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, 2013  

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.

The Report to Shareholders is attached herewith.

Semi Annual Report 2013

April 30, 2013

Class N, I & R Shares

Equity

Fixed Income

Alternative

International

Sector

Balanced

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

ASTON/Montag & Caldwell Growth Fund

ASTON/TAMRO Diversified Equity Fund

ASTON/Herndon Large Cap Value Fund

ASTON/Cornerstone Large Cap Value Fund

Equity Income

ASTON/River Road Dividend All Cap Value Fund

ASTON/River Road Dividend All Cap Value Fund II

Mid Cap

ASTON/Fairpointe Mid Cap Fund

ASTON/Montag  & Caldwell Mid Cap Growth Fund

Table of Contents

Performance Summary	2
Schedules of Investments	4
Statements of Assets and Liabilities	58
Statements of Operations	64
Statements of Changes in Net Assets	70
Financial Highlights	80
Notes to Financial Statements	126
Additional Information	143

Small Cap

ASTON/LMCG Small Cap Growth Fund

(formerly, ASTON 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

ASTON/DoubleLine Core Plus Fixed Income Fund ASTON/TCH Fixed Income Fund

Alternative

ASTON/Lake Partners LASSO Alternatives Fund

ASTON/Anchor Capital Enhanced Equity Fund

ASTON/River Road Long-Short Fund

International

ASTON/Barings International Fund

ASTON/LMCG Emerging Markets Fund

Sector

ASTON/Harrison Street Real Estate Fund

Balanced

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

	As of April 30, 2013
Performance Summary (unaudited)

						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
ASTON/Montag & Caldwell Growth Fund		N		14.36	%		14.50	%		5.39	%		7.16	%		9.01	%		1.06	%		1.06	%		11/02/94
		I		14.52			14.75			5.66			7.44			7.35			0.81			0.81			06/28/96
		R		14.22			14.18			5.14			6.91			7.08			1.31			1.31			12/31/02
ASTON/TAMRO Diversified Equity Fund (c)		N		12.19			12.86			6.08			8.29			5.75			1.68			1.20			11/30/00
		I		12.38			13.22			NA			NA			12.47			1.43			0.95			03/02/12
ASTON/Herndon Large Cap Value Fund (c)		N		12.66			11.33			NA			NA			11.77			1.42			1.31			03/31/10
		I		12.83			11.60			NA			NA			10.14			1.17			1.06			03/02/11
ASTON/Cornerstone Large Cap Value Fund (c)		N		14.01			15.37			4.13			8.57			7.65			1.59			1.31			01/04/93
		I		14.09			15.66			4.41			NA			5.88			1.34			1.06			09/20/05
ASTON/River Road Dividend All Cap Value Fund		N		16.80			21.19			6.72			NA			7.87			1.13			1.13			06/28/05
		I		17.02			21.58			7.00			NA			4.79			0.88			0.88			06/28/07
ASTON/River Road Dividend All Cap Value Fund II (c)		N		15.92			NA			NA			NA			NA			5.00			1.31			06/27/12
		I		16.06			NA			NA			NA			NA			4.75			1.06			06/27/12
ASTON/Fairpointe Mid Cap Fund		N		20.79			23.27			8.34			12.58			12.51			1.11			1.11			09/19/94
		I		20.96			23.60			8.62			NA			9.39			0.86			0.86			07/06/04
ASTON/Montag & Caldwell Mid Cap Growth Fund (c)		N		10.37			5.87			4.10			NA			2.51			2.51			1.26			11/02/07
ASTON/LMCG Small Cap Growth Fund (c)		N		18.19			21.38			NA			NA			12.80			2.87			1.36			11/03/10
		I		18.40			21.69			NA			NA			4.81			2.62			1.11			06/01/11
ASTON/Silvercrest Small Cap Fund (c)		N		15.30			14.15			NA			NA			18.40			5.11			1.41			12/27/11
		I		15.44			14.50			NA			NA			18.74			4.86			1.16			12/27/11
ASTON/TAMRO Small Cap Fund		N		14.34			14.34			9.50			11.86			10.94			1.28			1.28			11/30/00
		I		14.53			14.64			9.78			NA			8.53			1.03			1.03			01/04/05
ASTON/River Road Select Value Fund		N		17.88			21.01			6.63			NA			4.22			1.44			1.44			03/29/07
		I		18.02			21.27			6.91			NA			3.79			1.19			1.19			06/28/07
ASTON/River Road Small Cap Value Fund		N		17.12			19.40			5.37			NA			6.88			1.46			1.46			06/28/05
		I		17.29			19.76			5.64			NA			3.16			1.21			1.21			12/13/06
ASTON/River Road Independent Value Fund (c)		N		2.10			7.17			NA			NA			7.31			1.46			1.44			12/31/10
		I		2.18			7.34			NA			NA			4.31			1.21			1.19			06/01/11
Fixed Income
ASTON/DoubleLine Core Plus Fixed Income Fund (c)		N		2.12			6.87			NA			NA			9.99			1.36			0.95			07/18/11
		I		2.24			7.13			NA			NA			10.25			1.11			0.70			07/18/11
ASTON/TCH Fixed Income Fund (c)		N		2.50			8.43			7.81			5.91			6.18			1.11			0.95			12/13/93
		I		2.58			8.49			7.99			6.13			6.63			0.86			0.70			07/31/00

2

Aston Funds

	As of April 30, 2013
Performance Summary (unaudited) – continued

						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
ASTON/Lake Partners LASSO Alternatives Fund		N		7.09	%		7.70	%		NA			NA			5.57	%		3.31	%		3.31	%		03/03/10
		I		7.26			7.96			NA			NA			8.40			3.06			3.06			04/01/09
ASTON/Anchor Capital Enhanced Equity Fund		N		7.18			5.65			3.48	%		NA			4.42			1.22			1.22			01/15/08
		I		7.32			5.91			NA			NA			7.58			0.97			0.97			03/03/10
ASTON/River Road Long-Short Fund (c)		N		9.78			13.05			NA			NA			8.56			5.08			3.16			05/04/11
		I		NA			NA			NA			NA			1.72	(d)		4.83			2.91			03/04/13
International
ASTON/Barings International Fund (c)		N		8.27			7.34			NA			NA			6.17			1.60			1.40			03/03/10
		I		8.21			7.59			-2.60			NA			-4.15			1.35			1.15			11/02/07
ASTON/LMCG Emerging Markets Fund (c)		N		NA			NA			NA			NA			-0.20	(d)		5.99			1.72			03/28/13
		I		NA			NA			NA			NA			-0.20	(d)		5.74			1.47			03/28/13
Sector
ASTON/Harrison Street Real Estate Fund (c)		N		17.82			20.35			6.85			12.11	%		9.52			2.36			1.37			12/30/97
		I		17.96			20.62			7.11			NA			7.08			2.11			1.12			09/20/05
Balanced
ASTON/Montag & Caldwell Balanced Fund (c)		N		8.71			9.51			5.24			5.89			7.73			1.56			1.36			11/02/94
		I		8.77			9.63			5.39			6.09			3.96			1.31			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 lower or higher than the performance data quoted. For performance data current to 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, 2014 and through March 31, 2014 for LMCG Emerging Markets Fund.

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

The stocks of small- and mid-cap companies 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. Emerging markets securities tend to be more volatile and less liquid than securities traded in developed countries. Hedged mutual funds may 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, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.21%
		Consumer Discretionary – 12.98%
	1,672,230	Bed Bath & Beyond *	$	115,049,424
	2,784,442	Johnson Controls		97,483,314
	724,000	McDonald’s		73,949,360
	2,003,200	NIKE, Class B		127,403,520
	1,881,000	Starbucks		114,440,040
	2,264,900	TJX		110,459,173
				638,784,831
		Consumer Staples – 25.29%
	5,400,000	Coca-Cola		228,582,000
	1,209,500	Colgate-Palmolive		144,426,395
	1,102,000	Costco Wholesale		119,489,860
	537,400	Estee Lauder, Class A		37,268,690
	5,709,000	Mondelez International, Class A		179,548,050
	1,497,400	PepsiCo		123,490,578
	1,831,200	Philip Morris International		175,044,408
	1,700,000	Procter & Gamble		130,509,000
	2,508,400	Unilever (Netherlands)		106,556,832
				1,244,915,813
		Energy – 5.54%
	2,106,000	Cameron International *		129,624,300
	1,600,300	Occidental Petroleum		142,842,778
				272,467,078
		Financials – 5.51%
	1,442,600	American Express		98,688,266
	4,540,000	Wells Fargo		172,429,200
				271,117,466
		Healthcare – 18.87%
	4,850,000	Abbott Laboratories		179,062,000
	1,365,500	Allergan		155,052,525

Shares			Market Value
		Healthcare (continued)
	2,300,000	AmerisourceBergen	$	124,476,000
	787,380	Biogen Idec *		172,381,104
	3,400,000	Sanofi, ADR (France)		181,390,000
	1,775,000	Stryker		116,404,500
				928,766,129
		Industrials – 5.79%
	5,638,600	General Electric		125,684,394
	1,853,700	United Parcel Service, Class B		159,121,608
				284,806,002
		Information Technology – 19.41%
	1,522,200	Accenture, Class A (Ireland)		123,967,968
	2,215,200	eBay *		116,054,328
	3,215,700	EMC *		72,128,151
	198,000	Google, Class A *		163,264,860
	5,049,000	Juniper Networks *		83,560,950
	2,888,500	Oracle		94,685,030
	2,631,200	Qualcomm		162,134,544
	830,000	Visa, Class A		139,821,800
				955,617,631
		Materials – 3.82%
	1,760,000	Monsanto		188,003,200
		Total Common Stocks (Cost $3,854,701,176)		4,784,478,150
	INVESTMENT COMPANY – 3.22%
	158,634,750	BlackRock Liquidity Funds TempCash Portfolio		158,634,750
		Total Investment Company (Cost $158,634,750)		158,634,750
	Total Investments – 100.43% (Cost $4,013,335,926)**			4,943,112,900
	Net Other Assets and Liabilities – (0.43)%			(21,080,201	)
	Net Assets – 100.00%		$	4,922,032,699

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	945,863,949
Gross unrealized depreciation		(16,086,975	)
Net unrealized appreciation	$	929,776,974

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

4

Aston Funds

ASTON/TAMRO Diversified Equity Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.11%
		Consumer Discretionary – 18.69%
	2,510	Amazon.com *	$	637,063
	7,702	Bed Bath & Beyond *		529,898
	12,618	CarMax *		580,933
	8,953	Coach		526,974
	10,239	GNC Holdings, Class A		464,134
	7,377	Home Depot		541,103
	12,016	Macy’s		535,914
	6,820	Tempur-Pedic International *		330,770
	18,240	Toll Brothers *		625,814
				4,772,603
		Consumer Staples – 10.25%
	9,974	Kraft Foods Group		513,561
	5,309	McCormick & Co (Non-Voting Shares)		381,929
	12,618	Mondelez International, Class A		396,836
	14,326	Safeway		322,622
	9,088	United Natural Foods *		453,855
	11,071	Walgreen		548,125
				2,616,928
		Energy – 8.96%
	4,582	Exxon Mobil		407,752
	9,904	Kinder Morgan		387,246
	3,024	Occidental Petroleum		269,922
	6,943	Phillips 66		423,176
	7,376	Range Resources		542,284
	12,014	Ultra Petroleum (Canada) *		257,100
				2,287,480
		Financials – 20.03%
	7,962	American Express		544,680
	17,777	American International Group *		736,323
	5,543	American Tower, REIT		465,557
	8,297	Bank of the Ozarks		339,596
	5,285	Berkshire Hathaway, Class B *		561,901

Shares			Market Value
		Financials (continued)
	2,829	Franklin Resources	$	437,533
	9,400	JPMorgan Chase		460,694
	2,225	Portfolio Recovery Associates *		273,119
	12,225	Raymond James Financial		506,360
	15,194	Redwood Trust, REIT		346,727
	6,090	T. Rowe Price Group		441,525
				5,114,015
		Healthcare – 13.43%
	9,614	Advisory Board *		472,528
	4,221	Allergan		479,295
	5,150	Athenahealth *		495,739
	4,056	DaVita *		481,244
	8,384	Express Scripts *		497,758
	13,762	HMS Holdings *		346,940
	7,674	Johnson & Johnson		654,055
				3,427,559
		Industrials – 13.12%
	5,837	Boeing		533,560
	7,122	C.H. Robinson Worldwide		422,976
	8,689	Chicago Bridge & Iron (Netherlands)		467,381
	9,444	Cintas		423,752
	12,527	Colfax *		584,635
	8,395	Danaher		511,591
	23,962	US Airways Group *		404,958
				3,348,853
		Information Technology – 10.26%
	2,234	Apple		989,103
	364	Google, Class A *		300,143
	10,157	Microchip Technology		369,918
	8,263	QUALCOMM		509,166
	6,507	Seagate Technology (Ireland)		238,807
	8,556	Yahoo! *		211,590
				2,618,727
		Materials – 3.37%
	1,225	CF Industries Holdings		228,475
	4,697	Monsanto		501,734
	2,359	Royal Gold		131,113
				861,322
		Total Common Stocks (Cost $18,158,482		25,047,487
	INVESTMENT COMPANY – 3.26%
	833,371	BlackRock Liquidity Funds TempCash Portfolio		833,371
		Total Investment Company (Cost $833,371)		833,371
	Total Investments – 101.37% (Cost $18,991,853)**			25,880,858
	Net Other Assets and Liabilities – (1.37)%			(349,524	)
	Net Assets – 100.00%		$	25,531,334

See accompanying Notes to Financial Statements.

5

Aston Funds

ASTON/TAMRO Diversified Equity Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,961,979
Gross unrealized depreciation		(72,974	)
Net unrealized appreciation	$	6,889,005

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

6

Aston Funds

ASTON/Herndon Large Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.31%
		Consumer Discretionary – 10.87%
	34,803	Coach	$	2,048,505
	16,971	Nordstrom		960,389
	37,427	Ross Stores		2,472,802
	54,087	TJX		2,637,823
	27,500	Yum! Brands		1,873,300
				9,992,819
		Consumer Staples – 9.95%
	64,965	Altria Group		2,371,872
	43,287	Campbell Soup		2,008,950
	11,943	Colgate-Palmolive		1,426,114
	11,980	Hershey		1,068,137
	23,849	Philip Morris International		2,279,726
				9,154,799
		Energy – 24.56%
	24,229	Apache		1,790,038
	14,834	Chevron		1,809,896
	29,059	ConocoPhillips		1,756,616
	23,392	Exxon Mobil		2,081,654
	47,887	HollyFrontier		2,368,012
	35,145	Marathon Petroleum		2,753,962
	56,293	Newfield Exploration *		1,226,624
	98,246	Patterson-UTI Energy		2,072,008
	142,824	RPC		1,890,990
	69,129	Superior Energy Services *		1,907,269
	136,852	Ultra Petroleum *		2,928,633
				22,585,702
		Financials – 18.45%
	47,925	Aflac		2,609,037
	62,264	American Capital Agency, REIT		2,074,014
	73,388	Apartment Investment & Management, Class A, REIT		2,283,101

Shares			Market Value
		Financials (continued)
	58,461	CBOE Holdings	$	2,194,041
	48,648	Discover Financial Services		2,127,863
	52,945	Eaton Vance		2,111,447
	29,398	McGraw-Hill Financial		1,590,726
	46,062	Waddell & Reed Financial, Class A		1,974,678
				16,964,907
		Healthcare – 7.50%
	12,801	Baxter International		894,406
	58,015	Endo Health Solutions *		2,125,670
	6,919	Gilead Sciences *		350,378
	44,722	Health Management Associates, Class A *		513,856
	31,237	Mylan *		909,309
	7,679	Salix Pharmaceuticals Ltd *		401,535
	20,657	St. Jude Medical		851,481
	12,669	United Therapeutics *		846,036
				6,892,671
		Industrials – 9.84%
	15,290	Caterpillar		1,294,604
	19,208	Copa Holdings SA, Class A (Panama)		2,412,141
	28,184	Joy Global		1,592,960
	19,551	Lockheed Martin		1,937,308
	21,143	United Parcel Service, Class B		1,814,915
				9,051,928
		Information Technology – 9.81%
	12,647	Accenture, Class A (Ireland)		1,029,972
	3,309	Apple		1,465,060
	9,167	International Business Machines		1,856,684
	64,395	Microsoft		2,131,475
	45,947	Western Digital		2,539,950
				9,023,141
		Materials – 5.33%
	8,634	CF Industries Holdings		1,610,327
	6,276	Newmarket		1,686,361
	48,150	Southern Copper		1,604,839
				4,901,527
		Total Common Stocks (Cost $80,746,978)		88,567,494
	INVESTMENT COMPANY – 3.22%
	2,960,448	BlackRock Liquidity Funds TempCash Portfolio		2,960,448
		Total Investment Company (Cost $2,960,448)		2,960,448
	Total Investments – 99.53% (Cost $83,707,426)**			91,527,942
	Net Other Assets and Liabilities – 0.47%			429,508
	Net Assets – 100.00%		$	91,957,450

See accompanying Notes to Financial Statements.

7

Aston Funds

ASTON/Herndon Large Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	9,330,467
Gross unrealized depreciation		(1,509,951	)
Net unrealized appreciation	$	7,820,516

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

8

Aston Funds

ASTON/Cornerstone Large Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.11%
		Consumer Discretionary – 7.94%
	4,472	Bed Bath & Beyond *	$	307,673
	28,200	Hasbro		1,335,834
	39,025	Mattel		1,781,882
				3,425,389
		Consumer Staples – 4.21%
	23,400	Wal-Mart Stores		1,818,647
		Energy – 10.88%
	13,125	Chevron		1,601,380
	20,012	Hess		1,444,466
	24,275	Royal Dutch Shell PLC, ADR		1,649,972
				4,695,818
		Financials – 18.18%
	15,300	ACE (Switzerland)		1,363,841
	25,750	Capital One Financial		1,487,835
	44,125	Citigroup		2,058,873
	21,100	JPMorgan Chase		1,034,111
	16,725	State Street		977,911
	33,125	Unum Group		923,856
				7,846,427
		Healthcare – 9.12%
	14,125	Johnson & Johnson		1,203,873
	21,925	Sanofi, ADR		1,169,699
	23,825	Stryker		1,562,444
				3,936,016
		Industrials – 16.19%
	13,500	3M		1,413,585
	10,875	Cummins		1,156,991
	18,755	Eaton (Iran)		1,151,745

Shares			Market Value
		Industrials (continued)
	19,025	Emerson Electric	$	1,056,078
	15,125	General Dynamics		1,118,645
	12,300	Parker Hannifin		1,089,411
				6,986,455
		Information Technology – 28.59%
	3,390	Apple		1,500,923
	6,081	eBay *		318,584
	2,020	Google, Class A *		1,665,631
	54,025	Intel		1,293,899
	5,775	International Business Machines		1,169,669
	54,225	Microsoft		1,794,848
	44,725	Oracle		1,466,086
	25,900	QUALCOMM		1,595,958
	27,775	Western Digital *		1,535,402
				12,341,000
		Total Common Stocks (Cost $36,066,806)		41,049,752
	INVESTMENT COMPANY – 5.62%
	2,425,064	BlackRock Liquidity Funds TempCash Portfolio		2,425,064
		Total Investment Company (Cost $2,425,064)		2,425,064
	Total Investments – 100.73% (Cost $38,491,870)**			43,474,816
	Net Other Assets and Liabilities – (0.73)%			(315,903	)
	Net Assets – 100.00%		$	43,158,913

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	5,166,622
Gross unrealized depreciation		(183,676	)
Net unrealized appreciation	$	4,982,946

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

9

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.73%
		Consumer Discretionary – 15.24%
	425,670	Bob Evans Farms	$	18,448,538
	209,005	Coach		12,302,034
	319,575	Darden Restaurants		16,499,657
	137,495	Genuine Parts		10,494,993
	407,720	Hasbro		19,313,696
	585,550	Hillenbrand		14,714,872
	300,865	Kohl’s		14,158,707
	653,110	National CineMedia		10,606,506
	685,805	Regal Entertainment Group, Class A		12,303,342
	274,010	Target		19,334,146
	555,755	Thomson Reuters		18,612,235
				166,788,726
		Consumer Staples – 15.52%
	407,585	Dr Pepper Snapple Group		19,902,376
	434,880	General Mills		21,926,650
	211,935	Kimberly-Clark		21,869,573
	283,565	Molson Coors Brewing, Class B		14,631,954
	251,605	PepsiCo		20,749,864
	183,820	Procter & Gamble		14,111,861
	594,285	Sysco		20,716,775
	179,455	Wal-Mart Stores		13,947,243
	443,410	Walgreen		21,953,229
				169,809,525
		Energy – 7.81%
	918,065	BreitBurn Energy Partners LP		18,774,429
	163,825	Chevron		19,988,288
	274,585	Occidental Petroleum		24,509,457
	144,550	Transmontaigne Partners LP		6,923,945
	279,970	Williams Partners LP		15,300,361
				85,496,480

Shares			Market Value
		Financials – 12.79%
	62,145	BlackRock	$	16,561,643
	262,230	CME Group		15,959,318
	222,591	Commerce Bancshares		8,928,125
	396,965	Compass Diversified Holdings		6,712,678
	346,855	OneBeacon Insurance Group, Class A (Bermuda)		4,713,759
	189,305	PartnerRe (Bermuda)		17,859,034
	294,890	PNC Financial Services Group		20,017,133
	733,535	Sabra Health Care, REIT		21,874,014
	201,130	Safety Insurance Group		9,990,127
	522,395	U.S. Bancorp		17,385,306
				140,001,137
		Healthcare – 7.15%
	145,870	Becton, Dickinson		13,755,541
	199,240	Johnson & Johnson		16,981,225
	352,940	Medtronic		16,475,239
	498,087	Owens & Minor		16,222,694
	511,345	Pfizer		14,864,799
				78,299,498
		Industrials – 14.45%
	90,405	3M		9,466,308
	421,200	ABM Industries		9,498,060
	288,745	Emerson Electric		16,028,235
	182,870	General Dynamics		13,525,065
	265,125	Geo Group		9,928,931
	468,729	Iron Mountain		17,746,080
	114,000	Lockheed Martin		11,296,260
	280,670	Norfolk Southern		21,729,471
	218,685	Raytheon		13,422,885
	416,115	Republic Services		14,181,199
	248,355	United Parcel Service, Class B		21,318,793
				158,141,287
		Information Technology – 11.06%
	264,375	Automatic Data Processing		17,803,012
	557,145	CA		15,026,201
	899,485	Corning		13,042,532
	1,051,920	Intel		25,193,484
	257,640	j2 Global		10,485,948
	508,655	Microsoft		16,836,481
	288,235	Paychex		10,494,636
	821,315	Western Union		12,163,675
				121,045,969
		Materials – 2.88%
	331,990	Bemis		13,063,806
	101,385	Innophos Holdings		5,202,064
	303,800	Nucor		13,251,756
				31,517,626
		Telecommunication Services – 4.80%
	129,920	Atlantic Tele-Network		6,596,038
	491,652	Telefonica Brasil SA, ADR (Brazil)		13,068,110
	310,180	Verizon Communications		16,721,804

See accompanying Notes to Financial Statements.

10

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Telecommunication Services (continued)
	529,340	Vodafone Group, SP ADR (United Kingdom)	$	16,192,511
				52,578,463
		Utilities – 5.03%
	283,620	AmeriGas Partners LP		12,856,495
	432,375	Avista		12,128,119
	311,670	National Fuel Gas		19,547,942
	206,310	UNS Energy		10,513,558
				55,046,114
		Total Common Stocks (Cost $843,192,974)		1,058,724,825
	INVESTMENT COMPANY – 3.81%
	41,627,627	BlackRock Liquidity Funds TempCash Portfolio		41,627,627
		Total Investment Company (Cost $41,627,627)		41,627,627
	Total Investments – 100.54% (Cost $884,820,601)*			1,100,352,452
	Net Other Assets and Liabilities – (0.54)%			(5,857,587	)
	Net Assets – 100.00%		$	1,094,494,865

* At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	216,430,876
Gross unrealized depreciation		(899,025	)
Net unrealized appreciation	$	215,531,851

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/River Road Dividend All Cap Value Fund II	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.69%
		Consumer Discretionary – 14.09%
	10,015	Bob Evans Farms	$	434,050
	11,945	Coach		703,083
	18,220	Darden Restaurants		940,699
	7,105	Genuine Parts		542,325
	21,605	Hasbro		1,023,429
	15,130	Hillenbrand		380,217
	17,060	Kohl’s		802,844
	39,800	Regal Entertainment Group, Class A		714,012
	15,640	Target		1,103,558
	32,915	Thomson Reuters		1,102,323
				7,746,540
		Consumer Staples – 17.63%
	23,090	Dr Pepper Snapple Group		1,127,485
	23,260	General Mills		1,172,769
	11,675	Kimberly-Clark		1,204,743
	16,830	Molson Coors Brewing, Class B		868,428
	14,910	PepsiCo		1,229,628
	10,915	Procter & Gamble		837,945
	33,680	Sysco		1,174,085
	10,690	Wal-Mart Stores		830,827
	25,160	Walgreen		1,245,672
				9,691,582
		Energy – 7.69%
	39,040	BreitBurn Energy Partners LP		798,368
	9,790	Chevron		1,194,477
	15,025	Occidental Petroleum		1,341,132
	16,320	Williams Partners LP		891,888
				4,225,865

Shares			Market Value
		Financials – 9.97%
	3,305	BlackRock	$	880,782
	14,910	CME Group		907,423
	12,796	Commerce Bancshares		513,248
	10,915	PartnerRe (Bermuda)		1,029,721
	17,040	PNC Financial Services Group		1,156,675
	29,895	U.S. Bancorp		994,906
				5,482,755
		Healthcare – 7.32%
	8,885	Becton, Dickinson		837,855
	6,450	Johnson & Johnson		549,734
	20,750	Medtronic		968,610
	27,730	Owens & Minor		903,166
	26,275	Pfizer		763,814
				4,023,179
		Industrials – 16.05%
	5,440	3M		569,622
	12,725	ABM Industries		286,948
	15,820	Emerson Electric		878,168
	10,500	General Dynamics		776,580
	14,584	Geo Group		546,171
	27,185	Iron Mountain		1,029,224
	6,675	Lockheed Martin		661,426
	16,830	Norfolk Southern		1,302,979
	12,665	Raytheon		777,378
	22,615	Republic Services		770,719
	14,260	United Parcel Service, Class B		1,224,078
				8,823,293
		Information Technology – 11.87%
	9,610	Automatic Data Processing		647,137
	32,300	CA		871,131
	52,795	Corning		765,528
	57,660	Intel		1,380,957
	14,910	j2 Global		606,837
	29,095	Microsoft		963,045
	17,150	Paychex		624,432
	45,135	Western Union		668,449
				6,527,516
		Materials – 3.25%
	17,905	Bemis		704,561
	5,875	Innophos Holdings		301,446
	17,885	Nucor		780,144
				1,786,151
		Telecommunication Services – 4.67%
	29,601	Telefonica Brasil SA, ADR (Brazil)		786,795
	16,630	Verizon Communications		896,523
	28,900	Vodafone Group, SP ADR (United Kingdom)		884,051
				2,567,369
		Utilities – 4.15%
	7,635	AmeriGas Partners LP		346,094

See accompanying Notes to Financial Statements.

12

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Utilities (continued)
	16,125	Avista	$	452,306
	18,255	National Fuel Gas		1,144,954
	6,620	UNS Energy		337,355
				2,280,709
		Total Common Stocks (Cost $48,890,371)		53,154,959
	INVESTMENT COMPANY – 4.93%
	2,712,327	BlackRock Liquidity Funds TempCash Portfolio		2,712,327
		Total Investment Company (Cost $2,712,327)		2,712,327
	Total Investments – 101.62% (Cost $51,602,698)*			55,867,286
	Net Other Assets and Liabilities – (1.62)%			(890,101	)
	Net Assets – 100.00%		$	54,977,185

* At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	4,294,785
Gross unrealized depreciation		(30,197	)
Net unrealized appreciation	$	4,264,588

ADR American Depositary Receipt

LP Limited Partnership

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

13

Aston Funds

ASTON/Fairpointe Mid Cap Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.32%
		Consumer Discretionary – 23.52%
	6,517,078	Belo, Class A	$	69,863,076
	649,800	BorgWarner *		50,794,866
	4,580,000	DeVry		128,285,800
	4,614,200	Gannett		93,022,272
	2,567,100	H&R Block		71,211,354
	7,641,968	Interpublic Group		105,764,837
	1,075,500	Lear		62,142,390
	11,960,954	New York Times, Class A *		105,974,052
	1,994,497	Scholastic		54,748,943
	10,095,700	Staples		133,667,068
				875,474,658
		Consumer Staples – 3.53%
	560,500	Bunge		40,473,705
	1,762,286	Molson Coors Brewing, Class B		90,933,958
				131,407,663
		Energy – 6.16%
	1,203,992	Compagnie Generale de Geophysique-Veritas, SP ADR (France)		25,705,229
	1,207,900	Denbury Resources *		21,609,331
	1,742,292	FMC Technologies *		94,606,456
	8,169,600	McDermott International *		87,251,328
				229,172,344
		Financials – 7.16%
	1,234,500	Cincinnati Financial		60,379,395
	1,413,785	Eaton Vance		56,381,746
	1,462,155	McGraw-Hill		79,117,207
	1,314,300	Northern Trust		70,867,056
				266,745,404

Shares			Market Value
		Healthcare – 15.05%
	20,961,236	Boston Scientific *	$	156,999,658
	1,758,919	Charles River Laboratories *		76,495,387
	2,311,218	Forest Laboratories *		86,462,665
	4,466,326	Hospira *		147,924,717
	1,421,500	Varian Medical Systems *		92,596,510
				560,478,937
		Industrials – 9.20%
	2,352,900	Con-way		79,528,020
	1,418,644	ManpowerGroup		75,415,115
	7,665,500	Southwest Airlines		105,017,350
	3,592,500	Werner Enterprises		82,483,800
				342,444,285
		Information Technology – 29.74%
	2,782,239	Akamai Technologies *		122,168,114
	1,682,100	Cree *		95,156,397
	2,148,000	First Solar *		100,010,880
	1,234,300	Harris		57,024,660
	2,569,598	Itron *		101,884,561
	4,981,800	Jabil Circuit		88,676,040
	3,328,700	Lexmark International, Class A		100,892,897
	1,873,286	Molex		51,646,495
	1,934,364	Molex, Class A		45,090,025
	4,474,900	Nuance Communications *		85,202,096
	7,864,400	NVIDIA		108,292,788
	4,006,228	Unisys *		76,639,142
	1,597,859	Zebra Technologies, Class A *		74,540,122
				1,107,224,217
		Materials – 2.96%
	734,700	FMC		44,596,290
	834,200	Sigma-Aldrich		65,643,198
				110,239,488
		Total Common Stocks (Cost $2,703,959,622)		3,623,186,996
	INVESTMENT COMPANY – 2.92%
	108,634,144	BlackRock Liquidity Funds TempCash Portfolio		108,634,144
		Total Investment Company (Cost $108,634,144)		108,634,144
	Total Investments – 100.24% (Cost $2,812,593,766)**			3,731,821,140
	Net Other Assets and Liabilities – (0.24)%			(9,088,094	)
	Net Assets – 100.00%		$	3,722,733,046

See accompanying Notes to Financial Statements.

14

Aston Funds

ASTON/Fairpointe Mid Cap Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	962,913,078
Gross unrealized depreciation		(43,685,704	)
Net unrealized appreciation	$	919,227,374

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

15

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.83%
		Consumer Discretionary – 23.03%
	2,990	BorgWarner *	$	233,728
	5,490	Dick’s Sporting Goods		264,069
	6,730	Dollar Tree *		320,079
	2,490	Dunkin’ Brands Group		96,624
	15,850	LKQ *		381,668
	3,310	O’Reilly Automotive *		355,229
	1,350	Panera Bread, Class A *		239,261
	2,790	PVH		321,994
	1,330	Ralph Lauren		241,501
	5,210	Ross Stores		344,225
	1,510	Tractor Supply		161,827
				2,960,205
		Consumer Staples – 5.20%
	4,270	Church & Dwight		272,810
	3,660	Mead Johnson Nutrition		296,789
	1,750	Monster Beverage *		98,700
				668,299
		Energy – 6.90%
	5,300	Cameron International *		326,215
	1,610	Core Laboratories (Netherlands)		233,096
	4,670	Oceaneering International		327,694
				887,005
		Financials – 5.51%
	7,300	First Republic Bank		277,254
	1,200	IntercontinentalExchange *		195,516
	5,670	Raymond James Financial		234,851
				707,621

Shares			Market Value
		Healthcare – 15.88%
	6,810	Dentsply International	$	288,403
	2,740	Edwards Lifesciences *		174,785
	2,640	Henry Schein *		238,656
	2,660	IDEXX Laboratories *		233,974
	1,890	Perrigo		225,685
	8,220	ResMed		394,724
	3,640	Varian Medical Systems *		237,110
	2,680	Waters *		247,632
				2,040,969
		Industrials – 21.10%
	7,495	AMETEK		305,121
	6,560	Donaldson		238,653
	7,340	Expeditors International Washington		263,726
	2,940	Fastenal		144,207
	2,540	J.B. Hunt Transport Services		180,518
	5,200	Jacobs Engineering Group *		262,496
	1,780	Joy Global		100,606
	10,310	Robert Half International		338,374
	1,510	Roper Industries		180,672
	3,220	Stericycle *		348,790
	5,680	Verisk Analytics, Class A *		348,127
				2,711,290
		Information Technology – 17.45%
	4,950	Altera		158,450
	4,420	Amphenol, Class A		333,798
	4,170	ANSYS *		337,186
	3,760	F5 Networks *		287,377
	2,740	FactSet Research Systems		257,752
	2,060	Fiserv *		187,687
	16,550	Juniper Networks *		273,902
	2,980	Teradata *		152,189
	6,710	Xilinx		254,376
				2,242,717
		Materials – 1.76%
	2,680	Ecolab		226,782
		Total Common Stocks (Cost $10,792,234)		12,444,888
	INVESTMENT COMPANY – 2.60%
	333,714	BlackRock Liquidity Funds TempCash Portfolio		333,714
		Total Investment Company (Cost $333,714)		333,714
	Total Investments – 99.43% (Cost $11,125,948)**			12,778,602
	Net Other Assets and Liabilities – 0.57%			73,127
	Net Assets – 100.00%		$	12,851,729

See accompanying Notes to Financial Statements.

16

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	1,916,123
Gross unrealized depreciation		(263,469	)
Net unrealized appreciation	$	1,652,654

See accompanying Notes to Financial Statements.

17

Aston Funds

ASTON/LMCG Small Cap Growth Fund (formerly, ASTON Small Cap Growth Fund)	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.18%
		Consumer Discretionary – 17.07%
	2,838	Arctic Cat *	$	127,682
	6,143	BJ’s Restaurants *		210,705
	46,342	Black Diamond *		454,152
	18,760	Brunswick		593,942
	25,751	Del Frisco’s Restaurant Group *		435,449
	12,616	GNC Holdings, Class A		571,883
	7,620	Hibbett Sports *		417,957
	7,214	HSN		379,312
	9,752	Life Time Fitness *		450,347
	10,240	Monro Muffler Brake		423,526
	70,513	OfficeMax		811,605
	2,988	Papa John’s International *		188,244
	6,596	Vitamin Shoppe *		324,193
				5,388,997
		Consumer Staples – 3.33%
	14,919	Fresh Market *		610,635
	6,751	Hain Celestial Group *		440,503
				1,051,138
		Energy – 3.42%
	12,963	Carrizo Oil & Gas *		313,964
	7,595	Gulfport Energy *		396,383
	136,090	Magnum Hunter Resources *		370,165
				1,080,512
		Financials – 4.70%
	17,693	Colony Financial, REIT		394,554
	38,255	Encore Capital Group *		1,089,885
				1,484,439
		Healthcare – 25.23%
	16,023	Akorn *		241,146
	5,938	Cubist Pharmaceuticals *		272,673

Shares			Market Value
		Healthcare (continued)
	6,238	Cyberonics *	$	270,854
	146,228	Health Management Associates, Class A *		1,680,160
	8,738	HeartWare International *		849,334
	8,390	Medicines *		283,246
	212,647	Merge Healthcare *		663,459
	3,202	Theravance Inc *		108,067
	29,758	Threshold Pharmaceuticals *		143,434
	20,111	Universal Health Services, Class B		1,339,191
	29,416	Vanguard Health Systems *		430,356
	49,613	Volcano *		1,006,648
	11,598	WellCare Health Plans *		676,279
				7,964,847
		Industrials – 18.61%
	7,478	Avis Budget Group *		215,666
	4,995	Beacon Roofing Supply *		190,459
	42,805	Builders FirstSource *		264,963
	13,081	Corrections Corp of America		473,532
	17,685	CyrusOne		424,263
	25,904	Geo Group		970,105
	9,782	Herman Miller		245,430
	21,772	Hexcel *		664,046
	36,815	Kelly Services, Class A		626,591
	24,215	Steelcase, Class A		307,530
	14,713	Triumph Group		1,175,569
	8,801	Woodward		316,748
				5,874,902
		Information Technology – 23.05%
	3,469	ACI Worldwide *		163,078
	48,156	Brightcove *		289,899
	6,543	Cardtronics *		183,269
	10,039	Fortinet *		180,300
	9,570	Fusion-io *		179,725
	101,588	Internap Network Services *		810,672
	28,596	Liquidity Services *		940,808
	37,012	Microsemi *		769,850
	37,813	Millennial Media *		262,044
	9,242	Netscout Systems *		210,810
	6,693	OSI Systems *		383,509
	7,290	QLIK Technologies *		189,613
	17,985	Riverbed Technology *		267,257
	14,695	Skyworks Solutions *		324,319
	3,464	Sourcefire *		165,441
	13,315	Synchronoss Technologies *		377,347
	10,795	TIBCO Software *		209,531
	38,759	Vantiv, Class A *		873,240
	33,317	WNS Holdings, ADR (Jersey) *		497,756
				7,278,468
		Materials – 3.77%
	22,052	Boise Cascade *		706,326
	4,779	Martin Marietta Materials		482,631
				1,188,957
		Total Common Stocks (Cost $30,159,955)		31,312,260

See accompanying Notes to Financial Statements.

18

Aston Funds

ASTON/LMCG Small Cap Growth Fund (formerly, ASTON Small Cap Growth Fund)	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
	WARRANTS – 0.00%
		Energy – 0.00%
	5,997	Magnum Hunter Resources, Expiration 10/14/13	$	840
		Total Warrants (Cost $—)		840
	INVESTMENT COMPANY – 2.61%
	825,127	BlackRock Liquidity Funds TempCash Portfolio		825,127
		Total Investment Company (Cost $825,127)		825,127
	Total Investments – 101.79% (Cost $30,985,082)**			32,138,227
	Net Other Assets and Liabilities – (1.79)%			(564,978	)
	Net Assets – 100.00%		$	31,573,249

* Non-income producing security.

** At April 30, 2013 cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,130,992
Gross unrealized depreciation		(977,847	)
Net unrealized appreciation	$	1,153,145

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

19

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.07%
		Consumer Discretionary – 11.64%
	5,382	AFC Enterprises *	$	171,578
	6,350	Bob Evans Farms		275,209
	2,757	Core-Mark Holding		143,474
	6,465	Drew Industries		233,387
	12,260	La-Z-Boy		221,416
	5,210	Lithia Motors, Class A		257,999
	11,000	ReachLocal *		183,370
				1,486,433
		Consumer Staples – 3.82%
	2,944	J & J Snack Foods		220,859
	3,384	Lancaster Colony		267,099
				487,958
		Energy – 5.96%
	6,750	Bonanza Creek Energy *		231,862
	9,260	Forum Energy Technologies *		257,521
	6,349	Rosetta Resources *		272,436
				761,819
		Financials – 21.11%
	12,860	BancorpSouth		205,760
	5,678	EastGroup Properties, REIT		358,111
	16,398	FirstMerit		280,898
	14,174	Horace Mann Educators		319,624
	4,534	Iberiabank		206,841
	9,873	Independent Bank/Rockland MA		306,458
	4,334	Mid-America Apartment Communities, REIT		297,876
	8,040	PacWest Bancorp		222,949
	5,322	Prosperity Bancshares		244,493
	6,668	Protective Life		253,784
				2,696,794

Shares			Market Value
		Healthcare – 8.02%
	2,867	Analogic	$	227,869
	3,134	ICU Medical *		188,824
	4,070	Integra LifeSciences Holdings *		142,572
	5,680	STERIS		236,231
	3,583	West Pharmaceutical Services		228,810
				1,024,306
		Industrials – 21.94%
	10,305	Altra Holdings		274,628
	6,513	Applied Industrial Technologies		275,174
	3,388	Astec Industries		111,228
	5,970	Beacon Roofing Supply *		227,636
	5,606	EMCOR Group		209,664
	7,847	Hexcel *		239,334
	5,049	Mine Safety Appliances		242,352
	5,810	TAL International Group		240,534
	2,460	Teledyne Technologies *		184,648
	2,706	Tennant		129,401
	5,120	United Stationers		166,246
	11,029	US Ecology		299,989
	4,300	Watts Water Technologies, Class A		202,358
				2,803,192
		Information Technology – 12.21%
	4,279	ACI Worldwide *		201,156
	16,160	Entegris *		153,197
	4,590	Fair Isaac		213,802
	3,987	FEI		254,690
	3,865	Littelfuse		269,854
	10,280	M/A-Com Technology Solutions Holdings *		144,228
	8,820	Mentor Graphics		161,053
	6,005	MKS Instruments		161,354
				1,559,334
		Materials – 8.47%
	8,780	Chemtura *		186,663
	5,502	HB Fuller		208,526
	3,137	Innophos Holdings		160,959
	15,253	PH Glatfelter		366,072
	4,059	Sensient Technologies		159,722
				1,081,942
		Utilities – 5.90%
	3,902	MGE Energy		217,927
	9,009	Portland General Electric		290,540
	5,903	UIL Holdings		245,801
				754,268
		Total Common Stocks (Cost $11,357,883)		12,656,046

See accompanying Notes to Financial Statements.

