AMG Funds IV NCSR Certified annual shareholder report (management investment company)

AMG Funds IV N-CSRCertified 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: October 31, 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.

LOGO

Annual Report 2013

October 31, 2013

Class N, I & R Shares

Equity

Fixed Income

Alternative

International

Sector

Balanced

Aston Funds

Dear Fellow Shareholder:

As I reflect on the past 12 months, ending October 31, 2013, I am reminded of one of the most memorable quotes by the great Russian author Leo Tolstoy: “The strongest of all warriors are these two—Time and Patience.”

About a year ago, it was beginning to dawn on much of the investment community that the world was not coming to an end. Although bearish sentiment and uncertainty still ran high, there were reasons to be hopeful that with time and patience, the global economy and world financial markets could continue healing from the deep wounds sustained during the Great Recession. In the summer, this optimism was further bolstered by evidence that the global economy—led by growth in developed nations such as the United States—was accelerating and corporate earnings were improving. Against this backdrop, the Standard & Poor’s 500 Index, a broad gauge of the U.S. stock market, was up 27% for the period, finishing at a new high and marking one of the index’s best 12-month periods since 2003. Small stocks soared even higher, with the Russell 2000 Index up 36%. Developed market equities tended to fare best, while foreign equity markets produced significantly divergent results for the year, and emerging markets securities lagged amid worries about growth in those nations.

Bonds, meanwhile, charted a more volatile course. After a multi-year period of outperformance of equities, the improving global economy significantly dampened investors’ aversion to risk and their appetite for “risk-free” government securities. The growing likelihood that the Federal Reserve would begin to taper its purchases of Treasury and agency mortgage-backed securities was another chief concern. Since these accommodative policies were largely credited with keeping interest rates low, the prospects of a higher interest rates weighed heavily on U.S. investment-grade bonds, as measured by the -1.1% return of the Barclays U.S. Aggregate Bond Index.

Although the future is inherently uncertain, we believe that our talented investment managers have proven their ability to persevere across multiple market cycles. They may, at times, be overshadowed in the short term by those who are temporarily lifted by prevailing market trends. But in our view, our investors are best served by Aston’s skilled, active managers who have exhibited the patience to survive and thrive over time.

We are pleased to present you with the Aston Funds annual report and appreciate your continued support of the Aston Funds family.

Sincerely,

LOGO

Kenneth C. Anderson

President

Aston Funds

The views expressed in this report reflect those of the portfolio managers only, through the end of the period covered and do not necessarily represent the views of Aston Funds or Aston Asset Management, LP. Any such views are subject to change at any time based upon market or other conditions and Aston Funds and Aston Asset Management, LP disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an Aston Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Aston Fund.

Aston Funds

Large Cap Funds

ASTON/Montag & Caldwell Growth Fund

ASTON/TAMRO Diversified Equity Fund

ASTON/Herndon Large Cap Value Fund

ASTON/Cornerstone Large Cap Value Fund

Equity Income Funds

ASTON/River Road Dividend All Cap Value Fund

ASTON/River Road Dividend All Cap Value Fund II

Mid Cap Funds

ASTON/Fairpointe Mid Cap Fund

ASTON/Montag & Caldwell Mid Cap Growth Fund

Table of Contents


Portfolio Manager Commentaries & Schedules of Investments			2

Statements of Assets and Liabilities			76

Statements of Operations			82

Statements of Changes in Net Assets			88

Financial Highlights			98

Notes to Financial Statements			144

Report of Independent Registered Public Accounting Firm			161

Additional Information (unaudited)			162

Small Cap Funds

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 Funds

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

Alternative Funds

ASTON/Lake Partners LASSO Alternatives Fund

ASTON/Anchor Capital Enhanced Equity Fund

ASTON/River Road Long-Short Fund

International Funds

ASTON/Barings International Fund

ASTON/LMCG Emerging Markets Fund

Sector Fund

ASTON/Harrison Street Real Estate Fund

Balanced Fund

ASTON/Montag & Caldwell Balanced Fund

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

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

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

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE


Aston Funds

ASTON/Montag & Caldwell Growth Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		Ronald E. Canakaris, CFA, CIC

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The Class N Shares of the Fund gained 22.61% during the past year, trailing the Russell 1000 Growth Index gain of 28.30% and the S&P 500 Index, which rose 27.16%. The Fund benefited from good stock selection in the Consumer Discretionary, Information Technology and Financial sectors, as well as an underweight position to the Information Technology sector. The Fund lagged the benchmark due to an overweight position to the Consumer Staples sector, an underweight position to the Consumer Discretionary sector and its cash reserve. Adverse stock section in the Healthcare, Industrials and Energy sectors also detracted from performance relative to the benchmark.

Q.	What were the best performing holdings for the Fund during the period?

Biogen was the Fund’s top performing stock, as the company enjoyed stable demand in its major franchises and the company launched Tecfidera, an oral therapy for the treatment of multiple sclerosis. Starbucks rose strongly during the period, as the company delivered top- and bottom-line results that far surpassed peers within the restaurant industry, as well as investor expectations. Johnson Controls surged, as the company reported better than expected results driven by ongoing improvement in the global automotive business and benefits from cost restructuring actions taken by management earlier this year. Amerisource Bergen gained, as the company is benefiting from increased scale and purchasing power as a result of its agreement with Walgreen/Alliance Boots. Nike was a top performer as the company is benefiting from growing enthusiasm around its innovative new product cycle, which should allow double digit earnings growth in fiscal year 2014, as well as improvement in gross margins and robust growth in direct consumer sales.

Q.	What were the weakest performing holdings?

Express Scripts fell in the fourth quarter of 2012 and the position was eliminated in the first quarter of 2013 as benefits from the company’s merger with Medco were waning and earnings growth was expected to decelerate sharply, reflecting the roll-off of additional United Health claims and the fully consolidated post-merger comparisons. EMC was slightly negative during the period as investors became concerned that capital spending will be reduced on storage as it is shifted from on-premise capacity to infrastructure as a service by cloud providers, negatively impacting demand for EMC’s products. Allergan was unchanged during the period, which significantly lagged the gains in the Healthcare sector. The company experienced a delay in the clinical trials of an age-related macular degeneration product and the stock declined following the release of draft guidance from the FDA for generic Restasis bioequivalence. Coca-Cola and Philip Morris were up single digits during the period, lagging the market. Both companies have had their earnings impacted by a slow-down in emerging markets and adverse currency movements.

Q.	How was the Fund positioned as of October 31, 2013?

We believe the high quality growth stocks held in the Fund are well positioned for the period ahead. They are reasonably valued, and in our opinion offer more assured earnings growth due to their global diversification and financial strength. In addition, many of the Fund’s holdings have above average dividend yields and dividend growth prospects. We expect economic growth to continue to be more moderate than generally assumed as the developed world deleverages, and for the Federal Reserve to keep short term interest rates low for a long time.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	22.61	%
Five Year	13.46	%
Ten Year	7.16	%
Since Inception	9.16	%

Inception Date 11/02/94

Average Annual Total Returns - Class I


One Year	22.95	%
Five Year	13.75	%
Ten Year	7.44	%
Since Inception	7.57	%

Inception Date 06/28/96

Average Annual Total Returns - Class R


One Year	22.30	%
Five Year	13.18	%
Ten Year	6.91	%
Since Inception	7.42	%

Inception Date 12/31/02

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.

The total expense ratios for Class N, Class I and Class R Shares are 1.06%, 0.81% and 1.31% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


Aston Funds



ASTON/Montag & Caldwell Growth Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 95.83%

		Consumer Discretionary – 16.00%
	1,189,030	Bed Bath & Beyond *	$	91,935,800
	3,119,700	Johnson Controls		143,974,155
	2,416,400	NIKE, Class B		183,066,464
	91,046	Priceline.com *		95,947,006
	318,063	Ralph Lauren		52,683,955
	1,633,300	Starbucks		132,378,965
	2,264,600	TJX		137,665,034

				837,651,379


		Consumer Staples – 23.99%
	4,229,400	Coca-Cola		167,357,358
	2,510,000	Colgate-Palmolive		162,472,300
	659,900	Costco Wholesale		77,868,200
	2,435,200	Estee Lauder, Class A		172,801,792
	5,133,700	Mondelez International, Class A		172,697,668
	2,004,500	PepsiCo		168,558,405
	1,867,000	Philip Morris International		166,387,040
	2,079,800	Procter & Gamble		167,943,850

				1,256,086,613


		Energy – 3.36%
	1,833,100	Occidental Petroleum		176,124,248


		Financials – 7.69%
	1,160,000	American Express		94,888,000
	798,000	Franklin Resources		42,980,280
	1,572,200	State Street		110,164,054
	3,619,600	Wells Fargo		154,520,724

				402,553,058


		Healthcare – 18.50%
	4,807,700	Abbott Laboratories		175,721,435
	1,840,000	Allergan		166,722,400


Shares			Market Value

		Healthcare (continued)
	1,879,800	AmerisourceBergen	$	122,807,334
	662,967	Biogen Idec *		161,889,912
	1,811,100	Gilead Sciences *		128,569,989
	2,033,900	Sanofi, ADR		108,772,972
	1,411,800	Stryker		104,275,548

				968,759,590


		Industrials – 6.35%
	7,072,800	General Electric		184,882,992
	1,499,800	United Parcel Service, Class B		147,340,352

				332,223,344


		Information Technology – 16.84%
	544,500	Accenture, Class A (Ireland)		40,020,750
	2,561,800	eBay *		135,032,478
	1,496,500	EMC		36,020,755
	415,200	F5 Networks *		33,842,952
	256,662	Google, Class A *		264,510,724
	4,851,000	Juniper Networks *		90,422,640
	2,258,000	QUALCOMM		156,863,260
	634,900	Visa, Class A		124,865,783

				881,579,342


		Materials – 3.10%
	1,549,800	Monsanto		162,543,024


		Total Common Stocks (Cost $3,987,546,489)		5,017,520,598


	INVESTMENT COMPANY – 4.19%

	219,503,319	BlackRock Liquidity Funds TempCash Portfolio		219,503,319


		Total Investment Company (Cost $219,503,319)		219,503,319

	Total Investments – 100.02% (Cost $4,207,049,808)**			5,237,023,917

	Net Other Assets and Liabilities – (0.02)%			(1,227,241	)

	Net Assets – 100.00%		$	5,235,796,676

Non-income producing security.

Aggregate cost for Federal income tax purposes is $4,213,183,141.


Gross unrealized appreciation	$	1,043,014,106
Gross unrealized depreciation		(19,173,330	)

Net unrealized appreciation	$	1,023,840,776

ADR

American Depositary Receipt

See accompanying Notes to Financial Statements.


		3


Aston Funds

ASTON/TAMRO Diversified Equity Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Philip D. Tasho, CFA & Timothy A. Holland, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The fiscal year ended October 31, 2013 was a robust year for equities across the market cap spectrum due to slow, but steady economic growth, an ongoing housing rebound that boosted consumer sentiment and spending, little to no inflation and accommodative monetary policy. While providing a healthy return of 24.29% for Class N Shares on an absolute basis, the Fund trailed its benchmark, the Russell 1000 Index for two primary reasons. First, many of the year’s big winners — stocks with 100%+ returns — were at the extremes of the growth/value spectrum. These companies typically did not dovetail with our investment philosophy, either because of fundamentals or valuation, and we could not justify owning them. The second reason was stock selection. We owned a number of companies that simply did not execute in line with our expectations. In some cases, we sold the positions to fund higher-confidence opportunities. In other cases, where we believe the long-term opportunity remains, we added to those positions on weakness.

Q.	What were the best performing holdings for the Fund during the period?

The three holdings that contributed the most to performance were Chicago Bridge & Iron, Amazon.com and Boeing. Chicago Bridge & Iron reported better-than-expected revenues and earnings and an improving backlog from energy-related infrastructure projects globally. The significant investments Amazon.com made in technology, digital content and fulfillment centers to support future growth began to bear fruit, resulting in improving sales and gross margins. Shares of Boeing moved higher due to strengthening operating margins and an increased backlog for its aircraft that now represents nearly six years of production.

Q.	What were the weakest performing holdings?

A.	Increased competition weighed on Apple shares, as revenue and earnings came in

below consensus estimates and the company’s new guidance range was lower than anticipated. Royal Gold corrected in sympathy with the price of gold. Carnival, the largest global cruise company, experienced several cruise mishaps that caused significant negative publicity and resulted in lowered guidance to reflect weaker ticket pricing and costs for ship repair.

Q.	How was the Fund positioned as of October 31, 2013?

The Fund’s investment process focuses on individual, bottom-up stock selection to identify companies that we believe possess a sustainable competitive advantage and are attractively valued. Our approach to portfolio management is opportunistic and broadly diversified, with sector weights determined by where we see opportunities at the stock level.

While we remain positive toward the equity markets, we believe this is not an average economic recovery where a rising tide will lift all boats. In this environment, valuations for companies that are executing may go higher than in recent years —i.e. multiples will expand. We need to differentiate between speculative stocks and those that are truly out-executing their peers and should resonate long term. We are closely looking at historical valuations and are ever watchful for opportunities as they dovetail with our three investment categories: Leaders, Laggards, and Innovators.

We continue to orient the portfolio toward better-capitalized, better-run companies that participate in more domestic facing industries such as Consumer Discretionary and Financial Services. As the U.S. consumer, U.S. housing and the U.S. economy continue to come back, these companies should be well positioned. As of October 31, 2013, Financials, Consumer Discretionary and Industrials were the largest sectors in the Fund. Among our investment categories, Leaders and Innovators, which tend to be higher quality companies with leading market share and tenured management teams, comprised 80% of the portfolio. Laggards, or companies undergoing restructuring, made up 20%.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	24.29	%
Five Year	15.70	%
Ten Year	7.81	%
Since Inception	6.36	%

Inception Date 11/30/00

Average Annual Total Returns - Class I


One Year	24.64	%
Since Inception	15.50	%

Inception date 03/02/12

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratios for Class N and Class I Shares are 1.68% and 1.43% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


Aston Funds



ASTON/TAMRO Diversified Equity Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 99.82%

		Consumer Discretionary – 17.78%
	4,979	Amazon.com *	$	1,812,505
	22,655	Arcos Dorados Holdings, Class A (Argentina)		272,766
	15,100	Bed Bath & Beyond *		1,167,532
	39,493	Best Buy		1,690,300
	21,493	CarMax *		1,009,956
	14,455	Coach		732,579
	12,209	GNC Holdings, Class A		718,133
	10,730	Home Depot		835,760
	17,667	Macy’s		814,625
	11,076	Red Robin Gourmet Burgers *		843,770

				9,897,926

		Consumer Staples – 7.74%
	25,148	Mondelez International, Class A		845,979
	22,947	Safeway		800,850
	19,340	United Natural Foods *		1,381,843
	21,647	Walgreen		1,282,368

				4,311,040

		Energy – 8.17%
	11,118	Continental Resources *		1,266,340
	22,143	Kinder Morgan		781,869
	6,039	Occidental Petroleum		580,227
	8,635	Phillips 66		556,353
	14,491	Range Resources		1,097,114
	14,572	Ultra Petroleum (Canada) *		267,542

				4,549,445

		Financials – 20.91%
	14,337	American Express		1,172,767
	27,228	American International Group		1,406,326
	16,733	American Tower, REIT		1,327,764
	16,229	Bank of the Ozarks		803,011
	9,073	Berkshire Hathaway, Class B *		1,044,121


Shares			Market Value

		Financials (continued)
	29,063	Citigroup	$	1,417,693
	49,923	FirstMerit		1,121,271
	78,004	Itau Unibanco Holding SA (Brazil), ADR		1,202,042
	12,006	Ocwen Financial Corp *		675,097
	13,562	Portfolio Recovery Associates *		806,261
	38,019	Redwood Trust, REIT		666,093

				11,642,446


		Healthcare – 12.01%
	10,600	Allergan		960,466
	5,101	Athenahealth *		681,035
	19,170	Catamaran (Canada) *		900,223
	19,056	DaVita HealthCare Partners *		1,071,138
	15,303	Edwards Lifesciences *		997,603
	16,717	Express Scripts *		1,045,147
	11,153	Johnson & Johnson		1,032,879

				6,688,491


		Industrials – 15.73%
	8,180	Boeing		1,067,490
	13,703	C.H. Robinson Worldwide		818,617
	21,136	Chicago Bridge & Iron (Netherlands)		1,565,966
	15,458	Cintas		831,177
	21,542	Colfax *		1,205,490
	13,703	Danaher		987,849
	3,860	Middleby *		878,729
	63,883	US Airways Group *		1,403,510

				8,758,828


		Information Technology – 13.93%
	6,768	Baidu, SP ADR *		1,088,971
	27,306	Facebook, Class A *		1,372,400
	1,200	Google, Class A *		1,236,696
	25,530	Hewlett-Packard		622,166
	10,730	MICROS Systems *		582,103
	16,186	QUALCOMM		1,124,441
	23,597	Seagate Technology (Ireland)		1,148,702
	22,395	Skyworks Solutions *		577,343

				7,752,822


		Materials – 3.55%
	4,616	CF Industries Holdings		995,210
	9,341	Monsanto		979,684

				1,974,894


		Total Common Stocks (Cost $45,528,595)		55,575,892


	INVESTMENT COMPANY – 0.83%

	461,680	BlackRock Liquidity Funds TempCash Portfolio		461,680


		Total Investment Company (Cost $461,680)		461,680

	Total Investments – 100.65% (Cost $45,990,275)**			56,037,572

	Net Other Assets and Liabilities – (0.65)%			(360,545	)

	Net Assets – 100.00%		$	55,677,027

See accompanying Notes to Financial Statements.


		5


Aston Funds



ASTON/TAMRO Diversified Equity Fund		October 31, 2013

*Schedule of Investments – continued*

Non-income producing security.

Aggregate cost for Federal income tax purposes is $46,032,483.


Gross unrealized appreciation	$	10,512,559
Gross unrealized depreciation		(507,470	)

Net unrealized appreciation	$	10,005,089

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Herndon Large Cap Value Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		Randell A. Cain, Jr., CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Over the past 12 months, the Russell 1000 Value Index increased nearly 30%. The key drivers of this uptrend have been increased share buybacks, corporate dividends and merger activity. These positives have outweighed market headwinds brought on by political wrangling in Washington D.C. and increased concern about market volatility and potentially decelerating earnings growth.

The Fund underperformed the Russell 1000 Value Index by more than 500 basis points during the period. While allocation effect was slightly negative, stock selection was the primary driver of the relative underperformance for the period. The portfolio’s top performing sectors were Healthcare, Energy and Financials, which all benefitted from positive stock selection. The sectors with the greatest negative contribution to relative performance were Consumer Discretionary, Consumer Staples and Materials. The portfolio was overweight each of these sectors, which only compounded their negative contribution, as each sector suffered from poor stock selection.

Q.	What were the best performing holdings for the Fund during the period?

The greatest individual stock performers during the period were Western Digital Corp. (+107% return), Waddell & Reed Financial Inc. (+96%) and CBOE Holdings Inc. (+71%). Western Digital is a holding from the Information Technology sector, while Waddell & Reed and CBOE are holdings from the Financials sector.

Q.	What were the weakest performing holdings?

A.	The weakest individual stock performers over the period were Cliffs Natural Resources (-50% return), Herbalife Ltd. (-26%) and American Capital Agency (-23%). These securities represent holdings from the Materials, Consumer Staples and Financials sectors, respectively.

Q.	How was the Fund positioned as of October 31, 2013?

A.	As of October 31, 2013, the Fund was overweight in the Energy, Consumer Staples, Materials, Industrials and Information Technology sectors. The underweight sectors were Financials, Utilities, Telecommunications and Healthcare.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


1 Year	22.58	%
Since Inception	12.66	%

Inception Date 03/31/10

Average Annual Total Returns - Class I


1 Year	22.94	%
Since Inception	11.68	%

Inception Date 03/02/11

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


		7


Aston Funds



ASTON/Herndon Large Cap Value Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 95.10%

		Consumer Discretionary – 7.81%
	41,849	Coach	$	2,120,907
	16,149	Ross Stores		1,249,125
	65,010	TJX		3,951,958
	33,046	Yum! Brands		2,234,571

				9,556,561

		Consumer Staples – 10.83%
	78,097	Altria Group		2,907,551
	52,111	Campbell Soup		2,218,365
	47,686	Colgate-Palmolive		3,086,715
	39,349	Kellogg		2,488,824
	28,668	Philip Morris International		2,554,892

				13,256,347

		Energy – 19.37%
	29,139	Apache		2,587,543
	17,841	Chevron		2,140,206
	22,642	Continental Resources *		2,578,924
	28,150	Exxon Mobil		2,522,803
	57,572	HollyFrontier		2,651,766
	42,273	Marathon Petroleum		3,029,283
	18,453	Murphy Oil		1,113,085
	118,063	Patterson-UTI Energy		2,864,208
	171,634	RPC		3,147,768
	58,722	Ultra Petroleum (Canada) *		1,078,136

				23,713,722

		Financials – 21.67%
	57,619	Aflac		3,744,083
	74,848	American Capital Agency, REIT		1,625,699
	88,171	Apartment Investment & Management, Class A, REIT		2,467,025
	70,282	CBOE Holdings		3,408,677
	58,466	Discover Financial Services		3,033,216
	63,645	Eaton Vance		2,660,997
	86,899	Federated Investors, Class B		2,356,701
	35,258	McGraw-Hill		2,456,777


Shares			Market Value

		Financials (continued)
	53,241	SLM	$	1,350,724
	55,359	Waddell & Reed Financial, Class A		3,418,418

				26,522,317


		Healthcare – 7.21%
	15,063	Baxter International		992,200
	69,858	Endo Health Solutions *		3,054,890
	68,493	Mylan *		2,593,830
	24,733	United Therapeutics *		2,189,365

				8,830,285


		Industrials – 12.18%
	18,359	Caterpillar		1,530,407
	8,506	Copa Holdings SA, Class A (Panama)		1,271,987
	54,277	Joy Global		3,080,220
	41,684	Landstar System		2,304,708
	23,537	Lockheed Martin		3,138,424
	15,487	Rockwell Collins		1,081,457
	25,420	United Parcel Service, Class B		2,497,261

				14,904,464


		Information Technology – 10.75%
	6,637	Apple		3,466,837
	11,015	International Business Machines		1,973,998
	77,390	Microsoft		2,735,737
	55,218	Western Digital		3,844,829
	66,502	Western Union		1,131,864

				13,153,265


		Materials – 5.28%
	10,403	CF Industries Holdings		2,242,888
	18,453	Lyondellbasell Industries NV Class A (Netherlands)		1,376,594
	7,579	Newmarket		2,359,797
	17,276	Southern Copper		482,864

				6,462,143


		Total Common Stocks (Cost $100,757,829)		116,399,104


	INVESTMENT COMPANY – 5.51%

	6,740,441	BlackRock Liquidity Funds TempCash Portfolio		6,740,441


		Total Investment Company (Cost $6,740,441)		6,740,441

	Total Investments – 100.61% (Cost $107,498,270)**			123,139,545

	Net Other Assets and Liabilities – (0.61)%			(744,464	)

	Net Assets – 100.00%		$	122,395,081

Non-income producing security.

Aggregate cost for Federal income tax purposes is $108,309,361.


Gross unrealized appreciation	$	17,389,154
Gross unrealized depreciation		(2,558,970	)

Net unrealized appreciation	$	14,830,184

REIT

Real Estate Investment Trust

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Cornerstone Large Cap Value Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

John Campbell, CFA; Rick van Nostrand, CFA; Cameron Clement, CFA; & Dean Morris, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Despite an increasing barrage of negative news, the past 12 months saw the continuation of strong equity returns experienced since the beginning of 2012. Continued Federal Reserve intervention, turmoil in the Middle East, concerns over the most recent political standoff, the initial rollout of the Affordable Care Act and a myriad of other headline news have dominated the press. Given this backdrop, the Russell 1000 Value Index posted a 28.29% return. Despite the negative headlines, we continue to see positives in the underlying corporate fundamentals that determine value and drive stock prices over the long-term, and this is where we continue to direct our focus.

Q.	What were the best performing holdings for the Fund during the period?

A.	Western Digital (+107.5%) was a strong contributor in the Information Technology space. The stock delivered strong quarterly results with margins holding steady despite weakness in overall global PC demand. Investors rewarded the stock as inventory levels continue to decline quarter-over-quarter.

Hess (+50.3%) was also a strong contributor to performance. The company announced plans to sell its U.S. oil storage terminal network as well as its refining business. The market viewed this positively, as the company intends to focus on its core strength, Exploration and Production, going forward. Additionally, an activist investor, Elliott Management, proposed a number of initiatives which should spur management to continue to streamline the company which could be viewed favorably by the market.

Eaton (+40.9%) was the best performer within the Industrials sector and our third best stock in the portfolio. Following the completed acquisition of Cooper Industries, Eaton’s revenue mix is more diversified and will primarily be derived from its electrical business, which is viewed as being less cyclical. As a result, the market has begun re-rating Eaton’s

prospects and has begun rewarding the company with a higher Price/Earnings multiple.

Q.	What were the weakest performing holdings?

Royal Dutch Shell (+1.9%) was the biggest detractor to performance. Management reported disappointing quarterly results and the market penalized the stock accordingly. Specifically, results were consistently below consensus expectations, as capital expenditures continue to weigh on near-term results and the outlook into 2013 and beyond was muted.

Wal-Mart (+4.8%), a stock that traded at an all-time high in early October 2012, was a laggard during the period. The market remains concerned that overall consumer spending remains constrained and, as a result, that Wal-Mart will have trouble achieving near-term sales targets.

Teva Pharmaceuticals (-6.2%) was a weak overall performer. At Teva’s annual Investor Day in December 2012, new CEO Jeremy Levin laid out Teva’s strategy going forward. While the plan seemed reasonable, it could take some time to bear fruit. As a result, investors seemed disappointed overall with the firm’s outlook and penalized the firm.

Q.	How was the Fund positioned as of October 31, 2013?

Cornerstone’s actively constructed 800 stock universe is trading at 82% of fair value based on our proprietary Fair Value Model. Despite strong market returns, the Fair Value Model still indicates that 442 of the 800 stocks in the universe are undervalued. Should markets continue to appreciate and the number of under-valued businesses shrinks, we believe active management becomes increasingly important, as investors need to be discerning when looking for attractive opportunities. We will not be swayed by the “noise” in the market, which appears to be changing quarter to quarter, and we continue to focus on finding companies with strong and improving fundamentals that trade at attractive valuations.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	25.72	%
Five Year	13.35	%
Ten Year	8.18	%
Since Inception	7.97	%

Inception Date 01/04/93

Average Annual Total Returns - Class I


One Year	26.08	%
Five Year	13.69	%
Since Inception	6.81	%

Inception Date 09/20/05

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratios for Class N and Class I Shares are 1.59% and 1.34%, respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


		9


Aston Funds



ASTON/Cornerstone Large Cap Value Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 95.15%

		Consumer Discretionary – 10.64%
	28,510	Bed Bath & Beyond *	$	2,204,393
	36,850	Hasbro		1,903,303
	57,675	Mattel		2,559,040

				6,666,736


		Consumer Staples – 3.75%
	30,600	Wal-Mart Stores		2,348,550


		Energy – 9.90%
	17,150	Chevron		2,057,314
	19,725	Exxon Mobil		1,767,755
	35,625	Royal Dutch Shell PLC, ADR		2,374,762

				6,199,831


		Financials – 15.49%
	20,025	ACE (Switzerland)		1,911,186
	29,300	Capital One Financial		2,012,031
	45,525	Citigroup		2,220,709
	37,225	JPMorgan Chase		1,918,577
	51,800	Unum Group		1,644,132

				9,706,635


		Healthcare – 7.67%
	18,350	Baxter International		1,208,714
	20,825	Johnson & Johnson		1,928,603
	22,600	Stryker		1,669,236

				4,806,553


		Industrials – 18.23%
	17,700	3M		2,227,545
	16,575	Cummins		2,105,356
	28,575	Emerson Electric		1,913,668
	11,800	General Dynamics		1,022,234


Shares			Market Value

		Industrials (continued)
	23,225	Norfolk Southern	$	1,997,815
	18,425	Parker Hannifin		2,150,566

				11,417,184


		Information Technology – 29.47%
	3,780	Apple		1,974,483
	44,600	EMC		1,073,522
	2,385	Google, Class A *		2,457,933
	86,700	Intel		2,118,081
	6,910	International Business Machines		1,238,341
	70,950	Microsoft		2,508,083
	75,100	Oracle		2,515,850
	33,900	QUALCOMM		2,355,033
	31,925	Western Digital		2,222,938

				18,464,264


		Total Common Stocks (Cost $52,766,899)		59,609,753


	INVESTMENT COMPANY – 4.49%

	2,811,444	BlackRock Liquidity Funds TempCash Portfolio		2,811,444


		Total Investment Company (Cost $2,811,444)		2,811,444

	Total Investments – 99.64% (Cost $55,578,343)**			62,421,197

	Net Other Assets and Liabilities – 0.36%			227,181

	Net Assets – 100.00%		$	62,648,378

Non-income producing security.

Aggregate cost for Federal income tax purposes is $55,677,959.


Gross unrealized appreciation	$	7,101,610
Gross unrealized depreciation		(358,372	)

Net unrealized appreciation	$	6,743,238

ADR

American Depositary Receipt

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/River Road Dividend All Cap Value Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Henry W. Sanders, III, CFA; Thomas S. Forsha, CFA & James C. Shircliff, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Over the last 12 months, the most significant market factor affecting absolute performance was the ongoing extraordinary monetary policy (quantitative easing). Additionally, according to Ned Davis Research*, among S&P 500 companies, performance declined as dividend yield increased, creating a significant relative headwind for a dividend-oriented strategy. The Energy sector had the highest impact on relative results, due to an underweight allocation in that sector. The Consumer Discretionary sector had the most negative impact on relative results, as weak stock selection offset the positive impact of the significant overweight in the sector.

Q.	What were the best performing holdings for the Fund during the period?

The two holdings with the largest positive contribution to the Fund’s total return were Walgreen Co., the drugstore chain, and BlackRock Inc., a leading investment management company. In the summer of 2012, Walgreen settled its dispute with Express Scripts and launched a joint venture with a leading drugstore chain in Europe, Alliance Boots. These actions, combined with the March announcement of a new distribution agreement with, and investment in, AmerisourceBergen, provided significant momentum to the firm over the period.

BlackRock benefitted substantially from the strong market returns and continued inflows into its retail and exchange-traded fund (ETF) businesses. The firm increased the dividend payment in March, and has increased its annual rate over the last five years.

Q.	What were the weakest performing holdings?

A.	The two holdings with the lowest contribution to the Fund’s total return during

the period were Iron Mountain Inc., a document storage company, and Entergy Corp., an integrated utility. Iron Mountain’s plans to convert to a real estate investment trust (REIT) on January 1, 2014, were put at risk when the firm received a “tentatively adverse” preliminary finding on the proposal from the IRS. The firm appears to have a strong case, but if allowed, the conversion is now likely to be delayed to January 2015.

In November 2012, Entergy released poor Q3 results and announced its intention to conduct a tax-free spin-off of its transmission assets. In addition, the company softened its support for the dividend going forward. Coupled with concerns surrounding the contentious relicensing of the Indian Point nuclear plant, our conviction in the position declined and we exited the position in the period.

Q.	How was the Fund positioned as of October 31, 2013?

The overall positioning of the Fund has changed modestly over the period. The Fund is significantly overweight in Consumer stocks, both Staples and Cyclicals, and is significantly underweight in Financials, Healthcare, and Energy. Turnover increased in the period as we dealt with numerous overvalued positions as stocks have surged despite anemic revenue and earnings growth. The average yield of the Fund holdings has declined over the last twelve months as continued low interest rates increased valuation pressure on higher yielding stocks. While providing an attractive yield is a key goal, we must also maintain the potential for attractive capital gains, otherwise the potential total return for investors will suffer. We will continue to focus on stocks with high and growing dividends and healthy balance sheets but we are very mindful of the valuations of individual securities in the Fund.

*Ned Davis Research, Inc., examined S&P 500 Stock Constituents ranked by quartiles (Dividend Yield) for the twelve months ended October 31, 2013.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

Small-cap and mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	27.47	%
Five Year	14.44	%
Since Inception	8.51	%

Inception Date 06/28/05

Average Annual Total Returns - Class I


One Year	27.81	%
Five Year	14.74	%
Since Inception	5.86	%

Inception Date 06/28/07


		11


Aston Funds



ASTON/River Road Dividend All Cap Value Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 96.45%

		Consumer Discretionary – 16.03%
	441,680	Bob Evans Farms	$	25,215,511
	348,650	Coach		17,669,582
	331,595	Darden Restaurants		17,087,090
	484,515	Hasbro		25,025,200
	329,775	Hillenbrand		9,306,250
	459,900	Kohl’s		26,122,320
	677,690	National CineMedia		11,873,129
	1,263,035	Staples		20,360,124
	350,345	Target		22,698,853
	576,665	Thomson Reuters (Canada)		21,665,304

				197,023,363


		Consumer Staples – 13.10%
	565,575	Dr Pepper Snapple Group		26,779,976
	135,955	General Mills		6,854,851
	219,905	Kimberly-Clark		23,749,740
	294,235	Molson Coors Brewing, Class B		15,888,690
	261,075	PepsiCo		21,953,797
	190,730	Procter & Gamble		15,401,448
	616,655	Sysco		19,942,623
	238,930	Wal-Mart Stores		18,337,878
	204,290	Walgreen		12,102,140

				161,011,143


		Energy – 7.25%
	169,985	Chevron		20,391,401
	587,150	Memorial Production Partners LP		12,218,591
	317,940	Occidental Petroleum		30,547,675
	149,990	Transmontaigne Partners LP		6,328,078
	381,005	Williams Partners LP		19,591,277

				89,077,022


Shares				Market Value

			Financials – 13.84%
	64,485		BlackRock	$	19,397,733
	310,545		CME Group		23,045,544
	411,905		Compass Diversified Holdings		7,900,338
	529,675		Geo Group, REIT		18,681,637
	359,905		OneBeacon Insurance Group, Class A (Bermuda)		5,744,084
	196,425		PartnerRe (Bermuda)		19,683,749
	305,990		PNC Financial Services Group		22,499,445
	808,559		Sabra Health Care, REIT		21,750,237
	203,200		Safety Insurance Group (a)		11,113,008
	542,055		U.S. Bancorp		20,251,175

					170,066,950


			Healthcare – 4.79%
	151,360		Becton, Dickinson		15,912,477
	127,995		Medtronic		7,346,913
	516,827		Owens & Minor		19,339,666
	530,585		Pfizer		16,278,348

					58,877,404


			Industrials – 14.02%
	257,071		ABM Industries		7,072,023
	668,470		Aircastle (Bermuda)		12,614,029
	299,605		Emerson Electric		20,064,547
	234,825		General Dynamics		20,342,890
	486,369		Iron Mountain		12,908,233
	118,290		Lockheed Martin		15,772,789
	291,230		Norfolk Southern		25,051,605
	226,915		Raytheon		18,690,989
	431,775		Republic Services		14,451,509
	257,705		United Parcel Service, Class B		25,316,939

					172,285,553


			Information Technology – 13.27%
	578,105		CA		18,360,615
	1,380,075		Corning		23,585,482
	1,344,185	��	Intel		32,838,439
	353,695		j2 Global		19,446,151
	527,795		Microsoft		18,657,553
	299,085		Paychex		12,639,332
	227,200		QUALCOMM		15,783,584
	1,280,020		Western Union		21,785,940

					163,097,096


			Materials – 3.13%
	344,480		Bemis		13,744,752
	167,925		Innophos Holdings		8,416,401
	315,230		Nucor		16,319,457

					38,480,610


			Telecommunication Services – 6.29%
	134,800		Atlantic Tele-Network		7,470,616
	598,995		Rogers Communications, Class B (Canada)		27,200,363
	444,125		Verizon Communications		22,432,754

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/River Road Dividend All Cap Value Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

		Telecommunication Services (continued)
	549,260	Vodafone Group, SP ADR (United Kingdom)	$	20,223,753

				77,327,486


		Utilities – 4.73%
	357,895	AmeriGas Partners LP		16,130,328
	448,645	Avista		12,467,844
	413,175	National Fuel Gas		29,562,671

				58,160,843


		Total Common Stocks (Cost $933,224,911)		1,185,407,470


	INVESTMENT COMPANY – 3.40%

	41,773,450	BlackRock Liquidity Funds TempCash Portfolio		41,773,450


		Total Investment Company (Cost $41,773,450)		41,773,450

	Total Investments – 99.85% (Cost $974,998,361)*			1,227,180,920

	Net Other Assets and Liabilities – 0.15%			1,807,605

	Net Assets – 100.00%		$	1,228,988,525

(a)

This security has been determined by the Subadviser to be an illiquid security. At October 31, 2013, this security amounted to $11,113,008 or 0.90% of net assets.

Aggregate cost for Federal income tax purposes is $974,039,641.


Gross unrealized appreciation	$	259,236,122
Gross unrealized depreciation		(6,094,843	)

Net unrealized appreciation	$	253,141,279

Limited Partnership

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


		13


Aston Funds

ASTON/River Road Dividend All Cap Value Fund II



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Henry W. Sanders, III, CFA; Thomas S. Forsha, CFA & James C. Shircliff, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Over the last 12 months, the most significant market factor affecting absolute performance was the ongoing extraordinary monetary policy (quantitative easing). Additionally, according to Ned Davis Research*, among S&P 500 companies, performance declined as dividend yield increased, creating a significant relative headwind for a dividend-oriented strategy. The Utilities sector had the highest impact on relative results, due to both strong stock selection and the modest underweight allocation in that sector. The Consumer Discretionary sector had the most negative impact on relative results, as weak stock selection offset the positive impact of the significant overweight in the sector.

Q.	What were the best performing holdings for the Fund during the period?

BlackRock benefitted substantially from the strong market returns and continued inflows into its retail and exchange-traded funds (ETF) businesses. The firm increased the dividend payment in March, and has increased its annual rate over the last five years.

Q.	What were the weakest performing holdings?

A.	The two holdings with the lowest contribution to the Fund’s total return during

the period were Iron Mountain Inc., a document storage company, and Entergy Corp., an integrated utility. Iron Mountain’s plan to convert to a real estate investment trust (REIT) on January 1, 2014 was put at risk when the firm received a “tentatively adverse” preliminary finding on the proposal from the IRS. The firm appears to have a strong case, but if allowed, the conversion is now likely to be delayed to January 2015.

Q.	How was the Fund positioned as of October 31, 2013?

*Ned Davis Research, Inc., examined S&P 500 Stock Constituents ranked by quartiles (Dividend Yield) for the twelve months ended October 31, 2013.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

Small-cap and mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One-Year	25.99	%
Since Inception	23.15	%

Inception Date 06/27/12

Average Annual Total Returns - Class I


One Year	26.30	%
Since Inception	23.44	%

Inception Date 06/27/12

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


Aston Funds



ASTON/River Road Dividend All Cap Value Fund II		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 97.03%

		Consumer Discretionary – 15.21%
	16,720	Bob Evans Farms	$	954,545
	28,770	Coach		1,458,064
	28,135	Darden Restaurants		1,449,797
	39,575	Hasbro		2,044,049
	10,635	Hillenbrand		300,120
	37,830	Kohl’s		2,148,744
	102,625	Staples		1,654,315
	28,865	Target		1,870,163
	47,620	Thomson Reuters (Canada)		1,789,083

				13,668,880

		Consumer Staples – 14.67%
	45,980	Dr Pepper Snapple Group		2,177,153
	11,225	General Mills		565,965
	18,005	Kimberly-Clark		1,944,540
	24,440	Molson Coors Brewing, Class B		1,319,760
	21,580	PepsiCo		1,814,662
	15,595	Procter & Gamble		1,259,296
	50,705	Sysco		1,639,800
	19,510	Wal-Mart Stores		1,497,393
	16,330	Walgreen		967,389

				13,185,958

		Energy – 6.95%
	14,180	Chevron		1,701,033
	21,695	Memorial Production Partners LP		451,473
	25,820	Occidental Petroleum		2,480,786
	31,305	Williams Partners LP		1,609,703

				6,242,995

		Financials – 11.14%
	5,225	BlackRock		1,571,732
	25,320	CME Group		1,878,997
	43,074	Geo Group, REIT		1,519,220
	15,795	PartnerRe (Bermuda)		1,582,817


Shares			Market Value

		Financials (continued)
	24,815	PNC Financial Services Group	$	1,824,647
	43,820	U.S. Bancorp		1,637,115

				10,014,528


		Healthcare – 4.93%
	12,350	Becton, Dickinson		1,298,355
	10,160	Medtronic		583,184
	33,510	Owens & Minor		1,253,944
	42,055	Pfizer		1,290,247

				4,425,730


		Industrials – 15.41%
	18,725	ABM Industries		515,124
	49,145	Aircastle (Bermuda)		927,366
	24,405	Emerson Electric		1,634,403
	19,355	General Dynamics		1,676,724
	40,115	Iron Mountain		1,064,652
	9,165	Lockheed Martin		1,222,061
	23,375	Norfolk Southern		2,010,718
	18,930	Raytheon		1,559,264
	35,335	Republic Services		1,182,662
	20,965	United Parcel Service, Class B		2,059,602

				13,852,576


		Information Technology – 14.57%
	46,710	CA		1,483,510
	113,555	Corning		1,940,655
	109,335	Intel		2,671,054
	25,950	j2 Global		1,426,731
	44,220	Microsoft		1,563,177
	21,830	Paychex		922,536
	18,585	QUALCOMM		1,291,100
	105,700	Western Union		1,799,014

				13,097,777


		Materials – 3.16%
	27,390	Bemis		1,092,861
	8,140	Innophos Holdings		407,977
	25,870	Nucor		1,339,290

				2,840,128


		Telecommunication Services – 6.36%
	48,855	Rogers Communications, Class B (Canada)		2,218,506
	36,940	Verizon Communications		1,865,839
	44,390	Vodafone Group, SP ADR (United Kingdom)		1,634,440

				5,718,785


		Utilities – 4.63%
	21,860	AmeriGas Partners LP		985,230
	27,715	Avista		770,199
	33,565	National Fuel Gas		2,401,576

				4,157,005


		Total Common Stocks (Cost $77,979,133)		87,204,362

See accompanying Notes to Financial Statements.


		15


Aston Funds



ASTON/River Road Dividend All Cap Value Fund II		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

	INVESTMENT COMPANY – 2.82%

	2,537,440	BlackRock Liquidity Funds TempCash Portfolio	$	2,537,440


		Total Investment Company (Cost $2,537,440)		2,537,440

	Total Investments – 99.85% (Cost $80,516,573)*			89,741,802

	Net Other Assets and Liabilities – 0.15%			131,860

	Net Assets – 100.00%		$	89,873,662

Aggregate cost for Federal income tax purposes is $80,608,747.


Gross unrealized appreciation	$	9,655,649
Gross unrealized depreciation		(522,594	)

Net unrealized appreciation	$	9,133,055

Limited Partnership

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Fairpointe Mid Cap Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Thyra E. Zerhusen, Marie L. Lorden & Mary L. Pierson

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

This past year was filled with market moving headlines both on the global front and out of Washington. Each new headline can cause a significant move in stocks either up or down. Operating in this environment of volatility creates opportunities as stocks overreact to short-term concerns. We strive to take advantage of these opportunities by buying stocks when short-term concerns cause companies with strong long-term fundamentals to become temporarily undervalued and by selling or trimming stocks that achieve our valuation targets.

Within the context of this market volatility, our stock selection was the most significant contributor to our performance during the past 12 months, with 90% of our holdings increasing in value during the period. Also contributing to performance were two acquisitions. Gannett Company agreed to buy Belo Corporation in June 2013. Both media stocks were held in the portfolio and both jumped on the acquisition announcement. Molex, another portfolio holding, agreed to be acquired at a significant premium by Koch Industries.

Class N Shares of the Fund gained 42.88% during the past year, outperforming the S&P 400 Index, up 33.48% and the broader market, S&P 500 Index, up 27.16%.

Q.	What were the best performing holdings for the Fund during the period?

The Fund’s top contributors to performance for the past twelve months included Boston Scientific, a medical device company specializing in cardiovascular, endosurgery, neurovascular, and neuro modulation markets. After a couple of difficult years, Boston Scientific’s revenues have stabilized and we expect modest revenue growth with increasing operating margins going forward. Another top contributor was Cree, Inc., a producer of semiconductors and LED (light-emitting diode) components, LED chips and LED lighting products. We expect

Cree to grow significantly over the next several years as LED lighting is adopted more widely.

Q.	What were the weakest performing holdings?

Our weakest performing stocks included McDermott International, a global engineering and construction company serving offshore oil and gas markets, which was down from our initial purchase in the first quarter 2013. We believe that the company will rebound as it addresses recent execution issues. The stock of Nuance Communications, the leader in speech recognition technology (speech-to-text) also declined. We believe Nuance’s scale and competitive position remain attractive, especially in the healthcare vertical where the company participates in electronic health record management.

Q.	How was the Fund positioned as of October 31, 2013?

A.	While equity valuations have moved up and no longer trade at depressed levels, the Fund remains attractively valued. The Fund’s P/E of 15.1x and P/S of 0.9x compare favorably with the S&P 400 Index P/E of 16.4x and P/S of 1.2x.

U.S. equities have performed well and continue to be supported by a stronger and relatively stable U.S. economy. We are also seeing a resurgence of manufacturing in North America due to lower energy costs, more competitive labor rates and available capital. We continually re-balance the portfolio to keep the overall valuation attractive relative to our own history and to the mid-cap benchmarks. Our mid-cap holdings are well-diversified, have the ability to grow market share, and in many cases represent “must have” products or services that make their clients more efficient.

Note: Price/Earnings (P/E) and Price/Sales (P/S) of a fund are the weighted averages of the P/E and P/S ratios of all the companies in the portfolio. P/E is determined by the price of the company’s stock divided by its estimated earnings. P/S is the price of the company divided by estimated sales.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small-cap and mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	42.88	%
Five Year	23.20	%
Ten Year	11.61	%
Since Inception	13.15	%

Inception Date 09/19/94

Average Annual Total Returns - Class I


One Year	43.23	%
Five Year	23.52	%
Since Inception	10.85	%

Inception Date 07/06/04

The total expense ratios for Class N and Class I Shares are 1.11% and 0.86% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


		17


Aston Funds



ASTON/Fairpointe Mid Cap Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 98.59%

		Consumer Discretionary – 19.52%
	4,007,000	Belo, Class A	$	55,016,110
	416,000	BorgWarner		42,902,080
	4,345,300	DeVry		155,996,270
	3,357,700	Gannett		92,907,559
	1,065,800	H&R Block		30,311,351
	7,795,168	Interpublic Group		130,958,822
	915,500	Lear		70,850,543
	11,148,854	New York Times, Class A *		154,188,651
	2,531,598	Scholastic		72,631,547
	9,242,700	Staples		148,992,324

				954,755,257


		Consumer Staples – 3.80%
	1,069,100	Bunge		87,805,183
	1,820,386	Molson Coors Brewing, Class B		98,300,844

				186,106,027


		Energy – 4.43%
	251,078	CGG, SP ADR (France) *		5,511,162
	2,668,992	FMC Technologies *		134,917,546
	10,787,200	McDermott International *		76,265,504

				216,694,212


		Financials – 7.61%
	1,124,400	Cincinnati Financial		56,220,000
	1,343,985	Eaton Vance		56,192,013
	868,600	McGraw-Hill		60,524,048
	1,629,800	Northern Trust		91,953,317
	2,352,900	Raymond James Financial		107,409,885

				372,299,263


Shares			Market Value

		Healthcare – 14.11%
	10,131,550	Boston Scientific *	$	118,437,820
	1,755,919	Charles River Laboratories *		86,408,774
	1,766,000	Edwards Lifesciences *		115,125,540
	1,837,518	Forest Laboratories *		86,418,472
	3,911,476	Hospira *		158,493,008
	1,728,100	Varian Medical Systems *		125,425,498

				690,309,112


		Industrials – 12.36%
	1,804,600	AGCO		105,352,548
	1,747,400	Con-way		71,992,880
	1,112,244	ManpowerGroup		86,866,256
	4,913,200	Southwest Airlines		84,605,304
	4,034,800	Werner Enterprises		93,445,968
	4,703,500	Xylem		162,270,750

				604,533,706


		Information Technology – 32.35%
	2,886,500	Akamai Technologies *		129,142,010
	2,159,100	Citrix Systems *		122,593,698
	1,754,600	Cree *		106,591,950
	430,200	FactSet Research Systems		46,865,988
	1,888,900	First Solar *		94,955,003
	986,300	Harris		61,111,148
	2,966,298	Itron *		126,571,936
	5,782,900	Jabil Circuit		120,631,294
	8,556,000	Juniper Networks *		159,483,840
	2,357,600	Lexmark International, Class A		83,812,680
	1,745,586	Molex		67,379,620
	1,915,064	Molex, Class A		73,729,964
	6,896,000	Nuance Communications *		107,301,760
	7,623,500	NVIDIA		115,724,730
	3,621,328	Unisys *		95,421,993
	1,479,159	Zebra Technologies, Class A *		71,458,171

				1,582,775,785


		Materials – 4.41%
	11,545,000	Alcoa		107,022,150
	579,400	FMC		42,157,144
	771,800	Sigma-Aldrich		66,706,674

				215,885,968


		Total Common Stocks (Cost $3,470,936,286)		4,823,359,330


	INVESTMENT COMPANY – 4.96%

	242,569,462	BlackRock Liquidity Funds TempCash Portfolio		242,569,462


		Total Investment Company (Cost $242,569,462)		242,569,462

	Total Investments – 103.55% (Cost $3,713,505,748)**			5,065,928,792

	Net Other Assets and Liabilities – (3.55)%			(173,680,732	)

	Net Assets – 100.00%		$	4,892,248,060

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/Fairpointe Mid Cap Fund		October 31, 2013

*Schedule of Investments – continued*

Non-income producing security.

