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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number             811-08004                

                         Aston Funds                        

(Exact name of registrant as specified in charter)

120 North LaSalle Street, 25th Floor

                             Chicago, IL 60602                            

(Address of principal executive offices) (Zip code)

Stuart D. Bilton, President

Aston Funds

120 North LaSalle Street, 25th Floor

                             Chicago, IL 60602                            

(Name and address of agent for service)

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

Date of fiscal year end:   October 31

Date of reporting period:   April 30, 2014

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Semi Annual Report 2014

April 30, 2014

Class N, I & R Shares

Equity

Fixed Income

Alternative

International

Sector

Balanced

This Privacy Statement is not part of the Semi Annual Report

PRIVACY STATEMENT

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

INFORMATION WE COLLECT

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

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

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

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

INFORMATION WE MAY SHARE

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

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

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

• Governmental or other legal agencies, as required by law

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

CONFIDENTIALITY AND SECURITY

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

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

APPLICABILITY

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

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

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Aston Funds

Large Cap

ASTON/Montag & Caldwell Growth Fund

ASTON/TAMRO Diversified Equity Fund

ASTON/Herndon Large Cap Value Fund

ASTON/Cornerstone Large Cap Value Fund

Equity Income

ASTON/River Road Dividend All Cap Value Fund

ASTON/River Road Dividend All Cap Value Fund II

Mid Cap

ASTON/Fairpointe Mid Cap Fund

ASTON/Montag  & Caldwell Mid Cap Growth Fund

Table of Contents

Performance Summary	2
Schedules of Investments	4
Statements of Assets and Liabilities	60
Statements of Operations	66
Statements of Changes in Net Assets	72
Financial Highlights	82
Notes to Financial Statements	132
Additional Information	148

Small Cap

ASTON/LMCG Small Cap Growth Fund

ASTON/Silvercrest Small Cap Fund

ASTON/TAMRO Small Cap Fund

ASTON/River Road Select Value Fund

ASTON/River Road Small Cap Value Fund

ASTON/River Road Independent Value Fund

Fixed Income

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

Alternative

ASTON/Lake Partners LASSO Alternatives Fund

ASTON/Anchor Capital Enhanced Equity Fund

ASTON/River Road Long-Short Fund

International

ASTON/Barings International Fund

ASTON/Guardian Capital Global Dividend Fund

ASTON/LMCG Emerging Markets Fund

ASTON/Pictet International Fund

Sector

ASTON/Harrison Street Real Estate Fund

Balanced

ASTON/Montag & Caldwell Balanced Fund

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

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

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

NOT FDIC INSURED   •   NO BANK GUARANTEE  •  MAY LOSE VALUE

1

Aston Funds

	As of April 30, 2014
Performance Summary (unaudited)

						Average Annual Total Returns
	Class		Six Month Total Return (a)			One Year			Five Year			Ten Year			Since Inception			Total Expense Ratio (b)			Net Expense Ratio (b)			Inception Date
Equity
ASTON/Montag & Caldwell Growth Fund		N		4.65	%		12.19	%		14.73	%		6.98	%		9.17	%		1.05	%		1.05	%		11/02/94
		I		4.76			12.47			15.02			7.25			7.63			0.80			0.80			06/28/96
		R		4.52			11.91			14.45			6.72			7.50			1.30			1.30			12/31/02
ASTON/TAMRO Diversified Equity Fund (c)		N		6.19			17.64			16.89			7.45			6.60			1.46			1.20			11/30/00
		I		6.38			17.98			NA			NA			14.98			1.21			0.95			03/02/12
ASTON/Herndon Large Cap Value Fund (c)		N		9.75			19.41			NA			NA			13.59			1.31			1.31			03/31/10
		I		9.87			19.71			NA			NA			13.08			1.06			1.06			03/02/11
ASTON/Cornerstone Large Cap Value Fund (c)		N		8.67			19.83			17.18			8.01			8.19			1.49			1.31			01/04/93
		I		8.68			20.10			17.47			NA			7.44			1.24			1.06			09/20/05
ASTON/River Road Dividend All Cap Value Fund		N		3.94			13.42			17.75			NA			8.48			1.10			1.10			06/28/05
		I		4.07			13.66			18.03			NA			6.04			0.85			0.85			06/28/07
ASTON/River Road Dividend All Cap Value Fund II (c)		N		3.95			12.98			NA			NA			18.91			1.38			1.31			06/27/12
		I		4.07			13.25			NA			NA			19.19			1.13			1.06			06/27/12
ASTON/Fairpointe Mid Cap Fund		N		10.52			30.74			24.74			11.29			13.37			1.12			1.12			09/19/94
		I		10.66			31.04			25.05			NA			11.42			0.87			0.87			07/06/04
ASTON/Montag & Caldwell Mid Cap Growth Fund (c)		N		4.90			18.34			18.23			NA			4.80			1.86			1.26			11/02/07
ASTON/LMCG Small Cap Growth Fund (c)		N		2.77			21.14			NA			NA			15.13			2.04			1.36			11/03/10
		I		2.86			21.39			NA			NA			10.22			1.79			1.11			06/01/11
ASTON/Silvercrest Small Cap Fund (c)		N		2.55			20.15			NA			NA			19.21			2.06			1.41			12/27/11
		I		2.65			20.39			NA			NA			19.51			1.81			1.16			12/27/11
ASTON/TAMRO Small Cap Fund		N		-4.53			8.14			16.86			8.44			10.73			1.31			1.31			11/30/00
		I		-4.42			8.36			17.14			NA			8.51			1.06			1.06			01/04/05
ASTON/River Road Select Value Fund		N		0.11			10.78			15.43			NA			5.12			1.47			1.47			03/29/07
		I		0.22			11.03			15.76			NA			4.82			1.22			1.22			06/28/07
ASTON/River Road Small Cap Value Fund		N		1.43			14.30			15.15			NA			7.69			1.37			1.37			06/28/05
		I		1.56			14.60			15.44			NA			4.64			1.12			1.12			12/13/06
ASTON/River Road Independent Value Fund (c)		N		2.12			6.39			NA			NA			7.03			1.48			1.47			12/31/10
		I		2.19			6.63			NA			NA			5.10			1.23			1.22			06/01/11
Fixed Income
ASTON/DoubleLine Core Plus Fixed Income Fund (c)		N		2.65			0.24			NA			NA			6.39			1.05			0.95			07/18/11
		I		2.78			0.50			NA			NA			6.65			0.80			0.70			07/18/11
ASTON/TCH Fixed Income Fund (c)		N		2.93			0.55			8.37			5.75			5.90			1.13			0.95			12/13/93
		I		3.06			0.75			8.55			5.97			6.19			0.88			0.70			07/31/00

2

Aston Funds

	As of April 30, 2014
Performance Summary (unaudited) – continued

						Average Annual Total Returns
	Class		Six Month Total Return (a)			One Year			Five Year			Ten Year			Since Inception			Total Expense Ratio (b)			Net Expense Ratio (b)			Inception Date
Alternative
ASTON/Lake Partners LASSO Alternatives Fund (c)		N		3.35	%		5.24	%		NA	%		NA	%		5.49	%		3.22	%		3.22	%		03/03/10
		I		3.49			5.46			7.62			NA			7.81			2.97			2.97			04/01/09
ASTON/Anchor Capital Enhanced Equity Fund (c)		N		0.91			6.01			10.32			NA			4.67			1.23			1.23			01/15/08
		I		1.03			6.26			NA			NA			7.26			0.98			0.98			03/03/10
ASTON/River Road Long-Short Fund (c)		N		-1.99			5.47			NA			NA			7.52			2.59			2.43			05/04/11
		I		-1.82			5.83			NA			NA			6.71			2.34			2.18			03/04/13
International
ASTON/Barings International Fund (c)		N		1.71			9.57			NA			NA			6.97			1.67			1.40			03/03/10
		I		1.96			9.98			11.02			NA			-2.10			1.42			1.15			11/02/07
ASTON/Guardian Capital Global Dividend Fund (c)		N		NA			NA			NA			NA			3.50	(d)		5.15			1.31			04/14/14
		I		NA			NA			NA			NA			3.50	(d)		4.90			1.06			04/14/14
ASTON/LMCG Emerging Markets Fund (c)		N		-3.82			-7.00			NA			NA			-6.60			7.31			1.72			03/28/13
		I		-3.63			-6.63			NA			NA			-6.25			7.06			1.47			03/28/13
ASTON/Pictet International Fund (c)		N		NA			NA			NA			NA			1.90	(d)		2.47			1.41			04/14/14
		I		NA			NA			NA			NA			1.90	(d)		2.22			1.16			04/14/14
Sector
ASTON/Harrison Street Real Estate Fund (c)		N		4.50			-3.06			22.02			9.42			8.70			2.22			1.37			12/30/97
		I		4.61			-2.83			22.30			NA			5.88			1.37			1.12			09/20/05
Balanced
ASTON/Montag & Caldwell Balanced Fund (c)		N		3.27			6.78			10.26			5.68			7.68			1.53			1.36			11/02/94
		I		3.33			6.90			10.40			5.86			4.15			1.28			1.11			12/31/98

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

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

^(a)  Not annualized.

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

^(c)  Certain expenses were subsidized or recouped. If these subsidies or recoupment were not in effect, the returns would have been lower or higher, respectively. The Adviser is contractually obligated to waive management fees and/or reimburse expenses through February 28, 2015 for the Funds, other than Guardian Capital Global Dividend Fund and Pictet International Fund, with respect to which the Advisor is contractually obligated to waive management fees and/or reimburse expenses through April 9, 2015.

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

The stocks of small- and mid-cap companies may be subject to a higher degree of market risk because they tend to be more volatile and less liquid. Bond and balanced funds have the same interest rate, high yield, and credit risks associated with the underlying bonds in the portfolio, all of which could reduce a fund’s value. By selling covered call options, a fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. Sector funds may be subject to a higher degree of market risk because of concentration in a specific industry sector. International investing may include the risk of social and political instability, market illiquidity and currency volatility. Emerging markets securities tend to be more volatile and less liquid than securities traded in developed countries. Hedged mutual funds may use derivative instruments, short selling, leveraging and investing in commodities, commodity-linked instruments and non-U.S. companies that involve significant risks.

3

Aston Funds

ASTON/Montag & Caldwell Growth Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 92.50%
		Consumer Discretionary – 10.63%
	1,070,000	NIKE, Class B	$	78,056,500
	55,000	Priceline.com *		63,676,250
	560,000	Ralph Lauren		84,767,200
	1,730,000	Starbucks		122,172,600
	1,550,000	TJX		90,179,000
	923,500	Yum! Brands		71,100,265
				509,951,815
		Consumer Staples – 20.85%
	2,330,800	Colgate-Palmolive		156,862,840
	612,800	Costco Wholesale		70,888,704
	2,000,000	Estee Lauder, Class A		145,140,000
	5,210,000	Mondelez International, Class A		185,736,500
	1,290,800	PepsiCo		110,866,812
	2,173,300	Procter & Gamble		179,405,915
	2,231,300	Walgreen		151,505,270
				1,000,406,041
		Energy – 4.46%
	1,850,000	Occidental Petroleum		177,137,500
	360,000	Schlumberger		36,558,000
				213,695,500
		Financials – 6.58%
	1,550,000	American Express		135,516,500
	670,000	State Street		43,255,200
	2,760,000	Wells Fargo		137,006,400
				315,778,100
		Healthcare – 23.09%
	3,806,100	Abbott Laboratories		147,448,314
	1,015,700	Allergan		168,443,688

Shares			Market Value
		Healthcare (continued)
	1,400,000	AmerisourceBergen	$	91,252,000
	580,556	Biogen Idec *		166,689,238
	2,569,500	Gilead Sciences *		201,680,055
	998,085	McKesson		168,866,001
	621,300	Stryker		48,306,075
	1,008,400	Thermo Fisher Scientific		114,957,600
				1,107,642,971
		Industrials – 6.87%
	3,884,500	General Electric		104,454,205
	375,658	Union Pacific		71,536,553
	1,560,000	United Parcel Service, Class B		153,660,000
				329,650,758
		Information Technology – 16.88%
	1,259,900	Accenture, Class A (Ireland)		101,069,178
	2,850,000	eBay *		147,715,500
	181,891	Google, Class A *		97,289,858
	85,000	Google, Class C *		44,766,100
	5,350,000	Juniper Networks *		132,091,500
	1,950,000	QUALCOMM		153,484,500
	658,749	Visa, Class A		133,469,135
				809,885,771
		Materials – 3.14%
	1,360,000	Monsanto		150,552,000
		Total Common Stocks (Cost $3,664,586,709)		4,437,562,956
	INVESTMENT COMPANY – 6.86%
	329,413,091	BlackRock Liquidity Funds TempCash Portfolio		329,413,091
		Total Investment Company (Cost $329,413,091)		329,413,091
	Total Investments – 99.36% (Cost $3,993,999,800)**			4,766,976,047
	Net Other Assets and Liabilities ��� 0.64%			30,549,294
	Net Assets – 100.00%		$	4,797,525,341

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	796,241,835
Gross unrealized depreciation		(23,265,588	)
Net unrealized appreciation	$	772,976,247

See accompanying Notes to Financial Statements.

4

Aston Funds

ASTON/TAMRO Diversified Equity Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.62%
		Consumer Discretionary – 11.63%
	5,184	Amazon.com *	$	1,576,610
	22,621	CarMax *		990,347
	9,924	Home Depot		789,057
	7,829	Keurig Green Mountain		733,421
	16,339	Macy’s		938,349
	484	NVR *		521,268
	12,781	Red Robin Gourmet Burgers *		868,852
				6,417,904
		Consumer Staples – 8.03%
	9,266	Constellation Brands, Class A *		739,797
	24,672	Mondelez International, Class A		879,557
	15,588	Sysco		567,871
	17,886	United Natural Foods *		1,234,671
	14,916	Walgreen		1,012,796
				4,434,692
		Energy – 9.21%
	8,682	Continental Resources *		1,202,631
	10,475	Kinder Morgan		342,113
	5,585	Occidental Petroleum		534,764
	7,986	Phillips 66		664,595
	13,402	Range Resources		1,212,211
	37,768	Ultra Petroleum (Canada) *		1,125,486
				5,081,800
		Financials – 17.68%
	13,260	American Express		1,159,322
	25,181	American International Group		1,337,866
	13,761	American Tower, REIT		1,149,319
	18,595	Bank of the Ozarks		1,113,840
	8,391	Berkshire Hathaway, Class B *		1,081,180
	23,943	Citigroup		1,147,109

Shares			Market Value
		Financials (continued)
	46,170	FirstMerit	$	895,236
	22,361	Ocwen Financial Corp *		847,482
	18,032	Portfolio Recovery Associates *		1,030,529
				9,761,883
		Healthcare – 16.39%
	6,152	Allergan		1,020,248
	4,717	Athenahealth *		583,210
	41,715	Auxilium Pharmaceuticals *		939,005
	15,047	DaVita HealthCare Partners *		1,042,757
	22,441	DexCom *		727,986
	12,781	Edwards Lifesciences *		1,041,268
	15,460	Express Scripts *		1,029,327
	22,447	Gilead Sciences *		1,761,865
	8,903	Johnson & Johnson		901,785
				9,047,451
		Industrials – 15.21%
	39,845	American Airlines Group *		1,397,364
	8,632	Boeing		1,113,701
	15,014	Chicago Bridge & Iron (Netherlands)		1,202,171
	16,343	Cintas		963,093
	16,951	Colfax *		1,220,133
	12,673	Danaher		929,945
	4,155	Middleby *		1,049,054
	9,129	Spirit Airlines *		518,892
				8,394,353
		Information Technology – 17.11%
	6,299	Baidu, SP ADR *		969,101
	42,949	Cisco Systems		992,551
	25,254	Facebook, Class A *		1,509,684
	1,110	Google, Class A *		593,717
	1,110	Google, Class C *		584,593
	29,792	Hewlett-Packard		984,924
	16,031	Pandora Media *		375,446
	14,970	QUALCOMM		1,178,289
	19,451	Seagate Technology (Ireland)		1,022,734
	29,982	Skyworks Solutions *		1,230,761
				9,441,800
		Materials – 3.36%
	4,269	CF Industries Holdings		1,046,631
	7,283	Monsanto		806,228
				1,852,859
		Total Common Stocks (Cost $42,206,971)		54,432,742

See accompanying Notes to Financial Statements.

5

Aston Funds

ASTON/TAMRO Diversified Equity Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.65%
	911,216	BlackRock Liquidity Funds TempCash Portfolio	$	911,216
		Total Investment Company (Cost $911,216)		911,216
	Total Investments – 100.27% (Cost $43,118,187)**			55,343,958
	Net Other Assets and Liabilities – (0.27)%			(147,563	)
	Net Assets – 100.00%		$	55,196,395

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	13,495,745
Gross unrealized depreciation		(1,269,974	)
Net unrealized appreciation	$	12,225,771

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

6

Aston Funds

ASTON/Herndon Large Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.04%
		Consumer Discretionary – 7.84%
	45,833	Coach	$	2,046,443
	37,562	Ross Stores		2,557,221
	71,335	TJX		4,150,270
	36,184	Yum! Brands		2,785,806
				11,539,740
		Consumer Staples – 9.76%
	85,808	Altria Group		3,441,759
	57,205	Campbell Soup		2,602,255
	54,104	Colgate-Palmolive		3,641,199
	29,981	Kellogg		2,003,630
	31,359	Philip Morris International		2,678,999
				14,367,842
		Energy – 20.67%
	32,049	Apache		2,781,853
	31,704	Chevron		3,979,486
	21,366	ConocoPhillips		1,587,707
	24,467	Continental Resources *		3,389,170
	30,670	Exxon Mobil		3,140,915
	63,409	HollyFrontier		3,334,679
	46,522	Marathon Petroleum		4,324,220
	41,698	Murphy Oil		2,644,904
	61,341	Oasis Petroleum *		2,852,970
	32,049	SM Energy		2,375,792
				30,411,696
		Financials – 20.60%
	63,409	Aflac		3,977,013
	145,427	American Capital Agency, REIT		3,302,647
	96,836	Apartment Investment & Management, Class A, REIT		2,985,454

Shares			Market Value
		Financials (continued)
	77,193	CBOE Holdings	$	4,119,018
	64,098	Discover Financial Services		3,583,078
	69,956	Eaton Vance		2,523,313
	38,596	McGraw-Hill		2,853,402
	111,654	SLM		2,875,091
	60,652	Waddell & Reed Financial, Class A		4,090,977
				30,309,993
		Healthcare – 6.09%
	36,529	Baxter International		2,658,946
	75,125	Mylan *		3,814,848
	24,812	United Therapeutics *		2,481,448
				8,955,242
		Industrials – 10.19%
	3,790	Caterpillar		399,467
	9,649	Copa Holdings SA, Class A (Panama)		1,305,317
	59,618	Joy Global		3,599,735
	25,846	Lockheed Martin		4,242,362
	34,806	Rockwell Collins		2,702,686
	27,913	United Parcel Service, Class B		2,749,431
				14,998,998
		Information Technology – 12.31%
	7,236	Apple		4,269,891
	17,919	International Business Machines		3,520,546
	85,119	Microsoft		3,438,808
	42,042	NeuStar, Class A *		1,081,320
	44,455	Western Digital		3,917,819
	118,547	Western Union		1,881,341
				18,109,725
		Materials – 6.65%
	11,372	CF Industries Holdings		2,788,074
	36,184	LyondellBasell Industries NV, Class A, (Netherlands)		3,347,020
	8,270	Newmarket		3,079,086
	18,953	Southern Copper		571,243
				9,785,423
		Utilities – 0.93%
	94,768	AES		1,369,398
		Total Common Stocks (Cost $119,086,211)		139,848,057

See accompanying Notes to Financial Statements.

7

Aston Funds

ASTON/Herndon Large Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 4.70%
	6,916,272	BlackRock Liquidity Funds TempCash Portfolio	$	6,916,272
		Total Investment Company (Cost $6,916,272)		6,916,272
	Total Investments – 99.74% (Cost $126,002,483)**			146,764,329
	Net Other Assets and Liabilities – 0.26%			383,648
	Net Assets – 100.00%		$	147,147,977

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	22,841,595
Gross unrealized depreciation		(2,079,749	)
Net unrealized appreciation	$	20,761,846

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

8

Aston Funds

ASTON/Cornerstone Large Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.11%
		Consumer Discretionary – 12.87%
	57,485	Bed Bath & Beyond *	$	3,571,542
	69,850	Gap		2,745,105
	57,175	Hasbro		3,159,491
	116,425	Mattel		4,565,606
				14,041,744
		Consumer Staples – 3.57%
	48,925	Wal-Mart Stores		3,899,811
		Energy – 10.70%
	35,950	Chevron		4,512,443
	33,025	Exxon Mobil		3,382,090
	48,125	Royal Dutch Shell PLC, ADR		3,789,363
				11,683,896
		Financials – 15.81%
	38,500	ACE (Switzerland)		3,939,320
	46,875	Capital One Financial		3,464,063
	64,550	Citigroup		3,092,591
	59,550	JPMorgan Chase		3,333,609
	103,175	Unum Group		3,427,474
				17,257,057
		Healthcare – 6.59%
	52,475	Baxter International		3,819,655
	33,300	Johnson & Johnson		3,372,957
				7,192,612
		Industrials – 20.03%
	22,625	3M		3,146,911
	26,525	Cummins		4,001,296
	66,325	Emerson Electric		4,522,039
	8,320	Grainger (W.W.)		2,116,608

Shares			Market Value
		Industrials (continued)
	37,150	Norfolk Southern	$	3,511,790
	35,950	Parker Hannifin		4,561,336
				21,859,980
		Information Technology – 27.54%
	4,100	Apple		2,419,369
	142,290	EMC		3,671,082
	2,390	Google, Class A *		1,278,363
	2,005	Google, Class C *		1,055,953
	122,775	Intel		3,276,865
	11,255	International Business Machines		2,211,270
	92,550	Microsoft		3,739,020
	112,150	Oracle		4,584,692
	54,225	QUALCOMM		4,268,050
	40,250	Western Digital		3,547,233
				30,051,897
		Total Common Stocks (Cost $95,342,386)		105,986,997
	INVESTMENT COMPANY – 2.80%
	3,055,848	BlackRock Liquidity Funds TempCash Portfolio		3,055,848
		Total Investment Company (Cost $3,055,848)		3,055,848
	Total Investments – 99.91% (Cost $98,398,234)**			109,042,845
	Net Other Assets and Liabilities – 0.09%			94,801
	Net Assets – 100.00%		$	109,137,646

* Non-income producing security.

** At April 30, 2014, cost is identical for book and federal income tax purposes.

Gross unrealized appreciation	$	11,138,005
Gross unrealized depreciation		(493,394	)
Net unrealized appreciation	$	10,644,611

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

9

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.84%
		Consumer Discretionary – 16.33%
	510,605	Bob Evans Farms	$	23,932,056
	446,015	Cinemark Holdings		13,210,964
	348,650	Coach		15,567,223
	331,595	Darden Restaurants		16,483,587
	484,515	Hasbro		26,774,299
	459,900	Kohl’s		25,197,921
	677,690	National CineMedia		10,294,111
	540,150	Shaw Communications, Class B (Canada)		13,087,834
	1,263,035	Staples		15,787,937
	350,345	Target		21,633,804
	576,665	Thomson Reuters (Canada)		20,863,740
				202,833,476
		Consumer Staples – 13.30%
	565,575	Dr Pepper Snapple Group		31,344,167
	159,800	Energizer Holdings		17,848,062
	219,905	Kimberly-Clark		24,684,336
	294,235	Molson Coors Brewing, Class B		17,645,273
	261,075	PepsiCo		22,423,732
	190,730	Procter & Gamble		15,744,761
	616,655	Sysco		22,464,742
	163,215	Wal-Mart Stores		13,009,868
				165,164,941
		Energy – 9.44%
	169,985	Chevron		21,336,517
	309,550	Ensco, Class A (United Kingdom)		15,616,797
	587,150	Memorial Production Partners LP		13,762,796
	349,240	Occidental Petroleum		33,439,730
	149,990	Transmontaigne Partners LP		6,854,543

Shares			Market Value
		Energy – (continued)
	508,165	Williams Partners LP	$	26,211,151
				117,221,534
		Financials – 13.52%
	64,485	BlackRock		19,409,985
	310,545	CME Group		21,859,263
	411,905	Compass Diversified Holdings		7,616,123
	529,675	Geo Group, REIT		17,760,003
	46,613	OneBeacon Insurance Group, Class A (Bermuda)		719,705
	196,425	PartnerRe (Bermuda)		20,703,195
	346,240	PNC Financial Services Group		29,098,010
	831,128	Sabra Health Care, REIT		24,908,906
	68,650	Safety Insurance Group		3,687,191
	542,055	U.S. Bancorp		22,105,003
				167,867,384
		Healthcare – 4.11%
	151,360	Becton, Dickinson		17,108,221
	516,827	Owens & Minor		17,334,378
	295,585	Quest Diagnostics		16,532,069
				50,974,668
		Industrials – 12.56%
	210,725	ABM Industries		5,708,540
	516,980	ADT		15,633,475
	668,470	Aircastle (Berumda)		11,745,018
	299,605	Emerson Electric		20,427,069
	267,725	General Dynamics		29,302,501
	597,619	Iron Mountain		16,996,284
	129,415	Norfolk Southern		12,233,600
	527,325	Republic Services		18,503,834
	257,705	United Parcel Service, Class B		25,383,943
				155,934,264
		Information Technology – 14.79%
	578,105	CA		17,424,085
	1,536,675	Corning		32,131,874
	1,479,685	Intel		39,492,793
	353,695	j2 Global		16,397,300
	722,745	Microsoft		29,198,898
	365,425	QUALCOMM		28,762,602
	1,280,020	Western Union		20,313,917
				183,721,469
		Materials – 3.64%
	344,480	Bemis		13,861,875
	60,607	Compass Minerals International		5,551,601
	167,925	Innophos Holdings		9,477,687
	315,230	Nucor		16,313,153
				45,204,316
		Telecommunication Services – 6.14%
	134,800	Atlantic Tele-Network		7,976,116
	672,395	Rogers Communications, Class B (Canada)		26,707,529

See accompanying Notes to Financial Statements.

10

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Telecommunication Services (continued)
	645,630	Verizon Communications	$	30,170,290
	299,596	Vodafone Group, SP ADR (United Kingdom)		11,372,664
				76,226,599
		Utilities – 4.01%
	357,895	AmeriGas Partners LP		16,599,170
	450,925	National Fuel Gas		33,206,117
				49,805,287
		Total Common Stocks (Cost $994,441,751)		1,214,953,938
	INVESTMENT COMPANY – 2.12%
	26,390,240	BlackRock Liquidity Funds TempCash Portfolio		26,390,240
		Total Investment Company (Cost $26,390,240)		26,390,240
	Total Investments – 99.96% (Cost $1,020,831,991)*			1,241,344,178
	Net Other Assets and Liabilities – 0.04%			467,948
	Net Assets – 100.00%		$	1,241,812,126

* At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	235,028,977
Gross unrealized depreciation		(14,516,790	)
Net unrealized appreciation	$	220,512,187

LP Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

11

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.27%
		Consumer Discretionary – 15.78%
	25,108	Bob Evans Farms	$	1,176,811
	43,022	Cinemark Holdings		1,274,312
	34,204	Coach		1,527,209
	33,445	Darden Restaurants		1,662,551
	47,045	Hasbro		2,599,707
	44,972	Kohl’s		2,464,016
	52,879	Shaw Communications, Class B (Canada)		1,281,258
	122,045	Staples		1,525,563
	34,314	Target		2,118,890
	56,621	Thomson Reuters (Canada)		2,048,548
				17,678,865
		Consumer Staples – 14.34%
	54,649	Dr Pepper Snapple Group		3,028,647
	15,635	Energizer Holdings		1,746,273
	21,398	Kimberly-Clark		2,401,926
	29,054	Molson Coors Brewing, Class B		1,742,368
	25,653	PepsiCo		2,203,336
	18,119	Procter & Gamble		1,495,723
	60,274	Sysco		2,195,782
	15,759	Wal-Mart Stores		1,256,150
				16,070,205
		Energy – 9.01%
	16,860	Chevron		2,116,266
	29,066	Ensco, Class A (United Kingdom)		1,466,380
	25,779	Memorial Production Partners LP		604,260
	34,841	Occidental Petroleum		3,336,026
	49,814	Williams Partners LP		2,569,406
				10,092,338

Shares			Market Value
		Financials – 11.09%
	5,673	BlackRock	$	1,707,572
	30,118	CME Group		2,120,006
	51,203	Geo Group, REIT		1,716,837
	18,766	PartnerRe (Bermuda)		1,977,936
	33,143	PNC Financial Services Group		2,785,338
	52,075	U.S. Bancorp		2,123,619
				12,431,308
		Healthcare – 4.11%
	14,679	Becton, Dickinson		1,659,167
	39,835	Owens & Minor		1,336,066
	28,835	Quest Diagnostics		1,612,742
				4,607,975
		Industrials – 13.39%
	21,523	ABM Industries		583,058
	50,656	ADT		1,531,837
	58,421	Aircastle (Bermuda)		1,026,457
	27,404	Emerson Electric		1,868,405
	25,830	General Dynamics		2,827,094
	57,784	Iron Mountain		1,643,377
	12,946	Norfolk Southern		1,223,785
	52,660	Republic Services		1,847,839
	24,914	United Parcel Service, Class B		2,454,029
				15,005,881
		Information Technology – 16.06%
	55,526	CA		1,673,554
	152,933	Corning		3,197,829
	147,357	Intel		3,932,958
	31,607	j2 Global		1,465,301
	70,644	Microsoft		2,854,018
	36,523	QUALCOMM		2,874,725
	125,604	Western Union		1,993,335
				17,991,720
		Materials – 3.48%
	32,562	Bemis		1,310,295
	5,753	Compass Minerals International		526,975
	9,667	Innophos Holdings		545,605
	29,178	Nucor		1,509,962
				3,892,837
		Telecommunication Services – 6.01%
	66,811	Rogers Communications, Class B (Canada)		2,653,733
	63,930	Verizon Communications		2,987,449
	28,781	Vodafone Group SP ADR		1,092,527
				6,733,709

See accompanying Notes to Financial Statements.

12

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Utilities – 4.00%
	25,255	AmeriGas Partners LP	$	1,171,327
	45,011	National Fuel Gas		3,314,610
				4,485,937
		Total Common Stocks (Cost $100,196,434)		108,990,775
	INVESTMENT COMPANY – 4.77%
	5,347,988	BlackRock Liquidity Funds TempCash Portfolio		5,347,988
		Total Investment Company (Cost $5,347,988)		5,347,988
	Total Investments – 102.04% (Cost $105,544,422)*			114,338,763
	Net Other Assets and Liabilities – (2.04)%			(2,284,408	)
	Net Assets – 100.00%		$	112,054,355

* At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	10,658,345
Gross unrealized depreciation		(1,864,004	)
Net unrealized appreciation	$	8,794,341

LP Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

13

Aston Funds

ASTON/Fairpointe Mid Cap Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.43%
		Consumer Discretionary – 21.37%
	634,000	BorgWarner	$	39,396,760
	6,284,800	Cooper Tire & Rubber		158,062,720
	3,066,300	DeVry		138,075,488
	3,593,500	Gannett		97,635,395
	8,029,768	Interpublic Group		139,878,559
	991,600	Lear		82,362,296
	3,042,500	Mattel		119,311,638
	9,275,454	New York Times, Class A		149,149,300
	2,586,798	Scholastic		85,131,522
	14,284,300	Staples		178,553,750
				1,187,557,428
		Consumer Staples – 3.53%
	1,143,900	Bunge		91,111,635
	1,749,286	Molson Coors Brewing, Class B		104,904,681
				196,016,316
		Energy – 4.88%
	2,970,192	FMC Technologies *		168,409,886
	14,212,100	McDermott International *		102,753,483
				271,163,369
		Financials – 5.89%
	1,137,800	Cincinnati Financial		55,456,372
	1,532,185	Eaton Vance		55,265,913
	1,657,400	Northern Trust		99,858,350
	2,347,200	Raymond James Financial		116,655,840
				327,236,475
		Healthcare – 10.43%
	1,062,719	Charles River Laboratories *		57,089,265
	1,927,900	Edwards Lifesciences *		157,066,013

Shares			Market Value
		Healthcare (continued)
	2,841,295	Hospira *	$	130,131,311
	1,969,300	Quest Diagnostics		110,142,949
	1,572,300	Varian Medical Systems *		125,076,465
				579,506,003
		Industrials – 16.07%
	3,163,300	AGCO		176,195,810
	2,781,100	Con-way		118,141,128
	885,644	ManpowerGroup		72,038,283
	3,352,400	Owens Corning		136,945,540
	4,287,035	Polypore International *		148,674,374
	3,935,600	Werner Enterprises		100,751,360
	3,721,800	Xylem		139,902,462
				892,648,957
		Information Technology – 27.17%
	2,418,800	Akamai Technologies *		128,365,716
	2,726,500	Citrix Systems *		161,708,715
	2,308,300	Cree *		108,882,511
	753,600	FactSet Research Systems		80,258,400
	680,300	First Solar *		45,913,447
	773,100	Harris		56,838,312
	3,584,148	Itron *		136,197,624
	7,540,200	Jabil Circuit		130,143,852
	6,327,200	Juniper Networks *		156,218,568
	1,858,000	Lexmark International, Class A		79,894,000
	10,114,000	Nuance Communications *		162,734,260
	6,643,300	NVIDIA		122,701,751
	3,354,218	Unisys *		81,742,293
	838,400	Zebra Technologies, Class A *		58,218,496
				1,509,817,945
		Materials – 6.09%
	9,500,000	Alcoa		127,965,000
	432,400	FMC		33,294,800
	658,600	Sigma-Aldrich		63,363,906
	4,370,800	United States Steel		113,728,216
				338,351,922
		Total Common Stocks (Cost $4,109,024,240)		5,302,298,415
	INVESTMENT COMPANY – 4.61%
	256,314,516	BlackRock Liquidity Funds TempCash Portfolio		256,314,516
		Total Investment Company (Cost $256,314,516)		256,314,516
	Total Investments – 100.04% (Cost $4,365,338,756)**			5,558,612,931
	Net Other Assets and Liabilities – (0.04)%			(2,329,908	)
	Net Assets – 100.00%		$	5,556,283,023

See accompanying Notes to Financial Statements.

14

Aston Funds

ASTON/Fairpointe Mid Cap Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	1,267,485,162
Gross unrealized depreciation		(74,210,987	)
Net unrealized appreciation	$	1,193,274,175

See accompanying Notes to Financial Statements.

15

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.49%
		Consumer Discretionary – 28.04%
	4,430	BorgWarner	$	275,280
	3,790	Dick’s Sporting Goods		199,582
	5,000	Dollar Tree *		260,350
	3,800	Dunkin’ Brands Group		172,938
	2,600	Harman International Industries		284,986
	8,090	LKQ *		235,581
	4,830	Marriott International, Class A		279,802
	2,230	Michael Kors Holdings (Hong Kong) *		203,376
	2,040	O’Reilly Automotive *		303,532
	974	Panera Bread, Class A *		148,993
	2,070	PVH		259,930
	989	Ralph Lauren		149,705
	3,880	Ross Stores		264,150
	2,250	Tractor Supply		151,290
				3,189,495
		Consumer Staples – 6.08%
	4,040	Church & Dwight		278,800
	2,120	Mead Johnson Nutrition		187,111
	3,360	Monster Beverage *		224,986
				690,897
		Energy – 3.70%
	897	Core Laboratories (Netherlands)		168,349
	3,440	Oceaneering International		252,083
				420,432
		Financials – 8.86%
	6,490	First Republic Bank		329,432
	897	IntercontinentalExchange		183,383
	5,160	Raymond James Financial		256,452
	2,010	Signature Bank New York NY *		238,828
				1,008,095

Shares			Market Value
		Healthcare – 10.61%
	1,950	Henry Schein *	$	222,749
	1,970	IDEXX Laboratories *		249,087
	2,880	MEDNAX *		170,640
	1,837	Perrigo (Ireland)		266,108
	2,580	Quintiles Transnational Holdings *		121,595
	3,540	ResMed		176,469
				1,206,648
		Industrials – 20.71%
	5,575	AMETEK		293,914
	6,130	Donaldson		258,012
	1,950	IHS, Class A *		235,229
	2,650	J.B. Hunt Transport Services		201,665
	2,580	Jacobs Engineering Group *		148,866
	7,660	Robert Half International		343,168
	1,130	Roper Industries		157,014
	2,400	Stericycle *		279,456
	3,470	Verisk Analytics, Class A *		208,512
	3,080	Wabtec		229,614
				2,355,450
		Information Technology – 18.49%
	2,100	Amphenol, Class A		200,235
	1,740	ANSYS *		132,779
	2,070	F5 Networks *		217,702
	2,570	FactSet Research Systems		273,705
	12,300	Juniper Networks *		303,687
	3,624	Teradata *		164,747
	7,280	Trimble Navigation *		279,770
	3,120	WEX *		299,426
	4,890	Xilinx		230,759
				2,102,810
		Total Common Stocks (Cost $9,051,631)		10,973,827
	INVESTMENT COMPANY – 2.64%
	300,253	BlackRock Liquidity Funds TempCash Portfolio		300,253
		Total Investment Company (Cost $300,253)		300,253
	Total Investments – 99.13% (Cost $9,351,884)**			11,274,080
	Net Other Assets and Liabilities – 0.87%			99,481
	Net Assets – 100.00%		$	11,373,561

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,009,654
Gross unrealized depreciation		(87,458	)
Net unrealized appreciation	$	1,922,196

See accompanying Notes to Financial Statements.

16

Aston Funds

ASTON/LMCG Small Cap Growth Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.72%
		Consumer Discretionary – 23.13%
	2,881	Asbury Automotive Group *	$	177,873
	13,851	Brunswick		556,672
	26,701	Burlington Stores *		693,959
	6,982	Del Frisco’s Restaurant Group *		181,602
	12,406	Hibbett Sports *		668,063
	14,435	Life Time Fitness *		692,880
	21,799	Lithia Motors, Class A		1,619,230
	3,104	Lumber Liquidators Holdings *		270,545
	195,978	Office Depot *		801,550
	15,252	Red Robin Gourmet Burgers *		1,036,831
	29,806	SeaWorld Entertainment		895,968
	8,529	Sinclair Broadcast Group, Class A		227,980
	8,454	Sotheby’s		355,575
	12,431	Vitamin Shoppe *		595,196
				8,773,924
		Consumer Staples – 2.57%
	106,254	Fairway Group Holdings *		736,340
	3,073	Susser Holdings *		237,789
				974,129
		Energy – 4.65%
	15,518	Goodrich Petroleum *		390,278
	5,635	Gulfport Energy *		415,130
	56,109	Halcon Resources *		309,722
	50,915	Kodiak Oil & Gas (Canada) *		647,130
				1,762,260
		Financials – 3.27%
	17,396	Geo Group, REIT		583,288
	19,571	JGWPT Holdings, Class A *		277,321

Shares			Market Value
		Financials (continued)
	33,692	WisdomTree Investments *	$	380,383
				1,240,992
		Healthcare – 18.05%
	9,015	Acadia Pharmaceuticals *		181,472
	6,519	Aegerion Pharmaceuticals *		288,531
	6,009	Align Technology *		302,793
	7,721	Alnylam Pharmaceuticals *		382,421
	3,436	athenahealth *		424,827
	41,052	Community Health Systems *		1,555,460
	6,696	ICON PLC (Ireland) *		259,604
	1,187	Intercept Pharmaceuticals *		313,510
	11,126	InterMune *		356,922
	7,217	Isis Pharmaceuticals *		192,044
	8,319	Medidata Solutions *		302,063
	276,603	Merge Healthcare *		630,655
	26,976	PAREXEL International *		1,223,362
	3,172	Puma Biotechnology *		239,613
	2,836	WellCare Health Plans *		191,345
				6,844,622
		Industrials – 12.14%
	2,760	Acuity Brands		343,813
	27,640	Continental Building Products *		469,880
	17,053	Herman Miller		525,744
	8,861	Hexcel		369,415
	60,563	Kforce *		1,400,217
	15,215	Korn/Ferry International *		441,996
	3,804	Trex *		298,690
	8,566	Woodward		384,014
	13,614	XPO Logistics *		369,484
				4,603,253
		Information Technology – 28.16%
	27,824	Aruba Networks *		550,080
	10,608	Cardtronics *		355,156
	1,760	CoStar Group *		283,166
	36,238	ExlService Holdings *		1,025,354
	13,754	Fleetmatics Group PLC (Ireland) *		413,033
	8,276	Fortinet *		181,906
	30,977	Global Eagle Entertainment *		341,676
	25,490	Heartland Payment Systems		1,043,561
	8,806	Imperva *		201,481
	229,588	Internap Network Services *		1,542,831
	5,252	Netscout Systems *		204,618
	9,925	Qlik Technologies *		218,152
	50,919	Synchronoss Technologies *		1,549,974
	5,287	Ultimate Software Group *		632,484
	55,513	Vantiv, Class A *		1,707,025
	9,705	Varonis Systems *		245,245
	4,214	WebMD Health *		185,795
				10,681,537

See accompanying Notes to Financial Statements.

17

Aston Funds

ASTON/LMCG Small Cap Growth Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials – 3.60%
	39,854	Boise Cascade *	$	997,147
	2,969	Martin Marietta Materials		369,136
				1,366,283
		Telecommunication Services – 1.15%
	12,636	Cogent Communications Group		435,563
		Total Common Stocks (Cost $36,934,012)		36,682,563
	WARRANTS – 0.00%
		Energy – 0.00%
	11,820	Magnum Hunter Resources, Strike Price $8.50, Expiration 04/15/16		0
		Total Warrants (Cost $—)		0
	INVESTMENT COMPANY – 4.41%
	1,670,533	BlackRock Liquidity Funds TempCash Portfolio		1,670,533
		Total Investment Company (Cost $1,670,533)		1,670,533
	Total Investments – 101.13% (Cost $38,604,545)**			38,353,096
	Net Other Assets and Liabilities – (1.13)%			(428,407	)
	Net Assets – 100.00%		$	37,924,689

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,552,048
Gross unrealized depreciation		(2,803,497	)
Net unrealized depreciation	$	(251,449	)

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

18

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.99%
		Consumer Discretionary – 6.99%
	34,650	Hillenbrand	$	1,053,360
	40,890	La-Z-Boy		990,765
	15,470	Lithia Motors, Class A		1,149,112
	42,280	ReachLocal *		422,800
				3,616,037
		Consumer Staples – 4.00%
	9,814	J & J Snack Foods		918,590
	12,144	Lancaster Colony		1,152,223
				2,070,813
		Energy – 6.43%
	16,430	Bonanza Creek Energy *		798,827
	30,870	Forum Energy Technologies *		921,778
	29,250	Matador Resources *		840,060
	16,159	Rosetta Resources *		764,967
				3,325,632
		Financials – 22.01%
	47,700	BancorpSouth		1,114,272
	11,470	Bank of the Ozarks		687,053
	63,810	CVB Financial		922,693
	18,928	EastGroup Properties, REIT		1,197,196
	47,264	Horace Mann Educators		1,421,228
	11,909	Iberiabank		749,076
	32,913	Independent Bank/Rockland MA		1,221,731
	14,464	Mid-America Apartment Communities, REIT		1,007,418
	25,070	PacWest Bancorp		987,006
	34,890	Pebblebrook Hotel Trust, REIT		1,201,612
	18,600	Stifel Financial *		869,922
				11,379,207

Shares			Market Value
		Healthcare – 10.72%
	12,097	Analogic	$	908,243
	31,240	Cambrex *		640,108
	19,430	Greatbatch *		894,363
	13,214	ICU Medical *		737,077
	17,930	Integra LifeSciences Holdings *		817,249
	18,930	STERIS		909,586
	14,636	West Pharmaceutical Services		634,910
				5,541,536
		Industrials – 22.58%
	32,135	Altra Holdings		1,097,732
	19,543	Applied Industrial Technologies		936,501
	17,910	Beacon Roofing Supply *		637,238
	90,320	CBIZ *		774,042
	21,506	EMCOR Group		989,061
	37,600	EnerNOC *		887,360
	51,420	Knoll		935,330
	18,529	MSA Safety		977,405
	10,877	Standex International		645,767
	23,810	United Stationers		893,589
	31,259	US Ecology		1,395,714
	14,350	Watts Water Technologies, Class A		763,420
	36,550	Wesco Aircraft Holdings *		740,503
				11,673,662
		Information Technology – 13.31%
	11,429	ACI Worldwide *		653,167
	72,970	Entegris *		809,237
	6,997	FEI		556,401
	14,195	Littelfuse		1,285,357
	49,630	M/A-COM Technology Solutions Holdings *		869,021
	40,920	Mentor Graphics		847,044
	31,015	MKS Instruments		873,072
	69,690	Vishay Intertechnology		990,992
				6,884,291
		Materials – 6.26%
	14,642	HB Fuller		678,364
	43,233	PH Glatfelter		1,103,306
	13,549	Sensient Technologies		732,323
	12,460	Stepan		720,562
				3,234,555
		Utilities – 6.69%
	23,243	MGE Energy		888,347
	22,270	ONE Gas		814,637
	24,369	Portland General Electric		815,630
	25,653	UIL Holdings		942,235
				3,460,849
		Total Common Stocks (Cost $47,737,556)		51,186,582

See accompanying Notes to Financial Statements.

19

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.34%
	691,700	BlackRock Liquidity Funds TempCash Portfolio	$	691,700
		Total Investment Company (Cost $691,700)		691,700
	Total Investments – 100.33% (Cost $48,425,831)**			51,878,282
	Net Other Assets and Liabilities – (0.33)%			(172,395	)
	Net Assets – 100.00%		$	51,705,887

* Non-income producing security.