20

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 0.54%
	68,706	BlackRock Liquidity Funds TempCash Portfolio	$	68,706
		Total Investment Company (Cost $68,706)		68,706
	Total Investments – 99.61% (Cost $11,426,589)**			12,724,752
	Net Other Assets and Liabilities – 0.39%			50,048
	Net Assets – 100.00%		$	12,774,800

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	1,422,845
Gross unrealized depreciation		(124,682	)
Net unrealized appreciation	$	1,298,163

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

21

Aston Funds

ASTON/TAMRO Small Cap Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.87%
		Consumer Discretionary – 19.90%
	361,053	BJ’s Restaurants *	$	12,384,118
	1,158,012	Chico’s FAS		21,156,879
	50,109	Coinstar *		2,646,256
	1,166,656	EW Scripps (The), Class A *		16,204,852
	876,224	Grand Canyon Education *		22,405,048
	481,816	Harman International Industries		21,541,993
	621,832	MDC Holdings		23,380,883
	575,595	Monro Muffler Brake		23,806,609
	385,230	Red Robin Gourmet Burgers *		18,633,575
	470,563	Tempur-Pedic International *		22,822,306
	956,877	Texas Roadhouse		22,486,610
	423,378	Zumiez *		12,265,261
				219,734,390
		Consumer Staples – 8.60%
	1,972,677	Cott (Canada)		21,600,813
	351,312	Sanderson Farms		21,521,373
	526,653	Tootsie Roll Industries		16,447,373
	205,444	TreeHouse Foods *		13,088,837
	446,760	United Natural Foods *		22,311,194
				94,969,590
		Energy – 5.55%
	1,057,435	Cloud Peak Energy *		20,662,280
	1,137,912	Precision Drilling (Canada)		9,217,087
	215,372	SEACOR Holdings		15,530,475
	376,311	Unit *		15,816,351
				61,226,193
		Financials – 21.46%
	711,086	Bank of the Ozarks		29,104,750
	737,976	Colony Financial, REIT		16,456,865
	457,927	First Cash Financial Services *		23,569,503

Shares			Market Value
		Financials (continued)
	1,002,957	FirstMerit	$	17,180,653
	1,369,872	Glacier Bancorp		25,274,138
	420,905	Greenhill		19,441,602
	816,825	LaSalle Hotel Properties, REIT		21,180,272
	173,054	Portfolio Recovery Associates *		21,242,378
	1,334,917	Redwood Trust, REIT		30,462,806
	495,494	Stifel Financial *		15,964,817
	397,614	Waddell & Reed Financial, Class A		17,045,712
				236,923,496
		Healthcare – 12.70%
	285,244	Analogic		22,671,193
	259,139	Athenahealth *		24,944,720
	419,899	Cepheid *		16,010,749
	1,222,780	DexCom *		20,065,820
	1,337,376	Health Management Associates, Class A *		15,366,450
	813,157	HMS Holdings *		20,499,688
	264,254	Teleflex		20,646,165
				140,204,785
		Industrials – 17.80%
	447,105	Advisory Board *		21,975,211
	97,854	Chart Industries *		8,298,998
	583,421	Colfax *		27,228,258
	361,223	Corporate Executive Board		20,358,528
	558,610	Franklin Electric		18,082,206
	371,811	Landstar System		20,323,189
	294,694	Morningstar		19,452,751
	172,764	Raven Industries		5,796,232
	956,331	Titan International		21,335,745
	1,318,922	US Airways Group *		22,289,782
	107,762	Wabtec		11,308,544
				196,449,444
		Information Technology – 8.92%
	838,024	Aruba Networks *		18,847,160
	606,646	Cavium *		19,079,017
	310,670	CommVault Systems *		22,846,672
	679,442	Ixia *		11,190,410
	374,682	Netgear *		11,161,777
	370,460	Power Integrations		15,340,749
				98,465,785
		Materials – 1.11%
	374,039	LSB Industries *		12,216,114
		Utilities – 1.83%
	453,402	Northwest Natural Gas		20,162,787
		Total Common Stocks (Cost $768,355,024)		1,080,352,584

See accompanying Notes to Financial Statements.

22

Aston Funds

ASTON/TAMRO Small Cap Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.67%
	18,427,872	BlackRock Liquidity Funds TempCash Portfolio	$	18,427,872
		Total Investment Company (Cost $18,427,872)		18,427,872
	Total Investments – 99.54% (Cost $786,782,896)**			1,098,780,456
	Net Other Assets and Liabilities – 0.46%			5,082,521
	Net Assets – 100.00%		$	1,103,862,977

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	319,747,494
Gross unrealized depreciation		(7,749,934	)
Net unrealized appreciation	$	311,997,560

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

23

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 94.79%
		Consumer Discretionary – 20.99%
	33,040	Abercrombie & Fitch, Class A	$	1,637,462
	228,500	Ascena Retail Group *		4,227,250
	2,780	Ascent Capital Group, Class A *		184,842
	180,450	Big Lots *		6,571,989
	104,210	Bob Evans Farms		4,516,461
	111,600	DreamWorks Animation SKG, Class A *		2,151,648
	93,930	Fred’s, Class A		1,336,624
	82,390	International Speedway, Class A		2,708,159
	47,890	Jos A Bank Clothiers *		2,091,835
	46,850	Madison Square Garden, Class A *		2,823,650
	175,160	Pep Boys - Manny, Moe & Jack *		2,031,856
	82,950	Regis		1,555,313
	141,630	Rent-A-Center		4,947,136
	41,760	Starz - Liberty Capital *		976,349
	78,320	Texas Roadhouse		1,840,520
	77,260	True Religion Apparel		2,090,656
				41,691,750
		Consumer Staples – 6.68%
	203,330	Harris Teeter Supermarkets		8,497,161
	45,700	Industrias Bachoco, SP ADR (Mexico)		1,554,713
	7,556	J & J Snack Foods		566,851
	75,100	Village Super Market, Class A		2,643,520
				13,262,245
		Energy – 6.34%
	119,900	Cloud Peak Energy *		2,342,846
	53,910	Energen		2,556,412
	231,209	Miller Energy Resources *		878,594
	101,950	Ocean Rig UDW *		1,669,941
	134,890	Resolute Energy *		1,243,686
	157,520	Tetra Technologies *		1,438,158
	146,230	Vaalco Energy *		982,666

Shares			Market Value
		Energy (continued)
	94,440	WPX Energy *	$	1,476,097
				12,588,400
		Financials – 13.03%
	8,595	Alleghany *		3,384,195
	18,196	Capital Southwest		2,141,487
	21,978	Commerce Bancshares		881,538
	103,800	Dime Community Bancshares		1,481,226
	35,790	FirstService (Canada) *		1,180,712
	139,280	Hilltop Holdings *		1,864,959
	24,040	Navigators Group *		1,391,435
	136,300	PICO Holdings *		2,957,710
	158,106	Tower Group		2,991,366
	13,155	White Mountains Insurance Group		7,607,668
				25,882,296
		Healthcare – 10.90%
	96,517	Ensign Group		3,365,548
	57,980	Hill-Rom Holdings		1,975,379
	62,290	ICU Medical *		3,752,973
	291,980	Nordion (Canada)		2,046,780
	139,420	Owens & Minor		4,540,909
	93,000	Quality Systems		1,661,910
	103,470	STERIS		4,303,317
				21,646,816
		Industrials – 13.95%
	131,900	Aircastle (Bermuda)		1,841,324
	22,880	Brink’s		606,549
	51,960	Cubic		2,232,721
	41,090	Forward Air		1,515,810
	125,584	Geo Group		4,703,121
	166,790	Heartland Express		2,263,340
	110,220	Insperity		3,045,379
	69,660	John Bean Technologies		1,444,748
	92,810	Korn/Ferry International *		1,536,005
	72,840	Layne Christensen *		1,488,121
	108,633	Standard Parking *		2,334,523
	51,530	Unifirst		4,691,807
				27,703,448
		Information Technology – 13.10%
	177,580	Convergys		3,022,412
	138,870	CSG Systems International *		3,000,981
	98,320	Daktronics		982,217
	96,090	DST Systems		6,644,623
	38,210	Heartland Payment Systems		1,256,727
	47,060	Ituran Location and Control (Israel)		751,078
	27,410	j2 Global		1,115,587
	35,400	Lexmark International, Class A		1,072,974
	118,930	NeuStar, Class A *		5,217,459
	125,180	Total System Services		2,956,752
				26,020,810
		Materials – 5.16%
	324,550	AuRico Gold (Canada)		1,677,923
	26,410	Buckeye Technologies		992,752

See accompanying Notes to Financial Statements.

24

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials (continued)
	31,070	Innophos Holdings	$	1,594,202
	129,040	Intrepid Potash		2,375,626
	87,790	Kraton Performance Polymers *		1,993,711
	123,270	Pan American Silver (Canada)		1,627,164
				10,261,378
		Telecommunication Services – 2.49%
	53,400	Atlantic Tele-Network		2,711,118
	99,810	Telephone & Data Systems		2,239,736
				4,950,854
		Utilities – 2.15%
	55,670	Avista		1,561,543
	43,090	National Fuel Gas		2,702,605
				4,264,148
		Total Common Stocks (Cost $157,306,686)		188,272,145
	INVESTMENT COMPANY – 5.89%
	11,694,394	BlackRock Liquidity Funds TempCash Portfolio		11,694,394
		Total Investment Company (Cost $11,694,394)		11,694,394
	Total Investments – 100.68% (Cost $169,001,080)**			199,966,539
	Net Other Assets and Liabilities – (0.68)%			(1,358,304	)
	Net Assets – 100.00%		$	198,608,235

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	33,413,868
Gross unrealized depreciation		(2,448,409	)
Net unrealized appreciation	$	30,965,459

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

25

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 94.75%
		Consumer Discretionary – 23.32%
	45,280	Abercrombie & Fitch, Class A	$	2,244,077
	382,768	Ascena Retail Group *		7,081,208
	4,580	Ascent Capital Group, Class A *		304,524
	304,010	Big Lots *		11,072,044
	179,500	Bob Evans Farms		7,779,530
	185,390	DreamWorks Animation SKG, Class A *		3,574,319
	176,798	Fred’s, Class A		2,515,836
	136,850	International Speedway, Class A		4,498,260
	79,110	Jos A Bank Clothiers *		3,455,525
	422,521	Mac-Gray (a)		5,471,647
	67,390	Madison Square Garden, Class A *		4,061,595
	164,879	Monarch Casino & Resort *		2,121,993
	301,380	Motorcar Parts of America * (a)		1,802,252
	290,420	Pep Boys - Manny, Moe & Jack *		3,368,872
	138,310	Regis		2,593,313
	236,409	Rent-A-Center		8,257,766
	128,530	Texas Roadhouse		3,020,455
	126,730	True Religion Apparel		3,429,314
				76,652,530
		Consumer Staples – 8.51%
	339,439	Harris Teeter Supermarkets		14,185,156
	129,870	Industrias Bachoco, SP ADR (Mexico)		4,418,177
	159,660	Ingles Markets, Class A		3,403,951
	168,796	Village Super Market, Class A		5,941,619
				27,948,903
		Energy – 6.29%
	199,290	Cloud Peak Energy *		3,894,127
	558,393	Evolution Petroleum *		5,550,426
	568,758	Miller Energy Resources *		2,161,280
	168,810	Ocean Rig UDW *		2,765,108
	250,350	Resolute Energy *		2,308,227

Shares			Market Value
		Energy (continued)
	258,289	Tetra Technologies *	$	2,358,179
	244,795	Vaalco Energy *		1,645,022
				20,682,369
		Financials – 12.67%
	33,577	Capital Southwest		3,951,677
	229,952	Dime Community Bancshares		3,281,415
	22,155	First Citizens BancShares, Class A		4,130,135
	236,700	Hilltop Holdings *		3,169,413
	44,597	Navigators Group *		2,581,274
	223,370	PICO Holdings *		4,847,129
	284,470	SWS Group *		1,618,634
	35,578	Tompkins Financial		1,487,160
	261,780	Tower Group		4,952,878
	20,108	White Mountains Insurance Group		11,628,657
				41,648,372
		Healthcare – 10.86%
	156,422	Ensign Group		5,454,435
	86,990	Hill-Rom Holdings		2,963,749
	104,743	ICU Medical *		6,310,766
	459,620	Nordion (Canada) *		3,221,936
	234,800	Owens & Minor		7,647,436
	155,210	Quality Systems		2,773,603
	176,080	STERIS		7,323,167
				35,695,092
		Industrials – 12.92%
	215,420	Aircastle (Bermuda)		3,007,263
	67,026	Cubic		2,880,107
	65,690	Forward Air		2,423,304
	222,785	Geo Group		8,343,298
	278,430	Heartland Express		3,778,295
	182,348	Insperity		5,038,275
	153,670	Korn/Ferry International *		2,543,239
	115,570	Layne Christensen *		2,361,095
	193,369	Standard Parking *		4,155,500
	87,033	Unifirst		7,924,355
				42,454,731
		Information Technology – 12.45%
	79,331	Computer Services		2,340,265
	297,110	Convergys		5,056,812
	231,760	CSG Systems International *		5,008,334
	169,670	Daktronics		1,695,003
	146,807	DST Systems		10,151,704
	178,973	Electro Rent		2,965,583
	63,100	Heartland Payment Systems		2,075,359
	89,570	Ituran Location and Control (Israel)		1,429,537
	59,590	Lexmark International, Class A		1,806,173
	190,920	NeuStar, Class A *		8,375,660
				40,904,430
		Materials – 4.24%
	404,800	AuRico Gold (Canada)		2,092,817
	50,880	Innophos Holdings		2,610,653

See accompanying Notes to Financial Statements.

26

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials (continued)
	211,530	Intrepid Potash	$	3,894,267
	146,030	Kraton Performance Polymers *		3,316,341
	153,820	Pan American Silver (Canada)		2,030,424
				13,944,502
		Telecommunication Services – 2.73%
	88,260	Atlantic Tele-Network		4,480,961
	72,700	Starz - Liberty Capital *		1,699,726
	124,300	Telephone & Data Systems		2,789,292
				8,969,979
		Utilities – 0.76%
	89,030	Avista		2,497,292
		Total Common Stocks (Cost $227,015,149)		311,398,200
	INVESTMENT COMPANY – 5.10%
	16,779,073	BlackRock Liquidity Funds TempFund Portfolio		16,779,073
		Total Investment Company (Cost $16,779,073)		16,779,073
	Total Investments – 99.85% (Cost $243,794,222)**			328,177,273
	Net Other Assets and Liabilities – 0.15%			481,506
	Net Assets – 100.00%		$	328,658,779

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	87,982,529
Gross unrealized depreciation		(3,599,478	)
Net unrealized appreciation	$	84,383,051

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2013, these securities amounted to $7,273,899 or 2.21% of net assets.

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

27

Aston Funds

ASTON/River Road Independent Value Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 43.08%
		Consumer Discretionary – 4.70%
	767,937	Aaron’s *	$	22,047,472
	213,528	American Greetings, Class A		3,937,456
	220,433	Big Lots *		8,028,170
				34,013,098
		Consumer Staples – 4.32%
	376,317	Harris Teeter Supermarkets		15,726,287
	80,857	Oil-Dri Corporation of America		2,224,376
	317,700	Weis Markets		13,289,391
				31,240,054
		Energy – 9.81%
	372,709	Bill Barrett *		7,402,001
	191,612	Contango Oil & Gas		7,208,443
	336,886	QEP Resources		9,671,997
	79,591	Tidewater		4,174,548
	193,201	Unit *		8,120,238
	2,197,681	WPX Energy *		34,349,754
				70,926,981
		Financials – 0.79%
	236,145	Baldwin & Lyons, Class B (a)		5,738,324
		Healthcare – 1.82%
	404,513	Owens & Minor		13,174,988
		Industrials – 1.07%
	430,628	Orbital Sciences *		7,759,917

Shares			Market Value
		Information Technology – 13.10%
	445,653	Benchmark Electronics *	$	7,950,450
	1,051,100	CSG Systems International *		22,714,271
	941,551	EPIQ Systems		13,153,467
	671,099	FLIR Systems		16,314,417
	444,118	Mantech International, Class A		11,853,509
	1,480,074	Sykes Enterprises *		22,778,339
				94,764,453
		Materials – 6.92%
	4,605,944	AuRico Gold (Canada)		23,812,730
	1,647,974	Pan American Silver (Canada)		21,753,257
	633,655	Silver Standard Resources (Canada) *		4,524,297
				50,090,284
		Utilities – 0.55%
	167,487	Artesian Resources, Class A		3,947,669
		Total Common Stocks (Cost $309,814,956)		311,655,768
	INVESTMENT COMPANY – 57.59%
	416,693,043	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		416,693,043
		Total Investment Company (Cost $416,693,043)		416,693,043
	Total Investments – 100.67% (Cost $726,507,999)**			728,348,811
	Net Other Assets and Liabilities – (0.67)%			(4,864,919	)
	Net Assets – 100.00%		$	723,483,892

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	23,658,245
Gross unrealized depreciation		(21,817,433	)
Net unrealized appreciation	$	1,840,812

(a) This security has been determined by the Subadviser to be an illiquid security. At April 30, 2013, this security amounted to $5,738,324 or 0.79% of net assets.

See accompanying Notes to Financial Statements.

28

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited)

Par Value			Market Value
	CORPORATE NOTES AND BONDS – 38.89%
		Consumer Discretionary – 2.20%
	$   350,000	ADT Senior Unsecured Notes 3.500%, 07/15/22	$	352,511
	700,000	Cosan Luxembourg SA (Luxembourg) 5.000%, 03/14/23 (c)		714,700
	490,000	Daimler Finance North America 1.950%, 03/28/14 (c)		494,986
	465,000	DIRECTV Holdings 5.000%, 03/01/21		530,549
	550,000	Ford Motor Senior Unsecured Notes 7.450%, 07/16/31		735,216
	400,000	Macy’s Retail Holdings 2.875%, 02/15/23		397,524
	325,000	Mattel Senior Unsecured Notes 2.500%, 11/01/16		339,382
	100,000	Prime Holdings Labuan (Malaysia) 5.375%, 09/22/14		104,709
	325,000	Teva Pharmaceutical Finance Co BV (Cook Islands) 2.950%, 12/18/22		332,451
	325,000	Time Warner Cable 5.000%, 02/01/20		375,827
	375,000	4.500%, 09/15/42		358,558
	300,000	Wynn Las Vegas 7.750%, 08/15/20		345,000
				5,081,413
		Consumer Staples – 2.57%
	700,000	Altria Group 2.850%, 08/09/22		700,095

Par Value			Market Value
		Consumer Staples (continued)
	$   400,000	Anadolu Efes Biracilik Ve Malt Sanayii AS (Turkey) Senior Unsecured Notes 3.375%, 11/01/22 (c)	$	395,000
	350,000	Coca-Cola Senior Unsecured Notes 1.800%, 09/01/16		362,840
	275,000	ConAgra Foods Senior Unsecured Notes 3.200%, 01/25/23		281,838
	100,000	Corp Lindley (Peru) Senior Unsecured Notes 6.750%, 11/23/21 (c)		117,250
	300,000	Corp Lindley SA (Peru) Senior Unsecured Notes 4.625%, 04/12/23 (c)		305,250
	100,000	Corp Pesquera Inca (Peru) 9.000%, 02/10/17 (c)		108,300
	200,000	9.000%, 02/10/17		216,600
	375,000	Diageo Capital (United Kingdom) 1.500%, 05/11/17		382,657
	120,000	Gruma (Mexico) Senior Unsecured Notes 7.750%, 12/29/49		121,200
	400,000	IOI Investment L Bhd (Malaysia) 4.375%, 06/27/22		419,135
	70,000	JBS USA Senior Unsecured Notes 7.250%, 06/01/21		74,550
	268,000	Kellogg Senior Unsecured Notes 7.450%, 04/01/31		375,224
	290,000	Kraft Foods Senior Unsecured Notes 5.375%, 02/10/20		347,445
	625,000	Kroger Senior Unsecured Notes 3.400%, 04/15/22		661,316
	330,000	Tyson Foods 4.500%, 06/15/22		366,070
	650,000	Wal-Mart Stores Senior Unsecured Notes 3.250%, 10/25/20		712,419
				5,947,189
		Energy – 5.20%
	220,000	BP Capital Markets (United Kingdom) 4.750%, 03/10/19		256,812
	100,000	2.500%, 11/06/22		99,849
	200,000	CNPC General Capital (Virgin Islands) 3.400%, 04/16/23 (c)		202,565
	275,000	ConocoPhillips 6.500%, 02/01/39		382,685
	200,000	Devon Energy Senior Unsecured Notes 6.300%, 01/15/19		241,894
	425,000	4.000%, 07/15/21		462,133

See accompanying Notes to Financial Statements.

29

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Energy (continued)
	$   270,000	Halliburton Senior Unsecured Notes 6.150%, 09/15/19	$	341,813
	225,000	Kinder Morgan Energy Partners Senior Unsecured Notes 6.950%, 01/15/38		297,739
	75,000	6.500%, 09/01/39		95,545
	325,000	Marathon Petroleum Senior Secured Notes 5.125%, 03/01/21		384,590
	800,000	Novatek OAO Via Novatek Finance (Iran) Senior Unsecured Notes 5.326%, 02/03/16		865,000
	326,000	ONEOK Partners 6.125%, 02/01/41		400,553
	215,000	Pacific Rubiales Energy (Canada) 7.250%, 12/12/21 (c)		246,175
	1,200,000	7.250%, 12/12/21		1,374,000
	580,000	Pemex Project Funding Master Trust 6.625%, 06/15/35		733,154
	400,000	Petroleos Mexicanos (Mexico) 3.500%, 01/30/23 (c)		408,000
	200,000	6.625%, 09/28/99		214,700
	325,000	Phillips 66 5.875%, 05/01/42		402,546
	250,000	Reliance Holdings USA 5.400%, 02/14/22 (c)		282,315
		Sibur Securities (Iran)
	600,000	3.914%, 01/31/18		592,650
	400,000	3.914%, 01/31/18 (c)		395,100
	325,000	Transocean (Cayman Islands) 6.000%, 03/15/18		376,146
	1,000,000	Transportadora de Gas Internacional SA ESP (Colombia) Senior Unsecured Notes 5.700%, 03/20/22		1,107,500
	700,000	Tupras Turkiye Petrol Rafinerileri AS (Turkey) Senior Unsecured Notes 4.125%, 05/02/18 (c)		719,922
	700,000	4.125%, 05/02/18		719,922
	350,000	Valero Energy 6.125%, 02/01/20		429,060
				12,032,368
		Financials – 12.02%
	700,000	American Express Credit Senior Unsecured Notes 2.750%, 09/15/15		733,687
	575,000	Australia & New Zealand Banking Group (Australia) Senior Unsecured Notes 4.875%, 01/12/21 (c)		678,905
	200,000	Banco Bradesco SA/Cayman Islands (Brazil) Subordinated Notes 5.750%, 03/01/22 (c)		218,500

Par Value				Market Value
			Financials (continued)
	$   600,000		Banco Davivienda SA (Colombia) Senior Unsecured Notes 2.950%, 01/29/18 (c)	$	592,500
	600,000		2.950%, 01/29/18		592,500
	600,000		Banco de Bogota SA (Colombia) 5.375%, 02/19/23 (c)		631,200
	400,000		5.375%, 02/19/23		420,800
	500,000		Banco de Chile (Chile) 6.250%, 06/15/16		552,585
	1,000,000		Banco de Credito del Peru (Peru) 4.250%, 04/01/23 (c)		1,008,500
	350,000		6.125%, 04/24/27 (a) (c)		382,900
	500,000		Banco do Brasil SA/Cayman Islands (Belize) 5.875%, 01/19/23		547,500
	400,000		8.500%, 10/20/49 (a)		494,000
	100,000		Banco Inter del Peru 8.500%, 04/23/70 (d)		115,000
	300,000		Banco Mercantil del Norte SA (Mexico) Subordinated Notes 6.862%, 10/13/21 (a)		324,000
	100,000		Bancolombia SA (Colombia) Senior Unsecured Notes 4.250%, 01/12/16		106,250
	700,000		Bank of Montreal (Canada) Senior Unsecured Notes 1.400%, 09/11/17		703,515
	340,000		BB&T Senior Unsecured Notes 1.600%, 08/15/17		344,976
	275,000	��	Boston Properties Senior Unsecured Notes, REIT 4.125%, 05/15/21		305,795
	50,000		3.850%, 02/01/23		54,185
	1,000,000		Cielo (Brazil) Senior Unsecured Notes 3.750%, 11/16/22		976,000
	1,400,000		Corpbanca (Chile) 3.125%, 01/15/18		1,406,440
	250,000		CorpGroup Banking (Chile) 6.750%, 03/15/23 (c)		265,938
	250,000		Corpgroup Banking SA 6.750%, 03/15/23		265,938
	400,000		DBS Bank (Singapore) 5.000%, 11/15/19 (a)		421,760
	675,000		General Electric Capital Senior Unsecured Notes 2.900%, 01/09/17		716,193
	800,000		Global Bank (Pitcairn Island) 4.750%, 10/05/17		818,000
	300,000		Goldman Sachs Group Senior Unsecured Notes 5.750%, 01/24/22		358,882
	600,000		Grupo Aval (Cayman Islands) 5.250%, 02/01/17		648,720
	200,000		4.750%, 09/26/22 (c)		202,250
	500,000		4.750%, 09/26/22		505,625

See accompanying Notes to Financial Statements.

30

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$     99,766	IIRSA Norte Finance (Cayman Islands) Senior Secured Notes 8.750%, 05/30/24	$	125,206
	300,000	Industrial Senior Trust (Cayman Islands) 5.500%, 11/01/22 (c)		301,500
	500,000	5.500%, 11/01/22		502,500
	700,000	Itau Unibanco Holding SA/Cayman Island (Belize) 5.500%, 08/06/22		746,900
	125,000	JPMorgan Chase Senior Unsecured Notes 4.950%, 03/25/20		145,676
	475,000	4.500%, 01/24/22		537,578
	675,000	Korea Development Bank (South Korea) Senior Unsecured Notes 4.375%, 08/10/15		723,557
	424,000	Liberty Mutual 6.500%, 05/01/42 (c)		501,129
	400,000	Malayan Banking Bhd (Malaysia) 3.250%, 09/20/22 (a)		406,395
	72,000	MetLife Senior Unsecured Notes 6.375%, 06/15/34		94,759
	175,000	5.700%, 06/15/35		212,023
	125,000	5.875%, 02/06/41		158,176
	250,000	4.125%, 08/13/42		250,241
	325,000	Morgan Stanley Senior Unsecured Notes 3.750%, 02/25/23		338,047
	595,000	National Rural Utilities Cooperative Finance Collateral Trust 10.375%, 11/01/18		866,580
	300,000	Oversea-Chinese Banking (Singapore) 4.250%, 11/18/19 (a)		312,260
	400,000	Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes 7.375%, 01/31/20		399,400
	336,000	PNC Funding 4.375%, 08/11/20		385,146
	300,000	3.300%, 03/08/22		315,918
	350,000	Pttep Australia International Finance Property (Australia) 4.152%, 07/19/15		369,248
	800,000	Scotiabank Peru SA (Peru) 4.500%, 12/13/27 (a) (c)		796,000
	600,000	4.500%, 12/13/27 (a)		597,000
	75,000	Simon Property Group Senior Unsecured Notes 5.650%, 02/01/20		91,828
	160,000	4.375%, 03/01/21		182,449
	1,000,000	Tanner Servicios Financieros SA (Chile) 4.375%, 03/13/18 (c)		1,017,726
	200,000	United Overseas Bank (Singapore) 5.375%, 09/03/19 (a)		210,522

Par Value			Market Value
		Financials (continued)
	$1,000,000	VTB Bank OJSC Via VTB Capital (Luxembourg) Senior Unsecured Notes 6.875%, 05/29/18	$	1,124,000
	525,000	Wells Fargo Senior Unsecured Notes 4.600%, 04/01/21		608,254
��	75,000	3.500%, 03/08/22		80,622
				27,793,684
		Healthcare – 1.11%
	50,000	Becton Dickinson Senior Unsecured Notes 3.250%, 11/12/20		53,989
	380,000	3.125%, 11/08/21		402,966
	350,000	Biogen Idec Senior Unsecured Notes 6.875%, 03/01/18		431,204
	425,000	Celgene Senior Unsecured Notes 3.250%, 08/15/22		438,138
	450,000	Medtronic Senior Unsecured Notes 1.375%, 04/01/18		452,648
	75,000	Novartis Capital 2.400%, 09/21/22		75,705
	350,000	WellPoint Senior Unsecured Notes 5.250%, 01/15/16		389,195
	100,000	2.375%, 02/15/17		104,102
	175,000	5.875%, 06/15/17		206,672
				2,554,619
		Industrials – 7.88%
	200,000	Alpek SA de CV (Mexico) Senior Unsecured Notes 4.500%, 11/20/22 (c)		209,249
	200,000	Alrosa Finance (Luxemburg) 8.875%, 11/17/14		220,380
	200,000	Andrade Gutierrez International SA (Belize) 4.000%, 04/30/18 (c)		201,000
	300,000	BFF International (Cayman Islands) 7.250%, 01/28/20		364,125
	300,000	Boeing Senior Unsecured Notes 6.875%, 03/15/39		440,792
	350,000	Burlington Northern Santa Fe Senior Unsecured Notes 3.000%, 03/15/23		360,398
	600,000	Cementos Pacasmayo SAA (Peru) 4.500%, 02/08/23		595,200
	100,000	Cemex Espana Luxembourg (Spain) Senior Secured Notes 9.250%, 05/12/20		110,500

See accompanying Notes to Financial Statements.

31

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Industrials (continued)
	$   100,000	Cemex Sab de CV (Mexico) Senior Secured Notes 9.000%, 01/11/18	$	109,500
	600,000	5.875%, 03/25/19 (c)		612,000
	1,000,000	Cencosud SA (Colombia) 4.875%, 01/20/23 (c)		1,040,259
	200,000	4.875%, 01/20/23		208,052
	600,000	CFR International SPA (Colombia) 5.125%, 12/06/22		622,715
	400,000	5.125%, 12/06/22 (c)		415,144
	800,000	Corp GEO Sab de CV (Mexico) 8.875%, 03/27/22		372,000
	100,000	CSN Islands IX (Cayman Islands) 10.000%, 01/15/15		111,950
	500,000	Embraer Overseas (Cayman Islands) 6.375%, 01/24/17		569,500
	600,000	Empresas ICA (Mexico) 8.375%, 07/24/17		586,500
	400,000	8.900%, 02/04/21		392,000
	200,000	ESAL GmbH (American Samoa) 6.250%, 02/05/23		199,800
	800,000	6.250%, 02/05/23 (c)		799,200
	200,000	Ferreycorp SAA (Peru) 4.875%, 04/26/20 (c) (d)		202,250
	200,000	Freeport-McMoRan Copper & Gold Senior Unsecured Notes 2.150%, 03/01/17		203,685
	800,000	3.550%, 03/01/22		801,900
	500,000	Grupo KUO SAB de CV (Mexico) 6.250%, 12/04/22 (c)		543,750
	700,000	6.250%, 12/04/22		761,250
	125,000	Illinois Tool Works Senior Unsecured Notes 6.250%, 04/01/19		156,847
	325,000	3.375%, 09/15/21		357,355
	600,000	LPG International (Cayman Islands) 7.250%, 12/20/15		666,000
	400,000	NET Servicos de Comunicacao (Belize) 7.500%, 01/27/20		452,000
	250,000	Novartis Capital 4.400%, 04/24/20		292,858
	400,000	OAS Financial (Belize) 8.875%, 04/29/49 (a) (c) (d)		406,500
	300,000	Penerbangan Malaysia (Malaysia) 5.625%, 03/15/16		335,780
	200,000	Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes 7.375%, 01/31/20 (c)		199,700
	600,000	PTT PCL (Thailand) Senior Unsecured Notes 3.375%, 10/25/22		606,352
	400,000	SACI Falabella (Colombia) Senior Unsecured Notes 3.750%, 04/30/23 (c)		401,800
	600,000	Samarco Mineracao (Belize) Senior Unsecured Notes 4.125%, 11/01/22 (c)		590,250

Par Value			Market Value
		Industrials (continued)
	$   400,000	SMU SA (Colombia) 7.750%, 02/08/20 (c)	$	427,500
	200,000	Southern Copper Senior Unsecured Notes 5.250%, 11/08/42		193,910
	337,000	Southwest Airlines Senior Unsecured Notes 5.750%, 12/15/16		380,457
	225,000	5.125%, 03/01/17		251,211
	200,000	STATS ChipPAC (Singapore) 5.375%, 03/31/16		208,750
	200,000	Telefonica Celular del Paraguay (Paraguay) Senior Unsecured Notes 6.750%, 12/13/22 (c)		218,500
	450,000	United Technologies Senior Unsecured Notes 3.100%, 06/01/22		479,794
	425,000	Waste Management 6.125%, 11/30/39		544,013
				18,222,676
		Information Technology – 0.89%
	375,000	Arrow Electronics Senior Unsecured Notes 3.375%, 11/01/15		389,473
	375,000	Microsoft Senior Unsecured Notes 2.125%, 11/15/22		370,424
	450,000	Motorola Solutions Senior Unsecured Notes 6.000%, 11/15/17		527,614
	300,000	Oracle Senior Unsecured Notes 1.200%, 10/15/17		302,199
	450,000	Xerox Senior Unsecured Notes 4.250%, 02/15/15		474,827
				2,064,537
		Materials – 3.45%
	400,000	Alfa Bank OJSC Via Alfa Bond Issuance (Iran) 7.500%, 09/26/19		433,080
	600,000	Alfa MTN Invest (Cocos (Keeling Islands)) 9.250%, 06/24/13		607,320
	300,000	Alfa MTN Issuance (Cocos (Keeling Islands)) 8.000%, 03/18/15		326,250
	300,000	Celulosa Arauco y Constitucion SA (Chile) Senior Unsecured Notes 5.000%, 01/21/21		318,923
	600,000	4.750%, 01/11/22		625,675
	800,000	Cia Minera Milpo SAA (Peru) Senior Unsecured Notes 4.625%, 03/28/23 (c)		814,000

See accompanying Notes to Financial Statements.

32

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Materials (continued)
	$   350,000	Dow Chemical Senior Unsecured Notes 3.000%, 11/15/22	$	350,922
	75,000	Ecolab Senior Unsecured Notes 2.375%, 12/08/14		77,009
	275,000	1.000%, 08/09/15		276,072
	250,000	Inversiones CMPC (Chile) 4.750%, 01/19/18		266,285
	550,000	4.500%, 04/25/22		563,207
	150,000	4.500%, 04/25/22 (c)		153,602
	600,000	Mexichem SAB de CV (Mexico) Senior Unsecured Notes 4.875%, 09/19/22 (c)		654,000
	500,000	OJSC Novolipetsk Steel via Steel Funding (Iran) 4.450%, 02/19/18		506,250
	500,000	4.450%, 02/19/18 (c)		506,250
	200,000	Phosagro OAO via Phosagro Bond Funding (Iran) 4.204%, 02/13/18		205,000
	400,000	4.204%, 02/13/18 (c)		410,000
	500,000	Polyus Gold International (Jersey) 5.625%, 04/29/20 (c) (d)		511,875
	375,000	Teck Resources (Canada) 5.400%, 02/01/43		371,185
				7,976,905
		Telecommunications – 1.99%
	275,000	AT&T Senior Unsecured Notes 5.350%, 09/01/40		312,049
	150,000	Axiata SPV1 Labuan (Malaysia) 5.375%, 04/28/20		172,728
	621,000	British Telecom (United Kingdom) Senior Unsecured Notes 5.950%, 01/15/18		743,619
	75,000	Deutsche Telekom International Finance BV (Netherlands) 8.750%, 06/15/30		111,951
	200,000	Digicel (Bangladesh) Senior Unsecured Notes 7.000%, 02/15/20		211,500
	800,000	6.000%, 04/15/21 (c)		804,000
	350,000	France Telecom (France) Senior Unsecured Notes 2.750%, 09/14/16		366,849
	300,000	Globo Comunicacao e Participacoes (Belize) 6.250%, 07/20/15 (f)		323,100
	200,000	5.307%, 05/11/22 (c) (f)		221,000
		Senior Unsecured Notes
	200,000	5.307%, 05/11/22 (f)		221,000
	200,000	Koninklijke KPN NV (Netherlands) Senior Unsecured Notes 8.375%, 10/01/30		268,824
	200,000	TV Azteca SAB de CV (Mexico) 7.500%, 05/25/18		219,000

Par Value			Market Value
		Telecommunications (continued)
	$   300,000	VimpelCom Holdings BV (Netherlands) 5.200%, 02/13/19 (c)	$	307,500
	300,000	5.950%, 02/13/23 (c)		306,000
				4,589,120
		Transportation Non Rail – 0.36%
	200,000	Gazprombank OJSC Via GPB Eurobond Finance (Iran) Senior Unsecured Notes 7.933%, 06/28/13		202,400
	400,000	5.625%, 05/17/17		428,080
	200,000	Transnet SOC (South Africa) Senior Unsecured Notes 4.500%, 02/10/16		212,105
				842,585
		Utilities – 1.22%
	500,000	AES Andres Dominicana (Cayman Islands) Senior Secured Notes 9.500%, 11/12/20		546,250
	150,000	AES Gener (Chile) Senior Unsecured Notes 7.500%, 03/25/14		157,665
	400,000	Duke Energy Senior Unsecured Notes 3.550%, 09/15/21		431,586
	350,000	EGE Haina Finance (Cayman Islands) Senior Secured Notes 9.500%, 04/26/17		364,000
	200,000	Instituto Costarricense de Electricidad (Costa Rica) Senior Unsecured Notes 6.950%, 11/10/21 (c)		229,500
	425,000	Midamerican Energy Holdings Senior Unsecured Notes 6.500%, 09/15/37		575,654
	475,000	Southern Power Senior Unsecured Notes 4.875%, 07/15/15		517,384
				2,822,039
		Total Corporate Notes and Bonds (Cost $88,658,656)		89,927,135
	COLLATERALIZED MORTGAGE-BACKED SECURITIES – 19.01%
	1,072,000	American General Mortgage Loan Trust Series 2010-1A, Class A3 5.650%, 03/25/58 (a) (c)		1,131,706
	250,000	Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 02/10/51 (a)		282,888
	350,000	Banc of America Commercial Mortgage Trust Series 2007-4, Class AM 5.821%, 02/10/51 (a)		406,162

See accompanying Notes to Financial Statements.

33

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$   793,391	Banc of America Funding Series 2010-R9, Class 3A3 5.500%, 12/26/35 (c)	$	604,047
	953,408	Banc of America Funding Series 2006-B, Class 7A1 5.640%, 03/20/36 (a)		858,593
	1,074,096	Banc of America Funding Series 2012-R4, Class A 0.464%, 03/04/39 (a) (c)		1,055,376
	83,609	Banc of America Large Loan Trust Series 2007-BMB1, Class A2 0.949%, 08/15/29 (a) (c)		82,494
	75,000	Banc of America Merrill Lynch Commercial Mortgage Series 2006-4, Class AM 5.675%, 07/10/46		85,437
	100,000	Banc of America Re-REMIC Trust Series 2012-CLRN, Class B 1.799%, 08/15/29 (a) (c)		101,236
	100,000	Banc of America Re-REMIC Trust Series 2012-CLRN, Class D 2.899%, 08/15/29 (a) (c)		102,224
	535,422	Bear Stearns Asset Backed Securities Trust Series 2004-AC2, Class 2A 5.000%, 05/25/34		539,907
	125,000	Bear Stearns Commercial Mortgage Securities Series 2006-PW14, Class AM 5.243%, 12/11/38		141,666
	275,000	Bear Stearns Commercial Mortgage Securities Series 2007-PW16, Class AM 5.905%, 06/11/40 (a)		321,555
	100,000	Bear Stearns Commercial Mortgage Securities Series 2005-PWR8, Class A4 4.674%, 06/11/41		106,970
	100,000	Bear Stearns Commercial Mortgage Securities Series 2005-T18, Class AJ 5.005%, 02/13/42 (a)		107,497
	294,687	Citicorp Mortgage Securities Series 2007-2, Class 3A1 5.500%, 02/25/37		300,505
	350,000	Citigroup Commercial Mortgage Trust 2.738%, 01/12/18 (c)		362,711
	350,000	Citigroup Commercial Mortgage Trust 3.008%, 01/12/18 (c)		355,082
	50,000	Citigroup Commercial Mortgage Trust Series 2005-C3, Class AM 4.830%, 05/15/43 (a)		53,693
	992,665	Citigroup Commercial Mortgage Trust Series 2012-GC8, Class XA 2.419%, 09/10/45 (a) (b) (c)		132,900
	130,000	Citigroup Commercial Mortgage Trust Series 2006-C5, Class AM 5.462%, 10/15/49		148,471

Par Value			Market Value
	$   375,000	Citigroup Commercial Mortgage Trust Series 2007-C6, Class AM 5.885%, 12/10/49 (a)	$	428,588
	250,000	Citigroup Commercial Mortgage Trust Series 2008-C7, Class AM 6.340%, 12/10/49 (a)		292,669
	6,992,611	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class XP 0.308%, 11/15/44 (a) (b) (c)		22,146
	340,000	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class AMFX 5.366%, 12/11/49 (a)		367,663
	1,134,567	Citimortgage Alternative Loan Trust Series 2007-A4, Class 1A13 5.750%, 04/25/37		1,050,041
	200,000	Commercial Mortgage Pass Through Certificates Series 2007-TFLA, Class B 0.349%, 02/15/22 (a) (c)		194,376
	150,000	Commercial Mortgage Pass Through Certificates Series 2012-FL2, Class GPI 3.700%, 09/17/29 (a) (c) (d) (e)		150,000
	300,000	Commercial Mortgage Pass Through Certificates Series 2006-C3, Class AM 5.989%, 06/15/38 (a)		337,839
	275,000	Commercial Mortgage Pass Through Certificates Series 2006-C4, Class AM 5.509%, 09/15/39		308,323
	300,000	Commercial Mortgage Pass Through Certificates Series 2006-C5, Class AM 5.343%, 12/15/39		335,266
	1,988,628	Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.374%, 11/15/45 (a) (b)		285,991
	350,000	Commercial Mortgage Pass Through Certificates Series 2006-C7, Class AM 5.965%, 06/10/46 (a)		390,001
	176,743	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 2.510%, 07/10/46 (a) (b) (c)		9,189
	275,000	Commercial Mortgage Trust Series 2011-THL, Class B 4.554%, 06/09/28 (c)		283,401
	200,000	Commercial Mortgage Trust Series 2006-CD3, Class AM 5.648%, 10/15/48		227,769
	1,690,689	Countrywide Alternative Loan Trust Series 2005-J8, Class 1A5 5.500%, 07/25/35		1,635,363

See accompanying Notes to Financial Statements.