Aggregate cost for Federal income tax purposes is $3,714,621,859.


Gross unrealized appreciation	$	1,422,905,695
Gross unrealized depreciation		(71,598,762	)

Net unrealized appreciation	$	1,351,306,933

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


		19


Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		M. Scott Thompson, CFA & Andrew W. Jung, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Over the last 12 months the Fund underperformed its benchmark due mostly to stock selection and, to a lesser extent, sector allocation. Stock selection in the Financials sector was a positive contributor to performance. A single holding (Ecolab) in the Materials sector and the Fund’s Energy holdings were also positive contributors to performance. This was more than offset, however, by stock selection in the Consumer Staples, Industrials, Technology and Healthcare sectors.

Q.	What were the best performing holdings for the Fund during the period?

Two of best performing stocks were oil service companies Core Labs and Oceaneering, which rose 82% and 66%, respectively. Core Labs benefitted from ongoing strength in demand for the company’s products and services. Oceaneering benefitted from continued growth in deepwater oil and gas development. LKQ, a provider of aftermarket, recycled, and refurbished auto parts to collision and mechanical repair shops, also performed well during the year.

Q.	What were the weakest performing holdings?

Teradata was our single worst performer over the past 12 months, losing just over a third of its value. The company suffered disappointing earnings results due primarily to cyclical weakness for its enterprise data warehousing solutions as customer uncertainty about the economy caused them to defer large spending commitments. While we reduced the size of our position, we continue to hold the stock based on our expectation that sales and earnings growth will reaccelerate in 2014. Edwards Lifesciences shares lost nearly 17% during the period as the company’s U.S. launch of their transcatheter heart valve, Sapien, failed to live

up to management and investor expectations. We eliminated the holding during the period as a result. The Fresh Market, an operator of specialty grocery stores, was also a disappointing stock. Despite generating above average earnings growth, results fell short of investor expectations which caused earnings estimates to be reduced and the stock’s premium valuation to come under pressure. While we remain attracted to the company’s significant long-term unit growth opportunity and return potential, consistent with our sell discipline, we exited the position given the lack of visibility into near-term results.

Q.	How was the Fund positioned as of October 31, 2013?

We continue to maintain a balance between both high quality cyclical and non-cyclical growth stocks. The outlook for the stock market continues to be generally favorable. The risk of a recession is low; monetary policy is very expansive; market valuations are fair to full, but not extreme; and investors are optimistic but not euphoric. Over the near term, however, the market may be more volatile as we believe it is fairly valued and that consensus economic and earnings expectations remain too high. Also, while the Federal Reserve’s bond buying program (the third round of Quantitative Easing, or QE3) should continue to support the stock market, this added liquidity has both reduced investors’ sensitivity to risk and significantly helped boost bond and stock prices.

While we are pleased with the Fund’s 24.51% absolute return for the 12 month period, we are well aware of the lagging relative performance. Against the backdrop of easy money policies, the higher quality growth companies we favor have failed to keep pace with the broader market averages. Even so, we remain resolute in our belief that our process, with its emphasis on quality, valuation, and earnings growth, will serve shareholders well over the course of a full market cycle.

Growth of a Hypothetical $10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	24.51	%
Five Year	17.18	%
Since Inception	4.37	%

Inception Date 11/02/07

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


Aston Funds



ASTON/Montag & Caldwell Mid Cap Growth Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 95.58%

		Consumer Discretionary – 29.50%
	2,340	BorgWarner	$	241,324
	3,980	Dick’s Sporting Goods		211,776
	5,270	Dollar Tree *		307,768
	4,000	Dunkin’ Brands Group		190,720
	2,740	Harman International Industries		221,995
	12,420	LKQ *		410,233
	3,940	Marriott International, Class A		177,615
	2,350	Michael Kors Holdings (Hong Kong) *		180,832
	2,150	O’Reilly Automotive *		266,192
	1,430	Panera Bread, Class A *		225,826
	2,190	PVH		272,808
	1,040	Ralph Lauren		172,266
	4,080	Ross Stores		315,588
	2,370	Tractor Supply		169,100

				3,364,043


		Consumer Staples – 5.26%
	4,260	Church & Dwight		277,539
	2,240	Mead Johnson Nutrition		182,918
	2,440	Monster Beverage *		139,641

				600,098


		Energy – 3.73%
	960	Core Laboratories (Netherlands)		179,731
	2,860	Oceaneering International		245,617

				425,348


		Financials – 8.70%
	6,830	First Republic Bank		348,808
	940	IntercontinentalExchange *		181,166
	5,430	Raymond James Financial		247,880
	2,100	Signature Bank New York NY *		213,822

				991,676


Shares			Market Value

		Healthcare – 11.47%
	2,070	Henry Schein *	$	232,730
	2,090	IDEXX Laboratories *		225,427
	1,520	MEDNAX *		165,710
	1,480	Perrigo		204,077
	5,180	ResMed		268,013
	2,100	Waters *		211,932

				1,307,889


		Industrials – 19.30%
	5,875	AMETEK		281,001
	6,450	Donaldson		255,484
	5,750	Expeditors International Washington		260,417
	1,990	J.B. Hunt Transport Services		149,310
	4,080	Jacobs Engineering Group *		248,146
	8,080	Robert Half International		311,322
	1,190	Roper Industries		150,904
	2,530	Stericycle *		293,986
	3,640	Verisk Analytics, Class A *		249,413

				2,199,983


		Information Technology – 17.62%
	3,880	Altera		130,368
	2,210	Amphenol, Class A		177,441
	1,860	ANSYS *		162,657
	2,940	F5 Networks *		239,639
	2,150	FactSet Research Systems		234,221
	12,970	Juniper Networks *		241,761
	3,794	Teradata *		167,202
	5,650	Trimble Navigation *		161,421
	2,740	WEX *		255,779
	5,260	Xilinx		238,909

				2,009,398


		Total Common Stocks (Cost $9,132,139)		10,898,435


	INVESTMENT COMPANY – 5.41%

	617,041	BlackRock Liquidity Funds TempCash Portfolio		617,041


		Total Investment Company (Cost $617,041)		617,041

	Total Investments – 100.99% (Cost $9,749,180)**			11,515,476

	Net Other Assets and Liabilities – (0.99)%			(113,289	)

	Net Assets – 100.00%		$	11,402,187

Non-income producing security.

Aggregate cost for Federal income tax purposes is $9,774,111.


Gross unrealized appreciation	$	1,859,141
Gross unrealized depreciation		(117,776	)

Net unrealized appreciation	$	1,741,365

See accompanying Notes to Financial Statements.


		21


Aston Funds

ASTON/LMCG Small Cap Growth Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
(formerly, the ASTON Small Cap Growth Fund)		Andrew Morey, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The ongoing focus in the market on growth-oriented stocks, and the breadth of the market’s willingness to pay for revenue growth, margin expansion, and positive earnings continued to be keys to Fund performance over the past year. We also saw merger and acquisition (M&A) activity pick up in the last 12 months, especially in areas outside of the ‘traditional’ Consumer and Information Technology sectors. Certainly in Healthcare, the election outcome and the rollout of the Affordable Care Act contributed to an increase in deals involving hospitals and medical technology companies during the past year.

Q.	What were the best performing holdings for the Fund during the period?

At the sector level, Consumer Discretionary was a strong area for the Fund, especially among our specialty retailers, where M&A activity between OfficeMax and Office Depot helped boost returns. GNC was another top-performing stock in the specialty retailer space, as investors have responded to strong revenue and comparable store sales numbers, along with new store openings globally. Energy was a strong sector for the strategy; Magnum Hunter Resources and Gulfport Energy both contributed significantly to performance. Magnum Hunter is an exploration and production company, and production out of the Marcellus field in West Virginia has been particularly strong. Gulfport Energy operates primarily along the Louisiana coast and in Ohio’s Utica Shale, and the stock has performed well, especially given that company had

reduced production guidance due to unexpected pipeline delays and downtime. In Financials, we have held a meaningful position in GEO Group, a private prison operator whose shares have risen steadily on key state contract extensions and positive earnings releases. Lastly, in Healthcare, Health Management Associates was the most significant positive contributor to the Fund’s return comparison for the year.

Q.	What were the weakest performing holdings?

Information Technology was our weakest sector for the year, with particular weakness in internet software and services companies. Among individual holdings, Liquidity Services and Millennial Media were among our weakest names for the period and key detractors from relative performance. For Liquidity Services, which operates online auction facilities for commercial and government surpluses, the uneven nature of its business has led to a slight slowdown in revenue growth. Triumph Group, in Industrials, detracted from performance for the year as well.

Q.	How was the Fund positioned as of October 31, 2013?

The investment team continues to capitalize on inefficiencies in the small cap growth universe, to identify companies that are growing revenues and expanding margins, and exhibiting sustainability in these growth characteristics based upon their competitive positions. On a stock by stock basis, the Fund is well positioned beginning the new fiscal year, and we remain optimistic for the medium term and longer.

Growth of a Hypothetical $10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small company stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	39.31	%
Since Inception	16.77	%

Inception Date 11/03/10

Average Annual Total Returns - Class I


One Year	39.72	%
Since Inception	11.15	%

Inception Date 06/01/11

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


Aston Funds



ASTON/LMCG Small Cap Growth Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 94.62%

		Consumer Discretionary – 17.67%
	16,343	Black Diamond *	$	243,675
	8,574	Brunswick		386,945
	56,442	Del Frisco’s Restaurant Group *		1,021,600
	10,565	GNC Holdings, Class A		621,433
	12,345	Hibbett Sports *		720,084
	16,207	HSN		849,247
	9,763	Lithia Motors, Class A		613,605
	70,513	OfficeMax		1,056,285
	8,383	Ryland Group		336,997
	9,322	Sinclair Broadcast Group, Class A		298,863
	21,595	Vitamin Shoppe *		1,013,021

				7,161,755


		Consumer Staples – 1.24%
	9,167	Susser Holdings *		502,718


		Energy – 2.03%
	8,627	Carrizo Oil & Gas *		378,208
	7,595	Gulfport Energy *		445,751

				823,959


		Financials – 10.19%
	37,685	CyrusOne, REIT		734,481
	12,365	Encore Capital Group *		604,030
	50,516	Geo Group, REIT		1,781,699
	16,129	Ryman Hospitality Properties, REIT		595,321
	29,825	WisdomTree Investments *		414,568

				4,130,099


		Healthcare – 18.72%
	9,854	Acadia Pharmaceuticals *		223,981
	10,856	Bio-Reference Labs *		351,843
	8,241	Bluebird Bio *		175,121
	4,927	Cepheid *		200,627
	37,614	Community Health Systems		1,641,099


Shares			Market Value

		Healthcare (continued)
	12,973	HeartWare International *	$	941,321
	3,826	Intercept Pharmaceuticals *		207,522
	305,898	Merge Healthcare *		776,981
	25,267	Premier, Class A *		778,476
	4,715	Puma Biotechnology *		180,632
	7,214	Team Health Holdings *		313,376
	20,317	Theravance *		744,415
	4,779	Universal Health Services, Class B		384,996
	9,973	Vascular Solutions *		195,670
	15,022	Volcano *		287,972
	2,807	WellCare Health Plans *		187,171

				7,591,203


		Industrials – 13.33%
	2,489	Acuity Brands		250,169
	43,608	Builders FirstSource *		323,135
	14,014	Herman Miller		425,185
	9,752	Hexcel *		412,607
	38,228	Kelly Services, Class A		797,436
	24,893	Kforce		490,143
	5,526	Trimas *		209,214
	22,728	Triumph Group		1,628,461
	31,810	USG *		868,731

				5,405,081


		Information Technology – 27.77%
	10,743	ACI Worldwide *		592,154
	33,743	Aruba Networks *		633,019
	11,016	Cardtronics *		432,378
	5,780	CommVault Systems *		451,302
	2,648	CoStar Group *		468,670
	26,653	ExlService Holdings		770,538
	18,580	Fleetmatics Group PLC (Ireland) *		589,915
	20,653	Fortinet *		415,332
	24,327	Global Eagle Entertainment *		247,649
	8,521	Heartland Payment Systems		344,674
	10,807	iGATE *		344,095
	216,319	Internap Network Services *		1,572,639
	19,730	Liquidity Services *		515,150
	7,614	Microsemi *		191,340
	15,319	Netscout Systems *		433,834
	75,022	RF Micro Devices *		393,866
	18,438	Semtech *		573,606
	10,419	Synchronoss Technologies *		360,706
	1,280	Ultimate Software Group *		197,734
	62,845	Vantiv, Class A *		1,728,238

				11,256,839


		Materials – 3.18%
	32,057	Boise Cascade *		820,980
	4,779	Martin Marietta Materials		468,772

				1,289,752


		Telecommunication Services – 0.49%
	26,330	InContact *		199,845


		Total Common Stocks (Cost $36,218,195)		38,361,251

See accompanying Notes to Financial Statements.


		23


Aston Funds



ASTON/LMCG Small Cap Growth Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

	WARRANTS – 0.00%

		Energy – 0.00%
	11,820	Magnum Hunter Resoursces, Strike Price $8.50, Expiration 04/15/16	$	0


		Total Warrants (Cost $—)		0


	INVESTMENT COMPANY – 5.41%

	2,191,174	BlackRock Liquidity Funds TempCash Portfolio		2,191,174


		Total Investment Company (Cost $2,191,174)		2,191,174

	Total Investments – 100.03% (Cost $38,409,369)**			40,552,425

	Net Other Assets and Liabilities – (0.03)%			(11,785	)

	Net Assets – 100.00%		$	40,540,640

Non-income producing security.

Aggregated cost for Federal income tax purposes is $38,427,618.


Gross unrealized appreciation	$	3,189,727
Gross unrealized depreciation		(1,064,920	)

Net unrealized appreciation	$	2,124,807

REIT

Real Estate Investment Trust

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Silvercrest Small Cap Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		Roger W. Vogel, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The most significant factor impacting Fund performance during the past 12 months relative to the Russell 2000 Value Index was our outperformance and underweight exposure in the Financials sector. Our stock holdings selection within the sector gained 43% versus a 27% gain within the index sector. Much of the outperformance was driven by two sub-sectors, Banks and Real Estate Investment Trusts (REITs). Our banks gained 45% versus 34% for the benchmark’s banks, while our REITs were up 20% versus a gain of 15% for the benchmark REITs. However, our average weighting of 23% was far below the benchmark’s 38%, and given that Financial Services was the third worst performing sector in the benchmark, this underexposure contributed roughly 85 bps of relative performance.

Q.	What were the best performing holdings for the Fund during the period?

A.	Our biggest contributors to return for the period were Lithia Motors, which posted our largest percentage gain at 86%, Altra Holdings, Inc. (+71%), Protective Life (+73%), FirstMerit Corporation (+68%) and West Pharmaceutical Services, Inc. (+82%). All tended to report earnings above expectations.

Q.	What were the weakest performing holdings?

Our worst contributors to return included Swift Energy, our biggest decliner at (-24%), Vishay Intertechnology Inc. (-16%), ReachLocal, Inc. (-18%), Cubic Corporation (-10%) and Invacare Corporation (-4%). All tended to have disappointing fundamental results. We have eliminated our holdings of Swift Energy, Cubic Corporation and Invacare Corporation.

Q.	How was the Fund positioned as of October 31, 2013?

As we look forward, we continue to favor modestly the cyclical areas of the market, as we see the U.S. economy slowly improving. Recent earnings reports from major home builders confirmed that the U.S. housing market’s recovery troops along, with tight supply-demand conditions and rising prices. The wealth effect of housing strength should buoy consumer confidence, by our reckoning. Farther afield, some of our management teams are even starting to talk about stabilization in the beleaguered European region.

Despite the equity market’s short-term preoccupation, we continue to hunt for those hard-to-find companies that earn high returns on capital and have a track record of deploying those returns profitably and in shareholder-friendly ways. We remind investors that we will adhere to our core investment tenets that have served our clients well for many years: company quality, solid businesses, and attractive value. Selling at around 16x next twelve month estimated earnings, we think the portfolio remains attractively valued, although we are cognizant that some higher growth segments of the small-cap market appear somewhat generously valued. As we have said over the past few quarters, we continue to believe there is a fair amount of pent up merger and acquisition demand in the small-cap arena, and remain hopeful that we will catch our share as it unfolds.

Note: A basis point (bps) is a unit of measure. 1 bps = .01%.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	35.09	%
Since Inception	23.27	%

Inception Date 12/27/11

Average Annual Total Returns - Class I


One Year	35.39	%
Since Inception	23.61	%

Inception Date 12/27/11

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratio for the Class N and Class I Shares is 5.11% and 4.86% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in the report for more information.


		25


Aston Funds



ASTON/Silvercrest Small Cap Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 98.92%

		Consumer Discretionary – 11.34%
	5,782	AFC Enterprises *	$	257,755
	10,740	Bob Evans Farms		613,147
	6,087	Core-Mark Holding		430,534
	8,405	Drew Industries		422,435
	17,380	Hillenbrand		490,464
	27,120	La-Z-Boy		625,930
	9,330	Lithia Motors, Class A		586,391
	28,040	ReachLocal *		344,612

				3,771,268


		Consumer Staples – 3.73%
	6,514	J & J Snack Foods		557,403
	8,234	Lancaster Colony		683,340

				1,240,743


		Energy – 6.49%
	14,410	Bonanza Creek Energy *		728,281
	20,470	Forum Energy Technologies *		598,952
	13,889	Rosetta Resources *		832,507

				2,159,740


		Financials – 22.87%
	35,150	BancorpSouth		776,815
	12,558	EastGroup Properties, REIT		799,442
	22,478	FirstMerit		504,856
	31,354	Horace Mann Educators		868,506
	7,899	Iberiabank		461,539
	21,833	Independent Bank/Rockland MA		783,368
	9,594	Mid-America Apartment Communities, REIT		637,042
	19,560	PacWest Bancorp		744,258
	23,140	Pebblebrook Hotel Trust, REIT		698,828
	8,272	Prosperity Bancshares		516,586
	6,768	Protective Life		311,869
	12,330	Stifel Financial *		504,914

				7,608,023


Shares			Market Value

		Healthcare – 8.73%
	6,337	Analogic	$	584,462
	7,964	ICU Medical *		492,175
	10,810	Integra LifeSciences Holdings *		494,882
	12,550	STERIS		567,135
	15,856	West Pharmaceutical Services		766,638

				2,905,292


		Industrials – 19.51%
	25,065	Altra Holdings		761,224
	12,963	Applied Industrial Technologies		613,280
	11,880	Beacon Roofing Supply *		412,355
	12,406	EMCOR Group		459,766
	32,590	EnerNOC *		541,972
	12,289	Mine Safety Appliances		591,838
	12,850	TAL International Group		620,784
	4,880	Teledyne Technologies *		433,442
	14,360	United Stationers		638,158
	24,389	US Ecology		867,029
	9,520	Watts Water Technologies, Class A		550,066

				6,489,914


		Information Technology – 14.82%
	7,579	ACI Worldwide *		417,754
	48,400	Entegris *		500,940
	10,150	Fair Isaac		581,392
	6,737	FEI		600,132
	9,415	Littelfuse		800,557
	29,920	M/A-COM Technology Solutions Holdings *		516,718
	24,670	Mentor Graphics		544,714
	15,265	MKS Instruments		452,455
	42,020	Vishay Intertechnology *		515,585

				4,930,247


		Materials – 6.74%
	19,420	Chemtura *		475,790
	8,642	HB Fuller		413,693
	33,733	PH Glatfelter		883,805
	8,989	Sensient Technologies		468,597

				2,241,885


		Utilities – 4.69%
	8,632	MGE Energy		486,068
	19,919	Portland General Electric		571,675
	13,063	UIL Holdings		503,187

				1,560,930


		Total Common Stocks (Cost $28,387,050)		32,908,042

	Total Investments – 98.92% (Cost $28,387,050)**			32,908,042

	Net Other Assets and Liabilities – 1.08%			359,400

	Net Assets – 100.00%		$	33,267,442

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/Silvercrest Small Cap Fund		October 31, 2013

*Schedule of Investments – continued*

Non-income producing security.

Aggregate cost for Federal income tax purposes is $28,405,342.


Gross unrealized appreciation	$	4,734,641
Gross unrealized depreciation		(231,941	)

Net unrealized appreciation	$	4,502,700

REIT

Real Estate Investment Trust

See accompanying Notes to Financial Statements.


		27


Aston Funds

ASTON/TAMRO Small Cap Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Philip D. Tasho, CFA & Timothy A. Holland, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

It was a robust year for equities in general and for small-cap stocks largely due to slow, but steady economic growth, an ongoing rebound in the housing market that boosted consumer sentiment and spending, little to no inflation and accommodative monetary policy. While providing a healthy return of 29.52% for Class N Shares on an absolute basis, the Fund trailed its benchmark, the Russell 2000 Index for two primary reasons. First, many of the year’s big winners — stocks with 200+% returns — were at the extremes of the growth/value spectrum. These companies, the majority with no earnings and many quite levered, do not dovetail with our philosophy and so we could not justify owning them. The second reason for the underperformance was stock selection. We owned a number of companies that simply did not execute in line with our expectations. In some cases, we have sold the positions to fund higher-confidence opportunities. In other cases, where we believe the long-term opportunity remains, we added to the positions on weakness.

Q.	What were the best performing holdings for the Fund during the period?

The three holdings that contributed the most to performance during the year were Glacier Bancorp, Grand Canyon Education and DexCom. Glacier, a regional bank headquartered in Montana, benefited from loan growth and net interest margin improvement. Grand Canyon Education experienced strong student enrollment growth for its online and campus-based graduate and undergraduate degree programs. DexCom saw strong new patient adoption of its continuous glucose monitoring systems for diabetics.

Q.	What were the weakest performing holdings?

A.	Disappointing same-store sales and weak guidance impacted grocery retailer The

Fresh Market during the time it was in the portfolio. Increased competition for Apple, the company’s major client, weighed on shares of Cirrus Logic in the first quarter. Healthways, a well-being solutions provider, was negatively impacted by a delayed ramp-up in newly signed contracts, reducing near-term operating performance and visibility.

Q.	How was the Fund positioned as of October 31, 2013?

While we remain constructive toward the equity markets, we believe this is not a typical economic recovery where a rising tide will lift all boats. In this environment, valuations for companies that are executing may go higher than in recent years – i.e. multiples will expand. We need to differentiate between speculative stocks and those that are truly out executing their peers and should resonate long term. We are closely looking at historical valuations and are ever watchful for opportunities as they dovetail with our three investment categories: Leaders, Laggards, and Innovators.

We continue to orient the portfolio toward better-capitalized, better-run companies that participate in more domestic facing industries such as Consumer Discretionary and Financial Services. As the U.S. consumer, U.S. housing and the U.S. economy continue to come back, these companies should be well positioned. As of October 31, 2013, Financials, Consumer Discretionary and Industrials were the largest sectors in the Fund. Among our investment categories, Leaders and Innovators, which tend to be higher quality companies with leading market share and tenured management teams, comprised 72% of the portfolio. Laggards, or companies undergoing restructuring, made up 28%.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small-cap and mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	29.52	%
Five Year	17.16	%
Ten Year	9.95	%
Since Inception	11.56	%

Inception Date 11/30/00

Average Annual Total Returns - Class I


One Year	29.84	%
Five Year	17.46	%
Since Inception	9.57	%

Inception Date 01/04/05

The total expense ratios for Class N and Class I Shares are 1.28% and 1.03% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


Aston Funds



ASTON/TAMRO Small Cap Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 98.82%

		Consumer Discretionary – 18.99%
	1,373,617	Arcos Dorados Holdings, Class A (Argentina)	$	16,538,350
	1,286,220	Chico’s FAS		22,058,673
	276,370	Five Below *		13,337,616
	351,793	Francesca’s Holdings *		6,328,756
	571,787	Grand Canyon Education *		27,028,371
	269,814	Harman International Industries		21,860,330
	518,095	Monro Muffler Brake		23,832,370
	458,096	Pool		24,911,260
	2,338,640	Quiksilver *		19,457,485
	373,556	Red Robin Gourmet Burgers *		28,457,496
	1,006,430	Texas Roadhouse		27,596,311
	688,050	Zumiez *		20,393,802

				251,800,820


		Consumer Staples – 8.75%
	1,272,887	Cott (Canada)		10,437,673
	405,981	Diamond Foods *		9,909,996
	370,770	Sanderson Farms		23,436,372
	629,475	Tootsie Roll Industries (a)		20,143,200
	251,571	TreeHouse Foods *		18,430,091
	471,504	United Natural Foods *		33,688,961

				116,046,293


		Energy – 6.93%
	776,322	Carrizo Oil & Gas *		34,033,956
	1,432,447	Precision Drilling (Canada)		15,169,614
	227,301	SEACOR Holdings		22,230,038
	397,153	Unit *		20,417,636

				91,851,244


		Financials – 22.82%
	646,390	Bank of the Ozarks		31,983,377
	1,300,407	Colony Financial, REIT		26,307,234


Shares			Market Value

		Financials (continued)
	470,411	First Cash Financial Services *	$	28,455,161
	1,237,316	FirstMerit		27,790,117
	1,260,132	Glacier Bancorp		34,817,447
	317,116	Greenhill		16,268,051
	319,151	Hanover Insurance Group (The)		18,683,100
	1,022,673	LaSalle Hotel Properties, REIT		31,753,997
	1,159,526	National Penn Bancshares		12,024,285
	464,419	Portfolio Recovery Associates *		27,609,710
	1,169,979	Redwood Trust, REIT		20,498,032
	642,039	Stifel Financial *		26,291,497

				302,482,008


		Healthcare – 12.20%
	286,951	Analogic		26,465,491
	144,677	Athenahealth *		19,315,826
	529,487	Auxilium Pharmaceuticals *		9,112,471
	1,107,165	Bruker *		22,641,524
	595,915	Cepheid *		24,265,659
	1,088,447	DexCom *		31,271,082
	660,205	Healthways *		6,357,774
	1,055,072	HMS Holdings *		22,293,671

				161,723,498


		Industrials – 17.30%
	332,568	Advisory Board *		22,814,165
	129,378	Applied Industrial Technologies		6,120,873
	195,534	Chart Industries *		21,014,039
	381,229	Corporate Executive Board		27,791,594
	242,754	Foster Wheeler AG (Switzerland) *		6,551,930
	589,548	Franklin Electric		22,314,392
	349,414	Landstar System		19,319,100
	265,160	Morningstar		21,289,696
	329,485	Polypore International *		14,892,722
	132,385	Proto Labs *		11,101,806
	293,037	Raven Industries		9,775,714
	1,305,079	US Airways Group *		28,672,586
	757,878	Westport Innovations (Canada) *		17,757,082

				229,415,699


		Information Technology – 8.52%
	535,523	Cavium *		21,586,932
	353,758	CommVault Systems *		27,621,425
	596,736	Ixia *		8,461,716
	281,595	Netgear *		8,098,672
	1,006,799	OmniVision Technologies *		14,105,254
	186,187	OpenTable *		12,936,273
	63,568	Tech Data *		3,309,350
	173,723	Tyler Technologies *		16,800,751

				112,920,373


		Materials – 1.60%
	577,037	LSB Industries *		21,188,799


		Utilities – 1.71%
	522,462	Northwest Natural Gas		22,690,525


		Total Common Stocks (Cost $950,496,706)		1,310,119,259

See accompanying Notes to Financial Statements.


		29


Aston Funds



ASTON/TAMRO Small Cap Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

	INVESTMENT COMPANY – 1.30%

	17,208,046	BlackRock Liquidity Funds TempCash Portfolio	$	17,208,046


		Total Investment Company (Cost $17,208,046)		17,208,046

	Total Investments – 100.12% (Cost $967,704,752) **			1,327,327,305

	Net Other Assets and Liabilities – (0.12)%			(1,527,929	)

	Net Assets – 100.00%		$	1,325,799,376

Non-income producing security.

Aggregate cost for Federal income tax purposes is $968,845,966.


Gross unrealized appreciation	$	382,899,818
Gross unrealized depreciation		(24,418,479	)

Net unrealized appreciation	$	358,481,339

(a)

This security has been determined by the Subadviser to be an illiquid security. At October 31, 2013, this security amounted to $20,143,200 or 1.52% of net assets.

REIT

Real Estate Investment Trust

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/River Road Select Value Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

James C. Shircliff, CFA; R. Andrew Beck & J. Justin Akin

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The Fund’s return lagged the benchmark Russell 2500 Value Index during the period. The period was distinguished by sharply rising equity prices and strong leadership from high beta securities. Historically, the latter has been a significant headwind for the strategy’s low volatility investment approach. However, a record level of merger and acquisitions (M&A) activity within the Fund during the period helped the strategy to largely keep pace with the market’s robust returns.

Six of 10 sectors contributed positively to relative Fund performance. The largest positive contribution was from the Financials sector, which benefited from an underweight allocation. The largest negative contributor was the Materials sector, which lagged due to poor stock selection. The Fund’s cash position, which averaged approximately 5% during the period, was also a negative contributor to performance.

Q.	What were the best performing holdings for the Fund during the period?

The two holdings with the largest positive contribution to relative return were GEO Group Inc. and Madison Square Garden Co. (MSG). GEO Group is the second largest private prison operator in the United States. In 2013, the company converted into a Real Estate Investment Trust (REIT). This change significantly improved GEO’s tax efficiency and lowered its cost of capital. These factors attracted income-oriented investors and led to multiple expansion. MSG owns the New York Knicks, the New York Rangers, the MSG regional sports cable network, plus the real estate of the “World’s Most Famous Arena.” The company received higher affiliate fees from its TV networks due to a new deal with Time Warner Cable. Also, MSG recently concluded its renovation of the Garden at a cost of $1 B. MSG’s operating results improved due to revenue increases from its new corporate suites and higher sponsorship fees.

Q.	What were the weakest performing holdings?

The two holdings with the largest negative contribution to relative return were Tower Group International Ltd. and Pan American Silver Corp. Tower Group is a Bermuda-based property and casualty insurer. Poor underwriting in its worker’s compensation and commercial auto lines led to large increases in its loss reserves, which were significantly above management’s previous estimates. This erased enough equity where investors became concerned Tower would be forced to raise capital or sell the company in a distressed state. Pan American Silver is one of the world’s largest silver producers, operating seven mines primarily in Latin America. Despite reporting solid operating results and having a cash-rich balance sheet, their share price declined with other miners as silver prices declined sharply. We exited the position due to unrealized losses later in the year.

Q.	How was the Fund positioned as of October 31, 2013?

We continue to position the Fund in shares of high quality companies that we believe will perform well in a sustained period of weak economic growth. Rapidly rising equity prices paired with modest earnings growth over the prior twelve months has resulted in unattractive valuations in the broader small-cap market. As a result, identifying companies to replace those that are being sold at their assessed Absolute Values is more difficult than twelve months ago. Thus, cash in the Fund is at the higher end of its historical range.

If returns do moderate over the coming months we expect the Fund’s holdings and low volatility approach to be well positioned. Further, whether markets rise or fall, we believe M&A activity within the Fund will continue to support relative performance.

Note: Beta is a measure of risk which shows a Fund’s volatility relative to its benchmark index.

Growth of a Hypothetical

$10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small-cap and mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	30.44	%
Five Year	14.83	%
Since Inception	5.50	%

Inception Date 03/29/07

Average Annual Total Returns - Class I


One Year	30.74	%
Five Year	15.15	%
Since Inception	5.17	%

Inception Date 06/28/07


		31


Aston Funds



ASTON/River Road Select Value Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 93.85%

		Consumer Discretionary – 21.78%
	142,800	Aaron’s	$	4,051,236
	98,350	Abercrombie & Fitch, Class A		3,686,158
	254,130	Ascena Retail Group *		5,029,233
	33,980	Ascent Capital Group, Class A *		2,868,592
	176,050	Big Lots *		6,401,178
	55,270	Bob Evans Farms		3,155,364
	9,110	CEC Entertainment		422,248
	75,660	Fred’s, Class A		1,225,692
	100,420	International Speedway, Class A		3,284,738
	25,980	Madison Square Garden, Class A *		1,572,310
	27,330	Murphy USA *		1,109,051
	52,310	Outerwall *		3,399,104
	174,360	Pep Boys—Manny, Moe, & Jack *		2,256,218
	182,810	Regis		2,650,745
	129,260	Rent-A-Center		4,425,862
	86,360	Stage Stores		1,783,334

				47,321,063

		Consumer Staples – 2.60%
	20,490	Harris Teeter Supermarkets		1,010,567
	44,430	Industrias Bachoco, SP ADR (Mexico)		1,821,186
	76,970	Village Super Market, Class A		2,821,720

				5,653,473

		Energy – 5.86%
	122,010	Cloud Peak Energy *		1,904,576
	233,079	Miller Energy Resources *		1,575,614
	123,980	Ocean Rig UDW (Cyprus) *		2,173,369
	136,070	Resolute Energy *		1,276,337
	161,000	TETRA Technologies *		2,088,170
	152,780	Vaalco Energy *		805,151
	131,610	WPX Energy *		2,913,845

				12,737,062


Shares			Market Value

		Financials – 12.41%
	8,595	Alleghany *	$	3,484,585
	80,664	Capital Southwest		2,651,426
	106,720	Dime Community Bancshares		1,745,939
	117,254	Geo Group, REIT		4,135,549
	139,240	Hilltop Holdings *		2,414,422
	23,800	Navigators Group *		1,338,512
	150,830	PICO Holdings *		3,541,488
	13,125	White Mountains Insurance Group (Bermuda)		7,665,919

				26,977,840


		Healthcare – 11.79%
	62,170	Air Methods		2,718,072
	78,377	Ensign Group		3,337,293
	58,080	Hill-Rom Holdings		2,398,123
	19,560	ICU Medical *		1,208,808
	79,560	Myriad Genetics *		1,939,673
	516,270	Nordion (Canada) *		4,269,553
	43,740	Orthofix International (Curacao) *		896,233
	131,900	Owens & Minor		4,935,698
	45,370	Quality Systems		1,035,343
	63,840	STERIS		2,884,930

				25,623,726


		Industrials – 15.05%
	255,410	Air Transport Services Group *		1,849,168
	133,070	Aircastle (Bermuda)		2,511,031
	64,580	Cubic		3,390,450
	72,210	Forward Air		2,923,061
	164,000	Heartland Express		2,355,040
	110,470	Insperity		4,271,875
	81,050	Korn/Ferry International *		1,928,990
	66,590	Layne Christensen *		1,287,851
	111,280	Marten Transport		1,962,979
	114,123	Standard Parking *		3,020,836
	43,510	Unifirst		4,473,698
	117,540	Werner Enterprises		2,722,226

				32,697,205


		Information Technology – 15.13%
	176,790	Convergys		3,489,835
	138,430	CSG Systems International		3,856,660
	123,280	Daktronics		1,474,429
	91,630	Dolby Laboratories, Class A		3,274,856
	86,730	DST Systems		7,352,102
	95,550	Heartland Payment Systems		3,864,997
	32,920	Ituran Location and Control (Israel)		602,436
	28,060	j2 Global		1,542,739
	97,410	NeuStar, Class A *		4,473,067
	98,710	Total System Services		2,944,519

				32,875,640


		Materials – 3.51%
	322,330	AuRico Gold (Canada)		1,324,776
	53,870	Innophos Holdings		2,699,964
	76,600	Intrepid Potash		1,137,510
	116,110	Kraton Performance Polymers *		2,469,660

				7,631,910

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/River Road Select Value Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

		Telecommunication Services – 3.35%
	51,070	Atlantic Tele-Network	$	2,830,299
	142,660	Telephone & Data Systems		4,448,139

				7,278,438


		Utilities – 2.37%
	31,890	Avista		886,223
	59,630	National Fuel Gas		4,266,527

				5,152,750


		Total Common Stocks (Cost $166,024,932)		203,949,107


	INVESTMENT COMPANY – 6.41%

	13,925,350	BlackRock Liquidity Funds TempCash Portfolio		13,925,350


		Total Investment Company (Cost $13,925,350)		13,925,350

	Total Investments – 100.26% (Cost $179,950,282)**			217,874,457

	Net Other Assets and Liabilities – (0.26)%			(555,955	)

	Net Assets – 100.00%		$	217,318,502

Non-income producing security.

Aggregate cost for Federal income tax purposes is $181,597,236.


Gross unrealized appreciation	$	40,489,235
Gross unrealized depreciation		(4,212,014	)

Net unrealized appreciation	$	36,277,221

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


		33


Aston Funds

ASTON/River Road Small Cap Value Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
James C. Shircliff, CFA; R. Andrew Beck & J. Justin Akin

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The Fund’s return modestly underperformed the benchmark Russell 2000 Value Index. The period was distinguished by sharply rising equity prices and strong leadership from high beta securities. Historically, the latter has been a significant headwind for the strategy’s low volatility investment approach. However, a record level of merger and acquisitions (M&A) activity within the Fund during the period helped the strategy to largely keep pace with the market’s robust returns.

Five of 10 sectors contributed positively to relative Fund performance. The largest positive contribution was from the Consumer Discretionary sector, which benefitted from an overweight allocation. The largest negative contributor was the Materials sector, which lagged due to poor security selection. The Fund’s cash position, which averaged approximately 6% during the period, was also a negative contributor to performance.

Q.	What were the best performing holdings for the Fund during the period?

The two holdings with the largest positive contribution to relative return were GEO Group Inc. and Motorcar Parts of America Inc. (MPAA). GEO Group is the second largest private prison operator in the United States. In 2013, the company converted into a Real Estate Investment Trust (REIT). This change significantly improved GEO’s tax efficiency and lowered its cost of capital. The company also signed new contracts for most of its idle facilities. These factors attracted income-oriented investors and led to multiple expansion. Motorcar Parts of America manufactures replacement alternators and starters for cars and trucks, selling to the largest auto parts retailers in the United States. Its core business lines continue to grow at double-digit rates which resulted in margin improvement and significant cash flow growth. Also, MPAA shuttered a poorly performing acquisition it made in 2011, which removed significant downside risk for the company.

Q.	What were the weakest performing holdings?

The two holdings with the largest negative contribution to relative return were Tower Group International Ltd. and Ascena Retail Group Inc. Tower Group is a Bermuda-based property and casualty insurer. Poor underwriting in its worker’s compensation and commercial auto lines led to large increases in its loss reserves, which were significantly above management’s previous estimates. This erased enough equity causing investors to become concerned that Tower would be forced to raise capital or sell the company in a distressed state. Ascena Retail Group is a specialty apparel retailer that operates the dressbarn, Justice, maurices, Catherines, and Lane Bryant concept stores. Ascena is still digesting its 2012 acquisition of Charming Shoppes, which included the Catherines and Lane Bryant brands. As a result, its operating results were negatively impacted by several one-time items during this transition period.

Q.	How was the Fund positioned as of October 31, 2013?

Note: Beta is a measure of risk which shows a Fund’s volatility relative to its benchmark.

Growth of a Hypothetical

$10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small-cap and mid-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	31.98	%
Five Year	14.09	%
Since Inception	7.98	%

Inception Date 06/28/05

Average Annual Total Returns - Class I


One Year	32.36	%
Five Year	14.38	%
Since Inception	4.75	%

Inception Date 12/13/06


Aston Funds



ASTON/River Road Small Cap Value Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 89.46%

		Consumer Discretionary – 21.32%
	179,150	Aaron’s	$	5,082,485
	132,400	Abercrombie & Fitch, Class A		4,962,352
	359,078	Ascena Retail Group *		7,106,154
	44,070	Ascent Capital Group, Class A *		3,720,389
	250,180	Big Lots *		9,096,545
	63,350	Bob Evans Farms		3,616,652
	12,830	CEC Entertainment		594,671
	118,450	International Speedway, Class A		3,874,500
	37,150	Mac-Gray		783,122
	120,459	Monarch Casino & Resort *		2,036,962
	351,030	Motorcar Parts of America *		4,802,090
	38,600	Murphy USA *		1,566,388
	72,850	Outerwall *		4,733,793
	247,700	Pep Boys - Manny, Moe, & Jack *		3,205,238
	259,166	Regis		3,757,907
	132,179	Rent-A-Center		4,525,809
	123,010	Stage Stores		2,540,157

				66,005,214


		Consumer Staples – 4.48%
	95,143	Industrias Bachoco, SP ADR (Mexico) (a)		3,899,912
	164,849	Ingles Markets, Class A		4,254,753
	155,681	Village Super Market, Class A (a)		5,707,265

				13,861,930


		Energy – 7.44%
	174,440	Cloud Peak Energy *		2,723,008
	536,803	Evolution Petroleum * (a)		6,473,844
	682,488	Miller Energy Resources *		4,613,619
	176,540	Ocean Rig UDW (Cyprus) *		3,094,746
	219,230	Resolute Energy *		2,056,377


Shares			Market Value

		Energy (continued)
	226,499	TETRA Technologies *	$	2,937,692
	213,605	Vaalco Energy *		1,125,698

				23,024,984


		Financials – 14.29%
	47,780	1st Source		1,499,336
	121,254	Capital Southwest		3,985,619
	200,212	Dime Community Bancshares		3,275,468
	18,795	First Citizens BancShares, Class A		3,979,465
	188,145	Geo Group, REIT		6,635,874
	206,270	Hilltop Holdings *		3,576,722
	38,417	Navigators Group *		2,160,572
	218,435	PICO Holdings *		5,128,854
	263,370	SWS Group *		1,482,773
	30,538	Tompkins Financial		1,506,134
	18,838	White Mountains Insurance Group (Bermuda)		11,002,711

				44,233,528


		Healthcare – 10.16%
	89,840	Air Methods		3,927,805
	71,162	Ensign Group		3,030,078
	75,590	Hill-Rom Holdings		3,121,111
	16,423	ICU Medical *		1,014,941
	122,400	Myriad Genetics *		2,984,112
	736,490	Nordion (Canada) *		6,090,772
	37,300	Orthofix International (Curacao) *		764,277
	156,080	Owens & Minor		5,840,514
	64,490	Quality Systems		1,471,662
	70,770	STERIS		3,198,096

				31,443,368


		Industrials – 12.87%
	427,710	Air Transport Services Group *		3,096,620
	187,890	Aircastle (Bermuda)		3,545,484
	81,417	Cubic		4,274,393
	85,420	Forward Air		3,457,802
	176,590	Heartland Express		2,535,832
	132,628	Insperity		5,128,725
	95,450	Korn/Ferry International *		2,271,710
	166,351	Marten Transport		2,934,432
	161,363	Standard Parking *		4,271,279
	44,523	Unifirst		4,577,855
	162,300	Werner Enterprises		3,758,868

				39,853,000


		Information Technology – 12.83%
	117,231	Computer Services		3,780,700
	245,750	Convergys		4,851,105
	192,960	CSG Systems International		5,375,866
	174,370	Daktronics		2,085,465
	109,557	DST Systems		9,287,147
	156,993	Electro Rent		2,847,853
	127,220	Heartland Payment Systems		5,146,049
	138,220	NeuStar, Class A *		6,347,062

				39,721,247

See accompanying Notes to Financial Statements.


		35


Aston Funds



ASTON/River Road Small Cap Value Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

		Materials – 2.85%
	331,900	AuRico Gold (Canada)	$	1,364,109
	45,090	Innophos Holdings		2,259,911
	108,300	Intrepid Potash *		1,608,255
	169,470	Kraton Performance Polymers *		3,604,627

				8,836,902


		Telecommunication Services – 3.22%
	65,470	Atlantic Tele-Network		3,628,347
	203,680	Telephone & Data Systems		6,350,742

				9,979,089


		Total Common Stocks (Cost $192,253,418)		276,959,262


	INVESTMENT COMPANY – 9.90%

	30,641,935	BlackRock Liquidity Funds TempFund Portfolio		30,641,935


		Total Investment Company (Cost $30,641,935)		30,641,935

	Total Investments – 99.36% (Cost $222,895,353)**			307,601,197

	Net Other Assets and Liabilities – 0.64%			1,995,974

	Net Assets – 100.00%		$	309,597,171

Non-income producing security.

Aggregate cost for Federal income tax purposes is $225,625,423.


Gross unrealized appreciation	$	87,663,871
Gross unrealized depreciation		(5,688,097	)

Net unrealized appreciation	$	81,975,774

(a)

These securities have been determined by the Subadviser to be illiquid securities. At October 31, 2013, these securities amounted to $16,081,021 or 5.19% of net assets.

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/River Road Independent Value Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		Eric K. Cinnamond, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Class N Shares of the Fund returned +6.37% during the past twelve months versus +32.83% for the Russell 2000 Value benchmark index. The Fund’s high cash levels, which averaged 58%, were a driver of the underperformance during the period. Cash remained at above average levels throughout the last twelve months as the majority of the stocks on our possible buy list traded over our calculated valuations. On average, we did not believe we were being appropriately compensated relative to risk assumed during the year and opted to remain flexible until prices become more advantageous. Furthermore, equity performance has lagged the small-cap market as we sell stocks with strong price momentum and rotate into out-of-favor areas of the small-cap market that continues to perform poorly.

Q.	What were the best performing holdings for the Fund during the period?

WPX Energy Inc. and FLIR Systems Inc. were the largest positive contributors during the period. WPX Energy is a top 10 domestic natural gas producer. WPX Energy benefited from the combination of appreciating natural gas prices and its attractively valued high quality reserves. FLIR Systems is a market leading supplier of infrared technology. During the year, FLIR reported positive organic revenue growth and improving backlogs. FLIR continued to generate meaningful cash flow during the year and maintained its investment grade balance sheet.

Q.	What were the weakest performing holdings?

Pan American Silver Corp. and AuRico Gold Inc. were the largest negative contributors in the period. Pan American Silver is the second largest primary silver mining company in the world with 317 million ounces of silver reserves and seven mines in production. AuRico Gold is a precious metals miner with 6.8 million ounces of proven and probable gold reserves in Canada and Mexico. Pan American Silver and AuRico Gold were both negatively impacted by the decline in gold and silver prices. Precious metal mining stocks declined approximately 50% over the past year, and it is an area where we continue to find value and have increased exposure.

Q.	How was the Fund positioned as of October 31, 2013?

The Fund remained defensively positioned throughout the year. The Fund’s cash position hit record levels during the year (exceeding 60%) as most high-quality small-cap stocks continue to be expensive, in our opinion. We continue to focus on maintaining a portfolio of companies with strong balance sheets and limited financial risk. Furthermore, during the year we rotated out of overvalued small-cap stocks and into smallcap stocks that we believe are attractively priced, but considered out-of-favor. We expect to maintain our contrarian and defensive positioning until small-cap prices accurately reflect their underlying risks.

Growth of a Hypothetical $10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Small-cap stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid.

Value investing involves the risk that a Fund’s investments in companies believed to be undervalued will not appreciate as anticipated.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	6.37	%
Since Inception	7.52	%

Inception Date 12/31/10

Average Annual Total Returns - Class I


One Year	6.62	%
Since Inception	5.23	%


Inception Date 06/01/11

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


		37


Aston Funds



ASTON/River Road Independent Value Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 35.41%

		Consumer Discretionary – 2.38%
	339,077	Aaron’s	$	9,619,614
	209,976	Big Lots *		7,634,727

				17,254,341


		Consumer Staples – 1.93%
	44,940	Cott (Canada)		368,508
	204,261	Harris Teeter Supermarkets		10,074,152
	69,975	Weis Markets		3,580,621

				14,023,281


		Energy – 6.85%
	50,108	Contango Oil & Gas *		2,147,128
	626,826	QEP Resources		20,722,868
	205,722	Unit *		10,576,168
	732,796	WPX Energy *		16,224,103

				49,670,267


		Financials – 0.86%
	188,202	Baldwin & Lyons, Class B (a)		5,143,561
	26,979	Potlatch, REIT		1,101,553

				6,245,114


		Healthcare – 0.90%
	174,817	Owens & Minor		6,541,652


		Industrials – 2.09%
	179,530	FTI Consulting *		7,285,327
	341,418	Orbital Sciences *		7,876,513

				15,161,840


		Information Technology – 10.93%
	275,716	Benchmark Electronics *		6,267,025
	1,023,492	CSG Systems International		28,514,487


Shares			Market Value

		Information Technology (continued)
	549,191	EPIQ Systems	$	8,215,897
	158,007	FLIR Systems		4,500,039
	261,336	Mantech International, Class A		7,301,728
	1,307,948	Sykes Enterprises * (a)		24,484,787

				79,283,963


		Materials – 8.41%
	5,199,579	AuRico Gold (Canada)		21,370,270
	1,965,761	New Gold *		11,499,702
	1,492,308	Pan American Silver (Canada)		15,833,388
	347,907	Primero Mining *		1,990,028
	1,831,475	Silver Standard Resources (Canada) *		10,292,889

				60,986,277


		Utilities – 1.06%
	127,092	Artesian Resources, Class A (a)		2,910,407
	78,964	Avista		2,194,410
	132,770	Pepco Holdings		2,559,806

				7,664,623


		Total Common Stocks (Cost $229,809,666)		256,831,358


	INVESTMENT COMPANY – 64.82%

	470,195,880	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		470,195,880


		Total Investment Company (Cost $470,195,880)		470,195,880

	Total Investments – 100.23% (Cost $700,005,546)**			727,027,238

	Net Other Assets and Liabilities – (0.23)%			(1,671,377	)

	Net Assets – 100.00%		$	725,355,861

Non-income producing security.