** At April 30, 2014 cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	4,184,268
Gross unrealized depreciation		(731,817	)
Net unrealized appreciation	$	3,452,451

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

20

Aston Funds

ASTON/TAMRO Small Cap Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.47%
		Consumer Discretionary – 15.39%
	606,008	Five Below *	$	24,428,183
	882,635	Francesca’s Holdings *		14,439,910
	507,495	Grand Canyon Education *		21,883,185
	493,517	Monro Muffler Brake		27,834,360
	446,634	Pool		26,360,340
	2,663,883	Quiksilver *		17,102,130
	346,141	Red Robin Gourmet Burgers *		23,530,666
	893,269	Texas Roadhouse		22,099,475
				177,678,249
		Consumer Staples – 8.80%
	557,664	Diamond Foods *		17,047,788
	281,940	Sanderson Farms		23,195,204
	575,696	Tootsie Roll Industries (a)		16,228,870
	216,770	TreeHouse Foods *		16,223,067
	418,489	United Natural Foods *		28,888,296
				101,583,225
		Energy – 5.99%
	483,076	Carrizo Oil & Gas *		26,578,842
	93,249	Geospace Technologies *		5,420,564
	201,744	SEACOR Holdings *		16,823,432
	308,736	Unit *		20,361,139
				69,183,977
		Financials – 22.36%
	504,320	Bank of the Ozarks		30,208,768
	150,594	BofI Holding *		12,139,382
	1,154,192	Colony Financial, REIT		25,103,676
	496,876	First Cash Financial Services *		24,232,643
	1,098,195	FirstMerit		21,294,001
	917,037	Glacier Bancorp		23,531,169
	435,948	Greenhill		21,862,792

Shares			Market Value
		Financials (continued)
	413,867	Hanover Insurance Group (The)	$	24,190,526
	712,399	LaSalle Hotel Properties, REIT		23,566,159
	415,082	Portfolio Recovery Associates *		23,721,936
	485,425	Stifel Financial *		22,703,327
	76,918	World Acceptance *		5,584,247
				258,138,626
		Healthcare – 13.90%
	282,360	Analogic		21,199,589
	1,151,090	Auxilium Pharmaceuticals *		25,911,036
	948,691	Bruker *		19,599,956
	418,000	Cepheid *		18,174,640
	112,575	Clovis Oncology *		6,086,930
	906,967	DexCom *		29,422,009
	1,244,296	HMS Holdings *		20,120,266
	195,502	Ligand Pharmaceuticals *		12,349,861
	432,295	Tandem Diabetes Care *		7,595,423
				160,459,710
		Industrials – 17.91%
	342,147	Advisory Board *		19,591,337
	234,630	Applied Industrial Technologies		11,243,470
	482,841	Barnes Group		18,599,035
	152,382	Chart Industries *		10,395,500
	247,133	Corporate Executive Board		17,057,120
	460,090	Franklin Electric		17,791,680
	1,477,756	Hawaiian Holdings *		21,353,574
	402,090	Landstar System		25,327,649
	175,786	Polypore International *		6,096,258
	306,734	Proto Labs *		18,569,676
	716,107	TrueBlue *		19,155,862
	1,614,837	Wabash National *		21,574,222
				206,755,383
		Information Technology – 13.62%
	559,628	Cavium *		23,711,438
	352,670	CommVault Systems *		17,069,228
	231,374	Diodes *		6,101,332
	639,451	Manhattan Associates *		20,161,890
	242,416	Microsemi *		5,701,624
	315,588	OpenTable *		21,194,890
	328,888	Synaptics *		20,440,389
	267,074	Tyler Technologies *		21,806,592
	628,628	VeriFone Systems *		21,021,320
				157,208,703
		Materials – 0.50%
	221,045	Kraton Performance Polymers *		5,758,222
		Total Common Stocks (Cost $891,222,479)		1,136,766,095

See accompanying Notes to Financial Statements.

21

Aston Funds

ASTON/TAMRO Small Cap Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 0.76%
	8,724,963	BlackRock Liquidity Funds TempCash Portfolio	$	8,724,963
		Total Investment Company (Cost $8,724,963)		8,724,963
	Total Investments – 99.23% (Cost $899,947,442)**			1,145,491,058
	Net Other Assets and Liabilities – 0.77%			8,913,479
	Net Assets – 100.00%		$	1,154,404,537

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	287,274,200
Gross unrealized depreciation		(41,730,584	)
Net unrealized appreciation	$	245,543,616

(a) This security has been determined by the Subadviser to be an illiquid security. At April 30, 2014, this security amounted to $16,228,870 or 1.41% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

22

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.68%
		Consumer Discretionary – 19.19%
	98,350	Abercrombie & Fitch, Class A	$	3,615,346
	282,800	Ascena Retail Group *		4,864,160
	48,800	Ascent Capital Group, Class A *		3,355,976
	54,020	Big Lots *		2,133,790
	68,290	Bob Evans Farms		3,200,752
	55,690	Children’s Place Retail Stores		2,673,120
	260,290	International Game Technology		3,266,640
	100,420	International Speedway, Class A		3,157,205
	38,710	Madison Square Garden, Class A *		2,113,566
	74,330	Murphy USA *		3,159,025
	51,970	Outerwall *		3,604,120
	174,360	Pep Boys—Manny, Moe, & Jack *		1,781,959
	41,670	Rent-A-Center		1,217,181
	110,380	Stage Stores		2,117,088
				40,259,928
		Consumer Staples – 2.11%
	34,280	Industrias Bachoco, SP ADR (Mexico)		1,511,748
	45,526	Ingles Markets, Class A		1,046,643
	76,970	Village Super Market, Class A		1,861,904
				4,420,295
		Energy – 8.23%
	207,910	Denbury Resources		3,497,046
	385,699	Miller Energy Resources *		1,859,069
	82,038	Nuverra Environmental Solutions (Canada) *		1,395,466
	185,650	Ocean Rig UDW (Cyprus) *		3,063,225
	218,700	TETRA Technologies *		2,733,750
	185,774	Vaalco Energy *		1,712,836
	141,100	WPX Energy *		3,002,608
				17,264,000

Shares			Market Value
		Financials – 14.40%
	8,595	Alleghany *	$	3,506,588
	80,664	Capital Southwest		2,831,306
	106,720	Dime Community Bancshares		1,739,536
	154,450	Forest City Enterprises, Class A *		2,920,649
	117,254	Geo Group, REIT		3,931,527
	116,820	Hilltop Holdings *		2,609,759
	23,800	Navigators Group *		1,355,886
	150,830	PICO Holdings *		3,506,798
	13,125	White Mountains Insurance Group (Bermuda)		7,825,913
				30,227,962
		Healthcare – 8.76%
	17,508	Bio-Rad Laboratories, Class A *		2,157,161
	78,377	Ensign Group		3,331,023
	19,560	ICU Medical *		1,091,057
	76,345	Myriad Genetics *		3,222,522
	131,720	Nordion (Canada) *		1,525,318
	43,740	Orthofix International (Curacao) *		1,320,948
	131,900	Owens & Minor		4,423,926
	27,460	STERIS		1,319,453
				18,391,408
		Industrials – 20.77%
	176,900	ADT		5,349,456
	351,940	Air Transport Services Group *		2,755,690
	131,660	Aircastle (Bermuda)		2,313,266
	155,344	Brink’s		3,951,951
	64,580	Cubic		3,063,029
	71,450	Forward Air		3,160,233
	28,501	Heartland Express		620,182
	110,470	Insperity		3,541,668
	47,570	Korn/Ferry International *		1,381,909
	117,243	Marten Transport		2,750,521
	136,890	Progressive Waste Solutions (Canada)		3,336,009
	108,123	SP Plus *		2,640,364
	38,960	UniFirst		3,749,510
	199,960	UTi Worldwide		1,957,608
	117,540	Werner Enterprises		3,009,024
				43,580,420
		Information Technology – 12.54%
	167,478	Blackhawk Network Holdings *		4,017,797
	211,480	Convergys		4,555,279
	159,720	CSG Systems International		4,210,219
	31,120	Dolby Laboratories, Class A *		1,240,132
	10,490	DST Systems		967,073
	30,970	j2 Global		1,435,769
	130,784	NeuStar, Class A *		3,363,764
	195,999	Rovi *		4,368,818
	108,440	Sykes Enterprises *		2,146,028
				26,304,879
		Materials – 5.33%
	194,380	American Vanguard		3,461,908
	322,880	AuRico Gold (Canada)		1,343,181

See accompanying Notes to Financial Statements.

23

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials (continued)
	47,270	Innophos Holdings	$	2,667,919
	80,310	Intrepid Potash *		1,309,053
	91,961	Kraton Performance Polymers *		2,395,584
				11,177,645
		Telecommunication Services – 2.90%
	31,650	Atlantic Tele-Network		1,872,731
	155,150	Telephone & Data Systems		4,218,529
				6,091,260
		Utilities – 2.45%
	69,900	National Fuel Gas		5,147,436
		Total Common Stocks (Cost $180,666,248)		202,865,233
	INVESTMENT COMPANY – 3.84%
	8,050,769	BlackRock Liquidity Funds TempCash Portfolio		8,050,769
		Total Investment Company (Cost $8,050,769)		8,050,769
	Total Investments – 100.52% (Cost $188,717,017)**			210,916,002
	Net Other Assets and Liabilities – (0.52)%			(1,092,324	)
	Net Assets – 100.00%		$	209,823,678

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	28,458,684
Gross unrealized depreciation		(6,259,699	)
Net unrealized appreciation	$	22,198,985

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

24

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 90.92%
		Consumer Discretionary – 16.99%
	139,310	Abercrombie & Fitch, Class A	$	5,121,036
	359,078	Ascena Retail Group *		6,176,142
	79,544	Ascent Capital Group, Class A *		5,470,241
	81,060	Big Lots *		3,201,870
	100,180	Bob Evans Farms		4,695,437
	83,560	Children’s Place Retail Stores		4,010,880
	151,710	International Speedway, Class A		4,769,762
	121,699	Monarch Casino & Resort *		1,952,052
	113,420	Murphy USA *		4,820,350
	90,750	Outerwall *		6,293,513
	244,700	Pep Boys – Manny, Moe, & Jack *		2,500,834
	52,619	Rent-A-Center		1,537,001
	163,080	Stage Stores		3,127,874
				53,676,992
		Consumer Staples – 3.61%
	71,820	Industrias Bachoco, SP ADR (Mexico)		3,167,262
	213,369	Ingles Markets, Class A		4,905,353
	137,281	Village Super Market, Class A		3,320,827
				11,393,442
		Energy – 8.18%
	623,483	Evolution Petroleum (a)		7,357,099
	682,488	Miller Energy Resources *		3,289,592
	125,310	Nuverra Environmental Solutions (Canada) *		2,131,523
	240,990	Ocean Rig UDW (Cyprus) *		3,976,335
	44,051	PHI *		1,973,485
	325,429	TETRA Technologies *		4,067,863
	329,595	Vaalco Energy *		3,038,866
				25,834,763

Shares			Market Value
		Financials – 14.19%
	76,820	1st Source	$	2,265,422
	139,334	Capital Southwest		4,890,623
	200,482	Dime Community Bancshares		3,267,857
	16,765	First Citizens BancShares, Class A		3,770,281
	195,285	Geo Group, REIT		6,547,906
	174,120	Hilltop Holdings *		3,889,841
	40,397	Navigators Group *		2,301,417
	228,505	PICO Holdings *		5,312,741
	28,538	Tompkins Financial		1,345,281
	18,838	White Mountains Insurance Group (Bermuda)		11,232,346
				44,823,715
		Healthcare – 7.69%
	103,272	Ensign Group		4,389,060
	30,919	ICU Medical *		1,724,662
	117,632	Myriad Genetics *		4,965,247
	335,740	Nordion (Canada) *		3,887,869
	62,607	Orthofix International (Curacao) *		1,890,731
	156,080	Owens & Minor		5,234,923
	45,570	STERIS		2,189,639
				24,282,131
		Industrials – 17.58%
	560,669	Air Transport Services Group *		4,390,038
	171,480	Aircastle (Bermuda)		3,012,904
	237,064	Brink’s		6,030,908
	82,197	Cubic		3,898,604
	83,670	Forward Air		3,700,724
	96,610	Heartland Express		2,102,234
	137,718	Insperity		4,415,239
	58,700	Korn/Ferry International *		1,705,235
	178,819	Marten Transport		4,195,094
	208,430	Progressive Waste Solutions (Canada)		5,079,439
	164,093	SP Plus *		4,007,151
	57,103	UniFirst		5,495,593
	317,430	UTi Worldwide (British Virgin Islands)		3,107,640
	172,030	Werner Enterprises		4,403,968
				55,544,771
		Information Technology – 14.11%
	251,151	Blackhawk Network Holdings *		6,025,112
	132,985	Computer Services (a)		4,587,982
	302,320	Convergys		6,511,973
	207,040	CSG Systems International		5,457,574
	23,357	DST Systems		2,153,282
	167,743	Electro Rent		2,709,049
	63,600	Heartland Payment Systems		2,603,784
	186,330	NeuStar, Class A *		4,792,408
	272,540	Rovi *		6,074,917
	184,193	Sykes Enterprises *		3,645,179
				44,561,260
		Materials – 5.87%
	296,470	American Vanguard		5,280,131
	340,610	AuRico Gold (Canada)		1,416,938

See accompanying Notes to Financial Statements.

25

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials (continued)
	80,930	Innophos Holdings	$	4,567,689
	176,630	Intrepid Potash *		2,879,069
	168,790	Kraton Performance Polymers *		4,396,979
				18,540,806
		Telecommunication Services – 2.70%
	47,120	Atlantic Tele-Network		2,788,090
	211,490	Telephone & Data Systems		5,750,413
				8,538,503
		Total Common Stocks (Cost $222,991,807)		287,196,383
	INVESTMENT COMPANY – 9.10%
	28,743,187	BlackRock Liquidity Funds TempFund Portfolio		28,743,187
		Total Investment Company (Cost $28,743,187)		28,743,187
	Total Investments – 100.02% (Cost $251,734,994)**			315,939,570
	Net Other Assets and Liabilities – (0.02)%			(72,963	)
	Net Assets – 100.00%		$	315,866,607

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	69,940,695
Gross unrealized depreciation		(5,736,119	)
Net unrealized appreciation	$	64,204,576

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2014, these securities amounted to $11,945,081 or 3.78 % of net assets.

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

26

Aston Funds

ASTON/River Road Independent Value Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 26.91%
		Consumer Staples – 0.05%
	47,760	Cott (Canada)	$	387,811
		Energy – 5.25%
	50,108	Contango Oil & Gas *		2,407,188
	582,308	QEP Resources		17,871,032
	860,106	WPX Energy *		18,303,056
			��	38,581,276
		Financials – 1.28%
	139,978	Baldwin & Lyons, Class B		3,640,828
	149,855	Potlatch, REIT		5,728,957
				9,369,785
		Healthcare – 0.43%
	93,196	Owens & Minor		3,125,794
		Industrials – 1.49%
	318,272	FTI Consulting *		10,916,729
		Information Technology – 8.09%
	243,307	Benchmark Electronics *		5,639,856
	435,622	Convergys		9,383,298
	455,633	CSG Systems International		12,010,486
	286,459	EPIQ Systems		3,663,811
	167,381	Mantech International, Class A		4,992,975
	1,197,486	Sykes Enterprises *		23,698,248
				59,388,674
		Materials – 9.45%
	5,621,677	AuRico Gold (Canada)		23,386,176
	2,455,625	New Gold (Canada) *		12,450,019
	2,125,775	Pan American Silver (Canada)		27,550,044
	608,399	Silver Standard Resources (Canada) *		6,029,234
				69,415,473

Shares			Market Value
		Utilities – 0.87%
	262,237	Empire District Electric	$	6,377,604
		Total Common Stocks (Cost $183,584,675)		197,563,146
	INVESTMENT COMPANY – 72.37%
	531,305,290	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		531,305,290
		Total Investment Company (Cost $531,305,290)		531,305,290
	Total Investments – 99.28% (Cost $714,892,418)**			728,868,436
	Net Other Assets and Liabilities – 0.72%			5,271,065
	Net Assets – 100.00%		$	734,139,501

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	19,562,277
Gross unrealized depreciation		(5,586,259	)
Net unrealized appreciation	$	13,976,018

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

27

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited)

At April 30, 2014, 29% 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 – 40.15%
		Consumer Discretionary – 2.38%
$	45,000	American Axle & Manufacturing 6.625%, 10/15/22	$	48,994
	200,000	Automotores Gildemeister SA (Chile) 8.250%, 05/24/21		138,000
	45,000	Cinemark USA 7.375%, 06/15/21		50,175
	300,000	Cosan Luxembourg SA (Luxembourg) 5.000%, 03/14/23 (a)		285,750
	195,000	DIRECTV Holdings 4.450%, 04/01/24		198,144
	295,000	Ford Motor Senior Unsecured Notes 7.450%, 07/16/31		385,602
	45,000	Goodyear Tire & Rubber 7.000%, 05/15/22		49,838
	45,000	Gray Television 7.500%, 10/01/20		48,600
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20 (a)		632,250
	50,000	Hawk Acquisition Sub Secured Notes 4.250%, 10/15/20 (a)		49,400
	210,000	Macy’s Retail Holdings 2.875%, 02/15/23		199,259
	175,000	Mattel Senior Unsecured Notes 2.500%, 11/01/16		180,827
	45,000	MGM Resorts International 6.625%, 12/15/21		49,570

Par Value			Market Value
		Consumer Discretionary (continued)
$	30,000	NCL (Bermuda) 5.000%, 02/15/18	$	31,125
	45,000	Sally Holdings 5.750%, 06/01/22		48,038
	50,000	Smithfield Foods Senior Unsecured Notes 5.875%, 08/01/21 (a)		52,688
	205,000	Teva Pharmaceutical Finance Co BV (Cook Islands) 2.950%, 12/18/22		195,516
	45,000	Toll Brothers Finance 5.875%, 02/15/22		48,488
	50,000	WCI Communities Unsecured Notes 6.875%, 08/15/21 (a)		51,625
	230,000	Wynn Las Vegas 7.750%, 08/15/20		255,323
				2,999,212
		Consumer Staples – 3.57%
	415,000	Altria Group 2.850%, 08/09/22		395,545
	150,000	Camposol SA 9.875%, 02/02/17 (a)		155,250
	175,000	Coca-Cola Senior Unsecured Notes 1.800%, 09/01/16		179,470
	400,000	Corp Azucarera del Peru SA 6.375%, 08/02/22		367,000
	200,000	Corp Lindley SA (Peru) Senior Unsecured Notes 4.625%, 04/12/23 (a)		193,200
		Corp Pesquera Inca SAC (Peru)
	200,000	9.000%, 02/10/17		209,500
	100,000	9.000%, 02/10/17 (a)		104,750
	200,000	Diageo Capital (United Kingdom) 1.500%, 05/11/17		202,376
		Glencore Funding
	95,000	2.500%, 01/15/19 (a)		93,018
	200,000	3.125%, 04/29/19 (a)		201,000
	153,000	Kellogg Senior Unsecured Notes 7.450%, 04/01/31		193,707
	285,000	Kroger Senior Unsecured Notes 3.400%, 04/15/22		284,639
	200,000	Maestro Peru SA 6.750%, 09/26/19		183,500
		Minerva Luxembourg SA (Luxembourg)
	400,000	7.750%, 01/31/23		412,500
	300,000	8.750%, 12/29/49 (a) (b)		299,325
	45,000	Post Holdings 7.375%, 02/15/22 (a)		48,263
	50,000	Revlon Consumer Products 5.750%, 02/15/21		50,625

See accompanying Notes to Financial Statements.

28

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Consumer Staples (continued)
$	50,000	Reynolds Group Issuer Senior Secured Notes, 5.750%, 10/15/20	$	52,250
	45,000	Safway Group Holding Secured Notes 7.000%, 05/15/18 (a)		47,925
	50,000	Service Corp International Senior Unsecured Notes, 5.375%, 01/15/22		51,250
	365,000	Tyson Foods 4.500%, 06/15/22		386,853
		Wal-Mart Stores Senior Unsecured Notes
	225,000	3.250%, 10/25/20		235,589
	145,000	3.300%, 04/22/24		144,899
				4,492,434
		Energy – 4.93%
	50,000	Atlas Pipeline Partners 4.750%, 11/15/21		47,750
		BP Capital Markets (United Kingdom)
	80,000	4.750%, 03/10/19		89,606
	100,000	2.500%, 11/06/22		94,623
	150,000	ConocoPhillips 6.500%, 02/01/39		201,773
		Devon Energy Senior Unsecured Notes
	200,000	6.300%, 01/15/19		234,339
	130,000	4.000%, 07/15/21		137,066
	200,000	Gazprom Neft OAO Via GPN Capital SA (Luxemburg) Senior Unsecured Notes 6.000%, 11/27/23 (a)		181,500
	900,000	Gazprom OAO Via Gaz Capital SA (Luxembourg) Senior Unsecured Notes 4.950%, 02/06/28		744,750
	160,000	Halliburton Senior Unsecured Notes 6.150%, 09/15/19		190,462
	150,000	Kinder Morgan Energy Partners Senior Unsecured Notes 6.950%, 01/15/38		182,357
	160,000	Marathon Petroleum Senior Secured Notes 5.125%, 03/01/21		179,589
	45,000	Newfield Exploration Senior Unsecured Notes 5.750%, 01/30/22		48,488
	45,000	Oasis Petroleum 6.875%, 03/15/22 (a)		49,050
	200,000	Oleoducto Central SA Senior Unsecured Notes,) 4.000%, 05/07/21 (a)		198,734
	176,000	ONEOK Partners 6.125%, 02/01/41		203,156

Par Value			Market Value
		Energy (continued)
		Pacific Rubiales Energy (Canada)
$	250,000	7.250%, 12/12/21	$	274,375
	750,000	5.125%, 03/28/23		728,438
	355,000	Pemex Project Funding Master Trust 6.625%, 06/15/35		399,375
	165,000	Phillips 66 5.875%, 05/01/42		196,033
	50,000	Regency Energy Partners 5.500%, 04/15/23		50,875
	500,000	Reliance Industries Senior Unsecured Notes, 5.875%, 02/28/49		475,250
	200,000	Rosneft Oil Co via Rosneft International Finance (Ireland) Senior Unsecured Notes 4.199%, 03/06/22		168,000
	40,000	SM Energy Senior Unsecured Notes 5.000%, 01/15/24 (a)		39,400
	210,000	TransCanada PipeLines Senior Unsecured Notes, 4.625%, 03/01/34		220,331
	600,000	Transportadora de Gas Internacional SA ESP (Colombia) Senior Unsecured Notes, 5.700%, 03/20/22		641,250
	45,000	Ultra Petroleum (Canada) Senior Unsecured Notes 5.750%, 12/15/18 (a)		47,475
	150,000	Valero Energy 6.125%, 02/01/20		176,274
				6,200,319
		Financials – 10.64%
	300,000	Agromercantil Senior Trust 6.250%, 04/10/19 (a)		306,375
		American Express Credit Senior Unsecured Notes
	225,000	2.125%, 07/27/18		228,063
	145,000	2.125%, 03/18/19		145,239
	375,000	Australia & New Zealand Banking Group (Australia) Senior Unsecured Notes 4.875%, 01/12/21 (a)		417,820
		Banco de Bogota SA (Colombia)
	400,000	5.375%, 02/19/23		407,500
	400,000	5.375%, 02/19/23 (a)		407,500
	200,000	Banco de Credito del Peru (Peru) 6.125%, 04/24/27 (a) (b)		210,400
	400,000	Banco do Brasil SA/Cayman Islands (Belize) 8.500%, 10/20/99 (b)		460,000
	250,000	Banco GNB Sudameris SA (Colombia) 7.500%, 07/30/22		265,000

See accompanying Notes to Financial Statements.

29

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
		Banco Internacional del Peru SAA (Peru)
$	200,000	6.625%, 03/19/29 (a) (b)	$	205,750
	300,000	8.500%, 04/23/70 (b)		319,494
	150,000	Banco Regional SAECA (Paraguay) Senior Unsecured Notes 8.125%, 01/24/19 (a)		161,437
	400,000	Bank of Montreal (Canada) Senior Unsecured Notes 1.400%, 09/11/17		400,409
	150,000	Bantrab Senior Trust Senior Secured Notes, 9.000%, 11/14/20		150,187
	200,000	BB&T Senior Unsecured Notes 2.250%, 02/01/19		200,802
	600,000	BBVA Bancomer SA (Grand Cayman) 6.008%, 05/17/22		620,250
	175,000	Boston Properties Senior Unsecured Notes, REIT 4.125%, 05/15/21		186,326
		Cementos Progreso Trust (Cayman Islands)
	200,000	7.125%, 11/06/23		213,000
	300,000	7.125%, 11/06/23 (a)		319,500
	50,000	CIT Group Senior Unsecured Notes 5.000%, 08/15/22		51,312
	300,000	Comcel Trust (Cayman Islands) 6.875%, 02/06/24 (a)		314,625
		CorpGroup Banking SA (Chile) Senior Unsecured Notes
	250,000	6.750%, 03/15/23 (a)		247,430
	250,000	6.750%, 03/15/23		247,518
	200,000	Credito Real SAB de CV Senior Unsecured Notes, 7.500%, 03/13/19 (a)		211,000
	350,000	General Electric Capital Senior Unsecured Notes 2.900%, 01/09/17		366,874
	125,000	Goldman Sachs Group Senior Unsecured Notes 5.750%, 01/24/22		142,801
	900,000	Grupo Aval (Cayman Islands) 4.750%, 09/26/22		882,000
	50,000	Icahn Enterprises 4.875%, 03/15/19 (a)		50,813
		Industrial Senior Trust (Cayman Islands)
	300,000	5.500%, 11/01/22 (a)		290,625
	500,000	5.500%, 11/01/22		484,375
		JPMorgan Chase Senior Unsecured Notes
	225,000	4.500%, 01/24/22		243,765
	150,000	3.250%, 09/23/22		148,421
	375,000	Korea Development Bank (South Korea) Senior Unsecured Notes 4.375%, 08/10/15		392,349
	224,000	Liberty Mutual Group 6.500%, 05/01/42 (a)		272,982

Par Value			Market Value
		Financials (continued)
$	200,000	Magnesita Finance 8.625%, 04/29/49	$	192,880
	400,000	MetLife Senior Unsecured Notes 4.125%, 08/13/42		383,238
	225,000	Morgan Stanley Senior Unsecured Notes 3.750%, 02/25/23		225,524
	25,000	MPT Operating Partnership, REIT 6.375%, 02/15/22		26,938
	345,000	National Rural Utilities Cooperative Finance 10.375%, 11/01/18		466,883
	50,000	Nuveen Investments Senior Unsecured Notes 9.500%, 10/15/20 (a)		59,875
	200,000	Oversea-Chinese Banking 4.000%, 10/15/24 (a) (b)		199,335
		PNC Funding
	86,000	4.375%, 08/11/20		93,790
	275,000	3.300%, 03/08/22		278,986
	25,000	Realogy Group 4.500%, 04/15/19 (a)		25,250
		Simon Property Group, REIT Senior Unsecured Notes
	75,000	5.650%, 02/01/20		87,428
	110,000	4.375%, 03/01/21		120,485
	100,000	SUAM Finance 4.875%, 04/17/24 (a)		100,250
	800,000	VTB Bank OJSC Via VTB Capital SA (Luxembourg) 6.950%, 10/17/22		770,000
		Wells Fargo Senior Unsecured Notes
	275,000	4.600%, 04/01/21		305,001
	75,000	3.500%, 03/08/22		77,082
				13,384,887
		Healthcare – 2.04%
	45,000	Alere 6.500%, 06/15/20		47,475
	85,000	Baxter International Senior Unsecured Notes 3.200%, 06/15/23		83,295
	280,000	Becton Dickinson Senior Unsecured Notes 3.125%, 11/08/21		285,968
	45,000	Biomet 6.500%, 08/01/20		49,444
	200,000	Celgene Senior Unsecured Notes 3.250%, 08/15/22		197,444
	600,000	CFR International SpA 5.125%, 12/06/22		596,303
	240,000	Covidien International Finance SA (Luxembourg) 2.950%, 06/15/23		231,079

See accompanying Notes to Financial Statements.

30

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Healthcare (continued)
$	45,000	DaVita HealthCare Partners 5.750%, 08/15/22	$	47,813
	35,000	Forest Laboratories Senior Unsecured Notes 4.375%, 02/01/19 (a)		37,275
	280,000	Gilead Sciences Senior Unsecured Notes, 3.700%, 04/01/24		284,589
	25,000	HCA Senior Secured Notes, 3.750%, 03/15/19		25,250
	35,000	IASIS Healthcare 8.375%, 05/15/19		37,275
	180,000	Novartis Capital 3.400%, 05/06/24		182,011
	50,000	Select Medical 6.375%, 06/01/21		51,750
	45,000	Valeant Pharmaceuticals International (Canada) Senior Unsecured Notes 7.500%, 07/15/21 (a)		50,400
	360,000	WellPoint Senior Unsecured Notes 2.300%, 07/15/18		363,466
				2,570,837
		Industrials – 6.91%
	150,000	Aeropuerto Internacional de Tocumen SA 5.750%, 10/09/23 (c)		153,375
	400,000	Avianca Holdings SA 8.375%, 05/10/20 (a)		419,000
	50,000	Avis Budget Car Rental 5.500%, 04/01/23		50,750
	185,000	Boeing Senior Unsecured Notes 6.875%, 03/15/39		259,637
	195,000	Burlington Northern Santa Fe Senior Unsecured Notes 3.000%, 03/15/23		188,661
	600,000	Cencosud SA (Colombia) 4.875%, 01/20/23 (a)		588,896
	150,000	Daimler Finance North America 1.125%, 03/10/17 (a)		149,943
	50,000	Dana Holding Senior Unsecured Notes, 5.375%, 09/15/21		51,875
	180,000	Delphi 4.150%, 03/15/24		184,472
		ESAL GmbH (American Samoa)
	800,000	6.250%, 02/05/23 (a)		768,000
	200,000	6.250%, 02/05/23		192,000
	200,000	Ferreycorp SAA (Peru) 4.875%, 04/26/20 (a)		195,000
	800,000	Fresnillo (United Kingdom) Senior Unsecured Notes 5.500%, 11/13/23 (a)		824,000

Par Value			Market Value
		Industrials (continued)
$	100,000	Grupo Elektra SAB DE CV (Mexico) 7.250%, 08/06/18	$	104,750
	700,000	Grupo KUO SAB De CV (Mexico) 6.250%, 12/04/22		712,250
	45,000	HD Supply 7.500%, 07/15/20		48,938
	50,000	Hexion US Finance Senior Secured Notes 6.625%, 04/15/20		52,188
	175,000	Illinois Tool Works Senior Unsecured Notes 3.375%, 09/15/21		180,669
	45,000	Louisiana-Pacific 7.500%, 06/01/20		49,950
	45,000	Manitowoc 8.500%, 11/01/20		50,738
	150,000	Metalsa SA de CV 4.900%, 04/24/23		142,125
	200,000	Minsur SA (Peru) Senior Unsecured Notes 6.250%, 02/07/24 (a)		212,500
		OAS Financial (Belize)
	200,000	8.875%, 04/29/49		193,500
	400,000	8.875%, 12/29/49 (a) (b)		387,000
		Odebrecht Finance (Cayman Island)
	400,000	7.125%, 06/26/42		409,000
	500,000	7.500%, 09/29/49		515,000
		Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes
	200,000	7.375%, 01/31/20 (a)		185,250
	400,000	7.375%, 01/31/20		370,500
	45,000	RR Donnelley & Sons Senior Unsecured Notes 7.875%, 03/15/21		51,750
	200,000	SMU SA (Colombia) 7.750%, 02/08/20 (a)		143,000
		Southwest Airlines Senior Unsecured Notes
	26,000	5.750%, 12/15/16		28,805
	225,000	5.125%, 03/01/17		246,413
	44,000	Spectrum Brands 6.625%, 11/15/22		48,290
	45,000	Terex 6.000%, 05/15/21		48,375
	45,000	United Rentals North America 7.625%, 04/15/22		50,850
	150,000	United Technologies Senior Unsecured Notes 3.100%, 06/01/22		151,731
	230,000	Waste Management 6.125%, 11/30/39		285,023
				8,694,204
		Information Technology – 1.04%
	45,000	Activision Blizzard 5.625%, 09/15/21 (a)		48,094

See accompanying Notes to Financial Statements.

31

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Information Technology (continued)
$	175,000	Arrow Electronics Senior Unsecured Notes 3.375%, 11/01/15	$	181,129
	45,000	Equinix Senior Unsecured Notes 7.000%, 07/15/21		50,389
	215,000	Microsoft Senior Unsecured Notes 2.125%, 11/15/22		200,656
	240,000	Motorola Solutions Senior Unsecured Notes 6.000%, 11/15/17		273,963
		Oracle Senior Unsecured Notes
	200,000	1.200%, 10/15/17		199,338
	175,000	2.375%, 01/15/19		178,090
	175,000	Xerox Senior Unsecured Notes 4.250%, 02/15/15		180,129
				1,311,788
		Materials – 4.31%
	600,000	Alfa Bank OJSC Via Alfa Bond Issuance (Iran) 7.500%, 09/26/19		588,000
	50,000	Ashland 4.750%, 08/15/22		49,625
	200,000	Braskem America Finance 7.125%, 07/22/41		199,750
	300,000	Braskem Finance 7.375%, 10/29/49		305,250
	800,000	Cia Minera Milpo SAA (Peru) Senior Unsecured Notes 4.625%, 03/28/23 (a)		767,000
	200,000	Dow Chemical Senior Unsecured Notes 3.000%, 11/15/22		192,707
	185,000	Ecolab Senior Unsecured Notes 1.000%, 08/09/15		185,930
	800,000	Mexichem SAB de CV (Mexico) 6.750%, 09/19/42		813,000
	200,000	OCP SA Senior Unsecured Notes 5.625%, 04/25/24 (a)		200,500
	400,000	Polyus Gold International (Jersey) 5.625%, 04/29/20 (a)		371,000
	50,000	Sealed Air 6.500%, 12/01/20 (a)		55,500
	400,000	Southern Copper Senior Unsecured Notes 5.250%, 11/08/42		359,784

Par Value			Market Value
		Materials (continued)
		Vedanta Resources PLC (United Kingdom) Senior Unsecured Notes
	$   500,000	8.250%, 06/07/21	$	532,188
	800,000	7.125%, 05/31/23 (a)		799,000
				5,419,234
		Telecommunications – 2.25%
	185,000	AT&T Senior Unsecured Notes 5.350%, 09/01/40		193,442
	100,000	B Communications Senior Secured Notes, 7.375%, 02/15/21 (a)		106,250
	321,000	British Telecom (United Kingdom) Senior Unsecured Notes 5.950%, 01/15/18		367,480
	200,000	Columbus International 7.375%, 03/30/21 (a)		209,750
	5,000	Deutsche Telekom International Finance BV (Netherlands) 8.750%, 06/15/30		7,245
	300,000	Digicel Group 7.125%, 04/01/22 (a)		302,250
	50,000	Intelsat Luxembourg SA (Luxemburg) 7.750%, 06/01/21		52,313
	255,000	Koninklijke KPN NV (Netherlands) Senior Unsecured Notes 8.375%, 10/01/30		347,586
	200,000	Orange SA (France) Senior Unsecured Notes 2.750%, 09/14/16		207,949
	50,000	SBA Communications Senior Unsecured Notes 5.625%, 10/01/19		52,688
	200,000	Telefonica Celular del Paraguay SA (Paraguay) Senior Unsecured Notes 6.750%, 12/13/22 (a)		210,500
	300,000	TV Azteca SAB de CV (Mexico) 7.625%, 09/18/20		320,625
	175,000	Verizon Communications Senior Unsecured Notes 2.500%, 09/15/16		181,237
	300,000	VimpelCom Holdings BV (Netherlands) 5.950%, 02/13/23 (a)		271,500
				2,830,815
		Utilities – 2.08%
	600,000	Abengoa Transmision Sur Senior Secured Notes 6.875%, 04/30/43 (a)		626,250
	500,000	AES Andres Dominicana (Cayman Island) Senior Secured Notes 9.500%, 11/12/20		535,000

See accompanying Notes to Financial Statements.

32

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Utilities (continued)
$	300,000	AES El Salvador Trust II 6.750%, 03/28/23	$	288,000
	175,000	Duke Energy Senior Unsecured Notes 3.550%, 09/15/21		181,567
	200,000	Instituto Costarricense de Electricidad (Costa Rica) Senior Unsecured Notes 6.950%, 11/10/21 (a)		210,500
	200,000	Mexico Generadora de Energia S de rl (Mexico) Senior Secured Notes 5.500%, 12/06/32		197,500
	225,000	Midamerican Energy Holdings Senior Unsecured Notes 6.500%, 09/15/37		287,906
	275,000	Southern Power Senior Unsecured Notes 4.875%, 07/15/15		288,261
				2,614,984
		Total Corporate Notes and Bonds (Cost $50,570,651)		50,518,714
	COLLATERALIZED MORTGAGE-BACKED SECURITIES – 19.22%
	1,072,000	American General Mortgage Loan Trust Series 2010-1A, Class A3 5.650%, 03/25/58 (a) (b)		1,108,602
	100,000	BAMLL Commercial Mortgage Securities Trust Series 2012-CLRN, Class B 1.752%, 08/15/29 (a) (b)		100,085
	100,000	BAMLL Commercial Mortgage Securities Trust Series 2012-CLRN, Class D 2.852%, 08/15/29 (a) (b)		100,264
	350,000	Banc of America Commercial Mortgage Trust Series 2007-4, Class AM 6.015%, 02/10/51 (b)		393,876
	768,769	Banc of America Funding Series 2010-R9, Class 3A3 5.500%, 12/26/35 (a)		629,989
	790,407	Banc of America Funding Series 2006-B, Class 7A1 5.563%, 03/20/36 (b)		749,603
	651,416	Banc of America Funding Series 2012-R4, Class A 0.411%, 03/04/39 (a) (b)		637,716
	405,618	Bear Stearns Asset Backed Securities I Trust Series 2004-AC2, Class 2A 5.000%, 05/25/34		410,098
	196,843	Citicorp Mortgage Securities Trust Series 2007-2, Class 3A1 5.500%, 02/25/37		196,867

Par Value			Market Value
$	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class C 2.738%, 01/12/18 (a)	$	354,393
	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class D 3.008%, 01/12/18 (a) (b)		351,812
	979,755	Citigroup Commercial Mortgage Trust Series 2012-GC8, Class XA 2.393%, 09/10/45 (a) (b)		109,923
	6,519,774	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD5, Class XP 0.306%, 11/15/44 (a) (b)		7,830
	340,000	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class AMFX 5.366%, 12/11/49 (b)		358,272
	1,963,560	Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.349%, 10/15/45 (b)		240,543
	165,507	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 2.485%, 07/10/46 (a) (b)		5,319
	1,792,665	Countrywide Alternative Loan Trust Series 2005-86CB, Class A5 5.500%, 02/25/36		1,579,261
	545,750	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/25/36		239,789
	109,250	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/25/37		93,613
	421,365	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 0.652%, 09/25/37 (b)		301,942
	402,334	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 6.348%, 09/25/37 (b) (d)		88,737
	1,420,078	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-12, Class A9 5.750%, 08/25/37		1,363,008
	969,348	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-HYB8, Class 4A1 4.395%, 12/20/35 (b)		834,252
	852,743	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-2, Class A13 6.000%, 03/25/37		781,500
	194,320	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/25/37		179,344

See accompanying Notes to Financial Statements.

33

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
$	275,000	Credit Suisse Commercial Mortgage Trust Series 2006-C4, Class AM 5.509%, 09/15/39	$	296,698
	75,997	Credit Suisse First Boston Mortgage Securities Series 1998-C2, Class F 6.750%, 11/15/30 (a) (b)		78,494
	2,187,274	Credit Suisse First Boston Mortgage Securities Series 1997-C2, Class AX 0.341%, 01/17/35 (b)		809
	147,759	Credit Suisse Mortgage Capital Certificates Series 2006-TF2A, Class A2 0.322%, 10/15/21 (a) (b)		147,279
	221,306	Credit Suisse Mortgage Capital Certificates Series 2009-13R, Class 2A1 6.000%, 01/26/37 (a)		230,802
	1,255,674	Credit Suisse Mortgage Capital Certificates Series 2007-1, Class 5A4 6.000%, 02/25/37		1,105,075
	250,000	Credit Suisse Mortgage Capital Certificates Series 2009-RR2, Class IQB 5.695%, 04/16/49 (a) (b)		269,508
	200,000	DBRR Trust Series 2012-EZ1, Class B 1.393%, 09/25/45 (a) (c)		200,060
	150,000	Del Coronado Trust Series 2013-HDC, Class D 2.103%, 03/15/26 (a) (b)		149,317
	150,000	Del Coronado Trust Series 2013-HDC, Class E 2.803%, 03/15/26 (a) (b)		148,502
	100,000	GE Capital Commercial Mortgage Series 2005-C2, Class B 5.113%, 05/10/43 (b)		103,266
	350,000	GS Mortgage Securities Trust Series 2006-GG6, Class AJ 5.755%, 04/10/38 (b)		358,697
	898,740	GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1 2.824%, 01/25/36 (b)		796,344
	88,981	HSI Asset Loan Obligation Trust Series 2007-2, Class 1A1 5.500%, 09/15/37		89,717
	300,000	JP Morgan Chase Commercial Mortgage Securities Series 2012-PHH, Class A 1.818%, 10/15/25 (a) (b)		301,041
	250,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2005-CB12 , Class B 5.144%, 09/01/37		246,921
	2,092,642	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP8, Class X 0.727%, 05/15/45 (b)		23,557

Par Value			Market Value
$	970,132	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XA 2.171%, 06/01/45 (b)	$	93,235
	2,392,626	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C8, Class XA 2.301%, 10/15/45 (b)		268,969
	1,219,542	JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class XA 1.680%, 07/15/46 (a) (b)		63,127
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19 Class AM 5.895%, 02/12/49 (b)		381,285
	250,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12, Class AM 6.207%, 02/15/51 (b)		278,681
	250,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMFL 6.080%, 07/15/44 (a) (b)		279,549
	350,000	LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AJ 5.484%, 02/15/40		364,729
	350,000	Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 08/12/43 (b)		355,511
	250,000	ML-CFC Commercial Mortgage Trust Series 2007-5, Class AM 5.419%, 08/21/48		266,670
	977,883	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XA 2.034%, 08/15/45 (a) (b)		90,879
	250,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class D 4.997%, 02/15/47 (a) (b)		233,413
	300,000	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AJ 5.508%, 02/12/44 (b)		318,100
	300,000	Morgan Stanley Capital I Trust Series 2006-HQ8, Class AJ 5.678%, 03/12/44 (b)		314,084
	250,000	Morgan Stanley Capital I Trust Series 2007-IQ13, Class AM 5.406%, 03/15/44		273,915
	1,433,392	Morgan Stanley Capital I Trust Series 2011-C1, Class XA 1.094%, 09/15/47 (a) (b)		31,078
	1,272,372	Morgan Stanley Mortgage Loan Trust Series 2005-3AR, Class 2A2 3.031%, 07/25/35 (b)		1,169,456
	200,000	Morgan Stanley Re-REMIC Trust Series 2010-HQ4, Class AJ 4.970%, 04/15/40 (a)		202,316

See accompanying Notes to Financial Statements.