34

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$2,097,034	Countrywide Alternative Loan Trust Series 2005-86CB, Class A5 5.500%, 02/25/36	$	1,727,357
	589,486	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/25/36		290,827
	128,381	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/25/37		112,875
	491,255	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 0.704%, 09/25/37 (a)		300,352
	469,066	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 6.300%, 09/25/37 (a) (b)		107,554
	1,996,914	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-12, Class A9 5.750%, 08/25/37		1,966,259
	1,166,083	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-HYB8, Class 4A1 4.611%, 12/20/35 (a)		1,057,108
	1,076,802	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-2, Class A13 6.000%, 03/25/37		1,013,956
	249,871	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/25/37		235,101
	100,000	Credit Suisse First Boston Mortgage Securities Series 1998 -C2 Class F 6.750%, 11/15/30 (a) (c)		105,356
	3,112,446	Credit Suisse First Boston Mortgage Securities Series 1997-C2, Class AX 0.282%, 01/17/35 (a) (b)		2,303
	161,112	Credit Suisse First Boston Mortgage Securities Series 2005-8, Class 9A4 5.500%, 09/25/35		153,367
	250,000	Credit Suisse First Boston Mortgage Securities Series 2005-C6, Class AJ 5.230%, 12/15/40 (a)		270,085
	197,115	Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class A2 0.369%, 10/15/21 (a) (c)		193,657
	530,781	Credit Suisse Mortgage Capital Certificates Series 2006-7, Class 1A3 5.000%, 08/25/36		441,236
	377,727	Credit Suisse Mortgage Capital Certificates Series 2009-13R, Class 2A1 6.000%, 01/26/37 (c)		389,617

Par Value			Market Value
	$1,659,996	Credit Suisse Mortgage Capital Certificates Series 2007-1, Class 5A4 6.000%, 02/25/37	$	1,541,105
	150,000	Credit Suisse Mortgage Capital Certificates Series 2010-RR2, Class 3B 5.342%, 12/15/43 (a) (c)		169,554
	250,000	Credit Suisse Mortgage Capital Certificates Series 2009-RR2, Class IQB 5.695%, 04/16/49 (a) (c)		277,848
	150,000	CW Capital Cobalt Commercial Mortgage Trust Series 2007-C2, Class AMFX 5.526%, 04/15/47 (a)		173,529
	200,000	DBRR Trust Series 2012-EZ1, Class A 1.393%, 09/25/45 (c) (d)		200,940
	250,000	DBRR Trust Series 2011-C32, Class A3B 5.924%, 06/17/49 (a) (c)		280,489
	150,000	Del Coronado Trust 2.149%, 03/15/26 (a) (c)		150,252
	150,000	Del Coronado Trust 2.853%, 03/15/26 (a) (c)		150,251
	275,000	Fontainebleau Miami Beach Trust Series 2001-FBLU, Class C 4.270%, 05/05/27 (c)		289,480
	100,000	Fontainebleau Miami Beach Trust Series 2012-FBLU, Class E 5.253%, 05/05/27 (c)		105,970
	100,000	GE Capital Commercial Mortgage Series 2005-C2, Class B 5.113%, 05/10/43 (a)		106,538
	50,000	GMAC Commercial Mortgage Securities Series 2006-C1, Class AM 5.290%, 11/10/45 (a)		54,476
	100,000	GMAC Commercial Mortgage Securities Series 2006 -C1 Class AJ 5.349%, 11/10/45 (a)		92,998
	250,000	Greenwich Capital Commercial Funding Series 2007-GG9, Class AMFX 5.475%, 03/10/39		282,163
	250,000	Greenwich Capital Commercial Funding Series 2007-GG11, Class AM 5.867%, 12/10/49 (a)		288,214
	100,000	GS Mortgage Securities Corp II Series 2006-GG6, Class AM 5.622%, 04/10/38 (a)		111,361
	350,000	GS Mortgage Securities Trust Series 2006-GG6, Class AJ 5.826%, 04/10/38 (a)		357,014
	974,016	GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1 3.187%, 01/25/36 (a)		872,721
	145,222	HSBC Asset Loan Obligation Series 2007-2, Class 1A1 5.500%, 09/25/37		145,546

See accompanying Notes to Financial Statements.

35

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$   300,000	JPMorgan Chase Commercial Mortgage Securities 1.865%, 10/15/25 (a) (c)	$	304,919
	2,524,911	JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP8, Class X 0.724%, 05/15/45 (a) (b)		36,908
	987,399	JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XA 2.212%, 06/15/45 (a) (b)		113,623
	2,482,968	JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C8, Class XA 2.369%, 10/15/45 (a) (b)		331,343
	1,266,992	JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class XA 1.761%, 07/15/46 (a) (b) (c)		84,531
	350,000	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB17 Class AM 5.910%, 02/12/49 (a)		396,136
	175,000	JPMorgan Chase Commercial Mortgage Securities Trust Series 2009-RR2, Class GEB 5.543%, 12/17/49 (c)		196,831
	250,000	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB20, Class AM 6.078%, 02/12/51 (a)		297,476
	88,526	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-C1, Class ASB 5.857%, 02/15/51		97,047
	250,000	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LD12, Class AM 6.198%, 02/15/51 (a)		291,646
	250,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMFL 6.081%, 07/15/44 (a) (c)		291,497
	100,000	LB-UBS Commercial Mortgage Trust Series 2003-C7, Class D 5.675%, 07/15/37 (a)		100,690
	350,000	LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AM 5.413%, 09/15/39		398,719
	350,000	LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AJ 5.484%, 02/15/40		353,382
	50,000	LB-UBS Commercial Mortgage Trust Series 2005-C3, Class AM 4.794%, 07/15/40		53,884
	250,000	Merrill Lynch Mortgage Trust Series 2005-CIP1, Class AM 5.107%, 07/12/38 (a)		271,977
	50,000	Merrill Lynch Mortgage Trust Series 2006-C1, Class AM 5.873%, 05/12/39 (a)		56,655

Par Value			Market Value
	$   350,000	Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 08/12/43 (a)	$	345,646
	250,000	ML-CFC Commercial Mortgage Trust Series 2007-5, Class AM 5.419%, 08/12/48		276,141
	990,969	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XA 2.085%, 08/15/45 (a) (b) (c)		110,713
	250,000	Morgan Stanley Capital I Series 2007-IQ13, Class AM 5.406%, 03/15/44		283,076
	1,456,869	Morgan Stanley Capital I Series 2011-C1, Class XA 1.123%, 09/15/47 (a) (b) (c)		45,059
	300,000	Morgan Stanley Capital I Trust Series 2006-HQ8, Class AJ 5.677%, 03/12/44 (a)		314,216
	300,000	Morgan Stanley Capital I Trust 2007-HQ11 Series 2007-HQ11, Class AJ 5.508%, 02/12/44 (a)		317,112
	1,359,686	Morgan Stanley Mortgage Loan Trust Series 2005-3AR, Class 2A2 2.599%, 07/25/35 (a)		1,192,450
	200,000	Morgan Stanley Re-REMIC Trust Series 2010-HQ4, Class AJ 4.970%, 04/15/40 (c)		208,281
	300,000	Nomura Asset Acceptance Series 2005-AP3, Class A3 5.318%, 08/25/35 (a)		237,796
	747,808	Prime Mortgage Trust Series 2006-DR1, Class 2A1 5.500%, 05/25/35 (c)		755,724
	277,492	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/25/36		185,021
	707,765	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/25/37		555,706
	188,722	RREF Series 2013-LT2, Class A 2.833%, 05/22/28 (c)		188,888
	167,865	SMA Issuer I Series 2012-LV1, Class A 3.500%, 08/20/25 (c)		168,697
	516,831	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 2.771%, 02/25/36 (a)		460,542
	213,330	Structured Asset Securities Series 2005-10, Class 1A1 5.750%, 06/25/35		216,820
	100,000	TIAA Seasoned Commercial Mortgage Trust Series 2007-C4 Class AJ 5.541%, 08/15/39 (a)		110,515

See accompanying Notes to Financial Statements.

36

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$1,981,452	UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class XA 2.359%, 08/10/49 (a) (b) (c)	$	280,878
	25,000	Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Class AM 5.516%, 12/15/44 (a)		27,583
	300,000	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class AJ 5.632%, 10/15/48		274,044
	250,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AM 6.122%, 02/15/51 (a)		289,768
	350,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AMFL 0.399%, 12/15/43 (c)		326,361
	937,268	Wachovia Mortgage Loan Trust Series 2005-A, Class 2A1 2.636%, 08/20/35 (a)		879,603
	498,752	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 6.000%, 06/25/37		465,981
	1,170,823	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR2, Class 2A5 2.640%, 03/25/36 (a)		1,133,884
	804,943	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/25/37		805,681
	766,887	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A2 6.000%, 07/25/37		761,034
	733,285	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/25/37		758,211
	347,350	Wells Fargo Mortgage Loan Trust Series 2012-RR1 Class A1 2.847%, 08/27/37 (a) (c)		354,098
	991,979	WF-RBS Commercial Mortgage Trust Series 2012-C8, Class XA 2.410%, 08/15/45 (a) (b) (c)		134,398
	1,487,332	WF-RBS Commercial Mortgage Trust Series 2012-C9, Class XA 2.437%, 11/15/45 (a) (b) (c)		213,079
		Total Collateralized Mortgage-Backed Securities (Cost $40,608,389)		43,971,474
	U.S. GOVERNMENT OBLIGATIONS – 14.99%
		U.S. Treasury Bonds – 2.44%
	1,840,000	4.250%, 05/15/39		2,353,762
	2,780,000	3.750%, 08/15/41		3,283,008
				5,636,770

Par Value			Market Value
		U.S. Treasury Notes – 12.55%
	$3,710,000	0.375%, 07/31/13	$	3,713,479
	3,420,000	0.125%, 08/31/13		3,420,804
	3,070,000	0.125%, 09/30/13		3,070,961
	3,240,000	2.375%, 05/31/18		3,515,147
	1,050,000	1.500%, 08/31/18		1,091,918
	2,870,000	1.250%, 04/30/19		2,932,334
	3,710,000	1.000%, 08/31/19		3,718,986
	2,850,000	2.625%, 11/15/20		3,142,570
	1,670,000	1.750%, 05/15/22		1,700,399
	2,710,000	1.625%, 08/15/22		2,718,892
				29,025,490
		Total U.S. Government Obligations (Cost $34,416,573)		34,662,260
	AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS – 10.92%
		Fannie Mae – 4.51%
	971,906	5.000%, 09/25/33 Series 2003-92, Class PZ, REMIC		1,092,836
	879,512	5.600%, 09/25/36 (a) (b) Series 2009-86, Class CI, REMIC		142,474
	537,780	6.420%, 10/25/36 (a) (b) Series 2007-57, Class SX, REMIC		90,389
	199,169	5.500%, 03/25/38 Series 2008-14, Class ZA, REMIC		226,895
	289,693	4.000%, 01/25/41 Series 2010-156, Class ZC, REMIC		322,332
	436,150	4.000%, 03/25/41 Series 2011-18, Class UZ, REMIC		488,602
	13,745	4.000%, 08/25/41 Series 2011-77, Class CZ, REMIC		13,719
	152,584	8.893%, 09/25/41 (a) Series 2011-88, Class SB, REMIC		154,361
	941,771	4.500%, 12/25/41 Series 2011-121, Class JP, REMIC		977,701
	1,041,617	3.500%, 03/25/42 Series 2012-20, Class ZT, REMIC		1,099,666
	1,566,316	4.000%, 04/25/42 Series 2012-31, Class Z, REMIC		1,728,878
	1,020,596	3.500%, 10/25/42 Series 2012-105, Class Z, REMIC		1,062,896
	1,223,177	1.500%, 02/25/43 Series 2013-6, Class ZH, REMIC		1,219,814
	1,691,826	4.431%, 11/25/49 (a) Series 2012-144, Class PT, REMIC		1,805,555
				10,426,118
		Freddie Mac – 4.97%
	2,910,619	3.000%, 08/15/42 Series 269, Class 30, STRIP		3,058,650
	757,792	5.000%, 12/15/34 Series 2909, Class Z, REMIC		856,148
	1,675,999	5.000%, 03/15/35 Series 2945, Class CZ, REMIC		1,836,284
	597,617	5.500%, 08/15/36 Series 3626, Class AZ, REMIC		681,635
	380,013	5.901%, 04/15/37 (a) (b) Series 3301, Class MS, REMIC		47,236

See accompanying Notes to Financial Statements.

37

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Freddie Mac (continued)
	$   309,006	5.801%, 11/15/37 (a) (b) Series 3382, Class SB, REMIC	$	30,653
	299,535	6.191%, 11/15/37 (a) (b) Series 3384, Class S, REMIC		41,185
	1,500,000	4.000%, 12/15/38 Series 3738, Class BP, REMIC		1,650,284
	857,323	5.313%, 01/15/39 (a) (b) Series 3500, Class SA, REMIC		96,683
	945,296	4.500%, 01/15/40 Series 3818, Class JA, REMIC		978,778
	109,401	4.000%, 01/15/41 Series 3795, Class VZ, REMIC		120,481
	223,579	4.000%, 06/15/41 Series 3872, Class BA, REMIC		238,611
	214,477	4.000%, 07/15/41 Series 3888, Class ZG, REMIC		232,387
	378,570	4.500%, 07/15/41 Series 3894, Class ZA, REMIC		427,883
	125,853	9.153%, 09/15/41 (a) Series 3924, Class US, REMIC		126,865
	525,379	3.500%, 11/15/41 Series 3957, Class DZ, REMIC		561,345
	476,191	4.000%, 11/15/41 Series 3957, Class HZ, REMIC		517,924
				11,503,032
		Government National Mortgage Association – 1.44%
	53,019	31.205%, 03/20/34 (a) Series 2004-35, Class SA		96,431
	1,024,608	7.431%, 08/20/38 (a) (b) Series 2008-69, Class SB		184,508
	987,329	5.951%, 03/20/39 (b) Series 2010-98, Class IA		80,035
	1,192,343	4.500%, 05/16/39 Series 2009-32, Class ZE		1,300,214
	596,172	4.500%, 05/20/39 Series 2009-35, Class DZ		680,355
	587,312	4.500%, 09/20/39 Series 2009-75, Class GZ		669,394
	2,326,008	5.251%, 06/20/41 (a) (b) Series 2011-89, Class SA		309,766
				3,320,703
		Total Agency Collateralized Mortgage Obligations (Cost $23,868,065)		25,249,853
	U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES – 7.87%
		Fannie Mae – 5.98%
	476,736	4.000%, 09/01/31 Pool # MA3894		514,013
	1,065,025	3.500%, 12/01/31 Pool # MA0919		1,136,664
	926,323	3.500%, 01/01/32 Pool # MA0949		989,212
	2,817,720	3.000%, 12/01/32 Pool # MA1275		2,969,833
	1,985,615	3.000%, 03/01/33 Pool # MA1366		2,097,770

Par Value			Market Value
		Fannie Mae (continued)
	$   631,057	4.000%, 02/01/42 Pool # AK4039	$	660,089
	429,422	4.500%, 03/01/42 Pool # MA1050		449,983
	1,277,072	3.500%, 05/01/42 Pool # MA1068		1,338,232
	1,112,418	4.000%, 06/01/42 Pool # AB5459		1,165,009
	2,396,044	3.500%, 07/01/42 Pool # MA1117		2,510,793
				13,831,598
		Freddie Mac – 1.89%
	1,964,720	3.000%, 12/01/32 Gold Pool # C91594		2,075,695
	87,290	5.000%, 07/01/35 Gold Pool # G01840		94,146
	35,884	5.500%, 12/01/38 Gold Pool # G06172		38,758
	419,663	4.000%, 10/01/41 Gold Pool # T60392		439,744
	1,636,356	3.500%, 10/01/42 Gold Pool # T65110		1,719,532
				4,367,875
		Total U.S. Government Mortgage-Backed Securities (Cost $18,023,562)		18,199,473
	ASSET-BACKED SECURITIES – 3.49%
	250,000	Adirondack Park CLO Series 2013-A1, Class X 1.280%, 04/15/16 (a) (c) (d)		250,000
	250,000	ALM IV Series 2011-A4, Class C 3.053%, 07/18/22 (a) (c)		248,008
	250,000	ARES CLO Series 2012-2A, Class D 5.378%, 10/12/23 (a) (c)		248,445
	500,000	ARES XXVI CLO Series 2013-1A, Class D 4.037%, 04/15/25 (a) (c)		491,912
	1,422,724	Bayview Financial Acquisition Trust Series 2007-A, Class 1A5 6.101%, 05/28/37 (f)		1,464,389
	250,000	BlueMountain CLO Series 2012-1A, Class E 5.802%, 07/20/23 (a) (c)		237,693
	250,000	Brookside Mill CLO Series 2013-1A, Class D 3.330%, 04/17/25 (a) (c) (d) (e)		233,025
		Series 2013-1A, Class E
	250,000	4.680%, 04/17/25 (a) (c) (d) (e)		224,775
	500,000	Canyon Capital CLO Series 2004-1A, Class C 2.804%, 10/15/16 (a) (c)		498,795
	100,000	Credit-Based Asset Servicing and Securitization Series 2007-MX1, Class A4 6.231%, 12/25/36 (c) (f)		69,862

See accompanying Notes to Financial Statements.

38

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$     20,314	Crest Series 2003-2A, Class A1 0.764%, 12/28/18 (a) (c) (d)	$	20,263
	250,000	Dryden XXIV Senior Loan Fund Series 2012-24A, Class D 5.040%, 11/15/23 (a) (c)		250,755
	250,000	GoldenTree Loan Opportunities VI Series 2012-6A, Class D 4.478%, 04/17/22 (a) (c) (d)		250,375
	757,000	GSAA Trust Series 2006-15, Class AF3B 5.933%, 09/25/36 (a)		148,470
	500,000	LCM XI Series 10A, Class D 4.904%, 04/15/22 (a) (c)		501,396
		Series 11A, Class D
	250,000	4.252%, 04/19/22 (a) (c)		245,583
	250,000	Nomad CLO Series 2013-1A, Class B 3.242%, 01/15/25 (a) (c)		250,025
		Series 2013-1A, Class C
	250,000	3.792%, 01/15/25 (a) (c)		241,655
	250,000	OHA Intrepid Leveraged Loan Fund Series 2011-1AR, Class DR 3.429%, 04/20/21 (a) (c) (d)		250,000
	390,394	Residential Asset Mortgage Products Series 2006-RS5, Class A3 0.370%, 09/25/36 (a)		361,149
	500,000	Residential Asset Securities Series 2004-KS6, Class A15 5.850%, 07/25/34 (a)		461,372
		Series 2005-KS4, Class M1
	516,316	0.610%, 05/25/35 (a)		505,896
	158,952	Tricadia CDO Series 2003-1AR, Class A3L 0.987%, 02/28/16 (a) (c) (d)		158,603
	250,000	WhiteHorse III Series 2006-1A, Class B1L 2.149%, 05/01/18 (a) (c)		233,695
	250,000	Wind River CLO Series 2013-1A, Class C 3.683%, 04/20/25 (a) (c) (d)		230,765
		Total Asset-Backed Securities (Cost $7,942,048)		8,076,906
	FOREIGN GOVERNMENT BONDS – 1.00%
	700,000	Corp Andina de Fomento Senior Unsecured Notes 3.750%, 01/15/16		746,715
	600,000	Costa Rica Government International Bond Senior Unsecured Notes 6.548%, 03/20/14		624,000
	426,000	Mexico Government International Bond Senior Unsecured Notes 5.625%, 01/15/17		493,308
	250,000	Ras Laffan Liquefied Natural Gas III 5.838%, 09/30/27		298,750
	145,425	Ras Laffan Liquefied Natural Gas III Senior Secured Notes 5.832%, 09/30/16		157,423
		Total Foreign Government Bonds (Cost $2,248,182)		2,320,196

Shares			Market Value
	INVESTMENT COMPANY – 3.05%
	7,043,033	BlackRock Liquidity Funds TempCash Portfolio (g)	$	7,043,033
		Total Investment Company (Cost $7,043,033)		7,043,033
	Total Investments – 99.22% (Cost $222,808,508)*			229,450,330
	Net Other Assets and Liabilities – 0.78%			1,795,698
	Net Assets – 100.00%		$	231,246,028

* At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	8,147,651
Gross unrealized depreciation		(1,505,829	)
Net unrealized appreciation	$	6,641,822

(a) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2013.

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

(c) 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 Funds’ Board of Trustees and may only be resold in transactions exempt from registration, to qualified institutional buyers. At April 30, 2013, these securities amounted to $37,871,327 or 16.38% of net assets. These securities have been determined by the Subadviser to be liquid securities.

(d) Securities with a total aggregate market value of $3,204,371 or 1.39% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees.

(e) Delayed delivery security. See Note (B)(3) to Financial Statements.

(f) 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 shown will be accrual rate until maturity.

(g) Securities with an aggregate market value of $1,229,217 has been pledged as collateral for delayed delivery securities.

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

S&P Standard & Poor

STRIP Separate Trading of Registered Interest and Principal

Portfolio Composition
U.S. Government Obligations	15	%
U.S. Government Agency Obligations	19	%
Corporate Notes and Bonds     (S&P Ratings)
AAA	2	%
AA	4	%
A	9	%
BBB	28	%
BB	5	%
B	4	%
Lower than B	10	%
Not Rated	4	%
	100	%

See accompanying Notes to Financial Statements.

39

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited)

Par Value			Market Value
	CORPORATE NOTES AND BONDS – 64.02%
		Consumer Discretionary – 3.96%
$	865,000	Limited Brands Senior Unsecured Notes 7.600%, 07/15/37	$	954,744
	100,000	Macy’s Retail Holdings 7.875%, 07/15/15 (a)		114,717
	200,000	PVH Senior Unsecured Notes 4.500%, 12/15/22		207,250
	200,000	QVC 5.125%, 07/02/22		215,550
	500,000	5.950%, 03/15/43 (b)		516,412
	250,000	Staples Senior Unsecured Notes 9.750%, 01/15/14		265,700
	450,000	Whirlpool, MTN Senior Unsecured Notes 8.600%, 05/01/14		485,234
				2,759,607
		Consumer Staples – 3.30%
	500,000	Altria Group 8.500%, 11/10/13		520,778
	200,000	10.200%, 02/06/39		341,915
	250,000	Corn Products International Senior Unsecured Notes 6.625%, 04/15/37		310,436
	150,000	PepsiCo Senior Unsecured Notes 7.900%, 11/01/18		200,160
	100,000	Reynolds American 7.750%, 06/01/18		127,347

Par Value			Market Value
		Consumer Staples (continued)
$	300,000	Walgreen Senior Unsecured Notes 4.875%, 08/01/13	$	303,180
	500,000	0.780%, 03/13/14 (c)		501,294
				2,305,110
		Energy – 10.08%
	500,000	Chesapeake Energy 6.775%, 03/15/19		548,125
	250,000	6.625%, 08/15/20		284,063
	250,000	6.125%, 02/15/21		276,250
	500,000	Dolphin Energy (United Arab Emirates) 5.500%, 12/15/21 (b)		593,750
	250,000	El Paso Pipeline Partners Operating 7.500%, 11/15/40		342,088
	250,000	Energy Transfer Partners Senior Unsecured Notes 9.000%, 04/15/19		334,224
	250,000	5.150%, 02/01/43		262,076
	250,000	Hess Senior Unsecured Notes 8.125%, 02/15/19		326,197
	250,000	KazMunayGas National (Kazakhstan) Senior Unsecured Notes 5.750%, 04/30/43 (b)		255,000
	400,000	Kinder Morgan Energy Partners Senior Unsecured Notes 9.000%, 02/01/19		541,594
	450,000	Nabors Industries 9.250%, 01/15/19		578,558
	250,000	Pride International Senior Unsecured Notes 6.875%, 08/15/20		318,238
	250,000	Puget Energy 5.625%, 07/15/22		281,449
	750,000	Rockies Express Pipeline Senior Unsecured Notes 6.875%, 04/15/40 (b)		682,500
	250,000	Rowan 5.000%, 09/01/17		278,728
	250,000	5.400%, 12/01/42		258,629
	250,000	Valero Energy 9.375%, 03/15/19		344,040
	400,000	Weatherford International (Bermuda) 9.625%, 03/01/19		529,580
				7,035,089
		Financials – 21.29%
	250,000	AFLAC Senior Unsecured Notes 8.500%, 05/15/19		339,865
	450,000	American Financial Group Senior Unsecured Notes 9.875%, 06/15/19		613,808
	250,000	Banco Bradesco SA/Cayman Islands (Brazil) Subordinated Notes 5.750%, 03/01/22 (b)		273,125

See accompanying Notes to Financial Statements.

40

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
$	250,000	Bancolombia SA (Colombia) Senior Unsecured Notes 5.950%, 06/03/21	$	283,125
	250,000	Subordinated Notes 5.125%, 09/11/22		256,625
	125,000	Berkshire Hathaway Finance Senior Unsecured Notes 5.000%, 08/15/13		126,686
	150,000	Blackstone Holdings Finance 6.625%, 08/15/19 (b) (d)		182,347
	250,000	6.250%, 08/15/42 (b) (d)		294,346
	250,000	Bunge Ltd Finance 8.500%, 06/15/19		326,288
	400,000	CME Group Senior Unsecured Notes 5.400%, 08/01/13		404,821
	500,000	Daimler Finance 1.059%, 04/10/14 (b) (c)		502,201
	250,000	Discover Bank Subordinated Notes 7.000%, 04/15/20		312,878
	500,000	Dun & Bradstreet Senior Unsecured Notes 4.375%, 12/01/22 (d)		516,530
	500,000	Entertainment Properties Trust 5.750%, 08/15/22		557,831
	1,000,000	General Electric Capital, MTN Senior Unsecured Notes 0.975%, 04/24/14 (c)		1,007,124
	800,000	Goldman Sachs Capital I 6.345%, 02/15/34		845,294
	250,000	Goldman Sachs Group Subordinated Notes 6.750%, 10/01/37		288,026
	250,000	ING US 5.500%, 07/15/22 (b)		284,847
	250,000	Intesa San Paolo SPA (Italy) Unsecured Notes 3.875%, 01/16/18		250,458
	500,000	IPIC, GMTN (Cayman Islands) 5.000%, 11/15/20 (b)		573,750
	250,000	6.875%, 11/01/41 (b)		342,500
	250,000	Itau Unibanco Holding SA (Brazil) Subordinated Notes 5.500%, 08/06/22 (b)		266,750
	200,000	Jefferies Group Senior Unsecured Notes 8.500%, 07/15/19		254,909
	250,000	6.500%, 01/20/43		276,185
	250,000	JPMorgan Chase, GMTN Senior Unsecured Notes 0.908%, 02/26/16 (c)		250,663
	500,000	JPMorgan Chase, MTN Senior Unsecured Notes 1.075%, 01/24/14 (c)		502,892
	250,000	KKR Group Finance 5.500%, 02/01/43 (b)		250,013

Par Value			Market Value
		Financials (continued)
$	250,000	Lincoln National Senior Unsecured Notes 7.000%, 06/15/40	$	345,887
	300,000	Marsh & McLennan Senior Unsecured Notes 9.250%, 04/15/19		409,889
	750,000	Merrill Lynch, MTN Senior Unsecured Notes 6.875%, 04/25/18		912,836
	500,000	Morgan Stanley,GMTN Senior Unsecured Notes 5.500%, 07/28/21		587,883
	250,000	Nomura Holdings (Japan), MTN Semior Unsecured Notes 1.730%, 09/13/16 (c)		251,349
	250,000	Qtel International Finance (Bermuda) 4.500%, 01/31/43 (b)		247,813
	250,000	Royal Bank of Canada (Canada), GMTN Senior Unsecured Notes 0.976%, 10/30/14 (c)		252,249
	1,000,000	SLM, MTN Senior Unsecured Notes 5.625%, 08/01/33		955,000
	500,000	Wells Fargo Senior Unsecured Notes 1.205%, 06/26/15 (c)		506,489
				14,853,282
		Healthcare – 3.01%
	125,000	Davita 6.375%, 11/01/18		133,906
	200,000	Hospira, GMTN Senior Unsecured Notes 6.400%, 05/15/15		218,977
	250,000	Humana Senior Unsecured Notes 8.150%, 06/15/38		365,735
	500,000	Lorillard Tobacco 8.125%, 05/01/40		664,441
	200,000	Quest Diagnostics 1.134%, 03/24/14 (c)		200,979
	250,000	St Jude Medical Senior Unsecured Notes 4.750%, 04/15/43		268,719
	250,000	Watson Pharmaceuticals Senior Unsecured Notes 4.625%, 10/01/42		248,241
				2,100,998
		Industrials – 3.14%
	370,000	Burlington Northern Santa Fe Senior Unsecured Notes 7.000%, 02/01/14		387,598
	250,000	FedEx Senior Notes 8.000%, 01/15/19		329,136

See accompanying Notes to Financial Statements.

41

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Industrials (continued)
$	500,000	Mexichem SAB de CV (Mexico) 6.750%, 09/19/42 (b)	$	575,000
	250,000	Transocean (Cayman Islands) 7.350%, 12/15/41		320,212
	250,000	Vale SA (Brazil) Senior Unsecured Notes 5.625%, 09/11/42		262,724
	250,000	Waste Management 7.375%, 03/11/19		316,445
				2,191,115
		Information Technology – 4.88%
	250,000	Apple Senior Unsecured Notes 3.850%, 05/04/43		248,545
	250,000	DIRECTV Holdings/DIRECTV Financing 5.150%, 03/15/42		256,495
	250,000	eBay Senior Unsecured Notes 4.000%, 07/15/42		236,825
	500,000	Hewlett-Packard Senior Unsecured Notes 6.000%, 09/15/41		508,955
	500,000	International Business Machines Senior Unsecured Notes 6.500%, 10/15/13		514,038
	100,000	KLA Instruments Senior Unsecured Notes 6.900%, 05/01/18		120,533
	500,000	Telecom Italia Capital SA (Luxembourg) 7.721%, 06/04/38		557,911
	700,000	Turner Broadcasting System 8.375%, 07/01/13		708,746
	250,000	Xerox Senior Unsecured Notes 1.680%, 09/13/13 (c)		250,781
				3,402,829
		Materials – 4.36%
	750,000	ArcelorMittal (Luxembourg) Senior Unsecured Notes 6.000%, 03/01/21 (a)		795,968
	400,000	7.500%, 10/15/39 (a)		422,468
	200,000	Bemis Senior Unsecured Notes 6.800%, 08/01/19		242,960
	250,000	Braskem America Finance 7.125%, 07/22/41 (b)		266,875
	250,000	Dow Chemical (The) Senior Unsecured Notes 8.550%, 05/15/19		337,533
	250,000	International Paper Senior Unsecured Notes 8.700%, 06/15/38		378,121
	550,000	Rio Tinto Finance (Australia) 8.950%, 05/01/14		594,876
				3,038,801

Par Value			Market Value
		Telecommunication Services – 6.52%
$	500,000	British Telecommunications (United Kingdom) Senior Unsecured Notes 1.405%, 12/20/13 (c)	$	503,316
	500,000	CenturyLink Senior Unsecured Notes 7.600%, 09/15/39		516,964
	500,000	7.650%, 03/15/42		517,012
	400,000	Expedia 5.950%, 08/15/20		448,888
	350,000	Frontier Communications Senior Unsecured Notes 9.000%, 08/15/31		369,250
	250,000	Telefonica Emisiones SAU (Spain) 5.877%, 07/15/19		282,345
	500,000	Telefonica Europe BV (Netherlands) 8.250%, 09/15/30		629,424
	450,000	Time Warner Cable 8.250%, 02/14/14		476,445
	250,000	Vodafone Group (United Kingdom) Senior Unsecured Notes 0.675%, 02/19/16 (c)		250,348
	500,000	Windstream 7.500%, 06/01/22		553,750
				4,547,742
		Utilities – 3.48%
	500,000	Dubai Electricity & Water Authority (United Arab Emirates) Senior Unsecured Notes 8.500%, 04/22/15 (b)		563,750
	450,000	FPL Group Capital 7.875%, 12/15/15		527,957
	500,000	Georgia Power Senior Unsecured Notes 0.600%, 03/15/16 (c)		500,643
	150,000	Pacific Gas & Electric Senior Unsecured Notes 8.250%, 10/15/18		201,851
	450,000	Sempra Energy Senior Unsecured Notes 9.800%, 02/15/19		636,214
				2,430,415
		Total Corporate Notes and Bonds (Cost $39,594,657)		44,664,988
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 28.18%
		Fannie Mae – 5.30%
	252,295	6.000%, 11/01/17, Pool # 662854		270,555
	93,773	6.000%, 04/01/18, Pool # 725175		99,285
	228,317	5.500%, 11/01/18, Pool # 748886		248,629
	86,621	4.500%, 06/01/19, Pool # 747860		94,337

See accompanying Notes to Financial Statements.

42

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Fannie Mae (continued)
$	441,808	6.000%, 01/01/21, Pool # 850787	$	482,573
	211,210	6.000%, 09/01/32, Pool # 847899		236,186
	107,645	6.000%, 02/01/34, Pool # 771952		120,912
	89,676	7.500%, 02/01/35, Pool # 787557		106,558
	19,216	7.500%, 04/01/35, Pool # 819231		20,693
	150,681	6.000%, 11/01/35, Pool # 844078		166,051
	185,789	5.000%, 05/01/36, Pool # 745581		201,924
	119,160	6.000%, 12/01/36, Pool # 888029		130,570
	156,986	5.500%, 06/01/37, Pool # 918778		170,762
	157,794	6.500%, 10/01/37, Pool # 888890		178,399
	493,190	5.500%, 03/01/38, Pool # 962344		536,469
	313,916	4.000%, 02/01/41, Pool # AE0949		336,108
	275,421	4.000%, 02/01/41, Pool # AH5695		294,891
				3,694,902
		Freddie Mac – 5.18%
	412,670	5.500%, 11/01/20, Gold Pool # G18083		445,434
	85,307	5.500%, 12/01/20, Gold Pool # G11820		92,079
	63,229	6.000%, 10/01/35, Gold Pool # A47772		69,710
	198,733	5.500%, 05/01/37, Gold Pool # A60048		214,651
	342,780	5.500%, 09/01/37, Gold Pool # G03202		370,235
	376,415	5.000%, 02/01/38, Gold Pool # A73409		404,095
	615,286	5.000%, 04/01/38, Gold Pool # G04334		676,625
	310,927	4.000%, 12/01/39, Gold Pool # G06935		332,024
	145,978	4.000%, 05/01/41, Gold Pool # Q00870		155,882
	797,834	4.000%, 11/01/41, Gold Pool # Q04550		851,969
				3,612,704
		Government National Mortgage Association – 2.21%
	209,418	5.000%, 05/20/37, Pool # 782156		230,598
	438,381	5.000%, 08/20/37, Pool # 4015		482,170

Par Value			Market Value
		Government National Mortgage Association (continued)
$	379,999	6.000%, 07/20/38, Pool # 4195	$	429,939
	251,960	5.500%, 08/20/38, Pool # 4215		265,230
	120,832	6.000%, 01/15/39, Pool # 698036		136,593
				1,544,530
		U.S. Treasury Bill – 1.43%
	1,000,000	0.00%, 05/02/13		999,999
		U.S. Treasury Inflation Index Bonds – 8.23%
	1,612,335	1.375%, 07/15/18		1,868,798
	1,062,840	1.250%, 07/15/20		1,263,368
	1,028,420	0.625%, 07/15/21		1,175,773
	1,106,410	1.750%, 01/15/28		1,432,023
				5,739,962
		U.S. Treasury Notes – 5.83%
	1,000,000	3.625%, 05/15/13		1,001,485
	1,000,000	4.250%, 08/15/13		1,012,344
	1,000,000	4.250%, 11/15/13		1,022,500
	1,000,000	4.000%, 02/15/14		1,030,781
				4,067,110
		Total U.S. Government and Agency Obligations (Cost $18,527,658)		19,659,207
	ASSET-BACKED SECURITIES – 1.79%
	73,064	Ford Credit Auto Owner Trust Series 2009-B, Class A4 4.500%, 07/15/14		73,190
	244,207	Series 2009-D, Class A4 2.980%, 08/15/14		245,305
	325,017	Series 2009-C, Class A4 4.430%, 11/15/14		327,263
	601,892	Series 2010-A, Class A4 2.150%, 06/15/15		606,823
		Total Asset-Backed Securities (Cost $1,255,896)		1,252,581
	COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.27%
	275,000	Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class A4 5.742%, 09/11/42		325,205
	500,000	Citigroup Commercial Mortgage Series 2004-C1, Class A4 5.613%, 04/15/40		517,231
	42,089	JP Morgan Chase Commercial Mortgage Securities Series 2005-CB13, Class A2 5.247%, 01/12/43		42,453
		Total Commercial Mortgage-Backed Securities (Cost $747,279)		884,889

See accompanying Notes to Financial Statements.

43

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	FOREIGN GOVERNMENT BONDS – 1.13%
$	500,000	Republic of Poland Senior Unsecured Notes 5.000%, 03/23/22	$	585,025
	150,000	State of Qatar Senior Unsecured Notes 6.400%, 01/20/40 (b)		204,750
		Total Foreign Government Bonds (Cost $643,548)		789,775
Shares
	INVESTMENT COMPANY – 2.80%
	1,951,600	BlackRock Liquidity Funds TempCash Portfolio		1,951,600
		Total Investment Company (Cost $1,951,600)		1,951,600

Total Investments – 99.19% (Cost $62,720,638)*		69,203,040
Net Other Assets and Liabilities – 0.81%		568,284
Net Assets – 100.00%	$	69,771,324

* At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,553,757
Gross unrealized depreciation		(71,355	)
Net unrealized appreciation	$	6,482,402

(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 shown will be accrual rate until 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 Funds’ Board of Trustees and may only be resold in transactions exempt from registration, to qualified institutional buyers. At April 30, 2013, these securities amounted to $6,875,729 or 9.85% 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, 2013.

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

GMTN Global Medium Term Note

MTN Medium Term Note

S&P Standard & Poor

SPA Stand by Purchase Agreement

Portfolio Composition
Investment Company	3%
U.S. Government Obligations and Agency Obligations	29%
Commercial Mortgage-Backed Securities	1%
Asset-Backed Securities	2%
Foreign Government Bonds	1%
Corporate Notes and Bonds
(Moody’s Ratings) (d)
AA	4%
A	12%
BBB	34%
BB	11%
B	3%
	100%

See accompanying Notes to Financial Statements.

44

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	INVESTMENT COMPANIES – 99.81%
		Convertible Arbitrage – 4.99%
	1,449,251	Calamos Market Neutral Income Fund	$	18,492,443
		Merger Arbitrage – 4.98%
	1,685,270	Touchstone Merger Arbitrage Fund		18,453,711
		Hedged Credit and Strategic Fixed Income – 34.65%
	1,441,750	BlackRock Global Long/Short Credit Fund-INS		15,426,730
	2,578	Driehaus Active Income Fund		27,812
	740,843	Driehaus Emerging Markets Small Cap Growth Fund		9,282,768
	466,301	Guggenheim Macro Opportunities Fund		12,949,176
	1,625,964	John Hancock Funds II - Strategic Income Opportunities Fund		18,503,466
	1,427,502	Metropolitan West High Yield Bond Fund-I		15,302,822
	1,086,152	Metropolitan West Unconstrained Bond Fund		12,903,481
	2,627,985	PIMCO Income Fund		33,480,524
	654,582	PIMCO Mortgage Opportunities Fund		7,337,864
	279,379	Scout Unconstrained Bond Fund		3,271,533
				128,486,176
		Global Macro – 7.48%
	2,504,154	John Hancock Funds II - Global Absolute Return Strategies Fund		27,746,030

Shares			Market Value
		Long/Short Strategies – 45.98%
	1,430,517	BlackRock Emerging Markets Long/Short Equity Fund-IS	$	15,292,228
	747,078	Convergence Core Plus Fund		11,318,239
	908,768	FPA Crescent Fund-I		27,844,638
	3,026,430	Robeco Boston Partners Long/Short Equity Fund-IS		64,584,006
	295,628	Royce Global Select Fund-INV		4,981,323
	3,234,319	The Weitz Funds - Partners III Opportunity Fund		46,477,164
				170,497,598
		Cash Equivalents – 1.73%
	6,414,870	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		6,414,870
		Total Investment Companies (Cost $350,526,055)		370,090,828
	Total Investments – 99.81% (Cost $350,526,055)*			370,090,828
	Net Other Assets and Liabilities – 0.19%			707,807
	Net Assets – 100.00%		$	370,798,635

* At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	20,281,480
Gross unrealized depreciation		(716,707	)
Net unrealized appreciation	$	19,564,773

See accompanying Notes to Financial Statements.

45

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2013
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Net Other Assets and Liabilities are negative 4.43% and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 102.10%
		Consumer Discretionary – 17.12%
	129,000	Carnival (a)	$	4,451,790
	460,000	Ford Motor (a)		6,306,600
	115,000	Kohl’s (a)		5,411,900
	500,000	Staples (a)		6,620,000
				22,790,290
		Energy – 0.67%
	10,000	Occidental Petroleum (a)		892,600
		Financials – 9.11%
	176,000	MetLife (a)		6,862,240
	50,000	SunTrust Banks (a)		1,462,500
	100,000	Wells Fargo (a)		3,798,000
				12,122,740
		Healthcare – 1.75%
	700	Medtronic (a)		32,676
	35,000	Stryker (a)		2,295,300
				2,327,976
		Industrials – 7.80%
	45,000	General Electric (a)		1,003,050
	30,000	Lockheed Martin (a)		2,972,700
	7,500	Norfolk Southern (a)		580,650
	95,000	Raytheon (a)		5,831,100
				10,387,500

Shares			Market Value
		Information Technology – 36.07%
	485,000	Applied Materials (a)	$	7,037,350
	200,000	Cisco Systems (a)		4,184,000
	475,000	Corning (a)		6,887,500
	280,000	Intel (a)		6,706,000
	73,000	KLA-Tencor (a)		3,960,250
	215,000	Microsoft (a)		7,116,500
	625,000	Nokia OYJ, SP ADR (Finland) * (a)		2,112,500
	100,000	Seagate Technology (Ireland) (a)		3,670,000
	740,000	Xerox (a)		6,349,200
				48,023,300
		Materials – 2.29%
	90,000	Dow Chemical (a)		3,051,900
		Telecommunication Services – 6.49%
	60,000	AT&T (a)		2,247,600
	170,000	CenturyLink (a)		6,386,900
				8,634,500
		Utilities – 20.80%
	69,000	Entergy (a)		4,914,870
	150,000	Exelon (a)		5,626,500
	130,000	FirstEnergy (a)		6,058,000
	134,700	PPL (a)		4,496,286
	180,000	Public Service Enterprise Group (a)		6,589,800
				27,685,456
		Total Common Stocks (Cost $130,520,129)		135,916,262
Number of Contracts
	PURCHASED OPTIONS – 0.34%
		SPDR S&P 500 ETF Trust
	1,000	Strike @ $134 Exp 6/13		15,000
	1,500	Strike @ $135 Exp 6/13		24,000
	1,500	Strike @ $136 Exp 6/13		27,000
	1,000	Strike @ $137 Exp 6/13		20,000
	1,000	Strike @ $138 Exp 6/13		22,000
	1,000	Strike @ $139 Exp 6/13		25,000
	2,000	Strike @ $140 Exp 6/13		56,000
	1,000	Strike @ $141 Exp 6/13		31,000
	1,000	Strike @ $142 Exp 6/13		35,000
	500	Strike @ $136 Exp 6/13		11,250
	1,000	Strike @ $137 Exp 6/13		24,500
	1,000	Strike @ $138 Exp 6/13		32,000
	1,000	Strike @ $139 Exp 6/13		30,500
	1,000	Strike @ $140 Exp 6/13		37,000
	500	Strike @ $141 Exp 6/13		20,500
	500	Strike @ $142 Exp 6/13		22,000
	300	Strike @ $137 Exp 7/13		12,600
	300	Strike @ $138 Exp 7/13		13,650
		Total Purchased Options (Cost $1,250,547)		459,000

See accompanying Notes to Financial Statements.

46

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.99%
	2,649,663	BlackRock Liquidity Funds TempCash Portfolio	$	2,649,663
		Total Investment Company (Cost $2,649,663)		2,649,663
	Total Investments – 104.43% (Cost $134,420,339)**			139,024,925
	Net Other Assets and Liabilities – (4.43)%			(5,900,554	)
	Net Assets – 100.00%		$	133,124,371

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	10,358,704
Gross unrealized depreciation		(5,754,118	)
Net unrealized appreciation	$	4,604,586

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

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, 2013 were as follows:

Contracts	Number of Contracts			Premium
Outstanding, October 31, 2013		56,326		$	3,939,696
Call Options Written		150,672			10,318,447
Call Options Closed or Expired		(146,917	)		(10,029,169	)
Call Options Exercised		(932	)		(92,466	)
Outstanding, April 30, 2013		59,149		$	4,136,508

Premiums received and value of written call equity options outstanding as of April 30, 2013.