Aggregate cost for Federal income tax purposes is $708,241,542.


Gross unrealized appreciation	$	43,784,214
Gross unrealized depreciation		(24,998,518	)

Net unrealized appreciation	$	18,785,696

(a)

These securities have been determined by the Subadviser to be illiquid securities. At October 31, 2013, these securities amounted to $32,538,755 or 4.49% of net assets.

REIT

Real Estate Investment Trust

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Jeffrey E. Gundlach; Philip A. Barach; Bonnie Baha, CFA & Luz M. Padilla

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The Fund outperformed the Barclays Capital U.S. Aggregate Bond Index’s return of -1.08% over the twelve months ending October 31, 2013. This outperformance was driven by both sector allocation among the varying sectors of the fixed income market as well as security selection within each of the respective sectors. The fixed income market saw an increase in volatility over the past year, particularly the latter half. In general, longer duration assets hindered Fund performance as interest rates rose, with the 10-year U.S. Treasury interest rate rising approximately 86 basis points (bps) over the period. Commercial mortgage-backed securities (CMBS) and non-Agency residential mortgage-backed securities (MBS) performed well over the year. The Fund was overweight CMBS versus the index which helped boost relative performance, and was also overweight MBS, including non-Agency MBS. U.S. Government and U.S. Corporate securities were the worst performing sectors of the benchmark. The Fund also held non-benchmark securities such as High Yield and U.S. dollar-denominated Emerging Markets. High Yield rallied over the last year and was the best performing sector within the Fund from a total return perspective. Emerging Markets had a volatile year and the Fund’s Emerging Markets securities detracted from performance, but the sector continues to offer diversification benefits.

Q.	What were the best performing holdings for the Fund during the period?

Over the period, CMBS and High Yield debt were the best performers on an absolute basis. MBS also performed well with non-Agency MBS contributing to most of the gains from that sector. MBS securities backed by both Prime and Alt-A collateral contributed relatively high returns to the Fund over the twelve-month period versus lower credit non-Agency MBS. Collateralized loan obligations (CLO) additionally, contributed strong performance over the period.

Q.	What were the weakest performing holdings?

A.	The Fund’s weakest holdings were in U.S. Government debt as well as U.S. Investment Grade Corporate securities. As interest rates rose close to 100 bps within six months, it was no surprise that these sectors underperformed.

Q.	How was the Fund positioned as of October 31, 2012?

Over the last year, the Fund has decreased allocation to U.S. Government bonds and has increased its exposure to floating-rate securities such as Bank Loans and CLOs which have added strong returns to the Fund. The Fund also has increased exposure to the High Yield debt market, and has slightly increased its allocation to Emerging Markets. Relative to the index, the Fund is underweight U.S. Corporate debt. The non-Agency MBS allocation still has limited exposure to Subprime bonds and is predominately focused on higher credit MBS.

Note: A basis point (bps) is a unit of measure. 1 bps = .01%.

Growth of a Hypothetical $10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Bond funds have the same interest rate, high yield and credit risks associated with the underlying bonds in the portfolio, all of which could reduce the Fund’s value. As interest rates rise, the value of the Fund can decline and an investor can lose principal.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	-0.28	%
Since Inception	6.61	%

Inception Date 07/18/11

Average Annual Total Returns - Class I


One Year	-0.03	%
Since Inception	6.87	%

Inception Date 07/18/11

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


		39


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments*

LOGO

At October 31, 2013, 28% of the Total Net Assets of the Fund were comprised of securities of issuers located outside the United States.


Par Value			Market Value

	CORPORATE NOTES AND BONDS – 41.44%
		Consumer Discretionary – 2.66%
	$ 325,000	ADT Senior Unsecured Notes 3.500%, 07/15/22	$	285,400
	160,000	American Axle & Manufacturing 6.625%, 10/15/22		169,600
	200,000	Automotores Gildemeister SA (Chile) 8.250%, 05/24/21		185,000
	90,000	Cinemark USA 7.375%, 06/15/21		99,000
	140,000	Claire’s Stores 7.750%, 06/01/20 (a)		140,000
	300,000	Cosan Luxembourg SA (Luxembourg) 5.000%, 03/14/23 (a)		280,500
	255,000	DIRECTV Holdings 5.000%, 03/01/21		267,668
	415,000	Ford Motor Senior Unsecured Notes 7.450%, 07/16/31		519,070
	155,000	Gannett 5.125%, 07/15/20 (a)		159,262
	130,000	Goodyear Tire & Rubber 7.000%, 05/15/22		140,400
	145,000	Hawk Acquisition Sub Secured Notes 4.250%, 10/15/20 (a)		140,650
	135,000	HD Supply 7.500%, 07/15/20 (a)		142,762
	320,000	Macy’s Retail Holdings 2.875%, 02/15/23		291,061


Par Value			Market Value

		Consumer Discretionary (continued)
	$ 250,000	Mattel Senior Unsecured Notes 2.500%, 11/01/16	$	258,588
	135,000	MGM Resorts International 6.625%, 12/15/21		144,450
	40,000	NCL (Bermuda) 5.000%, 02/15/18 (a)		40,550
	135,000	Sally Holdings/Sally Capital 5.750%, 06/01/22		140,738
	140,000	Service Corporation International Senior Unsecured Notes 5.375%, 01/15/22 (a)		141,750
	145,000	Sirius XM Radio Senior Unsecured Notes 4.250%, 05/15/20 (a)		138,656
	135,000	Sun Merger Sub Senior Unsecured Notes 5.875%, 08/01/21 (a)		141,412
	280,000	Teva Pharmaceutical Finance Co BV (Cook Islands) 2.950%, 12/18/22		260,075
	135,000	Toll Brothers Finance 5.875%, 02/15/22		143,100
	155,000	WCI Communities 6.875%, 08/15/21 (a)		151,512
	270,000	Wynn Las Vegas 7.750%, 08/15/20		305,775

				4,686,979


		Consumer Staples – 3.41%
	595,000	Altria Group 2.850%, 08/09/22		553,455
	400,000	Anadolu Efes Biracilik Ve Malt Sanayii AS (Turkey) Senior Unsecured Notes 3.375%, 11/01/22 (a)		342,000
	265,000	Coca-Cola Senior Unsecured Notes 1.800%, 09/01/16		273,177
	355,000	ConAgra Foods Senior Unsecured Notes 3.200%, 01/25/23		339,247
	100,000	Corp Lindley (Peru) Senior Unsecured Notes 6.750%, 11/23/21 (a)		109,250
	300,000	Corp Lindley SA (Peru) Senior Unsecured Notes 4.625%, 04/12/23 (a)		287,250
		Corp Pesquera Inca (Peru)
	100,000	9.000%, 02/10/17 (a)		101,000
	200,000	9.000%, 02/10/17		202,000
	250,000	Diageo Capital (United Kingdom) 1.500%, 05/11/17		251,434
	100,000	Glencore Funding 2.500%, 01/15/19 (a)		96,335
	400,000	IOI Investment L Bhd (Malaysia) 4.375%, 06/27/22		385,599
	203,000	Kellogg Senior Unsecured Notes 7.450%, 04/01/31		260,482

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Consumer Staples (continued)
	$ 240,000	Kraft Foods Senior Unsecured Notes 5.375%, 02/10/20	$	272,704
	460,000	Kroger Senior Unsecured Notes 3.400%, 04/15/22		450,921
	400,000	Minerva Luxembourg SA (Luxembourg) 7.750%, 01/31/23		389,000
	150,000	Post Holdings 7.375%, 02/15/22 (a)		160,688
	160,000	Revlon Consumer Products 5.750%, 02/15/21 (a)		158,600
	150,000	Reynolds Group Issuer 9.875%, 08/15/19		166,687
	130,000	Safway Group Holding Secured Notes 7.000%, 05/15/18 (a)		135,200
	129,000	Spectrum Brands Escrow 6.625%, 11/15/22 (a)		138,030
	255,000	Tyson Foods 4.500%, 06/15/22		264,836
	130,000	US Foods 8.500%, 06/30/19		140,075
	515,000	Wal-Mart Stores Senior Unsecured Notes 3.250%, 10/25/20		536,101

				6,014,071


		Energy – 7.13%
	145,000	Atlas Pipeline Partners 4.750%, 11/15/21 (a)		137,025
		BP Capital Markets (United Kingdom)
	155,000	4.750%, 03/10/19		174,062
	100,000	2.500%, 11/06/22		92,601
	210,000	ConocoPhillips 6.500%, 02/01/39		269,378
		Devon Energy Senior Unsecured Notes
	200,000	6.300%, 01/15/19		234,430
	255,000	4.000%, 07/15/21		262,890
	1,400,000	Gazprom OAO Via Gaz Capital SA (Luxembourg) Senior Unsecured Notes 4.950%, 02/06/28		1,274,000
	245,000	Halliburton Senior Unsecured Notes 6.150%, 09/15/19		294,908
		Kinder Morgan Energy Partners Senior Unsecured Notes
	225,000	2.650%, 02/01/19		225,955
	175,000	6.950%, 01/15/38		205,688
	75,000	6.500%, 09/01/39		84,538
	800,000	Lukoil International Finance BV (Netherlands) 4.563%, 04/24/23		767,000
	240,000	Marathon Petroleum Senior Secured Notes 5.125%, 03/01/21		263,463


Par Value			Market Value

		Energy (continued)
	$ 135,000	Newfield Exploration Senior Unsecured Notes 5.750%, 01/30/22	$	142,425
	155,000	Oasis Petroleum 6.875%, 03/15/22 (a)		168,175
	251,000	ONEOK Partners 6.125%, 02/01/41		270,195
		Pacific Rubiales Energy (Canada)
	115,000	7.250%, 12/12/21 (a)		127,075
	1,200,000	7.250%, 12/12/21		1,326,000
	480,000	Pemex Project Funding Master Trust 6.625%, 06/15/35		523,200
	135,000	Penn Virginia Resource Partners 8.250%, 04/15/18		144,112
	600,000	Petrobras Global Finance BV (Netherlands) 4.375%, 05/20/23		560,227
	230,000	Phillips 66 5.875%, 05/01/42		253,848
	135,000	Regency Energy Partners 5.500%, 04/15/23		135,338
	250,000	Reliance Holdings USA 5.400%, 02/14/22 (a)		255,944
	1,200,000	Rosneft Oil Co via Rosneft International Finance (Ireland) Senior Unsecured Notes 4.199%, 03/06/22		1,128,000
	125,000	SM Energy Senior Unsecured Notes 5.000%, 01/15/24 (a)		122,813
	140,000	Targa Resources Partners 4.250%, 11/15/23 (a)		131,600
	265,000	Transocean (Cayman Islands) 6.000%, 03/15/18		300,011
	1,000,000	Transportadora de Gas Internacional SA ESP (Colombia) Senior Unsecured Notes 5.700%, 03/20/22		1,047,500
		Tupras Turkiye Petrol Rafinerileri AS (Turkey) Senior Unsecured Notes
	700,000	4.125%, 05/02/18 (a)		673,750
	700,000	4.125%, 05/02/18		673,750
	260,000	Valero Energy 6.125%, 02/01/20		300,717

				12,570,618


		Financials – 12.28%
	525,000	American Express Credit Senior Unsecured Notes 2.125%, 07/27/18		531,917
	475,000	Australia & New Zealand Banking Group (Australia) Senior Unsecured Notes 4.875%, 01/12/21 (a)		526,540
		Banco de Bogota SA (Colombia)
	400,000	5.375%, 02/19/23		398,000
	600,000	5.375%, 02/19/23 (a)		597,000

See accompanying Notes to Financial Statements.


		41


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Financials (continued)
		Banco de Credito del Peru (Peru)
	$ 100,000	4.250%, 04/01/23	$	95,750
		Senior Subordinate Notes
	350,000	6.125%, 04/24/27 (a) (b)		367,500
		Senior Unsecured Notes
	1,000,000	4.250%, 04/01/23 (a)		957,500
		Banco do Brasil SA/Cayman Islands (Belize)
	500,000	5.875%, 01/19/23		496,250
	400,000	8.500%, 10/20/99 (b)		455,000
	300,000	Banco GNB Sudameris SA (Colombia) Senior Unsecured Notes 3.875%, 05/02/18 (a)		285,000
	100,000	Banco Inter del Peru (Peru) 8.500%, 04/23/70 (b)		108,000
	1,000,000	Bancolombia SA (Colombia) Senior Unsecured Notes 5.950%, 06/03/21		1,061,000
	550,000	Bank of Montreal (Canada) Senior Unsecured Notes 1.400%, 09/11/17		547,895
	215,000	BB&T Senior Unsecured Notes 1.600%, 08/15/17		215,057
	1,200,000	BBVA Bancomer SA/Texas (Mexico) 6.500%, 03/10/21		1,305,000
	250,000	Boston Properties Senior Unsecured Notes, REIT 4.125%, 05/15/21		261,629
	250,000	Caixa Economica Federal (Belize) Senior Unsecured Notes 3.500%, 11/07/22		219,063
	140,000	CIT Group Senior Unsecured Notes 5.000%, 08/15/22		142,369
	1,000,000	Corpbanca (Chile) 3.125%, 01/15/18		946,444
	250,000	CorpGroup Banking (Chile) 6.750%, 03/15/23 (a)		224,375
	250,000	CorpGroup Banking SA (Chile) 6.750%, 03/15/23		224,375
	500,000	General Electric Capital Senior Unsecured Notes 2.900%, 01/09/17		525,099
	175,000	Goldman Sachs Group Senior Unsecured Notes 5.750%, 01/24/22		198,705
		Grupo Aval (Cayman Islands)
	200,000	4.750%, 09/26/22 (a)		188,250
	1,100,000	4.750%, 09/26/22		1,035,375
		Industrial Senior Trust (Cayman Islands)
	300,000	5.500%, 11/01/22 (a)		279,000
	500,000	5.500%, 11/01/22		465,000
	700,000	Itau Unibanco Holding SA/Cayman Island (Belize) 5.500%, 08/06/22		693,000


Par Value			Market Value

		Financials (continued)
		JPMorgan Chase Senior Unsecured Notes
	$ 350,000	4.500%, 01/24/22	$	373,411
	150,000	3.250%, 09/23/22		145,105
	475,000	Korea Development Bank (South Korea) Senior Unsecured Notes 4.375%, 08/10/15		502,791
	399,000	Liberty Mutual 6.500%, 05/01/42 (a)		447,049
		MetLife Senior Unsecured Notes
	175,000	5.700%, 06/15/35		199,642
	125,000	5.875%, 02/06/41		147,534
	250,000	4.125%, 08/13/42		228,352
	225,000	Morgan Stanley Senior Unsecured Notes 3.750%, 02/25/23		222,486
	25,000	MPT Operating Partnership, REIT 6.375%, 02/15/22		25,938
	445,000	National Rural Utilities Cooperative Finance Collateral Trust 10.375%, 11/01/18		611,111
	155,000	Nuveen Investments Senior Unsecured Notes 9.500%, 10/15/20 (a)		148,412
		PNC Funding
	211,000	4.375%, 08/11/20		229,533
	300,000	3.300%, 03/08/22		296,672
	700,000	Sberbank of Russia Via SB Capital SA (Luxembourg) 5.125%, 10/29/22		676,375
		Scotiabank Peru SA (Peru)
	600,000	4.500%, 12/13/27 (b)		543,000
	800,000	4.500%, 12/13/27 (a) (b)		724,000
		Simon Property Group Senior Unsecured Notes
	75,000	5.650%, 02/01/20		86,604
	110,000	4.375%, 03/01/21		118,311
	1,000,000	Tanner Servicios Financieros SA (Chile) 4.375%, 03/13/18 (a)		978,940
	1,000,000	VTB Bank OJSC Via VTB Capital SA (Luxembourg) 6.950%, 10/17/22		1,030,000
		Wells Fargo Senior Unsecured Notes
	450,000	4.600%, 04/01/21		496,422
	75,000	3.500%, 03/08/22		76,228

				21,658,009


		Healthcare – 1.59%
	135,000	Alere 6.500%, 06/15/20		139,725
	135,000	Baxter International Senior Unsecured Notes 3.200%, 06/15/23		133,085
	330,000	Becton Dickinson Senior Unsecured Notes 3.125%, 11/08/21		329,564

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Healthcare (continued)
	$ 350,000	Biogen Idec Senior Unsecured Notes 6.875%, 03/01/18	$	418,015
	325,000	Celgene Senior Unsecured Notes 3.250%, 08/15/22		312,134
	370,000	Covidien International Finance SA (Luxembourg) 2.950%, 06/15/23		352,516
	135,000	DaVita HealthCare Partners 5.750%, 08/15/22		139,219
	135,000	IASIS Healthcare 8.375%, 05/15/19		143,775
	75,000	Novartis Capital 2.400%, 09/21/22		70,763
	165,000	Select Medical 6.375%, 06/01/21		160,050
	145,000	VPII Escrow (Canada) Senior Unsecured Notes 7.500%, 07/15/21 (a)		161,675
		WellPoint Senior Unsecured Notes
	150,000	5.250%, 01/15/16		163,650
	100,000	2.375%, 02/15/17		102,391
	175,000	2.300%, 07/15/18		175,833

				2,802,395


		Industrials – 6.36%
	145,000	Avis Budget Car Rental/Avis Budget Finance 5.500%, 04/01/23		142,825
	190,000	Boeing Senior Unsecured Notes 6.875%, 03/15/39		257,999
	320,000	Burlington Northern Santa Fe Senior Unsecured Notes 3.000%, 03/15/23		303,043
	100,000	Cemex Espana Luxembourg (Spain) Senior Secured Notes 9.250%, 05/12/20		109,500
		Cemex Sab de CV (Mexico) Senior Secured Notes
	100,000	9.000%, 01/11/18		109,250
	200,000	5.875%, 03/25/19 (a)		196,250
	1,000,000	Cencosud SA (Colombia) 4.875%, 01/20/23 (a)		965,206
		CFR International SPA (Colombia)
	600,000	5.125%, 12/06/22		571,885
	400,000	5.125%, 12/06/22 (a)		381,257
	500,000	Embraer Overseas (Cayman Islands) 5.696%, 09/16/23 (a)		508,750
		ESAL GmbH (American Samoa)
	200,000	6.250%, 02/05/23		183,000
	800,000	6.250%, 02/05/23 (a)		732,000
	200,000	Ferreycorp SAA (Peru) 4.875%, 04/26/20 (a)		192,500


Par Value			Market Value

		Industrials (continued)
		Grupo KUO SAB De CV (Mexico)
	$ 500,000	6.250%, 12/04/22 (a)	$	508,750
	700,000	6.250%, 12/04/22		712,250
		Illinois Tool Works Senior Unsecured Notes
	80,000	6.250%, 04/01/19		95,963
	175,000	3.375%, 09/15/21		178,553
	115,000	Manitowoc 8.500%, 11/01/20		131,100
	700,000	Noble Group (Bermuda) Senior Unsecured Notes 6.750%, 01/29/20		744,625
	225,000	Novartis Capital 4.400%, 04/24/20		248,608
	400,000	OAS Financial (Belize) 8.875%, 04/29/49 (a) (b)		370,000
		Odebrecht Finance (Cayman Islands)
	400,000	7.125%, 06/26/42		394,000
	500,000	7.500%, 09/29/49		502,500
		Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes
	400,000	7.375%, 01/31/20		370,000
	200,000	7.375%, 01/31/20 (a)		185,000
	150,000	RR Donnelley & Sons Senior Unsecured Notes 7.875%, 03/15/21		168,000
	400,000	SACI Falabella (Colombia) Senior Unsecured Notes 3.750%, 04/30/23 (a)		371,000
	200,000	SMU SA (Colombia) 7.750%, 02/08/20 (a)		113,000
		Southwest Airlines Senior Unsecured Notes
	126,000	5.750%, 12/15/16		141,218
	225,000	5.125%, 03/01/17		248,229
	135,000	Terex 6.000%, 05/15/21		141,750
	120,000	United Rentals North America 7.625%, 04/15/22		135,000
	200,000	United Technologies Senior Unsecured Notes 3.100%, 06/01/22		197,860
	200,000	Volcan Cia Minera SAA (Peru) 5.375%, 02/02/22		197,000
	355,000	Waste Management 6.125%, 11/30/39		410,240

				11,218,111


		Information Technology – 1.24%
	135,000	Activision Blizzard 5.625%, 09/15/21 (a)		140,063
	290,000	Arrow Electronics Senior Unsecured Notes 3.375%, 11/01/15		299,909
	85,000	BMC Software Finance Senior Unsecured Notes 8.125%, 07/15/21 (a)		90,312

See accompanying Notes to Financial Statements.


		43


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Information Technology (continued)
	$ 120,000	Equinix Senior Unsecured Notes 7.000%, 07/15/21	$	131,550
	290,000	Microsoft Senior Unsecured Notes 2.125%, 11/15/22		265,642
	350,000	Motorola Solutions Senior Unsecured Notes 6.000%, 11/15/17		402,123
		Oracle Senior Unsecured Notes
	375,000	1.200%, 10/15/17		370,386
	175,000	2.375%, 01/15/19		177,938
	300,000	Xerox Senior Unsecured Notes 4.250%, 02/15/15		312,610

				2,190,533


		Materials – 3.64%
	400,000	Alfa Bank OJSC Via Alfa Bond Issuance (Iran) 7.500%, 09/26/19		428,000
		Alpek SA de CV (Mexico)
	300,000	5.375%, 08/08/23		301,500
	200,000	5.375%, 08/08/23 (a)		201,000
		Senior Unsecured Notes
	200,000	4.500%, 11/20/22 (a)		193,750
	145,000	Ashland 4.750%, 08/15/22		139,925
	135,000	Celanese US Holdings 4.625%, 11/15/22		133,144
	800,000	Cia Minera Milpo SAA (Peru) Senior Unsecured Notes 4.625%, 03/28/23 (a)		746,000
	275,000	Dow Chemical Senior Unsecured Notes 3.000%, 11/15/22		258,846
	265,000	Ecolab Senior Unsecured Notes 1.000%, 08/09/15		265,822
	550,000	Inversiones CMPC (Chile) 4.500%, 04/25/22		530,314
		Mexichem SAB de CV (Mexico)
	800,000	6.750%, 09/19/42		788,000
		Senior Unsecured Notes
	400,000	4.875%, 09/19/22 (a)		397,000
	600,000	Polyus Gold International (Jersey) 5.625%, 04/29/20 (a)		600,000
	145,000	Sealed Air 6.500%, 12/01/20 (a)		158,231
		Vedanta Resources PLC (United Kingdom) Senior Unsecured Notes
	500,000	8.250%, 06/07/21		517,188
	800,000	7.125%, 05/31/23 (a)		766,000

				6,424,720


Par Value			Market Value

		Telecommunications – 1.87%
	$ 300,000	AT&T Senior Unsecured Notes 5.350%, 09/01/40	$	290,633
	421,000	British Telecom (United Kingdom) Senior Unsecured Notes 5.950%, 01/15/18		485,034
	150,000	CCO Holdings 5.250%, 09/30/22		141,750
	25,000	Deutsche Telekom International Finance BV (Netherlands) 8.750%, 06/15/30		35,832
	200,000	ENTEL Chile SA (Chile) Senior Unsecured Notes 4.875%, 10/30/24 (a)		200,435
	290,000	France Telecom (France) Senior Unsecured Notes 2.750%, 09/14/16		300,566
		Globo Comunicacao e Participacoes (Belize)
	200,000	5.307%, 05/11/22 (a) (c)		208,000
		Senior Unsecured Notes
	200,000	5.307%, 05/11/22 (c)		208,000
	130,000	Intelsat Luxembourg SA (Luxembourg) 7.750%, 06/01/21 (a)		137,637
	200,000	Koninklijke KPN NV (Netherlands) Senior Unsecured Notes 8.375%, 10/01/30		252,608
	155,000	SBA Communications Senior Unsecured Notes 5.625%, 10/01/19		160,037
	200,000	Telefonica Celular del Paraguay (Paraguay) Senior Unsecured Notes 6.750%, 12/13/22 (a)		202,500
	200,000	TV Azteca SAB de CV (Mexico) 7.500%, 05/25/18		204,500
	175,000	Verizon Communications Senior Unsecured Notes 2.500%, 09/15/16		181,710
	300,000	VimpelCom Holdings BV (Netherlands) 5.950%, 02/13/23 (a)		290,250

				3,299,492


		Utilities – 1.26%
	500,000	AES Andres Dominicana (Cayman Islands) Senior Secured Notes 9.500%, 11/12/20		535,000
	300,000	Duke Energy Senior Unsecured Notes 3.550%, 09/15/21		306,740
	200,000	Instituto Costarricense de Electricidad (Costa Rica) Senior Unsecured Notes 6.950%, 11/10/21 (a)		212,200
	375,000	Midamerican Energy Holdings Senior Unsecured Notes 6.500%, 09/15/37		444,336

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Utilities (continued)
	$ 400,000	Southern Copper Senior Unsecured Notes 5.250%, 11/08/42	$	332,614
	375,000	Southern Power Senior Unsecured Notes 4.875%, 07/15/15		400,188

				2,231,078


		Total Corporate Notes and Bonds (Cost $74,777,734)		73,096,006


	COLLATERALIZED MORTGAGE-BACKED SECURITIES – 18.17%

	1,072,000	American General Mortgage Loan Trust Series 2010-1A, Class A3 5.650%, 03/25/58 (a) (b)		1,118,840
	350,000	Banc of America Commercial Mortgage Trust Series 2007-4, Class AM 5.811%, 02/10/51 (b)		387,402
	776,927	Banc of America Funding Series 2010-R9, Class 3A3 5.500%, 12/26/35 (a)		631,935
	899,797	Banc of America Funding Series 2006-B, Class 7A1 5.553%, 03/20/36 (b)		856,043
	816,053	Banc of America Funding Series 2012-R4, Class A 0.428%, 03/04/39 (a) (b)		796,230
	75,000	Banc of America Merrill Lynch Commercial Mortgage Series 2006-4, Class AM 5.675%, 07/10/46		82,555
	100,000	Banc of America Re-REMIC Trust Series 2012-CLRN, Class B 1.774%, 08/15/29 (a) (b)		100,211
	100,000	Banc of America Re-REMIC Trust Series 2012-CLRN, Class D 2.874%, 08/15/29 (a) (b)		100,372
	446,018	Bear Stearns Asset Backed Securities Trust Series 2004-AC2, Class 2A 5.000%, 05/25/34		449,549
	125,000	Bear Stearns Commercial Mortgage Securities Series 2006-PW14, Class AM 5.243%, 12/11/38		136,710
	98,897	Bear Stearns Commercial Mortgage Securities Series 2005-PWR8, Class A4 4.674%, 06/11/41		103,544
	100,000	Bear Stearns Commercial Mortgage Securities Series 2005-T18, Class AJ 5.005%, 02/13/42 (b)		104,333
	231,304	Citicorp Mortgage Securities Series 2007-2, Class 3A1 5.500%, 02/25/37		226,037


Par Value			Market Value
	$ 350,000	Citigroup Commercial Mortgage Trust 2.738%, 01/12/18 (a)	$	350,190
	350,000	Citigroup Commercial Mortgage Trust 2.911%, 01/12/18 (a)		345,997
	986,344	Citigroup Commercial Mortgage Trust Series 2012-GC8, Class XA 2.244%, 09/10/45 (a) (b)		117,982
	130,000	Citigroup Commercial Mortgage Trust Series 2006-C5, Class AM 5.462%, 10/15/49		143,127
	6,752,866	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class XP 0.168%, 11/15/44 (a) (b)		13,688
	340,000	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class AMFX 5.366%, 12/11/49 (b)		350,225
	200,000	Commercial Mortgage Pass Through Certificates Series 2007-TFLA, Class B 0.324%, 02/15/22 (a) (b)		196,734
	275,000	Commercial Mortgage Pass Through Certificates Series 2006-C4, Class AM 5.509%, 09/15/39		297,864
	300,000	Commercial Mortgage Pass Through Certificates Series 2006-C5, Class AM 5.343%, 12/15/39		320,561
	1,976,885	Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.204%, 10/15/45 (b)		254,741
	350,000	Commercial Mortgage Pass Through Certificates Series 2006-C7, Class AM 5.779%, 06/10/46 (b)		378,268
	171,048	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 2.353%, 07/10/46 (a) (b)		7,139
	1,566,896	Countrywide Alternative Loan Trust Series 2005-J8, Class 1A5 5.500%, 07/25/35		1,497,948
	1,917,961	Countrywide Alternative Loan Trust Series 2005-86CB, Class A5 5.500%, 02/25/36		1,669,365
	554,489	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/25/36		256,993
	117,719	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/25/37		103,414
	454,673	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 0.670%, 09/25/37 (b)		269,620
	434,137	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 6.330%, 09/25/37 (b) (e)		94,260

See accompanying Notes to Financial Statements.


		45


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value
	$1,578,845	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-12, Class A9 5.750%, 08/25/37	$	1,508,803
	1,062,724	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-HYB8, Class 4A1 4.468%, 12/20/35 (b)		913,537
	930,987	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-2, Class A13 6.000%, 03/25/37		847,090
	215,823	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/25/37		194,999
	83,200	Credit Suisse First Boston Mortgage Securities Series 1998-C2 Class F 6.750%, 11/15/30 (a) (b)		86,621
	2,343,815	Credit Suisse First Boston Mortgage Securities Series 1997-C2, Class AX 0.271%, 01/17/35 (b)		745
	140,161	Credit Suisse First Boston Mortgage Securities Series 2005-8, Class 9A4 5.500%, 09/25/35		123,660
	250,000	Credit Suisse First Boston Mortgage Securities Series 2005-C6, Class AJ 5.230%, 12/15/40 (b)		265,639
	184,855	Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class A2 0.344%, 10/15/21 (a) (b)		184,174
	406,216	Credit Suisse Mortgage Capital Certificates Series 2006-7, Class 1A3 5.000%, 08/25/36		330,181
	265,962	Credit Suisse Mortgage Capital Certificates Series 2009-13R, Class 2A1 6.000%, 01/26/37 (a)		271,666
	1,380,006	Credit Suisse Mortgage Capital Certificates Series 2007-1, Class 5A4 6.000%, 02/25/37		1,237,983
	250,000	Credit Suisse Mortgage Capital Certificates Series 2009-RR2, Class IQB 5.695%, 04/16/49 (a) (b)		273,007
	200,000	DBRR Trust Series 2012-EZ1, Class A 1.393%, 09/25/45 (a) (d)		200,500
	150,000	Del Coronado Trust 2.124%, 03/15/26 (a) (b)		148,833


Par Value			Market Value
	$ 150,000	Del Coronado Trust 2.824%, 03/15/26 (a) (b)	$	147,617
	100,000	GE Capital Commercial Mortgage Series 2005-C2, Class B 5.113%, 05/10/43 (b)		104,578
	250,000	Greenwich Capital Commercial Funding Series 2007-GG11, Class AM 5.867%, 12/10/49 (b)		276,627
	100,000	GS Mortgage Securities Corp II Series 2006-GG6, Class AM 5.622%, 04/10/38 (b)		108,671
	350,000	GS Mortgage Securities Trust Series 2006-GG6, Class AJ 5.631%, 04/10/38 (b)		342,988
	923,091	GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1 3.154%, 01/25/36 (b)		808,762
	107,671	HSBC Asset Loan Obligation Series 2007-2, Class 1A1 5.500%, 09/25/37		108,119
	300,000	JPMorgan Chase Commercial Mortgage Securities 1.840%, 10/15/25 (a) (b)		301,672
	2,160,824	JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP8, Class X 0.546%, 05/15/45 (b)		30,442
	979,088	JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XA 2.020%, 06/15/45 (b)		100,442
	2,412,873	JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C8, Class XA 2.162%, 10/15/45 (b)		286,601
	1,229,341	JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class XA 1.519%, 07/15/46 (a) (b)		70,817
	350,000	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB17 Class AM 5.706%, 02/12/49 (b)		378,000
	77,774	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-C1, Class ASB 5.857%, 02/15/51		83,532
	250,000	JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LD12, Class AM 5.997%, 02/15/51 (b)		280,395
	250,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMFL 5.884%, 07/15/44 (a) (b)		280,514
	350,000	LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AM 5.413%, 09/15/39		387,623

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value
	$ 350,000	LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AJ 5.484%, 02/15/40	$	358,936
	50,000	LB-UBS Commercial Mortgage Trust Series 2005-C3, Class AM 4.794%, 07/15/40		52,843
	250,000	Merrill Lynch Mortgage Trust Series 2005-CIP1, Class AM 5.107%, 07/12/38 (b)		265,294
	350,000	Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 08/12/43 (b)		347,309
	250,000	ML-CFC Commercial Mortgage Trust Series 2007-5, Class AM 5.419%, 08/12/48		264,875
	984,616	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XA 1.892%, 08/15/45 (a) (b)		97,023
	250,000	Morgan Stanley Capital I Series 2007-IQ13, Class AM 5.406%, 03/15/44		270,847
	1,446,084	Morgan Stanley Capital I Series 2011-C1, Class XA 0.943%, 09/15/47 (a) (b)		37,174
	300,000	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AJ 5.508%, 02/12/44 (b)		315,719
	300,000	Morgan Stanley Capital I Trust Series 2006-HQ8, Class AJ 5.496%, 03/12/44 (b)		308,772
	1,331,566	Morgan Stanley Mortgage Loan Trust Series 2005-3AR, Class 2A2 2.483%, 07/25/35 (b)		1,141,102
	200,000	Morgan Stanley Re-REMIC Trust Series 2010-HQ4, Class AJ 4.970%, 04/15/40 (a)		205,571
	300,000	Nomura Asset Acceptance Series 2005-AP3, Class A3 5.318%, 08/25/35 (b)		229,226
	263,296	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/25/36		173,091
	652,227	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/25/37		510,946
	128,880	RREF Series 2013-LT2, Class A 2.833%, 05/22/28 (a)		129,049
	58,071	SMA Issuer I Series 2012-LV1, Class A 3.500%, 08/20/25 (a)		58,314
	449,604	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 2.555%, 02/25/36 (b)		390,611
	192,505	Structured Asset Securities Series 2005-10, Class 1A1 5.750%, 06/25/35		188,519


Par Value			Market Value
	$ 100,000	TIAA Seasoned Commercial Mortgage Trust Series 2007-C4 Class AJ 5.560%, 08/15/39 (b)	$	107,250
	1,964,775	UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class XA 2.177%, 08/10/49 (a) (b)		249,906
	300,000	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class AJ 5.632%, 10/15/48 (b)		283,004
	250,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AM 5.925%, 02/15/51 (b)		280,056
	350,000	Wachovia Bank Commercial Mortgage Trust Series Series 2007-C30, Class AMFL 0.380%, 12/15/43 (a) (b)		325,094
	443,349	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 6.000%, 06/25/37		402,286
	1,042,672	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR2, Class 2A5 2.633%, 03/25/36 (b)		1,011,346
	692,346	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/25/37		661,540
	635,628	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/25/37		636,934
	985,716	WF-RBS Commercial Mortgage Trust Series 2012-C8, Class XA 2.235%, 08/15/45 (a) (b)		119,798
	1,474,382	WF-RBS Commercial Mortgage Trust Series 2012-C9, Class XA 2.261%, 11/15/45 (a) (b)		189,979


		Total Collateralized Mortgage-Backed Securities (Cost $29,978,041)		32,059,129


	AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS – 11.77%

		Fannie Mae – 4.66%
	996,458	5.000%, 09/25/33 Series 2003-92, Class PZ, REMIC		1,092,824
	706,101	5.630%, 09/25/36 (b) (e) Series 2009-86, Class CI, REMIC		90,083
	417,030	6.450%, 10/25/36 (b) (e) Series 2007-57, Class SX, REMIC		64,685
	204,709	5.500%, 03/25/38 Series 2008-14, Class ZA, REMIC		224,472
	295,535	4.000%, 01/25/41 Series 2010-156, Class ZC, REMIC		252,405

See accompanying Notes to Financial Statements.


		47


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Freddie Mac (continued)
	$ 444,946	4.000%, 03/25/41 Series 2011-18, Class UZ, REMIC	$	444,638
	88,647	8.941%, 09/25/41 (b) Series 2011-88, Class SB, REMIC		88,577
	698,330	4.500%, 12/25/41 Series 2011-121, Class JP, REMIC		735,707
	1,059,978	3.500%, 03/25/42 Series 2012-20, Class ZT, REMIC		956,635
	1,597,905	4.000%, 04/25/42 Series 2012-31, Class Z, REMIC		1,575,742
	1,038,587	3.500%, 10/25/42 Series 2012-105, Class Z, REMIC		888,743
	432,285	1.500%, 02/25/43 Series 2013-6, Class ZH, REMIC		359,894
	1,330,929	4.448%, 11/25/49 (b) Series 2012-144, Class PT, REMIC		1,442,931

				8,217,336


		Freddie Mac – 5.46%
	2,815,269	3.000%, 08/15/42 Series 269, Class 30, STRIP		2,713,338
	776,935	5.000%, 12/15/34 Series 2909, Class Z, REMIC		863,448
	1,718,338	5.000%, 03/15/35 Series 2945, Class CZ, REMIC		1,863,900
	493,082	5.500%, 08/15/36 Series 3626, Class AZ, REMIC		548,569
	288,814	5.926%, 04/15/37 (b) (e) Series 3301, Class MS, REMIC		34,128
	217,235	5.826%, 11/15/37 (b) (e) Series 3382, Class SB, REMIC		25,227
	205,951	6.216%, 11/15/37 (b) (e) Series 3384, Class S, REMIC		26,434
	1,500,000	4.000%, 12/15/38 Series 3738, Class BP, REMIC		1,587,968
	630,972	5.346%, 01/15/39 (b) (e) Series 3500, Class SA, REMIC		79,301
	111,607	4.000%, 01/15/41 Series 3795, Class VZ, REMIC		112,130
	159,115	4.000%, 06/15/41 Series 3872, Class BA, REMIC		168,115
	218,802	4.000%, 07/15/41 Series 3888, Class ZG, REMIC		224,722
	387,168	4.500%, 07/15/41 Series 3894, Class ZA, REMIC		419,313
	14,901	9.201%, 09/15/41 (b) Series 3924, Class US, REMIC		15,059
	534,640	3.500%, 11/15/41 Series 3957, Class DZ, REMIC		507,619
	485,795	4.000%, 11/15/41 Series 3957, Class HZ, REMIC		454,904

				9,644,175


Par Value			Market Value

		Government National Mortgage Association – 1.65%
	$ 53,019	31.379%, 03/20/34 (b) Series 2004-35, Class SA	$	95,226
	850,285	7.458%, 08/20/38 (b) (e) Series 2008-69, Class SB		156,255
	729,174	5.925%, 03/20/39 (b) (e) Series 2010-98, Class IA		78,670
	935,360	4.500%, 05/16/39 Series 2009-32, Class ZE		1,005,247
	609,712	4.500%, 05/20/39 Series 2009-35, Class DZ		669,470
	600,651	4.500%, 09/20/39 Series 2009-75, Class GZ		658,382
	1,963,777	5.278%, 06/20/41 (b) (e) Series 2011-89, Class SA		246,037

				2,909,287


		Total Agency Collateralized Mortgage Obligations (Cost $21,121,525)		20,770,798


	U.S. GOVERNMENT OBLIGATIONS – 10.08%

		U.S. Treasury Bonds – 1.95%
	950,000	4.250%, 05/15/39		1,066,227
	2,300,000	3.750%, 08/15/41		2,363,071

				3,429,298


		U.S. Treasury Notes – 8.13%
	1,810,000	0.250%, 05/31/14		1,811,520
	4,830,000	1.000%, 08/31/19		4,664,722
	3,680,000	1.875%, 06/30/20		3,682,587
	4,460,000	1.625%, 08/15/22		4,188,217

				14,347,046


		Total U.S. Government Obligations (Cost $18,226,901)		17,776,344


	U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES – 7.37%

		Fannie Mae – 5.20%
	405,517	4.000%, 09/01/31 Pool # MA3894		431,874
	940,953	3.500%, 12/01/31 Pool # MA0919		979,170
	822,061	3.500%, 01/01/32 Pool # MA0949		855,431
	1,958,742	3.000%, 06/01/33 Pool # MA1459		1,976,214
	520,373	4.000%, 02/01/42 Pool # AK4039		540,738
	372,755	4.500%, 03/01/42 Pool # MA1050		393,365
	1,119,387	3.500%, 05/01/42 Pool # MA1068		1,136,527
	774,020	4.000%, 06/01/42 Pool # AB5459		805,432
	2,027,424	3.500%, 07/01/42 Pool # MA1117		2,058,562

				9,177,313

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Freddie Mac – 2.17%
	$1,898,699	3.000%, 01/01/33 Gold Pool # C91594	$	1,913,861
	67,856	5.000%, 07/01/35 Gold Pool # G01840		73,465
	25,224	5.500%, 12/01/38 Gold Pool # G06172		27,261
	369,526	4.000%, 10/01/41 Gold Pool # T60392		383,134
	1,407,298	3.500%, 10/01/42 Gold Pool # T65110		1,426,558

				3,824,279


		Total U.S. Government Mortgage-Backed Securities (Cost $13,247,183)		13,001,592


	ASSET-BACKED SECURITIES – 4.41%

	250,000	ALM IV (Cayman Islands) Series 2011-A4, Class C 2.994%, 07/18/22 (a) (b)		242,067
	250,000	ARES CLO (Cayman Islands) Series 2012-2A, Class D 4.874%, 10/12/23 (a) (b)		249,278
	500,000	ARES XXVI CLO (Cayman Islands) Series 2013-1A, Class D 3.994%, 04/15/25 (a) (b)		475,607
	1,311,522	Bayview Financial Acquisition Trust Series 2007-A, Class 1A5 6.101%, 05/28/37 (c)		1,319,844
	250,000	BlueMountain CLO (Cayman Islands) Series 2012-1A, Class E 5.742%, 07/20/23 (a) (b)		239,734
		Brookside Mill CLO (Cayman Islands) Series 2013-1A, Class D
	250,000	3.294%, 04/17/25 (a) (b)		228,731
		Series 2013-1A, Class E
	250,000	4.644%, 04/17/25 (a) (b)		223,709
		Cent CLO 18 Series 2013-18A, Class D
	250,000	3.700%, 07/23/25 (a) (b)		235,181
		Series 2013-18A, Class E
	250,000	4.850%, 07/23/25 (a) (b)		224,067
	100,000	Credit-Based Asset Servicing and Securitization Series 2007-MX1, Class A4 6.231%, 12/25/36 (a) (c)		77,155
	250,000	Dryden XXIV Senior Loan Fund (Cayman Islands) Series 2012-24A, Class D 5.014%, 11/15/23 (a) (b)		249,998
	250,000	GoldenTree Loan Opportunities VI (Cayman Islands) Series 2012-6A, Class D 4.444%, 04/17/22 (a) (b)		246,109
	757,000	GSAA Trust Series 2006-15, Class AF3B 5.933%, 09/25/36 (b)		138,889


Par Value			Market Value
		LCM XI (Cayman Islands) Series 10A, Class D
	$ 500,000	4.844%, 04/15/22 (a) (b)	$	497,311
		Series 11A, Class D
	250,000	4.216%, 04/19/22 (a) (b)		241,610
		Nomad CLO (Cayman Islands) Series 2013-1A, Class B
	250,000	3.218%, 01/15/25 (a) (b)		245,692
		Series 2013-1A, Class C
	250,000	3.768%, 01/15/25 (a) (b)		237,092
		Octagon Investment Partners XVI (Cayman Islands) Series 2013-1A, Class D
	250,000	3.622%, 07/17/25 (a) (b)		235,568
		Series 2013-1A, Class E
	250,000	4.772%, 07/17/25 (a) (b)		223,940
	250,000	OHA Intrepid Leveraged Loan Fund (Cayman Islands) Series 2011-1AR, Class DR 3.292%, 04/20/21 (a) (b)		246,344
	319,298	Residential Asset Mortgage Products Series 2006-RS5, Class A3 0.340%, 09/25/36 (b)		302,681
		Residential Asset Securities
	500,000	Series 2004-KS6, Class A15 5.850%, 07/25/34 (b)		534,491
	381,106	Series 2005-KS4, Class M1 0.580%, 05/25/35 (b)		376,049
	250,000	WhiteHorse III (Cayman Islands) Series 2006-1A, Class B1L 2.115%, 05/01/18 (a) (b)		245,099
	250,000	Wind River CLO (Cayman Islands) Series 2013-1A, Class C 3.642%, 04/20/25 (a) (b)		236,618


		Total Asset-Backed Securities (Cost $7,696,047)		7,772,864


	MUNICIPAL BONDS – 0.92%
	650,000	New York City, G O, SubSeries G-1 5.000%, 04/01/27		721,949
	730,000	NY State Dormitory Authority Rev., State Personal Income Tax, Series B (AMBAC Insured) 5.500%, 03/15/27		896,133


		Total Municipal Bonds (Cost $1,530,550)		1,618,082


	FOREIGN GOVERNMENT BONDS – 0.61%
	200,000	Brazilian Government International Bond 4.250%, 01/07/25		195,650
	500,000	Corp Andina de Fomento Senior Unsecured Notes 3.750%, 01/15/16		525,613
	350,000	Mexico Government International Bond 4.000%, 10/02/23		355,863


		Total Foreign Government Bonds (Cost $1,065,054)		1,077,126

See accompanying Notes to Financial Statements.


		49


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

	INVESTMENT COMPANIES – 4.64%

	$3,642,018	BlackRock Liquidity Funds TempCash Portfolio	$	3,642,018
	447,316	DoubleLine Floating Rate Fund 0.002%,		4,535,785


		Total Investment Companies (Cost $8,142,018)		8,177,803

	Total Investments – 99.41% (Cost $175,785,053)*			175,349,744

	Net Other Assets and Liabilities – 0.59%			1,036,120

	Net Assets – 100.00%		$	176,385,864

Aggregate cost for Federal income tax purposes is $176,457,816.


Gross unrealized appreciation	$	4,604,419
Gross unrealized depreciation		(5,712,491	)

Net unrealized depreciation	$	(1,108,072	)

(a)

Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are purchased in accordance with guidelines approved by the Fund’s Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At October 31, 2013, these securities amounted to $31,831,678 or 18.05% of net assets. These securities have not been determined by the Subadviser to be illiquid securities.

(b)

Variable rate bond. The interest rate shown reflects the rate in effect at October 31, 2013.

(c)

Step Coupon. Security becomes interest bearing at a future date.

(d)

Security with a total aggregate market value of $200,500 or 0.11% of the net assets, was valued under the fair value procedures established by the Fund’s Board of Trustees.

(e)

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.

REIT

Real Estate Investment Trust

REMIC

Real Estate Mortgage Investment Conduit

S&P

Standard & Poor’s

STRIP

Separate Trading of Registered Interest and Principal


Portfolio Composition
U.S. Government Obligations			10%
U.S. Government Agency Obligations			19%
Corporate Notes and Bonds
(S&P Ratings unaudited)
AAA			2%
AA			4%
A			9%
BBB			27%
BB			9%
B			4%
Lower than B			10%
Not Rated			6%

			100%

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/TCH Fixed Income Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
Tere Alvarez Canida, CFA; Alan M. Habacht, William J. Canida, CFA; & Scott M. Kimball

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

During the fiscal year ended October 31, 2013, sector, quality and security selection benefitted the portfolio, while yield curve selection modestly detracted from returns. The Fund is overweight credit securities which outperformed duration matched Treasuries by 108 basis points over the trailing twelve months. Within credit, the fund is overweight lower quality investment grade securities which were the best performing quality bucket on a duration-adjusted basis. BBB rated securities outperformed AAA rated securities* by 102 basis points of excess return during the period. The Fund also benefitted from an allocation to floating rate notes which outperformed in the rising interest rate environment of the last year. Floating-rate securities as measured by the Barclays Capital Floating Rate Note Index rose 1.3% in the past year. Offsetting some of the positive factors was our above-benchmark exposure to longer dated securities. Although the Fund has a below-benchmark duration profile overall, our barbelled portfolio structure modestly detracted from returns as longer duration securities underperformed.

