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, 2015

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 2015

April 30, 2015

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 Funds

ASTON/Cornerstone Large Cap Value Fund

ASTON/Fairpointe Focused Equity Fund

ASTON/Herndon Large Cap Value Fund

ASTON/Montag & Caldwell Growth Fund

ASTON/TAMRO Diversified Equity Fund

Equity Income Funds

ASTON/River Road Dividend All Cap Value Fund

ASTON/River Road Dividend All Cap Value Fund II

Mid Cap Funds

ASTON/Fairpointe Mid Cap Fund

ASTON/Montag & Caldwell Mid Cap Growth Fund

Table of Contents

Performance Summary	2
Schedules of Investments	4
Statements of Assets and Liabilities	68
Statements of Operations	74
Statements of Changes in Net Assets	80
Financial Highlights	91
Notes to Financial Statements	146
Additional Information	164

Small Cap Funds

ASTON/LMCG Small Cap Growth Fund

ASTON/River Road Independent Value Fund

ASTON/River Road Select Value Fund

ASTON/River Road Small Cap Value Fund

ASTON/Silvercrest Small Cap Fund

ASTON/TAMRO Small Cap Fund

Fixed Income Funds

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

Alternative Funds

ASTON/Anchor Capital Enhanced Equity Fund

ASTON/Lake Partners LASSO Alternatives Fund

ASTON/River Road Long-Short Fund

International Funds

ASTON/Barings International Fund

ASTON/Guardian Capital Global Dividend Fund

ASTON/LMCG Emerging Markets Fund

ASTON/Pictet International Fund

ASTON/TAMRO International Small Cap Fund

Sector Fund

ASTON/Harrison Street Real Estate Fund

Balanced Fund

ASTON/Montag & Caldwell Balanced Fund

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

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

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

NOT FDIC INSURED   •   NO BANK GUARANTEE  •  MAY LOSE VALUE

1

Aston Funds

	As of April 30, 2015
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/Cornerstone Large Cap Value Fund		N		-1.24	%		1.95	%		11.24	%		6.99	%		7.91	%		1.31	%		1.31	%		01/04/93
		I		-1.09			2.24			11.53			NA			6.88			1.06			1.06			09/20/05
ASTON/Fairpointe Focused Equity Fund (c)		N		NA			NA			NA			NA			4.60	(d)		8.47			1.16			12/24/14
		I		NA			NA			NA			NA			4.70	(d)		8.22			0.91			12/24/14
ASTON/Herndon Large Cap Value Fund (c)		N		1.05			2.83			11.44			NA			11.39			1.31			1.31			03/31/10
		I		1.22			3.13			NA			NA			10.61			1.06			1.06			03/02/11
ASTON/Montag & Caldwell Growth Fund		N		3.19			9.44			10.99			7.99			9.18			1.04			1.04			11/02/94
		I		3.28			9.69			11.27			8.27			7.74			0.79			0.79			06/28/96
		R		3.02			9.15			10.71			7.73			7.63			1.29			1.29			12/31/02
ASTON/TAMRO Diversified Equity Fund (c)		N		2.41			11.01			12.46			7.93			6.90			1.37			1.20			11/30/00
		I		2.51			11.21			NA			NA			13.78			1.12			0.95			03/02/12
ASTON/River Road Dividend All Cap Value Fund		N		3.63			9.57			12.75			NA			8.59			1.09			1.09			06/28/05
		I		3.76			9.86			13.05			NA			6.52			0.84			0.84			06/28/07
ASTON/River Road Dividend All Cap Value II Fund		N		3.25			9.73			NA			NA			15.60			1.18			1.18			06/27/12
		I		3.46			10.07			NA			NA			15.90			0.93			0.93			06/27/12
ASTON/Fairpointe Mid Cap Fund		N		7.15			9.86			14.72			12.07			13.20			1.11			1.11			09/19/94
		I		7.29			10.15			15.01			12.35			11.30			0.86			0.86			07/06/04
ASTON/Montag & Caldwell Mid Cap Growth Fund (c)		N		7.07			12.03			13.13			NA			5.73			2.17			1.26			11/02/07
		I		7.25			NA			NA			NA			13.29	(d)		1.92			1.01			05/14/14
ASTON/LMCG Small Cap Growth Fund (c)		N		8.18			21.24			NA			NA			16.46			1.68			1.36			11/03/10
		I		8.25			21.55			NA			NA			13.01			1.43			1.11			06/01/11
ASTON/River Road Independent Value Fund (c)		N		0.62			-2.69			NA			NA			4.71			1.46			1.46			12/31/10
		I		0.80			-2.40			NA			NA			3.13			1.21			1.21			06/01/11
ASTON/River Road Select Value Fund		N		5.42			5.06			10.33			NA			5.12			1.46			1.46			03/29/07
		I		5.60			5.36			10.63			NA			4.89			1.21			1.21			06/28/07
ASTON/River Road Small Cap Value Fund		N		5.23			3.70			9.32			NA			7.28			1.35			1.35			06/28/05
		I		5.36			3.91			9.58			NA			4.55			1.10			1.10			12/13/06
ASTON/Silvercrest Small Cap Fund (c)		N		2.07			7.67			NA			NA			15.64			1.61			1.40			12/27/11
		I		2.17			7.97			NA			NA			15.94			1.36			1.15			12/27/11
ASTON/TAMRO Small Cap Fund		N		1.80			7.25			10.35			9.20			10.48			1.31			1.31			11/30/00
		I		1.89			7.51			10.62			9.48			8.42			1.06			1.06			01/04/05
Fixed Income
ASTON/Doubleline Core Plus Fixed Income Fund (c)		N		1.92			5.20			NA			NA			6.08			1.10			0.96			07/18/11
		I		2.03			5.45			NA			NA			6.34			0.85			0.71			07/18/11
ASTON/TCH Fixed Income Fund (c)		N		1.40			3.92			5.44			5.71			5.80			1.18			0.95			12/13/93
		I		1.52			4.18			5.66			5.93			6.05			0.93			0.70			07/31/00

2

Aston Funds

	As of April 30, 2015
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/Anchor Capital Enhanced Equity Fund		N		3.43	%		5.25	%		6.34	%		NA	%		4.75	%		1.20	%		1.20	%		01/15/08
		I		3.55			5.50			6.62			NA			6.92			0.95			0.95			03/03/10
ASTON/Lake Partners LASSO Alternatives Fund (c)		N		0.17			0.10			4.00			NA			4.43			3.25			3.24			03/03/10
		I		0.27			0.35			4.25			NA			6.55			3.00			2.99			04/01/09
ASTON/River Road Long-Short Fund (c)		N		4.33			2.97			NA			NA			6.36			2.62			2.62			05/04/11
		I		4.49			3.22			NA			NA			5.08			2.37			2.37			03/04/13
International
ASTON/Barings International Fund (c)		N		8.34			3.73			5.97			NA			6.34			1.95			1.40			03/02/10
		I		8.49			3.88			6.24			NA			-1.32			1.70			1.15			11/02/07
ASTON/Guardian Capital Global Dividend Fund (c)		N		2.74			5.39			NA			NA			8.69			5.21			1.30			04/14/14
		I		2.63			5.49			NA			NA			8.78			4.96			1.05			04/14/14
ASTON/LMCG Emerging Markets Fund (c)		N		3.19			7.82			NA			NA			0.03			6.01			1.48			03/28/13
		I		3.44			8.18			NA			NA			0.39			5.76			1.23			03/28/13
ASTON/Pictet International Fund (c)		N		7.33			-1.62			NA			NA			0.24			3.26			1.40			04/14/14
		I		7.53			-1.24			NA			NA			0.61			3.01			1.15			04/14/14
ASTON/TAMRO International Small Cap Fund (c)		N		NA			NA			NA			NA			7.80	(d)		17.01			1.51			12/23/14
		I		NA			NA			NA			NA			7.90	(d)		16.76			1.26			12/23/14
Sector
ASTON/Harrison Street Real Estate Fund (c)		N		-0.58			7.69			11.66			6.94			8.65			2.16			1.37			12/30/97
		I		-0.42			8.00			11.93			NA			6.10			1.91			1.12			09/20/05
Balanced
ASTON/Montag & Caldwell Balanced Fund (c)		N		2.67			7.19			7.71			6.38			7.65			1.59			1.36			11/02/94
		I		2.72			7.28			7.85			6.56			4.34			1.34			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 29, 2016 for the Funds.

^(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/Cornerstone Large Cap Value Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.01%
		Consumer Discretionary – 8.19%
	61,760	Bed Bath & Beyond *	$	4,351,610
	50,925	BorgWarner		3,014,760
	129,125	Gap		5,118,515
				12,484,885
		Consumer Staples – 1.95%
	38,100	Wal-Mart Stores		2,973,705
		Energy – 8.67%
	48,925	Chevron		5,433,610
	144,350	Ensco, Class A (United Kingdom)		3,937,868
	60,650	Royal Dutch Shell PLC, ADR		3,847,030
				13,218,508
		Financials – 22.47%
	52,375	ACE (Switzerland)		5,603,601
	76,200	Capital One Financial		6,160,770
	109,075	Citigroup		5,815,879
	107,875	JPMorgan Chase		6,824,173
	54,925	Lincoln National		3,102,713
	32,075	PNC Financial Services Group		2,942,240
	111,255	Unum Group		3,800,471
				34,249,847
		Healthcare – 5.32%
	44,500	Baxter International		3,058,930
	50,925	Johnson & Johnson		5,051,760
				8,110,690
		Industrials – 23.01%
	24,450	Boeing		3,504,663
	43,900	Cummins		6,069,614
	101,450	Emerson Electric		5,968,304

Shares			Market Value
		Industrials (continued)
	37,300	Honeywell International	$	3,764,316
	42,900	Norfolk Southern		4,326,465
	52,925	Parker-Hannifin		6,317,128
	20,640	WW Grainger		5,127,595
				35,078,085
		Information Technology – 26.40%
	217,350	Cisco Systems		6,266,200
	193,575	EMC		5,209,103
	142,550	Intel		4,640,002
	141,150	Microsoft		6,865,536
	152,575	Oracle		6,655,322
	65,190	QUALCOMM		4,432,920
	63,050	Western Digital		6,162,507
				40,231,590
		Total Common Stocks (Cost $143,070,788)		146,347,310
	INVESTMENT COMPANY – 3.58%
	5,452,832	BlackRock Liquidity Funds TempFund Portfolio		5,452,832
		Total Investment Company (Cost $5,452,832)		5,452,832
	Total Investments – 99.59% (Cost $148,523,620)**			151,800,142
	Net Other Assets and Liabilities – 0.41%			617,529
	Net Assets – 100.00%		$	152,417,671

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	7,931,750
Gross unrealized depreciation		(4,655,228	)
Net unrealized appreciation	$	3,276,522

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

4

Aston Funds

ASTON/Fairpointe Focused Equity Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.50%
		Consumer Discretionary – 23.73%
	5,300	Carnival	$	233,041
	7,200	Discovery Communications, Class C *		217,656
	4,800	Interpublic Group		100,032
	4,300	Liberty Interactive, Class A *		123,668
	14,200	News, Class A *		224,076
	4,600	Scholastic		186,944
	5,900	Staples		96,288
	8,400	Twenty-First Century Fox, Class A		286,272
				1,467,977
		Consumer Staples – 12.15%
	25,700	Avon Products		209,969
	3,300	PepsiCo		313,896
	5,200	Univelver, SP ADR		227,864
				751,729
		Energy – 12.95%
	1,850	Apache		126,540
	4,900	Atwood Oceanics		163,562
	5,600	BP, SP ADR		241,696
	6,100	Cenovus Energy (Canada)		114,802
	8,200	Transocean (Switzerland)		154,324
				800,924
		Financials – 6.83%
	4,000	Legg Mason		210,600
	2,900	Northern Trust		212,135
				422,735

Shares			Market Value
		Healthcare – 11.83%
	11,900	Boston Scientific *	$	212,058
	6,100	Hologic *		205,814
	1,100	Hospira *		96,019
	700	Quest Diagnostics		49,994
	1,600	Varian Medical Systems *		142,160
	500	VCA *		25,485
				731,530
		Industrials – 9.90%
	6,000	AGCO		309,060
	3,400	Fluor		204,476
	2,800	Kennametal		99,148
				612,684
		Information Technology – 18.01%
	8,000	Cisco Systems		230,640
	7,100	Cree *		224,928
	10,000	Hewlett-Packard		329,700
	3,400	Itron *		121,924
	4,700	Teradata *		206,753
				1,113,945
		Materials – 3.10%
	4,700	Greif, Class A		191,572
		Total Common Stocks (Cost $5,903,018)		6,093,096
	INVESTMENT COMPANY – 3.28%
	202,836	BlackRock Liquidity Funds TempFund Portfolio		202,836
		Total Investment Company (Cost $202,836)		202,836
	Total Investments – 101.78% (Cost $6,105,854)**			6,295,932
	Net Other Assets and Liabilities – (1.78)%			(110,119	)
	Net Assets – 100.00%		$	6,185,813

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	310,244
Gross unrealized depreciation		(120,166	)
Net unrealized appreciation	$	190,078

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

5

Aston Funds

ASTON/Herndon Large Cap Value Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.39%
		Consumer Discretionary – 6.47%
	34,765	Ross Stores	$	3,437,563
	66,020	TJX		4,260,931
	16,266	Yum! Brands		1,398,225
				9,096,719
		Consumer Staples – 10.60%
	79,416	Altria Group		3,974,771
	83,243	Campbell Soup		3,721,794
	50,074	Colgate-Palmolive		3,368,979
	45,927	Philip Morris International		3,833,527
				14,899,071
		Energy – 20.44%
	47,522	Apache		3,250,505
	57,409	Atwood Oceanics		1,916,312
	57,090	ConocoPhillips		3,877,553
	46,246	Continental Resources *		2,433,927
	44,652	Exxon Mobil		3,901,245
	43,057	Marathon Petroleum		4,244,128
	70,486	Oil States International *		3,354,429
	42,738	SM Energy		2,477,522
	57,409	Valero Energy		3,266,572
				28,722,193
		Financials – 21.67%
	36,040	Aflac		2,271,962
	17,485	American Express		1,354,213
	89,622	Apartment Investment & Management, Class A, REIT		3,381,438
	71,442	CBOE Holdings		4,020,041
	59,323	Discover Financial Services		3,438,954
	64,745	Eaton Vance		2,659,725
	35,721	McGraw-Hill		3,725,700
	31,575	Moody’s		3,394,944
	136,505	Nationstar Mortgage Holdings *		3,426,275
	56,133	Waddell & Reed Financial, Class A		2,768,480
				30,441,732

Shares			Market Value
		Healthcare – 6.69%
	22,297	AbbVie	$	1,441,724
	4,815	Actavis (Ireland) *		1,361,971
	38,911	Baxter International		2,674,742
	14,901	Endo International (Ireland) *		1,252,652
	26,472	Gilead Sciences *		2,660,701
				9,391,790
		Industrials – 11.22%
	7,819	Copa Holdings SA, Class A (Panama)		867,049
	23,921	Lockheed Martin		4,463,659
	32,213	Rockwell Collins		3,135,291
	40,505	United Parcel Service, Class B		4,071,968
	43,057	Verisk Analytics, Class A *		3,230,997
				15,768,964
		Information Technology – 12.24%
	46,884	Apple		5,867,533
	78,778	Microsoft		3,831,762
	41,143	Western Digital		4,021,317
	171,270	Western Union		3,473,356
				17,193,968
		Materials – 6.01%
	5,778	CF Industries Holdings		1,661,002
	32,532	LyondellBasell Industries NV, Class A, (Netherlands)		3,367,713
	7,655	Newmarket		3,421,019
				8,449,734
		Telecommunication Services – 1.05%
	29,343	Verizon Communications		1,480,061
		Total Common Stocks (Cost $117,268,698)		135,444,232
	INVESTMENT COMPANY – 3.67%
	5,152,792	BlackRock Liquidity Funds TempFund Portfolio		5,152,792
		Total Investment Company (Cost $5,152,792)		5,152,792
	Total Investments – 100.06% (Cost $122,421,490)**			140,597,024
	Net Other Assets and Liabilities – (0.06)%			(85,631	)
	Net Assets – 100.00%		$	140,511,393

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	23,227,186
Gross unrealized depreciation		(5,051,652	)
Net unrealized appreciation	$	18,175,534

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

6

Aston Funds

ASTON/Montag & Caldwell Growth Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 93.77%
		Consumer Discretionary – 14.95%
	1,111,500	Carnival	$	48,872,655
	645,800	Dollar General		46,956,118
	994,900	Dollar Tree *		76,020,309
	392,700	NIKE, Class B		38,814,468
	1,850,000	Starbucks		91,723,000
	1,071,200	TJX		69,135,248
				371,521,798
		Consumer Staples – 20.23%
	1,020,000	Colgate-Palmolive		68,625,600
	262,971	Costco Wholesale		37,618,002
	909,800	Estee Lauder, Class A		73,957,642
	2,570,800	Mondelez International, Class A		98,641,596
	1,180,400	PepsiCo		112,279,648
	480,200	Procter & Gamble		38,180,702
	883,700	Walgreens Boots Alliance		73,285,241
				502,588,431
		Energy – 1.13%
	350,300	Occidental Petroleum		28,059,030
		Financials – 2.59%
	307,400	State Street		23,706,688
	738,700	Wells Fargo		40,702,370
				64,409,058
		Healthcare – 29.14%
	1,800,000	Abbott Laboratories		83,556,000
	360,000	Actavis PLC (Ireland) *		101,829,600
	442,900	AmerisourceBergen		50,623,470
	395,000	Amgen		62,374,450
	201,129	Biogen Idec *		75,208,167
	223,800	Celgene *		24,183,828

Shares			Market Value
		Healthcare (continued)
	739,000	Cerner *	$	53,067,590
	764,700	Gilead Sciences *		76,859,997
	505,000	McKesson		112,817,000
	665,000	Thermo Fisher Scientific		83,577,200
				724,097,302
		Industrials – 7.78%
	703,200	Honeywell International		70,966,944
	243,200	Union Pacific		25,835,136
	627,500	United Parcel Service, Class B		63,082,575
	134,310	WW Grainger		33,366,633
				193,251,288
		Information Technology – 16.12%
	719,600	Accenture PLC, Class A (Ireland)		66,670,940
	790,000	Cognizant Technology Solutions, Class A *		46,246,600
	555,700	Facebook, Class A *		43,772,489
	120,000	Google, Class A *		65,852,400
	560,000	MasterCard, Class A		50,517,600
	370,000	QUALCOMM		25,160,000
	1,550,000	Visa, Class A		102,377,500
				400,597,529
		Materials – 1.83%
	400,000	Monsanto		45,584,000
		Total Common Stocks (Cost $2,044,182,278)		2,330,108,436
	INVESTMENT COMPANY – 4.43%
	110,221,661	BlackRock Liquidity Funds TempFund Portfolio		110,221,661
		Total Investment Company (Cost $110,221,661)		110,221,661
	Total Investments – 98.20% (Cost $2,154,403,939)**			2,440,330,097
	Net Other Assets and Liabilities – 1.80%			44,669,412
	Net Assets – 100.00%		$	2,484,999,509

* Non-income producing security.

** At April 30,2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	307,856,957
Gross unrealized depreciation		(21,930,799	)
Net unrealized appreciation	$	285,926,158

See accompanying Notes to Financial Statements.

7

Aston Funds

ASTON/TAMRO Diversified Equity Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.10%
		Consumer Discretionary – 17.47%
	5,007	Amazon.com *	$	2,111,853
	13,248	CarMax *		902,321
	7,250	Grand Canyon Education *		328,280
	7,160	Home Depot		765,977
	23,067	Iconix Brand Group *		606,893
	32,651	Live Nation Entertainment *		818,234
	8,104	McDonald’s		782,441
	417	NVR *		553,146
	9,222	Red Robin Gourmet Burgers *		692,480
				7,561,625
		Consumer Staples – 12.58%
	20,748	Coca-Cola		841,539
	8,664	Constellation Brands, Class A *		1,004,504
	6,356	Keurig Green Mountain		739,648
	14,467	Nu Skin Enterprises, Class A		818,109
	11,246	Sysco		416,439
	10,896	United Natural Foods *		735,044
	10,762	Walgreens Boots Alliance		892,493
				5,447,776
		Energy – 3.71%
	15,203	Kinder Morgan		652,969
	5,761	Phillips 66		456,905
	7,810	Range Resources		496,404
				1,606,278
		Financials – 13.10%
	9,568	American Express		741,042
	18,168	American International Group		1,022,677
	9,929	American Tower, REIT		938,588
	30,117	Bank of the Ozarks		1,167,335

Shares			Market Value
		Financials (continued)
	6,834	Berkshire Hathaway, Class B *	$	965,029
	21,395	Geo Group, REIT		834,405
				5,669,076
		Healthcare – 14.86%
	10,858	DaVita HealthCare Partners *		880,584
	16,264	DexCom *		1,098,958
	6,237	Edwards Lifesciences *		789,916
	10,734	Endo International (Ireland) *		902,354
	9,653	Express Scripts *		834,019
	11,500	Gilead Sciences *		1,155,865
	1,556	Intuitive Surgical *		771,745
				6,433,441
		Industrials – 14.75%
	17,531	American Airlines Group		846,484
	6,227	Boeing		892,578
	11,791	Cintas		942,691
	18,292	Colfax *		907,100
	9,143	Danaher		748,629
	14,280	Healthcare Services Group		432,256
	7,818	Middleby *		792,276
	12,030	Spirit Airlines *		823,694
				6,385,708
		Information Technology – 18.14%
	3,335	Baidu, SP ADR *		667,934
	45,373	Cisco Systems		1,308,104
	9,755	Facebook, Class A *		768,401
	1,209	Google, Class A *		663,463
	802	Google, Class C *		431,052
	24,253	Hewlett-Packard		799,621
	44,380	Pandora Media *		791,739
	15,417	Seagate Technology (Ireland)		905,286
	16,160	Synchronoss Technologies *		741,421
	18,284	Yahoo! *		778,258
				7,855,279
		Materials – 4.49%
	2,658	CF Industries Holdings		764,095
	5,255	Monsanto		598,860
	8,991	Royal Gold		580,189
				1,943,144
		Total Common Stocks (Cost $30,336,870)		42,902,327

See accompanying Notes to Financial Statements.

8

Aston Funds

ASTON/TAMRO Diversified Equity Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.02%
	443,898	BlackRock Liquidity Funds TempFund Portfolio	$	443,898
		Total Investment Company (Cost $443,898)		443,898
	Total Investments – 100.12% (Cost $30,780,768)**			43,346,225
	Net Other Assets and Liabilities – (0.12)%			(52,748	)
	Net Assets – 100.00%		$	43,293,477

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	13,055,220
Gross unrealized depreciation		(489,763	)
Net unrealized appreciation	$	12,565,457

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

9

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.57%
		Consumer Discretionary – 14.89%
	230,382	Bob Evans Farms	$	9,911,034
	268,167	Cinemark Holdings		11,431,959
	624,339	Ford Motor		9,864,556
	201,266	Hasbro		14,247,620
	345,924	Kohl’s		24,785,455
	510,884	National CineMedia		7,785,872
	311,951	Omnicom Group		23,633,408
	523,926	Shaw Communications, Class B (Canada)		11,971,709
	201,111	Target		15,853,580
	433,370	Thomson Reuters (Canada)		17,794,172
				147,279,365
		Consumer Staples – 10.39%
	165,289	Kimberly-Clark		18,130,550
	256,509	Molson Coors Brewing, Class B		18,855,977
	113,371	PepsiCo		10,783,850
	611,746	Sysco		22,652,954
	342,778	Univelver, SP ADR (Great Britain)		15,020,532
	221,637	Wal-Mart Stores		17,298,768
				102,742,631
		Energy – 7.53%
	165,166	Chevron		18,343,336
	280,369	Martin Midstream Partners LP		10,401,690
	443,626	Memorial Production Partners LP		7,949,778
	312,949	Occidental Petroleum		25,067,215
	170,159	TransMontaigne Partners LP		6,416,696
	128,050	Williams Partners LP		6,325,670
				74,504,385

Shares			Market Value
		Financials – 18.99%
	152,628	CME Group	$	13,875,412
	194,609	CNA Financial		7,842,743
	309,650	Compass Diversified Holdings		5,332,173
	484,857	CyrusOne, REIT		15,748,155
	398,107	Geo Group, REIT		15,526,173
	852,617	Iron Mountain, REIT		29,406,747
	73,866	PartnerRe (Bermuda)		9,454,848
	319,136	PNC Financial Services Group		29,274,345
	341,382	Sabra Health Care, REIT		10,200,494
	111,012	Stock Yards Bancorp		3,863,218
	535,270	U.S. Bancorp		22,947,025
	441,302	Wells Fargo		24,315,740
				187,787,073
		Healthcare – 3.90%
	388,984	Owens & Minor		13,116,541
	356,441	Quest Diagnostics		25,457,016
				38,573,557
		Industrials – 14.35%
	158,183	ABM Industries		5,069,765
	722,958	ADT		27,183,221
	642,466	Aircastle (Bermuda)		15,406,335
	308,310	Emerson Electric		18,137,877
	530,288	Fastenal		22,600,875
	150,214	Parker-Hannifin		17,929,543
	396,586	Republic Services		16,113,289
	193,471	United Parcel Service, Class B		19,449,640
				141,890,545
		Information Technology – 14.88%
	199,431	CSG Systems International		5,807,431
	841,946	Intel		27,405,342
	265,274	j2 Global		18,402,057
	709,853	Microsoft		34,527,250
	340,374	Motorola Solutions		20,337,347
	310,905	QUALCOMM		21,141,540
	963,593	Western Union		19,541,666
				147,162,633
		Materials – 4.36%
	189,834	Bemis		8,542,530
	142,246	Compass Minerals International		12,564,589
	126,202	Innophos Holdings		6,668,514
	370,561	Myers Industries		5,991,971
	191,450	Nucor		9,354,247
				43,121,851
		Telecommunication Services – 5.24%
	101,068	Atlantic Tele-Network		6,672,509
	506,099	Rogers Communications, Class B (Canada)		18,072,795
	536,481	Verizon Communications		27,060,102
				51,805,406

See accompanying Notes to Financial Statements.

10

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Utilities – 4.04%
	269,330	AmeriGas Partners LP	$	13,124,451
	415,681	National Fuel Gas		26,790,640
				39,915,091
		Total Common Stocks (Cost $767,275,964)		974,782,537
	INVESTMENT COMPANY – 1.66%
	16,433,914	BlackRock Liquidity Funds TempFund Portfolio		16,433,914
		Total Investment Company (Cost $16,433,914)		16,433,914
	Total Investments – 100.23% (Cost $783,709,878)*			991,216,451
	Net Other Assets and Liabilities – (0.23)%			(2,253,506	)
	Net Assets – 100.00%		$	988,962,945

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	213,615,749
Gross unrealized depreciation		(6,109,176	)
Net unrealized appreciation	$	207,506,573

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, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.69%
		Consumer Discretionary – 14.99%
	35,301	Bob Evans Farms	$	1,518,649
	40,094	Cinemark Holdings		1,709,207
	95,976	Ford Motor		1,516,421
	31,114	Hasbro		2,202,560
	52,404	Kohl’s		3,754,747
	47,925	Omnicom Group		3,630,798
	79,115	Shaw Communications, Class B (Canada)		1,807,778
	31,794	Target		2,506,321
	66,027	Thomson Reuters (Canada)		2,711,069
				21,357,550
		Consumer Staples – 11.03%
	24,933	Kimberly-Clark		2,734,901
	38,175	Molson Coors Brewing, Class B		2,806,244
	17,283	PepsiCo		1,643,959
	94,454	Sysco		3,497,632
	54,126	Univelver, SP ADR (Great Britain)		2,371,801
	34,080	Wal-Mart Stores		2,659,944
				15,714,481
		Energy – 6.70%
	25,931	Chevron		2,879,897
	26,100	Martin Midstream Partners LP		968,310
	43,798	Memorial Production Partners LP		784,860
	49,195	Occidental Petroleum		3,940,519
	19,693	Williams Partners LP		972,834
				9,546,420
		Financials – 16.82%
	23,496	CME Group		2,136,021
	17,712	CNA Financial		713,794
	26,898	CyrusOne, REIT		873,647

Shares			Market Value
		Financials (continued)
	59,652	Geo Group, REIT	$	2,326,428
	134,193	Iron Mountain, REIT		4,628,319
	10,916	PartnerRe (Bermuda)		1,397,248
	50,101	PNC Financial Services Group		4,595,765
	82,955	U.S. Bancorp		3,556,281
	67,871	Wells Fargo & Co		3,739,692
				23,967,195
		Healthcare – 4.13%
	55,931	Owens & Minor		1,885,993
	56,027	Quest Diagnostics		4,001,448
				5,887,441
		Industrials – 14.78%
	25,045	ABM Industries		802,692
	111,555	ADT		4,194,468
	64,683	Aircastle (Bermuda)		1,551,098
	48,463	Emerson Electric		2,851,078
	81,711	Fastenal		3,482,523
	23,138	Parker-Hannifin		2,761,752
	61,360	Republic Services		2,493,057
	29,039	United Parcel Service, Class B		2,919,291
				21,055,959
		Information Technology – 15.22%
	131,699	Intel		4,286,802
	36,891	j2 Global		2,559,129
	112,192	Microsoft		5,457,019
	52,336	Motorola Solutions		3,127,076
	48,394	QUALCOMM		3,290,792
	146,392	Western Union		2,968,830
				21,689,648
		Materials – 3.71%
	29,418	Bemis		1,323,810
	22,041	Compass Minerals International		1,946,882
	11,767	Innophos Holdings		621,768
	28,457	Nucor		1,390,409
				5,282,869
		Telecommunication Services – 4.94%
	77,841	Rogers Communications, Class B (Canada)		2,779,702
	84,374	Verizon Communications		4,255,825
				7,035,527
		Utilities – 4.37%
	41,359	AmeriGas Partners LP		2,015,424
	65,340	National Fuel Gas		4,211,163
				6,226,587
		Total Common Stocks (Cost $123,304,819)		137,763,677

See accompanying Notes to Financial Statements.

12

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 3.42%
	4,875,308	BlackRock Liquidity Fund TempCash Portfolio	$	4,875,308
		Total Investment Company (Cost $4,875,308)		4,875,308
	Total Investments – 100.11% (Cost $128,180,127)*			142,638,985
	Net Other Assets and Liabilities – (0.11)%			(150,443	)
	Net Assets – 100.00%		$	142,488,542

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	16,410,393
Gross unrealized depreciation		(1,951,535	)
Net unrealized appreciation	$	14,458,858

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, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.57%
		Consumer Discretionary – 22.51%
	1,390,100	BorgWarner	$	82,293,920
	2,140,800	Cooper Tire & Rubber		90,962,592
	4,592,300	DeVry Education Group		138,871,152
	3,413,300	Gannett		117,144,456
	5,748,100	Interpublic Group		119,790,404
	833,800	Lear		92,576,814
	7,382,600	Mattel		207,894,016
	10,597,854	New York Times, Class A		141,905,265
	2,286,478	Scholastic		92,922,466
	4,034,600	Staples		65,844,672
	6,316,452	Time		144,204,599
				1,294,410,356
		Consumer Staples – 2.22%
	1,102,300	Bunge		95,205,651
	442,900	Molson Coors Brewing, Class B		32,557,579
				127,763,230
		Energy – 8.04%
	4,446,592	FMC Technologies *		196,094,707
	19,749,400	McDermott International *		103,684,350
	8,627,500	Transocean Ltd. (Switzerland)		162,369,550
				462,148,607
		Financials – 7.08%
	1,335,700	Cincinnati Financial		67,639,848
	1,528,585	Eaton Vance		62,794,272
	1,789,100	Northern Trust		130,872,665
	2,582,500	Raymond James Financial		145,988,725
				407,295,510

Shares			Market Value
		Healthcare – 4.90%
	207,500	Charles River Laboratories *	$	14,350,700
	461,500	Hospira *		40,284,335
	1,647,400	Quest Diagnostics		117,657,308
	1,230,400	Varian Medical Systems *		109,321,040
				281,613,383
		Industrials – 16.41%
	3,657,500	AGCO		188,397,825
	1,996,000	Chicago Bridge & Iron (Netherlands)		95,109,400
	2,606,200	Con-way		107,114,820
	625,000	Copa Holdings SA, Class A (Panama)		69,306,250
	621,044	ManpowerGroup		52,993,685
	4,518,100	Owens Corning		174,669,746
	1,081,700	Polypore International *		63,344,352
	2,584,300	Werner Enterprises		69,440,141
	3,332,100	Xylem		123,354,342
				943,730,561
		Information Technology – 26.03%
	1,776,800	Akamai Technologies *		131,092,304
	1,804,500	Citrix Systems *		121,190,220
	5,278,892	Cree *		167,235,299
	4,424,800	Finisar *		89,956,184
	3,026,948	Itron *		108,546,355
	5,453,800	Jabil Circuit		122,819,576
	7,801,000	Juniper Networks		206,180,430
	10,529,700	Nuance Communications *		161,420,301
	4,512,400	NVIDIA		100,152,718
	4,150,700	Teradata *		182,589,293
	4,834,468	Unisys *		105,246,368
				1,496,429,048
		Materials – 11.38%
	10,278,800	Alcoa		137,941,496
	1,342,804	Domtar (Canada)		58,035,989
	2,908,262	FMC		172,489,019
	30,900,400	Gerdau SA, SP ADR		103,825,344
	7,584,200	United States Steel		182,172,484
				654,464,332
		Total Common Stocks (Cost $4,737,973,854)		5,667,855,027
	INVESTMENT COMPANY – 1.19%
	68,521,578	BlackRock Liquidity Funds TempFund Portfolio		68,521,578
		Total Investment Company (Cost $68,521,578)		68,521,578
	Total Investments – 99.76% (Cost $4,806,495,432)**			5,736,376,605
	Net Other Assets and Liabilities – 0.24%			13,969,298
	Net Assets – 100.00%		$	5,750,345,903

See accompanying Notes to Financial Statements.

14

Aston Funds

ASTON/Fairpointe Mid Cap Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	1,170,573,754
Gross unrealized depreciation		(240,692,581	)
Net unrealized appreciation	$	929,881,173

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

15

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.40%
		Consumer Discretionary – 22.42%
	1,026	Advance Auto Parts	$	146,718
	2,900	BorgWarner		171,680
	1,530	Dollar General		111,246
	4,060	Dollar Tree *		310,225
	5,190	Dunkin’ Brands Group		270,451
	2,110	Harman International Industries		275,102
	9,670	LKQ *		261,767
	1,012	O’Reilly Automotive *		220,444
	419	Panera Bread, Class A *		76,459
	960	PVH		99,216
	2,290	Ross Stores		226,435
	1,830	Tractor Supply		157,490
				2,327,233
		Consumer Staples – 8.93%
	2,460	Church & Dwight		199,678
	2,700	Mead Johnson Nutrition		258,984
	1,450	Molson Coors Brewing, Class B		106,589
	1,920	Monster Beverage *		263,251
	1,220	TreeHouse Foods *		99,137
				927,639
		Energy – 2.23%
	1,160	Core Laboratories (Netherlands)		152,285
	1,450	Oceaneering International		79,909
				232,194
		Financials – 11.20%
	3,950	First Republic Bank		230,246
	1,196	Intercontinental Exchange		268,538
	1,890	Lazard MLP, Class A (Bermuda)		100,227
	4,960	Raymond James Financial		280,389
	2,110	Signature Bank New York NY *		282,930
				1,162,330
		Healthcare – 12.71%
	2,030	AmerisourceBergen		232,029
	592	Cooper		105,417

Shares			Market Value
		Healthcare (continued)
	1,580	Henry Schein *	$	216,618
	1,040	IDEXX Laboratories *		130,385
	3,370	MEDNAX *		238,529
	679	Perrigo (Ireland)		124,447
	2,100	Quintiles Transnational Holdings *		138,348
	2,090	ResMed		133,635
				1,319,408
		Industrials – 25.31%
	4,550	AMETEK		238,511
	4,580	Copart *		162,911
	3,090	Donaldson		115,473
	3,980	Expeditors International of Washington		182,403
	3,910	Fastenal		166,644
	2,060	IHS, Class A *		258,468
	2,710	J.B. Hunt Transport Services		236,312
	2,410	Nordson		191,957
	1,700	Pall		165,444
	925	Roper Technologies		155,557
	1,920	Stericycle *		256,186
	2,830	Verisk Analytics, Class A *		212,363
	3,030	Wabtec		284,972
				2,627,201
		Information Technology – 14.60%
	2,630	Akamai Technologies *		194,041
	5,190	Amphenol, Class A		287,370
	2,050	ANSYS *		175,972
	1,730	EPAM Systems *		111,948
	1,050	F5 Networks *		128,121
	2,100	FactSet Research Systems		330,519
	2,550	WEX *		287,411
				1,515,382
		Total Common Stocks (Cost $8,175,173)		10,111,387
	INVESTMENT COMPANY – 3.61%
	374,524	BlackRock Liquidity Funds TempFund Portfolio		374,524
		Total Investment Company (Cost $374,524)		374,524
	Total Investments – 101.01% (Cost $8,549,697)**			10,485,911
	Net Other Assets and Liabilities – (1.01)%			(105,089	)
	Net Assets – 100.00%		$	10,380,822

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,031,342
Gross unrealized depreciation		(95,128	)
Net unrealized appreciation	$	1,936,214

See accompanying Notes to Financial Statements.