34

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
$	300,000	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3, Class A3 5.318%, 08/25/35 (b)	$	234,266
	252,710	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/25/36		169,117
	608,252	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/25/37		485,663
	86,431	RREF Series 2013-LT2, Class A 2.833%, 05/22/28 (a)		86,420
	24,210	SMA Issuer I Series 2012-LV1, Class A 3.500%, 08/20/25 (a)		24,210
	432,696	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 2.441%, 02/25/36 (b)		382,382
	1,946,949	UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class XA 2.323%, 08/10/49 (a) (b)		235,011
	350,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AMFL 0.351%, 12/15/43 (a) (b)		333,704
	612,558	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/25/37		612,129
	572,036	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/25/37		588,094
	979,058	WF-RBS Commercial Mortgage Trust Series 2012-C8, Class XA 2.384%, 08/15/45 (a) (b)		111,735
	1,458,932	WF-RBS Commercial Mortgage Trust Series 2012-C9, Class XA 2.402%, 11/15/45 (a) (b)		178,334
		Total Collateralized Mortgage-Backed Securities (Cost $22,372,347)		24,188,787
	U.S. GOVERNMENT OBLIGATIONS – 11.46%
		U.S. Treasury Bonds – 1.75%
	2,080,000	3.750%, 08/15/41		2,206,100
		U.S. Treasury Notes – 9.71%
	910,000	1.500%, 01/31/19		905,094
	3,000,000	1.000%, 08/31/19		2,876,016
	2,820,000	1.875%, 06/30/20		2,794,112

Par Value			Market Value
		U.S. Treasury Notes (continued)
$	3,790,000	1.625%, 08/15/22	$	3,548,683
	2,070,000	2.750%, 11/15/23		2,091,994
				12,215,899
		Total U.S. Government Obligations (Cost $14,468,076)		14,421,999
	AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS – 10.34%
		Fannie Mae – 4.29%
	600,310	5.648%, 09/25/36 (b) (d) Series 2009-86, Class CI, REMIC		68,332
	350,244	6.468%, 10/25/36 (b) (d) Series 2007-57, Class SX, REMIC		56,339
	301,495	4.000%, 01/25/41 Series 2010-156, Class ZC, REMIC		265,918
	453,920	4.000%, 03/25/41 Series 2011-18, Class UZ, REMIC		453,337
	69,977	8.997%, 09/25/41 (b) Series 2011-88, Class SB, REMIC		69,276
	623,028	4.500%, 12/25/41 Series 2011-121, Class JP, REMIC		645,613
	1,078,664	3.500%, 03/25/42 Series 2012-20, Class ZT, REMIC		990,243
	1,630,130	4.000%, 04/25/42 Series 2012-31, Class Z, REMIC		1,610,190
	1,056,896	3.500%, 10/25/42 Series 2012-105, Class Z, REMIC		922,035
	425,075	1.500%, 02/25/43 Series 2013-6, Class ZH, REMIC		316,785
				5,398,068
		Freddie Mac – 3.91%
	796,562	5.000%, 12/15/34 Series 2909, Class Z, REMIC		875,289
	413,658	5.500%, 08/15/36 Series 3626, Class AZ, REMIC		454,976
	250,959	5.948%, 04/15/37 (b) (d) Series 3301, Class MS, REMIC		32,635
	159,227	5.848%, 11/15/37 (b) (d) Series 3382, Class SB, REMIC		18,672
	157,057	6.238%, 11/15/37 (b) (d) Series 3384, Class S, REMIC		20,902
	1,500,000	4.000%, 12/15/38 Series 3738, Class BP, REMIC		1,565,747
	507,586	5.368%, 01/15/39 (b) (d) Series 3500, Class SA, REMIC		59,487
	113,858	4.000%, 01/15/41 Series 3795, Class VZ, REMIC		114,292
	124,745	4.000%, 06/15/41 Series 3872, Class BA, REMIC		130,607
	223,215	4.000%, 07/15/41 Series 3888, Class ZG, REMIC		222,347
	395,962	4.500%, 07/15/41 Series 3894, Class ZA, REMIC		427,373
	14,901	9.257%, 09/15/41 (b) Series 3924, Class US, REMIC		14,302

See accompanying Notes to Financial Statements.

35

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Freddie Mac (continued)
$	544,065	3.500%, 11/15/41 Series 3957, Class DZ, REMIC	$	514,614
	495,592	4.000%, 11/15/41 Series 3957, Class HZ, REMIC		466,085
				4,917,328
		Government National Mortgage Association – 2.14%
	49,950	31.511%, 03/20/34 (b) Series 2004-35, Class SA		80,919
	724,352	7.478%, 08/20/38 (b) (d) Series 2008-69, Class SB		132,435
	560,065	5.916%, 03/20/39 (b) (d) Series 2010-98, Class IA		60,573
	832,471	4.500%, 05/16/39 Series 2009-32, Class ZE		876,313
	623,560	4.500%, 05/20/39 Series 2009-35, Class DZ		670,313
	614,293	4.500%, 09/20/39 Series 2009-75, Class GZ		652,677
	1,772,144	5.298%, 06/20/41 (b) (d) Series 2011-89, Class SA		224,078
				2,697,308
		Total Agency Collateralized Mortgage Obligations (Cost $13,270,865)		13,012,704
	U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES – 7.02%
		Fannie Mae – 4.10%
	374,153	4.000%, 09/01/31 Pool # MA3894		398,237
	887,369	3.500%, 12/01/31 Pool # MA0919		923,643
	780,762	3.500%, 01/01/32 Pool # MA0949		812,686
	1,899,042	3.000%, 06/01/33 Pool # MA1459		1,912,468
	369,245	4.500%, 03/01/42 Pool # MA1050		392,637
	691,175	4.000%, 06/01/42 Pool # AB5459		720,466
				5,160,137
		Freddie Mac – 2.92%
	1,833,003	3.000%, 01/01/33 Gold Pool # C91594		1,852,794
	59,336	5.000%, 07/01/35 Gold Pool # G01840		65,261
	20,565	5.500%, 12/01/38 Gold Pool # G06172		22,670

Par Value			Market Value
		Freddie Mac (continued)
$	354,910	4.000%, 10/01/41 Gold Pool # T60392	$	369,132
	1,352,629	3.500%, 10/01/42 Gold Pool # T65110		1,362,410
				3,672,267
		Total U.S. Government Mortgage-Backed Securities (Cost $8,987,304)		8,832,404
	ASSET-BACKED SECURITIES – 4.27%
	250,000	ALM IV (Cayman Islands) Series 2011-A4, Class C 2.976%, 07/18/22 (a) (b)		248,229
	250,000	ARES CLO (Cayman Islands) Series 2012-2A, Class D 4.927%, 10/12/23 (a) (b)		250,684
	500,000	ARES XXVI CLO (Cayman Islands) Series 2013-1A, Class D 3.977%, 04/15/25 (a) (b)		488,211
	1,237,947	Bayview Financial Acquisition Trust Series 2007-A, Class 1A5 6.101%, 05/01/37 (e)		1,245,077
	250,000	BlueMountain CLO (Cayman Islands) Series 2012-1A, Class E 5.728%, 07/20/23 (a) (b)		245,606
		Brookside Mill CLO (Cayman Islands) Series 2013-1A, Class D
	250,000	3.276%, 04/17/25 (a) (b)		234,952
		Series 2013-1A, Class E
	250,000	4.626%, 04/17/25 (a) (b)		224,276
	100,000	Credit-Based Asset Servicing and Securitization Series 2007-MX1, Class A4 6.231%, 12/25/36 (e)		78,451
	250,000	Goldentree Loan Opportunities VI (Cayman Islands) Series 2012-6A, Class D 4.426%, 04/17/22 (a) (b)		249,996
	757,000	GSAA Home Equity Trust Series 2006-15, Class AF3B 5.933%, 09/25/36 (b)		186,994
	250,000	LCM X (Cayman Islands) Series 11A, Class D 4.178%, 04/19/22 (a) (b)		248,635
		Nomad CLO (Cayman Islands) Series 2013-1A, Class B
	250,000	3.177%, 01/15/25 (a) (b)		248,583
		Series 2013-1A, Class C
	250,000	3.727%, 01/15/25 (a) (b)		242,194
		Octagon Investment Partners XVI (Cayman Islands) Series 2013-1A, Class D
	250,000	3.576%, 07/17/25 (a) (b)		241,166
		Series 2013-1A, Class E
	250,000	4.726%, 07/17/25 (a) (b)		226,508

See accompanying Notes to Financial Statements.

36

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
$	244,091	Residential Asset Mortgage Products Series 2006-RS5, Class A3 0.322%, 09/25/36 (b)	$	234,235
	250,000	WhiteHorse III (Cayman Islands) Series 2006-1A, Class B1L 2.075%, 05/01/18 (a) (b)		245,740
	250,000	Wind River CLO Series 2013-1A, Class C 3.628%, 04/20/25 (a) (b)		235,710
		Total Asset-Backed Securities (Cost $5,341,850)		5,375,247
	FOREIGN GOVERNMENT BONDS – 0.70%
	360,000	Corp Andina de Fomento Senior Unsecured Notes 3.750%, 01/15/16		377,989
	300,000	Mexico Government International Bond Senior Unsecured Notes 4.000%, 10/02/23		307,875
	200,000	Republic of Costa Rica Unsecured Notes 7.000%, 04/04/44 (a)		199,500
		Total Foreign Government Bonds (Cost $869,378)		885,364
Shares
	INVESTMENT COMPANIES – 5.66%
	4,590,290	BlackRock Liquidity Funds TempCash Portfolio		4,590,290
	250,173	DoubleLine Floating Rate Fund		2,531,755
		Total Investment Companies (Cost $7,107,035)		7,122,045
	Total Investments – 98.82% (Cost $122,987,506)*			124,357,264
	Net Other Assets and Liabilities – 1.18%			1,483,544
	Net Assets – 100.00%		$	125,840,808

* At April 30, 2014, cost is identical for book and Federal income tax purposes

Gross unrealized appreciation	$	3,160,745
Gross unrealized depreciation		(1,790,987	)
Net unrealized appreciation	$	1,369,758

(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 April 30, 2014, these securities amounted to $25,372,440 or 20.16% 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 April 30, 2014.

(c) Securities with a total aggregate market value of $353,435 or 0.28% of net assets, were valued under the fair value procedures approved by the Fund’s Board of Trustees.

(d) 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.

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

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

S&P Standards & Poor’s

Portfolio Composition
U.S. Government Obligations	17%
U.S. Government Agency Obligations	11%
Corporate Notes and Bonds
(S&P Ratings)
AAA	2%
AA	4%
A	10%
BBB	21%
BB	15%
B	4%
Lower than B	11%
Not Rated	5%
	100%

See accompanying Notes to Financial Statements.

37

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited)

Par Value			Market Value
	CORPORATE NOTES AND BONDS – 49.64%
		Consumer Discretionary – 4.09%
	$350,000	ADT Senior Unsecured Notes 4.875%, 07/15/42	$	290,063
	300,000	HJ Heinz Finance Co. (a) 7.125%, 08/01/39		325,500
	865,000	L Brands Senior Unsecured Notes 7.600%, 07/15/37		927,713
	100,000	Macy’s Retail Holdings 7.875%, 07/15/15 (b)		108,342
	500,000	Whirlpool, MTN Senior Unsecured Notes 8.600%, 05/01/14		500,000
				2,151,618
		Consumer Staples – 0.80%
	65,000	Altria Group 10.200%, 02/06/39		108,822
	150,000	PepsiCo Senior Unsecured Notes 7.900%, 11/01/18		188,115
	100,000	Reynolds American 7.750%, 06/01/18		120,510
				417,447
		Energy – 6.31%
		Chesapeake Energy
	250,000	6.625%, 08/15/20		282,187
	250,000	6.125%, 02/15/21		275,000
	250,000	Energy Transfer Partners Senior Unsecured Notes 9.000%, 04/15/19		319,650

Par Value			Market Value
		Energy (continued)
	$250,000	Hess Senior Unsecured Notes 8.125%, 02/15/19	$	315,145
	250,000	KazMunayGas National (Kazakhstan) Senior Unsecured Notes 5.750%, 04/30/43 (a)		227,518
	400,000	Kinder Morgan Energy Partners Senior Unsecured Notes 9.000%, 02/01/19		512,205
	250,000	Pride International 6.875%, 08/15/20		300,933
	250,000	Rockies Express Pipeline Senior Unsecured Notes 6.875%, 04/15/40 (a)		233,750
	250,000	Valero Energy 9.375%, 03/15/19		326,743
	400,000	Weatherford International (Bermuda) 9.625%, 03/01/19		525,302
				3,318,433
		Financials – 13.88%
	250,000	AFLAC Senior Unsecured Notes 8.500%, 05/15/19		323,623
	450,000	American Financial Group Senior Unsecured Notes 9.875%, 06/15/19		589,722
	250,000	Banco Bradesco SA/Cayman Islands (Brazil) Subordinated Notes 5.750%, 03/01/22 (a)		261,563
	250,000	Bancolombia SA (Colombia) Senior Unsecured Notes 5.950%, 06/03/21		271,875
		Subordinated Notes
	250,000	5.125%, 09/11/22		249,063
	250,000	Barrick North America Finance 5.700%, 05/30/41		249,828
		Blackstone Holdings Finance
	150,000	6.625%, 08/15/19 (a) (d)		177,888
	250,000	6.250%, 08/15/42 (a) (d)		299,823
	250,000	Bunge Ltd Finance 8.500%, 06/15/19		312,286
	250,000	Discover Bank Subordinated Notes 7.000%, 04/15/20		299,420
	800,000	Goldman Sachs Capital I 6.345%, 02/15/34		847,446
	400,000	Itau Unibanco Holding SA (Brazil) Subordinated Notes 5.500%, 08/06/22 (a)		404,000
		Jefferies Group Senior Unsecured Notes
	200,000	8.500%, 07/15/19		247,440
	250,000	6.500%, 01/20/43		268,618

See accompanying Notes to Financial Statements.

38

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$200,000	Leucadia National Senior Unsecured Notes 5.500%, 10/18/23	$	210,717
	300,000	Marsh & McLennan Senior Unsecured Notes 9.250%, 04/15/19		391,689
	750,000	Merrill Lynch, MTN Senior Unsecured Notes 6.875%, 04/25/18		884,259
	250,000	Nomura Holdings (Japan), MTN Senior Unsecured Notes 1.683%, 09/13/16 (c)		254,584
	250,000	Royal Bank of Canada (Canada), GMTN Senior Unsecured Notes 0.925%, 10/30/14 (c)		250,844
	500,000	Wells Fargo Senior Unsecured Notes 1.155%, 06/26/15 (c)		504,532
				7,299,220
		Healthcare – 2.57%
	310,000	Endo Health Solutions 7.000%, 07/15/19		334,800
	250,000	Humana Senior Unsecured Notes 8.150%, 06/15/38		361,210
	500,000	Lorillard Tobacco 8.125%, 05/01/40		656,326
				1,352,336
		Industrials – 4.46%
	250,000	FedEx Senior Notes 8.000%, 01/15/19		312,942
	200,000	Jaguar Land Rover Automotive (United Kingdom) 4.125%, 12/15/18 (a)		207,500
	500,000	Mexichem SAB de CV (Mexico) 6.750%, 09/19/42 (a)		508,125
	200,000	Nissan Motor Acceptance (a) (c) 0.935%, 09/26/16		201,401
	500,000	Southern Copper Senior Unsecured Notes 7.500%, 07/27/35		572,749
	250,000	Vale SA (Brazil) Senior Unsecured Notes 5.625%, 09/11/42		242,829
	250,000	Waste Management 7.375%, 03/11/19		301,409
				2,346,955

Par Value			Market Value
		Information Technology – 2.87%
	$490,000	DIRECTV Holdings / DIRECTV Financing 6.350%, 03/15/40	$	544,550
	150,000	Hewlett-Packard Senior Unsecured Notes 1.167%, 01/14/19 (c)		150,518
	150,000	Netflix Inc. (a) Senior Unsecured Notes, 5.750%, 03/01/24		156,000
	600,000	Telecom Italia Capital SA (Luxembourg) 7.721%, 06/04/38		660,000
				1,511,068
		Materials – 5.30%
	100,000	Allegheny Technologies Senior Unsecured Notes 5.875%, 08/15/23		106,380
	400,000	ArcelorMittal (Luxembourg) Senior Unsecured Notes 7.500%, 10/15/39 (b)		421,000
	500,000	Braskem America Finance 7.125%, 07/22/41 (a)		499,375
	250,000	Dow Chemical (The) Senior Unsecured Notes 8.550%, 05/15/19		320,783
	250,000	GTL TRADE FINANCE (a) 7.250%, 04/16/44		255,313
	250,000	International Paper Senior Unsecured Notes 8.700%, 06/15/38		369,684
	550,000	Rio Tinto Finance (Australia) 8.950%, 05/01/14		550,000
	250,000	Teck Resources (Canada) 6.250%, 07/15/41		264,398
				2,786,933
		Telecommunication Services – 5.89%
		CenturyLink Senior Unsecured Notes
	500,000	7.600%, 09/15/39		492,813
	500,000	7.650%, 03/15/42		491,250
	400,000	Expedia 5.950%, 08/15/20		444,094
	350,000	Frontier Communications Senior Unsecured Notes 9.000%, 08/15/31		364,000
	500,000	Telefonica Europe BV (Netherlands) 8.250%, 09/15/30		666,618
	100,000	Verizon Communications Senior Unsecured Notes 1.763%, 09/15/16 (c)		102,969
	500,000	Windstream 7.500%, 06/01/22		536,250
				3,097,994

See accompanying Notes to Financial Statements.

39

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Utilities – 3.47%
	$500,000	Dubai Electricity & Water Authority (United Arab Emirates) Senior Unsecured Notes 8.500%, 04/22/15 (a)	$	536,600
	450,000	FPL Group Capital 7.875%, 12/15/15		499,782
	150,000	Pacific Gas & Electric Senior Unsecured Notes 8.250%, 10/15/18		186,572
	450,000	Sempra Energy Senior Unsecured Notes 9.800%, 02/15/19		598,505
				1,821,459
		Total Corporate Notes and Bonds (Cost $23,158,876)		26,103,463
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 43.14%
		Fannie Mae – 7.75%
	188,613	6.000%, 11/01/17, Pool # 662854		201,358
	55,621	6.000%, 04/01/18, Pool # 725175		58,400
	171,772	5.500%, 11/01/18, Pool # 748886		183,906
	59,764	4.500%, 06/01/19, Pool # 747860		63,560
	309,971	6.000%, 01/01/21, Pool # 850787		338,902
	105,397	6.000%, 09/01/32, Pool # 847899		117,859
	82,288	6.000%, 02/01/34, Pool # 771952		92,878
	78,706	7.500%, 02/01/35, Pool # 787557		90,405
	18,843	7.500%, 04/01/35, Pool # 819231		20,226
	136,803	6.000%, 11/01/35, Pool # 844078		152,771
	119,072	5.000%, 05/01/36, Pool # 745581		131,004
	67,674	6.000%, 12/01/36, Pool # 888029		75,949
	95,899	5.500%, 06/01/37, Pool # 918778		106,257
	94,218	6.500%, 10/01/37, Pool # 888890		106,137
	278,860	5.500%, 03/01/38, Pool # 962344		308,196
	259,640	4.000%, 02/01/41, Pool # AE0949		272,642
	224,101	4.000%, 02/01/41, Pool # AH5695		235,393
	961,408	3.000%, 03/01/43, Pool # AB8615		937,772

Par Value			Market Value
		Fannie Mae (continued)
	$572,770	3.500%, 05/01/43, Pool # AB9512	$	582,877
				4,076,492
		Freddie Mac – 13.46%
	301,158	5.500%, 11/01/20, Gold Pool # G18083		328,637
	61,565	5.500%, 12/01/20, Gold Pool # G11820		67,186
	43,237	6.000%, 10/01/35, Gold Pool # A47772		48,149
	99,710	5.500%, 05/01/37, Gold Pool # A60048		109,842
	196,871	5.500%, 09/01/37, Gold Pool # G03202		216,904
	158,145	5.000%, 02/01/38, Gold Pool # A73409		172,962
	418,682	5.000%, 04/01/38, Gold Pool # G04334		460,227
	241,724	4.000%, 12/01/39, Gold Pool # G06935		253,454
	121,365	4.000%, 05/01/41, Gold Pool # Q00870		127,256
	733,056	4.000%, 11/01/41, Gold Pool # Q04550		768,803
	953,039	3.000%, 04/01/43, Gold Pool # V80006		931,614
	958,905	3.000%, 05/01/43, Gold Pool # G08525		936,146
	882,790	3.500%, 10/01/43, Gold Pool # G08554		898,053
	344,874	3.500%, 11/01/43, Gold Pool # G08557		350,837
	790,397	3.500%, 01/01/44, Gold Pool # G08562		804,062
	596,400	3.500%, 02/01/44, Gold Pool # G08572		606,711
				7,080,843
		Government National Mortgage Association – 1.91%
	143,797	5.000%, 05/20/37, Pool # 782156		158,579
	283,496	5.000%, 08/20/37, Pool # 4015		312,543
	249,356	6.000%, 07/20/38, Pool # 4195		282,816
	162,392	5.500%, 08/20/38, Pool # 4215		173,813
	67,751	6.000%, 01/15/39, Pool # 698036		76,101
				1,003,852
		U.S. Treasury Inflation Index Bonds – 5.79%
	1,633,140	1.375%, 07/15/18		1,779,293
	1,120,690	1.750%, 01/15/28		1,263,797
				3,043,090

See accompanying Notes to Financial Statements.

40

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		U.S. Treasury Notes – 14.23%
	$1,500,000	4.000%, 02/15/15	$	1,546,407
	1,000,000	4.125%, 05/15/15		1,041,660
	1,000,000	2.125%, 05/31/15		1,021,641
	1,500,000	2.000%, 01/31/16		1,544,472
	500,000	2.000%, 04/30/16		515,762
	350,000	2.000%, 11/30/20		346,678
	1,500,000	2.000%, 11/15/21		1,464,141
				7,480,761
		Total U.S. Government and Agency Obligations (Cost $22,177,003)		22,685,038
	ASSET-BACKED SECURITIES – 1.35%
	26,413	Ford Credit Auto Owner Trust Series 2010-A, Class A4 2.150%, 06/15/15		26,434
	218,441	Hyundai Auto Receivables Trust Series 2010-A, Class A4 2.450%, 12/15/16		220,153
	460,200	Volkswagen Auto Loan Enhanced Trust 2011-1, Class A4 1.980%, 09/20/17		463,567
		Total Asset-Backed Securities (Cost $711,497)		710,154
	COMMERCIAL MORTGAGE-BACKED SECURITY – 0.59%
	275,000	Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class A4 5.742%, 09/11/42 (c)		309,312
		Total Commercial Mortgage-Backed Security (Cost $190,619)		309,312
	INVESTMENT COMPANY – 4.46%
	2,345,664	BlackRock Liquidity Funds TempCash Portfolio		2,345,664
		Total Investment Company (Cost $2,345,664)		2,345,664
	Total Investments – 99.18% (Cost $48,583,659) *			52,153,631
	Net Other Assets and Liabilities – 0.82%			430,256
	Net Assets – 100.00%		$	52,583,887

* At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	3,797,717
Gross unrealized depreciation		(227,745	)
Net unrealized appreciation	$	3,569,972

(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 April 30, 2014, these securities amounted to $4,294,356 or 8.17% of net assets. These securities have been determined by the Subadviser to be liquid securities.

(b) 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.

(c) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2014.

(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	43%
Asset-Backed Securities	1%
Commercial Mortgage-Backed Securities	1%
Investment Company	5%
Corporate Notes and Bonds
(Moody’s Ratings (d))
Aa	1%
A	3%
Baa	29%
Ba	12%
B	2%
NR	3%
	100%

See accompanying Notes to Financial Statements.

41

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	INVESTMENT COMPANIES – 99.94%
		Long/Short Strategies – 61.30%
	2,492,515	Blackrock Global Long/Short Equity Fund-IS	$	28,314,974
	2,222,623	Convergence Core Plus Fund		39,295,975
	1,186,364	Driehaus Emerging Markets Small Cap Growth Fund		15,909,136
	1,586,035	FPA Crescent Fund-I		53,243,192
	1,884,923	Gotham Absolute Return Fund		25,352,216
	280,311	Putnam Equity Spectrum Fund		11,966,456
	2,389,527	Robeco Boston Partners Long/Short Equity Fund- IS		53,262,559
	4,578,596	The Weitz Funds—Partners III Opportunity Fund		75,821,547
				303,166,055
		Hedged Credit and Strategic Fixed Income – 18.38%
	2,147,079	Avenue Credit Strategies Fund		25,228,180
	1,491,087	BlackRock Global Long/Short Credit Fund-INS		16,297,580
	2,636	Driehaus Active Income Fund		28,368
	2,464	Driehaus Select Credit Fund		25,083
	623,730	Guggenheim—Macro Opportunities Fund		16,896,852
	1,379,398	Metropolitan West Unconstrained Bond Fund		16,401,047
	1,363,650	Scout Unconstrained Bond Fund		16,009,246
				90,886,356
		Arbitrage – 17.08%
	1,915,394	Calamos Market Neutral Income Fund		24,651,120
	1,675,372	Driehaus Event Driven Fund		18,244,806
	3,875,861	Touchstone Merger Arbitrage Fund		41,587,986
				84,483,912

Shares			Market Value
		Global Macro – 2.62%
	1,173,743	John Hancock Funds II—Global Absolute Return Strategies Fund	$	12,969,857
		Money Market – 0.54%
	2,682,018	Blackrock Liquidity Funds Treasury Trust Fund Portfolio		2,682,018
		Total Investment Companies (Cost $460,099,137)		494,188,198
	Total Investments – 99.94% (Cost $460,099,137)*			494,188,198
	Net Other Assets and Liabilities – 0.08%			401,175
	Net Assets – 100.00%		$	494,589,373

* At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	36,862,035
Gross unrealized depreciation		(2,652,571	)
Net unrealized appreciation	$	34,209,464

See accompanying Notes to Financial Statements.

42

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 100.21%
		Consumer Discretionary – 18.13%
	125,000	Coach (a)	$	5,581,250
	390,000	Ford Motor (a)		6,298,500
	195,000	General Motors (a)		6,723,600
	109,200	Kohl’s (a)		5,983,068
	30,000	Mattel (a)		1,176,450
	600,000	Staples (a)		7,500,000
				33,262,868
		Consumer Staples – 9.93%
	200,000	ConAgra Foods (a)		6,102,000
	110,000	Dr Pepper Snapple Group (a)		6,096,200
	70,000	PepsiCo (a)		6,012,300
				18,210,500
		Energy – 9.74%
	29,000	Anadarko Petroleum (a)		2,871,580
	61,000	Apache (a)		5,294,800
	75,000	Devon Energy (a)		5,250,000
	33,000	Occidental Petroleum (a)		3,159,750
	30,000	Transocean Ltd. (Switzerland) (a)		1,292,100
				17,868,230
		Financials – 9.27%
	145,000	BB&T (a)		5,412,850
	170,000	Hartford Financial Services Group (a)		6,097,900
	600,000	Huntington Bancshares (a)		5,496,000
				17,006,750

Shares			Market Value
		Healthcare – 5.00%
	40,000	Abbott Laboratories (a)	$	1,549,600
	12,000	Laboratory Corp. of America Holdings * (a)		1,184,400
	115,000	Quest Diagnostics (a)		6,431,950
				9,165,950
		Industrials – 6.58%
	185,000	ADT (a)		5,594,400
	65,000	Deere (a)		6,067,100
	15,000	General Electric (a)		403,350
				12,064,850
		Information Technology – 16.41%
	275,000	Cisco Systems (a)		6,355,250
	340,000	Corning (a)		7,109,400
	175,000	EMC		4,515,000
	280,000	Intel (a)		7,473,200
	115,000	Microsoft (a)		4,646,000
				30,098,850
		Materials – 3.56%
	355,000	Alcoa (a)		4,781,850
	10,000	Dow Chemical (a)		499,000
	50,000	Huntsman (a)		1,252,500
				6,533,350
		Telecommunication Services – 6.31%
	180,000	AT&T (a)		6,426,000
	147,700	CenturyLink (a)		5,156,207
				11,582,207
		Utilities – 15.28%
	87,000	Entergy (a)		6,307,500
	180,000	Exelon (a)		6,305,400
	155,000	FirstEnergy (a)		5,231,250
	170,000	PPL (a)		5,667,800
	110,000	Public Service Enterprise Group (a)		4,506,700
				28,018,650
		Total Common Stocks (Cost $172,354,137)		183,812,205
Number of Contracts
	PURCHASED OPTIONS – 0.47%
		SPDR S&P 500 ETF Trust
	2,000	Strike @ $163 Exp 6/14		50,000
	2,000	Strike @ $164 Exp 6/14		72,000
	3,000	Strike @ $165 Exp 6/14		126,000
	3,000	Strike @ $166 Exp 6/14		135,000
	4,000	Strike @ $167 Exp 6/14		216,000

See accompanying Notes to Financial Statements.

43

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Number of Contracts			Market Value
		SPDR S&P 500 ETF Trust (continued)
	2,300	Strike @ $168 Exp 6/14	$	133,400
	2,300	Strike @ $169 Exp 6/14		126,500
				858,900
		Total Purchased Options (Cost $1,630,346)		858,900
Shares
	INVESTMENT COMPANY – 2.79%
	5,120,969	BlackRock Liquidity Funds TempCash Portfolio		5,120,969
		Total Investment Company (Cost $5,120,969)		5,120,969
	Total Investments – 103.47% (Cost $179,105,452)**			189,792,074
	Net Other Assets and Liabilities – (3.47)%			(6,365,220	)
	Net Assets – 100.00%		$	183,426,854

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	17,775,638
Gross unrealized depreciation		(7,089,016	)
Net unrealized appreciation	$	10,686,622

(a) Security position is either partially or entirely pledged as collateral for written options.

ETF Exchange-Traded Fund

S&P Standard & Poor’s

SPDR Standard & Poor’s Depositary Receipt

Transactions in written call options for the period ended April 30, 2014 were as follows:

Contracts	Number of Contracts	Premium
Outstanding, October 31, 2013	58,830	$     4,160,902
Call Options Written	136,342	12,219,748
Call Options Closed or Expired	(143,333)	(11,031,557)
Call Options Exercised	(50)	(9,650)
Outstanding, April 30, 2014	51,789	$     5,339,443

Premiums received and value of written call equity options outstanding as of April 30, 2014.

Number of Contracts		Description	Premium Received		Market Value
	400	Abbott Laboratories Strike @ $42 Exp 1/15		$     33,803		$     39,600
		ADT
	750	Strike @ $35 Exp 1/15		85,269		75,000
	1,100	Strike @ $40 Exp 1/15		77,074		33,000

Number of Contracts		Description	Premium Received		Market Value
		Alcoa
	3,350	Strike @ $12 Exp 1/15	$	419,998	$	700,150
	200	Strike @ $15 Exp 1/15		12,792		14,000
		Anadarko Pertoleum
	290	Strike @ $92.50 Exp 1/15		127,070		350,175
		Apache
	610	Strike @ $90 Exp 1/15		247,984		280,600
		AT&T
	1,000	Strike @ $37 Exp 1/15		60,753		89,000
	500	Strike @ $38 Exp 1/15		25,499		29,500
		BB&T
	1,450	Strike @ $37 Exp 1/15		333,434		303,775
		CenturyLink
	1,477	Strike @ $38 Exp 1/15		75,789		91,574
		Cisco Systems
	500	Strike @ $25 Exp 1/15		34,279		38,500
	2,250	Strike @ $27 Exp 1/15		77,875		76,500
		Coach
	1,000	Strike @ $52.50 Exp 1/15		126,167		100,000
	250	Strike @ $55 Exp 1/15		52,614		16,250
		ConAgra
	2,000	Strike @ $35 Exp 1/15		65,227		55,000
		Corning
	1,900	Strike @ $20 Exp 1/15		287,922		385,700
	1,500	Strike @ $22 Exp 1/15		131,438		166,500
		Deere
	350	Strike @ $95 Exp 1/15		84,583		154,875
	300	Strike @ $97.5 Exp 1/15		59,507		105,000
		Devon Energy
	250	Strike @ $72.5 Exp 1/15		50,214		100,000
	500	Strike @ $75 Exp 1/15		74,529		145,500
		Dow Chemical
	100	Strike @ $43 Exp 9/14		39,170		69,600
		Dr Pepper Snapple Group
	150	Strike @ $50 Exp 8/14		35,693		83,250
	230	Strike @ $50 Exp 5/14		28,952		117,300
	670	Strike @ $55 Exp 11/14		143,740		169,175
	50	Strike @ $60 Exp 11/14		2,948		4,250
		Entergy
	870	Strike @ $70 Exp 1/15		104,473		415,860
		Exelon
	300	Strike @ $35 Exp 1/15		16,788		55,500
	1,500	Strike @ $37 Exp 1/15		77,189		142,500
		FirstEnergy
	1,550	Strike @ $38 Exp 1/15		81,118		77,500

See accompanying Notes to Financial Statements.

44

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Number of Contracts		Description	Premium Received		Market Value
		Ford Motor
	900	Strike @ $17 Exp 12/14	$	55,963	$	62,100
	3,000	Strike @ $20 Exp 1/15		64,878		57,000
		General Electric
	150	Strike @ $27 Exp 12/14		12,294		17,850
		General Motors
	600	Strike @ $40 Exp 1/15		87,374		57,600
	100	Strike @ $41 Exp 1/15		9,096		7,850
	500	Strike @ $42 Exp 1/15		55,869		31,000
		Hartford Financial Services
	1,700	Strike @ $40 Exp 1/15		235,573		164,900
		Huntington Bancshares
	500	Strike @ $10 Exp 1/15		39,979		17,000
	4,650	Strike @ $12 Exp 1/15		82,764		34,875
		Huntsman
	500	Strike @ $22 Exp 8/14		102,136		170,000
		Intel
	2,000	Strike @ $32 Exp 1/15		37,920		44,000
	800	Strike @ $35 Exp 1/15		9,668		6,400
		Kohl’s
	924	Strike @ $55 Exp 1/15		373,659		351,120
	168	Strike @ $57.5 Exp 1/15		42,281		47,460
		Laboratory Corp. of America Holdings
	50	Strike @ $110 Exp 11/14		16,498		10,250
	70	Strike @ $115 Exp 11/14		13,677		8,225
		Mattel
	300	Strike @ $40 Exp 10/14		30,224		40,500
		Microsoft
	300	Strike @ $35 Exp 10/14		87,630		168,000
	500	Strike @ $37 Exp 10/14		103,796		202,500
	248	Strike @ $38 Exp 1/15		81,213		96,720
	102	Strike @ $38 Exp 10/14		20,192		34,170
		Occidental Petroleum
	150	Strike @ $105 Exp 1/15		39,149		40,350
	110	Strike @ $95 Exp 8/14		27,830		45,650
	70	Strike @ $97.50 Exp 8/14		13,510		21,140
		PepsiCo
	350	Strike @ $82.5 Exp 10/14		69,415		166,250
	100	Strike @ $85 Exp 1/15		25,095		39,400
	250	Strike @ $87.50 Exp 1/15		53,880		70,750
		PPL
	400	Strike @ $32 Exp 7/14		21,085		60,000
	1,300	Strike @ $35 Exp 1/15		57,147		84,500
		Public Service Enterprise
	100	Strike @ $35 Exp 6/15		7,995		61,000
	1,000	Strike @ $35 Exp 9/14		156,248		610,000

Number of Contracts		Description	Premium Received			Market Value
		Quest Diagnostics
	200	Strike @ $65 Exp 1/15		$     19,558			$     17,000
	950	Strike @ $65 Exp 11/14		145,622			73,625
		Staples
	500	Strike @ $15 Exp 1/15		17,480			20,000
	100	Strike @ $15 Exp 12/14		3,896			3,750
	500	Strike @ $17 Exp 9/14		13,570			2,500
		Transocean
	200	Strike @ $50 Exp 8/14		17,592			6,500
	100	Strike @ $55 Exp 8/14		13,796			900
					��
		Total Written Call Options		$5,339,443			$7,437,969

See accompanying Notes to Financial Statements.

45

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2014
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Materials, Telecommunication Services, and Exchange Traded Funds are negative 1.49%, 1.91%, and 2.42% respectively and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 76.51%
		Consumer Discretionary – 36.76%
	328,962	Ascena Retail Group * (a)	$	5,658,146
	140,084	Coach		6,254,751
	191,102	Comcast, Class A (a)		9,891,440
	133,282	General Motors (a)		4,595,563
	481,549	International Game Technology (a)		6,043,440
	161,275	International Speedway, Class A (a)		5,070,486
	204,592	Liberty Interactive Corporation, Class A * (a)		5,945,444
	50,868	Liberty Media, Class A * (a)		6,598,088
	80,140	Lvmh Moet Hennessy Louis Vuitton SA, ADR (a)		3,143,732
	307,657	News, Class A * (a)		5,236,322
	205,751	Quebecor, Class B		4,852,574
	71,960	Target (a)		4,443,530
	113,567	Time Warner		7,547,663
	26,679	Tribune, Class A * (a)		2,074,292
				77,355,471
		Consumer Staples – 6.45%
	110,993	Molson Coors Brewing, Class B (a)		6,656,250
	89,485	Nestle, SP ADR (a)		6,906,452
				13,562,702
		Energy – 3.20%
	37,203	Devon Energy (a)		2,604,210
	43,097	Occidental Petroleum (a)		4,126,538
				6,730,748

Shares			Market Value
		Financials – 6.51%
	56,578	Berkshire Hathaway, Class B * (a)	$	7,290,075
	10,751	White Mountains Insurance Group (a)		6,410,391
				13,700,466
		Industrials – 10.04%
	145,584	ADT (a)		4,402,460
	203,157	Brink’s		5,168,314
	183,731	Expeditors International of Washington (a)		7,577,066
	132,401	Spirit AeroSystems Holdings, Class A * (a)		3,976,002
				21,123,842
		Information Technology – 11.52%
	149,644	Blackhawk Network Holdings * (a)		3,589,960
	121,085	eBay * (a)		6,275,836
	108,238	Microsoft (a)		4,372,815
	114,252	Oracle (a)		4,670,622
	67,831	QUALCOMM (a)		5,338,978
				24,248,211
		Utilities – 2.03%
	58,039	National Fuel Gas (a)		4,273,992
		Total Common Stocks (Cost $158,427,211)		160,995,432
	INVESTMENT COMPANY – 32.09%
	67,511,454	BlackRock Liquidity Funds TempCash Portfolio		67,511,454
		Total Investment Company (Cost $67,511,454)		67,511,454
	Total Investments – 108.60% (Cost $225,938,665)**			228,506,886
	$46,821,667 in cash and $94,257,293 in securities was segregated or on deposit with a prime broker to cover short sales as of April 30, 2014 and are included in “Net Other Assets and Liabilities”.
	SHORT SALES – (24.21)%
		Consumer Discretionary – (5.31)%
	(42,139)	Best Buy		(1,092,664	)
	(22,695)	Cabela’s *		(1,489,019	)
	(69,719)	D.R. Horton		(1,553,339	)
	(46,547)	Leggett & Platt		(1,529,534	)
	(33,658)	Life Time Fitness *		(1,615,584	)
	(21,581)	Scholastic		(710,231	)
	(39,892)	Tile Shop Holdings *		(562,278	)
	(13,641)	Whirlpool		(2,092,257	)
	(21,613)	Zumiez *		(528,438	)
				(11,173,344	)
		Consumer Staples – (1.08)%
	(143,440)	Dean Foods		(2,272,090	)
				(2,272,090	)

See accompanying Notes to Financial Statements.

46

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Energy – (0.72)%
	(33,556)	Gulfmark Offshore	$	(1,510,356	)
				(1,510,356	)
		Financials – (1.87)%
	(42,372)	Amtrust Financial Services		(1,638,525	)
	(48,179)	Mercury General		(2,305,847	)
				(3,944,372	)
		Industrials – (6.44)%
	(253,540)	ACCO Brands *		(1,554,200	)
	(75,548)	Albany International, Class A		(2,718,217	)
	(17,688)	Caterpillar		(1,864,315	)
	(40,657)	Con-way		(1,727,109	)
	(71,882)	Quad Graphics		(1,556,245	)
	(93,516)	RR Donnelley & Sons		(1,645,882	)
	(38,347)	TAL International Group		(1,617,476	)
	(30,119)	Tetra Tech *		(863,512	)
				(13,546,956	)
		Information Technology – (2.96)%
	(11,594)	3D Systems *		(548,860	)
	(50,044)	Aruba Networks *		(989,370	)
	(37,735)	Electronic Arts *		(1,067,901	)
	(61,865)	RealPage *		(1,098,104	)
	(10,755)	Stratasys *		(1,041,837	)
	(32,564)	Teradata *		(1,480,359	)
				(6,226,431	)
		Materials – (1.49)%
	(94,792)	ArcelorMittal, ADR		(1,540,370	)
	(70,424)	Teck Resources, Class B (Canada)		(1,603,554	)
				(3,143,924	)
		Telecommunication Services – (1.91)%
	(82,759)	CenturyLink		(2,889,117	)
	(56,475)	Consolidated Communications Holdings		(1,124,982	)
				(4,014,099	)
		Utilities – (2.43)%
	(44,204)	Hawaiian Electric Industries		(1,060,454	)
	(33,758)	South Jersey Industries		(1,939,397	)
	(57,447)	UIL Holdings		(2,110,028	)
				(5,109,879	)
		Total Common Stocks (Proceeds $49,591,704)		(50,941,451	)
	EXCHANGE TRADED FUNDS – (2.42)%
	(75,450)	United States Natural Gas Fund LP *		(2,003,198	)
	(84,907)	United States Oil Fund LP *		(3,083,822	)
		Total Exchange Traded Funds (Proceeds $5,007,105)		(5,087,020	)
	Total Short Sales – (26.63)% (Proceeds $54,598,809)			(56,028,471	)
	Net Other Assets and Liabilities – 18.03%			37,933,914
	Net Assets – 100.00%		$	210,412,329

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	5,397,736
Gross unrealized depreciation		(2,829,515	)
Net unrealized appreciation	$	2,568,221

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

ADR American Depositary Receipt

LP Limited Partnership

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

47

Aston Funds

ASTON/Barings International Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares				Market Value
	COMMON STOCKS – 98.67%
		Australia – 0.65%
	19,560	Amcor			$     186,981
		France – 12.42%
	2,950	Air Liquide			421,955
	14,738	AXA			383,887
	4,864	BNP Paribas			365,137
	4,212	Sanofi			455,910
	3,880	Scor SE			141,597
	11,371	SES			428,227
	5,587	Societe Generale			347,250
	8,685	Total			620,288
	5,711	Vinci			430,544
					3,594,795
		Germany – 12.30%
	3,307	Adidas			352,952
	3,865	Bayer			536,210
	3,395	Bayerische Motoren Werke			424,752
	4,578	Daimler			423,821
	6,832	Deutsche Boerse			500,363
	3,344	Fresenius			508,234
	1,521	Muenchener Rueckversicherungs-Gesellschaft	��		351,235
	5,761	SAP			463,885
					3,561,452
		Hong Kong – 2.02%
	47,800	AIA Group			231,819
	34,800	HSBC Holdings			353,030
					584,849
		Italy – 1.23%
	39,848	UniCredit			356,023

Shares			Market Value
		Japan – 21.69%
	6,100	Aisin Seiki		$     215,396
	31,000	Astellas Pharma		344,765
	8,800	Denso		400,427
	4,600	East Japan Railway		335,343
	1,300	FANUC		233,971
	51,000	Hitachi		362,664
	24,000	Hitachi Metals		325,368
	55,000	Isuzu Motors		319,020
	14,500	Japan Tobacco		475,982
	8,000	JGC		259,011
	7,800	KDDI		415,196
	3,000	Kyocera		141,057
	15,700	Mitsubishi		280,722
	37,000	Mitsubishi Electric		420,903
	57,100	Mitsubishi UFJ Financial Group		302,716
	71,000	Sumitomo Mitsui Trust Holdings		292,375
	8,200	Takeda Pharmaceutical		367,991
	12,200	Tokio Marine Holdings		359,311
	7,900	Toyota Motor		426,238
				6,278,456
		Mexico – 0.62%
	12,522	Fresnillo		180,024
		Netherlands – 5.71%
	5,267	Airbus Group NV		361,631
	17,437	Koninklijke Ahold NV		336,377
	11,783	Koninklijke Philips NV		377,210
	14,561	Royal Dutch Shell, Class A		576,642
				1,651,860
		Norway – 0.86%
	5,276	Yara International		249,053
		Singapore – 2.39%
	24,000	DBS Group Holdings		324,288
	43,700	Keppel		367,042
				691,330
		South Korea – 1.63%
	248	Samsung Electronics		322,330
	838	SK Holdings		148,412
				470,742
		Spain – 0.48%
	19,042	Banco Popular Espanol		140,015
		Switzerland – 8.18%
	13,219	Credit Suisse Group		419,213
	7,805	Julius Baer Group		364,931
	1,965	Roche Holding		576,037
	606	Syngenta		240,031
	18,297	UBS		382,530
	1,343	Zurich Financial Services		384,695
				2,367,437

See accompanying Notes to Financial Statements.

48

Aston Funds

ASTON/Barings International Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Taiwan – 1.40%
	20,200	Taiwan Semiconductor Manufacturing, SP ADR		$     406,020
		United Kingdom – 27.09%
	19,803	Admiral Group		467,424
	19,433	AMEC		405,210
	5,654	AstraZeneca		445,233
	81,945	Barclays		348,932
	23,643	BG Group		478,225
	11,923	BHP Billiton		386,308
	7,971	British American Tobacco		459,865
	86,807	BT Group		540,089
	12,329	Experian		236,472
	66,842	GKN		433,365
	15,141	GlaxoSmithKline		417,203
	17,449	Prudential		400,224
	1,680	Randgold Resources		135,585
	4,939	Reckitt Benckiser Group		398,185
	68,683	Resolution		345,920
	24,795	Rolls-Royce Holdings		439,568
	3,322,530	Rolls-Royce Holdings, C Shares * (a) (b)		5,610
	9,232	Shire		526,536
	105,015	Vodafone Group		397,079
	26,936	WPP		579,396
				7,846,429
		Total Common Stocks (Cost $25,184,643)		28,565,466
	INVESTMENT COMPANY – 0.43%
	124,916	BlackRock Liquidity Funds TempCash Portfolio		124,916
		Total Investment Company (Cost $124,916)		124,916
	Total Investments – 99.12% (Cost $25,309,559)**			28,690,382
	Net Other Assets and Liabilities – 0.88%			256,007
	Net Assets – 100.00%			$28,946,389

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

(a) This security has been determined by the Subadviser to be an illiquid security. At April 30, 2014, this security amounted to $5,610 or 0.02% of net assets.

(b) Security with a total aggregate market value of $5,610 or 0.02% of net assets was valued under the fair value procedures approved by the Fund’s Board of Trustees.