Q.	What were the best performing holdings for the Fund during the period?

A.	Corporate debt securities were the best performing holdings during the year. Despite rising interest rates, corporates benefitted from their embedded carry advantage and from modestly tighter spreads at year end.

Q.	What were the weakest performing holdings?

Treasury securities were the weakest performing holdings in the Fund during the trailing 12 months as interest rose during the year. In addition, our exposure to Treasury Inflation-Protected Securities (TIPS) detracted from returns as TIPS underperformed nominal securities during the last year as signs of a significant increase in inflation remain muted.

Q.	How was the Fund positioned as of October 31, 2013?

We believe that U.S. investment grade credit offers excellent relative value, opting for certain non-U.S. corporate bonds as a means of diversification in lieu of moving significantly lower in credit quality. Within our yield curve exposure, we continue to believe an allocation to floating rate securities is warranted. On October 30, 2013, the Federal Reserve (Fed) announced that it will continue its $85 billion per month purchase of U.S. Treasury and Agency mortgage-backed securities (MBS). The central bank cited a slowing housing recovery and uncertainty surrounding fiscal policy as constraints to U.S. economic growth.

However, the Fed removed a sentence from its previous statement in September that tighter financial conditions could slow the improvement in the economy. We view the removal of this statement as another attempt by the Fed to prepare market participants for the removal of some of the accommodation in 2014.

Note: A basis point (bps) is a unit of measure. 1bps = .01%.

*S&P assigns a credit quality rating from AAA (highest quality) to D (lowest quality). Credit quality ratings refer to the underlying bonds in the Fund’s portfolio and not of the Fund itself.

Growth of a Hypothetical

$10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	0.13	%
Five Year	9.44	%
Ten Year	5.60	%
Since Inception	5.90	%

Inception Date 12/13/93

Average Annual Total Returns - Class I


One Year	0.28	%
Five Year	9.62	%
Ten Year	5.83	%
Since Inception	6.19	%

Inception Date 07/31/00

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratios for Class N and Class I Shares are 1.11% and 0.86%, respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


		51


Aston Funds



ASTON/TCH Fixed Income Fund		October 31, 2013

*Schedule of Investments*

LOGO


Par Value			Market Value

	CORPORATE NOTES AND BONDS – 56.36%

		Consumer Discretionary – 5.41%
	$ 350,000	ADT Senior Unsecured Notes 4.875%, 07/15/42	$	271,871
	250,000	Arcos Dorados Holdings (British Virgin Islands) 6.625%, 09/27/23 (b)		255,000
	865,000	L Brands Senior Unsecured Notes 7.600%, 07/15/37		884,463
	100,000	Macy’s Retail Holdings 7.875%, 07/15/15 (a)		111,318
		QVC
	200,000	5.125%, 07/02/22		203,078
	500,000	5.950%, 03/15/43		449,416
	250,000	Staples Senior Unsecured Notes 9.750%, 01/15/14		254,423
	500,000	Whirlpool, MTN Senior Unsecured Notes 8.600%, 05/01/14		519,694

				2,949,263


		Consumer Staples – 2.08%
		Altria Group
	500,000	8.500%, 11/10/13		500,550
	200,000	10.200%, 02/06/39		319,471
	150,000	PepsiCo Senior Unsecured Notes 7.900%, 11/01/18		191,227
	100,000	Reynolds American 7.750%, 06/01/18		122,099

				1,133,347


Par Value			Market Value

		Energy – 6.88%
		Chesapeake Energy
	$ 250,000	6.625%, 08/15/20	$	283,125
	250,000	6.125%, 02/15/21		274,375
	250,000	Energy Transfer Partners Senior Unsecured Notes 9.000%, 04/15/19		320,151
	250,000	Hess Senior Unsecured Notes 8.125%, 02/15/19		315,263
	250,000	KazMunayGas National (Kazakhstan) Senior Unsecured Notes 5.750%, 04/30/43 (b)		227,788
	400,000	Kinder Morgan Energy Partners Senior Unsecured Notes 9.000%, 02/01/19		515,687
	250,000	Petrobras Global Finance BV (Netherlands) 5.625%, 05/20/43		214,871
	250,000	Pride International Senior Unsecured Notes 6.875%, 08/15/20		300,272
	250,000	Puget Energy 5.625%, 07/15/22		270,508
	250,000	Rockies Express Pipeline Senior Unsecured Notes 6.875%, 04/15/40 (b)		190,000
	250,000	Valero Energy 9.375%, 03/15/19		326,596
	400,000	Weatherford International (Bermuda) 9.625%, 03/01/19		510,780

				3,749,416


		Financials – 18.00%
	250,000	AFLAC Senior Unsecured Notes 8.500%, 05/15/19		325,600
	450,000	American Financial Group Senior Unsecured Notes 9.875%, 06/15/19		589,670
	250,000	Banco Bradesco SA/Cayman Islands (Brazil) Subordinated Notes 5.750%, 03/01/22 (b)		253,125
		Bancolombia SA (Colombia) Senior Unsecured Notes
	250,000	5.950%, 06/03/21		265,250
		Subordinated Notes
	250,000	5.125%, 09/11/22		240,000
	550,000	Barrick North America Finance 5.700%, 05/30/41		466,377
		Blackstone Holdings Finance
	150,000	6.625%, 08/15/19 (b) (d)		178,442
	250,000	6.250%, 08/15/42 (b) (d)		275,940
	250,000	Bunge Ltd Finance 8.500%, 06/15/19		312,551
	175,000	Capital One Financial Senior Unsecured Notes 6.250%, 11/15/13		175,287

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/TCH Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Financials (continued)
	$ 500,000	Daimler Finance 1.024%, 04/10/14 (b) (c)	$	501,390
	250,000	Discover Bank Subordinated Notes 7.000%, 04/15/20		295,439
	1,000,000	General Electric Capital, MTN Senior Unsecured Notes 0.938%, 04/24/14 (c)		1,004,251
	800,000	Goldman Sachs Capital I 6.345%, 02/15/34		802,617
	400,000	Itau Unibanco Holding SA (Brazil) Subordinated Notes 5.500%, 08/06/22 (b)		396,000
		Jefferies Group Senior Unsecured Notes
	200,000	8.500%, 07/15/19		244,294
	250,000	6.500%, 01/20/43		249,205
	500,000	JPMorgan Chase, MTN Senior Unsecured Notes 1.038%, 01/24/14 (c)		501,019
	250,000	KKR Group Finance 5.500%, 02/01/43 (b)		234,633
	200,000	Leucadia National 5.500%, 10/18/23		202,228
	300,000	Marsh & McLennan Senior Unsecured Notes 9.250%, 04/15/19		394,898
	750,000	Merrill Lynch, MTN Senior Unsecured Notes 6.875%, 04/25/18		891,424
	250,000	Nomura Holdings (Japan), MTN Senior Unsecured Notes 1.704%, 09/13/16 (c)		254,541
	250,000	Royal Bank of Canada (Canada), GMTN Senior Unsecured Notes 0.936%, 10/30/14 (c)		251,760
	500,000	Wells Fargo Senior Unsecured Notes 1.170%, 06/26/15 (c)		506,009

				9,811,950


		Healthcare – 2.73%
	310,000	Endo Health Solutions 7.000%, 07/15/19		332,475
	250,000	Humana Senior Unsecured Notes 8.150%, 06/15/38		334,778
	500,000	Lorillard Tobacco 8.125%, 05/01/40		620,983
	200,000	Quest Diagnostics 1.100%, 03/24/14 (c)		200,539

				1,488,775


		Industrials – 4.50%
	370,000	Burlington Northern Santa Fe Senior Unsecured Notes 7.000%, 02/01/14		375,738


Par Value			Market Value

		Industrials (continued)
	$ 250,000	FedEx Senior Notes 8.000%, 01/15/19	$	314,457
	500,000	Mexichem SAB de CV (Mexico) 6.750%, 09/19/42 (b)		492,500
	200,000	Nissan Motor Acceptance 0.950%, 09/26/16 (b) (c)		200,451
	500,000	Southern Copper 7.500%, 07/27/35		537,265
	250,000	Vale SA (Brazil) Senior Unsecured Notes 5.625%, 09/11/42		226,775
	250,000	Waste Management 7.375%, 03/11/19		305,301

				2,452,487


		Information Technology – 2.05%
	490,000	DIRECTV Holdings / DIRECTV Financing 6.350%, 03/15/40		506,236
	600,000	Telecom Italia Capital SA (Luxembourg) 7.721%, 06/04/38		612,976

				1,119,212


		Materials – 4.11%
	100,000	Allegheny Technologies Senior Unsecured Notes 5.875%, 08/15/23		103,011
	400,000	ArcelorMittal (Luxembourg) Senior Unsecured Notes 7.500%, 10/15/39 (a)		397,000
	250,000	Braskem America Finance 7.125%, 07/22/41 (b)		241,875
	250,000	Dow Chemical (The) Senior Unsecured Notes 8.550%, 05/15/19		323,847
	250,000	International Paper Senior Unsecured Notes 8.700%, 06/15/38		353,032
	550,000	Rio Tinto Finance (Australia) 8.950%, 05/01/14		572,331
	250,000	Teck Resources (Canada) 6.250%, 07/15/41		248,178

				2,239,274


		Telecommunication Services – 7.19%
	500,000	British Telecommunications (United Kingdom) Senior Unsecured Notes 1.378%, 12/20/13 (c)		500,725
		CenturyLink Senior Unsecured Notes
	500,000	7.600%, 09/15/39		468,750
	500,000	7.650%, 03/15/42		466,250
	400,000	Expedia 5.950%, 08/15/20		425,036
	350,000	Frontier Communications Senior Unsecured Notes 9.000%, 08/15/31		364,000

See accompanying Notes to Financial Statements.


		53


Aston Funds



ASTON/TCH Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Telecommunication Services (continued)
	$ 500,000	Telefonica Europe BV (Netherlands) 8.250%, 09/15/30	$	603,396
	450,000	Time Warner Cable 8.250%, 02/14/14		459,127
	100,000	Verizon Communications 1.782%, 09/15/16 (c)		102,823
	500,000	Windstream 7.500%, 06/01/22		526,250

				3,916,357


		Utilities – 3.41%
	500,000	Dubai Electricity & Water Authority (United Arab Emirates) Senior Unsecured Notes 8.500%, 04/22/15 (b)		550,000
	450,000	FPL Group Capital 7.875%, 12/15/15		513,419
	150,000	Pacific Gas & Electric Senior Unsecured Notes 8.250%, 10/15/18		191,787
	450,000	Sempra Energy Senior Unsecured Notes 9.800%, 02/15/19		605,552

				1,860,758


		Total Corporate Notes and Bonds (Cost $28,447,143)		30,720,839


	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 33.94%

		Fannie Mae – 7.04%
	214,900	6.000%, 11/01/17, Pool # 662854		230,818
	72,696	6.000%, 04/01/18, Pool # 725175		76,919
	192,085	5.500%, 11/01/18, Pool # 748886		204,114
	71,860	4.500%, 06/01/19, Pool # 747860		76,947
	360,429	6.000%, 01/01/21, Pool # 850787		399,263
	106,866	6.000%, 09/01/32, Pool # 847899		117,097
	90,638	6.000%, 02/01/34, Pool # 771952		100,635
	79,577	7.500%, 02/01/35, Pool # 787557		92,590
	19,032	7.500%, 04/01/35, Pool # 819231		20,475
	138,464	6.000%, 11/01/35, Pool # 844078		151,654
	137,204	5.000%, 05/01/36, Pool # 745581		149,234
	84,134	6.000%, 12/01/36, Pool # 888029		92,424
	112,259	5.500%, 06/01/37, Pool # 918778		122,411


Par Value			Market Value

		Fannie Mae (continued)
	$ 116,060	6.500%, 10/01/37, Pool # 888890	$	128,293
	343,834	5.500%, 03/01/38, Pool # 962344		374,929
	274,258	4.000%, 02/01/41, Pool # AE0949		289,039
	234,076	4.000%, 02/01/41, Pool # AH5695		247,174
	976,896	3.000%, 03/01/43, Pool # AB8615		964,868

				3,838,884


		Freddie Mac – 8.76%
	345,313	5.500%, 11/01/20, Gold Pool # G18083		375,903
	71,291	5.500%, 12/01/20, Gold Pool # G11820		77,591
	54,385	6.000%, 10/01/35, Gold Pool # A47772		60,023
	134,526	5.500%, 05/01/37, Gold Pool # A60048		145,620
	242,997	5.500%, 09/01/37, Gold Pool # G03202		263,037
	210,360	5.000%, 02/01/38, Gold Pool # A73409		226,802
	471,815	5.000%, 04/01/38, Gold Pool # G04334		509,608
	255,783	4.000%, 12/01/39, Gold Pool # G06935		268,918
	125,056	4.000%, 05/01/41, Gold Pool # Q00870		131,540
	751,302	4.000%, 11/01/41, Gold Pool # Q04550		790,477
	974,699	3.000%, 04/01/43, Gold Pool # V80006		957,796
	981,897	3.000%, 05/01/43, Gold Pool # G08525		966,393

				4,773,708


		Government National Mortgage Association – 2.21%
	166,551	5.000%, 05/20/37, Pool # 782156		182,331
	354,831	5.000%, 08/20/37, Pool # 4015		387,341
	301,300	6.000%, 07/20/38, Pool # 4195		336,811
	190,944	5.500%, 08/20/38, Pool # 4215		201,322
	88,467	6.000%, 01/15/39, Pool # 698036		97,859

				1,205,664


		U.S. Treasury Inflation Index Bonds – 5.59%
	1,626,795	1.375%, 07/15/18		1,793,795
	1,116,330	1.750%, 01/15/28		1,255,261

				3,049,056

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/TCH Fixed Income Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		U.S. Treasury Note – 10.34%
	$1,500,000	4.000%, 02/15/15	$	1,573,359
	1,000,000	2.125%, 05/31/15		1,029,688
	1,500,000	2.000%, 01/31/16		1,554,962
	1,500,000	2.000%, 11/15/21		1,476,797

				5,634,806


		Total U.S. Government and Agency Obligations (Cost $17,957,297)		18,502,118


	ASSET-BACKED SECURITIES – 1.71%

	269,675	Ford Credit Auto Owner Trust Series 2010-A, Class A4 2.150%, 06/15/15		270,838
	152,664	Hyundai Auto Receivables Trust Series 2010-A, Class A4 2.450%, 12/15/16		154,590
	500,000	Volkswagen Auto Loan Enhanced Trust Series 2011-1, Class A4 1.980%, 09/20/17		506,440


		Total Asset-Backed Securities (Cost $931,876)		931,868


	COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.38%

	275,000	Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class A4 5.742%, 09/11/42 (c)		313,610
	432,971	Citigroup Commercial Mortgage Series 2004-C1, Class A4 5.432%, 04/15/40 (c)		438,242


		Total Commercial Mortgage-Backed Securities (Cost $638,396)		751,852

	Total Investments – 93.39% (Cost $47,974,712)*			50,906,677

	Net Other Assets and Liabilities – 6.61%			3,605,983

	Net Assets – 100.00%		$	54,512,660

Aggregate cost for Federal income tax purposes is $47,772,348.


Gross unrealized appreciation	$	3,712,313
Gross unrealized depreciation		(577,984	)

Net unrealized appreciation	$	3,134,329

(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 Fund’s Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At October 31, 2013, these securities amounted to $3,997,144 or 7.33% of net assets. These securities have not been determined by the Subadviser to be illiquid securities.

(c)

Variable rate bond. The interest rate shown reflects the rate in effect at October 31, 2013.

(d)

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’s


Portfolio Composition
U.S. Government and Agency Obligations			34%
Asset-Backed Securities			2%
Commercial Mortgage-Backed Securities			1%
Net Other Assets and Liabilities			7%
Corporate Notes and Bonds (Moody’s Ratings^(d)unaudited)
Aa			1%
A			9%
Baa			32%
Ba			13%
B			1%

			100%

See accompanying Notes to Financial Statements.


		55


Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
Frederick C. Lake & Ronald A. Lake

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

A.	Class I Shares of the Fund gained 9.31%. Although the benchmark (the HFRX Equity Hedge Index) gained 9.29%, it was more volatile.

Generally, the Fund’s strategic diversification and moderate equity exposure enabled it to participate in the stock market’s upside while it sought to dampen downside volatility. Stocks have benefited from excess liquidity, low rates, improving corporate profitability, and expanding price/earnings multiples. For the S&P 500, this has meant a banner increase of 27.2% for the fiscal year. Considering that the Fund’s composite net equity exposure averaged around 30%, its return of 9.31% for the period is higher than might otherwise have been expected.

Although equities have done well, markets have had to contend with a series of political and policy uncertainties, including Washington’s dysfunction over the budget and debt ceiling, the Federal Reserve’s (Fed) mixed signals about “tapering,” the overhang of debt and austerity in Europe, doubts over the structural reforms promised under “Abenomics” in Japan, and China’s struggle to reign in financial excesses. Such uncertainties have triggered bouts of downside volatility. Most notably, the S&P 500 suffered three corrections starting in May, when the Fed first raised the likelihood of “tapering.” This led to a drop of -5.6% from May 21 through June 24. The S&P 500 then lost -4.5% during most of August, again on “tapering” concerns. The index corrected -4.0% between September 18 and October 8, this time in anticipation of the debt ceiling debate.

Bond markets also have faced volatility. The Barclays U.S. Bond Aggregate was flat for much of the first half of the fiscal year, and then tumbled over -4.0% from mid-May through early September. Although the index subsequently recovered much of this drop, it finished the fiscal year down -1.08%. In contrast, the Fund’s allocations to strategic fixed income and hedged credit contributed

positively to returns, despite feeling some of the bond market’s knock-on effects.

Q.	What were the best performing holdings for the Fund during the period?

A.	The bulk of the Fund’s gains came from the core equity-oriented strategies, which included long-biased, U.S. multi-asset, and hedged-equity managers. Secondarily, arbitrage-related allocations also contributed.

Q.	What were the weakest performing holdings?

A.	Global macro, strategic fixed income, and hedged credit were modestly positive or flat.

Q.	How was the Fund positioned as of October 31, 2013?

A.	Equity-oriented funds (long-biased; hedged; multi-asset; global strategies) accounted for nearly 54% of the portfolio. Other allocations included 15% to strategic fixed income, 8% to hedged credit, 18% to arbitrage (merger arbitrage; convertible arbitrage) and 5% to global macro.

Throughout the year, we positioned the portfolio to dampen the risk of conventional asset classes while aiming for relatively stable returns, by:

•

Diversifying across a mix of less correlated strategies, combining strategic fixed income, hedged credit, arbitrage, and global macro with long/short and long-biased equities.

•

Maintaining moderate composite net equity exposures.

•

Being proactive in adjusting the mix of strategies incrementally to take advantage of opportunities or to sidestep potential risks.

Volatility is likely to remain a feature of the investment landscape, as unresolved policy and political issues create uncertainty for investors. We therefore intend to maintain a diversified mix of strategies in an effort to mitigate volatility, while maintaining the potential to generate attractive risk-adjusted returns.

Growth of a Hypothetical

$10,000 Investment—Class I

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

A fund-of-funds that invests in funds using alternative or hedging strategies may be exposed to potentially dramatic changes in the value of certain of its portfolio holdings. Investments in a fund-of-funds are subject to higher costs than investing directly in the underlying funds.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	9.05	%
Since Inception	5.31	%

Inception Date 03/03/10

Average Annual Total Returns - Class I


One Year	9.31	%
Since Inception	7.88	%

Inception Date 04/01/09*

* The Fund commenced operations on April 1, 2009. Because the Fund invests primarily in open-end investment companies which are priced as of the close of the NYSE, performance is shown from April 2, 2009.

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The oldest Share Class, Class I, is being shown in the above chart. Performance would have been lower for Class N Shares, due to higher fees and expenses.


Aston Funds



ASTON/Lake Partners LASSO Alternatives Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	INVESTMENT COMPANIES – 99.91%

		Long/Short Strategies – 53.75%
	502,873	BlackRock Emerging Markets Long/Short Equity Fund-IS	$	5,431,032
	1,411,761	Blackrock Global Long/Short Equity Fund-IS		16,447,015
	1,455,460	Convergence Core Plus Fund		24,859,252
	1,157,118	Driehaus Emerging Markets Small Cap Growth Fund		14,035,840
	1,529,273	FPA Crescent Fund-I		50,450,702
	365,476	Gotham Absolute Return Fund		4,652,507
	3,079,094	Robeco Boston Partners Long/Short Equity Fund-IS		66,631,592
	4,430,087	The Weitz Funds - Partners III Opportunity Fund		70,571,283

				253,079,223


		Hedged Credit and Strategic Fixed Income – 22.91%
	2,079,200	Avenue Credit Strategies Fund		23,411,794
	1,479,948	BlackRock Global Long/Short Credit Fund-INS *		15,894,637
	2,607	Driehaus Active Income Fund		28,082
	607,624	Guggenheim - Macro Opportunities Fund		16,266,094
	1,361,444	Metropolitan West Unconstrained Bond Fund		16,024,202
	925,196	PIMCO Income Fund		11,453,927
	794,614	PIMCO Mortgage Opportunities Fund		8,756,644
	1,352,927	Scout Unconstrained Bond Fund		16,032,189

				107,867,569


		Arbitrage – 17.53%
	1,863,058	Calamos Market Neutral Income Fund		24,163,857
	5,245,527	Touchstone Merger Arbitrage Fund		58,382,716

				82,546,573


Shares			Market Value

		Global Macro – 4.95%
	2,118,580	John Hancock Funds II - Global Absolute Return Strategies Fund	$	23,325,565


		Money Market – 0.77%
	3,610,939	Blackrock Liquidity Funds Treasury Trust Fund Portfolio		3,610,939


		Total Investment Companies (Cost $442,546,622)		470,429,869

	Total Investments – 99.91% (Cost $442,546,622)**			470,429,869

	Net Other Assets and Liabilities – 0.09%			432,924

	Net Assets – 100.00%		$	470,862,793

Non-income producing security.

Aggregate cost for Federal income tax purposes is $442,644,082.


Gross unrealized appreciation	$	28,773,545
Gross unrealized depreciation		(987,758	)

Net unrealized appreciation	$	27,785,787

See accompanying Notes to Financial Statements.


		57


Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		Ronald L. Altman

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The Fund’s Class N Shares posted a solid 12.60% gain for the 12 months ending October 31, 2013, but significantly lagged its long-only S&P 500 Index benchmark. Our strategy of selling call options and buying index puts as a hedge against potential market volatility weighed on results amid a strong equity rally for most of the period. Putting the Fund’s performance into perspective relative to its risk profile versus the benchmark, however, we think illuminates the quality of its returns. The Fund’s beta (a measure of volatility) in the past year was 0.45, meaning that it delivered its returns with less than half the market’s volatility. This was highlighted during the brief stock selloff from mid-May to mid-June 2013, when the Fund declined less dramatically than the sharply declining S&P 500. Thus, on a risk-adjusted basis, we believe the Fund’s returns were roughly in line with the benchmark the past year.

Q.	What were the best performing holdings for the Fund during the period?

The stock-only returns were better than average compared with the benchmark the past 12 months, highlighting the negative effect of our hedging strategy amid the market rally. We were aggressive in terms of rotating the holdings once an individual position came close to our calculation of its intrinsic value. The best performing areas in the portfolio included durable goods within Consumer Discretionary, and the Energy and Technology sectors.

Q.	What were the weakest performing holdings?

A.	Other than the notable drag from our hedging strategy, the portfolio fell materially short of the benchmark in Utilities. Stock-picking in all the other major segments of the equity market were either equal or better than the index.

Q.	How was the Fund positioned as of October 31, 2013?

We are comfortable with the current positioning in the portfolio, as we believe the mix of stocks owned is well positioned fundamentally. Given that correlations between sectors of the market are extremely low relative to historical norms, the data suggests that this is a stock-pickers market. Overall, we continue to focus on those companies with above-average dividend yields where fundamentals suggest that those dividends can increase. The combination of high-yield and attractive valuations relative to cash flow and revenue have always been a critical aspect of our investment process, and will remain so. We are maintaining our strategy of hedging the portfolio by selling call options on individual holdings in seeking to capture incremental income and buying index put options to help guard against a meaningful market decline, as we believe that minimizing volatility is the best avenue towards delivering strong long-term results.

Growth of a Hypothetical

$10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

By selling covered call options, the 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. A liquid market may not exist for options held by the Fund. If the Fund is not able to close out an options transaction, it will not be able to sell the underlying security until the option expires or is exercised. If the Fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock’s current market price. Premiums from the Fund’s sale of call options typically will result in short-term capital gains for federal income tax purposes.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	12.60	%
Five Year	9.98	%
Since Inception	4.92	%

Inception Date 01/15/08

Average Annual Total Returns - Class I


One Year	12.88	%
Since Inception	7.98	%

Inception Date 03/03/10


Aston Funds



ASTON/Anchor Capital Enhanced Equity Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 101.08%

		Consumer Discretionary – 15.61%
	65,000	Coach (a)	$	3,294,200
	431,500	Ford Motor (a)		7,382,965
	109,200	Kohl’s (a)		6,202,560
	500,000	Staples (a)		8,060,000

				24,939,725


		Consumer Staples – 2.39%
	120,000	ConAgra Foods (a)		3,817,200


		Energy – 13.95%
	45,000	Anadarko Petroleum (a)		4,288,050
	61,000	Apache (a)		5,416,800
	75,000	Devon Energy (a)		4,741,500
	27,000	Occidental Petroleum (a)		2,594,160
	185,000	Peabody Energy (a)		3,603,800
	35,000	Transcocean (Switzerland) (a)		1,647,450

				22,291,760


		Financials – 10.01%
	140,000	BB&T (a)		4,755,800
	140,000	Hartford Financial Services Group (a)		4,718,000
	550,000	Huntington Bancshares (a)		4,840,000
	50,000	SunTrust Banks (a)		1,682,000

				15,995,800


		Healthcare – 3.53%
	15,000	Abbott Laboratories (a)		548,250
	85,000	Quest Diagnostics (a)		5,092,350

				5,640,600


		Industrials – 3.33%
	65,000	Deere (a)		5,319,600


Shares			Market Value

		Information Technology – 23.48%
	165,000	Applied Materials (a)	$	2,945,250
	230,000	Cisco Systems (a)		5,175,000
	460,000	Corning (a)		7,861,400
	280,000	Intel (a)		6,840,400
	195,000	Microsoft (a)		6,893,250
	416,300	Nokia OYJ, SP ADR * (a)		3,176,369
	95,000	Seagate Technology (Ireland) (a)		4,624,600

				37,516,269


		Materials – 6.11%
	370,000	Alcoa (a)		3,429,900
	90,000	Dow Chemical (a)		3,552,300
	120,000	Huntsman (a)		2,786,400

				9,768,600


		Telecommunication Services – 7.12%
	155,000	AT&T (a)		5,611,000
	170,000	CenturyLink (a)		5,756,200

				11,367,200


		Utilities – 15.55%
	73,000	Entergy (a)		4,724,560
	160,000	Exelon (a)		4,566,400
	130,000	FirstEnergy (a)		4,923,100
	150,000	PPL (a)		4,594,500
	180,000	Public Service Enterprise Group (a)		6,030,000

				24,838,560


		Total Common Stocks (Cost $151,689,285)		161,495,314

Number of Contracts

	PURCHASED OPTIONS – 0.19%

		SPDR S&P 500 ETF Trust
	500	Strike @ $148 Exp 11/13		1,500
	250	Strike @ $149 Exp 11/13		1,000
	250	Strike @ $150 Exp 11/13		750
	1,000	Strike @ $145 Exp 12/13		17,500
	1,500	Strike @ $146 Exp 12/13		25,000
	1,500	Strike @ $147 Exp 12/13		27,000
	4,250	Strike @ $148 Exp 12/13		67,000
	3,750	Strike @ $149 Exp 12/13		65,125
	3,750	Strike @ $150 Exp 12/13		70,000
	1,500	Strike @ $151 Exp 12/13		27,000


		Total Purchased Options (Cost $1,444,839)		301,875

See accompanying Notes to Financial Statements.


		59


Aston Funds



ASTON/Anchor Capital Enhanced Equity Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

	INVESTMENT COMPANY – 3.44%

	5,497,242	BlackRock Liquidity Funds TempCash Portfolio	$	5,497,242


		Total Investment Company (Cost $5,497,242)		5,497,242

	Total Investments – 104.71% (Cost $158,631,366)**			167,294,431
	Net Other Assets and Liabilities – (4.71)%			(7,532,507	)

	Net Assets – 100.00%		$	159,761,924

Non-income producing security.

Aggregate cost for Federal income tax purposes is $158,663,149.


Gross unrealized appreciation	$	14,437,691
Gross unrealized depreciation		(5,806,409	)

Net unrealized appreciation	$	8,631,282

(a)

All of these securities are pledged as collateral for written options.

ETF

Exchange-Traded Fund

S&P

Standard & Poor’s

SP ADR

Sponsored American Depositary Receipt

SPDR

Standard & Poor’s Depositary Receipt

Transactions in written call options for the period ended October 31, 2013 were as follows:


Contracts	Number of Contracts			Premium
Outstanding, October 31, 2012		56,326		$	3,939,696
Call Options Written		273,634			19,259,884
Call Options Closed or Expired		(269,813	)		(18,879,298	)
Call Options Exercised		(1,317	)		(159,380	)

Outstanding, October 31, 2013		58,830		$	4,160,902

Premiums received and value of written call equity options outstanding as of October 31, 2013.


Number of Contracts		Description	Premium Received		Market Value
		Abbott Laboratories
	100	Strike @ $39 Exp 5/14		$ 8,500		$ 10,100
	50	Strike @ $40 Exp 5/14		3,700		3,125

		Alcoa
	2,450	Strike @ $10 Exp 4/14		41,629		105,350
	500	Strike @ $11 Exp 4/14		10,482		11,500
	650	Strike @ $9 Exp 4/14		24,777		57,850

		Anadarko Petroleum
	450	Strike @ $110 Exp 5/14		113,369		122,400

		Apache
	610	Strike @ $90 Exp 4/14		95,750		295,850

		Applied Materials
	650	Strike @ $16 Exp 4/14		51,460		148,525
	1,000	Strike @ $17 Exp 4/14		66,960		168,000


Number of Contracts		Description	Premium Received		Market Value
		AT&T
	50	Strike @ $36 Exp 4/14		$ 2,800		$ 7,600
	1,150	Strike @ $37 Exp 4/14		62,538		113,850
	350	Strike @ $38 Exp 4/14		14,510		22,750

		BB&T
	100	Strike @ $37 Exp 6/14		6,496		6,050
	1,250	Strike @ $38 Exp 6/14		62,204		49,375

		CenturyLink
	1,500	Strike @ $38 Exp 4/14		44,989		41,250

		Cisco Systems
	101	Strike @ $25 Exp 4/14		7,167		5,454
	900	Strike @ $25 Exp 7/14		65,020		67,500
	10	Strike @ $26 Exp 7/14		500		540
	589	Strike @ $27 Exp 7/14		22,128		22,971

		Coach
	250	Strike @ $55 Exp 5/14		45,741		50,000
	350	Strike @ $57.50 Exp 5/14		46,217		45,500
	50	Strike @ $60 Exp 5/14		4,698		4,300

		ConAgra Foods
	150	Strike @ $33 Exp 3/14		8,969		12,150
	150	Strike @ $34 Exp 3/14		6,595		6,375
	250	Strike @ $35 Exp 3/14		10,941		6,250
	200	Strike @ $36 Exp 3/14		6,793		2,500
	50	Strike @ $33 Exp 6/14		4,448		6,000
	100	Strike @ $34 Exp 6/14		6,971		8,100
	200	Strike @ $35 Exp 6/14		11,443		10,000

		Corning
	4,600	Strike @ $19 Exp 5/14		66,135		276,000

		Deere
	300	Strike @ $95 Exp 6/14		52,088		36,600

		Devon Energy
	250	Strike @ $65 Exp 4/14		46,241		80,000
	500	Strike @ $70 Exp 4/14		44,360		79,000

		Dow Chemical
	600	Strike @ $37 Exp 1/14		55,065		201,000
	300	Strike @ $38 Exp 1/14		32,699		73,200

		Entergy
	730	Strike @ $72.50 Exp 5/14		50,140		25,550

		Exelon
	434	Strike @ $35 Exp 4/14		14,361		4,340
	1,066	Strike @ $36 Exp 4/14		25,807		5,330

		FirstEnergy
	60	Strike @ $43 Exp 1/14		2,340		750
	1,040	Strike @ $43 Exp 4/14		37,895		29,120

		Ford Motor
	200	Strike @ $15 Exp 3/14		38,717		49,400
	800	Strike @ $16 Exp 3/14		60,679		144,000
	2,800	Strike @ $18 Exp 6/14		344,294		285,600
	515	Strike @ $19 Exp 6/14		46,233		36,565

		Hartford Financial Services
	400	Strike @ $38 Exp 6/14		43,487		44,000
	1,000	Strike @ $39 Exp 6/14		107,998		85,500

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/Anchor Capital Enhanced Equity Fund		October 31, 2013

*Schedule of Investments – continued*


Number of Contracts		Description	Premium Received		Market Value
		Huntington Bancshares
	2,800	Strike @ $10 Exp 4/14		$ 47,505		$ 44,800
	1,000	Strike @ $11 Exp 4/14		4,964		6,500
	1,600	Strike @ $9 Exp 4/14		53,243		75,200

		Huntsman
	700	Strike @ $23 Exp 5/14		87,848		161,000
	425	Strike @ $24 Exp 5/14		54,026		72,250
	75	Strike @ $25 Exp 5/14		6,972		10,125

		Intel
	1,800	Strike @ $28 Exp 7/14		66,963		81,000
	1,000	Strike @ $29 Exp 7/14		27,964		31,000

		Kohl’s
	651	Strike @ $52.50 Exp 4/14		172,837		390,600
	441	Strike @ $57.50 Exp 4/14		49,356		136,710

		Microsoft
	1,100	Strike @ $33 Exp 4/14		184,374		368,500
	500	Strike @ $36 Exp 5/14		79,981		108,000
	350	Strike @ $37 Exp 7/14		42,796		61,600

		Nokia OYJ
	1,163	Strike @ $6 Exp 4/14		36,418		209,340
	3,000	Strike @ $8 Exp 4/14		72,972		183,000

		Occidental Petroleum
	50	Strike @ $90 Exp 1/14		9,650		39,250
	50	Strike @ $95 Exp 1/14		9,500		22,250
	150	Strike @ $100 Exp 2/14		23,450		45,000
	20	Strike @ $95 Exp 2/14		3,660		9,600

		Peabody Energy
	100	Strike @ $21 Exp 3./14		10,199		13,000
	150	Strike @ $22 Exp 3/14		10,619		17,250
	300	Strike @ $23 Exp 3/14		25,609		19,650
	1,300	Strike @ $25 Exp 6/14		93,473		96,200

		PPL
	400	Strike @ $31 Exp 1/14		21,585		20,400
	597	Strike @ $32 Exp 4/14		20,456		29,850
	503	Strike @ $33 Exp 4/14		12,052		10,060

		Public Service Enterprise Group
	1,800	Strike @ $35 Exp 3/14		175,897		108,000

		Quest Diagnostics
	300	Strike @ $65 Exp 2/14		45,407		33,000

		Seagate Technology
	600	Strike @ $43 Exp 3/14		177,274		420,000
	300	Strike @ $44 Exp 3/14		105,887		189,750
	50	Strike @ $46 Exp 3/14		14,182		25,250

		Staples
	1,600	Strike @ $16 Exp 6/14		233,651		236,800
	400	Strike @ $18 Exp 6/14		29,985		30,400
	1,500	Strike @ $19 Exp 6/14		70,445		72,000
	1,500	Strike @ $20 Exp 6/14		48,398		48,000

		SunTrust Banks
	500	Strike @ $30 Exp 1/14		72,480		210,000

		Transocean
	50	Strike @ $62.50 Exp 1/14		5,398		225
	100	Strike @ $50 Exp 2/14		16,796		11,700
	100	Strike @ $55 Exp 5/14		10,296		6,900


		Total Written Call Options		$4,160,902		$6,521,330

See accompanying Notes to Financial Statements.


		61


Aston Funds

ASTON/River Road Long-Short Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013


		Matthew W. Moran, CFA & Daniel R. Johnson, CFA, CPA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

In the last 12 months, the Russell 3000 has returned +28.99%. The Class N Shares of the Fund returned +18.14%, capturing 70% of the market’s return with only 51% net exposure to the market over the same time period. Strong stock selection results in the long portfolio overcame weaker results in the short portfolio. The long portfolio returned +40.79% (outperforming the benchmark by 1,180 bps) and the short portfolio returned +31.36% (underperforming the benchmark by 237 bps).

Q.	What were the best performing holdings for the Fund during the period?

The holdings with the largest positive contribution to total return during the period were Viacom Inc., DIRECTV, and Harris Teeter Supermarkets Inc. Viacom is a leading entertainment company that owns six of the top 25 cable networks based on subscribers. Strong results from its Nickelodeon franchise improved free cash flows and supported increasing share buybacks. DIRECTV is the world’s largest pay-TV company with a stable U.S. business and a rapidly growing Latin American segment. DIRECTV continues to maintain its U.S. subscriber base while investing for growth in Latin America and using its free cash flow to repurchase shares. Harris Teeter Supermarkets is an upscale grocery store that operates primarily in North Carolina. The company has been busy over the last few years – it sold its industrial thread business, changed its name from Ruddick Corp. to Harris Teeter Supermarkets Inc., and sold out in 2013.

Q.	What were the weakest performing holdings?

The two holdings with the largest negative contribution to the Fund’s total return were a long position in Pan American Silver Corp. and a short position in Saks Inc. Pan American Silver is the fifth largest producer of silver in the world with a geographically diverse asset base and a long reserve life of 15 years. The stock

declined along with falling precious metals prices and we eliminated the position due to our unrealized loss discipline. Saks is a luxury retailer that generates more than 20% of its sales from its New York City flagship store. Historically, the Saks brand has not resonated nationally, which has limited both growth prospects and leverage opportunities. We eliminated the position as it hit our stop-loss price after announcing it had hired Goldman Sachs to explore “strategic alternatives”.

Q.	How was the Fund positioned as of October 31, 2013?

A.	The Fund was below the low end of its normal net market exposure range (50 - 70%) at 43% at the end of October. Our proactive discount-to-Absolute-Value indicator was flashing extremely overvalued and the portfolio was positioned conservatively.

Note: A basis point (bps) is a unit of measure. 1 bps = .01%.

Growth of a Hypothetical

$10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	18.14	%
Since Inception	9.97	%

Inception Date 05/04/11

Total Return - Class I


Cumulative Since Inception			9.85	%

Inception Date 03/04/13

Short sales may involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than that at which it was previously sold short. Losses incurred on a short sale result from increases in the values of the securities, thus losses on a short sale are theoretically unlimited.

Value investing often involves buying the stocks of companies that are currently out-of-favor that may decline further. Investing in exchange-traded and closed-end funds subjects the Fund to the additional risk that shares of the underlying fund may trade at a premium or discount to their net asset value.

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratio for the Class N and Class I Shares is 5.08% and 4.83% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


Aston Funds



ASTON/River Road Long-Short Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 72.17%

		Consumer Discretionary – 25.88%
	99,414	Abercrombie & Fitch, Class A (a)	$	3,726,036
	40,661	Ascent Capital Group, Class A * (a)		3,432,601
	67,401	Coach (a)		3,415,883
	139,163	Comcast, Class A (a)		6,621,376
	70,026	DIRECTV * (a)		4,375,925
	130,826	General Motors * (a)		4,834,021
	154,838	International Speedway, Class A (a)		5,064,751
	207,565	News, Class A * (a)		3,653,144
	181,287	Quebecor, Class A (a)		4,482,404
	53,052	Tribune, Class A * (a)		3,551,831
	41,572	Viacom, Class B (a)		3,462,532

				46,620,504


		Consumer Staples – 8.38%
	95,314	Dr Pepper Snapple Group (a)		4,513,118
	96,253	Molson Coors Brewing, Class B (a)		5,197,662
	74,399	Nestle, SP ADR (Switzerland) (a)		5,387,232

				15,098,012


		Energy – 8.37%
	81,381	BP, SP ADR (a)		3,784,217
	67,487	Devon Energy (a)		4,266,528
	46,002	Occidental Petroleum (a)		4,419,872
	68,353	World Fuel Services (a)		2,607,667

				15,078,284


		Financials – 5.88%
	115,351	Loews (a)		5,572,607
	8,587	White Mountains Insurance Group (Bermuda) (a)		5,015,409

				10,588,016


Shares			Market Value

		Healthcare – 1.98%
	57,047	Express Scripts * (a)	$	3,566,578


		Industrials – 9.11%
	146,303	ADT (a)		6,345,161
	74,455	Expeditors International of Washington (a)		3,372,067
	27,131	FedEx (a)		3,554,161
	117,634	Spirit AeroSystems Holdings, Class A * (a)		3,139,651

				16,411,040


		Information Technology – 7.32%
	98,788	Microsoft (a)		3,492,156
	158,088	Oracle (a)		5,295,948
	63,426	QUALCOMM (a)		4,406,204

				13,194,308


		Telecommunication Services – 2.80%
	111,012	Rogers Communications, Class B (Canada) (a)		5,041,055


		Utilities – 2.45%
	61,738	National Fuel Gas (a)		4,417,354


		Total Common Stocks (Cost $122,619,952)		130,015,151


	INVESTMENT COMPANY – 27.98%

	50,400,509	BlackRock Liquidity Funds TempCash Portfolio		50,400,509


		Total Investment Company (Cost $50,400,509)		50,400,509

	Total Investments – 100.15% (Cost $173,020,461)**			180,415,660

	$50,291,334 in cash and $55,280,742 in securities was segregated or on deposit with a prime broker to cover short sales as of October 31, 2013 and are included in “Net Other Assets and Liabilities”.

	SHORT SALES – (29.25)%

	COMMON STOCKS – (27.20)%

		Consumer Discretionary – (7.39)%
	(33,436)	Dick’s Sporting Goods		(1,779,131	)
	(37,782)	Finish Line, Class A		(946,062	)
	(27,797)	Garmin (Switzerland)		(1,299,511	)
	(49,681)	Hyatt Hotels Corp, Class A *		(2,364,816	)
	(38,889)	Leggett & Platt		(1,156,559	)
	(17,903)	Life Time Fitness *		(813,154	)
	(27,830)	Mattress Firm Holding *		(836,570	)
	(30,418)	Monro Muffler Brake		(1,399,228	)
	(74,614)	PulteGroup		(1,316,937	)
	(29,748)	Vitamin Shoppe *		(1,395,479	)

				(13,307,447	)

See accompanying Notes to Financial Statements.


		63


Aston Funds



ASTON/River Road Long-Short Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

		Consumer Staples – (1.23)%
	(113,246)	Dean Foods *	$	(2,208,297	)

				(2,208,297	)


		Financials – (3.89)%
	(49,792)	Amtrust Financial Services		(1,910,021	)
	(44,569)	CBL & Associates Properties, REIT		(882,912	)
	(74,776)	Equity One, REIT		(1,802,849	)
	(25,865)	Mercury General		(1,204,274	)
	(13,154)	Toronto-Dominion Bank (Canada)		(1,206,485	)

				(7,006,541	)


		Industrials – (3.76)%
	(147,164)	ACCO Brands *		(860,909	)
	(16,153)	Caterpillar		(1,346,514	)
	(33,773)	Tetra Tech *		(882,488	)
	(78,230)	United Continental Holdings *		(2,655,909	)
	(37,794)	USG *		(1,032,154	)

				(6,777,974	)


		Information Technology – (2.45)%
	(34,986)	Ezchip Semiconductor *		(906,137	)
	(105,647)	Global Cash Access Holdings *		(876,870	)
	(52,216)	RealPage *		(1,280,858	)
	(27,899)	Zebra Technologies, Class A *		(1,347,801	)

				(4,411,666	)


		Materials – (2.16)%
	(92,724)	Alcoa		(859,551	)
	(54,749)	Cliffs Natural Resources		(1,405,954	)
	(60,869)	Teck Resources, Class B		(1,627,637	)

				(3,893,142	)


		Telecommunication Services – (2.74)%
	(79,475)	CenturyLink		(2,691,024	)
	(72,113)	Consolidated Communications Holdings		(1,343,465	)
	(203,912)	Frontier Communications		(899,252	)

				(4,933,741	)


		Utilities – (3.58)%
	(19,967)	DTE Energy		(1,380,518	)
	(51,670)	Otter Tail		(1,541,316	)
	(29,428)	South Jersey Industries		(1,752,437	)
	(46,213)	UIL Holdings		(1,780,124	)

				(6,454,395	)

		Total Common Stocks (Cost $47,325,268)		(48,993,203	)


	EXCHANGE TRADED FUNDS – (2.05)%

	(96,390)	United States Natural Gas Fund LP *		(1,712,850	)
	(57,173)	United States Oil Fund LP *		(1,983,331	)


		Total Exchange Traded Funds (Cost $3,974,865)		(3,696,181	)

	Total Short Sales – (29.25)% (Proceeds $51,300,133)			(52,689,384	)

	Net Other Assets and Liabilities – 29.10%			52,414,883

	Net Assets – 100.00%		$	180,141,159

Non-income producing security.

Aggregate cost for Federal income tax purposes is $173,306,843.


Gross unrealized appreciation	$	7,437,882
Gross unrealized depreciation		(329,065	)

Net unrealized appreciation	$	7,108,817

(a)

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

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Barings International Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

David Bertocchi, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

There were three main factors which impacted Fund performance and returns relative to the benchmark during the last 12 months. First, our gold mining names significantly underperformed the market, on the back of falling precious metals prices, increased costs, and political instability in some of the geographies in which they operate. Second, our overweight position to global emerging markets produced a drag on relative performance, as emerging markets underperformed developed markets, particularly during the first three quarters of 2013. And finally, the strong performance of peripheral European banks (an area the portfolio is underweight), particularly in the third quarter of 2013, weighed on performance relative to benchmark.

Our overweight position to Japan was beneficial to the portfolio, particularly during the first quarter of 2013.

Q.	What were the best performing holdings for the Fund during the period?

Our holding in WPP, a global advertising company, performed well during the period. The company is a leader in online advertising techniques, and benefitted from the shift towards online advertising. Our holding in Resolution, a UK-listed financial services company, also delivered strong performance during the year. The company had specialized in buying closed books of insurance business, but now it is increasingly focused on a number of interesting growth areas in the markets in which it operates. In the Technology sector, our holding in ASML, a Dutch-listed manufacturer of lithography equipment which it supplies to the semiconductor industry, performed very strongly. The company occupies a dominant market position, orders for its products remain strong, and it is making progress towards a novel tool that utilizes ultraviolet light.

Q.	What were the weakest performing holdings?

The weakest performing holdings in the portfolio were our gold mining positions of Fresnillo, Randgold Resources, and Newcrest Mining. A fall in the price of precious metals, coupled with a general increase in the costs of mining (both operating and capital expenditure), led to a share price decrease in these names. Our holding in Israel Chemical, an Israeli-listed producer of potash, performed poorly during the period, and particularly in the third quarter of 2013. The volume maximization strategy of a competitor looks to have disrupted the market for potash, and could cause the price of potash to fall in the future. This has negatively impacted the share prices of all listed potash producers in developed equity markets.

Q.	How was the Fund positioned as of October 31, 2013?

The Fund has an overweight position in global emerging markets. The underperformance of emerging markets over the first nine months of 2013 has led to some interesting investment opportunities, in our view. The Fund also has a small overweight position in Japanese equities. We remain underweight the continental European equity market, although to a smaller degree than earlier this year. We have added some names we believe will benefit not only from a potential improvement in the global economy, but from self-help and restructuring too. The Fund remains underweight in the Pacific, excluding Japan, region, especially Australia.

The Fund remains overweight in the Healthcare sector, where we are invested in a number of interesting opportunities. The Fund is underweight in the Consumer Staples sector. We believe that the sector contains a number of great companies with compelling growth prospects; however, we think that current share prices are too high, and reflect overly ambitious expectations for growth.

Growth of a Hypothetical

$10,000 Investment—Class I

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

The securities of foreign companies may be less liquid and may fluctuate more widely than those traded in U.S. markets.

Emerging market securities may be subject to additional risks such as price volatility, currency fluctuation, financial reporting requirements, as well as political and economic instability.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	16.64	%
Since Inception	7.46	%

Inception Date 03/03/10

Average Annual Total Returns - Class I


One Year	16.72	%
Five Year	10.96	%
Since Inception	-2.59	%

Inception Date 11/02/07

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The oldest Share Class, Class I, is being shown. Performance would have been lower for Class N Shares, due to higher fees and expenses.