16

Aston Funds

ASTON/LMCG Small Cap Growth Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 92.71%
		Consumer Discretionary – 16.87%
	141,383	Black Diamond *	$	1,273,861
	104,663	Bloomin’ Brands		2,371,664
	7,265	Buffalo Wild Wings *		1,157,314
	61,042	Del Frisco’s Restaurant Group *		1,231,217
	14,273	Life Time Fitness *		1,020,519
	18,498	Lithia Motors, Class A		1,844,805
	23,151	Nexstar Broadcasting Group, Class A		1,353,407
	60,087	Party City Holdco *		1,249,209
	54,483	Shutterfly *		2,438,659
	40,155	Sinclair Broadcast Group, Class A		1,230,349
	105,585	Sotheby’s		4,509,535
				19,680,539
		Consumer Staples – 4.73%
	9,600	Boston Beer, Class A *		2,378,880
	46,525	United Natural Foods *		3,138,576
				5,517,456
		Energy – 2.14%
	8,017	Diamondback Energy *		661,964
	8,403	Gulfport Energy *		411,243
	28,920	Memorial Resource Development *		583,895
	33,965	Rice Energy *		836,558
				2,493,660
		Financials – 2.59%
	31,696	Ashford Hospitality Prime		496,359
	6,566	BofI Holding *		602,824
	24,945	Evercore Partners		1,203,347
	26,473	Moelis, Class A		716,095
				3,018,625

Shares			Market Value
		Healthcare – 24.30%
	33,115	Aduro Biotech *	$	841,121
	24,737	Akorn *		1,030,049
	38,904	Align Technology *		2,289,111
	71,566	Allscripts Healthcare Solutions *		951,828
	39,257	Amsurg *		2,462,199
	10,259	athenahealth *		1,258,369
	88,167	Community Health Systems *		4,732,805
	19,154	Cyberonics *		1,166,670
	39,195	HealthSouth		1,772,398
	10,682	HeartWare International *		808,734
	9,703	ICON PLC (Ireland) *		624,291
	46,147	Insulet *		1,377,488
	3,662	Intercept Pharmaceuticals *		925,790
	27,886	LifePoint Hospitals *		2,088,104
	14,784	Neurocrine Biosciences *		503,986
	19,078	PAREXEL International *		1,212,884
	43,032	Premier, Class A *		1,630,913
	5,244	Puma Biotechnology *		946,961
	7,676	Synageva BioPharma *		705,885
	38,774	Veeva Systems *		1,029,450
				28,359,036
		Industrials – 12.33%
	33,744	Advisory Board *		1,750,976
	181,133	Builders FirstSource *		2,311,257
	17,800	HEICO		993,952
	23,699	Herman Miller		649,590
	42,139	Hexcel		2,113,271
	82,323	Kelly Services, Class A		1,351,744
	74,267	Kforce		1,688,832
	33,777	Korn/Ferry International		1,064,989
	61,142	USG *		1,622,709
	17,318	XPO Logistics *		839,923
				14,387,243
		Information Technology – 24.51%
	45,615	Cardtronics *		1,721,054
	89,377	Dealertrack Technologies *		3,513,410
	47,418	ExlService Holdings *		1,632,602
	14,625	Fleetmatics Group PLC (Ireland) *		666,607
	138,193	Global Eagle Entertainment *		1,764,725
	63,340	Heartland Payment Systems		3,224,006
	290,344	Internap *		2,729,234
	25,073	MAXIMUS		1,604,923
	31,916	NetScout Systems *		1,311,748
	47,741	SciQuest *		733,779
	106,891	Synchronoss Technologies *		4,904,159
	7,011	Ultimate Software Group *		1,165,368
	95,403	WNS Holdings, ADR (Jersey) *		2,302,074
	33,760	Yelp *		1,329,806
				28,603,495
		Materials – 3.45%
	56,520	Boise Cascade *		1,961,244
	86,912	Summit Materials *		2,058,945
				4,020,189

See accompanying Notes to Financial Statements.

17

Aston Funds

ASTON/LMCG Small Cap Growth Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Telecommunication Services – 1.79%
	59,835	Cogent Communications Holdings	$	2,093,627
		Total Common Stocks (Cost $99,815,163)		108,173,870
	EXCHANGE TRADED FUND – 2.91%
	23,088	iShares Russell 2000 Growth Index Fund		3,395,090
		Total Exchange Traded Fund (Cost $3,325,682)		3,395,090
	WARRANTS – 0%
		Energy – 0.00%
	11,820	Magnum Hunter Resources, Strike Price $8.50, Expiration 04/15/16		—
		Total Warrants (Cost $—)		—
	INVESTMENT COMPANY – 5.49%
	6,406,335	BlackRock Liquidity Fund TempCash Portfolio		6,406,335
		Total Investment Company (Cost $6,406,335)		6,406,335
	Total Investments – 101.11% (Cost $109,547,180)**			117,975,295
	Net Other Assets and Liabilities – (1.11)%			(1,295,791	)
	Net Assets – 100.00%		$	116,679,504

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	10,801,198
Gross unrealized depreciation		(2,373,083	)
Net unrealized appreciation	$	8,428,115

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

18

Aston Funds

ASTON/River Road Independent Value Fund	April 30, 2015
Schedule of Investments (unaudited)

At April 30, 2015, 11.21% of the Total Net Assets of the Fund were comprised of securities of issuers outside the United States.

Shares			Market Value
	COMMON STOCKS – 19.43%
		Energy – 2.86%
	95,262	Contango Oil & Gas *	$	2,388,218
	228,574	QEP Resources		5,142,915
	157,222	Unit *		5,477,615
				13,008,748
		Financials – 0.45%
	89,231	Baldwin & Lyons, Class B		2,024,651
		Information Technology – 4.18%
	109,977	Benchmark Electronics *		2,587,759
	196,530	Convergys		4,457,300
	177,190	CSG Systems International		5,159,773
	272,145	Sykes Enterprises *		6,811,789
				19,016,621
		Materials – 11.94%
	303,078	American Vanguard		3,306,581
	4,242,444	AuRico Gold (Canada)		14,806,130
	4,821,322	New Gold (Canada) *		16,296,068
	1,686,552	Pan American Silver (Canada)		16,055,975
	703,867	Silver Standard Resources (Canada) *		3,832,556
				54,297,310
		Total Common Stocks (Cost $90,045,315)		88,347,330

Shares			Market Value
	INVESTMENT COMPANY – 80.88%
	367,738,703	BlackRock Liquidity Funds Treasury Trust Fund Portfolio	$	367,738,703
		Total Investment Company (Cost $367,738,703)		367,738,703
	Total Investments – 100.31% (Cost $457,784,018)**			456,086,033
	Net Other Assets and Liabilities – (0.31)%			(1,397,286	)
	Net Assets – 100.00%		$	454,688,747

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,675,041
Gross unrealized depreciation		(8,373,026	)
Net unrealized depreciation	$	(1,697,985	)

See accompanying Notes to Financial Statements.

19

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.04%
		Consumer Discretionary – 17.71%
	86,999	Ascena Retail Group *	$	1,304,115
	27,388	Ascent Capital Group, Class A *		1,096,616
	7,928	Biglari Holdings *		2,897,763
	18,510	Children’s Place		1,122,817
	112,065	International Speedway, Class A		4,074,683
	17,208	Madison Square Garden, Class A *		1,381,802
	32,340	Motorcar Parts of America *		945,298
	23,743	Outerwall		1,577,247
	138,289	Remy International		3,076,930
	113,670	SodaStream International *		2,208,608
	69,630	Sotheby’s		2,973,897
	38,660	Stage Stores		746,525
				23,406,301
		Consumer Staples – 1.97%
	65,990	Darling Ingredients *		901,423
	9,902	Ingles Markets, Class A		414,498
	40,457	Village Super Market, Class A		1,291,792
				2,607,713
		Energy – 3.24%
	183,273	Evolution Petroleum		1,260,918
	284,840	Gran Tierra Energy *		1,059,605
	50,900	QEP Resources		1,145,250
	59,241	WPX Energy *		814,564
				4,280,337
		Financials – 20.98%
	6,885	Alleghany *		3,260,185
	91,904	Brown & Brown		2,936,333
	63,231	Capital Southwest		3,010,428

Shares			Market Value
		Financials (continued)
	198,384	FNFV Group *	$	2,965,841
	73,853	Forest City Enterprises, Class A *		1,754,747
	18,667	Geo Group, REIT		728,013
	82,897	Hilltop Holdings *		1,667,059
	27,349	International Bancshares		710,527
	100,980	Leucadia National		2,400,295
	174,993	PICO Holdings *		3,151,624
	7,613	White Mountains Insurance Group (Bermuda)		5,146,160
				27,731,212
		Healthcare – 4.36%
	16,721	Bio-Rad Laboratories, Class A *		2,248,138
	47,924	Myriad Genetics *		1,582,930
	57,141	Owens & Minor		1,926,795
				5,757,863
		Industrials – 20.90%
	149,045	ADT		5,604,092
	166,501	Air Transport Services Group *		1,551,789
	101,280	Brink’s		2,680,882
	43,427	Clean Harbors *		2,399,342
	8,503	Cubic		421,579
	17,236	Forward Air		868,177
	45,480	Kelly Services, Class A		746,782
	70,690	KLX *		2,962,618
	89,224	Marten Transport		1,986,126
	117,631	SP Plus *		2,677,282
	42,960	UniFirst		4,864,361
	18,239	US Ecology		855,591
				27,618,621
		Information Technology – 22.08%
	101,302	Blackhawk Network Holdings, Class B *		3,718,796
	114,482	Convergys		2,596,452
	147,436	CSG Systems International		4,293,336
	96,390	Dolby Laboratories, Class A		3,880,661
	32,590	IAC/InterActive		2,275,434
	51,907	Knowles *		995,057
	115,721	NeuStar, Class A *		3,471,630
	158,867	Rovi *		2,940,628
	41,473	Sykes Enterprises *		1,038,069
	45,880	Tech Data *		2,586,256
	108,970	Vishay Intertechnology		1,381,740
				29,178,059
		Materials – 2.63%
	62,888	American Vanguard		686,108
	34,449	AptarGroup		2,138,249
	40,128	Myers Industries		648,870
				3,473,227

See accompanying Notes to Financial Statements.

20

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Telecommunication Services – 3.46%
	24,383	Atlantic Tele-Network	$	1,609,766
	110,779	Telephone & Data Systems		2,958,907
				4,568,673
		Utilities – 0.71%
	14,605	National Fuel Gas		941,292
		Total Common Stocks (Cost $118,790,601)		129,563,298
	INVESTMENT COMPANY – 2.62%
	3,465,572	BlackRock Liquidity Funds TempFund Portfolio		3,465,572
		Total Investment Company (Cost $3,465,572)		3,465,572
	Total Investments – 100.66% (Cost $122,256,173)**			133,028,870
	Net Other Assets and Liabilities – (0.66)%			(871,861	)
	Net Assets – 100.00%		$	132,157,009

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	16,505,968
Gross unrealized depreciation		(5,733,271	)
Net unrealized appreciation	$	10,772,697

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

21

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 90.73%
		Consumer Discretionary – 19.69%
	221,898	Ascena Retail Group *	$	3,326,251
	61,544	Ascent Capital Group, Class A *		2,464,222
	15,709	Biglari Holdings *		5,741,797
	38,000	Children’s Place		2,305,080
	238,720	International Speedway, Class A		8,679,859
	71,295	Liberty Tax		1,974,871
	66,610	Marcus		1,290,236
	200,552	Monarch Casino & Resort * (a)		3,670,102
	74,135	Motorcar Parts of America *		2,166,966
	45,020	Outerwall		2,990,679
	286,662	Remy International		6,378,229
	227,090	SodaStream International *		4,412,359
	134,510	Sotheby’s		5,744,922
	99,140	Stage Stores		1,914,393
	123,270	UCP *		1,067,518
				54,127,484
		Consumer Staples – 2.77%
	127,850	Darling Ingredients *		1,746,431
	37,759	Ingles Markets, Class A		1,580,592
	77,020	Omega Protein *		984,316
	102,934	Village Super Market, Class A		3,286,683
				7,598,022
		Energy – 3.70%
	604,473	Evolution Petroleum		4,158,774
	840,240	Gran Tierra Energy *		3,125,693
	37,264	PHI *		1,167,481
	124,620	WPX Energy *		1,713,525
				10,165,473

Shares			Market Value
		Financials – 14.88%
	70,000	1st Source	$	2,178,400
	133,914	Capital Southwest		6,375,646
	6,685	First Citizens BancShares, Class A		1,606,673
	416,980	FNFV Group *		6,233,851
	40,635	Geo Group, REIT		1,584,765
	166,120	Hilltop Holdings *		3,340,673
	54,269	International Bancshares		1,409,909
	16,096	Navigators Group *		1,256,293
	350,294	PICO Holdings *		6,308,795
	15,708	White Mountains Insurance Group (Bermuda)		10,618,137
				40,913,142
		Healthcare – 2.86%
	111,008	Myriad Genetics *		3,666,594
	124,700	Owens & Minor		4,204,884
				7,871,478
		Industrials – 18.24%
	344,408	Air Transport Services Group *		3,209,883
	190,134	Brink’s		5,032,847
	87,840	Clean Harbors *		4,853,160
	28,037	Cubic		1,390,074
	34,110	Forward Air		1,718,121
	161,640	Kelly Services, Class A		2,654,129
	154,270	KLX *		6,465,456
	186,307	Marten Transport		4,147,194
	309,369	SP Plus *		7,041,238
	81,277	UniFirst		9,202,995
	34,218	US Ecology		1,605,166
	192,880	UTI Worldwide (British Virgin Islands) *		1,741,706
	40,360	Werner Enterprises		1,084,473
				50,146,442
		Information Technology – 23.52%
	208,820	Blackhawk Network Holdings, Class B *		7,665,782
	134,105	Computer Services (a)		5,726,283
	272,780	Convergys		6,186,650
	293,060	CSG Systems International		8,533,907
	208,180	Daktronics		2,233,771
	17,644	DST Systems		2,030,472
	28,844	Electro Rent		312,669
	55,567	ePlus *		4,609,838
	116,728	Ituran Location and Control (a)		2,664,900
	101,550	Knowles *		1,946,714
	212,830	NeuStar, Class A *		6,384,900
	298,320	Rovi *		5,521,903
	122,483	Sykes Enterprises *		3,065,749
	89,700	Tech Data *		5,056,389
	214,530	Vishay Intertechnology		2,720,240
				64,660,167

See accompanying Notes to Financial Statements.

22

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials – 1.12%
	128,640	American Vanguard	$	1,403,462
	104,025	Myers Industries		1,682,084
				3,085,546
		Telecommunication Services – 3.95%
	64,380	Atlantic Tele-Network		4,250,368
	247,160	Telephone & Data Systems		6,601,644
				10,852,012
		Total Common Stocks (Cost $202,481,839)		249,419,766
	INVESTMENT COMPANY – 10.04%
	27,588,289	BlackRock Liquidity Funds TempFund Portfolio		27,588,289
		Total Investment Company (Cost $27,588,289)		27,588,289
	Total Investments – 100.77% (Cost $230,070,128)**			277,008,055
	Net Other Assets and Liabilities – (0.77)%			(2,112,026	)
	Net Assets – 100.00%		$	274,896,029

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	55,010,409
Gross unrealized depreciation		(8,072,482	)
Net unrealized appreciation	$	46,937,927

(a) These securities have been determined by the Subadviser to be illiquid securities. At April 30, 2015, these securities amounted to $12,061,285 or 4.39% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

23

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 100.43%
		Consumer Discretionary – 9.43%
	66,920	EW Scripps, Class A *	$	1,558,567
	49,950	Hillenbrand		1,468,030
	20,900	Journal Media Group *		194,161
	81,060	La-Z-Boy		2,124,582
	17,140	Lithia Motors, Class A		1,709,372
	26,000	Men’s Wearhouse		1,471,340
	64,490	Wolverine World Wide		1,981,778
				10,507,830
		Consumer Staples – 3.99%
	19,654	J & J Snack Foods		2,050,502
	26,754	Lancaster Colony		2,398,763
				4,449,265
		Energy – 4.08%
	36,210	Bonanza Creek Energy *		997,948
	68,020	Forum Energy Technologies *		1,582,145
	70,890	Matador Resources *		1,965,071
				4,545,164
		Financials – 23.16%
	99,690	BancorpSouth		2,413,495
	63,930	Bank of the Ozarks		2,477,927
	146,950	CVB Financial		2,299,767
	37,908	EastGroup Properties, REIT		2,168,338
	94,664	Horace Mann Educators		3,215,736
	33,199	Iberiabank		2,068,630
	65,923	Independent Bank		2,750,307
	38,260	PacWest Bancorp		1,725,526
	69,870	Pebblebrook Hotel Trust, REIT		3,000,218
	121,060	Physicians Realty Trust, REIT		2,009,596
	31,680	Stifel Financial *		1,673,971
				25,803,511

Shares			Market Value
		Healthcare – 9.55%
	26,657	Analogic	$	2,252,516
	38,910	Greatbatch *		2,098,027
	28,434	ICU Medical *		2,398,977
	39,490	Integra LifeSciences Holdings *		2,321,222
	23,490	STERIS		1,562,085
				10,632,827
		Industrials – 20.42%
	74,015	Altra Industrial Motion		1,951,775
	35,243	Applied Industrial Technologies		1,472,100
	180,910	CBIZ *		1,635,426
	27,350	CIRCOR International		1,494,404
	52,136	EMCOR Group		2,326,830
	44,300	ESCO Technologies		1,625,810
	21,000	G & K Services, Class A		1,482,600
	102,970	Knoll		2,344,627
	37,089	MSA Safety		1,696,451
	24,820	Standex International		2,007,193
	61,969	US Ecology		2,906,966
	33,040	Watts Water Technologies, Class A		1,802,332
				22,746,514
		Information Technology – 17.15%
	114,287	ACI Worldwide *		2,632,030
	160,780	Entegris *		2,139,982
	16,817	FEI		1,269,011
	40,320	Itron *		1,445,875
	28,435	Littelfuse		2,786,346
	92,970	M/A-COM Technology Solutions Holdings *		2,832,796
	90,120	Mentor Graphics		2,156,572
	39,650	Methode Electronics		1,683,539
	62,105	MKS Instruments		2,161,875
				19,108,026
		Materials – 6.59%
	70,680	Calgon Carbon		1,568,389
	27,320	Minerals Technologies		1,850,384
	86,583	PH Glatfelter		2,147,258
	27,149	Sensient Technologies		1,774,459
				7,340,490
		Utilities – 6.06%
	41,903	MGE Energy		1,738,136
	48,370	ONE Gas		2,030,089
	35,579	Portland General Electric		1,250,958
	34,683	UIL Holdings		1,729,988
				6,749,171
		Total Common Stocks (Cost $107,677,710)		111,882,798

See accompanying Notes to Financial Statements.

24

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 0.97%
	1,078,947	BlackRock Liquidity Funds TempFund Portfolio	$	1,078,947
		Total Investment Company (Cost $1,078,947)		1,078,947
	Total Investments – 101.40% (Cost $108,756,657)**			112,961,745
	Net Other Assets and Liabilities – (1.40)%			(1,559,383	)
	Net Assets – 100.00%		$	111,402,362

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,232,097
Gross unrealized depreciation		(2,027,009	)
Net unrealized appreciation	$	4,205,088

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

25

Aston Funds

ASTON/TAMRO Small Cap Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.88%
		Consumer Discretionary – 21.20%
	302,211	Dorman Products *	$	14,152,541
	411,913	Five Below *		13,889,706
	107,836	Grand Canyon Education *		4,882,814
	245,426	Hibbett Sports *		11,485,937
	639,276	Iconix Brand Group *		16,819,352
	187,218	Monro Muffler Brake		11,212,486
	110,188	Morningstar		8,362,167
	697,072	Pier 1 Imports		8,817,961
	221,660	Pool		14,383,517
	181,037	Red Robin Gourmet Burgers *		13,594,068
	347,048	Steven Madden *		13,541,813
	90,196	Strayer Education *		4,574,741
	363,812	Texas Roadhouse		12,224,083
				147,941,186
		Consumer Staples – 7.92%
	243,409	Nu Skin Enterprises, Class A		13,764,779
	157,132	Sanderson Farms		11,803,756
	187,106	Tootsie Roll Industries (a)		5,796,544
	153,208	TreeHouse Foods *		12,449,682
	170,164	United Natural Foods *		11,479,263
				55,294,024
		Financials – 17.65%
	501,531	Bank of the Ozarks		19,439,342
	185,355	BofI Holding *		17,017,443
	676,496	Colony Financial, REIT		17,528,011
	105,129	Financial Engines		4,433,290
	182,867	First Cash Financial Services *		8,839,791
	368,443	Geo Group, REIT		14,369,277
	184,890	Hanover Insurance Group		12,677,907

Shares			Market Value
		Financials (continued)
	374,588	LaSalle Hotel Properties, REIT	$	13,743,634
	286,998	Stifel Financial *		15,164,974
				123,213,669
		Healthcare – 13.87%
	282,310	Cepheid *		15,837,591
	51,153	Clovis Oncology *		4,110,655
	263,029	DexCom *		17,772,870
	818,310	HMS Holdings *		13,919,453
	183,766	ICU Medical *		15,504,337
	261,178	Medidata Solutions *		13,954,741
	74,301	Neogen *		3,309,367
	419,585	Repligen *		12,381,953
				96,790,967
		Industrials – 17.66%
	284,927	Advisory Board *		14,784,862
	357,978	Barnes Group		14,354,918
	153,243	Corporate Executive Board		12,846,361
	249,679	Franklin Electric		9,028,393
	493,640	Hawaiian Holdings *		11,393,211
	443,517	Healthcare Services Group		13,425,260
	216,849	Landstar System		13,511,861
	168,235	Proto Labs *		11,776,450
	392,239	Simpson Manufacturing		12,857,594
	237,549	Team *		9,283,415
				123,262,325
		Information Technology – 18.96%
	422,131	Cardtronics *		15,927,003
	90,370	Cavium *		5,855,072
	218,705	Interactive Intelligence Group *		9,618,646
	288,687	Manhattan Associates *		15,173,389
	824,262	Pandora Media *		14,704,834
	306,781	Solarwinds *		14,964,777
	153,627	Synaptics *		13,015,279
	322,469	Synchronoss Technologies *		14,794,878
	122,792	Tyler Technologies *		14,974,484
	371,387	VeriFone Systems *		13,284,513
				132,312,875
		Materials – 1.62%
	215,985	Balchem		11,321,934
		Total Common Stocks (Cost $522,299,201)		690,136,980

See accompanying Notes to Financial Statements.

26

Aston Funds

ASTON/TAMRO Small Cap Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 1.54%
	10,749,406	BlackRock Liquidity Funds TempFund Portfolio	$	10,749,406
		Total Investment Company (Cost $10,749,406)		10,749,406
	Total Investments – 100.42% (Cost $533,048,607)**			700,886,386
	Net Other Assets and Liabilities – (0.42)%			(2,929,696	)
	Net Assets – 100.00%		$	697,956,690

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	181,603,573
Gross unrealized depreciation		(13,765,794	)
Net unrealized appreciation	$	167,837,779

(a) This security has been determined by the Subadviser to be an illiquid security. At April 30, 2015, this security amounted to $5,796,544 or 0.83% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

27

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited)

At April 30, 2015, 24.77% 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 – 33.58%
		Consumer Discretionary – 2.35%
	$      495,000	American Axle & Manufacturing 6.625%, 10/15/22	$	528,413
	255,000	Asbury Automotive Group 6.000%, 12/15/24 (a)		268,388
	100,000	Cinemark USA 7.375%, 06/15/21		107,500
	155,000	Family Tree Escrow LLC Senior Secured Notes 5.750%, 03/01/23 (a)		163,525
	325,000	Ford Motor Senior Unsecured Notes 7.450%, 07/16/31		441,316
	200,000	Gol LuxCo SA (Luxembourg) 8.875%, 01/24/22		153,813
	670,000	Goodyear Tire & Rubber 7.000%, 05/15/22		736,163
	510,000	Gray Television 7.500%, 10/01/20		544,425
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20 (a)		612,000
	200,000	Hutchison Whampoa International 12 II (Cayman Islands) 3.250%, 11/08/22		202,390
		InRetail Shopping Malls (Peru)
	250,000	6.500%, 07/09/21		264,375
	50,000	6.500%, 07/09/21 (a)		52,875
	125,000	Levi Strauss Senior Unsecured Notes 5.000%, 05/01/25 (a)		125,547
		Mattel Senior Unsecured Notes
	155,000	2.500%, 11/01/16		157,488
	75,000	2.350%, 05/06/19		74,897

Par Value			Market Value
		Consumer Discretionary (continued)
	$    415,000	MGM Resorts International 6.625%, 12/15/21	$	446,125
		NCL (Bermuda)
	100,000	5.000%, 02/15/18		102,500
		Senior Unsecured Notes
	605,000	5.250%, 11/15/19 (a)		627,688
	170,000	Pilgrim’s Pride 5.750%, 03/15/25 (a)		174,675
	300,000	Regal Entertainment Group Senior Unsecured Notes 5.750%, 03/15/22		309,375
	200,000	SACI Falabella (Chile) Senior Unsecured Notes 4.375%, 01/27/25		209,958
	480,000	Sally Holdings 5.750%, 06/01/22		511,200
	325,000	Station Casinos 7.500%, 03/01/21		351,813
	225,000	Teva Pharmaceutical Finance Co BV (Cook Islands) 2.950%, 12/18/22		223,695
	685,000	Viking Cruises (Bermuda) Senior Unsecured Notes 8.500%, 10/15/22 (a)		762,885
	415,000	Walgreens Boots Alliance Senior Unsecured Notes 4.800%, 11/18/44		433,132
				8,586,161
		Consumer Staples – 3.82%
	400,000	Ajecorp BV (Netherlands) 6.500%, 05/14/22		282,000
	231,000	Altria Group 2.850%, 08/09/22		230,310
		Camposol SA (Peru)
	150,000	9.875%, 02/02/17 (a)		150,330
	280,000	9.875%,02/02/17		280,616
	300,000	Cencosud SA (Chile) 5.150%, 02/12/25 (a)		305,745
	900,000	4.875%, 01/20/23		919,914
	600,000	Central American Bottling (British Virgin Islands) 6.750%, 02/09/22		635,250
		Coca-Cola Senior Unsecured Notes
	185,000	1.800%, 09/01/16		188,001
	50,000	1.650%, 11/01/18		50,804
	800,000	Corp Azucarera del Peru SA (Peru) 6.375%, 08/02/22		725,000
		Corp Pesquera Inca SAC (Peru)
	200,000	9.000%, 02/10/17		201,900
	100,000	9.000%, 02/10/17 (a)		100,950
	100,000	Cosan Overseas (Cayman Islands) 8.250%, 11/29/49		101,000
	245,000	Dana Holding Senior Unsecured Notes 5.500%, 12/15/24		252,963

See accompanying Notes to Financial Statements.

28

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Consumer Staples (continued)
	$    1,121,392	ENA Norte Trust (Panama) 4.950%, 04/25/23	$	1,169,052
	125,000	Glencore Funding 3.125%, 04/29/19 (a)		127,600
	255,000	HCA 5.375%, 02/01/25		269,025
	400,000	JBS Investments GmbH (Austria) 7.250%, 04/03/24		418,200
	113,000	Kellogg Senior Unsecured Notes 7.450%, 04/01/31		151,376
	270,000	Kindred Escrow II Senior Secured Notes 8.000%, 01/15/20 (a)		292,626
	325,000	Kroger Senior Unsecured Notes 3.400%, 04/15/22		335,144
		Laboratory Corp of America Holdings Senior Unsecured Notes
	240,000	2.500%,11/01/18		244,203
	220,000	4.700%, 02/01/45		219,706
	200,000	Maestro Peru SA (Peru) 6.750%, 09/26/19		214,500
		Marfrig Holding Europe BV (Netherlands)
	200,000	8.375%, 05/09/18		195,460
	800,000	6.875%, 06/24/19		714,000
	200,000	6.875%, 06/24/19 (a)		179,000
		Minerva Luxembourg SA (Luxembourg)
	400,000	7.750%, 01/31/23		400,000
	600,000	8.750%, 12/29/49 (b)		586,500
	300,000	8.750%, 12/29/49 (a) (b)		293,250
	205,000	Mylan 2.600%, 06/24/18		208,501
	230,000	PepsiCo Senior Unsecured Notes 1.850%, 04/30/20		228,901
	490,000	Post Holdings 7.375%, 02/15/22		510,727
	615,000	Revlon Consumer Products 5.750%, 02/15/21		618,075
	195,000	Rite Aid 6.125%, 04/01/23 (a)		203,044
	520,000	Scientific Games International Senior Secured Notes 7.000%, 01/01/22 (a)		544,700
	485,000	Service Corp International Senior Unsecured Notes 5.375%, 01/15/22		516,525
	405,000	Spectrum Brands 6.750%, 03/15/20		427,275
	415,000	Tyson Foods 3.950%, 08/15/24		433,745
				13,925,918

Par Value			Market Value
		Energy – 3.42%
	$      240,000	BP Capital Markets (United Kingdom) 3.062%, 03/17/22	$	244,903
	235,000	Chevron Senior Unsecured Notes 1.365%, 03/02/18		236,217
	1,400,000	CNOOC Finance 2015 Australia Property (Australia) 2.625%, 05/05/20		1,397,001
	135,000	ConocoPhillips 6.500%, 02/01/39		178,707
	600,000	Delek & Avner Tamar Bond (Israel) Senior Unsecured Notes 4.435%, 12/30/20 (a)		609,000
	140,000	5.412%, 12/30/25 (a)		143,675
	170,000	Devon Energy Senior Unsecured Notes 6.300%, 01/15/19		194,979
	175,000	Ecolab Senior Unsecured Notes 3.000%, 12/08/16		180,339
	400,000	Ecopetrol SA (Colombia) Senior Unsecured Notes 4.125%, 01/16/25		385,880
	300,000	7.375%, 09/18/43		338,007
	1,150,000	5.875%, 05/28/45		1,108,313
	330,000	Energy XXI Gulf Coast 9.250%, 12/15/17		247,500
	65,000	7.500%, 12/15/21		27,219
	179,000	Senior Secured Notes 11.000%, 03/15/20 (a)		172,735
	115,000	EPL Oil & Gas 8.250%, 02/15/18		90,850
	400,000	Inkia Energy (Bermuda) Senior Unsecured Notes 8.375%, 04/04/21		434,000
	200,000	8.375%, 04/04/21 (a)		217,000
	195,000	Kinder Morgan Energy Partners, MTN Senior Unsecured Notes 6.950%, 01/15/38		223,944
	595,000	Memorial Production Partners Senior Unsecured Notes 6.875%, 08/01/22 (a)		560,788
	750,000	Pacific Rubiales Energy (Canada) 5.125%, 03/28/23		534,375
	500,000	5.625%, 01/19/25 (a)		351,250
	300,000	5.625%, 01/19/25		210,750
	400,000	Petroleos Mexicanos (Mexico) 4.500%, 01/23/26 (a)		407,000
	425,000	5.625%, 01/23/46 (a)		426,955
	70,000	Phillips 66 5.875%, 05/01/42		83,011
	500,000	Reliance Industries (India) Senior Unsecured Notes 5.875%, 02/28/49		504,375
	180,000	Sanchez Energy 6.125%, 01/15/23		177,300

See accompanying Notes to Financial Statements.

29

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Energy (continued)
	$     370,000	Seven Generations Energy (Canada) Senior Unsecured Notes 8.250%, 05/15/20 (a)	$	398,675
	350,000	Southern Star Central Senior Unsecured Notes 5.125%, 07/15/22 (a)		365,750
	695,000	Tesoro Logistics Senior Unsecured Notes 6.250%, 10/15/22 (a)		741,044
	140,000	TransCanada PipeLines (Canada) Senior Unsecured Notes 4.625%, 03/01/34		148,774
	200,000	Transportadora de Gas Internacional SA ESP (Colombia) Senior Unsecured Notes 5.700%, 03/20/22		212,500
	415,000	Triangle USA Petroleum Senior Unsecured Notes 6.750%, 07/15/22 (a)		356,900
	610,000	Ultra Petroleum (Canada) Senior Unsecured Notes 5.750%, 12/15/18 (a)		576,450
				12,486,166
		Financials – 8.63%
	400,000	Agromercantil Senior Trust (Cayman Islands) 6.250%, 04/10/19 (a)		412,000
	900,000	6.250%, 04/10/19		927,000
	225,000	Air Lease Senior Unsecured Notes 3.750%, 02/01/22		228,095
	230,000	Ally Financial Senior Unsecured Notes 4.125%, 03/30/20		231,725
	145,000	American Express Credit Senior Unsecured Notes 2.125%, 03/18/19		146,286
	300,000	American Express Credit, GMTN Senior Unsecured Notes 2.250%, 08/15/19		304,030
	175,000	Argos Merger Sub Senior Unsecured Notes 7.125%, 03/15/23 (a)		184,188
	400,000	Australia & New Zealand Banking Group, EMTN (Australia) Senior Unsecured Notes 4.875%, 01/12/21 (a)		453,332
	300,000	Banco Continental SAECA (Paraguay) Senior Unsecured Notes 8.875%, 10/15/17		314,625
	600,000	Banco de Costa Rica (Cost Rica) 5.250%, 08/12/18		616,500
	500,000	Banco do Brasil SA/Cayman Islands (Brazil) 9.000%, 06/29/49 (a) (b)		465,000

Par Value			Market Value
		Financials (continued)
	$     700,000	Banco GNB Sudameris SA (Colombia) Subordinated Notes 7.500%, 07/30/22	$	752,850
	800,000	Banco Inbursa SA Institucion de Banca Multiple (Mexico) Senior Unsecured Notes 4.125%, 06/06/24		798,000
	300,000	Banco Internacional del Peru SAA (Peru) 8.500%, 04/23/70 (b)		344,274
	700,000	Banco Latinoamericano de Comercio Exterior SA (Panama) Senior Unsecured Notes 3.250%, 05/07/20 (a)		697,571
	600,000	Banco Nacional de Costa Rica (Costa Rica) Senior Unsecured Notes 4.875%, 11/01/18		610,500
	150,000	Banco Regional SAECA (Paraguay) Senior Unsecured Notes 8.125%, 01/24/19 (a)		162,000
	950,000	8.125%, 01/24/19		1,026,000
	700,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico) Subordinated Notes 5.950%, 01/30/24 (b)		744,625
	330,000	Bank of America Senior Unsecured Notes 2.000%, 01/11/18		332,470
		Bank of Montreal, MTN (Canada) Senior Unsecured Notes
	170,000	1.400%, 09/11/17		170,877
	275,000	2.375%, 01/25/19		280,579
	150,000	Bantrab Senior Trust (Cayman Islands) Senior Secured Notes 9.000%, 11/14/20		158,625
	225,000	BB&T Senior Unsecured Notes 2.450%, 01/15/20		227,736
	600,000	BBVA Banco Continental SA (Peru) Subordinated Notes 5.250%, 09/22/29 (b)		621,000
		BBVA Bancomer SA (Mexico) Subordinated Notes
	1,100,000	5.350%, 11/12/29 (b)		1,100,110
	300,000	5.350%, 11/12/29 (a) (b)		300,030
	850,000	BBVA Colombia SA (Colombia) Subordinated Notes 4.875%, 04/21/25 (a)		859,563
	205,000	Boston Properties, REIT Senior Unsecured Notes 4.125%, 05/15/21		222,102

See accompanying Notes to Financial Statements.

30

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$     200,000	Cementos Progreso Trust (Cayman Islands) 7.125%, 11/06/23	$	217,000
		CIMPOR Financial Operations BV (Netherlands)
	200,000	5.750%, 07/17/24		181,500
	200,000	5.750%, 07/17/24 (a)		181,500
	330,000	Citigroup Senior Unsecured Notes 1.750%, 05/01/18		329,541
	300,000	Comcel Trust (Cayman Islands) 6.875%, 02/06/24 (a)		322,500
	400,000	6.875%, 02/06/24		430,000
		CorpGroup Banking SA (Chile) Senior Unsecured Notes
	500,000	6.750%, 03/15/23		498,531
	250,000	6.750%, 03/15/23 (a)		249,265
		Credito Real SAB de CV (Mexico) Senior Unsecured Notes
	200,000	7.500%, 03/13/19 (a)		210,500
	200,000	7.500%, 03/13/19		211,500
	210,000	ERP Operating, REIT Senior Unsecured Notes 4.500%, 07/01/44		220,505
	440,000	General Electric Capital Senior Unsecured Notes 2.900%, 01/09/17		455,803
	285,000	General Motors Financial 2.400%, 04/10/18		285,576
	500,000	Global Bank (Panama) 4.750%, 10/05/17		518,750
	700,000	Senior Unsecured Notes 5.125%, 10/30/19 (a)		724,500
	215,000	Goldman Sachs Group Senior Unsecured Notes 2.600%, 04/23/20		216,220
	600,000	Grupo Aval (Cayman Islands) 4.750%, 09/26/22		603,000
	500,000	GrupoSura Finance SA (Cayman Islands) 5.700%, 05/18/21		548,125
	1,250,000	Guanay Finance (Cayman Islands) Senior Secured Notes 6.000%, 12/15/20		1,323,438
	725,000	Icahn Enterprises 4.875%, 03/15/19		740,515
	700,000	Industrial Senior Trust (Cayman Islands) 5.500%, 11/01/22		693,350
	460,000	JPMorgan Chase Senior Unsecured Notes 1.700%, 03/01/18		461,990
		Korea Development Bank (South Korea) Senior Unsecured Notes
	160,000	4.375%, 08/10/15		161,569
	100,000	3.250%, 03/09/16		101,927

Par Value			Market Value
		Financials (continued)
	$     279,000	Liberty Mutual Group 6.500%, 05/01/42 (a)	$	345,290
	700,000	Magnesita Finance (British Virgin Islands) 8.625%, 04/29/49		570,500
	420,000	MetLife Senior Unsecured Notes 4.125%, 08/13/42		424,598
		Morgan Stanley Senior Unsecured Notes
	225,000	2.650%, 01/27/20		227,888
	210,000	3.750%, 02/25/23		217,833
	150,000	MUFG Americas Holdings Senior Unsecured Notes 1.625%, 02/09/18		150,184
		National Rural Utilities Cooperative Finance
	230,000	10.375%, 11/01/18		297,328
	215,000	2.000%, 01/27/20		215,084
	800,000	Oversea-Chinese Banking, EMTN (Singapore) Subordinated Notes 4.000%, 10/15/24 (b)		831,812
	210,000	PNC Funding 3.300%, 03/08/22		219,175
	250,000	Rio Oil Finance Trust Senior Secured Notes 6.250%, 07/06/24		248,198
		Simon Property Group, REIT Senior Unsecured Notes
	175,000	5.650%, 02/01/20		202,529
	25,000	4.125%, 12/01/21		27,376
	700,000	SUAM Finance BV (Netherlands) 4.875%, 04/17/24		736,050
	235,000	Synchrony Financial Senior Unsecured Notes 3.000%, 08/15/19		239,639
	400,000	Tanner Servicios Financieros SA (Chile) Senior Unsecured Notes 4.375%, 03/13/18		400,309
	210,000	TIAA Asset Management Finance Senior Unsecured Notes 2.950%, 11/01/19 (a)		214,788
		Unifin Financiera SA de CV (Mexico)
	200,000	6.250%, 07/22/19 (a)		194,250
	700,000	6.250%, 07/22/19		679,875
	1,000,000	United Overseas Bank, EMTN (Singapore) Subordinated Notes 3.750%, 09/19/24 (b)		1,035,810
		Wells Fargo, GMTN Senior Unsecured Notes
	80,000	4.600%, 04/01/21		89,397
	350,000	3.500%, 03/08/22		367,257
				31,513,968

See accompanying Notes to Financial Statements.

