%(e)		1.12	%(e)		1.12	%		1.12	%(e)		1.11	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.06	%(d)		1.53	%		1.90	%		2.80	%		0.74	%		1.99	%
After reimbursement and/or waiver of expenses by Adviser		1.95	%(d)		1.85	%		2.21	%		3.37	%		0.94	%		2.08	%
Portfolio Turnover		27.53	%(c)(f)		143.86	%		75.30	%		139.76	%		85.08	%		88.75	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the years ended October 31, 2011, October 31, 2010, October 31, 2008 and October 31, 2007, which are not included in the contractual expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

  124

Aston Funds
ASTON/Montag & Caldwell Balanced Fund – Class N	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11				Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	20.09		$	19.13			$	17.73		$	15.61		$	19.98		$	17.21
Income from Investment Operations:
Net investment income		0.08	(a)		0.15	(a)			0.21	(a)		0.21	(a)		0.29			0.19	(a)
Net realized and unrealized gain (loss) on investments		1.37			1.03				1.47			2.15			(4.42	)		2.82
							��
Total from investment operations		1.45			1.18				1.68			2.36			(4.13	)		3.01
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.22	)			(0.28	)		(0.24	)		(0.24	)		(0.24	)
Total distributions		(0.12	)		(0.22	)			(0.28	)		(0.24	)		(0.24	)		(0.24	)
Net increase (decrease) in net asset value .		1.33			0.96				1.40			2.12			(4.37	)		2.77
Net Asset Value, End of Period	$	21.42		$	20.09			$	19.13		$	17.73		$	15.61		$	19.98
Total Return (b)		7.25	%(c)		6.20	%			9.54	%		15.32	%		(20.87	)%		17.63	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	30,255		$	23,315			$	29,194		$	14,938		$	16,586		$	16,703
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.48	%(d)		1.57	%(e)			1.38	%		1.73	%		1.74	%		1.72	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.25	%(d)		1.35	%(e)			1.13	%		1.26	%		1.35	%		1.36	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.59	%(d)		0.53	%			0.89	%		0.81	%		0.74	%		0.71	%
After reimbursement and/or waiver of expenses by Adviser		0.82	%(d)		0.76	%			1.15	%		1.28	%		1.13	%		1.07	%
Portfolio Turnover		18.31	%(c)		40.31	%			51.68	%(f)		38.72	%		43.65	%		36.25	%

(a) The selected per share data was calculated using the weighed average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.005% for the year ended October 31, 2011 and 0.01% for the year ended October 31, 2007, which are not included in the voluntary expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate excludes securities received from a reorganization.

See accompanying Notes to Financial Statements.
	125

Aston Funds
ASTON/Montag & Caldwell Balanced Fund – Class I	April 30, 2012
Financial Highlights

	Six Months Ended 04/30/12 (unaudited)			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08			Year Ended 10/31/07
Net Asset Value, Beginning of Period	$	20.05		$	19.08		$	17.68		$	15.57		$	19.94		$	17.19
Income from Investment Operations:
Net investment income		0.10	(a)		0.20	(a)		0.22	(a)		0.23	(a)		0.27			0.24	(a)
Net realized and unrealized gain (loss) on investments		1.36			1.04			1.46			2.16			(4.35	)		2.80
Total from investment operations		1.46			1.24			1.68			2.39			(4.08	)		3.04
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.27	)		(0.28	)		(0.28	)		(0.29	)		(0.29	)
Total distributions		(0.14	)		(0.27	)		(0.28	)		(0.28	)		(0.29	)		(0.29	)
Net increase (decrease) in net asset value		1.32			0.97			1.40			2.11			(4.37	)		2.75
Net Asset Value, End of Period	$	21.37		$	20.05		$	19.08		$	17.68		$	15.57		$	19.94
Total Return (b)		7.31	%(c)		6.52	%		9.57	%		15.53	%		(20.71	)%		17.87	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,506		$	1,415		$	1,362		$	1,149		$	919		$	1,158
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		1.33	%(d)		1.32	%(e)		1.35	%		1.57	%		1.49	%		1.44	%(e)
After reimbursement and/or waiver of expenses by Adviser		1.10	%(d)		1.10	%(e)		1.10	%		1.10	%		1.10	%		1.08	%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser		0.74	%(d)		0.79	%		0.92	%		0.97	%		0.99	%		0.99	%
After reimbursement and/or waiver of expenses by Adviser		0.97	%(d)		1.02	%		1.17	%		1.44	%		1.38	%		1.35	%
Portfolio Turnover		18.31	%(c)		40.31	%		51.68	%(f)		38.72	%		43.65	%		36.25	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Values used for trading at the close of business at period end.

(c) Not Annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expenses of less than 0.01% for the years ended October 31, 2011 and October 31, 2007, which are not included in the voluntary expense limitation. The interest expenses are from utilizing the line of credit as discussed in Note H to Financial Statements.

(f) Portfolio turnover rate includes securities received from a reorganization.

See accompanying Notes to Financial Statements.

  126

Aston Funds
	April 30, 2012
Notes to Financial Statements (unaudited)

Note (A) Fund Organization: Aston Funds (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated September 10, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company with 26 separate portfolios (each a “Fund” and collectively the “Funds”) as of April 30, 2012.

Aston Asset Management, LP (“Aston” or the “Adviser”) the investment adviser and the administrator, manages each Fund by retaining one or more subadvisers (each, a “Subadviser”) to manage each Fund. The following 26 portfolios of the Trust are included in these financial statements:

ASTON/Montag & Caldwell Growth Fund (the “M&C Growth Fund”)

ASTON/Veredus Select Growth Fund

(the “Veredus Select Growth Fund”)

ASTON/TAMRO Diversified Equity Fund

(the “TAMRO Diversified Equity Fund”)

ASTON/Herndon Large Cap Value Fund

(the “Herndon Large Cap Value Fund”)

ASTON/Cornerstone Large Cap Value Fund

(the “Cornerstone Large Cap Value Fund”)

ASTON/River Road Dividend All Cap Value Fund

(the “River Road Dividend All Cap Value Fund”)

ASTON/Fairpointe Mid Cap Fund

(the “Fairpointe Mid Cap Fund”)

ASTON/Montag & Caldwell Mid Cap Growth Fund

(the “M&C Mid Cap Growth Fund”)

ASTON/Cardinal Mid Cap Value Fund

(the “Cardinal Mid Cap Value Fund”)

ASTON/Veredus Small Cap Growth Fund, formerly the ASTON/Veredus Aggressive Growth Fund

(the “Veredus Small Cap Growth Fund”)

ASTON Small Cap Growth Fund, formerly the ASTON/Crosswind Small Cap Growth Fund

(the “Small Cap Growth Fund”)

ASTON/Silvercrest Small Cap Fund

(the “Silvercrest Small Cap Fund”)

ASTON/TAMRO Small Cap Fund

(the “TAMRO Small Cap Fund”)

ASTON/River Road Select Value Fund

(the “River Road Select Value Fund”)

ASTON/River Road Small Cap Value Fund

(the “River Road Small Cap Value Fund”)

ASTON/River Road Independent Value Fund

(the “River Road Independent Value Fund”)

ASTON/DoubleLine Core Plus Fixed Income Fund

(“the “DoubleLine Core Plus Fixed Income Fund”)

ASTON/TCH Fixed Income Fund

(the “TCH Fixed Income Fund”)

ASTON/Lake Partners LASSO Alternatives Fund

(the “Lake Partners LASSO Alternatives Fund”)

ASTON Dynamic Allocation Fund

(the “Dynamic Allocation Fund”)

ASTON/M.D. Sass Enhanced Equity Fund

(the “M.D. Sass Enhanced Equity Fund”)

ASTON/River Road Long-Short Fund

(the “River Road Long-Short Fund”)

ASTON/Neptune International Fund

(the “Neptune International Fund”)

ASTON/Barings International Fund

(the “Barings International Fund”)

ASTON/Harrison Street Real Estate Fund

(the “Harrison Street Real Estate Fund”)

ASTON/Montag & Caldwell Balanced Fund

(the “M&C Balanced Fund”)

M&C Growth Fund is authorized to issue three classes of shares (Class N Shares, Class I Shares and Class R Shares). The following funds are each authorized to issue two classes of shares (Class N Shares and Class I Shares): Veredus Select Growth Fund, TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, River Road Dividend All Cap Value Fund, Fairpointe Mid Cap Fund, Veredus Small Cap Growth Fund, Small Cap Growth Fund, Silvercrest Small Cap Fund, TAMRO Small Cap Fund, River Road Select Value Fund, River Road Small Cap Value Fund, River Road Independent Value Fund, DoubleLine Core Plus Fixed Income Fund, TCH Fixed Income Fund, Lake Partners LASSO Alternatives Fund, Dynamic Allocation Fund, M.D. Sass Enhanced Equity Fund, Neptune International Fund, Barings International Fund, Harrison Street Real Estate Fund and M&C Balanced Fund. The following Funds are each authorized to issue one class of shares (Class N Shares): M&C Mid Cap Growth Fund, Cardinal Mid Cap Value Fund and River Road Long-Short Fund. Each class of shares is substantially the same except that certain classes of shares bear class specific expenses, which include distribution fees. TAMRO Small Cap Fund, River Road Independent Value Fund and River Road Dividend All Cap Value Fund are closed to new investors until further notice.

The investment objectives of the Funds are as follows:

M&C Growth Fund	Long-term capital appreciation and, secondarily, current income, by investing primarily in common stocks and convertible securities.
Veredus Select	Capital appreciation.
Growth Fund
TAMRO Diversified	Long-term capital appreciation.
Equity Fund
Herndon Large	Long-term capital appreciation.
Cap Value Fund
Cornerstone Large     Cap Value Fund	Total return through long-term capital appreciation and current income.
River Road Dividend     All Cap Value Fund	High current income and, secondarily, long-term capital appreciation.
Fairpointe Mid Cap     Fund	Long-term total return through capital appreciation by investing primarily in common and preferred stocks and convertible securities.
M&C Mid Cap     Growth Fund	Long-term capital appreciation and secondarily, current income, by investing primarily in common stocks and convertible securities.

127

Aston Funds
	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Cardinal Mid Cap	High level of total return.
Value Fund
Veredus Small Cap     Growth Fund	Capital appreciation.
Small Cap Growth     Fund	Long-term capital appreciation.
Silvercrest Small Cap     Fund	Long-term capital appreciation.
TAMRO Small Cap     Fund	Long-term capital appreciation.
River Road Select     Value Fund	Long-term capital appreciation.
River Road Small     Cap Value Fund	Long-term capital appreciation.
River Road     Independent Value     Fund	Long-term total return.
DoubleLine Core Plus     Fixed Income Fund	Maximize total return.
TCH Fixed Income     Fund	High current income consistent with prudent risk of capital.
Lake Partners LASSO     Alternatives Fund	Long term total return with reduced correlation to the conventional stock and bond markets.
Dynamic Allocation     Fund	Long-term capital appreciation.
M.D. Sass Enhanced     Equity Fund	Total return through a combination of a high level of current income and capital appreciation.
River Road Long-     Short Fund	Absolute return while minimizing volatility over a fund market cycle
Neptune International     Fund	Long-term capital appreciation.
Barings International     Fund	Total return.
Harrison Street Real     Estate Fund	Total return through a combination of growth and income.
M&C Balanced Fund	Long-term total return.

Note (B) Significant Accounting Policies: The following is a summary of the significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”).

(1) Security Valuation: Equity securities, closed-end funds, exchange traded funds, index options traded on a national securities exchange, and over-the-counter securities listed on the NASDAQ National Market System are valued at the last sale price or the NASDAQ Official Closing Price (“NOCP”), if applicable. If no last sale price or NOCP, if applicable, is reported, the mean of the last bid and asked prices may be used. Fixed income securities, except short-term investments, are valued on the basis of mean prices provided by a pricing service when such prices are believed by the Adviser to reflect the current market value of such securities in accordance with guidelines adopted by the Board of Trustees. The pricing service provider may employ methodologies that utilize actual market transactions,

broker-dealer supplied valuations, or other electronic data processing techniques. Such techniques generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. If accurate market quotations are not available, securities are valued at fair value as determined by the Adviser in accordance with guidelines adopted by the Board of Trustees. Short-term investments, that is, those with maturities of 60 days or less, are valued at amortized cost, which approximates fair value. Repurchase agreements are valued at cost. Investments in money market funds and other mutual funds are valued at the underlying fund’s net asset value (“NAV”) at the date of valuation. Foreign securities are valued at the last sales price on the primary exchange where the security is traded. Under the fair value procedures adopted by the Board of Trustees, the Funds may utilize the services of an independent pricing service to determine fair value prices for foreign securities if certain market events occur.

Certain Funds invest in securities of other investment companies, including exchange traded funds (“ETFs”), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter. An ETF is an investment company that seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. ETFs are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their NAV per share. When a Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses, including operating, registration, trustee, licensing and marketing, as well as their share of the Fund’s fees and expenses.