		65


Aston Funds



ASTON/Barings International Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 96.55%

		China – 0.66%
	69,200	China Pacific Insurance Group	$	249,916


		France – 9.13%
	3,730	Air Liquide		507,962
	19,911	AXA		497,430
	5,072	BNP Paribas		375,591
	5,556	Sanofi		592,481
	10,358	Scor Se		366,146
	15,619	SES		454,673
	10,955	Total		673,281

				3,467,564


		Germany – 11.67%
	4,334	Adidas		494,770
	5,875	Bayer		730,197
	4,659	Bayerische Motoren Werke		528,456
	5,789	Daimler		475,061
	8,960	Deutsche Boerse		674,576
	4,172	Fresenius		542,268
	1,913	Muenchener Rueckversicherungs-Gesellschaft		399,738
	7,472	SAP		586,998

				4,432,064


		Hong Kong – 0.99%
	73,800	AIA Group		374,569


		Italy – 0.75%
	37,647	UniCredit		283,179


		Japan – 23.79%
	8,200	Astellas Pharma		455,324
	11,500	Denso		550,264


Shares			Market Value

		Japan (continued)
	5,900	East Japan Railway	$	510,617
	3,000	FANUC		479,609
	30,000	Hitachi Metals		402,726
	72,000	Isuzu Motors		445,195
	18,400	Japan Tobacco		664,294
	10,400	KDDI		561,619
	19,300	Komatsu		420,035
	11,700	Kyocera		604,454
	19,400	Mitsubishi		391,038
	46,000	Mitsubishi Electric		502,898
	73,800	Mitsubishi UFJ Financial Group		465,331
	46,200	Rakuten		600,464
	87,000	Sumitomo Mitsui Trust Holdings		426,462
	8,400	Takeda Pharmaceutical		398,515
	15,500	Tokio Marine Holdings		505,212
	10,100	Toyota Motor		653,270

				9,037,327


		Mexico – 0.63%
	15,410	Fresnillo		241,032


		Netherlands – 5.41%
	4,537	ASML Holding NV		430,716
	4,021	European Aeronautic Defence and Space NV		276,307
	14,946	Koninklijke Philips NV		529,241
	19,038	Royal Dutch Shell, Class A		634,979
	4,997	Yandex NV, Class A *		184,189

				2,055,432


		Norway – 2.03%
	18,374	Subsea 7		388,588
	8,833	Yara International		381,331

				769,919


		Russia – 1.96%
	12,584	Mobile TeleSystems, SP ADR		286,915
	35,771	Sberbank of Russia, ADR		456,796

				743,711


		Singapore – 3.08%
	30,000	DBS Group Holdings		404,283
	580,000	Golden Agri-Resources		280,148
	55,700	Keppel		486,512

				1,170,943


		South Korea – 1.20%
	329	Samsung Electronics		454,381


		Sweden – 0.95%
	24,563	Elekta AB, B Shares		362,377


		Switzerland – 8.22%
	14,525	Credit Suisse Group		451,918
	9,952	Julius Baer Group		489,072
	2,382	Roche Holding		659,457

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/Barings International Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

		Switzerland (continued)
	1,090	Syngenta	$	440,277
	22,450	UBS		434,476
	2,346	Zurich Financial Services		648,715

				3,123,915


		Taiwan – 1.18%
	24,400	Taiwan Semiconductor Manufacturing, SP ADR		449,204


		United Kingdom – 24.90%
	27,399	Admiral Group		561,889
	102,791	Barclays		434,456
	20,397	BG Group		416,496
	14,907	BHP Billiton		461,429
	10,230	British American Tobacco		563,604
	112,890	BT Group		682,405
	25,239	Experian		513,950
	89,781	GKN		529,614
	22,574	GlaxoSmithKline		594,872
	28,481	Prudential		584,078
	2,168	Randgold Resources		161,296
	6,403	Reckitt Benckiser Group		497,727
	88,910	Resolution		509,507
	32,524	Rolls-Royce Holdings		599,718
	2,797,064	Rolls-Royce Holdings, C Shares * (a) (b)		4,485
	11,825	SABMiller		616,970
	11,687	Shire		515,512
	20,198	Standard Chartered		485,624
	34,122	WPP		724,929

				9,458,561


		Total Common Stocks (Cost $31,420,450)		36,674,094


	INVESTMENT COMPANY – 2.53%

	961,228	BlackRock Liquidity Funds TempCash Portfolio		961,228


		Total Investment Company (Cost $961,228)		961,228

	Total Investments – 99.08% (Cost $32,381,678)**			37,635,322

	Net Other Assets and Liabilities – 0.92%			349,098

	Net Assets – 100.00%		$	37,984,420

Non-income producing security.

Aggregate cost for Federal income tax purposes is $32,539,457.


Gross unrealized appreciation	$	5,681,437
Gross unrealized depreciation		(585,572	)

Net unrealized appreciation	$	5,095,865

(a)

This security has been determined by the Subadviser to be an illiquid security. At October 31, 2013, this security amounted to $4,485 or 0.00 % of net assets.

(b)

Security with a total aggregate market value of $4,485 or 0.00% of the net assets was valued under the fair value procedures established by the Fund’s Board of Trustees.

ADR

American Depositary Receipt

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


		67


Aston Funds

ASTON/LMCG Emerging Markets Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013
		Gordon Johnson, PhD, CFA; Shannon Ericson, CFA & Vikram Srimurthy, PhD, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Since inception, emerging markets have lagged U.S. and developed market equities. Concerns about slower economic growth versus developed markets combined with increased geo-political risks due to the civil war in Syria have created substantial uncertainty. Given this backdrop, the emerging market asset class continues to fluctuate between risk-on and risk off compared to developed markets which have been more consistently biased toward risk-on. When we look at the volatility of our stock selection factors as well as various risk factors, we found it was nearly 40% higher during the last several months among emerging markets than it was earlier in the year, making it a difficult environment for active stock selection.

Q.	What were the best performing holdings for the Fund during the period?

In terms of individual holdings, the best performing holdings during the period were Wuxi Pharmaceuticals, KCC Corp. and LG Uplus Corp. All three stocks were up over 50% during the period on earnings-related news. Chinese healthcare company, Wuxi Pharmaceuticals, announced strong second quarter earnings and provided a positive outlook for the remainder of the year. Korean industrial, KCC Corp., also had a good quarter, surpassing Wall Street expectations. Finally, Korean telecom, LG Uplus Corp., was up on better than expected earnings due primarily to strong handset profits.

Q.	What were the weakest performing holdings?

A.	The biggest negative contributions from individual stocks came from not owning TenCent Holdings in China and Naspers,

a South African company, which owns a stake in TenCent. TenCent’s benchmark weight has been steadily increasing as positive performance from the success of the company’s online social network, WeChat. We did not own the stock due to its poor ranking on our stock selection model primarily due to its high valuation and poor earnings quality. Holdings that most negatively impacted performance were Companhia de Saneamento Basico and Quality Houses Public. Companhia de Saneamento Basico, a Brazilian water company, was negatively impacted by news related to uncertainty over proposed tariffs and their impact on company earnings. Quality Houses Public, a Thai real estate company, announced earnings that were in line with expectations. Despite the report, the stock sold off likely due to its valuation which had become a bit less attractive versus peers following strong year-to-date performance.

Q.	How was the Fund positioned as of October 31, 2013?

We can’t predict whether emerging markets will rebound over the next twelve months. But, we are hopeful that the volatility in the equity markets will subside and corporate fundamentals will matter again. We believe that in the current market environment it is important to balance the portfolio against either an up or down market by having more equal exposures across all of our major factor components — Market Dynamics, Value and Quality. In addition, we believe it is particularly important, given the volatility in the market, to manage risk in the portfolio and ensure that we do not have any unintended risks or style bets.

We believe that as the emerging market asset class finds its new valuation level and market participants revise their expectations about the asset class, stock selection strategies will come to the forefront again and the strategy will add value versus the benchmark.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

The securities of foreign companies may be less liquid and may fluctuate more widely than those traded in U.S. markets.

Emerging market securities may be subject to additional risks such as price volatility, currency fluctuation, financial reporting requirements as well as political and economic instability.

RETURNSFOR PERIOD ENDED 10/31/13

Total Return - Class N


Cumulative Since Inception			-3.50	%

Inception Date 03/28/13

Total Return - Class I


Cumulative Since Inception			-3.30	%

Inception Date 03/28/13

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.


Aston Funds



ASTON/LMCG Emerging Markets Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 92.53%

		Bermuda – 0.94%
	2,598	VimpelCom, SP ADR	$	37,385


		Brazil – 9.77%
	3,476	Banco Bradesco, ADR		50,123
	4,000	Braskem, Preference A *		35,497
	519	Cia Brasileira de Distribuicao Grupo Pao de Acucar, SP ADR		26,167
	2,100	Cia Paranaense de Energia, Preference B		29,285
	4,000	Cyrela Brazil Realty SA Empreendimentos e Participacoes		29,908
	5,000	Gerdau, Preference		39,438
	1,079	Grupo BTG Pactual		14,435
	4,700	Hypermarcas		41,016
	9,800	JBS		35,216
	10,300	Suzano Papel e Celulose, Preference A		41,748
	3,145	Vale, SP ADR		46,043

				388,876


		Chile – 0.63%
	1,521	Enersis, SP ADR		25,097


		China – 7.37%
	42,000	Angang Steel, Class H *		25,461
	146,000	Bank of China, Class H		68,358
	30,000	China Communications Construction, Class H		24,494
	52,000	China Construction Bank, Class H		40,377
	3,082	Giant Interactive Group, ADR		27,276
	30,000	Huaneng Power International, Class H		31,343
	58,000	Industrial and Commercial Bank of China,
		Class H		40,622
	1,210	WuXi PharmaTech Cayman, ADR *		35,393

				293,324


Shares			Market Value

		Hong Kong – 6.37%
	6,000	China Mobile	$	62,995
	71,000	China Power International Development		27,840
	44,000	China Resources Cement Holdings		29,454
	20,000	COSCO Pacific		29,150
	65,000	Geely Automobile Holdings		32,781
	250,000	GOME Electrical Appliances Holding		38,695
	13,000	Shimao Property Holdings		32,731

				253,646


		Hungary – 0.73%
	425	MOL Hungarian Oil and Gas		29,085


		India – 3.55%
	985	ICICI Bank, SP ADR		36,760
	1,579	Reliance Industries, GDR		47,165
	1,320	Sesa Sterlite, ADR		17,028
	1,292	Tata Motors, SP ADR		40,465

				141,418


		Indonesia – 0.99%
	93,000	Bank Negara Indonesia Persero Tbk		39,601


		Malaysia – 4.50%
	12,800	AMMB Holdings		29,976
	16,000	IJM		29,409
	20,300	IOI		34,996
	22,200	Malaysia Building Society		19,699
	12,700	Tenaga Nasional		37,952
	45,000	YTL Power International		27,095

				179,127


		Mexico – 2.51%
	5,200	Fomento Economico Mexicano		48,603
	6,200	Grupo Aeroportuario del Pacifico		32,285
	6,100	Grupo Comercial Chedraui		19,010

				99,898


		Philippines – 1.49%
	46,500	Alliance Global Group		28,356
	14,960	Metropolitan Bank & Trust		30,813

				59,169


		Poland – 0.87%
	2,458	Polski Koncern Naftowy Orlen		34,711


		Russia – 5.64%
	6,986	Gazprom, SP ADR		65,179
	604	Lukoil, SP ADR		39,544
	4,850	Sberbank, SP ADR		61,935
	1,695	Severstal, GDR		14,797
	1,050	Tatneft, SP ADR		43,166

				224,621


		South Africa – 9.87%
	2,260	African Rainbow Minerals		43,285
	1,787	Imperial Holdings		37,970

See accompanying Notes to Financial Statements.


		69


Aston Funds



ASTON/LMCG Emerging Markets Fund		October 31, 2013

*Schedule of Investments – continued*


Shares			Market Value

		South Africa (continued)
	2,531	Liberty Holdings	$	31,263
	5,117	Mediclinic International		38,561
	2,271	Mondi		40,573
	3,419	MTN Group		67,959
	16,099	Netcare		39,964
	591	Sasol		30,195
	8,989	Steinhoff International Holdings *		34,752
	2,492	Vodacom Group		28,547

				393,069


		South Korea – 18.09%
	99	CJ CheilJedang		24,033
	167	E-Mart		39,989
	950	Hanwha		35,958
	300	Hyundai Motor		71,553
	69	KCC		27,678
	691	Kia Motors		40,193
	1,340	LG Display *		31,518
	531	LG Electronics		34,040
	2,620	LG Uplus *		30,010
	940	Samsung Card		34,826
	139	Samsung Electronics		191,973
	1,180	Shinhan Financial Group		51,561
	145	SK Holdings		26,314
	1,710	SK Hynix *		51,506
	137	SK Telecom		29,318

				720,470


		Taiwan – 9.99%
	36,000	Advanced Semiconductor Engineering		35,351
	73,000	Au Optronics *		24,176
	5,000	Catcher Technology		29,102
	10,000	Chong Hong Construction		32,812
	65,000	Innolux *		25,775
	52,000	King Yuan Electronics		36,195
	20,000	Pegatron		27,843
	5,000	President Chain Store		36,420
	16,000	Taiwan Semiconductor Manufacturing		59,633
	30,740	Uni-President Enterprises		58,593
	75,000	United Microelectronics		31,782

				397,682


		Thailand – 4.29%
	18,300	Bangchak Petroleum		19,549
	5,700	PTT Exploration & Production		30,858
	14,800	PTT Global Chemical		37,327
	265,600	Quality Houses		25,941
	6,700	Siam Commercial Bank Public, Foreign Registered		35,410
	33,300	Thai Airways International		21,719

				170,804


		Turkey – 3.81%
	19,881	Emlak Konut Gayrimenkul Yatirim Ortakligi REIT		28,384
	3,738	Tav Havalimanlari Holding		27,151


Shares			Market Value

		Turkey (continued)
	8,339	Turk Hava Yollari	$	32,666
	5,409	Turkcell Iletisim Hizmetleri *		33,599
	10,856	Turkiye Is Bankasi		29,801

				151,601


		United Kingdom – 1.12%
	856	SABMiller		44,469


		Total Common Stocks (Cost $3,609,345)		3,684,053


	EXCHANGE TRADED FUNDS – 7.09%

		United States – 7.09%
	1,595	iPath MSCI India Index Fund *		89,256
	2,550	iShares MSCI Emerging Markets Index Fund		108,273
	3,490	iShares MSCI India		84,947

				282,476


		Total Exchange Traded Funds (Cost $267,453)		282,476


	INVESTMENT COMPANY – 0.91%

	36,164	BlackRock Liquidity Funds TempCash Portfolio		36,164


		Total Investment Company (Cost $36,164)		36,164

	Total Investments – 100.53% (Cost $3,912,962)**			4,002,693

	Net Other Assets and Liabilities – (0.53)%			(21,035	)

	Net Assets – 100.00%		$	3,981,658

Non-income producing security.

Aggregate cost for Federal income tax purposes is $3,924,930.


Gross unrealized appreciation	$	250,617
Gross unrealized depreciation		(172,854	)

Net unrealized appreciation	$	77,763

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

SP ADR

Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Harrison Street Real Estate Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013


			James H. Kammert, CFA & Reagan A. Pratt

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

Real estate investment trusts (REITs), as represented by the FTSE/NAREIT All Equity REITs Total Return Index, largely kept pace with the broader equity markets and financial stocks from October 2012 through May 2013 delivering a cumulative total return of nearly 20%. However, REITs deteriorated sharply as the 10-year Treasury rates spiked by 100 basis points on the heels of the Federal Reserve’s murky comments regarding the direction and magnitude of prospective monetary policy. REITs reacted strongly and adversely to the rate spike, as is typically the case for REITs across shorter term horizons, erasing all of the gains by the end of August. By fiscal year-end, REITs have recovered a bit. Regrettably though, the market appears to be driven by headlines, and many market participants are ignoring the firming property fundamentals, constrained levels of new property supply, rising dividend payments and strong balance sheet metrics that characterize the REIT sector.

Q.	What were the best performing holdings for the Fund during the period?

Apartment landlord Essex Property Trust, NYC office landlord SL Green Realty, as well as smaller capitalization industrial property owner Stag Industrial and healthcare property operator Sabra Healthcare were among the strongest positive contributors to performance. Strong property fundamentals aided Essex and SL Green among other factors. STAG and Sabra enjoyed solid portfolio metrics as well and accessed attractively priced capital to expand their respective portfolios, adding to overall per share cash flow growth and dividends. As is typical, positive performance contributors spanned the various property types.

Q.	What were the weakest performing holdings?

A.	Data center owner Digital Realty Trust was the largest detractor from performance. Despite continued sound operating

and financial performance, some investor expectations (particularly among more technology oriented, non-REIT dedicated investors) were not met. In addition, poor communication by management regarding leasing trends fueled apprehension regarding potential slackening of data center space demand across corporate users. This apprehension has yet to be confirmed or denied, but the stock has severely underperformed. Document storage company Iron Mountain plunged alongside the REIT sector in May and compounded the fall due to the temporary suspension of Iron Mountain’s application for REIT conversion before the IRS. Despite numerous internal organizational and financial steps undertaken to convert to REIT election on January 1, 2014, the IRS unexpectedly questioned Iron Mountain’s suitability. Iron Mountain remains intent on converting to a REIT.

Q.	How was the Fund positioned as of October 31, 2013?

Within the over-arching investment thesis of identifying relative value among the REITs and investing accordingly, it is notable that several large-cap REITs exhibit appealing relative value as well as above average dividend growth and prospective per share cash flow growth — auguring sustained heightened dividend growth. Given this circumstance, the Fund reflects a higher than typical exposure to several large-cap REITs (close to the 50% maximum proportion of the portfolio within our stated 30% to 50% portfolio construction rule/limitation). This large cap ‘tilt’ is not indicative of a macro theme/premise but rather a natural fall out of our modeling and relative value identification process. Also, as REITs have materially underperformed broader equities through October, the large-cap exposure may prove beneficial as fund flows return to REITs. Large cap names tend to capture a disproportionate share of that flow initially.

Growth of a Hypothetical

$10,000 Investment—Class N

LOGO

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

Real estate funds may be subject to a higher degree of market risk than diversified funds because of the concentration in a specific industry or geographical sector. Risks also include declines in the value of real estate, general and economic conditions, changes in the value of underlying properties and defaults by borrowers.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	9.30	%
Five Year	15.30	%
Ten Year	9.27	%
Since Inception	8.69	%

Inception Date 12/30/97

Average Annual Total Returns - Class I


One Year	9.58	%
Five Year	15.55	%
Since Inception	5.66	%

Inception Date 09/20/05

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratios for Class N and Class I Shares are 2.36% and 2.11% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


		71


Aston Funds



ASTON/Harrison Street Real Estate Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 97.86%

		Diversified – 21.22%
	13,145	American Tower	$	1,043,056
	6,511	Digital Realty Trust		310,314
	7,060	Rayonier		331,961
	6,095	Vornado Realty Trust		542,821
	21,800	Weyerhaeuser		662,720

				2,890,872


		Healthcare – 12.76%
	10,716	Health Care, REIT		694,933
	17,000	Healthcare Realty Trust		408,170
	9,730	Ventas		634,785

				1,737,888


		Hotels – 6.40%
	10,723	Chesapeake Lodging Trust		252,741
	8,000	Hyatt Hotels, Class A *		380,800
	7,918	Pebblebrook Hotel Trust		239,124

				872,665


		Industrial – 4.25%
	10,145	Iron Mountain		269,248
	14,790	STAG Industrial		309,259

				578,507


		Office Properties – 10.45%
	4,761	Alexandria Real Estate Equities		313,178
	19,056	BioMed Realty Trust		379,596
	21,400	Brandywine Realty Trust		304,522
	4,513	SL Green Realty		426,794

				1,424,090


Shares			Market Value

		Residential – 13.61%
	7,500	Camden Property Trust	$	481,500
	2,942	Essex Property Trust		473,662
	6,300	Mid-America Apartment Communities		418,320
	19,405	UDR		481,438

				1,854,920


		Retail – 20.62%
	3,380	Federal Realty Investment Trust		350,168
	24,500	General Growth Properties		520,135
	15,202	Ramco-Gershenson Properties Trust		247,185
	23,550	Retail Opportunity Investments		348,540
	8,694	Simon Property Group		1,343,658

				2,809,686


		Storage – 8.55%
	7,900	Extra Space Storage		363,321
	4,800	Public Storage		801,456

				1,164,777


		Total Common Stocks (Cost $13,260,022)		13,333,405


	INVESTMENT COMPANY – 1.78%

	242,270	BlackRock Liquidity Funds TempCash Portfolio		242,270


		Total Investment Company (Cost $242,270)		242,270

	Total Investments – 99.64% (Cost $13,502,292)**			13,575,675

	Net Other Assets and Liabilities – 0.36%			49,480

	Net Assets – 100.00%		$	13,625,155

Non-income producing security.

Aggregate cost for Federal income tax purposes is $13,606,284.


Gross unrealized appreciation	$	420,211
Gross unrealized depreciation		(450,820	)

Net unrealized depreciation	$	(30,609	)

REIT

Real Estate Investment Trust

See accompanying Notes to Financial Statements.


Aston Funds

ASTON/Montag & Caldwell Balanced Fund



*Portfolio Manager Commentary (unaudited)*		October 31, 2013

Ronald E. Canakaris, CFA, CIC & Helen M. Donahue, CFA

Q.	What were the most significant market factors affecting Fund performance and returns relative to the benchmark during the past 12 months?

The Class N Shares of the Fund gained 12.40% during the past year, with the equity returns trailing the S&P 500 Index, which rose 27.16%. The Fund benefited from stock selection in the Consumer Discretionary, Information Technology and Financial sectors and an underweight position to the Information Technology sector. The Fund lagged the benchmark due to an overweight position to the Consumer Staples sector, an underweight position to the Consumer Discretionary sector and its cash reserve. Adverse stock section in the Healthcare, Industrials and Energy sectors also detracted from performance relative to the benchmark. The fixed income returns lagged the Barclays Capital U.S. Government Credit Bond Index, as long maturity corporate bonds, which the Fund is underweight, significantly outperformed comparable maturity Treasury bonds. In addition, the Fund cannot own bonds rated less than A and lower quality BBB bonds, which comprise 16% of the Barclays Capital U.S. Government Credit Bond Index, and which outperformed during the period.

Q.	What were the best performing holdings for the Fund during the period?

Biogen was the Fund’s top performing stock as the company launched Tecfidera, an oral therapy for the treatment of multiple sclerosis. Starbucks rose strongly during the period as the company delivered top- and bottom-line results that far surpassed peers within the restaurant industry. Johnson Controls surged as the company reported better than expected results driven by ongoing improvement in the global automotive business and benefits from cost restructuring actions taken by management earlier this year. Amerisource Bergen gained as the company is benefiting from increased scale and purchasing power as a result of its agreement with Walgreen/Alliance Boots. Nike rose as the company is benefiting from growing enthusiasm around its innovative new product cycle, which should allow double digit earnings growth in fiscal year 2014.

Q.	What were the weakest performing holdings?

Express Scripts fell in the fourth quarter of 2012 and the position was eliminated in the first quarter of 2013 as benefits from the company’s merger with Medco were waning and earnings growth was expected to decelerate sharply. EMC was slightly negative during the period as investors became concerned that capital spending will be reduced on storage as it is shifted from on-premise capacity to infrastructure as a service by cloud providers, negatively impacting demand for EMC’s products. Allergan was unchanged during the period, which significantly lagged the gains in the Healthcare sector. The company experienced a delay in the clinical trials of an age-related macular degeneration product and the stock declined following the release of draft guidance from the FDA for generic Restasis bioequivalence. Coca-Cola and Philip Morris were up single digits during the period as both companies have had earnings impacted by a slow-down in emerging markets and adverse currency movements.

Q.	How was the Fund positioned as of October 31, 2013?

We believe the high quality growth stocks held in the Fund are well positioned for the period ahead. They are reasonably valued, and in our opinion offer more assured earnings growth due to their global diversification and financial strength. We expect economic growth to continue to be more moderate than generally assumed as the developed world deleverages. The bond portion of the Fund is slightly shorter in duration than the Barclays Capital U.S. Government Credit Bond Index and is overweight high quality intermediate corporate bonds.

Note: S&P assigns a credit quality rating from AAA (highest quality) to D (lowest quality). Credit quality ratings refer to the underlying bonds in the Fund’s portfolio and not of the Fund itself.

Growth of a Hypothetical

$10,000 Investment—Class N

All dividends and capital gains are reinvested. Indexes are unmanaged and do not take into account fees, expenses or other costs.

Returns shown in the chart and table do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of the Fund shares.

The Fund is subject to interest rate risk associated with the underlying bond holdings in the portfolio. The value of the Fund can decline as interest rates rise and an investor can lose principal.

RETURNSFOR PERIOD ENDED 10/31/13

Average Annual Total Returns - Class N


One Year	12.40	%
Five Year	10.25	%
Ten Year	5.78	%
Since Inception	7.70	%

Inception Date 11/02/94

Average Annual Total Returns - Class I


One Year	12.53	%
Five Year	10.41	%
Ten Year	5.98	%
Since Inception	4.06	%

Inception Date 12/31/98

The performance quoted would have been lower if fee waivers and/or expense reimbursements had not been in effect.

The total expense ratios for N class and I class are 1.56% and 1.31% respectively, as disclosed in the prospectus dated February 28, 2013. Please refer to the Financial Highlights section in this report for more information.


		73


Aston Funds



ASTON/Montag & Caldwell Balanced Fund		October 31, 2013

*Schedule of Investments*

LOGO


Shares			Market Value

	COMMON STOCKS – 61.68%

		Consumer Discretionary – 10.40%
	3,475	Bed Bath & Beyond *	$	268,687
	9,864	Johnson Controls		455,224
	7,400	NIKE, Class B		560,624
	262	Priceline.com *		276,103
	895	Ralph Lauren		148,248
	4,600	Starbucks		372,830
	7,250	TJX		440,728

				2,522,444


		Consumer Staples – 15.41%
	12,100	Coca-Cola		478,797
	7,800	Colgate-Palmolive		504,894
	2,300	Costco Wholesale		271,400
	7,100	Estee Lauder, Class A		503,816
	15,750	Mondelez International, Class A		529,830
	5,820	PepsiCo		489,404
	5,400	Philip Morris International		481,248
	5,950	Procter & Gamble		480,463

				3,739,852


		Energy – 2.06%
	5,200	Occidental Petroleum		499,616


		Financials – 5.27%
	3,700	American Express		302,660
	2,300	Franklin Resources		123,878
	4,800	State Street		336,336
	12,100	Wells Fargo		516,549

				1,279,423


		Healthcare – 11.58%
	13,950	Abbott Laboratories		509,873
	5,450	Allergan		493,825
	5,650	AmerisourceBergen		369,115
	1,896	Biogen Idec *		462,984


Shares			Market Value

		Healthcare (continued)
	5,200	Gilead Sciences *	$	369,148
	5,700	Sanofi, ADR (France)		304,836
	4,050	Stryker		299,133

				2,808,914


		Industrials – 3.98%
	19,700	General Electric		514,958
	4,600	United Parcel Service, Class B		451,904

				966,862


		Information Technology – 10.97%
	1,950	Accenture, Class A (Ireland)		143,325
	8,100	eBay *		426,951
	4,200	EMC		101,094
	1,200	F5 Networks *		97,812
	746	Google, Class A *		768,813
	15,800	Juniper Networks *		294,512
	6,500	QUALCOMM		451,555
	1,919	Visa, Class A		377,410

				2,661,472


		Materials – 2.01%
	4,650	Monsanto		487,692


		Total Common Stocks (Cost $11,778,123)		14,966,275

Par Value

	CORPORATE NOTES AND BONDS – 21.36%

		Consumer Staples – 4.42%
	$300,000	Coca-Cola Senior Unsecured Notes 5.350%, 11/15/17		346,855
	325,000	PepsiCo Senior Unsecured Notes 5.000%, 06/01/18		370,101
	350,000	Wal-Mart Stores Senior Unsecured Notes 3.200%, 05/15/14		355,738

				1,072,694


		Energy – 0.40%
	95,000	ConocoPhillips 4.750%, 02/01/14		95,990


		Financials – 7.04%
	300,000	General Electric Capital Senior Unsecured Notes, MTN 4.375%, 09/16/20		327,084
	300,000	Goldman Sachs Group Senior Unsecured Notes 3.625%, 02/07/16		316,799
	350,000	JPMorgan Chase Senior Unsecured Notes 4.350%, 08/15/21		371,711

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/Montag & Caldwell Balanced Fund		October 31, 2013

*Schedule of Investments – continued*


Par Value			Market Value

		Financials (continued)
	$350,000	U.S. Bancorp Subordinated Notes, MTN 2.950%, 07/15/22	$	333,040
	350,000	Wells Fargo Senior Unsecured Notes, MTN, Series 1 3.750%, 10/01/14		360,671

				1,709,305


		Healthcare – 2.87%
	250,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37		308,240
	375,000	Medtronic Senior Unsecured Notes 3.000%, 03/15/15		387,845

				696,085


		Industrials – 1.58%
	375,000	United Parcel Service Senior Unsecured Notes 3.125%, 01/15/21		383,774


		Information Technology – 5.05%
	300,000	Apple Senior Unsecured Notes 1.000%, 05/03/18		291,554
	300,000	Cisco Systems Senior Unsecured Notes 5.500%, 02/22/16		332,945
	300,000	Google Senior Unsecured Notes 3.625%, 05/19/21		318,312
	300,000	Oracle Senior Unsecured Notes 2.500%, 10/15/22		281,678

				1,224,489


		Total Corporate Notes and Bonds (Cost $5,094,676)		5,182,337


	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 13.98%

		Fannie Mae – 0.18%
	12,476	7.500%, 02/01/35, Pool # 787557		14,516
	2,985	7.500%, 04/01/35, Pool # 819231		3,211
	24,635	6.000%, 11/01/35, Pool # 844078		26,981

				44,708


		Freddie Mac – 1.60%
	12,678	5.500%, 12/01/20, Gold Pool # G11820		13,799
	375,000	1.000%, 09/29/17		373,979

				387,778


Par Value			Market Value

		Government National Mortgage Association – 0.06%
	$ 12,554	5.500%, 02/15/39, Pool # 698060	$	13,758


		U.S. Treasury Bonds – 3.79%
	300,000	5.375%, 02/15/31		385,523
	400,000	3.500%, 02/15/39		396,875
	150,000	3.125%, 11/15/41		136,770

				919,168


		U.S. Treasury Notes – 8.35%
	325,000	4.000%, 02/15/15		340,894
	275,000	0.250%, 02/15/15		275,193
	300,000	4.500%, 02/15/16		328,289
	325,000	2.625%, 04/30/16		342,723
	325,000	4.625%, 02/15/17		366,184
	375,000	2.125%, 08/15/21		374,326

				2,027,609


		Total U.S. Government and Agency Obligations (Cost $3,362,688)		3,393,021

Shares

	INVESTMENT COMPANY – 2.97%

	721,029	BlackRock Liquidity Funds TempCash Portfolio		721,029


		Total Investment Company (Cost $721,029)		721,029

	Total Investments – 99.99% (Cost $20,956,516)**			24,262,662

	Net Other Assets and Liabilities – 0.01%			1,711

	Net Assets – 100.00%		$	24,264,373

Non-income producing security.

Aggregate cost for Federal income tax purposes is $21,264,058.


Gross unrealized appreciation	$	3,424,790
Gross unrealized depreciation		(426,186	)

Net unrealized appreciation	$	2,998,604

ADR

American Depositary Receipt

MTN

Medium Term Note


Portfolio Composition
Common Stocks			62%
Investment Company			3%
U.S. Government and Agency Obligations			14%
Corporate Notes and Bonds (Moody’s Ratings Unaudited)
AAA			1%
AA			8%
A			12%

			100%

See accompanying Notes to Financial Statements.


		75


Aston Funds



		October 31, 2013

*Statements of Assets and Liabilities*



	Montag & Caldwell Growth Fund		TAMRO Diversified Equity Fund


ASSETS:
Investments:
Investments at cost	$	4,207,049,808	$	45,990,275
Net unrealized appreciation		1,029,974,109		10,047,297

Total investments at value		5,237,023,917		56,037,572
Cash		—		—
Receivables:
Dividends and interest		3,518,774		13,229
Dividend reclaims		—		—
Fund shares sold		5,827,857		18,371
Investments sold		9,195,158		838,816
Other assets		20,397		120

Total assets		5,255,586,103		56,908,108


LIABILITIES:
Payables:
Dividend distribution		—		—
Investments purchased		5,105,850		979,934
Fund shares redeemed		10,542,687		177,083
Due to Adviser, net (Note G)		2,742,241		36,064
Administration fees (Note G)		202,107		4,758
Distribution fees (Note G)		120,965		1,477
Audit and tax fees		20,869		11,630
Transfer agent fees		821,152		10,837
Registration fees		37,307		6,956
Accrued expenses and other payables		196,249		2,342

Total liabilities		19,789,427		1,231,081

NET ASSETS	$	5,235,796,676	$	55,677,027


NET ASSETS CONSIST OF:
Paid in capital	$	3,840,418,223	$	44,026,270
Accumulated undistributed (distribution in excess of) net investment income (loss)		29,594,965		14,401
Accumulated net realized gain (loss) on investments		335,809,379		1,589,059
Net unrealized appreciation on investments		1,029,974,109		10,047,297

TOTAL NET ASSETS	$	5,235,796,676	$	55,677,027

*Class N:*
Net Assets	$	2,190,073,885	$	26,796,825
Shares of beneficial interest outstanding (unlimited authorization)		76,364,383		1,599,474
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	28.68	$	16.75

*Class I:*
Net Assets	$	3,035,623,327	$	28,880,202
Shares of beneficial interest outstanding (unlimited authorization)		105,159,548		1,720,800
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	28.87	$	16.78

*Class R:*
Net Assets	$	10,099,464	$	—
Shares of beneficial interest outstanding (unlimited authorization)		356,451		—
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	28.33	$	—

See accompanying Notes to Financial Statements.


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




$	107,498,270	$	55,578,343		$	974,998,361		$	80,516,573	$	3,713,505,748	$	9,749,180	$	38,409,369
	15,641,275		6,842,854			252,182,559			9,225,229		1,352,423,044		1,766,296		2,143,056

	123,139,545		62,421,197			1,227,180,920			89,741,802		5,065,928,792		11,515,476		40,552,425
	—		—			—			103,743		—		—		—

	76,176		41,333			2,233,257			144,987		1,644,256		1,667		1,870
	—		851			9,544			—		—		—		—
	208,764		538,894			751,024			108,892		10,864,215		—		—
	1,782,980		437,909			1,577,024			28,308		25,683,488		25,740		944,946
	290		130			4,316			89		15,058		44		11,889

	125,207,755		63,440,314			1,231,756,085			90,127,821		5,104,135,809		11,542,927		41,511,130




	—		—			300,814			7,514		—		—		—
	2,425,444		714,552			373,898			103,743		201,123,002		112,763		882,570
	238,016		2,873			1,058,034			33,492		6,342,125		—		17,351
	103,676		29,611			710,215			69,103		2,889,269		4,576		24,865
	7,125		4,677			49,337			5,996		190,308		3,016		4,114
	2,308		1,311			24,628			199		130,476		624		1,775
	11,762		13,958			14,407			13,958		20,869		11,630		14,980
	12,057		10,829			191,830			8,089		908,679		3,154		12,063
	8,016		7,179			13,926			9,052		44,692		3,044		9,303
	4,270		6,946			30,471			3,013		238,329		1,933		3,469

	2,812,674		791,936			2,767,560			254,159		211,887,749		140,740		970,490

$	122,395,081	$	62,648,378		$	1,228,988,525		$	89,873,662	$	4,892,248,060	$	11,402,187	$	40,540,640



$	104,518,678	$	80,340,453		$	903,055,325		$	79,611,737	$	3,081,282,019	$	7,979,942	$	34,577,863
	655,279		194,302			(30,952	)		20,099		1,616,865		—		9,496
	1,579,849		(24,729,231	)		73,781,593			1,016,597		456,926,132		1,655,949		3,810,225
	15,641,275		6,842,854			252,182,559			9,225,229		1,352,423,044		1,766,296		2,143,056

$	122,395,081	$	62,648,378		$	1,228,988,525		$	89,873,662	$	4,892,248,060	$	11,402,187	$	40,540,640


$	41,860,798	$	23,913,348		$	449,129,765		$	3,633,974	$	2,370,431,946	$	11,402,187	$	32,044,831
	3,024,141		1,739,815			32,096,979			281,925		52,210,680		892,629		2,178,779

$	13.84	$	13.74		$	13.99		$	12.89	$	45.40	$	12.77	$	14.71


$	80,534,283	$	38,735,030		$	779,858,760		$	86,239,688	$	2,521,816,114	$	—	$	8,495,809
	5,806,098		2,811,555			55,765,471			6,689,289		54,700,041		—		573,801

$	13.87	$	13.78		$	13.98		$	12.89	$	46.10	$	—	$	14.81


$	—	$	—		$	—		$	—	$	—	$	—	$	—
	—		—			—			—		—		—		—

$	—	$	—		$	—		$	—	$	—	$	—	$	—

See accompanying Notes to Financial Statements.


		77


Aston Funds



		October 31, 2013

*Statements of Assets and Liabilities – continued*



	Silvercrest Small Cap Fund			TAMRO Small Cap Fund


ASSETS:
Investments:
Investments at cost	$	28,387,050		$	967,704,752
Affiliated Investment at cost		—			—
Net unrealized appreciation (depreciation)		4,520,992			359,622,553

Total investments at value		32,908,042			1,327,327,305
Receivables:
Dividends and interest		4,977			402,933
Fund shares sold		686			1,701,282
Investments sold		636,692			25,397,448
Other assets		41			4,824

Total assets		33,550,438			1,354,833,792


LIABILITIES:
Payables:
Due to custodian		223,896			—
Dividend distribution		—			—
Investments purchased		—			25,122,306
Fund shares redeemed		558			2,446,615
Due to Adviser, net (Note G)		10,789			1,004,314
Administration fees (Note G)		3,902			53,923
Distribution fees (Note G)		247			29,650
Audit and tax fees		11,630			14,090
Transfer agent fees		9,807			300,133
Registration fees		19,569			12,424
Accrued expenses and other payables		2,598			50,961
Call options written, at value (premiums received $4,160,902)		—			—

Total liabilities		282,996			29,034,416

NET ASSETS	$	33,267,442		$	1,325,799,376


NET ASSETS CONSIST OF:
Paid in capital	$	27,536,660		$	853,329,554
Accumulated undistributed (distribution in excess of) net investment income (loss)		(847	)		(56,283	)
Accumulated net realized gain (loss) on investments, purchased options, written options and capital gain distributions received		1,210,637			112,903,552
Net unrealized appreciation (depreciation) on investments, purchased options and written options		4,520,992			359,622,553

TOTAL NET ASSETS	$	33,267,442		$	1,325,799,376

*Class N:*
Net Assets	$	4,048,658		$	533,627,448
Shares of beneficial interest outstanding (unlimited authorization)		278,462			22,181,487
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	14.54		$	24.06

*Class I:*
Net Assets	$	29,218,784		$	792,171,928
Shares of beneficial interest outstanding (unlimited authorization)		2,002,422			32,090,453
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	14.59		$	24.69

See accompanying Notes to Financial Statements.


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




$	179,950,282		$	222,895,353		$	700,005,546		$	171,285,053		$	47,974,712		$	442,546,622	$	158,631,366
	—			—			—			4,500,000			—			—		—
	37,924,175			84,705,844			27,021,692			(435,309	)		2,931,965			27,883,247		8,663,065

	217,874,457			307,601,197			727,027,238			175,349,744			50,906,677			470,429,869		167,294,431

	—			12,215			70,433			1,384,960			560,030			253,285		178,738
	23,800			1,677,493			3,321,759			224,357			6,369			1,126,843		689,727
	538,548			2,963,071			98,613			367,325			4,023,760			—		1,000,151
	774			1,377			20,515			907			320			1,422		780

	218,437,579			312,255,353			730,538,558			177,327,293			55,497,156			471,811,419		169,163,827




	—			—			—			—			868,528			—		17,662
	—			—			—			71,262			9,281			—		—
	733,008			1,979,781			2,912,088			239,042			—			204,577		2,451,403
	127,769			292,538			1,393,441			479,773			36,546			216,447		229,211
	182,186			232,550			603,320			58,209			22,684			400,075		92,595
	11,143			14,761			29,921			24,382			9,169			20,352		9,400
	1,048			3,140			18,693			3,631			1,507			2,992		5,558
	13,958			13,958			11,630			15,552			15,552			13,179		13,179
	34,020			100,265			161,436			27,508			10,848			61,875		25,337
	6,575			10,834			17,864			7,841			7,438			16,688		17,159
	9,370			10,355			34,304			14,229			2,943			12,441		19,069
	—			—			—			—			—			—		6,521,330

	1,119,077			2,658,182			5,182,697			941,429			984,496			948,626		9,401,903

$	217,318,502		$	309,597,171		$	725,355,861		$	176,385,864		$	54,512,660		$	470,862,793	$	159,761,924



$	149,287,482		$	160,213,712		$	678,353,433		$	180,529,492		$	56,220,011		$	441,277,715	$	154,371,368
	(290,213	)		(136,215	)		(40,199	)		(583,993	)		209,053			210,610		141,432
	30,397,058			64,813,830			20,020,935			(3,124,326	)		(4,848,369	)		1,491,221		(1,053,513	)
	37,924,175			84,705,844			27,021,692			(435,309	)		2,931,965			27,883,247		6,302,637

$	217,318,502		$	309,597,171		$	725,355,861		$	176,385,864		$	54,512,660		$	470,862,793	$	159,761,924


$	19,098,969		$	56,793,480		$	339,087,585		$	66,367,719		$	45,771,131		$	54,388,109	$	101,662,849
	1,857,430			3,330,626			29,551,875			6,231,583			4,291,217			4,077,280		10,828,888

$	10.28		$	17.05		$	11.47		$	10.65		$	10.67		$	13.34	$	9.39


$	198,219,533		$	252,803,691		$	386,268,276		$	110,018,145		$	8,741,529		$	416,474,684	$	58,099,075
	19,097,135			14,761,043			33,467,374			10,330,270			819,504			31,116,354		6,182,558

$	10.38		$	17.13		$	11.54		$	10.65		$	10.67		$	13.38	$	9.40

See accompanying Notes to Financial Statements.


		79


Aston Funds



		October 31, 2013

*Statements of Assets and Liabilities – continued*



	River Road Long-Short Fund			Barings International Fund


ASSETS:
Investments:
Investments at cost	$	173,020,461		$	32,381,678
Net unrealized appreciation		7,395,199			5,253,644

Total investments at value		180,415,660			37,635,322
Foreign currency (Cost $8,636 and $3,388, respectively)		—			—
Cash		282,402			—
Segregated Cash (Note B)		50,291,334			—
Receivables:
Dividends and interest		19,395			91,150
Dividend reclaims		—			95,910
Fund shares sold		1,397,949			—
Investments sold		8,567,385			292,159
Deferred offering costs (Note B-13)		—			—
Other assets		75			286

Total assets		240,974,200			38,114,827


LIABILITIES:
Payables:
Interest and dividends on securities sold short		71,709			—
Investments purchased		6,985,997			75,125
Fund shares redeemed		837,040			—
Due to Adviser, net (Note G)		155,652			11,812
Administration fees (Note G)		8,952			9,638
Distribution fees (Note G)		5,913			29
Audit and tax fees		13,311			13,958
Transfer agent fees		28,306			3,572
Registration fees		24,830			5,038
Offering costs (Note B-13)		—			—
Accrued expenses and other payables		11,947			11,235
Securities sold short, at value (proceeds $51,300,133)		52,689,384			—

Total liabilities		60,833,041			130,407

NET ASSETS	$	180,141,159		$	37,984,420


NET ASSETS CONSIST OF:
Paid in capital	$	169,512,834		$	29,485,895
Accumulated undistributed (distribution in excess of) net investment income (loss)		(27,513	)		997,891
Accumulated net realized gain (loss) on investments, securities sold short and foreign currency transactions		4,649,890			2,244,757
Net unrealized appreciation on investments, securities sold short and translation of assets and liabilities denominated in foreign currency		6,005,948			5,255,877

TOTAL NET ASSETS	$	180,141,159		$	37,984,420

*Class N:*
Net Assets	$	108,966,110		$	477,201
Shares of beneficial interest outstanding (unlimited authorization)		9,063,042			61,122
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.02		$	7.81

*Class I:*
Net Assets	$	71,175,049		$	37,507,219
Shares of beneficial interest outstanding (unlimited authorization)		5,909,050			4,794,159
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.05		$	7.82

See accompanying Notes to Financial Statements.


Aston Funds



LMCG Emerging Markets Fund			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund




$	3,912,962		$	13,502,292		$	20,956,516
	89,731			73,383			3,306,146

	4,002,693			13,575,675			24,262,662
	8,643			3,383			—
	—			—			319,572
	—			—			—

	3,458			6,277			80,896
	—			2,271			—
	—			142,558			8,697
	25,475			—			26,015
	29,147			—			—
	3			51			147

	4,069,419			13,730,215			24,697,989




	—			—			—
	16,436			—			319,572
	—			67,297			55,697
	8,637			5,651			19,612
	6,190			2,873			4,271
	37			727			492
	14,962			12,085			15,552
	2,020			4,918			4,869
	5,286			9,695			12,138
	28,737			—			—
	5,456			1,814			1,413
	—			—			—

	87,761			105,060			433,616

$	3,981,658		$	13,625,155		$	24,264,373



$	4,083,121		$	25,658,268		$	20,500,968
	40,296			147,489			(229,961	)
	(231,272	)		(12,253,968	)		687,220
	89,513			73,366			3,306,146

$	3,981,658		$	13,625,155		$	24,264,373


$	674,586		$	13,092,898		$	22,425,240
	69,890			1,159,909			941,663

$	9.65		$	11.29		$	23.81


$	3,307,072		$	532,257		$	1,839,133
	341,891			47,367			77,407

$	9.67		$	11.24		$	23.76

See accompanying Notes to Financial Statements.


		81


Aston Funds



For the Year Ended October 31, 2013

*Statements of Operations*



	Montag & Caldwell Growth Fund			TAMRO Diversified Equity Fund

INVESTMENT INCOME:
Dividends	$	93,027,292		$	484,497
Less: foreign taxes withheld		(1,377,900	)		(1,249	)

Total investment income		91,649,392			483,248

EXPENSES:
Investment advisory fees (Note G)		30,285,020			303,963
Distribution expenses (Note G)^(a)		5,282,384			61,302
Transfer agent fees		3,866,966			60,315
Administration fees (Note G)		2,138,413			32,957
Registration expenses		117,299			29,417
Custodian fees		122,690			3,847
Audit and tax fees		29,550			16,850
Legal fees		103,757			737
Amortization of offering costs (Note B-13)		—			—
Reports to shareholder expense		372,045			2,782
Trustees fees and related expenses (Note G)		285,611			2,038
Other expenses		217,246			6,207

Total expenses before waivers/reimbursements		42,820,981			520,415

Less: Investment advisory fees waived (Note G)		—			(98,160	)
Plus: Expenses recouped (Note G)		—			—

Net expenses		42,820,981			422,255

NET INVESTMENT INCOME (LOSS)		48,828,411			60,993

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		355,430,426			1,715,984
Net change in unrealized appreciation (depreciation) of investments		562,807,119			5,679,740

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		918,237,545			7,395,724


NET INCREASE IN NET ASSETS FROM OPERATIONS	$	967,065,956		$	7,456,717

(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 $5,233,548 and $48,836, respectively.

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

See accompanying Notes to Financial Statements.


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


$	2,209,436		$	855,195		$	36,881,968		$	1,476,224		$	59,417,133		$	82,378		$	314,984
	(1,154	)		(23,496	)		(137,188	)		(7,111	)		(9,758	)		(263	)		—

	2,208,282			831,699			36,744,780			1,469,113			59,407,375			82,115			314,984


	705,132			331,250			7,397,487			336,356			27,440,028			104,268			229,872
	80,111			57,326			969,723			5,425			4,848,213			30,667			47,454
	56,150			57,797			752,530			43,249			3,207,424			20,156			48,267
	54,938			33,405			485,951			38,130			1,737,315			21,368			26,771
	34,039			32,241			51,529			34,951			120,809			17,126			35,196
	10,051			20,274			31,612			20,911			105,337			10,013			14,531
	17,100			20,050			20,900			20,050			29,550			16,850			24,600
	1,851			930			22,120			943			80,708			281			17,211
	—			—			—			35,095			—			—			—
	4,843			2,624			43,593			2,557			392,161			797			6,936
	4,870			2,237			62,191			2,308			223,005			718			1,144
	8,158			6,391			51,394			6,002			147,962			4,808			5,474

	977,243			564,525			9,889,030			545,977			38,332,512			227,052			457,456

	—			(72,432	)		—			(36,018	)		—			(73,717	)		(157,143	)
	28,353			—			—			—			—			—			—

	1,005,596			492,093			9,889,030			509,959			38,332,512			153,335			300,313

	1,202,686			339,606			26,855,750			959,154			21,074,863			(71,220	)		14,671


	2,027,557			3,586,687			71,272,919			1,009,469			458,514,910			1,788,900			5,887,360
	14,781,516			5,212,950			159,132,800			9,272,582			865,571,634			893,311			1,825,778	^(b)

	16,809,073			8,799,637			230,405,719			10,282,051			1,324,086,544			2,682,211			7,713,138


$	18,011,759		$	9,139,243		$	257,261,469		$	11,241,205		$	1,345,161,407		$	2,610,991		$	7,727,809

See accompanying Notes to Financial Statements.