Gross unrealized appreciation	$	4,474,516
Gross unrealized depreciation		(1,093,693	)
Net unrealized appreciation	$	3,380,823

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

49

Aston Funds

ASTON/Guardian Capital Global Dividend Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.94%
		Australia – 4.68%
	2,300	Australia & New Zealand Banking Group	$	73,652
	300	Commonwealth Bank of Australia		21,989
	1,100	Sonic Healthcare		18,088
	8,400	Telstra		40,735
	1,200	Westpac Banking		39,152
				193,616
		Belgium – 0.52%
	500	Ageas		21,493
		Bermuda – 1.17%
	1,370	Seadrill		48,251
		Canada – 2.53%
	700	Davis & Henderson		20,271
	610	Keyera		40,572
	690	Pembina Pipeline		27,114
	520	Westshore Terminals Investment		16,899
				104,856
		Finland – 1.13%
	3,200	Stora Enso		32,608
	800	UPM-Kymmene		13,984
				46,592
		France – 5.85%
	2,600	AXA		67,723
	1,400	Electricite de France		53,695
	500	Neopost		40,968
	800	Total		57,137
	300	Vinci		22,617
				242,140

Shares			Market Value
		Germany – 6.10%
	500	BASF	$	57,873
	300	Bayer		41,620
	400	Daimler		37,031
	1,900	Deutsche Telekom		31,856
	100	Muenchener Rueckversicherungs- Gesellschaft		23,092
	1,400	ProSiebenSat.1 Media		61,211
				252,683
		Ireland – 1.59%
	1,250	Seagate Technology		65,725
		Spain – 2.74%
	3,140	Banco Santander, SP ADR		31,274
	3,700	Ferrovial		82,131
				113,405
		Sweden – 1.85%
	4,200	Skandinaviska Enskilda Banken AB		57,844
	700	Swedbank AB, Class A		18,592
				76,436
		Switzerland – 5.29%
	400	Adecco		33,428
	910	Garmin		51,961
	1,000	Nestle		77,207
	650	Novartis, ADR		56,511
				219,107
		United Kingdom – 10.21%
	600	AstraZeneca		47,248
	3,300	BAE Systems		22,287
	270	British American Tobacco, SP ADR		31,055
	660	GlaxoSmithKline, SP ADR		36,544
	1,000	Imperial Tobacco Group		43,172
	7,800	Legal & General Group		27,893
	3,900	National Grid		55,345
	1,120	Prudential, ADR		51,733
	9,200	Resolution		46,336
	500	Royal Dutch Shell, Class A		19,813
	1,600	SSE		41,197
				422,623
		United States – 55.28%
	1,090	AbbVie		56,767
	440	Air Products & Chemicals		51,709
	1,320	Altria Group		52,945
	740	Ameren		30,569
	100	Apple		59,009
	1,979	AT&T		70,650
	860	Automatic Data Processing		67,046
	230	Chevron		28,870
	430	ConocoPhillips		31,953
	1,400	CSX		39,508
	1,390	Dow Chemical		69,361
	490	Dr Pepper Snapple Group		27,156

See accompanying Notes to Financial Statements.

50

Aston Funds

ASTON/Guardian Capital Global Dividend Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United States (continued)
	420	Duke Energy	$	31,286
	830	Eaton		60,291
	880	Emerson Electric		59,998
	390	Exxon Mobil		39,940
	3,030	Fifth Third Bancorp		62,448
	560	General Dynamics		61,292
	220	Genuine Parts		19,166
	850	Illinois Tool Works		72,446
	760	Intel		20,284
	900	Johnson & Johnson		91,161
	1,230	JPMorgan Chase		68,855
	270	Kimberly-Clark		30,308
	900	KLA-Tencor		57,591
	360	Lockheed Martin		59,090
	1,330	Lorillard		79,029
	330	Macy’s		18,952
	220	McDonald’s		22,304
	730	Medtronic		42,939
	1,200	Merck		70,272
	1,250	Microsoft		50,500
	540	Newell Rubbermaid		16,259
	3,880	Old Republic International		64,253
	290	Omnicom Group		19,627
	1,880	Pfizer		58,806
	330	Philip Morris International		28,192
	370	Procter & Gamble		30,544
	590	Reynolds American		33,294
	1,380	Six Flags Entertainment		55,393
	3,490	Spirit Realty Capital, REIT		37,587
	1,570	Texas Instruments		71,357
	360	Valero Energy		20,581
	480	VF		29,323
	740	Waste Management		32,893
	1,540	Wells Fargo		76,446
	1,210	Williams		51,026
	290	Wynn Resorts		59,128
				2,288,404
		Total Common Stocks (Cost $3,963,759)		4,095,331

Shares			Market Value
	INVESTMENT COMPANY – 0.92%
	38,184	BlackRock Liquidity Funds TempCash Portfolio	$	38,184
		Total Investment Company (Cost $38,184)		38,184
	Total Investments – 99.86% (Cost $4,001,943)*			4,133,515
	Net Other Assets and Liabilities – 0.14%			5,825
	Net Assets – 100.00%		$	4,139,340

* At April 30, 2014, cost is identical for book and federal income tax purposes.

Gross unrealized appreciation	$	148,380
Gross unrealized depreciation		(16,808	)
Net unrealized appreciation	$	131,572

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

51

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 92.57%
		Brazil – 9.98%
	4,900	AMBEV SA	$	35,708
	3,700	Banco do Brasil SA		38,977
	4,200	Braskem, Preference A		28,610
	545	Cia Brasileira de Distribuicao Grupo Pao de Acucar, SP ADR		25,919
	4,200	Cyrela Brazil Realty SA Empreendimentos e Participacoes		25,448
	5,300	Gerdau, Preference		31,827
	4,900	Hypermarcas		36,150
	10,300	JBS		35,615
	2,400	Porto Seguro SA		35,251
	10,800	Suzano Papel e Celulose, Preference A		34,922
	1,600	Ultrapar Participacoes SA		39,911
	3,305	Vale, SP ADR		39,230
				407,568
		Chile – 0.63%
	1,599	Enersis, SP ADR		25,744
		China – 9.60%
	46,000	Angang Steel, Class H *		27,886
	153,000	Bank of China, Class H		67,294
	54,000	China CITIC Bank, Class H		32,179
	55,000	China Construction Bank, Class H		37,953
	33,000	China Railway Construction, Class H		27,284
	69,000	Chongqing Rural Commercial Bank, Class H		30,259
	73,000	Evergrande Real Estate, Class H		32,579
	32,000	Huaneng Power International, Class H		31,245
	46,000	Industrial and Commercial Bank of China, Class H		27,412
	800	Tencent Holdings		49,860
	826	WuXi PharmaTech Cayman, ADR *		28,084
				392,035

Shares			Market Value
		Egypt – 0.58%
	4,727	Commercial International Bank SAE, GDR	$	23,777
		Hong Kong – 5.66%
	4,000	China Mobile		38,024
	74,000	China Power International Development		26,630
	48,000	China Resources Cement Holdings		33,309
	22,000	COSCO Pacific		29,455
	264,000	GOME Electrical Appliances Holding		49,715
	250,000	REXlot Holdings		26,442
	14,000	Shimao Property Holdings		27,628
				231,203
		India – 4.15%
	1,036	ICICI Bank, SP ADR		44,206
	1,659	Reliance Industries, GDR		51,429
	1,106	Tata Motors, SP ADR		41,387
	2,700	Wipro, ADR		32,292
				169,314
		Indonesia – 4.70%
	332,800	Adaro Energy Tbk PT		34,110
	97,800	Bank Negara Indonesia Persero Tbk		40,731
	53,900	Bank Rakyat Indonesia Persero Tbk PT		46,154
	60,600	Indofood Sukses Makmur Tbk PT		36,953
	161,100	Perusahaan Perkebunan London Sumatra Tbk PT		34,139
				192,087
		Malaysia – 3.45%
	13,500	AMMB Holdings		29,683
	22,400	DiGi.Com		38,002
	16,900	IJM		33,019
	23,300	Malaysia Building Society		16,126
	49,770	YTL Power International *		23,929
				140,759
		Mexico – 3.22%
	68,800	America Movil		69,364
	3,300	Gruma, Class B *		29,184
	5,500	Grupo Aeroportuario del Pacifico		33,107
				131,655
		Philippines – 3.26%
	48,800	Alliance Global Group		34,099
	16,970	BDO Unibank		33,594
	15,770	Metropolitan Bank & Trust		29,962
	10,840	Universal Robina		35,501
				133,156
		Poland – 0.95%
	2,841	Powszechna Kasa Oszczednosci Bank Polski		38,942
		Russia – 3.00%
	6,694	Gazprom, SP ADR		48,327
	635	Lukoil, SP ADR		33,602

See accompanying Notes to Financial Statements.

52

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Russia (continued)
	3,089	Sberbank, ADR	$	25,892
	426	Tatneft, SP ADR		14,612
				122,433
		South Africa – 10.71%
	1,603	African Rainbow Minerals		30,125
	3,246	Barloworld		35,362
	2,291	Kumba Resources		31,223
	2,660	Liberty Holdings		31,865
	5,378	Mediclinic International		37,573
	1,619	Mondi		26,931
	3,341	MTN Group		66,947
	15,351	Netcare		37,208
	622	Sasol		34,900
	7,652	Steinhoff International Holdings		39,720
	1,293	Tiger Brands		34,553
	2,619	Vodacom Group		31,230
				437,637
		South Korea – 17.40%
	35	Amorepacific		45,219
	177	E-Mart		40,426
	584	Hankook Tire		33,741
	1,000	Hanwha		29,082
	316	Hyundai Motor		70,338
	2,680	Industrial Bank of Korea		32,939
	72	KCC		35,815
	1,410	LG Display *		37,457
	447	LS		34,997
	139	Samsung Electronics		180,661
	1,250	Shinhan Financial Group		54,437
	152	SK Holdings		26,920
	1,510	SK Hynix *		58,673
	145	SK Telecom		29,960
				710,665
		Taiwan – 10.69%
	34,000	Advanced Semiconductor Engineering		39,407
	77,000	Au Optronics *		29,068
	6,000	Catcher Technology		50,566
	14,000	Cheng Uei Precision Industry		28,141
	22,000	Hon Hai Precision Industry		63,090
	21,000	Pou Chen		26,704
	17,000	Ruentex Development		30,062
	73,000	Sinopac Financial Holdings		32,514
	16,000	Taiwan Semiconductor Manufacturing		62,786
	23,740	Uni-President Enterprises		40,172
	79,000	United Microelectronics		34,140
				436,650
		Thailand – 2.24%
	6,000	PTT Exploration & Production		29,574
	15,600	PTT Global Chemical		33,625
	279,100	Quality Houses		28,117
				91,316

Shares			Market Value
		Turkey – 2.35%
	25,021	Eregli Demir ve Celik Fabrikalari TAS	$	34,720
	8,764	Turk Hava Yollari		28,015
	5,685	Turkcell Iletisim Hizmetleri *		33,116
				95,851
		Total Common Stocks (Cost $3,708,672)		3,780,792
	EXCHANGE TRADED FUNDS – 5.28%
		United States – 5.28%
	623	iPath MSCI India Index Fund *		38,190
	2,550	iShares MSCI Emerging Markets Index Fund		105,392
	2,737	iShares MSCI India		72,202
				215,784
		Total Exchange Traded Funds (Cost $194,285)		215,784
	RIGHTS – 0.00%
		Brazil – 0.00%
	7	AMBEV SA		1
		Total Rights (Cost $-)		1
	INVESTMENT COMPANY – 2.20%
	89,829	BlackRock Liquidity Funds TempCash Portfolio		89,829
		Total Investment Company (Cost $89,829)		89,829
	Total Investments – 100.05% (Cost $3,992,786)**		$	4,086,406
	Net Other Assets and Liabilities – (0.05)%			(2,220	)
	Net Assets – 100.00%		$	4,084,186

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	361,986
Gross unrealized depreciation		(268,366	)
Net unrealized appreciation	$	93,620

ADR American Depositary Receipt

GDR Global Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

53

Aston Funds

ASTON/Pictet International Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.99%
		Australia – 4.16%
	11,193	ALS	$	77,987
	17,965	Asciano		90,290
	7,872	Computershare		90,316
	19,629	Fortescue Metals Group		92,088
	11,702	UGL		73,380
				424,061
		Austria – 2.27%
	3,491	Erste Group Bank		117,158
	3,631	Raiffeisen Bank International		114,602
				231,760
		Belgium – 1.87%
	1,823	Ageas		78,365
	3,516	ThromboGenics *		111,851
				190,216
		Bermuda – 2.32%
	2,400	Jardine Matheson Holdings		149,520
	15,402	Odfjell Drilling		87,059
				236,579
		Cayman Islands – 0.96%
	28,000	MGM China Holdings		97,511
		Denmark – 4.38%
	2,243	Carlsberg , Class B		224,092
	4,827	H Lundbeck		140,683
	2,986	Matas *		81,865
				446,640

Shares			Market Value
		France – 3.65%
	1,503	Orpea	$	109,222
	840	Rubiis		59,760
	3,259	Societe Generale		202,557
				371,539
		Germany – 5.01%
	933	Allianz		161,605
	1,370	Bayer		190,067
	1,977	SAP		159,191
				510,863
		Hong Kong – 4.82%
	32,200	AIA Group		156,163
	13,000	Hutchison Whampoa		177,739
	294,000	PCCW		156,993
				490,895
		Italy – 4.37%
	8,499	Astaldi		91,970
	13,774	Snam		82,782
	34,177	UnipolSai		125,461
	10,860	World Duty Free *		145,468
				445,681
		Japan – 21.01%
	4,500	Accordia Golf		57,661
	3,400	Daiichikosho		98,041
	800	Daito Trust Construction		81,303
	5,200	Fuji Media Holdings		87,536
	2,400	GMO Internet		21,151
	20,500	Inpex		298,371
	7,600	Japan Tobacco		249,480
	2,400	Miraca Holdings		103,996
	2,300	MISUMI Group		55,928
	7,100	Mitsubishi		126,951
	2,900	Nippon Telegraph & Telephone		160,580
	11,600	NKSJ Holdings		289,220
	6,700	Sony		117,439
	3,900	Sumitomo Mitsui Financial Group		153,848
	1,900	Temp Holdings		48,376
	1,900	Tsuruha Holdings		191,050
				2,140,931
		Malaysia – 0.98%
	33,200	Genting		99,636
		Netherlands – 1.07%
	1,582	Airbus Group		108,620
		New Zealand – 1.53%
	53,306	Mighty River Power		106,870
	14,431	Trade Me Group		49,153
				156,023

See accompanying Notes to Financial Statements.

54

Aston Funds

ASTON/Pictet International Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Papua New Guinea – 0.90%
	11,139	Oil Search	$	91,995
		Philippines – 0.80%
	713,000	Metro Pacific Investments		81,088
		Portugal – 3.92%
	14,281	Galp Energia		247,362
	21,064	ZON OPTIMUS		151,931
				399,293
		Singapore – 2.67%
	57,000	First Resources		116,846
	1,567	Millicom International Cellular, SP ADR		154,960
				271,806
		Spain – 2.59%
	14,917	Distribuidora Internacional de Alimentacion		133,235
	4,260	Enagas		131,204
				264,439
		Sweden – 2.35%
	1,931	Modern Times Group, Class B		85,737
	12,742	Telefonaktiebolaget LM Ericsson, Class B		153,832
				239,569
		Switzerland – 10.12%
	1,618	Cie Financiere Richemont		164,172
	5,160	Gategroup Holding		160,645
	3,537	Nestle		273,082
	755	Roche Holding		221,327
	1,146	Transocean		48,869
	7,784	UBS		162,738
				1,030,833
		United Kingdom – 14.24%
	13,459	BBA Aviation		70,445
	8,033	BG Group		162,483
	29,200	Enterprise Inns *		67,296
	21,196	HSBC Holdings		216,190
	16,735	Inmarsat		205,698
	9,996	Jazztel *		153,379
	3,348	Rio Tinto		182,272
	7,179	Standard Chartered		155,330
	6,364	Tullow Oil		94,555
	24,041	William Hill		143,975
				1,451,623
		Total Common Stocks (Cost $9,599,695)		9,781,601

Shares			Market Value
	PREFERRED STOCK – 1.65%
		Germany – 1.65%
	624	Volkswagen	$	168,033
				168,033
		Total Preferred Stock (Cost $165,923)		168,033
	INVESTMENT COMPANY – 0.08%
	8,683	BlackRock Liquidity Funds TempCash Portfolio		8,683
		Total Investment Company (Cost $8,683)		8,683
	Total Investments – 97.72% (Cost $9,774,302)**			9,958,317
	Net Other Assets and Liabilities – 2.28%			232,344
	Net Assets – 100.00%		$	10,190,661

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	287,853
Gross unrealized depreciation		(103,838	)
Net unrealized appreciation	$	184,015

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

55

Aston Funds

ASTON/Harrison Street Real Estate Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.10%
		Diversified – 22.97%
	10,125	Crown Castle International	$	736,391
	14,840	DuPont Fabros Technology		359,573
	7,060	EPR Properties		378,487
	12,212	Liberty Property Trust		457,950
	5,600	Potlatch		214,088
	16,977	Weyerhaeuser		506,763
	4,665	WP Carey		286,804
				2,940,056
		Healthcare – 10.99%
	8,245	Health Care, REIT		520,177
	11,600	LTC Properties		448,108
	14,601	Sabra Health Care, REIT		437,592
				1,405,877
		Hotels – 7.07%
	13,051	Chesapeake Lodging Trust		352,246
	2,470	Starwood Hotels & Resorts Worldwide		189,326
	33,710	Strategic Hotels & Resorts *		363,731
				905,303
		Industrial – 7.00%
	13,938	Prologis		566,301
	14,025	STAG Industrial		330,008
				896,309
		Office Properties – 10.37%
	29,400	American Realty Capital Properties		384,846
	4,400	Boston Properties		515,416
	4,079	SL Green Realty		427,112
				1,327,374

Shares			Market Value
		Residential – 13.35%
	5,635	Camden Property Trust	$	385,941
	9,780	Equity Residential		581,323
	5,000	Mid-America Apartment Communities		348,250
	15,223	UDR		393,667
				1,709,181
		Retail – 19.58%
	18,610	General Growth Properties		427,472
	15,900	Kimco Realty		364,428
	14,624	Ramco-Gershenson Properties Trust		241,004
	16,085	Retail Opportunity Investments		251,569
	7,055	Simon Property Group		1,221,926
				2,506,399
		Storage – 6.77%
	3,550	Public Storage		623,061
	3,200	Sovran Self Storage		242,880
				865,941
		Total Common Stocks (Cost $12,056,712)		12,556,440
	Total Investments – 98.10% (Cost $12,056,712)**		$	12,556,440
	Net Other Assets and Liabilities – 1.90%			243,737
	Net Assets – 100.00%		$	12,800,177

* Non-income producing security.

** At April 30, 2014, cost is identical for book and federal income tax purposes.

Gross unrealized appreciation	$	573,288
Gross unrealized depreciation		(73,560	)
Net unrealized appreciation	$	499,728

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

56

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2014
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 59.01%
		Consumer Discretionary – 6.87%
	3,400	NIKE, Class B	$	248,030
	176	Priceline.com *		203,763
	1,858	Ralph Lauren		281,244
	5,200	Starbucks		367,223
	4,950	TJX		287,991
	2,700	Yum! Brands		207,873
				1,596,124
		Consumer Staples – 13.61%
	7,800	Colgate-Palmolive		524,940
	2,300	Costco Wholesale		266,064
	7,100	Estee Lauder, Class A		515,247
	15,750	Mondelez International, Class A		561,488
	3,720	PepsiCo		319,511
	6,350	Procter & Gamble		524,193
	6,600	Walgreen		448,140
				3,159,583
		Energy – 2.75%
	5,500	Occidental Petroleum		526,625
	1,100	Schlumberger		111,705
				638,330
		Financials – 4.30%
	4,900	American Express		428,407
	2,200	State Street		142,032
	8,600	Wells Fargo		426,904
				997,343
		Healthcare – 14.10%
	11,250	Abbott Laboratories		435,825
	3,050	Allergan		505,812
	4,250	AmerisourceBergen		277,015
	1,712	Biogen Idec *		491,549
	7,500	Gilead Sciences *		588,675

Shares			Market Value
		Healthcare (continued)
	2,887	McKesson	$	488,452
	1,850	Stryker		143,838
	3,000	Thermo Fisher Scientific		342,000
				3,273,166
		Industrials – 4.44%
	12,500	General Electric		336,125
	1,112	Union Pacific		211,758
	4,900	United Parcel Service, Class B		482,650
				1,030,533
		Information Technology – 10.72%
	3,650	Accenture, Class A (Ireland)		292,803
	8,800	eBay *		456,104
	529	Google, Class A *		282,952
	278	Google, Class C *		146,411
	16,300	Juniper Networks *		402,447
	6,500	QUALCOMM		511,615
	1,960	Visa, Class A		397,116
				2,489,448
		Materials – 2.22%
	4,650	Monsanto		514,755
		Total Common Stocks (Cost $10,965,244)		13,699,282
Par Value
	CORPORATE NOTES AND BONDS – 21.92%
		Consumer Staples – 4.57%
	$300,000	Coca-Cola Senior Unsecured Notes 5.350%, 11/15/17		342,782
	325,000	PepsiCo Senior Unsecured Notes 5.000%, 06/01/18		366,489
	350,000	Wal-Mart Stores Senior Unsecured Notes 3.200%, 05/15/14		350,330
				1,059,601
		Financials – 7.38%
	300,000	General Electric Capital Senior Unsecured Notes, MTN 4.375%, 09/16/20		328,662
	300,000	Goldman Sachs Group Senior Unsecured Notes 3.625%, 02/07/16		313,832
	350,000	JPMorgan Chase Senior Unsecured Notes 4.350%, 08/15/21		377,155
	350,000	U.S. Bancorp Subordinated Notes, MTN 2.950%, 07/15/22		339,341

See accompanying Notes to Financial Statements.

57

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2014
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$350,000	Wells Fargo Senior Unsecured Notes, MTN, Series 1 3.750%, 10/01/14	$	354,993
				1,713,983
		Healthcare – 3.02%
	250,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37		317,844
	375,000	Medtronic Senior Unsecured Notes 3.000%, 03/15/15		383,965
				701,809
		Industrials – 1.67%
	375,000	United Parcel Service Senior Unsecured Notes 3.125%, 01/15/21		387,526
		Information Technology – 5.28%
	300,000	Apple Senior Unsecured Notes 1.000%, 05/03/18		293,188
	300,000	Cisco Systems Senior Unsecured Notes 5.500%, 02/22/16		326,919
	300,000	Google Senior Unsecured Notes 3.625%, 05/19/21		319,101
	300,000	Oracle Senior Unsecured Notes 2.500%, 10/15/22		286,754
				1,225,962
		Total Corporate Notes and Bonds (Cost $4,975,680)		5,088,881
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 14.56%
		Fannie Mae – 0.19%
	12,339	7.500%, 02/01/35, Pool # 787557		14,173
	2,955	7.500%, 04/01/35, Pool # 819231		3,172
	24,339	6.000%, 11/01/35, Pool # 844078		27,180
				44,525
		Freddie Mac – 1.66%
	10,949	5.500%, 12/01/20, Gold Pool # G11820		11,948
	375,000	1.000%, 09/29/17		373,638
				385,586
		Government National Mortgage Association – 0.04%
	8,828	5.500%, 02/15/39, Pool # 698060		9,816

Par Value			Market Value
		U.S. Treasury Bonds – 4.04%
	$300,000	5.375%, 02/15/31	$	387,586
	400,000	3.500%, 02/15/39		408,000
	150,000	3.125%, 11/15/41		141,797
				937,383
		U.S. Treasury Notes – 8.63%
	325,000	4.000%, 02/15/15		335,055
	275,000	0.250%, 02/15/15		275,360
	300,000	4.500%, 02/15/16		322,494
	325,000	2.625%, 04/30/16		339,384
	325,000	4.625%, 02/15/17		359,633
	375,000	2.125%, 08/15/21		370,620
				2,002,546
		Total U.S. Government and Agency Obligations (Cost $3,335,925)		3,379,856
Shares
	INVESTMENT COMPANY – 6.41%
	1,487,666	BlackRock Liquidity Funds TempCash Portfolio		1,487,666
		Total Investment Company (Cost $1,487,666)		1,487,666
	Total Investments – 101.90% (Cost $20,764,515)**		$	23,655,685
	Net Other Assets and Liabilities – (1.90)%			(440,749	)
	Net Assets – 100.00%		$	23,214,936

* Non-income producing security.

** At April 30, 2014, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	3,010,710
Gross unrealized depreciation		(119,540	)
Net unrealized appreciation	$	2,891,170

MTN Medium Term Note

Portfolio Composition
Common Stocks	59%
U.S. Government and Agency Obligations	15%
Investment Company	4%
Corporate Notes and Bonds
(Moody’s Ratings)
Aaa	2%
Aa	7%
A	12%
Baa	1%
	100%

See accompanying Notes to Financial Statements.

58

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Aston Funds

	April 30, 2014
Statements of Assets and Liabilities (unaudited)

	Montag & Caldwell Growth Fund		TAMRO Diversified Equity Fund
ASSETS:
Investments:
Investments at cost	$	3,993,999,800	$	43,118,187
Net unrealized appreciation (depreciation)		772,976,247		12,225,771
Total investments at value		4,766,976,047		55,343,958
Receivables:
Dividends and interest		4,943,195		9,503
Dividend reclaims		—		—
Fund shares sold		3,779,833		17,526
Investments sold		35,840,778		186,892
Other assets		82,087		821
Total assets		4,811,621,940		55,558,700
LIABILITIES:
Payables:
Due to custodian		—		—
Dividend distribution		—		—
Investments purchased		—		199,514
Fund shares redeemed		10,175,818		100,993
Due to Adviser, net (Note G)		2,502,561		28,412
Administration fees (Note G)		188,840		3,925
Distribution fees (Note G)		85,126		1,090
Audit and tax fees		14,625		8,650
Custodian fees		21,338		474
Transfer agent fees		836,430		13,793
Accrued expenses and other payables		271,861		5,454
Total liabilities		14,096,599		362,305
NET ASSETS	$	4,797,525,341	$	55,196,395
NET ASSETS CONSIST OF:
Paid in capital	$	3,551,583,173	$	41,808,905
Accumulated undistributed (distribution in excess of) net investment income (loss)		6,129,782		(93,994	)
Accumulated net realized gain (loss) on investments		466,836,139		1,255,713
Net unrealized appreciation (depreciation) on investments.		772,976,247		12,225,771
TOTAL NET ASSETS	$	4,797,525,341	$	55,196,395
Class N:
Net Assets	$	2,052,125,618	$	26,430,727
Shares of beneficial interest outstanding (unlimited authorization)		73,543,384		1,529,340
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	27.90	$	17.28
Class I:
Net Assets	$	2,735,727,897	$	28,765,668
Shares of beneficial interest outstanding (unlimited authorization)		97,480,001		1,660,415
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	28.06	$	17.32
Class R:
Net Assets	$	9,671,826	$	—
Shares of beneficial interest outstanding (unlimited authorization)		350,755		—
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	27.57	$	—

See accompanying Notes to Financial Statements.

60

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
$	126,002,483	$	98,398,234		$	1,020,831,991	$	105,544,422	$	4,365,338,756		$	9,351,884		$	38,604,545
	20,761,846		10,644,611			220,512,187		8,794,341		1,193,274,175			1,922,196			(251,449	)
	146,764,329		109,042,845			1,241,344,178		114,338,763		5,558,612,931			11,274,080			38,353,096
	108,924		59,527			2,068,000		188,083		987,373			1,844			381
	—		5,317			9,544		—		—			—			—
	507,335		386,159			933,040		226,227		7,592,157			33			7,564
	—		—			184,454		—		74,126,294			245,083			810,534
	11,352		1,005			18,919		1,339		85,040			177			590
	147,391,940		109,494,853			1,244,558,135		114,754,412		5,641,403,795			11,521,217			39,172,165
	—		—			—		—		31,521,338			—			—
	—		—			216,071		6,028		—			—			—
	—		232,142			—		2,329,252		43,013,041			120,239			772,759
	77,049		461			1,472,205		222,264		5,784,502			—			423,238
	127,138		69,128			713,915		106,895		3,196,765			2,639			22,075
	7,037		5,334			49,675		5,928		211,464			2,173			3,383
	2,007		867			18,582		268		104,691			467			1,275
	8,838		10,166			10,811		10,166		14,625			8,650			8,839
	1,741		7,955			4,843		1,898		15,503			2,053			1,502
	15,533		18,730			211,496		7,812		1,036,102			4,636			10,959
	4,620		12,424			48,411		9,546		222,741			6,799			3,446
	243,963		357,207			2,746,009		2,700,057		85,120,772			147,656			1,247,476
$	147,147,977	$	109,137,646		$	1,241,812,126	$	112,054,355	$	5,556,283,023		$	11,373,561		$	37,924,689
$	120,527,130	$	120,503,408		$	956,739,738	$	100,447,798	$	3,686,403,951		$	9,108,040		$	36,252,868
	367,560		90,942			5,817,938		202,083		(4,685,581	)		(36,171	)		(138,331	)
	5,491,441		(22,101,315	)		58,742,263		2,610,133		681,290,478			379,496			2,061,601
	20,761,846		10,644,611			220,512,187		8,794,341		1,193,274,175			1,922,196			(251,449	)
$	147,147,977	$	109,137,646		$	1,241,812,126	$	112,054,355	$	5,556,283,023		$	11,373,561		$	37,924,689
$	49,335,057	$	21,405,775		$	454,582,501	$	6,591,509	$	2,549,270,585		$	11,373,561		$	30,799,940
	3,329,863		1,439,944			33,610,314		505,075		55,741,582			992,702			2,338,749
$	14.82	$	14.87		$	13.53	$	13.05	$	45.73		$	11.46		$	13.17
$	97,812,920	$	87,731,871		$	787,229,625	$	105,462,846	$	3,007,012,438		$	—		$	7,124,749
	6,592,355		5,894,320			58,240,815		8,079,469		64,660,921			—			537,194
$	14.84	$	14.88		$	13.52	$	13.05	$	46.50		$	—		$	13.26
$	—	$	—		$	—	$	—	$	—		$	—		$	—
	—		—			—		—		—			—			—
$	—	$	—		$	—	$	—	$	—		$	—		$	—

See accompanying Notes to Financial Statements.

61

Aston Funds

	April 30, 2014
Statements of Assets and Liabilities (unaudited) – continued

	Silvercrest Small Cap Fund		TAMRO Small Cap Fund
ASSETS:
Investments:
Investments at cost	$	48,425,831	$	899,947,442
Affiliated investment at cost		—		—
Net unrealized appreciation		3,452,451		245,543,616
Total investments at value		51,878,282		1,145,491,058
Receivables:
Dividends and interest		13,971		18
Fund shares sold		432		4,584,608
Investments sold		699,278		20,905,640
Other assets		507		20,232
Total assets		52,592,470		1,171,001,556
LIABILITIES:
Payables:
Due to custodian		249,920		1,968,740
Dividend distribution		—		—
Investments purchased		510,377		6,201,348
Fund shares redeemed		60,326		7,062,722
Due to Adviser, net (Note G)		33,469		893,649
Administration fees (Note G)		3,647		48,858
Distribution fees (Note G)		167		19,049
Audit and tax fees		8,650		10,355
Custodian fees		3,619		6,792
Transfer agent fees		13,782		310,420
Accrued expenses and other payables		2,626		75,086
Call options written, at value (premiums received $5,339,443)		—		—
Total liabilities		886,583		16,597,019
NET ASSETS	$	51,705,887	$	1,154,404,537
NET ASSETS CONSIST OF:
Paid in capital	$	46,637,692	$	852,210,534
Accumulated undistributed (distribution in excess of) net investment income (loss)		2,017		(2,450,167	)
Accumulated net realized gain (loss) on investments, purchased options,, written options, and capital gain distributions received		1,613,727		59,100,554
Net unrealized appreciation on investments, purchased options and written options		3,452,451		245,543,616
TOTAL NET ASSETS	$	51,705,887	$	1,154,404,537
Class N:
Net Assets	$	3,973,442	$	455,736,461
Shares of beneficial interest outstanding (unlimited authorization)		275,833		21,758,068
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	14.41	$	20.95
Class I:
Net Assets	$	47,732,445	$	698,668,076
Shares of beneficial interest outstanding (unlimited authorization)		3,302,770		32,391,650
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	14.45	$	21.57

See accompanying Notes to Financial Statements.

62

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
$	188,717,017		$	251,734,994		$	714,892,418		$	120,470,761			$	48,583,659		$	459,978,734		$	179,105,452
	—			—			—			2,516,745				—			—			—
	22,198,985			64,204,576			13,976,018			1,369,758				3,569,972			34,209,464			10,686,622
	210,916,002			315,939,570			728,868,436			124,357,264				52,153,631			494,188,198			189,792,074
	37,419			8,602			25,796			989,060				516,094			108,385			275,984
	97,263			153,795			4,766,201			55,974				12,562			1,104,809			608,706
	1,955,183			4,362,789			2,237,461			1,120,754				3,353			—			1,225,865
	5,284			5,004			26,931			2,626				873			13,182			2,529
	213,011,151			320,469,760			735,924,825			126,525,678				52,686,513			495,414,574			191,905,158
	370,948			2,292,777			—			18,259				3,358			—			—
	—			—			—			67,304		��		7,506			—			—
	1,915,122			1,496,268			—			198,734				—			108,384			654,943
	650,941			421,738			916,601			274,068				33,542			153,486			199,057
	176,241			237,794			596,666			37,999				13,131			443,735			104,893
	10,278			14,393			29,535			26,565				9,883			20,391			9,498
	687			2,267			12,685			1,756				1,796			1,982			4,353
	10,166			10,166			8,650			7,038				10,861			9,618			9,617
	3,500			4,330			3,706			8,821				1,923			1,591			11,154
	37,680			101,102			170,687			21,893				13,092			70,198			30,835
	11,910			22,318			46,794			22,433				7,534			15,816			15,985
	—			—			—			—				—			—			7,437,969
	3,187,473			4,603,153			1,785,324			684,870				102,626			825,201			8,478,304
$	209,823,678		$	315,866,607		$	734,139,501		$	125,840,808			$	52,583,887		$	494,589,373		$	183,426,854
$	173,051,479		$	228,819,548		$	699,786,291		$	129,380,499			$	53,753,608		$	454,080,031		$	177,413,366
	(1,226,498	)		(1,606,641	)		(3,018,839	)		(783,887	)			132,335			(4,330,187	)		215,433
	15,799,712			24,449,124			23,396,031			(4,125,562	)			(4,872,028	)		10,630,065			(2,790,041	)
	22,198,985			64,204,576			13,976,018			1,369,758				3,569,972			34,209,464			8,588,096
$	209,823,678		$	315,866,607		$	734,139,501		$	125,840,808			$	52,583,887		$	494,589,373		$	183,426,854
$	16,553,703		$	54,747,024		$	308,274,312		$	42,693,348			$	43,449,574		$	46,953,764		$	106,019,566
	1,878,476			3,987,739			27,382,609			3,982,213				4,031,296			3,439,470			11,286,694
$	8.81		$	13.73		$	11.26		$	10.72			$	10.78		$	13.65		$	9.39
$	193,269,975		$	261,119,583		$	425,865,189		$	83,147,460			$	9,134,313		$	447,635,609		$	77,407,288
	21,713,337			18,942,101			37,549,586			7,755,965				847,389			32,710,134			8,232,255
$	8.90		$	13.79		$	11.34		$	10.72			$	10.78		$	13.68		$	9.40

See accompanying Notes to Financial Statements.

63

Aston Funds

	April 30, 2014
Statements of Assets and Liabilities (unaudited) – continued

	River Road Long-Short Fund			Barings International Fund
ASSETS:
Investments:
Investments at cost	$	225,938,665		$	25,309,559
Net unrealized appreciation		2,568,221			3,380,823
Total investments at value		228,506,886			28,690,382
Foreign currency (Cost $4,767, $30,849, $3,566, $499, $293,965, respectively)		4,791			30,945
Cash		818,769			6,673
Segregated Cash (Note B-5)		46,821,667			—
Receivables:
Dividends and interest		220,110			152,742
Dividend reclaims		—			108,510
Fund shares sold		437,338			—
Investments sold		948,842			60,028
Due from Adviser, net (Note G)		—			—
Deferred offering costs (Note B-13)		—			—
Other assets		6,989			648
Total assets		277,765,392			29,049,928
LIABILITIES:
Payables:
Due to custodian		—			—
Interest and dividends on securities sold short		41,473			—
Investments purchased		10,253,355			38,965
Fund shares redeemed		707,283			—
Due to Adviser, net (Note G)		241,218			12,008
Administration fees (Note G)		9,298			8,776
Distribution fees (Note G)		4,117			20
Audit and tax fees		9,808			10,166
Custodian fees		1,315			23,604
Transfer agent fees		42,404			4,226
Offering costs (Note B-13)		—			—
Accrued expenses and other payables		14,321			5,774
Securities sold short, at value (proceeds $54,598,809)		56,028,471			—
Total liabilities		67,353,063			103,539
NET ASSETS	$	210,412,329		$	28,946,389
NET ASSETS CONSIST OF:
Paid in capital	$	209,410,170		$	23,114,865
Accumulated undistributed (distribution in excess of) net investment income (loss)		(1,166,703	)		412,339
Accumulated net realized gain (loss) on investments, securities sold short and foreign currency transactions		1,030,279			2,033,512
Net unrealized appreciation on investments, securities sold short and translation of assets and liabilities denominated in foreign currency		1,138,583			3,385,673
TOTAL NET ASSETS	$	210,412,329		$	28,946,389
Class N:
Net Assets	$	99,996,366		$	493,960
Shares of beneficial interest outstanding (unlimited authorization)		8,691,870			67,714
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	11.50		$	7.29
Class I:
Net Assets	$	110,415,963		$	28,452,429
Shares of beneficial interest outstanding (unlimited authorization)		9,567,440			3,896,612
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	11.54		$	7.30

See accompanying Notes to Financial Statements.

64

Aston Funds

Guardian Capital Global Dividend Fund		LMCG Emerging Markets Fund			Pictet International Fund		Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	4,001,943	$	3,992,786		$	9,774,302	$	12,056,712		$	20,764,515
	131,572		93,620			184,015		499,728			2,891,170
	4,133,515		4,086,406			9,958,317		12,556,440			23,655,685
	3,572		500			295,140		—			—
	—		—			—		—			—
	—		—			—		—			—
	3,593		5,951			4,497		8,586			82,739
	588		—			454		2,336			—
	—		—			—		7,842			1,101
	98		—			—		852,260			83,081
	8,334		6,232			6,730		—			—
	66,740		—			66,740		—			—
	—		7,961			—		194			398
	4,216,440		4,107,050			10,331,878		13,427,658			23,823,004
	—		—			—		586,336			—
	—		—			—		—			—
	—		—			62,299		—			—
	—		—			—		1,705			567,218
	—		—			—		805			9,898
	1,479		5,430			2,102		2,056			3,457
	42		27			42		522			361
	1,831		8,327			1,831		9,294			10,861
	1,164		3,830			2,282		1,491			795
	1,160		3,918			1,146		7,063			7,377
	70,000		—			70,000		—			—
	1,424		1,332			1,515		18,209			8,101
	—		—			—		—			—
	77,100		22,864			141,217		627,481			608,068
$	4,139,340	$	4,084,186		$	10,190,661	$	12,800,177		$	23,214,936
$	4,000,020	$	4,384,072		$	10,000,020	$	24,433,320		$	19,510,860
	5,646		(14,841	)		4,090		34,919			(275,295	)
	2,083		(378,669	)		1,422		(12,167,757	)		1,088,201
	131,591		93,624			185,129		499,695			2,891,170
$	4,139,340	$	4,084,186		$	10,190,661	$	12,800,177		$	23,214,936
$	1,034,750	$	665,377		$	1,018,968	$	12,322,777		$	21,487,960
	100,001		72,777			100,001		1,057,080			904,969
$	10.35	$	9.14		$	10.19	$	11.66		$	23.74
$	3,104,590	$	3,418,809		$	9,171,693	$	477,400		$	1,726,976
	300,001		373,384			900,001		41,200			72,960
$	10.35	$	9.16		$	10.19	$	11.59		$	23.67

See accompanying Notes to Financial Statements.

65

Aston Funds

For the Six Months Ended April 30, 2014

Statements of Operations (unaudited)

	Montag & Caldwell Growth Fund			TAMRO Diversified Equity Fund
INVESTMENT INCOME:
Dividends	$	35,812,542		$	213,481
Less: foreign taxes withheld		—			(333	)
Total investment income		35,812,542			213,148
EXPENSES:
Investment advisory fees (Note G)		16,091,849			224,211
Distribution expenses (Note G)(a)		2,722,479			33,806
Transfer agent fees		1,991,904			37,638
Administration fees (Note G)		1,143,473			20,246
Custodian fees		67,067			2,543
Audit and tax fees		15,844			8,990
Legal fees		52,033			549
Registration expenses		62,784			14,522
Reports to shareholder expense		178,788			1,495
Trustees fees and related expenses (Note G)		146,386			1,554
Other expenses		95,743			3,367
Total expenses before waivers/reimbursements		22,568,350			348,921
Less: Investment advisory fees waived (Note G)		—			(48,866	)
Plus: Expenses recouped (Note G)		—			—
Net expenses		22,568,350			300,055
NET INVESTMENT INCOME (LOSS)		13,244,192			(86,907	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		481,887,542			1,297,998
Net change in unrealized appreciation (depreciation) on investments		(256,997,862	)		2,178,474
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		224,889,680			3,476,472
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	238,133,872		$	3,389,565

(a) Distribution expense is incurred at the Class N level for all funds except Montag & Caldwell Growth Fund. The distribution expense for Class N and R of the Montag & Caldwell Growth Fund is $2,697,789 and $24,690, respectively.

See accompanying Notes to Financial Statements.

66

Aston Funds

Herndon Large Cap Value Fund		Cornerstone Large Cap Value  Fund			River Road Dividend All Cap Value  Fund			River Road Dividend All Cap Value Fund II			Fairpointe Mid Cap Fund			Montag & Caldwell Mid Cap Growth  Fund			LMCG Small Cap Growth Fund
$	1,498,672	$	755,108		$	29,445,073		$	2,407,087		$	22,124,193		$	35,839		$	134,985
	—		(10,378	)		(160,544	)		(14,198	)		—			(137	)		—
	1,498,672		744,730			29,284,529			2,392,889			22,124,193			35,702			134,985
	529,905		320,458			4,276,700			345,034			18,231,965			48,873			206,687
	57,115		27,256			564,950			6,451			3,076,446			14,375			41,176
	40,266		44,993			409,680			30,156			2,011,664			9,678			29,731
	37,022		24,911			280,122			29,752			1,157,926			10,185			17,233
	4,247		14,587			16,023			4,356			62,591			3,780			3,901
	9,113		10,728			11,150			10,728			15,844			8,990			9,113
	1,218		606			12,035			871			49,324			118			418
	16,768		16,462			24,056			16,311			53,576			8,715			16,019
	2,426		1,473			21,184			1,560			177,928			252			1,969
	3,524		1,885			34,046			2,554			138,956			321			1,158
	4,494		3,501			23,795			3,865			74,956			2,404			3,107
	706,098		466,860			5,673,741			451,638			25,051,176			107,691			330,512
	—		(19,003	)		—			—			—			(35,818	)		(61,982	)
	46,517		—			—			72,364			—			—			—
	752,615		447,857			5,673,741			524,002			25,051,176			71,873			268,530
	746,057		296,873			23,610,788			1,868,887			(2,926,983	)		(36,171	)		(133,545	)
	6,303,283		2,627,916			56,621,444			2,618,709			682,412,515			432,074			3,764,890
	5,120,571		3,801,757			(31,670,372	)		(430,888	)		(159,148,869	)		155,900			(2,394,505	)
	11,423,854		6,429,673			24,951,072			2,187,821			523,263,646			587,974			1,370,385
$	12,169,911	$	6,726,546		$	48,561,860		$	4,056,708		$	520,336,663		$	551,803		$	1,236,840

See accompanying Notes to Financial Statements.

67

Aston Funds

For the Six Months Ended April 30, 2014

Statements of Operations (unaudited) – continued

	Silvercrest Small Cap Fund			TAMRO Small Cap Fund
INVESTMENT INCOME:
Dividends	$	311,478		$	5,004,658
Dividends from affiliated security		—			—
Less: foreign taxes withheld		—			(10,653	)
Interest		—			—
Total investment income		311,478			4,994,005
EXPENSES:
Investment advisory fees (Note G)		214,307			5,748,829
Distribution expenses (Note G)		5,755			639,471
Transfer agent fees		28,583			529,401
Administration fees (Note G)		17,244			292,769
Custodian fees		6,547			20,658
Audit and tax fees		8,990			10,851
Legal fees		327			13,456
Registration expenses		22,066			24,754
Reports to shareholder expense		543			45,360
Trustees fees and related expenses (Note G)		980			36,496
Other expenses		2,995			25,844
Total expenses before waivers/reimbursements		308,337			7,387,889
Less: Investment advisory fees waived (Note G)		(56,130	)		—
Less: Earnings credit (Note 1)		—			—
Plus: Expenses recouped (Note G)		—			—
Net expenses		252,207			7,387,889
NET INVESTMENT INCOME (LOSS)		59,271			(2,393,884	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from non-affiliated securities		1,632,273			62,615,952
Net realized gain from affiliated securities		—			—
Net realized loss on purchased options		—			—
Net realized loss on written options		—			—
Capital gain distributions received		—			—
Net change in unrealized appreciation (depreciation) on investments		(1,068,541	)		(114,078,937	)
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		563,732			(51,462,985	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	623,003		$	(53,856,869	)

See accompanying Notes to Financial Statements.