Fair Value Measurements—The inputs and valuation techniques used to measure fair value of the Funds’ net assets are summarized into three levels as described in the hierarchy below:

•	Level 1 –	unadjusted quoted prices in active markets for identical assets or liabilities
•	Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 –	significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

  128

Aston Funds
	April 30, 2012
Notes to Financial Statements (unaudited) – continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of the levels are recognized at the market value at the end of the period. The summary of each Fund’s investments that are measured at fair value by Level within the fair value hierarchy as of April 30, 2012 is as follows:

Funds	Total Value at 04/30/12		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Montag & Caldwell Growth Fund
Assets
Investments in Securities*	$	3,699,914,905	$	3,699,914,905	$	—	$	—
Veredus Select Growth Fund
Assets
Investments in Securities*	$	49,025,778	$	49,025,778	$	—	$	—
TAMRO Diversified Equity Fund
Assets
Common Stocks*	$	21,717,529	$	21,717,529	$	—	$	—
Investment Company*		313,373		313,373		—		—
Derivatives
Equity Options Contracts		94,163		94,163		—		—
Total	$	22,125,065	$	22,125,065	$	—	$	—
Herndon Large Cap Value Fund
Assets
Investments in Securities*	$	47,794,312	$	47,794,312	$	—	$	—
Cornerstone Large Cap Value Fund
Assets
Investments in Securities*	$	26,061,372	$	26,061,372	$	—	$	—
River Road Dividend All Cap Value Fund
Assets
Investments in Securities*	$	852,997,485	$	852,997,485	$	—	$	—
Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	2,980,010,904	$	2,980,010,904	$	—	$	—
Montag & Caldwell Mid Cap Growth Fund
Assets
Investments in Securities*	$	6,788,347	$	6,788,347	$	—	$	—
Cardinal Mid Cap Value Fund
Assets
Investments in Securities*	$	1,902,250	$	1,902,250	$	—	$	—
Veredus Small Cap Growth Fund
Assets
Investment in Securities*	$	27,425,058	$	27,425,058	$	—	$	—
Small Cap Growth Fund
Assets
Investment in Securities*	$	8,790,691	$	8,790,691	$	—	$	—
Silvercrest Small Cap Fund
Assets
Investments in Securities*	$	3,940,779	$	3,940,779	$	—	$	—

129

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/12		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
TAMRO Small Cap Fund
Assets
Common Stocks
Consumer Discretionary	$	191,999,512	$	174,752,542	$	17,246,970	$	—
Consumer Staples		61,335,950		61,335,950		—		—
Energy		81,195,891		81,195,891		—		—
Financials		198,161,792		198,161,792		—		—
Healthcare		173,231,507		173,231,507		—		—
Industrials		173,023,046		173,023,046		—		—
Information Technology		118,220,907		105,783,227		12,437,680		—
Materials		39,591,183		39,591,183		—		—
Total Common Stocks		1,036,759,788		1,007,075,138		29,684,650		—
Investment Company*		31,299,969		31,299,969		—		—
Total	$	1,068,059,757	$	1,038,375,107	$	29,684,650	$	—
River Road Select Value Fund
Assets
Investments in Securities*	$	148,852,000	$	148,852,000	$	—	$	—
River Road Small Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	75,312,874	$	68,913,011	$	6,399,863	$	—
Consumer Staples		23,516,435		18,774,865		4,741,570		—
Energy		19,085,873		19,085,873		—		—
Financials		39,820,472		39,820,472		—		—
Healthcare		26,709,687		26,709,687		—		—
Industrials		48,530,048		48,530,048		—		—
Information Technology		41,682,390		41,682,390		—		—
Materials		6,750,226		6,750,226		—		—
Telecommunication Services		2,300,072		2,300,072		—		—
Utilities		3,940,864		3,940,864		—		—
Total Common Stocks	$	287,648,941	$	276,507,508	$	11,141,433	$	—
River Road Independent Value Fund
Assets
Common Stocks
Consumer Discretionary	$	59,600,078	$	41,481,238	$	18,118,840	$	—
Consumer Staples		21,546,501		18,219,281		3,327,220		—
Energy		32,132,479		32,132,479		—		—
Financials		20,041,764		16,262,666		3,779,098		—
Health Care		61,946,727		61,946,727		—		—
Industrials		15,849,515		15,849,515		—		—
Information Technology		45,775,167		45,775,167		—		—
Materials		17,645,332		17,645,332		—		—
Utilities		13,368,022		8,551,653		4,816,369		—
Total Common Stocks		287,905,585		257,864,058		30,041,527		—
Investment Company*		313,543,869		313,543,869		—		—
Total	$	601,449,454	$	571,407,927	$	30,041,527	$	—
DoubleLine Core Plus Fixed Income Fund
Assets
Agency Collateralized Mortgage Obligation	$	14,867,267	$	—	$	14,867,267	$	—
U.S. Government Obligations		14,641,766		—		14,641,766		—
U.S. Government Mortgage-Backed Securities		4,339,271		—		4,339,271		—
Corporate Notes and Bonds		23,545,714		—		23,545,714		—
Collateralized Mortgage-Backed Securities		12,089,851		—		12,089,851		—
Asset-Backed Securities		1,730,440		—		1,730,440		—
Foreign Government Bond		2,856,617		—		2,856,617		—
Total	$	74,070,926	$	—	$	74,070,926	$	—

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Aston Funds
	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/12			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
TCH Fixed Income Fund
Assets
Corporate Notes and Bonds	$	44,804,993		$	—		$	44,804,993	$	—
U.S. Government and Agency Obligations		18,328,242			—			18,328,242		—
Commercial Mortgage-Backed Securities		1,117,841			—			1,117,841		—
Asset-Backed Securities		5,091,446			—			5,091,446		—
Foreign Government Bond		1,232,688			—			1,232,688		—
Investment Company*		1,741,634			1,741,634			—		—
Total	$	72,316,844		$	1,741,634		$	70,575,210	$	—
Lake Partners LASSO Alternatives Fund
Assets
Investments in Securities*	$	263,207,637		$	263,207,637		$	—	$	—
Dynamic Allocation Fund
Assets
Investments in Securities*	$	37,041,242		$	37,041,242		$	—	$	—
M.D. Sass Enhanced Equity Fund
Assets
Common Stocks*	$	144,986,939		$	144,986,939		$	—	$	—
Investment Company*		6,475,318			6,475,318			—		—
Derivatives
Equity Contracts		823,981			823,981			—		—
Total Assets		152,286,238			152,286,238			—		—
Liabilities
Derivatives
Equity Contracts		(3,539,587	)		(3,539,587	)		—		—
Total Liabilities		(3,539,587	)		(3,539,587	)		—		—
Total	$	148,746,651		$	148,746,651		$	—	$	—
River Road Long-Short Fund
Assets
Investments in Securities*	$	5,534,742		$	5,534,742		$	—	$	—
Total Assets		5,534,742			5,534,742			—		—
Liabilities
Short Sales*		(1,255,999	)		(1,255,999	)		—		—
Total Liabilities		(1,255,999	)		(1,255,999	)		—		—
Total	$	4,278,743		$	4,278,743		$	—	$	—
Neptune International Fund
Assets
Common Stocks
Australia	$	44,153		$	44,153		$	—	$	—
Brazil		23,540			23,540			—		—
China		434,322			434,322			—		—
France		125,658			125,658			—		—
India		23,675			23,675			—		—
Japan		181,714			181,714			—		—
Netherlands		53,590			53,590			—		—
Norway		49,048			49,048			—		—
Russia		199,265			199,265			—		—
Switzerland		44,114			44,114			—		—
Taiwan		46,740			46,740			—		—
United Kingdom		526,615			525,755			—		860
Total Common Stocks		1,752,434			1,751,574			—		860
Investment Company*		12,243			12,243			—		—
Total	$	1,764,677		$	1,763,817				$	860

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/12		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Barings International Fund
Assets
Common Stocks
Australia	$	1,609,705	$	1,609,705	$	—	$	—
Belgium		1,062,102		1,062,102		—		—
China		1,008,520		1,008,520		—		—
France		3,886,462		3,886,462		—		—
Germany		6,186,631		6,186,631		—		—
Hong Kong		784,157		784,157		—		—
India		835,096		835,096		—		—
Israel		2,124,299		2,124,299		—
Japan		13,216,904		13,216,904		—		—
Mexico		1,987,045		1,987,045		—		—
Netherlands		914,411		914,411		—		—
Papua New Guinea		1,107,501		1,107,501		—		—
Russia		875,367		875,367		—		—
Singapore		1,974,606		1,974,606		—		—
South Korea		1,992,595		1,992,595		—		—
Sweden		872,256		872,256		—		—
Switzerland		5,426,930		5,426,930		—		—
United Kingdom		16,975,088		16,961,799		—		13,289
Total Common Stocks		62,839,675		62,826,386		—		13,289
Investment Company*		1,607,345		1,607,345		—		—
Total0	$	64,447,020	$	64,433,731	$	—	$	13,289
Harrison Street Real Estate Fund
Assets
Investments in Securities*	$	8,861,483	$	8,861,483	$	—	$	—
Montag & Caldwell Balanced Fund
Assets
Common Stocks*	$	17,767,200	$	17,767,200	$	—	$	—
Corporate Notes and Bonds		6,977,942		—		6,977,942		—
U.S. Government and Agency Obligations		3,828,745		—		3,828,745		—
Investment Company*		3,254,277		3,254,277		—		—
Total	$	31,828,164	$	21,021,477	$	10,806,687	$	—

* All Common Stocks and Investment Companies are Level 1. Please refer to the Schedule of Investments for industry, sector or country breakout.

Barings International Fund and Neptune International Fund may utilize an external pricing service to fair value certain foreign securities in the event of any significant market movements between the time these Funds valued such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the hierarchy. Significant market movements were not deemed to have occurred at April 30, 2012, and therefore, the Barings International Fund and the Neptune International Fund did not utilize the external pricing service model adjustments. As a result, certain securities that were held in these Funds at April 30, 2012 and since the beginning of the six-month period, were transferred from Level 2 to Level 1.

At the end of each calendar quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent

uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly-traded securities.

Certain securities that were held at April 30, 2012 and since the beginning of the six-month period in the TAMRO Small Cap Fund, the River Road Small Cap Value Fund and the River Road Independent Value Fund had significant changes in liquidity which resulted in a transfer between levels.

Funds	Transfer from Level 1 to Level 2		Transfer from Level 2 to Level 1
TAMRO Small Cap Fund	$	29,684,650	$	3,913,591
River Road Small Cap Value Fund		—		2,780,316
River Road Independent Value Fund		21,897,938		—
Neptune International Fund		—		1,210,912
Barings International Fund		—		47,769,491

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Level 3 holdings were valued using internal valuation techniques which took into consideration factors including previous experience with similar securities of the same issuer, conversion ratio and security terms.

The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair value as of April 30, 2012:

Neptune International Fund	Common Stocks
Fair Value, beginning of period	$	555
Purchases		854
Sales		(534	)
Net realized gains		189
Change in unrealized appreciation (depreciation)		(204	)
Fair Value, end of period	$	860
Change in net unrealized appreciation (depreciation)on Level 3 holdings held at end of period	$	305

Barings International Fund	Common Stocks
Fair Value, beginning of period	$	9,447
Purchases		13,194
Sales		(9,094	)
Net realized gains		3,219
Change in unrealized appreciation (depreciation)		(3,477	)
Fair Value, end of period	$	13,289
Change in net unrealized appreciation (depreciation)on Level 3 holdings held at end of period	$	3,842

(2) Repurchase Agreements: Each Fund may enter into repurchase agreements with financial institutions deemed to be creditworthy by the Fund’s Adviser or Subadviser, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Fund has the right to sell the underlying securities at market value and may claim any resulting loss against the seller. As of and during the period ended April 30, 2012, the Funds did not own any repurchase agreements.

(3) When Issued/Delayed Delivery Securities: Each Fund may purchase and sell securities on a “when issued” or “delayed delivery” basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Funds segregate assets having an aggregate value at least equal to the amount of when issued or delayed delivery purchase commitments until payment is made. As of and during the six month period ended April 30, 2012, the DoubleLine Core Plus Fixed Income Fund and the TCH Fixed Income Fund owned delayed delivery securities.

(4) Mortgage-Backed Securities: M&C Balanced Fund, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund may invest in mortgage-backed securities (“MBS”), representing interests in pools of mortgage loans. These securities provide shareholders with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. The timely payment of principal and interest on MBS issued or guaranteed by Ginnie Mae (formerly known as the Government National Mortgage Association) is backed by Ginnie Mae and the full faith and credit of the U.S. government. MBS issued by U.S. government agencies or instrumentalities other than Ginnie Mae are not “full faith and credit” obligations. Certain obligations, such as those issued by the Federal Home Loan Banks, Fannie Mae (formerly known as the Federal National Mortgage Association) and Freddie Mac (formerly known as the Federal Home Loan Mortgage Corporation) are supported only by the credit of the issuer. MBS issued by private issuers are not government securities and are not directly guaranteed by any government agency. They are secured by the underlying collateral of the private issuer. Yields on privately issued MBS tend to be higher than those of government-backed issues. However, risk of loss due to default and sensitivity to interest rate fluctuations are also higher. M&C Balanced Fund, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund may also invest in collateralized mortgage obligations (“CMO”) and real estate mortgage investment conduits (“REMIC”). A CMO is a bond that is collateralized by a pool of MBS, and a REMIC is similar in form to a CMO. These MBS pools are divided into classes with each class having its own characteristics. The different classes are retired in sequence as the underlying mortgages are repaid.

(5) Securities Sold Short: The River Road Long-Short Fund utilizes short sales as part of its overall portfolio management strategy. A short sale involves the sale of a security that is borrowed from a broker or other institution. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon closing a short sale. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund making a short sale must segregate liquid assets, or otherwise cover its position in a permissible manner. The liquidity of the assets is determined by the Subadviser, in accordance with procedures established by the Board of Trustees. Cash segregated for short sales is shown in the Statement of Assets and Liabilities as cash held as collateral.

(6) Options Contracts: In the normal course of pursuing its investment objectives, certain Funds are subject to price volatility risk. Certain Funds may write and/or purchase call and put options on securities for hedging purposes, to seek capital appreciation, to mitigate risk and/or to increase exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call or put option, an amount equal to the premium received or paid by the

133

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Fund is included in a Fund’s Statement of Assets and Liabilities as a liability or an investment and subsequently adjusted to the current market value based on the quoted daily settlement price of the option written or purchased. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. If the Fund writes a covered call option, the Fund forgoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the market value of the underlying security below the exercise price. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. The risk associated with purchasing put and call options is limited to the premium paid. Options were traded during the period in the TAMRO Diversified Equity and M.D. Sass Enhanced Equity Funds. See the Schedules of Investments for open options contracts held by TAMRO Diversified Equity and M.D. Sass Enhanced Equity Funds at April 30, 2012. For the six months ended April 30, 2012, the average* volume of derivative activities are as follows:

Funds	Purchased Options (Cost)		Written Options (Premiums Received)
TAMRO Diversified Equity Fund	$	164,311	$	—
M.D. Sass Enhanced Equity Fund		1,464,199		2,966,001

* estimate based on quarter-end holdings

(7) Forward Foreign Currency Contracts: In the normal course of pursuing their investment objectives, certain Funds are subject to foreign investment and currency risk. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve a Fund’s investment goal. These contracts are marked-to-market daily at the applicable translation rates. A Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements

in the value of a foreign currency relative to the U.S. dollar or other currencies. During and at the six months ended April 30, 2012, the Neptune International Fund held forward foreign currency contracts. For the six months ended April 30, 2012, the average (estimate based on quarterly holdings) volume of derivative activity was $12,902 of unrealized depreciation.

(8) Disclosures about Derivative Instruments: The following is a table summarizing the fair value of derivatives held at April 30, 2012 by primary risk exposure:

	Asset Derivative Investments Value		Liability Derivative Investments Value
Fund	Equity Contracts (a)		Equity Contracts (a)
TAMRO Diversified Equity Fund	$	94,163	$	—
M.D. Sass Enhanced Equity Fund		823,981		(3,539,587	)

(a) Statement of Assets and Liabilities location: Total investments at value for purchased options and call options written, at value.