Number of Contracts		Description	Premium Received		Market Value
		Applied Materials
	700	Strike @ $13 Exp 10/13		$     86,063		$   126,700
	100	Strike @ $14 Exp 10/13		8,100		11,200
	4,050	Strike @ $15 Exp 1/14		249,846		344,250
		AT&T
	600	Strike @ $37 Exp 10/13		22,599		97,200
		Carnival
	500	Strike @ $35 Exp 10/13		128,997		85,000
	790	Strike @ $34.50 Exp 1/14		157,857		197,500
		CenturyLink
	493	Strike @ $38 Exp 10/13		25,156		61,625
	1,207	Strike @ $40 Exp 1/14		68,724		108,630

Number of Contracts		Description	Premium Received		Market Value
		Cisco Systems
	700	Strike @ $20 Exp 1/14		$   138,597		$   147,000
	1,000	Strike @ $21 Exp 1/14		126,997		147,000
	300	Strike @ $23 Exp 1/14		21,600		23,400
		Corning
	4,750	Strike @ $17 Exp 1/14		73,229		161,500
		Dow Chemical
	400	Strike @ $35 Exp 1/14		41,099		75,200
	400	Strike @ $37 Exp 1/14		34,615		47,200
		Entergy
	532	Strike @ $70 Exp 1/14		52,687		170,240
	158	Strike @ $72.50 Exp 1/14		20,613		38,315
		Exelon
	500	Strike @ $35 Exp 10/13		22,000		155,000
	300	Strike @ $36 Exp 10/13		15,000		66,300
	700	Strike @ $35 Exp 1/14		52,799		210,000
		FirstEnergy
	200	Strike @ $47 Exp 7/13		5,812		16,000
	200	Strike @ $44 Exp 10/13		9,800		57,000
	900	Strike @ $50 Exp 1/14		28,808		51,300
		Ford Motor
	485	Strike @ $14 Exp 12/13		31,671		40,255
	2,000	Strike @ $15 Exp 12/13		82,037		102,000
	315	Strike @ $16 Exp 12/13		9,295		9,135
	800	Strike @ $15 Exp 1/14		42,211		46,400
	1,000	Strike @ $17 Exp 1/14		20,529		21,000
		General Electric
	450	Strike @ $22 Exp 1/14		47,249		64,800
		Intel
	500	Strike @ $25 Exp 1/14		19,500		53,500
	2,300	Strike @ $27 Exp 1/14		41,874		117,300
		KLA-Tencor
	730	Strike @ $50 Exp 1/14		334,391		501,510
		Kohl’s
	558	Strike @ $50 Exp 10/13		83,433		93,744
	151	Strike @ $52.50 Exp 1/14		22,403		22,952
	441	Strike @ $55 Exp 1/14		40,699		40,131
		Lockheed Martin
	100	Strike @ $92.50 Exp 9/13		17,296		75,000
	200	Strike @ $95 Exp 9/13		47,575		112,000
		Medtronic
	7	Strike @ $43 Exp 5/13		911		2,625
		MetLife
	100	Strike @ $36 Exp 6/13		12,530		32,300
	1,200	Strike @ $37 Exp 9/13		223,450		396,000
	460	Strike @ $40 Exp 1/14		87,436		118,220
		Microsoft
	1,300	Strike @ $32 Exp 1/14		123,947		327,600
	850	Strike @ $35 Exp 1/14		19,023		106,250

See accompanying Notes to Financial Statements.

47

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Number of Contracts		Description	Premium Received		Market Value
		Nokia
	1,163	Strike @ $5 Exp 7/13		$     17,550		$       3,489
	1,000	Strike @ $6 Exp 7/13		15,350		1,000
	47	Strike @ $5.50 Exp 1/14		1,699		611
	4,040	Strike @ $7 Exp 1/14		63,526		20,200
		Norfolk Southern
	3	Strike @ $65 Exp 6/13		354		3,780
	12	Strike @ $67.50 Exp 6/13		1,536		12,000
	60	Strike @ $70 Exp 6/13		8,580		45,420
		Occidental Petroleum
	50	Strike @ $90 Exp 1/14		9,650		31,250
	50	Strike @ $95 Exp 1/14		9,500		22,000
		PPL
	544	Strike @ $30 Exp 7/13		26,638		184,960
	803	Strike @ $31 Exp 7/13		24,006		188,705
		Public Service Enterprise
	1,800	Strike @ $35 Exp 9/13		52,333		351,000
		Raytheon
	400	Strike @ $57.50 Exp 8/13		43,184		190,000
	499	Strike @ $57.50 Exp 1/14		83,811		260,728
	51	Strike @ $60 Exp 1/14		6,169		18,105
		Seagate Technology
	400	Strike @ $42 Exp 9/13		40,484		37,200
	100	Strike @ $44 Exp 9/13		10,296		6,150
	50	Strike @ $43 Exp 12/13		6,748		7,275
	150	Strike @ $40 Exp 1/14		27,594		35,250
	250	Strike @ $43 Exp 1/14		38,340		37,250
		Staples
	1,500	Strike @ $15 Exp 1/14		90,733		94,500
	3,000	Strike @ $17 Exp 1/14		144,776		105,000
	500	Strike @ $20 Exp 1/14		7,000		2,500
		Stryker
	200	Strike @ $57.50 Exp 6/13		31,599		166,000
	150	Strike @ $60 Exp 6/13		15,085		85,500
		SunTrust Banks
	500	Strike @ $30 Exp 1/14		72,480		100,750
		Wells Fargo
	1,000	Strike @ $36 Exp 10/13		157,996		277,000
		Xerox
	2,056	Strike @ $8 Exp 10/13		177,882		192,236
	150	Strike @ $9 Exp 10/13		6,000		6,300
	4,194	Strike @ $10 Exp 1/14		147,153		117,432
	1,000	Strike @ $8 Exp 1/14		99,998		110,000
		Total Written Call Options		$4,136,508		$7,393,873

See accompanying Notes to Financial Statements.

48

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2013
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Exchange Traded Funds and Utilities are negative 3.28% and 0.66%, respectively, and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 72.10%
		Consumer Discretionary – 21.38%
	19,229	Bob Evans Farms	$	833,385
	8,741	Coach (a)		514,495
	21,111	DIRECTV * (a)		1,194,038
	22,964	General Motors * (a)		708,210
	13,128	Kohl’s (a)		617,804
	34,891	Regis (a)		654,206
	13,347	Thomson Reuters (a)		446,991
	9,599	Viacom, Class B (a)		614,240
				5,583,369
		Consumer Staples – 4.48%
	11,177	Harris Teeter Supermarkets (a)		467,087
	13,633	Molson Coors Brewing, Class B (a)		703,463
				1,170,550
		Energy – 7.25%
	23,455	Cloud Peak Energy *		458,311
	7,092	Devon Energy (a)		390,486
	5,954	Occidental Petroleum (a)		531,454
	9,393	Williams Partners LP (a)		513,327
				1,893,578
		Financials – 4.90%
	13,617	American International Group * (a)		564,016
	1,236	White Mountains Insurance Group (a)		714,791
				1,278,807
		Healthcare – 2.42%
	10,650	Express Scripts * (a)		632,290

Shares			Market Value
		Industrials – 11.35%
	17,071	ADT (a)	$	744,978
	14,688	Cubic		631,143
	26,488	Expeditors International of Washington (a)		951,714
	11,280	Joy Global (a)		637,546
				2,965,381
		Information Technology – 13.67%
	1,214	Apple		537,498
	18,805	Global Payments		872,552
	20,377	MICROS Systems * (a)		864,189
	23,809	Oracle (a)		780,459
	17,833	ScanSource *		516,622
				3,571,320
		Materials – 2.72%
	38,650	Intrepid Potash (a)		711,547
		Telecommunication Services – 1.92%
	16,352	Vodafone Group, SP ADR (United Kingdom) (a)		500,208
		Utilities – 2.01%
	8,364	National Fuel Gas (a)		524,590
		Total Common Stocks (Cost $17,984,208)		18,831,640
	INVESTMENT COMPANY – 24.68%
	6,444,570	BlackRock Liquidity Funds TempCash Portfolio		6,444,570
		Total Investment Company (Cost $6,444,570)		6,444,570
	Total Investments – 96.78% (Cost $24,428,778)**			25,276,210
	$5,455,267 in cash and $9,099,145 in securities was segregated or on deposit with a prime broker to cover short sales as of April 30, 2013 and are included in “Net Other Assets and Liabilities”.
	SHORT SALES – (24.08)%
		Consumer Discretionary – (7.79)%
	(9,371)	American Axle & Manufacturing Holdings *		(125,290	)
	(2,138)	Bed Bath & Beyond *		(147,094	)
	(3,573)	BJ’s Restaurants *		(122,554	)
	(7,668)	Brown Shoe		(129,666	)
	(3,599)	Five Below *		(129,528	)
	(4,092)	GameStop, Class A		(142,811	)
	(14,183)	Goodyear Tire & Rubber *		(177,216	)
	(13,775)	LifeLock *		(123,975	)
	(4,062)	Mattress Firm Holding *		(155,656	)
	(7,186)	Monro Muffler Brake		(297,213	)
	(25,533)	Saks *		(294,906	)
	(5,509)	Toll Brothers *		(189,014	)
				(2,034,923	)

See accompanying Notes to Financial Statements.

49

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares				Market Value
			Exchange Traded Funds – (3.28)%
	(20,953)		United States Natural Gas Fund LP *	$	(491,767	)
	(11,022)	��	United States Oil Fund LP *		(365,490	)
					(857,257	)
			Financials – (4.99)%
	(9,963)		Amtrust Financial Services		(315,428	)
	(8,752)		CBL & Associates Properties, REIT		(211,273	)
	(7,829)		Equity One, REIT		(199,561	)
	(9,712)		Mercury General		(443,936	)
	(1,626)		Toronto-Dominion Bank		(133,169	)
					(1,303,367	)
			Healthcare – (0.49)%
	(6,403)		Masimo		(128,444	)
			Industrials – (1.38)%
	(7,504)		Albany International, Class A *		(217,991	)
	(6,350)		InnerWorkings *		(63,945	)
	(2,670)		Simpson Manufacturing		(76,736	)
					(358,672	)
			Information Technology – (0.48)%
	(6,167)		RealPage *		(125,807	)
			Materials – (0.70)%
	(6,890)		Teck Resources, Class B		(183,067	)
			Telecommunication Services – (2.30)%
	(5,319)		CenturyLink		(199,835	)
	(21,691)		Consolidated Communications Holdings		(399,765	)
					(599,600	)
			Utilities – (2.67)%
	(3,433)		DTE Energy		(250,197	)
	(3,379)		Duke Energy		(254,101	)
	(3,134)		South Jersey Industries		(193,368	)
					(697,666)
	Total Short Sales – (24.08)% (Proceeds $6,024,290)				(6,288,803	)
	Net Other Assets and Liabilities – 27.30%				7,129,489
	Net Assets – 100.00%			$	26,116,896

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	953,842
Gross unrealized depreciation		(106,410	)
Net unrealized appreciation	$	847,432

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

LP Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

50

Aston Funds

ASTON/Barings International Fund	April 30, 2013
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Net Other Assets and Liabilities are negative 2.31% and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 101.69%
		Belgium – 1.65%
	11,745	Anheuser-Busch InBev	$	1,117,533
		China – 1.56%
	6,200	Baidu, SP ADR *		532,270
	147,200	China Pacific Insurance Group		529,227
				1,061,497
		Denmark – 1.22%
	4,737	Novo Nordisk, Class B		830,906
		France – 8.52%
	7,100	Air Liquide		898,755
	8,853	Sanofi		970,259
	30,931	Scor Se		938,729
	30,014	SES		937,184
	68,763	Suez Environnement		987,529
	20,999	Total		1,058,343
				5,790,799
		Germany – 9.69%
	9,449	Adidas		986,798
	11,559	Bayer		1,205,937
	17,234	Deutsche Boerse		1,075,806
	8,031	Fresenius		1,007,088
	5,960	Muenchener Rueckversicherungs-Gesellschaft		1,191,874
	14,080	SAP		1,118,308
				6,585,811
		Hong Kong – 0.92%
	141,200	AIA Group		626,836

Shares			Market Value
		Israel – 2.11%
	58,896	Israel Chemicals	$	700,509
	19,052	Teva Pharmaceutical Industries, SP ADR		729,501
				1,430,010
		Japan – 24.84%
	11,800	Astellas Pharma		686,321
	22,800	Denso		1,020,896
	9,200	East Japan Railway		775,750
	4,700	FANUC		708,724
	59,000	Hitachi Metals		609,458
	144,000	Isuzu Motors		958,671
	35,100	Japan Tobacco		1,326,804
	2,590	KEYENCE		820,957
	37,200	Komatsu		1,014,667
	11,300	Kyocera		1,148,720
	37,500	Mitsubishi		672,411
	106,000	Mitsubishi Electric		1,009,058
	142,500	Mitsubishi UFJ Financial Group		969,149
	89,700	Rakuten		956,027
	167,000	Sumitomo Mitsui Trust Holdings		837,698
	15,800	Takeda Pharmaceutical		867,108
	30,000	Tokio Marine Holdings		950,916
	7,900	Tokyo Electron		404,380
	19,700	Toyota Motor		1,139,745
				16,877,460
		Mexico – 1.39%
	18,648	America Movil, Class L, ADR		398,694
	30,539	Fresnillo		546,483
				945,177
		Netherlands – 3.83%
	12,018	ASML Holding NV		893,440
	10,859	Fugro		628,161
	31,715	Royal Dutch Shell, Class A		1,079,053
				2,600,654
		Norway – 2.27%
	33,980	Subsea 7		731,868
	17,274	Yara International		808,806
				1,540,674
		Russia – 2.39%
	35,302	Mobile Telesystems, SP ADR		730,751
	69,471	Sberbank of Russia, ADR *		893,397
				1,624,148
		Singapore – 3.56%
	66,000	DBS Group Holdings		898,076
	1,610,000	Golden Agri-Resources		692,782
	92,700	Keppel		806,054
	18,540	Keppel REIT (a)		22,729
				2,419,641

See accompanying Notes to Financial Statements.

51

Aston Funds

ASTON/Barings International Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
		South Korea – 1.18%
	580	Samsung Electronics	$	800,508
		Sweden – 2.20%
	63,207	Elekta AB, B Shares		971,845
	76,008	TeliaSonera		522,939
				1,494,784
		Switzerland – 9.60%
	37,307	Credit Suisse Group		1,034,396
	31,847	Julius Baer Group		1,268,674
	4,630	Roche Holding		1,157,251
	2,083	Syngenta		890,282
	51,580	UBS		920,873
	4,490	Zurich Financial Services		1,253,607
				6,525,083
		Taiwan – 1.29%
	45,900	Taiwan Semiconductor Manufacturing, SP ADR		875,772
		United Kingdom – 23.47%
	54,262	Admiral Group		1,079,728
	51,523	BG Group		867,961
	19,170	British American Tobacco		1,061,873
	217,046	BT Group		931,204
	49,023	Experian		862,017
	43,987	GlaxoSmithKline		1,134,573
	165,182	ICAP		738,453
	19,397	Imperial Tobacco Group		692,998
	70,818	Prudential		1,215,557
	3,913	Randgold Resources		307,560
	12,056	Reckitt Benckiser Group		879,429
	210,014	Resolution		860,908
	61,585	Rolls-Royce Holdings		1,080,993
	7,328,615	Rolls-Royce Holdings, C Shares (a) (b)		11,384
	22,972	SABMiller		1,237,684
	37,811	Standard Chartered		949,724
	42,994	Tullow Oil		668,515
	82,868	WPP		1,369,613
				15,950,174
		Total Common Stocks (Cost $61,984,677)		69,097,467
	INVESTMENT COMPANY – 0.62%
	421,643	BlackRock Liquidity Funds TempCash Portfolio		421,643
		Total Investment Company (Cost $421,643)		421,643
	Total Investments – 102.31% (Cost $62,406,320)**			69,519,110
	Net Other Assets and Liabilities – (2.31)%			(1,568,741	)
	Net Assets – 100.00%		$	67,950,369

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	9,185,776
Gross unrealized depreciation		(2,072,986	)
Net unrealized appreciation	$	7,112,790

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2013, these securities amounted to $34,113 or 0.05% of net assets.

(b) Security with a total aggregate market value of $11,384 or 0.02% of the net assets was valued under the fair value procedures established by the Funds’ Board of Trustees.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

52

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 92.43%
		Bermuda – 0.68%
	2,550	VimpelCom, SP ADR	$	27,923
		Brazil – 8.57%
	3,413	Banco Bradesco, ADR		56,622
	509	Cia Brasileira de Distribuicao Grupo Pao de Acucar, SP ADR		28,280
	3,018	Cia de Saneamento Basico do Estado de Sao Paulo, ADR		43,157
	2,800	Cia Energetica de Minas Gerais		35,323
	2,000	Grupo BTG Pactual		32,958
	9,600	JBS		30,277
	2,600	Sao Martinho		36,568
	10,100	Suzano Papel e Celulose, Preference A *		36,952
	3,087	Vale, SP ADR		50,195
				350,332
		Chile – 0.69%
	1,493	Enersis, SP ADR		28,188
		China – 10.88%
	143,000	Bank of China, Class H		66,892
	30,000	China Communications Construction, Class H		28,724
	40,000	China Communications Services, Class H		29,278
	51,000	China Construction Bank, Class H		42,718
	30,500	China Minsheng Banking, Class H		39,185
	64,000	China Southern Airlines, Class H		33,649
	20,000	CNOOC		37,319
	57,000	Industrial and Commercial Bank of China, Class H		40,105
	84,000	Sinopec Shanghai Petrochemical, Class H		28,902
	45,000	Sunac China Holdings		36,301
	2,061	WuXi PharmaTech Cayman, ADR *		39,303
	244,000	Yuanda China Holdings		22,324
				444,700

Shares			Market Value
		Hong Kong – 4.31%
	6,000	China Mobile	$	65,682
	20,000	China State Construction International Holdings		29,123
	20,000	COSCO Pacific		26,494
	1,131	Focus Media Holding, ADR		30,842
	80,000	MMG *		24,020
				176,161
		Hungary – 0.73%
	417	MOL Hungarian Oil and Gas		29,615
		India – 1.49%
	967	ICICI Bank, SP ADR		45,275
	2,161	Sterlite Industries India, ADR		15,624
				60,899
		Indonesia – 3.06%
	41,500	Bank Mandiri Persero		44,819
	35,000	Indofood CBP Sukses Makmur		41,219
	32,500	Telekomunikasi Indonesia Persero		39,110
				125,148
		Malaysia – 1.68%
	39,600	Malaysia Building Society		35,793
	15,800	Top Glove		32,820
				68,613
		Mexico – 3.21%
	5,100	Fomento Economico Mexicano		57,837
	6,100	Grupo Aeroportuario del Pacifico		35,332
	10,000	Grupo Comercial Chedraui		38,115
				131,284
		Philippines – 1.97%
	66,500	Alliance Global Group		38,291
	36,700	JG Summit Holdings		42,353
				80,644
		Poland – 1.62%
	613	KGHM Polska Miedz		28,711
	2,413	Polski Koncern Naftowy Orlen *		37,419
				66,130
		Russia – 5.56%
	1,026	Gazprom Neft, SP ADR *		20,930
	6,858	Gazprom, SP ADR		54,521
	593	Lukoil, SP ADR		37,744
	4,761	Sberbank, SP ADR *		61,226
	1,664	Severstal, GDR		14,069
	1,031	Tatneft, SP ADR		38,961
				227,451
		South Africa – 8.90%
	5,507	African Bank Investments		17,484
	1,755	Imperial Holdings		38,861

See accompanying Notes to Financial Statements.

53

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Shares			Market Value
		South Africa (continued)
	2,485	Liberty Holdings	$	33,093
	5,023	Mediclinic International		36,412
	2,746	Mondi		36,706
	3,357	MTN Group		60,522
	8,922	Sappi *		26,845
	581	Sasol		25,111
	8,825	Steinhoff International Holdings *		23,554
	13,537	Super Group *		36,371
	2,447	Vodacom Group		28,690
				363,649
		South Korea – 17.46%
	5,590	Asiana Airlines *		26,547
	97	CJ CheilJedang		28,713
	930	Hanwha		26,347
	184	Hyundai Mobis		41,769
	295	Hyundai Motor		53,439
	116	KCC		34,443
	1,220	Korea Electric Power *		35,061
	405	KT&G		29,162
	1,310	LG Display *		35,626
	521	LG Electronics		41,678
	4,780	LG Uplus *		45,139
	104	Lotte Shopping		38,812
	3,070	Meritz Fire & Marine Insurance		33,312
	930	Samsung Card		35,678
	136	Samsung Electronics		187,705
	142	SK Holdings		20,437
				713,868
		Taiwan – 8.80%
	3,000	Asustek Computer		34,918
	20,000	Chipbond Technology		50,827
	10,000	Chong Hong Construction		34,562
	51,000	King Yuan Electronics		36,290
	20,000	Pegatron *		32,732
	20,000	Taiwan Semiconductor Manufacturing		74,207
	29,000	Uni-President Enterprises		57,092
	36,000	Vanguard International Semiconductor		39,218
				359,846
		Thailand – 6.93%
	34,500	Bangchak Petroleum		42,611
	4,700	Kasikornbank		33,949
	5,600	PTT Exploration & Production		29,383
	14,500	PTT Global Chemical		36,065
	260,700	Quality Houses		37,484
	6,500	Siam Commercial Bank Public, Foreign Registered		41,193
	32,600	Thai Airways International		32,767
	38,300	Thai Vegetable Oil		30,014
				283,466
		Turkey – 4.02%
	5,374	Tav Havalimanlari Holding *		37,920
	12,598	Turk Hava Yollari *		52,423

Shares			Market Value
		Turkey (continued)
	5,310	Turkcell Iletisim Hizmetleri *	$	32,877
	10,657	Turkiye Is Bankasi		41,136
				164,356
		United Kingdom – 1.11%
	840	SABMiller		45,362
		United States – 0.76%
	937	Southern Copper		31,230
		Total Common Stocks (Cost $3,736,157)		3,778,865
	EXCHANGE TRADED FUND – 4.67%
		United States – 4.67%
	3,147	iPath MSCI India Index Fund *		190,960
		Total Exchange Traded Fund (Cost $183,969)		190,960
	INVESTMENT COMPANY – 28.67%
	1,172,126	BlackRock Liquidity Funds TempCash Portfolio		1,172,126
		Total Investment Company (Cost $1,172,126)		1,172,126
	Total Investments – 125.77% (Cost $5,092,252)**			5,141,951
	Net Other Assets and Liabilities – (25.77)%			(1,053,685	)
	Net Assets – 100.00%		$	4,088,266

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	87,706
Gross unrealized depreciation		(38,007	)
Net unrealized appreciation	$	49,699

ADR American Depositary Receipt

GDR Global Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

54

Aston Funds

ASTON/Harrison Street Real Estate Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.31%
		Diversified – 19.56%
	12,700	American Tower	$	1,066,673
	7,300	Digital Realty Trust		514,796
	6,700	Dundee Real Estate Investment Trust, Class A (Canada)		246,133
	22,000	Weyerhaeuser		671,220
				2,498,822
		Healthcare – 14.34%
	10,200	Health Care, REIT		764,694
	22,300	Medical Properties Trust		358,807
	11,400	Omega Healthcare Investors		374,718
	11,159	Sabra Health Care		332,761
				1,830,980
		Hotels – 6.30%
	14,600	LaSalle Hotel Properties		378,578
	3,300	Starwood Hotels & Resorts Worldwide		212,916
	1,550	Wynn Resorts		212,815
				804,309
		Industrial – 6.05%
	16,400	CubeSmart		288,148
	6,100	Iron Mountain		230,946
	11,500	STAG Industrial		253,460
				772,554
		Office Properties – 13.24%
	19,800	BioMed Realty Trust		445,698
	19,400	Brandywine Realty Trust		289,642
	9,800	Corporate Office Properties Trust		284,102
	7,400	SL Green Realty		671,180
				1,690,622

Shares			Market Value
		Residential – 16.18%
	5,100	AvalonBay Communities	$	678,504
	5,700	Camden Property Trust		412,338
	2,750	Essex Property Trust		431,888
	4,300	Home Properties		277,178
	12,400	Spirit Realty Capital		266,972
				2,066,880
		Retail – 22.64%
	11,000	CBL & Associates Properties		265,540
	17,100	General Growth Properties		388,512
	17,600	Kimco Realty		418,528
	13,900	Ramco-Gershenson Properties Trust		242,833
	20,500	Retail Opportunity Investments		303,605
	7,150	Simon Property Group		1,273,201
				2,892,219
		Total Common Stocks (Cost $10,994,493)		12,556,386
	INVESTMENT COMPANY – 2.74%
	349,849	BlackRock Liquidity Funds TempCash Portfolio		349,849
		Total Investment Company (Cost $349,849)		349,849
	Total Investments – 101.05% (Cost $11,344,342)*			12,906,235
	Net Other Assets and Liabilities – (1.05)%			(133,953	)
	Net Assets – 100.00%		$	12,772,282

* At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	1,564,187
Gross unrealized depreciation		(2,294	)
Net unrealized appreciation	$	1,561,893

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

55

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2013
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 60.06%
		Consumer Discretionary – 7.99%
	5,475	Bed Bath & Beyond *	$	376,680
	9,064	Johnson Controls		317,331
	2,500	McDonald’s		255,350
	6,800	NIKE, Class B		432,480
	6,600	Starbucks		401,544
	7,650	TJX		373,091
				2,156,476
		Consumer Staples – 15.78%
	18,600	Coca-Cola		787,338
	4,100	Colgate-Palmolive		489,581
	3,700	Costco Wholesale		401,191
	1,800	Estee Lauder, Class A		124,830
	20,150	Mondelez International, Class A		633,718
	5,320	PepsiCo		438,740
	6,000	Philip Morris International		573,540
	5,650	Procter & Gamble		433,751
	8,800	Unilever (Netherlands)		373,824
				4,256,513
		Energy – 3.44%
	7,400	Cameron International *		455,470
	5,300	Occidental Petroleum		473,078
				928,548
		Financials – 3.40%
	4,800	American Express		328,368
	15,500	Wells Fargo		588,690
				917,058
		Healthcare – 11.67%
	15,950	Abbott Laboratories		588,874
	4,850	Allergan		550,717
	8,350	AmerisourceBergen		451,902

Shares			Market Value
		Healthcare (continued)
	2,651	Biogen Idec *	$	580,383
	11,000	Sanofi, ADR (France)		586,850
	5,950	Stryker		390,201
				3,148,927
		Industrials – 3.53%
	18,400	General Electric		410,136
	6,300	United Parcel Service, Class B		540,792
				950,928
		Information Technology – 11.81%
	5,050	Accenture, Class A (Ireland)		411,272
	7,300	eBay *		382,447
	10,900	EMC *		244,487
	635	Google, Class A *		523,602
	17,800	Juniper Networks *		294,590
	9,800	Oracle		321,244
	8,700	QUALCOMM		536,094
	2,800	Visa, Class A		471,688
				3,185,424
		Materials – 2.44%
	6,150	Monsanto		656,943
		Total Common Stocks (Cost $13,108,862)		16,200,817
Par Value
	CORPORATE NOTES AND BONDS – 21.97%
		Consumer Staples – 4.68%
	$350,000	Coca-Cola Senior Unsecured Notes 5.350%, 11/15/17		415,585
	325,000	PepsiCo Senior Unsecured Notes 5.000%, 06/01/18		382,657
	450,000	Wal-Mart Stores Senior Unsecured Notes 3.200%, 05/15/14		463,852
				1,262,094
		Energy – 0.36%
	95,000	ConocoPhillips 4.750%, 02/01/14		98,128
		Financials – 6.22%
	350,000	General Electric Capital Senior Unsecured Notes, MTN 4.375%, 09/16/20		397,744
	350,000	JPMorgan Chase Senior Unsecured Notes 4.350%, 08/15/21		393,757
	400,000	U.S. Bancorp Senior Unsecured Notes 4.200%, 05/15/14		416,037
	450,000	Wells Fargo Senior Unsecured Notes, MTN, Series 1 3.750%, 10/01/14		470,499
				1,678,037

See accompanying Notes to Financial Statements.

56

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2013
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Healthcare – 2.74%
	$250,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37	$	346,122
	375,000	Medtronic Senior Unsecured Notes 3.000%, 03/15/15		392,496
				738,618
		Industrials – 3.09%
	375,000	United Parcel Service Senior Unsecured Notes 3.125%, 01/15/21		406,411
	400,000	United Technologies Senior Unsecured Notes 3.100%, 06/01/22		426,483
				832,894
		Information Technology – 3.63%
	300,000	Cisco Systems Senior Unsecured Notes 5.500%, 02/22/16		341,036
	300,000	Google Senior Unsecured Notes 3.625%, 05/19/21		336,578
	300,000	Oracle Senior Unsecured Notes 2.500%, 10/15/22		300,551
				978,165
		Telecommunication Services – 1.25%
	300,000	Verizon Communications Senior Unsecured Notes 5.550%, 02/15/16		338,052
		Total Corporate Notes and Bonds (Cost $5,623,122)		5,925,988
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 14.07%
		Fannie Mae – 0.18%
	14,059	7.500%, 02/01/35, Pool # 787557		16,706
	3,013	7.500%, 04/01/35, Pool # 819231		3,245
	26,808	6.000%, 11/01/35, Pool # 844078		29,543
				49,494
		Freddie Mac – 1.47%
	15,171	5.500%, 12/01/20, Gold Pool # G11820		16,375
	375,000	1.000%, 09/29/17		379,962
				396,337
		Government National Mortgage Association – 0.07%
	15,704	5.500%, 02/15/39, Pool # 698060		17,157

Par Value			Market Value
		U.S. Treasury Bonds – 2.37%
	$300,000	5.375%, 02/15/31	$	429,000
	200,000	3.125%, 11/15/41		210,563
				639,563
		U.S. Treasury Notes – 9.98%
	325,000	4.000%, 02/15/15		347,027
	275,000	0.250%, 02/15/15		275,247
	300,000	4.500%, 02/15/16		335,156
	375,000	2.625%, 04/30/16		400,752
	325,000	4.625%, 02/15/17		375,934
	425,000	3.125%, 05/15/19		481,811
	450,000	2.125%, 08/15/21		476,367
				2,692,294
		Total U.S. Government and Agency Obligations (Cost $3,605,224)		3,794,845
Shares
	INVESTMENT COMPANY – 3.56%
	960,968	BlackRock Liquidity Funds TempCash Portfolio		960,968
		Total Investment Company (Cost $960,968)		960,968
	Total Investments – 99.66% (Cost $23,298,176)**			26,882,618
	Net Other Assets and Liabilities – 0.34%			91,776
	Net Assets – 100.00%		$	26,974,394

* Non-income producing security.

** At April 30, 2013, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	3,628,715
Gross unrealized depreciation		(44,273	)
Net unrealized appreciation	$	3,584,442

ADR American Depositary Receipt

MTN Medium Term Note

Portfolio Composition
Common Stocks	60%
Investment Company	4%
U.S. Government and Agency Obligations	14%
Corporate Notes and Bonds
(Moody’s Ratings)
AAA	1%
AA	8%
A	13%
	100%

See accompanying Notes to Financial Statements.

57

Aston Funds

	April 30, 2013
Statements of Assets and Liabilities (unaudited)

	Montag & Caldwell Growth Fund		TAMRO Diversified Equity Fund
ASSETS:
Investments:
Investments at cost	$	4,013,335,926	$	18,991,853
Net unrealized appreciation		929,776,974		6,889,005
Total investments at value		4,943,112,900		25,880,858
Cash		—		—
Receivables:
Dividends and interest		3,463,379		5,389
Dividend reclaims		—		—
Fund shares sold		15,993,366		7,029
Investments sold		70,464,575		132,249
Due from Adviser, net (Note G)		—		—
Deferred offering costs (Note B (13))		—		—
Other assets		74,123		379
Total assets		5,033,108,343		26,025,904
LIABILITIES:
Payables:
Due to custodian		15,945,171		319,866
Dividend distribution		—		—
Investments purchased		79,919,581		125,521
Fund shares redeemed		11,361,525		6,466
Due to Adviser, net (Note G)		2,507,448		8,464
Administration fees (Note G)		192,461		2,730
Distribution fees (Note G)		104,036		1,178
Audit and tax fees		15,448		8,979
Transfer agent fees		811,925		14,516
Registration fees		10,200		2,220
Trustees fees and related expenses (Note G)		4,961		24
Accrued expenses and other payables		202,888		4,606
Total liabilities		111,075,644		494,570
NET ASSETS	$	4,922,032,699	$	25,531,334
NET ASSETS CONSIST OF:
Paid in capital	$	3,882,344,173	$	18,576,741
Accumulated undistributed (distribution in excess of) net investment income (loss)		8,487,357		(15,113	)
Accumulated net realized gain (loss) on investments		101,424,195		80,701
Net unrealized appreciation on investments		929,776,974		6,889,005
TOTAL NET ASSETS	$	4,922,032,699	$	25,531,334
Class N:
Net Assets	$	2,161,408,043	$	24,698,155
Shares of beneficial interest outstanding (unlimited authorization)		80,812,005		1,633,072
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	26.75	$	15.12
Class I:
Net Assets	$	2,750,683,904	$	833,179
Shares of beneficial interest outstanding (unlimited authorization)		102,305,387		55,065
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	26.89	$	15.13
Class R:
Net Assets	$	9,940,752	$	—
Shares of beneficial interest outstanding (unlimited authorization)		375,730		—
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	26.46	$	—

See accompanying Notes to Financial Statements.

58

Aston Funds

Herndon Large Cap Value Fund		Cornerstone Large Cap Value Fund			River Road Dividend All Cap Value Fund		River Road Dividend All Cap Value Fund II			Fairpointe Mid Cap Fund			Montag & Caldwell Mid Cap Growth Fund			LMCG Small Cap Growth Fund
$	83,707,426	$	38,491,870		$	884,820,601	$	51,602,698		$	2,812,593,766		$	11,125,948		$	30,985,082
	7,820,516		4,982,946			215,531,851		4,264,588			919,227,374			1,652,654			1,153,145
	91,527,942		43,474,816			1,100,352,452		55,867,286			3,731,821,140			12,778,602			32,138,227
	42,703		—			324,306		18,812			—			139,769			—
	73,724		23,832			1,714,291		82,246			713,441			1,917			119,420
	—		361			1,183		—			—			—			—
	120,826		321,757			1,859,786		464,723			8,768,559			6,625			29,613
	2,178,073		444,578			603,606		8,157			12,186,900			171,454			743,706
	—		—			—		—			—			—			21,126
	—		—			—		7,940			—			—			—
	7,027		436			15,599		247			53,035			161			105
	93,950,295		44,265,780			1,104,871,223		56,449,411			3,753,543,075			13,098,528			33,052,197
	—		11,550			—		—			9,125,899			—			819,924
	—		—			—		5,444			—			—			—
	1,820,477		1,010,007			8,585,365		1,398,587			9,428,183			206,580			520,964
	72,014		20,879			918,331		8,614			9,020,621			11,210			56,725
	66,325		23,187			609,243		26,657			2,119,589			3,043			—
	5,203		2,937			43,897		2,894			146,143			2,356			4,821
	1,609		1,228			18,975		112			88,630			610			1,295
	9,132		10,589			11,041		10,603			15,447			9,049			14,242
	11,665		15,201			138,056		8,305			657,982			5,051			25,860
	—		6,547			8,404		6,771			8,066			4,882			6,411
	—		—			632		—			—			—			—
	6,420		4,742			42,414		4,239			199,469			4,018			28,706
	1,992,845		1,106,867			10,376,358		1,472,226			30,810,029			246,799			1,478,948
$	91,957,450	$	43,158,913		$	1,094,494,865	$	54,977,185		$	3,722,733,046		$	12,851,729		$	31,573,249
$	83,690,167	$	65,805,484		$	859,225,553	$	50,665,267		$	2,627,854,391		$	11,081,607		$	29,417,520
	162,825		(50,252	)		2,273,812		(3,107	)		(1,101,531	)		(66,990	)		49,136
	283,942		(27,579,265	)		17,463,649		50,437			176,752,812			184,458			953,448
	7,820,516		4,982,946			215,531,851		4,264,588			919,227,374			1,652,654			1,153,145
$	91,957,450	$	43,158,913		$	1,094,494,865	$	54,977,185		$	3,722,733,046		$	12,851,729		$	31,573,249
$	34,181,849	$	25,924,865		$	399,981,821	$	2,390,830		$	1,869,670,755		$	12,851,729		$	27,131,623
	2,686,430		2,081,459			30,882,470		199,935			48,710,162			1,135,085			2,173,652
$	12.72	$	12.46		$	12.95	$	11.96		$	38.38		$	11.32		$	12.48
$	57,775,601	$	17,234,048		$	694,513,044	$	52,586,355		$	1,853,062,291		$	—		$	4,441,626
	4,537,279		1,382,122			53,642,697		4,396,825			47,602,677			—			353,911
$	12.73	$	12.47		$	12.95	$	11.96		$	38.93		$	—		$	12.55
$	—	$	—		$	—	$	—		$	—		$	—		$	—
	—		—			—		—			—			—			—
$	—	$	—		$	—	$	—		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

59

Aston Funds

	April 30, 2013
Statements of Assets and Liabilities (unaudited) – continued

	Silvercrest Small Cap Fund			TAMRO Small Cap Fund
ASSETS:
Investments:
Investments at cost	$	11,426,589		$	786,782,896
Net unrealized appreciation		1,298,163			311,997,560
Total investments at value		12,724,752			1,098,780,456
Cash		8,410			4,256,508
Receivables:
Dividends and interest		2,764			352,685
Fund shares sold		54,200			1,369,976
Investments sold		13,525			9,901,481
Other assets		130			16,626
Total assets		12,803,781			1,114,677,732
LIABILITIES:
Payables:
Due to custodian		—			—
Dividend distribution		—			—
Investments purchased		—			8,933,646
Fund shares redeemed		—			704,908
Due to Adviser, net (Note G)		2,768			801,976
Administration fees (Note G)		2,312			45,526
Distribution fees (Note G)		65			20,193
Audit and tax fees		8,979			10,715
Transfer agent fees		8,311			224,434
Registration fees		5,971			7,477
Trustees fees and related expenses (Note G)		—			2,688
Accrued expenses and other payables		575			63,192
Call options written, at value (premiums received $4,136,508)		—			—
Total liabilities		28,981			10,814,755
NET ASSETS	$	12,774,800		$	1,103,862,977
NET ASSETS CONSIST OF:
Paid in capital	$	11,361,017		$	778,029,409
Accumulated undistributed (distribution in excess of) net investment income (loss)		(15,925	)		1,358,154
Accumulated net realized gain (loss) on investments, purchased options, written options and capital gain distributions received		131,545			12,477,854
Net unrealized appreciation on investments, purchased options and written options		1,298,163			311,997,560
TOTAL NET ASSETS	$	12,774,800		$	1,103,862,977
Class N:
Net Assets	$	1,374,093		$	426,613,808
Shares of beneficial interest outstanding (unlimited authorization)		110,693			20,082,872
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.41		$	21.24
Class I:
Net Assets	$	11,400,707		$	677,249,169
Shares of beneficial interest outstanding (unlimited authorization)		916,557			31,108,743
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.44		$	21.77

See accompanying Notes to Financial Statements.

60

Aston Funds

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			Anchor Capital Enhanced Equity Fund
$	169,001,080		$	243,794,222		$	726,507,999		$	222,808,508		$	62,720,638		$	350,526,055		$	134,420,339
	30,965,459			84,383,051			1,840,812			6,641,822			6,482,402			19,564,773			4,604,586
	199,966,539			328,177,273			728,348,811			229,450,330			69,203,040			370,090,828			139,024,925
	232,635			1,037,285			—			—			200,000			22,552			867,083
	406			489			85,498			1,655,125			734,132			395,997			103,002
	424,755			328,449			2,183,953			1,531,988			30,235			1,603,546			218,623
	1,434,937			1,640,157			323,854			250,000			1,000,000			158,000			2,555,686
	6,372			4,845			25,414			3,477			1,177			34,393			2,968
	202,065,644			331,188,498			730,967,530			232,890,920			71,168,584			372,305,316			142,772,287
	—			—			1,910,306			491,901			1,017,203			—			—
	—			—			—			61,912			14,054			—			—
	2,150,165			1,931,411			1,636,032			457,800			248,545			610,032			1,631,855
	1,074,174			199,616			3,088,682			446,311			36,912			486,999			466,519
	159,878			238,962			623,246			86,274			20,802			327,901			75,593
	9,758			14,917			30,327			22,989			10,407			14,946			8,416
	617			2,534			16,348			4,574			1,709			2,000			4,163
	10,589			10,589			8,978			11,711			11,697			10,061			10,062
	33,864			108,978			131,501			34,596			22,382			42,890			36,785
	—			5,200			2,889			10,761			6,014			—			7,439
	—			—			—			—			34			—			504
	18,364			17,512			35,329			16,063			7,501			11,852			12,707
	—			—			—			—			—			—			7,393,873
	3,457,409			2,529,719			7,483,638			1,644,892			1,397,260			1,506,681			9,647,916
$	198,608,235		$	328,658,779		$	723,483,892		$	231,246,028		$	69,771,324		$	370,798,635		$	133,124,371
$	151,683,864		$	217,812,566		$	706,353,204		$	225,226,708		$	68,341,643		$	349,372,843		$	133,463,288
	(185,056	)		(214,865	)		(770,617	)		(1,081,922	)		58,234			(2,447,886	)		93,837
	16,143,968			26,678,027			16,060,493			459,420			(5,110,955	)		4,308,905			(1,779,975	)
	30,965,459			84,383,051			1,840,812			6,641,822			6,482,402			19,564,773			1,347,221
$	198,608,235		$	328,658,779		$	723,483,892		$	231,246,028		$	69,771,324		$	370,798,635		$	133,124,371
$	13,093,818		$	53,456,730		$	340,369,434		$	95,785,967		$	59,536,926		$	42,219,769		$	87,673,267
	1,408,854			3,532,552			30,910,691			8,627,358			5,334,649			3,222,194			9,704,896
$	9.29		$	15.13		$	11.01		$	11.10		$	11.16		$	13.10		$	9.03
$	185,514,417		$	275,202,049		$	383,114,458		$	135,460,061		$	10,234,398		$	328,578,866		$	45,451,104
	19,799,677			18,130,091			34,632,380			12,200,474			916,962			25,020,965			5,026,481
$	9.37		$	15.18		$	11.06		$	11.10		$	11.16		$	13.13		$	9.04

See accompanying Notes to Financial Statements.