31

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Healthcare – 1.18%
		Actavis Funding SCS (Luxembourg)
	$     220,000	2.350%, 03/12/18	$	222,746
	220,000	4.750%, 03/15/45		222,680
	625,000	Alere 6.500%, 06/15/20		654,688
	240,000	Amgen Senior Unsecured Notes 2.700%, 05/01/22		238,402
	515,000	Biomet 6.500%, 08/01/20		546,544
	285,000	Covidien International Finance SA (Luxembourg) 2.950%, 06/15/23		287,486
	445,000	HCA Senior Secured Notes 4.250%, 10/15/19		465,581
	625,000	LifePoint Hospitals 5.500%, 12/01/21		658,500
	550,000	Select Medical 6.375%, 06/01/21		548,625
	235,000	WellPoint Senior Unsecured Notes 2.300%, 07/15/18		239,084
	235,000	Zimmer Holdings Senior Unsecured Notes 1.450%, 04/01/17		235,985
				4,320,321
		Industrials – 4.73%
	400,000	Aeropuerto Internacional de Tocumen SA (Panama) Senior Secured Notes 5.750%, 10/09/23 (c)		419,924
		Aeropuertos Dominicanos Siglo XXI SA (Domican Republic) Senior Secured Notes
	200,000	9.750%, 11/13/19 (d)		198,280
	200,000	9.750%, 11/13/19 (a) (d)		198,280
	190,000	Air Medical Merger Sub Senior Unsecured Notes 6.375%, 05/15/23 (a)		185,013
		Avianca Holdings SA (Panama)
	400,000	8.375%, 05/10/20 (a)		401,600
	800,000	8.375%, 05/10/20		803,200
	525,000	Avis Budget Car Rental 5.500%, 04/01/23		537,962
	710,000	Berry Plastics Secured Notes 5.500%, 05/15/22		738,400
	160,000	Boeing Senior Unsecured Notes 6.875%, 03/15/39		234,515
	210,000	Burlington Northern Santa Fe Senior Unsecured Notes 4.550%, 09/01/44		221,557

Par Value			Market Value
		Industrials (continued)
		Cemex SAB de CV (Mexico) Senior Secured Notes
	$     400,000	5.700%, 01/11/25 (a)	$	401,880
	400,000	5.700%, 01/11/25		401,880
	230,000	Delphi 4.150%, 03/15/24		244,098
		ESAL GmbH (Austria)
	600,000	6.250%, 02/05/23 (a)		600,000
	200,000	6.250%, 02/05/23 (a)		198,940
	225,000	FedEx 4.100%, 02/01/45		216,448
	755,000	Gates Global 6.000%, 07/15/22 (a)		707,813
	400,000	Gol LuxCo SA (Luxembourg) 8.875%, 01/24/22 (a)		307,626
	200,000	Grupo Cementos de Chihuahua SAB de CV (Mexico) Senior Secured Notes 8.125%, 02/08/20		217,500
	250,000	Grupo Elektra SAB de CV (Mexico) 7.250%, 08/06/18		260,625
	675,000	HD Supply 7.500%, 07/15/20		727,313
	615,000	Hexion US Finance Senior Secured Notes 6.625%, 04/15/20		578,100
		Illinois Tool Works Senior Unsecured Notes
	132,000	3.375%, 09/15/21		139,816
	20,000	3.500%, 03/01/24		21,067
	535,000	Louisiana-Pacific 7.500%, 06/01/20		572,450
	200,000	Manitowoc 8.500%, 11/01/20		215,000
	60,000	Masonite International (Canada) 5.625%, 03/15/23 (a)		63,000
	530,000	Milacron 7.750%, 02/15/21 (a)		553,850
		OAS Financial (British Virgin Islands)
	400,000	8.875%, 04/29/49 (a) (e)		76,500
	600,000	8.875%, 04/29/49 (e)		114,750
	400,000	Odebrecht Finance (Cayman Island) 7.125%, 06/26/42		358,500
		Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes
	200,000	7.375%, 01/31/20 (a)		164,500
	400,000	7.375%, 01/31/20		329,000
	725,000	Plastipak Holdings Senior Unsecured Notes 6.500%, 10/01/21 (a)		746,750
	675,000	Reynolds Group Issuer 8.250%, 02/15/21		721,406
		Southern Copper Senior Unsecured Notes
	100,000	3.875%, 04/23/25		99,766
	200,000	7.500%, 07/27/35		231,700

See accompanying Notes to Financial Statements.

32

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Industrials (continued)
	$      105,000	Southwest Airlines Senior Unsecured Notes 5.125%, 03/01/17	$	112,185
	490,000	Terex 6.000%, 05/15/21		497,963
	340,000	Thermo Fisher Scientific Senior Unsecured Notes 3.300%, 02/15/22		346,297
	725,000	TransDigm 6.000%, 07/15/22		735,875
		Union Andina de Cementos SAA (Peru) Senior Unsecured Notes
	900,000	5.875%, 10/30/21		924,750
	350,000	5.875%, 10/30/21 (a)		359,625
	665,000	United Rentals North America 7.625%, 04/15/22		736,488
		Waste Management
	200,000	3.125%, 03/01/25		180,138
	180,000	4.100%, 03/01/45		175,065
				17,277,395
		Information Technology – 1.02%
	505,000	Activision Blizzard 5.625%, 09/15/21 (a)		540,981
	540,000	Audatex North America 6.000%, 06/15/21 (a)		559,742
	685,000	CDW 6.000%, 08/15/22		740,656
	570,000	Infor US Senior Unsecured Notes 6.500%, 05/15/22 (a)		587,100
	430,000	International Business Machines Senior Unsecured Notes 1.125%, 02/06/18		429,964
	420,000	Oracle Senior Unsecured Notes 2.375%, 01/15/19		430,697
	200,000	Tencent Holdings (Cayman Islands) Senior Unsecured Notes 3.800%, 02/11/25 (a)		201,038
	225,000	Xerox Senior Unsecured Notes 2.950%, 03/15/17		231,481
				3,721,659
		Materials – 2.74%
	510,000	Ashland 4.750%, 08/15/22		525,300
	500,000	Braskem America Finance 7.125%, 07/22/41		483,750
	1,100,000	Cia Minera Ares SAC (Peru) 7.750%, 01/23/21		1,120,295
	210,000	Dow Chemical Senior Unsecured Notes 3.000%, 11/15/22		211,778

Par Value			Market Value
		Materials (continued)
	$      300,000	Freeport-McMoRan 3.875%, 03/15/23	$	282,828
	850,000	5.450%, 03/15/43		745,771
	430,000	Georgia-Pacific Senior Unsecured Notes 3.600%, 03/01/25 (a)		435,374
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20		612,000
	500,000	Mexichem SAB De CV (Mexico) 5.875%, 09/17/44		497,500
	175,000	Platform Specialty Products Senior Unsecured Notes 6.500%, 02/01/22 (a)		183,750
	725,000	Signode Industrial Group Lux SA Senior Unsecured Notes 6.375%, 05/01/22 (a)		728,625
		Southern Copper Senior Unsecured Notes
	1,000,000	6.750%, 04/16/40		1,090,005
	280,000	5.250%, 11/08/42		258,810
	525,000	Steel Dynamics 5.125%, 10/01/21 (a)		539,438
		Vedanta Resources (United Kingdom) Senior Unsecured Notes
	800,000	7.125%, 05/31/23 (a)		740,000
	400,000	7.125%, 05/31/23		370,000
	750,000	Volcan Cia Minera SAA (Peru) 5.375%, 02/02/22		738,000
	435,000	WCI Communities 6.875%, 08/15/21		450,225
				10,013,449
		Telecommunications – 3.82%
	105,000	21st Century Fox America 4.750%, 09/15/44		112,984
	445,000	Alibaba Group Holding (Cayman Islands) 3.600%, 11/28/24 (a)		444,081
	205,000	Amazon.com Senior Unsecured Notes 3.800%, 12/05/24		213,755
	100,000	AT&T Senior Unsecured Notes 3.400%, 05/15/25		99,280
	700,000	B Communications (Israel) Senior Secured Notes 7.375%, 02/15/21 (a)		751,240
	376,000	British Telecommunications (United Kingdom) Senior Unsecured Notes 5.950%, 01/15/18		420,034
	565,000	CCO Holdings 5.250%, 09/30/22		566,695
	130,000	5.125%, 05/01/23 (a)		129,025
	280,000	Cequel Communications Holdings I Senior Unsecured Notes 6.375%, 09/15/20 (a)		296,450

See accompanying Notes to Financial Statements.

33

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Telecommunications (continued)
	$      210,000	Comcast 4.200%, 08/15/34	$	218,096
	565,000	CommScope 5.000%, 06/15/21 (a)		567,825
	300,000	Digicel Group (Bermuda) Senior Unsecured Notes 7.125%, 04/01/22 (a)		284,813
	1,200,000	7.125%, 04/01/22		1,139,250
	125,000	DIRECTV Holdings 3.950%, 01/15/25		127,412
	700,000	ENTEL Chile SA (Chile) Senior Unsecured Notes 4.750%, 08/01/26		737,291
	300,000	4.750%, 08/01/26 (a)		315,982
	365,000	Frontier Communications Senior Unsecured Notes 8.500%, 04/15/20		406,063
	705,000	Gannett 4.875%, 09/15/21 (a)		726,150
	200,000	Globo Comunicacao e Participacoes SA (Brazil) Senior Unsecured Notes 5.307%, 05/11/22 (d)		209,000
	590,000	Intelsat Jackson Holdings SA (Luxembourg) 5.500%, 08/01/23		557,550
	730,000	Level 3 Communications Senior Unsecured Notes 5.750%, 12/01/22		746,425
	230,000	Orange SA (France) Senior Unsecured Notes 2.750%, 09/14/16		235,615
	670,000	SBA Communications Senior Unsecured Notes 5.625%, 10/01/19		704,170
	40,000	SBA Telecommunications 5.750%, 07/15/20		42,100
	200,000	Sixsigma Networks Mexico SA de CV (Mexico) 8.250%, 11/07/21 (a)		211,500
	1,000,000	Telefonica Celular del Paraguay SA (Paraguay) Senior Unsecured Notes 6.750%, 12/13/22		1,046,250
	500,000	Telefonica Chile SA (Chile) Senior Unsecured Notes 3.875%, 10/12/22		509,105
	500,000	TV Azteca SAB de CV, EMTN (Mexico) 7.625%, 09/18/20		536,250
	435,000	Verizon Communications Senior Unsecured Notes 4.400%, 11/01/34		428,396
	1,100,000	VTR Finance BV (Netherlands) Senior Secured Notes 6.875%, 01/15/24		1,140,920
				13,923,707

Par Value			Market Value
		Utilities – 1.87%
	$      600,000	Abengoa Transmision Sur SA (Peru) Senior Secured Notes 6.875%, 04/30/43 (a)	$	679,680
	900,000	AES Andres Dominicana (Cayman Island) Senior Secured Notes 9.500%, 11/12/20		940,950
	300,000	AES El Salvador Trust II (Panama) 6.750%, 03/28/23		273,780
	200,000	Duke Energy Progress 4.150%, 12/01/44		212,689
	700,000	Empresa Electrica Guacolda SA (Chile) Senior Unsecured Notes 4.560%, 04/30/25 (a) (c)		697,543
	297,821	Fermaca Enterprises S de RL de CV (Mexico) Senior Secured Notes 6.375%, 03/30/38 (a)		315,690
	200,000	GNL Quintero SA (Chile) Senior Unsecured Notes 4.634%, 07/31/29		209,457
	200,000	4.634%, 07/31/29 (a)		209,457
	1,500,000	Israel Electric (Israel) Senior Secured Notes 5.000%, 11/12/24 (a)		1,599,375
	400,000	Mexico Generadora de Energia S de rl (Mexico) Senior Secured Notes 5.500%, 12/06/32		407,800
	245,000	Midamerican Energy Holdings Senior Unsecured Notes 6.500%, 09/15/37		323,278
	270,528	Nakilat (Marshall Islands) Secured Notes 6.267%,12/31/33		317,194
	300,000	Senior Secured Notes 6.067%, 12/31/33		354,375
	125,000	Southern Senior Unsecured Notes 1.950%, 09/01/16		126,892
	25,000	2.450%, 09/01/18		25,719
	125,000	Southern Power Senior Unsecured Notes 4.875%, 07/15/15		126,066
				6,819,945
		Total Corporate Notes and Bonds (Cost $122,915,220)		122,588,689
	COLLATERALIZED MORTGAGE AND ASSET-BACKED SECURITIES – 18.01%
	3,306,651	Alternative Loan Trust Series 2007-J2, Class 2A1 6.000%, 07/25/37		3,385,932

See accompanying Notes to Financial Statements.

34

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$    1,072,000	American General Mortgage Loan Trust Series 2010-1A, Class A3 5.650%, 03/25/58 (a) (b)	$	1,102,618
	600,000	Banc of America Commercial Mortgage Trust Series 2007-1, Class AMFX 5.482%, 01/15/49 (b)		630,042
	350,000	Banc of America Commercial Mortgage Trust Series 2007-4, Class AM 6.011%, 02/10/51 (b)		379,736
	657,763	Banc of America Funding Series 2006-B, Class 7A1 5.669%, 03/20/36 (b)		600,556
	741,090	Banc of America Funding Series 2010-R9, Class 3A3 5.500%, 12/26/35 (a)		618,296
	355,580	Banc of America Funding Series 2012-R4, Class A 0.434%, 03/04/39 (a) (b)		351,008
	298,277	Bear Stearns Asset Backed Securities I Trust Series 2004-AC2, Class 2A 5.000%, 05/25/34		301,009
	450,000	Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26, Class AJ 5.566%, 01/12/45 (b)		465,320
	403,500	CDGJ Commercial Mortage Trust Series 2014-BXCH, Class B 2.025%, 12/15/27 (a) (b)		405,388
	1,952,828	CHL Mortgage Pass-Through Trust Series 2007-14, Class A15 6.500%, 09/25/37		1,947,673
	128,330	Citicorp Mortgage Securities Trust Series 2007-2, Class 3A1 5.500%, 02/25/37		128,713
	450,000	Citigroup Commercial Mortgage Trust Series 2007-C6, Class AM 5.900%, 12/10/49 (b)		480,407
	964,055	Citigroup Commercial Mortgage Trust Series 2012-GC8, Class XA 2.361%, 09/10/45 (a) (b)		92,442
	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class C 2.738%, 01/12/30 (a)		356,158
	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class D 3.008%, 01/12/30 (a) (b)		355,038
	4,946,282	Citigroup Commercial Mortgage Trust Series 2014-GC25, Class XA 1.252%, 10/10/47 (b)		391,657
	440,700	Citigroup Commercial Mortgage Trust Series 2015-GC27, Class D 4.430%, 02/10/48 (a) (b)		404,176
	2,542,681	Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A2 2.600%, 03/25/36 (b)		2,435,665

Par Value			Market Value
	$     340,000	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class AMFX 5.366%, 12/11/49 (b)	$	355,032
	300,000	COBALT CMBS Commercial Mortgage Trust Series 2007-C2, Class AFJX 5.568%, 04/15/47 (b)		307,122
	105,713	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 2.204%, 07/10/46 (a) (b)		2,476
	1,935,553	Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.321%, 10/15/45 (b)		206,611
	7,841,642	Commercial Mortgage Pass Through Certificates Series 2013-CR10, Class XA 1.164%, 08/10/46 (b)		400,516
	3,723,984	Commercial Mortgage Pass Through Certificates Series 2014-CCRE19, Class XA 1.469%, 08/10/47 (b)		289,705
	300,000	Commercial Mortgage Pass Through Certificates Series 2014-CR20, Class C 4.658%, 11/10/47 (b)		314,802
	350,000	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class E 2.527%, 06/11/27 (a) (b)		350,030
	300,000	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class F 3.677%, 06/11/27 (a) (b)		299,672
	350,000	Commercial Mortgage Trust Series 2006-GG7, Class AJ 6.014%, 07/10/38 (b)		357,982
	300,000	Commercial Mortgage Trust Series 2007-GG11, Class AJ 6.254%, 12/10/49 (b)		318,030
	500,000	Core Industrial Trust Series 2015-CALW, Class D 3.850%, 02/10/34 (a) (b)		513,656
	1,587,303	Countrywide Alternative Loan Trust Series 2005-86CB, Class A5 5.500%, 02/25/36		1,471,259
	531,765	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/25/36		276,377
	94,240	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/25/37		85,786
	362,545	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 0.674%, 09/25/37 (b)		240,421
	346,170	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 6.329%, 09/25/37 (b) (e)		100,161

See accompanying Notes to Financial Statements.

35

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$       740,917	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-HYB8, Class 4A1 4.312%, 12/20/35 (b)	$	664,245
	669,113	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-2, Class A13 6.000%, 03/25/37		631,019
	150,156	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/25/37		137,995
	275,000	Credit Suisse Commercial Mortgage Trust Series 2006-C4, Class AM 5.509%, 09/15/39		289,191
	59,333	Credit Suisse First Boston Mortgage Securities Series 1998-C2, Class F 6.750%, 11/15/30 (a) (b)		61,171
	2,135,094	Credit Suisse First Boston Mortgage Securities Series 2005-9, Class 5A9 5.500%, 10/25/35		1,909,114
	1,067,518	Credit Suisse Mortgage Capital Certificates Series 2007-1, Class 5A4 6.000%, 02/25/37		958,545
	8,826	Credit Suisse Mortgage Capital Certificates Series 2009-13R, Class 2A1 6.000%, 01/26/37 (a)		8,853
	250,000	Credit Suisse Mortgage Capital Certificates Series 2009-RR2, Class IQB 5.695%, 04/16/49 (a) (b)		263,919
	4,482,424	CSMC Trust Series 2013-IVR4, Class A2 3.000%, 07/25/43 (a) (b)		4,457,981
	150,000	Del Coronado Trust Series 2013-HDC, Class D 2.125%, 03/15/26 (a) (b)		150,125
	150,000	Del Coronado Trust Series 2013-HDC, Class E 2.825%, 03/15/26 (a) (b)		150,169
	4,047,296	First Horizon Alternative Mortgage Securities Trust Series 2005-FA4, Class 1A6 5.500%, 06/25/35		3,788,617
	2,188,354	First Horizon Mortgage Pass-Through Trust Series 2006-2, Class 1A3 6.000%, 08/25/36		2,096,334
	350,000	GS Mortgage Securities Trust Series 2006-GG6, Class AJ 5.708%, 04/10/38 (b)		357,842
	396,600	GS Mortgage Securities Trust Series 2006-GG8, Class AJ 5.622%, 11/10/39		405,356

Par Value			Market Value
	$      391,000	GS Mortgage Securities Trust Series 2014-GC26, Class C 4.662%, 11/10/47 (b)	$	407,474
	774,492	GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1 2.780%, 01/25/36 (b)		709,302
	62,700	HSI Asset Loan Obligation Trust Series 2007-2, Class 1A1 5.500%, 09/25/37		60,353
	1,628,850	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP8, Class X 0.718%, 05/15/45 (b)		8,900
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 05/15/47		363,326
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19 Class AM 5.885%, 02/12/49 (b)		370,057
	387,200	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB20, Class AJ 6.277%, 02/12/51 (b)		406,524
	250,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12, Class AM 6.208%, 02/15/51 (b)		272,127
	1,127,754	JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class XA 1.643%, 07/15/46 (a) (b)		44,724
	2,350,306	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C8, Class XA 2.267%, 10/15/45 (b)		228,528
	799,339	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XA 1.928%, 06/15/45 (b)		59,532
	5,922,679	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C18, Class XA 1.312%, 02/15/47 (b)		379,339
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C21, Class C 4.816%, 08/15/47 (b)		320,185
	3,734,275	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C21, Class XA 1.279%, 08/15/47 (b)		286,305
	330,824	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C23, Class C 4.609%, 09/15/47 (b)		347,085

See accompanying Notes to Financial Statements.

36

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$      300,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class A 3.429%, 06/10/27 (a)	$	312,607
	4,465,567	JPMBB Commercial Mortgage Securities Trust Series 2015-C27, Class XA 1.538%, 02/15/48 (b)		399,905
	8,000,000	JPMBB Commercial Mortgage Securities Trust Series 2015-C28, Class XA 1.211%, 10/15/48 (b)		627,516
	450,000	JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class C 4.598%, 11/15/47 (b)		472,202
	6,540,154	JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA 1.166%, 11/15/47 (b)		449,515
	5,309,749	JPMBB Commercial Mortgage Securities Trust Series 2014-C26, Class XA 1.331%, 01/15/48 (b)		396,184
	250,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMFL 6.110%, 07/15/44 (a) (b)		272,160
	350,000	LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AJ 5.484%, 02/15/40		362,777
	300,000	Merrill Lynch Mortgage Trust Series 2005-CIP1, Class AM 5.107%, 07/12/38 (b)		301,163
	350,000	Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 08/12/43 (b)		353,803
	300,000	ML-CFC Commercial Mortgage Trust Series 2006-1, Class AJ 5.749%, 02/12/39 (b)		306,721
	250,000	ML-CFC Commercial Mortgage Trust Series 2007-5, Class AM 5.419%, 08/12/48		263,841
	948,534	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XA 2.017%, 08/15/45 (a) (b)		74,930
	410,200	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class D 4.995%, 02/15/47 (a) (b)		412,412
	5,973,115	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class XA 1.458%, 02/15/47 (b)		402,083
	300,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C18, Class C 4.489%, 10/15/47		309,656

Par Value			Market Value
	$      413,500	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class C 4.000%, 12/15/47	$	408,335
	493,800	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class D 3.071%, 02/15/48 (a)		411,428
	300,000	Morgan Stanley Capital I Trust Series 2006-HQ8, Class AJ 5.679%, 03/12/44 (b)		306,165
	375,100	Morgan Stanley Capital I Trust Series 2007-1Q16, Class AMA 6.284%, 12/12/49 (b)		407,158
	300,000	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AJ 5.508%, 02/12/44 (b)		313,077
	250,000	Morgan Stanley Capital I Trust Series 2007-IQ13, Class AM 5.406%, 03/15/44		265,943
	1,406,638	Morgan Stanley Capital I Trust Series 2011-C1, Class XA 1.061%, 09/15/47 (a) (b)		18,713
	250,000	Morgan Stanley Capital I Trust Series 2014-CPT, Class E 3.560%, 07/13/29 (a) (b)		253,394
	350,000	Morgan Stanley Capital I Trust Series 2014-MP, Class D 3.693%, 08/11/29 (a) (b)		360,249
	1,087,766	Morgan Stanley Mortgage Loan Trust Series 2005-3AR, Class 2A2 2.496%, 07/25/35 (b)		1,012,566
	294,749	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3, Class A3 5.318%, 08/25/35 (b)		222,863
	5,297,101	RALI Series 2006-QS7, Class A2 6.000%, 06/25/36		4,610,406
	232,312	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/25/36		145,011
	543,668	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/25/37		388,385
	2,497,635	Sequoia Mortgage Trust Series 2013-1, Class 2A1 1.855%, 02/25/43 (b)		2,288,053
	384,080	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 2.412%, 02/25/36 (b)		339,619
	1,910,107	UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class XA 2.283%, 08/10/49 (a) (b)		202,189

See accompanying Notes to Financial Statements.

37

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$        500,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C32, Class AMFX 5.703%, 06/15/49 (a)	$	537,753
	393,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AJ 5.413%, 12/15/43 (b)		403,008
	350,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AMFL 0.377%, 12/15/43 (a) (b)		338,553
	300,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ 6.150%, 02/15/51 (b)		315,947
	2,599,518	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-8, Class 2CB1 5.500%, 10/25/35		2,648,943
	471,800	Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class D 3.586%, 02/15/48 (a)		409,900
	4,500,000	Wells Fargo Commercial Mortgage Trust Series 2015-NXS1, Class XA 1.215%, 05/15/48 (b)		372,470
	512,000	Wells Fargo Commerical Mortgage Trust Series 2014-LC18, Class B 3.959%, 12/15/47		534,674
	449,292	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/25/37		467,175
	468,086	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/25/37		474,270
	962,160	WF-RBS Commercial Mortgage Trust Series 2012-C8, Class XA 2.352%, 08/15/45 (a) (b)		94,135
	1,426,711	WF-RBS Commercial Mortgage Trust Series 2012-C9, Class XA 2.359%, 11/15/45 (a) (b)		152,199
		Total Collateralized Mortgage and Asset-Backed Securities (Cost $63,810,907)		65,735,765
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 31.09%
		Fannie Mae – 9.18%
	4,737,354	3.000%, 10/01/34 Pool # AS3456		4,891,726
	4,908,219	3.000%, 01/01/35 Pool # AS4281		5,068,462
	3,992,666	3.000%, 03/01/45 Pool # AS4645		4,070,679

Par Value			Market Value
		Fannie Mae (continued)
	$       420,661	4.000%, 06/01/42 Pool # AB5459	$	441,048
	748,791	3.500%, 12/01/31 Pool # MA0919		793,912
	664,304	3.500%, 01/01/32 Pool # MA0949		704,403
	290,303	4.500%, 03/01/42 Pool # MA1050		308,260
	1,713,513	3.000%, 06/01/33 Pool # MA1459		1,769,570
	305,771	4.000%, 09/01/31 Pool # MA3894		330,128
	273,897	6.449%, 10/25/36 (b) (e) Series 2007-57, Class SX, REMIC		43,903
	555,014	5.629%, 09/25/36 (b) (e) Series 2009-86, Class CI, REMIC		65,814
	313,779	4.000%, 01/25/41 Series 2010-156, Class ZC, REMIC		338,805
	463,617	4.500%, 12/25/41 Series 2011-121, Class JP, REMIC		509,593
	472,413	4.000%, 03/25/41 Series 2011-18, Class UZ, REMIC		489,973
	25,458	8.942%, 09/25/41 (b) Series 2011-88, Class SB, REMIC		26,033
	1,094,486	3.500%, 10/25/42 Series 2012-105, Class Z, REMIC		1,089,001
	1,117,028	3.500%, 03/25/42 Series 2012-20, Class ZT, REMIC		1,123,134
	1,696,544	4.000%, 04/25/42 Series 2012-31, Class Z, REMIC		1,785,922
	145,344	1.500%, 02/25/43 Series 2013-6, Class ZH, REMIC		136,418
	5,098,070	3.000%, 02/25/43 Series 2013-8, Class Z, REMIC		4,880,502
	5,075,470	3.000%, 11/25/44 Series 2014-73, Class CZ, REMIC		4,647,352
				33,514,638
		Freddie Mac – 7.00%
	6,966,541	3.500%, 02/01/45 Gold Pool # Q31596		7,300,072
	1,639,483	3.000%, 01/01/33 Gold Pool # C91594		1,690,069
	45,816	5.000%, 07/01/35 Gold Pool # G01840		51,380
	14,460	5.500%, 12/01/38 Gold Pool # G06172		16,307

See accompanying Notes to Financial Statements.

38

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Freddie Mac (continued)
	$       290,623	4.000%, 10/01/41 Gold Pool # T60392	$	304,255
	1,071,807	3.500%, 10/01/42 Gold Pool # T65110		1,106,025
	627,602	5.000%, 12/15/34 Series 2909, Class Z, REMIC		700,044
	172,269	5.926%, 04/15/37 (b) (e) Series 3301, Class MS, REMIC		22,598
	100,209	5.826%, 11/15/37 (b) (e) Series 3382, Class SB, REMIC		11,873
	110,976	6.216%, 11/15/37 (b) (e) Series 3384, Class S, REMIC		13,595
	321,492	5.346%, 01/15/39 (b) (e) Series 3500, Class SA, REMIC		30,553
	311,813	5.500%, 08/15/36 Series 3626, Class AZ, REMIC		343,372
	1,500,000	4.000%, 12/15/38 Series 3738, Class BP, REMIC		1,605,401
	118,497	4.000%, 01/15/41 Series 3795, Class VZ, REMIC		124,608
	87,877	4.000%, 06/15/41 Series 3872, Class BA, REMIC		92,196
	232,309	4.000%, 07/15/41 Series 3888, Class ZG, REMIC		249,524
	414,152	4.500%, 07/15/41 Series 3894, Class ZA, REMIC		445,407
	14,901	9.202%, 09/15/41 (b) Series 3924, Class US, REMIC		16,170
	563,416	3.500%, 11/15/41 Series 3957, Class DZ, REMIC		556,848
	515,783	4.000%, 11/15/41 Series 3957, Class HZ, REMIC		556,395
	2,793,563	9.511%, 01/15/41 (b) Series 3792, Class SE, REMIC		2,873,088
	4,331,663	3.000%, 06/15/40 Series 4323, Class GA, REMIC		4,506,006
	3,098,976	3.000%, 03/15/44 Series 4316, Class BZ, REMIC		2,939,056
				25,554,842
		Ginnie Mae – 1.16%
	40,740	31.356%, 03/20/34 (b) Series 2004-35, Class SA		71,328
	539,872	7.457%, 08/20/38 (b) (e) Series 2008-69, Class SB		111,738
	646,215	4.500%, 05/16/39 Series 2009-32, Class ZE		714,207
	652,206	4.500%, 05/20/39 Series 2009-35, Class DZ		709,828
	642,514	4.500%, 09/20/39 Series 2009-75, Class GZ		695,597
	318,229	5.889%, 03/20/39 (b) (e) Series 2010-98, Class IA		23,628
	1,388,342	5.277%, 06/20/41 (b) (e) Series 2011-89, Class SA		205,477
	5,860,337	6.070%, 10/20/44 (b) (e) Series 2014-156, Class PS		839,125

Par Value			Market Value
		Ginnie Mae (continued)
	$    5,041,993	5.970%, 07/20/43 (b) (e) Series 2014-5, Class PS	$	864,867
				4,235,795
		U.S. Treasury Bonds – 2.83%
	4,650,000	0.250%, 09/30/15		4,653,269
	3,150,000	2.750%, 11/15/42		3,148,277
	2,160,000	3.625%, 02/15/44		2,543,737
				10,345,283
		U.S. Treasury Notes – 10.92%
	3,500,000	0.250%, 05/31/15		3,500,546
	6,960,000	0.250%, 07/31/15		6,964,079
	3,630,000	1.750%, 10/31/20		3,666,017
	5,600,000	2.375%, 12/31/20		5,835,810
	6,290,000	2.250%, 03/31/21		6,502,288
	5,800,000	2.000%, 08/31/21		5,896,060
	3,060,000	1.750%, 02/28/22		3,052,350
	1,790,000	2.750%, 11/15/23		1,904,812
	1,920,000	4.500%, 02/15/36		2,541,450
				39,863,412
		Total U.S. Government and Agency Obligations (Cost $113,018,313)		113,513,970
	OTHER MORTGAGE AND ASSET-BACKED SECURITIES – 5.68%
	250,000	Adams Mill CLO (Cayman Islands) Series 2014-1A, Class D1 3.753%, 07/15/26 (a) (b)		239,460
	250,000	Adams Mill CLO (Cayman Islands) Series 2014-1A, Class E1 5.253%, 07/15/26 (a) (b)		222,859
	500,000	Apidos CDO V (Cayman Islands) Seires 2007-5A, Class B 0.953%, 04/15/21 (a) (b)		481,622
	500,000	Apidos CLO XVI (Cayman Islands) Series 2013-16A, Class B 3.057%, 01/19/25 (a) (b)		491,650
	250,000	Apidos CLO XVIII (Cayman Islands) Series 2014-18A, Class C 3.925%, 07/22/26 (a) (b)		244,796
	250,000	Apidos CLO XVIII (Cayman Islands) Series 2014-18A, Class D 5.475%, 07/22/26 (a) (b)		232,780
	500,000	Apidos CLO XX (Cayman Islands) Series 2015-20A, Class B 3.416%, 01/16/27 (a) (b)		502,013
	500,000	Apidos CLO XX (Cayman Islands) Series 2015-20A, Class C 3.916%, 01/16/27 (a) (b)		490,413
	250,000	ARES CLO (Cayman Islands) Series 2012-2A, Class D 4.952%, 10/12/23 (a) (b)		247,284

See accompanying Notes to Financial Statements.

39

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$        500,000	ARES XXVI CLO (Cayman Islands) Series 2013-1A, Class D 4.003%, 04/15/25 (a) (b)	$	485,556
	250,000	Babson CLO (Cayman Islands) Series 2014-3A, Class E2 6.791%, 01/15/26 (a) (b)		251,055
	250,000	Babson CLO (Cayman Islands)     Series 2015-IA, Class D1 3.725%, 04/20/27 (a) (b)		242,531
	250,000	Ballyrock CLO (Cayman Islands) Series 2014-1A. Class C 3.981%, 10/20/26 (a) (b)		243,826
	868,382	Bayview Financial Acquisition Trust Series 2007-A, Class 1A5 6.101%, 05/28/37 (d)		873,440
	250,000	Birchwood Park CLO (Cayman Islands) Series 2014-1A, Class C2 3.403%, 07/15/26 (a) (b)		250,799
	250,000	Birchwood Park CLO (Cayman Islands) Series 2014-1A, Class D2 4.453%, 07/15/26 (a) (b)		250,660
	250,000	BlueMountain CLO (Cayman Islands) Series 2012-1A, Class E 5.757%, 07/20/23 (a) (b)		247,409
	250,000	Brookside Mill CLO (Cayman Islands) Series 2013-1A, Class D 3.324%, 04/17/25 (a) (b)		233,127
	250,000	Brookside Mill CLO (Cayman Islands) Series 2013-1A, Class E 4.653%, 04/17/25 (a) (b)		219,036
	500,000	Canyon Capital CLO (Cayman Islands) Series 2014-1A, Class B 2.905%, 04/30/25 (a) (b)		491,864
	500,000	Carlyle Global Market Strategies (Cayman Islands) Series 2014-7A, Class C 3.257%, 04/17/25 (a) (b)		501,051
	250,000	Catamaran CLO (Cayman Islands) Series 2015-1A, Class C1 3.375%, 04/22/27 (a) (b)		247,600
	500,000	Cent CDO 10 (Cayman Islands) Series 2005-10A, Class D 2.021%, 12/15/17 (a) (b)		493,778
	500,000	ColumbusNova CLO (Cayman Islands) Series 2006-2A, Class D 1.756%, 04/04/18 (a) (b)		498,908
	100,000	Credit-Based Asset Servicing and Securitization Series 2007-MX1, Class A4 6.231%, 12/25/36 (a) (d)		95,697
	750,000	Dryden XXIV Senior Loan Fund (Cayman Islands) Series 2012-24RA, Class DR 3.979%, 11/15/23 (b) (c)		750,000

Par Value			Market Value
	$        250,000	Eaton Vance CDO VIII (Cayman Islands) Series 2006-8A, Class B 0.907%, 08/15/22 (a) (b)	$	240,834
	250,000	Emerson Park CLO (Cayman Islands) Series 2013-1A, Class C1 3.003%, 07/15/25 (a) (b)		247,707
	250,000	Flatiron CLO (Cayman Islands) Series 2014-1A, Class B 3.125%, 07/17/26 (a) (b)		248,948
	250,000	Flatiron CLO (Cayman Islands) Series 2014-1A, Class C 3.575%, 07/17/26 (a) (b)		239,442
	500,000	Galaxy XVIII CLO (Cayman Islands) Series 2014-18A, Class D1 3.963%, 10/15/26 (a) (b)		490,800
	250,000	Goldentree Loan Opportunities VI (Cayman Islands) Series 2012-6A, Class D 4.457%, 04/17/22 (a) (b)		250,836
	757,000	GSAA Home Equity Trust Series 2006-15, Class AF3B 5.933%, 09/25/36 (b)		163,423
	250,000	Halcyon Loan Advisors Funding (Cayman Islands) Series 2013-2A, Class C 2.955%, 08/01/25 (a) (b)		240,367
	500,000	ING Investment Management CLO II (Cayman Islands) Series 2006-2X, Class D 1.855%, 08/01/20 (b)		479,417
	500,000	LCM VI (Cayman Islands) Series 6A, Class C 1.062%, 05/28/19 (a) (b)		486,750
	250,000	LCM XI (Cayman Islands) Series 11A, Class D 4.207%, 04/19/22 (a) (b)		249,984
	250,000	LCM XIV (Cayman Islands) Series 14A, Class D 3.753%, 07/15/25 (a) (b)		244,656
	500,000	LCM XV (Cayman Islands) Series 15A, Class C 3.362%, 08/25/24 (a) (b)		501,018
	350,000	Madison Park Funding IV (Cayman Islands) Series 2007-4A, Class D 1.695%, 03/22/21 (a) (b)		338,413
	500,000	Madison Park Funding XIV (Cayman Islands) Series 2014-14A, Class D 3.857%, 07/20/26 (a) (b)		488,200
	500,000	Madison Park Funding XV (Cayman Islands) Series 2014-15A, Class C 3.914%, 01/27/26 (a) (b)		493,690
	500,000	Madison Park Funding XVI (Cayman Islands) Series 2015-16A, Class B 3.263%, 04/20/26 (a) (b)		501,030

See accompanying Notes to Financial Statements.

40

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$         500,000	Magnetite IX (Cayman Islands) Series 2014-9A, Class B 3.256%, 07/25/26 (a) (b)	$	499,100
	500,000	Magnetite XI (Cayman Islands) Series 2014-11A, Class C 3.843%, 01/18/27 (a) (b)		487,574
	250,000	Nomad CLO (Cayman Islands) Series 2013-1A, Class B 3.203%, 01/15/25 (a) (b)		247,917
	250,000	Nomad CLO (Cayman Islands) Series 2013-1A, Class C 3.753%, 01/15/25 (a) (b)		239,763
	250,000	Octagon Investment Partners XVI (Cayman Islands) Series 2013-1A, Class D 3.607%, 07/17/25 (a) (b)		239,445
	250,000	Octagon Investment Partners XVI (Cayman Islands) Series 2013-1A, Class E 4.757%, 07/17/25 (a) (b)		221,482
	250,000	Octagon Investment Partners XXI (Cayman Islands) Series 2014-1A, Class C 3.903%, 11/14/26 (a) (b)		243,920
	250,000	Octagon Investment Partners XXII (Cayman Islands) Series 2014-1A, Class C2 3.791%, 11/22/25 (a) (b)		252,845
	250,000	Octagon Investment Partners XXII (Cayman Islands) Series 2014-1A, Class D2 4.871%, 11/22/25 (a) (b)		251,110
	132,653	Residential Asset Mortgage Products Series 2006-RS5, Class A3 0.344%, 09/25/36 (b)		129,660
	500,000	Symphony CLO XI (Cayman Islands) Series 2013-11A, Class C 3.407%, 01/17/25 (a) (b)		500,990
	750,000	Symphony CLO XIV (Cayman Islands) Series 2014-14A, Class D2 3.870%, 07/14/26 (a) (b)		734,987
	750,000	Venture XV CLO (Cayman Islands) Series 2013-15A, Class C 3.353%, 07/15/25 (a) (b)		748,089
	250,000	WhiteHorse III (Cayman Islands) Series 2006-1A, Class B1L 2.105%, 05/01/18 (a) (b)		250,000
	250,000	Wind River CLO (Cayman Islands) Series 2013-1A, Class C 3.657%, 04/20/25 (a) (b)		239,487
		Total Other Mortgage and Asset-Backed Securities (Cost $20,658,179)		20,721,098

Par Value			Market Value
	MUNICIPAL BONDS – 3.17%
		California – 0.42%
	$       580,000	East Bay Municipal Utility District Water System RB, Series A 5.000%, 06/01/31	$	691,865
	390,000	State of California, GO 5.000%, 10/01/32		450,731
	340,000	State of California, GO 5.000%, 05/01/31		392,938
				1,535,534
		Georgia – 0.31%
	930,000	Gwinnett County School District, GO 5.000%, 02/01/31		1,120,194
		Louisiana – 0.14%
	420,000	State of Louisiana,GO Series D-1 5.000%, 12/01/27		501,388
		Maryland – 0.23%
	680,000	Montgomery County, GO Series B 5.000%, 11/01/26		836,366
		Nevada – 0.27%
	800,000	State of Nevada, GO Series B 5.000%, 11/01/26		977,400
		New York – 0.14%
	430,000	New York State Dormitory Authority, RB Series E 5.000%, 02/15/32		497,261
		Oregon – 0.25%
	770,000	State of Oregon Department of Transportation, RB Series A 5.000%, 11/15/29		915,761
		Texas – 0.68%
	980,000	State of Texas, GO Transportation Commission, Series A 5.000%, 10/01/28		1,170,590
	740,000	University of Texas System, RB Series B 5.000%, 08/15/27		890,953
	370,000	City of Dallas, GO 5.000%, 02/15/27		441,521
				2,503,064
		Utah – 0.29%
	890,000	Utah Transit Authority, RB Series A 5.000%, 06/15/31		1,056,181

See accompanying Notes to Financial Statements.