The effect of derivative instruments on the statement of operations for the six months ended April 30, 2012:

	Amount of Realized Gain (Loss) on Derivatives						Change in Unrealized Appreciation (Depreciation) on Derivatives
	Equity Contracts  (a)			Foreign Currency Contracts  (a)			Equity Contracts  (b)			Foreign Currency Contracts  (a)
TAMRO Diversified Equity Fund	$	(135,373	)	$	—		$	132,322		$	—
M.D. Sass Enhanced Equity Fund		(366,434	)		—			(530,367	)		—
Neptune International Fund		—			(38,744	)		—			19,353

(a) Statement of Operations location: Net realized gain (loss) on purchased options and net realized gain (loss) on written option transactions or net realized gain loss on foreign currency.

(b) Statement of Operations location: Net change in unrealized appreciation (depreciation) on purchased options and net change in unrealized appreciation (depreciation) on written options transactions or translation of of assets and liabilities in foreign currency.

(9) Investment Income and Securities Transactions: Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income is accrued daily. Dividend income and interest income are recorded on the Statement of Operations as investment income. Premiums and discounts are amortized or accreted on an effective yield method on fixed income securities. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and reclaims as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Securities are accounted for on a trade date basis. The cost of securities sold is determined using the identified cost method for the Fairpointe Mid Cap Fund and first in first out (“FIFO”) method for all other Funds.

(10) Foreign Currency: Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates at the close of the regular trading session on the New York Stock Exchange. Fluctuations in the value of the foreign currencies and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are segregated on the Statement of Operations from the effects of changes on market prices of those securities, and are included with the net realized and change in unrealized gain or loss on investment securities.

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

(11) Federal Income Taxes: The Funds have elected to be treated as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their respective net taxable income. Accordingly, no provisions for federal income taxes have been made in the accompanying financial statements. The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains.

At October 31, 2011, the following Funds had available realized capital losses to offset future net capital gains through the fiscal year ended:

	Capital Loss Carryforward with Tax Year Expirations
Fund	2013		2014		2015			2016			2017		2018			Total
Montag & Caldwell Growth Fund	$	—	$	—	$	—		$	15,287,295	* $		—	$	—		$	15,287,295
Veredus Select Growth Fund		—		—		1,093,781			18,622,365			—		—			19,716,146
Cornerstone Large Cap Value Fund		—		—		—			22,414,594			6,819,813		—			29,234,407
Montag & Caldwell Mid Cap Growth Fund		—		—					327,840			—		—			327,840
Cardinal Mid Cap Value Fund		—		—		—			223,314			—		—			223,314
Veredus Small Cap Growth Fund		—		—		4,228,025			16,347,889			—		—			20,575,914
Small Cap Growth Fund		—		—		—			—			—		59,470			59,470
River Road Small Cap Value Fund		—		—		—			11,064,614			—		—			11,064,614
TCH Fixed Income Fund		3,698,815		—		2,654,917			1,270,780			—		—			7,624,512
Lake Partners LASSO Alternatives Fund		—		—		—			—			—		4,140,502			4,140,502
River Road Long-Short Fund		—		—		—			—			—		100,223	**		100,223
Neptune International Fund		—		—		635,048			2,673,799			52,059		—			3,360,906
Harrison Street Real Estate Fund		—		—		3,095,957			11,228,110			—		—			14,324,067
Montag & Caldwell Balanced Fund		—		—		318,991	*		2,726,872	***		—		—			3,045,863

* These capital loss carryforward amounts were acquired in the reorganizations of the Growth Fund into the M&C Growth Fund and the Balanced Fund into the M&C Balanced Fund on March 29, 2010. The Funds’ ability to utilize the capital loss carryforwards is limited under Internal Revenue Service regulations.

** The Fund is subject to the Regulated Investment Company Modernization Act of 2010 and amount will carryforward as short-term with no expiration date.

*** This capital loss carryforward amount includes $2,088,044 acquired in the reorganization of the Balanced Fund into the M&C Balanced Fund on March 29, 2010. The Fund’s ability to utilize the capital loss carryforwards is limited under Internal Revenue Service regulations. Capital loss carryforwards expire in the tax years indicated above.

For the year ended October 31, 2011, the following Funds utilized capital losses as follows:

	Utilized Capital Losses (with Expiration Year)
Fund	2010		2013		2014		2015		2016		2017
Montag & Caldwell Growth Fund	$	—	$	—	$	—	$	—	$	3,189,231	$	—
Veredus Select Growth Fund		—		—		—		2,003,452		—		—
TAMRO Diversified Equity Fund		—		—		—		—		192,977		—
Herndon Large Cap Value Fund		—		—		—		—		—		23,092
Cornerstone Large Cap Value Fund		—		—		—		—		7,459,889		—
River Road Dividend All Cap Value Fund		—		—		—		—		2,543,082		—
Montag & Caldwell Mid Cap Growth Fund		—		—		—		210,270		85,761		—
Cardinal Mid Cap Value Fund		—		—		—		20,542		70,966		—
Veredus Small Cap Growth Fund		—		—		—		6,557,027		—		—
River Road Small Cap Value Fund		—		—		—		19,839,004		25,160,124		—
Barings International Fund		—		—		—		894,769		966,034		—
Neptune International Fund		—		—		7,221		97,317		—		—
Harrison Street Real Estate Fund		—		—		—		6,954,887		—		—
Montag & Caldwell Balanced Fund		2,339,449		—		—		—		—		—
TCH Fixed Income Fund		—		331,126		—		—		—		—

135

Aston Funds
	April 30, 2012
Notes to Financial Statements (unaudited) – continued

For the year ended October 31, 2011, the following Funds had capital losses that expired:

Fund	Expired Capital Losses
Cornerstone Large Cap Value Fund	$	49,006
River Road Small Cap Value Fund		571,469
Montag & Caldwell Balanced Fund		638,779

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. River Road Long-Short Fund, River Road Independent Value Fund, and DoubleLine Core Plus Fixed Income Fund began investment operations after the effective date and are currently subject to the Regulated Investment Company Modernization Act of 2010. The remaining Funds’ first fiscal year end subject to the Regulated Investment Company Modernization Act of 2010 is October 31, 2012.

Management has analyzed the Funds’ tax positions for all open tax years (current and prior three tax years), as well as potential exposure to foreign capital gains withholding taxes, and has concluded that no provision for federal, state, or international income tax is required in the Funds’ financial statements. The Funds’ federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service.

(12) Multi-Class Operations: Each class offered by a Fund that is authorized to offer multiple classes of shares has equal rights as to the Fund’s net assets.

Income, fund and trust level expenses and realized and unrealized capital gains and losses, if any, are allocated to each class of shares based on the relative net assets of each class. Class specific expenses (distribution expenses) are allocated to each class.

(13) Offering Costs: Certain costs were incurred in connection with the offering of the following Funds as disclosed in the table below. The costs associated have been capitalized and are being amortized on a straight-line basis over twelve months based on the commencement date of the Funds, stated below.

Fund	Commencement Date		Original Offering Costs
River Road Independent Value Fund		December 30, 2010	$	53,931
River Road Long-Short Fund		May 4, 2011		70,782
DoubleLine Core Plus Fixed Income Fund		July 18, 2011		246,370
Silvercrest Small Cap Fund		December 27, 2011		80,000

(14) Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(15) Commitments and Contingencies: In the normal course of business, the Trust enters into contracts on behalf of the Funds that contain a variety of provisions for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that are not known at this time. However, based on experience, the Funds believe the risk of loss is remote.

(16) Recent Accounting Pronouncement: In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

In December 2011, FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under IFRS. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

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Aston Funds
	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Note (C) Dividends from Net Investment Income and Distributions of Capital Gains: Dividends and distributions to shareholders are recorded on the ex-dividend date. River Road Dividend All Cap Value Fund, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund distribute dividends from net investment income to shareholders monthly and net realized gains from investment transactions, if any, are generally distributed annually, usually in December.

M.D. Sass Enhanced Equity Fund and M&C Balanced Fund distribute dividends from net investment income to shareholders quarterly and net realized gains from investment transactions, if any, are generally distributed annually, usually in December.

The following Funds distribute dividends from net investment income to shareholders annually and net realized gains from investment transactions, if any, are generally distributed annually, usually in December: M&C Growth Fund, Veredus Select Growth Fund, TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, Fairpointe Mid Cap Fund, M&C Mid Cap Growth Fund, Cardinal Mid Cap Value Fund, Veredus Small Cap Growth Fund, Small Cap Growth Fund, Silvercrest Small Cap Fund, TAMRO Small Cap Fund, River Road Select Value Fund, River Road Small Cap Value Fund, River Road Independent Value Fund, Lake Partners LASSO Alternatives Fund, Dynamic Allocation Fund, River Road Long-Short Fund, Neptune International Fund, Barings International Fund and Harrison Street Real Estate Fund.

Dividends and distributions are automatically reinvested in additional Fund shares on ex-date at that day’s ending NAV for the respective Fund for those shareholders who have elected the reinvestment option.

Differences in dividends per share between classes of the following Funds are due to different class expenses: M&C Growth Fund, Veredus Select Growth Fund, TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, River Road Dividend All Cap Value Fund, Fairpointe Mid Cap Fund, Veredus Small Cap Growth Fund, Small Cap Growth Fund, Silvercrest Small Cap Fund, TAMRO Small Cap Fund, River Road Select Value Fund, River Road Small Cap Value Fund, River Road Independent Value Fund, DoubleLine Core Plus Fixed Income Fund, TCH Fixed Income Fund, Lake Partners LASSO Alternatives Fund, Dynamic Allocation Fund, M.D. Sass Enhanced Equity Fund, Neptune International Fund, Barings International Fund, Harrison Street Real Estate Fund and M&C Balanced Fund. Net investment income and realized gains and losses for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book and tax basis differences. Permanent differences, such as net operating losses, nondeductible expenses, premium amortization, mark to market on Passive Foreign Investment Companies and adjustment for Real Estate Investment Trusts, are reclassified among capital accounts in the financial statements to reflect their character. Temporary differences, such as deferrals on losses relating to wash sales transactions and capital loss carryovers, arise when income, expenses, gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.

Distributions from net realized gains for book purposes may include short-term capital gains, which are classified as ordinary income for tax purposes.

The tax character of distributions paid during the fiscal years ended 2011 and 2010 was as follows:

	Distributions Paid in 2011				Distributions Paid in 2010
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
M&C Growth Fund	$	20,834,824	$	5,383,920	$	11,497,319	$	—
Veredus Select Growth Fund		—		—		30,200		—
TAMRO Diversified Equity Fund		—		—		22,812		—
Herndon Large Cap Value Fund		13,657		—		—		—
Cornerstone Large Cap Value Fund		1,807,144		—		3,983,658		—
River Road Dividend All Cap Value Fund		10,476,590		118,593		5,440,778		—
Fairpointe Mid Cap Fund		6,035,391		5,436,739		856,138		1,792,051
M&C Mid Cap Growth Fund		—		—		6,357		—
Cardinal Mid Cap Value Fund		6,680		—		3,807		—
TAMRO Small Cap Fund		—		19,802,159		—		491,279
River Road Select Value Fund		1,134,027		1,959,747		374,080		—
River Road Small Cap Value Fund		2,048,490		—		1,018,993		—
DoubleLine Core Plus Fixed Income Fund		190,808		—		—		—
TCH Fixed Income Fund		2,810,584		—		3,125,240		—
Lake Partners LASSO Alternatives Fund		454,894		448		71,770		—
Dynamic Allocation Fund		1,619,896		272,869		3,145,781		3,008
M.D. Sass Enhanced Equity Fund		5,872,771		—		685,950		—
Neptune International Fund		21,314		—		84,468		—
Barings International Fund		1,019,611		—		114,624		—
Harrison Street Real Estate Fund		627,254		—		546,063		—
M&C Balanced Fund		312,292		—		344,428		—

137

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

As of October 31, 2011, the most recent fiscal year end, the components of distributable earnings on a tax basis were as follows:

	Capital Loss Carryforward			Undistributed Ordinary Income		Undistributed Long- Term Gain		Unrealized Appreciation/ (Depreciation)			Total
M&C Growth Fund	$	(15,287,295	)	$	17,620,891	$	257,686,119	$	382,885,608		$	642,905,323
Veredus Select Growth Fund		(19,716,146	)		26,897		—		3,285,729			(16,403,520	)
TAMRO Diversified Equity Fund		—			—		473,321		1,750,640			2,223,961
Herndon Large Cap Value Fund		—			947,771		124,149		(420,717	)		651,203
Cornerstone Large Cap Value Fund		(29,234,407	)		—		—		344,080			(28,890,327	)
River Road Dividend All Cap Value Fund		—			—		4,647,585		53,393,631			58,041,216
Fairpointe Mid Cap Fund		—			2,079,223		18,759,386		277,687,103			298,525,712
M&C Mid Cap Growth Fund		(327,840	)		—		—		917,907			590,067
Cardinal Mid Cap Value Fund		(223,314	)		1,517		—		210,209			(11,588	)
Veredus Small Cap Growth Fund		(20,575,914	)		—		—		3,729,440			(16,846,474	)
Small Cap Growth Fund		(59,470	)		—		—		(265,605	)		(325,075	)
TAMRO Small Cap Fund		—			—		97,189,739		179,531,675			276,721,414
River Road Select Value Fund		—			1,195,272		28,131,898		12,845,247			42,172,417
River Road Small Cap Value Fund		(11,064,614	)		—		—		54,059,120			42,994,506
River Road Independent Value Fund		—			5,594,708		100,643		(1,930,633	)		3,764,718
DoubleLine Core Plus Fixed Income Fund		—			88,759		—		236,854			325,613
TCH Fixed Income Fund		(7,624,512	)		30,636		—		5,288,666			(2,305,210	)
Lake Partners LASSO Alternatives Fund		(4,140,502	)		67,864		—		(1,626,190	)		(5,698,828	)
Dynamic Allocation Fund		—			3,838,769		797,701		327,722			4,964,192
M.D. Sass Enhanced Equity Fund		—			9,611,622		2,408,540		(8,317,598	)		3,702,564
River Road Long-Short Fund		(100,223	)		—		—		125,458			25,235
Neptune International Fund		(3,360,906	)		2,324		—		(85,400	)		(3,443,982	)
Barings International Fund		—			488,262		1,380,287		(155,209	)		1,713,340
Harrison Street Real Estate Fund		(14,324,057	)		149,431		—		1,480,467			(12,694,159	)
M&C Balanced Fund		(3,045,863	)		34,962		—		2,165,668			(845,233	)