61

Aston Funds

	April 30, 2013
Statements of Assets and Liabilities (unaudited) – continued

	River Road Long-Short Fund			Barings International Fund
ASSETS:
Investments:
Investments at cost	$	24,428,778		$	62,406,320
Net unrealized appreciation		847,432			7,112,790
Total investments at value		25,276,210			69,519,110
Foreign currency (Cost $96,972, $629,997 and $3,489)		—			97,887
Segregated Cash (Note B (5))		5,455,267			—
Receivables:
Dividends and interest		2,372			365,444
Dividend reclaims		—			84,555
Fund shares sold		520,904			90,908
Investments sold		1,793,491			—
Due from Adviser, net (Note G)		—			—
Deferred offering costs (Note B (13))		—			—
Other assets		5,029			1,072
Total assets		33,053,273			70,158,976
LIABILITIES:
Payables:
Due to custodian		73,560			21,420
Interest and dividends on securities sold short		14,678			—
Investments purchased		515,130			497,637
Fund shares redeemed		70			1,585,587
Due to Adviser, net (Note G)		16,737			46,394
Administration fees (Note G)		2,906			10,662
Distribution fees (Note G)		887			25
Audit and tax fees		11,453			10,589
Transfer agent fees		6,557			14,682
Registration fees		—			2,420
Trustees fees and related expenses (Note G)		—			14
Offering costs		—			—
Accrued expenses and other payables		5,596			19,177
Securities sold short, at value (proceeds $6,024,290)		6,288,803			—
Total liabilities		6,936,377			2,208,607
NET ASSETS	$	26,116,896		$	67,950,369
NET ASSETS CONSIST OF:
Paid in capital	$	25,072,571		$	62,003,957
Accumulated undistributed (distribution in excess of) net investment income (loss)		(111,808	)		534,290
Accumulated net realized gain (loss) on investments, securities sold short and foreign currency transactions		573,214			(1,701,138	)
Net unrealized appreciation on investments, securities sold short and translation of assets and liabilities denominated in foreign currency		582,919			7,113,260
TOTAL NET ASSETS	$	26,116,896		$	67,950,369
Class N:
Net Assets	$	19,060,724		$	455,984
Shares of beneficial interest outstanding (unlimited authorization)		1,707,235			62,923
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	11.16		$	7.25
Class I:
Net Assets	$	7,056,172		$	67,494,385
Shares of beneficial interest outstanding (unlimited authorization)		631,655			9,307,718
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	11.17		$	7.25

See accompanying Notes to Financial Statements.

62

Aston Funds

LMCG Emerging Markets Fund			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	5,092,252		$	11,344,342		$	23,298,176
	49,699			1,561,893			3,584,442
	5,141,951			12,906,235			26,882,618
	629,014			3,501			—
	—			—			—
	6,979			5,959			102,802
	—			457			—
	—			398,623			1,123
	—			—			283,993
	19,817			—			—
	88,871			—			—
	—			179			560
	5,886,632			13,314,954			27,271,096
	360,603			30,629			40,972
	—			—			—
	1,326,574			471,862			198,009
	—			4,030			675
	—			1,095			11,713
	2,282			1,840			3,875
	32			575			479
	3,180			9,428			11,698
	2,529			10,887			15,283
	1,788			7,643			7,189
	47			17			81
	98,000			—			—
	3,331			4,666			6,728
	—			—			—
	1,798,366			542,672			296,702
$	4,088,266		$	12,772,282		$	26,974,394
$	4,076,411		$	23,722,532		$	23,837,991
	2,070			26,484			(296,161	)
	(39,284	)		(12,538,652	)		(151,878	)
	49,069			1,561,918			3,584,442
$	4,088,266		$	12,772,282		$	26,974,394
$	674,763		$	12,540,936		$	25,129,811
	67,641			1,029,966			1,085,173
$	9.98		$	12.18		$	23.16
$	3,413,503		$	231,346		$	1,844,583
	341,891			19,111			79,835
$	9.98		$	12.11		$	23.10

See accompanying Notes to Financial Statements.

63

Aston Funds

For the Six Months Ended April 30, 2013

Statements of Operations (unaudited)

	Montag & Caldwell   Growth  Fund			TAMRO Diversified Equity Fund
INVESTMENT INCOME:
Dividends	$	48,227,425		$	174,307
Less: foreign taxes withheld		(241,893	)		(952	)
Total investment income		47,985,532			173,355
EXPENSES:
Investment advisory fees (Note G)		14,272,115			95,158
Distribution expenses (Note G)(a)		2,510,925			28,879
Transfer agent fees		1,871,724			23,961
Administration fees (Note G)		1,015,015			12,824
Registration expenses		61,491			13,884
Custodian fees		53,599			1,403
Audit and tax fees		14,954			8,485
Legal fees		61,627			324
Amortization of offering costs (Note B (13))		—			—
Reports to shareholder expense		135,679			2,670
Trustees fees and related expenses (Note G)		148,822			782
Other expenses		114,558			2,905
Total expenses before waivers/recoupment		20,260,509			191,275
Less: Investment advisory fees waived (Note G)		—			(49,399	)
Plus: Net expenses eligible for recoupment (Note G)		—			—
Net expenses		20,260,509			141,876
NET INVESTMENT INCOME (LOSS)		27,725,023			31,479
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		121,041,022			207,626
Net change in unrealized appreciation of investments		462,609,984			2,521,448
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		583,651,006			2,729,074
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	611,376,029		$	2,760,553

(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 $2,487,764 and $23,161, respectively.

(b) Change in unrealized appreciation does not include unrealized depreciation of $(45,176) of the combined Fund in connection with the Reorganization (Note J).

See accompanying Notes to Financial Statements.

64

Aston Funds

Herndon Large Cap Value Fund		Cornerstone Large Cap Value Fund			River Road Dividend All Cap Value Fund			River Road Dividend All Cap Value Fund II			Fairpointe Mid Cap Fund			Montag & Caldwell Mid Cap Growth Fund			LMCG Small Cap Growth Fund
$	1,113,166	$	295,003		$	17,932,526		$	406,089		$	34,729,686		$	37,633		$	113,793
	—		(5,817	)		(52,551	)		(1,170	)		(9,758	)		(136	)		—
	1,113,166		289,186			17,879,975			404,919			34,719,928			37,497			113,793
	281,533		125,990			3,349,374			86,406			11,783,647			45,428			45,653
	33,422		28,668			442,219			1,667			2,125,159			13,361			9,264
	21,323		23,083			321,330			14,595			1,242,247			8,577			14,852
	23,244		13,990			222,606			12,767			752,342			9,994			9,983
	17,852		14,876			22,315			13,885			40,168			8,431			16,977
	6,309		1,689			14,793			12,057			43,884			3,652			3,609
	8,637		10,095			10,467			10,109			14,953			8,555			15,999
	848		383			12,772			239			42,541			130			13,736
	—		—			—			27,155			—			—			—
	1,101		2,239			20,574			418			141,736			386			4,278
	1,865		893			31,005			369			103,243			286			217
	3,602		3,009			25,242			2,518			74,147			2,259			2,486
	399,736		224,915			4,472,697			182,185			16,364,067			101,059			137,054
	—		(30,781	)		—			(50,906	)		—			(34,253	)		(77,572	)
	3,198		—			—			—			—			—			—
	402,934		194,134			4,472,697			131,279			16,364,067			66,806			59,482
	710,232		95,052			13,407,278			273,640			18,355,861			(29,309	)		54,311
	731,650		736,653			18,178,965			51,745			178,342,196			208,508			1,028,961
	6,960,757		3,353,042			122,482,092			4,311,941			432,375,964			779,669			835,867	(b)
	7,692,407		4,089,695			140,661,057			4,363,686			610,718,160			988,177			1,864,828
$	8,402,639	$	4,184,747		$	154,068,335		$	4,637,326		$	629,074,021		$	958,868		$	1,919,139

See accompanying Notes to Financial Statements.

65

Aston Funds

For the Six Months Ended April 30, 2013

Statements of Operations (unaudited) – continued

	Silvercrest Small Cap Fund			TAMRO Small Cap Fund
INVESTMENT INCOME:
Dividends	$	94,493		$	7,376,032
Less: foreign taxes withheld		—			(48,821	)
Interest		—			—
Total investment income		94,493			7,327,211
EXPENSES:
Investment advisory fees (Note G)		48,877			4,683,097
Distribution expenses (Note G)		1,637			500,976
Transfer agent fees		14,132			374,322
Administration fees (Note G)		9,758			241,666
Registration expenses		13,885			24,795
Custodian fees		2,574			14,800
Audit and tax fees		8,485			10,219
Legal fees		108			14,718
Amortization of offering costs (Note B (13))		7,179			—
Reports to shareholder expense		187			37,498
Trustees fees and related expenses (Note G)		190			36,032
Other expenses		2,439			30,934
Total expenses before waivers/earnings credit/recoupment		109,451			5,969,057
Less: Investment advisory fees waived (Note G)		(51,605	)		—
Less: Earnings credit (Note I)		—			—
Plus: Net expenses eligible for recoupment (Note G)		—			—
Net expenses		57,846			5,969,057
NET INVESTMENT INCOME (LOSS)		36,647			1,358,154
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		139,513			16,004,715	(a)
Net realized gain (loss) on purchased options		—			—
Net realized gain (loss) on written option transactions		—			—
Capital gain distributions received		—			—
Net change in unrealized appreciation (depreciation) on investments		1,186,982			122,051,175
Net change in unrealized appreciation/(depreciation) on purchased options		—			—
Net change in unrealized appreciation (depreciation) on written options		—			—
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,326,495			138,055,890
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,363,142		$	139,414,044

(a) On January 15, 2013, TAMRO Small Cap Fund had redemption-in-kind transfers of securities in the amount of $51,794,423. The net realized gain on the transaction of $8,390,446 will not be realized by the Fund for tax purposes.

See accompanying Notes to Financial Statements.

66

Aston Funds

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			Anchor Capital Enhanced Equity Fund
$	3,064,084		$	5,557,755		$	4,033,551		$	4,855		$	9,024		$	2,900,936		$	2,841,814
	(8,968	)		(16,200	)		(77,636	)		—			—			—			—
	—			—			—			3,496,906			1,500,896			—			—
	3,055,116			5,541,555			3,955,915			3,501,761			1,509,920			2,900,936			2,841,814
	866,042			1,378,527			3,627,806			560,698			191,294			1,566,356			548,799
	10,682			62,724			455,015			110,225			44,373			46,783			113,429
	70,837			146,185			309,081			80,244			34,218			121,966			85,022
	46,887			76,779			169,544			75,375			31,828			76,533			44,677
	15,372			20,514			23,803			23,307			15,372			19,189			24,299
	7,378			8,925			11,023			15,810			3,805			5,584			27,361
	10,095			10,095			8,485			11,218			11,204			9,567			9,567
	2,275			3,964			9,596			2,528			944			3,942			3,175
	—			—			—			—			—			—			—
	10,334			6,414			20,527			5,407			3,589			5,741			5,482
	5,444			9,731			23,243			5,763			2,304			9,555			5,896
	6,510			10,369			19,592			5,412			3,896			8,299			5,818
	1,051,856			1,734,227			4,677,715			895,987			342,827			1,873,515			873,525
	—			—			—			(82,341	)		(58,467	)		—			—
	—			—			(16,493	)		—			—			(1,855	)		(139	)
	—			—			21,849			—			—			52,894			—
	1,051,856			1,734,227			4,683,071			813,646			284,360			1,924,554			873,386
	2,003,260			3,807,328			(727,156	)		2,688,115			1,225,560			976,382			1,968,428
	16,847,219			28,565,377			24,953,502			470,501			1,146,492			2,731,150			12,151,843
	—			—			—			—			—			—			(6,950,784	)
	—			—			—			—			—			—			(6,713,685	)
	—			—			—			—			—			7,191,063			—
	9,419,052			16,743,693			(8,439,826	)		1,514,280			(665,491	)		11,021,393			11,099,100
	—			—			—			—			—			—			(3,196	)
	—			—			—			—			—			—			(1,375,746	)
	26,266,271			45,309,070			16,513,676			1,984,781			481,001			20,943,606			8,207,532
$	28,269,531		$	49,116,398		$	15,786,520		$	4,672,896		$	1,706,561		$	21,919,988		$	10,175,960

See accompanying Notes to Financial Statements.

67

Aston Funds

For the Six Months Ended April 30, 2013

Statements of Operations (unaudited) – continued

	River Road Long-Short Fund			Barings International Fund
INVESTMENT INCOME:
Dividends	$	75,907		$	978,752
Less: foreign taxes withheld		(1,610	)		(76,304	)
Interest		—			—
Total investment income		74,297			902,448
EXPENSES:
Investment advisory fees (Note G)		74,740			319,508
Distribution expenses (Note G)		13,443			542
Transfer agent fees		10,433			26,042
Administration fees (Note G)		10,614			31,904
Registration expenses		13,254			13,884
Custodian fees		10,539			19,961
Audit and tax fees		9,958			10,095
Legal fees		101			874
Interest and dividend expense on securities sold-short		52,619			—
Amortization of offering costs (Note B (13))		—			—
Reports to shareholder expense		170			1,131
Trustees fees and related expenses (Note G)		249			2,071
Other expenses		2,374			3,709
Total expenses before waivers/reimbursements		198,494			429,721
Less: Investment advisory fees waived (Note G)		(42,121	)		(61,745	)
Less: Expenses reimbursed (Note G)		—			—
Net expenses		156,373			367,976
NET INVESTMENT INCOME (LOSS)		(82,076	)		534,472
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		979,792			(1,380,275	)
Net realized gain on short sales		(354,371	)		—
Net realized gain (loss) on foreign currency transactions		—			(5,877	)
Net change in unrealized appreciation of investments		772,814			6,004,796
Net change in unrealized appreciation (depreciation) on securities sold short		(232,447	)		—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currency		—			3,095
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,165,788			4,621,739
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,083,712		$	5,156,211

(a) LMCG Emerging Markets Fund began issuing shares on March 27, 2013.

See accompanying Notes to Financial Statements.

68

Aston Funds

LMCG Emerging Markets Fund(a)			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	5,702		$	140,094		$	204,675
	(641	)		(994	)		(1,007	)
	—			—			127,685
	5,061			139,100			331,353
	2,127			53,532			109,510
	154			13,152			13,734
	2,529			17,913			26,239
	2,415			9,382			15,706
	3,899			15,372			15,868
	3,912			2,277			1,669
	3,180			8,856			11,204
	18			140			475
	—			—			—
	9,129			—			—
	97			1,764			2,956
	47			354			1,056
	195			2,532			3,022
	27,702			125,274			201,439
	(2,127	)		(52,167	)		(27,090	)
	(22,584	)		—			—
	2,991			73,107			174,349
	2,070			65,993			157,004
	(36,084	)		770,796			1,689,654
	—			—			—
	(3,200	)		37			—
	49,699			982,535			603,765
	—			—			—
	(630	)		64			—
	9,785			1,753,432			2,293,419
$	11,855		$	1,819,425		$	2,450,423

See accompanying Notes to Financial Statements.

69

Aston Funds

Statements of Changes in Net Assets

	Montag & Caldwell Growth Fund						TAMRO Diversified Equity Fund
	Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
NET ASSETS at Beginning of Period	$	4,323,578,881		$	3,441,019,426		$	22,548,977		$	24,353,652
Increase in net assets from operations:
Net investment income		27,725,023			27,731,344			31,479			830
Net realized gain (loss) on investments		121,041,022			287,451,677			207,626			(34,026	)
Net change in unrealized appreciation on investments		462,609,984			78,274,829			2,521,448			2,549,855
Net increase in net assets from operations		611,376,029			393,457,850			2,760,553			2,516,659
Distributions to shareholders from:
Net investment income:
Class N		(16,441,713	)		(8,653,266	)		(44,731	)		—
Class I		(26,011,984	)		(13,404,436	)		(2,691	)		—
Class R		(54,774	)		(23,730	)		—			—
Net realized gain on investments:
Class N		(127,477,429	)		(125,020,421	)		(25,121	)		(473,355	)
Class I		(157,688,991	)		(132,016,151	)		(682	)		—
Class R		(604,214	)		(653,567	)		—			—
Total distributions		(328,279,105	)		(279,771,571	)		(73,225	)		(473,355	)
Capital share transactions:
Proceeds from sales of shares:
Class N		185,542,893			441,340,857			2,437,974			2,735,793
Class I		443,973,192			1,079,995,284			196,911			584,348
Class R		1,350,799			2,438,971			—			—
Proceeds from reinvestment of distributions:
Class N		140,514,488			130,056,898			68,008			461,380
Class I		139,367,182			100,607,628			3,373			—
Class R		504,660			530,624			—			—
Cost of shares redeemed:
Class N		(199,735,842	)		(404,459,339	)		(2,397,191	)		(7,598,556	)
Class I		(394,883,634	)		(578,526,415	)		(14,046	)		(30,944	)
Class R		(1,276,844	)		(3,111,332	)		—			—
Net increase (decrease) from capital share transactions		315,356,894			768,873,176			295,029			(3,847,979	)
Total increase (decrease) in net assets		598,453,818			882,559,455			2,982,357			(1,804,675	)
NET ASSETS at End of Period	$	4,922,032,699		$	4,323,578,881		$	25,531,334		$	22,548,977
Undistributed (distributions in excess of) net investment income (loss)	$	8,487,357		$	23,270,805		$	(15,113	)	$	830

See accompanying Notes to Financial Statements.

70

Aston Funds

Herndon Large Cap Value Fund						Cornerstone Large Cap Value Fund						River Road Dividend All Cap Value Fund
Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
$	55,406,952		$	17,969,968		$	26,502,868		$	24,756,738		$	924,209,368		$	620,152,985
	710,232			698,262			95,052			240,995			13,407,278			23,469,901
	731,650			930,577			736,653			1,056,316			18,178,965			35,184,296
	6,960,757			984,335			3,353,042			1,197,003			122,482,092			38,094,587
	8,402,639			2,613,174			4,184,747			2,494,314			154,068,335			96,748,784
	(435,807	)		(69,391	)		(213,973	)		(110,362	)		(3,961,089	)		(8,876,757	)
	(712,891	)		(154,780	)		(61,387	)		(577	)		(7,305,014	)		(14,324,347	)
	—			—			—			—			—			—
	(431,437	)		(340,506	)		—			—			(12,882,031	)		(2,301,513	)
	(650,587	)		(604,334	)		—			—			(21,478,515	)		(2,349,496	)
	—			—			—			—			—			—
	(2,230,722	)		(1,169,011	)		(275,360	)		(110,939	)		(45,626,649	)		(27,852,113	)
	14,553,165			19,089,187			3,612,948			5,930,111			26,066,868			113,881,567
	20,886,005			26,894,024			11,903,241			5,334,807			106,266,446			274,730,584
	—			—			—			—			—			—
	867,244			409,897			205,857			106,566			16,704,971			11,027,472
	959,131			759,114			60,827			577			21,008,785			11,799,898
	—			—			—			—			—			—
	(4,423,463	)		(5,463,083	)		(1,849,760	)		(11,895,211	)		(21,085,548	)		(117,659,249	)
	(2,463,501	)		(5,696,318	)		(1,186,455	)		(114,095	)		(87,117,711	)		(58,620,560	)
	—			—			—			—			—			—
	30,378,581			35,992,821			12,746,658			(637,245	)		61,843,811			235,159,712
	36,550,498			37,436,984			16,656,045			1,746,130			170,285,497			304,056,383
$	91,957,450		$	55,406,952		$	43,158,913		$	26,502,868		$	1,094,494,865		$	924,209,368
$	162,825		$	601,291		$	(50,252	)	$	130,056		$	2,273,812		$	132,637

See accompanying Notes to Financial Statements.

71

Aston Funds

Statements of Changes in Net Assets – continued

	River Road Dividend All Cap Value Fund II						Fairpointe Mid Cap Fund
	Six Months Ended April 30, 2013 (unaudited)			Period Ended October 31, 2012(a)			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
NET ASSETS at Beginning of Period	$	10,419,240		$	—		$	3,025,731,632		$	2,841,488,832
Increase in net assets from operations:
Net investment income (loss)		273,640			43,321			18,355,861			18,064,492
Net realized gain on investments		51,745			5,681			178,342,196			70,142,404
Net change in unrealized appreciation (depreciation) on investments		4,311,941			(47,353	)		432,375,964			207,549,967
Net increase in net assets from operations		4,637,326			1,649			629,074,021			295,756,863
Distributions to shareholders from:
Net investment income:
Class N		(14,516	)		(4,217	)		(14,340,582	)		(2,661,253	)
Class I		(270,007	)		(38,951	)		(17,097,297	)		(5,501,975	)
Net realized gain on investments:
Class N		(483	)		—			(34,919,881	)		(10,321,076	)
Class I		(6,506	)		—			(32,705,189	)		(8,446,694	)
Total distributions		(291,512	)		(43,168	)		(99,062,949	)		(26,930,998	)
Capital share transactions:
Proceeds from sales of shares:
Class N		1,708,672			1,042,531			286,271,117			442,895,376
Class I		39,160,768			9,388,289			370,954,592			655,170,800
Proceeds from reinvestment of distributions:
Class N		14,547			3,909			47,067,455			12,395,039
Class I		250,817			36,423			34,143,433			9,858,507
Cost of shares redeemed:
Class N		(573,180	)		(414	)		(296,593,092	)		(540,581,863	)
Class I		(349,493	)		(9,979	)		(274,853,163	)		(664,320,924	)(c)
Issued due to merger:
Class N		—			—			—			—
Class I		—			—			—			—
Net increase (decrease) from capital share transactions		40,212,131			10,460,759			166,990,342			(84,583,065	)
Total increase (decrease) in net assets		44,557,945			10,419,240			697,001,414			184,242,800
NET ASSETS at End of Period	$	54,977,185		$	10,419,240		$	3,722,733,046		$	3,025,731,632
Undistributed (distributions in excess of) net investment income (loss)	$	(3,107	)	$	7,776		$	(1,101,531	)	$	11,980,487

(a) River Road Dividend All Cap Value Fund II began issuing shares on June 26, 2012.

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

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

(d) LMCG Small Cap Growth Fund had a redemption-in-kind in the amount of $2,554,395 on September 25, 2012. The redemption was comprised of securities and cash in the amounts of $2,419,213 and $135,182, respectively.

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

See accompanying Notes to Financial Statements.

72

Aston Funds

Montag & Caldwell Mid Cap Growth Fund						LMCG Small Cap Growth Fund						Silvercrest Small Cap Fund
Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012(b)
$	7,368,950		$	4,507,024		$	6,413,230		$	7,961,781		$	5,711,567		$	—
	(29,309	)		(39,008	)		54,311			(88,866	)		36,647			16,120
	208,508			426,097			1,028,961			793,830			139,513			226,287
	779,669			(74,900	)		835,867			504,009			1,186,982			111,181
	958,868			312,189			1,919,139			1,208,973			1,363,142			353,588
	—			—			—			—			(9,878	)		—
	—			—			—			—			(78,421	)		—
	(92,399	)		—			(425,537	)		—			(2,878	)		—
	—			—			(58,662	)		—			(19,730	)		—
	(92,399	)		—			(484,199	)		—			(110,907	)		—
	5,282,555			3,071,452			2,563,978			1,039,380			1,014,009			706,680
	—			—			2,426,934			297,740			5,536,211			7,290,194
	81,176			—			425,537			—			12,756			—
	—			—			58,662			—			98,151			—
	(747,421	)		(521,715	)		(1,569,205	)		(1,540,249	)		(586,538	)		(3,366	)
	—			—			(25,527	)		(2,554,395	)(d)		(263,591	)		(2,635,529	)(e)
	—			—			18,799,852			—			—			—
	—			—			1,044,848			—			—			—
	4,616,310			2,549,737			23,725,079			(2,757,524	)		5,810,998			5,357,979
	5,482,779			2,861,926			25,160,019			(1,548,551	)		7,063,233			5,711,567
$	12,851,729		$	7,368,950		$	31,573,249		$	6,413,230		$	12,774,800		$	5,711,567
$	(66,990	)	$	(37,681	)	$	49,136		$	(5,175	)	$	(15,925	)	$	35,727

See accompanying Notes to Financial Statements.

73

Aston Funds

Statements of Changes in Net Assets – continued

	TAMRO Small Cap Fund						River Road Select Value Fund
	Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
NET ASSETS at Beginning of Period	$	1,024,788,083		$	1,001,284,211		$	162,779,864		$	143,687,434
Increase in net assets from operations:
Net investment income (loss)		1,358,154			(4,509,026	)		2,003,260			454,084
Net realized gain on investments		16,004,715			104,050,686			16,847,219			10,079,561
Net change in unrealized appreciation (depreciation) on investments		122,051,175			6,000,858			9,419,052			7,191,158
Net increase in net assets from operations		139,414,044			105,542,518			28,269,531			17,724,803
Distributions to shareholders from:
Net investment income:
Class N		—			—			(95,581	)		—
Class I		—			—			(2,552,798	)		—
Net realized gain on investments:
Class N		(36,352,901	)		(37,105,939	)		(391,684	)		(2,638,084	)
Class I		(59,453,401	)		(60,086,992	)		(8,873,103	)		(26,691,130	)
Total distributions		(95,806,302	)		(97,192,931	)		(11,913,166	)		(29,329,214	)
Capital share transactions:
Proceeds from sales of shares:
Class N		46,927,350			100,985,943			6,758,713			2,113,833
Class I		105,949,711			155,633,470			33,946,467			50,275,199
Proceeds from reinvestment of distributions:
Class N		35,759,291			36,431,124			459,196			2,564,966
Class I		43,230,709			41,999,122			10,087,922			23,172,373
Cost of shares redeemed:
Class N		(61,919,524	)		(126,301,603	)		(1,244,536	)		(10,015,665	)
Class I		(134,480,385	)(a)		(193,593,771	)(b)		(30,535,756	)		(37,413,865	)
Net increase (decrease) from capital share transactions		35,467,152			15,154,285			19,472,006			30,696,841
Total increase (decrease) in net assets		79,074,894			23,503,872			35,828,371			19,092,430
NET ASSETS at End of Period	$	1,103,862,977		$	1,024,788,083		$	198,608,235		$	162,779,864
Undistributed (distributions in excess of) net investment income (loss)	$	1,358,154		$	—		$	(185,056	)	$	460,063

(a) TAMRO Small Cap Fund had a redemption-in-kind in the amount of $52,573,290 on January 15, 2013. The redemption was comprised of securities and cash in the amounts of $51,794,423 and $778,867, respectively.

(b) TAMRO Small Cap Fund had redemptions-in-kind in the amounts of $40,667,980 and $7,010,475, respectively, on May 1, 2012 and June 27, 2012. The redemptions were comprised of securities and cash in the amounts of $39,335,174 and $6,762,586, respectively and $1,332,806 and $247,889, respectively.

See accompanying Notes to Financial Statements.

74

Aston Funds

River Road Small Cap Value Fund						River Road Independent Value Fund						DoubleLine Core Plus Fixed Income Fund
Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
$	289,229,188		$	337,488,064		$	700,649,463		$	391,700,125		$	176,881,578		$	27,143,189
	3,807,328			1,258,684			(727,156	)		(4,006,369	)		2,688,115			2,987,256
	28,565,377			21,254,625			24,953,502			36,018,328			470,501			1,032,232
	16,743,693			11,176,504			(8,439,826	)		10,854,961			1,514,280			4,872,717
	49,116,398			33,689,813			15,786,520			42,866,920			4,672,896			8,892,205
	(768,063	)		—			—			—			(1,398,451	)		(1,317,861	)
	(4,548,794	)		—			—			—			(1,990,847	)		(2,043,553	)
	(1,497,083	)		—			(20,379,878	)		(3,623,431	)		(491,620	)		(34,851	)
	(7,569,096	)		—			(19,173,209	)		(2,074,734	)		(597,665	)		(24,248	)
	(14,383,036	)		—			(39,553,087	)		(5,698,165	)		(4,478,583	)		(3,420,513	)
	3,572,808			11,250,505			66,566,015			202,967,411			40,270,203			71,060,094
	23,968,968			47,334,504			76,966,063			276,507,471			40,749,775			103,044,113
	2,244,845			—			20,310,806			3,615,800			1,869,711			1,344,828
	12,089,609			—			18,660,298			2,024,439			2,310,129			1,929,366
	(7,236,197	)		(61,115,685	)		(96,452,265	)		(170,062,099	)		(17,922,852	)		(25,676,534	)
	(29,943,804	)		(79,418,013	)		(39,449,921	)		(43,272,439	)		(13,106,829	)		(7,435,170	)
	4,696,229			(81,948,689	)		46,600,996			271,780,583			54,170,137			144,266,697
	39,429,591			(48,258,876	)		22,834,429			308,949,338			54,364,450			149,738,389
$	328,658,779		$	289,229,188		$	723,483,892		$	700,649,463		$	231,246,028		$	176,881,578
$	(214,865	)	$	1,294,664		$	(770,617	)	$	(43,461	)	$	(1,081,922	)	$	(380,739	)

See accompanying Notes to Financial Statements.

75

Aston Funds

Statements of Changes in Net Assets – continued

	TCH Fixed Income Fund						Lake Partners LASSO Alternatives Fund
	Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
NET ASSETS at Beginning of Period	$	70,167,760		$	72,769,324		$	287,061,601		$	207,625,322
Increase in net assets from operations:
Net investment income (loss)		1,225,560			3,011,666			976,382			1,365,720
Net realized gain (loss) on investments, purchased options, written options, securities sold short, foreign currency transactions and capital gain distributions		1,146,492			1,541,463			9,922,213			1,557,869
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		(665,491	)		2,125,017			11,021,393			10,167,273
Net increase in net assets from operations		1,706,561			6,678,146			21,919,988			13,090,862
Distributions to shareholders from:
Net investment income:
Class N		(1,205,704	)		(2,752,487	)		(472,420	)		(255,933	)
Class I		(218,905	)		(479,605	)		(3,732,874	)		(3,425,003	)
Net realized gain on investments:
Class N		—			—			—			—
Class I		—			—			—			—
Total distributions		(1,424,609	)		(3,232,092	)		(4,205,294	)		(3,680,936	)
Capital share transactions:
Proceeds from sales of shares:
Class N		8,137,341			11,970,554			18,408,483			20,838,852
Class I		786,153			3,311,240			101,084,466			104,018,117
Proceeds from reinvestment of distributions:
Class N		1,156,823			2,642,277			452,219			254,528
Class I		190,631			384,209			3,236,441			1,747,717
Cost of shares redeemed:
Class N		(9,770,202	)		(20,139,538	)		(12,500,660	)		(5,931,093	)
Class I		(1,179,134	)		(4,216,360	)		(44,658,609	)		(50,901,768	)
Net increase (decrease) from capital share transactions		(678,388	)		(6,047,618	)		66,022,340			70,026,353
Total increase (decrease) in net assets		(396,436	)		(2,601,564	)		83,737,034			79,436,279
NET ASSETS at End of Period	$	69,771,324		$	70,167,760		$	370,798,635		$	287,061,601
Undistributed (distributions in excess of) net investment income (loss)	$	58,234		$	257,283		$	(2,447,886	)	$	781,026

See accompanying Notes to Financial Statements.

76

Aston Funds

Anchor Capital Enhanced Equity Fund						River Road Long-Short Fund						Barings International Fund
Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
$	177,809,320		$	113,205,174		$	7,506,387		$	4,593,930		$	62,083,656		$	52,782,652
	1,968,428			2,759,375			(82,076	)		(98,537	)		534,472			1,043,951
	(1,512,626	)		2,854,278			625,421			613,267			(1,386,152	)		883,136
	9,720,158			(1,004,621	)		540,367			(73,523	)		6,007,891			760,195
	10,175,960			4,609,032			1,083,712			441,207			5,156,211			2,687,282
	(1,091,234	)		(1,259,013	)		—			—			(5,702	)		(2,517	)
	(910,892	)		(1,453,347	)		—			—			(986,921	)		(507,253	)
	(1,672,759	)		(5,377,824	)		(437,571	)		—			(5,125	)		(9,564	)
	(1,243,697	)		(6,563,185	)		—			—			(754,174	)		(1,371,156	)
	(4,918,582	)		(14,653,369	)		(437,571	)		—			(1,751,922	)		(1,890,490	)
	17,670,239			89,657,148			15,815,644			3,037,084			14,984			11,495
	19,095,086			42,752,026			6,970,407			—			10,446,823			17,971,181
	2,742,104			6,562,788			437,571			—			10,574			12,081
	1,422,757			5,836,625			—			—			1,523,863			1,167,329
	(42,185,073	)		(34,343,989	)		(5,259,154	)		(565,834	)		(14,548	)		(271	)
	(48,687,440	)		(35,816,115	)		(100	)		—			(9,519,272	)		(10,657,603	)
	(49,942,327	)		74,648,483			17,964,368			2,471,250			2,462,424			8,504,212
	(44,684,949	)		64,604,146			18,610,509			2,912,457			5,866,713			9,301,004
$	133,124,371		$	177,809,320		$	26,116,896		$	7,506,387		$	67,950,369		$	62,083,656
$	93,837		$	127,535		$	(111,808	)	$	(29,732	)	$	534,290		$	992,441

See accompanying Notes to Financial Statements.

77

Aston Funds

Statements of Changes in Net Assets – continued

	LMCG Emerging Market Fund			Harrison Street Real Estate Fund
	Period Ended April 30, 2013(a) (unaudited)			Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
NET ASSETS at Beginning of Period	$	—		$	10,546,604		$	39,212,065
Increase (decrease) in net assets from operations:
Net investment income		2,070			65,993			173,143
Net realized gain (loss) on investments and foreign currency transactions		(39,284	)		770,833			1,929,157
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		49,069			982,599			(2,376,608	)
Net increase (decrease) in net assets from operations		11,855			1,819,425			(274,308	)
Distributions to shareholders from:
Net investment income:
Class N		—			(162,128	)		(46,752	)
Class I		—			(2,875	)		(823	)
Total distributions		—			(165,003	)		(47,575	)
Capital share transactions:
Proceeds from sales of shares:
Class N		676,407			4,088,134			6,295,128
Class I		3,400,004			42,482			208,772
Proceeds from reinvestment of distributions:
Class N		—			153,598			44,264
Class I		—			1,905			539
Cost of shares redeemed:
Class N		—			(3,706,662	)		(3,336,601	)
Class I		—			(8,201	)		(31,555,680	)(b)
Net increase (decrease) from capital share transactions		4,076,411			571,256			(28,343,578	)
Total increase (decrease) in net assets		4,088,266			2,225,678			(28,665,461	)
NET ASSETS at End of Period	$	4,088,266		$	12,772,282		$	10,546,604
Undistributed (distributions in excess of) net investment income (loss)	$	2,070		$	26,484		$	125,494

(a) LMCG Emerging Markets Fund began issuing shares on March 27, 2013.

(b) Harrison Street Real Estate Fund had a redemption-in-kind in the amount of $31,399,368 on December 2, 2011. 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.

78

Aston Funds

Montag & Caldwell Balanced Fund
Six Months Ended April 30, 2013 (unaudited)			Year Ended October 31, 2012
$	33,466,255		$	24,729,716
	157,004			227,101
	1,689,654			1,435,094
	603,765			422,708
	2,450,423			2,084,903
	(209,359	)		(309,427	)
	(12,857	)		(22,048	)
	(222,216	)		(331,475	)
	1,906,115			12,344,202
	126,073			641,711
	204,025			301,482
	5,528			9,037
	(10,614,194	)		(6,067,796	)
	(347,615	)		(245,525	)
	(8,720,068	)		6,983,111
	(6,491,861	)		8,736,539
$	26,974,394		$	33,466,255
$	(296,161	)	$	(230,949	)

See accompanying Notes to Financial Statements.

79

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	25.31		$	24.72		$	22.92		$	20.87		$	18.84		$	31.51
Income from Investment Operations:
Net investment income		0.14			0.15	(a)		0.14	(a)		0.12	(a)		0.08	(a)		0.07	(a)
Net realized and unrealized gain (loss) on investments		3.23			2.45			1.83			2.01	(b)		2.61			(8.66	)
Total from investment operations		3.37			2.60			1.97			2.13			2.69			(8.59	)
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.13	)		(0.13	)		(0.08	)		(0.06	)		(0.05	)
Distributions from net realized gain on investments		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)		(4.03	)
Total distributions		(1.93	)		(2.01	)		(0.17	)		(0.08	)		(0.66	)		(4.08	)
Net increase (decrease) in net asset value .		1.44			0.59			1.80			2.05			2.03			(12.67	)
Net Asset Value, End of Period	$	26.75		$	25.31		$	24.72		$	22.92		$	20.87		$	18.84
Total Return (c)		14.36	%(d)		11.40	%		8.56	%		10.20	%		15.08	%		(31.13	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,161,408		$	1,908,663		$	1,683,183		$	1,506,075		$	1,277,346		$	602,905
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.04	%(e)		1.05	%		1.06	%		1.08	%(f)		1.11	%		1.08	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.04	%(e)		1.05	%		1.06	%		1.08	%(f)		1.11	%		1.08	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.10	%(e)		0.60	%		0.59	%		0.56	%		0.41	%		0.26	%
After expense reimbursement and/or fee waiver by Adviser		1.10	%(e)		0.60	%		0.59	%		0.56	%		0.41	%		0.26	%
Portfolio Turnover		23.27	%(d)		46.42	%		63.48	%		57.39	%(g)		35.09	%(h)		52.32	%

(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 Value 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 each of the years ended October 31, 2010 and October 31, 2008. The interest expenses are from utilizing the line of credit as discussed in Note H to the 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.

80

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	25.46		$	24.85		$	23.05		$	20.97		$	18.94		$	31.61
Income from Investment Operations:
Net investment income		0.18			0.21	(a)		0.21	(a)		0.18	(a)		0.12	(a)		0.13	(a)
Net realized and unrealized gain (loss) on investments		3.24			2.47			1.82			2.02	(b)		2.62			(8.70	)
Total from investment operations		3.42			2.68			2.03			2.20			2.74			(8.57	)
Less Distributions:
Distributions from and in excess of net investment income		(0.28	)		(0.19	)		(0.19	)		(0.12	)		(0.11	)		(0.07	)
Distributions from net realized gain on investments		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)		(4.03	)
Total distributions		(1.99	)		(2.07	)		(0.23	)		(0.12	)		(0.71	)		(4.10	)
Net increase (decrease) in net asset value		1.43			0.61			1.80			2.08			2.03			(12.67	)
Net Asset Value, End of Period	$	26.89		$	25.46		$	24.85		$	23.05		$	20.97		$	18.94
Total Return (c)		14.52	%(d)		11.67	%		8.82	%		10.49	%		15.36	%		(30.96	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,750,684		$	2,406,145		$	1,749,183		$	1,528,981		$	1,205,637		$	754,671
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.79	%(e)		0.80	%		0.81	%		0.83	%(f)		0.86	%		0.83	%(f)
After expense reimbursement and/or fee waiver by Adviser		0.79	%(e)		0.80	%		0.81	%		0.83	%(f)		0.86	%		0.83	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.35	%(e)		0.85	%		0.84	%		0.81	%		0.66	%		0.51	%
After expense reimbursement and/or fee waiver by Adviser		1.35	%(e)		0.85	%		0.84	%		0.81	%		0.66	%		0.51	%
Portfolio Turnover		23.27	%(d)		46.42	%		63.48	%		57.39	%(g)		35.09	%(h)		52.32	%

(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 Value 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 each of the years ended October 31, 2010 and October 31, 2008. The interest expenses are from utilizing the line of credit as discussed in Note H to the 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.

81

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class R	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	25.02		$	24.45		$	22.70		$	20.73		$	18.69		$	31.33
Income from Investment Operations:
Net investment income		0.11			0.09	(a)		0.08	(a)		0.07	(a)		0.03	(a)		—	(a)(b)
Net realized and unrealized gain (loss) on investments		3.19			2.43			1.80			1.98	(c)		2.61			(8.58	)
Total from investment operations		3.30			2.52			1.88			2.05			2.64			(8.58	)
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.07	)		(0.09	)		(0.08	)		—			(0.03	)
Distributions from net realized gain on investments		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)		(4.03	)
Total distributions		(1.86	)		(1.95	)		(0.13	)		(0.08	)		(0.60	)		(4.06	)
Net increase (decrease) in net asset value .		1.44			0.57			1.75			1.97			2.04			(12.64	)
Net Asset Value, End of Period	$	26.46		$	25.02		$	24.45		$	22.70		$	20.73		$	18.69
Total Return (d)		14.22	%(e)		11.10	%		8.29	%		9.90	%		14.87	%		(31.28	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,941		$	8,771		$	8,654		$	7,292		$	3,840		$	266
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.29	%(f)		1.30	%		1.31	%		1.33	%(g)		1.36	%		1.33	%(g)
After expense reimbursement and/or fee waiver by Adviser		1.29	%(f)		1.30	%		1.31	%		1.33	%(g)		1.36	%		1.33	%(g)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.85	%(f)		0.35	%		0.34	%		0.31	%		0.16	%		0.01	%
After expense reimbursement and/or fee waiver by Adviser		0.85	%(f)		0.35	%		0.34	%		0.31	%		0.16	%		0.01	%
Portfolio Turnover		23.27	%(e)		46.42	%		63.48	%		57.39	%(h)		35.09	%(i)		52.32	%

(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 Value 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 each of the years ended October 31, 2010 and October 31, 2008. The interest expenses are from utilizing the line of credit as discussed in Note H to the 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.

82

Aston Funds

ASTON/TAMRO Diversified Equity Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	13.52		$	12.34		$	11.83		$	9.72		$	8.34		$	14.41
Income from Investment Operations:
Net investment income (loss)		0.02			—	(a)		(0.02	)		—	(a)		—	(a)		0.04
Net realized and unrealized gain (loss) on investments		1.63			1.44			0.53			2.13			1.42			(4.94	)
Total from investment operations		1.65			1.44			0.51			2.13			1.42			(4.90	)
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		—			—			(0.02	)		(0.04	)		(0.01	)
Distributions from net realized gain on investments		(0.02	)		(0.26	)		—			—			—			(1.16	)
Total distributions		(0.05	)		(0.26	)		—			(0.02	)		(0.04	)		(1.17	)
Net increase (decrease) in net asset value .		1.60			1.18			0.51			2.11			1.38			(6.07	)
Net Asset Value, End of Period	$	15.12		$	13.52		$	12.34		$	11.83		$	9.72		$	8.34
Total Return (b)		12.19	%(c)		11.94	%		4.31	%		21.95	%		17.13	%		(36.75	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	24,698		$	21,980		$	24,354		$	15,670		$	10,486		$	8,562
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.62	%(d)		1.68	%(e)		1.62	%(e)		1.63	%		1.95	%		1.88	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(d)		1.20	%(e)		1.20	%(e)		1.20	%		1.20	%		1.20	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.16	)%(d)		(0.47	)%		(0.63	)%		(0.45	)%		(0.77	)%		(0.37	)%
After expense reimbursement and/or fee waiver by Adviser		0.26	%(d)		—	%(a)		(0.21	)%		(0.02	)%		(0.02	)%		0.31	%
Portfolio Turnover		30.13	%(c)		52.56	%		65.96	%		81.75	%		85.49	%		93.82	%

(a) Represents less than $(0.005) per share or less than (0.005)%.

(b) The total return is calculated using the Net Asset Value 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 each of the years ended October 31, 2012 and 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 the Financial Statements.

See accompanying Notes to Financial Statements.