68

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
$	1,115,454		$	1,653,243		$	1,735,806		$	785		$	4,372		$	2,560,765		$	2,582,945
	—			—			—			68,976			—			—			—
	(4,737	)		(6,332	)		(118,001	)		—			(165	)		—			—
	—			—			—			3,180,648			1,154,401			—			—
	1,110,717			1,646,911			1,617,805			3,250,409			1,158,608			2,560,765			2,582,945
	1,072,289			1,445,441			3,610,961			402,016			145,078			2,391,555			579,015
	22,740			70,686			401,850			56,404			54,976			64,680			125,535
	106,150			148,673			334,045			68,904			32,635			196,642			83,305
	55,975			79,671			168,000			72,858			28,723			113,499			46,144
	6,770			8,688			11,515			16,914			4,445			5,702			32,656
	10,728			10,727			8,990			19,751			13,074			10,105			10,105
	2,138			3,027			7,257			1,815			581			4,859			1,627
	17,548			20,801			23,673			17,827			16,014			33,507			19,167
	7,291			6,531			33,679			9,930			1,372			10,972			9,638
	6,005			8,777			20,005			4,593			1,497			13,279			4,377
	6,185			7,943			15,623			4,991			3,283			8,895			4,765
	1,313,819			1,810,965			4,635,598			676,003			301,678			2,853,695			916,334
	—			—			(8,924	)		(115,252	)		(64,694	)		—			—
	—			—			(30,229	)		—			—			—			—
	—			—			—			—			—			80,851			—
	1,313,819			1,810,965			4,596,445			560,751			236,984			2,934,546			916,334
	(203,102	)		(164,054	)		(2,978,640	)		2,689,658			921,624			(373,781	)		1,666,611
	16,533,322			25,738,969			31,636,981			(1,017,981	)		(23,659	)		50,685			6,952,811
	—			—			—			16,745			—			—			—
	—			—			—			—			—			—			(5,758,032	)
	—			—			—			—			—			—			(2,931,307	)
	—			—			—			—			—			10,679,156			—
	(15,725,190	)		(20,501,268	)		(13,045,674	)		1,805,067			638,007			6,326,217			1,652,039
	—			—			—			—			—			—			371,518
	—			—			—			—			—			—			261,902
	808,132			5,237,701			18,591,307			803,831			614,348			17,056,058			548,931
$	605,030		$	5,073,647		$	15,612,667		$	3,493,489		$	1,535,972		$	16,682,277		$	2,215,542

See accompanying Notes to Financial Statements.

69

Aston Funds

For the Six Months Ended April 30, 2014

Statements of Operations (unaudited) – continued

	River Road Long-Short Fund			Barings International Fund
INVESTMENT INCOME:
Dividends	$	1,366,913		$	624,306
Less: foreign taxes withheld		(50,994	)		(26,048	)
Interest		—			—
Total investment income		1,315,919			598,258
EXPENSES:
Investment advisory fees (Note G)		1,237,811			160,091
Distribution expenses (Note G)		140,493			599
Transfer agent fees		101,702			15,685
Administration fees (Note G)		53,354			26,892
Custodian fees		10,095			44,901
Audit and tax fees		10,230			10,728
Legal fees		1,658			379
Registration expenses		14,206			15,469
Interest and dividend expense on securities sold-short		818,927			—
Amortization of offering costs (Note B-13)		—			—
Reports to shareholder expense		9,446			514
Trustees fees and related expenses (Note G)		5,400			1,078
Other expenses		5,212			3,087
Total expenses before waivers/reimbursements		2,408,534			279,423
Less: Investment advisory fees waived (Note G)		—			(94,719	)
Less: Expenses reimbursed (Note G)		—			—
Plus: Expenses recouped (Note G)		46,575			—
Net expenses		2,455,109			184,704
NET INVESTMENT INCOME (LOSS)		(1,139,190	)		413,554
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		8,189,110			2,199,191
Net realized loss on securities sold short		(6,858,025	)		—
Net realized gain (loss) on foreign currency transactions		(6,740	)		(7,230	)
Net change in unrealized appreciation (depreciation) on investments		(4,826,978	)		(1,872,821	)
Net change in unrealized appreciation (depreciation) on securities sold short		(40,411	)		—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currency		24			2,617
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(3,543,020	)		321,757
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(4,682,210	)	$	735,311

(a) The inception date for the Guardian Capital Global Dividend Fund and Pictet International Fund is April 14, 2014.

See accompanying Notes to Financial Statements.

70

Aston Funds

Guardian Capital Global Dividend Fund(a)			LMCG Emerging Markets Fund			Pictet International Fund(a)			Harrison Street Real  Estate Fund			Montag & Caldwell Balanced Fund
$	8,544		$	41,601		$	10,209		$	122,442		$	110,309
	(804	)		(4,331	)		(596	)		—			—
	9			—			—			—			96,996
	7,749			37,270			9,613			122,442			207,305
	1,512			20,275			4,230			64,260			90,057
	118			800			118			15,473			11,105
	1,160			11,959			1,145			18,778			20,117
	1,479			14,800			2,102			10,076			14,673
	1,164			12,273			2,282			2,565			1,796
	1,831			14,322			1,831			9,412			13,074
	5			40			19			135			241
	1,166			14,146			1,170			14,663			14,938
	—			—			—			—			—
	3,260			29,147			3,260			—			—
	7			58			26			1,097			834
	13			106			52			349			671
	234			2,521			248			12,555			2,843
	11,949			120,447			16,483			149,363			170,349
	(1,512	)		(20,275	)		(4,230	)		(61,919	)		(27,162	)
	(8,334	)		(72,339	)		(6,730	)		—			—
	—			—			—			—			—
	2,103			27,833			5,523			87,444			143,187
	5,646			9,437			4,090			34,998			64,118
	(1,110	)		(145,190	)		4,428			86,359			1,141,642
	—			—			—			—			—
	3,193			(2,207	)		(3,006	)		(148	)		—
	131,572			3,889			184,015			426,345			(414,976	)
	—			—			—			—			—
	19			222			1,114			(16	)		—
	133,674			(143,286	)		186,551			512,540			726,666
$	139,320		$	(133,849	)	$	190,641		$	547,538		$	790,784

See accompanying Notes to Financial Statements.

71

Aston Funds

Statements of Changes in Net Assets

	Montag & Caldwell Growth Fund						TAMRO Diversified Equity Fund
	Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
NET ASSETS at Beginning of Period	$	5,235,796,676		$	4,323,578,881		$	55,677,027		$	22,548,977
Increase in net assets from operations:
Net investment income (loss)		13,244,192			48,828,411			(86,907	)		60,993
Net realized gain on investments		481,887,542			355,430,426			1,297,998			1,715,984
Net change in unrealized appreciation (depreciation) on investments		(256,997,862	)		562,807,119			2,178,474			5,679,740
Net increase in net assets from operations		238,133,872			967,065,956			3,389,565			7,456,717
Distributions to shareholders from:
Net investment income:
Class N		(12,394,334	)		(16,441,713	)		—			(44,731	)
Class I		(24,280,948	)		(26,011,984	)		(21,488	)		(2,691	)
Class R		(34,093	)		(54,774	)		—			—
Net realized gain on investments:
Class N		(147,918,291	)		(127,477,429	)		(786,608	)		(25,121	)
Class I		(202,241,647	)		(157,688,991	)		(844,736	)		(682	)
Class R		(700,844	)		(604,214	)		—			—
Total distributions		(387,570,157	)		(328,279,105	)		(1,652,832	)		(73,225	)
Capital share transactions:
Proceeds from sales of shares:
Class N		108,780,523			404,653,774			1,880,651			4,026,762
Class I		308,195,635			843,422,410			1,849,605			30,561,715
Class R		762,020			2,159,268			—			—
Proceeds from reinvestment of distributions:
Class N		156,933,268			140,514,488			725,967			68,008
Class I		167,592,669			139,367,182			864,408			3,373
Class R		580,630			504,660			—			—
Cost of shares redeemed:
Class N		(342,609,553	)		(539,421,701	)		(3,803,665	)		(4,531,450	)
Class I		(687,568,260	)		(715,137,195	)		(3,734,331	)		(4,383,850	)
Class R		(1,501,982	)		(2,631,942	)		—			—
Net increase (decrease) from capital share transactions		(288,835,050	)		273,430,944			(2,217,365	)		25,744,558
Total increase (decrease) in net assets		(438,271,335	)		912,217,795			(480,632	)		33,128,050
NET ASSETS at End of Period	$	4,797,525,341		$	5,235,796,676		$	55,196,395		$	55,677,027
Undistributed (distributions in excess of) net investment income (loss)	$	6,129,782		$	29,594,965		$	(93,994	)	$	14,401

See accompanying Notes to Financial Statements.

72

Aston Funds

Herndon Large Cap Value Fund						Cornerstone Large Cap Value Fund						River Road Dividend All Cap Value Fund
Six Months Ended April 30,  2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
$	122,395,081		$	55,406,952		$	62,648,378		$	26,502,868		$	1,228,988,525		$	924,209,368
	746,057			1,202,686			296,873			339,606			23,610,788			26,855,750
	6,303,283			2,027,557			2,627,916			3,586,687			56,621,444			71,272,919
	5,120,571			14,781,516			3,801,757			5,212,950			(31,670,372	)		159,132,800
	12,169,911			18,011,759			6,726,546			9,139,243			48,561,860			257,261,469
	(300,533	)		(435,807	)		(102,489	)		(213,973	)		(6,190,152	)		(8,135,227	)
	(733,243	)		(712,891	)		(297,744	)		(61,387	)		(11,571,746	)		(15,660,122	)
	—			—			—			—			—			—
	(829,848	)		(431,437	)		—			—			(26,590,807	)		(12,882,031	)
	(1,561,843	)		(650,587	)		—			—			(45,069,967	)		(21,478,515	)
	—			—			—			—			—			—
	(3,425,467	)		(2,230,722	)		(400,233	)		(275,360	)		(89,422,672	)		(58,155,895	)
	7,539,265			21,511,589			2,454,000			6,812,232			36,079,343			65,379,486
	16,920,762			42,373,328			46,110,794			31,748,633			78,075,954			198,076,860
	—			—			—			—			—			—
	1,130,230			867,244			97,214			205,857			32,575,126			20,850,811
	2,099,431			959,131			290,077			60,827			36,789,631			26,813,238
	—			—			—			—			—			—
	(4,278,331	)		(6,933,068	)		(6,909,735	)		(9,246,465	)		(47,676,407	)		(48,451,006	)
	(7,402,905	)		(7,571,132	)		(1,879,395	)		(2,299,457	)		(82,159,234	)		(156,995,806	)
	—			—			—			—			—			—
	16,008,452			51,207,092			40,162,955			27,281,627			53,684,413			105,673,583
	24,752,896			66,988,129			46,489,268			36,145,510			12,823,601			304,779,157
$	147,147,977		$	122,395,081		$	109,137,646		$	62,648,378		$	1,241,812,126		$	1,228,988,525
$	367,560		$	655,279		$	90,942		$	194,302		$	5,817,938		$	(30,952	)

See accompanying Notes to Financial Statements.

73

Aston Funds

Statements of Changes in Net Assets – continued

	River Road Dividend All Cap Value Fund II						Fairpointe Mid Cap Fund
	Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30,  2014 (unaudited)			Year Ended October 31, 2013
NET ASSETS at Beginning of Period	$	89,873,662		$	10,419,240		$	4,892,248,060		$	3,025,731,632
Increase in net assets from operations:
Net investment income (loss)		1,868,887			959,154			(2,926,983	)		21,074,863
Net realized gain on investments		2,618,709			1,009,469			682,412,515			458,514,910
Net change in unrealized appreciation (depreciation) on investments		(430,888	)		9,272,582			(159,148,869	)		865,571,634
Net increase in net assets from operations		4,056,708			11,241,205			520,336,663			1,345,161,407
Distributions to shareholders from:
Net investment income:
Class N		(84,007	)		(39,408	)		—			(14,340,582	)
Class I		(1,602,896	)		(923,962	)		(3,375,463	)		(17,097,297	)
Net realized gain on investments:
Class N		(43,196	)		(484	)		(223,568,950	)		(34,919,881	)
Class I		(981,977	)		(6,506	)		(234,479,219	)		(32,705,189	)
Total distributions		(2,712,076	)		(970,360	)		(461,423,632	)		(99,062,949	)
Capital share transactions:
Proceeds from sales of shares:
Class N		3,347,589			2,923,816			296,891,730			718,022,853
Class I		21,711,550			70,639,727			668,947,757			934,002,570
Proceeds from reinvestment of distributions:
Class N		126,649			39,064			215,069,467			47,067,455
Class I		2,322,601			826,079			170,521,263			34,143,433
Cost of shares redeemed:
Class N		(596,076	)		(807,796	)		(355,271,309	)		(578,805,723	)
Class I		(6,076,252	)		(4,437,313	)		(391,036,976	)		(534,012,618	)
Issued due to merger: (a)
Class N		—			—			—			—
Class I		—			—			—			—
Net increase from capital share transactions		20,836,061			69,183,577			605,121,932			620,417,970
Total increase (decrease) in net assets		22,180,693			79,454,422			664,034,963			1,866,516,428
NET ASSETS at End of Period	$	112,054,355		$	89,873,662		$	5,556,283,023		$	4,892,248,060
Undistributed (distributions in excess of) net investment income (loss)	$	202,083		$	20,099		$	(4,685,581	)	$	1,616,865

(a) Effective April 22, 2013, the LMCG Small Cap Growth Fund received capital shares of the corresponding classes of Aston Small Cap Fund as part of the merger of the Aston Small Cap Fund with, and into, the LMCG Small Cap Growth Fund, in a complete liquidation and termination of the Aston Small Cap Fund.

See accompanying Notes to Financial Statements.

74

Aston Funds

Montag & Caldwell Mid Cap Growth Fund						LMCG Small Cap Growth Fund						Silvercrest Small Cap Fund
Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
$	11,402,187		$	7,368,950		$	40,540,640		$	6,413,230		$	33,267,442		$	5,711,567
	(36,171	)		(71,220	)		(133,545	)		14,671			59,271			46,230
	432,074			1,788,900			3,764,890			5,887,360			1,632,273			1,218,605
	155,900			893,311			(2,394,505	)		1,825,778			(1,068,541	)		4,409,811
	551,803			2,610,991			1,236,840			7,727,809			623,003			5,674,646
	—			—			—			—			(229	)		(9,878	)
	—			—			(14,282	)		—			(56,178	)		(78,421	)
	(1,708,527	)		(92,399	)		(4,374,487	)		(425,537	)		(146,801	)		(2,878	)
	—			—			(1,139,027	)		(58,662	)		(1,082,382	)		(19,730	)
	(1,708,527	)		(92,399	)		(5,527,796	)		(484,199	)		(1,285,590	)		(110,907	)
	273,062			6,618,730			2,007,834			5,855,202			1,706,078			4,010,938
	—			—			1,011,886			6,748,727			19,763,882			20,994,880
	1,673,347			81,176			4,189,553			425,537			147,030			12,756
	—			—			1,140,513			58,662			1,138,560			98,151
	(818,311	)		(5,185,261	)		(3,996,402	)		(4,777,656	)		(1,889,817	)		(1,427,987	)
	—			—			(2,678,379	)		(1,271,372	)		(1,764,701	)		(1,696,602	)
	—			—			—			18,799,852			—			—
	—			—			—			1,044,848			—			—
	1,128,098			1,514,645			1,675,005			26,883,800			19,101,032			21,992,136
	(28,626	)		4,033,237			(2,615,951	)		34,127,410			18,438,445			27,555,875
$	11,373,561		$	11,402,187		$	37,924,689		$	40,540,640		$	51,705,887		$	33,267,442
$	(36,171	)	$	—		$	(138,331	)	$	9,496		$	2,017		$	(847	)

See accompanying Notes to Financial Statements.

75

Aston Funds

Statements of Changes in Net Assets – continued

	TAMRO Small Cap Fund						River Road Select Value Fund
	Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
NET ASSETS at Beginning of Period	$	1,325,799,376		$	1,024,788,083		$	217,318,502		$	162,779,864
Increase (decrease) in net assets from operations:
Net investment income (loss)		(2,393,884	)		(56,283	)		(203,102	)		1,930,612
Net realized gain (loss) on investments		62,615,952			124,824,787			16,533,322			31,063,046
Net change in unrealized appreciation (depreciation) on investments		(114,078,937	)		169,676,168			(15,725,190	)		16,377,768
Net increase (decrease) in net assets from operations		(53,856,869	)		294,444,672			605,030			49,371,426
Distributions to shareholders from:
Net investment income:
Class N		—			—			(30,708	)		(95,581	)
Class I		—			—			(702,475	)		(2,552,798	)
Net realized gain on investments:
Class N		(47,504,175	)		(36,352,900	)		(2,748,771	)		(391,684	)
Class I		(68,914,775	)		(59,453,402	)		(28,381,897	)		(8,873,103	)
Total distributions		(116,418,950	)		(95,806,302	)		(31,863,851	)		(11,913,166	)
Capital share transactions:
Proceeds from sales of shares:
Class N		32,638,653			146,473,113			1,051,287			14,915,498
Class I		82,430,054			191,669,363	(a)		14,833,490			56,912,818
Proceeds from reinvestment of distributions:
Class N		44,495,639			35,759,291			2,654,599			459,196
Class I		55,420,970			43,230,709			28,799,580			10,087,922
Cost of shares redeemed:
Class N		(86,438,000	)		(117,639,649	)		(3,525,670	)		(5,019,206	)
Class I		(129,666,336	)		(197,119,904	)(b)		(20,049,289	)		(60,275,850	)
Net increase (decrease) from capital share transactions		(1,119,020	)		102,372,923			23,763,997			17,080,378
Total increase (decrease) in net assets		(171,394,839	)		301,011,293			(7,494,824	)		54,538,638
NET ASSETS at End of Period	$	1,154,404,537		$	1,325,799,376		$	209,823,678		$	217,318,502
Distributions in excess of net investment income (loss)	$	(2,450,167	)	$	(56,283	)	$	(1,226,498	)	$	(290,213	)

(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) 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.

(c) River Road Independent Value Fund had a subscription-in-kind in the amount of $597,548 on March 27, 2013. The subscription was composed of securities, cash, and dividends accrued in the amounts of $258,478, $338,808 and $262, respectively.

See accompanying Notes to Financial Statements.

76

Aston Funds

River Road Small Cap Value Fund						River Road Independent Value Fund						DoubleLine Core Plus Fixed Income Fund
Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
$	309,597,171		$	289,229,188		$	725,355,861		$	700,649,463		$	176,385,864		$	176,881,578
	(164,054	)		3,915,268			(2,978,640	)		(3,289,548	)		2,689,658			6,027,184
	25,738,969			66,663,383			31,636,981			32,206,753			(1,001,236	)		(2,244,975	)
	(20,501,268	)		17,066,486			(13,045,674	)		16,741,054			1,805,067			(5,562,851	)
	5,073,647			87,645,137			15,612,667			45,658,259			3,493,489			(1,780,642	)
	(125,993	)		(768,062	)		—			—			(845,547	)		(2,744,975	)
	(1,180,379	)		(4,548,794	)		—			—			(2,044,005	)		(4,353,733	)
	(12,061,338	)		(1,497,083	)		(13,027,499	)		(20,379,878	)		—			(491,620	)
	(54,042,337	)		(7,569,096	)		(15,234,386	)		(19,173,208	)		—			(597,665	)
	(67,410,047	)		(14,383,035	)		(28,261,885	)		(39,553,086	)		(2,889,552	)		(8,187,993	)
	7,735,945			8,370,448			44,271,254			134,123,913			5,119,257			53,008,348
	35,576,075			61,492,823			91,238,208			133,619,629	(c)		25,572,201			60,045,064
	12,142,608			2,244,845			12,978,719			20,310,806			790,454			3,178,568
	55,057,909			12,089,609			14,687,638			18,660,298			1,720,439			4,306,487
	(10,592,293	)		(15,330,517	)		(82,009,545	)		(178,942,382	)		(29,659,234	)		(57,207,650	)
	(31,314,408	)		(121,761,327	)		(59,733,416	)		(109,171,039	)		(54,692,110	)		(53,857,896	)
	68,605,836			(52,894,119	)		21,432,858			18,601,225			(51,148,993	)		9,472,921
	6,269,436			20,367,983			8,783,640			24,706,398			(50,545,056	)		(495,714	)
$	315,866,607		$	309,597,171		$	734,139,501		$	725,355,861		$	125,840,808		$	176,385,864
$	(1,606,641	)	$	(136,215	)	$	(3,018,839	)	$	(40,199	)	$	(783,887	)	$	(583,993	)

See accompanying Notes to Financial Statements.

77

Aston Funds

Statements of Changes in Net Assets – continued

	TCH Fixed Income Fund						Lake Partners LASSO Alternatives Fund
	Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
NET ASSETS at Beginning of Period	$	54,512,660		$	70,167,760		$	470,862,793		$	287,061,601
Increase (decrease) in net assets from operations:
Net investment income (loss)		921,624			2,419,293			(373,781	)		726,304
Net realized gain (loss) on investments, purchased options, written options, capital gain distributions, securities sold short and foreign currency transactions		(23,659	)		1,655,009			10,729,841			10,013,103
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		638,007			(4,215,928	)		6,326,217			19,339,867
Net increase (decrease) in net assets from operations		1,535,972			(141,626	)		16,682,277			30,079,274
Distributions to shareholders from:
Net investment income:
Class N		(822,208	)		(2,291,411	)		(378,809	)		(472,420	)
Class I		(176,134	)		(422,043	)		(3,788,207	)		(3,732,874	)
Net realized gain on investments:
Class N		—			—			(186,666	)		—
Class I		—			—			(1,404,331	)		—
Total distributions		(998,342	)		(2,713,454	)		(5,758,013	)		(4,205,294	)
Capital share transactions:
Proceeds from sales of shares:
Class N		3,104,056			10,518,750			13,783,529			54,094,179
Class I		1,515,675			1,280,566			71,791,395			218,417,490
Proceeds from reinvestment of distributions:
Class N		779,544			2,192,348			544,810			452,219
Class I		171,248			381,111			4,429,761			3,236,441
Cost of shares redeemed:
Class N		(6,652,613	)		(24,265,442	)		(22,959,205	)		(36,923,554	)
Class I		(1,384,313	)		(2,907,353	)		(54,787,974	)		(81,349,563	)
Net increase (decrease) from capital share transactions		(2,466,403	)		(12,800,020	)		12,802,316			157,927,212
Total increase (decrease) in net assets		(1,928,773	)		(15,655,100	)		23,726,580			183,801,192
NET ASSETS at End of Period	$	52,583,887		$	54,512,660		$	494,589,373		$	470,862,793
Undistributed (distributions in excess of) net investment income (loss)	$	132,335		$	209,053		$	(4,330,187	)	$	210,610

See accompanying Notes to Financial Statements.

78

Aston Funds

Anchor Capital Enhanced Equity Fund						River Road Long-Short Fund						Barings International Fund
Six Months Ended April 30,  2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30,  2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30,  2014 (unaudited)			Year Ended October 31, 2013
	$159,761,924		$	177,809,320		$	180,141,159		$	7,506,387		$	37,984,420		$	62,083,656
	1,666,611			3,514,668			(1,139,190	)		(809,545	)		413,554			1,002,932
	(1,736,528	)		(786,086	)		1,324,345			5,513,861			2,191,961			2,555,143
	2,285,459			14,675,574			(4,867,365	)		5,963,396			(1,870,204	)		4,150,508
	2,215,542			17,404,156			(4,682,210	)		10,667,712			735,311			7,708,583
	(915,811	)		(2,040,791	)		—			—			(10,891	)		(5,702	)
	(676,799	)		(1,460,057	)		—			—			(988,215	)		(986,921	)
	—			(1,672,759	)		(2,911,026	)		(437,571	)		(28,909	)		(5,125	)
	—			(1,243,698	)		(2,032,930	)		—			(2,374,297	)		(754,174	)
	(1,592,610	)		(6,417,305	)		(4,943,956	)		(437,571	)		(3,402,312	)		(1,751,922	)
	18,255,002			44,682,440			39,873,109			110,536,773			17,097			17,634
	32,661,525			35,763,522			50,200,573			72,413,856			3,506,501			10,658,884
	905,117			3,679,250			2,838,180			437,571			39,800			10,574
	543,012			1,901,112			1,960,122			—			3,362,512			1,523,863
	(15,017,006	)		(59,806,848	)		(46,073,927	)		(16,146,675	)		(8,781	)		(30,668	)
	(14,305,652	)		(55,253,723	)		(8,900,721	)		(4,836,894	)		(13,288,159	)		(42,236,184	)
	23,041,998			(29,034,247	)		39,897,336			162,404,631			(6,371,030	)		(30,055,897	)
	23,664,930			(18,047,396	)		30,271,170			172,634,772			(9,038,031	)		(24,099,236	)
$	183,426,854		$	159,761,924		$	210,412,329		$	180,141,159		$	28,946,389		$	37,984,420
$	215,433		$	141,432		$	(1,166,703	)	$	(27,513	)	$	412,339		$	997,891

See accompanying Notes to Financial Statements.

79

Aston Funds

Statements of Changes in Net Assets – continued

	Guardian Capital Global Dividend Fund		LMCG Emerging Markets Fund
	Period Ended April 30, 2014(a) (unaudited)		Six Months Ended April 30, 2014 (unaudited)			Period Ended October 31, 2013(b)
NET ASSETS at Beginning of Period	$	—	$	3,981,658		$	—
Increase (decrease) in net assets from operations:
Net investment income		5,646		9,437			35,615
Net realized gain (loss) on investments and foreign currency transactions		2,083		(147,397	)		(241,096	)
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		131,591		4,111			89,513
Net increase (decrease) in net assets from operations		139,320		(133,849	)		(115,968	)
Distributions to shareholders from:
Net investment income:
Class N		—		(9,940	)		—
Class I		—		(54,634	)		—
Net realized gain on investments:
Class N		—		—			—
Class I		—		—			—
Total distributions		—		(64,574	)		—
Capital share transactions:
Proceeds from sales of shares:
Class N		1,000,010		18,756			697,622
Class I		3,000,010		220,396			3,400,004
Proceeds from reinvestment of distributions:
Class N		—		9,940			—
Class I		—		54,634			—
Cost of shares redeemed:
Class N		—		(2,775	)		—
Class I		—		—			—
Capital Contribution (Note G):
Class N		—		—			—
Class I		—		—			—
Net increase (decrease) from capital share transactions		4,000,020		300,951			4,097,626
Total increase (decrease) in net assets		4,139,340		102,528			3,981,658
NET ASSETS at End of Period	$	4,139,340	$	4,084,186		$	3,981,658
Undistributed (distributions in excess of) net investment income	$	5,646	$	(14,841	)	$	40,296

(a) The inception date for the Guardian Capital Global Dividend Fund is April 14, 2014.

(b) The inception date for the LMCG Emerging Markets Fund is March 28, 2013.

(c) The inception date for the Pictet International Fund is April 14, 2014.

See accompanying Notes to Financial Statements.

80

Aston Funds

Pictet International Fund		Harrison Street Real Estate Fund						Montag & Caldwell Balanced Fund
Period Ended April 30, 2014(c) (unaudited)		Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (unaudited)			Year Ended October 31, 2013
$	—	$	13,625,155		$	10,546,604		$	24,264,373		$	33,466,255
	4,090		34,998			186,826			64,118			257,113
	1,422		86,211			1,055,690			1,141,642			2,639,428
	185,129		426,329			(505,953	)		(414,976	)		325,469
	190,641		547,538			736,563			790,784			3,222,010
	—		(140,263	)		(162,129	)		(99,185	)		(342,684	)
	—		(7,305	)		(2,875	)		(10,267	)		(24,117	)
	—		—			—			(686,237	)		—
	—		—			—			(54,424	)		—
	—		(147,568	)		(165,004	)		(850,113	)		(366,801	)
	1,000,010		2,046,319			10,524,296			786,321			2,507,724
	9,000,010		36,205			375,294			118,856			150,496
	—		136,039			153,598			765,021			333,389
	—		4,230			1,904			27,768			10,537
	—		(3,341,406	)		(8,524,363	)		(2,434,625	)		(14,627,334	)
	—		(106,335	)		(23,833	)		(253,449	)		(431,903	)
	—		—			93			—			—
	—		—			3			—			—
	10,000,020		(1,224,948	)		2,506,992			(990,108	)		(12,057,091	)
	10,190,661		(824,978	)		3,078,551			(1,049,437	)		(9,201,882	)
$	10,190,661	$	12,800,177		$	13,625,155		$	23,214,936		$	24,264,373
$	4,090	$	34,919		$	147,489		$	(275,295	)	$	(229,961	)

See accompanying Notes to Financial Statements.

81

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	28.68		$	25.31		$	24.72		$	22.92		$	20.87		$	18.84
Income from Investment Operations:
Net investment income		0.05			0.23	(a)		0.15	(a)		0.14	(a)		0.12	(a)		0.08	(a)
Net realized and unrealized gain on investments		1.29			5.07			2.45			1.83			2.01	(b)		2.61
Total from investment operations		1.34			5.30			2.60			1.97			2.13			2.69
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.22	)		(0.13	)		(0.13	)		(0.08	)		(0.06	)
Distributions from net realized gain on investments		(1.96	)		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)
Total distributions		(2.12	)		(1.93	)		(2.01	)		(0.17	)		(0.08	)		(0.66	)
Net increase (decrease) in net asset value		(0.78	)		3.37			0.59			1.80			2.05			2.03
Net Asset Value, End of Period	$	27.90		$	28.68		$	25.31		$	24.72		$	22.92		$	20.87
Total Return (c)		4.65	%(d)		22.61	%		11.40	%		8.56	%		10.20	%		15.08	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,052,126		$	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		1.03	%(e)		1.04	%		1.05	%		1.06	%		1.08	%(f)		1.11	%
After expense reimbursement and/or fee waiver by Adviser		1.03	%(e)		1.04	%		1.05	%		1.06	%		1.08	%(f)		1.11	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.38	%(e)		0.88	%		0.60	%		0.59	%		0.56	%		0.41	%
After expense reimbursement and/or fee waiver by Adviser		0.38	%(e)		0.88	%		0.60	%		0.59	%		0.56	%		0.41	%
Portfolio Turnover		25.49	%(d)		50.57	%		46.42	%		63.48	%		57.39	%(g)		35.09	%(h)

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

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

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

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest 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.

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

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

See accompanying Notes to Financial Statements.

82

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	28.87		$	25.46		$	24.85		$	23.05		$	20.97		$	18.94
Income from Investment Operations:
Net investment income		0.10			0.30	(a)		0.21	(a)		0.21	(a)		0.18	(a)		0.12	(a)
Net realized and unrealized gain on investments		1.29			5.10			2.47			1.82			2.02	(b)		2.62
Total from investment operations		1.39			5.40			2.68			2.03			2.20			2.74
Less Distributions:
Distributions from and in excess of net investment income		(0.24	)		(0.28	)		(0.19	)		(0.19	)		(0.12	)		(0.11	)
Distributions from net realized gain on investments		(1.96	)		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)
Total distributions		(2.20	)		(1.99	)		(2.07	)		(0.23	)		(0.12	)		(0.71	)
Net increase (decrease) in net asset value		(0.81	)		3.41			0.61			1.80			2.08			2.03
Net Asset Value, End of Period	$	28.06		$	28.87		$	25.46		$	24.85		$	23.05		$	20.97
Total Return (c)		4.76	%(d)		22.95	%		11.67	%		8.82	%		10.49	%		15.36	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,735,728		$	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		0.78	%(e)		0.79	%		0.80	%		0.81	%		0.83	%(f)		0.86	%
After expense reimbursement and/or fee waiver by Adviser		0.78	%(e)		0.79	%		0.80	%		0.81	%		0.83	%(f)		0.86	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.63	%(e)		1.13	%		0.85	%		0.84	%		0.81	%		0.66	%
After expense reimbursement and/or fee waiver by Adviser		0.63	%(e)		1.13	%		0.85	%		0.84	%		0.81	%		0.66	%
Portfolio Turnover		25.49	%(d)		50.57	%		46.42	%		63.48	%		57.39	%(g)		35.09	%(h)

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

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

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

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest 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.

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

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

See accompanying Notes to Financial Statements.

83

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class R	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	28.33		$	25.02		$	24.45		$	22.70		$	20.73		$	18.69
Income from Investment Operations:
Net investment income		0.02			0.16	(a)		0.09	(a)		0.08	(a)		0.07	(a)		0.03	(a)
Net realized and unrealized gain on investments		1.28			5.01			2.43			1.80			1.98	(b)		2.61
Total from investment operations		1.30			5.17			2.52			1.88			2.05			2.64
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.15	)		(0.07	)		(0.09	)		(0.08	)		—
Distributions from net realized gain on investments		(1.96	)		(1.71	)		(1.88	)		(0.04	)		—			(0.60	)
Total distributions		(2.06	)		(1.86	)		(1.95	)		(0.13	)		(0.08	)		(0.60	)
Net increase (decrease) in net asset value		(0.76	)		3.31			0.57			1.75			1.97			2.04
Net Asset Value, End of Period	$	27.57		$	28.33		$	25.02		$	24.45		$	22.70		$	20.73
Total Return (c)		4.52	%(d)		22.30	%		11.10	%		8.29	%		9.90	%		14.87	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,672		$	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		1.28	%(e)		1.29	%		1.30	%		1.31	%		1.33	%(f)		1.36	%
After expense reimbursement and/or fee waiver by Adviser		1.28	%(e)		1.29	%		1.30	%		1.31	%		1.33	%(f)		1.36	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.13	%(e)		0.63	%		0.35	%		0.34	%		0.31	%		0.16	%
After expense reimbursement and/or fee waiver by Adviser		0.13	%(e)		0.63	%		0.35	%		0.34	%		0.31	%		0.16	%
Portfolio Turnover		25.49	%(d)		50.57	%		46.42	%		63.48	%		57.39	%(g)		35.09	%(h)

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

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

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

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest 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.

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

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

See accompanying Notes to Financial Statements.

84

Aston Funds

ASTON/TAMRO Diversified Equity Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	16.75		$	13.52		$	12.34		$	11.83		$	9.72		$	8.34
Income from Investment Operations:
Net investment income (loss)		(0.04	)		0.01	(a)		—	(b)		(0.02	)		—	(b)		—	(b)
Net realized and unrealized gain on investments		1.07			3.27			1.44			0.53			2.13			1.42
Total from investment operations		1.03			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		(0.50	)		(0.02	)		(0.26	)		—			—			—
Total distributions		(0.50	)		(0.05	)		(0.26	)		—			(0.02	)		(0.04	)
Net increase in net asset value .		0.53			3.23			1.18			0.51			2.11			1.38
Net Asset Value, End of Period	$	17.28		$	16.75		$	13.52		$	12.34		$	11.83		$	9.72
Total Return (c)		6.19	%(d)		24.29	%		11.94	%		4.31	%		21.95	%		17.13	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	26,431		$	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		1.37	%(e)		1.46	%		1.68	%(f)		1.62	%(f)		1.63	%		1.95	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(e)		1.20	%		1.20	%(f)		1.20	%(f)		1.20	%		1.20	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.61	)%(e)		(0.19	)%		(0.47	)%		(0.63	)%		(0.45	)%		(0.77	)%
After expense reimbursement and/or fee waiver by Adviser		(0.44	)%(e)		0.07	%		—	%(b)		(0.21	)%		(0.02	)%		(0.02	)%
Portfolio Turnover		26.06	%(d)		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) Not annualized.

(e) Annualized.

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

85

Aston Funds

ASTON/TAMRO Diversified Equity Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	16.78		$	13.55		$	13.27
Income from Investment Operations:
Net investment income (loss)		(0.02	)		0.05	(b)		(0.05	)
Net realized and unrealized gain on investments		1.07			3.26			0.33
Total from investment operations		1.05			3.31			0.28
Less Distributions:
Distributions from and in excess of net investment income		(0.01	)		(0.06	)		—
Distributions from net realized gain on investments		(0.50	)		(0.02	)		—
Total Distributions		(0.51	)		(0.08	)		—
Net increase in net asset value		0.54			3.23			0.28
Net Asset Value, End of Period	$	17.32		$	16.78		$	13.55
Total Return (c)		6.38	%(d)		24.64	%		2.04	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	28,766		$	28,880		$	569
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.12	%(e)		1.21	%		1.45	%(e)(f)
After expense reimbursement and/or fee waiver by Adviser		0.95	%(e)		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		(0.36	)%(e)		0.06	%		(1.11	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(0.19	)%(e)		0.32	%		(0.61	)%(e)
Portfolio Turnover		26.06	%(d)		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) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the period 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.

See accompanying Notes to Financial Statements.

86

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.84		$	11.73		$	11.31		$	10.39		$	10.00
Income from Investment Operations:
Net investment income		0.07			0.15	(b)		0.18	(b)		0.12	(b)		0.03
Net realized and unrealized gain on investments		1.27			2.40			0.91			0.81			0.36
Total from investment operations		1.34			2.55			1.09			0.93			0.39
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.22	)		(0.11	)		(0.01	)		—
Distributions from net realized gain on investments		(0.26	)		(0.22	)		(0.56	)		—			—
Total distributions		(0.36	)		(0.44	)		(0.67	)		(0.01	)		—
Net increase in net asset value		0.98			2.11			0.42			0.92			0.39
Net Asset Value, End of Period	$	14.82		$	13.84		$	11.73		$	11.31		$	10.39
Total Return (c)		9.75	%(d)		22.58	%		10.39	%		9.09	%		3.90	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	49,335		$	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		1.23	%(e)		1.27	%		1.41	%		2.38	%		13.84	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.30	%(e)		1.30	%		1.30	%		1.30	%		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.03	%(e)		1.24	%		1.44	%		(0.05	)%		(11.94	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.96	%(e)		1.21	%		1.55	%		1.03	%		0.60	%(e)
Portfolio Turnover		28.62	%(d)		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.

87

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	13.87		$	11.75		$	11.33		$	11.48
Income from Investment Operations:
Net investment income		0.08			0.19	(b)		0.21	(b)		0.10	(b)
Net realized and unrealized gain (loss) on investments		1.27			2.39			0.91			(0.25	)
Total from investment operations		1.35			2.58			1.12			(0.15	)
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.24	)		(0.14	)		—
Distributions from net realized gain on investments		(0.26	)		(0.22	)		(0.56	)		—
Total distributions		(0.38	)		(0.46	)		(0.70	)		—
Net increase (decrease) in net asset value		0.97			2.12			0.42			(0.15	)
Net Asset Value, End of Period	$	14.84		$	13.87		$	11.75		$	11.33
Total Return (c)		9.87	%(d)		22.94	%		10.69	%		(1.31	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	97,813		$	80,534		$	34,575		$	11,881
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.98	%(e)		1.02	%		1.16	%		2.13	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.05	%(e)		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		1.28	%(e)		1.49	%		1.69	%		0.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.21	%(e)		1.46	%		1.80	%		1.28	%(e)
Portfolio Turnover		28.62	%(d)		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.

88

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.74		$	11.04		$	10.04		$	9.20		$	8.31		$	9.07
Income from Investment Operations:
Net investment income		0.04			0.09	(a)		0.10	(a)		0.12	(a)		0.13			0.15
Net realized and unrealized gain on investments		1.15			2.72			0.94			0.83			0.89			0.41
Total from investment operations		1.19			2.81			1.04			0.95			1.02			0.56
Less Distributions:
Distributions from and in excess of net investment income		(0.06	)		(0.11	)		(0.04	)		(0.11	)		(0.13	)		(0.15	)
Distributions from net realized gain on investments		—			—			—			—			—			(1.17	)
Total distributions		(0.06	)		(0.11	)		(0.04	)		(0.11	)		(0.13	)		(1.32	)
Net increase (decrease) in net asset value		1.13			2.70			1.00			0.84			0.89			(0.76	)
Net Asset Value, End of Period	$	14.87		$	13.74		$	11.04		$	10.04		$	9.20		$	8.31
Total Return (b)		8.67	%(c)		25.72	%		10.43	%		10.44	%		12.37	%		8.60	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	21,406		$	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		1.35	%(d)		1.48	%		1.58	%		1.61	%		1.19	%(f)		1.21	%
After expense reimbursement and/or fee waiver by Adviser		1.30	%(d)		1.30	%		1.26	%(e)		1.14	%(e)		1.07	%(f)		1.07	%(g)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.51	%(d)		0.53	%		0.60	%		0.80	%		1.32	%		1.77	%
After expense reimbursement and/or fee waiver by Adviser		0.56	%(d)		0.71	%		0.92	%		1.27	%		1.44	%		1.91	%
Portfolio Turnover		13.17	%(c)		58.24	%		58.21	%		59.07	%(h)		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) Not annualized.

(d) Annualized.

(e) 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%.

(f) 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.

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

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

See accompanying Notes to Financial Statements.

89

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.78		$	11.07		$	10.05		$	9.19		$	8.31		$	9.06
Income from Investment Operations:
Net investment income		0.06			0.12	(a)		0.11	(a)		0.16	(a)		0.15			0.17
Net realized and unrealized gain on investments		1.13			2.73			0.96			0.84			0.88			0.42
Total from investment operations		1.19			2.85			1.07			1.00			1.03			0.59
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.14	)		(0.05	)		(0.14	)		(0.15	)		(0.17	)
Distributions from net realized gain on investments		—			—			—			—			—			(1.17	)
Total distributions		(0.09	)		(0.14	)		(0.05	)		(0.14	)		(0.15	)		(1.34	)
Net increase (decrease) in net asset value		1.10			2.71			1.02			0.86			0.88			(0.75	)
Net Asset Value, End of Period	$	14.88		$	13.78		$	11.07		$	10.05		$	9.19		$	8.31
Total Return (b)		8.68	%(c)		26.08	%		10.66	%		10.95	%		12.53	%		9.01	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	87,732		$	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		1.10	%(d)		1.23	%		1.33	%		1.36	%		0.94	%(f)		0.96	%
After expense reimbursement and/or fee waiver by Adviser		1.05	%(d)		1.05	%		1.01	%(e)		0.89	%(e)		0.82	%(f)		0.82	%(g)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.76	%(d)		0.78	%		0.85	%		1.05	%		1.57	%		2.02	%
After expense reimbursement and/or fee waiver by Adviser		0.81	%(d)		0.96	%		1.17	%		1.52	%		1.69	%		2.16	%
Portfolio Turnover		13.17	%(c)		58.24	%		58.21	%		59.07	%(h)		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) Not annualized.

(d) Annualized.

(e) 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%.

(f) 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.

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

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

See accompanying Notes to Financial Statements.

90

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.99		$	11.67		$	10.68		$	10.23		$	8.58		$	8.43
Income from Investment Operations:
Net investment income		0.26			0.30			0.31	(a)		0.29	(a)		0.26	(a)		0.26	(a)
Net realized and unrealized gain on investments		0.28			2.73			1.05			0.42			1.62			0.08
Total from investment operations		0.54			3.03			1.36			0.71			1.88			0.34
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.27	)		(0.30	)		(0.26	)		(0.23	)		(0.19	)
Distributions from net realized gain on investments		(0.81	)		(0.44	)		(0.07	)		—			—			—
Total distributions		(1.00	)		(0.71	)		(0.37	)		(0.26	)		(0.23	)		(0.19	)
Net increase (decrease) in net asset value		(0.46	)		2.32			0.99			0.45			1.65			0.15
Net Asset Value, End of Period	$	13.53		$	13.99		$	11.67		$	10.68		$	10.23		$	8.58
Total Return (b)		3.94	%(c)		27.47	%		12.96	%		6.94	%		22.20	%		4.33	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	454,583		$	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	%(d)		1.09	%		1.12	%		1.12	%		1.14	%		1.21	%
After expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		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		3.71	%(d)		2.38	%		2.74	%		2.70	%		2.69	%		3.36	%
After expense reimbursement and/or fee waiver by Adviser		3.71	%(d)		2.38	%		2.74	%		2.70	%		2.69	%		3.36	%
Portfolio Turnover		12.88	%(c)		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.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

91

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.98		$	11.66		$	10.67		$	10.22		$	8.57		$	8.42
Income from Investment Operations:
Net investment income		0.26			0.34			0.34	(a)		0.32	(a)		0.28	(a)		0.29	(a)
Net realized and unrealized gain on investments		0.29			2.72			1.05			0.42			1.63			0.07
Total from investment operations		0.55			3.06			1.39			0.74			1.91			0.36
Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.30	)		(0.33	)		(0.29	)		(0.26	)		(0.21	)
Distributions from net realized gain on investments		(0.81	)		(0.44	)		(0.07	)		—			—			—
Total distributions		(1.01	)		(0.74	)		(0.40	)		(0.29	)		(0.26	)		(0.21	)
Net increase (decrease) in net asset value .		(0.46	)		2.32			0.99			0.45			1.65			0.15
Net Asset Value, End of Period	$	13.52		$	13.98		$	11.66		$	10.67		$	10.22		$	8.57
Total Return (b)		4.07	%(c)		27.81	%		13.25	%		7.21	%		22.53	%		4.59	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	787,230		$	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	%(d)		0.84	%		0.87	%		0.87	%		0.89	%		0.96	%
After expense reimbursement and/or fee waiver by Adviser		0.84	%(d)		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		3.96	%(d)		2.63	%		2.99	%		2.95	%		2.94	%		3.61	%
After expense reimbursement and/or fee waiver by Adviser		3.96	%(d)		2.63	%		2.99	%		2.95	%		2.94	%		3.61	%
Portfolio Turnover		12.88	%(c)		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.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

92

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	12.89		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.21			0.22			0.09	(b)
Net realized and unrealized gain on investments		0.29			2.46			0.41
Total from investment operations		0.50			2.68			0.50
Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.23	)		(0.06	)
Distributions from net realized gain on investments		(0.14	)		—	(c)		—
Total distributions		(0.34	)		(0.23	)		(0.06	)
Net increase in net asset value		0.16			2.45			0.44
Net Asset Value, End of Period	$	13.05		$	12.89		$	10.44
Total Return (d)		3.95	%(e)		25.99	%		5.09	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,592		$	3,634		$	1,049
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.15	%(f)		1.37	%		4.99	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.30	%(f)		1.30	%		1.30	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		3.70	%(f)		1.68	%		(1.24	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		3.55	%(f)		1.76	%		2.45	%(f)
Portfolio Turnover		11.35	%(e)		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.