Note (D) Shares of Beneficial Interest: Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Share transactions of the Funds were as follows:

Six Months Ended April 30, 2012

Class N	Sold		Shares Issued  From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		7,220,707		5,664,499		(9,731,278	)		3,153,928
Veredus Select Growth Fund		32,936		—		(831,482	)		(798,546	)
TAMRO Diversified Equity Fund		77,110		38,289		(470,130	)		(354,731	)
Herndon Large Cap Value Fund		369,527		39,719		(117,196	)		292,050
Cornerstone Large Cap Value Fund		436,477		10,721		(820,916	)		(373,718	)
River Road Dividend All Cap Value Fund		8,464,236		572,508		(7,718,621	)		1,318,123
Fairpointe Mid Cap Fund		7,413,856		417,341		(8,849,881	)		(1,018,684	)
M&C Mid Cap Growth Fund		181,146		—		(22,519	)		158,627
Cardinal Mid Cap Value Fund		13,615		310		(2,437	)		11,488
Veredus Small Cap Growth Fund		47,377		—		(306,037	)		(258,660	)
Small Cap Growth Fund		46,907		—		(54,712	)		(7,805	)
Silvercrest Small Cap (a)		51,358		—		—			51,358
TAMRO Small Cap Fund		2,940,335		1,982,107		(4,072,292	)		850,150
River Road Select Value Fund		116,854		332,250		(959,714	)		(510,610	)
River Road Small Cap Value Fund		434,533		—		(4,213,040	)		(3,778,507	)
River Road Independent Value Fund		12,374,363		339,193		(8,690,143	)		4,023,413
DoubleLine Core Plus Fixed Income Fund		1,752,830		47,173		(1,631,186	)		168,817
TCH Fixed Income Fund		504,469		127,068		(585,505	)		46,032
Lake Partners LASSO Alternatives Fund		672,981		21,588		(218,986	)		475,583
Dynamic Allocation Fund		605,297		508,991		(1,975,527	)		(861,239	)
M.D. Sass Enhanced Equity Fund		3,266,424		674,043		(1,162,182	)		2,778,285
River Road Long-Short Fund		100,489		—		(31,135	)		69,354
Neptune International Fund		2,357		—		(4,400	)		(2,043	)
Barings International Fund		139		1,946		(43	)		2,042
Harrison Street Real Estate Fund		248,857		4,957		(104,469	)		149,345
M&C Balanced Fund		415,318		6,573		(169,917	)		251,974

(a) Silvercrest Small Cap Fund began issuing Class N Shares on December 23, 2011.

  138

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

Class I	Sold		Shares Issued  From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		16,397,472		4,364,756		(12,092,197	)		8,670,031
Veredus Select Growth Fund		177,142		2,609		(2,561,418	)		(2,381,667	)
TAMRO Diversified Equity Fund (a)		28,884		—		—			28,884
Herndon Large Cap Value Fund		2,228,362		73,629		(145,153	)		2,156,838
Cornerstone Large Cap Value Fund		295,356		58		(377	)		295,037
River Road Dividend All Cap Value Fund		16,960,615		520,634		(1,812,728	)		15,668,521
Fairpointe Mid Cap Fund (b)		11,239,001		327,743		(13,553,159	)		(1,986,415	)
Veredus Small Cap Growth Fund (c)		10,478				(1,156,181	)		(1,145,703	)
Small Cap Growth Fund		—		—		—			—
Silvercrest Small Cap Fund (d) (e)		542,832		—		(237,521	)		305,311
TAMRO Small Cap Fund		3,931,669		2,242,345		(3,614,933	)		2,559,081
River Road Select Value Fund		2,880,984		2,982,287		(2,535,485	)		3,327,786
River Road Small Cap Value Fund		1,466,897		—		(2,926,912	)		(1,460,015	)
River Road Independent Value Fund		15,878,369		189,732		(1,003,532	)		15,064,569
DoubleLine Core Plus Fixed Income Fund		4,592,786		52,649		(240,093	)		4,405,342
TCH Fixed Income Fund		146,128		17,409		(209,266	)		(45,729	)
Lake Partners LASSO Alternatives Fund		5,465,624		148,111		(2,350,135	)		3,263,600
Dynamic Allocation Fund		78,675		52,099		(28,366	)		102,408
M.D. Sass Enhanced Equity Fund		3,688,810		615,736		(2,125,528	)		2,179,018
Neptune International Fund		—		318		(239	)		79
Barings International Fund		2,079,474		187,976		(749,648	)		1,517,802
Harrison Street Real Estate Fund (f)		241		61		(3,683,661	)		(3,683,359	)
M&C Balanced Fund		1,474		144		(1,722	)		(104	)

(a) TAMRO Diversified Equity Fund began issuing Class I Shares on March 1, 2012.

(b) Fairpointe Mid Cap Fund had a redemption-in-kind on January 13, 2012, which resulted in a redemption out of the Fund of $38,722,763 and is excluded from the shares sold above. The redemption was comprised of securities and cash in the amounts of $38,179,960 and $542,803, respectively.

(c) Veredus Small Cap Growth Fund had a redemption-in-kind on December 2, 2011, which resulted in a redemption out of the Fund of $13,436,583 and is excluded from shares sold above. The redemption was comprised of securities and cash in the amounts of $13,225,479 and $211,104, respectively.

(d) Silvercrest Small Cap Fund began issuing Class I Shares on December 23, 2011.

(e) Silvercrest Small Cap Fund had a redemption-in-kind on April 26, 2012, which resulted in a redemption out of the Fund of $2,608,977 and is excluded from the shares sold above. The redemption was comprised of securities and cash in the amounts of $2,579,146 and $29,831, respectively.

(f) Harrison Street Real Estate Fund had a redemption-in-kind on December 2, 2011, which resulted in a redemption out of the Fund of $31,399,368 and is excluded from shares sold above. The redemption was comprised of securities and cash in the amounts of $30,913,574 and $485,794, respectively

Class R	Sold		Shares Issued  From Reinvestment of Distributions		Redeemed			Net Increase in Shares Outstanding
M&C Growth Fund		65,193		23,324		(69,290	)		19,227

Year Ended October 31, 2011

Class N	Sold		Shares Issued From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		27,529,579		436,304		(25,563,135	)		2,402,748
Veredus Select Growth Fund		600,195		—		(2,424,886	)		(1,824,691	)
TAMRO Diversified Equity Fund		1,047,491		—		(398,182	)		649,309
Herndon Large Cap Value Fund		1,302,936		1,239		(907,748	)		396,427
Cornerstone Large Cap Value Fund		938,206		26,444		(683,845	)		280,805
River Road Dividend All Cap Value Fund		19,428,483		401,663		(4,872,469	)		14,957,677
Fairpointe Mid Cap Fund		23,004,145		239,794		(23,365,775	)		(121,836	)
M&C Mid Cap Growth Fund		79,385		—		(14,651	)		64,734
Cardinal Mid Cap Value Fund		15,267		283		(2,166	)		13,384
Veredus Small Cap Growth Fund		261,170		—		(980,739	)		(719,569	)
Small Cap Growth Fund (a)		622,572		—		(78,915	)		543,657
TAMRO Small Cap Fund		6,465,730		349,541		(5,826,262	)		989,009
River Road Select Value Fund		940,625		64,739		(5,458,457	)		(4,453,093	)
River Road Small Cap Value Fund		3,083,624		49,890		(14,038,695	)		(10,905,181	)
River Road Independent Value Fund (b)		34,714,694		—		(6,220,324	)		28,494,370
DoubleLine Core Plus Fixed Income Fund (c)		2,304,445		13,647		(147,028	)		2,171,064
TCH Fixed Income Fund		2,519,080		199,342		(1,241,865	)		1,476,557
Lake Partners LASSO Alternatives Fund		1,059,998		9,203		(286,539	)		782,662
Dynamic Allocation Fund		2,015,362		199,385		(3,376,730	)		(1,161,983	)
M.D. Sass Enhanced Equity Fund		2,823,656		274,141		(2,998,639	)		99,158
River Road Long-Short Fund (d)		463,827		—		(106	)		463,721

139

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

			Shares Issued From					Net Increase
			Reinvestment					(Decrease) in
Class N	Sold		of Distributions		Redeemed			Shares Outstanding
Neptune International Fund		9,866		547		(15,709	)		(5,296	)
Barings International Fund		41,175		470		(9,259	)		32,386
Harrison Street Real Estate Fund		334,601		11,310		(399,317	)		(53,406	)
M&C Balanced Fund		83,389		13,236		(462,762	)		(366,137	)

(a) Small Cap Growth Fund began issuing Class N Shares on November 2, 2010.

(b) River Road Independent Value Fund began issuing Class N Shares on December 30, 2010.

(c) DoubleLine Core Plus Fixed Income Fund began issuing Class N Shares on July 15, 2011.

(d) River Road Long-Short Fund began issuing Class N Shares on May 3, 2011.

			Shares Issued From					Net Increase
			Reinvestment					(Decrease) in
Class I	Sold		of Distributions		Redeemed			Shares Outstanding
M&C Growth Fund		25,367,654		492,955		(21,812,016	)		4,048,593
Veredus Select Growth Fund		1,022,514		—		(965,498	)		57,016
Herndon Large Cap Value Fund (a)		1,048,685		—		—			1,048,685
Cornerstone Large Cap Value Fund (b)		41		99,223		(22,281,046	)		(22,181,782	)
River Road Dividend All Cap Value Fund		18,128,321		370,706		(2,092,580	)		16,406,447
Fairpointe Mid Cap Fund		39,262,459		90,932		(12,005,364	)		27,348,027
Veredus Small Cap Growth Fund		23,685		—		(32,239	)		(8,554	)
Small Cap Growth Fund		255,934		—		—			255,934
TAMRO Small Cap Fund		9,479,673		402,302		(7,890,124	)		1,991,851
River Road Select Value Fund		4,193,249		214,802		(8,853,662	)		(4,445,611	)
River Road Small Cap Value Fund		4,141,086		107,904		(6,084,595	)		(1,835,605	)
River Road Independent Value Fund (c)		8,308,048		—		(359,185	)		7,948,863
DoubleLine Core Plus Fixed Income Fund (d)		523,751		4,051		(98,141	)		429,661
TCH Fixed Income Fund		347,836		45,383		(827,447	)		(434,228	)
Lake Partners LASSO Alternatives Fund		16,212,425		25,742		(2,014,816	)		14,223,351
Dynamic Allocation Fund (e)		734,609		715		(275,213	)		460,111
M.D. Sass Enhanced Equity Fund		2,722,359		287,142		(1,167,597	)		1,841,904
Harrison Street Real Estate Fund		3,825		64,984		(1,747	)		67,062
Neptune International Fund		—		1,424		—			1,424
Barings International Fund		2,212,819		113,069		(1,257,377	)		1,068,511
M&C Balanced Fund		236,989		1,686		(239,470	)		(795	)

(a) Herndon Large Cap Value Fund began issuing Class I Shares on March 1, 2011.

(b) Cornerstone Large Cap Value Fund had a redemption-in-kind on March 18, 2011, which resulted in a redemption out of the Fund of $222,180,158 and is excluded from the shares sold above. The redemption was comprised of securities and cash in the amounts of $218,362,400 and $3,817,758, respectively.

(c) River Road Independent Value Fund began issuing Class I Shares on May 31, 2011.

(d) DoubleLine Core Plus Fixed Income Fund began issuing Class I Shares on July 15, 2011.

(e) Dynamic Allocation Fund began issuing Class I Shares on November 1, 2010.

			Shares Issued From
			Reinvestment					Net Increase in
Class R	Sold		of Distributions		Redeemed			Shares Outstanding
M&C Growth Fund		231,098		883		(199,315	)		32,666

Note (E) Investment Transactions: Aggregate purchases and proceeds from sales and maturities of investment securities (other than short-term investments) for the six months ended April 30, 2012 were as follows:

	Aggregate Purchases				Proceeds from Sales
	U.S. Government		Other		U.S. Government		Other
M&C Growth Fund	$	—	$	739,126,880	$	—	$	944,671,919
Veredus Select Growth Fund		—		54,191,527		—		88,316,974
TAMRO Diversified Equity Fund		—		5,389,707		—		9,433,499
Herndon Large Cap Value Fund.		—		33,399,917		—		6,696,448
Cornerstone Large Cap Value Fund		—		8,874,355		—		9,132,329
River Road Dividend All Cap Value Fund.		—		275,042,458		—		114,126,151
Fairpointe Mid Cap Fund (a)		—		293,938,245		—		346,270,285
M&C Mid Cap Growth Fund		—		2,474,337		—		951,306
Cardinal Mid Cap Value Fund		—		432,407		—		324,100
Veredus Small Cap Growth Fund (b)		—		24,504,420		—		28,638,128
Small Cap Growth Fund		—		6,072,333		—		6,215,542
Silvercrest Small Cap Fund (c)		—		6,441,155		—		5,460,636
TAMRO Small Cap Fund		—		197,691,532		—		261,275,101
River Road Select Value Fund		—		27,074,331		—		35,971,338
River Road Small Cap Value Fund		—		38,383,450		—		104,821,372
River Road Independent Value Fund		—		267,428,848		—		195,330,428

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	April 30, 2012
Notes to Financial Statements (unaudited) – continued

	Aggregate Purchases				Proceeds from Sales
	U.S. Government		Other		U.S. Government		Other
DoubleLine Core Plus Fixed Income Fund	$	40,506,854	$	39,899,027	$	20,957,686	$	12,757,644
TCH Fixed Income Fund		1,467,228		19,165,517		5,095,197		17,721,316
Lake Partners LASSO Alternatives Fund		—		112,884,521		—		68,088,243
Dynamic Allocation Fund		—		80,305,433		—		88,243,873
M.D. Sass Enhanced Equity Fund		—		68,041,831		—		39,234,245
River Road Long-Short Fund		—		6,421,553		—		5,656,288
Neptune International Fund		—		194,949		—		137,379
Barings International Fund		—		19,546,237		—		10,927,609
Harrison Street Real Estate Fund (d)		—		6,107,338		—		4,434,294
M&C Balanced Fund		1,031,213		7,066,313		424,832		4,010,484

(a) Fairpointe Mid Cap Fund had a redemption-in-kind on January 13, 2012, which resulted in a redemption out of the Fund of $38,722,763 and is excluded from the proceeds from sales above. The redemption was comprised of securities and cash in the amount of $38,179,960 and $542,803, respectively.

(b) Veredus Small Cap Growth Fund had a redemption-in-kind on December 2, 2011, which resulted in a redemption out of the Fund of $13,436,583 and is excluded from proceeds from sales above. The redemption was comprised of securities and cash in the amounts of $13,225,479 and $211,104, respectively.