83

Aston Funds

ASTON/TAMRO Diversified Equity Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	13.55		$	13.27
Income from Investment Operations:
Net investment income (loss)		0.04			(0.05	)
Net realized and unrealized gain on investments		1.62			0.33
Total from investment operations		1.66			0.28
Less Distributions:
Distributions from and in excess of net investment income		(0.06	)		—
Distributions from net realized gain on investments		(0.02	)		—
Total Distributions		(0.08	)		—
Net increase in net asset value		1.58			0.28
Net Asset Value, End of Period	$	15.13		$	13.55
Total Return (b)		12.38	%(c)		2.04	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	833		$	569
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.37	%(d)		1.45	%(d)
After expense reimbursement and/or fee waiver by Adviser		0.95	%(d)		0.95	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.09	%(d)		(1.11	)%(d)
After expense reimbursement and/or fee waiver by Adviser		0.51	%(d)		(0.61	)%(d)
Portfolio Turnover		30.13	%(c)		52.56	%

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

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

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

84

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	11.73		$	11.31		$	10.39		$	10.00
Income from Investment Operations:
Net investment income		0.12			0.18	(b)		0.12	(b)		0.03
Net realized and unrealized gain on investments		1.31			0.91			0.81			0.36
Total from investment operations		1.43			1.09			0.93			0.39
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.11	)		(0.01	)		—
Distributions from net realized gain on investments		(0.22	)		(0.56	)		—			—
Total distributions		(0.44	)		(0.67	)		(0.01	)		—
Net increase in net asset value		0.99			0.42			0.92			0.39
Net Asset Value, End of Period	$	12.72		$	11.73		$	11.31		$	10.39
Total Return (c)		12.66	%(d)		10.39	%		9.09	%		3.90	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	34,182		$	20,832		$	6,089		$	1,472
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.29	%(e)		1.41	%		2.38	%		13.84	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.30	%(e)		1.30	%		1.30	%		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.87	%(e)		1.44	%		(0.05	)%		(11.94	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.86	%(e)		1.55	%		1.03	%		0.60	%(e)
Portfolio Turnover		43.27	%(d)		80.56	%		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 Value 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/Herndon Large Cap Value Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.75		$	11.33		$	11.48
Income from Investment Operations:
Net investment income		0.13			0.21	(b)		0.10	(b)
Net realized and unrealized gain (loss) on investments		1.31			0.91			(0.25	)
Total from investment operations		1.44			1.12			(0.15	)
Less Distributions:
Distributions from and in excess of net investment income		(0.24	)		(0.14	)		—
Distributions from net realized gain on investments		(0.22	)		(0.56	)		—
Total distributions		(0.46	)		(0.70	)		—
Net increase (decrease) in net asset value		0.98			0.42			(0.15	)
Net Asset Value, End of Period	$	12.73		$	11.75		$	11.33
Total Return (c)		12.83	%(d)		10.69	%		(1.31	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	57,776		$	34,575		$	11,881
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.04	%(e)		1.16	%		2.13	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.05	%(e)		1.05	%		1.05	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.12	%(e)		1.69	%		0.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.11	%(e)		1.80	%		1.28	%(e)
Portfolio Turnover		43.27	%(d)		80.56	%		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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

86

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	11.04		$	10.04		$	9.20		$	8.31		$	9.07		$	15.57
Income from Investment Operations:
Net investment income		0.03	(a)		0.10	(a)		0.12	(a)		0.13			0.15			0.15
Net realized and unrealized gain (loss) on investments		1.50			0.94			0.83			0.89			0.41			(5.08	)
Total from investment operations		1.53			1.04			0.95			1.02			0.56			(4.93	)
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.04	)		(0.11	)		(0.13	)		(0.15	)		(0.16	)
Distributions from net realized gain on investments		—			—			—			—			(1.17	)		(1.41	)
Total distributions		(0.11	)		(0.04	)		(0.11	)		(0.13	)		(1.32	)		(1.57	)
Net increase (decrease) in net asset value .		1.42			1.00			0.84			0.89			(0.76	)		(6.50	)
Net Asset Value, End of Period	$	12.46		$	11.04		$	10.04		$	9.20		$	8.31		$	9.07
Total Return (b)		14.01	%(c)		10.43	%		10.44	%		12.37	%		8.60	%		(34.85	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	25,925		$	21,105		$	24,631		$	19,984		$	20,173		$	19,704
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.50	%(d)		1.58	%		1.61	%		1.19	%(e)		1.21	%		1.18	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.30	%(d)		1.26	%(f)		1.14	%(f)		1.07	%(e)		1.07	%(g)		1.02	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.34	%(d)		0.60	%		0.80	%		1.32	%		1.77	%		1.22	%
After expense reimbursement and/or fee waiver by Adviser		0.54	%(d)		0.92	%		1.27	%		1.44	%		1.91	%		1.38	%
Portfolio Turnover		28.34	%(c)		58.21	%		59.07	%(h)		37.44	%		39.00	%		67.57	%

(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 Value 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 each of 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 the 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, taxes, investment-related costs (such as brokerage commissions), 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 be terminated by the Adviser 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/Cornerstone Large Cap Value Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	11.07		$	10.05		$	9.19		$	8.31		$	9.06		$	15.57
Income from Investment Operations:
Net investment income		0.05	(a)		0.11	(a)		0.16	(a)		0.15			0.17			0.20
Net realized and unrealized gain (loss) on investments		1.49			0.96			0.84			0.88			0.42			(5.10	)
Total from investment operations		1.54			1.07			1.00			1.03			0.59			(4.90	)
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.05	)		(0.14	)		(0.15	)		(0.17	)		(0.20	)
Distributions from net realized gain on investments		—			—			—			—			(1.17	)		(1.41	)
Total distributions		(0.14	)		(0.05	)		(0.14	)		(0.15	)		(1.34	)		(1.61	)
Net increase (decrease) in net asset value .		1.40			1.02			0.86			0.88			(0.75	)		(6.51	)
Net Asset Value, End of Period	$	12.47		$	11.07		$	10.05		$	9.19		$	8.31		$	9.06
Total Return (b)		14.09	%(c)		10.66	%		10.95	%		12.53	%		9.01	%		(34.73	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	17,234		$	5,397		$	126		$	204,051		$	205,580		$	188,688
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.25	%(d)		1.33	%		1.36	%		0.94	%(e)		0.96	%		0.93	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.05	%(d)		1.01	%(f)		0.89	%(f)		0.82	%(e)		0.82	%(g)		0.77	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.59	%(d)		0.85	%		1.05	%		1.57	%		2.02	%		1.47	%
After expense reimbursement and/or fee waiver by Adviser		0.79	%(d)		1.17	%		1.52	%		1.69	%		2.16	%		1.63	%
Portfolio Turnover		28.34	%(c)		58.21	%		59.07	%(h)		37.44	%		39.00	%		67.57	%

(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 Value 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 each of 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 the 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, taxes, investment-related costs (such as brokerage commissions), 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 be terminated by the Adviser at any time.

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

See accompanying Notes to Financial Statements.

88

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	11.67		$	10.68		$	10.23		$	8.58		$	8.43		$	12.58
Income from Investment Operations:
Net investment income		0.16	(a)		0.31	(a)		0.29	(a)		0.26	(a)		0.26	(a)		0.38
Net realized and unrealized gain (loss) on investments		1.69			1.05			0.42			1.62			0.08			(3.54	)
Total from investment operations		1.85			1.36			0.71			1.88			0.34			(3.16	)
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.30	)		(0.26	)		(0.23	)		(0.19	)		(0.32	)
Return of capital		—			—			—			—			—			(0.01	)
Distributions from net realized gain on investments		(0.44	)		(0.07	)		—			—			—			(0.66	)
Total distributions		(0.57	)		(0.37	)		(0.26	)		(0.23	)		(0.19	)		(0.99	)
Net increase (decrease) in net asset value		1.28			0.99			0.45			1.65			0.15			(4.15	)
Net Asset Value, End of Period	$	12.95		$	11.67		$	10.68		$	10.23		$	8.58		$	8.43
Total Return (b)		16.80	%(c)		12.96	%		6.94	%		22.20	%		4.33	%		(26.82	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	399,982		$	338,166		$	301,290		$	135,544		$	81,842		$	51,504
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		1.12	%		1.12	%		1.14	%		1.21	%		1.35	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		1.12	%		1.12	%		1.14	%		1.21	%		1.30	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.64	%(d)		2.74	%		2.70	%		2.69	%		3.36	%		3.81	%
After expense reimbursement and/or fee waiver by Adviser		2.64	%(d)		2.74	%		2.70	%		2.69	%		3.36	%		3.86	%
Portfolio Turnover		17.55	%(c)		28.17	%		24.65	%		29.92	%		47.34	%		48.95	%

(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 Value 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 the Financial Statements.

See accompanying Notes to Financial Statements.

89

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	11.66		$	10.67		$	10.22		$	8.57		$	8.42		$	12.57
Income from Investment Operations:
Net investment income		0.17	(a)		0.34	(a)		0.32	(a)		0.28	(a)		0.29	(a)		0.41
Net realized and unrealized gain (loss) on investments		1.71			1.05			0.42			1.63			0.07			(3.55	)
Total from investment operations		1.88			1.39			0.74			1.91			0.36			(3.14	)
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.33	)		(0.29	)		(0.26	)		(0.21	)		(0.34	)
Return of capital		—			—			—			—			—			(0.01	)
Distributions from net realized gain on investments		(0.44	)		(0.07	)		—			—			—			(0.66	)
Total distributions		(0.59	)		(0.40	)		(0.29	)		(0.26	)		(0.21	)		(1.01	)
Net increase (decrease) in net asset value .		1.29			0.99			0.45			1.65			0.15			(4.15	)
Net Asset Value, End of Period	$	12.95		$	11.66		$	10.67		$	10.22		$	8.57		$	8.42
Total Return (b)		17.02	%(c)		13.25	%		7.21	%		22.53	%		4.59	%		(26.66	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	694,513		$	586,043		$	318,863		$	137,629		$	77,185		$	144
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.84	%(d)		0.87	%		0.87	%		0.89	%		0.96	%		1.10	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.84	%(d)		0.87	%		0.87	%		0.89	%		0.96	%		1.05	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.89	%(d)		2.99	%		2.95	%		2.94	%		3.61	%		4.06	%
After expense reimbursement and/or fee waiver by Adviser		2.89	%(d)		2.99	%		2.95	%		2.94	%		3.61	%		4.11	%
Portfolio Turnover		17.55	%(c)		28.17	%		24.65	%		29.92	%		47.34	%		48.95	%

(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 Value 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 the Financial Statements.

See accompanying Notes to Financial Statements.

90

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.11			0.09	(b)
Net realized and unrealized gain on investments		1.54			0.41
Total from investment operations		1.65			0.50
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.06	)
Distributions from net realized gain on investments		—	(c)		—
Total distributions		(0.13	)		(0.06	)
Net increase in net asset value		1.52			0.44
Net Asset Value, End of Period	$	11.96		$	10.44
Total Return (d)		15.92	%(e)		5.09	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,391		$	1,049
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.71	%(f)		4.99	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.30	%(f)		1.30	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.57	%(f)		(1.24	)%(f)
After expense reimbursement and/or fee waiver by Adviser		1.98	%(f)		2.45	%(f)
Portfolio Turnover		11.20	%(e)		5.58	%(e)(g)

(a) River Road Dividend All Cap Value Fund II began issuing Class N shares on June 26, 2012.

(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 Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

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

See accompanying Notes to Financial Statements.

91

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	10.45		$	10.00
Income from Investment Operations:
Net investment income		0.12			0.10	(b)
Net realized and unrealized gain on investments		1.53			0.42
Total from investment operations		1.65			0.52
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.07	)
Distributions from net realized gain on investments		—	(c)		—
Total distributions		(0.14	)		(0.07	)
Net increase in net asset value		1.51			0.45
Net Asset Value, End of Period	$	11.96		$	10.45
Total Return (d)		16.06	%(e)		5.17	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	52,586		$	9,370
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.46	%(f)		4.74	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.05	%(f)		1.05	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.82	%(f)		(0.99	)%(f)
After expense reimbursement and/or fee waiver by Adviser		2.23	%(f)		2.70	%(f)
Portfolio Turnover		11.20	%(e)		5.58	%(e)(g)

(a) River Road Dividend All Cap Value Fund II began issuing Class I shares on June 26, 2012.

(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 Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

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

See accompanying Notes to Financial Statements.

92

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	32.79		$	29.76		$	29.04		$	22.73		$	17.25		$	32.32
Income from Investment Operations:
Net investment income		0.17			0.16			0.06	(a)		0.01			0.09			0.05
Net realized and unrealized gain (loss) on investments		6.46			3.13			0.82			6.35			5.82			(12.93	)
Total from investment operations		6.63			3.29			0.88			6.36			5.91			(12.88	)
Less Distributions:
Distributions from and in excess of net investment income		(0.30	)		(0.05	)		(0.08	)		(0.05	)		(0.14	)		—
Distributions from net realized gain on investments		(0.74	)		(0.21	)		(0.08	)		—			(0.29	)		(2.19	)
Total distributions		(1.04	)		(0.26	)		(0.16	)		(0.05	)		(0.43	)		(2.19	)
Net increase (decrease) in net asset value .		5.59			3.03			0.72			6.31			5.48			(15.07	)
Net Asset Value, End of Period	$	38.38		$	32.79		$	29.76		$	29.04		$	22.73		$	17.25
Total Return (b)		20.79	%(c)		11.15	%		2.98	%		28.01	%		35.60	%		(42.50	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,869,671		$	1,561,510		$	1,502,266		$	1,469,354		$	842,233		$	508,886
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.11	%(e)		1.14	%(e)		1.14	%(e)		1.20	%(e)		1.16	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.11	%(e)		1.14	%(e)		1.14	%(e)		1.20	%(e)		1.16	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.98	%(d)		0.50	%		0.21	%		—	%(f)		0.46	%		0.18	%
After expense reimbursement and/or fee waiver by Adviser		0.98	%(d)		0.50	%		0.21	%		—	%(f)		0.46	%		0.18	%
Portfolio Turnover		15.55	%(c)		28.06	%(g)		11.20	%		13.82	%		17.72	%		22.58	%

(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 Value 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 each of the years ended October 31, 2012, October 31, 2011, October 31, 2010, October 31, 2009 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 the 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.

93

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	33.28		$	30.20		$	29.41		$	23.00		$	17.47		$	32.64
Income from Investment Operations:
Net investment income		0.23			0.24			0.14	(a)		0.07			0.13			0.11
Net realized and unrealized gain (loss) on investments		6.55			3.18			0.82			6.43			5.89			(13.09	)
Total from investment operations		6.78			3.42			0.96			6.50			6.02			(12.98	)
Less Distributions:
Distributions from and in excess of net investment income		(0.39	)		(0.13	)		(0.09	)		(0.09	)		(0.20	)		—
Distributions from net realized gain on investment		(0.74	)		(0.21	)		(0.08	)		—			(0.29	)		(2.19	)
Total distributions		(1.13	)		(0.34	)		(0.17	)		(0.09	)		(0.49	)		(2.19	)
Net increase (decrease) in net asset value		5.65			3.08			0.79			6.41			5.53			(15.17	)
Net Asset Value, End of Period	$	38.93		$	33.28		$	30.20		$	29.41		$	23.00		$	17.47
Total Return (b)		20.96	%(c)		11.46	%		3.22	%		28.31	%		35.97	%		(42.39	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,853,062		$	1,464,222		$	1,339,223		$	499,651		$	150,953		$	93,176
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.85	%(d)		0.86	%(e)		0.89	%(e)		0.89	%(e)		0.95	%(e)		0.91	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.85	%(d)		0.86	%(e)		0.89	%(e)		0.89	%(e)		0.95	%(e)		0.91	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.23	%(d)		0.75	%		0.46	%		0.25	%		0.71	%		0.43	%
After expense reimbursement and/or fee waiver by Adviser		1.23	%(d)		0.75	%		0.46	%		0.25	%		0.71	%		0.43	%
Portfolio Turnover		15.55	%(c)		28.06	%(f)		11.20	%		13.82	%		17.72	%		22.58	%

(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 Value 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 each of the years ended October 31, 2012, October 31, 2011, October 31, 2010, October 31, 2009 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 the 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/Montag & Caldwell Mid Cap Growth Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			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	$	10.36		$	9.71		$	8.51		$	6.83		$	5.85		$	10.00
Income from Investment Operations:
Net investment loss		(0.03	)(b)		(0.07	)(b)		(0.07	)		(0.04	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.09			0.72			1.27			1.74			1.02			(4.10	)
Total from investment operations		1.06			0.65			1.20			1.70			0.98			(4.15	)
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			(0.02	)		—			—
Distributions from net realized gain on investments		(0.10	)		—			—			—			—			—
Total distributions		(0.10	)		—			—			(0.02	)		—			—
Net increase (decrease) in net asset value		0.96			0.65			1.20			1.68			0.98			(4.15	)
Net Asset Value, End of Period	$	11.32		$	10.36		$	9.71		$	8.51		$	6.83		$	5.85
Total Return (c)		10.37	%(d)		6.70	%		14.10	%		24.85	%		16.75	%		(41.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	12,852		$	7,369		$	4,507		$	3,399		$	2,959		$	1,815
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.89	%(e)		2.50	%		3.07	%		3.55	%		5.02	%		5.80	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.25	%(e)		1.25	%(f)		1.39	%(f)		1.40	%		1.40	%		1.40	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.19	)%(e)		(1.88	)%		(2.39	)%		(2.75	)%		(4.13	)%		(5.07	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(0.55	)%(e)		(0.63	)%		(0.71	)%		(0.60	)%		(0.51	)%		(0.67	)%(e)
Portfolio Turnover		20.43	%(d)		36.60	%		29.31	%		31.49	%		54.37	%		63.66	%(d)

(a) Montag & Caldwell Mid Cap Growth Fund began issuing Class N shares on November 1, 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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) 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 did not exceed 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), 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.

95

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class N (formerly, ASTON Small Cap Growth Fund)	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.42		$	9.95		$	10.00
Income from Investment Operations:
Net investment income (loss)		0.07	(b)		(0.12	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.88			1.59			(0.01	)
Total from investment operations		1.95			1.47			(0.05	)
Less Distributions:
Distributions from net realized gains on investments		(0.89	)		—			—
Total distributions		(0.89	)		—			—
Net increase (decrease) in net asset value		1.06			1.47			(0.05	)
Net Asset Value, End of Period	$	12.48		$	11.42		$	9.95
Total Return (c)		18.19	%(d)		14.77	%		(0.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	27,132		$	5,659		$	5,411
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.05	%(e)		2.86	%		8.27	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.35	%(e)		1.35	%		1.35	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.56	)%(e)		(2.68	)%		(8.14	)%(e)
After expense reimbursement and/or fee waiver by Adviser		1.14	%(e)		(1.17	)%		(1.21	)%(e)
Portfolio Turnover		74.56	%(d)(f)		168.05	%(g)		205.85	%(d)

(a) LMCG Small Cap Growth Fund began issuing Class N shares on November 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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received from the Reorganization, as discussed in Note J to the Financial Statements.

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

See accompanying Notes to Financial Statements.

96

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class I (formerly, ASTON Small Cap Growth Fund)	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.46		$	9.97		$	12.40
Income from Investment Operations:
Net investment income (loss)		0.08	(b)		(0.10	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.90			1.59			(2.39	)
Total from investment operations		1.98			1.49			(2.43	)
Less Distributions:
Distributions from net realized gains on investments		(0.89	)		—			—
Total distributions		(0.89	)		—			—
Net increase (decrease) in net asset value		1.09			1.49			(2.43	)
Net Asset Value, End of Period	$	12.55		$	11.46		$	9.97
Total Return (c)		18.40	%(d)		14.95	%		(19.60	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,442		$	755		$	2,551
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.80	%(e)		2.61	%		6.25	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(e)		1.10	%		1.10	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.31	)%(e)		(2.43	)%		(6.11	)%(e)
After expense reimbursement and/or fee waiver by Adviser		1.39	%(e)		(0.92	)%		(0.96	)%(e)
Portfolio Turnover		74.56	%(d)(f)		168.05	%(g)		205.85	%(d)

(a) LMCG Small Cap Growth 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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received from the Reorganization, as discussed in Note J to the Financial Statements.

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

See accompanying Notes to Financial Statements.

97

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	10.90		$	10.00
Income from Investment Operations:
Net investment income		0.03	(b)		0.01
Net realized and unrealized gain on investments		1.62			0.89
Total from investment operations		1.65			0.90
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		—
Distributions from net realized gains on investments		(0.03	)		—
Total distributions		(0.14	)		—
Net increase in net asset value		1.51			0.90
Net Asset Value, End of Period	$	12.41		$	10.90
Total Return (c)		15.30	%(d)		9.00	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,374		$	750
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.46	%(e)		5.10	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.40	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.52	)%(e)		(3.51	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.53	%(e)		0.19	%(e)
Portfolio Turnover		21.89	%(d)		26.22	%(d)(f)

(a) Silvercrest Small Cap Fund began issuing Class N shares on December 23, 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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	10.93		$	10.00
Income from Investment Operations:
Net investment income		0.05	(b)		0.03
Net realized and unrealized gain on investments		1.62			0.90
Total from investment operations		1.67			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		—
Distributions from net realized gains on investments		(0.03	)		—
Total distributions		(0.16	)		—
Net increase in net asset value		1.51			0.93
Net Asset Value, End of Period	$	12.44		$	10.93
Total Return (c)		15.44	%(d)		9.30	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	11,401		$	4,962
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.21	%(e)		4.85	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.27	)(e)		(3.26	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.78	%(e)		0.44	%(e)
Portfolio Turnover		21.89	%(d)		26.22	%(d)(f)

(a) Silvercrest Small Cap Fund began issuing Class I shares on December 23, 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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	20.52		$	20.57		$	19.42		$	14.67		$	13.64		$	20.99
Income from Investment Operations:
Net investment income (loss)		0.01	(a)		(0.12	)(a)		(0.15	)(a)		(0.08	)(a)		(0.05	)(a)		0.05
Net realized and unrealized gain (loss) on investments		2.69			2.09			1.75			4.83			1.08			(6.43	)
Total from investment operations		2.70			1.97			1.60			4.75			1.03			(6.38	)
Less Distributions:
Distributions from net realized gain on investments		(1.98	)		(2.02	)		(0.45	)		—			—			(0.97	)
Total distributions		(1.98	)		(2.02	)		(0.45	)		—			—			(0.97	)
Net increase (decrease) in net asset value		0.72			(0.05	)		1.15			4.75			1.03			(7.35	)
Net Asset Value, End of Period	$	21.24		$	20.52		$	20.57		$	19.42		$	14.67		$	13.64
Total Return (b)		14.34	%(c)		10.70	%		8.16	%		32.29	%		7.63	%		(31.58	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	426,614		$	389,125		$	375,969		$	335,809		$	241,524		$	159,965
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.30	%(d)		1.28	%(e)		1.29	%		1.34	%		1.37	%		1.32	%
After expense reimbursement and/or fee waiver by Adviser		1.30	%(d)		1.28	%(e)		1.29	%		1.34	%		1.36	%(f)		1.30	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.11	%(d)		(0.59	)%		(0.69	)%		(0.49	)%		(0.41	)%		0.29	%
After expense reimbursement and/or fee waiver by Adviser		0.11	%(d)		(0.59	)%		(0.69	)%		(0.49	)%		(0.40	)%		0.31	%
Portfolio Turnover		32.53	%(c)(g)(h)		48.22	%(g)		47.25	%		62.13	%		89.92	%		66.65	%

(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 Value 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, 2012, 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 the Financial Statements.

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

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

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

See accompanying Notes to Financial Statements.

100

Aston Funds

ASTON/TAMRO Small Cap Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	20.96		$	20.91		$	19.69		$	14.87		$	13.79		$	21.16
Income from Investment Operations:
Net investment income (loss)		0.04	(a)		(0.07	)(a)		(0.09	)(a)		(0.04	)(a)		(0.02	)(a)		0.02
Net realized and unrealized gain (loss) on investments		2.75			2.14			1.76			4.87			1.12			(6.42	)
Total from investment operations		2.79			2.07			1.67			4.83			1.10			(6.40	)
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			(0.01	)		(0.02	)		—
Distributions from net realized gain on investments		(1.98	)		(2.02	)		(0.45	)		—			—			(0.97	)
Total distributions		(1.98	)		(2.02	)		(0.45	)		(0.01	)		(0.02	)		(0.97	)
Net increase (decrease) in net asset value		0.81			0.05			1.22			4.82			1.08			(7.37	)
Net Asset Value, End of Period	$	21.77		$	20.96		$	20.91		$	19.69		$	14.87		$	13.79
Total Return (b)		14.53	%(c)		10.98	%		8.40	%		32.62	%		7.94	%		(31.42	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	677,249		$	635,663		$	625,315		$	549,627		$	515,592		$	238,399
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.05	%(d)		1.03	%(e)		1.04	%		1.09	%		1.12	%		1.07	%
After expense reimbursement and/or fee waiver by Adviser		1.05	%(d)		1.03	%(e)		1.04	%		1.09	%		1.11	%(f)		1.05	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.36	%(d)		(0.34	)%		(0.44	)%		(0.24	)%		(0.16	)%		0.54	%
After expense reimbursement and/or fee waiver by Adviser		0.36	%(d)		(0.34	)%		(0.44	)%		(0.24	)%		(0.15	)%		0.56	%
Portfolio Turnover		32.53	%(c)(g)(h)		48.22	%(g)		47.25	%		62.13	%		89.92	%		66.65	%

(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 Value 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, 2012, 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 the Financial Statements.

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

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

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

See accompanying Notes to Financial Statements.

101

Aston Funds

ASTON/River Road Select Value Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	8.50		$	9.54		$	9.01		$	7.71		$	7.13		$	10.13
Income from Investment Operations:
Net investment income (loss)		0.09	(a)		0.01	(a)		(0.02	)(a)		0.02	(a)		—	(a)(b)		—	(a)(b)
Net realized and unrealized gain (loss) on investments		1.33			1.01			0.66			1.28			0.59			(3.00	)
Total from investment operations		1.42			1.02			0.64			1.30			0.59			(3.00	)
Less Distributions:
Distributions from net investment income		(0.12	)		—			(0.03	)		—			(0.01	)		—
Distributions from net realized gains on investments		(0.51	)		(2.06	)		(0.08	)		—			—			—
Total distributions		(0.63	)		(2.06	)		(0.11	)		—			(0.01	)		—
Net increase (decrease) in net asset value		0.79			(1.04	)		0.53			1.30			0.58			(3.00	)
Net Asset Value, End of Period	$	9.29		$	8.50		$	9.54		$	9.01		$	7.71		$	7.13
Total Return (c)		17.88	%(d)		12.87	%		7.12	%		16.86	%		8.33	%		(29.62	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	13,094		$	6,270		$	13,160		$	52,522		$	41,801		$	26,714
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.45	%(e)		1.43	%(f)		1.42	%(f)		1.41	%(f)		1.44	%		1.56	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.45	%(e)		1.43	%(f)		1.42	%(f)		1.43	%(f)		1.50	%		1.50	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.08	%(e)		0.07	%		(0.18	)%		0.31	%		0.04	%		(0.08	)%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.08	%(e)		0.07	%		(0.18	)%		0.29	%		(0.02	)%		(0.02	)%
Portfolio Turnover		40.92	%(d)		38.84	%		48.22	%		53.73	%		44.09	%		54.93	%

(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 Value 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 each of the years ended October 31, 2012, 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 the Financial Statements.

See accompanying Notes to Financial Statements.

102

Aston Funds

ASTON/River Road Select Value Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	8.58		$	9.59		$	9.04		$	7.73		$	7.14		$	10.13
Income from Investment Operations:
Net investment income		0.10	(a)		0.03	(a)		0.01	(a)		0.05	(a)		0.02	(a)		0.02	(a)
Net realized and unrealized gain (loss) on investments		1.35			1.02			0.67			1.28			0.59			(3.00	)
Total from investment operations		1.45			1.05			0.68			1.33			0.61			(2.98	)
Less Distributions:
Distributions from net investment income		(0.15	)		—			(0.05	)		(0.02	)		(0.02	)		(0.01	)
Distributions from net realized gains on investments		(0.51	)		(2.06	)		(0.08	)		—			—			—
Total distributions		(0.66	)		(2.06	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)
Net increase (decrease) in net asset value		0.79			(1.01	)		0.55			1.31			0.59			(2.99	)
Net Asset Value, End of Period	$	9.37		$	8.58		$	9.59		$	9.04		$	7.73		$	7.14
Total Return (b)		18.02	%(c)		13.18	%		7.56	%		17.19	%		8.52	%		(29.49	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	185,514		$	156,510		$	130,527		$	163,232		$	167,334		$	84,002
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.20	%(d)		1.18	%(e)		1.17	%(e)		1.16	%(e)		1.19	%		1.31	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.20	%(d)		1.18	%(e)		1.17	%(e)		1.18	%(e)		1.25	%		1.25	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.33	%(d)		0.32	%		0.07	%		0.56	%		0.29	%		0.17	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.33	%(d)		0.32	%		0.07	%		0.54	%		0.23	%		0.23	%
Portfolio Turnover		40.92	%(c)		38.84	%		48.22	%		53.73	%		44.09	%		54.93	%

(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 Value 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 each of the years ended October 31, 2012, 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 the Financial Statements.

See accompanying Notes to Financial Statements.

103

Aston Funds

ASTON/River Road Small Cap Value Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	13.56		$	12.20		$	11.60		$	10.22		$	9.30		$	14.37
Income from Investment Operations:
Net investment income (loss)		0.17			0.03	(a)		(0.03	)		0.03			0.01			0.01	(a)
Net realized and unrealized gain (loss) on investments		2.05			1.33			0.67			1.36			0.92			(4.54	)
Total from investment operations		2.22			1.36			0.64			1.39			0.93			(4.53	)
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		—			(0.04	)		(0.01	)		(0.01	)		—
Distributions from net realized gain on investments		(0.43	)		—			—			—			—			(0.54	)
Total distributions		(0.65	)		—			(0.04	)		(0.01	)		(0.01	)		(0.54	)
Net increase (decrease) in net asset value		1.57			1.36			0.60			1.38			0.92			(5.07	)
Net Asset Value, End of Period	$	15.13		$	13.56		$	12.20		$	11.60		$	10.22		$	9.30
Total Return (b)		17.12	%(c)		11.15	%		5.46	%		13.60	%		9.99	%		(32.51	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	53,457		$	49,154		$	91,347		$	213,326		$	216,221		$	160,245
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.34	%(d)		1.37	%		1.37	%(e)		1.39	%(e)		1.40	%		1.45	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.34	%(d)		1.37	%		1.37	%(e)		1.39	%(e)		1.40	%(f)		1.45	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.28	%(d)		0.22	%		(0.13	)%		0.27	%		0.05	%		0.08	%
After expense reimbursement and/or fee waiver by Adviser		2.28	%(d)		0.22	%		(0.13	)%		0.27	%		0.05	%		0.08	%
Portfolio Turnover		32.30	%(c)		26.95	%		42.29	%		51.05	%		35.83	%		57.32	%

(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 Value 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 each of the years ended October 31, 2011, 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 the Financial Statements.

(f) The Adviser removed the contractual expense limitation of 1.50%, excluding interest, taxes, investment-related costs (such as brokerage commissions), 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	13.62		$	12.22		$	11.62		$	10.24		$	9.32		$	14.37
Income from Investment Operations:
Net investment income		0.19			0.06	(a)		0.01			0.06			0.03			0.04	(a)
Net realized and unrealized gain (loss) on investments		2.06			1.34			0.65			1.35			0.92			(4.54	)
Total from investment operations		2.25			1.40			0.66			1.41			0.95			(4.50	)
Less Distributions:
Distributions from and in excess of net investment income		(0.26	)		—			(0.06	)		(0.03	)		(0.03	)		(0.01	)
Distributions from net realized gain on investments		(0.43	)		—			—			—			—			(0.54	)
Total distributions		(0.69	)		—			(0.06	)		(0.03	)		(0.03	)		(0.55	)
Net increase (decrease) in net asset value		1.56			1.40			0.60			1.38			0.92			(5.05	)
Net Asset Value, End of Period	$	15.18		$	13.62		$	12.22		$	11.62		$	10.24		$	9.32
Total Return (b)		17.29	%(c)		11.46	%		5.70	%		13.80	%		10.31	%		(32.34	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	275,202		$	240,075		$	246,141		$	255,344		$	282,542		$	114,666
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		1.12	%		1.12	%(e)		1.14	%(e)		1.15	%		1.20	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		1.12	%		1.12	%(e)		1.14	%(e)		1.15	%(f)		1.20	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.53	%(d)		0.47	%		0.12	%		0.52	%		0.30	%		0.33	%
After expense reimbursement and/or fee waiver by Adviser		2.53	%(d)		0.47	%		0.12	%		0.52	%		0.30	%		0.33	%
Portfolio Turnover		32.30	%(c)		26.95	%		42.29	%		51.05	%		35.83	%		57.32	%

(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 Value 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 each of the years ended October 31, 2011, 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 the Financial Statements.

(f) The Adviser removed the contractual expense limitation of 1.25%, excluding interest, taxes, investment-related costs (such as brokerage commissions), 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.42		$	10.75		$	10.00
Income from Investment Operations:
Net investment loss		(0.02	)(b)		(0.09	)(b)		(0.07	)(b)
Net realized and unrealized gain on investments		0.24			0.88			0.82
Total from investment operations		0.22			0.79			0.75
Less Distributions:
Distributions from net realized gain on investments		(0.63	)		(0.12	)		—
Total distributions		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		(0.41	)		0.67			0.75
Net Asset Value, End of Period	$	11.01		$	11.42		$	10.75
Total Return (c)		2.10	%(d)		7.41	%		7.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	340,369		$	362,416		$	306,223
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.41	%(e)(f)		1.44	%(f)		1.59	%(e)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.42	%(e)(f)		1.42	%(f)		1.42	%(e)
Ratios of net investment loss to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.32	)%(e)		(0.81	)%		(0.98	)%(e)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.33	)%(e)		(0.79	)%		(0.80	)%(e)
Portfolio Turnover		54.20	%(d)(g)		141.17	%		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 Value 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 Earnings Credits of less than 0.005% for the six months ended April 30, 2013 and year ended October 31, 2012, which is not included in the contractual expense limitation. See Note I to the Financial Statements.

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

See accompanying Notes to Financial Statements.

106

Aston Funds

ASTON/River Road Independent Value Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.46		$	10.75		$	10.92
Income from Investment Operations:
Net investment loss		—	(b)(c)		(0.06	)(b)		(0.02	)(b)
Net realized and unrealized gain (loss) on investments		0.23			0.89			(0.15	)
Total from investment operations		0.23			0.83			(0.17	)
Less Distributions:
Distributions from net realized gain on investments		(0.63	)		(0.12	)		—
Total distributions		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		(0.40	)		0.71			(0.17	)
Net Asset Value, End of Period	$	11.06		$	11.46		$	10.75
Total Return (d)		2.18	%(e)		7.68	%		(1.47	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	383,114		$	338,234		$	85,478
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.16	%(f)(g)		1.19	%(g)		1.34	%(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.17	%(f)(g)		1.17	%(g)		1.17	%(f)
Ratios of net investment loss to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.07	)%(f)		(0.56	)%		(0.73	)%(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.08	)%(f)		(0.54	)%		(0.55	)%(f)
Portfolio Turnover		54.20	%(e)(h)		141.17	%		105.69	%(e)

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

(d) The total return is calculated using the Net Asset Value 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 Earnings Credits of less than 0.005% for the six months ended April 30, 2013 and year ended October 31, 2012, which is not included in the contractual expense limitation. See Note I to the Financial Statements.

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

See accompanying Notes to Financial Statements.

107

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.14	(b)		0.33	(b)		0.12	(b)
Net realized and unrealized gain on investments		0.09			0.72			0.41
Total from investment operations		0.23			1.05			0.53
Less Distributions:
Distributions from and in excess of net investment income		(0.17	)		(0.37	)		(0.09	)
Distributions from net realized gain on investments		(0.06	)		(0.02	)		—
Total distributions		(0.23	)		(0.39	)		(0.09	)
Net increase in net asset value		—			0.66			0.44
Net Asset Value, End of Period	$	11.10		$	11.10		$	10.44
Total Return (c)		2.12	%(d)		10.25	%		5.33	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	95,786		$	71,546		$	22,657
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.02	%(e)		1.35	%		3.16	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.94	%(e)		0.94	%		0.94	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.41	%(e)		2.59	%		1.63	%(e)
After expense reimbursement and/or fee waiver by Adviser		2.49	%(e)		3.01	%		3.85	%(e)
Portfolio Turnover		52.97	%(d)		118.67	%		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 Value 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.15	(b)		0.35	(b)		0.13	(b)
Net realized and unrealized gain on investments		0.10			0.73			0.41
Total from investment operations		0.25			1.08			0.54
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.40	)		(0.10	)
Distributions from net realized gain on investments		(0.06	)		(0.02	)		—
Total distributions		(0.25	)		(0.42	)		(0.10	)
Net increase in net asset value		—			0.66			0.44
Net Asset Value, End of Period	$	11.10		$	11.10		$	10.44
Total Return (c)		2.24	%(d)		10.52	%		5.38	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	135,460		$	105,335		$	4,486
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.77	%(e)		1.10	%		2.91	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.69	%(e)		0.69	%		0.69	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.66	%(e)		2.84	%		1.88	%(e)
After expense reimbursement and/or fee waiver by Adviser		2.74	%(e)		3.26	%		4.10	%(e)
Portfolio Turnover		52.97	%(d)		118.67	%		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 Value 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	11.11		$	10.59		$	10.49		$	10.02		$	8.60		$	9.73
Income from Investment Operations:
Net investment income		0.19			0.45	(a)		0.47	(a)		0.50	(a)		0.49	(a)		0.47
Net realized and unrealized gain (loss) on investments		0.08			0.56			0.10			0.47			1.44			(1.10	)
Total from investment operations		0.27			1.01			0.57			0.97			1.93			(0.63	)
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.49	)		(0.47	)		(0.50	)		(0.51	)		(0.50	)
Total distributions		(0.22	)		(0.49	)		(0.47	)		(0.50	)		(0.51	)		(0.50	)
Net increase (decrease) in net asset value		0.05			0.52			0.10			0.47			1.42			(1.13	)
Net Asset Value, End of Period	$	11.16		$	11.11		$	10.59		$	10.49		$	10.02		$	8.60
Total Return (b)		2.50	%(c)		9.74	%		5.62	%		9.98	%		22.99	%		(6.89	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	59,537		$	59,772		$	62,346		$	46,274		$	47,008		$	42,765
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.01	%(d)		1.02	%		1.14	%		0.98	%		0.96	%		1.06	%
After expense reimbursement and/or fee waiver by Adviser		0.84	%(d)		0.86	%		0.88	%(e)		0.62	%		0.61	%		0.65	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.33	%(d)		4.03	%		4.20	%		4.51	%		4.93	%		4.59	%
After expense reimbursement and/or fee waiver by Adviser		3.50	%(d)		4.19	%		4.46	%		4.87	%		5.28	%		5.00	%
Portfolio Turnover		25.00	%(c)		57.43	%		37.51	%		23.92	%		40.81	%		78.39	%

(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 Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) 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 contractual expense limitation changed from 0.64% to 0.74%. Subsequently, on March 1, 2011, the Adviser’s contractual expense limitation changed from 0.74% to 0.94%. The contractual expense limitation excludes interest, taxes, investment-related costs (such as brokerage commissions), 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	11.11		$	10.59		$	10.49		$	10.02		$	8.60		$	9.73
Income from Investment Operations:
Net investment income		0.20			0.47	(a)		0.49	(a)		0.51	(a)		0.50	(a)		0.48
Net realized and unrealized gain (loss) on investments		0.08			0.55			0.11			0.48			1.44			(1.09	)
Total from investment operations		0.28			1.02			0.60			0.99			1.94			(0.61	)
Less Distributions:
Distributions from and in excess of net investment income		(0.23	)		(0.50	)		(0.50	)		(0.52	)		(0.52	)		(0.52	)
Total distributions		(0.23	)		(0.50	)		(0.50	)		(0.52	)		(0.52	)		(0.52	)
Net increase (decrease) in net asset value .		0.05			0.52			0.10			0.47			1.42			(1.13	)
Net Asset Value, End of Period	$	11.16		$	11.11		$	10.59		$	10.49		$	10.02		$	8.60
Total Return (b)		2.58	%(c)		9.93	%		5.89	%		10.11	%		23.14	%		(6.65	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	10,234		$	10,396		$	10,423		$	14,881		$	20,276		$	25,891
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.86	%(d)		0.85	%		0.89	%		0.85	%		0.84	%		0.81	%
After expense reimbursement and/or fee waiver by Adviser		0.69	%(d)		0.69	%		0.63	%(e)		0.49	%		0.49	%		0.40	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.48	%(d)		4.20	%		4.45	%		4.64	%		5.05	%		4.84	%
After expense reimbursement and/or fee waiver by Adviser		3.65	%(d)		4.36	%		4.71	%		5.00	%		5.40	%		5.25	%
Portfolio Turnover		25.00	%(c)		57.43	%		37.51	%		23.92	%		40.81	%		78.39	%

(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 Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) 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 contractual expense limitation changed from 0.39% to 0.49%. Subsequently, on March 1, 2011, the Adviser’s contractual expense limitation changed from 0.49% to 0.69%. The contractual expense limitation excludes interest, taxes, investment-related costs (such as brokerage commissions), 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, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	12.39		$	11.94		$	11.97		$	11.48
Income from Investment Operations:
Net investment income (loss)		0.03	(b)		0.04	(b)		(0.01	)(b)		0.04	(b)
Net realized and unrealized gain on investments		0.84			0.59			0.13			0.45
Total from investment operations		0.87			0.63			0.12			0.49
							��
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.18	)		(0.08	)		—
Distributions from capital gains		—			—			(0.07	)		—
Total distributions		(0.16	)		(0.18	)		(0.15	)		—
Net increase (decrease) in net asset value		0.71			0.45			(0.03	)		0.49
Net Asset Value, End of Period	$	13.10		$	12.39		$	11.94		$	11.97
Total Return (c)		7.09	%(d)		5.34	%		0.92	%		4.27	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	42,220		$	33,719		$	17,626		$	8,296
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (e)		1.42	%(f)(i)		1.41	%(g)(i)		1.53	%		2.19	%(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (e)		1.45	%(f)(i)		1.45	%(g)(i)		1.45	%		1.45	%(f)(h)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.44	%(f)		0.36	%(g)		(0.17	)%		(0.25	)%(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.40	%(f)		0.32	%(g)		(0.10	)%		0.49	%(f)
Portfolio Turnover		18.76	%(d)		45.60	%		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 Value 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 year ended October 31, 2012.

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

(i) Ratios of expenses to average net assets includes Earnings Credits of less than 0.005% for the six months ended April 30, 2013 and the year ended October 31, 2012, which is not included in the contractual expense limitation. See Note I to the Financial Statements.

See accompanying Notes to Financial Statements.

112

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Period Ended 10/31/09(a)
Net Asset Value, Beginning of Period	$	12.42		$	11.97		$	11.98		$	11.15		$	10.00
Income from Investment Operations:
Net investment income (loss)		0.04	(b)		0.07	(b)		0.02	(b)		0.08	(b)		(—	)(c)
Net realized and unrealized gain on investments		0.85			0.59			0.13			0.89			1.15
Total from investment operations		0.89			0.66			0.15			0.97			1.15
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.21	)		(0.09	)		(0.07	)		—
Distributions from net realized gain on investments		—			—			(0.07	)		(0.07	)		—
Total distributions		(0.18	)		(0.21	)		(0.16	)		(0.14	)		—
Net increase (decrease) in net asset value		0.71			0.45			(0.01	)		0.83			1.15
Net Asset Value, End of Period	$	13.13		$	12.42		$	11.97		$	11.98		$	11.15
Total Return (d)		7.26	%(e)		5.56	%		1.22	%		8.74	%		11.50	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	328,579		$	253,343		$	189,999		$	19,723		$	1,845
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (f)		1.17	%(g)(i)		1.16	%(h)(i)		1.28	%		2.32	%		18.16	%(g)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (f)		1.20	%(g)(i)		1.20	%(h)(i)		1.20	%		1.24	%(j)		1.35	%(g)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.69	%(g)		0.61	%(h)		0.08	%		(0.41	)%		(16.92	)%(g)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.65	%(g)		0.57	%(h)		0.15	%		0.67	%		(0.11	)%(g)
Portfolio Turnover		18.76	%(e)		45.60	%		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 Value 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 year ended October 31, 2012.