93

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	12.89		$	10.45		$	10.00
Income from Investment Operations:
Net investment income		0.24			0.25			0.10	(b)
Net realized and unrealized gain on investments		0.28			2.45			0.42
Total from investment operations		0.52			2.70			0.52
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.26	)		(0.07	)
Distributions from net realized gain on investments		(0.14	)		—	(c)		—
Total distributions		(0.36	)		(0.26	)		(0.07	)
Net increase in net asset value		0.16			2.44			0.45
Net Asset Value, End of Period	$	13.05		$	12.89		$	10.45
Total Return (d)		4.07	%(e)		26.30	%		5.17	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	105,463		$	86,240		$	9,370
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.90	%(f)		1.12	%		4.74	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.05	%(f)		1.05	%		1.05	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		3.95	%(f)		1.93	%		(0.99	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		3.80	%(f)		2.01	%		2.70	%(f)
Portfolio Turnover		11.35	%(e)		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.

94

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	45.40		$	32.79		$	29.76		$	29.04		$	22.73		$	17.25
Income from Investment Operations:
Net investment income (loss)		(0.05	)		0.17			0.16			0.06	(a)		0.01			0.09
Net realized and unrealized gain on investments		4.65			13.48			3.13			0.82			6.35			5.82
Total from investment operations		4.60			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		(4.27	)		(0.74	)		(0.21	)		(0.08	)		—			(0.29	)
Total distributions		(4.27	)		(1.04	)		(0.26	)		(0.16	)		(0.05	)		(0.43	)
Net increase in net asset value		0.33			12.61			3.03			0.72			6.31			5.48
Net Asset Value, End of Period	$	45.73		$	45.40		$	32.79		$	29.76		$	29.04		$	22.73
Total Return (b)		10.52	%(c)		42.88	%		11.15	%		2.98	%		28.01	%		35.60	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,549,271		$	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		1.10	%(d)		1.11	%		1.11	%(e)		1.14	%(e)		1.14	%(e)		1.20	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.11	%		1.11	%(e)		1.14	%(e)		1.14	%(e)		1.20	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.24	)%(d)		0.42	%		0.50	%		0.21	%		—	%(f)		0.46	%
After expense reimbursement and/or fee waiver by Adviser		(0.24	)%(d)		0.42	%		0.50	%		0.21	%		—	%(f)		0.46	%
Portfolio Turnover		26.80	%(c)		36.98	%		28.06	%(g)		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) Not annualized.

(d) Annualized.

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

(f) Represents less than 0.005%.

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

See accompanying Notes to Financial Statements.

95

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	46.10		$	33.28		$	30.20		$	29.41		$	23.00		$	17.47
Income from Investment Operations:
Net investment income		—	(a)		0.28			0.24			0.14	(b)		0.07			0.13
Net realized and unrealized gain on investments		4.73			13.67			3.18			0.82			6.43			5.89
Total from investment operations		4.73			13.95			3.42			0.96			6.50			6.02
Less Distributions:
Distributions from and in excess of net investment income		(0.06	)		(0.39	)		(0.13	)		(0.09	)		(0.09	)		(0.20	)
Distributions from net realized gain on investment		(4.27	)		(0.74	)		(0.21	)		(0.08	)		—			(0.29	)
Total distributions		(4.33	)		(1.13	)		(0.34	)		(0.17	)		(0.09	)		(0.49	)
Net increase in net asset value		0.40			12.82			3.08			0.79			6.41			5.53
Net Asset Value, End of Period	$	46.50		$	46.10		$	33.28		$	30.20		$	29.41		$	23.00
Total Return (c)		10.66	%(d)		43.23	%		11.46	%		3.22	%		28.31	%		35.97	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,007,012		$	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		0.85	%(e)		0.86	%		0.86	%(f)		0.89	%(f)		0.89	%(f)		0.95	%(f)
After expense reimbursement and/or fee waiver by Adviser		0.85	%(e)		0.86	%		0.86	%(f)		0.89	%(f)		0.89	%(f)		0.95	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.01	%(e)		0.67	%		0.75	%		0.46	%		0.25	%		0.71	%
After expense reimbursement and/or fee waiver by Adviser		0.01	%(e)		0.67	%		0.75	%		0.46	%		0.25	%		0.71	%
Portfolio Turnover		26.80	%(d)		36.98	%		28.06	%(g)		11.20	%		13.82	%		17.72	%

(a) Represents less than $0.005 per share.

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

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

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expenses 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 expenses are from utilizing the line of credit, as discussed in Note H to the Financial Statements.

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

See accompanying Notes to Financial Statements.

96

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	12.77		$	10.36		$	9.71		$	8.51		$	6.83		$	5.85
Income from Investment Operations:
Net investment loss		(0.04	)		(0.07	)		(0.07	)(a)		(0.07	)		(0.04	)		(0.04	)
Net realized and unrealized gain on investments		0.65			2.58			0.72			1.27			1.74			1.02
Total from investment operations		0.61			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		(1.92	)		(0.10	)		—			—			—			—
Total distributions		(1.92	)		(0.10	)		—			—			(0.02	)		—
Net increase in net asset value		1.31			2.41			0.65			1.20			1.68			0.98
Net Asset Value, End of Period	$	11.46		$	12.77		$	10.36		$	9.71		$	8.51		$	6.83
Total Return (b)		4.90	%(c)		24.51	%		6.70	%		14.10	%		24.85	%		16.75	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	11,374		$	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		1.87	%(d)		1.85	%		2.50	%		3.07	%		3.55	%		5.02	%
After expense reimbursement and/or fee waiver by Adviser		1.25	%(d)		1.25	%		1.25	%(e)		1.39	%(e)		1.40	%		1.40	%
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.25	)%(d)		(1.18	)%		(1.88	)%		(2.39	)%		(2.75	)%		(4.13	)%
After expense reimbursement and/or fee waiver by Adviser		(0.63	)%(d)		(0.58	)%		(0.63	)%		(0.71	)%		(0.60	)%		(0.51	)%
Portfolio Turnover		14.67	%(c)		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) Not annualized.

(d) Annualized.

(e) For the period November 1, 2010 through September 29, 2011, the Adviser contractually waived management fees and/or reimbursed expenses so that the net expense ratio 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.

97

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	14.71		$	11.42		$	9.95		$	10.00
Income from Investment Operations:
Net investment income (loss)		(0.05	)		—	(b)(c)		(0.12	)(c)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.54			4.18			1.59			(0.01	)
Total from investment operations		0.49			4.18			1.47			(0.05	)
Less Distributions:
Distributions from net realized gains on investments		(2.03	)		(0.89	)		—			—
Total distributions		(2.03	)		(0.89	)		—			—
Net increase (decrease) in net asset value		(1.54	)		3.29			1.47			(0.05	)
Net Asset Value, End of Period	$	13.17		$	14.71		$	11.42		$	9.95
Total Return (d)		2.77	%(e)		39.31	%		14.77	%		(0.50	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	30,800		$	32,045		$	5,659		$	5,411
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.65	%(f)		2.03	%		2.86	%		8.27	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.35	%(f)		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		(1.00	)%(f)		(0.66	)%		(2.68	)%		(8.14	)%(f)
After expense reimbursement and/or fee waiver by Adviser		(0.70	)%(f)		0.02	%		(1.17	)%		(1.21	)%(f)
Portfolio Turnover		78.31	%(e)		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 a reorganization.

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

See accompanying Notes to Financial Statements.

98

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	14.81		$	11.46		$	9.97		$	12.40
Income from Investment Operations:
Net investment income (loss)		(0.03	)		0.04	(b)		(0.10	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.54			4.20			1.59			(2.39	)
Total from investment operations		0.51			4.24			1.49			(2.43	)
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		—			—			—
Distributions from net realized gains on investments		(2.03	)		(0.89	)		—			—
Total distributions		(2.06	)		(0.89	)		—			—
Net increase (decrease) in net asset value		(1.55	)		3.35			1.49			(2.43	)
Net Asset Value, End of Period	$	13.26		$	14.81		$	11.46		$	9.97
Total Return (c)		2.86	%(d)		39.72	%		14.95	%		(19.60	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	7,125		$	8,496		$	755		$	2,551
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.78	%		2.61	%		6.25	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(e)		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		(0.75	)%(e)		(0.41	)%		(2.43	)%		(6.11	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(0.45	)%(e)		0.27	%		(0.92	)%		(0.96	)%(e)
Portfolio Turnover		78.31	%(d)		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 a reorganization.

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

See accompanying Notes to Financial Statements.

99

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	14.54		$	10.90		$	10.00
Income from Investment Operations:
Net investment income		—	(b)		0.01	(c)		0.01
Net realized and unrealized gain on investments		0.38			3.77			0.89
Total from investment operations		0.38			3.78			0.90
Less Distributions:
Distributions from and in excess of net investment income		—	(b)		(0.11	)		—
Distributions from net realized gains on investments		(0.51	)		(0.03	)		—
Total distributions		(0.51	)		(0.14	)		—
Net increase (decrease) in net asset value		(0.13	)		3.64			0.90
Net Asset Value, End of Period	$	14.41		$	14.54		$	10.90
Total Return (d)		2.55	%(e)		35.09	%		9.00	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,973		$	4,049		$	750
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.66	%(f)		2.05	%		5.10	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(f)		1.40	%		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.21	)%(f)		(0.61	)%		(3.51	)%(f)
After expense reimbursement and/or fee waiver by Adviser		0.05	%(f)		0.04	%		0.19	%(f)
Portfolio Turnover		22.66	%(e)		36.82	%		26.22	%(e)(g)

(a) The inception date for the Silvercrest Small Cap Fund Class N shares is December 27, 2011.

(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 delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

100

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	14.59		$	10.93		$	10.00
Income from Investment Operations:
Net investment income		0.03			0.04	(b)		0.03
Net realized and unrealized gain on investments		0.37			3.78			0.90
Total from investment operations		0.40			3.82			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		(0.13	)		—
Distributions from net realized gains on investments		(0.51	)		(0.03	)		—
Total distributions		(0.54	)		(0.16	)		—
Net increase (decrease) in net asset value		(0.14	)		3.66			0.93
Net Asset Value, End of Period	$	14.45		$	14.59		$	10.93
Total Return (c)		2.65	%(d)		35.39	%		9.30	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	47,732		$	29,219		$	4,962
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.41	%(e)		1.80	%		4.85	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.15	%		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.04	%(e)		(0.36	)%		(3.26	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.30	%(e)		0.29	%		0.44	%(e)
Portfolio Turnover		22.66	%(d)		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.

101

Aston Funds

ASTON/TAMRO Small Cap Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	24.06		$	20.52		$	20.57		$	19.42		$	14.67		$	13.64
Income from Investment Operations:
Net investment loss		(0.06	)		(0.03	)(a)		(0.12	)(a)		(0.15	)(a)		(0.08	)(a)		(0.05	)(a)
Net realized and unrealized gain (loss) on investments		(0.89	)		5.55			2.09			1.75			4.83			1.08
Total from investment operations		(0.95	)		5.52			1.97			1.60			4.75			1.03
Less Distributions:
Distributions from net realized gain on investments		(2.16	)		(1.98	)		(2.02	)		(0.45	)		—			—
Total distributions		(2.16	)		(1.98	)		(2.02	)		(0.45	)		—			—
Net increase (decrease) in net asset value		(3.11	)		3.54			(0.05	)		1.15			4.75			1.03
Net Asset Value, End of Period	$	20.95		$	24.06		$	20.52		$	20.57		$	19.42		$	14.67
Total Return (b)		(4.53	)%(c)		29.52	%		10.70	%		8.16	%		32.29	%		7.63	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	455,736		$	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	%(d)		1.31	%		1.28	%(e)		1.29	%		1.34	%		1.37	%
After expense reimbursement and/or fee waiver by Adviser		1.31	%(d)		1.31	%		1.28	%(e)		1.29	%		1.34	%		1.36	%(f)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.52	)%(d)		(0.16	)%		(0.59	)%		(0.69	)%		(0.49	)%		(0.41	)%
After expense reimbursement and/or fee waiver by Adviser		(0.52	)%(d)		(0.16	)%		(0.59	)%		(0.69	)%		(0.49	)%		(0.40	)%
Portfolio Turnover		37.71	%(c)		71.28	%(g)(h)		48.22	%(g)		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) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 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.

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

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

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

See accompanying Notes to Financial Statements.

102

Aston Funds

ASTON/TAMRO Small Cap Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	24.69		$	20.96		$	20.91		$	19.69		$	14.87		$	13.79
Income from Investment Operations:
Net investment income (loss)		(0.03	)		0.02	(a)		(0.07	)(a)		(0.09	)(a)		(0.04	)(a)		(0.02	)(a)
Net realized and unrealized gain (loss) on investments		(0.93	)		5.69			2.14			1.76			4.87			1.12
Total from investment operations		(0.96	)		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		(2.16	)		(1.98	)		(2.02	)		(0.45	)		—			—
Total distributions		(2.16	)		(1.98	)		(2.02	)		(0.45	)		(0.01	)		(0.02	)
Net increase (decrease) in net asset value		(3.12	)		3.73			0.05			1.22			4.82			1.08
Net Asset Value, End of Period	$	21.57		$	24.69		$	20.96		$	20.91		$	19.69		$	14.87
Total Return (b)		(4.42	)%(c)		29.84	%		10.98	%		8.40	%		32.62	%		7.94	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	698,668		$	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	%(d)		1.06	%		1.03	%(e)		1.04	%		1.09	%		1.12	%
After expense reimbursement and/or fee waiver by Adviser		1.06	%(d)		1.06	%		1.03	%(e)		1.04	%		1.09	%		1.11	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.27	)%(d)		0.09	%		(0.34	)%		(0.44	)%		(0.24	)%		(0.16	)%
After expense reimbursement and/or fee waiver by Adviser		(0.27	)%(d)		0.09	%		(0.34	)%		(0.44	)%		(0.24	)%		(0.15	)%
Portfolio Turnover		37.71	%(c)		71.28	%(g)(h)		48.22	%(g)		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) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 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.

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

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

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

See accompanying Notes to Financial Statements.

103

Aston Funds

ASTON/River Road Select Value Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	10.28		$	8.50		$	9.54		$	9.01		$	7.71		$	7.13
Income from Investment Operations:
Net investment income (loss)		(0.02	)		0.07	(a)		0.01	(a)		(0.02	)(a)		0.02	(a)		—	(a)(b)
Net realized and unrealized gain on investments		0.06			2.34			1.01			0.66			1.28			0.59
Total from investment operations		0.04			2.41			1.02			0.64			1.30			0.59
Less Distributions:
Distributions from net investment income		(0.02	)		(0.12	)		—			(0.03	)		—			(0.01	)
Distributions from net realized gains on investments		(1.49	)		(0.51	)		(2.06	)		(0.08	)		—			—
Total distributions		(1.51	)		(0.63	)		(2.06	)		(0.11	)		—			(0.01	)
Net increase (decrease) in net asset value		(1.47	)		1.78			(1.04	)		0.53			1.30			0.58
Net Asset Value, End of Period	$	8.81		$	10.28		$	8.50		$	9.54		$	9.01		$	7.71
Total Return (c)		0.11	%(d)		30.44	%		12.87	%		7.12	%		16.86	%		8.33	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	16,554		$	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		1.45	%(e)		1.46	%		1.43	%(f)		1.42	%(f)		1.41	%(f)		1.44	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.45	%(e)		1.46	%		1.43	%(f)		1.42	%(f)		1.43	%(f)		1.50	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.42	)%(e)		0.78	%		0.07	%		(0.18	)%		0.31	%		0.04	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.42	)%(e)		0.78	%		0.07	%		(0.18	)%		0.29	%		(0.02	)%
Portfolio Turnover		34.35	%(d)		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) Not annualized.

(e) Annualized.

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

See accompanying Notes to Financial Statements.

104

Aston Funds

ASTON/River Road Select Value Fund – Class I	April 30, 2014
Financial Highlights

		Six Months Ended 04/30/14 (unaudited)			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		$	10.38		$	8.58		$	9.59		$	9.04		$	7.73		$	7.14
Income from Investment Operations:
Net investment income (loss)			—	(a)		0.10	(b)		0.03	(b)		0.01	(b)		0.05	(b)		0.02	(b)
Net realized and unrealized gain on investments			0.05			2.36			1.02			0.67			1.28			0.59
	��
Total from investment operations			0.05			2.46			1.05			0.68			1.33			0.61
Less Distributions:
Distributions from net investment income			(0.04	)		(0.15	)		—			(0.05	)		(0.02	)		(0.02	)
Distributions from net realized gains on investments			(1.49	)		(0.51	)		(2.06	)		(0.08	)		—			—
Total distributions			(1.53	)		(0.66	)		(2.06	)		(0.13	)		(0.02	)		(0.02	)
Net increase (decrease) in net asset value			(1.48	)		1.80			(1.01	)		0.55			1.31			0.59
Net Asset Value, End of Period		$	8.90		$	10.38		$	8.58		$	9.59		$	9.04		$	7.73
Total Return (c)			0.22	%(d)		30.74	%		13.18	%		7.56	%		17.19	%		8.52	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)		$	193,270		$	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			1.20	%(e)		1.21	%		1.18	%(f)		1.17	%(f)		1.16	%(f)		1.19	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser			1.20	%(e)		1.21	%		1.18	%(f)		1.17	%(f)		1.18	%(f)		1.25	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser			(0.17	)%(e)		1.03	%		0.32	%		0.07	%		0.56	%		0.29	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser			(0.17	)%(e)		1.03	%		0.32	%		0.07	%		0.54	%		0.23	%
Portfolio Turnover			34.35	%(d)		71.01	%		38.84	%		48.22	%		53.73	%		44.09	%

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

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

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

(d) Not annualized.

(e) Annualized.

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

See accompanying Notes to Financial Statements.

105

Aston Funds

ASTON/River Road Small Cap Value Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	17.05		$	13.56		$	12.20		$	11.60		$	10.22		$	9.30
Income from Investment Operations:
Net investment income (loss)		(0.02	)(a)		0.16			0.03	(a)		(0.03	)		0.03			0.01
Net realized and unrealized gain on investments		0.32			3.98			1.33			0.67			1.36			0.92
Total from investment operations		0.30			4.14			1.36			0.64			1.39			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.22	)		—			(0.04	)		(0.01	)		(0.01	)
Distributions from net realized gain on investments		(3.58	)		(0.43	)		—			—			—			—
Total distributions		(3.62	)		(0.65	)		—			(0.04	)		(0.01	)		(0.01	)
Net increase (decrease) in net asset value		(3.32	)		3.49			1.36			0.60			1.38			0.92
Net Asset Value, End of Period	$	13.73		$	17.05		$	13.56		$	12.20		$	11.60		$	10.22
Total Return (b)		1.43	%(c)		31.98	%		11.15	%		5.46	%		13.60	%		9.99	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	54,747		$	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		1.33	%(d)		1.34	%		1.37	%		1.37	%(e)		1.39	%(e)		1.40	%
After expense reimbursement and/or fee waiver by Adviser		1.33	%(d)		1.34	%		1.37	%		1.37	%(e)		1.39	%(e)		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.31	)%(d)		1.03	%		0.22	%		(0.13	)%		0.27	%		0.05	%
After expense reimbursement and/or fee waiver by Adviser		(0.31	)%(d)		1.03	%		0.22	%		(0.13	)%		0.27	%		0.05	%
Portfolio Turnover		29.83	%(c)		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) Not annualized.

(d) Annualized.

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

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

See accompanying Notes to Financial Statements.

106

Aston Funds

ASTON/River Road Small Cap Value Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	17.13		$	13.62		$	12.22		$	11.62		$	10.24		$	9.32
Income from Investment Operations:
Net investment income (loss)		—	(a)(b)		0.19			0.06	(a)		0.01			0.06			0.03
Net realized and unrealized gain on investments		0.32			4.01			1.34			0.65			1.35			0.92
Total from investment operations		0.32			4.20			1.40			0.66			1.41			0.95
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.26	)		—			(0.06	)		(0.03	)		(0.03	)
Distributions from net realized gain on investments		(3.58	)		(0.43	)		—			—			—			—
Total distributions		(3.66	)		(0.69	)		—			(0.06	)		(0.03	)		(0.03	)
Net increase (decrease) in net asset value		(3.34	)		3.51			1.40			0.60			1.38			0.92
Net Asset Value, End of Period	$	13.79		$	17.13		$	13.62		$	12.22		$	11.62		$	10.24
Total Return (c)		1.56	%(d)		32.36	%		11.46	%		5.70	%		13.80	%		10.31	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	261,120		$	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		1.08	%(e)		1.09	%		1.12	%		1.12	%(f)		1.14	%(f)		1.15	%
After expense reimbursement and/or fee waiver by Adviser		1.08	%(e)		1.09	%		1.12	%		1.12	%(f)		1.14	%(f)		1.15	%(g)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.06	)%(e)		1.28	%		0.47	%		0.12	%		0.52	%		0.30	%
After expense reimbursement and/or fee waiver by Adviser		(0.06	)%(e)		1.28	%		0.47	%		0.12	%		0.52	%		0.30	%
Portfolio Turnover		29.83	%(d)		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) Represents less than $(0.005) per share.

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

(d) Not annualized.

(e) Annualized.

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

(g) 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.

107

Aston Funds

ASTON/River Road Independent Value Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.47		$	11.42		$	10.75		$	10.00
Income from Investment Operations:
Net investment loss		(0.06	)		(0.07	)		(0.09	)(b)		(0.07	)(b)
Net realized and unrealized gain on investments		0.30			0.75			0.88			0.82
Total from investment operations		0.24			0.68			0.79			0.75
Less Distributions:
Distributions from net realized gain on investments		(0.45	)		(0.63	)		(0.12	)		—
Total distributions		(0.45	)		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		(0.21	)		0.05			0.67			0.75
Net Asset Value, End of Period	$	11.26		$	11.47		$	11.42		$	10.75
Total Return (c)		2.12	%(d)		6.37	%		7.41	%		7.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	308,274		$	339,088		$	362,416		$	306,223
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver by Adviser		1.42	%(e)(f)		1.43	%(f)		1.44	%(f)		1.59	%(e)
After earnings credit, expense reimbursement and/or fee waiver Adviser		1.41	%(e)(f)		1.41	%(f)		1.42	%(f)		1.42	%(e)
Ratios of net investment loss to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver by Adviser		(0.97	)%(e)		(0.61	)%		(0.81	)%		(0.98	)%(e)
After earnings credit, expense reimbursement and/or fee waiver Adviser		(0.96	)%(e)		(0.59	)%		(0.79	)%		(0.80	)%(e)
Portfolio Turnover		43.18	%(d)		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) Annualized.

(f) Ratios of expenses to average net assets include Earnings Credits of 0.01% for the six months ended April 30, 2014 and 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.

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

See accompanying Notes to Financial Statements.

108

Aston Funds

ASTON/River Road Independent Value Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.54		$	11.46		$	10.75		$	10.92
Income from Investment Operations:
Net investment loss		(0.04	)		(0.04	)		(0.06	)(b)		(0.02	)(b)
Net realized and unrealized gain (loss) on investments		0.29			0.75			0.89			(0.15	)
Total from investment operations		0.25			0.71			0.83			(0.17	)
Less Distributions:
Distributions from net realized gain on investments		(0.45	)		(0.63	)		(0.12	)		—
Total distributions		(0.45	)		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		(0.20	)		0.08			0.71			(0.17	)
Net Asset Value, End of Period	$	11.34		$	11.54		$	11.46		$	10.75
Total Return (c)		2.19	%(d)		6.62	%		7.68	%		(1.47	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	425,865		$	386,268		$	338,234		$	85,478
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver by Adviser		1.17	%(e)(f)		1.18	%(f)		1.19	%(f)		1.34	%(e)
After earnings credit, expense reimbursement and/or fee waiver by Adviser		1.16	%(e)(f)		1.16	%(f)		1.17	%(f)		1.17	%(e)
Ratios of net investment loss to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver by Adviser		(0.72	)%(e)		(0.36	)%		(0.56	)%		(0.73	)%(e)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.71	)%(e)		(0.34	)%		(0.54	)%		(0.55	)%(e)
Portfolio Turnover		43.18	%(d)		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) Annualized.

(f) Ratios of expenses to average net assets include Earnings Credits of 0.01% for the six months ended April 30, 2014 and 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.

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

See accompanying Notes to Financial Statements.

109

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.65		$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.18			0.30			0.33	(b)		0.12	(b)
Net realized and unrealized gain (loss) on investments		0.10			(0.33	)		0.72			0.41
Total from investment operations		0.28			(0.03	)		1.05			0.53
Less Distributions:
Distributions from and in excess of net investment income		(0.21	)		(0.36	)		(0.37	)		(0.09	)
Distributions from net realized gain on investments		—			(0.06	)		(0.02	)		—
Total distributions		(0.21	)		(0.42	)		(0.39	)		(0.09	)
Net increase (decrease) in net asset value		0.07			(0.45	)		0.66			0.44
Net Asset Value, End of Period	$	10.72		$	10.65		$	11.10		$	10.44
Total Return (c)		2.65	%(d)		(0.28	)%		10.25	%		5.33	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	42,693		$	66,368		$	71,546		$	22,657
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.10	%(e)		1.04	%		1.35	%		3.16	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.94	%(e)		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		3.35	%(e)		2.66	%		2.59	%		1.63	%(e)
After expense reimbursement and/or fee waiver by Adviser		3.51	%(e)		2.77	%		3.01	%		3.85	%(e)
Portfolio Turnover		36.26	%(d)		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.

110

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.65		$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.19			0.33			0.35	(b)		0.13	(b)
Net realized and unrealized gain (loss) on investments		0.10			(0.33	)		0.73			0.41
Total from investment operations		0.29			—			1.08			0.54
Less Distributions:
Distributions from and in excess of net investment income		(0.22	)		(0.39	)		(0.40	)		(0.10	)
Distributions from net realized gain on investments		—			(0.06	)		(0.02	)		—
Total distributions		(0.22	)		(0.45	)		(0.42	)		(0.10	)
Net increase (decrease) in net asset value		0.07			(0.45	)		0.66			0.44
Net Asset Value, End of Period	$	10.72		$	10.65		$	11.10		$	10.44
Total Return (c)		2.78	%(d)		(0.03	)%		10.52	%		5.38	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	83,147		$	110,018		$	105,335		$	4,486
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.85	%(e)		0.79	%		1.10	%		2.91	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.69	%(e)		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		3.60	%(e)		2.91	%		2.84	%		1.88	%(e)
After expense reimbursement and/or fee waiver by Adviser		3.76	%(e)		3.02	%		3.26	%		4.10	%(e)
Portfolio Turnover		36.26	%(d)		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.

111

Aston Funds

ASTON/TCH Fixed Income Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	10.67		$	11.11		$	10.59		$	10.49		$	10.02		$	8.60
Income from Investment Operations:
Net investment income		0.18	(a)		0.40	(a)		0.45	(a)		0.47	(a)		0.50	(a)		0.49	(a)
Net realized and unrealized gain (loss) on investments		0.13			(0.39	)		0.56			0.10			0.47			1.44
Total from investment operations		0.31			0.01			1.01			0.57			0.97			1.93
Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.45	)		(0.49	)		(0.47	)		(0.50	)		(0.51	)
Total distributions		(0.20	)		(0.45	)		(0.49	)		(0.47	)		(0.50	)		(0.51	)
Net increase (decrease) in net asset value		0.11			(0.44	)		0.52			0.10			0.47			1.42
Net Asset Value, End of Period	$	10.78		$	10.67		$	11.11		$	10.59		$	10.49		$	10.02
Total Return (b)		2.93	%(c)		0.13	%		9.74	%		5.62	%		9.98	%		22.99	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	43,450		$	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		1.19	%(d)		1.02	%		1.02	%		1.14	%		0.98	%		0.96	%
After expense reimbursement and/or fee waiver by Adviser		0.94	%(d)		0.84	%		0.86	%		0.88	%(e)		0.62	%		0.61	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.21	%(d)		3.49	%		4.03	%		4.20	%		4.51	%		4.93	%
After expense reimbursement and/or fee waiver by Adviser		3.45	%(d)		3.67	%		4.19	%		4.46	%		4.87	%		5.28	%
Portfolio Turnover		14.54	%(c)		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) Not annualized.

(d) Annualized.

(e) 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.

112

Aston Funds

ASTON/TCH Fixed Income Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	10.67		$	11.11		$	10.59		$	10.49		$	10.02		$	8.60
Income from Investment Operations:
Net investment income		0.20	(a)		0.42	(a)		0.47	(a)		0.49	(a)		0.51	(a)		0.50	(a)
Net realized and unrealized gain (loss) on investments		0.12			(0.39	)		0.55			0.11			0.48			1.44
Total from investment operations		0.32			0.03			1.02			0.60			0.99			1.94
Less Distributions:
Distributions from and in excess of net investment income		(0.21	)		(0.47	)		(0.50	)		(0.50	)		(0.52	)		(0.52	)
Total distributions		(0.21	)		(0.47	)		(0.50	)		(0.50	)		(0.52	)		(0.52	)
Net increase (decrease) in net asset value .		0.11			(0.44	)		0.52			0.10			0.47			1.42
Net Asset Value, End of Period	$	10.78		$	10.67		$	11.11		$	10.59		$	10.49		$	10.02
Total Return (b)		3.06	%(c)		0.28	%		9.93	%		5.89	%		10.11	%		23.14	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,134		$	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		0.94	%(d)		0.87	%		0.85	%		0.89	%		0.85	%		0.84	%
After expense reimbursement and/or fee waiver by Adviser		0.69	%(d)		0.69	%		0.69	%		0.63	%(e)		0.49	%		0.49	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.46	%(d)		3.64	%		4.20	%		4.45	%		4.64	%		5.05	%
After expense reimbursement and/or fee waiver by Adviser		3.70	%(d)		3.82	%		4.36	%		4.71	%		5.00	%		5.40	%
Portfolio Turnover		14.54	%(c)		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) Not annualized.

(d) Annualized.

(e) 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.

113

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.34		$	12.39		$	11.94		$	11.97		$	11.48
Income from Investment Operations:
Net investment income (loss)		(0.03	)(b)		—	(b)(c)		0.04	(b)		(0.01	)(b)		0.04	(b)
Net realized and unrealized gain on investments		0.47			1.11			0.59			0.13			0.45
Total from investment operations		0.44			1.11			0.63			0.12	��		0.49
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.16	)		(0.18	)		(0.08	)		—
Distributions from capital gains		(0.04	)		—			—			(0.07	)		—
Total distributions		(0.13	)		(0.16	)		(0.18	)		(0.15	)		—
Net increase (decrease) in net asset value		0.31			0.95			0.45			(0.03	)		0.49
Net Asset Value, End of Period	$	13.65		$	13.34		$	12.39		$	11.94		$	11.97
Total Return (d)		3.35	%(e)		9.05	%		5.34	%		0.92	%		4.27	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	46,954		$	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 Adviser (f)		1.42	%(g)		1.43	%(h)		1.41	%(h)(i)		1.53	%		2.19	%(g)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser (f)		1.45	%(g)		1.45	%(h)		1.45	%(h)(i)		1.45	%		1.45	%(g)(j)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.35	)%(g)		—	%(c)		0.36	%(i)		(0.17	)%		(0.25	)%(g)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.38	)%(g)		(0.03	)%		0.32	%(i)		(0.10	)%		0.49	%(g)
Portfolio Turnover		18.58	%(e)		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) Annualized.

(h) 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.

(i) 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.

(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.

114

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	13.38		$	12.42		$	11.97		$	11.98		$	11.15		$	10.00
Income from Investment Operations:
Net investment income (loss)		(0.01	)(b)		0.03	(b)		0.07	(b)		0.02	(b)		0.08	(b)		—	(c)
Net realized and unrealized gain on investments		0.47			1.11			0.59			0.13			0.89			1.15
Total from investment operations		0.46			1.14			0.66			0.15			0.97			1.15
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.18	)		(0.21	)		(0.09	)		(0.07	)		—
Distributions from net realized gain on investments		(0.04	)		—			—			(0.07	)		(0.07	)		—
Total distributions		(0.16	)		(0.18	)		(0.21	)		(0.16	)		(0.14	)		—
Net increase (decrease) in net asset value		0.30			0.96			0.45			(0.01	)		0.83			1.15
Net Asset Value, End of Period	$	13.68		$	13.38		$	12.42		$	11.97		$	11.98		$	11.15
Total Return (d)		3.49	%(e)		9.31	%		5.56	%		1.22	%		8.74	%		11.50	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	447,636		$	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 Adviser (f)		1.17	%(g)		1.18	%(h)		1.16	%(h)(i)		1.28	%		2.32	%		18.16	%(g)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser (f)		1.20	%(g)		1.20	%(h)		1.20	%(h)(i)		1.20	%		1.24	%(j)		1.35	%(g)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.10	)%(g)		0.25	%		0.61	%(i)		0.08	%		(0.41	)%		(16.92	)%(g)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.13	)%(g)		0.22	%		0.57	%(i)		0.15	%		0.67	%		(0.11	)%(g)
Portfolio Turnover		18.58	%(e)		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) Annualized.

(h) 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.

(i) 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.

(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.

115

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	9.39		$	8.68		$	9.61		$	9.41		$	8.57		$	8.09
Income from Investment Operations:
Net investment income		0.08			0.20			0.16			0.14			0.10			0.11
Net realized and unrealized gain on investments		—	(a)		0.86			0.11			0.56			0.84			1.02
Total from investment operations		0.08			1.06			0.27			0.70			0.94			1.13
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(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		(0.08	)		(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		$	9.39		$	8.68		$	9.61		$	9.41		$	8.57
Total Return (b)		0.91	%(c)		12.60	%		3.12	%		7.69	%		11.05	%		15.86	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	106,020		$	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 Adviser		1.21	%(d)		1.23	%(e)		1.22	%(e)(f)		1.24	%(f)		1.37	%		2.11	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		1.21	%(d)		1.23	%(e)		1.27	%(e)(f)		1.33	%(f)		1.40	%		1.25	%(g)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		1.92	%(d)		2.24	%		1.82	%		1.51	%		1.20	%		0.55	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		1.92	%(d)		2.24	%		1.78	%		1.41	%		1.17	%		1.41	%
Portfolio Turnover		21.80	%(c)		77.70	%		56.33	%		87.37	%		41.33	%		51.56	%

(a) Represents less than $0.005 per share.

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

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for 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.

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

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

See accompanying Notes to Financial Statements.

116

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	9.40		$	8.69		$	9.62		$	9.41		$	9.04
Income from Investment Operations:
Net investment income		0.10			0.22			0.18			0.16			0.09
Net realized and unrealized gain on investments		—	(b)		0.86			0.11			0.57			0.37
Total from investment operations		0.10			1.08			0.29			0.73			0.46
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.22	)		(0.18	)		(0.15	)		(0.09	)
Distributions from net realized gain on investments		—			(0.15	)		(1.04	)		(0.37	)		—
Total distributions		(0.10	)		(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		$	9.40		$	8.69		$	9.62		$	9.41
Total Return (c)		1.03	%(d)		12.88	%		3.46	%		7.97	%		5.10	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	77,407		$	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 Adviser		0.96	%(e)		0.98	%(f)		0.97	%(f)(g)		0.99	%(g)		1.10	%(e)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		0.96	%(e)		0.98	%(f)		1.02	%(f)(g)		1.08	%(g)		1.15	%(e)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		2.17	%(e)		2.49	%		2.07	%		1.76	%		1.37	%(e)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by Adviser		2.17	%(e)		2.49	%		2.03	%		1.66	%		1.32	%(e)
Portfolio Turnover		21.80	%(d)		77.70	%		56.33	%		87.37	%		41.33	%(d)

(a) The inception date for the Anchor Capital Enhanced Equity Fund Class I shares is March 3, 2010.

(b) Represents less than $0.005 per share.

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

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include 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.

(g) 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.

117

Aston Funds

ASTON/River Road Long-Short Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	12.02		$	10.73		$	9.91		$	10.00
Income from Investment Operations:
Net investment loss		(0.08	)		(0.17	)(b)		(0.18	)		(0.04	)(b)
Net realized and unrealized gain (loss) on investments		(0.15	)		2.02			1.00			(0.05	)
Total from investment operations		(0.23	)		1.85			0.82			(0.09	)
Less Distributions:
Distributions from net realized gain on investments		(0.29	)		(0.56	)		—			—
Total distributions		(0.29	)		(0.56	)		—			—
Net increase (decrease) in net asset value		(0.52	)		1.29			0.82			(0.09	)
Net Asset Value, End of Period	$	11.50		$	12.02		$	10.73		$	9.91
Total Return (c)		(1.99	)%(d)		18.14	%		8.17	%		(0.80	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	99,996		$	108,966		$	7,506		$	4,594
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		2.45	%(e)		2.54	%		5.03	%		8.68	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		2.49	%(e)		2.38	%		3.11	%		2.72	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, excluding interest and dividend expense for securities sold short		1.70	%(e)		1.70	%		1.70	%		1.70	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(1.17	)%(e)		(1.62	)%		(3.63	)%		(6.80	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(1.22	)%(e)		(1.46	)%		(1.71	)%		(0.84	)%(e)
Portfolio Turnover		157.71	%(d)		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.

118

Aston Funds

ASTON/River Road Long-Short Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Period Ended 10/31/13(a)
Net Asset Value, Beginning of Period	$	12.05		$	10.96
Income from Investment Operations:
Net investment loss		(0.05	)		(0.10	)(b)
Net realized and unrealized gain on investments		(0.17	)		1.19
Total from investment operations		(0.22	)		1.09
Less Distributions
Distributions from net realized gain on investments		(0.29	)		—
Total distributions		(0.29	)		—
Net increase (decrease) in net asset value		(0.51	)		1.09
Net Asset Value, End of Period	$	11.54		$	12.05
Total Return (c)		(1.82	)%(d)		9.85	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	110,416		$	71,175
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		2.20	%(e)		2.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		2.24	%(e)		2.10	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, excluding interest and dividend expense for securities sold short		1.45	%(e)		1.45	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.92	)%(e)		(1.44	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.97	)%(e)		(1.33	)%(e)
Portfolio Turnover		157.71	%(d)		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.

119

Aston Funds

ASTON/Barings International Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	7.81		$	6.87		$	6.81		$	7.24		$	6.48
Income from Investment Operations:
Net investment income		0.09			0.11	(b)		0.10	(b)		0.07	(b)		0.06	(b)
Net realized and unrealized gain (loss) on investments		0.05			1.00			0.17			(0.37	)		0.70
Total from investment operations		0.14			1.11			0.27			(0.30	)		0.76
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.09	)		(0.04	)		(0.13	)		—
Distributions from net realized gain on investments		(0.48	)		(0.08	)		(0.17	)		—			—
Total distributions		(0.66	)		(0.17	)		(0.21	)		(0.13	)		—
Net increase (decrease) in net asset value		(0.52	)		0.94			0.06			(0.43	)		0.76
Net Asset Value, End of Period	$	7.29		$	7.81		$	6.87		$	6.81		$	7.24
Total Return (c)		1.71	%(d)		16.64	%		4.28	%		(4.22	)%		11.73	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	494		$	477		$	421		$	393		$	184
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.99	%(e)		1.67	%		1.60	%		1.68	%		1.72	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.40	%		1.40	%		1.40	%(f)		1.40	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.75	%(e)		1.26	%		1.30	%		0.76	%		1.07	%(e)
After expense reimbursement and/or fee waiver by Adviser		2.34	%(e)		1.53	%		1.50	%		1.04	%		1.39	%(e)
Portfolio Turnover		26.72	%(d)		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) Annualized.

(f) For the period November 1, 2010 through February 28, 2011, the Adviser implemented a voluntary expense limitation of 1.40%. Effective March 1, 2011, the contractual expense limitation was decreased from 1.50% to 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

120

Aston Funds

ASTON/Barings International Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	7.82		$	6.89		$	6.82		$	7.26		$	6.44		$	5.08
Income from Investment Operations:
Net investment income		0.10			0.13	(a)		0.12	(a)		0.09	(a)		0.06	(a)		0.10	(a)
Net realized and unrealized gain (loss) on investments		0.06			0.99			0.18			(0.38	)		0.78			1.27	(b)
Total from investment operations		0.16			1.12			0.30			(0.29	)		0.84			1.37
Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.11	)		(0.06	)		(0.15	)		(0.02	)		(0.01	)
Distributions from net realized gain on investments		(0.48	)		(0.08	)		(0.17	)		—			—			—
Total distributions		(0.68	)		(0.19	)		(0.23	)		(0.15	)		(0.02	)		(0.01	)
Net increase (decrease) in net asset value		(0.52	)		0.93			0.07			(0.44	)		0.82			1.36
Net Asset Value, End of Period	$	7.30		$	7.82		$	6.89		$	6.82		$	7.26		$	6.44
Total Return (c)		1.96	%(d)		16.72	%		4.72	%		(4.09	)%		12.89	%		27.11	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	28,452		$	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		1.74	%(e)		1.42	%		1.35	%		1.43	%		1.47	%		2.01	%
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.15	%		1.15	%		1.15	%(f)		1.15	%		1.15	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.00	%(e)		1.51	%		1.55	%		1.01	%		0.63	%		0.80	%
After expense reimbursement and/or fee waiver by Adviser		2.59	%(e)		1.78	%		1.75	%		1.29	%		0.95	%		1.66	%
Portfolio Turnover		26.72	%(d)		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) Not annualized.

(e) Annualized.

(f) For the period November 1, 2010 through February 28, 2011, the Adviser implemented a voluntary expense limitation of 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.

121

Aston Funds

ASTON/Guardian Capital Global Dividend Fund – Class N	April 30, 2014
Financial Highlights

	Period Ended 04/30/14(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.01
Net realized and unrealized gain on investments		0.34
Total from investment operations		0.35
Net increase in net asset value		10.35
Net Asset Value, End of Period	$	10.35
Total Return (b)		3.50	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,035
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		6.51	%(d)
After expense reimbursement and/or fee waiver by Adviser		1.30	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.41	)%(d)
After expense reimbursement and/or fee waiver by Adviser		2.80	%(d)
Portfolio Turnover		4.05	%(c)

(a) The inception date for the Guardian Capital Global Dividend Fund Class N shares is April 14, 2014.

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

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

122

Aston Funds

ASTON/Guardian Capital Global Dividend Fund – Class I	April 30, 2014
Financial Highlights

	Period Ended 04/30/14(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.01
Net realized and unrealized gain on investments		0.34
Total from investment operations		0.35
Net increase in net asset value		10.35
Net Asset Value, End of Period	$	10.35
Total Return (b)		3.50	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,105
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		6.26	%(d)
After expense reimbursement and/or fee waiver by Adviser		1.05	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.16	)%(d)
After expense reimbursement and/or fee waiver by Adviser		3.05	%(d)
Portfolio Turnover		4.05	%(c)

(a) The inception date for the Guardian Capital Global Dividend Fund Class I shares is April 14, 2014.

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

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

123

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Period Ended  10/31/13(a)
Net Asset Value, Beginning of Period	$	9.65		$	10.00
Income from Investment Operations:
Net investment income		0.01			0.08	(b)
Net realized and unrealized loss on investments		(0.38	)		(0.43	)
Total from investment operations		(0.37	)		(0.35	)
Less Distributions:
Distributions from and in excess of net investment		(0.14	)		—
Total distributions		(0.14	)		—
Net decrease in net asset value		(0.51	)		(0.35	)
Net Asset Value, End of Period	$	9.14		$	9.65
Total Return (c)		(3.82	)%(d)		(3.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	665		$	675
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		6.45	%(e)		7.24	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.65	%(e)		1.65	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(4.52	)%(e)		(4.13	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.28	%(e)		1.46	%(e)
Portfolio Turnover		32.14	%(d)		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.

124

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			Period Ended 10/31/13 (a)
Net Asset Value, Beginning of Period	$	9.67		$	10.00
Income from Investment Operations:
Net investment income		0.03			0.10	(b)
Net realized and unrealized loss on investments		(0.38	)		(0.43	)
Total from investment operations		(0.35	)		(0.33	)
Less Distributions:
Distributions from and in excess of net investment		(0.16	)		—
Total distributions		(0.16	)		—
Net decrease in net asset value		(0.51	)		(0.33	)
Net Asset Value, End of Period		9.16		$	9.67
Total Return (c)		(3.63	)%(d)		(3.30	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,419		$	3,307
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		6.20	%(e)		6.99	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.40	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(4.27	)%(e)		(3.88	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.53	%(e)		1.71	%(e)
Portfolio Turnover		32.14	%(d)		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.

125

Aston Funds

ASTON/Pictet International Fund – Class N	April 30, 2014
Financial Highlights

	Period Ended 04/30/14(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		—	(b)
Net realized and unrealized gain on investments		0.19
Total from investment operations		0.19
Net increase in net asset value		0.19
Net Asset Value, End of Period	$	10.19
Total Return (c)		1.90	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,019
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.73	%(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		(1.69	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.64	%(e)
Portfolio Turnover		1.54	%(d)

(a) The inception date for the Pictet International Fund Class N shares is April 14, 2014.

(b) Represents less than $0.005 per share.

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

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

126

Aston Funds

ASTON/Pictet International Fund – Class I	April 30, 2014
Financial Highlights

	Period Ended 04/30/14(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		—	(b)
Net realized and unrealized gain on investments		0.19
Total from investment operations		0.19
Net increase in net asset value		0.19
Net Asset Value, End of Period	$	10.19
Total Return (c)		1.90	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,172
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.48	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)
Ratios of net investment income (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		0.90	%(e)
Portfolio Turnover		1.54	%(d)

(a) The inception date for the Pictet International Fund Class I shares is April 14, 2014.