41

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Virginia – 0.20%
	$       610,000	Virginia State, GO Standing Aid Witholding, Series B 5.000%, 06/01/27	$	751,111
		Washington – 0.24%
	770,000	State of Washington, GO Series R-2015E 5.000%, 07/01/33		894,032
		Total Municipal Bonds (Cost $11,732,068)		11,588,292
	FOREIGN GOVERNMENT BONDS – 0.58%
	1,200,000	Instituto Costarricense de Electricidad Senior Unsecured Notes 6.950%, 11/10/21		1,291,500
	290,000	Mexico Government International Bond Senior Unsecured Notes 4.000%, 10/02/23		305,153
	500,000	Panama Government International Bond Senior Unsecured Notes 3.750%, 03/16/25		509,375
		Total Foreign Government Bonds (Cost $2,064,052)		2,106,028
Shares
	INVESTMENT COMPANIES – 7.38%
	17,135,830	BlackRock Liquidity Funds TempFund Portfolio		17,135,830
	963,812	DoubleLine Floating Rate Fund (f)		9,811,607
		Total Investment Companies (Cost $26,876,290)		26,947,437
	Total Investments – 99.49% (Cost $361,075,029)*			363,201,279
	Net Other Assets and Liabilities – 0.51%			1,877,705
	Net Assets – 100.00%		$	365,078,984

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	6,330,700
Gross unrealized depreciation		(4,204,450	)
Net unrealized appreciation	$	2,126,250

(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, 2015, these securities amounted to $65,162,243 or 17.85% 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, 2015.

(c) Securities with a total aggregate market value of $1,867,467 or 0.51% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.

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

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

(f) Affiliated issuer. (See Note G of the Financial Statements)

CLO Collateralized Loan Obligation

CDO Collateralized Debt Obligation

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

RB Revenue Bonds

GO General Obligation

Portfolio Composition
U.S. Government Obligations	14%
U.S. Government Agency Obligations	17%
Corporate Notes and Bonds
(S&P Ratings)
AAA	5%
AA	4%
A	7%
BBB	15%
BB	16%
B	6%
Lower than B	10%
Not Rated	6%
	100%

For financial reporting purposes, credit quality ratings shown are assigned by Standard & Poor’s. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Credit quality ratings are subject to change.

See accompanying Notes to Financial Statements.

42

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited)

At April 30, 2015, 16.54% 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 – 48.44%
		Consumer Discretionary – 4.15%
	$   650,000	ADT Senior Unsecured Notes 4.875%, 07/15/42	$	546,000
	225,000	Coach Senior Unsecured Notes 4.250%, 04/01/25		226,308
	865,000	L Brands Senior Unsecured Notes 7.600%, 07/15/37		1,009,888
	250,000	Nabisco Senior Unsecured Notes 7.550%, 06/15/15		251,899
	250,000	Netflix Senior Unsecured Notes 5.750%, 03/01/24		265,625
				2,299,720
		Consumer Staples – 0.74%
	65,000	Altria Group 10.200%, 02/06/39		113,197
	150,000	PepsiCo Senior Unsecured Notes 7.900%, 11/01/18		180,818
	100,000	Reynolds American 7.750%, 06/01/18		116,655
				410,670
		Energy – 3.80%
		Chesapeake Energy
	250,000	6.625%,08/15/20		258,750
	250,000	6.125%,02/15/21		252,500

Par Value			Market Value
		Energy (continued)
	$   250,000	Energy Transfer Partners Senior Unsecured Notes 9.000%, 04/15/19	$	307,380
	250,000	KazMunayGas National (Kazakhstan) Senior Unsecured Notes 5.750%, 04/30/43 (a)		227,850
	100,000	Petroleos Mexicanos (Mexico) 4.500%, 01/23/26 (a)		101,750
	250,000	Pride International 6.875%, 08/15/20		286,933
	250,000	Transocean (Cayman Islands) 7.350%, 12/15/41 (b)		205,859
	400,000	Weatherford International (Bermuda) 9.625%, 03/01/19		465,692
				2,106,714
		Financials – 16.90%
	250,000	AerCap Ireland Capital (Ireland) 4.500%, 05/15/21 (a)		263,750
	500,000	Ally Financial Senior Unsecured Notes 4.125%, 02/13/22		491,250
	450,000	American Express Credit, MTN Senior Unsecured Notes 0.535%, 06/05/17 (c)		449,482
	450,000	American Financial Group Senior Unsecured Notes 9.875%, 06/15/19		572,266
	250,000	Banco Bradesco SA/Cayman Islands (Brazil) Subordinated Notes 5.750%, 03/01/22 (a)		264,525
	250,000	Bancolombia SA (Colombia) Senior Unsecured Notes
		5.950%, 06/03/21		277,925
	250,000	Subordinated Notes 5.125%, 09/11/22		256,375
	580,000	Bank of America Senior Unsecured Notes 1.315%, 01/15/19 (c)		588,264
		MTN, Subordinated Notes
	175,000	4.000%, 01/22/25		173,870
	250,000	Barrick North America Finance 5.700%, 05/30/41		248,379
	250,000	Berkshire Hathaway Finance 0.576%, 01/12/18 (c)		250,820
	250,000	Blackstone Holdings Finance 6.250%, 08/15/42 (a) (d)		307,520
	250,000	Bunge Ltd Finance 8.500%, 06/15/19		307,081
	140,000	Citigroup Senior Unsecured Notes 1.237%, 07/25/16 (c)		140,768
	500,000	Credit Suisse New York (Switzerland) MTN Senior Unsecured Notes 0.567%, 03/11/16 (c)		499,786
	150,000	Daimler Finance 0.958%, 08/01/16 (a) (c)		150,880

See accompanying Notes to Financial Statements.

43

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$   250,000	Discover Bank Subordinated Notes 7.000%, 04/15/20	$	295,586
	500,000	Ensco (United Kingdom) Senior Unsecured Notes 5.200%, 03/15/25 (c)		516,586
	500,000	Ford Motor Senior Unsecured Notes 1.209%, 11/04/19 (c)		500,984
	375,000	Goldman Sachs Group Senior Unsecured Notes 1.297%, 10/23/19 (c)		378,472
	500,000	Goldman Sachs Group, MTN Senior Unsecured Notes 1.357%, 11/15/18 (c)		505,963
	400,000	Itau Unibanco Holding SA (Brazil) Subordinated Notes 5.500%, 08/06/22 (a)		414,380
	250,000	Jefferies Group Senior Unsecured Notes 6.500%, 01/20/43		249,396
	200,000	Leucadia National Senior Unsecured Notes 5.500%, 10/18/23		205,812
	250,000	Nomura Holdings (Japan), MTN Senior Unsecured Notes 1.720%, 09/13/16 (c)		253,353
	300,000	Turkiye Halk Bankasi AS (Turkey) Senior Unsecured Notes 4.750%, 06/04/19 (a)		300,750
	500,000	Wells Fargo Senior Unsecured Notes 1.189%, 06/26/15 (c)		500,748
				9,364,971
		Healthcare – 3.98%
	500,000	Bayer US Finance 0.521%, 10/07/16 (a) (c)		500,277
	500,000	Lorillard Tobacco 8.125%, 05/01/40		699,878
	1,000,000	Merck Senior Unsecured Notes 0.631%, 02/10/20 (c)		1,007,052
				2,207,207
		Industrials – 4.30%
	300,000	Ball Corp 5.000%, 03/15/22		314,250
	250,000	FedEx Senior Notes 8.000%, 01/15/19		303,639
	200,000	Jaguar Land Rover Automotive (United Kingdom) 4.125%, 12/15/18 (a)		205,500
	500,000	Mexichem SAB de CV (Mexico) 6.750%, 09/19/42 (a)		547,500
	200,000	Nissan Motor Acceptance 0.969%, 09/26/16 (a)(c)		201,275

Par Value			Market Value
		Industrials (continued)
	$   500,000	Southern Copper Senior Unsecured Notes 7.500%, 07/27/35	$	579,250
	250,000	Vale SA (Brazil) Senior Unsecured Notes 5.625%, 09/11/42		227,573
				2,378,987
		Information Technology – 3.05%
	350,000	eBay Senior Unsecured Notes 4.000%, 07/15/42		305,880
	150,000	Hewlett-Packard Senior Unsecured Notes 1.217%, 01/14/19 (c)		150,884
	250,000	Micron Technology Senior Unsecured Notes 5.500%, 02/01/25 (a)		249,375
	250,000	Seagate HDD (Cayman Islands) 5.750%, 12/01/34 (a)		265,312
	600,000	Telecom Italia Capital SA (Luxembourg) 7.721%, 06/04/38		715,500
				1,686,951
		Materials – 5.25%
	100,000	Allegheny Technologies Senior Unsecured Notes 6.375%, 08/15/23 (b)		106,250	��
	400,000	ArcelorMittal (Luxembourg) Senior Unsecured Notes 7.750%, 10/15/39 (b)		415,000
	500,000	Braskem America Finance 7.125%, 07/22/41 (a)		483,750
	250,000	Dow Chemical (The) Senior Unsecured Notes 8.550%, 05/15/19		310,856
	500,000	GTL Trade Finance (Virgin Islands) 7.250%, 04/16/44 (a)		495,625
	250,000	International Paper Senior Unsecured Notes 8.700%, 06/15/38		359,537
	250,000	Teck Resources (Canada) 6.250%, 07/15/41		232,167
	500,000	Vale Overseas (Cayman Islands) 6.875%, 11/21/36		507,250
				2,910,435
		Telecommunication Services – 5.31%
		CenturyLink Senior Unsecured Notes
	500,000	7.600%, 09/15/39		502,500
	500,000	7.650%, 03/15/42		505,000
	350,000	Frontier Communications Senior Unsecured Notes 9.000%, 08/15/31		370,125

See accompanying Notes to Financial Statements.

44

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Telecommunication Services (continued)
	$   250,000	Telecom Italia Capital SA (Luxembourg) 6.375%, 11/15/33	$	270,872
	500,000	Telefonica Europe BV (Netherlands) 8.250%, 09/15/30		712,872
	100,000	Verizon Communications Senior Unsecured Notes 1.801%, 09/15/16 (c)		101,558
	500,000	Windstream 7.500%, 06/01/22		478,125
				2,941,052
		Utilities – 0.96%
	334,000	FPL Group Capital 7.875%, 12/15/15		348,161
	150,000	Pacific Gas & Electric Senior Unsecured Notes 8.250%, 10/15/18		182,559
				530,720
		Total Corporate Notes and Bonds (Cost $25,069,500)		26,837,427
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 45.14%
		Fannie Mae – 13.25%
	111,556	6.000%, 11/01/17 Pool # 662854		116,307
	27,837	6.000%, 04/01/18 Pool # 725175		28,785
	121,784	5.500%, 11/01/18 Pool # 748886		128,847
	40,154	4.500%, 06/01/19 Pool # 747860		42,209
	223,234	6.000%, 01/01/21 Pool # 850787		246,026
	102,312	6.000%, 09/01/32 Pool # 847899		116,814
	62,506	6.000%, 02/01/34 Pool # 771952		71,883
	52,909	7.500%, 02/01/35 Pool # 787557		56,102
	18,367	7.500%, 04/01/35 Pool # 819231		19,612
	80,127	6.000%, 11/01/35 Pool # 844078		91,490
	91,887	5.000%, 05/01/36 Pool # 745581		102,453
	48,157	6.000%, 12/01/36 Pool # 888029		55,130
	65,763	5.500%, 06/01/37 Pool # 918778		74,377
	68,360	6.500%, 10/01/37 Pool # 888890		79,184
	215,722	5.500%, 03/01/38 Pool # 962344		243,936
	221,643	4.000%, 02/01/41 Pool # AE0949		238,039
	196,381	4.000%, 02/01/41 Pool # AH5695		210,569

Par Value			Market Value
		Fannie Mae (continued)
	$   924,274	3.000%, 03/01/43 Pool # AB8615	$	943,992
	515,862	3.500%, 05/01/43 Pool # AB9512		541,439
	547,614	3.000%, 07/01/43 Pool # AU1629		558,725
	921,845	3.000%, 08/01/43 Pool # AS0331		940,571
	897,495	3.000%, 09/01/44 Pool # AX7336		915,031
	1,491,664	3.000%, 02/01/45 Pool # AS4474		1,520,810
				7,342,331
		Freddie Mac – 11.97%
	216,803	5.500%, 11/01/20 Gold Pool # G18083		233,860
	44,626	5.500%, 12/01/20 Gold Pool # G11820		48,380
	71,465	5.500%, 05/01/37 Gold Pool # A60048		80,700
	139,215	5.500%, 09/01/37 Gold Pool # G03202		157,053
	100,664	5.000%, 02/01/38 Gold Pool # A73409		111,780
	330,099	5.000%, 04/01/38 Gold Pool # G04334		369,023
	200,851	4.000%, 12/01/39 Gold Pool # G06935		215,268
	96,104	4.000%, 05/01/41 Gold Pool # Q00870		102,850
	648,706	4.000%, 11/01/41 Gold Pool # Q04550		694,583
	887,705	3.000%, 04/01/43 Gold Pool # V80006		904,710
	891,026	3.000%, 05/01/43 Gold Pool # G08525		907,602
	458,432	3.000%, 09/01/43 Gold Pool # G08544		466,748
	766,625	3.500%, 10/01/43 Gold Pool # G08554		803,328
	286,931	3.500%, 11/01/43 Gold Pool # G08557		300,668
	670,590	3.500%, 01/01/44 Gold Pool # G08562		702,695
	512,167	3.500%, 02/01/44 Gold Pool # G08572		536,688
				6,635,936
		Ginnie Mae – 1.32%
	102,802	5.000%, 05/01/37 Pool # 782156		113,202
	224,288	5.000%, 08/01/37 Pool # 4015		248,654
	182,405	6.000%, 07/01/38 Pool # 4195		206,632
	100,358	5.500%, 08/01/38 Pool # 4215		107,835

See accompanying Notes to Financial Statements.

45

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Ginnie Mae (continued)
	$      47,064	6.000%, 01/01/39 Pool # 698036	$	53,577
				729,900
		U.S. Treasury Bond – 0.95%
	500,000	3.000%, 05/15/42		524,961
		U.S. Treasury Inflation Index Bonds – 5.54%
	1,632,735	1.375%, 07/15/18		1,751,874
	1,120,410	1.750%, 01/15/28		1,315,956
				3,067,830
		U.S. Treasury Notes – 12.11%
	1,000,000	2.125%, 05/31/15		1,001,758
	1,500,000	2.000%, 01/31/16		1,520,274
	1,250,000	2.000%, 04/30/16		1,271,485
	500,000	3.000%, 08/31/16		517,461
	500,000	2.250%, 11/30/17		518,711
	350,000	2.000%, 11/30/20		357,875
	1,500,000	2.000%, 11/15/21		1,523,907
				6,711,471
		Total U.S. Government and Agency Obligations (Cost $24,157,578)		25,012,429
	COMMERCIAL MORTGAGE-BACKED SECURITY – 0.54%
	275,000	Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class A4 5.742%, 09/11/42 (c)		298,611
		Total Commercial Mortgage-Backed Security (Cost $193,192)		298,611
	FOREIGN GOVERNMENT BOND – 0.94%
	500,000	Costa Rica Government International Bond Senior Unsecured Notes 7.158%, 03/12/45 (a)		521,250
		Total Foreign Government Bond (Cost $500,000)		521,250
Shares
	INVESTMENT COMPANY – 4.33%
	2,399,114	BlackRock Liquidity Funds TempFund Portfolio		2,399,114
		Total Investment Company (Cost $2,399,114)		2,399,114
	Total Investments – 99.39% (Cost $52,319,384)*			55,068,831
	Net Other Assets and Liabilities – 0.61%			336,462
	Net Assets – 100.00%		$	55,405,293

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,918,353
Gross unrealized depreciation		(168,906	)
Net unrealized appreciation	$	2,749,447

(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, 2015, these securities amounted to $5,501,269 or 9.93% of net assets. These securities have not been determined by the Subadviser to be illiquid 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, 2015.

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

MTN Medium Term Note

S&P Standard & Poor

Portfolio Composition
U.S. Government and Agency Obligations	45%
Commercial Mortgage-Backed Security	1%
Foreign Government Bond	1%
Investment Company	4%
Corporate Notes and Bonds
(Moody’s Ratings (d))
Aa	1%
A	8%
Baa	25%
Ba	13%
B	2%
	100%

For financial reporting purposes, credit quality ratings shown are assigned by Moody’s Investors Service. If a Moody’s credit quality rating is not available the credit quality ratings shown are assigned by Standard & Poor’s. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of Baa/ BBB or higher. Below investment grade ratings are credit ratings of Ba/BB or lower. Investments designated N/R are not rated by either rating agency. Credit quality ratings are subject to change.

See accompanying Notes to Financial Statements.

46

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.71%
		Consumer Discretionary – 14.41%
	115,000	Coach (a)	$	4,394,150
	500,000	Ford Motor		7,900,000
	225,000	General Motors (a)		7,888,500
	600,000	Staples (a)		9,792,000
				29,974,650
		Energy – 9.50%
	65,000	Baker Hughes (a)		4,449,900
	35,000	Devon Energy (a)		2,387,350
	100,000	Halliburton (a)		4,895,000
	85,000	Schlumberger (a)		8,041,850
				19,774,100
		Financials – 8.43%
	105,000	BB&T (a)		4,020,450
	175,000	Hartford Financial Services Group (a)		7,134,750
	587,400	Huntington Bancshares (a)		6,379,164
				17,534,364
		Healthcare – 3.95%
	115,000	Quest Diagnostics (a)		8,213,300
		Industrials – 18.17%
	177,600	ADT (a)		6,677,760
	80,000	Deere (a)		7,241,600
	110,000	Emerson Electric (a)		6,471,300
	70,000	Fastenal (a)		2,983,400
	270,000	General Electric (a)		7,311,600
	175,000	Republic Services (a)		7,110,250
				37,795,910
		Information Technology – 21.93%
	175,900	Altera (a)		7,331,512
	270,000	Cisco Systems (a)		7,784,100
	260,000	EMC (a)		6,996,600

Shares			Market Value
		Information Technology (continued)
	280,000	Intel (a)	$	9,114,000
	145,000	Paychex (a)		7,016,550
	170,000	Xilinx (a)		7,371,200
				45,613,962
		Materials – 7.10%
	160,000	Alcoa (a)		2,147,200
	75,000	Dow Chemical (a)		3,825,000
	85,000	LyondellBasell Industries NV, Class A, (Netherlands) (a)		8,799,200
				14,771,400
		Telecommunication Services – 6.88%
	170,000	AT&T (a)		5,888,800
	115,000	CenturyLink (a)		4,135,400
	85,000	Verizon Communications (a)		4,287,400
				14,311,600
		Utilities – 9.34%
	200,000	Exelon (a)		6,804,000
	200,000	FirstEnergy (a)		7,182,000
	160,000	PPL (a)		5,444,800
				19,430,800
		Total Common Stocks (Cost $186,966,459)		207,420,086
Number of Contracts
	PURCHASED OPTIONS – 0.27%
		SPDR S&P 500 ETF TRUST
	600	Strike @ $180 Exp 05/15		2,400
	4,500	Strike @ $182 Exp 05/15		22,500
	3,200	Strike @ $183 Exp 05/15		16,000
	1,800	Strike @ $184 Exp 05/15		10,800
	3,250	Strike @ $185 Exp 05/15		16,250
	6,000	Strike @ $186 Exp 05/15		36,000
	2,650	Strike @ $187 Exp 05/15		21,200
	1,750	Strike @ $188 Exp 05/15		14,000
	1,750	Strike @ $189 Exp 05/15		15,750
	500	Strike @ $186 Exp 06/15		29,000
	500	Strike @ $186 Exp 06/15		39,000
	500	Strike @ $187 Exp 06/15		31,000
	500	Strike @ $187 Exp 06/15		42,500
	500	Strike @ $188 Exp 06/15		32,500
	500	Strike @ $188 Exp 06/15		49,000
	500	Strike @ $189 Exp 06/15		49,500
	500	Strike @ $189 Exp 06/15		38,000
	500	Strike @ $190 Exp 06/15		38,500
	500	Strike @ $190 Exp 06/15		55,500
		Total Purchased Options (Cost $2,561,004)		559,400

See accompanying Notes to Financial Statements.

47

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 3.16%
	6,576,623	BlackRock Liquidity Funds TempFund Portfolio	$	6,576,623
		Total Investment Company (Cost $6,576,623)		6,576,623
	Total Investments – 103.14% (Cost $196,104,086)*			214,556,109
	Net Other Assets and Liabilities – (3.14)%			(6,530,418	)
	Net Assets – 100.00%		$	208,025,691

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	23,131,024
Gross unrealized depreciation		(4,679,001	)
Net unrealized appreciation	$	18,452,023

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

ETF Exchange-Traded Fund

S&P Standard & Poor

SPDR Standard & Poor’s Depositary Receipt

Transactions in written call options for the period ended April 30, 2015 were as follows:

Contracts	Number of Contracts			Premium
Outstanding, October 31, 2014		59,168		$	5,230,766
Call Options Written		160,087			16,778,940
Call Options Closed or Expired		(163,235	)		(16,701,016	)
Outstanding, April 30, 2015		56,020		$	5,308,690

Premiums received and value of written call options outstanding as of April 30, 2015.

Number of Contracts		Description	Premium Received		Market Value
		ADT
	37	Strike @ $38 Exp 7/15		$      4,216		$     6,290
	300	Strike @ $40 Exp 1/16		95,386		76,500
	1,239	Strike @ $42 Exp 1/16		310,723		216,825
	200	Strike @ $45 Exp 1/16		39,391		24,000
		Alcoa
	300	Strike @ $16 Exp 10/15		10,200		9,000
	600	Strike @ $18 Exp 1/16		12,000		12,000
	700	Strike @ $19 Exp 1/16		9,100		9,450
		Altera
	774	Strike @ $39 Exp 9/15		89,630		500,004
	935	Strike @ $41 Exp 9/15		62,644		506,770
	50	Strike @ $43 Exp 1/16		20,650		26,750
		AT&T
	200	Strike @ $35 Exp 10/15		19,280		24,400
	850	Strike @ $37 Exp 10/15		41,294		51,000
	200	Strike @ $38 Exp 10/15		7,400		7,000
	250	Strike @ $37 Exp 1/16		17,490		20,750

Number of Contracts		Description	Premium Received		Market Value
		Baker Hughes
	650	Strike @ $70 Exp 1/16		$   184,746		$   286,000
		BB&T
	1,000	Strike @ $37 Exp 9/15		157,958		210,000
	50	Strike @ $40 Exp 9/15		2,098		3,350
		CenturyLink
	211	Strike @ $42 Exp 10/15		10,200		3,693
	135	Strike @ $40 Exp 1/16		8,634		8,775
	804	Strike @ $42 Exp 1/16		27,303		28,140
		Cisco Systems
	23	Strike @ $27 Exp 7/15		1,172		5,520
	1,677	Strike @ $32 Exp 1/16		122,352		130,806
	1,000	Strike @ $33 Exp 1/16		49,449		59,000
		Coach
	50	Strike @ $45 Exp 11/15		12,048		3,750
	900	Strike @ $40 Exp 1/16		362,417		207,000
	200	Strike @ $42 Exp 1/16		43,549		34,000
		Deere
	450	Strike @ $95 Exp 1/16		103,030		141,750
	350	Strike @ $97.50 Exp 1/16		57,735		83,650
		Devon Energy
	350	Strike @ $57.50 Exp 7/15		169,925		392,000
		Dow Chemical
	500	Strike @ $52.50 Exp 9/15		42,309		91,000
	250	Strike @ $57.50 Exp 1/16		22,475		29,500
		EMC
	300	Strike @ $31 Exp 10/15		8,859		8,700
	800	Strike @ $33 Exp 10/15		41,699		9,200
	1,500	Strike @ $34 Exp 10/15		55,019		9,750
		Emerson Electric
	450	Strike @ $70 Exp 9/15		17,376		5,625
	600	Strike @ $75 Exp 9/15		9,342		3,000
	11	Strike @ $67.50 Exp 1/16		979		825
		Exelon
	759	Strike @ $38 Exp 10/15		38,946		27,324
	1,241	Strike @ $38 Exp 1/16		66,492		80,665
		Fastenal
	150	Strike @ $46 Exp 11/15		15,060		17,250
	200	Strike @ $47 Exp 1/16		17,800		26,500
	200	Strike @ $48 Exp 1/16		17,800		22,000
		FirstEnergy
	150	Strike @ $40 Exp 10/15		7,929		6,000
	1,700	Strike @ $41 Exp 10/15		83,170		46,750
	150	Strike @ $40 Exp 1/16		9,969		10,500
		General Electric
	350	Strike @ $27 Exp 9/15		13,586		36,400
	550	Strike @ $29 Exp 12/15		41,799		33,000
	1,800	Strike @ $31 Exp 12/15		54,395		45,000

See accompanying Notes to Financial Statements.

48

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Number of Contracts		Description	Premium Received		Market Value
		General Motors
	800	Strike @ $42 Exp 1/16		$   139,765		$      44,000
	1,450	Strike @ $45 Exp 1/16		152,189		43,500
		Halliburton
	700	Strike @ $55 Exp 1/16		65,771		158,200
	300	Strike @ $57.50 Exp 1/16		24,588		48,000
		Hartford Financial Services Group
	50	Strike @ $42 Exp 9/15		7,500		6,000
	1,700	Strike @ $45 Exp 1/16		273,695		166,600
		Huntington Bancshares
	300	Strike @ $10 Exp 7/15		17,688		29,250
	424	Strike @ $11 Exp 10/15		20,759		21,412
	5,150	Strike @ $12 Exp 10/15		159,441		95,275
		Intel
	2,800	Strike @ $37 Exp 1/16		188,828		224,000
		LyondellBasell Industries NV
	100	Strike @ $95 Exp 9/15		32,212		111,000
	750	Strike @ $100 Exp 9/15		157,093		630,000
		Paychex
	1,250	Strike @ $47 Exp 9/15		226,266		300,000
	200	Strike @ $48 Exp 9/15		25,771		36,000
		PPL
	1,600	Strike @ $37 Exp 10/15		62,335		68,000
		Quest Diagnostics
	1,150	Strike @ $85 Exp 1/16		168,879		115,000
		Republic Services
	1,100	Strike @ $43 Exp 10/15		86,854		63,250
	650	Strike @ $44 Exp 10/15		31,823		24,375
		Schlumberger
	850	Strike @ $105 Exp 1/16		142,968		255,000
		Staples
	2,500	Strike @ $20 Exp 1/16		239,396		168,750
	3,000	Strike @ $22 Exp 1/16		153,557		112,500
	500	Strike @ $23 Exp 1/16		13,480		14,000
		Verizon Communications
	850	Strike @ $50 Exp 10/15		89,364		172,550
		Xilinx
	50	Strike @ $46 Exp 9/15		3,548		7,175
	1,650	Strike @ $47 Exp 1/16		207,896		301,125
		Total Written Call Options		$5,308,690		$6,812,124

See accompanying Notes to Financial Statements.

49

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	INVESTMENT COMPANIES – 96.35%
		Long/Short Strategies – 39.49%
	916,745	Blackrock Global Long/Short Equity Fund-IS	$	11,055,948
	889,931	Convergence Core Plus Fund		15,911,968
	772,302	Driehaus Emerging Markets Small Cap Growth Fund		11,198,378
	702,977	FPA Crescent Fund-I		24,041,798
	1,320,127	Gotham Enhanced Return Fund-I		16,329,966
	826,331	Robeco Boston Partners Long/Short Equity Fund-IS		16,196,089
	1,858,435	The Weitz Funds - Partners III Opportunity Fund		32,057,997
				126,792,144
		Hedged Credit and Strategic Fixed Income – 22.43%
	1,489,558	Avenue Credit Strategies Fund		16,102,121
	3,042,640	Legg Mason BW Alternative Credit Fund		32,251,982
	1,980,809	Metropolitan West Unconstrained Bond Fund		23,650,853
				72,004,956
		Global Macro – 13.52%
	1,714,797	John Hancock Funds II - Global Absolute Return Strategies Fund		19,257,165
	2,193,854	Western Asset Macro Opportunities Fund		24,132,394
				43,389,559
		Managed Futures – 11.39%
	1,692,651	Abbey Capital Futures Strategy Fund-I		20,785,760
	1,374,264	ASG Managed Futures Strategy Fund-Y		15,790,294
				36,576,054

Shares			Market Value
		Arbitrage – 5.00%
	1,236,763	Calamos Market Neutral Income Fund	$	16,053,184
		Money Market – 4.52%
	14,507,174	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		14,507,174
		Total Investment Companies (Cost $298,268,934)		309,323,071
	EXCHANGE TRADED FUNDS – 4.96%
	158,100	Proshares Large Cap Core Plus		15,939,642
		Total Exchange Traded Funds (Cost $16,083,518)		15,939,642
	Total Investments – 101.31% (Cost $314,352,452)*			325,262,713
	Net Other Assets and Liabilities – (1.31)%			(4,209,672	)
	Net Assets – 100.00%		$	321,053,041

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	14,902,708
Gross unrealized depreciation		(3,992,447	)
Net unrealized appreciation	$	10,910,261

See accompanying Notes to Financial Statements.

50

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2015
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Consumer Staples, Healthcare, Utilities, Exchange Traded Funds and Materials are negative 0.29%, 0.48%, 0.50% 0.75% and 3.37%, respectively, and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 96.10%
		Consumer Discretionary – 34.70%
	10,245	Biglari Holdings (a) *	$	3,744,650
	91,974	Comcast, Class A (a)		5,312,418
	116,643	Discovery Communications, Class C (a) *		3,526,118
	144,914	General Motors (a)		5,080,685
	99,149	International Speedway, Class A (a)		3,605,058
	67,219	Liberty Broadband, Class C *		3,647,303
	183,837	Liberty Media, Class C (a) *		6,976,614
	131,669	Liberty Ventures, Class A (a) *		5,487,964
	15,202	Panera Bread, Class A *		2,774,061
	181,436	Quebecor, Class B (Canada)		4,989,678
	108,339	Restaurant Brands International (Canada)		4,418,064
	66,744	Sotheby’s (a)		2,850,636
	65,760	Time Warner (a)		5,550,802
	171,624	Twenty-First Century Fox, Class A		5,848,946
				63,812,997
		Consumer Staples – 1.60%
	37,842	Nestle, SP ADR (a)		2,937,296
		Energy – 1.61%
	37,066	Occidental Petroleum (a)		2,968,987
		Financials – 19.78%
	69,137	American Express		5,354,661
	243,782	Bank of America		3,883,447

Shares		Market Value
	Financials (continued)
158,863	Blackhawk Network Holdings, Class B *	$	5,831,861
252,580	FNFV Group (a) *		3,776,071
114,389	Loews (a)		4,763,158
134,286	Oaktree Capital Group, MLP (a)		7,181,615
177,276	Weyerhaeuser, REIT (a)		5,585,967
			36,376,780
	Industrials – 12.44%
104,884	ADT (a)		3,943,638
29,752	Parker-Hannifin		3,551,199
21,219	Precision Castparts		4,385,755
63,848	Rolls-Royce Holdings, SP ADR		5,102,094
23,744	WW Grainger		5,898,722
			22,881,408
	Information Technology – 23.32%
41,092	Apple		5,142,664
94,747	eBay (a) *		5,519,960
9,286	Google, Class A *		5,095,878
51,083	IAC/InterActiveCorp (a)		3,566,615
115,675	Microsoft (a)		5,626,432
92,070	Motorola Solutions (a)		5,501,182
155,924	Oracle (a)		6,801,405
82,675	QUALCOMM		5,621,900
			42,876,036
	Telecommunication Services – 2.65%
156,104	SoftBank, ADR (a)		4,864,201
	Total Common Stocks (Cost $168,033,716)		176,717,705
INVESTMENT COMPANY – 17.32%
31,847,045	BlackRock Liquidity Funds TempFund Portfolio		31,847,045
	Total Investment Company (Cost $31,847,045)		31,847,045
Total Investments – 113.42% (Cost $199,880,761)**			208,564,750
$32,054,567 in cash and $62,693,210 in securities was segregated or on deposit with a prime broker to cover short sales as of April 30, 2015 and are included in “Net Other Assets and Liabilities”.
SHORT SALES – (29.27)% (b)
Common Stock – (28.52)%
	Consumer Discretionary – (8.44)%
(18,896)	Cabela’s *		(996,575	)
(78,927)	Callaway Golf		(764,013	)
(65,104)	ClubCorp Holdings		(1,425,127	)
(25,996)	Five Below *		(876,585	)
(79,756)	Goodyear Tire & Rubber		(2,262,279	)
(32,290)	Men’s Wearhouse		(1,827,291	)

See accompanying Notes to Financial Statements.

51

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Consumer Discretionary (continued)
	(110,861)	Regis *	$	(1,831,424	)
	(309,286)	Ruby Tuesday *		(2,251,602	)
	(7,938)	TESLA Motors *		(1,794,385	)
	(65,429)	Time		(1,493,744	)
				(15,523,025	)
		Consumer Staples – (1.89)%
	(125,899)	Dean Foods		(2,045,859	)
	(35,989)	Tyson Foods, Class A		(1,421,566	)
				(3,467,425	)
		Financials – (3.11)%
	(20,047)	Camden Property Trust, REIT		(1,505,129	)
	(35,763)	Mercury General		(1,964,819	)
	(13,476)	Pennsylvania Real Estate Investment Trust, REIT		(304,692	)
	(45,880)	Plum Creek Timber, REIT		(1,936,136	)
				(5,710,776	)
		Healthcare – (0.48)%
	(7,678)	Chemed		(884,890	)
		Industrials – (6.41)%
	(189,313)	ACCO Brands *		(1,489,893	)
	(30,201)	Healthcare Services Group		(914,184	)
	(22,325)	Mobile Mini		(860,405	)
	(42,505)	Pitney Bowes		(950,837	)
	(97,058)	Quad Graphics		(2,090,629	)
	(94,877)	RR Donnelley & Sons		(1,766,610	)
	(49,005)	Swift Transportation *		(1,185,921	)
	(23,885)	TAL International Group		(920,528	)
	(59,584)	Tetra Tech		(1,615,322	)
				(11,794,329	)
		Information Technology – (2.31)%
	(37,260)	CANON, SP ADR		(1,326,456	)
	(37,054)	Dealertrack Technologies *		(1,456,593	)
	(13,552)	LogMein *		(869,767	)
	(16,025)	Stratasys *		(600,136	)
				(4,252,952	)
		Materials – (3.37)%
	(129,675)	ArcelorMittal, NY Reg		(1,386,226	)
	(16,987)	Balchem		(890,459	)
	(57,420)	Louisiana-Pacific *		(875,081	)
	(34,502)	Southern Copper		(1,124,075	)
	(126,602)	Teck Resources, Class B (Canada)		(1,921,818	)
				(6,197,659	)
		Telecommunication Services – (2.01)%
	(63,907)	CenturyLink		(2,298,096	)
	(40,210)	Cogent Communications Holdings		(1,406,948	)
				(3,705,044	)

Shares			Market Value
		Utilities – (0.50)%
	(17,360)	South Jersey Industries	$	(915,740	)
		Total Common Stock (Proceeds $51,345,113)		(52,451,840	)
	Exchange Traded Funds – (0.75)%
	(66,729)	United States Natural Gas Fund LP *		(898,172	)
	(23,362)	United States Oil Fund LP *		(479,155	)
		Total Exchange Traded Funds (Proceeds $2,016,885)		(1,377,327	)
	Total Short Sales – (29.27)% (Proceeds $53,361,998)			(53,829,167	)
	Net Other Assets and Liabilities – 15.85%			29,151,265
	Net Assets – 100.00%		$	183,886,848

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	10,426,894
Gross unrealized depreciation		(1,742,905	)
Net unrealized appreciation	$	8,683,989

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

(b) The Fund is contractually responsible to the lender for any dividends payable and interest accrued on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Fund.

ADR American Depositary Receipt

LP Limited Partnership

MLP Master Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

52

Aston Funds

ASTON/Barings International Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.54%
		Australia – 1.83%
	21,239	Amcor (a)	$	226,113
	2,310	CSL (a)		165,589
				391,702
		Bermuda – 1.17%
	173,000	Pax Global Technology (a) *		251,334
		France – 8.27%
	7,390	Accor (a)		405,230
	2,325	Air Liquide (a)		304,065
	11,786	AXA (a)		298,019
	3,487	BNP Paribas (a)		220,209
	8,152	SES (a)		285,697
	4,736	Total (a)		256,454
				1,769,674
		Germany – 10.97%
	2,647	Bayer (a)		380,990
	3,281	Daimler (a)		315,458
	4,200	Deutsche Boerse (a)		348,029
	6,688	Fresenius (a)		397,889
	4,130	SAP (a)		312,084
	18,643	TUI (a)		347,628
	5,595	Wirecard (a)		245,728
				2,347,806
		Hong Kong – 2.58%
	45,800	AIA Group (a)		304,592
	24,800	HSBC Holdings (a)		246,856
				551,448
		India – 1.52%
	10,495	Infosys, SP ADR		325,135

Shares			Market Value
		Japan – 27.07%
	22,100	Astellas Pharma (a)	$	344,112
	3,800	Bridgestone (a)		159,158
	5,600	Daikin Industries (a)		377,267
	4,900	Denso (a)		243,264
	38,000	Hitachi (a)		259,270
	20,000	Hitachi Metals (a)		312,785
	19,800	Isuzu Motors (a)		262,426
	9,400	Japan Tobacco (a)		328,256
	14,400	KDDI (a)		340,738
	21,000	Kubota (a)		328,671
	27,000	Mitsubishi Electric (a)		352,612
	61,300	Mitsubishi UFJ Financial Group (a)		435,497
	11,000	Mitsui Fudosan (a)		326,087
	11,200	Sony (a) *		338,596
	77,000	Sumitomo Mitsui Trust Holdings (a)		338,949
	7,300	Takeda Pharmaceutical (a)		374,790
	8,800	Tokio Marine Holdings (a)		358,738
	4,500	Toyota Motor (a)		313,241
				5,794,457
		Netherlands – 7.09%
	3,777	Airbus Group NV (a)		261,755
	4,493	ASML Holding NV (a)		483,506
	13,341	Koninklijke Ahold NV (a)		258,469
	8,819	Koninklijke Philips (a)		252,615
	8,266	Royal Dutch Shell, Class A (a)		262,092
				1,518,437
		Papua New Guinea – 0.84%
	28,194	Oil Search (a)		178,992
		Singapore – 1.23%
	16,500	DBS Group Holdings (a)		262,191
		Sweden – 1.51%
	5,571	Assa Abloy AB, Class B (a)		323,195
		Switzerland – 9.01%
	3,429	Actelion (a)		451,191
	4,521	Julius Baer Group (a)		236,633
	3,255	Novartis AG (a)		332,245
	929	Syngenta (a)		310,871
	18,643	UBS (a)		372,437
	727	Zurich Financial Services (a)		224,391
				1,927,768
		Taiwan – 1.64%
	14,400	Taiwan Semiconductor Manufacturing, SP ADR		351,936
		United Kingdom – 23.81%
	14,197	Admiral Group (a)		338,535
	27,605	ARM Holdings (a)		469,044
	4,865	AstraZeneca (a)		333,866
	58,747	Barclays (a)		229,843
	25,537	BG Group (a)		462,563
	5,587	British American Tobacco PLC (a)		306,968

See accompanying Notes to Financial Statements.