(c) Silvercrest Small Cap Fund had a redemption-in-kind on April 26, 2012, which resulted in a redemption out of the Fund of $2,608,977 and is excluded from the proceeds from sales above. The redemption was comprised of securities and cash in the amount of $2,579,146 and $29,831, respectively.

(d) Harrison Street Real Estate Fund had a redemption-in-kind on December 2, 2011, which resulted in a redemption out of the Fund of $31,399,368 and is excluded from proceeds from sales above. The redemption was comprised of securities and cash in the amounts of $30,913,574 and $485,794, respectively.

Note (F) Redemption Fees: In accordance with the prospectus, certain Funds assessed a 2% redemption fee on Fund share redemptions and exchanges within specified time periods, as indicated in the following table for the six months ended April 30, 2012 and included in the Cost of Shares redeemed on the Statements of Changes in Net Assets:

Fund Name	Time Period		Amount
Neptune International Fund		2% Within 90 Days	$	6
Barings International Fund		2% Within 90 Days		5,312
Harrison Street Real Estate Fund		2% Within 90 Days		4,938

Note (G) Advisory, Administration, Distribution Services and Trustee Agreements:

Advisory. Aston serves as investment adviser and administrator to the Funds. Under the terms of the investment advisory agreement for the Funds (the “Investment Advisory Agreement”), fees are accrued daily and paid monthly, based on specific annual rates of average daily net assets. The factors considered by the Board of Trustees in approving the current Investment Advisory Agreement are included in the Funds’ annual or semi-annual report to shareholders covering the period during which the approval occurred.

Certain Funds have an expense limitation agreement with the Adviser, which caps annual ordinary operating expenses for Class N and Class I shareholders at certain specified annual rates of average daily net assets (the “Expense Limitation Agreements”). There are no contractual expense limitations for Class R shareholders.

The Expense Limitation Agreements are effective through February 28, 2013, except as noted below. The advisory rates and contractual expense limitations for the six months ended April 30, 2012 were as follows:

		Contractual Expense Limitations
Fund Name	Advisory Fees	Class N	Class I
M&C Growth Fund	0.80% on first $800,000,000
	0.60% over $800,000,000	N/A	N/A
Veredus Select Growth Fund	0.80%	1.30%	1.05%
TAMRO Diversified Equity Fund (a)	0.80%	1.20%	0.95%(b)
Herndon Large Cap Value Fund	0.80%	1.30%(b)	1.05%(b)
Cornerstone Large Cap Value Fund (c)	0.80%	1.30%	1.05%
River Road Dividend All Cap Value Fund	0.70%	1.30%	1.05%
Fairpointe Mid Cap Fund	0.80% on first $100,000,000
	0.75% next $300,000,000
	0.70% over $400,000,000	N/A	N/A
M&C Mid Cap Growth Fund (d)	0.85%	1.25%(b)	N/A
Cardinal Mid Cap Value Fund	0.90%	1.40%(b)	N/A
Veredus Small Cap Growth Fund	1.00%	1.49%	1.24%
Small Cap Growth Fund	1.00%	1.35%(b)	1.10%(b)
Silvercrest Small Cap Growth	1.00%	1.40%(b)	1.15%(b)
TAMRO Small Cap Fund	0.90%	N/A	N/A
River Road Select Value Fund	1.00%	1.50%	1.25%
River Road Small Cap Value Fund	0.90%	N/A	N/A
River Road Independent Value Fund	1.00%	1.42%(b)	1.17%(b)

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		Contractual Expense  Limitations
Fund Name	Advisory Fees	Class N	Class I
DoubleLine Core Plus Fixed Income Fund	0.55%	0.94%(b)	0.69%(b)
TCH Fixed Income Fund	0.55%	0.94%	0.69%
Lake Partners LASSO Alternatives Fund	1.00%	1.45%(b)	1.20%(b)
Dynamic Allocation Fund	0.80%	1.30%(b)	1.05%(b)
M.D. Sass Enhanced Equity Fund	0.70%	1.40%	1.15%
River Road Long-Short Fund	1.20%	1.70%(b)	N/A
Harrison Street Real Estate Fund	1.00%	1.37%	1.12%
Neptune International Fund	1.00%	1.27%(b)	1.02%(b)
Barings International Fund	1.00%	1.40%(b)	1.15%(b)
M&C Balanced Fund	0.75%	1.35%	1.10%

(a) TAMRO Diversified Equity Fund began issuing Class I Shares on March 1, 2012.

(b) Pursuant to a contractual expense reimbursement agreement between the Adviser and the Fund, from commencement of operations through the completion of the first three full fiscal years for a period up to three years from the fiscal year end during which such amount was waived or reduced, the Adviser is entitled to be reimbursed by the Fund for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio (not including interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses,) remains below the operating expense cap after such reimbursement.

(c) Effective February 29, 2012, the voluntary expense limitation for the Cornerstone Large Cap Value Fund were replaced with a contractual expense limitation of 1.30% for Class N and 1.05% for Class I.

(d) Effective February 29, 2012, the voluntary expense limitation for the M&C Mid Cap Growth Fund was removed and replaced with a contractual expense limitation of 1.25%.

Pursuant to a contractual expense reimbursement agreement between the Adviser and the following Funds, from commencement of operations through the completion of the first three full fiscal years for a period of up to three years from the fiscal year end during which such amount was waived or reduced of each of the Herndon Large Cap Value Fund-Classes N and I, M&C Mid Cap Growth Fund-Class N, Silvercrest Small Cap Fund-Classes N and I, Cardinal Mid Cap Value Fund-Class N, Small Cap Growth Fund-Classes N and I, River Road Select Value Fund-Classes N and I, River Road Independent Value Fund-Classes N and I, Barings International Fund-Classes N and I, Lake Partners LASSO Alternatives Fund-Classes N and I, Neptune International Fund-Classes N and I, Dynamic Allocation Fund-Classes N and I, M.D. Sass Enhanced Equity Fund-Classes N and I, River Road Long-Short Fund Class N and DoubleLine Core Plus Fixed Income Fund-Classes N and I, the Adviser is entitled to be reimbursed by each Fund for previously waived fees and reimbursed expenses to the extent that each Fund’s expense ratio (not including interest, brokerage commissions, other investment related costs, extraordinary expenses and acquired fund fees and expenses,) remains below the operating expense cap after such reimbursement.

The cumulative reimbursement amounts as of April 30, 2012 that are entitled to be reimbursed for each Fund are as follows:

			Expiration
Funds	2012		2013		2014
Herndon Large Cap Value Fund		N/A	$	74,284	$	129,816
Montag & Caldwell Mid Cap Growth Fund		79,648		67,970		72,010
Cardinal Mid Cap Value Fund		77,563		70,443		75,297
Small Cap Growth Fund		N/A		N/A		190,704
Silvercrest Small Cap Fund (1)		N/A		N/A		N/A
River Road Independent Value Fund		N/A		N/A		244,471
DoubleLine Core Plus Fixed Income Fund		N/A		N/A		105,633
Lake Partners LASSO Alternatives Fund		94,071		135,895		87,814
Dynamic Allocation Fund		89,827		74,415		138,681
M.D. Sass Enhanced Equity Fund		80,783		—		—
River Road Long-Short Fund		N/A		N/A		97,108
Neptune International Fund		118,000		116,483		—
Barings International Fund		139,755		134,828		147,896

(1) The Fund commenced operations in the current fiscal year.

For the six months ended April 30, 2012, the Adviser was reimbursed $61,190 by the M.D. Sass Enhanced Equity Fund for recoupment of prior year fee waivers. No other Fund in the above table reimbursed the Adviser for the period.

The Adviser manages each Fund by retaining one or more Sub-advisers to manage each Fund as follows:

Fund	Subadviser
M&C Growth Fund	Montag & Caldwell, LLC
Veredus Select Growth Fund	Todd-Veredus Asset Management LLC
TAMRO Diversified Equity Fund	TAMRO Capital Partners, LLC
Herndon Large Cap Value Fund	Herndon Capital Management, LLC
Cornerstone Large Cap Value Fund	Cornerstone Investment Partners, LLC
River Road Dividend All Cap Value Fund	River Road Asset Management, LLC
Fairpointe Mid Cap Fund	Fairpointe Capital LLC
M&C Mid Cap Growth Fund	Montag & Caldwell, LLC
Cardinal Mid Cap Value Fund	Cardinal Capital Management, L.L.C.
Veredus Small Cap Growth Fund	Todd-Veredus Asset Management LLC
Small Cap Growth Fund	Lee Munder Capital Group, LLC(1)
Silvercrest Small Cap Fund	Silvercrest Asset Management Group, LLC
TAMRO Small Cap Fund	TAMRO Capital Partners LLC
River Road Select Value Fund	River Road Asset Management, LLC
River Road Small Cap Value Fund	River Road Asset Management, LLC
River Road Independent Value Fund	River Road Asset Management, LLC
DoubleLine Core Plus Fixed Income Fund	DoubleLine Capital LP
TCH Fixed Income Fund	Taplin, Canida & Habacht, LLC
Lake Partners LASSO Alternatives Fund	Lake Partners, Inc.
Dynamic Allocation Fund	Smart Portfolios, LLC
M.D. Sass Enhanced Equity Fund	M.D. Sass Investors Services, Inc.
River Road Long-Short Fund	River Road Asset Management, LLC
Neptune International Fund	Neptune Investment Management Limited
Barings International Fund	Baring International Investment Limited
Harrison Street Real Estate Fund	Harrison Street Securities, LLC
Montag & Caldwell Balanced Fund	Montag & Caldwell, LLC

(1) Effective as of February 17, 2012, Lee Munder Capital Group, LLC became the Subadviser to the Fund. Prior to February 17, 2012 Crosswind Investments, LLC was the Subadviser.

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Subadvisory fees are paid monthly by Aston. The factors considered by the Board of Trustees in approving the current sub-investment advisory agreements for the Funds (each a “Sub-Investment Advisory Agreement”) are included in the additional information section of the Funds’ annual or semi-annual report to shareholders covering the period in which such approval occurred.

Administration. Under the terms of the administration agreement between the Funds and Aston, the Funds’ administrator, (the “Administration Agreement”), administration fees are accrued daily and paid monthly, based on a specified percentage of average daily net assets of the Trust, and base fees are fixed at an annual rate of $12,000 per Fund. The fee is allocated to each Fund based on the relative net assets of the Trust. Administration expenses also include pricing agent fees and compliance related expenses. The administration fee arrangement is as follows:

Administration Fees at Trust Level	Annual Rate
First $7.4 billion		0.0490	%
Over $7.4 billion		0.0465	%

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) provides certain administrative services to the Funds pursuant to a Sub-administration and Accounting Services Agreement between Aston and BNY Mellon (the “Sub-Administration Agreement”). Under the terms of the Sub-Administration Agreement, sub-administration fees, which are paid by Aston, are accrued daily and paid monthly, at a rate of 0.022% of average daily net assets of the Trust and a base fee at an annual rate of $12,000 per Fund.

Distribution Services. On March 31, 2012, BNY Mellon Distributors LLC Inc. was sold to Foreside Funds Distributors LLC. Upon the closing of the transaction, BNY Mellon Distributors LLC became an indirect, wholly owned subsidiary of Foreside Financial Group, LLC and was renamed Foreside Funds Distributors LLC (the “Distributor”) effective April 1, 2012. The Distributor serves as principal underwriter and distributor of the Fund’s shares. Pursuant to Rule 12b-1 distribution plans (the “Plans”) adopted by the Funds, with respect to Class N shares and Class R shares, the Funds pay certain expenses associated with the distribution of their shares. Under the Plans, each Fund may pay actual expenses not exceeding, on an annual basis, 0.25% of each participating Fund’s Class N average daily net assets and 0.50% of each participating Fund’s Class R average daily net assets. The Class I shares do not have distribution plans. Effective January 1, 2012 the TCH Fixed Income Fund and M&C Balanced Fund reduced their 12b-1 fees to 0.10% and 0.15%, respectively.

Trustees. The Trustees of the Trust who are not affiliated with the Adviser or Subadviser receive an annual retainer and per meeting fees and are reimbursed for out-of-pocket expenses for each meeting of the Board of Trustees they attend. The Chairman of the Board and Committee Chairs receive an additional retainer. No officer or employee of the Adviser, Subadviser or their affiliates receives any compensation from

the Funds for acting as a Trustee of the Trust. The officers of the Trust receive no compensation directly from the Funds for performing the duties of their offices, except that the Funds compensate the Administrator for providing an officer to serve as the Funds’ Chief Compliance Officer. The aggregate remuneration paid to the Trustees during the six months ended April 30, 2012 was $359,250.

Note (H) Credit Agreement: Effective July 6, 2010 and as amended September 2, 2011, the Trust entered into a Credit Agreement with The Bank of New York Mellon which provides the Trust with a revolving line of credit facility up to $50 million. The facility is shared by each series of the Trust and is available for temporary, emergency purposes including liquidity needs in meeting redemptions. The interest rate on outstanding Alternate Base Rate Loans is equivalent to the greater of the Prime Rate plus 1.25% or 0.50% plus the Federal Funds Effective Rate plus 1.25%, as applicable. The interest rate on outstanding Overnight Loans is equivalent to the greater of the Federal Funds Effective Rate plus 1.25% or the One Month LIBOR Rate plus 1.25%, as applicable. The Trust pays a commitment fee on the unutilized commitment amount of 0.12% per annum. For the Funds that utilized the line of credit during the six months ended April 30, 2012, the average daily loan balance outstanding on the days where borrowings existed, the weighted average interest rate and the interest expense, which is included on the Statement of Operations, allocated to each Fund for use of the line of credit were as follows:

	Weighted Average Interest Rate on Days When Borrowings Existed			Average Daily Loan Balance on Days When Borrowings Existed		Interest Expense
Veredus Select Growth Fund		1.65	%	$	1,539,700	$	70
TAMRO Diversified Equity Fund		1.64	%		270,343		87
Fairpointe Mid Cap Fund		1.64	%		24,387,327		12,242
TAMRO Small Cap Fund		1.65	%		10,549,933		2,905
River Road Select Value Fund		1.65	%		37,000		2
M.D. Sass Enhanced Equity Fund		1.65	%		2,504,567		690

Note (I) ReFlow Fund LLC: The Veredus Small Cap Growth Fund may participate in the ReFlow Fund LLC program (“ReFlow”), which is designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund’s net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales or when the shares have been outstanding for the holding limit of 28 days, whichever comes first. In return for this service, the Veredus Small Cap Growth Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.