(b) Represents less than $0.005 per share.

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

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

127

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	11.29		$	10.49		$	8.97		$	8.16		$	5.77		$	6.08
Income from Investment Operations:
Net investment income		0.03	(a)		0.17	(a)		0.15	(a)		0.15	(a)		0.14	(a)		0.15	(a)
Net realized and unrealized gain (loss) on investments		0.47			0.79	(b)		1.44			0.79			2.36			(0.28	)
Total from investment operations		0.50			0.96			1.59			0.94			2.50			(0.13	)
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.16	)		(0.07	)		(0.13	)		(0.11	)		(0.18	)
Total distributions		(0.13	)		(0.16	)		(0.07	)		(0.13	)		(0.11	)		(0.18	)
Net increase (decrease) in net asset value .		0.37			0.80			1.52			0.81			2.39			(0.31	)
Net Asset Value, End of Period	$	11.66		$	11.29		$	10.49		$	8.97		$	8.16		$	5.77
Total Return (c)		4.50	%(d)		9.30	%		17.85	%		11.66	%		43.77	%		(1.44	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	12,323		$	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		2.33	%(e)		2.22	%		2.36	%		1.61	%(f)		1.68	%(f)		1.94	%
After expense reimbursement and/or fee waiver by Adviser		1.37	%(e)		1.37	%		1.37	%		1.29	%(f)		1.37	%(f)		1.37	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.43	)%(e)		0.67	%		0.53	%		1.36	%		1.65	%		2.55	%
After expense reimbursement and/or fee waiver by Adviser		0.54	%(e)		1.52	%		1.52	%		1.68	%		1.96	%		3.12	%
Portfolio Turnover		94.59	%(d)		159.14	%		86.62	%(g)		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) Not annualized.

(e) Annualized.

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

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

See accompanying Notes to Financial Statements.

128

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	11.24		$	10.44		$	8.92		$	8.12		$	5.74		$	6.08
Income from Investment Operations:
Net investment income		0.04	(a)		0.20	(a)		0.15	(a)		0.16	(a)		0.16	(a)		0.16	(a)
Net realized and unrealized gain (loss) on investments		0.46			0.79	(b)		1.46			0.79			2.34			(0.28	)
Total from investment operations		0.50			0.99			1.61			0.95			2.50			(0.12	)
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.19	)		(0.09	)		(0.15	)		(0.12	)		(0.22	)
Total distributions		(0.15	)		(0.19	)		(0.09	)		(0.15	)		(0.12	)		(0.22	)
Net increase (decrease) in net asset value		0.35			0.80			1.52			0.80			2.38			(0.34	)
Net Asset Value, End of Period	$	11.59		$	11.24		$	10.44		$	8.92		$	8.12		$	5.74
Total Return (c)		4.61	%(d)		9.58	%		18.16	%		11.82	%		44.14	%		(1.27	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	477		$	532		$	166		$	32,925		$	29,425		$	21,905
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.08	%(e)		1.97	%		2.11	%		1.44	%(f)		1.43	%(f)		1.69	%
After expense reimbursement and/or fee waiver by Adviser		1.12	%(e)		1.12	%		1.12	%		1.12	%(f)		1.12	%(f)		1.12	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.18	)%(e)		0.92	%		0.78	%		1.53	%		1.90	%		2.80	%
After expense reimbursement and/or fee waiver by Adviser		0.79	%(e)		1.77	%		1.77	%		1.85	%		2.21	%		3.37	%
Portfolio Turnover		94.59	%(d)		159.14	%		86.62	%(g)		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) Not annualized.

(e) Annualized.

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

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

See accompanying Notes to Financial Statements.

129

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class N	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	23.81		$	21.46		$	20.09		$	19.13		$	17.73		$	15.61
Income from Investment Operations:
Net investment income		0.06			0.21	(a)		0.16	(a)		0.15	(a)		0.21	(a)		0.21	(a)
Net realized and unrealized gain on investments		0.72			2.43			1.45			1.03			1.47			2.15
Total from investment operations		0.78			2.64			1.61			1.18			1.68			2.36
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.29	)		(0.24	)		(0.22	)		(0.28	)		(0.24	)
Distribution from net realized gain on investments		(0.74	)		—			—			—			—			—
Total distributions		(0.85	)		(0.29	)		(0.24	)		(0.22	)		(0.28	)		(0.24	)
Net increase (decrease) in net asset value		(0.07	)		2.35			1.37			0.96			1.40			2.12
Net Asset Value, End of Period	$	23.74		$	23.81		$	21.46		$	20.09		$	19.13		$	17.73
Total Return (b)		3.27	%(c)		12.40	%		8.03	%		6.20	%		9.54	%		15.32	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	21,488		$	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		1.43	%(d)		1.37	%		1.42	%		1.57	%(e)		1.38	%		1.73	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(d)		1.20	%		1.22	%		1.35	%(e)		1.13	%		1.26	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.30	%(d)		0.77	%		0.57	%		0.53	%		0.89	%		0.81	%
After expense reimbursement and/or fee waiver by Adviser		0.53	%(d)		0.94	%		0.77	%		0.76	%		1.15	%		1.28	%
Portfolio Turnover		12.32	%(c)		34.62	%		35.48	%		40.31	%		51.68	%(f)		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) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 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.

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

See accompanying Notes to Financial Statements.

130

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class I	April 30, 2014
Financial Highlights

	Six Months Ended 04/30/14 (unaudited)			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	$	23.76		$	21.41		$	20.05		$	19.08		$	17.68		$	15.57
Income from Investment Operations:
Net investment income		0.06			0.23	(a)		0.19	(a)		0.20	(a)		0.22	(a)		0.23	(a)
Net realized and unrealized gain on investments		0.73			2.43			1.44			1.04			1.46			2.16
Total from investment operations		0.79			2.66			1.63			1.24			1.68			2.39
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.31	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)
Distribution from net realized gain on investments		(0.74	)		—			—			—			—			—
Total distributions		(0.88	)		(0.31	)		(0.27	)		(0.27	)		(0.28	)		(0.28	)
Net increase (decrease) in net asset value		(0.09	)		2.35			1.36			0.97			1.40			2.11
Net Asset Value, End of Period	$	23.67		$	23.76		$	21.41		$	20.05		$	19.08		$	17.68
Total Return (b)		3.33	%(c)		12.53	%		8.14	%		6.52	%		9.57	%		15.53	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,727		$	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		1.33	%(d)		1.27	%		1.30	%		1.32	%(e)		1.35	%		1.57	%
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.10	%		1.10	%		1.10	%(e)		1.10	%		1.10	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.40	%(d)		0.87	%		0.69	%		0.79	%		0.92	%		0.97	%
After expense reimbursement and/or fee waiver by Adviser		0.63	%(d)		1.04	%		0.89	%		1.02	%		1.17	%		1.44	%
Portfolio Turnover		12.32	%(c)		34.62	%		35.48	%		40.31	%		51.68	%(f)		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) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 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.

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

See accompanying Notes to Financial Statements.

131

Aston Funds

	April 30, 2014
Notes to Financial Statements (unaudited)

Note (A) Fund Organization: Aston Funds (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated September 10, 1993. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company with 25 separate portfolios (each, a “Fund” and collectively, the “Funds”) as of April 30, 2014.

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 25 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
(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/Guardian Capital Global Dividend Fund
(the “Guardian Capital Global Dividend Fund”)

ASTON/LMCG Emerging Markets Fund
(the “LMCG Emerging Markets Fund”)

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

ASTON/Harrison Street Real Estate Fund

(the “Harrison Street Real Estate Fund”)

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

M&C Growth Fund is authorized to issue three classes of shares (Class N shares, Class I shares and Class R shares). The following Funds are each authorized to issue two classes of shares (Class N shares and Class I shares): 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, Guardian Capital Global Dividend Fund, LMCG Emerging Markets Fund, Pictet International 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 only offered Class N shares during the six months ended April 30, 2014. 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.

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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.

Guardian Capital Global Dividend Fund

Long-term capital appreciation and current income.

LMCG Emerging Markets Fund

Long-term capital appreciation.

Pictet International Fund

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, Guardian Capital Global Dividend Fund, LMCG Emerging Markets Fund and Pictet International 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. 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)

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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of the levels are recognized at the market value at the end of the period. The summary of each Fund’s investments that are measured at fair value by Level within the fair value hierarchy as of April 30, 2014 is as follows:

Funds	Total Value at 04/30/14		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
M&C Growth Fund
Assets
Investments in Securities*	$	4,766,976,047	$	4,766,976,047	$	—	$	—
TAMRO Diversified Equity Fund
Assets
Investments in Securities*	$	55,343,958	$	55,343,958	$	—	$	—
Herndon Large Cap Value Fund
Assets
Investments in Securities*	$	146,764,329	$	146,764,329	$	—	$	—
Cornerstone Large Cap Value Fund
Assets
Investments in Securities*	$	109,042,845	$	109,042,845	$	—	$	—
River Road Dividend All Cap Value Fund
Assets
Investments in Securities*	$	1,241,344,178	$	1,241,344,178	$	—	$	—
River Road Dividend All Cap Value Fund II
Assets
Investments in Securities*	$	114,338,763	$	114,338,763	$	—	$	—
Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	5,558,612,931	$	5,558,612,931	$	—	$	—
M&C Mid Cap Growth Fund
Assets
Investments in Securities*	$	11,274,080	$	11,274,080	$	—	$	—
LMCG Small Cap Growth Fund
Assets
Investment in Securities*	$	38,353,096	$	38,353,096	$	—	$	—
Silvercrest Small Cap Fund
Assets
Investments in Securities*	$	51,878,282	$	51,878,282	$	—	$	—
TAMRO Small Cap Fund
Assets
Common Stocks
Consumer Discretionary	$	177,678,249	$	177,678,249	$	—	$	—
Consumer Staples		101,583,225		85,354,355		16,228,870		—
Energy		69,183,977		69,183,977		—		—
Financials		258,138,626		258,138,626		—		—
Healthcare		160,459,710		160,459,710		—		—
Industrials		206,755,383		206,755,383		—		—
Information Technology		157,208,703		157,208,703		—		—
Materials		5,758,222		5,758,222		—		—
Total Common Stocks		1,136,766,095		1,120,537,225		16,228,870		—
Investment Company*		8,724,963		8,724,963		—		—
Total	$	1,145,491,058	$	1,129,262,188	$	16,228,870	$	—
River Road Select Value Fund
Assets
Investments in Securities*	$	210,916,002	$	210,916,002	$	—	$	—

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Funds	Total Value at 04/30/14				Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
River Road Small Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	53,676,992			$	53,676,992		$	—	$	—
Consumer Staples		11,393,442				11,393,442			—		—
Energy		25,834,763				18,477,664			7,357,099		—
Financials		44,823,715				44,823,715			—		—
Healthcare		24,282,131				24,282,131			—		—
Industrials		55,544,771				55,544,771			—		—
Information Technology		44,561,260				39,973,278			4,587,982		—
Materials		18,540,806				18,540,806			—		—
Telecommunication Services		8,538,503				8,538,503			—		—
Total Common Stocks		287,196,383				275,251,302			11,945,081		—
Investment Company*		28,743,187				28,743,187			—		—
Total	$	315,939,570			$	303,994,489		$	11,945,081	$	—
River Road Independent Value Fund
Assets
Investments in Securities*	$	728,868,436			$	728,868,436		$	—	$	—
DoubleLine Core Plus Fixed Income Fund
Assets
Corporate Notes and Bonds	$	50,518,714			$	—		$	50,518,714	$	—
Collateralized Mortgage-Backed Securities		24,188,787				—			24,188,787		—
U.S. Government Obligations		14,421,999				—			14,421,999		—
Agency Collateralized Mortgage Obligations		13,012,704				—			13,012,704		—
U.S. Government Mortgage-Backed Securities		8,832,404				—			8,832,404		—
Asset-Backed Securities		5,375,247				—			5,375,247		—
Foreign Government Bonds		885,364				—			885,364		—
Investment Company*		7,122,045				7,122,045			—		—
Total	$	124,357,264			$	7,122,045		$	117,235,219	$	—
TCH Fixed Income Fund
Assets
Corporate Notes and Bonds	$	26,103,463			$	—		$	26,103,463	$	—
U.S. Government and Agency Obligations		22,685,038				—			22,685,038		—
Asset-Backed Securities		710,154				—			710,154		—
Commercial Mortgage-Backed Security		309,312				—			309,312		—
Investment Company*		2,345,664				2,345,664			—		—
				��
Total	$	52,153,631			$	2,345,664		$	49,807,967	$	—
Lake Partners LASSO Alternative Fund
Assets
Investments in Securities*	$	494,188,198			$	494,188,198		$	—	$	—
Anchor Capital Enhanced Equity Fund
Assets
Common Stocks*	$	183,812,205			$	183,812,205		$	—	$	—
Derivatives
Equity Contracts		858,900				858,900			—		—
Investment Company*		5,120,969				5,120,969			—		—
Total Assets		189,792,074				189,792,074			—		—
Liabilities
Derivatives
Equity Covered Call Contracts		(7,437,969	)			(7,437,969	)		—		—
Total Liabilities		(7,437,969	)			(7,437,969	)		—		—
Total	$	182,354,105			$	182,354,105		$	—	$	—

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Funds	Total Value at 04/30/14			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
River Road Long-Short Fund
Assets
Investments in Securities*	$	228,506,886		$	228,506,886		$	—	$	—
Total Assets		228,506,886			228,506,886			—		—
Liabilities
Securities Sold Short*	$	(56,028,471	)	$	(56,028,471	)	$	—	$	—
Total Liabilities		(56,028,471	)		(56,028,471	)		—		—
Total	$	172,478,415		$	172,478,415		$	—	$	—
Barings International Fund
Assets
Common Stocks	$	28,559,856		$	28,559,856		$	—	$	—
Preferred Stock		5,610			—			—		5,610
Investment Company*		124,916			124,916			—		—
Total	$	28,690,382		$	28,684,772		$	—	$	5,610
Guardian Capital Global Dividend Fund
Assets
Investments in Securities*	$	4,133,515		$	4,133,515		$	—	$	—
LMCG Emerging Markets Fund
Assets
Common Stocks	$	3,780,792		$	3,780,792		$	—	$	—
Exchange Traded Funds		215,784			215,784			—		—
Rights		1			—			1		—
Investment Company*		89,829			89,829			—		—
Total	$	4,086,406		$	4,086,405		$	1	$	—
ASTON/Pictet International Fund
Assets
Investments in Securities*	$	9,958,317		$	9,958,317		$	—	$	—
Harrison Street Real Estate Fund
Assets
Investments in Securities*	$	12,556,440		$	12,556,440		$	—	$	—
M&C Balanced Fund
Assets
Common Stocks*	$	13,699,282		$	13,699,282		$	—	$	—
Corporate Notes and Bonds		5,088,881			—			5,088,881		—
U.S. Government and Agency Obligations		3,379,856			—			3,379,856		—
Investment Company*		1,487,666			1,487,666			—		—
Total	$	23,655,685		$	15,186,948		$	8,468,737	$	—

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

At the end of each fiscal 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, Guardian Capital Global Dividend Fund, LMCG Emerging Markets Fund, and Pictet International Fund may utilize an external pricing service to fair value certain foreign securities if certain market events occur. Such fair valuations are categorized as Level 2 in the hierarchy. Because such market events were not deemed to have occurred at April 30, 2014, Barings International Fund, Guardian Capital Global Dividend Fund, LMCG Emerging Markets Fund and Pictet International Fund did not utilize the external pricing service adjustments.

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Certain securities that were held at April 30, 2014 and since the beginning of the fiscal year in River Road Dividend All Cap Value 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	$	—	$	3,687,191
River Road Small Cap Value Fund		4,587,982		6,488,089
River Road Independent Value Fund		—		27,339,076

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 April 30, 2014:

Barings International Fund		Common Stocks
Fair Value, beginning of period	$	4,485
Purchases		5,590
Sales		(4,599	)
Net realized gains		76
Change in unrealized appreciation (depreciation)		58
Fair Value, end of period	$	5,610
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of period	$	20

(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 April 30, 2014, 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 six months ended April 30, 2014, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund owned delayed delivery securities. At April 30, 2014, no delayed delivery securities were held.

(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 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.

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(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 April 30, 2014. As of and during the six months ended April 30, 2014, the average* volume of derivative activities were as follows:

Funds	Purchased Options (Cost)		Written Options (Premiums Received)
Anchor Capital Enhanced Equity Fund	$	1,549,929	$	4,452,652

* 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 rela-

tive to the U.S. dollar or other currencies. During the six months ended April 30, 2014, the Funds did not enter into any forward foreign currency contracts.

(8) Disclosures about Derivative Instruments: The following is a table summarizing the fair value of derivatives held at April 30, 2014, by primary risk exposure:

	Asset Derivative Investments Value		Liability Derivative Investments Value
Fund	Equity Contracts  (a)		Equity Contracts(a)
Anchor Capital Enhanced Equity Fund	$	858,900	$	(7,437,969	)

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

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2014:

	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	$	(8,689,339	)	$	633,420

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

(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.

(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

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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. The Fund’s ability to utilize the capital loss carryforwards is limited under Internal Revenue Service regulations.

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

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

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

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

Fund	Inception Date		Original Offering Costs
Guardian Capital Global Dividend Fund		April 14, 2014	$	70,000
LMCG Emerging Markets Fund		March 28, 2013		72,373
Pictet International Fund		April 14, 2014		70,000

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

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

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

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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, Guardian Capital Global Dividend 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, Pictet International Fund and Harrison Street Real Estate Fund.

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

Differences in dividends per share between classes of the following Funds are due to different class expenses: M&C Growth Fund, 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, Guardian Capital Global Dividend Fund, River Road Long-Short Fund, Barings International Fund, LMCG Emerging Markets Fund, Pictet International Fund, Harrison Street Real Estate Fund and M&C Balanced Fund.

Net investment income and realized gains and losses for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book and tax basis differences. Permanent differences, such as 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.

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		—

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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:

Six Months Ended April 30, 2014

Class N	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		3,824,896		5,582,826		(12,228,721	)		(2,820,999	)
TAMRO Diversified Equity Fund		109,362		42,330		(221,826	)		(70,134	)
Herndon Large Cap Value Fund		525,096		78,379		(297,753	)		305,722
Cornerstone Large Cap Value Fund		171,377		6,617		(477,865	)		(299,871	)
River Road Dividend All Cap Value Fund		2,660,863		2,408,782		(3,556,310	)		1,513,335
River Road Dividend All Cap Value Fund II		259,658		9,742		(46,250	)		223,150
Fairpointe Mid Cap Fund		6,577,733		4,903,545		(7,950,376	)		3,530,902
M&C Mid Cap Growth Fund		23,310		147,172		(70,409	)		100,073
LMCG Small Cap Growth Fund		139,242		304,695		(283,967	)		159,970
Silvercrest Small Cap Fund		116,362		9,961		(128,952	)		(2,629	)
TAMRO Small Cap Fund		1,422,782		1,983,755		(3,829,956	)		(423,419	)
River Road Select Value Fund		111,119		295,283		(385,356	)		21,046
River Road Small Cap Value Fund		524,958		871,062		(738,907	)		657,113
River Road Independent Value Fund		3,902,614		1,167,150		(7,239,030	)		(2,169,266	)
DoubleLine Core Plus Fixed Income Fund		481,299		74,460		(2,805,129	)		(2,249,370	)
TCH Fixed Income Fund		291,305		73,142		(624,368	)		(259,921	)
Lake Partners LASSO Alternatives Fund		1,025,400		40,597		(1,703,807	)		(637,810	)
Anchor Capital Enhanced Equity Fund		1,979,793		97,721		(1,619,708	)		457,806
River Road Long-Short Fund		3,376,271		238,102		(3,985,545	)		(371,172	)
Barings International Fund		2,340		5,415		(1,163	)		6,592
Guardian Capital Global Dividend Fund (a)		100,001		—		—			100,001
LMCG Emerging Markets Fund		2,121		1,079		(313	)		2,887
Pictet International Fund (b)		100,001		—		—			100,001
Harrison Street Real Estate Fund		184,428		12,654		(299,911	)		(102,829	)
M&C Balanced Fund		33,365		32,212		(102,271	)		(36,694	)

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Class I	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
M&C Growth Fund		10,930,107		5,932,472		(24,542,126	)		(7,679,547	)
TAMRO Diversified Equity Fund		107,044		50,315		(217,744	)		(60,385	)
Herndon Large Cap Value Fund		1,164,671		145,491		(523,905	)		786,257
Cornerstone Large Cap Value Fund		3,193,157		19,747		(130,139	)		3,082,765
River Road Dividend All Cap Value Fund		5,820,875		2,721,956		(6,067,487	)		2,475,344
River Road Dividend All Cap Value Fund II		1,685,385		178,465		(473,670	)		1,390,180
Fairpointe Mid Cap Fund		14,721,493		3,826,779		(8,587,392	)		9,960,880
LMCG Small Cap Growth Fund		71,549		82,467		(190,623	)		(36,607	)
Sillvercrest Small Cap Fund		1,343,964		76,930		(120,546	)		1,300,348
TAMRO Small Cap Fund		3,538,826		2,400,215		(5,637,844	)		301,197
River Road Select Value Fund		1,610,918		3,175,257		(2,169,973	)		2,616,202
River Road Small Cap Value Fund		2,402,853		3,935,519		(2,157,314	)		4,181,058
River Road Independent Value Fund		8,009,348		1,311,396		(5,238,532	)		4,082,212
DoubleLine Core Plus Fixed Income Fund		2,417,033		162,240		(5,153,578	)		(2,574,305	)
TCH Fixed Income Fund		141,855		16,058		(130,028	)		27,885
Lake Partners LASSO Alternatives Fund		5,327,961		329,595		(4,063,776	)		1,593,780
Anchor Capital Enhanced Equity Fund		3,539,331		58,622		(1,548,256	)		2,049,697
River Road Long-Short Fund		4,257,354		164,164		(763,128	)		3,658,390
Barings International Fund		455,286		457,485		(1,810,318	)		(897,547	)
Guardian Capital Global Dividend Fund (a)		300,001		—		—			300,001
LMCG Emerging Markets Fund		25,561		5,932		—			31,493
Pictet International Fund (b)		900,001		—		—			900,001
Harrison Street Real Estate Fund		3,186		396		(9,749	)		(6,167	)
M&C Balanced Fund		5,022		1,173		(10,642	)		(4,447	)

(a) The inception date for the Guardian Capital Global Dividend Fund Class N and I is April 14, 2014.

(b) The inception date for the Pictet International Fund Class N and I is April 14, 2014.

Class R	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Decrease in Shares Outstanding
M&C Growth Fund		27,210		20,886		(53,792	)		(5,696	)

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 28, 2013.

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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 $597,549 on March 27, 2013. The subscription was comprised of securities, cash and dividends accrued in the amounts of $258,478, $338,808 and $262, respectively.

(c) 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

Note (E) Investment Transactions: Aggregate purchases and proceeds from sales and maturities of investment securities (other than short-term investments) for the six months ended April 30, 2014 were as follows:

	Aggregate Purchases				Proceeds from Sales
	U.S. Government		Other		U.S. Government		Other
M&C Growth Fund	$	—	$	1,250,757,485	$	—	$	2,055,601,622
TAMRO Diversified Equity Fund		—		14,548,560		—		19,151,313
Herndon Large Cap Value Fund		—		48,945,000		—		36,894,146
Cornerstone Large Cap Value Fund		—		50,475,230		—		10,460,018
River Road Dividend All Cap Value Fund		—		160,246,623		—		154,677,231
River Road Dividend All Cap Value Fund II		—		30,468,612		—		10,870,020
Fairpointe Mid Cap Fund		—		1,360,149,145		—		1,402,855,518
M&C Mid Cap Growth Fund		—		1,646,746		—		2,159,329
LMCG Small Cap Growth Fund		—		31,306,512		—		34,355,585
Silvercrest Small Cap Fund		—		27,251,613		—		9,521,557
TAMRO Small Cap Fund		—		480,193,210		—		602,074,263
River Road Select Value Fund		—		70,701,227		—		72,578,579
River Road Small Cap Value Fund		—		91,877,496		—		86,787,477
River Road Independent Value Fund		—		98,018,935		—		175,779,918
DoubleLine Core Plus Fixed Income Fund		34,315,492		71,490,347		49,346,962		108,201,111
TCH Fixed Income Fund		5,522,882		1,804,452		1,263,362		7,721,239
Lake Partners LASSO Alternatives Fund		—		107,299,696		—		88,784,770
Anchor Capital Enhanced Equity Fund		—		49,861,309		—		36,149,267
River Road Long-Short Fund		—		275,777,269		—		248,159,121
Barings International Fund		—		8,737,797		—		17,172,761
Guardian Capital Global Dividend Fund		—		4,047,737		—		82,869
LMCG Emerging Markets Fund		—		1,418,462		—		1,245,342
Pictet International Fund		—		9,837,908		—		76,718
Harrison Street Real Estate Fund		—		12,022,720		—		13,189,103
M&C Balanced Fund		—		2,859,800		5,918		4,909,388

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Notes to Financial Statements (unaudited) – continued

Note (F) Redemption Fees: In accordance with the prospectus, certain Funds may assess a redemption fee on Fund share redemptions and exchanges within specified time periods. The redemption fees are indicated in the following table for the six months ended April 30, 2014 and are 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	$	—
Guardian Capital Dividend Fund	2% Within 90 Days		—
Harrison Street Real Estate Fund	2% Within 90 Days		1,522
LMCG Emerging Markets Fund	2% Within 90 Days		—
Pictet International 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, 2015, except as noted below. The advisory rates and contractual expense limitations for the six months ended April 30, 2014 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	1.20%	1.70%(a)	1.45%(a)
Barings International Fund	1.00%	1.40%(a)	1.15%(a)
Guardian Capital Global Dividend Fund (b)	0.80%	1.30%(a)	1.05%(a)
LMCG Emerging Markets Fund	1.05%	1.65%(a)	1.40%(a)
Pictet International Fund (c)	0.90%	1.40%(a)	1.15%(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 for a period up to three years from the end of the fiscal year end during which fees were waived or expenses were reimbursed, the Adviser is entitled to be reimbursed by the Fund for previously waived fees and reimbursed expenses, from commencement of operations through the completion of the first three full fiscal years 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. The contractual expense limitation is in effect through February 28, 2015 for the Funds except for Guardian Capital Global Dividend Fund and Pictet International Fund, which is through April 9, 2014.

(b) The inception date for the Guardian Capital Global Dividend Fund Class N and Class I is April 14, 2014.

(c) The inception date for the Pictet International Fund Class N and Class I is April 14, 2014.

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Notes to Financial Statements (unaudited) – continued

Pursuant to a contractual expense reimbursement agreement between the Adviser and the Trust, 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, Guardian Capital Global Dividend Fund-Classes N and I, LMCG Emerging Markets Fund-Classes N and I, and Pictet International Fund-Classes N and I, the Adviser is entitled to be reimbursed by each Fund for such previously waived fees and reimbursed expenses from commencement of operations through the completion of the first three full fiscal years, 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.

The cumulative reimbursement amounts as of April 30, 2014 that are entitled to be recouped for each Fund are as follows:

	Expiration
	2014		2015		2016		2017
Herndon Large Cap Value Fund		83,299		42,793		—		N/A
River Road Dividend All Cap Value Fund II		N/A		—		23,514		—
M&C Mid Cap Growth Fund		72,010		N/A		N/A		N/A
LMCG Small Cap Growth Fund		190,704		123,269		157,143		61,982
Silvercrest Small Cap Fund		N/A		147,166		116,435		56,129
River Road Select Value Fund		—		N/A		N/A		N/A
River Road Independent Value Fund		244,471		143,528		59,855		8,925
DoubleLine Core Plus Fixed Income Fund		105,633		389,195		205,067		105,522
Lake Partners LASSO Alternatives Fund		6,963		—		N/A		N/A
River Road Long-Short Fund		50,533		110,750		76,699		—
Barings International Fund		147,896		N/A		N/A		N/A
Guardian Capital Global Dividend Fund (1)		N/A		N/A		N/A		9,846
LMCG Emerging Markets Fund		N/A		N/A		119,333		92,614
Pictet International Fund (1)		N/A		N/A		N/A		10,960
Total	$	901,509	$	956,701	$	758,046	$	345,978

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

Through the six months ended April 30, 2014, the Adviser is eligible to recapture prior year fee waivers and expense reimbursements of $46,517 from Herndon Large Cap Value Fund, $72,364 from River Road Dividend All Cap Value Fund II, $80,851 from Lake Partners LASSO Alternatives Fund and $46,575 from River Road Long-Short Fund.

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

Fund	Subadviser
M&C Growth Fund	Montag & Caldwell, LLC
TAMRO Diversified Equity Fund	TAMRO Capital Partners LLC
Herndon Large Cap Value Fund	Herndon Capital Management, LLC
Cornerstone Large Cap Value Fund	Cornerstone Investment Partners, LLC
River Road Dividend All Cap Value Fund	River Road Asset Management, LLC
River Road Dividend All Cap Value Fund II	River Road Asset Management, LLC
Fairpointe Mid Cap Fund	Fairpointe Capital LLC
M&C Mid Cap Growth Fund	Montag & Caldwell, LLC
LMCG Small Cap Growth Fund	Lee Munder Capital Group, LLC
Silvercrest Small Cap Fund	Silvercrest Asset Management Group LLC
TAMRO Small Cap Fund	TAMRO Capital Partners LLC
River Road Select Value Fund	River Road Asset Management, LLC
River Road Small Cap Value Fund	River Road Asset Management, LLC
River Road Independent Value Fund	River Road Asset Management, LLC
DoubleLine Core Plus Fixed Income Fund	DoubleLine Capital LP
TCH Fixed Income Fund	Taplin, Canida & Habacht, LLC
Lake Partners LASSO Alternatives Fund	Lake Partners, Inc.
Anchor Capital Enhanced Equity Fund	Anchor Capital Advisors LLC
River Road Long-Short Fund	River Road Asset Management, LLC
Barings International Fund	Baring International Investment Limited
Guardian Capital Global Dividend Fund	Guardian Capital LP
LMCG Emerging Markets Fund	Lee Munder Capital Group, LLC
Pictet International Fund	Pictet Asset Management Limited
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.

Matters Related to AMG. Effective May 30, 2014, Aston became an indirect, wholly-owned subsidiary of Affiliated Managers Group, Inc. (“AMG”), the interests in which are held by AMG through its wholly-owned subsidiary, AMG Funds LLC (the “Transaction”). As part of the Transaction, Aston was converted to a Delaware limited liability company and changed its name to “Aston Asset Management, LLC.”

As required by the 1940 Act, the investment advisory agreement for each Fund provides for its automatic termination in the event of its assignment, which in turn causes the automatic termination of the subadvisory agreement. The completion of the Transaction constituted an “assignment” as that term is defined under the 1940 Act, of each Fund’s then current investment advisory agreement. At an in-person meeting held on December 18-19, 2013, (and March 20, 2014 with respect to the Guardian Global Dividend Fund and Pictet International Fund) the Board of Trustees (the “Board”), including all of the

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Notes to Financial Statements (unaudited) – continued

trustees who are not “interested persons” of the Trust, as defined in the 1940 act, approved a new investment advisory agreement and subadvisory agreements with respect to each Fund on substantially the same terms as currently in effect, including the fee rates payable under the agreements. In addition, the new investment advisory agreement was approved by the shareholders of each Fund other than Harrison Street Real Estate Fund and TAMRO Diversified Equity Fund at the Funds’ special meeting of shareholders held on April 17, 2014; by the shareholders of Harrison Street Real Estate Fund at the reconvened special meeting of shareholders held on April 30, 2014; and by the shareholders of TAMRO Diversified Equity Fund at the reconvened special meeting of shareholders held on May 28, 2014.

The new Investment Advisory Agreement and Sub-Investment Advisory Agreement(s) with respect to each Fund took effect on May 30, 2014.

River Road Transaction. River Road Asset Management, LLC (“River Road”) serves as the subadviser to the River Road Dividend All Cap Value Fund, River Road Dividend All Cap Value Fund II, River Road Independent Value Fund, River Road Long-Short Fund, River Road Select Value Fund and River Road Small Cap Value Fund (each, a “River Road Fund” and collectively, the “River Road Funds”) pursuant to sub-investment advisory agreements between Aston and River Road. River Road is a wholly-owned subsidiary of Aviva Investors North America Holdings, Inc. which is an indirect subsidiary of Aviva, plc (“Aviva”). On March 27, 2014, AMG, the parent company of Aston, entered into a definitive agreement to acquire Aviva’s equity interest in River Road (the “River Road Transaction”). Following the River Road Transaction, AMG will hold an indirect, majority equity interest in River Road, and River Road’s existing management team will hold a substantial minority equity interest in River Road. The River Road Transaction will not result in any material changes in River Road’s management, personnel or investment processes, the way in which River Road manages the River Road Funds or the fees and expenses of the River Road Funds.

As required by the 1940 Act, the current sub-investment advisory agreement for each Fund provides for its automatic termination in the event of its assignment. The completion of the River Road Transaction and the related issuance of equity to management will be deemed to constitute an “assignment,” as that term is defined in the 1940 Act. In anticipation of the River Road Transaction, the Board met in-person on March 20, 2014 and approved a new sub-investment advisory agreement with respect to each River Road Fund on substantially the same terms as currently in effect, including the fee rates payable under the agreements.

The River Road Transaction is expected to close during the second or third quarter of 2014, subject to the satisfaction or waiver of certain conditions. Upon the closing of the transaction, River Road will continue to manage the River Road Funds, and the investment objectives and principal investment strategies of the River Road Funds will remain the same. If the River Road Transaction does not close, the current sub-investment advisory

agreement for each River Road Fund will remain in full force and effect.

A discussion regarding the Board’s basis for approving the investment advisory and sub-investment advisory agreements, as applicable, in connection with the Transaction and the River Road Transaction, respectively, are available in the additional information section of this semi-annual report.

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

Administration Fees at Trust Level	Annual Rate
First $7.4 billion	0.0437%
Over $7.4 billion	0.0412%

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) provides certain administrative services to the Funds pursuant to a Sub-administration and Accounting Services Agreement between Aston and BNY Mellon (the “Sub-Administration Agreement”). Under the terms of the Sub-Administration Agreement, sub-administration fees (inclusive of tax services fees), which are paid by Aston, are accrued daily and paid monthly, at a rate of 0.0167% of average daily net assets of the Trust and a base fee at an annual rate of $12,000 per Fund. 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 last 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, and ending October 31, 2013, the TCH Fixed Income Fund 12b-1 fee was reduced to 0.15%. Effective January 1, 2012 M&C Balanced Fund reduced its 12b-1 fees to 0.10%.

Trustees. The Trustees of the Trust who are not affiliated with the Adviser or Subadviser receive an annual retainer and per

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Notes to Financial Statements (unaudited) – continued

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 additional retainers. No officer or employee of the Adviser, of a Subadviser, or of their affiliates receives any compensation from the Funds for acting as a Trustee of the Trust. The officers of the Trust receive no compensation directly from the Funds for performing the duties of their offices, except that the Funds compensate the Administrator for providing an officer to serve as the Funds’ Chief Compliance Officer. The aggregate remuneration paid to the Trustees during the six months ended April 30, 2014 was $406,500.

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 six months ended April 30, 2014.

Note (I) Fully FDIC-insured Uninvested Deposit Balance Program: Effective July 3, 2012, the Trust entered into a program under which cash that was then 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 were fully covered by the FDIC. River Road Independent Value Fund, Lake Partners LASSO Alternatives Fund and Anchor Capital Enhanced Equity Fund 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. At April 30, 2014, the Funds accrued Earnings Credits are as follows:

Fund	Earnings Credit to Custody and Transfer Agency Fees
River Road Independent Value Fund	$	30,229
Lake Partners LASSO Alternatives Fund		—
Anchor Capital Enhanced Equity Fund		—

Note (J) 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 (K) Subsequent Events: Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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Additional Information (unaudited)

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

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

Shareholder Voting Results: A combined Special Meeting of the Shareholders of the Trust with respect to the Funds listed below was held on April 17, 2014 for the following purposes:

(1) To elect Trustees to the Board of the Trust (“Proposal 1”);

(2) To approve a new Investment Advisory Agreement between the Trust, on behalf of each Fund, and Aston Asset Management, LLC (“Proposal 2”);

(3) To approve a modified Manager-of-Managers Structure under any Applicable Exemptive Order or Future Rule (“Proposal 3”).

The shareholders meeting was reconvened with respect to Proposals 2 and 3 for each of the Harrison Street Real Estate Fund and TAMRO Diversified Equity Fund on April 24, 2014 and again on April 30, 2014. The meeting was reconvened again with respect to Proposals 2 and 3 for TAMRO Diversified Equity Fund on May 28, 2014. All proposals were approved by the shareholders for all applicable Funds. The results of the voting are as follows:

Proposal 1: Election of Trustees

	Number of Shares Voting
	For		Withheld
Bruce B. Bingham		539,983,843.052		5,544,629.247
Christine C. Carsman		538,202,285.971		7,326,186.328
William E. Chapman, II		539,818,757.180		5,709,715.119
Edward J. Kaier		539,921,036.679		5,607,435.620
Kurt Keilhacker		539,975,047.022		5,553,425.277
Steven J. Paggioli		539,930,200.852		5,598,271.447
Richard F. Powers, III		539,877,654.435		5,650,817.864
Eric P. Rakowski		539,931,823.606		5,596,648.693
Victoria Sassine		540,389,099.427		5,139,372.872
Thomas R. Schneeweis		539,791,067.136		5,737,405.163

Proposal 2: Approval of New Investment Advisory Agreement with Aston Asset Management, LLC

	For		Against		Abstain
ASTON/Anchor Capital Enhanced Equity Fund		9,373,836.748		111,096.622		146,304.403
ASTON/Barings International Fund		2,064,075.819		2,311.663		0.000
ASTON/Cornerstone Large Cap Value Fund		3,855,375.278		51,185.068		194,425.075
ASTON/DoubleLine Core Plus Fixed Income Fund		10,660,540.450		85,588.691		74,092.719
ASTON/Harrison Street Real Estate Fund		647,396.208		27,217.979		14,187.181
ASTON/Fairpointe Mid Cap Fund		63,695,805.751		407,304.247		1,371,104.904
ASTON/Herndon Large Cap Value Fund		4,961,845.602		65,675.466		16,171.300
ASTON/Lake Partners LASSO Alternatives Fund		25,139,645.161		120,939.641		147,835.389
ASTON/LMCG Emerging Markets Fund		217,374.758		0.000		0.000
ASTON/LMCG Small Cap Growth Fund		1,811,171.027		21,796.797		16,483.767
ASTON/Montag & Caldwell Balanced Fund		490,632.273		35,115.610		25,667.998
ASTON/Montag & Caldwell Growth Fund		133,929,922.008		774,445.879		1,916,811.584
ASTON/Montag & Caldwell Mid Cap Growth Fund		599,187.571		4,758.202		0.000
ASTON/River Road Dividend All Cap Value Fund		63,409,703.092		623,230.980		1,025,593.250
ASTON/River Road Dividend All Cap Value Fund II		4,226,614.618		12,392.638		42,583.701
ASTON/River Road Independent Value Fund		37,581,968.810		463,961.181		291,284.414
ASTON/River Road Long-Short Fund		11,642,333.724		54,498.000		104,897.000
ASTON/River Road Select Value Fund		9,351,274.587		25,986.722		35,779.021
ASTON/River Road Small Cap Value Fund		18,009,616.322		152,610.836		22,204.361
ASTON/Silvercrest Small Cap Fund		1,313,567.258		7,832.680		92,707.751
ASTON/TAMRO Diversified Equity Fund		1,869,228.476		14,138.443		11,354.637
ASTON/TAMRO Small Cap Fund		46,629,484.827		76,702.977		397,154.576
ASTON/TCH Fixed Income Fund		3,596,092.566		20,405.977		22,036.194

Proposal 3: Approval of a Modified Manager–of–Managers Structure Under any Applicable Exemptive Order or Future Rule

	For		Against		Abstain
ASTON/Anchor Capital Enhanced Equity Fund		8,849,041.567		587,532.731		194,660.474
ASTON/Barings International Fund		2,064,075.819		2,311.663		0.000
ASTON/Cornerstone Large Cap Value Fund		3,629,504.168		278,539.346		192,941.908
ASTON/DoubleLine Core Plus Fixed Income Fund		9,970,460.409		781,435.111		68,323.339
ASTON/Fairpointe Mid Cap Fund		62,697,860.622		1,330,050.921		1,445,878.359
ASTON/Harrison Street Real Estate Fund		619,984.011		48,623.567		20,192.790
ASTON/Herndon Large Cap Value Fund		4,950,774.221		74,850.345		18,065.803
ASTON/Lake Partners LASSO Alternatives Fund		25,001,843.138		234,778.790		171,796.262
ASTON/LMCG Emerging Markets Fund		217,374.758		0.000		0.000
ASTON/LMCG Small Cap Growth Fund		1,770,552.225		54,669.172		24,229.193
ASTON/Montag & Caldwell Balanced Fund		462,544.432		55,360.658		33,510.791
ASTON/Montag & Caldwell Growth Fund		131,938,029.067		2,632,026.392		2,051,120.012
ASTON/Montag & Caldwell Mid Cap Growth Fund		557,921.665		46,025.108		0.000
ASTON/River Road Dividend All Cap Value Fund		62,930,723.206		1,266,751.820		861,047.296
ASTON/River Road Dividend All Cap Value Fund II		4,199,352.237		41,134.887		41,101.833
ASTON/River Road Independent Value Fund		37,034,649.167		962,562.842		339,989.396
ASTON/River Road Long-Short Fund		11,047,630.724		614,346.000		139,752.000
ASTON/River Road Select Value Fund		9,299,772.452		70,114.115		43,152.763
ASTON/River Road Small Cap Value Fund		17,918,689.155		226,128.298		39,609.067
ASTON/Silvercrest Small Cap Fund		1,385,156.477		26,085.597		2,865.616
ASTON/TAMRO Diversified Equity Fund		1,835,823.596		47,146.656		11,750.304
ASTON/TAMRO Small Cap Fund		45,851,691.539		465,463.830		786,181.011
ASTON/TCH Fixed Income Fund		3,567,423.626		40,512.845		30,597.266

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN APPROVING THE NEW SUB-INVESTMENT ADVISORY AGREEMENTS FOR 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 AND ASTON/RIVER ROAD SMALL CAP VALUE FUND IN CONNECTION WITH THE RIVER ROAD TRANSACTION

At an in-person meeting on March 20, 2014, 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)(19) of the Investment Company Act of 1940, as

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amended (the “Independent Trustees”), considered the approval of new Sub-Investment Advisory Agreements (each, a “New Sub-Investment Advisory Agreement” and collectively, the “New Sub-Investment Advisory Agreements”) between Aston Asset Management, LP (including any successor thereto, “Aston”) and River Road Asset Management, LLC (“River Road”) with respect to the 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 and ASTON/River Road Small Cap Value Fund (each, a “River Road Fund” and collectively, the “River Road Funds”).

The circumstance giving rise to the Board’s consideration of the New Sub-Investment Advisory Agreements was the anticipated execution of a definitive purchase agreement between Affiliated Managers Group, Inc. (“AMG”), the parent company of Aston, and Aviva Investors North America Holdings, Inc., an indirect subsidiary of Aviva plc (collectively, “Aviva”) and the parent company of River Road, whereby AMG will acquire all of Aviva’s equity interest in River Road (the “River Road Transaction”), immediately following which the management team of River Road will be issued equity interests in River Road.

The Board, including the Independent Trustees, considered information about the River Road Transaction provided by AMG and River Road. The Board noted that, upon completion of the River Road Transaction, River Road would become an affiliate of Aston, the investment adviser to each of the River Road Funds. The Board also considered that the completion of the River Road Transaction would be deemed to result in the “assignment” of the sub-investment advisory agreements then in effect for each River Road Fund, causing those agreements to automatically terminate.

In anticipation of the termination of the current sub-investment advisory agreements in connection with the River Road Transaction, the Board, including the Independent Trustees, determined that the terms of the New Sub-Investment Advisory Agreements between Aston, on behalf of each River Road Fund, and River Road are fair and reasonable, and the Board approved each New Sub-Investment Advisory Agreement as being in the best interests of the applicable River Road Fund.

In determining whether to approve the New Sub-Investment Advisory Agreement for each River Road Fund in connection with the River Road Transaction and whether to recommend the approval of the New Sub-Investment Advisory Agreements to shareholders, the Board received information and made inquiries into all matters deemed relevant and considered the following factors, among others:

• Based on information provided by AMG and River Road, the River Road Transaction is not expected to affect the nature, extent and quality of services to be provided by River Road or to result in a change to River Road management or any River Road Fund’s portfolio management team. River Road is expected to retain operational and investment autonomy following the River Road Transaction.

• Based on information provided by AMG and River Road, the terms of the River Road Transaction are designed to retain key personnel through substantial equity ownership and long-term employment agreements.

• Based on information provided by AMG and River Road, the River Road Funds may benefit from River Road’s access to AMG’s assistance in strategic matters and operations.

• The terms of the New Sub-Investment Advisory Agreement with respect to each River Road Fund are identical to the terms of the Current Sub-Investment Advisory Agreement for such River Road Fund except for the date of effectiveness and initial term, and the services provided by River Road and compensation payable to River Road will remain the same.