53

Aston Funds

ASTON/Barings International Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United Kingdom (continued)
	62,234	BT Group (a)	$	434,054
	47,920	GKN (a)		257,022
	79,018	Indivior *		241,977
	15,823	Prudential (a)		393,951
	3,442	Reckitt Benckiser Group (a)		306,351
	7,239	SABMiller (a)		383,179
	6,310	Shire (a)		512,770
	18,242	WPP (a)		425,428
				5,095,551
		Total Common Stocks (Cost $18,647,658)		21,089,626
	INVESTMENT COMPANY – 0.77%
	163,588	BlackRock Liquidity Funds TempFund Portfolio		163,588
		Total Investment Company (Cost $163,588)		163,588
	Total Investments – 99.31% (Cost $18,811,246)**			21,253,214
	Net Other Assets and Liabilities – 0.69%			148,625
	Net Assets – 100.00%		$	21,401,839

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes

Gross unrealized appreciation	$	2,750,940
Gross unrealized depreciation		(308,972	)
Net unrealized appreciation	$	2,441,968

(a) Securities with a total aggregate market value of $20,170,578 or 94.25% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.

SP ADR Sponsored American Depository Receipt

See accompanying Notes to Financial Statements.

54

Aston Funds

ASTON/Guardian Capital Global Dividend Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.48%
		Australia – 4.61%
	2,300	Australia & New Zealand Banking Group (a)	$	61,543
	300	Commonwealth Bank of Australia (a)		20,999
	1,100	Sonic Healthcare (a)		17,239
	5,200	Sydney Airport (a)		22,090
	10,100	Telstra (a)		49,649
	1,200	Westpac Banking (a)		34,477
				205,997
		Belgium – 3.52%
	660	Anheuser-Busch InBev, SP ADR		79,226
	2,100	Belgacom (a)		78,214
				157,440
		Canada – 2.68%
	350	DH Corp		12,265
	1,220	Keyera		42,945
	690	Pembina Pipeline		24,014
	610	Royal Bank of Canada		40,503
				119,727
		France – 3.24%
	2,600	AXA (a)		65,743
	1,400	Electricite de France (a)		35,623
	800	Total (a)		43,320
				144,686
		Germany – 5.57%
	500	BASF (a)		49,674
	300	Bayer (a)		43,180
	200	Daimler (a)		19,229
	2,500	Deutsche Telekom (a)		45,952
	100	Muenchener Rueckversicherungs-Gesellschaft (a)		19,520

Shares			Market Value
		Germany (continued)
	1,400	ProSiebenSat.1 Media (a)	$	71,578
				249,133
		Ireland – 2.86%
	730	Medtronic		54,349
	1,250	Seagate Technology (Ireland)		73,400
				127,749
		Israel – 1.01%
	750	Teva Pharmaceutical, SP ADR		45,315
		Italy – 0.51%
	1,200	Eni (a)		23,023
		Netherlands – 1.35%
	1,390	Unilever		60,437
		Spain – 2.72%
	5,367	Ferrovial (a)		121,713
		Sweden – 1.55%
	4,200	Skandinaviska Enskilda Banken AB (a)		53,074
	700	Swedbank AB, Class A (a)		16,277
				69,351
		Switzerland – 6.97%
	495	Garmin		22,369
	1,000	Nestle (a)		77,584
	910	Novartis, ADR		92,638
	200	Swisscom (a)		118,901
				311,492
		United Kingdom – 10.95%
	600	AstraZeneca (a)		41,176
	5,491	BAE Systems (a)		42,540
	258	BP, SP ADR		11,135
	540	British American Tobacco, SP ADR		59,459
	660	GlaxoSmithKline, SP ADR		30,459
	1,500	Imperial Tobacco Group PLC (a)		73,245
	5,500	Legal & General Group (a)		21,863
	5,000	National Grid (a)		67,266
	920	Prudential, ADR		45,917
	500	Royal Dutch Shell, Class A (a)		15,765
	3,400	SSE (a)		80,558
				489,383
		United States – 51.94%
	1,090	AbbVie		70,480
	440	Air Products & Chemicals		63,109
	1,500	Altria Group		75,075
	740	Ameren		30,296
	1,054	Apple		131,908
	2,566	AT&T		88,886
	860	Automatic Data Processing		72,705
	1,900	BioMed Realty Trust		39,425
	211	Chevron		23,434
	430	ConocoPhillips		29,206
	1,400	CSX		50,526

See accompanying Notes to Financial Statements.

55

Aston Funds

ASTON/Guardian Capital Global Dividend Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United States (continued)
	1,390	Dow Chemical	$	70,890
	490	Dr Pepper Snapple Group		36,544
	770	Duke Energy		59,729
	340	Emerson Electric		20,002
	270	Entergy		20,839
	390	Exxon Mobil		34,074
	560	General Dynamics		76,899
	220	Genuine Parts		19,767
	1,460	Hospitality Properties Trust, REIT		43,917
	850	Illinois Tool Works		79,543
	760	Intel		24,738
	1,030	Johnson & Johnson		102,176
	700	JPMorgan Chase		44,282
	270	Kimberly-Clark		29,616
	764	Kinder Morgan		32,814
	360	Lockheed Martin		67,176
	1,330	Lorillard		92,914
	330	Macy’s		21,328
	220	McDonald’s		21,241
	740	Merck		44,075
	1,250	Microsoft		60,800
	540	Newell Rubbermaid		20,590
	290	Omnicom Group		21,971
	1,080	Pfizer		36,644
	380	Philip Morris International		31,719
	370	Procter & Gamble		29,419
	396	Republic Services		16,089
	700	Reynolds American		51,310
	1,380	Six Flags Entertainment		64,888
	3,490	Spirit Realty Capital, REIT		39,402
	1,570	Texas Instruments		85,110
	1,355	Verizon Communications		68,346
	480	VF		34,766
	740	Waste Management		36,652
	1,540	Wells Fargo		84,854
	427	Williams		21,858
				2,322,032
		Total Common Stocks (Cost $4,136,591)		4,447,478

Shares			Market Value
	INVESTMENT COMPANY – 0.49%
	21,815	BlackRock Liquidity Funds TempFund Portfolio	$	21,815
		Total Investment Company (Cost $21,815)		21,815
	Total Investments – 99.97% (Cost $4,158,406)*			4,469,293
	Net Other Assets and Liabilities – 0.03%			1,436
	Net Assets – 100.00%		$	4,470,729

* At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	553,296
Gross unrealized depreciation		(242,409	)
Net unrealized appreciation	$	310,887

(a) Securities with a total aggregate market value of $1,431,015 or 32.01% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

56

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 93.42%
		Brazil – 9.64%
	5,700	AMBEV SA	$	35,869
	4,680	Banco Bradesco		49,985
	3,400	Banco do Brasil SA		29,554
	4,000	Braskem, Preference A		16,529
	507	Cia Brasileira de Distribuicao Grupo Pao de Acucar, SP ADR		17,005
	900	Cia Energetica de Sao Paulo, Preference B		5,580
	3,300	Embraer SA		25,761
	4,500	Itau Unibanco Holding		57,636
	9,600	JBS		48,941
	5,100	Metalurgica Gerdau SA, Preference		16,571
	2,200	Porto Seguro SA		27,155
	8,200	Suzano Papel e Celulose, Preference A		41,069
	3,076	Vale, SP ADR		18,609
				390,264
		China – 18.68%
	64,000	Agricultural Bank of China, Class H (a)		36,031
	26,000	Air China, Class H (a)		31,359
	143,000	Bank of China, Class H (a)		97,984
	50,000	China CITIC Bank, Class H (a)		45,343
	51,000	China Construction Bank, Class H (a)		49,507
	28,000	China National Building Material, Class H (a)		33,962
	44,000	China Railway Group (a)		61,748
	12,500	China Shenhua Energy, Class H (a)		32,463
	64,000	Chongqing Rural Commerical Bank, Class H (a)		57,089
	68,000	Evergrande Real Estate, Class H (a)		64,300
	5,000	Great Wall Motor, Class H (a)		37,938
	114,000	Industrial and Commercial Bank of China, Class H (a)		98,891
	3,900	Tencent Holdings (a)		80,492

Shares			Market Value
		China (continued)
	18,000	Zhejiang Expressway, Class H (a)	$	28,586
				755,693
		Egypt – 0.75%
	4,400	Commerical International Bank SAE, GDR (a)		30,370
		Hong Kong – 4.31%
	5,000	China Mobile (a)		71,416
	18,000	CITIC (a)		36,009
	65,000	Geely Automobile Holdings (a)		36,566
	13,000	Shimao Property Holdings (a)		30,605
				174,596
		India – 3.84%
	3,897	ICICI Bank, SP ADR		42,594
	1,545	Reliance Industries, GDR		41,561
	1,029	Tata Motors, SP ADR		42,385
	2,513	Wipro, ADR		28,824
				155,364
		Indonesia – 3.05%
	309,700	Adaro Energy Tbk PT (a)		20,852
	91,000	Bank Negara Indonesia Persero Tbk (a)		44,910
	35,900	Bank Rakyat Indonesia Persero Tbk PT (a)		32,052
	49,500	Indofood Sukses Makmur Tbk PT (a)		25,692
				123,506
		Malaysia – 1.62%
	20,900	DiGi.Com (a)		35,234
	14,600	Telekom Malaysia (a)		30,316
				65,550
		Mexico – 4.40%
	64,000	America Movil		67,079
	4,600	Arca Continental *		28,217
	13,800	Compartamos *		23,621
	1,900	Gruma, Class B *		22,889
	5,100	Grupo Aeroportuario del Pacifico		36,244
				178,050
		Philippines – 1.28%
	11,680	BDO Unibank (a)		28,563
	4,760	Universal Robina (a)		23,213
				51,776
		Poland – 1.49%
	920	KGHM Polska Miedz, SA (a)		32,258
	1,468	Polski Koncern Naftowy Orlen SA (a)		27,880
				60,138
		Russia – 2.85%
	3,073	Gazprom, SP ADR (a)		18,005
	3,429	Gazprom, SP ADR		20,163
	546	Lukoil, SP ADR		27,983

See accompanying Notes to Financial Statements.

57

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Russia (continued)
	45	Lukoil, SP ADR (a)	$	2,302
	887	MMC Norilsk Nickel OJSC, ADR (a)		16,709
	880	Tatneft, SP ADR (a)		30,186
				115,348
		South Africa – 7.74%
	3,021	Barloworld (a)		24,100
	8,107	FirstRand (a)		38,728
	1,761	Foschini Group (a)		26,074
	7,757	Gold Fields (a)		35,813
	2,133	Liberty Holdings		29,728
	5,006	Mediclinic International (a)		53,010
	11,917	Netcare (a)		41,688
	7,942	Sappi *		32,579
	1,202	Tiger Brands (a)		31,285
				313,005
		South Korea – 15.68%
	81	CJ CheilJedang (a)		31,501
	573	Daesang (a)		24,760
	574	Dongbu Insurance (a)		29,172
	2,104	Doosan Infracore (a) *		23,253
	132	E-Mart (a)		27,194
	542	Hankook Tire (a) *		22,778
	294	Hyundai Motor (a)		46,141
	2,492	Industrial Bank of Korea (a) *		34,240
	1,100	LG Display (a)		30,462
	468	LG Electronics (a)		26,317
	710	LG International (a)		27,169
	1,028	Nexen Tire (a)		12,471
	535	Samsung Electro-Mechanics (a)		33,574
	121	Samsung Electronics (a)		158,734
	111	Samsung Fire & Marine Insurance		29,251
	1,185	SK Hynix (a)		50,700
	246	SK Innovation (a) *		26,926
				634,643
		Taiwan – 13.82%
	31,000	Advanced Semiconductor Engineering (a)		43,962
	72,000	Au Optronics (a)		36,133
	4,000	Catcher Technology (a)		46,807
	11,000	Cheng Uei Precision Industry (a)		21,631
	50,000	China Airlines *		26,611
	35,000	China Steel (a)		29,399
	29,000	Compal Electronics (a)		26,402
	23,000	Fubon Financial Holding (a)		49,463
	22,400	Hon Hai Precision Industry (a)		67,120
	29,000	King Yuan Electronics (a)		26,362
	7,000	Pegatron (a)		20,737
	15,000	Pou Chen (a)		21,020
	15,000	Taiwan Semiconductor Manufacturing (a)		72,214
	21,984	Uni-President Enterprises (a)		35,979
	74,000	United Microelectronics (a)		35,455
				559,295

Shares			Market Value
		Thailand – 1.45%
	5,300	Kasikornbank (a)	$	33,648
	266,351	Quality Houses (a)		24,959
				58,607
		Turkey – 2.82%
	19,504	Eregli Demir ve Celik Fabrikalari TAS (a)		32,913
	26,027	Kardemir Karabuk Demir Celik Sanayi ve Ticaret, Class D (a) *		17,941
	7,940	Tekfen Holding AS (a)		14,840
	8,158	Turk Hava Yollari (a) *		27,061
	12,013	Turkiye Vakiflar Bankasi Tao, Class D (a)		21,314
				114,069
		Total Common Stocks (Cost $3,478,134)		3,780,274
	EXCHANGE TRADED FUNDS – 4.19%
		United States – 4.19%
	210	iPath MSCI India Index Fund *		14,314
	1,897	iShares MSCI Emerging Markets Index Fund		81,343
	2,513	iShares MSCI India		73,845
				169,502
		Total Exchange Traded Funds (Cost $136,162)		169,502
	INVESTMENT COMPANY – 2.04%
	82,488	BlackRock Liquidity Funds TempFund Portfolio		82,488
		Total Investment Company (Cost $82,488)		82,488
	Total Investments – 99.65% (Cost $3,696,784)**			4,032,264
	Net Other Assets and Liabilities – 0.35%			14,244
	Net Assets – 100.00%		$	4,046,508

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	673,268
Gross unrealized depreciation		(337,788	)
Net unrealized appreciation	$	335,480

(a) Securities with a total aggregate market value of $2,890,281 or 71.43% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

58

Aston Funds

ASTON/Pictet International Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.38%
		Australia – 3.27%
	11,137	Ansell (a)	$	229,202
	56,818	Asciano (a)		295,222
	28,010	Computershare (a)		271,708
	70,046	Estia Health *		333,141
	12,129	Spotless Group Holdings (a)		21,795
				1,151,068
		Austria – 1.09%
	13,590	Erste Bank Group (a)		383,695
		Belgium – 1.48%
	7,662	Ageas (a)		287,879
	7,790	Ontex Group NV (a) *		231,649
				519,528
		Bermuda – 1.62%
	9,200	Jardine Matheson Holdings (a)		568,403
		Cayman Islands – 1.29%
	239,600	MGM China Holdings (a)		452,284
		Denmark – 3.36%
	5,096	Carlsberg, Class B (a)		464,595
	22,519	H Lundbeck (a) *		438,017
	11,854	Matas (a)		280,375
				1,182,987
		Finland – 1.98%
	103,284	Nokia (a)		696,903

Shares			Market Value
		France – 9.19%
	118,481	Bollore (a)	$	677,125
	24,551	Elis *		499,241
	7,812	Orpea (a)		514,594
	5,520	Rubis (a)		375,051
	10,673	Societe Generale (a)		533,594
	10,321	Vinci (a)		633,036
				3,232,641
		Germany – 1.65%
	4,041	Bayer (a)		581,632
		Hong Kong – 4.51%
	72,000	Hutchison Whampoa		1,060,880
	792,074	PCCW (a)		527,331
				1,588,211
		Italy – 6.05%
	29,204	Astaldi (a)		253,884
	47,340	Cerved Information Solutions (a) *		343,467
	40,507	Finmeccanica (a) *		516,826
	93,408	Sorin *		295,771
	192,184	UnipolSai (a)		537,802
	16,301	World Duty Free (a) *		181,973
				2,129,723
		Japan – 19.61%
	9,100	Daiichikosho (a)		293,491
	25,500	DMG Mori Seiki (a)		415,881
	24,600	Fujitec (a)		267,483
	7,600	GMO Internet (a)		95,541
	57,800	Inpex (a)		725,409
	18,600	Japan Tobacco (a)		649,528
	26,000	LIXIL Group Corp (a)		541,932
	6,200	Miraca Holdings (a)		311,919
	6,100	Nippon Telegraph & Telephone (a)		411,903
	16,300	NKSJ Holdings (a)		532,518
	17,400	SoftBank (a)		1,087,680
	9,100	Sohgo Security Services Co (a)		296,638
	12,100	Sony (a) *		365,804
	13,300	Sumitomo Mitsui Financial Group (a)		580,739
	7,400	Welcia Holdings (a)		323,582
				6,900,048
		Malaysia – 0.51%
	73,600	Genting (a)		180,670
		Netherlands – 3.28%
	6,367	ASML Holding NV (a)		685,173
	8,221	Konnikluke DSM NV (a)		468,849
				1,154,022
		New Zealand – 0.79%
	96,059	Trade Me Group (a)		279,785
		Papua New Guinea – 0.64%
	35,257	Oil Search (a)		223,834

See accompanying Notes to Financial Statements.

59

Aston Funds

ASTON/Pictet International Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Philippines – 0.46%
	1,582,700	Metro Pacific Investments (a)	$	160,710
		Portugal – 1.50%
	6,800	Galp Energia (a)		92,886
	59,792	NOS SGPS (a)		435,510
				528,396
		Singapore – 1.24%
	5,578	Millicom International Cellular, SDR (a)		435,178
		South Korea – 2.70%
	869	NAVER (a)		525,465
	325	Samsung Electronics (a)		426,353
				951,818
		Spain – 4.83%
	6,313	Aena *		594,801
	64,347	Distribuidora Internacional de Alimentacion (a)		515,348
	5,060	Merlin Properties Socimi, REIT *		69,174
	13,901	Merlin Properties Socimi, REIT *		190,037
	14,267	Obrascon Huarte Lain (a)		330,941
				1,700,301
		Sweden – 1.65%
	42,097	Com Hem Holding (a) *		353,412
	6,786	Modern Times Group, Class B (a)		225,670
				579,082
		Switzerland – 7.12%
	5,334	Cie Financiere Richemont (a)		475,435
	10,166	Gategroup Holding		356,319
	11,551	Nestle (a)		896,175
	1,807	Sunrise Communications Group *		168,895
	30,554	UBS Group AG (a)		610,388
				2,507,212
		United Kingdom – 16.56%
	7,357	AstraZeneca (a)		504,883
	31,846	BBA Aviation (a)		167,566
	48,452	BG Group (a)		877,632
	225,567	Enterprise Inns (a) *		403,237
	24,313	GlaxoSmithKline (a)		561,546
	81,078	HSBC Holdings (a)		809,927
	62,287	Inmarsat (a)		959,125
	23,570	Prudential (a)		586,831
	23,672	Standard Chartered (a)		387,554
	26,956	Tate & Lyle		246,815
	58,673	William Hill (a)		324,173
				5,829,289
		Total Common Stocks (Cost $31,672,424)		33,917,420

Shares			Market Value
	PREFERRED STOCK – 1.39%
		Germany – 1.39%
	5,170	Porsche Automobile Holding	$	490,547
				490,547
		Total Preferred Stock (Cost $494,680)		490,547
	INVESTMENT COMPANY – 0.67%
	233,688	BlackRock Liquidity Funds TempFund Portfolio		233,688
		Total Investment Company (Cost $233,688)		233,688
	Total Investments – 98.44% (Cost $32,400,792)**			34,641,655
	Net Other Assets and Liabilities – 1.56%			548,242
	Net Assets – 100.00%		$	35,189,897

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	3,666,637
Gross unrealized depreciation		(1,425,774	)
Net unrealized appreciation	$	2,240,863

(a) Securities with a total aggregate market value of $30,102,346 or 85.54% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.

REIT Real Estate Investment Trust

SDR  Swedish Depositary Receipts

See accompanying Notes to Financial Statements.

60

Aston Funds

ASTON/TAMRO International Small Cap Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.92%
		Australia – 6.40%
	12,500	FlexiGroup (a)	$	33,558
	3,800	Mineral Resources (a)		19,319
	4,300	Super Retail Group (a)		33,473
	7,500	Treasury Wine Estates (a)		32,893
				119,243
		Bermuda – 4.29%
	5,800	Cosan Ltd, Class A		42,108
	1,050	Golar LNG		37,795
				79,903
		Canada – 5.87%
	3,500	Cott		30,485
	2,700	Descartes Systems Group *		40,573
	3,200	Labrador Iron Ore Royalty		38,193
				109,251
		Cayman Islands – 5.50%
	68,000	Baoxin Auto Group (a)		53,662
	13,500	Phoenix Healthcare Group (a)		27,858
	24,000	Yingde Gases Group (a)		20,937
				102,457
		France – 8.17%
	500	Gaztransport Et Technigaz SA		29,924
	300	ID Logistics Group *		33,012
	1,400	Tarkett SA (a)		37,618
	2,800	UBISOFT Entertainment (a) *		51,631
				152,185

Shares			Market Value
		Germany – 3.76%
	560	KUKA AG (a)	$	39,783
	800	Wincor Nixdorf AG (a)		30,281
				70,064
		Hong Kong – 2.87%
	36,500	Hongkong & Shanghai Hotels (a)		53,499
		Italy – 6.22%
	1,660	Recordati (a)		33,077
	460	Tod’s (a)		42,205
	1,288	Yoox (a) *		40,572
				115,854
		Japan – 21.96%
	1,700	Azbil (a)		44,782
	45	GLP J-REIT (a)		46,268
	3,900	Haseko (a)		38,510
	2,000	Ito En (a)		41,557
	1,100	MISUMI Group (a)		41,281
	2,200	Park24 (a)		43,940
	6,300	Shinko Plantech (a)		47,670
	6,000	Sumitomo Heavy Industries (a)		37,278
	1,300	Sumitomo Real Estate Sales (a)		35,335
	6,200	Wacom (a)		32,146
				408,767
		Mexico – 1.60%
	19,650	Mexico Real Estate Management SA de CV, REIT		29,740
		Norway – 1.88%
	1,625	Kongsberg Gruppen ASA (a)		34,918
		Panama – 1.76%
	1,030	Banco Latinoamericano de Comercio Exterior SA		32,723
		Singapore – 3.32%
	24,000	CDL Hospitality Trusts, REIT		31,107
	20,000	OSIM International		30,683
				61,790
		Switzerland – 3.81%
	1,540	GAM Holding AG (a)		34,744
	55	Kaba Holding AG (a)		36,122
				70,866
		United Kingdom – 16.22%
	3,100	BrainJuicer Group		19,502
	910	Dialog Semiconductor (a) *		41,031
	11,500	Electrocomponents (a)		42,488
	5,200	Intermediate Capital Group (a)		41,998
	3,375	Northgate		33,415
	5,825	SThree		33,329
	1,010	Ted Baker (a)		44,113

See accompanying Notes to Financial Statements.

61

Aston Funds

ASTON/TAMRO International Small Cap Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United Kingdom (continued)
	1,520	Victrex (a)	$	46,005
				301,881
		Virgin Islands (British) – 2.29%
	7,100	Arcos Dorados Holdings *		42,600
		Total Common Stocks (Cost $1,670,824)		1,785,741
	PREFERRED STOCK – 1.48%
		Germany – 1.48%
	330	Biotest AG (a)		27,681
				27,681
		Total Preferred Stock (Cost $34,213)		27,681
	INVESTMENT COMPANY – 3.96%
	73,673	BlackRock Liquidity Funds TempFund Portfolio		73,673
		Total Investment Company (Cost $73,673)		73,673
	Total Investments – 101.36% (Cost $1,778,710)**			1,887,095
	Net Other Assets and Liabilities – (1.36)%			(25,367	)
	Net Assets – 100.00%		$	1,861,728

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes

Gross unrealized appreciation	$	153,387
Gross unrealized depreciation		(45,002	)
Net unrealized appreciation	$	108,385

(a) Securities with a total aggregate market value of $1,308,233 or 70.27% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

62

Aston Funds

ASTON/Harrison Street Real Estate Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.57%
		Diversified – 18.49%
	8,924	American Tower	$	843,586
	7,128	DuPont Fabros Technology		222,037
	4,711	EPR Properties		271,683
	7,362	Geo Group		287,118
	24,862	Spirit Realty Capital		280,692
	4,472	Vornado Realty Trust		462,807
				2,367,923
		Healthcare – 11.53%
	6,282	LTC Properties		273,016
	12,803	Omega Healthcare Investors		462,060
	10,770	Ventas		742,053
				1,477,129
		Hotels – 6.87%
	10,531	Chesapeake Lodging Trust		334,359
	3,408	Hyatt Hotels Corp, Class A *		197,834
	29,696	Strategic Hotels & Resorts *		347,443
				879,636
		Industrial – 2.56%
	15,106	STAG Industrial		328,253
		Office Properties – 14.34%
	14,131	BioMed Realty Trust		293,218
	4,607	Boston Properties		609,552
	7,033	CyrusOne		228,432
	7,206	Hudson Pacific Properties		217,333
	3,994	SL Green Realty		488,706
				1,837,241

Shares			Market Value
		Residential – 13.72%
	9,392	Equity Residential	$	693,693
	2,482	Essex Property Trust		550,880
	15,647	UDR		512,752
				1,757,325
		Retail – 20.94%
	9,726	Acadia Realty Trust		300,534
	7,157	Agree Realty		220,293
	17,175	Kimco Realty		413,918
	12,567	Retail Opportunity Investments		210,874
	7,053	Simon Property Group		1,280,049
	3,566	Taubman Centers		256,788
				2,682,456
		Storage – 9.65%
	10,566	Extra Space Storage		696,616
	6,168	Sovran Self Storage		538,713
				1,235,329
		Telecommunications Equipment – 1.47%
	1,624	SBA Communications *		188,092
		Total Common Stocks (Cost $12,779,222)		12,753,384
	INVESTMENT COMPANY – 0.66%
	84,955	BlackRock Liquidity Funds TempFund Portfolio		84,955
		Total Investment Company (Cost $84,955)		84,955
	Total Investments – 100.23% (Cost $12,864,177)**			12,838,339
	Net Other Assets and Liabilities – (0.23)%			(29,409	)
	Net Assets – 100.00%		$	12,808,930

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	422,192
Gross unrealized depreciation		(448,030	)
Net unrealized depreciation	$	(25,838	)

See accompanying Notes to Financial Statements.

63

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2015
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 59.50%
		Consumer Discretionary – 9.18%
	5,700	Carnival	$	250,629
	3,200	Dollar General		232,672
	5,100	Dollar Tree *		389,691
	2,300	NIKE, Class B		227,332
	10,600	Starbucks		525,548
	6,050	TJX		390,467
				2,016,339
		Consumer Staples – 12.97%
	6,600	Colgate-Palmolive		444,048
	1,400	Costco Wholesale		200,270
	4,750	Estee Lauder, Class A		386,127
	15,750	Mondelez International, Class A		604,327
	6,720	PepsiCo		639,206
	2,450	Procter & Gamble		194,799
	4,600	Walgreens Boots Alliance		381,478
				2,850,255
		Energy – 0.84%
	2,300	Occidental Petroleum		184,230
		Financials – 1.79%
	1,800	State Street		138,816
	4,600	Wells Fargo		253,460
				392,276
		Healthcare – 18.13%
	11,250	Abbott Laboratories		522,225
	1,885	Actavis PLC (Ireland) *		533,191
	2,350	AmerisourceBergen		268,605
	2,156	Amgen		340,454
	1,039	Biogen Idec *		388,513
	1,200	Celgene *		129,672
	3,800	Cerner *		272,878
	4,000	Gilead Sciences *		402,040

Shares			Market Value
		Healthcare (continued)
	2,900	McKesson	$	647,860
	3,800	Thermo Fisher Scientific		477,584
				3,983,022
		Industrials – 5.03%
	3,600	Honeywell International		363,312
	1,496	Union Pacific		158,920
	3,300	United Parcel Service, Class B		331,749
	1,013	WW Grainger		251,660
				1,105,641
		Information Technology – 10.26%
	3,650	Accenture PLC, Class A (Ireland)		338,172
	4,300	Cognizant Technology Solutions, Class A *		251,722
	3,000	Facebook, Class A *		236,310
	727	Google, Class A *		398,956
	3,100	MasterCard, Class A		279,651
	2,400	QUALCOMM		163,200
	8,868	Visa, Class A		585,731
				2,253,742
		Materials – 1.30%
	2,500	Monsanto		284,900
		Total Common Stocks (Cost $10,693,355)		13,070,405
Par Value
	CORPORATE NOTES AND BONDS – 22.62%
		Consumer Staples – 2.85%
	$275,000	PepsiCo Senior Unsecured Notes 5.000%, 06/01/18		304,377
	300,000	Wal-Mart Stores Senior Unsecured Notes 3.250%, 10/25/20		321,098
				625,475
		Energy – 1.39%
	300,000	Chevron Senior Unsecured Notes 1.718%, 06/24/18		304,030
		Financials – 7.15%
	300,000	General Electric Capital Senior Unsecured Notes, MTN 4.375%, 09/16/20		334,347
	300,000	Goldman Sachs Group Senior Unsecured Notes 3.625%, 02/07/16		306,222
	300,000	JPMorgan Chase Senior Unsecured Notes 4.350%, 08/15/21		328,379

See accompanying Notes to Financial Statements.

64

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$300,000	U.S. Bancorp Subordinated Notes, MTN 2.950%, 07/15/22	$	301,520
	300,000	Wells Fargo & Co Senior Unsecured Notes, MTN 2.150%, 01/30/20		300,251
				1,570,719
		Healthcare – 2.90%
	250,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37		336,312
	300,000	Pfizer Senior Unsecured Notes 1.100%, 05/15/17		301,525
				637,837
		Industrials – 1.45%
	300,000	United Parcel Service Senior Unsecured Notes 3.125%, 01/15/21		318,556
		Information Technology – 6.88%
	300,000	Apple Senior Unsecured Notes 1.000%, 05/03/18		298,653
	300,000	Cisco Systems Senior Unsecured Notes 5.500%, 02/22/16		312,218
	275,000	EMC Senior Unsecured Notes 1.875%, 06/01/18		278,183
	300,000	Google Senior Unsecured Notes 3.625%, 05/19/21		326,504
	300,000	Oracle Senior Unsecured Notes 2.500%, 10/15/22		296,664
				1,512,222
		Total Corporate Notes and Bonds (Cost $4,821,534)		4,968,839
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 13.53%
		Fannie Mae – 0.13%
	8,295	7.500%, 02/01/35 Pool # 787557		8,796
	2,880	7.500%, 04/01/35 Pool # 819231		3,076
	14,256	6.000%, 11/01/35 Pool # 844078		16,277
				28,149

Par Value			Market Value
		Freddie Mac – 1.76%
$	7,936	5.500%, 12/01/20 Gold Pool # G11820	$	8,604
	375,000	1.000%, 09/29/17		377,631
				386,235
		Ginnie Mae – 0.03%
	6,945	5.500%, 02/15/39 Pool # 698060		7,847
		U.S. Treasury Bonds – 3.72%
	225,000	5.375%, 02/15/31		313,769
	300,000	3.500%, 02/15/39		343,102
	150,000	3.125%, 11/15/41		161,555
				818,426
		U.S. Treasury Notes – 7.89%
	225,000	4.500%, 02/15/16		232,682
	250,000	2.625%, 04/30/16		255,860
	250,000	4.625%, 02/15/17		268,223
	250,000	1.500%, 01/31/19		253,047
	375,000	2.125%, 08/15/21		383,994
	325,000	2.500%, 05/15/24		338,660
				1,732,466
		Total U.S. Government and Agency Obligations (Cost $2,855,651)		2,973,123
Shares
	INVESTMENT COMPANY – 3.22%
	706,153	BlackRock Liquidity Funds TempFund Portfolio		706,153
		Total Investment Company (Cost $706,153)		706,153
	Total Investments – 98.87% (Cost $19,076,693)**			21,718,520
	Net Other Assets and Liabilities – 1.13%			249,053
	Net Assets – 100.00%		$	21,967,573

* Non-income producing security.

** At April 30, 2015, cost is identical for book and Federal income tax purposes.

Gross unrealized appreciation	$	2,742,205
Gross unrealized depreciation		(100,378	)
Net unrealized appreciation	$	2,641,827

MTN Medium Term Note

See accompanying Notes to Financial Statements.

65

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2015
Schedule of Investments (unaudited) – continued

Portfolio Composition
Common Stocks	60%
U.S. Government and Agency Obligations	13%
Investment Company	4%
Corporate Notes and Bonds
(Moody’s Ratings)
Aaa	5%
Aa	11%
A	7%
	100%

For financial reporting purposes, credit quality ratings shown are assigned by Moody’s Investors Service. If a Moody’s credit quality rating is not available the credit quality ratings shown are assigned by Standard & Poor’s. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of Baa/ BBB or higher. Below investment grade ratings are credit ratings of Ba/BB or lower. Investments designated N/R are not rated by either rating agency. Credit quality ratings are subject to change.

See accompanying Notes to Financial Statements.

66

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Aston Funds

	April 30, 2015
Statements of Assets and Liabilities (unaudited)

		Cornerstone Large Cap Value Fund			Fairpointe Focused Equity Fund
ASSETS:
Investments:
Investments at cost	$	148,523,620		$	6,105,854
Net unrealized appreciation		3,276,522			190,078
Total investments at value		151,800,142			6,295,932
Receivables:
Dividends and interest		46,508			2,827
Dividend reclaims		5,317			—
Fund shares sold		83,328			—
Investments sold		1,054,505			64,290
Due from Adviser, net (Note G)		—			9,800
Other assets		1,075			38,984
Total assets		152,990,875			6,411,833
LIABILITIES:
Payables:
Dividend distribution		—			—
Investments purchased		—			145,833
Fund shares redeemed		423,547			—
Due to Adviser, net (Note G)		100,523			—
Administration fees (Note G)		6,592			2,258
Distribution fees (Note G)		1,547			57
Audit and tax fees		11,835			7,589
Custodian fees		11,220			413
Transfer agent fees		10,529			2,376
Offering costs		—			58,224
Accrued expenses and other payables		7,411			9,270
Total liabilities		573,204			226,020
NET ASSETS	$	152,417,671		$	6,185,813
NET ASSETS CONSIST OF:
Paid-in capital	$	163,341,268		$	5,910,663
Accumulated undistributed (distribution in excess of) net investment income (loss)		244,332			14,021
Accumulated net realized gain (loss) on investments		(14,444,451	)		71,051
Net unrealized appreciation on investments		3,276,522			190,078
TOTAL NET ASSETS	$	152,417,671		$	6,185,813
Class N:
Net Assets	$	56,060,806		$	2,091,793
Shares of beneficial interest outstanding (unlimited authorization)		3,725,969			200,054
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	15.05		$	10.46
Class I:
Net Assets	$	96,356,865		$	4,094,020
Shares of beneficial interest outstanding (unlimited authorization)		6,389,998			391,185
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	15.08		$	10.47
Class R:
Net Assets	$	—		$	—
Shares of beneficial interest outstanding (unlimited authorization)		—			—
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	—		$	—

See accompanying Notes to Financial Statements.

68

Aston Funds

	Herndon Large Cap Value Fund		Montag & Caldwell Growth Fund		TAMRO Diversified Equity 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
$	122,421,490	$	2,154,403,939	$	30,780,768	$	783,709,878		$	128,180,127		$	4,806,495,432	$	8,549,697
	18,175,534		285,926,158		12,565,457		207,506,573			14,458,858			929,881,173		1,936,214
	140,597,024		2,440,330,097		43,346,225		991,216,451			142,638,985			5,736,376,605		10,485,911
	124,785		2,846,022		19,966		1,270,476			179,089			846,969		3,424
	—		—		—		9,544			—			—		—
	185,576		1,795,973		42,348		784,340			83,670			6,180,977		—
	—		92,876,815		—		—			—			58,057,633		—
	—		—		—		—			—			—		193
	10,044		35,264		373		8,123			929			53,330		97
	140,917,429		2,537,884,171		43,408,912		993,288,934			142,902,673			5,801,515,514		10,489,625
	—		—		—		170,837			8,776			—		—
	—		27,489,899		46,040		1,855,342			32,145			37,671,646		86,391
	244,184		23,017,705		20,482		1,402,343			239,323			8,444,908		—
	122,508		1,601,585		20,825		574,450			82,186			3,350,052		—
	6,509		108,470		3,048		37,229			6,529			205,810		1,720
	286		24,736		587		6,777			178			66,673		144
	10,340		16,962		10,097		12,560			12,560			16,957		10,097
	4,277		45,703		1,325		14,946			2,901			55,741		53
	11,795		379,821		6,929		209,670			12,582			1,121,426		5,800
	—		—		—		—			—			—		—
	6,137		199,781		6,102		41,835			16,951			236,398		4,598
	406,036		52,884,662		115,435		4,325,989			414,131			51,169,611		108,803
$	140,511,393	$	2,484,999,509	$	43,293,477	$	988,962,945		$	142,488,542		$	5,750,345,903	$	10,380,822
$	120,573,087	$	1,667,199,361	$	27,527,009	$	725,911,004		$	125,838,015		$	4,383,298,105	$	7,604,001
	289,364		5,436,605		1,756		(1,419,801	)		(172,071	)		1,416,969		(21,306	)
	1,473,408		526,437,385		3,199,255		56,965,169			2,363,740			435,749,656		861,913
	18,175,534		285,926,158		12,565,457		207,506,573			14,458,858			929,881,173		1,936,214
$	140,511,393	$	2,484,999,509	$	43,293,477	$	988,962,945		$	142,488,542		$	5,750,345,903	$	10,380,822
$	10,390,753	$	872,677,702	$	20,971,838	$	244,562,361		$	6,430,151		$	2,410,369,765	$	5,130,950
	727,631		34,240,830		1,172,415		18,396,848			472,699			56,887,485		433,974
$	14.28	$	25.49	$	17.89	$	13.29		$	13.60		$	42.37	$	11.82
$	130,120,640	$	1,606,176,562	$	22,321,639	$	744,400,584		$	136,058,391		$	3,339,976,138	$	5,249,872
	9,134,420		62,731,300		1,241,282		56,039,651			9,997,175			77,104,186		443,155
$	14.25	$	25.60	$	17.98	$	13.28		$	13.61		$	43.32	$	11.85
$	—	$	6,145,245	$	—	$	—		$	—		$	—	$	—
	—		244,905		—		—			—			—		—
$	—	$	25.09	$	—	$	—		$	—		$	—	$	—

See accompanying Notes to Financial Statements.