The costs to the Veredus Small Cap Growth Fund for participating in ReFlow are expected to be influenced by and comparable to the cost of other sources of liquidity, such as the

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Fund’s short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow will be prohibited from acquiring more than 3% of the outstanding voting securities of the Fund.

As of April 30, 2012, the Veredus Small Cap Growth Fund had not utilized ReFlow.

Note (K) Subsequent Events: Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were subsequent events as follows:

The Trust filed a Post-Effective Amendment to its Registration Statement on April 9, 2012 for the purpose of adding a new series to the Trust, ASTON/River Road Dividend All Cap Fund II. This new fund is expected to commence operations on or about June 22, 2012.

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Additional Information (unaudited)

Form N-Q: The Trust files complete schedules of portfolio holdings for the Funds with the Securities and Exchange Commission (the “SEC”) for the Trust’s first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q are available on the SEC’s website at www.sec.gov and are available for review and copying at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling the SEC at 202-942-8090.

Proxy Voting: Aston Funds’ Proxy Voting Policies and Procedures, used to determine how to vote proxies relating to portfolio securities, are included in the Trust’s Statement of Additional Information, which is available (i) upon request, without charge, by calling 800-992-8151; (ii) on Aston Funds’ website at www.astonfunds.com; and (iii) on the SEC’s website at www.sec.gov. Aston Funds’ Proxy Voting Record for the most recent twelve-month period ended June 30 is available without charge (i) on the Funds’ website at www.astonfunds.com; and (ii) on the SEC’s website at www.sec.gov.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR ASTON/SILVERCREST SMALL CAP FUND

At an in-person meeting on December 15, 2011, the Board of Trustees (the “Board”) of Aston Funds (the “Trust”), including the Independent Trustees, determined that the terms of the Investment Advisory Agreement with Aston Asset Management, LP (“Aston”) with respect to the ASTON/Silvercrest Small Cap Fund (the “New Fund”) are fair and reasonable and approved the Investment Advisory Agreement for the New Fund as being in the best interests of the New Fund. In making such determinations, the Board, including the Independent Trustees, considered materials received and discussions held with respect to the approval of the Investment Advisory Agreement at the December meeting and prior meetings. The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston or its affiliates to consider approval of the Investment Advisory Agreement with respect to the New Fund and were assisted by independent legal counsel in their deliberations.

In evaluating the Investment Advisory Agreement on behalf of the New Fund, the Board reviewed information regarding: (1) the nature, quality and extent of the services to be provided to the New Fund, including information regarding the personnel involved in the investment oversight process; (2) the advisory fees to be charged and estimated total expense ratio of the New Fund compared to a peer group of funds; (3) fee waivers or expenses to be reimbursed by the investment adviser and/or subadviser; and (4) potential benefits to be received by Aston or its affiliates from Aston’s relationship with the New Fund. In considering the Investment Advisory Agreement on behalf of the New Fund, the Board, including the Independent Trustees, did not identify any single factor or group of factors as all-important or controlling, but considered all factors together. The following summary does not detail all the matters considered.

Nature, Quality and Extent of Services. The Board considered that Aston intends to manage the New Fund by delegating the day-to-day investment responsibility for managing the New Fund to a subadviser. The Board considered Aston’s ability and procedures to monitor the performance of subadvisers, business practices and compliance policies and procedures. In this regard, the Board noted the responsibilities and experience of Aston personnel. The Board also noted the nature and quality of administration services currently provided by Aston to the Trust. The Board considered the nature and quantity of services provided by Aston with respect to other series of the Trust. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by Aston are expected to be satisfactory.

Expenses. The Board considered the New Fund’s proposed management fee rate and total net expense ratio after contractual expense reimbursements and fee waivers. As a part of this analysis, the Board compared the proposed advisory fees and total net expenses to those of a relevant peer group for the New Fund. The Board concluded that the proposed advisory fees were reasonable and appropriate in light of the nature, quality and extent of services to be provided by Aston.

Costs and Profitability. With respect to the costs of services to be provided and profits expected to be realized by the investment adviser, the Board considered the resources involved in managing the New Fund in light of Aston’s business model as well as fee waivers or expenses to be reimbursed under an Expense Reimbursement Agreement with Aston. The Board noted that, with respect to the New Fund, the adviser and subadviser each generally will bear 50% of any fee waivers or expense reimbursements. Because the New Fund has not yet commenced operations, profitability information was not available. However, based upon projected asset size and the impact of fee waivers or expenses to be reimbursed by the investment adviser, the Board concluded that profitability was not expected to be unreasonable.

Economies of Scale. The Board considered the extent to which economies of scale would be realized as the New Fund grows. The Board considered the potential asset size of the New Fund, as well as the terms of the Expense Reimbursement Agreement, and concluded that at this time the potential for economies of scale are limited.

Other Benefits to the Investment Adviser. The Board considered the nature and amount of fees to be paid by the New Fund for services to be provided by Aston for administration services. The Board noted that Aston currently does not intend to manage any of the Aston Funds directly, and therefore, will not benefit from the use of “soft” commission dollars to pay for research and brokerage services. The Board concluded that any other benefits to be received by the Adviser from its relationship with the New Fund was not expected to be unreasonable.

Conclusion. Based upon its evaluation of all material factors and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded

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that the terms of the Investment Advisory Agreement for the New Fund, including the proposed advisory fee, were fair and reasonable, and that the Investment Advisory Agreement on behalf of the New Fund should be approved.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/SILVERCREST SMALL CAP FUND

The Board of Trustees (the “Board”) of Aston Funds (the “Trust”) considered the approval of a Sub-Investment Advisory Agreement (the “Sub-Investment Advisory Agreement”) between Aston Asset Management, LP (“Aston”) and Silvercrest Asset Management Group LLC (“Silvercrest”) with respect to the ASTON/Silvercrest Small Cap Fund (the “New Fund”), at an in-person meeting on December 15, 2011. The Board considered information provided and discussions held at the December meeting and at prior meetings. The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston, Silvercrest or their affiliates to consider approval of the Sub-Investment Advisory Agreement and were assisted by independent legal counsel in their deliberations. Among the matters considered by the Board, including the Independent Trustees, in connection with its approval of the Sub-Investment Advisory Agreement were the following:

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services expected to be provided under the Sub-Investment Advisory Agreement. The Board considered the reputation, qualifications and background of Silvercrest, and its operational and compliance infrastructure. The Board also considered Silvercrest’s investment approach, the experience and skills of investment personnel responsible for the day-to-day investment management of the New Fund and the resources made available to such personnel. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by Silvercrest are expected to be satisfactory.

Fees, Profitability and Economies of Scale. The Board considered the subadvisory fee rate under the Sub-Investment Advisory Agreement as well as the overall management fee structure of the New Fund. The Board considered that the sub-advisory fee rate was negotiated at arm’s length between Aston and Silvercrest, an unaffiliated third party, and that Aston would compensate the New Fund from the fees it receives from the Fund. As part of its review of the investment advisory agreement with Aston, the Board considered whether there will be economies of scale with respect to the overall fee structure of the New Fund and whether the New Fund will benefit from any economies of scale.

The Board concluded that the proposed subadvisory fee rate was reasonable in light of the nature, quality and extent of services to be provided and that economies of scale were limited at this time.

Other Benefits to the Subadviser. The Board also considered the character and amount of other incidental benefits expected

to be received by Silvercrest. The Board considered potential benefits to Silvercrest from the use of “soft dollars” to pay for research services generated by parties other than the executing broker dealer. The Board concluded that the subadvisory fees were reasonable taking into account any other benefits expected to be received by the Silvercrest from its relationship with the New Fund.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Sub-Investment Advisory Agreement are fair and reasonable, and that the approval of the Sub-Investment Advisory Agreement is in the best interests of the New Fund. No single factor was determinative in the Board’s analysis.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT WITH ASTON ASSET MANAGEMENT, LP

At an in-person meeting on December 15, 2011, the Board of Trustees (the “Board”) of Aston Funds (the “Trust”), including the trustees who are not “interested persons” as defined in Section 2(a)(9) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), determined that the terms of the Investment Advisory Agreement (each, an “Investment Advisory Agreement” and collectively, the “Investment Advisory Agreements”) between the Trust and Aston Asset Management, LP (“Aston” or “Adviser”) with respect to each Renewal Fund (as defined below) continued to be fair and reasonable and approved the continuation of the Investment Advisory Agreement for each Renewal Fund as being in the best interests of such Fund. The Board considered the renewal of the Investment Advisory Agreements with respect to the following series of the Trust: ASTON/Barings International Fund, ASTON/Cardinal Mid Cap Value Fund, ASTON/Cornerstone Large Cap Value Fund, ASTON/Crosswind Small Cap Growth Fund, ASTON Dynamic Allocation Fund, ASTON/Fairpointe Mid Cap Fund, ASTON/Harrison Street Real Estate Fund, ASTON/Herndon Large Cap Value Fund, ASTON/Lake Partners LASSO Alternatives Fund, ASTON/M.D. Sass Enhanced Equity Fund, ASTON/Montag & Caldwell Balanced Fund, ASTON/Montag & Caldwell Growth Fund, ASTON/Montag & Caldwell Mid Cap Growth Fund, ASTON/Neptune International Fund, ASTON/River Road Dividend All Cap Value Fund, ASTON/River Road Select Value Fund, ASTON/River Road Small Cap Value Fund, ASTON/TAMRO Diversified Equity Fund, ASTON/TAMRO Small Cap Fund, ASTON/TCH Fixed Income Fund, ASTON/Veredus Aggressive Growth Fund and ASTON/Veredus Select Growth Fund (each, a “Renewal Fund” and collectively, the “Renewal Funds”). In making such determinations, the Board, including the Independent Trustees, considered materials received and discussions held with respect to the continuation of each Investment Advisory Agreement at meetings in September and December.

In evaluating the Investment Advisory Agreement on behalf of each Renewal Fund, the Board reviewed a broad range of information relating to the Renewal Funds and the Adviser

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including: (1) the nature, extent and quality of the services provided by the Adviser; (2) comparative performance, fee and expense information (as described in more detail below); (3) the estimated profits realized by the Adviser and other information regarding the organization personnel and services provided by the Adviser; and (4) potential benefits to be received by the Adviser from its relationship with the Aston Funds. The Board also reviewed information provided by counsel to the Trust describing applicable law and its duties in reviewing the Investment Advisory Agreements. The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston or its affiliates to consider the continuation of the Investment Advisory Agreements and were assisted by independent legal counsel in their deliberations. In considering the Investment Advisory Agreement on behalf of each Renewal Fund, the Board, including the Independent Trustees, did not identify any single factor or group of factors as all-important or controlling, but considered all factors together. The following summary does not detail all the matters considered.

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services provided by Aston, including advisory services and administrative services. The Board reviewed materials outlining, among other things, Aston’s organization and personnel, the types of services provided, Aston’s business model and the performance record of the applicable Renewal Fund (as further described below). The Board considered that Aston is a manager-of-managers, and that in its role as adviser to each Renewal Fund it delegates the day-to-day investment responsibility for managing each Renewal Fund to a subadviser. Accordingly, the Board considered information provided regarding Aston’s capabilities and processes with respect to the selection of subadvisers and monitoring of subadvisers on an ongoing basis, as well as information regarding the composition, experience and role of its Investment Committee. In this regard, the Board noted the responsibilities and experience of Aston personnel, the resources made available to such personnel, the ability of Aston to attract and retain high quality personnel and the organizational depth and stability of Aston.

In addition to advisory services, the Board considered the quality of other services provided by Aston including oversight of service providers, regulatory administration and Board support, fund administration and operational support, compliance services, shareholder servicing and platform management, and distribution and marketing related services. Given the importance of compliance, the Board also considered the Adviser’s and Trust’s compliance program, including reports from the Chief Compliance Officer received throughout the year regarding the Adviser’s and Trust’s compliance policies and procedures.

The Board reviewed reports that contained performance data for each Renewal Fund on a comparative basis to a relevant peer group of mutual funds and an appropriate index compiled by Lipper (the “Lipper Report”). Each Lipper Report contained performance information for the one-, three-, five-year and since-inception periods ended June 30, 2011. In reviewing

peer group comparison information, the Board considered that with respect to certain Renewal Funds (ASTON/M.D. Sass Enhanced Equity Fund, ASTON Dynamic Allocation Fund and ASTON/Lake Partners LASSO Alternatives Fund), supplemental comparative performance information requested from Aston provided a more meaningful basis for comparison in light of the limited size of the Lipper peer group. With respect to each Renewal Fund, the Board reviewed the performance of each Fund relative to its peer group and its benchmark index over the periods presented. The Board considered whether the performance of each Fund was consistent with the Fund’s investment objectives and policies and the investment strategy of the subadviser. With respect to each Renewal Fund, the Board determined that the performance of each Renewal Fund was satisfactory over time or, as discussed in more detail below, underperformance was being satisfactorily addressed at this time.

With respect to certain Renewal Funds (ASTON/River Road Select Value Fund, ASTON/River Road Small Cap Value Fund and ASTON/Veredus Aggressive Growth Fund), the Board considered that the Fund had underperformed its peer group and/or benchmark indices over both short-term and long-term periods. For these Funds, the Board requested and considered additional information provided by, and discussions held with, the Adviser regarding the factors that contributed to underperformance and the Adviser’s heightened monitoring of the applicable subadviser. The Board was satisfied with the information provided, and action being taken, by the Adviser to monitor performance with respect to these Funds.

With respect to certain Renewal Funds (ASTON/Fairpointe Mid Cap Fund, ASTON/Cornerstone Large Cap Value Fund and ASTON/Harrison Street Real Estate Fund), the Board considered that each Fund had recently undergone a change of subadviser. With respect to the ASTON/Harrison Street Real Estate Fund, the Board considered that while the performance for the five-year period was in the fourth quintile, performance for the one-year period was in the first quintile and the performance for all periods presented in the Lipper Report reflected the performance of the previous subadviser. With respect to the ASTON/Cornerstone Large Cap Value Fund, the Board considered that the performance for all periods contained in the Lipper Report was in the third quintile; however, such performance reflected the performance of the previous subadviser. With respect to the ASTON/Fairpointe Mid Cap Fund, the Board considered that while the performance information reflected a previous subadviser, the portfolio management team had remained the same. The Board noted the fourth quintile performance in the one-year period, but gave greater weight to the top quintile performance of the Fund for the five-year period.