		83


Aston Funds



For the Year Ended October 31, 2013

*Statements of Operations – continued*



	Silvercrest Small Cap Fund			TAMRO Small Cap Fund

INVESTMENT INCOME:
Dividends	$	258,136		$	13,251,768
Dividends from affiliated security		—			—
Less: foreign taxes withheld		—			(120,720	)
Interest		—			—

Total investment income		258,136			13,131,048

EXPENSES:
Investment advisory fees (Note G)		179,070			10,245,165
Distribution expenses (Note G)		5,976			1,125,970
Transfer agent fees		38,893			942,965
Administration fees (Note G)		24,054			521,706
Registration expenses		32,551			51,964
Custodian fees		14,253			38,054
Audit and tax fees		16,950			20,300
Legal fees		2,030			23,157
Amortization of offering costs (Note B-13)		7,179			—
Reports to shareholder expense		1,150			93,864
Trustees fees and related expenses (Note G)		876			66,923
Other expenses		5,359			57,263

Total expenses before waivers/reimbursements		328,341			13,187,331

Less: Investment advisory fees waived (Note G)		(116,435	)		—
Less: Earnings credit (Note I)		—			—
Plus: Expenses recouped (Note G)		—			—

Net expenses		211,906			13,187,331

NET INVESTMENT INCOME (LOSS)		46,230			(56,283	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		1,218,605			124,824,787	^(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		4,409,811			169,676,168
Net change in unrealized appreciation (depreciation) on purchased options		—			—
Net change in unrealized appreciation (depreciation) on written options		—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		5,628,416			294,500,955


NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	5,674,646		$	294,444,672

(a)	On January 15, 2013, TAMRO Small Cap Fund had a redemption-in-kind 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.


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


$	4,281,738		$	7,516,894		$	6,132,115		$	6,485		$	11,559		$	5,349,708		$	5,218,933
	—			—			—			33,929			—			—			—
	(21,370	)		(31,070	)		(200,872	)		—			(169	)		—			—
	—			—			—			7,626,503			2,943,408			—			—

	4,260,368			7,485,824			5,931,243			7,666,917			2,954,798			5,349,708			5,218,933


	1,903,483			2,849,791			7,204,360			1,138,006			360,324			3,757,977			1,055,060
	31,983			133,336			868,783			212,049			83,461			115,634			231,782
	180,334			293,532			690,379			176,985			68,846			303,704			152,810
	101,522			157,758			334,945			168,840			63,214			181,268			86,078
	33,099			39,504			43,946			43,723			30,103			80,562			36,715
	16,678			16,725			25,097			31,866			9,258			9,064			69,900
	20,050			20,050			16,850			22,240			22,240			23,980			18,980
	4,234			6,454			15,918			14,557			1,422			7,755			8,681
	—			—			—			—			—			—			—
	14,032			14,510			74,678			19,569			3,099			20,029			23,849
	11,236			19,337			44,001			12,501			4,111			21,439			9,461
	13,105			19,559			38,788			12,035			7,575			18,176			11,088

	2,329,756			3,570,556			9,357,745			1,852,371			653,653			4,539,588			1,704,404

	—			—			(59,855	)		(212,638	)		(118,148	)		—			—
	—			—			(77,099	)		—			—			(1,803	)		(139	)
	—			—			—			—			—			85,619			—

	2,329,756			3,570,556			9,220,791			1,639,733			535,505			4,623,404			1,704,265

	1,930,612			3,915,268			(3,289,548	)		6,027,184			2,419,293			726,304			3,514,668


	31,063,046			66,663,383			32,206,753			(2,244,975	)		1,655,009			2,431,751			22,553,315
	—			—			—			—			—			—			(10,206,234	)
	—			—			—			—			—			—			(13,133,167	)
	—			—			—			—			—			7,581,352			—
	16,377,768			17,066,486			16,741,054			(5,562,851	)		(4,215,928	)		19,339,867			15,508,996
	—			—			—			—			—			—			(354,613	)
	—			—			—			—			—			—			(478,809	)

	47,440,814			83,729,869			48,947,807			(7,807,826	)		(2,560,919	)		29,352,970			13,889,488


$	49,371,426		$	87,645,137		$	45,658,259		$	(1,780,642	)	$	(141,626	)	$	30,079,274		$	17,404,156

See accompanying Notes to Financial Statements.


		85


Aston Funds



For the Year Ended October 31, 2013

*Statements of Operations – continued*



	River Road Long-Short Fund			Barings International Fund

INVESTMENT INCOME:
Dividends	$	502,429		$	1,800,199
Less: foreign taxes withheld		(11,348	)		(148,645	)
Interest		—			—

Total investment income		491,081			1,651,554

EXPENSES:
Investment advisory fees (Note G)		685,328			563,044
Distribution expenses (Note G)		89,504			1,121
Transfer agent fees		70,605			42,502
Administration fees (Note G)		41,541			63,814
Registration expenses		47,240			29,949
Custodian fees		22,412			68,306
Audit and tax fees		18,230			20,050
Legal fees		902			1,427
Interest and dividend expense on securities sold-short		383,017			—
Amortization of offering costs (Note B-13)		—			—
Reports to shareholder expense		9,744			1,645
Trustees fees and related expenses (Note G)		2,239			3,639
Other expenses		6,563			7,367

Total expenses before waivers/reimbursements		1,377,325			802,864

Less: Investment advisory fees waived (Note G)		(76,699	)		(154,242	)
Less: Expenses reimbursed (Note G)		—			—

Net expenses		1,300,626			648,622

NET INVESTMENT INCOME (LOSS)		(809,545	)		1,002,932

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		7,229,451			2,560,002
Net realized gain (loss) on securities sold short		(1,715,682	)		—
Net realized gain (loss) on foreign currency transactions		92			(4,859	)
Net change in unrealized appreciation (depreciation) on investments		7,320,581			4,145,650
Net change in unrealized appreciation (depreciation) on securities sold short		(1,357,185	)		—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currency		—			4,858

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		11,477,257			6,705,651


NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	10,667,712		$	7,708,583

(a)	The inception date for the LMCG Emerging Markets Fund is March 28, 2013.

See accompanying Notes to Financial Statements.


Aston Funds



LMCG Emerging Markets Fund^(a)			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund


$	75,561		$	355,252		$	345,677
	(9,097	)		(1,447	)		(4,662	)
	—			—			240,567

	66,464			353,805			581,582


	22,414			122,463			203,906
	963			29,822			25,407
	14,066			37,764			44,268
	17,106			20,535			31,669
	8,866			29,256			28,899
	21,252			5,088			3,986
	20,300			17,710			22,240
	145			224			655
	—			—			—
	43,226			—			—
	75			2,099			1,878
	99			717			1,710
	1,670			5,250			5,572

	150,182			270,928			370,190

	(22,414	)		(103,949	)		(45,721	)
	(96,919	)		—			—

	30,849			166,979			324,469

	35,615			186,826			257,113


	(231,272	)		1,055,517			2,639,428
	—			—			—
	(9,824	)		173			—
	89,731			(505,975	)		325,469
	—			—			—
	(218	)		22			—

	(151,583	)		549,737			2,964,897


$	(115,968	)	$	736,563		$	3,222,010

See accompanying Notes to Financial Statements.


		87


Aston Funds





*Statements of Changes in Net Assets*



	Montag & Caldwell Growth Fund						TAMRO Diversified Equity Fund
	Years Ended October 31,						Years Ended October 31,
	2013			2012			2013			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		48,828,411			27,731,344			60,993			830
Net realized gain (loss) on investments		355,430,426			287,451,677			1,715,984			(34,026	)
Net change in unrealized appreciation (depreciation) on investments		562,807,119			78,274,829			5,679,740			2,549,855

Net increase in net assets from operations		967,065,956			393,457,850			7,456,717			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		404,653,774			441,340,857			4,026,762			2,735,793
Class I		843,422,410			1,079,995,284			30,561,715			584,348
Class R		2,159,268			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		(539,421,701	)		(404,459,339	)		(4,531,450	)		(7,598,556	)
Class I		(715,137,195	)		(578,526,415	)		(4,383,850	)		(30,944	)
Class R		(2,631,942	)		(3,111,332	)		—			—

Net increase (decrease) from capital share transactions		273,430,944			768,873,176			25,744,558			(3,847,979	)

Total increase (decrease) in net assets		912,217,795			882,559,455			33,128,050			(1,804,675	)

NET ASSETS at End of Period	$	5,235,796,676		$	4,323,578,881		$	55,677,027		$	22,548,977

Undistributed net investment income	$	29,594,965		$	23,270,805		$	14,401		$	830

See accompanying Notes to Financial Statements.


Aston Funds



Herndon Large Cap Value Fund						Cornerstone Large Cap Value Fund						River Road Dividend All Cap Value Fund
Years Ended October 31,						Years Ended October 31,						Years Ended October 31,
2013			2012			2013			2012			2013			2012

$	55,406,952		$	17,969,968		$	26,502,868		$	24,756,738		$	924,209,368		$	620,152,985


	1,202,686			698,262			339,606			240,995			26,855,750			23,469,901
	2,027,557			930,577			3,586,687			1,056,316			71,272,919			35,184,296
	14,781,516			984,335			5,212,950			1,197,003			159,132,800			38,094,587

	18,011,759			2,613,174			9,139,243			2,494,314			257,261,469			96,748,784



	(435,807	)		(69,391	)		(213,973	)		(110,362	)		(8,135,227	)		(8,876,757	)
	(712,891	)		(154,780	)		(61,387	)		(577	)		(15,660,122	)		(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	)		(58,155,895	)		(27,852,113	)



	21,511,589			19,089,187			6,812,232			5,930,111			65,379,486			113,881,567
	42,373,328			26,894,024			31,748,633			5,334,807			198,076,860			274,730,584
	—			—			—			—			—			—

	867,244			409,897			205,857			106,566			20,850,811			11,027,472
	959,131			759,114			60,827			577			26,813,238			11,799,898
	—			—			—			—			—			—

	(6,933,068	)		(5,463,083	)		(9,246,465	)		(11,895,211	)		(48,451,006	)		(117,659,249	)
	(7,571,132	)		(5,696,318	)		(2,299,457	)		(114,095	)		(156,995,806	)		(58,620,560	)
	—			—			—			—			—			—

	51,207,092			35,992,821			27,281,627			(637,245	)		105,673,583			235,159,712

	66,988,129			37,436,984			36,145,510			1,746,130			304,779,157			304,056,383

$	122,395,081		$	55,406,952		$	62,648,378		$	26,502,868		$	1,228,988,525		$	924,209,368

$	655,279		$	601,291		$	194,302		$	130,056		$	(30,952	)	$	132,637

See accompanying Notes to Financial Statements.


		89


Aston Funds





*Statements of Changes in Net Assets – continued*



	River Road Dividend All Cap Value Fund II						Fairpointe Mid Cap Fund
	Year Ended October 31,			Period Ended October 31,			Years Ended October 31,
	2013			2012^(a)			2013			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)		959,154			43,321			21,074,863			18,064,492
Net realized gain on investments		1,009,469			5,681			458,514,910			70,142,404
Net change in unrealized appreciation (depreciation) on investments		9,272,582			(47,353	)		865,571,634			207,549,967

Net increase in net assets from operations		11,241,205			1,649			1,345,161,407			295,756,863

Distributions to shareholders from:
Net investment income:
Class N		(39,408	)		(4,217	)		(14,340,582	)		(2,661,253	)
Class I		(923,962	)		(38,951	)		(17,097,297	)		(5,501,975	)
Net realized gain on investments:
Class N		(484	)		—			(34,919,881	)		(10,321,076	)
Class I		(6,506	)		—			(32,705,189	)		(8,446,694	)

Total distributions		(970,360	)		(43,168	)		(99,062,949	)		(26,930,998	)

Capital share transactions:
Proceeds from sales of shares:
Class N		2,923,816			1,042,531			718,022,853			442,895,376
Class I		70,639,727			9,388,289			934,002,570			655,170,800
Proceeds from reinvestment of distributions:
Class N		39,064			3,909			47,067,455			12,395,039
Class I		826,079			36,423			34,143,433			9,858,507
Cost of shares redeemed:
Class N		(807,796	)		(414	)		(578,805,723	)		(540,581,863	)
Class I		(4,437,313	)		(9,979	)		(534,012,618	)		(664,320,924	)^(d)
Issued due to merger: ^(C)
Class N		—			—			—			—
Class I		—			—			—			—

Net increase (decrease) from capital share transactions		69,183,577			10,460,759			620,417,970			(84,583,065	)

Total increase (decrease) in net assets		79,454,422	��		10,419,240			1,866,516,428			184,242,800

NET ASSETS at End of Period	$	89,873,662		$	10,419,240		$	4,892,248,060		$	3,025,731,632

Undistributed (distributions in excess of) net investment income (loss)	$	20,099		$	7,776		$	1,616,865		$	11,980,487

(a)	The inception date for the River Road Dividend All Cap Value Fund II is June 27, 2012.

(b)	The inception date for the Silvercrest Small Cap Fund is December 27, 2011.

(c)	See Note J in the Notes to Financial Statements.

(d)	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.

(e)	LMCG Small Cap Growth Fund had a redemption-in-kind in the amount of $2,554,935 on September 25, 2012. The redemption was comprised of securities and cash in the amounts of $2,419,213 and $135,182, respectively.

(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 amount of $2,579,146 and $29,831, respectively.

See accompanying Notes to Financial Statements.


Aston Funds



Montag & Caldwell Mid Cap Growth Fund						LMCG Small Cap Growth Fund						Silvercrest Small Cap Fund
Years Ended October 31,						Years Ended October 31,						Year Ended October 31,			Period Ended October 31,
2013			2012			2013			2012			2013			2012^(b)

$	7,368,950		$	4,507,024		$	6,413,230		$	7,961,781		$	5,711,567		$	—


	(71,220	)		(39,008	)		14,671			(88,866	)		46,230			16,120
	1,788,900			426,097			5,887,360			793,830			1,218,605			226,287
	893,311			(74,900	)		1,825,778			504,009			4,409,811			111,181

	2,610,991			312,189			7,727,809			1,208,973			5,674,646			353,588



	—			—			—			—			(9,878	)		—
	—			—			—			—			(78,421	)		—

	(92,399	)		—			(425,537	)		—			(2,878	)		—
	—			—			(58,662	)		—			(19,730	)		—

	(92,399	)		—			(484,199	)		—			(110,907	)		—



	6,618,730			3,071,452			5,855,202			1,039,380			4,010,938			706,680
	—			—			6,748,727			297,740			20,994,880			7,290,194

	81,176			—			425,537			—			12,756			—
	—			—			58,662			—			98,151			—

	(5,185,261	)		(521,715	)		(4,777,656	)		(1,540,249	)		(1,427,987	)		(3,366	)
	—			—			(1,271,372	)		(2,554,395	)^(e)		(1,696,602	)		(2,635,529	)^(f)

	—			—			18,799,852			—			—			—
	—			—			1,044,848			—			—			—

	1,514,645			2,549,737			26,883,800			(2,757,524	)		21,992,136			5,357,979

	4,033,237			2,861,926			34,127,410			(1,548,551	)		27,555,875			5,711,567

$	11,402,187		$	7,368,950		$	40,540,640		$	6,413,230		$	33,267,442		$	5,711,567

$	—		$	(37,681	)	$	9,496		$	(5,175	)	$	(847	)	$	35,727

See accompanying Notes to Financial Statements.


		91


Aston Funds





*Statements of Changes in Net Assets – continued*



	TAMRO Small Cap Fund						River Road Select Value Fund
	Years Ended October 31,						Years Ended October 31,
	2013			2012			2013			2012

NET ASSETS at Beginning of Period	$	1,024,788,083		$	1,001,284,211		$	162,779,864		$	143,687,434

Increase (decrease) in net assets from operations:
Net investment income (loss)		(56,283	)		(4,509,026	)		1,930,612			454,084
Net realized gain (loss) on investments		124,824,787			104,050,686			31,063,046			10,079,561
Net change in unrealized appreciation (depreciation) on investments		169,676,168			6,000,858			16,377,768			7,191,158

Net increase (decrease) in net assets from operations		294,444,672			105,542,518			49,371,426			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		(36,352,900	)		(37,105,939	)		(391,684	)		(2,638,084	)
Class I		(59,453,402	)		(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		146,473,113			100,985,943			14,915,498			2,113,833
Class I		191,669,363	^(a)		155,633,470			56,912,818			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		(117,639,649	)		(126,301,603	)		(5,019,206	)		(10,015,665	)
Class I		(197,119,904	)^(c)		(193,593,771	)^(d)		(60,275,850	)		(37,413,865	)

Net increase (decrease) from capital share transactions		102,372,923			15,154,285			17,080,378			30,696,841

Total increase (decrease) in net assets		301,011,293			23,503,872			54,538,638			19,092,430

NET ASSETS at End of Period	$	1,325,799,376		$	1,024,788,083		$	217,318,502		$	162,779,864

Undistributed (distributions in excess of) net investment income (loss)	$	(56,283	)	$	—		$	(290,213	)	$	460,063

(a)	TAMRO Small Cap Fund had a subscription-in-kind in the amount of $2,677,538 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.

(b)	River Road Independent Value Fund had a subscription-in-kind in the amount of $597,548 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)	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 amount of $51,794,423 and $778,867, respectively.

(d)	TAMRO Small Cap Fund had redemptions-in-kind in the amounts of $40,667,980 on May 1, 2012 and $7,010,475 on 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.


Aston Funds



River Road Small Cap Value Fund						River Road Independent Value Fund						DoubleLine Core Plus Fixed Income Fund
Years Ended October 31,						Years Ended October 31,						Years Ended October 31,
2013			2012			2013			2012			2013			2012

$	289,229,188		$	337,488,064		$	700,649,463		$	391,700,125		$	176,881,578		$	27,143,189


	3,915,268			1,258,684			(3,289,548	)		(4,006,369	)		6,027,184			2,987,256
	66,663,383			21,254,625			32,206,753			36,018,328			(2,244,975	)		1,032,232
	17,066,486			11,176,504			16,741,054			10,854,961			(5,562,851	)		4,872,717

	87,645,137			33,689,813			45,658,259			42,866,920			(1,780,642	)		8,892,205



	(768,062	)		—			—			—			(2,744,975	)		(1,317,861	)
	(4,548,794	)		—			—			—			(4,353,733	)		(2,043,553	)

	(1,497,083	)		—			(20,379,878	)		(3,623,431	)		(491,620	)		(34,851	)
	(7,569,096	)		—			(19,173,208	)		(2,074,734	)		(597,665	)		(24,248	)

	(14,383,035	)		—			(39,553,086	)		(5,698,165	)		(8,187,993	)		(3,420,513	)



	8,370,448			11,250,505			134,123,913			202,967,411			53,008,348			71,060,094
	61,492,823			47,334,504			133,619,629	^(b)		276,507,471			60,045,064			103,044,113

	2,244,845			—			20,310,806			3,615,800			3,178,568			1,344,828
	12,089,609			—			18,660,298			2,024,439			4,306,487			1,929,366

	(15,330,517	)		(61,115,685	)		(178,942,382	)		(170,062,099	)		(57,207,650	)		(25,676,534	)
	(121,761,327	)		(79,418,013	)		(109,171,039	)		(43,272,439	)		(53,857,896	)		(7,435,170	)

	(52,894,119	)		(81,948,689	)		18,601,225			271,780,583			9,472,921			144,266,697

	20,367,983			(48,258,876	)		24,706,398			308,949,338			(495,714	)		149,738,389

$	309,597,171		$	289,229,188		$	725,355,861		$	700,649,463		$	176,385,864		$	176,881,578

$	(136,215	)	$	1,294,664		$	(40,199	)	$	(43,461	)	$	(583,993	)	$	(380,739	)

See accompanying Notes to Financial Statements.


		93


Aston Funds





*Statements of Changes in Net Assets – continued*



	TCH Fixed Income Fund						Lake Partners LASSO Alternatives Fund
	Years Ended October 31,						Years Ended October 31,
	2013			2012			2013			2012

NET ASSETS at Beginning of Period	$	70,167,760		$	72,769,324		$	287,061,601		$	207,625,322

Increase (decrease) in net assets from operations:
Net investment income (loss)		2,419,293			3,011,666			726,304			1,365,720
Net realized gain (loss) on investments, purchased options, written options, securities sold short, foreign currency transactions and capital gain distributions		1,655,009			1,541,463			10,013,103			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		(4,215,928	)		2,125,017			19,339,867			10,167,273

Net increase (decrease) in net assets from operations		(141,626	)		6,678,146			30,079,274			13,090,862

Distributions to shareholders from:
Net investment income:
Class N		(2,291,411	)		(2,752,487	)		(472,420	)		(255,933	)
Class I		(422,043	)		(479,605	)		(3,732,874	)		(3,425,003	)
Net realized gain on investments:
Class N		—			—			—			—
Class I		—			—			—			—

Total distributions		(2,713,454	)		(3,232,092	)		(4,205,294	)		(3,680,936	)

Capital share transactions:
Proceeds from sales of shares:
Class N		10,518,750			11,970,554			54,094,179			20,838,852
Class I		1,280,566			3,311,240			218,417,490			104,018,117
Proceeds from reinvestment of distributions:
Class N		2,192,348			2,642,277			452,219			254,528
Class I		381,111			384,209			3,236,441			1,747,717
Cost of shares redeemed:
Class N		(24,265,442	)		(20,139,538	)		(36,923,554	)		(5,931,093	)
Class I		(2,907,353	)		(4,216,360	)		(81,349,563	)		(50,901,768	)

Net increase (decrease) from capital share transactions		(12,800,020	)		(6,047,618	)		157,927,212			70,026,353

Total increase (decrease) in net assets		(15,655,100	)		(2,601,564	)		183,801,192			79,436,279

NET ASSETS at End of Period	$	54,512,660		$	70,167,760		$	470,862,793		$	287,061,601

Undistributed (distributions in excess of) net investment income (loss)	$	209,053		$	257,283		$	210,610		$	781,026

See accompanying Notes to Financial Statements.


Aston Funds



Anchor Capital Enhanced Equity Fund						River Road Long-Short Fund						Barings International Fund
Years Ended October 31,						Years Ended October 31,						Years Ended October 31,
2013			2012			2013			2012			2013			2012

$	177,809,320		$	113,205,174		$	7,506,387		$	4,593,930		$	62,083,656		$	52,782,652


	3,514,668			2,759,375			(809,545	)		(98,537	)		1,002,932			1,043,951
	(786,086	)		2,854,278			5,513,861			613,267			2,555,143			883,136
	14,675,574			(1,004,621	)		5,963,396			(73,523	)		4,150,508			760,195

	17,404,156			4,609,032			10,667,712			441,207			7,708,583			2,687,282



	(2,040,791	)		(1,259,013	)		—			—			(5,702	)		(2,517	)
	(1,460,057	)		(1,453,347	)		—			—			(986,921	)		(507,253	)

	(1,672,759	)		(5,377,824	)		(437,571	)		—			(5,125	)		(9,564	)
	(1,243,698	)		(6,563,185	)		—			—			(754,174	)		(1,371,156	)

	(6,417,305	)		(14,653,369	)		(437,571	)		—			(1,751,922	)		(1,890,490	)



	44,682,440			89,657,148			110,536,773			3,037,084			17,634			11,495
	35,763,522			42,752,026			72,413,856			—			10,658,884			17,971,181

	3,679,250			6,562,788			437,571			—			10,574			12,081
	1,901,112			5,836,625			—			—			1,523,863			1,167,329

	(59,806,848	)		(34,343,989	)		(16,146,675	)		(565,834	)		(30,668	)		(271	)
	(55,253,723	)		(35,816,115	)		(4,836,894	)		—			(42,236,184	)		(10,657,603	)

	(29,034,247	)		74,648,483			162,404,631			2,471,250			(30,055,897	)		8,504,212

	(18,047,396	)		64,604,146			172,634,772			2,912,457			(24,099,236	)		9,301,004

$	159,761,924		$	177,809,320		$	180,141,159		$	7,506,387		$	37,984,420		$	62,083,656

$	141,432		$	127,535		$	(27,513	)	$	(29,732	)	$	997,891		$	992,441

See accompanying Notes to Financial Statements.


		95


Aston Funds





*Statements of Changes in Net Assets – continued*



	LMCG Emerging Markets Fund			Harrison Street Real Estate Fund
	Period Ended October 31, 2013^(a)			Years Ended October 31,
	Period Ended October 31, 2013^(a)			2013			2012

NET ASSETS at Beginning of Period	$	—		$	10,546,604		$	39,212,065

Increase (decrease) in net assets from operations:
Net investment income		35,615			186,826			173,143
Net realized gain (loss) on investments and foreign currency transactions		(241,096	)		1,055,690			1,929,157
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		89,513			(505,953	)		(2,376,608	)

Net increase (decrease) in net assets from operations		(115,968	)		736,563			(274,308	)

Distributions to shareholders from:
Net investment income:
Class N		—			(162,129	)		(46,752	)
Class I		—			(2,875	)		(823	)

Total distributions		—			(165,004	)		(47,575	)

Capital share transactions:
Proceeds from sales of shares:
Class N		697,622			10,524,296			6,295,128
Class I		3,400,004			375,294			208,772
Proceeds from reinvestment of distributions:
Class N		—			153,598			44,264
Class I		—			1,904			539
Cost of shares redeemed:
Class N		—			(8,524,363	)		(3,336,601	)
Class I		—			(23,833	)		(31,555,680	)^(b)
Capital Contribution (Note G):
Class N		—			93			—
Class I		—			3			—

Net increase (decrease) from capital share transactions		4,097,626			2,506,992			(28,343,578	)

Total increase (decrease) in net assets		3,981,658			3,078,551			(28,665,461	)

NET ASSETS at End of Period	$	3,981,658		$	13,625,155		$	10,546,604

Undistributed (distributions in excess of) net investment income (loss)	$	40,296		$	147,489		$	125,494

(a)	The inception date for the LMCG Emerging Markets Fund is March 28, 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.


Aston Funds



Montag & Caldwell Balanced Fund
Years Ended October 31,
2013			2012

$	33,466,255		$	24,729,716


	257,113			227,101
	2,639,428			1,435,094
	325,469			422,708

	3,222,010			2,084,903



	(342,684	)		(309,427	)
	(24,117	)		(22,048	)

	(366,801	)		(331,475	)



	2,507,724			12,344,202
	150,496			641,711

	333,389			301,482
	10,537			9,037

	(14,627,334	)		(6,067,796	)
	(431,903	)		(245,525	)

	—			—
	—			—

	(12,057,091	)		6,983,111

	(9,201,882	)		8,736,539

$	24,264,373		$	33,466,255

$	(229,961	)	$	(230,949	)

See accompanying Notes to Financial Statements.


		97


Aston Funds



ASTON/Montag & Caldwell Growth Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	25.31		$	24.72		$	22.92		$	20.87		$	18.84

Income from Investment Operations:
Net investment income		0.23	^(a)		0.15	^(a)		0.14	^(a)		0.12	^(a)		0.08	^(a)
Net realized and unrealized gain on investments		5.07			2.45			1.83			2.01	^(b)		2.61

Total from investment operations		5.30			2.60			1.97			2.13			2.69

Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.13	)		(0.13	)		(0.08	)		(0.06	)
Distributions from net realized gain on investments		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)

Total distributions		(1.93	)		(2.01	)		(0.17	)		(0.08	)		(0.66	)

Net increase in net asset value		3.37			0.59			1.80			2.05			2.03

Net Asset Value, End of Period	$	28.68		$	25.31		$	24.72		$	22.92		$	20.87

Total Return ^(c)		22.61	%		11.40	%		8.56	%		10.20	%		15.08	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,190,074		$	1,908,663		$	1,683,183		$	1,506,075		$	1,277,346
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.04	%		1.05	%		1.06	%		1.08	%^(d)		1.11	%
After expense reimbursement and/or fee waiver by Adviser		1.04	%		1.05	%		1.06	%		1.08	%^(d)		1.11	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.88	%		0.60	%		0.59	%		0.56	%		0.41	%
After expense reimbursement and/or fee waiver by Adviser		0.88	%		0.60	%		0.59	%		0.56	%		0.41	%
Portfolio Turnover		50.57	%		46.42	%		63.48	%		57.39	%^(e)		35.09	%^(f)

(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)

Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2010. The interest expense is from utilizing the line of credit as discussed in Note H to the Financial Statements.

(e)

Portfolio turnover rate excludes securities received from a reorganization.

(f)

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

See accompanying Notes to Financial Statements.


Aston Funds



ASTON/Montag & Caldwell Growth Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	25.46		$	24.85		$	23.05		$	20.97		$	18.94

Income from Investment Operations:
Net investment income		0.30	^(a)		0.21	^(a)		0.21	^(a)		0.18	^(a)		0.12	^(a)
Net realized and unrealized gain on investments		5.10			2.47			1.82			2.02	^(b)		2.62

Total from investment operations		5.40			2.68			2.03			2.20			2.74

Less Distributions:
Distributions from and in excess of net investment income		(0.28	)		(0.19	)		(0.19	)		(0.12	)		(0.11	)
Distributions from net realized gain on investments		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)

Total distributions		(1.99	)		(2.07	)		(0.23	)		(0.12	)		(0.71	)

Net increase in net asset value		3.41			0.61			1.80			2.08			2.03

Net Asset Value, End of Period	$	28.87		$	25.46		$	24.85		$	23.05		$	20.97

Total Return ^(c)		22.95	%		11.67	%		8.82	%		10.49	%		15.36	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,035,623		$	2,406,145		$	1,749,183		$	1,528,981		$	1,205,637
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.79	%		0.80	%		0.81	%		0.83	%^(d)		0.86	%
After expense reimbursement and/or fee waiver by Adviser		0.79	%		0.80	%		0.81	%		0.83	%^(d)		0.86	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.13	%		0.85	%		0.84	%		0.81	%		0.66	%
After expense reimbursement and/or fee waiver by Adviser		1.13	%		0.85	%		0.84	%		0.81	%		0.66	%
Portfolio Turnover		50.57	%		46.42	%		63.48	%		57.39	%^(e)		35.09	%^(f)

(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)

(e)

Portfolio turnover rate excludes securities received from a reorganization.

(f)

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

See accompanying Notes to Financial Statements.


		99


Aston Funds



ASTON/Montag & Caldwell Growth Fund – Class R		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	25.02		$	24.45		$	22.70		$	20.73		$	18.69

Income from Investment Operations:
Net investment income		0.16	^(a)		0.09	^(a)		0.08	^(a)		0.07	^(a)		0.03	^(a)
Net realized and unrealized gain on investments		5.01			2.43			1.80			1.98	^(b)		2.61

Total from investment operations		5.17			2.52			1.88			2.05			2.64

Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.07	)		(0.09	)		(0.08	)		—
Distributions from net realized gain on investments		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)

Total distributions		(1.86	)		(1.95	)		(0.13	)		(0.08	)		(0.60	)

Net increase in net asset value .		3.31			0.57			1.75			1.97			2.04

Net Asset Value, End of Period	$	28.33		$	25.02		$	24.45		$	22.70		$	20.73

Total Return ^(c)		22.30	%		11.10	%		8.29	%		9.90	%		14.87	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	10,099		$	8,771		$	8,654		$	7,292		$	3,840
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.29	%		1.30	%		1.31	%		1.33	%^(d)		1.36	%
After expense reimbursement and/or fee waiver by Adviser		1.29	%		1.30	%		1.31	%		1.33	%^(d)		1.36	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.63	%		0.35	%		0.34	%		0.31	%		0.16	%
After expense reimbursement and/or fee waiver by Adviser		0.63	%		0.35	%		0.34	%		0.31	%		0.16	%
Portfolio Turnover		50.57	%		46.42	%		63.48	%		57.39	%^(e)		35.09	%⁽^f⁾

(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)

(e)

Portfolio turnover rate excludes securities received from a reorganization.

(f)

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

See accompanying Notes to Financial Statements.

100


Aston Funds



ASTON/TAMRO Diversified Equity Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	13.52		$	12.34		$	11.83		$	9.72		$	8.34

Income from Investment Operations:
Net investment income (loss)		0.01	^(a)		—	^(b)		(0.02	)		—	^(b)		—	^(b)
Net realized and unrealized gain on investments		3.27			1.44			0.53			2.13			1.42

Total from investment operations		3.28			1.44			0.51			2.13			1.42

Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		—			—			(0.02	)		(0.04	)
Distributions from net realized gain on investments		(0.02	)		(0.26	)		—			—			—

Total distributions		(0.05	)		(0.26	)		—			(0.02	)		(0.04	)

Net increase in net asset value .		3.23			1.18			0.51			2.11			1.38

Net Asset Value, End of Period	$	16.75		$	13.52		$	12.34		$	11.83		$	9.72

Total Return ^(c)		24.29	%		11.94	%		4.31	%		21.95	%		17.13	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	26,797		$	21,980		$	24,354		$	15,670		$	10,486
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.46	%		1.68	%^(d)		1.62	%^(d)		1.63	%		1.95	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%		1.20	%^(d)		1.20	%^(d)		1.20	%		1.20	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.19	)%		(0.47	)%		(0.63	)%		(0.45	)%		(0.77	)%
After expense reimbursement and/or fee waiver by Adviser		0.07	%		—	%^(b)		(0.21	)%		(0.02	)%		(0.02	)%
Portfolio Turnover		79.61	%		52.56	%		65.96	%		81.75	%		85.49	%

(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 or less than (0.005)%.

(c)

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

(d)

Ratios of expenses to average net assets include interest expense 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 expense is from utilizing the line of credit as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.


		101


Aston Funds



ASTON/TAMRO Diversified Equity Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Period Ended 10/31/12^(a)
Net Asset Value, Beginning of Period	$	13.55		$	13.27

Income from Investment Operations:
Net investment income (loss)		0.05	^(b)		(0.05	)
Net realized and unrealized gain on investments		3.26			0.33

Total from investment operations		3.31			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		3.23			0.28

Net Asset Value, End of Period	$	16.78		$	13.55

Total Return ^(c)		24.64	%		2.04	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	28,880		$	569
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.21	%		1.45	%^(e)(f)
After expense reimbursement and/or fee waiver by Adviser		0.95	%		0.95	%^(e)(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.06	%		(1.11	)%^(f)
After expense reimbursement and/or fee waiver by Adviser		0.32	%		(0.61	)%^(f)
Portfolio Turnover		79.61	%		52.56	%^(d)

(a)

The inception date for the TAMRO Diversified Equity Fund Class I shares is March 2, 2012.

(b)

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

(c)

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

(d)

Not annualized.

(e)

Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2013, 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.

(f)

Annualized.

See accompanying Notes to Financial Statements.

102


Aston Funds



ASTON/Herndon Large Cap Value Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		0.15	^(b)		0.18	^(b)		0.12	^(b)		0.03
Net realized and unrealized gain on investments		2.40			0.91			0.81			0.36

Total from investment operations		2.55			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		2.11			0.42			0.92			0.39

Net Asset Value, End of Period	$	13.84		$	11.73		$	11.31		$	10.39

Total Return ^(c)		22.58	%		10.39	%		9.09	%		3.90	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	41,861		$	20,832		$	6,089		$	1,472
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.27	%		1.41	%		2.38	%		13.84	%^(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.30	%		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		1.24	%		1.44	%		(0.05	)%		(11.94	)%^(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.21	%		1.55	%		1.03	%		0.60	%^(e)
Portfolio Turnover		69.51	%		80.56	%		189.70	%		38.64	%^(d)

(a)

The inception date for the Herndon Large Cap Value Fund Class N shares is March 31, 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.


		103


Aston Funds



ASTON/Herndon Large Cap Value Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		0.19	^(b)		0.21	^(b)		0.10	^(b)
Net realized and unrealized gain (loss) on investments		2.39			0.91			(0.25	)

Total from investment operations		2.58			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		2.12			0.42			(0.15	)

Net Asset Value, End of Period	$	13.87		$	11.75		$	11.33

Total Return ^(c)		22.94	%		10.69	%		(1.31	)%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	80,534		$	34,575		$	11,881
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.02	%		1.16	%		2.13	%^(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.05	%		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		1.49	%		1.69	%		0.20	%^(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.46	%		1.80	%		1.28	%^(e)
Portfolio Turnover		69.51	%		80.56	%		189.70	%^(d)

(a)

The inception date for the Herndon Large Cap Value Fund Class I shares is March 2, 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.

104


Aston Funds



ASTON/Cornerstone Large Cap Value Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	11.04		$	10.04		$	9.20		$	8.31		$	9.07

Income from Investment Operations:
Net investment income		0.09	^(a)		0.10	^(a)		0.12	^(a)		0.13			0.15
Net realized and unrealized gain on investments		2.72			0.94			0.83			0.89			0.41

Total from investment operations		2.81			1.04			0.95			1.02			0.56

Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.04	)		(0.11	)		(0.13	)		(0.15	)
Distributions from net realized gain on investments		—			—			—			—			(1.17	)

Total distributions		(0.11	)		(0.04	)		(0.11	)		(0.13	)		(1.32	)

Net increase (decrease) in net asset value .		2.70			1.00			0.84			0.89			(0.76	)

Net Asset Value, End of Period	$	13.74		$	11.04		$	10.04		$	9.20		$	8.31

Total Return ^(b)		25.72	%		10.43	%		10.44	%		12.37	%		8.60	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	23,913		$	21,105		$	24,631		$	19,984		$	20,173
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.48	%		1.58	%		1.61	%		1.19	%^(d)		1.21	%
After expense reimbursement and/or fee waiver by Adviser		1.30	%		1.26	%^(c)		1.14	%^(c)		1.07	%^(d)		1.07	%^(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.53	%		0.60	%		0.80	%		1.32	%		1.77	%
After expense reimbursement and/or fee waiver by Adviser		0.71	%		0.92	%		1.27	%		1.44	%		1.91	%
Portfolio Turnover		58.24	%		58.21	%		59.07	%^(f)		37.44	%		39.00	%

(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)

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%.

(d)

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

(e)

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.

(f)

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

See accompanying Notes to Financial Statements.


		105


Aston Funds



ASTON/Cornerstone Large Cap Value Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	11.07		$	10.05		$	9.19		$	8.31		$	9.06

Income from Investment Operations:
Net investment income		0.12	^(a)		0.11	^(a)		0.16	^(a)		0.15			0.17
Net realized and unrealized gain on investments		2.73			0.96			0.84			0.88			0.42

Total from investment operations		2.85			1.07			1.00			1.03			0.59

Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.05	)		(0.14	)		(0.15	)		(0.17	)
Distributions from net realized gain on investments		—			—			—			—			(1.17	)

Total distributions		(0.14	)		(0.05	)		(0.14	)		(0.15	)		(1.34	)

Net increase (decrease) in net asset value .		2.71			1.02			0.86			0.88			(0.75	)

Net Asset Value, End of Period	$	13.78		$	11.07		$	10.05		$	9.19		$	8.31

Total Return ^(b)		26.08	%		10.66	%		10.95	%		12.53	%		9.01	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	38,735		$	5,397		$	126		$	204,051		$	205,580
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.23	%		1.33	%		1.36	%		0.94	%^(d)		0.96	%
After expense reimbursement and/or fee waiver by Adviser		1.05	%		1.01	%^(c)		0.89	%^(c)		0.82	%^(d)		0.82	%^(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.78	%		0.85	%		1.05	%		1.57	%		2.02	%
After expense reimbursement and/or fee waiver by Adviser		0.96	%		1.17	%		1.52	%		1.69	%		2.16	%
Portfolio Turnover		58.24	%		58.21	%		59.07	%^(f)		37.44	%		39.00	%

(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)

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%.

(d)

Ratios of expense to average net assets included interest expense of less than 0.005% for the year ended October 31, 2010, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

(e)

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.

(f)

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

See accompanying Notes to Financial Statements.

106


Aston Funds



ASTON/River Road Dividend All Cap Value Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	11.67		$	10.68		$	10.23		$	8.58		$	8.43

Income from Investment Operations:
Net investment income		0.30			0.31	^(a)		0.29	^(a)		0.26	^(a)		0.26	^(a)
Net realized and unrealized gain on investments		2.73			1.05			0.42			1.62			0.08

Total from investment operations		3.03			1.36			0.71			1.88			0.34

Less Distributions:
Distributions from and in excess of net investment income		(0.27	)		(0.30	)		(0.26	)		(0.23	)		(0.19	)
Distributions from net realized gain on investments		(0.44	)		(0.07	)		—			—			—

Total distributions		(0.71	)		(0.37	)		(0.26	)		(0.23	)		(0.19	)

Net increase in net asset value		2.32			0.99			0.45			1.65			0.15

Net Asset Value, End of Period	$	13.99		$	11.67		$	10.68		$	10.23		$	8.58

Total Return ^(b)		27.47	%		12.96	%		6.94	%		22.20	%		4.33	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	449,130		$	338,166		$	301,290		$	135,544		$	81,842
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.09	%		1.12	%		1.12	%		1.14	%		1.21	%
After expense reimbursement and/or fee waiver by Adviser		1.09	%		1.12	%		1.12	%		1.14	%		1.21	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.38	%		2.74	%		2.70	%		2.69	%		3.36	%
After expense reimbursement and/or fee waiver by Adviser		2.38	%		2.74	%		2.70	%		2.69	%		3.36	%
Portfolio Turnover		35.18	%		28.17	%		24.65	%		29.92	%		47.34	%

(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.

See accompanying Notes to Financial Statements.


		107


Aston Funds



ASTON/River Road Dividend All Cap Value Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	11.66		$	10.67		$	10.22		$	8.57		$	8.42

Income from Investment Operations:
Net investment income		0.34			0.34	^(a)		0.32	^(a)		0.28	^(a)		0.29	^(a)
Net realized and unrealized gain on investments		2.72			1.05			0.42			1.63			0.07

Total from investment operations		3.06			1.39			0.74			1.91			0.36

Less Distributions:
Distributions from and in excess of net investment income		(0.30	)		(0.33	)		(0.29	)		(0.26	)		(0.21	)
Distributions from net realized gain on investments		(0.44	)		(0.07	)		—			—			—

Total distributions		(0.74	)		(0.40	)		(0.29	)		(0.26	)		(0.21	)

Net increase in net asset value .		2.32			0.99			0.45			1.65			0.15

Net Asset Value, End of Period	$	13.98		$	11.66		$	10.67		$	10.22		$	8.57

Total Return ^(b)		27.81	%		13.25	%		7.21	%		22.53	%		4.59	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	779,859		$	586,043		$	318,863		$	137,629		$	77,185
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.84	%		0.87	%		0.87	%		0.89	%		0.96	%
After expense reimbursement and/or fee waiver by Adviser		0.84	%		0.87	%		0.87	%		0.89	%		0.96	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.63	%		2.99	%		2.95	%		2.94	%		3.61	%
After expense reimbursement and/or fee waiver by Adviser		2.63	%		2.99	%		2.95	%		2.94	%		3.61	%
Portfolio Turnover		35.18	%		28.17	%		24.65	%		29.92	%		47.34	%

(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.

See accompanying Notes to Financial Statements.

108


Aston Funds



ASTON/River Road Dividend All Cap Value Fund II – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Period Ended 10/31/12^(a)
Net Asset Value, Beginning of Period	$	10.44		$	10.00

Income from Investment Operations:
Net investment income		0.22			0.09	^(b)
Net realized and unrealized gain on investments		2.46			0.41

Total from investment operations		2.68			0.50

Less Distributions:
Distributions from and in excess of net investment income		(0.23	)		(0.06	)
Distributions from net realized gain on investments		—	^(c)		—

Total distributions		(0.23	)		(0.06	)

Net increase in net asset value		2.45			0.44

Net Asset Value, End of Period	$	12.89		$	10.44

Total Return ^(d)		25.99	%		5.09	%^(e)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,634		$	1,049
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.37	%		4.99	%^(f)
After expense reimbursement and/or fee waiver by Adviser		1.30	%		1.30	%^(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.68	%		(1.24	)%^(f)
After expense reimbursement and/or fee waiver by Adviser		1.76	%		2.45	%^(f)
Portfolio Turnover		27.80	%		5.58	%^(e)(g)

(a)

The inception date for the River Road Dividend All Cap Value Fund II Class N shares is June 27, 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.


		109


Aston Funds



ASTON/River Road Dividend All Cap Value Fund II – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Period Ended 10/31/12^(a)
Net Asset Value, Beginning of Period	$	10.45		$	10.00

Income from Investment Operations:
Net investment income		0.25			0.10	^(b)
Net realized and unrealized gain on investments		2.45			0.42

Total from investment operations		2.70			0.52

Less Distributions:
Distributions from and in excess of net investment income		(0.26	)		(0.07	)
Distributions from net realized gain on investments		—	^(c)		—

Total distributions		(0.26	)		(0.07	)

Net increase in net asset value		2.44			0.45

Net Asset Value, End of Period	$	12.89		$	10.45

Total Return ^(d)		26.30	%		5.17	%^(e)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	86,240		$	9,370
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.12	%		4.74	%^(f)
After expense reimbursement and/or fee waiver by Adviser		1.05	%		1.05	%^(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.93	%		(0.99	)%^(f)
After expense reimbursement and/or fee waiver by Adviser		2.01	%		2.70	%^(f)
Portfolio Turnover		27.80	%		5.58	%^(e)^(g)

(a)

The inception date for the River Road Dividend All Cap Value Fund II Class I shares is June 27, 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.

110


Aston Funds



ASTON/Fairpointe Mid Cap Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	32.79		$	29.76		$	29.04		$	22.73		$	17.25

Income from Investment Operations:
Net investment income		0.17			0.16			0.06	^(a)		0.01			0.09
Net realized and unrealized gain on investments		13.48			3.13			0.82			6.35			5.82

Total from investment operations		13.65			3.29			0.88			6.36			5.91

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	)

Total distributions		(1.04	)		(0.26	)		(0.16	)		(0.05	)		(0.43	)

Net increase in net asset value .		12.61			3.03			0.72			6.31			5.48

Net Asset Value, End of Period	$	45.40		$	32.79		$	29.76		$	29.04		$	22.73

Total Return ^(b)		42.88	%		11.15	%		2.98	%		28.01	%		35.60	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,370,432		$	1,561,510		$	1,502,266		$	1,469,354		$	842,233
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.11	%		1.11	%^(c)		1.14	%^(c)		1.14	%^(c)		1.20	%^(c)
After expense reimbursement and/or fee waiver by Adviser		1.11	%		1.11	%^(c)		1.14	%^(c)		1.14	%^(c)		1.20	%^(c)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.42	%		0.50	%		0.21	%		—	%^(d)		0.46	%
After expense reimbursement and/or fee waiver by Adviser		0.42	%		0.50	%		0.21	%		—	%^(d)		0.46	%
Portfolio Turnover		36.98	%		28.06	%^(e)		11.20	%		13.82	%		17.72	%

(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)

Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012, October 31, 2011, October 31, 2010 and October 31, 2009, which are 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.

(d)

Represents less than 0.005%.

(e)

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

See accompanying Notes to Financial Statements.


		111


Aston Funds



ASTON/Fairpointe Mid Cap Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	33.28		$	30.20		$	29.41		$	23.00		$	17.47

Income from Investment Operations:
Net investment income		0.28			0.24			0.14	^(a)		0.07			0.13
Net realized and unrealized gain on investments		13.67			3.18			0.82			6.43			5.89

Total from investment operations		13.95			3.42			0.96			6.50			6.02

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	)

Total distributions		(1.13	)		(0.34	)		(0.17	)		(0.09	)		(0.49	)

Net increase in net asset value		12.82			3.08			0.79			6.41			5.53

Net Asset Value, End of Period	$	46.10		$	33.28		$	30.20		$	29.41		$	23.00

Total Return ^(b)		43.23	%		11.46	%		3.22	%		28.31	%		35.97	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,521,876		$	1,464,222		$	1,339,223		$	499,651		$	150,953
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.86	%		0.86	%^(c)		0.89	%^(c)		0.89	%^(c)		0.95	%^(c)
After expense reimbursement and/or fee waiver by Adviser		0.86	%		0.86	%^(c)		0.89	%^(c)		0.89	%^(c)		0.95	%^(c)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.67	%		0.75	%		0.46	%		0.25	%		0.71	%
After expense reimbursement and/or fee waiver by Adviser		0.67	%		0.75	%		0.46	%		0.25	%		0.71	%
Portfolio Turnover		36.98	%		28.06	%^(d)		11.20	%		13.82	%		17.72	%

(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)

(d)

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

See accompanying Notes to Financial Statements.