69

Aston Funds

	April 30, 2015
Statements of Assets and Liabilities (unaudited)

		LMCG Small Cap Growth Fund			River Road Independent Value Fund
ASSETS:
Investments:
Investments at cost	$	109,547,180		$	457,784,018
Affiliated Investment at cost (Note G)		—			—
Net unrealized appreciation (depreciation)		8,428,115			(1,697,985	)
				��
Total investments at value		117,975,295			456,086,033
Total affilated investments at value (Note G)		—			—
Cash		—			—
Receivables:
Dividends and interest		4,698			11
Fund shares sold		1,428,068			771,649
Investments sold		1,407,462			2,674,516
Other assets		3,731			4,276
Total assets		120,819,254			459,536,485
LIABILITIES:
Payables:
Dividend distribution		—			—
Investments purchased		3,886,619			—
Fund shares redeemed		143,165			4,284,555
Due to Adviser, net (Note G)		78,087			381,096
Administration fees (Note G)		5,420			17,897
Distribution fees (Note G)		2,090			7,200
Audit and tax fees		10,097			10,097
Custodian fees		1,662			7,512
Transfer agent fees		11,033			91,822
Accrued expenses and other payables		1,577			47,559
Call options written, at value (premiums received $5,308,690)		—			—
Total liabilities		4,139,750			4,847,738
NET ASSETS	$	116,679,504		$	454,688,747
NET ASSETS CONSIST OF:
Paid-in capital	$	106,577,991		$	472,060,221
Accumulated undistributed (distribution in excess of) net investment income (loss)		(376,251	)		(2,802,440	)
Accumulated net realized gain (loss) on investments, purchased and written options and capital gain distributions received		2,049,649			(12,871,049	)
Net unrealized appreciation (depreciation) on investments and purchased and written options		8,428,115			(1,697,985	)
TOTAL NET ASSETS	$	116,679,504		$	454,688,747
Class N:
Net Assets	$	75,529,467		$	261,050,459
Shares of beneficial interest outstanding (unlimited authorization)		4,905,776			25,314,346
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	15.40		$	10.31
Class I:
Net Assets	$	41,150,037		$	193,638,288
Shares of beneficial interest outstanding (unlimited authorization)		2,646,402			18,580,802
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	15.55		$	10.42

See accompanying Notes to Financial Statements.

70

Aston Funds

April 30, 2015

River Road Select Value Fund			River Road Small Cap Value Fund			Silvercrest Small Cap Fund		TAMRO Small Cap Fund			DoubleLine Core Plus Fixed Income Fund			TCH Fixed Income Fund			Anchor Capital Enhanced Equity Fund
$	122,256,173		$	230,070,128		$	108,756,657	$	533,048,607		$	351,334,569		$	52,319,384		$	196,104,086
	—			—			—		—			9,740,460			—			—
	10,772,697			46,937,927			4,205,088		167,837,779			2,126,250			2,749,447			18,452,023
	133,028,870			277,008,055			112,961,745		700,886,386			353,389,672			55,068,831			214,556,109
	—			—			—		—			9,811,607			—			—
	—			—			29,143		—			1,398			—			49,449
	61,621			10,671			43,477		48,091			2,714,179			454,632			349,998
	952			204,623			177,423		770,658			1,085,545			4,621			704,309
	1,902,497			258,326			—		1,826,015			4,110,944			—			13,480
	5,607			2,097			494		6,436			20,285			373			1,494
	134,999,547			277,483,772			113,212,282		703,537,586			371,133,630			55,528,457			215,674,839
	86			—			77		—			128,771			6,584			—
	771,192			1,672,022			1,482,102		3,906,360			5,158,531			—			7,020
	1,911,150			578,830			185,148		846,554			550,802			61,240			633,465
	113,654			206,322			94,509		537,367			146,704			14,720			123,248
	6,673			11,553			5,677		27,477			23,526			6,780			8,047
	195			722			149		7,902			3,197			1,045			2,772
	11,835			11,835			10,097		12,077			16,900			13,735			11,202
	4,380			3,414			1,660		18,060			4,968			2,088			14,661
	13,700			83,987			15,641		168,456			14,052			8,030			21,408
	9,673			19,058			14,860		56,643			7,195			8,942			15,201
	—			—			—		—			—			—			6,812,124
	2,842,538			2,587,743			1,809,920		5,580,896			6,054,646			123,164			7,649,148
$	132,157,009		$	274,896,029		$	111,402,362	$	697,956,690		$	365,078,984		$	55,405,293		$	208,025,691
$	116,736,588		$	223,780,209		$	103,418,168	$	452,901,640		$	366,365,759		$	56,193,357		$	194,722,777
	(199,768	)		(370,098	)		75,044		(6,002,514	)		(626,987	)		(812	)		376,537
	4,847,492			4,547,991			3,704,062		83,219,785			(2,786,038	)		(3,536,699	)		(4,022,212	)
	10,772,697			46,937,927			4,205,088		167,837,779			2,126,250			2,749,447			16,948,589
$	132,157,009		$	274,896,029		$	111,402,362	$	697,956,690		$	365,078,984		$	55,405,293		$	208,025,691
$	7,004,497		$	26,001,238		$	5,288,133	$	279,247,414		$	116,756,279		$	38,047,589		$	100,749,835
	899,198			2,129,747			348,176		14,140,249			10,728,830			3,510,653			10,352,613
$	7.79		$	12.21		$	15.19	$	19.75		$	10.88		$	10.84		$	9.73
$	125,152,512		$	248,894,791		$	106,114,229	$	418,709,276		$	248,322,705		$	17,357,704		$	107,275,856
	15,825,722			20,230,586			6,948,945		20,452,055			22,831,940			1,601,272			11,011,117
$	7.91		$	12.30		$	15.27	$	20.47		$	10.88		$	10.84		$	9.74

See accompanying Notes to Financial Statements.

71

Aston Funds

	April 30, 2015
Statements of Assets and Liabilities (unaudited)

		Lake Partners LASSO Alternatives Fund			River Road Long-Short Fund
ASSETS:
Investments:
Investments at cost	$	314,352,452		$	199,880,761
Net unrealized appreciation (depreciation)		10,910,261			8,683,989
Total investments at value		325,262,713			208,564,750
Foreign currency (Cost $35,741)		—			134,220
Cash		778,000			1,794,904
Segregated Cash (Note B-5)		—			32,054,567
Receivables:
Dividends and interest		86,142			162,501
Dividend reclaims		—			14,964
Fund shares sold		756,222			651,842
Investments sold		—			2,338,610
Due from Adviser, net (Note G)		—			—
Deferred offering costs (Note B-13)		—			—
Other assets		25,324			1,418
Total assets		326,908,401			245,717,776
LIABILITIES:
Payables:
Interest and dividends on securities sold short		—			3,944
Investments purchased		5,011,703			7,283,796
Fund shares redeemed		510,118			437,510
Due to Adviser, net (Note G)		257,173			210,792
Administration fees (Note G)		12,866			8,148
Distribution fees (Note G)		1,808			2,829
Audit and tax fees		11,202			11,928
Custodian fees		4,738			7,464
Transfer agent fees		31,539			14,260
Offering costs		—			—
Accrued expenses and other payables		14,213			21,090
Securities sold short, at value (proceeds $53,361,998)		—			53,829,167
Total liabilities		5,855,360			61,830,928
NET ASSETS	$	321,053,041		$	183,886,848
NET ASSETS CONSIST OF:
Paid-in capital	$	295,051,084		$	184,220,877
Accumulated undistributed (distribution in excess of) net investment income (loss)		(2,724,787	)		(843,917	)
Accumulated net realized gain (loss) on investments, securities sold short, foreign currency transactions and capital gain distributions received		17,816,483			(7,709,513	)
Net unrealized appreciation (depreciation) on investments, securities sold short, and translation of assets and liabilities in foreign currency		10,910,261			8,219,401
TOTAL NET ASSETS	$	321,053,041		$	183,886,848
Class N:
Net Assets	$	65,372,786		$	102,377,389
Shares of beneficial interest outstanding (unlimited authorization)		4,968,437			8,870,157
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	13.16		$	11.54
Class I:
Net Assets	$	255,680,255		$	81,509,459
Shares of beneficial interest outstanding (unlimited authorization)		19,384,541			7,020,685
NET ASSET VALUE Offering and redemption price per share (Net Assets/Shares Outstanding)	$	13.19		$	11.61

See accompanying Notes to Financial Statements.

72

Aston Funds

	Barings International Fund			Guardian Capital Global Dividend Fund			LMCG Emerging Markets Fund			Pictet International Fund			TAMRO International Small Cap Fund			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	18,811,246		$	4,158,406		$	3,696,784		$	32,400,792		$	1,778,710		$	12,864,177		$	19,076,693
	2,441,968			310,887			335,480			2,240,863			108,385			(25,838	)		2,641,827
	21,253,214			4,469,293			4,032,264			34,641,655			1,887,095			12,838,339			21,718,520
	11,715			2,366			35,435			431,916			—			—			—
	—			—			—			—			—			—			4,030
	—			—			—			—			—			—			—
	81,239			11,883			3,041			87,532			5,359			5,433			70,125
	110,960			3,212			—			13,280			361			1,916			—
	—			500			—			143,111			—			482			291
	49,493			4,298			—			149,130			25,184			—			320,389
	—			7,409			9,316			—			12,406			—			—
	—			—			—			—			38,795			—			—
	179			6,049			8,585			6,200			9			98			169
	21,506,800			4,505,010			4,088,641			35,472,824			1,969,209			12,846,268			22,113,524
	—			—			—			—			—			—			—
	55,079			11,176			—			229,813			25,320			—			104,726
	—			—			—			11,366			—			—			175
	4,553			—			—			15,380			—			1,829			8,598
	8,504			2,917			4,874			4,645			1,748			1,696			3,020
	10			30			21			29			32			342			225
	11,835			11,835			14,804			11,835			8,956			10,823			13,735
	13,945			3,762			17,133			4,303			1,520			2,674			1,424
	7,030			3,917			4,032			4,360			2,667			5,870			5,973
	—			—			—			—			58,224			—			—
	4,005			644			1,269			1,196			9,014			14,104			8,075
	—			—			—			—			—			—			—
	104,961			34,281			42,133			282,927			107,481			37,338			145,951
$	21,401,839		$	4,470,729		$	4,046,508		$	35,189,897		$	1,861,728		$	12,808,930		$	21,967,573
$	18,941,855		$	4,191,041		$	4,055,607		$	33,043,313		$	1,755,151		$	23,623,419		$	18,741,063
	82,402			29,855			(3,622	)		83,346			5,564			59,644			(339,932	)
	(51,556	)		(61,085	)		(340,613	)		(179,809	)		(7,347	)		(10,848,295	)		924,615
	2,429,138			310,918			335,136			2,243,047			108,360			(25,838	)		2,641,827
$	21,401,839		$	4,470,729		$	4,046,508		$	35,189,897		$	1,861,728		$	12,808,930		$	21,967,573
$	354,775		$	1,082,275		$	748,122		$	1,054,783		$	1,144,122		$	12,070,061		$	20,255,286
	55,115			101,286			76,321			105,907			106,175			972,516			874,865
$	6.44		$	10.69		$	9.80		$	9.96		$	10.78		$	12.41		$	23.15
$	21,047,064		$	3,388,454		$	3,298,386		$	34,135,114		$	717,606		$	738,869		$	1,712,287
	3,267,484			317,479			335,417			3,419,462			66,529			59,896			74,213
$	6.44		$	10.67		$	9.83		$	9.98		$	10.79		$	12.34		$	23.07

See accompanying Notes to Financial Statements.

73

Aston Funds

For the Six Months Ended April 30, 2015

Statements of Operations (unaudited)

	Cornerstone Large Cap Value Fund			Fairpointe Focused Equity Fund(a)
INVESTMENT INCOME:
Dividends	$	1,689,273		$	31,409
Less: foreign taxes withheld		(12,743	)		(317	)
Total investment income		1,676,530			31,092
EXPENSES:
Investment advisory fees (Note G)		633,115			14,162
Distribution expenses (Note G)(b)		73,033			1,139
Transfer agent fees		67,352			8,940
Administration fees (Note G)		41,790			6,195
Custodian fees		14,746			2,104
Audit and tax fees		10,813			7,589
Legal fees		1,293			14
Registration expenses		17,356			11,487
Amortization of offering costs (Note B-13)		—			21,041
Reports to shareholder expense		3,751			88
Trustees fees and related expenses (Note G)		5,594			66
Other expenses		5,566			1,771
Total expenses before waiver/reimbursements/recoupment		874,409			74,596
Less: Investment advisory fees waived (Note G)		—			(14,162	)
Less: Expenses reimbursed (Note G)		—			(43,363	)
Plus: Expenses recouped (Note G)		—			—
Net expenses		874,409			17,071
NET INVESTMENT INCOME (LOSS)		802,121			14,021
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		3,582,945			71,051
Net change in unrealized appreciation (depreciation) on investments		(6,119,169	)		190,078
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(2,536,224	)		261,129
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(1,734,103	)	$	275,150

(a) The inception date for Fairpointe Focused Equity Fund is December 24, 2014.

(b) Distribution expense is incurred at the Class N level for all funds except the Montag & Caldwell Growth Fund. The distribution expense for Class N and R of the Montag & Caldwell Growth Fund is $1,380,024 and $18,260, respectively.

See accompanying Notes to Financial Statements.

74

Aston Funds

	Herndon Large Cap Value Fund			Montag & Caldwell Growth Fund			TAMRO Diversified Equity 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
$	1,310,656		$	25,647,637		$	259,759		$	13,363,992		$	1,830,802		$	36,002,316		$	37,966
	—			—			—			(152,779	)		(20,735	)		(101,615	)		(190	)
	1,310,656			25,647,637			259,759			13,211,213			1,810,067			35,900,701			37,776
	571,667			11,578,616			191,964			3,640,362			480,591			20,281,386			44,131
	14,609			1,398,284			30,047			344,895			8,464			3,016,454			7,163
	56,956			1,305,100			32,447			354,705			48,671			2,309,917			15,098
	38,861			800,120			18,135			236,774			37,682			1,272,936			9,709
	5,099			63,466			2,550			20,486			3,674			83,034			1,222
	9,222			15,926			9,072			11,258			11,258			15,928			9,072
	1,202			32,754			391			9,068			1,046			46,784			59
	17,852			51,490			14,813			22,811			22,811			53,983			14,380
	—			—			—			—			—			—			—
	3,620			162,112			1,463			21,918			3,032			249,265			202
	5,059			134,721			1,694			37,502			4,642			200,620			237
	5,450			88,643			3,495			25,715			5,055			96,310			2,654
	729,597			15,631,232			306,071			4,725,494			626,926			27,626,617			103,927
	—			—			(48,068	)		—			—			—			(44,131	)
	—			—			—			—			—			—			(714	)
	35,325			—			—			—			—			—			—
	764,922			15,631,232			258,003			4,725,494			626,926			27,626,617			59,082
	545,734			10,016,405			1,756			8,485,719			1,183,141			8,274,084			(21,306	)
	1,849,704			535,116,918			3,260,838			54,995,667			2,259,877			436,268,285			899,037
	(1,031,369	)		(399,752,927	)		(1,983,900	)		(23,219,800	)		1,166,591			(32,752,447	)		(150,793	)
	818,335			135,363,991			1,276,938			31,775,867			3,426,468			403,515,838			748,244
$	1,364,069		$	145,380,396		$	1,278,694		$	40,261,586		$	4,609,609		$	411,789,922		$	726,938

See accompanying Notes to Financial Statements.

75

Aston Funds

For the Six Months Ended April 30, 2015

Statements of Operations (unaudited)

		LMCG Small Cap Growth Fund			River Road Independent Value  Fund
INVESTMENT INCOME:
Dividends		$	124,739		$	828,396
Dividends from affiliated security			—			—
Less: foreign taxes withheld			—			(78,974	)
Interest			—			—
Total investment income			124,739			749,422
EXPENSES:	��
Investment advisory fees (Note G)			392,903			2,715,083
Distribution expenses (Note G)(a)			64,418			338,278
Transfer agent fees			40,798			234,138
Administration fees (Note G)			24,872			126,791
Custodian fees			3,367			11,030
Audit and tax fees			9,072			9,072
Legal fees			399			5,399
Registration expenses			17,356			26,779
Reports to shareholder expense			3,597			33,105
Trustees fees and related expenses (Note G)			2,196			20,626
Other expenses			3,522			16,184
Total expenses before waivers/reimbursements			562,500			3,536,485
Less: Investment advisory fees waived (Note G)			(65,889	)		(21,560	)
Net expenses			496,611			3,514,925
NET INVESTMENT INCOME (LOSS)			(371,872	)		(2,765,503	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			3,219,183			(1,424,044	)
Net realized gain on affiliated investments			—			—
Net realized gain (loss) on purchased options			—			—
Net realized gain (loss) on written options			—			—
Capital gain distributions received			—			—
Net change in unrealized appreciation (depreciation) on investments			2,855,846			9,390,145
Net change in unrealized appreciation (depreciation) on purchased options			—			—
Net change in unrealized appreciation (depreciation) on written options			—			—
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS			6,075,029			7,966,101
NET INCREASE IN NET ASSETS FROM OPERATIONS		$	5,703,157		$	5,200,598

(a) Distribution expense is incurred at the Class N level.

See accompanying Notes to Financial Statements.

76

Aston Funds

River Road Select Value Fund			River Road Small Cap Value Fund			Silvercrest Small Cap Fund			TAMRO Small Cap Fund			DoubleLine Core Plus Fixed Income Fund			TCH Fixed Income Fund			Anchor Capital Enhanced  Equity Fund
$	733,797		$	1,219,557		$	650,588		$	2,994,273		$	6,501		$	650		$	3,010,152
	—			—			—			—			109,374			—			—
	(1,220	)		(15,302	)		—			—			—			—			—
	—			—			—			—			6,151,414			948,336			—
	732,577			1,204,255			650,588			2,994,273			6,267,289			948,986			3,010,152
	752,654			1,268,538			427,057			3,398,498			785,462			146,601			756,458
	9,796			46,231			7,303			399,656			80,943			46,368			127,355
	75,231			124,436			37,958			313,888			105,293			32,214			97,484
	41,118			69,875			26,206			173,955			98,244			26,103			55,302
	7,327			7,222			3,799			24,201			12,724			3,515			29,047
	10,813			10,813			9,072			10,961			15,876			12,710			10,179
	1,440			2,350			544			6,496			1,975			419			1,671
	15,868			19,964			21,819			20,828			29,678			15,720			18,911
	6,394			7,413			1,493			33,417			9,809			1,157			11,502
	5,606			9,917			2,558			27,044			8,356			1,796			7,415
	6,098			7,594			3,808			20,173			5,137			3,077			5,326
	932,345			1,574,353			541,617			4,429,117			1,153,497			289,680			1,120,650
	—			—			(43,199	)		—			(87,157	)		(59,394	)		—
	932,345			1,574,353			498,418			4,429,117			1,066,340			230,286			1,120,650
	(199,768	)		(370,098	)		152,170			(1,434,844	)		5,200,949			718,700			1,889,502
	5,431,627			6,844,762			3,719,349			89,998,942			1,513,344			388,998			8,481,772
	—			—			—			—			23,715			—			—
	—			—			—			—			—			—			(5,305,837	)
	—			—			—			—			—			—			(5,657,080	)
	—			—			—			—			159			—			—
	2,638,606			8,395,594			(2,761,495	)		(74,212,102	)		(599,727	)		(335,537	)		5,973,694
	—			—			—			—			—			—			(553,096	)
	—			—			—			—			—			—			2,491,387
	8,070,233			15,240,356			957,854			15,786,840			937,491			53,461			5,430,840
$	7,870,465		$	14,870,258		$	1,110,024		$	14,351,996		$	6,138,440		$	772,161		$	7,320,342

See accompanying Notes to Financial Statements.

77

Aston Funds

For the Six Months Ended April 30, 2015

Statements of Operations (unaudited)

	Lake Partners LASSO Alternatives Fund			River Road Long-Short Fund
INVESTMENT INCOME:
Dividends	$	2,550,658		$	1,873,379
Less: foreign taxes withheld		—			(179,162	)
Interest		—			2,349
Total investment income		2,550,658			1,696,566
EXPENSES:
Investment advisory fees (Note G)		1,866,728			1,177,731
Distribution expenses (Note G) (b)		61,378			127,916
Transfer agent fees		150,067			83,948
Administration fees (Note G)		89,503			51,167
Custodian fees		6,692			9,627
Audit and tax fees		10,179			10,627
Legal fees		3,323			1,756
Registration expenses		36,062			29,257
Interest and dividend expense on securities sold-short		—			964,103
Amortization of offering costs (Note B-13)		—			—
Reports to shareholder expense		12,303			6,624
Trustees fees and related expenses (Note G)		14,687			7,134
Other expenses		9,993			6,793
Total expenses before waivers/reimbursement/recoupment		2,260,915			2,476,683
Less: Investment advisory fees waived (Note G)		(13,850	)		—
Less: Expenses reimbursed (Note G)		—			—
Plus: Net expenses recouped (Note G)		—			38,429
Net expenses		2,247,065			2,515,112
NET INVESTMENT INCOME (LOSS)		303,593			(818,546	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		9,595,043			4,222,810
Net realized loss on securities sold short		—			(5,542,841	)
Net realized gain (loss) on foreign currency transactions		—			7,246
Capital gain distributions received		8,304,361			—
Net change in unrealized appreciation (depreciation) on investments		(16,524,621	)		5,972,013
Net change in unrealized appreciation on securities sold short		—			4,896,424
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currency		—			3,347
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		1,374,783			9,558,999
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,678,376		$	8,740,453

(a) The inception date for TAMRO International Small Cap Fund is December 23, 2014.

(b) Distribution expense is incurred at the Class N level.

See accompanying Notes to Financial Statements.

78

Aston Funds

Barings International Fund			Guardian Capital Global Dividend  Fund			LMCG Emerging Markets Fund			Pictet International Fund			TAMRO International Small Cap Fund(a)			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	218,678		$	92,215		$	34,224		$	277,544		$	13,502		$	201,665		$	100,159
	(14,298	)		(4,799	)		(4,283	)		(19,820	)		(1,075	)		—			—
	—			1			—			—			—			—			92,859
	204,380			87,417			29,941			257,724			12,427			201,665			193,018
	104,787			17,367			20,035			117,060			4,905			68,668			83,717
	414			1,321			885			1,210			731			16,224			10,214
	19,703			11,972			12,148			15,304			8,756			19,294			20,061
	24,100			11,299			15,258			18,004			5,315			10,007			14,038
	21,943			3,513			20,303			10,712			2,474			3,144			1,729
	10,813			10,813			13,689			10,813			8,957			9,519			12,710
	167			106			36			71			6			107			179
	13,885			15,124			14,380			15,124			11,540			15,372			14,877
	—			—			—			—			—			—			—
	—			24,002			—			33,421			21,205			—			—
	303			62			63			211			12			1,067			672
	726			147			131			676			21			473			771
	2,845			2,560			2,563			2,663			1,774			2,697			2,848
	199,686			98,286			99,491			225,269			65,696			146,572			161,816
	(78,767	)		(17,367	)		(20,035	)		(74,482	)		(4,905	)		(53,441	)		(28,816	)
	—			(56,803	)		(56,056	)		—			(53,928	)		—			—
	—			—			—			—			—			—			—
	120,919			24,116			23,400			150,787			6,863			93,131			133,000
	83,461			63,301			6,541			106,937			5,564			108,534			60,018
	120,339			(31,295	)		(65,932	)		(152,667	)		(7,817	)		1,006,815			933,648
	—			—			—			—			—			—			—
	(6,532	)		8,095			(5,036	)		(21,691	)		470			(74	)		—
	—			—			—			—			—			—			—
	1,527,522			76,625			198,431			3,040,321			108,385			(1,179,811	)		(390,179	)
	—			—			—			—			—			—			—
	(4,245	)		147			(217	)		3,339			(25	)		45			—
	1,637,084			53,572			127,246			2,869,302			101,013			(173,025	)		543,469
$	1,720,545		$	116,873		$	133,787		$	2,976,239		$	106,577		$	(64,491	)	$	603,487

See accompanying Notes to Financial Statements.

79

Aston Funds

Statements of Changes in Net Assets

	Cornerstone Large Cap Value Fund						Fairpointe Focused Equity Fund
	Six Months Ended						Period Ended
	April 30, 2015			Year Ended			April 30, 2015(a)
	(unaudited)			October 31, 2014			(unaudited)
NET ASSETS at Beginning of Period	$	163,910,660		$	62,648,378		$	—
Increase (decrease) in net assets from operations:
Net investment income (loss)		802,121			1,017,771			14,021
Net realized gain on investments		3,582,945			6,701,835			71,051
Net change in unrealized appreciation (depreciation) on investments		(6,119,169	)		2,552,837			190,078
Net increase (decrease) in net assets from operations		(1,734,103	)		10,272,443			275,150
Distributions to shareholders from:
Net investment income:
Class N		(453,376	)		(102,489	)		—
Class I		(916,253	)		(297,744	)		—
Class R		—			—			—
Net realized gain on investments:
Class N		—			—			—
Class I		—			—			—
Class R		—			—			—
Total distributions		(1,369,629	)		(400,233	)		—
Capital share transactions:
Proceeds from sales of shares:
Class N		5,959,864			46,807,591			2,038,222(b	)
Class I		9,559,771			71,518,302			3,879,199(b	)
Class R		—			—			—
Proceeds from reinvestment of distributions:
Class N		443,961			97,214			—
Class I		892,106			290,077			—
Class R		—			—			—
Cost of shares redeemed:
Class N		(9,883,643	)		(12,358,613	)		(6,758	)
Class I		(15,361,316	)		(14,964,499	)		—
Class R		—			—			—
Net increase (decrease) from capital share transactions		(8,389,257	)		91,390,072			5,910,663
Total increase (decrease) in net assets		(11,492,989	)		101,262,282			6,185,813
NET ASSETS at End of Period	$	152,417,671		$	163,910,660		$	6,185,813
Undistributed net investment income	$	244,332		$	811,840		$	14,021

(a) The inception date for Fairpointe Focused Equity Fund is December 24, 2014.

(b) Fairpointe Focused Equity Fund had a subscription-in-kind in the amount of $2,333,718 on December 24, 2014. The subscription was composed of securities, cash, and dividends accrued in the amounts of $2,305,531, $26,148 and $2,039, respectively.

See accompanying Notes to Financial Statements.

80

Aston Funds

Herndon Large Cap Value Fund						Montag & Caldwell Growth Fund						TAMRO Diversified Equity Fund
Six Months Ended						Six Months Ended						Six Months Ended
April 30, 2015			Year Ended			April 30, 2015			Year Ended			April 30, 2015			Year Ended
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
$	153,445,046		$	122,395,081		$	4,136,667,896		$	5,235,796,676		$	50,721,423		$	55,677,027
	545,734			1,429,201			10,016,405			23,807,692			1,756			(150,492	)
	1,849,704			9,189,481			535,116,918			830,078,413			3,260,838			3,506,744
	(1,031,369	)		3,565,628			(399,752,927	)		(344,295,024	)		(1,983,900	)		4,502,060
	1,364,069			14,184,310			145,380,396			509,591,081			1,278,694			7,858,312
	(45,034	)		(300,533	)		(2,061,260	)		(12,394,334	)		—			—
	(1,262,040	)		(733,243	)		(15,765,431	)		(24,280,948	)		—			(21,488	)
	—			—			(2,777	)		(34,093	)		—			—
	(823,682	)		(829,848	)		(212,615,826	)		(147,918,291	)		(1,684,542	)		(786,608	)
	(7,930,253	)		(1,561,843	)		(439,875,742	)		(202,241,647	)		(1,683,921	)		(844,736	)
	—			—			(1,298,521	)		(700,844	)		—			—
	(10,061,009	)		(3,425,467	)		(671,619,557	)		(387,570,157	)		(3,368,463	)		(1,652,832	)
	1,782,727			11,262,099			91,329,544			215,113,264			1,456,068			3,394,402
	13,818,536			88,729,125			180,884,591			694,385,708			490,555			3,934,241
	—			—			570,902			1,218,147			—			—
	868,259			1,130,230			209,112,111			156,933,268			1,525,858			725,967
	8,623,751			2,099,431			365,652,584			167,592,670			1,679,348			864,408
	—			—			1,092,344			580,629			—			—
	(5,402,065	)		(44,133,670	)		(597,806,719	)		(1,264,451,943	)		(6,979,033	)		(7,815,171	)
	(23,927,921	)		(38,796,093	)		(1,374,100,437	)		(1,188,092,282	)		(3,510,973	)		(12,264,931	)
	—			—			(2,164,146	)		(4,429,165	)		—			—
	(4,236,713	)		20,291,122			(1,125,429,226	)		(1,221,149,704	)		(5,338,177	)		(11,161,084	)
	(12,933,653	)		31,049,965			(1,651,668,387	)		(1,099,128,780	)		(7,427,946	)		(4,955,604	)
$	140,511,393		$	153,445,046		$	2,484,999,509		$	4,136,667,896		$	43,293,477		$	50,721,423
$	289,364		$	1,050,704		$	5,436,605		$	13,249,668		$	1,756		$	—

See accompanying Notes to Financial Statements.

81

Aston Funds

Statements of Changes in Net Assets (continued)

	River Road Dividend All Cap Value Fund						River Road Dividend All Cap Value Fund II
	Six Months Ended						Six Months Ended
	April 30, 2015			Year Ended			April 30, 2015			Year Ended
	(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
NET ASSETS at Beginning of Period	$	1,138,258,945		$	1,228,988,525		$	132,696,953		$	89,873,662
Increase in net assets from operations:
Net investment income (loss)		8,485,719			38,247,126			1,183,141			3,295,012
Net realized gain on investments		54,995,667			100,414,252			2,259,877			4,129,826
Net change in unrealized appreciation (depreciation) on investments		(23,219,800	)		(21,456,186	)		1,166,591			4,067,038
Net increase in net assets from operations		40,261,586			117,205,192			4,609,609			11,491,876
Distributions to shareholders from:
Net investment income:
Class N		(2,106,884	)		(13,621,324	)		(55,093	)		(173,767	)
Class I		(6,711,688	)		(26,859,558	)		(1,227,066	)		(3,298,001	)
Net realized gain on investments:
Class N		(24,073,946	)		(26,590,807	)		(214,191	)		(43,196	)
Class I		(65,111,598	)		(45,069,967	)		(3,926,743	)		(981,977	)
Total distributions		(98,004,116	)		(112,141,656	)		(5,423,093	)		(4,496,941	)
Capital share transactions:
Proceeds from sales of shares:
Class N		20,572,891			62,653,200			673,611			3,999,728
Class I		55,992,035			134,042,328			16,076,847			41,902,478
Proceeds from reinvestment of distributions:
Class N		25,807,259			39,949,265			268,862			215,899
Class I		48,711,403			46,719,016			4,800,140			3,879,481
Cost of shares redeemed:
Class N		(136,404,720	)		(202,510,406	)		(1,508,866	)		(1,213,066	)
Class I		(106,232,338	)		(176,646,519	)		(9,705,521	)		(12,956,164	)
Net increase (decrease) from capital share transactions		(91,553,470	)		(95,793,116	)		10,605,073			35,828,356
Total increase (decrease) in net assets		(149,296,000	)		(90,729,580	)		9,791,589			42,823,291
NET ASSETS at End of Period	$	988,962,945		$	1,138,258,945		$	142,488,542		$	132,696,953
Undistributed (distributions in excess of) net investment income (loss)	$	(1,419,801	)	$	(1,086,948	)	$	(172,071	)	$	(73,053	)

See accompanying Notes to Financial Statements.

82

Aston Funds

Fairpointe Mid Cap Fund						Montag & Caldwell Mid Cap Growth Fund						LMCG Small Cap Growth Fund
Six Months Ended						Six Months Ended						Six Months Ended
April 30, 2015			Year Ended			April 30, 2015			Year Ended			April 30, 2015			Year Ended
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
$	5,963,929,210		$	4,892,248,060		$	11,500,265		$	11,402,187		$	52,181,137		$	40,540,640
	8,274,084			890,017			(21,306	)		(63,632	)		(371,872	)		(350,017	)
	436,268,285			1,049,016,350			899,037			797,891			3,219,183			3,358,983
	(32,752,447	)		(389,789,424	)		(150,793	)		320,711			2,855,846			3,429,213
	411,789,922			660,116,943			726,938			1,054,970			5,703,157			6,438,179
	(2,292,874	)		—			—			—			—			—
	(4,564,241	)		(3,375,463	)		—			—			—			(14,282	)
	(388,644,763	)		(223,568,950	)		(403,184	)		(1,708,527	)		(1,601,490	)		(4,374,487	)
	(533,671,049	)		(234,479,219	)		(315,621	)		—			(873,314	)		(1,139,027	)
	(929,172,927	)		(461,423,632	)		(718,805	)		(1,708,527	)		(2,474,804	)		(5,527,796	)
	261,537,072			611,134,453			96,799			411,838			42,822,526			8,647,070
	524,719,215			1,427,015,336			1,173,694			3,668,445			26,464,398			9,672,810
	374,916,825			215,069,467			401,616			1,673,347			1,532,620			4,189,554
	421,110,375			170,521,263			315,621			—			772,122			1,140,513
	(437,348,303	)		(850,386,062	)		(2,974,645	)		(5,001,822	)		(7,932,697	)		(8,150,286	)
	(841,135,486	)		(700,366,618	)		(140,661	)		(173	)		(2,388,955	)		(4,769,547	)
	303,799,698			872,987,839			(1,127,576	)		751,635			61,270,014			10,730,114
	(213,583,307	)		1,071,681,150			(1,119,443	)		98,078			64,498,367			11,640,497
$	5,750,345,903		$	5,963,929,210		$	10,380,822		$	11,500,265		$	116,679,504		$	52,181,137
$	1,416,969		$	—		$	(21,306	)	$	—		$	(376,251	)	$	(4,379	)

See accompanying Notes to Financial Statements.

83

Aston Funds

Statements of Changes in Net Assets (continued)

	River Road Independent Value Fund						River Road Select Value Fund
	Six Months Ended						Six Months Ended
	April 30, 2015			Year Ended			April 30, 2015			Year Ended
	(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
NET ASSETS at Beginning of Period	$	667,238,002		$	725,355,861		$	184,553,976		$	217,318,502
Increase (decrease) in net assets from operations:
Net investment income (loss)		(2,765,503	)		(6,388,141	)		(199,768	)		(270,098	)
Net realized gain (loss) on investments and purchased and written options		(1,424,044	)		37,973,231			5,431,627			30,115,873
Net change in unrealized appreciation (depreciation) on investments and purchased and written options		9,390,145			(38,109,822	)		2,638,606			(29,790,084	)
Net increase (decrease) in net assets from operations		5,200,598			(6,524,732	)		7,870,465			55,691
Distributions to shareholders from:
Net investment income:
Class N		—			—			—			(30,707	)
Class I		—			—			—			(702,476	)
Net realized gain on investments:
Class N		(16,133,453	)		(13,027,499	)		(1,302,384	)		(2,748,770	)
Class I		(18,654,429	)		(15,234,387	)		(23,636,785	)		(28,381,897	)
Total distributions		(34,787,882	)		(28,261,886	)		(24,939,169	)		(31,863,850	)
Capital share transactions:
Proceeds from sales of shares:
Class N		29,645,833			74,910,227			383,299			1,992,585
Class I		18,057,556			154,544,987			2,911,998			29,881,645
Proceeds from reinvestment of distributions:
Class N		16,067,708			12,978,719			1,186,303			2,654,598
Class I		16,055,433			14,687,638			23,099,814			28,799,580
Cost of shares redeemed:
Class N		(56,452,622	)		(125,071,162	)		(2,093,322	)		(12,614,171	)
Class I		(206,335,879	)		(155,381,650	)		(60,816,355	)		(51,670,604	)
Net increase (decrease) from capital share transactions		(182,961,971	)		(23,331,241	)		(35,328,263	)		(956,367	)
Total increase (decrease) in net assets		(212,549,255	)		(58,117,859	)		(52,396,967	)		(32,764,526	)
NET ASSETS at End of Period	$	454,688,747		$	667,238,002		$	132,157,009		$	184,553,976
Undistributed (distributions in excess of) net investment income (loss)	$	(2,802,440	)	$	(36,937	)	$	(199,768	)	$	—

See accompanying Notes to Financial Statements.

84

Aston Funds

River Road Small Cap Value Fund						Silvercrest Small Cap Fund						TAMRO Small Cap Fund
Six Months Ended						Six Months Ended						Six Months Ended
April 30, 2015			Year Ended			April 30, 2015			Year Ended			April 30, 2015			Year Ended
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
$	299,221,337		$	309,597,171		$	68,888,134		$	33,267,442		$	835,868,756		$	1,325,799,376
	(370,098	)		(163,580	)		152,170			135,005			(1,434,844	)		(4,876,541	)
	6,844,762			48,359,630			3,719,349			1,540,966			89,998,942			116,264,947
	8,395,594			(46,163,511	)		(2,761,495	)		2,445,591			(74,212,102	)		(117,572,672	)
	14,870,258			2,032,539			1,110,024			4,121,562			14,351,996			(6,184,266	)
	—			(125,993	)		(10,817	)		(229	)		—			—
	—			(1,180,379	)		(144,060	)		(56,178	)		—			—
	(6,051,268	)		(12,061,338	)		(132,428	)		(146,801	)		(42,602,557	)		(47,504,176	)
	(35,176,931	)		(54,042,337	)		(1,405,279	)		(1,082,382	)		(51,414,056	)		(68,914,775	)
	(41,228,199	)		(67,410,047	)		(1,692,584	)		(1,285,590	)		(94,016,613	)		(116,418,951	)
									��
	2,520,794			10,064,979			471,389			4,648,830			10,279,611			48,233,449
	31,342,784			87,864,652			63,069,796			34,184,068			47,055,317			124,353,293
	6,025,656			12,142,608			143,245			147,030			41,973,876			44,495,639
	34,115,956			55,057,909			1,549,339			1,138,560			49,177,354			55,420,970
	(27,677,050	)		(17,845,889	)		(1,914,589	)		(2,442,586	)		(102,154,043	)		(211,736,661	)
	(44,295,507	)		(92,282,585	)		(20,222,392	)		(4,891,182	)		(104,579,564	)		(428,094,093	)
	2,032,633			55,001,674			43,096,788			32,784,720			(58,247,449	)		(367,327,403	)
	(24,325,308	)		(10,375,834	)		42,514,228			35,620,692			(137,912,066	)		(489,930,620	)
$	274,896,029		$	299,221,337		$	111,402,362		$	68,888,134		$	697,956,690		$	835,868,756
$	(370,098	)	$	—		$	75,044		$	77,751		$	(6,002,514	)	$	(4,567,670	)

See accompanying Notes to Financial Statements.