The Board considered that each of the ASTON Dynamic Allocation Fund and the ASTON/Lake Partners LASSO Alternatives Fund invests primarily in other investment companies (each, a “Fund-of-Funds”). The Board noted that each Fund-of-Funds historically has invested in underlying funds outside of the Aston Funds complex and that, with respect to the ASTON Dynamic Allocation Fund, Aston Funds do not offer

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exchange-traded funds. Accordingly, the Board determined, with respect to each Fund-of-Funds, that the management fees charged are based on services provided that are in addition to, rather than duplicative of, services provided under the advisory contract of the underlying funds in which the Fund-of-Funds may invest.

On the basis of this evaluation and its ongoing review of operations, the Board concluded that the nature, quality and extent of services provided by Aston historically have been, and continue to be, satisfactory.

Fees and Expenses. The Board evaluated the management fees and expense of each Renewal Fund reviewing, among other things, each Fund’s gross management fees, net management fees and total expense ratio, both on an absolute basis and as compared to comparative fee and expense information of a relevant peer group compiled by Lipper. As a part of this analysis, the Board also considered advisory fees waived or expenses reimbursed by Aston pursuant to contractual expense limitation or reimbursement agreements. The Board considered modifications to the expense limitation and expense reimbursement agreements proposed at the meeting and the effect those agreements would have on expense ratios of the Renewal Funds, if any. Except as discussed below, the Board noted that the gross management fees, net management fees and total operating expenses were within a reasonable range of Lipper peer group averages. With respect to certain Renewal Funds (ASTON/M.D. Sass Enhanced Equity Fund, ASTON Dynamic Allocation Fund and ASTON/Lake Partners LASSO Alternatives Fund), the Board considered that supplemental comparative fee and expense information requested from the Adviser provided a more meaningful basis of comparison due to the limited size of the Lipper peer group. With respect to certain Renewal Funds (ASTON/Cardinal Mid Cap Value Fund, ASTON/Montag & Caldwell Mid Cap Growth Fund, ASTON/Crosswind Small Cap Growth Fund and ASTON/Neptune International Fund), the Board considered that while the gross management fee was higher than peer group averages, total expenses were within a reasonable range of peer group averages taking into account the impact of fee waivers and reimbursements. With respect to ASTON/Lake Partners LASSO Alternatives Fund, the Board considered that higher total operating expenses of the Fund were attributable to the inclusion of acquired fund fees and expenses in the expense ratio which do not reflect operating expenses.

The Board also considered the advisory fees charged by Aston to separate account clients. The Board considered that the fee rates charged to the Renewal Funds and other clients vary because of the different services involved and the additional regulatory and compliance requirements, among other things, associated with registered investment companies such as the Renewal Funds. Accordingly, the Board considered the differences in product types, including differences in the services provided, the structure and operations, product distribution and costs thereof, investor profiles, account sizes and regulatory requirements. The Board noted that the range of services provided to the Renewal Funds (as discussed above) is much more extensive than those provided to separate accounts.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by Aston.

Costs and Profitability. The Board considered certain financial information and statistics related to the costs of providing advisory services and profitability of Aston’s advisory agreements with each Renewal Fund in light of Aston’s business model, as well as fee waivers or expenses to be reimbursed, as applicable. The Board noted that for certain Renewal Funds, Aston and the subadviser will each bear 50% of any fee waivers or expense reimbursements and for other Renewal Funds, the subadviser is not responsible for contributing to expense reimbursements. The Board considered that the information was provided by Aston and was based on a number of estimates and allocation decisions. Because the Board recognized the inherently subjective nature of profitability analysis, this information was utilized as an approximate rather than a definitive measure of profitability. The Board considered that Aston must be able to compensate its employees at competitive rates in order to attract and retain high-quality personnel to provide high-quality services to the Funds. Based on the information provided, the Board concluded that the profits realized by Aston in connection with the management of the Funds were not unreasonable.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Funds and whether the Funds benefit from any economies of scale. The Board considered the size of the Funds, any breakpoints in fees, and the nature of the asset class and any capacity limits. The Board noted that the Investment Advisory Agreements with respect to the ASTON/Fairpointe Mid Cap Fund and the ASTON/Montag & Caldwell Growth Fund contain breakpoints in their management fee rates based on average daily net assets. The Board concluded that the management fee schedules for the ASTON/Fairpointe Mid Cap Fund and the ASTON/Montag & Caldwell Growth Fund reflect an appropriate level of sharing of economies of scale. The Board determined that economies of scale were limited for the other Renewal Funds at this time due to their asset size and/or capacity constraints with respect to the investment strategy of the applicable subadviser.

Other Benefits to the Investment Adviser. The Board considered the character and amount of other incidental benefits received by Aston as a result of its relationship with the Aston Funds. The Board considered the nature and amount of fees to be paid by the Aston Funds for services provided by Aston for administration services, and payments under the Rule 12b-1 distribution plans. The Board also took into account other businesses that the Adviser has, or may develop, with subadvisers to the Aston Funds with respect to separately managed accounts of certain subadvisers, including the compensation received by Aston for client solicitation or support services provided in connection with such products. The Board noted that Aston does not manage any of the Aston Funds directly and therefore will not benefit from the use of “soft” commission dollars to pay for research and brokerage services. The Board concluded that any incidental benefits to be received by Aston from its relationship

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with the Aston Funds are expected to be reasonable and that the management fees were reasonable taking into account any other benefits to be received by the Adviser.

Conclusion. Based upon its evaluation of all material factors and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that the terms of the Investment Advisory Agreement for each Renewal Fund including the advisory fees were fair and reasonable, and that the continuation of the Investment Advisory Agreement on behalf of each Renewal Fund should be approved.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH RENEWAL OF THE SUB-INVESTMENT ADVISORY AGREEMENTS

At an in-person meeting on December 15, 2011, the Board of Trustees (the “Board”) of Aston Funds (the “Trust”) determined that the terms of the Sub-Investment Advisory Agreements (each, a “Sub-Investment Advisory Agreement” and collectively, the “Sub-Investment Advisory Agreements”) listed below continued to be fair and reasonable and approved the continuation of the Sub-Investment Advisory Agreements as being in the best interest of the Renewal Fund (as defined below). The continuation of the Sub-Investment Advisory Agreements between Aston and each of the following subadvisers (each, a “Subadviser,” and collectively, the “Subadvisers”) with respect to the series of the Trust listed below (each, a “Renewal Fund” and collectively, the “Renewal Funds”) were considered:

Baring International Investment Limited	ASTON/Barings International Fund
Cardinal Capital Management, L.L.C.	ASTON/Cardinal Mid Cap Value Fund
Crosswind Investments, LLC	ASTON/Crosswind Small Cap Growth Fund
Herndon Capital Management, LLC	ASTON/Herndon Large Cap Value Fund
Lake Partners, Inc.	ASTON/Lake Partners LASSO Alternatives Fund
M.D. Sass Investors Services, Inc.	ASTON/M.D. Sass Enhanced Equity Fund
Montag & Caldwell, LLC	ASTON/Montag & Caldwell Balanced Fund, ASTON/Montag & Caldwell Growth Fund, and ASTON/Montag & Caldwell Mid Cap Growth Fund
Neptune Investment Management Limited	ASTON/Neptune International Fund
River Road Asset Management, LLC	ASTON/River Road Dividend All Cap Value Fund, ASTON/River Road Select Value Fund, and ASTON/River Road Small Cap Value Fund

Smart Portfolios, LLC	ASTON Dynamic Allocation Fund
TAMRO Capital Partners, LLC	ASTON/TAMRO Diversified Equity Fund and ASTON/TAMRO Small Cap Fund
Taplin, Canida & Habacht, LLC	ASTON/TCH Fixed Income Fund
Todd-Veredus Asset Management LLC	ASTON/Veredus Aggressive Growth Fund and ASTON/Veredus Select Growth Fund

In making such determinations, the Board, including the Independent Trustees, reviewed a broad range of information relating to the Renewal Funds (as described in detail with respect to the consideration of the Investment Advisory Agreements with Aston) and each Subadviser at in-person meetings in September and December including (1) the nature and quality of services provided by each Subadviser; (2) comparative performance, fee and expense information; (3) information regarding each organization, its personnel and services provided; (4) information regarding other products offered by the Subadviser and fee information with respect to those products; and (5) potential benefits to be received by the Subadviser from its relationship with the Aston Funds including information regarding soft dollar benefits. The Board also took into account information provided throughout the year with respect to the performance of the Renewal Funds, and operations and compliance matters with respect to each Subadviser. The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston, the Subadvisers or their affiliates to consider the continuation of the Sub-Investment Advisory Agreements and were assisted by independent legal counsel in their deliberations. Among the matters considered by the Board, including the Independent Trustees, in connection with its approval of the Sub-Investment Advisory Agreements were the following:

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services provided by each Subadviser under the Sub-Investment Advisory Agreements. The Board considered information provided regarding the experience and skills of senior management and investment personnel of each Subadviser, the resources made available to such personnel, the ability of each Subadviser to attract and retain high-quality personnel, and the organizational depth and stability of each Subadviser, as well as information regarding changes in ownership or key personnel and the impact of such changes on the services provided. The Board noted that all of the information provided and discussions held with respect to the performance of each Renewal Fund (as discussed in detail with respect to the Board’s consideration of the Investment Advisory Agreements) applied equally to its consideration of the Sub-Investment Advisory Agreements. The Board also considered information provided on a regular basis with respect to organizational changes, investment strategy and portfolio updates, operational matters and compliance matters with respect to each Subadviser.

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On the basis of this evaluation and its ongoing review of operations, the Board concluded that the nature, quality and extent of services provided by each Subadviser historically has been and continues to be satisfactory, and that the performance of each Renewal Fund over time was satisfactory or that adequate steps had been taken to monitor and address underperformance (as discussed in the previous section “FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT WITH ASTON ASSET MANAGEMENT, LP”).

Fees, Profitability and Economies of Scale. The Board considered the fee structure under the Sub-Investment Advisory Agreements, noting that the subadvisory fee rate generally is fifty per percent (50%) of management fees less certain third party payments, fee waivers and expense reimbursement incurred by the Adviser. In light of this fee structure, the Board determined that all of the information provided and discussions held with respect to the comparative fee and expense information of each Renewal Fund (as described in detail with respect to its consideration of the Investment Advisory Agreements) applied equally to its consideration of the appropriateness of the subadvisory fees. The Board considered that the subadvisory fee rates were negotiated at arm’s length between Aston and each Subadviser, each an unaffiliated third party, and that Aston will compensate each Subadviser from its own fees. With respect to ASTON/River Road Select Value Fund, ASTON/River Road Small Cap Value Fund, ASTON/TAMRO Small Cap Fund and ASTON/Veredus Aggressive Growth Fund, the Board considered the capacity constraints and resulting limits on asset growth with respect to these strategies.

The Board also considered information provided by each Subadviser with respect to fees charged to other mutual funds and separate account clients, if applicable. The Board considered that the fee rates charged to the Renewal Funds and other clients vary because of the additional regulatory and compliance requirements, among other things, associated with registered investment companies such as the Renewal Funds and other differences in the products and services provided, including differences in fee structures. The Board determined that profitability information with respect to the Subadvisers was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of all Subadvisers.

On the basis of the information provided, the Board concluded that subadvisory fees were reasonable and appropriate in light of the nature, quality and extent of services provided by each Subadviser.

Other Benefits to the Subadviser. The Board also considered the character and amount of other incidental benefits received by the Subadvisers and their affiliates as a result of their association with the Aston Funds. The Board considered information provided regarding potential benefits to certain Subadvisers from the use of “soft dollars” to pay for research services generated by parties other than the executing broker dealer. The Board also noted other business relationships with Aston and certain Subadvisers with respect to separately managed

accounts. The Board concluded that the subadvisory fees were reasonable taking into account any other benefits to be received by the Subadvisers from their relationship with the Renewal Funds.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of each Sub-Investment Advisory Agreement are fair and reasonable, and that the continuance of each Sub-Investment Advisory Agreement is in the best interests of each Renewal Fund. No single factor was determinative in the Board’s analysis.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON SMALL CAP GROWTH FUND

The Board of Trustees (the “Board”) of Aston Funds (the “Trust”), including the trustees who are not interested persons of the Trust (the “Independent Trustees”), considered the approval of a Sub-Investment Advisory Agreement (the “Sub-Investment Advisory Agreement”) between Aston Asset Management, LP (“Aston”) and Lee Munder Capital Group, LLC (“LMCG”) with respect to the ASTON Small Cap Growth Fund (formerly, ASTON/Crosswind Small Cap Growth Fund) (the “Fund”), at an in-person meeting on February 15–17, 2012. The Board considered information provided and discussions held at the February 15–17, 2012 meeting.

The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston, LMCG or their affiliates to consider approval of the Sub-Investment Advisory Agreement and were assisted by independent legal counsel in their deliberations. Among the matters considered by the Board, including the Independent Trustees, in connection with its approval of the Sub-Investment Advisory Agreement were the following:

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services expected to be provided under the Sub-Investment Advisory Agreement. The Board considered the reputation, qualifications and background of LMCG and its operational and compliance infrastructure. The Board also considered information provided regarding the experience and skills of senior management and investment personnel of LMCG, the resources made available to such personnel, the ability of LMCG to attract and retain high-quality personnel, and the organizational depth of LMCG. The Board considered that Mr. Andrew Morey, the portfolio manager of the Fund since its inception, would continue to manage the Fund at LMCG, and that the investment objective and principal strategies of the Fund would not change. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by LMCG are expected to be satisfactory.

Fees, Profitability and Economies of Scale. The Board considered the subadvisory fee rate under the Sub-Investment Advisory Agreement as well as the overall management fee

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structure of the Fund, noting that the subadvisory fee rate is fifty per percent (50%) of management fees less certain third party payments, fee waivers and expense reimbursement incurred by Aston. The Board considered that the subadvisory fee rate was negotiated at arm’s length between Aston and LMCG, an unaffiliated third party, and that Aston would compensate LMCG from the fees it receives from the Fund. As part of its review of the investment advisory agreement with Aston, the Board considered whether there will be economies of scale with respect to the overall fee structure of the Fund and whether the Fund will benefit from any economies of scale.

The Board also considered information provided by each Subadviser with respect to fees charged to other mutual funds and separate account clients, as applicable. The Board considered that the fee rates charged to the Fund and other clients vary because of the additional regulatory and compliance requirements, among other things, associated with registered investment companies such as the Fund and other differences in the products and services provided, including differences in fee structures. The Board determined that profitability information with respect to the LMCG was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of LMCG.

The Board concluded that the proposed subadvisory fee rate was reasonable in light of the nature, quality and extent of services to be provided and that economies of scale were limited at this time.