(i) Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for the six months ended April 30, 2013 and the year ended October 31, 2012, which is not included in the contractual expense limitation. See Note I to the Financial Statements.

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

See accompanying Notes to Financial Statements.

113

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			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	$	8.68		$	9.61		$	9.41		$	8.57		$	8.09		$	10.00
Income from Investment Operations:
Net investment income		0.10			0.16			0.14			0.10			0.11			0.14
Net realized and unrealized gain (loss) on investments		0.50			0.11			0.56			0.84			1.02			(1.91	)
Total from investment operations		0.60			0.27			0.70			0.94			1.13			(1.77	)
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.16	)		(0.13	)		(0.10	)		(0.13	)		(0.14	)
Distributions from net realized gain on investments		(0.15	)		(1.04	)		(0.37	)		—			(0.52	)		—
Total distributions		(0.25	)		(1.20	)		(0.50	)		(0.10	)		(0.65	)		(0.14	)
Net increase (decrease) in net asset value		0.35			(0.93	)		0.20			0.84			0.48			(1.91	)
Net Asset Value, End of Period	$	9.03		$	8.68		$	9.61		$	9.41		$	8.57		$	8.09
Total Return (b)		7.18	%(c)		3.12	%		7.69	%		11.05	%		15.86	%		(17.91	)%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	87,673		$	106,191		$	48,365		$	46,423		$	22,552		$	14,389
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.22	%(d)(e)		1.22	%(e)(f)		1.24	%(f)		1.37	%		2.11	%		2.38	%(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.22	%(d)(e)		1.27	%(e)(f)		1.33	%(f)		1.40	%		1.25	%(g)		1.10	%(d)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.41	%(d)		1.82	%		1.51	%		1.20	%		0.55	%		0.86	%(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.41	%(d)		1.78	%		1.41	%		1.17	%		1.41	%		2.14	%(d)
Portfolio Turnover		32.52	%(c)		56.33	%		87.37	%		41.33	%		51.56	%		23.68	%(c)

(a) Anchor Capital Enhanced Equity Fund began issuing Class N shares on January 14, 2008.

(b) The total return is calculated using the Net Asset Value 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 Earnings Credits of less than 0.005% for the six months ended April 30, 2013 and the year ended October 31, 2012, which is not included in the contractual expense limitation. See Note I to the Financial Statements.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for each of the years ended October 31, 2012 and 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 the Financial Statements.

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

See accompanying Notes to Financial Statements.

114

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	8.69		$	9.62		$	9.41		$	9.04
Income from Investment Operations:
Net investment income		0.12			0.18			0.16			0.09
Net realized and unrealized gain on investments		0.50			0.11			0.57			0.37
Total from investment operations		0.62			0.29			0.73			0.46
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.18	)		(0.15	)		(0.09	)
Distributions from net realized gain on investments		(0.15	)		(1.04	)		(0.37	)		—
Total distributions		(0.27	)		(1.22	)		(0.52	)		(0.09	)
Net increase (decrease) in net asset value		0.35			(0.93	)		0.21			0.37
Net Asset Value, End of Period	$	9.04		$	8.69		$	9.62		$	9.41
Total Return (b)		7.32	%(c)		3.46	%		7.97	%		5.10	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	45,451		$	71,618		$	64,840		$	46,140
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.97	%(d)(e)		0.97	%(e)(f)		0.99	%(f)		1.10	%(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.97	%(d)(e)		1.02	%(e)(f)		1.08	%(f)		1.15	%(d)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.66	%(d)		2.07	%		1.76	%		1.37	%(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.66	%(d)		2.03	%		1.66	%		1.32	%(d)
Portfolio Turnover		32.52	%(c)		56.33	%		87.37	%		41.33	%

(a) Anchor Capital Enhanced Equity Fund began issuing Class I shares on March 2, 2010.

(b) The total return is calculated using the Net Asset Value 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 Earnings Credits of less than 0.005% for the six months ended April 30, 2013 and the year ended October 31, 2012, which is not included in the contractual expense limitation. See Note I to the Financial Statements.

(f) Ratios of expenses to average net assets include interest expenses of less than 0.005% for each of the years ended October 31, 2012 and 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 the Financial Statements.

See accompanying Notes to Financial Statements.

115

Aston Funds

ASTON/River Road Long-Short Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.73		$	9.91		$	10.00
Income from Investment Operations:
Net investment loss		(0.07	)(b)		(0.18	)		(0.04	)(b)
Net realized and unrealized gain (loss) on investments		1.06			1.00			(0.05	)
Total from investment operations		0.99			0.82			(0.09	)
Less Distributions:
Distributions from net realized gain on investments		(0.56	)		—			—
Total distributions		(0.56	)		—			—
Net increase (decrease) in net asset value		0.43			0.82			(0.09	)
Net Asset Value, End of Period	$	11.16		$	10.73		$	9.91
Total Return (c)		9.78	%(d)		8.17	%		(0.80	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	19,061		$	7,506		$	4,594
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser, including interest and dividend expense for securities sold short		3.26	%(e)		5.03	%		8.68	%(e)
After expense reimbursement and/or fee waiver by Adviser, including interest and dividend expense for securities sold short		2.56	%(e)		3.11	%		2.72	%(e)
After expense reimbursement and/or fee waiver by Adviser, excluding interest and dividend expense for securities sold short		1.70	%(e)		1.70	%		1.70	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.91	)%(e)		(3.63	)%		(6.80	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(1.21	)%(e)		(1.71	)%		(0.84	)%(e)
Portfolio Turnover		157.87	%(d)		277.72	%		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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

116

Aston Funds

ASTON/River Road Long-Short Fund – Class I	April 30, 2013
Financial Highlights

	Period Ended 04/30/13(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.96
Income from Investment Operations:
Net investment loss		(0.04	)(b)
Net realized and unrealized gain on investments		0.25
Total from investment operations		0.21
Net increase in net asset value		0.21
Net Asset Value, End of Period	$	11.17
Total Return (c)		1.92	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	7,056
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser, including interest and dividend expense for securities sold short		2.74	%(e)
After expense reimbursement and/or fee waiver by Adviser, including interest and dividend expense for securities sold short		2.23	%(e)
After expense reimbursement and/or fee waiver by Adviser, excluding interest and dividend expense for securities sold short		1.45	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.52	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(2.01	)%(e)
Portfolio Turnover		157.87	%(d)

(a) River Road Long-Short Fund began issuing Class I shares on March 1, 2013.

(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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

117

Aston Funds

ASTON/Barings International Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	6.87		$	6.81		$	7.24		$	6.48
Income from Investment Operations:
Net investment income		0.05			0.10	(b)		0.07	(b)		0.06	(b)
Net realized and unrealized gain (loss) on investments		0.50			0.17			(0.37	)		0.70
Total from investment operations		0.55			0.27			(0.30	)		0.76
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.04	)		(0.13	)		—
Distributions from net realized gain on investments		(0.08	)		(0.17	)		—			—
Total distributions		(0.17	)		(0.21	)		(0.13	)		—
Net increase (decrease) in net asset value		0.38			0.06			(0.43	)		0.76
Net Asset Value, End of Period	$	7.25		$	6.87		$	6.81		$	7.24
Total Return (c)		8.27	%(d)		4.28	%		(4.22	)%		11.73	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	456		$	421		$	393		$	184
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.59	%(e)		1.60	%		1.68	%(f)		1.72	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.40	%		1.40	%(f)		1.40	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.23	%(e)		1.30	%		0.76	%(f)		1.07	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.42	%(e)		1.50	%		1.04	%(f)		1.39	%(e)
Portfolio Turnover		30.21	%(d)		33.48	%		58.96	%		65.32	%

(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 Value 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, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

118

Aston Funds

ASTON/Barings International Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			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	$	6.89		$	6.82		$	7.26		$	6.44		$	5.08		$	10.00
Income from Investment Operations:
Net investment income		0.06			0.12	(b)		0.09	(b)		0.06	(b)		0.10	(b)		0.10
Net realized and unrealized gain (loss) on investments		0.49			0.18			(0.38	)		0.78			1.27	(c)		(5.02	)
Total from investment operations		0.55			0.30			(0.29	)		0.84			1.37			(4.92	)
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.06	)		(0.15	)		(0.02	)		(0.01	)		—
Distributions from net realized gain on investments		(0.08	)		(0.17	)		—			—			—			—
Total distributions		(0.19	)		(0.23	)		(0.15	)		(0.02	)		(0.01	)		—
Net increase (decrease) in net asset value		0.36			0.07			(0.44	)		0.82			1.36			(4.92	)
Net Asset Value, End of Period	$	7.25		$	6.89		$	6.82		$	7.26		$	6.44		$	5.08
Total Return (d)		8.21	%(e)		4.72	%		(4.09	)%		12.89	%		27.11	%		(49.20	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	67,494		$	61,662		$	52,390		$	47,985		$	28,277		$	5,517
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.34	%(f)		1.35	%		1.43	%(g)		1.47	%		2.01	%		3.95	%(f)(h)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(f)		1.15	%		1.15	%(g)		1.15	%		1.15	%		1.18	%(f)(h)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.48	%(f)		1.55	%		1.01	%		0.63	%		0.80	%		(1.11	)%(f)
After expense reimbursement and/or fee waiver by Adviser		1.67	%(f)		1.75	%		1.29	%		0.95	%		1.66	%		1.66	%(f)
Portfolio Turnover		30.21	%(e)		33.48	%		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 Value 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, taxes, investment-related costs (such as brokerage commissions), 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 the Financial Statements.

See accompanying Notes to Financial Statements.

119

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class N	April 30, 2013
Financial Highlights

	Period Ended 04/30/13(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)
Net realized and unrealized loss on investments		(0.03	)
Total from investment operations		(0.02	)
Net decrease in net asset value		(0.02	)
Net Asset Value, End of Period	$	9.98
Total Return (c)		(0.20	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	675
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		13.85	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.65	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(11.35	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.85	%(e)
Portfolio Turnover		90.13	%(d)

(a) LMCG Emerging Markets Fund began issuing Class N shares on March 27, 2013.

(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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

120

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class I	April 30, 2013
Financial Highlights

	Period Ended 04/30/13 (a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)
Net realized and unrealized loss on investments		(0.03	)
Total from investment operations		(0.02	)
Net decrease in net asset value		(0.02	)
Net Asset Value, End of Period	$	9.98
Total Return (c)		(0.20	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,414
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		13.60	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(11.10	)%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(e)
Portfolio Turnover		90.13	%(d)

(a) LMCG Emerging Markets Fund began issuing Class I shares on March 27, 2013.

(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 Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

121

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	10.49		$	8.97		$	8.16		$	5.77		$	6.08		$	15.59
Income from Investment Operations:
Net investment income		0.07	(a)		0.15	(a)		0.15	(a)		0.14	(a)		0.15	(a)		0.07	(a)
Net realized and unrealized gain (loss) on investments		1.78			1.44			0.79			2.36			(0.28	)		(5.50	)
Total from investment operations		1.85			1.59			0.94			2.50			(0.13	)		(5.43	)
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.07	)		(0.13	)		(0.11	)		(0.18	)		(0.09	)
Distributions from net realized gain on investments		—			—			—			—			—			(3.99	)
Total distributions		(0.16	)		(0.07	)		(0.13	)		(0.11	)		(0.18	)		(4.08	)
Net increase (decrease) in net asset value .		1.69			1.52			0.81			2.39			(0.31	)		(9.51	)
Net Asset Value, End of Period	$	12.18		$	10.49		$	8.97		$	8.16		$	5.77		$	6.08
Total Return (b)		17.82	%(c)		17.85	%		11.66	%		43.77	%		(1.44	)%		(43.76	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	12,541		$	10,381		$	6,287		$	6,158		$	4,011		$	6,030
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.34	%(d)		2.36	%		1.61	%(e)		1.68	%(e)		1.94	%		1.57	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.37	%(d)		1.37	%		1.29	%(e)		1.37	%(e)		1.37	%		1.37	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.25	%(d)		0.53	%		1.36	%		1.65	%		2.55	%		0.49	%
After expense reimbursement and/or fee waiver by Adviser		1.23	%(d)		1.52	%		1.68	%		1.96	%		3.12	%		0.69	%
Portfolio Turnover		68.07	%(c)		86.62	%(f)		143.86	%		75.30	%		139.76	%		85.08	%

(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 Value 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 each of the years ended October 31, 2011, 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 the Financial Statements.

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

See accompanying Notes to Financial Statements.

122

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	10.44		$	8.92		$	8.12		$	5.74		$	6.08		$	15.62
Income from Investment Operations:
Net investment income		0.08	(a)		0.15	(a)		0.16	(a)		0.16	(a)		0.16	(a)		0.09	(a)
Net realized and unrealized gain (loss) on investments		1.78			1.46			0.79			2.34			(0.28	)		(5.51	)
Total from investment operations		1.86			1.61			0.95			2.50			(0.12	)		(5.42	)
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.09	)		(0.15	)		(0.12	)		(0.22	)		(0.13	)
Distributions from net realized gain on investments		—			—			—			—			—			(3.99	)
Total distributions		(0.19	)		(0.09	)		(0.15	)		(0.12	)		(0.22	)		(4.12	)
Net increase (decrease) in net asset value .		1.67			1.52			0.80			2.38			(0.34	)		(9.54	)
Net Asset Value, End of Period	$	12.11		$	10.44		$	8.92		$	8.12		$	5.74		$	6.08
Total Return (b)		17.96	%(c)		18.16	%		11.82	%		44.14	%		(1.27	)%		(43.58	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	231		$	166		$	32,925		$	29,425		$	21,905		$	23,411
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.09	%(d)		2.11	%		1.44	%(e)		1.43	%(e)		1.69	%		1.32	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.12	%(d)		1.12	%		1.12	%(e)		1.12	%(e)		1.12	%		1.12	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.50	%(d)		0.78	%		1.53	%		1.90	%		2.80	%		0.74	%
After expense reimbursement and/or fee waiver by Adviser		1.48	%(d)		1.77	%		1.85	%		2.21	%		3.37	%		0.94	%
Portfolio Turnover		68.07	%(c)		86.62	%(f)		143.86	%		75.30	%		139.76	%		85.08	%

(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 Value 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 each of the years ended October 31, 2011, 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 the 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/Montag & Caldwell Balanced Fund – Class N	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	21.46		$	20.09		$	19.13		$	17.73		$	15.61		$	19.98
Income from Investment Operations:
Net investment income		0.12	(a)		0.16	(a)		0.15	(a)		0.21	(a)		0.21	(a)		0.29
Net realized and unrealized gain (loss) on investments		1.74			1.45			1.03			1.47			2.15			(4.42	)
Total from investment operations		1.86			1.61			1.18			1.68			2.36			(4.13	)
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.24	)		(0.22	)		(0.28	)		(0.24	)		(0.24	)
Total distributions		(0.16	)		(0.24	)		(0.22	)		(0.28	)		(0.24	)		(0.24	)
Net increase (decrease) in net asset value.		1.70			1.37			0.96			1.40			2.12			(4.37	)
Net Asset Value, End of Period	$	23.16		$	21.46		$	20.09		$	19.13		$	17.73		$	15.61
Total Return (b)		8.71	%(c)		8.03	%		6.20	%		9.54	%		15.32	%		(20.87	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	25,130		$	31,536		$	23,315		$	29,194		$	14,938		$	16,586
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.39	%(d)		1.42	%		1.57	%(e)		1.38	%		1.73	%		1.74	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(d)		1.22	%		1.35	%(e)		1.13	%		1.26	%		1.35	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.88	%(d)		0.57	%		0.53	%		0.89	%		0.81	%		0.74	%
After expense reimbursement and/or fee waiver by Adviser		1.07	%(d)		0.77	%		0.76	%		1.15	%		1.28	%		1.13	%
Portfolio Turnover		17.85	%(c)		35.48	%		40.31	%		51.68	%(f)		38.72	%		43.65	%

(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 Value 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, 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 the Financial Statements.

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

See accompanying Notes to Financial Statements.

124

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class I	April 30, 2013
Financial Highlights

	Six Months Ended 04/30/13 (unaudited)			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09			Year Ended 10/31/08
Net Asset Value, Beginning of Period	$	21.41		$	20.05		$	19.08		$	17.68		$	15.57		$	19.94
Income from Investment Operations:
Net investment income		0.13	(a)		0.19	(a)		0.20	(a)		0.22	(a)		0.23	(a)		0.27
Net realized and unrealized gain (loss) on investments		1.73			1.44			1.04			1.46			2.16			(4.35	)
Total from investment operations		1.86			1.63			1.24			1.68			2.39			(4.08	)
Less Distributions:
Distributions from and in excess of net investment income		(0.17	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)		(0.29	)
Total distributions		(0.17	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)		(0.29	)
Net increase (decrease) in net asset value .		1.69			1.36			0.97			1.40			2.11			(4.37	)
Net Asset Value, End of Period	$	23.10		$	21.41		$	20.05		$	19.08		$	17.68		$	15.57
Total Return (b)		8.77	%(c)		8.14	%		6.52	%		9.57	%		15.53	%		(20.71	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,845		$	1,930		$	1,415		$	1,362		$	1,149		$	919
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.29	%(d)		1.30	%		1.32	%(e)		1.35	%		1.57	%		1.49	%
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.10	%		1.10	%(e)		1.10	%		1.10	%		1.10	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.98	%(d)		0.69	%		0.79	%		0.92	%		0.97	%		0.99	%
After expense reimbursement and/or fee waiver by Adviser		1.17	%(d)		0.89	%		1.02	%		1.17	%		1.44	%		1.38	%
Portfolio Turnover		17.85	%(c)		35.48	%		40.31	%		51.68	%(f)		38.72	%		43.65	%

(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 Value 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 year ended October 31, 2011, 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 the Financial Statements.

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

See accompanying Notes to Financial Statements.

125

Aston Funds

	April 30, 2013
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 23 separate portfolios (each, a “Fund” and collectively, the “Funds”) as of April 30, 2013.

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’s portfolio on a subadvisory basis. The following 23 portfolios of the Trust are included in these financial statements:

ASTON/Montag & Caldwell Growth Fund (the “M&C 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/River Road Dividend All Cap Value Fund II
(the “River Road Dividend All Cap Value Fund II”)

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/LMCG Small Cap Growth Fund, formerly, ASTON Small Cap Growth Fund (the “LMCG 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/Anchor Capital Enhanced Equity Fund
(the “Anchor Capital Enhanced Equity Fund”)

ASTON/River Road Long-Short Fund (the “River Road Long-Short Fund”)

ASTON/Barings International Fund (the “Barings International Fund”)

ASTON/LMCG Emerging Markets Fund
(the “LMCG Emerging Markets 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): TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, River Road Dividend All Cap Value Fund, River Road Dividend All Cap Value Fund II, Fairpointe Mid Cap Fund, LMCG 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, Anchor Capital Enhanced Equity Fund, River Road Long-Short Fund, Barings International Fund, LMCG Emerging Markets Fund, Harrison Street Real Estate Fund and M&C Balanced Fund. The following Fund is authorized to issue one class of shares (Class N shares): M&C Mid Cap Growth Fund. Each class of shares is substantially the same except that certain classes of shares bear class specific expenses that include distribution and services fees. TAMRO Small Cap Fund, River Road Dividend All Cap Value Fund and River Road Independent 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.

TAMRO Diversified Equity Fund

Long-term capital appreciation.

Herndon Large Cap Value Fund

Long-term capital appreciation.

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.

River Road Dividend All Cap Value Fund II

Long-term capital appreciation and high current income.

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.

LMCG 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.

126

Aston Funds

	April 30, 2013
Notes to Financial Statements (unaudited) – continued

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.

Anchor Capital 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 full market cycle.

Barings International Fund

Total return.

LMCG Emerging Markets Fund

Long-term capital appreciation.

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 an independent 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 values 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 valuation 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 values. 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 shares of the other investment company’s fees and expenses, including operating, registration, trustee, licensing and marketing, as well as their shares 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)

127

Aston Funds

	April 30, 2013
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, 2013 is as follows:

Funds	Total Value at 04/30/13		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
M&C Growth Fund
Assets
Investments in Securities*	$	4,943,112,900	$	4,943,112,900	$	—	$	—
TAMRO Diversified Equity Fund
Assets
Investments in Securities*	$	25,880,858	$	25,880,858	$	—	$	—
Herndon Large Cap Value Fund
Assets
Investments in Securities*	$	91,527,942	$	91,527,942	$	—	$	—
Cornerstone Large Cap Value Fund
Assets
Investments in Securities*	$	43,474,816	$	43,474,816	$	—	$	—
River Road Dividend All Cap Value Fund
Assets
Investments in Securities*	$	1,100,352,452	$	1,100,352,452	$	—	$	—
River Road Dividend All Cap Value Fund II
Assets
Investments in Securities*	$	55,867,286	$	55,867,286	$	—	$	—
Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	3,731,821,140	$	3,731,821,140	$	—	$	—
M&C Mid Cap Growth Fund
Assets
Investments in Securities*	$	12,778,602	$	12,778,602	$	—	$	—
LMCG Small Cap Growth Fund
Assets
Investment in Securities*	$	32,138,227	$	32,138,227	$	—	$	—
Silvercrest Small Cap Fund
Assets
Investments in Securities*	$	12,724,752	$	12,724,752	$	—	$	—
TAMRO Small Cap Fund
Assets
Investments in Securities*	$	1,098,780,456	$	1,098,780,456	$	—	$	—
River Road Select Value Fund
Assets
Investments in Securities*	$	199,966,539	$	199,966,539	$	—	$	—
River Road Small Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	76,652,530	$	69,378,631	$	7,273,899	$	—
Consumer Staples		27,948,903		27,948,903		—		—
Energy		20,682,369		20,682,369		—		—
Financials		41,648,372		41,648,372		—		—
Healthcare		35,695,092		35,695,092		—		—
Industrials		42,454,731		42,454,731		—		—
Information Technology		40,904,430		40,904,430		—		—
Materials		13,944,502		13,944,502		—		—
Telecommunication Services		8,969,979		8,969,979		—		—
Utilities		2,497,292		2,497,292		—		—
Total Common Stocks		311,398,200		304,124,301		7,273,899		—
Investment Company*		16,779,073		16,779,073		—		—
Total	$	328,177,273	$	320,903,374	$	7,273,899	$	—

128

Aston Funds

	April 30, 2013
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/13			Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
River Road Independent Value Fund
Assets
Common Stocks
Consumer Discretionary	$	34,013,098		$	34,013,098		$	—		$	—
Consumer Staples		31,240,054			31,240,054			—			—
Energy		70,926,981			70,926,981			—			—
Financials		5,738,324			—			5,738,324			—
Healthcare		13,174,988			13,174,988			—			—
Industrials		30,538,256			30,538,256			—			—
Information Technology		71,986,114			71,986,114			—			—
Materials		50,090,284			50,090,284			—			—
Utilities		3,947,669			3,947,669			—			—
Total Common Stocks		311,655,768			305,917,444			5,738,324			—
Investment Company*		416,693,043			416,693,043			—			—
Total	$	728,348,811		$	722,610,487		$	5,738,324		$	—
DoubleLine Core Plus Fixed Income Fund
Assets
Corporate Notes and Bonds	$	89,927,135		$	—		$	89,927,135		$	—
Collateralized Mortgage-Backed Securities		43,971,474			—			43,971,474			—
U.S. Government Obligations		34,662,260			—			34,662,260			—
Agency Collateralized Mortgage Obligations		25,249,853			—			25,249,853			—
U.S. Government Mortgage-Backed Securities		18,199,473			—			18,199,473			—
Asset-Backed Securities		8,076,906			—			8,076,906			—
Foreign Government Bonds		2,320,196			—			2,320,196			—
Investment Company*		7,043,033			7,043,033			—			—
Total	$	229,450,330		$	7,043,033		$	222,407,297		$	—
TCH Fixed Income Fund
Assets
Corporate Notes and Bonds	$	44,664,988		$	—		$	44,664,988		$	—
U.S. Government and Agency Obligations		19,659,207			—			19,659,207			—
Asset-Backed Securities		1,252,581			—			1,252,581			—
Commercial Mortgage-Backed Securities		884,889			—			884,889			—
Foreign Government Bond		789,775			—			789,775	��		—
Commercial Paper		—			—			—			—
Investment Company*		1,951,600			1,951,600			—			—
Total	$	69,203,040		$	1,951,600		$	67,251,440		$	—
Lake Partners LASSO Alternative Fund
Assets
Investments in Securities*	$	370,090,828		$	370,090,828		$	—		$	—
Anchor Capital Enhanced Equity Fund
Assets
Common Stocks*	$	135,916,262		$	135,916,262		$	—		$	—
Derivatives
Equity Contracts		459,000			459,000			—			—
Investment Company*		2,649,663			2,649,663			—			—
Total Assets		139,024,925			139,024,925			—			—
Liabilities
Derivatives
Equity Covered Call Contracts		(7,393,873	)		(7,393,873	)		—			—
Total Liabilities		(7,393,873	)		(7,393,873	)		—			—
Total	$	131,631,052		$	131,631,052		$	—		$	—
River Road Long-Short Fund
Assets
Investments in Securities*	$	25,276,210		$	25,276,210		$	—		$	—
Total Assets		25,276,210			25,276,210			—			—
Liabilities
Short Sales*		(6,288,803	)		(6,288,803	)		—			—
Total Liabilities		(6,288,803	)		(6,288,803	)		—			—
Total	$	18,987,407		$	18,987,407		$	—		$	—

129

Aston Funds

	April 30, 2013
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/13		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Barings International Fund
Assets
Common Stocks
Belgium	$	1,117,533	$	1,117,533	$	—	$	—
China		1,061,497		1,061,497		—		—
Denmark		830,906		830,906		—		—
France		5,790,799		5,790,799		—		—
Germany		6,585,811		6,585,811		—		—
Hong Kong		626,836		626,836		—		—
Israel		1,430,010		1,430,010		—		—
Japan		16,877,460		16,877,460		—		—
Mexico		945,177		945,177		—		—
Netherlands		2,600,654		2,600,654		—		—
Norway		1,540,674		1,540,674		—		—
Russia		1,624,148		1,624,148		—		—
Singapore		2,419,641		2,396,912		22,729		—
South Korea		800,508		800,508		—		—
Sweden		1,494,784		1,494,784		—		—
Switzerland		6,525,083		6,525,083		—		—
Taiwan		875,772		875,772		—		—
United Kingdom		15,950,174		15,938,790		—		11,384
Total Common Stocks		69,097,467		69,063,354		22,729		11,384
Investment Company*		421,643		421,643		—		—
Total	$	69,519,110	$	69,484,997	$	22,729	$	11,384
LMCG Emerging Markets Fund
Assets
Investments in Securities*	$	5,141,951	$	5,141,951	$	—	$	—
Harrison Street Real Estate Fund
Assets
Investments in Securities*	$	12,906,235	$	12,906,235	$	—	$	—
M&C Balanced Fund
Assets
Common Stocks*	$	16,200,817	$	16,200,817	$	—	$	—
Corporate Notes and Bonds		5,925,988		—		5,925,988		—
U.S. Government and Agency Obligations		3,794,845		—		3,794,845		—
Investment Company*		960,968		960,968		—		—
Total	$	26,882,618	$	17,161,785	$	9,720,833	$	—

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

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 values of investments that do not have readily available market values, the fair values of the Funds’ investments may fluctuate from period to period. Additionally, the fair values 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 upon the disposition of such investments. Further, such investments may be subject to legal and other restrictions on resale or they may be otherwise less liquid than publicly-traded securities.

Barings International Fund and LMCG Emerging Markets Fund may utilize an external pricing service to fair value certain foreign securities if certain market events occur. Such fair valuations are categorized as Level 2 in the hierarchy. Because such market events were not deemed to have occurred at April 30, 2013, Barings International Fund and LMCG Emerging Markets Fund did not utilize the external pricing service model adjustments.

Certain securities that were held at April 30, 2013 and since the beginning of the fiscal year in TAMRO Small Cap Fund, River Road Small Cap Value Fund and River Road Independent Value Fund had changes in liquidity assessments which resulted in a transfer between levels.

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Funds	Transfer from Level 1 to Level 2		Transfer from Level 2 to Level 1
TAMRO Small Cap Fund	$	—	$	16,204,852
River Road Small Cap Value Fund		1,802,252		2,121,993
River Road Independent Value Fund		5,738,324		3,947,669

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, 2013:

Barings International Fund		Common Stocks
Fair Value, beginning of period	$	7,049
Purchases		11,188
Sales		(7,005	)
Net realized gains		3
Change in unrealized appreciation (depreciation)		149
Fair Value, end of period	$	11,384
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of period	$	196

(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 six months ended April 30, 2013, 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 any security so purchased is subject to market fluctuations during the applicable 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. During the six months ended April 30, 2013, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund owned delayed delivery securities. At April 30, 2013, only DoubleLine Core Plus 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”). These securities represent interests in pools of mortgage loans and they 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 (“CMOs”), collateralized debt obligations (“CLOs”) and real estate mortgage investment conduits (“REMICs”). A CMO is a bond that is collateralized by a pool of MBS, a CLO is a bond that is collateralized by a financial institution’s receivables from loans 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: 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 Subadviser determines the liquidity of assets, 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. Security positions segregated for short sales are included in the Total Investments on the Statement of Assets and Liabilities.

(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

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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 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 that expire unexercised are treated by the 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 Anchor Capital Enhanced Equity Fund. See the Schedule of Investments for open options contracts held by Anchor Capital Enhanced Equity Fund at April 30, 2013. For the six months ended April 30, 2013, the average* volume of derivative activities are as follows:

Funds	Purchased Options (Cost)		Written Options (Premiums Received)
Anchor Capital Enhanced Equity Fund	$	1,502,538	$	4,036,434

* 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 exchange 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 its contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. During the six months ended April 30, 2013, the Funds did not enter into any forward foreign currency contracts.

(8) Disclosures about Derivative Instruments: The following is a table summarizing the fair value of derivatives held at April 30, 2013, by primary risk exposure:

	Asset Derivative Investments Value		Liability Derivative Investments Value
Fund	Equity Contracts  (a)		Equity Contracts(a)
Anchor Capital Enhanced Equity Fund	$	459,000	$	7,393,873

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

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2013:

	Amount of Realized Gain (Loss) on Derivatives			Change in Unrealized Appreciation (Depreciation) on Derivatives
Fund	Equity Contracts(a)			Equity Contracts(b)
Anchor Capital Enhanced Equity Fund	$	(13,664,469	)	$	(1,378,942	)

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

(b) Statement of Operations location: Net change in unrealized depreciation on purchased options and net change in unrealized depreciation on written options transactions.

(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 in 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, securities transactions or currency repatriation, some of which may be recoverable in part. 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 in

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market prices of those securities, and are included with the net realized and change in unrealized gain or loss on investment securities.

(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, 2012, the following Funds had available realized capital loss carryforwards to offset future net capital gains through the fiscal year ended:

	Capital Loss Carryforwards:
Fund	2014		2016		2017			2018		2019		No Expiration Short Term*		No Expiration Long Term*		Total
M&C Growth Fund	$	—	$	—	$	12,098,064	**	$	—	$	—	$	—	$	—	$	12,098,064
Cornerstone Large Cap Value Fund		—		—		21,265,288			6,819,813		—		—		—		28,085,101
TCH Fixed Income Fund		2,331,750		2,654,917		1,270,780			—		—		—		—		6,257,447
Lake Partners LASSO Alternatives Fund		—		—		—			—		4,140,503		729,638		—		4,870,141
Harrison Street Real Estate Fund		—		1,949,371		11,228,100			—		—		—		—		13,177,471
M&C Balanced Fund		—		—		1,726,376	**		—		—		—		—		1,726,376

* On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed into law. Under the Modernization Act the Funds will be permitted to carry forward capital losses incurred 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.

** 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.

Management has analyzed the Funds’ tax positions for all open tax years (current and prior three tax years) 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 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
Silvercrest Small Cap Fund		December 27, 2011	$	63,821
River Road Dividend All Cap Value Fund II		June 27, 2012		57,711
LMCG Emerging Markets Fund		March 28, 2013		98,000

(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.

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(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 Pronouncements: In December 2011, the Financial Accounting Standards Board (the “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. In January 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This update limits the scope of ASU No. 2011-11 to derivatives, repurchase agreements, reverse repurchase agreements, securities borrowing and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. 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 these updates may have on the financial statements and disclosures.

In June 2013, FASB issued guidance that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s financial statement disclosures.

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, River Road Dividend All Cap Value Fund II, 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.

Anchor Capital 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, TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, Fairpointe Mid Cap Fund, M&C Mid Cap Growth Fund, LMCG 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, River Road Long-Short Fund, Barings International Fund, LMCG Emerging Markets 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, TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, River Road Dividend All Cap Value Fund, River Road Dividend All Cap Value Fund II, Fairpointe Mid Cap Fund, LMCG 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, Anchor Capital Enhanced Equity Fund, River Road Long-Short Fund, Barings International Fund, LMCG Emerging Markets 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, disallowed expenses, premium reversals, reclassification of short-term gain to ordinary income, capitalized dividends on short sales, in-kind distribution for redemptions, paydown reclass, reversal of prior year writeoff of capital loss carryovers, redesignation of dividends paid, partnership reclasses 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, amortization of offering costs, premium amortization, current year dividends payable, passive foreign investment company adjustments 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.

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The tax character of distributions paid during the fiscal years ended 2012 and 2011 was as follows:

	Distributions Paid in 2012				Distributions Paid in 2011
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
M&C Growth Fund	$	22,081,432	$	257,690,139	$	20,834,824	$	5,383,920
TAMRO Diversified Equity Fund		—		473,355		—		—
Herndon Large Cap Value Fund		1,044,862		124,149		13,657		—
Cornerstone Large Cap Value Fund		110,939		—		1,807,144		—
River Road Dividend All Cap Value Fund		22,890,654		4,651,009		10,476,590		118,593
River Road Dividend All Cap Value Fund II		42,004		—		—		—
Fairpointe Mid Cap Fund		8,163,228		18,767,770		6,035,391		5,436,739
TAMRO Small Cap Fund		—		97,192,931		—		19,802,159
River Road Select Value Fund		1,196,413		28,132,801		1,134,027		1,959,747
River Road Small Cap Value Fund		—		—		2,048,490		—
River Road Independent Value Fund		5,597,522		100,643		—		—
DoubleLine Core Plus Fixed Income Fund		3,389,167		—		190,808		—
TCH Fixed Income Fund		3,234,814		—		2,810,584		—
Lake Partners LASSO Alternatives Fund		3,680,936		—		454,894		448
Anchor Capital Enhanced Equity Fund		12,244,228		2,409,141		5,872,771		—
Barings International Fund		509,770		1,380,720		1,019,611		—
Harrison Street Real Estate Fund		47,575		—		627,254		—
M&C Balanced Fund		331,475		—		312,292		—

As of October 31, 2012, the most recent tax year end, the components of distributable earnings on a tax basis were as follows:

	Accumulated Capital and Other Losses			Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation (Depreciation)			Total
M&C Growth Fund	$	(12,098,064	)	$	33,942,232	$	275,099,058	$	459,648,376		$	756,591,602
TAMRO Diversified Equity Fund		—			830		25,756		4,240,679			4,267,265
Herndon Large Cap Value Fund		—			1,678,137		4,508		412,721			2,095,366
Cornerstone Large Cap Value Fund		(28,085,101	)		130,056		—		1,399,087			(26,555,958	)
River Road Dividend All Cap Value Fund		—			8,345,565		26,559,658		92,343,115			127,248,338
River Road Dividend All Cap Value Fund II		—			18,055		—		(48,603	)		(30,548	)
Fairpointe Mid Cap Fund		—			13,547,048		66,049,888		485,270,647			564,867,583
M&C Mid Cap Growth Fund		(37,681	)		—		92,379		848,955			903,653
LMCG Small Cap Growth Fund		—			389,762		47,265		334,113			771,140
Silvercrest Small Cap Fund		—			68,147		649		103,316			172,112
TAMRO Small Cap Fund		—			18,818,417		74,805,986		188,601,423			282,225,826
River Road Select Value Fund		—			1,038,194		8,698,768		20,831,044			30,568,006
River Road Small Cap Value Fund		—			1,328,652		9,066,096		65,718,103			76,112,851
River Road Independent Value Fund		—			38,493,742		—		2,446,974			40,940,716
DoubleLine Core Plus Fixed Income Fund		—			1,274,175		22,764		4,714,088			6,011,027
TCH Fixed Income Fund		(6,257,447	)		47,411		—		7,374,593			1,164,557
Lake Partners LASSO Alternatives Fund		(4,870,141	)		781,026		—		7,800,212			3,711,097
Anchor Capital Enhanced Equity Fund		—			2,487,451		556,618		(8,640,364	)		(5,596,295	)
River Road Long-Short Fund		—			406,152		21,693		(6	)		427,839
Barings International Fund		—			1,201,598		549,691		790,834			2,542,123
Harrison Street Real Estate Fund		(13,177,471	)		125,494		—		447,305			(12,604,672	)
M&C Balanced Fund		(1,726,376	)		33,019		—		2,601,553			908,196

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, 2013

Class N	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		7,245,652		5,984,433		(7,831,413	)		5,398,672
TAMRO Diversified Equity Fund		171,549		5,057		(168,966	)		7,640
Herndon Large Cap Value Fund		1,196,355		77,295		(363,030	)		910,620
Cornerstone Large Cap Value Fund		311,558		18,800		(160,494	)		169,864

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Class N	Sold		Issued From Merger		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
River Road Dividend All Cap Value Fund		2,187,422		—		1,510,675		(1,789,728	)		1,908,369
River Road Dividend All Cap Value Fund II		155,206		—		1,350		(57,092	)		99,464
Fairpointe Mid Cap Fund		7,964,169		—		1,435,859		(8,307,589	)		1,092,439
M&C Mid Cap Growth Fund		484,967		—		7,828		(69,093	)		423,702
LMCG Small Cap Growth Fund		211,485		1,557,689		38,933		(129,976	)		1,678,131
Silvercrest Small Cap Fund		87,929		—		1,162		(47,159	)		41,932
TAMRO Small Cap Fund		2,274,481		—		1,892,026		(3,046,033	)		1,120,474
River Road Select Value Fund		758,086		—		56,761		(143,553	)		671,294
River Road Small Cap Value Fund		251,214		—		169,935		(513,934	)		(92,785	)
River Road Independent Value Fund		5,981,945		—		1,889,377		(8,698,952	)		(827,630	)
DoubleLine Core Plus Fixed Income Fund		3,635,670		—		169,224		(1,623,192	)		2,181,702
TCH Fixed Income Fund		732,058		—		104,191		(879,764	)		(43,515	)
Lake Partners LASSO Alternatives Fund		1,441,467		—		36,352		(977,847	)		499,972
Anchor Capital Enhanced Equity Fund		2,041,341		—		324,017		(4,891,769	)		(2,526,411	)
River Road Long-Short Fund		1,445,200		—		42,565		(480,235	)		1,007,530
Barings International Fund		2,147		—		1,555		(2,075	)		1,627
LMCG Emerging Markets Fund (a)		67,641		—		—		—			67,641
Harrison Street Real Estate Fund		363,997		—		14,559		(337,814	)		40,742
M&C Balanced Fund		86,838		—		9,387		(480,677	)		(384,452	)

(a) LMCG Emerging Markets Fund began issuing Class N shares on March 27, 2013.

Class I	Sold		Issued From Merger		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		17,240,793		—		5,907,892		(15,337,803	)		7,810,882
TAMRO Diversified Equity Fund		13,845		—		251		(1,050	)		13,046
Herndon Large Cap Value Fund		1,711,518		—		85,484		(203,312	)		1,593,690
Cornerstone Large Cap Value Fund		992,480		—		5,555		(103,506	)		894,529
River Road Dividend All Cap Value Fund		8,929,319		—		1,899,271		(7,426,265	)		3,402,325
River Road Dividend All Cap Value Fund II		3,509,373		—		22,994		(32,347	)		3,500,020
Fairpointe Mid Cap Fund		10,258,256		—		1,027,798		(7,675,655	)		3,610,399
LMCG Small Cap Growth Fund		198,735		86,108		5,342		(2,098	)		288,087
Sillvercrest Small Cap Fund		475,198		—		8,931		(21,661	)		462,468
TAMRO Small Cap Fund (a)		5,037,501		—		2,234,145		(6,494,282	)		777,364
River Road Select Value Fund		3,812,957		—		1,237,782		(3,500,674	)		1,550,065
River Road Small Cap Value Fund		1,678,823		—		913,112		(2,090,350	)		501,585
River Road Independent Value Fund (b)		6,928,925		—		1,729,407		(3,551,886	)		5,106,446
DoubleLine Core Plus Fixed Income Fund		3,685,961		—		209,036		(1,184,140	)		2,710,857
TCH Fixed Income Fund		70,652		—		17,167		(106,224	)		(18,405	)
Lake Partners LASSO Alternatives Fund		7,856,986		—		259,746		(3,492,509	)		4,624,223
Anchor Capital Enhanced Equity Fund		2,208,613		—		167,948		(5,590,366	)		(3,213,805	)
River Road Long-Short Fund (c)		631,664		—		—		(9	)		631,655
Barings International Fund		1,493,102		—		224,097		(1,364,760	)		352,439
LMCG Emerging Markets Fund (d)		341,891		—		—		—			341,891
Harrison Street Real Estate Fund		3,816		—		182		(760	)		3,238
M&C Balanced Fund		5,636		—		254		(16,219	)		(10,329	)

(a) TAMRO Small Cap Fund had a subscription-in-kind in the amount of $2,677,539 on April 25, 2013. The subscription was comprised of securities, cash and dividends accrued in the amounts of $2,657,373, $19,712 and $453, respectively. The Fund also had a redemption-in-kind in the amount of $52,573,290 on January 15, 2013. The redemption was comprised of securities and cash in the amounts of $51,794,423 and $778,867, respectively.

(b) River Road Independent Value Fund had a subscription-in-kind in the amount of $597,549 on March 27, 2013. The subscription was comprised of securities, cash and dividends accrued in the amounts of $258,478, $338,808 and $262, respectively.

(c) River Road Long-Short Fund began issuing Class I shares on March 1, 2013.

(d) LMCG Emerging Markets Fund began issuing Class I shares on March 27, 2013.