85

Aston Funds

Statements of Changes in Net Assets (continued)

	DoubleLine Core Plus Fixed Income Fund						TCH Fixed Income Fund
	Six Months Ended						Six Months Ended
	April 30, 2015			Year Ended			April 30, 2015			Year Ended
	(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
NET ASSETS at Beginning of Period	$	207,345,624		$	176,385,864		$	52,148,980		$	54,512,660
Increase (decrease) in net assets from operations:
Net investment income (loss)		5,200,949			5,528,276			718,700			1,750,503
Net realized gain (loss) on investments, affiliated investments, purchased and written options, capital gain distributions, securities sold short and foreign currency transactions		1,537,218			(860,472	)		388,998			937,543
Net change in unrealized appreciation (depreciation) on investments, purchased and written options, securities sold short and translation of assets and liabilities denominated in foreign currency		(599,727	)		3,161,286			(335,537	)		153,019
Net increase (decrease) in net assets from operations		6,138,440			7,829,090			772,161			2,841,065
Distributions to shareholders from:
Net investment income:
Class N		(1,261,532	)		(1,658,186	)		(556,092	)		(1,513,765	)
Class I		(4,189,433	)		(4,001,526	)		(264,848	)		(444,550	)
Net realized gain on investments:
Class N		—			—			—			—
Class I		—			—			—			—
Total distributions		(5,450,965	)		(5,659,712	)		(820,940	)		(1,958,315	)
Capital share transactions:
Proceeds from sales of shares:
Class N		88,624,982			23,358,553			3,165,883			5,903,056
Class I		112,520,606			109,666,232			5,737,684			9,601,364
Proceeds from reinvestment of distributions:
Class N		1,158,611			1,513,332			527,326			1,435,599
Class I		3,657,095			3,409,741			259,077			433,047
Cost of shares redeemed:
Class N		(22,302,863	)		(42,728,442	)		(2,563,963	)		(16,909,433	)
Class I		(26,612,546	)		(66,429,034	)		(3,820,915	)		(3,710,063	)
Capital Contribution (Note G):
Class N		—			—			—			—
Class I		—			—			—			—
Net increase (decrease) from capital share transactions		157,045,885			28,790,382			3,305,092			(3,246,430	)
Total increase (decrease) in net assets		157,733,360			30,959,760			3,256,313			(2,363,680	)
NET ASSETS at End of Period	$	365,078,984		$	207,345,624		$	55,405,293		$	52,148,980
Undistributed (distributions in excess of) net investment income (loss)	$	(626,987	)	$	(376,971	)	$	(812	)	$	101,428

See accompanying Notes to Financial Statements.

86

Aston Funds

Anchor Capital Enhanced Equity Fund						Lake Partners LASSO Alternatives Fund						River Road Long-Short Fund
Six Months Ended						Six Months Ended						Six Months Ended
April 30, 2015			Year Ended			April 30, 2015			Year Ended			April 30, 2015			Year Ended
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
$	210,964,549		$	159,761,924		$	521,542,660		$	470,862,793		$	219,410,621		$	180,141,159
	1,889,502			3,494,860			303,593			(1,496,938	)		(818,546	)		(3,311,713	)
	(2,481,145	)		(487,554	)		17,899,404			18,553,737			(1,312,785	)		2,468,897
	7,911,985			2,733,967			(16,524,621	)		(448,365	)		10,871,784			(8,658,331	)
	7,320,342			5,741,273			1,678,376			16,608,434			8,740,453			(9,501,147	)
	(799,016	)		(1,760,434	)		(15,074	)		(378,809	)		—			—
	(1,041,818	)		(1,547,989	)		(1,016,136	)		(3,788,207	)		—			—
	—			—			(1,747,938	)		(186,666	)		(2,666,296	)		(2,911,026	)
	—			—			(13,332,770	)		(1,404,331	)		(2,591,486	)		(2,032,930	)
	(1,840,834	)		(3,308,423	)		(16,111,918	)		(5,758,013	)		(5,257,782	)		(4,943,956	)
	11,212,843			35,023,834			30,999,471			21,759,727			19,859,633			94,199,671
	27,987,262			71,169,669			68,780,903			136,099,370			15,021,722			106,897,007
	780,171			1,731,451			1,751,278			544,810			2,640,850			2,838,180
	779,206			1,151,589			10,592,840			4,429,761			1,835,170			1,960,122
	(15,783,148	)		(37,674,832	)		(10,019,648	)		(33,487,553	)		(31,049,446	)		(89,100,715	)
	(33,394,700	)		(22,631,936	)		(288,161,793	)		(89,517,183	)		(47,314,373	)		(63,079,700	)
	—			—			—			45			—			—
	—			—			872			469			—			—
	(8,418,366	)		48,769,775			(186,056,077	)		39,829,446			(39,006,444	)		53,714,565
	(2,938,858	)		51,202,625			(200,489,619	)		50,679,867			(35,523,773	)		39,269,462
$	208,025,691		$	210,964,549		$	321,053,041		$	521,542,660		$	183,886,848		$	219,410,621
$	376,537		$	327,869		$	(2,724,787	)	$	(1,997,170	)	$	(843,917	)	$	(25,371	)

See accompanying Notes to Financial Statements.

87

Aston Funds

Statements of Changes in Net Assets (continued)

	Barings International Fund						Guardian Capital Global Dividend Fund
	Six Months Ended						Six Months Ended
	April 30, 2015			Year Ended			April 30, 2015			Period Ended
	(unaudited)			October 31, 2014			(unaudited)			October 31, 2014(a)
NET ASSETS at Beginning of Period	$	21,590,303		$	37,984,420		$	4,263,024		$	—
Increase (decrease) in net assets from operations:
Net investment income		83,461			619,600			63,301			54,125
Net realized gain (loss) on investments and foreign currency transactions		113,807			3,377,022			(23,200	)		(34,774	)
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		1,523,277			(4,350,016	)		76,772			234,146
Net increase (decrease) in net assets from operations		1,720,545			(353,394	)		116,873			253,497
Distributions to shareholders from:
Net investment income:
Class N		(6,430	)		(10,891	)		(10,655	)		(10,791	)
Class I		(466,160	)		(988,215	)		(39,126	)		(35,829	)
Net realized gain on investments:
Class N		(41,150	)		(28,909	)		—			—
Class I		(2,620,405	)		(2,374,296	)		—			—
Total distributions		(3,134,145	)		(3,402,311	)		(49,781	)		(46,620	)
Capital share transactions:
Proceeds from sales of shares:
Class N		8,318			61,141			12,740			1,001,103
Class I		1,046,591			5,876,501			106,476			3,029,962
Proceeds from reinvestment of distributions:
Class N		47,580			39,800			85			1
Class I		3,086,565			3,362,511			27,851			25,081
Cost of shares redeemed:
Class N		(11,575	)		(202,001	)		(497	)		—
Class I		(2,952,343	)		(21,776,364	)		(6,042	)		—
Capital Contribution (Note G):
Class N		—			—			—			—
Class I		—			—			—			—
Net increase (decrease) from capital share transactions		1,225,136			(12,638,412	)		140,613			4,056,147
Total increase (decrease) in net assets		(188,464	)		(16,394,117	)		207,705			4,263,024
NET ASSETS at End of Period	$	21,401,839		$	21,590,303		$	4,470,729		$	4,263,024
Undistributed (distributions in excess of) net investment income (loss)	$	82,402		$	471,531		$	29,855		$	16,335

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

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

(c) The inception date for TAMRO International Small Cap Fund is December 23, 2014.

See accompanying Notes to Financial Statements.

88

Aston Funds

LMCG Emerging Markets Fund						Pictet International Fund						TAMRO International Small Cap Fund
Six Months Ended						Six Months Ended						Period Ended
April 30, 2015			Year Ended			April 30, 2015			Period Ended			April 30, 2015(c)
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014(b)			(unaudited)
$	3,913,026		$	3,981,658		$	9,450,969		$	—		$	—
	6,541			53,625			106,937			100,895			5,564
	(70,968	)		(44,370	)		(174,358	)		47,967			(7,347	)
	198,214			47,409			3,043,660			(800,613	)		108,360
	133,787			56,664			2,976,239			(651,751	)		106,577
	(3,910	)		(9,940	)		(3,516	)		—			—
	(24,689	)		(54,634	)		(122,686	)		—			—
	—			—			(2,589	)		—			—
	—			—			(59,646	)		—			—
	(28,599	)		(64,574	)		(188,437	)		—			—
	2,750			58,981			8,780			1,052,710			1,082,641
	—			225,396			27,516,025			9,050,010			672,510
	3,910			9,940			305			—			—
	24,688			54,634			47,891			—			—
	(3,054	)		(12,775	)		(2,524	)		—			—
	—			(396,898	)		(4,642,649	)		—			—
	—			—			1,022			—			—
	—			—			22,276			—			—
	28,294			(60,722	)		22,951,126			10,102,720			1,755,151
	133,482			(68,632	)		25,738,928			9,450,969			1,861,728
$	4,046,508		$	3,913,026		$	35,189,897		$	9,450,969		$	1,861,728
$	(3,622	)	$	18,436		$	83,346		$	102,611		$	5,564

See accompanying Notes to Financial Statements.

89

Aston Funds

Statements of Changes in Net Assets (continued)

	Harrison Street Real Estate Fund						Montag & Caldwell Balanced Fund
	Six Months Ended						Six Months Ended
	April 30, 2015			Year Ended			April 30, 2015			Year Ended
	(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
NET ASSETS at Beginning of Period	$	13,583,237		$	13,625,155		$	22,379,687		$	24,264,373
Increase (decrease) in net assets from operations:
Net investment income		108,534			115,696			60,018			118,156
Net realized gain on investments and foreign currency transactions		1,006,741			398,784			933,648			1,933,249
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		(1,179,766	)		1,080,562			(390,179	)		(274,140	)
Net increase (decrease) in net assets from operations		(64,491	)		1,595,042			603,487			1,777,265
Distributions to shareholders from:
Net investment income:
Class N		(153,738	)		(140,263	)		(86,643	)		(189,116	)
Class I		(10,622	)		(7,304	)		(8,903	)		(19,216	)
Net realized gain on investments:
Class N		—			—			(1,709,308	)		(686,237	)
Class I		—			—			(163,800	)		(54,424	)
Total distributions		(164,360	)		(147,567	)		(1,968,654	)		(948,993	)
Capital share transactions:
Proceeds from sales of shares:
Class N		1,449,827			4,328,824			439,578			1,181,819
Class I		65,413			356,754			178,433			356,063
Proceeds from reinvestment of distributions:
Class N		148,501			136,039			1,744,501			851,885
Class I		7,332			4,230			81,833			31,658
Cost of shares redeemed:
Class N		(2,166,907	)		(6,092,762	)		(1,126,354	)		(4,776,971	)
Class I		(49,622	)		(222,478	)		(364,938	)		(357,412	)
Net increase (decrease) from capital share transactions		(545,456	)		(1,489,393	)		953,053			(2,712,958	)
Total decrease in net assets		(774,307	)		(41,918	)		(412,114	)		(1,884,686	)
NET ASSETS at End of Period	$	12,808,930		$	13,583,237		$	21,967,573		$	22,379,687
Undistributed (distributions in excess of) net investment income (loss)	$	59,644		$	115,470		$	(339,932	)	$	(304,404	)

See accompanying Notes to Financial Statements.

90

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	15.35		$	13.74		$	11.04		$	10.04		$	9.20		$	8.31
Income from Investment Operations:
Net investment income		0.06	(a)		0.11	(a)		0.09	(a)		0.10	(a)		0.12	(a)		0.13
Net realized and unrealized gain (loss) on investments		(0.24	)		1.56			2.72			0.94			0.83			0.89
Total from investment operations		(0.18	)		1.67			2.81			1.04			0.95			1.02
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.06	)		(0.11	)		(0.04	)		(0.11	)		(0.13	)
Total distributions		(0.12	)		(0.06	)		(0.11	)		(0.04	)		(0.11	)		(0.13	)
Net increase (decrease) in net asset value .		(0.30	)		1.61			2.70			1.00			0.84			0.89
Net Asset Value, End of Period	$	15.05		$	15.35		$	13.74		$	11.04		$	10.04		$	9.20
Total Return (b)		(1.24	)%(c)		12.17	%		25.72	%		10.43	%		10.44	%		12.37	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	56,061		$	60,683		$	23,913		$	21,105		$	24,631		$	19,984
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.26	%(d)		1.30	%		1.48	%		1.58	%		1.61	%		1.19	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.26	%(d)		1.30	%		1.30	%		1.26	%(e)		1.14	%(e)		1.07	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.86	%(d)		0.73	%		0.53	%		0.60	%		0.80	%		1.32	%
After expense reimbursement and/or fee waiver by Adviser		0.86	%(d)		0.73	%		0.71	%		0.92	%		1.27	%		1.44	%
Portfolio Turnover		20.43	%(c)		30.03	%		58.24	%		58.21	%		59.07	%(g)		37.44	%

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

See accompanying Notes to Financial Statements.

91

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	15.38		$	13.78		$	11.07		$	10.05		$	9.19		$	8.31
Income from Investment Operations:
Net investment income		0.08	(a)		0.15	(a)		0.12	(a)		0.11	(a)		0.16	(a)		0.15
Net realized and unrealized gain (loss) on investments		(0.24	)		1.54			2.73			0.96			0.84			0.88
Total from investment operations		(0.16	)		1.69			2.85			1.07			1.00			1.03
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.09	)		(0.14	)		(0.05	)		(0.14	)		(0.15	)
Total distributions		(0.14	)		(0.09	)		(0.14	)		(0.05	)		(0.14	)		(0.15	)
Net increase (decrease) in net asset value .		(0.30	)		1.60			2.71			1.02			0.86			0.88
Net Asset Value, End of Period	$	15.08		$	15.38		$	13.78		$	11.07		$	10.05		$	9.19
Total Return (b)		(1.09	)%(c)		12.33	%		26.08	%		10.66	%		10.95	%		12.53	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	96,357		$	103,228		$	38,735		$	5,397		$	126		$	204,051
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.01	%(d)		1.05	%		1.23	%		1.33	%		1.36	%		0.94	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.01	%(d)		1.05	%		1.05	%		1.01	%(e)		0.89	%(e)		0.82	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.11	%(d)		0.98	%		0.78	%		0.85	%		1.05	%		1.57	%
After expense reimbursement and/or fee waiver by Adviser		1.11	%(d)		0.98	%		0.96	%		1.17	%		1.52	%		1.69	%
Portfolio Turnover		20.43	%(c)		30.03	%		58.24	%		58.21	%		59.07	%(g)		37.44	%

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

See accompanying Notes to Financial Statements.

92

Aston Funds

ASTON/Fairpointe Focused Equity Fund – Class N	April 30, 2015
Financial Highlights

	Period Ended 04/30/15(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.02
Net realized and unrealized gain on investments		0.44
Total from investment operations		0.46
Net increase in net asset value		0.46
Net Asset Value, End of Period	$	10.46
Total Return (b)		4.60	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,092
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.40	%(d)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.64	)%(d)
After expense reimbursement and/or fee waiver by Adviser		0.61	%(d)
Portfolio Turnover		11.03	%(c)(e)

(a) The inception date for Fairpointe Focused Equity Fund Class N shares is December 24, 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.

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

See accompanying Notes to Financial Statements.

93

Aston Funds

ASTON/Fairpointe Focused Equity Fund – Class I	April 30, 2015
Financial Highlights

	Period Ended 04/30/15(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.03
Net realized and unrealized gain on investments		0.44
Total from investment operations		0.47
Net increase in net asset value		0.47
Net Asset Value, End of Period	$	10.47
Total Return (b)		4.70	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,094
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.15	%(d)
After expense reimbursement and/or fee waiver by Adviser		0.90	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.39	)%(d)
After expense reimbursement and/or fee waiver by Adviser		0.86	%(d)
Portfolio Turnover		11.03	%(c)(e)

(a) The inception date for Fairpointe Focused Equity Fund Class I shares is December 24, 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.

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

See accompanying Notes to Financial Statements.

94

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			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	$	15.08		$	13.84		$	11.73		$	11.31		$	10.39		$	10.00
Income from Investment Operations:
Net investment income		0.04	(b)		0.11	(b)		0.15	(b)		0.18	(b)		0.12	(b)		0.03
Net realized and unrealized gain on investments		0.09			1.49			2.40			0.91			0.81			0.36
Total from investment operations		0.13			1.60			2.55			1.09			0.93			0.39
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.10	)		(0.22	)		(0.11	)		(0.01	)		—
Distributions from net realized gain on investments		(0.88	)		(0.26	)		(0.22	)		(0.56	)		—			—
Total distributions		(0.93	)		(0.36	)		(0.44	)		(0.67	)		(0.01	)		—
Net increase (decrease) in net asset value		(0.80	)		1.24			2.11			0.42			0.92			0.39
Net Asset Value, End of Period	$	14.28		$	15.08		$	13.84		$	11.73		$	11.31		$	10.39
Total Return (c)		1.05	(d)		11.67	%		22.58	%		10.39	%		9.09	%		3.90	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	10,391		$	13,997		$	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		1.25	%(e)		1.23	%		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	%		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.58	%(e)		0.84	%		1.24	%		1.44	%		(0.05	)%		(11.94	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.53	%(e)		0.77	%		1.21	%		1.55	%		1.03	%		0.60	%(e)
Portfolio Turnover		26.59	%(d)		75.46	%		69.51	%		80.56	%		189.70	%		38.64	%(d)

(a) The inception date for 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.

95

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	15.12		$	13.87		$	11.75		$	11.33		$	11.48
Income from Investment Operations:
Net investment income		0.06	(b)		0.15	(b)		0.19	(b)		0.21	(b)		0.10	(b)
Net realized and unrealized gain (loss) on investments		0.09			1.48			2.39			0.91			(0.25	)
Total from investment operations		0.15			1.63			2.58			1.12			(0.15	)
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.12	)		(0.24	)		(0.14	)		—
Distributions from net realized gain on investments		(0.88	)		(0.26	)		(0.22	)		(0.56	)		—
Total distributions		(1.02	)		(0.38	)		(0.46	)		(0.70	)		—
Net increase (decrease) in net asset value		(0.87	)		1.25			2.12			0.42			(0.15	)
Net Asset Value, End of Period	$	14.25		$	15.12		$	13.87		$	11.75		$	11.33
Total Return (c)		1.22	(d)		11.94	%		22.94	%		10.69	%		(1.31	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	130,121		$	139,448		$	80,534		$	34,575		$	11,881
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.00	%(e)		0.98	%		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	%		1.05	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.83	%(e)		1.09	%		1.49	%		1.69	%		0.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.78	%(e)		1.02	%		1.46	%		1.80	%		1.28	%(e)
Portfolio Turnover		26.59	%(d)		75.46	%		69.51	%		80.56	%		189.70	%(d)

(a) The inception date for 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.

96

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14				Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	29.59		$	28.68			$	25.31		$	24.72		$	22.92		$	20.87
Income from Investment Operations:
Net investment income		0.05	(a)		0.10	(a)			0.23	(a)		0.15	(a)		0.14	(a)		0.12	(a)
Net realized and unrealized gain on investments		0.90			2.93				5.07			2.45			1.83			2.01	(b)
							��
Total from investment operations		0.95			3.03				5.30			2.60			1.97			2.13
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.16	)			(0.22	)		(0.13	)		(0.13	)		(0.08	)
Distributions from net realized gain on investments		(5.00	)		(1.96	)			(1.71	)		(1.88	)		(0.04	)		—
Total distributions		(5.05	)		(2.12	)			(1.93	)		(2.01	)		(0.17	)		(0.08	)
Net increase (decrease) in net asset value		(4.10	)		0.91				3.37			0.59			1.80			2.05
Net Asset Value, End of Period	$	25.49		$	29.59			$	28.68		$	25.31		$	24.72		$	22.92
Total Return (c)		3.19	%(d)		10.98	%			22.61	%		11.40	%		8.56	%		10.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	872,678		$	1,344,317			$	2,190,074		$	1,908,663		$	1,683,183		$	1,506,075
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.04	%(e)		1.03	%			1.04	%		1.05	%		1.06	%		1.08	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.04	%(e)		1.03	%			1.04	%		1.05	%		1.06	%		1.08	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.39	%(e)		0.34	%			0.88	%		0.60	%		0.59	%		0.56	%
After expense reimbursement and/or fee waiver by Adviser		0.39	%(e)		0.34	%			0.88	%		0.60	%		0.59	%		0.56	%
Portfolio Turnover		31.82	%(d)		47.31	%			50.57	%		46.42	%		63.48	%		57.39	%(g)

(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.

See accompanying Notes to Financial Statements.

97

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	29.80		$	28.87		$	25.46		$	24.85		$	23.05		$	20.97
Income from Investment Operations:
Net investment income		0.09	(a)		0.17	(a)		0.30	(a)		0.21	(a)		0.21	(a)		0.18	(a)
Net realized and unrealized gain on investments		0.89			2.96			5.10			2.47			1.82			2.02	(b)
Total from investment operations		0.98			3.13			5.40			2.68			2.03			2.20
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.24	)		(0.28	)		(0.19	)		(0.19	)		(0.12	)
Distributions from net realized gain on investments		(5.00	)		(1.96	)		(1.71	)		(1.88	)		(0.04	)		—
Total distributions		(5.18	)		(2.20	)		(1.99	)		(2.07	)		(0.23	)		(0.12	)
Net increase (decrease) in net asset value		(4.20	)		0.93			3.41			0.61			1.80			2.08
Net Asset Value, End of Period	$	25.60		$	29.80		$	28.87		$	25.46		$	24.85		$	23.05
Total Return (c)		3.28	%(d)		11.26	%		22.95	%		11.67	%		8.82	%		10.49	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,606,177		$	2,784,650		$	3,035,623		$	2,406,145		$	1,749,183		$	1,528,981
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.79	%(e)		0.78	%		0.79	%		0.80	%		0.81	%		0.83	%(f)
After expense reimbursement and/or fee waiver by Adviser		0.79	%(e)		0.78	%		0.79	%		0.80	%		0.81	%		0.83	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.64	%(e)		0.59	%		1.13	%		0.85	%		0.84	%		0.81	%
After expense reimbursement and/or fee waiver by Adviser		0.64	%(e)		0.59	%		1.13	%		0.85	%		0.84	%		0.81	%
Portfolio Turnover		31.82	%(d)		47.31	%		50.57	%		46.42	%		63.48	%		57.39	%(g)

(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.

See accompanying Notes to Financial Statements.

98

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class R	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	29.21		$	28.33		$	25.02		$	24.45		$	22.70		$	20.73
Income from Investment Operations:
Net investment income		0.02	(a)		0.03	(a)		0.16	(a)		0.09	(a)		0.08	(a)		0.07	(a)
Net realized and unrealized gain on investments		0.87			2.91			5.01			2.43			1.80			1.98	(b)
Total from investment operations		0.89			2.94			5.17			2.52			1.88			2.05
Less Distributions:
Distributions from and in excess of net investment income		(0.01	)		(0.10	)		(0.15	)		(0.07	)		(0.09	)		(0.08	)
Distributions from net realized gain on investments		(5.00	)		(1.96	)		(1.71	)		(1.88	)		(0.04	)		—
Total distributions		(5.01	)		(2.06	)		(1.86	)		(1.95	)		(0.13	)		(0.08	)
Net increase (decrease) in net asset value .		(4.12	)		0.88			3.31			0.57			1.75			1.97
Net Asset Value, End of Period	$	25.09		$	29.21		$	28.33		$	25.02		$	24.45		$	22.70
Total Return (c)		3.02	%(d)		10.74	%		22.30	%		11.10	%		8.29	%		9.90	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,145		$	7,701		$	10,099		$	8,771		$	8,654		$	7,292
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.29	%(e)		1.28	%		1.29	%		1.30	%		1.31	%		1.33	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.29	%(e)		1.28	%		1.29	%		1.30	%		1.31	%		1.33	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.14	%(e)		0.09	%		0.63	%		0.35	%		0.34	%		0.31	%
After expense reimbursement and/or fee waiver by Adviser		0.14	%(e)		0.09	%		0.63	%		0.35	%		0.34	%		0.31	%
Portfolio Turnover		31.82	%(d)		47.31	%		50.57	%		46.42	%		63.48	%		57.39	%(g)

(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.

See accompanying Notes to Financial Statements.

99

Aston Funds

ASTON/TAMRO Diversified Equity Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	18.73		$	16.75		$	13.52		$	12.34		$	11.83		$	9.72
Income from Investment Operations:
Net investment income (loss)		(0.01	)(a)		(0.08	)		0.01	(a)		(—	)(b)		(0.02	)		—	(b)
Net realized and unrealized gain on investments		0.47			2.56			3.27			1.44			0.53			2.13
Total from investment operations		0.46			2.48			3.28			1.44			0.51			2.13
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.03	)		—			—			(0.02	)
Distributions from net realized gain on investments		(1.30	)		(0.50	)		(0.02	)		(0.26	)		—			—
Total distributions		(1.30	)		(0.50	)		(0.05	)		(0.26	)		—			(0.02	)
Net increase (decrease) in net asset value .		(0.84	)		1.98			3.23			1.18			0.51			2.11
Net Asset Value, End of Period	$	17.89		$	18.73		$	16.75		$	13.52		$	12.34		$	11.83
Total Return (c)		2.41	%(d)		15.10	%		24.29	%		11.94	%		4.31	%		21.95	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	20,972		$	26,022		$	26,797		$	21,980		$	24,354		$	15,670
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.37	%		1.46	%		1.68	%(f)		1.62	%(f)		1.63	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(e)		1.20	%		1.20	%		1.20	%(f)		1.20	%(f)		1.20	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.32	)%(e)		(0.58	)%		(0.19	)%		(0.47	)%		(0.63	)%		(0.45	)%
After expense reimbursement and/or fee waiver by Adviser		(0.12	)%(e)		(0.40	)%		0.07	%		(—	)%(b)		(0.21	)%		(0.02	)%
Portfolio Turnover		19.87	%(d)		40.41	%		79.61	%		52.56	%		65.96	%		81.75	%

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

See accompanying Notes to Financial Statements.

100

Aston Funds

ASTON/TAMRO Diversified Equity Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	18.80		$	16.78		$	13.55		$	13.27
Income from Investment Operations:
Net investment income (loss)		0.01	(b)		(0.03	)		0.05	(b)		(0.05	)
Net realized and unrealized gain on investments		0.47			2.56			3.26			0.33
Total from investment operations		0.48			2.53			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		(1.30	)		(0.50	)		(0.02	)		—
Total Distributions		(1.30	)		(0.51	)		(0.08	)		—
Net increase (decrease) in net asset value		(0.82	)		2.02			3.23			0.28
Net Asset Value, End of Period	$	17.98		$	18.80		$	16.78		$	13.55
Total Return (c)		2.51	%(d)		15.40	%		24.64	%		2.04	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	22,322		$	24,700		$	28,880		$	569
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.12	%		1.21	%		1.45	%(e)(f)
After expense reimbursement and/or fee waiver by Adviser		0.95	%(e)		0.95	%		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		(0.07	)%(e)		(0.33	)%		0.06	%		(1.11	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.13	%(e)		(0.15	)%		0.32	%		(0.61	)%(e)
Portfolio Turnover		19.87	%(d)		40.41	%		79.61	%		52.56	%

(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 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.

See accompanying Notes to Financial Statements.

101

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	14.05		$	13.99		$	11.67		$	10.68		$	10.23		$	8.58
Income from Investment Operations:
Net investment income		0.10	(a)		0.42			0.30			0.31	(a)		0.29	(a)		0.26	(a)
Net realized and unrealized gain on investments		0.41			0.89			2.73			1.05			0.42			1.62
Total from investment operations		0.51			1.31			3.03			1.36			0.71			1.88
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.44	)		(0.27	)		(0.30	)		(0.26	)		(0.23	)
Distributions from net realized gain on investments		(1.17	)		(0.81	)		(0.44	)		(0.07	)		—			—
Total distributions		(1.27	)		(1.25	)		(0.71	)		(0.37	)		(0.26	)		(0.23	)
Net increase (decrease) in net asset value		(0.76	)		0.06			2.32			0.99			0.45			1.65
Net Asset Value, End of Period	$	13.29		$	14.05		$	13.99		$	11.67		$	10.68		$	10.23
Total Return (b)		3.63	%(c)		9.89	%		27.47	%		12.96	%		6.94	%		22.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	244,562		$	349,937		$	449,130		$	338,166		$	301,290		$	135,544
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		1.09	%		1.09	%		1.12	%		1.12	%		1.14	%
After expense reimbursement and/or fee waiver by Adviser		1.09	%(d)		1.09	%		1.09	%		1.12	%		1.12	%		1.14	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.45	%(d)		2.96	%		2.38	%		2.74	%		2.70	%		2.69	%
After expense reimbursement and/or fee waiver by Adviser		1.45	%(d)		2.96	%		2.38	%		2.74	%		2.70	%		2.69	%
Portfolio Turnover		13.43	%(c)		31.78	%		35.18	%		28.17	%		24.65	%		29.92	%

(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.

See accompanying Notes to Financial Statements.

102

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	14.04		$	13.98		$	11.66		$	10.67		$	10.22		$	8.57
Income from Investment Operations:
Net investment income		0.11	(a)		0.44			0.34			0.34	(a)		0.32	(a)		0.28	(a)
Net realized and unrealized gain on investments		0.42			0.90			2.72			1.05			0.42			1.63
Total from investment operations		0.53			1.34			3.06			1.39			0.74			1.91
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.47	)		(0.30	)		(0.33	)		(0.29	)		(0.26	)
Distributions from net realized gain on investments		(1.17	)		(0.81	)		(0.44	)		(0.07	)		—			—
Total distributions		(1.29	)		(1.28	)		(0.74	)		(0.40	)		(0.29	)		(0.26	)
Net increase (decrease) in net asset value .		(0.76	)		0.06			2.32			0.99			0.45			1.65
Net Asset Value, End of Period	$	13.28		$	14.04		$	13.98		$	11.66		$	10.67		$	10.22
Total Return (b)		3.76	%(c)		10.18	%		27.81	%		13.25	%		7.21	%		22.53	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	744,401		$	788,322		$	779,859		$	586,043		$	318,863		$	137,629
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.84	%(d)		0.84	%		0.84	%		0.87	%		0.87	%		0.89	%
After expense reimbursement and/or fee waiver by Adviser		0.84	%(d)		0.84	%		0.84	%		0.87	%		0.87	%		0.89	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.70	%(d)		3.21	%		2.63	%		2.99	%		2.95	%		2.94	%
After expense reimbursement and/or fee waiver by Adviser		1.70	%(d)		3.21	%		2.63	%		2.99	%		2.95	%		2.94	%
Portfolio Turnover		13.43	%(c)		31.78	%		35.18	%		28.17	%		24.65	%		29.92	%

(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.

See accompanying Notes to Financial Statements.

103

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	13.69		$	12.89		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.10	(b)		0.36			0.22			0.09	(b)
Net realized and unrealized gain on investments		0.35			0.96			2.46			0.41
Total from investment operations		0.45			1.32			2.68			0.50
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.38	)		(0.23	)		(0.06	)
Distributions from net realized gain on investments		(0.43	)		(0.14	)		—	(c)		—
Total distributions		(0.54	)		(0.52	)		(0.23	)		(0.06	)
Net increase (decrease) in net asset value		(0.09	)		0.80			2.45			0.44
Net Asset Value, End of Period	$	13.60		$	13.69		$	12.89		$	10.44
Total Return (d)		3.25	%(e)		10.46	%		25.99	%		5.09	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,430		$	7,037		$	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)		1.17	%		1.37	%		4.99	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.15	%(f)		1.25	%		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		1.49	%(f)		2.81	%		1.68	%		(1.24	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.49	%(f)		2.72	%		1.76	%		2.45	%(f)
Portfolio Turnover		15.77	%(e)		29.42	%		27.80	%		5.58	%(e)(g)

(a) The inception date for 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.

104

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	13.69		$	12.89		$	10.45		$	10.00
Income from Investment Operations:
Net investment income		0.12	(b)		0.39			0.25			0.10	(b)
Net realized and unrealized gain on investments		0.36			0.96			2.45			0.42
Total from investment operations		0.48			1.35			2.70			0.52
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.41	)		(0.26	)		(0.07	)
Distributions from net realized gain on investments		(0.43	)		(0.14	)		—	(c)		—
Total distributions		(0.56	)		(0.55	)		(0.26	)		(0.07	)
Net increase (decrease) in net asset value		(0.08	)		0.80			2.44			0.45
Net Asset Value, End of Period	$	13.61		$	13.69		$	12.89		$	10.45
Total Return (d)		3.46	%(e)		10.73	%		26.30	%		5.17	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	136,058		$	125,660		$	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)		0.92	%		1.12	%		4.74	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.90	%(f)		1.00	%		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		1.74	%(f)		3.06	%		1.93	%		(0.99	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.74	%(f)		2.97	%		2.01	%		2.70	%(f)
Portfolio Turnover		15.77	%(e)		29.42	%		27.80	%		5.58	%(e)(g)

(a) The inception date for 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.

105

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	46.89		$	45.40		$	32.79		$	29.76		$	29.04		$	22.73
Income from Investment Operations:
Net investment income (loss)		0.03	(a)		(0.06	)		0.17			0.16			0.06	(a)		0.01
Net realized and unrealized gain on investments		3.07			5.82			13.48			3.13			0.82			6.35
Total from investment operations		3.10			5.76			13.65			3.29			0.88			6.36
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		—			(0.30	)		(0.05	)		(0.08	)		(0.05	)
Distributions from net realized gain on investments		(7.58	)		(4.27	)		(0.74	)		(0.21	)		(0.08	)		—
Total distributions		(7.62	)		(4.27	)		(1.04	)		(0.26	)		(0.16	)		(0.05	)
Net increase (decrease) in net asset value .		(4.52	)		1.49			12.61			3.03			0.72			6.31
Net Asset Value, End of Period	$	42.37		$	46.89		$	45.40		$	32.79		$	29.76		$	29.04
Total Return (b)		7.15	%(c)		13.32	%		42.88	%		11.15	%		2.98	%		28.01	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,410,370		$	2,432,815		$	2,370,432		$	1,561,510		$	1,502,266		$	1,469,354
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.10	%		1.11	%		1.11	%(e)		1.14	%(e)		1.14	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.10	%		1.11	%		1.11	%(e)		1.14	%(e)		1.14	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.14	%(d)		(0.12	)%		0.42	%		0.50	%		0.21	%		—	%(f)
After expense reimbursement and/or fee waiver by Adviser		0.14	%(d)		(0.12	)%		0.42	%		0.50	%		0.21	%		—	%(f)
Portfolio Turnover		19.11	%(c)		50.25	%		36.98	%		28.06	%(g)		11.20	%		13.82	%

(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 each of the years ended October 31, 2012, October 31, 2011, and October 31, 2010, which are not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

(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.

106

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	47.74		$	46.10		$	33.28		$	30.20		$	29.41		$	23.00
Income from Investment Operations:
Net investment income		0.09	(a)		0.05			0.28			0.24			0.14	(a)		0.07
Net realized and unrealized gain on investments		3.13			5.92			13.67			3.18			0.82			6.43
Total from investment operations		3.22			5.97			13.95			3.42			0.96			6.50
Less Distributions:
Distributions from and in excess of net investment income		(0.06	)		(0.06	)		(0.39	)		(0.13	)		(0.09	)		(0.09	)
Distributions from net realized gain on investment		(7.58	)		(4.27	)		(0.74	)		(0.21	)		(0.08	)		—
Total distributions		(7.64	)		(4.33	)		(1.13	)		(0.34	)		(0.17	)		(0.09	)
Net increase (decrease) in net asset value		(4.42	)		1.64			12.82			3.08			0.79			6.41
Net Asset Value, End of Period	$	43.32		$	47.74		$	46.10		$	33.28		$	30.20		$	29.41
Total Return (b)		7.29	%(c)		13.61	%		43.23	%		11.46	%		3.22	%		28.31	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,339,976		$	3,531,114		$	2,521,876		$	1,464,222		$	1,339,223		$	499,651
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.85	%(d)		0.85	%		0.86	%		0.86	%(e)		0.89	%(e)		0.89	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.85	%(d)		0.85	%		0.86	%		0.86	%(e)		0.89	%(e)		0.89	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.39	%(d)		0.13	%		0.67	%		0.75	%		0.46	%		0.25	%
After expense reimbursement and/or fee waiver by Adviser		0.39	%(d)		0.13	%		0.67	%		0.75	%		0.46	%		0.25	%
Portfolio Turnover		19.11	%(c)		50.25	%		36.98	%		28.06	%(f)		11.20	%		13.82	%

(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 each of the years ended October 31, 2012, October 31, 2011, and October 31, 2010, which are not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

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

See accompanying Notes to Financial Statements.

107

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	11.99		$	12.77		$	10.36		$	9.71		$	8.51		$	6.83
Income from Investment Operations:
Net investment loss		(0.04	)(a)		(0.06	)(a)		(0.07	)		(0.07	)(a)		(0.07	)		(0.04	)
Net realized and unrealized gain on investments		0.86			1.20			2.58			0.72			1.27			1.74
Total from investment operations		0.82			1.14			2.51			0.65			1.20			1.70
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			—			—			(0.02	)
Distributions from net realized gain on investments		(0.99	)		(1.92	)		(0.10	)		—			—			—
Total distributions		(0.99	)		(1.92	)		(0.10	)		—			—			(0.02	)
Net increase (decrease) in net asset value		(0.17	)		(0.78	)		2.41			0.65			1.20			1.68
Net Asset Value, End of Period	$	11.82		$	11.99		$	12.77		$	10.36		$	9.71		$	8.51
Total Return (b)		7.07	%(c)		9.75	%		24.51	%		6.70	%		14.10	%		24.85	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,131		$	7,633		$	11,402		$	7,369		$	4,507		$	3,399
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.11	%(d)		2.16	%		1.85	%		2.50	%		3.07	%		3.55	%
After expense reimbursement and/or fee waiver by Adviser		1.25	%(d)		1.25	%		1.25	%		1.25	%(e)		1.39	%(e)		1.40	%
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.39	)%(d)		(1.45	)%		(1.18	)%		(1.88	)%		(2.39	)%		(2.75	)%
After expense reimbursement and/or fee waiver by Adviser		(0.52	)%(d)		(0.55	)%		(0.58	)%		(0.63	)%		(0.71	)%		(0.60	)%
Portfolio Turnover		29.24	%(c)		32.96	%		74.24	%		36.60	%		29.31	%		31.49	%

(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.