Other Benefits to the Subadviser. The Board also considered the character and amount of other incidental benefits expected to be received by LMCG as a result of its association with the Fund. The Board considered potential benefits to LMCG from the use of “soft dollars” to pay for research services generated by parties other than the executing broker dealer. The Board concluded that the subadvisory fees were reasonable taking into account any other benefits expected to be received by LMCG from its relationship with the Fund.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Sub-Investment Advisory Agreement are fair and reasonable, and that the approval of the Sub-Investment Advisory Agreement is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.

Disclosure of Fund Expenses: We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average daily net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based

on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

This table illustrates each Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return for the past six-month period, the “Expense Ratio” column shows the period’s annualized expense ratio, and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the SEC requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads) and redemption fees, which are described in the prospectus. If these costs were applied to your account, your costs would be higher.

	Beginning Account Value 11/01/11		Ending Account Value 04/30/12		Expense Ratio(1)			Expenses Paid  During Period(2)
M&C Growth Fund
Actual Fund Return
Class N	$	1,000	$	1,112.70		1.06	%	$	5.57
Class I		1,000		1,114.50		0.81	%		4.26
Class R		1,000		1,111.50		1.31	%		6.88
Hypothetical 5% Return
Class N	$	1,000	$	1,019.59		1.06	%	$	5.32
Class I		1,000		1,020.84		0.81	%		4.07
Class R		1,000		1,018.35		1.31	%		6.57
Veredus Select Growth Fund
Actual Fund Return
Class N	$	1,000	$	1,049.20		1.30	%	$	6.62
Class I		1,000		1,049.30		1.05	%		5.35
Hypothetical 5% Return
Class N	$	1,000	$	1,018.40		1.30	%	$	6.52
Class I		1,000		1,019.64		1.05	%		5.27

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	Beginning Account Value 11/01/11		Ending Account Value 04/30/12		Expense Ratio(1)			Expenses Paid  During Period(2)
TAMRO Diversified Equity Fund(3)
Actual Fund Return
Class N	$	1,000	$	1,112.80		1.20	%	$	6.30
Class I		1,000		1,012.80		0.95	%		1.57
Hypothetical 5% Return
Class N	$	1,000	$	1,018.90		1.20	%	$	6.02
Class I		1,000		1,020.14		0.95	%		4.77
Herndon Large Cap Value Fund
Actual Fund Return
Class N	$	1,000	$	1,117.10		1.30	%	$	6.84
Class I		1,000		1,119.10		1.05	%		5.53
Hypothetical 5% Return
Class N	$	1,000	$	1,018.40		1.30	%	$	6.52
Class I		1,000		1,019.64		1.05	%		5.27
Cornerstone Large Cap Value Fund
Actual Fund Return
Class N	$	1,000	$	1,091.30		1.23	%	$	6.40
Class I		1,000		1,091.60		0.98	%		5.10
Hypothetical 5% Return
Class N	$	1,000	$	1,018.75		1.23	%	$	6.17
Class I		1,000		1,019.99		0.98	%		4.92
River Road Dividend All Cap Value Fund
Actual Fund Return
Class N	$	1,000	$	1,088.70		1.11	%	$	5.76
Class I		1,000		1,090.10		0.86	%		4.47
Hypothetical 5% Return
Class N	$	1,000	$	1,019.34		1.11	%	$	5.57
Class I		1,000		1,020.59		0.86	%		4.32
Fairpointe Mid Cap Fund
Actual Fund Return
Class N	$	1,000	$	1,089.10		1.12	%	$	5.82
Class I		1,000		1,090.80		0.87	%		4.52
Hypothetical 5% Return
Class N	$	1,000	$	1,019.29		1.12	%	$	5.62
Class I		1,000		1,020.54		0.87	%		4.37
Montag & Caldwell Mid Cap Growth Fund
Actual Fund Return
Class N	$	1,000	$	1,112.30		1.25	%	$	6.56
Hypothetical 5% Return
Class N		1,000	$	1,018.65		1.25	%		6.27
Cardinal Mid Cap Value Fund
Actual Fund Return
Class N	$	1,000	$	1,094.60		1.40	%	$	7.29
Hypothetical 5% Return
Class N		1,000		1,017.90		1.40	%		7.02
Veredus Small Cap Growth Fund
Actual Fund Return
Class N	$	1,000	$	1,071.20		1.49	%	$	7.67
Class I		1,000		1,071.80		1.24	%		6.39
Hypothetical 5% Return
Class N	$	1,000	$	1,017.45		1.49	%	$	7.47
Class I		1,000		1,018.70		1.24	%		6.22
Small Cap Growth Fund
Actual Fund Return
Class N	$	1,000		1,117.60		1.35	%	$	7.11
Class I		1,000		1,118.40		1.10	%		5.79
Hypothetical 5% Return
Class N	$	1,000		1,018.15		1.35	%	$	6.77
Class I		1,000		1,019.39		1.10	%		5.52

	Beginning Account Value 11/01/11		Ending Account Value 04/30/12		Expense Ratio(1)			Expenses Paid  During Period(2)
Silvercrest Small Cap Fund (4)
Actual Fund Return
Class N	$	1,000	$	1,101.00		1.40	%	$	5.06
Class I		1,000		1,102.00		1.15	%		4.16
Hypothetical 5% Return
Class N	$	1,000	$	1,017.90		1.40	%	$	7.02
Class I		1,000		1,019.14		1.15	%		5.77
TAMRO Small Cap Fund
Actual Fund Return
Class N	$	1,000	$	1,107.00		1.29	%	$	6.76
Class I		1,000		1,108.80		1.04	%		5.45
Hypothetical 5% Return
Class N	$	1,000	$	1,018.45		1.29	%	$	6.47
Class I		1,000		1,019.69		1.04	%		5.22
River Road Select Value Fund
Actual Fund Return
Class N	$	1,000	$	1,099.40		1.45	%	$	7.57
Class I		1,000		1,101.40		1.20	%		6.27
Hypothetical 5% Return
Class N	$	1,000	$	1,017.65		1.45	%	$	7.27
Class I		1,000		1,018.90		1.20	%		6.02
River Road Small Cap Value Fund
Actual Fund Return
Class N	$	1,000	$	1,090.20		1.39	%	$	7.22
Class I		1,000		1,091.70		1.14	%		5.93
Hypothetical 5% Return
Class N	$	1,000	$	1,017.95		1.39	%	$	6.97
Class I		1,000		1,019.19		1.14	%		5.72
River Road Independent Value Fund
Actual Fund Return
Class N	$	1,000	$	1,023.30		1.42	%	$	7.14
Class I		1,000		1,025.20		1.17	%		5.89
Hypothetical 5% Return
Class N	$	1,000	$	1,017.80		1.42	%	$	7.12
Class I		1,000		1,019.05		1.17	%		5.87
Doubleline Core Plus Fixed Income Fund
Actual Fund Return
Class N	$	1,000	$	1,053.40		0.94	%	$	4.80
Class I		1,000		1,054.80		0.69	%		3.53
Hypothetical 5% Return
Class N	$	1,000	$	1,020.19		0.94	%	$	4.72
Class I		1,000		1,021.43		0.69	%		3.47
TCH Fixed Income Fund
Actual Fund Return
Class N	$	1,000	$	1,037.40		0.87	%	$	4.41
Class I		1,000		1,039.40		0.69	%		3.50
Hypothetical 5% Return
Class N	$	1,000	$	1,020.54		0.87	%	$	4.37
Class I		1,000		1,021.43		0.69	%		3.47
Lake Partners LASSO Alternatives Fund
Actual Fund Return
Class N	$	1,000	$	1,047.40		1.45	%	$	7.38
Class I		1,000		1,048.80		1.20	%		6.11
Hypothetical 5% Return
Class N	$	1,000	$	1,017.65		1.45	%	$	7.27
Class I		1,000		1,018.90		1.20	%		6.02

  152

Aston Funds
	April 30, 2012
Additional Information (unaudited) – continued

	Beginning Account Value 11/01/11		Ending Account Value 04/30/12		Expense Ratio(1)			Expenses Paid  During Period(2)
Dynamic Allocation Fund
Actual Fund Return
Class N	$	1,000	$	976.70		1.30	%	$	6.39
Class I		1,000		977.10		1.05	%		5.16
Hypothetical 5% Return
Class N	$	1,000	$	1,018.40		1.30	%	$	6.52
Class I		1,000		1,019.64		1.05	%		5.27
M.D. Sass Enhanced Equity Fund
Actual Fund Return
Class N	$	1,000	$	1,046.10		1.30	%	$	6.61
Class I		1,000		1,048.40		1.05	%		5.35
Hypothetical 5% Return
Class N	$	1,000		1,018.40		1.30	%	$	6.52
Class I		1,000		1,019.64		1.05	%		5.27
River Road Long-Short Fund (5)
Actual Fund Return
Class N	$	1,000	$	1,050.40		1.70	%	$	8.67
Hypothetical 5% Return
Class N		1,000	$	1,016.41		1.70	%		8.52
Neptune International Fund
Actual Fund Return
Class N	$	1,000	$	1,034.40		1.27	%	$	6.42
Class I		1,000		1,034.90		1.02	%		5.16
Hypothetical 5% Return
Class N	$	1,000	$	1,018.55		1.27	%	$	6.37
Class I		1,000		1,019.79		1.02	%		5.12
Barings International Fund
Actual Fund Return
Class N	$	1,000	$	1,051.90		1.40	%	$	7.14
Class I		1,000		1,053.30		1.15	%		5.87
Hypothetical 5% Return
Class N	$	1,000	$	1,017.90		1.40	%	$	7.02
Class I		1,000		1,019.14		1.15	%		5.77
Harrison Street Real Estate Fund
Actual Fund Return
Class N	$	1,000	$	1,153.80		1.37	%	$	7.34
Class I		1,000		1,155.60		1.12	%		6.00
Hypothetical 5% Return
Class N	$	1,000	$	1,018.05		1.37	%	$	6.87
Class I		1,000		1,019.29		1.12	%		5.62
Montag & Caldwell Balanced Fund
Actual Fund Return
Class N	$	1,000	$	1,072.50		1.25	%	$	6.44
Class I		1,000		1,073.10		1.10	%		5.67
Hypothetical 5% Return
Class N	$	1,000	$	1,018.65		1.25	%	$	6.27
Class I		1,000		1,019.39		1.10	%		5.52

(1) Annualized, based on the Fund’s most recent fiscal half-year expenses.

(2) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182) or partial year, if applicable, for the actual return and multiplied by the most recent fiscal half-year for the hypothetical 5% return, then divided by 366. Expense ratios do not include interest expense, if applicable.

(3) Tamro Diversified Equity Fund began issuing Class I Shares on March 1, 2012.

(4) Silvercrest Small Cap Fund began issuing shares on December 23, 2011.

(5) Excludes interest expense and dividends on short positions. If included, your annualized expenses ratio is 3.75% and your actual and hypothetical expenses paid during the period are $19.12 and $18.71, respectively.

153

Aston Funds

ADVISER

Aston Asset Management, LP

120 N. LaSalle Street, 25th Floor Chicago, IL 60602

SUBADVISERS

Baring International Investment Limited

155 Bishopsgate

London, EC2M 3XY UK

Cardinal Capital Management, L.L.C. One Greenwich Office Park

Greenwich, CT 06831

Cornerstone Investment Partners, LLC Phipps Tower

3438 Peachtree Road NE, Suite 900 Atlanta, GA 30326

DoubleLine Capital LP

333 South Grand Avenue, 18th Floor Los Angeles, CA 90036

Fairpointe Capital LLC

One North Franklin, Suite 3300 Chicago, IL 60606

Harrison Street Securities LLC

71 South Wacker Drive, Suite 3575 Chicago, IL 60606

Herndon Capital Management, LLC

100 Auburn Avenue, Suite 300

Atlanta, GA 30303

Lake Partners, Inc.

24 Field Point Road

Greenwich, CT 06830

Lee Munder Capital Group, LLC

200 Clarendon Street, 28th Floor Boston, MA 02116

SUBADVISERS – continued

M.D. Sass Investors Services, Inc.

1185 Avenue of the Americas, 18^th Floor New York, NY 10036

Montag & Caldwell, LLC

3455 Peachtree Road NE, Suite 1200 Atlanta, GA 30326

Neptune Investment Management Limited

3 Shortiands

London, W6 8DA

River Road Asset Management, LLC Meidinger Tower, Suite 1600

462 South Fourth Street

Louisville, KY 40202

Silvercrest Asset Management Group, LLC

1330 Avenue of the Americas, 38th Floor New York, NY 10019

Smart Portfolios, LLC

17865 Ballinger Way NE

Lake Forest Park, WA 98155

TAMRO Capital Partners, LLC

1701 Duke Street, Suite 250

Alexandria, VA 22314

Taplin, Canida & Habacht LLC

1001 Brickell Bay Drive, Suite

2100 Miami, FL 33131

Todd-Veredus Asset Management LLC National City Tower 101 South Fifth Street, Suite 3100

Louisville, KY 40202

SHAREHOLDER SERVICES

Aston Funds

P.O. Box 9765

Providence, RI 02940

DISTRIBUTOR

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

OFFICERS

Stuart D. Bilton, Chief Executive Officer

Kenneth C. Anderson, President

Gerald F. Dillenburg, Senior Vice President and Secretary, Chief Operating Officer and Chief Compliance Officer

Christine C. Carsman, Chief Legal Officer

Laura M. Curylo, Treasurer and Chief Financial Officer

Juli A. Braun, Assistant Treasurer

James A. Dimmick, Assistant Secretary

Marc J. Peirce, Assistant Secretary

Diana R. Podgorny, Assistant Secretary

CUSTODIAN

The Bank of New York Mellon

One Wall Street

New York, New York 10286

LEGAL COUNSEL

Vedder Price P.C.

222 N. LaSalle Street

Chicago, IL 60601

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

155 N. Wacker Drive

Chicago, IL 60606

THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800-992-8151.

  154

P.O. Box 9765

Providence, RI 02940

ATSEM 12

	PRSRT STD
	U.S. POSTAGE
P.O. Box 9765	PAID
Providence, RI 02940	ASTON FUNDS

ATSEM 12

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) Aston Funds

By (Signature and Title)*	/s/ Stuart D. Bilton
	Stuart D. Bilton, Chief Executive Officer (principal executive officer)

Date 6/28/12

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Stuart D. Bilton
	Stuart D. Bilton, Chief Executive Officer (principal executive officer)

Date 6/28/12

By (Signature and Title)*	/s/ Laura M. Curylo
	Laura M. Curylo, Treasurer and Chief Financial Officer (principal financial officer)

Date 6/28/12

* Print the name and title of each signing officer under his or her signature.