Class R	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase in Shares Outstanding
M&C Growth Fund		53,704		21,706		(50,238	)		25,172

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Notes to Financial Statements (unaudited) – continued

Year Ended October 31, 2012

Class N	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		18,041,363		5,664,499		(16,394,064	)		7,311,798
TAMRO Diversified Equity Fund		210,627		38,289		(597,734	)		(348,818	)
Herndon Large Cap Value Fund		1,664,603		39,719		(466,689	)		1,237,633
Cornerstone Large Cap Value Fund		574,279		10,721		(1,126,860	)		(541,860	)
River Road Dividend All Cap Value Fund		10,262,549		985,104		(10,485,646	)		762,007
River Road Dividend All Cap Value Fund II (a)		100,138		373		(40	)		100,471
Fairpointe Mid Cap Fund		13,920,692		417,341		(17,204,213	)		(2,866,180	)
M&C Mid Cap Growth Fund		296,901		—		(49,540	)		247,361
LMCG Small Cap Growth Fund		94,914		—		(143,050	)		(48,136	)
Silvercrest Small Cap Fund (b)		69,067		—		(306	)		68,761
TAMRO Small Cap Fund		4,990,377		1,982,107		(6,291,677	)		680,807
River Road Select Value Fund		248,746		332,250		(1,222,289	)		(641,293	)
River Road Small Cap Value Fund		862,257		—		(4,725,116	)		(3,862,859	)
River Road Independent Value Fund		18,469,468		339,193		(15,564,710	)		3,243,951
DoubleLine Core Plus Fixed Income Fund		6,542,470		124,012		(2,391,890	)		4,274,592
TCH Fixed Income Fund		1,111,218		245,495		(1,865,034	)		(508,321	)
Lake Partners LASSO Alternatives Fund		1,713,847		21,588		(489,123	)		1,246,312
Anchor Capital Enhanced Equity Fund		10,363,817		763,094		(3,930,442	)		7,196,469
River Road Long-Short Fund		290,834		—		(54,850	)		235,984
Barings International Fund		1,673		1,945		(43	)		3,575
Harrison Street Real Estate Fund		621,290		4,957		(337,947	)		288,300
M&C Balanced Fund		584,267		14,308		(289,262	)		309,313

(a) River Road Dividend All Cap Value Fund II began issuing Class N shares on June 26, 2012.

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

Class I	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		43,042,995		4,364,756		(23,294,443	)		24,113,308
TAMRO Diversified Equity Fund (a)		44,338		—		(2,319	)		42,019
Herndon Large Cap Value Fund		2,306,966		73,629		(485,691	)		1,894,904
Cornerstone Large Cap Value Fund		485,538		58		(10,500	)		475,096
River Road Dividend All Cap Value Fund		24,480,603		1,049,359		(5,161,671	)		20,368,291
River Road Dividend All Cap Value Fund II (b)		894,279		3,478		(952	)		896,805
Fairpointe Mid Cap Fund (c)		20,254,334		327,743		(20,929,526	)		(347,449	)
LMCG Small Cap Growth Fund (d)		25,824		—		(215,934	)		(190,110	)
Silvercrest Small Cap Fund (e) (f)		694,135		—		(240,046	)		454,089
TAMRO Small Cap Fund (g)		7,501,659		2,242,345		(9,314,452	)		429,552
River Road Select Value Fund		6,030,361		2,982,288		(4,372,992	)		4,639,657
River Road Small Cap Value Fund		3,570,354		—		(6,081,336	)		(2,510,982	)
River Road Independent Value Fund		25,305,662		189,732		(3,918,323	)		21,577,071
DoubleLine Core Plus Fixed Income Fund		9,567,318		177,202		(684,564	)		9,059,956
TCH Fixed Income Fund		308,748		35,661		(393,122	)		(48,713	)
Lake Partners LASSO Alternatives Fund		8,580,923		148,112		(4,201,794	)		4,527,241
Anchor Capital Enhanced Equity Fund		4,796,811		678,182		(3,978,006	)		1,496,987
Barings International Fund		2,684,137		187,976		(1,593,922	)		1,278,191
Harrison Street Real Estate Fund (h)		20,224		61		(3,696,962	)		(3,676,677	)
M&C Balanced Fund		30,540		428		(11,383	)		19,585

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

(b) River Road Dividend All Cap Value Fund II began issuing Class I shares on June 26, 2012.

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

(d) LMCG Small Cap Growth Fund had a redemption-in-kind in the amount of $2,554,395 on September 25, 2012. The redemption was comprised of securities and cash in the amounts of $2,419,219 and $135,175, respectively.

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

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

(g) TAMRO Small Cap Fund had redemptions-in-kind in the amount of $40,667,980 and $7,010,475 on May 1, 2012 and June 27, 2012, respectively. The redemption was comprised of securities and cash in the amounts of $39,335,174 and $6,762,586, respectively and $1,332,806 and $247,889, respectively.

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

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Notes to Financial Statements (unaudited) – continued

Class R	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Decrease in Shares Outstanding
M&C Growth Fund		100,372		23,324		(127,056	)		(3,360	)

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, 2013 were as follows:

	Aggregate Purchases				Proceeds from Sales
	U.S. Government		Other		U.S. Government		Other
M&C Growth Fund	$	—	$	1,264,401,375	$	—	$	999,310,081
TAMRO Diversified Equity Fund		—		7,113,301		—		7,137,661
Herndon Large Cap Value Fund		—		57,939,035		—		29,709,867
Cornerstone Large Cap Value Fund		—		20,151,759		—		8,692,344
River Road Dividend All Cap Value Fund		—		195,148,620		—		165,877,469
River Road Dividend All Cap Value Fund II		—		41,592,574		—		2,721,482
Fairpointe Mid Cap Fund		—		522,923,985		—		507,885,258
M&C Mid Cap Growth Fund		—		6,587,823		—		2,081,726
LMCG Small Cap Growth Fund (a)		—		12,262,673		—		8,019,210
Silvercrest Small Cap Fund		—		7,890,031		—		2,120,017
TAMRO Small Cap Fund (b)		—		337,107,939		—		363,357,205
River Road Select Value Fund		—		75,892,447		—		68,423,603
River Road Small Cap Value Fund		—		95,273,103		—		101,569,480
River Road Independent Value Fund (c)		—		180,787,969		—		229,880,938
DoubleLine Core Plus Fixed Income Fund		89,578,583		70,433,808		73,007,941		30,754,669
TCH Fixed Income Fund		5,838,663		10,838,992		4,474,341		12,544,441
Lake Partners LASSO Alternatives Fund		—		134,032,343		—		57,971,706
Anchor Capital Enhanced Equity Fund		—		51,725,431		—		117,481,582
River Road Long-Short Fund		—		27,023,603		—		15,419,192
Barings International Fund		—		23,275,002		—		19,126,132
LMCG Emerging Markets Fund		—		6,055,509		—		2,099,298
Harrison Street Real Estate Fund		—		7,714,758		—		7,323,209
M&C Balanced Fund		—		5,026,473		1,301,729		11,226,883

(a) The cost of purchases excludes securities received from the reorganization (Note J).

(b) TAMRO Small Cap Fund had a subscription-in-kind in the amount of $2,677,539 on April 25, 2013, which is excluded from the aggregate purchases above. The subscription was comprised of securities, cash and dividends accrued in the amounts of $2,657,373, $19,712 and $453, respectively. The Fund also had a redemption-in-kind in the amount of $52,573,290 on January 15, 2013, which is excluded from the proceeds from sales above. The redemption was comprised of securities and cash in the amounts of $51,794,423 and $778,867, respectively.

(c) River Road Independent Value Fund had a subscription-in-kind in the amount of $597,549 on March 27, 2013, which is excluded from the aggregate purchases above. The subscription was comprised of securities, cash and dividends accrued in the amounts of $258,478, $338,808 and $262, 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, 2013 and included in the Cost of Shares redeemed on the Statements of Changes in Net Assets:

Fund Name	Time Period	Amount
Barings International Fund	2% Within 90 Days	$	1,230
Harrison Street Real Estate Fund	2% Within 90 Days		1,483
LMCG Emerging Markets Fund	2% Within 90 Days		—

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 are subject to an expense limitation agreement with the Adviser, pursuant to which annual ordinary operating expenses for Class N and Class I shareholders are capped at certain specified annual rates of average daily net assets. There are no contractual expense limitations for Class R shareholders.

138

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Notes to Financial Statements (unaudited) – continued

The contractual expense limitations for the Funds are effective through February 28, 2014, except as noted below. The advisory rates and contractual expense limitations for the six months ended April 30, 2013 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 up to $6 billion
	0.55% over $6 billion up to $12 billion 0.50% over $12 billion	N/A	N/A
TAMRO Diversified Equity Fund	0.80%	1.20%	0.95%
Herndon Large Cap Value Fund	0.80%	1.30%(a)	1.05%(a)
Cornerstone Large Cap Value Fund	0.80%	1.30%	1.05%
River Road Dividend All Cap Value Fund	0.70%	1.30%	1.05%
River Road Dividend All Cap Value Fund II	0.70%	1.30%(a)	1.05%(a)
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	0.85%	1.25%(a)	N/A
LMCG Small Cap Growth Fund	1.00%	1.35%(a)	1.10%(a)
Silvercrest Small Cap Growth	1.00%	1.40%(a)	1.15%(a)
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%(a)	1.17%(a)
DoubleLine Core Plus Fixed Income Fund	0.55%	0.94%(a)	0.69%(a)
TCH Fixed Income Fund	0.55%	0.94%	0.69%
Lake Partners LASSO Alternatives Fund	1.00%	1.45%(a)	1.20%(a)
Anchor Capital Enhanced Equity Fund	0.70%	1.40%	1.15%
River Road Long-Short Fund (b)	1.20%	1.70%(a)	1.45%(a)
Barings International Fund	1.00%	1.40%(a)	1.15%(a)
LMCG Emerging Markets Fund (c)	1.05%	1.65%(a)*	1.40%(a)*
Harrison Street Real Estate Fund	1.00%	1.37%	1.12%
M&C Balanced Fund	0.75%	1.35%	1.10%

(a) 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, taxes, other investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses,) remains below the operating expense cap after such reimbursement.

(b) River Road Long-Short Fund began issuing Class I shares on March 1, 2013.

(c) LMCG Emerging Markets Fund began issuing Class N and Class I shares on March 27, 2013.

* The contractual expense limitation for LMCG Emerging Markets Fund is in effect through March 31, 2014.

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 the Advisor waived its advisory fees or reimbursed expenses for each of Herndon Large Cap Value Fund-Classes N and I, River Road Dividend All Cap Value Fund II-Classes N and I, M&C Mid Cap Growth Fund-Class N, LMCG Small Cap Growth Fund-Classes N and I, Silvercrest Small Cap Fund-Classes N and I, River Road Select Value Fund-Classes N and I, River Road Independent Value Fund-Classes N and I, DoubleLine Core Plus Fixed Income Fund-Classes N and I, Lake Partners LASSO Alternatives Fund-Classes N and I, River Road Long-Short Fund-Classes N and I, Barings International Fund-Classes N and I and LMCG Emerging Markets Fund-Classes N and I, the Adviser is entitled to be reimbursed by each Fund for such previously waived fees and reimbursed expenses to the extent that each Fund’s expense ratio (not including interest, taxes, other investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses) remains below the operating expense cap after such reimbursement.

As of April 30, 2013, the cumulative amounts that are subject to recoupment by the Adviser for each Fund are as follows:

	Expiration
	2013		2014		2015		2016
Herndon Large Cap Value Fund	$	71,086	$	129,816	$	42,793	$	—
River Road Dividend All Cap Value Fund II		N/A		N/A		59,860		50,906
Montag & Caldwell Mid Cap Growth Fund		67,970		72,010		N/A		N/A
LMCG Small Cap Growth Fund		N/A		190,704		123,269		77,572
Silvercrest Small Cap Fund		N/A		N/A		147,166		51,605
River Road Select Value Fund		—		N/A		N/A		N/A
River Road Independent Value Fund		N/A		222,622		143,528		—
DoubleLine Core Plus Fixed Income Fund		N/A		105,633		389,195		82,341
Lake Partners LASSO Alternatives Fund		83,001		87,814		N/A		—
River Road Long-Short Fund		N/A		97,108		110,750		42,121
Barings International Fund		134,828		147,896		N/A		N/A
LMCG Emerging Markets Fund (1)		N/A		N/A		N/A		24,711
Total	$	356,885	$	1,053,603	$	1,016,561	$	329,256

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

139

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	April 30, 2013
Notes to Financial Statements (unaudited) – continued

Through the six months ended April 30, 2013, the Adviser is eligible to recapture prior year fee waivers and expense reimbursements of $3,198 from Herndon Large Cap Value Fund, $21,849 from River Road Independent Value Fund, and $52,894 from Lake Partners LASSO Alternatives Fund.

The Adviser manages each Fund by retaining one or more Subadvisers to manage each Fund, as follows:

Fund	Subadviser
M&C Growth Fund	Montag & Caldwell, 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
River Road Dividend All Cap Value Fund II	River Road Asset Management, LLC
Fairpointe Mid Cap Fund	Fairpointe Capital LLC
M&C Mid Cap Growth Fund	Montag & Caldwell, LLC
LMCG Small Cap Growth Fund	Lee Munder Capital Group, LLC
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.
Anchor Capital Enhanced Equity Fund	Anchor Capital Advisors LLC
River Road Long-Short Fund	River Road Asset Management, LLC
Barings International Fund	Baring International Investment Limited
LMCG Emerging Markets Fund	Lee Munder Capital Group, LLC
Harrison Street Real Estate Fund	Harrison Street Securities, LLC
M&C Balanced Fund	Montag & Caldwell, LLC

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 Trust 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	0.0437%
Over $7.4 billion	0.0412%

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 (inclusive of tax services fees), which are paid by Aston, are accrued daily and paid monthly, at a rate of 0.0167% of average daily net assets of the Trust and a base fee at an annual rate of $12,000 per Fund.

Distribution Services. Foreside Funds Distributors LLC (the “Distributor”) serves as principal underwriter and distributor of the Fund’s shares. Pursuant to Rule 12b-1 distribution and service 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 Rule 12b-1 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 they 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, of a Subadviser or of 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, 2013 was $359,250.

Note (H) Credit Agreement: Effective July 6, 2010 and as amended August 31, 2012, the Trust entered into a Credit Agreement with The Bank of New York Mellon (the “Bank”) which provides the Trust with a revolving line of credit facility of 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%. 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%. The Trust pays a commitment fee on the unutilized commitment amount of 0.12% per annum. The Funds did not utilize the line of credit during the six months ended April 30, 2013.

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Notes to Financial Statements (unaudited) – continued

Note (I) Fully FDIC-insured Uninvested Deposit Balance Program: Effective July 3, 2012, the Trust entered into a program under which cash that is currently held in custody and trust accounts by the Bank, as custodian for the Trust, would be held in non-interest bearing transaction accounts at the Bank that are fully covered by the FDIC. River Road Independent Value Fund, Lake Partners LASSO Alternatives Fund and Anchor Capital Enhanced Equity Fund have accrued Earnings Credits to offset the Funds’ respective custody and transfer agency fees (including overdraft charges) based on the specified Earnings Credit Rate. The Earnings Credit Rate was 8 basis points on positive balances, subject to adjustment by the Bank. The term of this agreement was June 1, 2012 through December 31, 2012. For the six months ended April 30, 2013, the Funds’ accrued Earnings Credits as follows:

Fund	Earnings Credit to Custody and Transfer Agency Fees
River Road Independent Value Fund	$	16,493
Lake Partners LASSO Alternatives Fund		1,855
Anchor Capital Enhanced Equity Fund		139

Note (J) Reorganization: On December 13, 2012, the Board of Trustees approved an agreement and plan of reorganization (and the related transactions) (the “Agreement”), which provides for (i) the transfer of all the assets of ASTON Small Cap Fund (formerly ASTON/Veredus Small Cap Growth Fund) (the “Small Cap Fund”) to the LMCG Small Cap Growth Fund in exchange

solely for shares of beneficial interest of the LMCG Small Cap Growth Fund and the assumption by the LMCG Small Cap Growth Fund of all the liabilities of the Small Cap Fund; and (ii) the distribution by the Small Cap Fund of all the shares of each class of the LMCG Small Cap Growth Fund received by the Small Cap Fund to the holders of shares of the corresponding class of the Small Cap Fund in complete liquidation and termination of the Small Cap Fund. At a special meeting of shareholders of Small Cap Fund held on April 16, 2013, the shareholders of Small Cap Fund voted to approve the Agreement. The closing date of the reorganization was April 22, 2013.

The results of the voting are as follows:

	For		Against		Abstain
ASTON Small Cap Fund		800,546.220		28,635.759		38,341.525

The acquisition was accomplished by a tax-free exchange of shares on April 19, 2013. For financial reporting purposes, assets received and shares issued by the Small Cap Fund were recorded at fair value on April 19, 2013; however, the cost basis of the investments received from LMCG Small Cap Growth Fund were carried forward to align ongoing reporting of the Small Cap Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Prior to the merger, the Small Cap Fund had unused capital loss carryforwards. A portion of these capital loss carryforwards can be utilized by LMCG Small Cap Growth Fund in future periods.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

Merged Fund	Acquiring Fund	Class N Shares Issued		Class N Net Asset Value		Class N Conversion Ratio		Class I Shares Issued		Class I Net Asset Value		Class I Conversion Ratio
Small Cap Fund	LMCG Small Cap Growth Fund		1,557,689	$	12.07		1.16622		86,108	$	12.13		1.20650

Merged Fund	Net Assets		Unrealized Depreciation			Acquiring Fund	Net Assets
Small Cap Fund	$	19,844,700	$	(45,176	)	LMCG Small Cap Growth Fund	$	11,343,723

Assuming the acquisition had been completed on November 1, 2012, the Fund’s results of operations for the six months ended April 30, 2013 are as follows:

Net investment income	$   127,107
Net realized and unrealized gain on investments	3,613,858
Net increase in assets from operations	3,740,965

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Small Cap Fund that have been included in LMCG Small Cap Growth Fund’s statement of operations since April 19, 2013.

Note (K) Liquidations: ASTON/Veredus Select Growth Fund and ASTON Dynamic Allocation Fund were terminated and liquidated on January 30, 2013.

Note (L) Significant Concentrations: Certain Funds may invest a significant percentage of their assets in securities of foreign issuers. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. Some countries in which the Funds invest may require government approval for repatriation of investment income, capital or the proceeds for sales of secu-

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rities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. In addition, changes in currency exchange rates will affect the value of investments denominated in a foreign currency, as well as investment income derived from those securities.

Note (M) 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 no subsequent events requiring recognition or disclosure in the financial statements.

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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: The Trust’s 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. The 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 CONNECTION WITH THE APPROVAL OF THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON SMALL CAP 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 “LMCG Sub-Investment Advisory Agreement”) between Aston Asset Management, LP (“Aston”) and Lee Munder Capital Group, LLC (“LMCG”) with respect to the ASTON Small Cap Fund (formerly, ASTON/Veredus Small Cap Growth Fund) (the “Fund”), at an in-person meeting on December 13, 2012.

The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston, LMCG or their affiliates to consider the approval of the LMCG Sub-Investment Advisory Agreement and were assisted by independent legal counsel in their deliberations. The Board considered information provided at the December 13, 2012 Board meeting and at previous Board meetings in connection with annual contract renewal with respect to other funds managed by LMCG. Among the matters considered by the Board, including the Independent Trustees, in connection with the approval of the LMCG 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 LMCG Sub-Investment Advisory Agreement. The Board considered the reputation, qualifications and background of LMCG and its operational and compliance infrastructures. 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 LMCG currently serves as subadviser to the ASTON/LMCG Small Cap Growth Fund, a fund with a similar investment objective and similar investment policies managed by the same portfolio manager that will manage the Fund. 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 LMCG Sub-Investment Advisory Agreement as well as the overall management fee structure of the Fund, noting that the subadvisory fee rate is fifty 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 LMCG in connection with annual contract renewal 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 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 LMCG Sub-Investment Advisory Agreement are fair and reasonable, and that the approval of the LMCG Sub-Investment Advisory Agreement is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.

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FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH ANNUAL RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS

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”), is responsible for approving the Investment Advisory Agreement (the “Investment Advisory Agreement”) between the Trust and Aston Asset Management, LP (“Aston” or the “Adviser”) with respect to each series of the Trust and the Sub-Investment Advisory Agreements between Aston and each subadviser (each, a “Sub-Advisory Agreement” and collectively, the “Subadvisory Agreements”) and their periodic continuance. Pursuant to the Investment Company Act of 1940, as amended, the Board is required to consider the continuation of the Investment Advisory Agreement and Subadvisory Agreements on an annual basis following the initial term of each agreement. Accordingly, the Board considered the continuance of the Investment Advisory Agreement with respect to each series of the Trust for which the term ends in December 2012 and each Subadvisory Agreement with a term ending in December 2012, as set forth in Exhibit A-1 (collectively, the “Advisory Agreements”), at an in-person meeting held in December 2012 and the Board determined to continue the Advisory Agreements for an additional one-year period. Each series of the Trust for which an Advisory Agreement is being continued is referred to as a “Fund” or a “Renewal Fund.”

The Board, including the Independent Trustees, considered materials received and discussions held with respect to the continuation of the Advisory Agreements at in-person meetings held in September 2012 and December 2012. The Board requested and received a broad range of information relating to the Renewal Funds, the Adviser and the applicable subadviser (each, a “Subadviser”). As discussed in more detail below, the information provided included, among other things, a review of Fund performance, including Fund performance assessments against peer groups and appropriate benchmarks, compiled by an independent mutual fund data provider, a comparison of Fund fees and expenses relative to a peer expense group, compiled by an independent mutual fund data provider, and an assessment with respect to the Adviser and each Subadviser of the organizational structure, investment philosophy and process, operational matters and compliance matters. With respect to the Adviser, the materials also included a review of information regarding the Adviser’s business and fee model, marketing and product initiatives, an analysis of the Adviser’s profitability with comparisons to prior years and an assessment of other services provided by the Adviser. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared and provided in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board regularly reviews the performance of, and various services provided by, the Adviser, Subadvisers and other service providers to

the Trust. The Board also meets with key investment personnel managing the Fund portfolios at a special investment meeting held in February of each year, and on an as-needed basis throughout the year. At quarterly meetings, the Board reviews reports on, among other things, Fund performance, changes in investment process, policies and strategies, operational matters, and compliance and regulatory matters. The Board also reviewed information provided by counsel to the Trust describing applicable law and its duties in reviewing the Advisory Agreements. 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 Advisory Agreements and were assisted by independent legal counsel in their deliberations.

In considering the continuation of the Advisory Agreements, 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, including (a) the nature, extent, and quality of services provided by the Adviser and Subadvisers, (b) the investment performance of the Renewal Funds, (c) management fees, gross and net expenses, and contractual expense limitations of the Renewal Funds, (d) the extent of any economies of scale, (e) benefits derived by the Adviser or Subadvisers from their relationships with the Trust and (f) other factors. The principal factors considered by the Board and its conclusions are summarized below.

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services provided by the Adviser and Subadvisers. In light of the manager-of-managers structure employed by the Adviser, the Board recognized that the Adviser is responsible for the selection and oversight of the Subadvisers and that the Subadvisers provide day-to-day portfolio management services. In addition to performance information (as described in more detail below), the Board considered information regarding Aston’s business and fee model, product initiatives, investment committee structure, and investment processes and philosophy with respect to the selection and ongoing monitoring of the investment performance of the Subadvisers. 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. With respect to the Subadvisers, 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 recent changes in ownership or key personnel, if any, and the impact of such changes on the services provided. The Board also considered the Adviser’s evaluation of each Subadviser’s performance including, where applicable, performance attribution analysis.

In addition to advisory services, the Board considered the nature, quality and extent of other services provided by Aston

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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. The Board noted that the Adviser had recently completed a comprehensive request for proposal with respect to the third-party service providers to the Trust (other than portfolio management) and recognized the favorable results achieved by the Adviser on behalf of the Trust with respect to fees, expenses and 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 compliance policies and procedures of the Trust, Adviser, Subadvisers and other service providers; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

Performance. The Board reviewed reports that contained historical performance data for each Renewal Fund for various periods as well as information comparing such performance to the performance of other mutual funds compiled by an independent provider of mutual fund data based on Morningstar categories (the “Performance Peer Group”) and to recognized benchmarks. In this regard, the Board reviewed performance information for the one-, three-, five- and ten-year periods ended June 30, 2012 (in each case, as available with respect to each Renewal Fund) compared to the Fund’s Performance Peer Group and benchmark index or indices over the periods presented. The Adviser also provided year-to-date performance information for the period ended October 31, 2012. The Board considered the methodology for selecting the Performance Peer Group and Expense Group (defined below) and recognized that the selection of a new third-party provider to provide the performance and expense assessments could have impacted the results relative to prior years. While the Board is cognizant of each Fund’s performance relative to the Performance Peer Group and the benchmark indices, the Board evaluated performance in light of the respective Fund’s investment objective and policies and the investment strategy of the applicable Subadviser. With respect to Funds that the Board considers to have underperformed the Performance Peer Group and/or benchmark from time to time, the Board considered the Adviser’s assessment of whether performance was consistent with the Subadviser’s strategy and was satisfactory over time, and, if applicable, steps taken by the Adviser to monitor or address such circumstances.

With respect to ASTON/Anchor Capital Enhanced Equity Fund and ASTON Small Cap Growth Fund, the Board considered that each Fund had recently undergone a change of Subadviser and that the performance information reflected the performance of a previous Subadviser for some or all periods presented. However, the Board noted that each Fund’s portfolio management team had remained the same and had joined a new management firm that now serves as Subadviser to the Fund.

With respect to ASTON Dynamic Allocation Fund, ASTON/Veredus Select Growth Fund and ASTON/Veredus Small Cap Growth Fund, the Board considered that each Fund had underperformed the Performance 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 such underperformance and factors affecting the investment process, including ownership changes, stability of personnel and investment process changes. The Board considered that the Adviser had recommended, and the Board had approved, the liquidation and termination of the ASTON Dynamic Allocation Fund and the ASTON/Veredus Select Growth Fund and that such liquidations and terminations were expected to occur in the first quarter of 2013. With respect to the ASTON/Veredus Small Cap Growth Fund, the Board considered that the Adviser had recommended, and the Board had approved, a proposal to appoint a new Subadviser for the Fund on or about January 31, 2013 and a proposal to reorganize the Fund into another series of the Trust with a similar investment objective and similar investment policies.

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 the Adviser and Subadvisers had been satisfactory except as described above. With respect to the ASTON Dynamic Allocation Fund, ASTON/Veredus Select Growth Fund and ASTON/Veredus Small Cap Growth Fund, the Board took into account the proposals to liquidate and reorganize the Funds discussed above.

Fees and Expenses. The Board evaluated the management fees and expenses 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 fee and expense information of a relevant peer group compiled by an independent mutual fund data provider based on Morningstar categories (the “Expense Group”). 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 and the applicable Subadviser’s obligation to contribute to such waiver or reimbursement as set forth in the Subadvisory Agreements. Except as discussed below, the Board noted that the gross management fees, net management fees and total operating expenses of the Renewal Funds were within a reasonable range of Expense Group averages. With respect to ASTON Small Cap Growth Fund, ASTON/TAMRO Small Cap Fund, ASTON/River Road Independent Value Fund and ASTON/River Road Long-Short Fund, the Board considered that while gross management fees were higher than Expense Group averages, net total expenses were within a reasonable range of Expense Group averages taking into account the impact of contractual fee waivers and reimbursements. With respect to ASTON/River Road Select Value Fund, the Board considered that net total expenses of the Fund were within a reasonable range of the Expense Group averages. Although the gross management fees and net management fees are above Expense Group averages, the Board considered the quality of management and capacity constraints of this product. With respect to ASTON/River Road Small Cap Value Fund, the net management fees were higher than Expense Group averages, but the Board considered that gross manage-

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ment fees and net total expenses were within a reasonable range of Expense Group averages and that the product is capacity constrained. With respect to ASTON/Montag & Caldwell Mid Cap Growth Fund, the Board considered that while gross management fees were above Expense Group averages, the net total expenses for the Fund were within the range of the Expense Group averages. With respect to ASTON/Lake Partners LASSO Alternatives Fund, the Board considered that higher total operating expenses of the Fund were attributable primarily to the inclusion of acquired fund fees and expenses in the expense ratio which do not reflect operating expenses.

The Board considered the fee structure under the Subadvisory 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. 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 would compensate each Subadviser from its own fees. With respect to ASTON/River Road Independent Value Fund, ASTON/River Road Small Cap Value Fund and ASTON/TAMRO Small Cap Fund, the Board considered the capacity constraints and resulting limits on asset growth with respect to these strategies.

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 does not offer 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.

The Board also considered the advisory fees charged by Aston and the Subadvisers to separate account clients and, in the case of certain Subadvisers, other mutual funds. The Board considered that the fee rates charged to the Renewal Funds and separately managed account 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 advisory and Subadvisory fees were reasonable and appropriate in light of the nature, quality and extent of services provided.

Costs and Profitability. The Board considered certain financial information and statistics related to the costs of providing

advisory services and the profitability of Aston’s Advisory Agreements in light of Aston’s business model, as well as fee waivers or expenses to be reimbursed, where applicable, including comparative information for the prior two years. 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 subject to 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. 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.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Renewal Funds and whether the Renewal Funds benefit from any economies of scale. The Board considered the size of the Renewal Funds, any breakpoints in fees, and the nature of the asset class and any capacity limits. The Board noted that the Investment Advisory Agreement with Aston with respect to ASTON/Fairpointe Mid Cap Fund and ASTON/Montag & Caldwell Growth Fund contains breakpoints based on average daily net assets. With respect to the ASTON/Montag & Caldwell Growth Fund, the Board considered the Adviser’s proposal to add additional breakpoints to the fee schedule. The Board concluded that the management fee schedules for the ASTON/Fairpointe Mid Cap Fund and the ASTON/Montag & Caldwell Growth Fund, including the proposed additional breakpoints, 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 Adviser and Subadvisers. The Board considered the character and amount of other incidental benefits received by Aston as a result of its relationship with the Funds. The Board considered the nature and amount of fees to be paid by the Funds for administration services provided by Aston 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 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 Funds directly and therefore will not benefit from the use of “soft” commission dollars to pay for research and brokerage services.

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The Board concluded that any incidental benefits to be received by Aston from its relationship with the 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.

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 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 Funds.

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 Advisory Agreements including the advisory fees (and the additional breakpoints with respect to the ASTON/Montag & Caldwell Growth Fund) were fair and reasonable, and that the continuation of the Advisory Agreements with respect to each Renewal Fund for an additional one-year period should be approved.

EXHIBIT A-1

Schedule of Advisory Agreements and Renewal Funds

EXCEPT AS OTHERWISE NOTED, THE INVESTMENT ADVISORY AGREEMENT AND SUB-INVESTMENT ADVISORY AGREEMENT FOR EACH FUND IS SUBJECT TO CONTINUATION.

ASTON/Anchor Capital Enhanced Equity Fund*
ASTON/Barings International Fund	Baring International Investment Limited
ASTON/Cornerstone Large Cap Value Fund	Cornerstone Investment Partners, LLC
ASTON/DoubleLine Core Plus Fixed Income Fund	DoubleLine Capital LP
ASTON/Fairpointe Mid Cap Fund	Fairpointe Capital LLC
ASTON/Harrison Street Real Estate Fund	Harrison Street Securities, LLC
ASTON/Herndon Large Cap Value Fund	Herndon Capital Management, LLC
ASTON/Lake Partners LASSO Alternatives Fund	Lake Partners, Inc.
ASTON/Montag & Caldwell Balanced Fund, ASTON/Montag & Caldwell Growth Fund, and ASTON/Montag & Caldwell Mid Cap Growth Fund	Montag & Caldwell, LLC
ASTON/River Road Dividend All Cap Value Fund, ASTON/River Road Independent Value Fund, ASTON/River Road Long-Short Fund, ASTON/River Road Select Value Fund, and ASTON/River Road Small Cap Value Fund	River Road Asset Management, LLC
ASTON/LMCG Small Cap Growth Fund*
ASTON/TAMRO Diversified Equity Fund and ASTON/TAMRO Small Cap Fund	TAMRO Capital Partners, LLC
ASTON/TCH Fixed Income Fund	Taplin, Canida & Habacht, LLC

* Sub-Investment Advisory Agreement was not subject to renewal.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT FOR ASTON/LMCG EMERGING MARKETS FUND

At an in-person meeting on March 21, 2013, 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 between the Trust and Aston Asset Management, LP (“Aston”) with respect to the ASTON/LMCG Emerging Markets 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 March 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; (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 Aston and/or the New Fund’s 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 the nature, quality and extent of services to be provided by Aston, including advisory services and administrative services. The Board considered that Aston is a manager-of-managers, and that in its role as adviser to the New Fund it intends to delegate the day-to-day investment responsibility for managing the New Fund to a subadviser. Accordingly, the Board considered Aston’s capabilities and processes with respect to the selection 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

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Additional Information (unaudited) – continued

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. The Board also considered the nature and quality 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.

Fees and 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 Aston, 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, Aston and the subadviser each will bear a portion 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 Aston, 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 were 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 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 CONNECTION WITH THE APPROVAL OF THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/LMCG EMERGING MARKETS FUND

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”), 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/LMCG Emerging Markets Fund (the “New Fund”), at an in-person meeting on March 21, 2013. The Board considered information provided and discussions held at the March meeting and at prior meetings.

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 infrastructures. The Board also considered information provided regarding LMCG’s investment approach, 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 also considered the nature and quality of services provided by LMCG 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 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 structure of the New Fund, noting that the subadvisory fee rate is fifty percent (50%) of the management fee less certain third-party payments, fee waivers and expense reimbursements 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 New Fund and whether the New Fund will benefit from any economies of scale.

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The Board determined that profitability information with respect to 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 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 and its affiliates. 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 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.

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 11/01/12		Ending Account Value 04/30/13		Expense Ratio(1)		Expenses Paid  During Period(2)
M&C Growth Fund
Actual Fund Return
Class N		$1,000		$1,143.60		1.04%		$5.53
Class I		1,000		1,145.20		0.79%		4.20
Class R		1,000		1,142.20		1.29%		6.85
Hypothetical 5% Return
Class N		$1,000		$1,019.64		1.04%		$5.21
Class I		1,000		1,020.88		0.79%		3.96
Class R		1,000		1,018.40		1.29%		6.46
TAMRO Diversified Equity Fund
Actual Fund Return
Class N		$1,000		$1,121.90		1.20%		$6.31
Class I		1,000		1,123.80		0.95%		5.00
Hypothetical 5% Return
Class N		$1,000		$1,018.84		1.20%		$6.01
Class I		1,000		1,020.08		0.95%		4.76
Herndon Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,126.60		1.30%		$6.85
Class I		1,000		1,128.30		1.05%		5.54
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
Cornerstone Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,140.10		1.30%		$6.90
Class I		1,000		1,140.90		1.05%		5.57
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
River Road Dividend All Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,168.00		1.09%		$5.86
Class I		1,000		1,170.20		0.84%		4.52
Hypothetical 5% Return
Class N		$1,000		$1,019.39		1.09%		$5.46
Class I		1,000		1,020.63		0.84%		4.21
River Road Dividend All Cap Value Fund II
Actual Fund Return
Class N		$1,000		$1,159.20		1.30%		$4.88
Class I		1,000		1,160.60		1.05%		3.95
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26

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Additional Information (unaudited) – continued

	Beginning Account Value 11/01/12		Ending Account Value 04/30/13		Expense Ratio(1)		Expenses Paid  During Period(2)
Fairpointe Mid Cap Fund
Actual Fund Return
Class N		$1,000		$1,207.90		1.10%		$6.02
Class I		1,000		1,209.60		0.85%		4.66
Hypothetical 5% Return
Class N		$1,000		$1,019.34		1.10%		$5.51
Class I		1,000		1,020.58		0.85%		4.26
M&C Mid Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,103.70		1.25%		$6.52
Hypothetical 5% Return
Class N		$1,000		$1,018.60		1.25%		$6.26
LMCG Small Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,181.90		1.35%		$7.30
Class I		1,000		1,184.00		1.10%		5.96
Hypothetical 5% Return
Class N		$1,000		$1,018.10		1.35%		$6.76
Class I		1,000		1,019.34		1.10%		5.51
Silvercrest Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,153.00		1.40%		$7.47
Class I		1,000		1,154.40		1.15%		6.14
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76
TAMRO Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,143.40		1.30%		$6.91
Class I		1,000		1,145.30		1.05%		5.59
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
River Road Select Value Fund
Actual Fund Return
Class N		$1,000		$1,178.80		1.45%		$7.83
Class I		1,000		1,180.20		1.20%		6.49
Hypothetical 5% Return
Class N		$1,000		$1,017.60		1.45%		$7.25
Class I		1,000		1,018.84		1.20%		6.01
River Road Small Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,171.20		1.34%		$7.21
Class I		1,000		1,172.90		1.09%		5.87
Hypothetical 5% Return
Class N		$1,000		$1,018.15		1.34%		$6.71
Class I		1,000		1,019.39		1.09%		5.46
River Road Independent Value Fund(3)
Actual Fund Return
Class N		$1,000		$1,021.00		1.42%		$7.12
Class I		1,000		1,021.80		1.17%		5.87
Hypothetical 5% Return
Class N		$1,000		$1,017.75		1.42%		$7.10
Class I		1,000		1,018.99		1.17%		5.86
DoubleLine Core Plus Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,021.20		0.94%		$4.71
Class I		1,000		1,022.40		0.69%		3.46
Hypothetical 5% Return
Class N		$1,000		$1,020.13		0.94%		$4.71
Class I		1,000		1,021.37		0.69%		3.46

	Beginning Account Value 11/01/12		Ending Account Value 04/30/13		Expense Ratio(1)		Expenses Paid  During Period(2)
TCH Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,025.00		0.84%		$4.22
Class I		1,000		1,025.80		0.69%		3.47
Hypothetical 5% Return
Class N		$1,000		$1,020.63		0.84%		$4.21
Class I		1,000		1,021.37		0.69%		3.46
Lake Partners LASSO Alternatives Fund(3)
Actual Fund Return
Class N		$1,000		$1,070.90		1.45%		$7.45
Class I		1,000		1,072.60		1.20%		6.17
Hypothetical 5% Return
Class N		$1,000		$1,017.60		1.45%		$7.25
Class I		1,000		1,018.84		1.20%		6.01
Anchor Capital Enhanced Equity Fund(3)
Actual Fund Return
Class N		$1,000		$1,071.80		1.22%		$6.27
Class I		1,000		1,073.20		0.97%		4.99
Hypothetical 5% Return
Class N		$1,000		$1,018.74		1.22%		$6.11
Class I		1,000		1,019.98		0.97%		4.86
River Road Long-Short Fund(4)(5)
Actual Fund Return
Class N		$1,000		$1,097.80		1.70%		$8.84
Class I		1,000		1,019.20		1.45%		2.33
Hypothetical 5% Return
Class N		$1,000		$1,016.36		1.70%		$8.50
Class I		1,000		1,017.60		1.45%		2.32
Barings International Fund
Actual Fund Return
Class N		$1,000		$1,082.70		1.40%		$7.23
Class I		1,000		1,082.10		1.15%		5.94
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76
LMCG Emerging Markets Fund(6)
Actual Fund Return
Class N		$1,000		$998.00		1.65%		$1.54
Class I		1,000		998.00		1.40%		1.30
Hypothetical 5% Return
Class N		$1,000		$1,016.61		1.65%		$8.25
Class I		1,000		1,017.85		1.40%		7.00
Harrison Street Real Estate Fund
Actual Fund Return
Class N		$1,000		$1,178.20		1.37%		$7.40
Class I		1,000		1,179.60		1.12%		6.05
Hypothetical 5% Return
Class N		$1,000		$1,018.00		1.37%		$6.85
Class I		1,000		1,019.24		1.12%		5.61
M&C Balanced Fund
Actual Fund Return
Class N		$1,000		$1,087.10		1.20%		$6.21
Class I		1,000		1,087.70		1.10%		5.69
Hypothetical 5% Return
Class N		$1,000		$1,018.84		1.20%		$6.01
Class I		1,000		1,019.34		1.10%		5.51

(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 (181) 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 365. Expense ratios do not include interest expense, if applicable.

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Additional Information (unaudited) – continued

(3) Earnings Credit did not affect the six months expense ratio for the six months ended April 30, 2013.

(4) Excludes interest expense and dividends on short positions. If included, your annualized expense ratios are 2.56% and 2.23% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period are $13.32 and $11.16 and $12.77 and $11.13 for Class N and Class I, respectively.

(5) River Road Long-Short Fund began issuing Class I shares on March 1, 2013.

(6) LMCG Emerging Markets Fund began issuing shares on March 27, 2013.

151

Aston Funds

ADVISER

Aston Asset Management, LP

120 N. LaSalle Street, 25^th Floor

Chicago, IL 60602

SUBADVISERS

Anchor Capital Advisors LLC

One Post Office Square, Suite 3850

Boston, MA 02109

Baring International Investment Limited

155 Bishopsgate

London, EC2M 3XY UK

Cornerstone Investment Partners, LLC

Phipps Tower

3438 Peachtree Road NE, Suite 900

Atlanta, GA 30326

DoubleLine Capital LP

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

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

191 Peachtree Street, NE, Suite 2500

Atlanta, GA 30303

Lake Partners, Inc.

4 High Ridge Park, Suite 300

Stamford, CT 06905

Lee Munder Capital Group, LLC

200 Clarendon Street, 28^th Floor

Boston, MA 02116

SUBADVISERS - continued

Montag & Caldwell, LLC

3455 Peachtree Road NE, Suite 1200

Atlanta, GA 30326

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, 38^th Floor

New York, NY 10019

TAMRO Capital Partners LLC

1701 Duke St., Suite 250

Alexandria, VA 22314

Taplin, Canida & Habacht LLC

1001 Brickell Bay Drive, Suite 2100

Miami, FL 33131

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

Michael A. Cozzi, 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.

152

Guide to Shareholder Benefits

We’re delighted to offer all Aston Funds shareholders a variety of services and convenient options. To receive more information about any of these benefits, simply call an Investor Services Associate Monday through Friday, 9 a.m. – 7 p.m. Eastern Time.

THE EASY WAY TO ADD TO YOUR ACCOUNT: START AN AUTOMATIC INVESTMENT PLAN

For Class N shareholders, systematic investing is an easy, effortless way to help reach any investment goal. Just choose a fixed amount, and we’ll automatically deduct it from your checking or savings account on a regular schedule and invest it in your Aston Funds account. Periodic investment plans involve continuous investments in securities regardless of price. You should consider your financial ability to continue to purchase shares through periods of both high and low price levels. This plan does not assure a profit and does not protect against loss in declining markets.

COMPOUND YOUR EARNINGS WITH AUTOMATIC DIVIDEND REINVESTMENT

By automatically reinvesting dividends into your Fund account, profits have the opportunity to mount. Monthly and quarterly dividends and annual capital gain distributions are reinvested at no charge.

ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEBSITE

You can open a new account, access account balances, view statements, obtain fund information, and make transactions online 24 hours a day, 7 days a week.

www.astonfunds.com

Our Automated Shareholder Services Line Is at Your Service 24 Hours a Day

800-992-8151

Investor Services

Associates are available to assist you Monday – Friday 9 a.m. to 7 p.m., Eastern Time. Or, call any time, day or night, for automated account information to make exchanges or check fund performance.

ATSEM 13

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         7/1/13                                                                                                                                                                    

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         7/1/13                                                                                                                                                                    

By (Signature and Title)*             /s/ Laura M. Curylo                                                                                                       

                                                       Laura M. Curylo, Treasurer and Chief Financial Officer

                                                       (principal financial officer)

Date         7/1/13                                                                                                                                                                    

* Print the name and title of each signing officer under his or her signature.