112


Aston Funds



ASTON/Montag & Caldwell Mid Cap Growth Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	10.36		$	9.71		$	8.51		$	6.83		$	5.85

Income from Investment Operations:
Net investment loss		(0.07	)		(0.07	)^(a)		(0.07	)		(0.04	)		(0.04	)
Net realized and unrealized gain on investments		2.58			0.72			1.27			1.74			1.02

Total from investment operations		2.51			0.65			1.20			1.70			0.98

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 in net asset value		2.41			0.65			1.20			1.68			0.98

Net Asset Value, End of Period	$	12.77		$	10.36		$	9.71		$	8.51		$	6.83

Total Return ^(b)		24.51	%		6.70	%		14.10	%		24.85	%		16.75	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	11,402		$	7,369		$	4,507		$	3,399		$	2,959
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.85	%		2.50	%		3.07	%		3.55	%		5.02	%
After expense reimbursement and/or fee waiver by Adviser		1.25	%		1.25	%^(c)		1.39	%^(c)		1.40	%		1.40	%
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.18	)%		(1.88	)%		(2.39	)%		(2.75	)%		(4.13	)%
After expense reimbursement and/or fee waiver by Adviser		(0.58	)%		(0.63	)%		(0.71	)%		(0.60	)%		(0.51	)%
Portfolio Turnover		74.24	%		36.60	%		29.31	%		31.49	%		54.37	%

(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)

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.


		113


Aston Funds



ASTON/LMCG Small Cap Growth Fund – Class N (formerly, ASTON Small Cap Growth Fund)		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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)		—	^(b)(c)		(0.12	)^(c)		(0.04	)
Net realized and unrealized gain (loss) on investments		4.18			1.59			(0.01	)

Total from investment operations		4.18			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		3.29			1.47			(0.05	)

Net Asset Value, End of Period	$	14.71		$	11.42		$	9.95

Total Return ^(d)		39.31	%		14.77	%		(0.50	)%^(e)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	32,045		$	5,659		$	5,411
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.03	%		2.86	%		8.27	%^(f)
After expense reimbursement and/or fee waiver by Adviser		1.35	%		1.35	%		1.35	%^(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.66	)%		(2.68	)%		(8.14	)%^(f)
After expense reimbursement and/or fee waiver by Adviser		0.02	%		(1.17	)%		(1.21	)%^(f)
Portfolio Turnover		186.40	%^(g)		168.05	%^(h)		205.85	%^(e)

(a)

The inception date for the LMCG Small Cap Growth Fund Class N shares is November 3, 2010.

(b)

Represents less than $0.005 per share.

(c)

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

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

(h)

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

See accompanying Notes to Financial Statements.

114


Aston Funds



ASTON/LMCG Small Cap Growth Fund – Class I (formerly, ASTON Small Cap Growth Fund)		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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)		0.04	^(b)		(0.10	)^(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		4.20			1.59			(2.39	)

Total from investment operations		4.24			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		3.35			1.49			(2.43	)

Net Asset Value, End of Period	$	14.81		$	11.46		$	9.97

Total Return ^(c)		39.72	%		14.95	%		(19.60	)%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	8,496		$	755		$	2,551
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.78	%		2.61	%		6.25	%^(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%		1.10	%		1.10	%^(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.41	)%		(2.43	)%		(6.11	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		0.27	%		(0.92	)%		(0.96	)%^(e)
Portfolio Turnover		186.40	%^(f)		168.05	%^(g)		205.85	%^(d)

(a)

The inception date for the LMCG Small Cap Growth Fund Class I shares is June 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.

(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.


		115


Aston Funds



ASTON/Silvercrest Small Cap Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Period Ended 10/31/12^(a)



Net Asset Value, Beginning of Period	$	10.90		$	10.00

Income from Investment Operations:
Net investment income		0.01	^(b)		0.01
Net realized and unrealized gain on investments		3.77			0.89

Total from investment operations		3.78			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		3.64			0.90

Net Asset Value, End of Period	$	14.54		$	10.90

Total Return ^(c)		35.09	%		9.00	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,049		$	750
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.05	%		5.10	%^(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%		1.40	%^(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.61	)%		(3.51	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		0.04	%		0.19	%^(e)
Portfolio Turnover		36.82	%		26.22	%^(d)(f)

(a)

The inception date for the Silvercrest Small Cap Fund Class N shares is December 27, 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.

116


Aston Funds



ASTON/Silvercrest Small Cap Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Period Ended 10/31/12^(a)



Net Asset Value, Beginning of Period	$	10.93		$	10.00

Income from Investment Operations:
Net investment income		0.04	^(b)		0.03
Net realized and unrealized gain on investments		3.78			0.90

Total from investment operations		3.82			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		3.66			0.93

Net Asset Value, End of Period	$	14.59		$	10.93

Total Return ^(c)		35.39	%		9.30	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	29,219		$	4,962
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.80	%		4.85	%^(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%		1.15	%^(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.36	)%		(3.26	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		0.29	%		0.44	%^(e)
Portfolio Turnover		36.82	%		26.22	%^(d)(f)

(a)

The inception date for the Silvercrest Small Cap Fund Class I shares is December 27, 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.


		117


Aston Funds



ASTON/TAMRO Small Cap Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	20.52		$	20.57		$	19.42		$	14.67		$	13.64

Income from Investment Operations:
Net investment loss		(0.03	)^(a)		(0.12	)^(a)		(0.15	)^(a)		(0.08	)^(a)		(0.05	)^(a)
Net realized and unrealized gain on investments		5.55			2.09			1.75			4.83			1.08

Total from investment operations		5.52			1.97			1.60			4.75			1.03

Less Distributions:
Distributions from net realized gain on investments		(1.98	)		(2.02	)		(0.45	)		—			—

Total distributions		(1.98	)		(2.02	)		(0.45	)		—			—

Net increase (decrease) in net asset value		3.54			(0.05	)		1.15			4.75			1.03

Net Asset Value, End of Period	$	24.06		$	20.52		$	20.57		$	19.42		$	14.67

Total Return ^(b)		29.52	%		10.70	%		8.16	%		32.29	%		7.63	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	533,627		$	389,125		$	375,969		$	335,809		$	241,524
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.31	%		1.28	%^(c)		1.29	%		1.34	%		1.37	%
After expense reimbursement and/or fee waiver by Adviser		1.31	%		1.28	%^(c)		1.29	%		1.34	%		1.36	%^(d)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.16	)%		(0.59	)%		(0.69	)%		(0.49	)%		(0.41	)%
After expense reimbursement and/or fee waiver by Adviser		(0.16	)%		(0.59	)%		(0.69	)%		(0.49	)%		(0.40	)%
Portfolio Turnover		71.28	%^(e)(f)		48.22	%^(e)		47.25	%		62.13	%		89.92	%

��

(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)

Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2012, which is not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

(d)

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.

(e)

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

(f)

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

See accompanying Notes to Financial Statements.

118


Aston Funds



ASTON/TAMRO Small Cap Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	20.96		$	20.91		$	19.69		$	14.87		$	13.79

Income from Investment Operations:
Net investment income (loss)		0.02	^(a)		(0.07	)^(a)		(0.09	)^(a)		(0.04	)^(a)		(0.02	)^(a)
Net realized and unrealized gain on investments		5.69			2.14			1.76			4.87			1.12

Total from investment operations		5.71			2.07			1.67			4.83			1.10

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	)		—			—

Total distributions		(1.98	)		(2.02	)		(0.45	)		(0.01	)		(0.02	)

Net increase in net asset value		3.73			0.05			1.22			4.82			1.08

Net Asset Value, End of Period	$	24.69		$	20.96		$	20.91		$	19.69		$	14.87

Total Return ^(b)		29.84	%		10.98	%		8.40	%		32.62	%		7.94	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	792,172		$	635,663		$	625,315		$	549,627		$	515,592
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.06	%		1.03	%^(c)		1.04	%		1.09	%		1.12	%
After expense reimbursement and/or fee waiver by Adviser		1.06	%		1.03	%^(c)		1.04	%		1.09	%		1.11	%^(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.09	%		(0.34	)%		(0.44	)%		(0.24	)%		(0.16	)%
After expense reimbursement and/or fee waiver by Adviser		0.09	%		(0.34	)%		(0.44	)%		(0.24	)%		(0.15	)%
Portfolio Turnover		71.28	%^(e)(f)		48.22	%^(e)		47.25	%		62.13	%		89.92	%

(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)

(d)

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.

(e)

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

(f)

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

See accompanying Notes to Financial Statements.


		119


Aston Funds



ASTON/River Road Select Value Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	8.50		$	9.54		$	9.01		$	7.71		$	7.13

Income from Investment Operations:
Net investment income (loss)		0.07	^(a)		0.01	^(a)		(0.02	)^(a)		0.02	^(a)		—	^(a)(b)
Net realized and unrealized gain on investments		2.34			1.01			0.66			1.28			0.59

Total from investment operations		2.41			1.02			0.64			1.30			0.59

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		1.78			(1.04	)		0.53			1.30			0.58

Net Asset Value, End of Period	$	10.28		$	8.50		$	9.54		$	9.01		$	7.71

Total Return ^(c)		30.44	%		12.87	%		7.12	%		16.86	%		8.33	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	19,099		$	6,270		$	13,160		$	52,522		$	41,801
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.46	%		1.43	%^(d)		1.42	%^(d)		1.41	%^(d)		1.44	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.46	%		1.43	%^(d)		1.42	%^(d)		1.43	%^(d)		1.50	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.78	%		0.07	%		(0.18	)%		0.31	%		0.04	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.78	%		0.07	%		(0.18	)%		0.29	%		(0.02	)%
Portfolio Turnover		71.01	%		38.84	%		48.22	%		53.73	%		44.09	%

(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)

Ratios of expenses to average net assets include interest expense 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 expense is from utilizing the line of credit as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

120


Aston Funds



ASTON/River Road Select Value Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	8.58		$	9.59		$	9.04		$	7.73		$	7.14

Income from Investment Operations:
Net investment income		0.10	^(a)		0.03	^(a)		0.01	^(a)		0.05	^(a)		0.02	^(a)
Net realized and unrealized gain on investments		2.36			1.02			0.67			1.28			0.59

Total from investment operations		2.46			1.05			0.68			1.33			0.61

Less Distributions:
Distributions from net investment income		(0.15	)		—			(0.05	)		(0.02	)		(0.02	)
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	)

Net increase (decrease) in net asset value		1.80			(1.01	)		0.55			1.31			0.59

Net Asset Value, End of Period	$	10.38		$	8.58		$	9.59		$	9.04		$	7.73

Total Return ^(b)		30.74	%		13.18	%		7.56	%		17.19	%		8.52	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	198,220		$	156,510		$	130,527		$	163,232		$	167,334
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.21	%		1.18	%^(c)		1.17	%^(c)		1.16	%^(c)		1.19	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.21	%		1.18	%^(c)		1.17	%^(c)		1.18	%^(c)		1.25	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.03	%		0.32	%		0.07	%		0.56	%		0.29	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.03	%		0.32	%		0.07	%		0.54	%		0.23	%
Portfolio Turnover		71.01	%		38.84	%		48.22	%		53.73	%		44.09	%

(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)

Ratios of expenses to average net assets include interest expense 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 expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.


		121


Aston Funds



ASTON/River Road Small Cap Value Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	13.56		$	12.20		$	11.60		$	10.22		$	9.30

Income from Investment Operations:
Net investment income (loss)		0.16			0.03	^(a)		(0.03	)		0.03			0.01
Net realized and unrealized gain on investments		3.98			1.33			0.67			1.36			0.92

Total from investment operations		4.14			1.36			0.64			1.39			0.93

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	)		—			—			—			—

Total distributions		(0.65	)		—			(0.04	)		(0.01	)		(0.01	)

Net increase in net asset value		3.49			1.36			0.60			1.38			0.92

Net Asset Value, End of Period	$	17.05		$	13.56		$	12.20		$	11.60		$	10.22

Total Return ^(b)		31.98	%		11.15	%		5.46	%		13.60	%		9.99	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	56,793		$	49,154		$	91,347		$	213,326		$	216,221
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.34	%		1.37	%		1.37	%^(c)		1.39	%^(c)		1.40	%
After expense reimbursement and/or fee waiver by Adviser		1.34	%		1.37	%		1.37	%^(c)		1.39	%^(c)		1.40	%^(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.03	%		0.22	%		(0.13	)%		0.27	%		0.05	%
After expense reimbursement and/or fee waiver by Adviser		1.03	%		0.22	%		(0.13	)%		0.27	%		0.05	%
Portfolio Turnover		56.08	%		26.95	%		42.29	%		51.05	%		35.83	%

(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)

Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2011 and October 31, 2010, which are 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.

(d)

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.

122


Aston Funds



ASTON/River Road Small Cap Value Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	13.62		$	12.22		$	11.62		$	10.24		$	9.32

Income from Investment Operations:
Net investment income		0.19			0.06	^(a)		0.01			0.06			0.03
Net realized and unrealized gain on investments		4.01			1.34			0.65			1.35			0.92

Total from investment operations		4.20			1.40			0.66			1.41			0.95

Less Distributions:
Distributions from and in excess of net investment income		(0.26	)		—			(0.06	)		(0.03	)		(0.03	)
Distributions from net realized gain on investments		(0.43	)		—			—			—			—

Total distributions		(0.69	)		—			(0.06	)		(0.03	)		(0.03	)

Net increase in net asset value		3.51			1.40			0.60			1.38			0.92

Net Asset Value, End of Period	$	17.13		$	13.62		$	12.22		$	11.62		$	10.24

Total Return ^(b)		32.36	%		11.46	%		5.70	%		13.80	%		10.31	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	252,804		$	240,075		$	246,141		$	255,344		$	282,542
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.09	%		1.12	%		1.12	%^(c)		1.14	%^(c)		1.15	%
After expense reimbursement and/or fee waiver by Adviser		1.09	%		1.12	%		1.12	%^(c)		1.14	%^(c)		1.15	%^(d)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.28	%		0.47	%		0.12	%		0.52	%		0.30	%
After expense reimbursement and/or fee waiver by Adviser		1.28	%		0.47	%		0.12	%		0.52	%		0.30	%
Portfolio Turnover		56.08	%		26.95	%		42.29	%		51.05	%		35.83	%

(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)

(d)

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.


		123


Aston Funds



ASTON/River Road Independent Value Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		(0.07	)		(0.09	)^(b)		(0.07	)^(b)
Net realized and unrealized gain on investments		0.75			0.88			0.82

Total from investment operations		0.68			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 in net asset value		0.05			0.67			0.75

Net Asset Value, End of Period	$	11.47		$	11.42		$	10.75

Total Return ^(c)		6.37	%		7.41	%		7.50	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	339,088		$	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		1.43	%^(e)		1.44	%^(e)		1.59	%^(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.41	%^(e)		1.42	%^(e)		1.42	%^(f)
Ratios of net investment loss to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.61	)%		(0.81	)%		(0.98	)%^(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.59	)%		(0.79	)%		(0.80	)%^(f)
Portfolio Turnover		82.24	%^(g)		141.17	%		105.69	%^(d)

(a)

The inception date for the River Road Independent Value Fund Class N shares is December 31, 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)

Ratios of expenses to average net assets include Earnings Credits of 0.01% for the year ended October 31, 2013 and less than 0.005% for the year ended October 31, 2012, which are not included in the contractual expense limitation. See Note I to the Financial Statements.

(f)

Annualized.

(g)

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

See accompanying Notes to Financial Statements.

124


Aston Funds



ASTON/River Road Independent Value Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		(0.04	)		(0.06	)^(b)		(0.02	)^(b)
Net realized and unrealized gain (loss) on investments		0.75			0.89			(0.15	)

Total from investment operations		0.71			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		0.08			0.71			(0.17	)

Net Asset Value, End of Period	$	11.54		$	11.46		$	10.75

Total Return ^(c)		6.62	%		7.68	%		(1.47	)%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	386,268		$	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		1.18	%^(e)		1.19	%^(e)		1.34	%^(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.16	%^(e)		1.17	%^(e)		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		(0.36	)%		(0.56	)%		(0.73	)%^(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.34	)%		(0.54	)%		(0.55	)%^(f)
Portfolio Turnover		82.24	%^(g)		141.17	%		105.69	%^(d)

(a)

The inception date for the River Road Independent Value Fund Class I shares is June 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)

(f)

Annualized.

(g)

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

See accompanying Notes to Financial Statements.


		125


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		0.30			0.33	^(b)		0.12	^(b)
Net realized and unrealized gain (loss) on investments		(0.33	)		0.72			0.41

Total from investment operations		(0.03	)		1.05			0.53

Less Distributions:
Distributions from and in excess of net investment income		(0.36	)		(0.37	)		(0.09	)
Distributions from net realized gain on investments		(0.06	)		(0.02	)		—

Total distributions		(0.42	)		(0.39	)		(0.09	)

Net increase (decrease) in net asset value		(0.45	)		0.66			0.44

Net Asset Value, End of Period	$	10.65		$	11.10		$	10.44

Total Return ^(c)		(0.28	)%		10.25	%		5.33	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	66,368		$	71,546		$	22,657
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.04	%		1.35	%		3.16	%^(e)
After expense reimbursement and/or fee waiver by Adviser		0.94	%		0.94	%		0.94	%^(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.66	%		2.59	%		1.63	%^(e)
After expense reimbursement and/or fee waiver by Adviser		2.77	%		3.01	%		3.85	%^(e)
Portfolio Turnover		125.07	%		118.67	%		38.49	%^(d)

(a)

The inception date for the DoubleLine Core Plus Fixed Income Fund Class N shares is July 18, 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.

126


Aston Funds



ASTON/DoubleLine Core Plus Fixed Income Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		0.33			0.35	^(b)		0.13	^(b)
Net realized and unrealized gain (loss) on investments		(0.33	)		0.73			0.41

Total from investment operations		—			1.08			0.54

Less Distributions:
Distributions from and in excess of net investment income		(0.39	)		(0.40	)		(0.10	)
Distributions from net realized gain on investments		(0.06	)		(0.02	)		—

Total distributions		(0.45	)		(0.42	)		(0.10	)

Net increase (decrease) in net asset value		(0.45	)		0.66			0.44

Net Asset Value, End of Period	$	10.65		$	11.10		$	10.44

Total Return ^(c)		(0.03	)%		10.52	%		5.38	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	110,018		$	105,335		$	4,486
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.79	%		1.10	%		2.91	%^(e)
After expense reimbursement and/or fee waiver by Adviser		0.69	%		0.69	%		0.69	%^(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.91	%		2.84	%		1.88	%^(e)
After expense reimbursement and/or fee waiver by Adviser		3.02	%		3.26	%		4.10	%^(e)
Portfolio Turnover		125.07	%		118.67	%		38.49	%^(d)

(a)

The inception date for the DoubleLine Core Plus Fixed Income Fund Class I shares is July 18, 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.


		127


Aston Funds



ASTON/TCH Fixed Income Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	11.11		$	10.59		$	10.49		$	10.02		$	8.60

Income from Investment Operations:
Net investment income		0.40	^(a)		0.45	^(a)		0.47	^(a)		0.50	^(a)		0.49	^(a)
Net realized and unrealized gain (loss) on investments		(0.39	)		0.56			0.10			0.47			1.44

Total from investment operations		0.01			1.01			0.57			0.97			1.93

Less Distributions:
Distributions from and in excess of net investment income		(0.45	)		(0.49	)		(0.47	)		(0.50	)		(0.51	)

Total distributions		(0.45	)		(0.49	)		(0.47	)		(0.50	)		(0.51	)

Net increase (decrease) in net asset value		(0.44	)		0.52			0.10			0.47			1.42

Net Asset Value, End of Period	$	10.67		$	11.11		$	10.59		$	10.49		$	10.02

Total Return ^(b)		0.13	%		9.74	%		5.62	%		9.98	%		22.99	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	45,771		$	59,772		$	62,346		$	46,274		$	47,008
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.02	%		1.02	%		1.14	%		0.98	%		0.96	%
After expense reimbursement and/or fee waiver by Adviser		0.84	%		0.86	%		0.88	%^(c)		0.62	%		0.61	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.49	%		4.03	%		4.20	%		4.51	%		4.93	%
After expense reimbursement and/or fee waiver by Adviser		3.67	%		4.19	%		4.46	%		4.87	%		5.28	%
Portfolio Turnover		53.77	%		57.43	%		37.51	%		23.92	%		40.81	%

(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)

Effective March 1, 2011, the contractual expense limitation was increased from 0.74% to 0.94%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

128


Aston Funds



ASTON/TCH Fixed Income Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09
Net Asset Value, Beginning of Period	$	11.11		$	10.59		$	10.49		$	10.02		$	8.60

Income from Investment Operations:
Net investment income		0.42	^(a)		0.47	^(a)		0.49	^(a)		0.51	^(a)		0.50	^(a)
Net realized and unrealized gain (loss) on investments		(0.39	)		0.55			0.11			0.48			1.44

Total from investment operations		0.03			1.02			0.60			0.99			1.94

Less Distributions:
Distributions from and in excess of net investment income		(0.47	)		(0.50	)		(0.50	)		(0.52	)		(0.52	)

Total distributions		(0.47	)		(0.50	)		(0.50	)		(0.52	)		(0.52	)

Net increase (decrease) in net asset value .		(0.44	)		0.52			0.10			0.47			1.42

Net Asset Value, End of Period	$	10.67		$	11.11		$	10.59		$	10.49		$	10.02

Total Return ^(b)		0.28	%		9.93	%		5.89	%		10.11	%		23.14	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	8,742		$	10,396		$	10,423		$	14,881		$	20,276
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.87	%		0.85	%		0.89	%		0.85	%		0.84	%
After expense reimbursement and/or fee waiver by Adviser		0.69	%		0.69	%		0.63	%^(c)		0.49	%		0.49	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.64	%		4.20	%		4.45	%		4.64	%		5.05	%
After expense reimbursement and/or fee waiver by Adviser		3.82	%		4.36	%		4.71	%		5.00	%		5.40	%
Portfolio Turnover		53.77	%		57.43	%		37.51	%		23.92	%		40.81	%

(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)

Effective March 1, 2011, the contractual expense limitation was increased from 0.49% to 0.69%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.


		129


Aston Funds



ASTON/Lake Partners LASSO Alternatives Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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)		—	^(b)(c)		0.04	^(b)		(0.01	)^(b)		0.04	^(b)
Net realized and unrealized gain on investments		1.11			0.59			0.13			0.45

Total from investment operations		1.11			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		0.95			0.45			(0.03	)		0.49

Net Asset Value, End of Period	$	13.34		$	12.39		$	11.94		$	11.97

Total Return ^(d)		9.05	%		5.34	%		0.92	%		4.27	%^(e)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	54,388		$	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 ^(f)		1.43	%^(g)		1.41	%^(g)^(h)		1.53	%		2.19	%⁽ⁱ⁾
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser ^(f)		1.45	%^(g)		1.45	%^(g)^(h)		1.45	%		1.45	%^(i)(j)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		—	%^(c)		0.36	%^(h)		(0.17	)%		(0.25	)%⁽ⁱ⁾
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.03	)%		0.32	%^(h)		(0.10	)%		0.49	%⁽ⁱ⁾
Portfolio Turnover		43.55	%		45.60	%		79.77	%		116.68	%^(e)

(a)

The inception date for the Lake Partners LASSO Alternatives Fund Class N shares is March 3, 2010.

(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 or less than 0.005%.

(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)

Ratios of expenses to average net assets includes Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which are not included in the contractual expense limitation. See Note I to the Financial Statements.

(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)

Annualized.

(j)

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.

See accompanying Notes to Financial Statements.

130


Aston Funds



ASTON/Lake Partners LASSO Alternatives Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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)		0.03	^(b)		0.07	^(b)		0.02	^(b)		0.08	^(b)		(—	)^(c)
Net realized and unrealized gain on investments		1.11			0.59			0.13			0.89			1.15

Total from investment operations		1.14			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		0.96			0.45			(0.01	)		0.83			1.15

Net Asset Value, End of Period	$	13.38		$	12.42		$	11.97		$	11.98		$	11.15
											��
Total Return ^(d)		9.31	%		5.56	%		1.22	%		8.74	%		11.50	%^(e)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	416,475		$	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)		1.18	%^(g)		1.16	%^(g)^(h)		1.28	%		2.32	%		18.16	%⁽ⁱ⁾
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser ^(f)		1.20	%^(g)		1.20	%^(g)^(h)		1.20	%		1.24	%^(j)		1.35	%⁽ⁱ⁾
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.25	%		0.61	%^(h)		0.08	%		(0.41	)%		(16.92	)%⁽ⁱ⁾
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.22	%		0.57	%^(h)		0.15	%		0.67	%		(0.11	)%⁽ⁱ⁾
Portfolio Turnover		43.55	%		45.60	%		79.77	%		116.68	%		65.93	%^(e)

(a)

The inception date for the Lake Partners LASSO Alternatives Fund Class I shares is April 1, 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)

Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which are not included in the contractual expense limitation. See Note I to the Financial Statements.

(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)

Annualized.

(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.


		131


Aston Funds



ASTON/Anchor Capital Enhanced Equity Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	8.68		$	9.61		$	9.41		$	8.57		$	8.09

Income from Investment Operations:
Net investment income		0.20			0.16			0.14			0.10			0.11
Net realized and unrealized gain on investments		0.86			0.11			0.56			0.84			1.02

Total from investment operations		1.06			0.27			0.70			0.94			1.13

Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.16	)		(0.13	)		(0.10	)		(0.13	)
Distributions from net realized gain on investments		(0.15	)		(1.04	)		(0.37	)		—			(0.52	)

Total distributions		(0.35	)		(1.20	)		(0.50	)		(0.10	)		(0.65	)

Net increase (decrease) in net asset value		0.71			(0.93	)		0.20			0.84			0.48

Net Asset Value, End of Period	$	9.39		$	8.68		$	9.61		$	9.41		$	8.57

Total Return ^(a)		12.60	%		3.12	%		7.69	%		11.05	%		15.86	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	101,663		$	106,191		$	48,365		$	46,423		$	22,552
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.23	%^(b)		1.22	%^(b)^(c)		1.24	%^(c)		1.37	%		2.11	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.23	%^(b)		1.27	%^(b)^(c)		1.33	%^(c)		1.40	%		1.25	%^(d)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.24	%		1.82	%		1.51	%		1.20	%		0.55	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.24	%		1.78	%		1.41	%		1.17	%		1.41	%
Portfolio Turnover		77.70	%		56.33	%		87.37	%		41.33	%		51.56	%

(a)

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

(b)

(c)

(d)

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 fees and expenses.

See accompanying Notes to Financial Statements.

132


Aston Funds



ASTON/Anchor Capital Enhanced Equity Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		0.22			0.18			0.16			0.09
Net realized and unrealized gain on investments		0.86			0.11			0.57			0.37

Total from investment operations		1.08			0.29			0.73			0.46

Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.18	)		(0.15	)		(0.09	)
Distributions from net realized gain on investments		(0.15	)		(1.04	)		(0.37	)		—

Total distributions		(0.37	)		(1.22	)		(0.52	)		(0.09	)

Net increase (decrease) in net asset value		0.71			(0.93	)		0.21			0.37

Net Asset Value, End of Period	$	9.40		$	8.69		$	9.62		$	9.41

Total Return ^(b)		12.88	%		3.46	%		7.97	%		5.10	%^(c)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	58,099		$	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		0.98	%^(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		0.98	%^(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		2.49	%		2.07	%		1.76	%		1.37	%^(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.49	%		2.03	%		1.66	%		1.32	%^(d)
Portfolio Turnover		77.70	%		56.33	%		87.37	%		41.33	%^(c)

(a)

The inception date for the Anchor Capital Enhanced Equity Fund Class I shares is March 3, 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)

(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.


		133


Aston Funds



ASTON/River Road Long-Short Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		(0.17	)^(b)		(0.18	)		(0.04	)^(b)
Net realized and unrealized gain (loss) on investments		2.02			1.00			(0.05	)

Total from investment operations		1.85			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		1.29			0.82			(0.09	)

Net Asset Value, End of Period	$	12.02		$	10.73		$	9.91

Total Return ^(c)		18.14	%		8.17	%		(0.80	)%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	108,966		$	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		2.54	%		5.03	%		8.68	%^(e)
After expense reimbursement and/or fee waiver by Adviser, including interest and dividend expense for securities sold short		2.38	%		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	%		1.70	%		1.70	%^(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.62	)%		(3.63	)%		(6.80	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		(1.46	)%		(1.71	)%		(0.84	)%^(e)
Portfolio Turnover		291.36	%		277.72	%		127.32	%^(d)

(a)

The inception date for the River Road Long-Short Fund Class N shares is May 4, 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.

134


Aston Funds



ASTON/River Road Long-Short Fund – Class I		October 31, 2013

*Financial Highlights*


	Period Ended 10/31/13^(a)
Net Asset Value, Beginning of Period	$	10.96

Income from Investment Operations:
Net investment loss		(0.10	)^(b)
Net realized and unrealized gain on investments		1.19

Total from investment operations		1.09

Net increase in net asset value		1.09

Net Asset Value, End of Period	$	12.05

Total Return ^(c)		9.85	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	71,175
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		2.20	%^(e)
After expense reimbursement and/or fee waiver by Adviser, including interest and dividend expense for securities sold short		2.10	%^(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		(1.44	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		(1.33	)%^(e)
Portfolio Turnover		291.36	%^(d)

(a)

The inception date for the River Road Long-Short Fund Class I shares is March 4, 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.


		135


Aston Funds



ASTON/Barings International Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			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		0.11	^(b)		0.10	^(b)		0.07	^(b)		0.06	^(b)
Net realized and unrealized gain (loss) on investments		1.00			0.17			(0.37	)		0.70

Total from investment operations		1.11			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		0.94			0.06			(0.43	)		0.76

Net Asset Value, End of Period	$	7.81		$	6.87		$	6.81		$	7.24

Total Return ^(c)		16.64	%		4.28	%		(4.22	)%		11.73	%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	477		$	421		$	393		$	184
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.67	%		1.60	%		1.68	%^(e)		1.72	%^(f)
After expense reimbursement and/or fee waiver by Adviser		1.40	%		1.40	%		1.40	%^(e)		1.40	%^(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.26	%		1.30	%		0.76	%^(e)		1.07	%^(f)
After expense reimbursement and/or fee waiver by Adviser		1.53	%		1.50	%		1.04	%^(e)		1.39	%^(f)
Portfolio Turnover		55.78	%		33.48	%		58.96	%		65.32	%^(d)

(a)

The inception date for the Barings International Fund Class N shares is March 3, 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)

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.

(f)

Annualized.

See accompanying Notes to Financial Statements.

136


Aston Funds



ASTON/Barings International Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	6.89		$	6.82		$	7.26		$	6.44		$	5.08

Income from Investment Operations:
Net investment income		0.13	^(a)		0.12	^(a)		0.09	^(a)		0.06	^(a)		0.10	^(a)
Net realized and unrealized gain (loss) on investments		0.99			0.18			(0.38	)		0.78			1.27	^(b)

Total from investment operations		1.12			0.30			(0.29	)		0.84			1.37

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		0.93			0.07			(0.44	)		0.82			1.36

Net Asset Value, End of Period	$	7.82		$	6.89		$	6.82		$	7.26		$	6.44

Total Return ^(c)		16.72	%		4.72	%		(4.09	)%		12.89	%		27.11	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	37,507		$	61,662		$	52,390		$	47,985		$	28,277
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.42	%		1.35	%		1.43	%^(d)		1.47	%		2.01	%
After expense reimbursement and/or fee waiver by Adviser		1.15	%		1.15	%		1.15	%^(d)		1.15	%		1.15	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.51	%		1.55	%		1.01	%		0.63	%		0.80	%
After expense reimbursement and/or fee waiver by Adviser		1.78	%		1.75	%		1.29	%		0.95	%		1.66	%
Portfolio Turnover		55.78	%		33.48	%		58.96	%		65.32	%		115.51	%

(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)

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.

See accompanying Notes to Financial Statements.


		137


Aston Funds



ASTON/LMCG Emerging Markets Fund – Class N		October 31, 2013

*Financial Highlights*


	Period Ended 10/31/13^(a)
Net Asset Value, Beginning of Period	$	10.00

Income from Investment Operations:
Net investment income		0.08	^(b)
Net realized and unrealized loss on investments		(0.43	)

Total from investment operations		(0.35	)

Net decrease in net asset value		(0.35	)

Net Asset Value, End of Period	$	9.65

Total Return ^(c)		(3.50	)%^(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		7.24	%^(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		(4.13	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		1.46	%^(e)
Portfolio Turnover		101.96	%^(d)

(a)

The inception date for the LMCG Emerging Markets Fund Class N shares is March 28, 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.

138


Aston Funds



ASTON/LMCG Emerging Markets Fund – Class I		October 31, 2013

*Financial Highlights*


	Period Ended 10/31/13 ^(a)

Net Asset Value, Beginning of Period	$	10.00

Income from Investment Operations:
Net investment income		0.10	^(b)
Net realized and unrealized loss on investments		(0.43	)

Total from investment operations		(0.33	)

Net decrease in net asset value		(0.33	)

Net Asset Value, End of Period	$	9.67

Total Return ^(c)		(3.30	)%^(d)

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,307
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		6.99	%^(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		(3.88	)%^(e)
After expense reimbursement and/or fee waiver by Adviser		1.71	%^(e)
Portfolio Turnover		101.96	%^(d)

(a)

The inception date for the LMCG Emerging Markets Fund Class I shares is March 28, 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.


		139


Aston Funds



ASTON/Harrison Street Real Estate Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	10.49		$	8.97		$	8.16		$	5.77		$	6.08

Income from Investment Operations:
Net investment income		0.17	^(a)		0.15	^(a)		0.15	^(a)		0.14	^(a)		0.15	^(a)
Net realized and unrealized gain (loss) on investments		0.79	^(b)		1.44			0.79			2.36			(0.28	)

Total from investment operations		0.96			1.59			0.94			2.50			(0.13	)

Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.07	)		(0.13	)		(0.11	)		(0.18	)

Total distributions		(0.16	)		(0.07	)		(0.13	)		(0.11	)		(0.18	)

Net increase (decrease) in net asset value .		0.80			1.52			0.81			2.39			(0.31	)

Net Asset Value, End of Period	$	11.29		$	10.49		$	8.97		$	8.16		$	5.77

Total Return ^(c)		9.30	%		17.85	%		11.66	%		43.77	%		(1.44	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	13,093		$	10,381		$	6,287		$	6,158		$	4,011
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.22	%		2.36	%		1.61	%^(d)		1.68	%^(d)		1.94	%
After expense reimbursement and/or fee waiver by Adviser		1.37	%		1.37	%		1.29	%^(d)		1.37	%^(d)		1.37	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.67	%		0.53	%		1.36	%		1.65	%		2.55	%
After expense reimbursement and/or fee waiver by Adviser		1.52	%		1.52	%		1.68	%		1.96	%		3.12	%
Portfolio Turnover		159.14	%		86.62	%^(e)		143.86	%		75.30	%		139.76	%

(a)

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

(b)

Includes capital contribution 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)

Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2011 and October 31, 2010, which are 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.

(e)

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

See accompanying Notes to Financial Statements.

140


Aston Funds



ASTON/Harrison Street Real Estate Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	10.44		$	8.92		$	8.12		$	5.74		$	6.08

Income from Investment Operations:
Net investment income		0.20	^(a)		0.15	^(a)		0.16	^(a)		0.16	^(a)		0.16	^(a)
Net realized and unrealized gain (loss) on investments		0.79	^(b)		1.46			0.79			2.34			(0.28	)

Total from investment operations		0.99			1.61			0.95			2.50			(0.12	)

Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.09	)		(0.15	)		(0.12	)		(0.22	)

Total distributions		(0.19	)		(0.09	)		(0.15	)		(0.12	)		(0.22	)

Net increase (decrease) in net asset value .		0.80			1.52			0.80			2.38			(0.34	)

Net Asset Value, End of Period	$	11.24		$	10.44		$	8.92		$	8.12		$	5.74

Total Return ^(c)		9.58	%		18.16	%		11.82	%		44.14	%		(1.27	)%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	532		$	166		$	32,925		$	29,425		$	21,905
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.97	%		2.11	%		1.44	%^(d)		1.43	%^(d)		1.69	%
After expense reimbursement and/or fee waiver by Adviser		1.12	%		1.12	%		1.12	%^(d)		1.12	%^(d)		1.12	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.92	%		0.78	%		1.53	%		1.90	%		2.80	%
After expense reimbursement and/or fee waiver by Adviser		1.77	%		1.77	%		1.85	%		2.21	%		3.37	%
Portfolio Turnover		159.14	%		86.62	%^(e)		143.86	%		75.30	%		139.76	%

(a)

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

(b)

Includes capital contribution 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)

Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2011 and October 31, 2010, which are 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.

(e)

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

See accompanying Notes to Financial Statements.


		141


Aston Funds



ASTON/Montag & Caldwell Balanced Fund – Class N		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	21.46		$	20.09		$	19.13		$	17.73		$	15.61

Income from Investment Operations:
Net investment income		0.21	^(a)		0.16	^(a)		0.15	^(a)		0.21	^(a)		0.21	^(a)
Net realized and unrealized gain on investments		2.43			1.45			1.03			1.47			2.15

Total from investment operations		2.64			1.61			1.18			1.68			2.36

Less Distributions:
Distributions from and in excess of net investment income		(0.29	)		(0.24	)		(0.22	)		(0.28	)		(0.24	)

Total distributions		(0.29	)		(0.24	)		(0.22	)		(0.28	)		(0.24	)

Net increase in net asset value.		2.35			1.37			0.96			1.40			2.12

Net Asset Value, End of Period	$	23.81		$	21.46		$	20.09		$	19.13		$	17.73

Total Return ^(b)		12.40	%		8.03	%		6.20	%		9.54	%		15.32	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	22,425		$	31,536		$	23,315		$	29,194		$	14,938
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.37	%		1.42	%		1.57	%^(c)		1.38	%		1.73	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%		1.22	%		1.35	%^(c)		1.13	%		1.26	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.77	%		0.57	%		0.53	%		0.89	%		0.81	%
After expense reimbursement and/or fee waiver by Adviser		0.94	%		0.77	%		0.76	%		1.15	%		1.28	%
Portfolio Turnover		34.62	%		35.48	%		40.31	%		51.68	%^(d)		38.72	%

(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)

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

(d)

Portfolio turnover rate excludes securities received from a reorganization.

See accompanying Notes to Financial Statements.

142


Aston Funds



ASTON/Montag & Caldwell Balanced Fund – Class I		October 31, 2013

*Financial Highlights*


	Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10			Year Ended 10/31/09

Net Asset Value, Beginning of Period	$	21.41		$	20.05		$	19.08		$	17.68		$	15.57

Income from Investment Operations:
Net investment income		0.23	^(a)		0.19	^(a)		0.20	^(a)		0.22	^(a)		0.23	^(a)
Net realized and unrealized gain on investments		2.43			1.44			1.04			1.46			2.16

Total from investment operations		2.66			1.63			1.24			1.68			2.39

Less Distributions:
Distributions from and in excess of net investment income		(0.31	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)

Total distributions		(0.31	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)

Net increase in net asset value .		2.35			1.36			0.97			1.40			2.11

Net Asset Value, End of Period	$	23.76		$	21.41		$	20.05		$	19.08		$	17.68

Total Return ^(b)		12.53	%		8.14	%		6.52	%		9.57	%		15.53	%

Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,839		$	1,930		$	1,415		$	1,362		$	1,149
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.27	%		1.30	%		1.32	%^(c)		1.35	%		1.57	%
After expense reimbursement and/or fee waiver by Adviser		1.10	%		1.10	%		1.10	%^(c)		1.10	%		1.10	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.87	%		0.69	%		0.79	%		0.92	%		0.97	%
After expense reimbursement and/or fee waiver by Adviser		1.04	%		0.89	%		1.02	%		1.17	%		1.44	%
Portfolio Turnover		34.62	%		35.48	%		40.31	%		51.68	%^(d)		38.72	%

(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)

(d)

Portfolio turnover rate includes securities received from a reorganization.

See accompanying Notes to Financial Statements.


		143


Aston Funds



		October 31, 2013

*Notes to Financial Statements*

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 October 31, 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 M&C Mid Cap Growth Fund is authorized to issue Class N shares and Class I shares, but presently is only offering Class N shares. 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, Fairpointe Mid Cap 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.

144


Aston Funds



		October 31, 2013

*Notes to Financial Statements – 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 factors such as composite security prices, yields, maturities, call features, credit 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 market 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 held by Barings International Fund and LMCG Emerging Markets Fund if certain market events occur.

Certain Funds invest in securities of other investment companies, including open-end funds, closed-end funds and exchange-traded funds (“ETFs”). 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. ETF shares are traded on a securities exchange. Typically, an ETF 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)


		145


Aston Funds



		October 31, 2013

*Notes to Financial Statements – 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 October 31, 2013 is as follows:


Funds	Total Value at 10/31/13		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
M&C Growth Fund
Assets
Investments in Securities*	$	5,237,023,917	$	5,237,023,917	$	—	$	—

TAMRO Diversified Equity Fund
Assets
Investments in Securities*	$	56,037,572	$	56,037,572	$	—	$	—

Herndon Large Cap Value Fund
Assets
Investments in Securities*	$	123,139,545	$	123,139,545	$	—	$	—

Cornerstone Large Cap Value Fund
Assets
Investments in Securities*	$	62,421,197	$	62,421,197	$	—	$	—

River Road Dividend All Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	197,023,363	$	197,023,363	$	—	$	—
Consumer Staples		161,011,143		161,011,143		—		—
Energy		89,077,022		89,077,022		—		—
Financials		170,066,950		158,953,942		11,113,008		—
Healthcare		58,877,404		58,877,404		—		—
Industrials		172,285,553		172,285,553		—		—
Information Technology		163,097,096		163,097,096		—		—
Materials		38,480,610		38,480,610		—		—
Telecommunication Services		77,327,486		77,327,486		—		—
Utilities		58,160,843		58,160,843		—		—

Total Common Stocks		1,185,407,470		1,174,294,462		11,113,008		—

Investment Company		41,773,450		41,773,450		—		—

Total	$	1,227,180,920	$	1,216,067,912	$	11,113,008	$	—

River Road Dividend All Cap Value Fund II
Assets
Investments in Securities*	$	89,741,802	$	89,741,802	$	—	$	—

Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	5,065,928,792	$	5,065,928,792	$	—	$	—

M&C Mid Cap Growth Fund
Assets
Investments in Securities*	$	11,515,476	$	11,515,476	$	—	$	—

LMCG Small Cap Growth Fund
Assets
Investment in Securities*	$	40,552,425	$	40,552,425	$	—	$	—

Silvercrest Small Cap Fund
Assets
Investments in Securities*	$	32,908,042	$	32,908,042	$	—	$	—

TAMRO Small Cap Fund
Assets
Common Stocks
Consumer Discretionary	$	251,800,820	$	251,800,820	$	—	$	—
Consumer Staples		116,046,293		95,903,093		20,143,200		—
Energy		91,851,244		91,851,244		—		—
Financials		302,482,008		302,482,008		—		—
Healthcare		161,723,498		161,723,498		—		—
Industrials		229,415,699		229,415,699		—		—
Information Technology		112,920,373		112,920,373		—		—
Materials		21,188,799		21,188,799		—		—
Utilities		22,690,525		22,690,525		—		—

Total Common Stocks		1,310,119,259		1,289,976,059		20,143,200		—

Investment Company		17,208,046		17,208,046		—		—

Total	$	1,327,327,305	$	1,307,184,105	$	20,143,200	$	—

146


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*


Funds	Total Value at 10/31/13		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
River Road Select Value Fund
Assets
Investments in Securities*	$	217,874,457	$	217,874,457	$	—	$	—

River Road Small Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	66,005,214	$	66,005,214	$	—	$	—
Consumer Staples		13,861,930		4,254,753		9,607,177		—
Energy		23,024,984		16,551,140		6,473,844		—
Financials		44,233,528		44,233,528		—		—
Healthcare		31,443,368		31,443,368		—		—
Industrials		39,853,000		39,853,000		—		—
Information Technology		39,721,247		39,721,247		—		—
Materials		8,836,902		8,836,902		—		—
Telecommunication Services		9,979,089		9,979,089		—		—

Total Common Stocks		276,959,262		260,878,241		16,081,021		—

Investment Company		30,641,935		30,641,935		—		—

Total	$	307,601,197	$	291,520,176	$	16,081,021	$	—

River Road Independent Value Fund
Assets
Common Stocks
Consumer Discretionary	$	17,254,341	$	17,254,341	$	—	$	—
Consumer Staples		14,023,281		14,023,281		—		—
Energy		49,670,267		49,670,267		—		—
Financials		6,245,114		1,101,553		5,143,561		—
Health Care		6,541,652		6,541,652		—		—
Industrials		15,161,840		15,161,840		—		—
Information Technology		79,283,963		54,799,176		24,484,787		—
Materials		60,986,277		60,986,277		—		—
Utilities		7,664,623		4,754,216		2,910,407		—

Total Common Stocks		256,831,358		224,292,603		32,538,755		—

Investment Company		470,195,880		470,195,880		—		—

Total	$	727,027,238	$	694,488,483	$	32,538,755	$	—

DoubleLine Core Plus Fixed Income Fund
Assets
Corporate Notes and Bonds	$	73,096,006	$	—	$	73,096,006	$	—
Collateralized Mortgage-Backed Securities		32,059,129		—		32,059,129		—
Agency Collateralized Mortgage Obligations		20,770,798		—		20,770,798		—
U.S. Government Obligations		17,776,344		—		17,776,344		—
U.S. Government Mortgage-Backed Securities		13,001,592		—		13,001,592		—
Asset-Backed Securities		7,772,864		—		7,772,864		—
Municipal Bonds		1,618,082		—		1,618,082		—
Foreign Government Bonds		1,077,126		—		1,077,126		—
Investment Companies		8,177,803		8,177,803		—		—

Total	$	175,349,744	$	8,177,803	$	167,171,941	$	—

TCH Fixed Income Fund
Assets
Corporate Notes and Bonds	$	30,720,839	$	—	$	30,720,839	$	—
U.S. Government and Agency Obligations		18,502,118		—		18,502,118		—
Asset-Backed Securities		931,868		—		931,868		—
Commercial Mortgage-Backed Securities		751,852		—		751,852		—

Total	$	50,906,677	$	—	$	50,906,677	$	—


		147


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*


Funds	Total Value at 10/31/13			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Lake Partners LASSO Alternative Fund
Assets
Investments in Securities*	$	470,429,869		$	470,429,869		$	—	$	—

Anchor Capital Enhanced Equity Fund
Assets
Common Stocks*	$	161,495,314		$	161,495,314		$	—	$	—
Derivatives
Equity Contracts		301,875			301,875			—		—
Investment Company*		5,497,242			5,497,242			—		—

Total Assets	$	167,294,431		$	167,294,431		$	—	$	—

Liabilities
Derivatives
Equity Covered Call Contracts	$	(6,521,330	)	$	(6,521,330	)	$	—	$	—

Total Liabilities		(6,521,330	)		(6,521,330	)		—		—

Total	$	160,773,101		$	160,773,101		$	—	$	—

River Road Long-Short Fund
Assets
Investments in Securities*	$	180,415,660		$	180,415,660		$	—	$	—

Total Assets	$	180,415,660		$	180,415,660		$	—	$	—

Liabilities
Securities Sold Short*	$	(52,689,384	)	$	(52,689,384	)	$	—	$	—

Total Liabilities		(52,689,384	)		(52,689,384	)		—		—

Total	$	127,726,276		$	127,726,276		$	—	$	—

Barings International Fund
Assets
Common Stocks
China	$	249,916		$	249,916		$	—	$	—
France		3,467,564			3,467,564			—		—
Germany		4,432,064			4,432,064			—		—
Hong Kong		374,569			374,569			—		—
Italy		283,179			283,179			—		—
Japan		9,037,327			9,037,327			—		—
Mexico		241,032			241,032			—		—
Netherlands		2,055,432			2,055,432			—		—
Norway		769,919			769,919			—		—
Russia		743,711			743,711			—		—
Singapore		1,170,943			1,170,943			—		—
South Korea		454,381			454,381			—		—
Sweden		362,377			362,377			—		—
Switzerland		3,123,915			3,123,915			—		—
Taiwan		449,204			449,204			—		—
United Kingdom		9,458,561			9,454,076			—		4,485

Total Common Stocks		36,674,094			36,669,609			—		4,485

Investment Company		961,228			961,228			—		—

Total	$	37,635,322		$	37,630,837		$	—	$	4,485

LMCG Emerging Markets Fund
Assets
Investments in Securities*	$	4,002,693		$	4,002,693		$	—	$	—

Harrison Street Real Estate Fund
Assets
Investments in Securities*	$	13,575,675		$	13,575,675		$	—	$	—

M&C Balanced Fund
Assets
Common Stocks*	$	14,966,275		$	14,966,275		$	—	$	—
Corporate Notes and Bonds		5,182,337			—			5,182,337		—
U.S. Government and Agency Obligations		3,393,021			—			3,393,021		—
Investment Company		721,029			721,029			—		—

Total	$	24,262,662		$	15,687,304		$	8,575,358	$	—

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

148


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

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 a 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 October 31, 2013, Barings International Fund and LMCG Emerging Markets Fund did not utilize the external pricing service adjustments.

Certain securities that were held at October 31, 2013 and since the beginning of the fiscal year in River Road Dividend All Cap Value Fund, 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. Transfers between Levels, if any, are recognized as of the last day of the fiscal quarter in which the event or change in circumstances that resulted in reclassification occurred.