• The River Road Funds will not bear any of the costs relating to the River Road Transaction, including the costs of preparing, printing and mailing a proxy statement to shareholders of the River Road Funds and related solicitation expenses, including the cost of engaging a proxy solicitor.

The Board considered that it had approved the annual renewal of the current sub-investment advisory agreements pursuant to an extensive process that had concluded at the December 19, 2013 Board meeting. The Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the River Road Funds, given the continuity of portfolio management expected following the River Road Transaction. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the most recent approval of the renewal of the current sub-investment advisory agreement for each River Road Fund, that it need not reconsider all of the factors that it would typically consider in connection with an initial contract approval or contract renewal.

Based upon its evaluation of all information and factors it deemed relevant, and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that the terms of the New Sub-Investment Advisory Agreements, including the proposed subadvisory fees, were fair and reasonable, and that the New Sub-Investment Advisory Agreement between Aston and River Road, on behalf of each River Road Fund, should be approved.

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS FOR ASTON/GUARDIAN CAPITAL GLOBAL DIVIDEND FUND AND ASTON/PICTET INTERNATIONAL FUND

At an in-person meeting on March 20, 2014, 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)(19) of the Investment Company Act of 1940, as

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amended (the “Independent Trustees”), determined that the terms of the Investment Advisory Agreement between the Trust and Aston Asset Management, LP (including any successor thereto, “Aston”) with respect to the ASTON/Guardian Capital Global Dividend Fund and the ASTON/Pictet International Fund (each, a “New Fund” and collectively, the “New Funds”) are fair and reasonable and approved the Investment Advisory Agreement for each New Fund as being in the best interests of the New Fund. In making such determinations, the Board, including the Independent Trustees, considered materials received and discussions held with respect to the approval of the Investment Advisory Agreements at the March 20, 2014 meeting and prior meetings. The Independent Trustees met separately from the Trustees of the Trust who are “interested persons” of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, and any officers of Aston or its affiliates to consider approval of the Investment Advisory Agreements with respect to the New Funds and were assisted by independent legal counsel in their deliberations.

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

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services to be provided by Aston, including investment advisory services and administrative services. The Board considered that Aston is a manager-of-managers, and that in its role as investment adviser to each New Fund it intends to delegate the day-to-day responsibility for managing the New Fund’s investments to a subadviser. Accordingly, the Board considered Aston’s capabilities and processes with respect to the selection and monitoring of subadvisers on an ongoing basis, as well as information regarding the composition, experience and role of its Investment Committee. In this regard, the Board noted the responsibilities and experience of Aston personnel, the resources made available to such personnel, the ability of Aston to attract and retain high quality personnel and the organizational depth and stability of Aston.

In addition to investment advisory services, the Board considered the quality of other services provided by Aston including oversight of service providers, regulatory administration and Board support, fund administration and operational support, compliance services, shareholder servicing and platform management and distribution- and marketing-related services. The Board also considered the nature and quality of services provided by Aston with respect to other series of the Trust. On the basis of this

evaluation, the Board concluded that the nature, quality and extent of services to be provided by Aston are expected to be satisfactory.

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

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

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

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

Conclusion. Based upon its evaluation of all material factors and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that the terms of the Investment Advisory Agreement for each New Fund, including the proposed investment advisory fee, were fair and reasonable, and that the Investment Advisory Agreement on behalf of each New Fund should be approved.

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CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/GUARDIAN CAPITAL GLOBAL DIVIDEND FUND

At an in-person meeting on March 20, 2014, 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)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the approval of a Sub-Investment Advisory Agreement (the “Sub-Investment Advisory Agreement”) between Aston Asset Management, LP (including any successor thereto, “Aston”) and Guardian Capital LP (“Guardian Capital”) with respect to the ASTON/Guardian Capital Global Dividend Fund (the “New Fund”). The Board considered information provided and discussions held at the March 20, 2014 meeting and at prior meetings. The Independent Trustees met separately from the Trustees who are “interested persons” of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, and any officers of Aston, Guardian Capital or their respective affiliates to consider approval of the Sub-Investment Advisory Agreement and were assisted by independent legal counsel in their deliberations.

Among the matters considered by the Board, including the Independent Trustees, in connection with its approval of the Sub-Investment Advisory Agreement were the following:

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services expected to be provided under the Sub-Investment Advisory Agreement. The Board considered the reputation, qualifications and background of Guardian Capital and its operational and compliance infrastructures. The Board also considered information provided regarding Guardian Capital’s investment approach, the experience and skills of senior management and investment personnel of Guardian Capital, the resources made available to such personnel, the ability of Guardian Capital to attract and retain high-quality personnel and the organizational depth of Guardian Capital. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by Guardian Capital are expected to be satisfactory.

Fees, Profitability and Economies of Scale. The Board considered the subadvisory fee rate under the Sub-Investment Advisory Agreement as well as the overall management fee structure of the New Fund, noting that the subadvisory fee rate is fifty percent (50%) of the investment advisory fee less certain third party payments, fee waivers and expense reimbursements incurred by Aston. The Board considered that the subadvisory fee rate had been negotiated at arm’s length between Aston and Guardian Capital, an unaffiliated third party, and that Aston would compensate Guardian Capital from the investment advisory fees it receives from the New Fund. As part of its review of the investment advisory agreement with Aston, the Board considered whether there will be economies of scale with respect to the overall fee structure of the New Fund and whether the New Fund will benefit from any economies of scale.

The Board determined that profitability information with respect to Guardian Capital was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of Guardian Capital. The Board concluded that the proposed subadvisory fee rate was reasonable in light of the nature, quality and extent of services to be provided and that economies of scale were limited at this time.

Other Benefits to the Subadviser. The Board also considered the character and amount of other incidental benefits expected to be received by Guardian Capital and its affiliates. The Board considered potential benefits to Guardian Capital from the use of “soft dollars” to pay for research services generated by parties other than the executing broker-dealer. The Board concluded that the subadvisory fees were reasonable taking into account any other benefits expected to be received by Guardian Capital from its relationship with the New Fund.

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

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/PICTET INTERNATIONAL FUND

At an in-person meeting on March 20, 2014, 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)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the approval of a Sub-Investment Advisory Agreement (the “Sub-Investment Advisory Agreement”) between Aston Asset Management, LP (including any successor thereto, “Aston”) and Pictet Asset Management Limited (“PAM”) with respect to the ASTON/Pictet International Fund (the “New Fund”). The Board considered information provided and discussions held at the March 20, 2014 meeting and at prior meetings. The Independent Trustees met separately from the Trustees who are “interested persons” of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, and any officers of Aston, PAM or their respective affiliates to consider approval of the Sub-Investment Advisory Agreement and were assisted by independent legal counsel in their deliberations.

Among the matters considered by the Board, including the Independent Trustees, in connection with its approval of the Sub-Investment Advisory Agreement were the following:

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services expected to be provided under the Sub-Investment Advisory Agreement. The Board considered the reputation, qualifications and background of PAM and its operational and compliance infrastructures. The Board also considered information provided regarding PAM’s

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investment approach, the experience and skills of senior management and investment personnel of PAM, the resources made available to such personnel, the ability of PAM to attract and retain high-quality personnel and the organizational depth of PAM. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by PAM are expected to be satisfactory.

Fees, Profitability and Economies of Scale. The Board considered the subadvisory fee rate under the Sub-Investment Advisory Agreement as well as the overall management fee structure of the New Fund, noting that the subadvisory fee rate is fifty percent (50%) of the investment advisory fee less certain fee waivers and expense reimbursements incurred by Aston. The Board considered that the subadvisory fee rate had been negotiated at arm’s length between Aston and PAM, an unaffiliated third party, and that Aston would compensate PAM from the investment advisory fees it receives from the New Fund. As part of its review of the investment advisory agreement with Aston, the Board considered whether there will be economies of scale with respect to the overall fee structure of the New Fund and whether the New Fund will benefit from any economies of scale.

The Board determined that profitability information with respect to PAM was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of PAM. The Board concluded that the proposed subadvisory fee rate was reasonable in light of the nature, quality and extent of services to be provided and that economies of scale were limited at this time.

Other Benefits to the Subadviser. The Board also considered the character and amount of other incidental benefits expected to be received by PAM and its affiliates. The Board considered potential benefits to PAM from the use of “soft dollars” to pay for research services generated by parties other than the executing broker-dealer. The Board concluded that the subadvisory fees were reasonable taking into account any other benefits expected to be received by PAM from its relationship with the New Fund.

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

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE NEW INVESTMENT ADVISORY AGREEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS FOR ASTON/GUARDIAN CAPITAL GLOBAL DIVIDEND FUND AND ASTON/PICTET INTERNATIONAL FUND IN CONNECTION WITH THE TRANSACTION

At an in-person meeting on March 20, 2014, 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)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the terms of

(1) a new investment advisory agreement (the “New Advisory Agreement”) between Aston Asset Management, LLC (currently known as Aston Asset Management, LP) (“Aston”) and the Trust on behalf of the ASTON/Guardian Capital Global Dividend Fund (the “Guardian Fund”) and the ASTON/Pictet International Fund (the “Pictet Fund”) (each of the Guardian Fund and the Pictet Fund, a “New Fund” and collectively, the “New Funds”), (2) a new sub-investment advisory agreement (the “New Guardian Sub-Investment Advisory Agreement”) between Aston and Guardian Capital LP (“Guardian Capital”) with respect to the Guardian Fund, and (3) a new sub-investment advisory agreement (the “New Pictet Sub-Investment Advisory Agreement”) (each of the New Guardian Sub-Investment Advisory Agreement and the New Pictet Sub-Investment Advisory Agreement, a “New Sub-Investment Advisory Agreement” and collectively, the “New Sub-Investment Advisory Agreements”) between Aston and Pictet Asset Management Limited (“PAM”) with respect to the Pictet Fund.

The circumstance giving rise to the Board’s consideration of the New Advisory Agreement was the exercise by Affiliated Managers Group, Inc. (“AMG”) of its call option with respect to the outstanding equity of Aston that is not currently owned by AMG and the related restructuring of Aston (collectively, the “Restructuring Transaction”). The Board, including the Independent Trustees, considered information about the Restructuring Transaction provided by Aston and AMG, including information provided at the December 18-19, 2013 meeting of the Board with respect to the approval of a new investment advisory agreement for other series of the Trust in connection with the Restructuring Transaction.

The Board noted that, upon completion of the Restructuring Transaction, Aston would be converted from a limited partnership to a limited liability company and that Aston would be a wholly-owned subsidiary of Managers Investment Group LLC (which would be rebranded as “AMG Funds LLC”), a wholly-owned subsidiary of AMG. The Board considered that the completion of the Restructuring Transaction, if it occurs after the initial investment advisory agreement for each New Fund takes effect, may be deemed to result in the “assignment” of each of the initial investment advisory agreement and the initial sub-investment advisory agreement for each New Fund, causing those agreements to automatically terminate.

In anticipation of the termination of the initial investment advisory agreement and each initial sub-investment advisory agreement in connection with the Restructuring Transaction, the Board, including the Independent Trustees, determined that the terms of the New Advisory Agreement between the Trust, on behalf of each New Fund, and Aston, the New Guardian Sub-Investment Advisory Agreement between Aston and Guardian Capital with respect to the Guardian Fund and the New Pictet Sub-Investment Advisory Agreement between Aston and PAM with respect to the Pictet Fund are fair and reasonable, and the Board approved the New Advisory Agreement and each New Sub-Investment Advisory Agreement as being in the best interests of the New Funds.

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In determining whether to approve the New Advisory Agreement and the applicable New Sub-Investment Advisory Agreement for each New Fund in connection with the Restructuring Transaction and whether to recommend the approval of the New Advisory Agreement to each New Fund’s sole shareholder, the Board received information and made inquiries into all matters deemed relevant and considered the following factors, among others:

• Based on representations from AMG and Aston, the Restructuring Transaction is not expected to affect the nature, extent and quality of services to be provided by Aston, Guardian Capital or PAM, nor is the Restructuring Transaction expected to result in any changes to either New Fund’s portfolio management.

• Based on representations from AMG and Aston, neither AMG nor Aston has any present intention to make any material changes in the operations of either New Fund or its service providers, except for such changes which the Board discussed and determined to be consistent with the best interests of each New Fund and its shareholders.

• Based on information provided by AMG and Aston, each New Fund may benefit over time as a result of economies from the greater scale of the combined organization, greater leverage with respect to third-party mutual fund platforms and stronger negotiating power with third-party vendors.

• The terms of the New Advisory Agreement and each New Sub-Investment Advisory Agreement are substantially the same as the initial investment advisory agreement and the initial sub-investment advisory agreement, respectively, for each New Fund and the investment advisory and sub-investment advisory fee rates for each New Fund will remain the same.

• Neither New Fund will bear any of the costs relating to the Restructuring Transaction.

The Board considered that it had previously approved an initial investment advisory agreement and an initial sub-investment advisory agreement for each New Fund pursuant to an extensive process at its March 20, 2014 meeting. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the approval of the initial investment advisory agreement and the initial sub-investment advisory agreement for each New Fund, that it need not reconsider all of the factors that it would typically consider in connection with an initial contract approval or contract renewal.

Based upon its evaluation of all information and factors it deemed relevant, and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that the terms of the New Advisory Agreement and the New Sub-Investment Advisory Agreement, including the proposed investment advisory and subadvisory fees, respectively, for each New Fund were fair and reasonable, and that each of the New Advisory Agreement and the New Sub-Investment Advisory Agreement for each New Fund should be approved.

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

The Board of Trustees (the “Board”) of Aston Funds (the “Trust”), including the trustees who are not “interested persons” as defined in Section 2(a)(9) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), is responsible for approving the Investment Advisory Agreement (the “Investment Advisory Agreement”) between the Trust and Aston Asset Management, LP (“Aston” or the “Adviser”) with respect to each series of the Trust and the Sub-Investment Advisory Agreements between Aston and each sub-adviser (each, a “Sub-Advisory Agreement” and collectively, the “Sub-Advisory Agreements”) and approving the periodic continuance of such agreements. Pursuant to the Investment Company Act of 1940, as amended, (the “1940 Act”) the Board is required to consider the continuation of the Investment Advisory Agreement and Sub-Advisory Agreements on an annual basis following the initial term of each agreement. Accordingly, the Board considered the continuance of the Investment Advisory Agreement with respect to each series of the Trust for which the term ends in December 2013 and each Sub-Advisory Agreement with a term ending in December 2013, as set forth in Exhibit A-1 (collectively, the “Advisory Agreements”), at an in-person meeting held in December 2013, and the Board determined to continue the Advisory Agreements for an additional one-year period. Each series of the Trust for which an Advisory Agreement is being continued is referred to as a “Fund” or a “Renewal Fund.”

The Board, including the Independent Trustees, considered materials received and discussions held with respect to the continuation of the Advisory Agreements at in-person meetings held in September 2013 and December 2013 (the “Meetings”). The Board requested and received a broad range of information relating to the Renewal Funds, the Adviser and the applicable sub-adviser (each, a “Sub-Adviser” and collectively the “Sub-Advisers”). As discussed in more detail below, the information provided included, among other things, a review of performance, including Fund performance assessments against peer groups and appropriate benchmarks compiled by an independent mutual fund data provider, a comparison of Fund fees and expenses relative to a peer expense group compiled by an independent mutual fund data provider, and an assessment with respect to the Adviser and each Sub-Adviser of the organizational structure, investment philosophy and process, operational matters and compliance matters. With respect to the Adviser, the materials also included a review of information regarding the Adviser’s business and fee model, an analysis of the Adviser’s profitability with comparisons to prior years and an assessment of the services provided by the Adviser. As a result of its review of the materials provided and discussions held at the Meetings, the Board presented the Adviser with questions and the Adviser responded.

The materials and information prepared and provided in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board

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during the year. In this regard, throughout the year, the Board regularly reviews the performance of, and various services provided by, the Adviser, Sub-Advisers and other service providers to the Trust. The Board also meets with key investment personnel managing the Fund portfolios at a special investment meeting held in February of each year, and on an as-needed basis throughout the year. At quarterly meetings, the Board reviews reports on, among other things, Fund performance, changes in investment process, policies and strategies, operational matters, and compliance and regulatory matters. The Board also reviewed information provided by counsel to the Trust describing applicable law and the Board’s duties in reviewing the Advisory Agreements. The Independent Trustees met separately from the Trustees who are “interested persons” of the Trust as defined in Section 2(a)(9) of the 1940 Act and any officers of Aston, the Sub-Advisers or their affiliates to consider the continuation of the Advisory Agreements and were assisted by independent legal counsel in their deliberations.

In considering the continuation of the Advisory Agreements, the Board, including the Independent Trustees, did not identify any single factor or group of factors as all-important or controlling, but considered all factors together including (a) the nature, extent, and quality of services provided by the Adviser and Sub-Advisers, (b) the investment performance of the Renewal Funds, (c) management fees, gross and net expenses, and contractual expense limitations with respect to the Renewal Funds, (d) the extent of any economies of scale, (e) benefits derived by the Adviser or Sub-Advisers from their relationships with the Trust and (f) other factors. The principal factors considered by the Board and its conclusions are summarized below.

Nature, Quality and Extent of Services. The Board considered the nature, quality and extent of services provided by the Adviser and Sub-Advisers. In light of the manager-of-managers structure employed by the Adviser, the Board recognized that the Adviser is responsible for the selection and oversight of the Sub-Advisers and that the Sub-Advisers provide day-to-day portfolio management services. In addition to performance information (as described in more detail below), the Board considered information regarding Aston’s business and fee model, investment committee structure, and investment processes and philosophy with respect to the selection and ongoing monitoring of the investment performance of the Sub-Advisers. In this regard, the Board noted the responsibilities and experience of Aston personnel, the resources made available to such personnel, the ability of Aston to attract and retain high-quality personnel and the organizational depth and stability of Aston. With respect to the Sub-Advisers, the Board considered information provided regarding the experience and skills of senior management and investment personnel of each Sub-Adviser, the resources made available to such personnel, the ability of each Sub-Adviser to attract and retain high-quality personnel, and the organizational depth and stability of each Sub-Adviser, as well as information regarding recent changes in ownership or key personnel, if any, and the impact of such changes on the services provided. The Board also considered the Adviser’s evaluation of each Sub-Adviser’s performance including, where applicable, performance attribution analysis.

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

Performance. The Board reviewed reports that contained historical performance data for each Renewal Fund for various periods as well as information comparing such performance to the performance of a peer group of other mutual funds compiled by an independent provider of mutual fund data based on Morningstar categories (the “Performance Peer Group”) and to recognized benchmarks. In this regard, the Board reviewed performance information for the one-, three-, five- and ten-year periods ended June 30, 2013 (in each case, as available with respect to each Renewal Fund) compared to the performance of the Fund’s Performance Peer Group and benchmark index or indices over the periods presented. While the Board is cognizant of each Fund’s performance relative to the Performance Peer Group and the benchmark index or indices, the Board evaluated performance in light of the respective Fund’s investment objective and policies and the investment strategy of the applicable Sub-Adviser. With respect to Funds that the Board considers to have underperformed the Performance Peer Group and/or benchmark index or indices from time to time, the Board considered the Adviser’s assessment of whether performance was consistent with the Sub-Adviser’s investment strategy and was satisfactory over time, and, if applicable, steps taken by the Adviser to monitor or address such circumstances.

With respect to ASTON/Anchor Capital Enhanced Equity Fund, the Board also considered that the Morningstar long-short category assigned to the Fund was an imperfect match for the Fund’s covered call strategy. With respect to ASTON/Cornerstone Large Cap Value Fund, ASTON/Harrison Street Real Estate Fund and ASTON/LMCG Small Cap Growth Fund, the Board also considered that each Fund had undergone a change of Sub-Adviser within the last two years and that the performance information reflected the performance of a previous Sub-Adviser for some of the periods presented. With respect to ASTON/River Road Independent Value Fund, ASTON/River Road Long-Short Fund, ASTON/River Road All Cap Value Fund II and ASTON/DoubleLine Core Plus Fixed Income Fund, the Board also considered that the Funds had recently commenced operations and that the performance information reflected information for the one-year period ended June 30, 2013 only.

On the basis of this evaluation and its ongoing review of operations, the Board concluded that the nature, quality and extent of services provided by the Adviser was satisfactory. The Board

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also concluded that the nature, quality and extent of services provided by each Sub-Adviser was satisfactory over time taking into account the Sub-Adviser’s tenure, short-term and long-term performance and an assessment of whether such performance was consistent with the Sub-Adviser’s investment style.

Fees and Expenses. The Board considered the fee structure under the Sub-Advisory Agreements, noting that the subadvisory fee rate generally is fifty per percent (50%) of management fees less certain third party payments, fee waivers and expense reimbursement incurred by the Adviser. The Board considered that the subadvisory fee rates were negotiated at arm’s length between Aston and each Sub-Adviser, each an unaffiliated third party, and that Aston would compensate each Sub-Adviser from its own fees.

The Board evaluated the management fees and expenses of each Renewal Fund reviewing, among other things, each Fund’s gross management fees, net management fees, gross total expense ratio, and net total expense ratio, both on an absolute basis and as compared to fee and expense information of a relevant peer group compiled by an independent mutual fund data provider based on Morningstar categories (the “Peer Expense Group”). As a part of this analysis, the Board also considered advisory fees waived or expenses reimbursed by Aston pursuant to contractual expense limitation or reimbursement agreements and the applicable Sub-Adviser’s obligation to contribute to such waiver or reimbursement as set forth in the Sub-Advisory Agreements. With respect to ASTON/DoubleLine Core Plus Fixed Income Fund, the Board also considered the Sub-Adviser’s obligation to waive its sub-advisory fees to the extent of advisory fees earned by the Sub-Adviser with respect to assets of the Fund allocated to a proprietary fund and the Adviser’s obligation to reduce its fee in a corresponding amount.

With respect to ASTON/Anchor Capital Enhanced Equity Fund, ASTON Barings International Fund, ASTON/Fairpointe Mid Cap Fund, ASTON/Montag & Caldwell Growth Fund, ASTON/River Road Dividend All Cap Value Fund and ASTON/TCH Fixed Income Fund, the Board considered that gross management fees, net management fees, net operating expense and net total expenses were within a reasonable range of Peer Expense Group averages. With respect to ASTON/Montag & Caldwell Balanced Fund, ASTON/River Road Dividend All Cap Value Fund II and ASTON/River Road Long-Short Fund, the Board considered that gross management fees, net management fees and net total expenses were within a reasonable range of Peer Expense Group averages; the Board noted net operating expenses of each Fund were higher than the applicable Peer Expense Group average due to the small asset sizes of the Funds relative to the applicable peer group.

With respect to the ASTON/Cornerstone Large Cap Value Fund, the Board considered that while net management fees was higher than the Peer Expense Group average, the gross management fee of the Fund was less than the Peer Expense Group average and median and the net operating expenses and net total expenses of the Fund were within a reasonable range of the Peer Expense Group averages. With respect to ASTON/DoubleLine Core Plus

Fixed Income Fund, the Board considered the high-quality investment management firm engaged as Sub-Adviser along with the gross management fees and net management fees which were higher than the Peer Expense Group averages. The Board also considered that, the net operating expenses and net total expenses of the Fund were within a reasonable range of the Peer Expense Group averages. With respect to ASTON/Herndon Large Cap Value Fund, the Board considered that while the net management fee was higher than the Peer Expense Group average, gross management fee and net total expenses and net operating expenses for the Fund were within a reasonable range of the Peer Expense Group averages. With respect to ASTON/Harrison Street Real Estate Fund, ASTON/LMCG Small Cap Growth Fund, and ASTON/Silvercrest Small Cap Fund, the Board considered that while gross management fees and net operating expenses were higher than Peer Expense Group averages, net total expenses for these Funds were within a reasonable range of Peer Expense Group averages and that, due to the relatively small sizes of the Funds, the Adviser had waived all or substantially all of its management fees during the last fiscal year. With respect to ASTON/Lake Partners LASSO Alternatives Fund, the Board considered that while gross and net management fees were higher than the Peer Expense Group average, the relatively small size of the Peer Expense Group and the inclusion of indirect expenses of underlying funds made comparisons more difficult. With respect to ASTON/Montag & Caldwell Mid Cap Growth Fund, the Board considered that while the gross management fee was higher than the Peer Expense Group average due to low asset levels, the net total expenses for the Fund were within a reasonable range of the Peer Expense Group average. With respect to ASTON/River Road Independent Value Fund, ASTON/River Road Small Cap Value Fund, ASTON/River Road Select Value Fund, and ASTON/TAMRO Small Cap Fund, the Board considered that while gross and net management fees were higher than Peer Expense Group averages (or at or near the high end of Peer Expense Group averages for ASTON/River Road Select Value Fund), net total expenses and net operating expenses were within a reasonable range of Peer Expense Group averages. With respect to ASTON/TAMRO Diversified Equity Fund, the Board considered that although the net management fee was higher than the Peer Expense Group average, the Fund’s net management fee was within a reasonable range of the Peer Expense Group median and the gross management fee, net operating expenses and net total expenses were within a reasonable range of the Peer Expense Group averages.

With respect to ASTON/Fairpointe Mid Cap Fund, ASTON/LMCG Small Cap Growth Fund, ASTON/TAMRO Small Cap Fund, ASTON/River Road Dividend All Cap Value Fund, ASTON/River Road Independent Value Fund, ASTON/River Road Small Cap Value Fund, ASTON/River Road Select Value Fund, ASTON/River Road Dividend All Cap Value Fund II and ASTON Silvercrest Small Cap Fund, the Board also considered the capacity constraints and resulting limits on asset growth with respect to the Funds’ strategies. With respect to ASTON/River Road Long-Short Fund, the Board considered that the inclusion of dividend and interest expense in total expenses from short sales made the total expense comparison more difficult.

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The Board considered that the ASTON/Lake Partners LASSO Alternatives Fund invests primarily in other investment companies (a “Fund-of-Funds”). The Board noted that the Fund-of-Funds historically has invested in underlying funds outside of the Aston Funds complex. Accordingly, the Board determined, with respect to the Fund-of-Funds, that the management fees charged are based on services provided that are in addition to, rather than duplicative of, services provided under the advisory contract of the underlying funds in which the Fund-of-Funds may invest.

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

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

Costs and Profitability. The Board considered certain financial information and statistics related to the costs of providing advisory services and the profitability of Aston’s Advisory Agreements in light of Aston’s business model, as well as fee waivers or expenses to be reimbursed, where applicable, including comparative information for the prior two years. The Board noted that for certain Renewal Funds, Aston and the Sub-Adviser will each bear 50% of any fee waivers or expense reimbursements and for other Renewal Funds, the Sub-Adviser is not responsible for contributing to expense reimbursements. The Board considered that the information was provided by Aston and was subject to a number of estimates and allocation decisions. Because the Board recognized the inherently subjective nature of profitability analysis, this information was utilized as an approximate rather than a definitive measure of profitability. The Board considered that Aston must be able to compensate its employees at competitive rates in order to attract and retain high-quality personnel to provide high-quality services to the Funds.

Based on the information provided, the Board concluded that the profits realized by Aston in connection with the management of the Funds were not unreasonable. The Board determined that profitability information with respect to the Sub-Advisers was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of all Sub-Advisers.

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

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

The Board also considered the character and amount of other incidental benefits received by the Sub-Advisers and their affiliates as a result of their association with the Funds. The Board considered information provided regarding potential benefits to certain Sub-Advisers from the use of “soft dollars” to pay for research services generated by parties other than the executing broker-dealer. The Board also noted other business relationships with Aston and certain Sub-Advisers with respect to separately managed accounts. The Board concluded that the subadvisory fees were reasonable, taking into account any other benefits to be received by the Sub-Advisers from their relationship with the Funds.

Conclusion. Based upon its evaluation of all material factors and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that the terms of the Advisory Agreements including the advisory fees were fair and reasonable, and that the continuation of the Advisory Agreements with respect to each Renewal Fund for an additional one-year period should be approved.

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CONSIDERATIONS OF THE BOARD OF TRUSTEES IN APPROVING THE NEW INVESTMENT ADVISORY AGREEMENTS IN CONNECTION WITH THE TRANSACTION

At an in-person meeting held on December 18-19, 2013, the Board of Trustees (the “Board”) of Aston Funds (the “Trust”), including all of the Independent Trustees, considered the terms of a new investment advisory agreement (the “New Advisory Agreement”) between Aston Asset Management, LLC (currently known as Aston Asset Management, LP) (“Aston”) and the Trust on behalf of ASTON/Anchor Capital Enhanced Equity 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/LMCG Emerging Markets Fund, ASTON/LMCG Small Cap Growth Fund, ASTON/Montag & Caldwell Balanced Fund, ASTON/Montag & Caldwell Growth Fund, ASTON/Montag & Caldwell Mid Cap Growth 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/TAMRO Diversified Equity Fund, ASTON/TAMRO Small Cap Fund and ASTON/TCH Fixed Income Fund (each, a “Fund” and collectively, the “Funds”).

The circumstance giving rise to the Board’s consideration of the New Advisory Agreement was the exercise by Affiliated Managers Group, Inc. (“AMG”) of its call option with respect to the outstanding equity of Aston that is not currently owned by AMG and the related restructuring of Aston (collectively, the “Restructuring Transaction”). The Independent Trustees met in executive session to consider the proposals in connection with the Restructuring Transaction. The Board considered information about the Restructuring Transaction that had been provided by Aston and AMG. The Board noted that, upon completion of the Restructuring Transaction, Aston would be converted from a limited partnership to a limited liability company and that Aston would be a wholly owned subsidiary of Managers Investment Group LLC (“Managers”), a wholly owned subsidiary of AMG. The Board considered that the completion of the Restructuring Transaction may be deemed to result in the “assignment” of the investment advisory agreement then in effect for each Fund, causing that agreement to automatically terminate.

In anticipation of the termination of the current investment advisory agreements in connection with the Restructuring Transaction, the Board, including the Independent Trustees, determined that the terms of the New Advisory Agreement between the Trust, on behalf of each Fund, and Aston are fair and reasonable, and the Board approved each New Advisory Agreement as being in the best interests of each Fund. The Independent Trustees met separately from the “interested” Trustees of the Trust to consider the approval of the New Advisory Agreement with respect to each Fund and were assisted by independent legal counsel in their deliberations.

In determining whether to approve the New Advisory Agreement for each Fund in connection with the Restructuring Transaction and whether to recommend the approval of the New Investment Advisory Agreement to shareholders, the Board received information and made inquiries into all matters deemed relevant and considered the following factors, among others:

• Based on representations from Aston and AMG, the Restructuring Transaction is not expected to affect the nature, extent and quality of services to be provided by Aston, nor is the Restructuring Transaction expected to result in any changes to the subadvisers of the Funds.

• Based on representations from Aston and AMG, neither Aston nor AMG has any present intention to make any material changes in the operations of the Funds or their service providers, except for such changes which the Board discussed and determined to be consistent with the best interests of the Funds and their shareholders.

• Based on information provided by Aston and AMG, the Funds may benefit over time as a result of economies from the greater scale of the combined organization, greater leverage with respect to third-party mutual fund platforms and stronger negotiating power with third-party vendors.

• The terms of each New Investment Advisory Agreement with Aston were substantially the same as the then-current investment advisory agreement, and the investment advisory fee rate would remain the same. The expense limitation and reimbursement agreements in effect for each Fund would not change as a result of the Restructuring Transaction.

• The Funds will not bear any of the costs relating to the Restructuring Transaction, including the costs of preparing, printing and mailing a proxy statement to shareholders of the Funds and related solicitation expenses.

The Board considered that it had renewed the current investment advisory agreements pursuant to an extensive process that concluded at its December 19, 2013 meeting, or pursuant to an extensive initial contract approval process in the last year. The Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the Funds, given the continuity of portfolio management expected following the Restructuring Transaction. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the most recent approval or renewal of the current investment advisory agreement, that it need not reconsider all of the factors that it would typically consider in connection with an initial contract approval or contract renewal.

Based upon its evaluation of all information and factors it deemed relevant and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that the terms of the New Advisory Agreement, including the proposed advisory fees, were fair and

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reasonable, and that the New Advisory Agreement between Aston and the Trust on behalf of each Fund should be approved.

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN APPROVING THE NEW SUB-INVESTMENT ADVISORY AGREEMENTS IN CONNECTION WITH THE TRANSACTION

At an in-person meeting held on December 18-19, 2013, the Board of Trustees (the “Board”) of Aston Funds (the “Trust”), including all of the Independent Trustees, considered whether to approve new sub-investment advisory agreements between Aston Asset Management, LLC (currently known as Aston Asset Management, LP) (“Aston”) and the following subadvisers (each, a “Subadviser” and collectively, the “Subadvisers”) on behalf of the following funds (each, a “Fund” and collectively, the “Funds”):

Subadviser	Fund
Anchor Capital Advisors LLC	ASTON/Anchor Capital Enhanced Equity Fund
Baring International Investment Limited	ASTON/Barings International Fund
Cornerstone Investment Partners, LLC	ASTON/Cornerstone Large Cap Value Fund
DoubleLine Capital LP	ASTON/DoubleLine Core Plus Fixed Income Fund
Fairpointe Capital LLC	ASTON/Fairpointe Mid Cap Fund
Harrison Street Securities, LLC	ASTON/Harrison Street Real Estate Fund
Herndon Capital Management, LLC	ASTON/Herndon Large Cap Value Fund
Lake Partners, Inc.	ASTON/Lake Partners LASSO Alternatives Fund
Lee Munder Capital Group, LLC	ASTON/LMCG Emerging Markets Fund ASTON/LMCG Small Cap Growth Fund
Montag & Caldwell, LLC	ASTON/Montag & Caldwell Growth Fund ASTON/Montag & Caldwell Mid Cap Growth Fund ASTON/Montag & Caldwell Balanced Fund
River Road Asset Management, LLC	ASTON/River Road Dividend All Cap Value Fund ASTON/River Road Dividend All Cap Value Fund II ASTON/River Road Select Value Fund ASTON/River Road Small Cap Value Fund ASTON/River Road Independent Value Fund ASTON/River Road Long-Short Fund
Silvercrest Asset Management Group LLC	ASTON/Silvercrest Small Cap Fund

Subadviser	Fund
TAMRO Capital Partners LLC	ASTON/TAMRO Diversified Equity Fund ASTON/TAMRO Small Cap Fund
Taplin, Canida & Habacht LLC	ASTON/TCH Fixed Income Fund

The Board considered that the completion of the Restructuring Transaction may be deemed to result in the “assignment” of the current investment advisory agreement for each Fund, causing the agreements to automatically terminate, which will cause each sub-investment advisory agreement to automatically terminate upon its terms. In anticipation of the termination of the sub-investment advisory agreements, the Board, including the Independent Trustees, determined that the approval of a new sub-investment advisory agreement is in the best interests of each Fund. The Independent Trustees met separately from the “interested” Trustees of the Trust to consider the approval of the sub-investment advisory agreements with respect to each Fund and were assisted by independent legal counsel in their deliberations.

In determining whether to approve new sub-investment advisory agreements with respect to each Fund, the Board considered that the Restructuring Transaction relates solely to Aston and would have no impact on the nature, extent and quality of services provided by the Subadvisers. The Board also considered that the terms of the sub-investment advisory agreements, including the fees payable to the Subadvisers, would not change in connection with the Restructuring Transaction. The Board also considered that the Funds will not bear any of the costs relating to the Restructuring Transaction, including the costs of preparing, printing and mailing a proxy statement to shareholders of the Funds and related solicitation expenses. The Board considered that it had recently approved or renewed each sub-investment advisory agreement pursuant to an extensive annual renewal process that concluded at its December 2013 meeting or pursuant to an extensive initial contract approval process in the last year. The Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the Funds. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the most recent approval or renewal of each sub-investment advisory agreement, that it need not reconsider all of the factors that it would typically consider in connection with an initial contract approval or contract renewal.

Based upon its evaluation of all information and factors it deemed relevant and assisted by the advice of independent legal counsel, the Board, including all of the Independent Trustees, concluded that a new sub-investment advisory agreement between Aston and the current sub-adviser with respect to each Fund should be approved.

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

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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.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads) and redemption fees, which are described in the prospectus. If these costs were applied to your account, your costs would be higher.

	Beginning Account Value 11/1/13		Ending Account Value 4/30/14		Expense Ratio(1)		Expenses Paid  During Period(2)
Montag & Caldwell Growth Fund
Actual Fund Return
Class N		$1,000		$1,046.50		1.03%		$5.23
Class I		1,000		1,047.60		0.78%		3.96
Class R		1,000		1,045.20		1.28%		6.49
Hypothetical 5% Return
Class N		$1,000		$1,019.69		1.03%		$5.16
Class I		1,000		1,020.93		0.78%		3.91
Class R		1,000		1,018.45		1.28%		6.41

	Beginning Account Value 11/1/13		Ending Account Value 4/30/14		Expense Ratio(1)		Expenses Paid  During Period(2)
TAMRO Diversified Equity Fund
Actual Fund Return
Class N		$1,000		$1,061.90		1.20%		$6.13
Class I		1,000		1,063.80		0.95%		4.86
Hypothetical 5% Return
Class N		$1,000		$1,018.84		1.20%		$6.01
Class I		1,000		1,020.08		0.95%		4.76
Herndon Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,097.50		1.30%		$6.76
Class I		1,000		1,098.70		1.05%		5.46
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
Cornerstone Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,086.70		1.30%		$6.73
Class I		1,000		1,086.80		1.05%		5.43
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
River Road Dividend All Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,039.40		1.09%		$5.51
Class I		1,000		1,040.70		0.84%		4.25
Hypothetical 5% Return
Class N		$1,000		$1,019.39		1.09%		$5.46
Class I		1,000		1,020.63		0.84%		4.21
River Road Dividend All Cap Value Fund II
Actual Fund Return
Class N		$1,000		$1,039.50		1.30%		$6.57
Class I		1,000		1,040.70		1.05%		5.31
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
Fairpointe Mid Cap Fund
Actual Fund Return
Class N		$1,000		$1,105.20		1.10%		$5.74
Class I		1,000		1,106.60		0.85%		4.44
Hypothetical 5% Return
Class N		$1,000		$1,019.34		1.10%		$5.51
Class I		1,000		1,020.58		0.85%		4.26
Montag & Caldwell Mid Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,049.00		1.25%		$6.35
Hypothetical 5% Return
Class N		$1,000		$1,018.60		1.25%		$6.26
LMCG Small Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,027.70		1.35%		$6.79
Class I		1,000		1,028.60		1.10%		5.53
Hypothetical 5% Return
Class N		$1,000		$1,018.10		1.35%		$6.76
Class I		1,000		1,019.34		1.10%		5.51
Silvercrest Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,025.50		1.40%		$7.03
Class I		1,000		1,026.50		1.15%		5.78
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76

159

Aston Funds

	April 30, 2014
Additional Information (unaudited) – continued

	Beginning Account Value 11/1/13		Ending Account Value 4/30/14		Expense Ratio(1)		Expenses Paid  During Period(2)
TAMRO Small Cap Fund
Actual Fund Return
Class N		$1,000		$954.70		1.31%		$6.35
Class I		1,000		955.80		1.06%		5.14
Hypothetical 5% Return
Class N		$1,000		$1,018.30		1.31%		$6.56
Class I		1,000		1,019.54		1.06%		5.31
River Road Select Value Fund
Actual Fund Return
Class N		$1,000		$1,001.10		1.45%		$7.19
Class I		1,000		1,002.20		1.20%		5.96
Hypothetical 5% Return
Class N		$1,000		$1,017.60		1.45%		$7.25
Class I		1,000		1,018.84		1.20%		6.01
River Road Small Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,014.30		1.33%		$6.64
Class I		1,000		1,015.60		1.08%		5.40
Hypothetical 5% Return
Class N		$1,000		$1,018.20		1.33%		$6.66
Class I		1,000		1,019.44		1.08%		5.41
River Road Independent Value Fund(3)
Actual Fund Return
Class N		$1,000		$1,021.20		1.42%		$7.12
Class I		1,000		1,021.90		1.17%		5.87
Hypothetical 5% Return
Class N		$1,000		$1,017.75		1.42%		$7.10
Class I		1,000		1,018.99		1.17%		5.86
DoubleLine Core Plus Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,026.50		0.94%		$4.72
Class I		1,000		1,027.80		0.69%		3.47
Hypothetical 5% Return
Class N		$1,000		$1,020.13		0.94%		$4.71
Class I		1,000		1,021.37		0.69%		3.46
TCH Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,029.30		0.94%		$4.73
Class I		1,000		1,030.60		0.69%		3.47
Hypothetical 5% Return
Class N		$1,000		$1,020.13		0.94%		$4.71
Class I		1,000		1,021.37		0.69%		3.46
Lake Partners LASSO Alternatives Fund(3)
Actual Fund Return
Class N		$1,000		$1,033.50		1.45%		$7.31
Class I		1,000		1,034.90		1.20%		6.05
Hypothetical 5% Return
Class N		$1,000		$1,017.60		1.45%		$7.25
Class I		1,000		1,018.84		1.20%		6.01
Anchor Capital Enhanced Equity Fund(3)
Actual Fund Return
Class N		$1,000		$1,009.10		1.21%		$6.03
Class I		1,000		1,010.30		0.96%		4.79
Hypothetical 5% Return
Class N		$1,000		$1,018.79		1.21%		$6.06
Class I		1,000		1,020.03		0.96%		4.81
River Road Long-Short Fund(4)
Actual Fund Return
Class N		$1,000		$980.10		1.70%		$8.35
Class I		1,000		981.80		1.45%		7.12
Hypothetical 5% Return
Class N		$1,000		$1,016.36		1.70%		$8.50
Class I		1,000		1,017.60		1.45%		7.25

	Beginning Account Value 11/1/13		Ending Account Value 4/30/14		Expense Ratio(1)		Expenses Paid  During Period(2)
Barings International Fund
Actual Fund Return
Class N		$1,000		$1,017.10		1.40%		$7.00
Class I		1,000		1,019.60		1.15%		5.76
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76
Guardian Capital Global Dividend Fund(5)
Actual Fund Return
Class N		$1,000		$1,035.00		1.30%		$0.62
Class I		1,000		1,035.00		1.05%		0.50
Hypothetical 5% Return
Class N		$1,000		$1,018.35		1.30%		$6.51
Class I		1,000		1,019.59		1.05%		5.26
LMCG Emerging Markets Fund
Actual Fund Return
Class N		$1,000		$961.80		1.65%		$8.03
Class I		1,000		963.70		1.40%		6.82
Hypothetical 5% Return
Class N		$1,000		$1,016.61		1.65%		$8.25
Class I		1,000		1,017.85		1.40%		7.00
Pictet International Fund(6)
Actual Fund Return
Class N		$1,000		$1,019.00		1.40%		$0.66
Class I		1,000		1,019.00		1.15%		0.54
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76
Harrison Street Real Estate Fund
Actual Fund Return
Class N		$1,000		$1,045.00		1.37%		$6.95
Class I		1,000		1,046.10		1.12%		5.68
Hypothetical 5% Return
Class N		$1,000		$1,018.00		1.37%		$6.85
Class I		1,000		1,019.24		1.12%		5.61
Montag & Caldwell Balanced Fund
Actual Fund Return
Class N		$1,000		$1,032.70		1.20%		$6.05
Class I		1,000		1,033.30		1.10%		5.55
Hypothetical 5% Return
Class N		$1,000		$1,018.84		1.20%		$6.01
Class I		1,000		1,019.34		1.10%		5.51

(1) Annualized, based on the Fund’s most recent fiscal half-year expenses.

(2) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181) or partial year, if applicable, for the actual return and multiplied by the most recent fiscal half-year for the hypothetical 5% return, then divided by 365. Expense ratios do not include interest expense, if applicable.

(3) Earnings Credit did not affect the six months expense ratio for the six months ended April 30, 2014, except for the River Road Independent Value Fund. If included, your annualized expense ratios for the River Road Independent Value Fund would be 1.41% and 1.16% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period would be $7.07 and $7.05 and $5.82 and $5.81 for Class N and Class I, respectively.

(4) Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 2.49% and 2.24% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period would be $12.22 and $12.42 and $11.01 and $11.18 for Class N and Class I, respectively.

(5) The inception date for the Guardian Capital Global Dividend Fund Class N and I is April 14, 2014.

(6) The inception date for the Pictet International Fund Class N and I is April 14, 2014.

160

Aston Funds

ADVISER

Aston Asset Management, LP

120 N. LaSalle Street, 25^th Floor

Chicago, IL 60602

SUBADVISERS

Anchor Capital Advisors LLC

One Post Office Square, Suite 3850

Boston, MA 02109

Baring International Investment Limited

155 Bishopsgate

London, EC2M 3XY UK

Cornerstone Investment Partners, LLC

Phipps Tower

3438 Peachtree Road NE, Suite 900

Atlanta, GA 30326

DoubleLine Capital LP

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

Fairpointe Capital LLC

One North Franklin, Suite 3300

Chicago, IL 60606

Guardian Capital LP

199 Bay Street, Suite 3100

Toronto, ON, M5L 1E8

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

Pictet Asset Management Limited

120 London Wall

London, EC2Y 5ET UK

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, President and Chief Executive Officer

Gerald F. Dillenburg, Senior Vice President and Secretary, Chief Operating Officer and Chief Compliance 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.

161

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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.

Aston Funds

P.O. Box 9765

Providence, RI 02940

ATSEM 14

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                             Aston Funds

By (Signature and Title)*	/s/ Stuart D. Bilton
	Stuart D. Bilton, Chief Executive Officer and President
	(principal executive officer)

Date     June 30, 2014

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 and President
	(principal executive officer)

Date     June 30, 2014

By (Signature and Title)*	/s/ Laura M. Curylo
	Laura M. Curylo, Treasurer and Chief Financial Officer
	(principal financial officer)

Date     June 30, 2014

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