Funds	Transfer from Level 1 to Level 2		Transfer from Level 2 to Level 1
River Road Dividend All Cap Value Fund	$	11,113,008	$	—
TAMRO Small Cap Fund		20,143,200		—
River Road Small Cap Value Fund		16,081,021		2,820,084
River Road Independent Value Fund		5,143,561		—

Level 3 holdings were valued using internal valuation techniques that 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 October 31, 2013:


Barings International Fund		Common Stocks

Fair Value, beginning of period	$	7,049
Purchases		4,522
Sales		(7,005	)
Net realized gains		3
Change in unrealized appreciation (depreciation)		(84	)

Fair Value, end of period	$	4,485

Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of period	$	(37	)

(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 sell 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 year ended October 31, 2013, the Funds did not hold 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 year ended October 31, 2013, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund owned delayed delivery securities. At October 31, 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 loan obligations (“CLOs”) and real estate mortgage investment conduits (“REMICs”). A CMO and/or REMIC 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. 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


		149


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

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 segregated cash as collateral. Security positions segregated as collateral 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 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 October 31, 2013. For the year ended October 31, 2013, the average* volume of derivative activities were as follows:


Funds	Purchased Options (Cost)		Written Options (Premiums Received)
Anchor Capital Enhanced Equity Fund	$	1,450,833	$	4,115,673

*	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 year ended October 31, 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 October 31, 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	$	301,875	$	(6,521,330	)

(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 year ended October 31, 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	$	(23,339,401	)	$	(833,422	)

(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 appreciation (depreciation) on purchased options and net change in unrealized appreciation (depreciation) on written options.

(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. Transactions in 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.

150


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

(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 from the effects of changes in market prices of those securities, and are included with the net realized and net change in unrealized gain or loss on investment securities on the Statement of Operations.

(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, 2013, 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		No Expiration Short Term*		No Expiration Long Term*		Total

M&C Growth Fund	$	—	$	—		$	8,908,833	$	—	$	—	$	—	$	8,908,833
Cornerstone Large Cap Value Fund		—		—			17,809,802		6,819,813		—		—		24,629,615
LMCG Small Cap Growth Fund		—		1,684,815	**		—		—		—		—		1,684,815
DoubleLine Core Plus Fixed Income Fund		—		—			—		—		2,919,807		—		2,919,807
TCH Fixed Income Fund		922,672		2,654,917			1,270,780		—		—		—		4,848,369
Anchor Capital Enhanced Equity Fund		—		—			—		—		1,021,730		—		1,021,730
LMCG Emerging Markets Fund		—		—			—		—		219,304		—		219,304
Harrison Street Real Estate Fund		—		921,876			11,228,100		—		—		—		12,149,976

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 are 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.

**	This capital loss carryforward amount was acquired in the Reorganization of the Aston Small Cap Fund into the LMCG Small Cap Growth Fund on April 19, 2013 (Note J). The Fund’s ability to utilize the capital loss carryforwards is limited under Internal Revenue Service regulations.

For the year ended October 31, 2013, the following Funds utilized capital losses as follows:


		Utilized Capital Losses (with Expiration Year)
Fund	2014		2015		2016		2017		2018		2019

M&C Growth Fund	$	—	$	—	$	—	$	3,189,231	$	—	$	—
Cornerstone Large Cap Growth Fund		—		—		—		3,455,486		—		—
LMCG Small Cap Growth Fund		—		—		300,036		—		—		—
TCH Fixed Income Fund		1,409,078		—		—		—		—		—
Lake Partners LASSO Alternatives Fund		—		—		—		—		—		4,140,503
Harrison Street Real Estate Fund		—		—		1,027,495		—		—		—
M&C Balanced Fund		—		—		—		1,726,376		—		—

For the year ended October 31, 2013, the following Fund had capital losses that expired:


Fund	Expired Capital Losses

LMCG Small Cap Growth Fund	$	13,089,501

Under current laws, certain capital losses realized after October 31 may be deferred (and certain ordinary losses after January 1st may be deferred) and treated as occurring on the first day of the following fiscal year. For the fiscal year ended October 31, 2013, the Funds elected to defer the following losses incurred from November 1, 2012 through October 31, 2013:


	Long-Term Realized Capital Losses		Short-Term Realized Capital Losses		Late-Year Ordinary Losses

TAMRO Small Cap Fund	$	—	$	—	$56,283


		151


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

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

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

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

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


Fund	Commencement Date		Original Offering Costs
River Road Dividend All Cap Value Fund II		June 27, 2012	$	57,711
Silvercrest Small Cap Fund		December 27, 2011		63,821
LMCG Emerging Markets Fund		March 28, 2013		72,373

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

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

(16) Recent Accounting 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 the International Financial Reporting Standards (“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. The Funds have adopted ASU No. 2013-01. The adoption of the pronouncement did not have an effect on the Funds’ financial statements as of October 31, 2013.

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

152


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

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 redesignation of dividends paid, partnership reclasses, disallowed expenses, reclass of short-term gain to ordinary income, write off of capital loss carryovers, merger reclasses, in-kind distribution for redemptions, adjustment for Real Estate Investment Trusts, return of capital adjustments, premium reversals, paydown reclasses, undistributed capital gains received, passive foreign investment company reclasses, foreign currency reclasses, and

net operating loss reclasses 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.

Permanent differences between book and tax basis reporting for the 2013 fiscal year have been identified and appropriately reclassified as indicated below. These reclassifications have no impact on net assets.


	Accumulated Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid in Capital

M&C Growth Fund	$	4,220		$	(4,220	)	$	—
River Road Dividend All Cap Value Fund		(3,223,990	)		3,223,990			—
River Road Dividend All Cap Value Fund II		16,539			8,437			(24,976	)
Fairpointe Mid Cap Fund		(606	)		606			—
M&C Mid Cap Growth Fund		108,901			(108,901	)		—
LMCG Small Cap Growth Fund		—			(2,001,622	)		2,001,622
Silvercrest Small Cap Fund		5,495			—			(5,495	)
TAMRO Small Cap Fund		—			(8,394,374	)		8,394,374
River Road Select Value Fund		(32,509	)		37,263			(4,754	)
River Road Small Cap Value Fund		(29,291	)		37,797			(8,506	)
River Road Independent Value Fund		3,292,810			(3,292,810	)		—
DoubleLine Core Plus Fixed Income Fund		868,270			(868,270	)		—
TCH Fixed Income Fund		245,931			(245,931	)		—
Lake Partners LASSO Alternatives Fund		2,908,574			(2,908,574	)		—
Anchor Capital Enhanced Equity Fund		77			(77	)		—
River Road Long-Short Fund		811,764			(811,764	)		—
Barings International Fund		(4,859	)		4,600			259
LMCG Emerging Markets Fund		4,681			9,824			(14,505	)
Harrison Street Real Estate Fund		173			(173	)		—
M&C Balanced Fund		110,676			(110,676	)		—

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

The tax character of distributions paid during the fiscal years ended 2013 and 2012 was as follows:


	Distributions Paid in 2013				Distributions Paid in 2012
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains

M&C Growth Fund	$	53,175,678	$	275,103,427	$	22,081,432	$	257,690,139
TAMRO Diversified Equity Fund		47,422		25,803		—		473,355
Herndon Large Cap Value Fund		2,225,740		4,982		1,044,862		124,149
Cornerstone Large Cap Value Fund		275,360		—		110,939		—
River Road Dividend All Cap Value Fund		31,709,319		26,566,474		22,890,654		4,651,009
River Road Dividend All Cap Value Fund II		964,010		—		42,004		—
Fairpointe Mid Cap Fund		33,005,046		66,057,903		8,163,228		18,767,770
M&C Mid Cap Growth Fund		—		92,399		—		—
LMCG Small Cap Growth Fund		436,931		47,268		—		—
Silvercrest Small Cap Fund		110,190		717		—		—
TAMRO Small Cap Fund		18,818,417		76,987,885		—		97,192,931
River Road Select Value Fund		3,212,685		8,700,481		1,196,413		28,132,801
River Road Small Cap Value Fund		5,316,856		9,066,179		—		—
River Road Independent Value Fund		39,553,086		—		5,597,522		100,643
DoubleLine Core Plus Fixed Income Fund		8,127,489		22,764		3,389,167		—
TCH Fixed Income Fund		2,721,001		—		3,234,814		—
Lake Partners LASSO Alternatives Fund		4,205,294		—		3,680,936		—
Anchor Capital Enhanced Equity Fund		5,860,687		556,618		12,244,228		2,409,141
River Road Long-Short Fund		415,810		21,761		—		—
Barings International Fund		1,201,521		550,401		509,770		1,380,720
Harrison Street Real Estate Fund		165,004		—		47,575		—
M&C Balanced Fund		366,801		—		331,475		—


		153


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

As of October 31, 2013, 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	$	(8,908,833	)	$	38,528,779	$	341,917,731	$	1,023,840,776		$	1,395,378,453
TAMRO Diversified Equity Fund		—			14,401		1,631,267		10,005,089			11,650,757
Herndon Large Cap Value Fund		—			3,040,210		6,009		14,830,184			17,876,403
Cornerstone Large Cap Value Fund		(24,629,615	)		194,302		—		6,743,238			(17,692,075	)
River Road Dividend All Cap Value Fund		—			8,243,688		64,849,047		253,141,279			326,234,014
River Road Dividend All Cap Value Fund II		—			1,061,195		86,668		9,133,055			10,280,918
Fairpointe Mid Cap Fund		—			1,616,865		458,042,243		1,351,306,933			1,810,966,041
M&C Mid Cap Growth Fund		—			26,432		1,654,448		1,741,365			3,422,245
LMCG Small Cap Growth Fund		(1,684,815	)		4,567,509		960,053		2,124,807			5,967,554
Silvercrest Small Cap Fund		—			677,353		562,115		4,502,700			5,742,168
TAMRO Small Cap Fund		(56,283	)		—		114,044,766		358,481,339			472,469,822
River Road Select Value Fund		—			4,930,269		26,823,530		36,277,221			68,031,020
River Road Small Cap Value Fund		—			10,535,946		56,871,739		81,975,774			149,383,459
River Road Independent Value Fund		—			27,424,159		832,772		18,785,696			47,042,627
DoubleLine Core Plus Fixed Income Fund		(2,919,807	)		97,083		—		(1,108,072	)		(3,930,796	)
TCH Fixed Income Fund		(4,848,369	)		15,970		—		3,134,329			(1,698,070	)
Lake Partners LASSO Alternatives Fund		—			210,610		1,588,681		27,785,787			29,585,078
Anchor Capital Enhanced Equity Fund		(1,021,730	)		141,432		—		6,270,854			5,390,556
River Road Long-Short Fund		—			4,908,263		28,009		5,719,566			10,655,838
Barings International Fund		—			2,456,896		943,531		5,098,098			8,498,525
LMCG Emerging Markets Fund		(219,304	)		48,938		—		77,545			(92,821	)
Harrison Street Real Estate Fund		(12,149,976	)		147,489		—		(30,626	)		(12,033,113	)
M&C Balanced Fund		—			24,140		740,661		2,998,604			3,763,405

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:

Year Ended October 31, 2013


Class N	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		15,308,565		5,984,433		(20,341,948	)		951,050
TAMRO Diversified Equity Fund		272,293		5,056		(303,307	)		(25,958	)
Herndon Large Cap Value Fund		1,724,473		77,295		(553,437	)		1,248,331
Cornerstone Large Cap Value Fund		556,632		18,800		(747,212	)		(171,780	)
River Road Dividend All Cap Value Fund		5,156,129		1,828,175		(3,861,426	)		3,122,878
River Road Dividend All Cap Value Fund II		254,219		3,387		(76,152	)		181,454
Fairpointe Mid Cap Fund		18,070,132		1,435,859		(14,913,034	)		4,592,957
M&C Mid Cap Growth Fund		597,270		7,828		(423,852	)		181,246
LMCG Small Cap Growth Fund		2,004,046		38,933		(359,721	)		1,683,258
Silvercrest Small Cap Fund		314,297		1,162		(105,758	)		209,701
TAMRO Small Cap Fund		6,816,406		1,892,026		(5,489,343	)		3,219,089
River Road Select Value Fund		1,588,871		56,761		(525,762	)		1,119,870
River Road Small Cap Value Fund		544,887		169,935		(1,009,533	)		(294,711	)
River Road Independent Value Fund		11,980,826		1,889,378		(16,056,650	)		(2,186,446	)
DoubleLine Core Plus Fixed Income Fund		4,823,072		292,494		(5,329,639	)		(214,073	)
TCH Fixed Income Fund		953,216		201,498		(2,241,661	)		(1,086,947	)
Lake Partners LASSO Alternatives Fund		4,155,866		36,352		(2,837,160	)		1,355,058
Anchor Capital Enhanced Equity Fund		4,989,293		427,532		(6,819,244	)		(1,402,419	)
River Road Long-Short Fund		9,748,334		42,565		(1,427,562	)		8,363,337
Barings International Fund		2,509		1,555		(4,238	)		(174	)
LMCG Emerging Markets Fund (a)		69,890		—		—			69,890
Harrison Street Real Estate Fund		926,494		14,559		(770,368	)		170,685
M&C Balanced Fund		112,753		15,050		(655,765	)		(527,962	)

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

154


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*


Class I	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		31,773,722		5,907,893		(27,016,572	)		10,665,043
TAMRO Diversified Equity Fund		1,954,469		251		(275,939	)		1,678,781
Herndon Large Cap Value Fund		3,369,141		85,484		(592,116	)		2,862,509
Cornerstone Large Cap Value Fund		2,506,727		5,555		(188,320	)		2,323,962
River Road Dividend All Cap Value Fund		15,887,474		2,343,933		(12,706,308	)		5,525,099
River Road Dividend All Cap Value Fund II		6,086,481		70,708		(364,705	)		5,792,484
Fairpointe Mid Cap Fund		23,358,073		1,027,797		(13,678,107	)		10,707,763
LMCG Small Cap Growth Fund		595,578		5,342		(92,943	)		507,977
Sillvercrest Small Cap Fund		1,662,372		8,931		(122,970	)		1,548,333
TAMRO Small Cap Fund (a)		8,715,782		2,234,145		(9,190,853	)		1,759,074
River Road Select Value Fund		6,134,305		1,237,782		(6,524,564	)		847,523
River Road Small Cap Value Fund		3,987,576		913,112		(7,768,151	)		(2,867,463	)
River Road Independent Value Fund (b)		11,939,790		1,729,407		(9,727,757	)		3,941,440
DoubleLine Core Plus Fixed Income Fund		5,482,743		397,260		(5,039,350	)		840,653
TCH Fixed Income Fund		116,289		35,075		(267,227	)		(115,863	)
Lake Partners LASSO Alternatives Fund		16,747,896		259,746		(6,288,030	)		10,719,612
Anchor Capital Enhanced Equity Fund		4,030,307		220,773		(6,308,808	)		(2,057,728	)
River Road Long-Short Fund (c)		6,329,701		—		(420,651	)		5,909,050
Barings International Fund		1,521,858		224,097		(5,907,075	)		(4,161,120	)
LMCG Emerging Markets Fund (d)		341,891		—		—			341,891
Harrison Street Real Estate Fund		33,502		181		(2,189	)		31,494
M&C Balanced Fund		6,701		473		(19,931	)		(12,757	)

(a)

TAMRO Small Cap Fund had a subscription-in-kind in the amount of $2,677,538 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 $597,548 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)	The inception date for the River Road Long-Short Fund Class I shares is March 4, 2013.

(d)	The inception date for the LMCG Emerging Markets Fund Class I shares is March 28, 2013.


Class R	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase in Shares Outstanding
M&C Growth Fund		83,728		21,706		(99,541	)		5,893

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)	The inception date for the River Road Dividend All Cap Value Fund II Class N shares is June 27, 2012.

(b)	The inception date for the Silvercrest Small Cap Fund Class N shares is December 27, 2011.


		155


Aston Funds	��



		October 31, 2013

*Notes to Financial Statements – continued*


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)	The inception date for the TAMRO Diversified Equity Fund Class I shares is March 2, 2012.

(b)	The inception date for the River Road Dividend All Cap Value Fund II Class I shares is June 27, 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)	The inception date for the Silvercrest Small Cap Fund Class I shares is December 27, 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 amounts of $40,667,980 on May 1, 2012 and $7,010,475 on June 27, 2012. The May 1, 2012 redemption was comprised of securities and cash in the amounts of $39,335,174 and $6,762,586, respectively and the June 27, 2012 redemption was comprised of securities and cash in the amounts of $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.


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 year ended October 31, 2013 were as follows:


	Aggregate Purchases				Proceeds from Sales
	U.S. Government		Other		U.S. Government		Other
M&C Growth Fund	$	—	$	2,469,955,015	$	—	$	2,306,385,133
TAMRO Diversified Equity Fund		—		55,496,778		—		29,652,776
Herndon Large Cap Value Fund		—		105,094,113		—		58,100,728
Cornerstone Large Cap Value Fund		—		48,493,163		—		23,159,053
River Road Dividend All Cap Value Fund		—		426,579,777		—		360,221,839
River Road Dividend All Cap Value Fund II		—		79,613,228		—		12,611,096
Fairpointe Mid Cap Fund		—		1,882,507,879		—		1,380,665,203
M&C Mid Cap Growth Fund		—		9,935,890		—		8,669,937
LMCG Small Cap Growth Fund (a)		—		46,520,832		—		41,333,057
Silvercrest Small Cap Fund		—		28,332,063		—		6,592,985
TAMRO Small Cap Fund (b)		—		845,620,132		—		797,995,404
River Road Select Value Fund		—		129,783,687		—		127,791,592
River Road Small Cap Value Fund		—		164,832,223		—		243,988,336
River Road Independent Value Fund (c)		—		248,996,759		—		385,342,578
DoubleLine Core Plus Fixed Income Fund		150,069,791		110,398,160		157,102,898		87,503,535
TCH Fixed Income Fund		15,501,062		18,013,117		13,411,551		32,651,702
Lake Partners LASSO Alternatives Fund		—		329,447,235		—		158,223,429
Anchor Capital Enhanced Equity Fund		—		118,905,956		—		173,894,423
River Road Long-Short Fund		—		235,570,737		—		125,570,102
Barings International Fund		—		30,353,764		—		60,709,398
LMCG Emerging Markets Fund		—		7,632,855		—		3,462,580
Harrison Street Real Estate Fund		—		21,546,353		—		19,139,891
M&C Balanced Fund		402,063		8,649,754		1,743,992		17,810,004

156


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

(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 $2,677,538 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 $597,548 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 redemption fee on Fund share redemptions and exchanges within specified time periods, as indicated in the following table for the year ended October 31, 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	$	3,498
Harrison Street Real Estate Fund	2% Within 90 Days		5,154
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, at specified 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.

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 year ended October 31, 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%(a)	1.25%(a)
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 Trust, with respect to 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.


		157


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

(b)	The inception date for the River Road Long-Short Fund Class I shares is March 4, 2013.

(c)	The inception date for the LMCG Emerging Markets Fund Class N and Class I shares is March 28, 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 Trust, 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 October 31, 2013, the cumulative amounts that are subject to recoupment by the Adviser from each Fund are as follows:


	Expiration
	2014		2015		2016
Herndon Large Cap Value Fund	$	129,816	$	42,793		N/A
River Road Dividend All Cap Value Fund II		N/A		59,860	$	36,018
Montag & Caldwell Mid Cap Growth Fund		72,010		N/A		N/A
LMCG Small Cap Growth Fund		190,704		123,269		157,143
Silvercrest Small Cap Fund		N/A		147,166		116,435
River Road Select Value Fund		N/A		N/A		N/A
River Road Independent Value Fund		244,471		143,528		59,855
DoubleLine Core Plus Fixed Income Fund		105,633		389,195		205,067
Lake Partners LASSO Alternatives Fund		87,814		N/A		N/A
River Road Long-Short Fund		97,108		110,750		76,699
Barings International Fund	$	147,896	$	N/A	$	N/A
LMCG Emerging Markets Fund (1)		N/A		N/A		119,333

Total	$	1,075,452	$	1,016,561	$	770,550

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

For the year ended October 31, 2013, the Adviser was reimbursed $28,353 by the Herndon Large Cap Value Fund and $85,619 by the Lake Partners LASSO Alternatives Fund as recoupment of prior year fee waivers. No other Fund in the above table reimbursed the Adviser for the period.

During the year ended October 31, 2013, the following Fund was reimbursed by the Subadviser for losses incurred on transactions not meeting the Fund’s investment guidelines:


	Capital Contribution
Harrison Street Real Estate Fund	$	96

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
Administration Fees at Trust Level		Annual Rate
First $7.4 billion		0.0437%
Over $7.4 billion		0.0412%

158


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

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. The fees may be subject to an annual increase by BNY Mellon, in an amount not to exceed the cumulative percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) U.S. City Average, all items (unadjusted) published since the last such increase in fees. The first such annual increase, of 1.7%, was effective October 1, 2013.

Distribution Services. Foreside Funds Distributors LLC (the “Distributor”) serves as principal underwriter and distributor of the Funds’ 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 0.15% and 0.10%, 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 year ended October 31, 2013 was $704,500.

Note (H) Credit Agreement: Effective July 6, 2010 and as amended August 30, 2013, 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 equal 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 equal 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 fiscal year ended October 31, 2013.

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 year ended October 31, 2013, the Funds’ accrued Earnings Credits as follows:


Fund	Earnings Credit to Custody and Transfer Agency Fees
River Road Independent Value Fund	$	77,099
Lake Partners LASSO Alternatives Fund		1,803
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 provided 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 the Small Cap Fund held on April 16, 2013, the shareholders of the Small Cap Fund voted to approve the Agreement. The closing date of the reorganization was April 22, 2013.

The result of the voting was 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.


		159


Aston Funds



		October 31, 2013

*Notes to Financial Statements – continued*

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 year ended October 31, 2013 are as follows:

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 securities 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.

160


Aston Funds





*Report of Independent Registered Public Accounting Firm*

To the Shareholders and Board of Trustees of

Aston Funds

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Aston Funds (the “Trust”) (comprising, respectively, ASTON/Montag & Caldwell Growth Fund, ASTON/Barings International Fund, ASTON/Cornerstone Large Cap Value Fund, ASTON/DoubleLine Core Plus Fixed Income Fund, ASTON/Fairpointe Mid Cap Fund, ASTON/Harrison Street Real Estate Fund, ASTON/Herndon Large Cap Value Fund, ASTON/Lake Partners LASSO Alternatives Fund, ASTON/Anchor Capital Enhanced Equity Fund, ASTON/Montag & Caldwell Balanced Fund, ASTON/Montag & Caldwell Mid Cap Growth Fund, ASTON/LMCG Emerging Markets Fund, ASTON/River Road Dividend All Cap Value Fund, ASTON/River Road Dividend All Cap Value Fund II, ASTON/River Road Independent Value Fund, ASTON/River Road Long-Short Fund, ASTON/River Road Select Value Fund, ASTON/River Road Small Cap Value Fund, ASTON/Silvercrest Small Cap Fund, ASTON/LMCG Small Cap Growth Fund, ASTON/TAMRO Diversified Equity Fund, ASTON/TAMRO Small Cap Fund, and ASTON/TCH Fixed Income Fund, (the “Funds”)) as of October 31, 2013, and the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios constituting the Aston Funds at October 31, 2013, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Chicago, Illinois

December 19, 2013


		161


Aston Funds



		October 31, 2013

*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.

Tax Information: In accordance with Federal tax law, the following Funds hereby make the designations indicated below regarding their fiscal year ended October 31, 2013:

The following are the estimated percentages of the income dividends qualifying for the dividends received deduction (“DRD”) available to corporations:


Fund	Percentage
M&C Growth Fund		100.00	%
TAMRO Diversified Equity Fund		100.00	%
Herndon Large Cap Value Fund		44.66	%
Cornerstone Large Cap Value Fund		100.00	%
River Road Dividend All Cap Value Fund		85.73	%
River Road Dividend All Cap Value Fund II		58.96	%
Fairpointe Mid Cap Fund		100.00	%
LMCG Small Cap Growth Fund		3.49	%
Silvercrest Small Cap Fund		62.54	%
TAMRO Small Cap Fund		35.57	%
River Road Select Value Fund		53.36	%
River Road Small Cap Value Fund		45.41	%
River Road Independent Value Fund		9.58	%
Lake Partners LASSO Alternatives Fund		25.98	%
Anchor Capital Enhanced Equity Fund		10.40	%
River Road Long-Short Fund		14.89	%
Harrison Street Real Estate Fund		23.30	%
M&C Balanced Fund		85.27	%

For the fiscal year ended October 31, 2013, certain dividends may be subject to a maximum tax rate of 15%, as qualified dividend income (“QDI”) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. For individual shareholders, a percentage of their ordinary income dividends (dividend income plus short-term gains, if any) may qualify for a maximum tax rate of 15%. Complete information is computed and reported in conjunction with your Form 1099-DIV.

The following percentages of ordinary dividends paid during the fiscal year ended October 31, 2013 are designated as QDI:


Fund	Percentage
M&C Growth Fund		100.00	%
TAMRO Diversified Equity Fund		100.00	%
Herndon Large Cap Value Fund		44.56	%
Cornerstone Large Cap Value Fund		100.00	%
River Road Dividend All Cap Value Fund		92.73	%
River Road Dividend All Cap Value Fund II		63.22	%
Fairpointe Mid Cap Fund		100.00	%
LMCG Small Cap Growth Fund		3.42	%
Silvercrest Small Cap Fund		62.32	%
TAMRO Small Cap Fund		36.02	%
River Road Select Value Fund		54.73	%
River Road Small Cap Value Fund		47.35	%
River Road Independent Value Fund		9.83	%
Lake Partners LASSO Alternatives Fund		36.19	%
Anchor Capital Enhanced Equity Fund		10.38	%
River Road Long-Short Fund		15.80	%
Barings International Fund		99.99	%
Harrison Street Real Estate Fund		23.30	%
M&C Balanced Fund		95.74	%

Each Fund designates 100%, or if subsequently different, of QDI to qualify for the lower tax rates applicable to individual shareholders; and 100%, or if subsequently different, of ordinary income dividends to qualify for the DRD for corporate shareholders. The actual percentage of QDI and DRD for the calendar year will be designated in year-end tax statements.

The following Funds designated the listed amounts as long-term capital gain dividends during the year ended October 31, 2013. Distributable long-term gains are based on net realized long term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.


Fund	Amount
M&C Growth Fund	$	341,922,100
TAMRO Diversified Equity Fund		1,631,314
Herndon Large Cap Value Fund		6,483
River Road Dividend All Cap Value Fund		64,855,863
River Road Dividend All Cap Value Fund II		86,668
Fairpointe Mid Cap Fund		458,050,258
M&C Mid Cap Growth Fund		1,654,468
LMCG Small Cap Growth Fund		960,056
Silvercrest Small Cap Fund		562,183
TAMRO Small Cap Fund		116,226,665
River Road Select Value Fund		26,825,243
River Road Small Cap Value Fund		56,871,822
River Road Independent Value Fund		832,772
DoubleLine Core Plus Fixed Income Fund		22,764
Lake Partners LASSO Alternatives Fund		1,588,681
Anchor Capital Enhanced Equity Fund		556,618
River Road Long-Short Fund		28,077
Barings International Fund		944,241
M&C Balanced Fund		740,661

Shareholders should not use the above tax information to prepare their tax returns. The information will be included with your Form 1099-DIV which will be sent to you separately in January 2014.

162


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF THE EXISTING SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/SILVERCREST SMALL CAP 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 the continuation of the Sub-Investment Advisory Agreement (the “Sub-Investment Advisory Agreement”) between Aston Asset Management, LP (“Aston”) and Silvercrest Small Cap Asset Management Group LLC (“Silvercrest”) with respect to the ASTON/Silvercrest Small Cap Fund (the “Fund”), at an in-person meeting on September 20, 2012.

The Board considered information provided and discussions held at the September 20, 2012 meeting regarding anticipated ownership changes of Silvercrest as a result of an initial public offering of its affiliated company (the “Transaction”). The Board considered that the Transaction may be deemed to result in an assignment of the Sub-Investment Advisory Agreement which would result in its automatic termination.

The Independent Trustees met separately from the “interested” Trustees of the Trust and any officers of Aston, Silvercrest or their affiliates to consider approval of the continuation of the Sub-Investment Advisory Agreement and were assisted by independent legal counsel in their deliberations.

In determining whether to approve the continuation of the Sub-Investment Advisory Agreement, the Board noted that at its December 15, 2011 meeting, it had determined to approve the Sub-Investment Advisory Agreement on the same terms, including the fees payable to Silvercrest. The Board noted that, with respect to the Sub-investment Advisory Agreement, it had considered: (i) the nature, extent and quality of services to be provided; (ii) the sub-advisory fee rate and overall fee structure of the Fund; and (iii) other potential benefits to be received by Silvercrest. The Board considered that at its December 15, 2011 meeting, it had determined that the terms of the Sub-Investment Advisory Agreement were fair and reasonable and that the approval of the Sub-Investment Advisory Agreement was in the best interests of the Fund.

The Board also considered whether the Transaction would result in any change in personnel of Silvercrest and whether it would impact the nature, extent or quality of services provided to the Fund. Based on the information provided by Silvercrest, it was noted that the Transaction would not impact the nature, extent or quality of services provided by Silvercrest and that the Fund’s current portfolio management team would not change as a result.

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

Disclosure of Fund Expenses: We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average daily net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The below 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.


		163


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*

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 05/01/13		Ending Account Value 10/31/13		Expense Ratio⁽¹⁾		Expenses Paid During Period⁽²⁾
M&C Growth Fund
Actual Fund Return
Class N		$1,000		$1,072.10		1.03%		$5.38
Class I		1,000		1,073.70		0.78%		4.08
Class R		1,000		1,070.70		1.28%		6.68
Hypothetical 5% Return
Class N		$1,000		$1,020.01		1.03%		$5.24
Class I		1,000		1,021.27		0.78%		3.97
Class R		1,000		1,018.75		1.28%		6.51
TAMRO Diversified Equity Fund
Actual Fund Return
Class N		$1,000		$1,107.80		1.20%		$6.38
Class I		1,000		1,109.10		0.95%		5.05
Hypothetical 5% Return
Class N		$1,000		$1,019.16		1.20%		$6.11
Class I		1,000		1,020.42		0.95%		4.84
Herndon Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,088.10		1.30%		$6.84
Class I		1,000		1,089.60		1.05%		5.53
Hypothetical 5% Return
Class N		$1,000		$1,018.65		1.30%		$6.61
Class I		1,000		1,019.91		1.05%		5.35
Cornerstone Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,102.70		1.30%		$6.89
Class I		1,000		1,105.10		1.05%		5.57
Hypothetical 5% Return
Class N		$1,000		$1,018.65		1.30%		$6.61
Class I		1,000		1,019.91		1.05%		5.35
River Road Dividend All Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,091.30		1.10%		$5.80
Class I		1,000		1,092.20		0.85%		4.48
Hypothetical 5% Return
Class N		$1,000		$1,019.66		1.10%		$5.60
Class I		1,000		1,020.92		0.85%		4.33
River Road Dividend All Cap Value Fund II
Actual Fund Return
Class N		$1,000		$1,086.90		1.30%		$6.84
Class I		1,000		1,088.20		1.05%		5.53
Hypothetical 5% Return
Class N		$1,000		$1,018.65		1.30%		$6.61
Class I		1,000		1,019.91		1.05%		5.35
Fairpointe Mid Cap Fund
Actual Fund Return
Class N		$1,000		$1,182.90		1.12%		$6.16
Class I		1,000		1,184.20		0.87%		4.79
Hypothetical 5% Return
Class N		$1,000		$1,019.56		1.12%		$5.70
Class I		1,000		1,020.82		0.87%		4.43
M&C Mid Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,128.10		1.25%		$6.70
Hypothetical 5% Return
Class N		$1,000		$1,018.90		1.25%		$6.36


	Beginning Account Value 05/01/13		Ending Account Value 10/31/13		Expense Ratio⁽¹⁾		Expenses Paid During Period⁽²⁾
LMCG Small Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,178.70		1.35%		$7.41
Class I		1,000		1,180.10		1.10%		6.04
Hypothetical 5% Return
Class N		$1,000		$1,018.40		1.35%		$6.87
Class I		1,000		1,019.66		1.10%		5.60
Silvercrest Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,171.60		1.40%		$7.66
Class I		1,000		1,172.80		1.15%		6.30
Hypothetical 5% Return
Class N		$1,000		$1,018.15		1.40%		$7.12
Class I		1,000		1,019.41		1.15%		5.85
TAMRO Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,132.80		1.32%		$7.10
Class I		1,000		1,133.70		1.07%		5.75
Hypothetical 5% Return
Class N		$1,000		$1,018.55		1.32%		$6.72
Class I		1,000		1,019.81		1.07%		5.45
River Road Select Value Fund
Actual Fund Return
Class N		$1,000		$1,106.60		1.46%		$7.75
Class I		1,000		1,107.80		1.21%		6.43
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.46%		$7.43
Class I		1,000		1,019.11		1.21%		6.16
River Road Small Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,126.90		1.33%		$7.13
Class I		1,000		1,128.50		1.08%		5.79
Hypothetical 5% Return
Class N		$1,000		$1,018.50		1.33%		$6.77
Class I		1,000		1,019.76		1.08%		5.50
River Road Independent Value Fund⁽³⁾
Actual Fund Return
Class N		$1,000		$1,041.80		1.42%		$7.31
Class I		1,000		1,043.40		1.17%		6.03
Hypothetical 5% Return
Class N		$1,000		$1,018.05		1.42%		$7.22
Class I		1,000		1,019.31		1.17%		5.96
DoubleLine Core Plus Fixed Income Fund
Actual Fund Return
Class N		$1,000		$976.50		0.94%		$4.68
Class I		1,000		977.80		0.69%		3.44
Hypothetical 5% Return
Class N		$1,000		$1,020.47		0.94%		$4.79
Class I		1,000		1,021.73		0.69%		3.52
TCH Fixed Income Fund
Actual Fund Return
Class N		$1,000		$976.90		0.84%		$4.19
Class I		1,000		977.60		0.69%		3.44
Hypothetical 5% Return
Class N		$1,000		$1,020.97		0.84%		$4.28
Class I		1,000		1,021.73		0.69%		3.52
Lake Partners LASSO Alternatives Fund⁽³⁾
Actual Fund Return
Class N		$1,000		$1,018.30		1.45%		$7.38
Class I		1,000		1,019.00		1.20%		6.11
Hypothetical 5% Return
Class N		$1,000		$1,017.90		1.45%		$7.37
Class I		1,000		1,019.16		1.20%		6.11

164


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*


	Beginning Account Value 05/01/13		Ending Account Value 10/31/13		Expense Ratio⁽¹⁾		Expenses Paid During Period⁽²⁾
Anchor Capital Enhanced Equity Fund⁽³⁾
Actual Fund Return
Class N		$1,000		$1,050.60		1.24%		$6.41
Class I		1,000		1,051.80		0.98%		5.07
Hypothetical 5% Return
Class N		$1,000		$1,018.95		1.24%		$6.31
Class I		1,000		1,020.27		0.98%		4.99
River Road Long-Short Fund⁽⁴⁾⁽⁵⁾
Actual Fund Return
Class N		$1,000		$1,076.10		1.70%		$8.90
Class I		1,000		1,077.90		1.45%		7.59
Hypothetical 5% Return
Class N		$1,000		$1,016.64		1.70%		$8.64
Class I		1,000		1,017.90		1.45%		7.37
Barings International Fund
Actual Fund Return
Class N		$1,000		$1,077.20		1.40%		$7.33
Class I		1,000		1,078.60		1.15%		6.03
Hypothetical 5% Return
Class N		$1,000		$1,018.15		1.40%		$7.12
Class I		1,000		1,019.41		1.15%		5.85
LMCG Emerging Markets Fund⁽⁶⁾
Actual Fund Return
Class N		$1,000		$966.90		1.65%		$8.18
Class I		1,000		968.90		1.40%		6.95
Hypothetical 5% Return
Class N		$1,000		$1,016.89		1.65%		$8.39
Class I		1,000		1,018.15		1.40%		7.12
Harrison Street Real Estate Fund
Actual Fund Return
Class N		$1,000		$927.70		1.37%		$6.66
Class I		1,000		928.90		1.12%		5.45
Hypothetical 5% Return
Class N		$1,000		$1,018.30		1.37%		$6.97
Class I		1,000		1,019.56		1.12%		5.70
M&C Balanced Fund
Actual Fund Return
Class N		$1,000		$1,034.00		1.20%		$6.15
Class I		1,000		1,034.60		1.10%		5.64
Hypothetical 5% Return
Class N		$1,000		$1,019.16		1.20%		$6.11
Class I		1,000		1,019.66		1.10%		5.60

(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 (184) 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.

(3)

Earnings Credit did not affect the six months expense ratio for the six months ended October 31, 2013, except for the River Road Independent Value Fund. If included, your annualized expense ratios for the River Road Independent Value Fund would be 1.40% and 1.15% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period would be $7.21 and $7.12 and $5.92 and $5.85 for Class N and Class I, respectively.

(4)

Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 2.35% and 2.10% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period would be $12.30 and $11.93 and $11.00 and $10.66 for Class N and Class I, respectively.

(5)	The inception date for the River Road Long-Short Fund Class I shares is March 4, 2013.

(6)	The inception date for the LMCG Emerging Markets Fund is March 28, 2013.


		165


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*

TRUSTEES AND OFFICERS OF THE TRUST

Under Delaware law, the business and affairs of the Trust are managed under the direction of the Board. Information pertaining to the Trustees and officers of the Trust is set forth below. The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

Name, Address, Age and

Position(s) with Trust

Term of

Office ¹ and

Length of

Time Served

Principal Occupation(s)

During Past Five Years

Number of

Portfolios in

Fund Complex ²

Overseen by

Trustee

Other Trusteeships/

Directorships

Held by Trustee

During Past

Five Years

Experience,

Qualifications,

Attributes, Skills

for Board

Membership

INDEPENDENT TRUSTEES

William E. Chapman, II c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 72

Trustee; Independent Chairman

Since 2010

President and Owner, Longboat Retirement Planning Solutions (1998-present); Trustee of Bowdoin College (2002-present); Hewitt Associates, LLC (part time) (provider of Retirement and Investment Education Seminars) (2002-2009)

Director of Harding, Loevner Funds, Inc. (6 portfolios); Trustee of Third Avenue Trust (5 portfolios); Trustee of Third Avenue Variable Trust (1 portfolio); Trustee of The Managers Funds, Managers AMG Funds, Managers Trust I and Managers Trust II (36 portfolios)

Significant board experience; significant executive experience with several financial services firms; continuing service as Independent Chairman of the Board.

Edward J. Kaier

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 68

Trustee

Since 2010

Attorney at Law and Partner, Teeters Harvey Gilboy & Kaier LLP (2007-present); Attorney at Law and Partner, Hepburn Willcox Hamilton & Putnam, LLP (1977-2007)

Trustee of Third Avenue Trust (5 portfolios); Trustee of Third Avenue Variable Trust (1 portfolio); Trustee of The Managers Funds, Managers AMG Funds, Managers Trust I and Managers Trust II (36 portfolios)

Significant board experience; practicing attorney.

Gregory T. Mutz

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 68

Trustee

Since 1993

Chairman and CEO of AMLI Residential Properties Trust (a Multifamily REIT), a successor company to AMLI Realty Co. (2004-present); Vice Chairman of UICI (NYSE: UCI) (an insurance holding company) (2003-2004)

Member of Board of Genesis Financial Solutions (a privately-held company based in Portland, Oregon providing debt recovery, consumer lending and credit card services) (2005-present); a member of the Board of WAN S.A., a residential real estate company headquartered in Warsaw, Poland (2008-present); a member of the Board of Suknip International Limited, a residential real estate company headquartered in St. Petersburg, Russia (2008-present); Formerly, Director of Alico, Inc. (NASDAQ: ALCO) (agribusiness) (2005-2009)

Significant board experience; previous service as lead independent trustee; significant executive experience with several financial services firms.

166


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*

Name, Address, Age and

Position(s) with Trust

Term of

Office ¹ and

Length of

Time Served

Principal Occupation(s)

During Past Five Years

Number of

Portfolios in

Fund Complex ²

Overseen by

Trustee

Other Trusteeships/

Directorships

Held by Trustee

During Past

Five Years

Experience,

Qualifications,

Attributes, Skills

for Board

Membership

INDEPENDENT TRUSTEES (continued)

Steven J. Paggioli

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 63

Trustee

Since 2010

Independent Consultant (2002-present); formerly Executive Vice President and Director, The Wadsworth Group (1986-2001); Executive Vice President, Secretary and Director, Investment Company Administration, LLC (1990-2001); Vice President, Secretary and Director, First Fund Distributors, Inc. (1991-2001)

Trustee, Professionally Managed Portfolios (43 portfolios); Trustee of The Managers Funds, Managers AMG Funds, Managers Trust I and Managers Trust II (36 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Chase Investment Counsel

Significant board experience; significant executive experience with several financial services firms; former service with financial service regulator.

Eric Rakowski

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 55

Trustee

Since 2010

Professor, University of California at Berkeley School of Law (1990-present)

Significant board experience; former practicing attorney; currently professor of law.

Robert B. Scherer

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 72

Trustee

Since 1999

President of The Rockridge Group, Ltd. (title insurance industry consulting services) (1994-present)

Director, Title Reinsurance Company (insurance for title agents)(1998-present)

Significant board experience; continuing service as Chair of the Audit Committee; significant executive experience as chief financial officer of insurance and financial services firm.


		167


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*

Name, Address, Age and

Position(s) with Trust

Term of

Office ¹ and

Length of

Time Served

Principal Occupation(s)

During Past Five Years

Number of

Portfolios in

Fund Complex ²

Overseen by

Trustee

Other Trusteeships/

Directorships

Held by Trustee

During Past

Five Years

Experience,

Qualifications,

Attributes, Skills

for Board

Membership

INDEPENDENT TRUSTEES (continued)

Thomas R. Schneeweis,

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 66

Trustee

Since 2010

Professor of Finance, University of Massachusetts (1977-present); Director, CISDM at the University of Massachusetts, (1996-present); President, TRS Associates (1982-present); President, Alternative Investment Analytics, LLC (formerly Schneeweis Partners, LLC) (2001-2012); Partner, White Bear Partners, LLC (2007-2010); Partner, S Capital Management, LLC (2007-present); Partner, Northampton Capital Management, LLC (2004-2010)

Trustee of The Managers Funds, Managers AMG Funds, Managers Trust I and Managers Trust II (36 portfolios)

Significant board experience; currently professor of finance; significant executive experience with several investment partnerships.

INTERESTED TRUSTEES

Stuart D. Bilton, CFA³

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 67

Trustee; Chief Executive Officer

Trustee since 1993; Chief Executive Officer since 2010

Chief Executive Officer, Aston Asset Management, LP (2006-present); Chairman, Aston Funds (1993-2010)

Director, Baldwin & Lyons, Inc. (property and casualty insurance firm) (1987-present); Director, Highbury Financial Inc. (2009-2010)

Significant board experience; significant executive experience with several financial services firms; former Chairman of the Board.

Jeffrey S. Murphy³

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 47

Trustee

Since 2010

Senior Vice President, Affiliated Managers Group, Inc. (2007-present); Vice President, Affiliated Managers Group, Inc. (1995-2007)

N/A

Significant financial industry experience; significant executive experience with several financial services firms.

OFFICER(S) WHO ARE NOT TRUSTEES

Kenneth C. Anderson

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 49

President

Since 1993

President, Aston Asset Management, LP (2006-present); Director, Highbury Financial Inc. (2009-2010); CPA

N/A

168


Aston Funds



		October 31, 2013

*Additional Information (unaudited) – continued*

Name, Address, Age and

Position(s) with Trust

Term of

Office ¹ and

Length of

Time Served

Principal Occupation(s)

During Past Five Years

Number of

Portfolios in

Fund Complex ²

Overseen by

Trustee

Other Trusteeships/

Directorships

Held by Trustee

During Past

Five Years

Experience,

Qualifications,

Attributes, Skills

for Board

Membership

OFFICER(S) WHO ARE NOT TRUSTEES (continued)

Gerald F. Dillenburg

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 47

Senior Vice President,

Secretary, Chief Operating Officer and Chief Compliance Officer

Since 1996

Chief Compliance Officer, Aston Asset Management, LP (2006-present); Chief Financial Officer, Aston Asset Management, LP (2006-2010); CPA

N/A

Laura M. Curylo

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 45

Chief Financial Officer and Treasurer

Since 2010

Chief Financial Officer, Aston Asset Management, LP (2010-present); Vice President and Controller, Aston Asset Management, LP (2006-present); CPA

N/A

Christine C. Carsman

c/o Aston Funds

120 N. LaSalle Street

Chicago, IL 60602

Age: 61

Chief Legal Officer

Since 2010

Senior Vice President (2007-present) and Deputy General Counsel (2011-present), Chief Regulatory Counsel (2004-2011), Vice President (2004-2007), Affiliated Managers Group, Inc.; Trustee, Managers AMG Funds, The Managers Funds, Managers Trust I and Managers Trust II (2011-present); Senior Counsel, Vice President and Director of Operational Risk Management and Compliance, Wellington Management Company, LLP (1995-2004)

N/A

A Trustee serves for an indefinite term until the earliest of: (i) removal by two-thirds of the Board or shareholders, (ii) resignation, death or incapacity, (iii) the election and qualification of his successor, in accordance with the By-Laws of the Trust, or (iv) the last day of the fiscal year in which he attains the age of 75 years. Officers serve for an indefinite term until the earliest of: (i) removal by the Board, (ii) resignation, death or incapacity, or (iii) the election and qualification of their successors, in accordance with the By-Laws of the Trust.

The term “Fund Complex” includes all series of Aston Funds.

“Interested person” of the Trust as defined in the 1940 Act. Mr. Bilton is considered an “interested person” because of his affiliation with Aston Asset Management, LP which acts as the Funds’ investment adviser. Mr. Murphy is considered an “interested person” because of his affiliation with Affiliated Managers Group, Inc., the ultimate parent of the investment adviser, and related entities.


		169

Aston Funds

ADVISER

Aston Asset Management, LP

120 N. LaSalle Street, 25^thFloor

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.

170

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.

LOGO

Aston Funds

P.O. Box 9765

Providence, RI 02940

ATAN 13

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Robert B. Scherer is qualified to serve as the registrant’s audit committee financial expert and that he is “independent,” as defined by the Securities and Exchange Commission.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $403,670 for 2013 and $400,750 for 2012.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $26,910 for 2013 and $26,000 for 2012. Such fees were related to agreed upon procedures for the April 30, 2013 and April 30, 2012 unaudited semi-annual reports.

Tax Fees


(c)		The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning $0 for 2013 and $0 for 2012.

All Other Fees


(d)		The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2013 and $0 for 2012.

(e)(1)		Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

In accordance with Audit Committee Charter, the Audit Committee shall:

Pre-approve any engagement of the independent auditors to provide any non-prohibited services to the Fund, including the fees and other compensation to be paid to the independent auditors.¹

—

The Chairman of the Audit Committee may grant the pre-approval of services to the Fund for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Pre-approve any engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the Adviser (or any “control affiliate”² of the Adviser providing ongoing services to the Fund), if the engagement relates directly to the operations and financial reporting of the Funds.³

¹	Pre-approval of non-audit services for the Fund pursuant to Section IV.C. 2 is not required, if:

(a)

the aggregate amount of all non-audit services provided to the Fund is no more than 5% of the total fees paid by the Fund to the independent auditors during the fiscal year in which the non-audit services are provided;

(b)

the services were not recognized by Fund management at the time of the engagement as non-audit services; and

(c)

such services are promptly brought to the attention of the Audit Committee by Fund management and the Audit Committee approves them (which may be by delegation) prior to the completion of the audit.

²	“Control affiliate” means any entity controlling, controlled by, or under common control with the Adviser.

³	Pre-approval of non-audit services for the Adviser (or any affiliate of the Adviser providing ongoing services to the Fund) pursuant to Section IV.C.3 is not required, if:

—

The Chairman of the Audit Committee may grant the pre-approval for non-prohibited services to the Adviser. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 100%

(d) N/A

(f)

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2013 and $0 for 2012.

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(a)

the aggregate amount of all non-audit services provided is no more than 5% of the total fees paid by the Fund, the Adviser and any “control affiliate” of the Adviser providing ongoing services to the Fund to the independent auditors during the fiscal year in which the non-audit services are provided;

(b)

the services were not recognized by Fund management at the time of the engagement as non-audit services; and

(c)

such services are promptly brought to the attention of the Audit Committee by Fund management and the Audit Committee approves them (which may be by delegation) prior to the completion of the audit.

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)		Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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.

(12.other) Not applicable.

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 01/03/14

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 01/03/14

By (Signature and Title)* /s/ Laura M. Curylo
		Laura M. Curylo, Treasurer and Chief Financial Officer
		(principal financial officer)

Date 01/03/14

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

Net investment income

Net realized and unrealized gain on investments

Net increase in assets from operations