108

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	12.00		$	11.36
Income from Investment Operations:
Net investment loss		(0.02	)(b)		(0.04	)(b)
Net realized and unrealized gain on investments		0.86			0.68
Total from investment operations		0.84			0.64
Less Distributions:
Distributions from net realized gain on investments		(0.99	)		—
Total Distributions		(0.99	)		—
Net increase (decrease) in net asset value		(0.15	)		0.64
Net Asset Value, End of Period	$	11.85		$	12.00
Total Return (c)		7.25	%(d)		5.63	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,250		$	3,867
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.86	%(e)		2.27	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.00	%(e)		1.00	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.14	)%(e)		(1.95	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(0.27	)%(e)		(0.68	)%(e)
Portfolio Turnover		29.24	%(d)		32.96	%

(a) The inception date for Montag & Caldwell Mid Cap Growth Fund Class I shares is May 14, 2014.

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

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

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

109

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	14.76		$	14.71		$	11.42		$	9.95		$	10.00
Income from Investment Operations:
Net investment income (loss)		(0.08	)(b)		(0.13	)(b)		—	(b)(c)		(0.12	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.26			2.21			4.18			1.59			(0.01	)
Total from investment operations		1.18			2.08			4.18			1.47			(0.05	)
Less Distributions:
Distributions from net realized gains on investments		(0.54	)		(2.03	)		(0.89	)		—			—
Total distributions		(0.54	)		(2.03	)		(0.89	)		—			—
Net increase (decrease) in net asset value		0.64			0.05			3.29			1.47			(0.05	)
Net Asset Value, End of Period	$	15.40		$	14.76		$	14.71		$	11.42		$	9.95
Total Return (d)		8.18	%(e)		15.18	%		39.31	%		14.77	%		(0.50	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	75,529		$	37,099		$	32,045		$	5,659		$	5,411
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.52	%(f)		1.67	%		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	%		1.35	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.20	)%(f)		(1.22	)%		(0.66	)%		(2.68	)%		(8.14	)%(f)
After expense reimbursement and/or fee waiver by Adviser		(1.03	)%(f)		(0.90	)%		0.02	%		(1.17	)%		(1.21	)%(f)
Portfolio Turnover		38.83	%(e)		143.99	%		186.40	%(g)		168.05	%(h)		205.85	%(e)

(a) The inception date for LMCG Small Cap Growth Fund Class N shares is November 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.

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

(e) Not annualized.

(f) Annualized.

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

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

See accompanying Notes to Financial Statements.

110

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	14.89		$	14.81		$	11.46		$	9.97		$	12.40
Income from Investment Operations:
Net investment income (loss)		(0.06	)(b)		(0.09	)(b)		0.04	(b)		(0.10	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.26			2.23			4.20			1.59			(2.39	)
Total from investment operations		1.20			2.14			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		(0.54	)		(2.03	)		(0.89	)		—			—
Total distributions		(0.54	)		(2.06	)		(0.89	)		—			—
Net increase (decrease) in net asset value		0.66			0.08			3.35			1.49			(2.43	)
Net Asset Value, End of Period	$	15.55		$	14.89		$	14.81		$	11.46		$	9.97
Total Return (c)		8.25	%(d)		15.51	%		39.72	%		14.95	%		(19.60	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	41,150		$	15,083		$	8,496		$	755		$	2,551
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.27	%(e)		1.42	%		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	%		1.10	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.95	)%(e)		(0.97	)%		(0.41	)%		(2.43	)%		(6.11	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(0.78	)%(e)		(0.65	)%		0.27	%		(0.92	)%		(0.96	)%(e)
Portfolio Turnover		38.83	%(d)		143.99	%		186.40	%(f)		168.05	%(g)		205.85	%(d)

(a) The inception date for LMCG Small Cap Growth Fund Class I shares is June 1, 2011.

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

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

(d) Not annualized.

(e) Annualized.

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

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

See accompanying Notes to Financial Statements.

111

Aston Funds

ASTON/River Road Independent Value Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.89		$	11.47		$	11.42		$	10.75		$	10.00
Income from Investment Operations:
Net investment loss		(0.06	)(b)		(0.12	)(b)		(0.07	)		(0.09	)(b)		(0.07	)(b)
Net realized and unrealized gain (loss) on investments		0.13			(0.01	)		0.75			0.88			0.82
Total from investment operations		0.07			(0.13	)		0.68			0.79			0.75
Less Distributions:
Distributions from net realized gain on investments		(0.65	)		(0.45	)		(0.63	)		(0.12	)		—
Total distributions		(0.65	)		(0.45	)		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		(0.58	)		(0.58	)		0.05			0.67			0.75
Net Asset Value, End of Period	$	10.31		$	10.89		$	11.47		$	11.42		$	10.75
Total Return (c)		0.62	%(d)		(1.24	)%		6.37	%		7.41	%		7.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	261,050		$	285,949		$	339,088		$	362,416		$	306,223
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.43	%(e)		1.42	%(f)		1.43	%(f)		1.44	%(f)		1.59	%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.42	%(e)		1.42	%(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 the Adviser		(1.15	)%(e)		(1.04	)%		(0.61	)%		(0.81	)%		(0.98	)%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		(1.14	)%(e)		(1.03	)%		(0.59	)%		(0.79	)%		(0.80	)%(e)
Portfolio Turnover		23.67	%(d)		91.10	%		82.24	%(g)		141.17	%		105.69	%(d)

(a) The inception date for 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 year ended October 31, 2013 and less than 0.005% for the years ended October 31, 2014 and 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.

112

Aston Funds

ASTON/River Road Independent Value Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.98		$	11.54		$	11.46		$	10.75		$	10.92
Income from Investment Operations:
Net investment loss		(0.05	)(b)		(0.09	)(b)		(0.04	)		(0.06	)(b)		(0.02	)(b)
Net realized and unrealized gain (loss) on investments		0.14			(0.02	)		0.75			0.89			(0.15	)
Total from investment operations		0.09			(0.11	)		0.71			0.83			(0.17	)
Less Distributions:
Distributions from net realized gain on investments		(0.65	)		(0.45	)		(0.63	)		(0.12	)		—
Total distributions		(0.65	)		(0.45	)		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		(0.56	)		(0.56	)		0.08			0.71			(0.17	)
Net Asset Value, End of Period	$	10.42		$	10.98		$	11.54		$	11.46		$	10.75
Total Return (c)		0.80	%(d)		(1.05	)%		6.62	%		7.68	%		(1.47	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	193,638		$	381,289		$	386,268		$	338,234		$	85,478
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.18	%(e)		1.17	%(f)		1.18	%(f)		1.19	%(f)		1.34	%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.17	%(e)		1.17	%(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 the Adviser		(0.90	)%(e)		(0.79	)%		(0.36	)%		(0.56	)%		(0.73	)%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		(0.89	)%(e)		(0.78	)%		(0.34	)%		(0.54	)%		(0.55	)%(e)
Portfolio Turnover		23.67	%(d)		91.10	%		82.24	%(g)		141.17	%		105.69	%(d)

(a) The inception date for 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 year ended October 31, 2013 and less than 0.005% for the years ended October 31, 2014 and 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.

113

Aston Funds

ASTON/River Road Select Value Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	8.77		$	10.28		$	8.50		$	9.54		$	9.01		$	7.71
Income from Investment Operations:
Net investment income (loss)		(0.02	)		(0.03	)(a)		0.07	(a)		0.01	(a)		(0.02	)(a)		0.02	(a)
Net realized and unrealized gain on investments		0.47			0.03			2.34			1.01			0.66			1.28
Total from investment operations		0.45			—			2.41			1.02			0.64			1.30
Less Distributions:
Distributions from net investment income		—			(0.02	)		(0.12	)		—			(0.03	)		—
Distributions from net realized gains on investments		(1.43	)		(1.49	)		(0.51	)		(2.06	)		(0.08	)		—
Total distributions		(1.43	)		(1.51	)		(0.63	)		(2.06	)		(0.11	)		—
Net increase (decrease) in net asset value		(0.98	)		(1.51	)		1.78			(1.04	)		0.53			1.30
Net Asset Value, End of Period	$	7.79		$	8.77		$	10.28		$	8.50		$	9.54		$	9.01
Total Return (b)		5.42	%(c)		(0.23	)%		30.44	%		12.87	%		7.12	%		16.86	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	7,004		$	8,388		$	19,099		$	6,270		$	13,160		$	52,522
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.48	%(d)		1.45	%		1.46	%		1.43	%(e)		1.42	%(e)		1.41	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.48	%(d)		1.45	%		1.46	%		1.43	%(e)		1.42	%(e)		1.43	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.50	)%(d)		(0.36	)%		0.78	%		0.07	%		(0.18	)%		0.31	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.50	)%(d)		(0.36	)%		0.78	%		0.07	%		(0.18	)%		0.29	%
Portfolio Turnover		26.64	%(c)		64.44	%		71.01	%		38.84	%		48.22	%		53.73	%

(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 each of the years ended October 31, 2012, October 31, 2011 and October 31, 2010, which are not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

114

Aston Funds

ASTON/River Road Select Value Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	8.88		$	10.38		$	8.58		$	9.59		$	9.04		$	7.73
Income from Investment Operations:
Net investment income (loss)		(0.01	)		(0.01	)(a)		0.10	(a)		0.03	(a)		0.01	(a)		0.05	(a)
Net realized and unrealized gain on investments		0.47			0.04			2.36			1.02			0.67			1.28
Total from investment operations		0.46			0.03			2.46			1.05			0.68			1.33
Less Distributions:
Distributions from net investment income		—			(0.04	)		(0.15	)		—			(0.05	)		(0.02	)
Distributions from net realized gains on investments		(1.43	)		(1.49	)		(0.51	)		(2.06	)		(0.08	)		—
Total distributions		(1.43	)		(1.53	)		(0.66	)		(2.06	)		(0.13	)		(0.02	)
Net increase (decrease) in net asset value		(0.97	)		(1.50	)		1.80			(1.01	)		0.55			1.31
Net Asset Value, End of Period	$	7.91		$	8.88		$	10.38		$	8.58		$	9.59		$	9.04
Total Return (b)		5.60	%(c)		0.00	%		30.74	%		13.18	%		7.56	%		17.19	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	125,153		$	176,166		$	198,220		$	156,510		$	130,527		$	163,232
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.23	%(d)		1.20	%		1.21	%		1.18	%(e)		1.17	%(e)		1.16	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.23	%(d)		1.20	%		1.21	%		1.18	%(e)		1.17	%(e)		1.18	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.25	)%(d)		(0.11	)%		1.03	%		0.32	%		0.07	%		0.56	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.25	)%(d)		(0.11	)%		1.03	%		0.32	%		0.07	%		0.54	%
Portfolio Turnover		26.64	%(c)		64.44	%		71.01	%		38.84	%		48.22	%		53.73	%

(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 each of the years ended October 31, 2012, October 31, 2011 and October 31, 2010, which are not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

115

Aston Funds

ASTON/River Road Small Cap Value Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	13.53		$	17.05		$	13.56		$	12.20		$	11.60		$	10.22
Income from Investment Operations:
Net investment income (loss)		(0.03	)(a)		(0.04	)(a)		0.16			0.03	(a)		(0.03	)		0.03
Net realized and unrealized gain on investments		0.70			0.14			3.98			1.33			0.67			1.36
Total from investment operations		0.67			0.10			4.14			1.36			0.64			1.39
Less Distributions:
Distributions from and in excess of net investment income		—			(0.04	)		(0.22	)		—			(0.04	)		(0.01	)
Distributions from net realized gain on investments		(1.99	)		(3.58	)		(0.43	)		—			—			—
Total distributions		(1.99	)		(3.62	)		(0.65	)		—			(0.04	)		(0.01	)
Net increase (decrease) in net asset value		(1.32	)		(3.52	)		3.49			1.36			0.60			1.38
Net Asset Value, End of Period	$	12.21		$	13.53		$	17.05		$	13.56		$	12.20		$	11.60
Total Return (b)		5.23	%(c)		(0.05	)%		31.98	%		11.15	%		5.46	%		13.60	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	26,001		$	49,049		$	56,793		$	49,154		$	91,347		$	213,326
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.33	%(d)		1.33	%		1.34	%		1.37	%		1.37	%(e)		1.39	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.33	%(d)		1.33	%		1.34	%		1.37	%		1.37	%(e)		1.39	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.48	)%(d)		(0.26	)%		1.03	%		0.22	%		(0.13	)%		0.27	%
After expense reimbursement and/or fee waiver by Adviser		(0.48	)%(d)		(0.26	)%		1.03	%		0.22	%		(0.13	)%		0.27	%
Portfolio Turnover		27.25	%(c)		66.22	%		56.08	%		26.95	%		42.29	%		51.05	%

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

(b) The total return is calculated using the Net Asset 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 each of the years ended October 31, 2011 and October 31, 2010, which are not included in the contractual expense limitation. The interest expense is from utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

116

Aston Funds

ASTON/River Road Small Cap Value Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	13.60		$	17.13		$	13.62		$	12.22		$	11.62		$	10.24
Income from Investment Operations:
Net investment income (loss)		(0.01	)(a)		(—	)(a)(b)		0.19			0.06	(a)		0.01			0.06
Net realized and unrealized gain on investments		0.70			0.13			4.01			1.34			0.65			1.35
Total from investment operations		0.69			0.13			4.20			1.40			0.66			1.41
Less Distributions:
Distributions from and in excess of net investment income		—			(0.08	)		(0.26	)		—			(0.06	)		(0.03	)
Distributions from net realized gain on investments		(1.99	)		(3.58	)		(0.43	)		—			—			—
Total distributions		(1.99	)		(3.66	)		(0.69	)		—			(0.06	)		(0.03	)
Net increase (decrease) in net asset value		(1.30	)		(3.53	)		3.51			1.40			0.60			1.38
Net Asset Value, End of Period	$	12.30		$	13.60		$	17.13		$	13.62		$	12.22		$	11.62
Total Return (c)		5.36	%(d)		0.16	%		32.36	%		11.46	%		5.70	%		13.80	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	248,895		$	250,173		$	252,804		$	240,075		$	246,141		$	255,344
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.08	%(e)		1.08	%		1.09	%		1.12	%		1.12	%(f)		1.14	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.08	%(e)		1.08	%		1.09	%		1.12	%		1.12	%(f)		1.14	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.23	)%(e)		(0.01	)%		1.28	%		0.47	%		0.12	%		0.52	%
After expense reimbursement and/or fee waiver by Adviser		(0.23	)%(e)		(0.01	)%		1.28	%		0.47	%		0.12	%		0.52	%
Portfolio Turnover		27.25	%(d)		66.22	%		56.08	%		26.95	%		42.29	%		51.05	%

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

See accompanying Notes to Financial Statements.

117

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	15.20		$	14.54		$	10.90		$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)		0.01			0.01	(b)		0.01
Net realized and unrealized gain on investments		0.30			1.16			3.77			0.89
Total from investment operations		0.31			1.17			3.78			0.90
Less Distributions:
Distributions from and in excess of net investment income		(0.02	)		—	(c)		(0.11	)		—
Distributions from net realized gains on investments		(0.30	)		(0.51	)		(0.03	)		—
Total distributions		(0.32	)		(0.51	)		(0.14	)		—
Net increase (decrease) in net asset value		(0.01	)		0.66			3.64			0.90
Net Asset Value, End of Period	$	15.19		$	15.20		$	14.54		$	10.90
Total Return (d)		2.07	%(e)		8.18	%		35.09	%		9.00	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,288		$	6,673		$	4,049		$	750
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.50	%(f)		1.61	%		2.05	%		5.10	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(f)		1.40	%		1.40	%		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.02	%(f)		(0.17	)%		(0.61	)%		(3.51	)%(f)
After expense reimbursement and/or fee waiver by Adviser		0.12	%(f)		0.04	%		0.04	%		0.19	%(f)
Portfolio Turnover		26.39	%(e)		31.68	%		36.82	%		26.22	%(e)(g)

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

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

(c) 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 rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

118

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	15.27		$	14.59		$	10.93		$	10.00
Income from Investment Operations:
Net investment income		0.03	(b)		0.05			0.04	(b)		0.03
Net realized and unrealized gain on investments		0.30			1.17			3.78			0.90
Total from investment operations		0.33			1.22			3.82			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		(0.03	)		(0.13	)		—
Distributions from net realized gains on investments		(0.30	)		(0.51	)		(0.03	)		—
Total distributions		(0.33	)		(0.54	)		(0.16	)		—
Net increase in net asset value		—			0.68			3.66			0.93
Net Asset Value, End of Period	$	15.27		$	15.27		$	14.59		$	10.93
Total Return (c)		2.17	%(d)		8.47	%		35.39	%		9.30	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	106,114		$	62,215		$	29,219		$	4,962
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.25	%(e)		1.36	%		1.80	%		4.85	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.15	%		1.15	%		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.27	%(e)		0.08	%		(0.36	)%		(3.26	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.37	%(e)		0.29	%		0.29	%		0.44	%(e)
Portfolio Turnover		26.39	%(d)		31.68	%		36.82	%		26.22	%(d)(f)

(a) The inception date for 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.

119

Aston Funds

ASTON/TAMRO Small Cap Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	22.07		$	24.06		$	20.52		$	20.57		$	19.42		$	14.67
Income from Investment Operations:
Net investment loss		(0.05	)(a)		(0.13	)(a)		(0.03	)(a)		(0.12	)(a)		(0.15	)(a)		(0.08	)(a)
Net realized and unrealized gain on investments		0.47			0.30			5.55			2.09			1.75			4.83
Total from investment operations		0.42			0.17			5.52			1.97			1.60			4.75
Less Distributions:
Distributions from net realized gain on investments		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)		—
Total distributions		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)		—
Net increase (decrease) in net asset value		(2.32	)		(1.99	)		3.54			(0.05	)		1.15			4.75
Net Asset Value, End of Period	$	19.75		$	22.07		$	24.06		$	20.52		$	20.57		$	19.42
Total Return (b)		1.80	%(c)		0.57	%		29.52	%		10.70	%		8.16	%		32.29	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	279,247		$	336,350		$	533,627		$	389,125		$	375,969		$	335,809
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.32	%(d)		1.31	%		1.31	%		1.28	%(e)		1.29	%		1.34	%
After expense reimbursement and/or fee waiver by Adviser		1.32	%(d)		1.31	%		1.31	%		1.28	%(e)		1.29	%		1.34	%
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.52	)(d)		(0.57	)%		(0.16	)%		(0.59	)%		(0.69	)%		(0.49	)%
After expense reimbursement and/or fee waiver by Adviser		(0.52	)(d)		(0.57	)%		(0.16	)%		(0.59	)%		(0.69	)%		(0.49	)%
Portfolio Turnover		32.00	%(c)		69.72	%		71.28	%(f)(g)		48.22	%(f)		47.25	%		62.13	%

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

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

See accompanying Notes to Financial Statements.

120

Aston Funds

ASTON/TAMRO Small Cap Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	22.76		$	24.69		$	20.96		$	20.91		$	19.69		$	14.87
Income from Investment Operations:
Net investment income (loss)		(0.03	)(a)		(0.07	)(a)		0.02	(a)		(0.07	)(a)		(0.09	)(a)		(0.04	)(a)
Net realized and unrealized gain on investments		0.48			0.30			5.69			2.14			1.76			4.87
Total from investment operations		0.45			0.23			5.71			2.07			1.67			4.83
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			—			—			(0.01	)
Distributions from net realized gain on investments		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)		—
Total distributions		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)		(0.01	)
Net increase (decrease) in net asset value		(2.29	)		(1.93	)		3.73			0.05			1.22			4.82
Net Asset Value, End of Period	$	20.47		$	22.76		$	24.69		$	20.96		$	20.91		$	19.69
Total Return (b)		1.89	%(c)		0.86	%		29.84	%		10.98	%		8.40	%		32.62	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	418,709		$	469,518		$	792,172		$	635,663		$	625,315		$	549,627
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.07	%(d)		1.06	%		1.06	%		1.03	%(e)		1.04	%		1.09	%
After expense reimbursement and/or fee waiver by Adviser		1.07	%(d)		1.06	%		1.06	%		1.03	%(e)		1.04	%		1.09	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.27	)%(d)		(0.32	)%		0.09	%		(0.34	)%		(0.44	)%		(0.24	)%
After expense reimbursement and/or fee waiver by Adviser		(0.27	)%(d)		(0.32	)%		0.09	%		(0.34	)%		(0.44	)%		(0.24	)%
Portfolio Turnover		32.00	%(c)		69.72	%		71.28	%(f)(g)		48.22	%(f)		47.25	%		62.13	%

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

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

See accompanying Notes to Financial Statements.

121

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.86		$	10.65		$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.19			0.40			0.30			0.33	(b)		0.12	(b)
Net realized and unrealized gain (loss) on investments		0.02			0.22			(0.33	)		0.72			0.41
Total from investment operations		0.21			0.62			(0.03	)		1.05			0.53
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.41	)		(0.36	)		(0.37	)		(0.09	)
Distributions from net realized gain on investments		—			—			(0.06	)		(0.02	)		—
Total distributions		(0.19	)		(0.41	)		(0.42	)		(0.39	)		(0.09	)
Net increase (decrease) in net asset value		0.02			0.21			(0.45	)		0.66			0.44
Net Asset Value, End of Period	$	10.88		$	10.86		$	10.65		$	11.10		$	10.44
Total Return (c)		1.92	%(d)		5.96	%		(0.28	)%		10.25	%		5.33	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	116,756		$	49,147		$	66,368		$	71,546		$	22,657
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.00	%(e)		1.08	%		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	%		0.94	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.39	%(e)		3.58	%		2.66	%		2.59	%		1.63	%(e)
After expense reimbursement and/or fee waiver by Adviser		3.45	%(e)		3.72	%		2.77	%		3.01	%		3.85	%(e)
Portfolio Turnover		35.09	%(d)		117.18	%		125.07	%		118.67	%		38.49	%(d)

(a) The inception date for 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.

122

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.86		$	10.65		$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.20			0.44			0.33			0.35	(b)		0.13	(b)
Net realized and unrealized gain (loss) on investments		0.02			0.21			(0.33	)		0.73			0.41
Total from investment operations		0.22			0.65			—			1.08			0.54
Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.44	)		(0.39	)		(0.40	)		(0.10	)
Distributions from net realized gain on investments		—			—			(0.06	)		(0.02	)		—
Total distributions		(0.20	)		(0.44	)		(0.45	)		(0.42	)		(0.10	)
Net increase (decrease) in net asset value		0.02			0.21			(0.45	)		0.66			0.44
Net Asset Value, End of Period	$	10.88		$	10.86		$	10.65		$	11.10		$	10.44
Total Return (c)		2.03	%(d)		6.22	%		(0.03	)%		10.52	%		5.38	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	248,323		$	158,198		$	110,018		$	105,335		$	4,486
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.75	%(e)		0.83	%		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	%		0.69	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.64	%(e)		3.83	%		2.91	%		2.84	%		1.88	%(e)
After expense reimbursement and/or fee waiver by Adviser		3.70	%(e)		3.97	%		3.02	%		3.26	%		4.10	%(e)
Portfolio Turnover		35.09	%(d)		117.18	%		125.07	%		118.67	%		38.49	%(d)

(a) The inception date for 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.

123

Aston Funds

ASTON/TCH Fixed Income Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	10.85		$	10.67		$	11.11		$	10.59		$	10.49		$	10.02
Income from Investment Operations:
Net investment income		0.14	(a)		0.35	(a)		0.40	(a)		0.45	(a)		0.47	(a)		0.50	(a)
Net realized and unrealized gain (loss) on investments		0.01			0.23			(0.39	)		0.56			0.10			0.47
Total from investment operations		0.15			0.58			0.01			1.01			0.57			0.97
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.40	)		(0.45	)		(0.49	)		(0.47	)		(0.50	)
Total distributions		(0.16	)		(0.40	)		(0.45	)		(0.49	)		(0.47	)		(0.50	)
Net increase (decrease) in net asset value		(0.01	)		0.18			(0.44	)		0.52			0.10			0.47
Net Asset Value, End of Period	$	10.84		$	10.85		$	10.67		$	11.11		$	10.59		$	10.49
Total Return (b)		1.40	%(c)		5.48	%		0.13	%		9.74	%		5.62	%		9.98	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	38,048		$	36,950		$	45,771		$	59,772		$	62,346		$	46,274
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.16	%(d)		1.17	%		1.02	%		1.02	%		1.14	%		0.98	%
After expense reimbursement and/or fee waiver by Adviser		0.94	%(d)		0.94	%		0.84	%		0.86	%		0.88	%(e)		0.62	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.40	%(d)		3.04	%		3.49	%		4.03	%		4.20	%		4.51	%
After expense reimbursement and/or fee waiver by Adviser		2.62	%(d)		3.26	%		3.67	%		4.19	%		4.46	%		4.87	%
Portfolio Turnover		11.41	%(c)		36.31	%		53.77	%		57.43	%		37.51	%		23.92	%

(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) 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.

124

Aston Funds

ASTON/TCH Fixed Income Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	10.85		$	10.67		$	11.11		$	10.59		$	10.49		$	10.02
Income from Investment Operations:
Net investment income		0.15	(a)		0.38	(a)		0.42	(a)		0.47	(a)		0.49	(a)		0.51	(a)
Net realized and unrealized gain (loss) on investments		0.01			0.22			(0.39	)		0.55			0.11			0.48
Total from investment operations		0.16			0.60			0.03			1.02			0.60			0.99
Less Distributions:
Distributions from and in excess of net investment income		(0.17	)		(0.42	)		(0.47	)		(0.50	)		(0.50	)		(0.52	)
Total distributions		(0.17	)		(0.42	)		(0.47	)		(0.50	)		(0.50	)		(0.52	)
Net increase (decrease) in net asset value .		(0.01	)		0.18			(0.44	)		0.52			0.10			0.47
Net Asset Value, End of Period	$	10.84		$	10.85		$	10.67		$	11.11		$	10.59		$	10.49
Total Return (b)		1.52	%(c)		5.75	%		0.28	%		9.93	%		5.89	%		10.11	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	17,358		$	15,199		$	8,742		$	10,396		$	10,423		$	14,881
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.91	%(d)		0.92	%		0.87	%		0.85	%		0.89	%		0.85	%
After expense reimbursement and/or fee waiver by Adviser		0.69	%(d)		0.69	%		0.69	%		0.69	%		0.63	%(e)		0.49	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.65	%(d)		3.29	%		3.64	%		4.20	%		4.45	%		4.64	%
After expense reimbursement and/or fee waiver by Adviser		2.87	%(d)		3.51	%		3.82	%		4.36	%		4.71	%		5.00	%
Portfolio Turnover		11.41	%(c)		36.31	%		53.77	%		57.43	%		37.51	%		23.92	%

(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) 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.

125

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	9.49		$	9.39		$	8.68		$	9.61		$	9.41		$	8.57
Income from Investment Operations:
Net investment income		0.07			0.17			0.20			0.16			0.14			0.10
Net realized and unrealized gain on investments		0.24			0.09			0.86			0.11			0.56			0.84
Total from investment operations		0.31			0.26			1.06			0.27			0.70			0.94
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.16	)		(0.20	)		(0.16	)		(0.13	)		(0.10	)
Distributions from net realized gain on investments		—			—			(0.15	)		(1.04	)		(0.37	)		—
Total distributions		(0.07	)		(0.16	)		(0.35	)		(1.20	)		(0.50	)		(0.10	)
Net increase (decrease) in net asset value		0.24			0.10			0.71			(0.93	)		0.20			0.84
Net Asset Value, End of Period	$	9.73		$	9.49		$	9.39		$	8.68		$	9.61		$	9.41
Total Return (a)		3.43	%(b)		2.68	%		12.60	%		3.12	%		7.69	%		11.05	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	100,750		$	101,980		$	101,663		$	106,191		$	48,365		$	46,423
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.17	%(c)		1.19	%		1.23	%(d)		1.22	%(d)(e)		1.24	%(e)		1.37	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.17	%(c)		1.19	%		1.23	%(d)		1.27	%(d)(e)		1.33	%(e)		1.40	%
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.62	%(c)		1.81	%		2.24	%		1.82	%		1.51	%		1.20	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.62	%(c)		1.81	%		2.24	%		1.78	%		1.41	%		1.17	%
Portfolio Turnover		24.64	%(b)		41.24	%		77.70	%		56.33	%		87.37	%		41.33	%

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

(b) Not annualized.

(c) Annualized.

(d) 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.

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

See accompanying Notes to Financial Statements.

126

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			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	$	9.50		$	9.40		$	8.69		$	9.62		$	9.41		$	9.04
Income from Investment Operations:
Net investment income		0.09			0.18			0.22			0.18			0.16			0.09
Net realized and unrealized gain on investments		0.24			0.10			0.86			0.11			0.57			0.37
Total from investment operations		0.33			0.28			1.08			0.29			0.73			0.46
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.18	)		(0.22	)		(0.18	)		(0.15	)		(0.09	)
Distributions from net realized gain on investments		—			—			(0.15	)		(1.04	)		(0.37	)		—
Total distributions		(0.09	)		(0.18	)		(0.37	)		(1.22	)		(0.52	)		(0.09	)
Net increase (decrease) in net asset value		0.24			0.10			0.71			(0.93	)		0.21			0.37
Net Asset Value, End of Period	$	9.74		$	9.50		$	9.40		$	8.69		$	9.62		$	9.41
Total Return (b)		3.55	%(c)		2.94	%		12.88	%		3.46	%		7.97	%		5.10	%(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	107,276		$	108,985		$	58,099		$	71,618		$	64,840		$	46,140
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.92	%(d)		0.94	%		0.98	%(e)		0.97	%(e)(f)		0.99	%(f)		1.10	%(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.92	%(d)		0.94	%		0.98	%(e)		1.02	%(e)(f)		1.08	%(f)		1.15	%(d)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.87	%(d)		2.06	%		2.49	%		2.07	%		1.76	%		1.37	%(d)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.87	%(d)		2.06	%		2.49	%		2.03	%		1.66	%		1.32	%(d)
Portfolio Turnover		24.64	%(c)		41.24	%		77.70	%		56.33	%		87.37	%		41.33	%

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

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

(c) Not annualized.

(d) Annualized.

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

See accompanying Notes to Financial Statements.

127

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			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	$	13.64		$	13.34		$	12.39		$	11.94		$	11.97		$	11.48
Income from Investment Operations:
Net investment income (loss)		(—	)(b)(c)		(0.07	)(b)		—	(b)(c)		0.04	(b)		(0.01	)(b)		0.04	(b)
Net realized and unrealized gain on investments		0.02			0.50	(d)		1.11			0.59			0.13			0.45
Total from investment operations		0.02			0.43			1.11			0.63			0.12			0.49
Less Distributions:
Distributions from and in excess of net investment income		—	(c)		(0.09	)		(0.16	)		(0.18	)		(0.08	)		—
Distributions from capital gains		(0.50	)		(0.04	)		—			—			(0.07	)		—
Total distributions		(0.50	)		(0.13	)		(0.16	)		(0.18	)		(0.15	)		—
Net increase (decrease) in net asset value		(0.48	)		0.30			0.95			0.45			(0.03	)		0.49
Net Asset Value, End of Period	$	13.16		$	13.64		$	13.34		$	12.39		$	11.94		$	11.97
Total Return (e)		0.17	%(f)		3.27	%		9.05	%		5.34	%		0.92	%		4.27	%(f)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	65,373		$	44,386		$	54,388		$	33,719		$	17,626		$	8,296
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (g)		1.43	%(h)(i)		1.41	%		1.43	%(j)		1.41	%(j)(k)		1.53	%		2.19	%(i)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (g)		1.42	%(h)(i)		1.43	%		1.45	%(j)		1.45	%(j)(k)		1.45	%		1.45	%(i)(l)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.06	)%(i)		(0.51	)%		—	%(c)		0.36	%(k)		(0.17	)%		(0.25	)%(i)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		(0.05	)%(i)		(0.53	)%		(0.03	)%		0.32	%(k)		(0.10	)%		0.49	%(i)
Portfolio Turnover		42.70	%(f)		45.91	%		43.55	%		45.60	%		79.77	%		116.68	%

(a) The inception date for 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) or $0.005 per share or less than 0.005%.

(d) Includes capital contribution of less than $0.005 per share.

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

(f) Not annualized.

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

(h) Effective February 28, 2015, the contractual expense limitation was decreased from 1.45% to 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

(i) Annualized.

(j) Ratios of expenses to average net assets includes Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which are not included in the contractual expense limitation. See Note I to the Financial Statements.

(k) 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.

(l) 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.

128

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	13.69		$	13.38		$	12.42		$	11.97		$	11.98		$	11.15
Income from Investment Operations:
Net investment income (loss)		0.01	(a)		(0.04	)(a)		0.03	(a)		0.07	(a)		0.02	(a)		0.08	(a)
Net realized and unrealized gain on investments		0.03	(b)		0.51	(b)		1.11			0.59			0.13			0.89
Total from investment operations		0.04			0.47			1.14			0.66			0.15			0.97
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.12	)		(0.18	)		(0.21	)		(0.09	)		(0.07	)
Distributions from net realized gain on investments		(0.50	)		(0.04	)		—			—			(0.07	)		(0.07	)
Total distributions		(0.54	)		(0.16	)		(0.18	)		(0.21	)		(0.16	)		(0.14	)
Net increase (decrease) in net asset value		(0.50	)		0.31			0.96			0.45			(0.01	)		0.83
Net Asset Value, End of Period	$	13.19		$	13.69		$	13.38		$	12.42		$	11.97		$	11.98
Total Return (c)		0.27	%(d)		3.56	%		9.31	%		5.56	%		1.22	%		8.74	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	255,680		$	477,157		$	416,475		$	253,343		$	189,999		$	19,723
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (e)		1.18	%(f)(g)		1.16	%		1.18	%(h)		1.16	%(h)(i)		1.28	%		2.32	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (e)		1.17	%(f)(g)		1.18	%		1.20	%(h)		1.20	%(h)(i)		1.20	%		1.24	%(j)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.19	%(g)		(0.26	)%		0.25	%		0.61	%(i)		0.08	%		(0.41	)%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.20	%(g)		(0.28	)%		0.22	%		0.57	%(i)		0.15	%		0.67	%
Portfolio Turnover		42.70	%(d)		45.91	%		43.55	%		45.60	%		79.77	%		116.68	%

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

(f) Effective February 28, 2015, the contractual expense limitation was decreased from 1.20% to 1.15%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

(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.

129

Aston Funds

ASTON/River Road Long-Short Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.35		$	12.02		$	10.73		$	9.91		$	10.00
Income from Investment Operations:
Net investment loss		(0.06	)		(0.19	)		(0.17	)(b)		(0.18	)		(0.04	)(b)
Net realized and unrealized gain (loss) on investments		0.55			(0.19	)		2.02			1.00			(0.05	)
Total from investment operations		0.49			(0.38	)		1.85			0.82			(0.09	)
Less Distributions:
Distributions from net realized gain on investments		(0.30	)		(0.29	)		(0.56	)		—			—
Total distributions		(0.30	)		(0.29	)		(0.56	)		—			—
Net increase (decrease) in net asset value		0.19			(0.67	)		1.29			0.82			(0.09	)
Net Asset Value, End of Period	$	11.54		$	11.35		$	12.02		$	10.73		$	9.91
Total Return (c)		4.33	%(d)		(3.27	)%		18.14	%		8.17	%		(0.80	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	102,377		$	109,140		$	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		2.64	%(e)		2.53	%		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		2.68	%(e)		2.58	%		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	%		1.70	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.91	)%(e)		(1.55	)%		(1.62	)%		(3.63	)%		(6.80	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.95	)%(e)		(1.59	)%		(1.46	)%		(1.71	)%		(0.84	)%(e)
Portfolio Turnover		129.69	%(d)		303.04	%		291.36	%		277.72	%		127.32	%(d)

(a) The inception date for 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.

130

Aston Funds

ASTON/River Road Long-Short Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)				Year Ended 10/31/14			Period Ended 10/31/13(a)
Net Asset Value, Beginning of Period	$	11.40			$	12.05		$	10.96
Income from Investment Operations:
Net investment loss		(0.04	)			(0.16	)		(0.10	)(b)
Net realized and unrealized gain (loss) on investments		0.55				(0.20	)		1.19
Total from investment operations		0.51				(0.36	)		1.09
Less Distributions:
Distributions from net realized gain on investments		(0.30	)	��		(0.29	)		—
Total distributions		(0.30	)			(0.29	)		—
Net increase (decrease) in net asset value		0.21				(0.65	)		1.09
Net Asset Value, End of Period	$	11.61			$	11.40		$	12.05
Total Return (c)		4.49	%(d)			(3.01	)%		9.85	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	81,509			$	110,271		$	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		2.39	%(e)			2.28	%		2.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		2.43	%(e)			2.33	%		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	%		1.45	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.66	)%(e)			(1.30	)%		(1.44	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.70	)%(e)			(1.34	)%		(1.33	)%(e)
Portfolio Turnover		129.69	%(d)			303.04	%		291.36	%

(a) The inception date for 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.

131

Aston Funds

ASTON/Barings International Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Period Ended 10/31/10(a)
Net Asset Value, Beginning of Period	$	6.98		$	7.81		$	6.87		$	6.81		$	7.24		$	6.48
Income from Investment Operations:
Net investment income		0.02	(b)		0.14	(b)		0.11	(b)		0.10	(b)		0.07	(b)		0.06	(b)
Net realized and unrealized gain (loss) on investments		0.46			(0.31	)		1.00			0.17			(0.37	)		0.70
Total from investment operations		0.48			(0.17	)		1.11			0.27			(0.30	)		0.76
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.18	)		(0.09	)		(0.04	)		(0.13	)		—
Distributions from net realized gain on investments		(0.88	)		(0.48	)		(0.08	)		(0.17	)		—			—
Total distributions		(1.02	)		(0.66	)		(0.17	)		(0.21	)		(0.13	)		—
Net increase (decrease) in net asset value		(0.54	)		(0.83	)		0.94			0.06			(0.43	)		0.76
Net Asset Value, End of Period	$	6.44		$	6.98		$	7.81		$	6.87		$	6.81		$	7.24
Total Return (c)		8.34	%(d)		(2.62	)%		16.64	%		4.28	%		(4.22	)%		11.73	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	355		$	331		$	477		$	421		$	393		$	184
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.15	%(e)		1.95	%		1.67	%		1.60	%		1.68	%(f)		1.72	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)		1.40	%		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		(0.20	)%(e)		1.42	%		1.26	%		1.30	%		0.76	%(f)		1.07	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.55	%(e)		1.97	%		1.53	%		1.50	%		1.04	%(f)		1.39	%(e)
Portfolio Turnover		21.68	%(d)		53.14	%		55.78	%		33.48	%		58.96	%		65.32	%

(a) The inception date for 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 voluntarily 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 March 1, 2011, the expense limitation became contractual and 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.

132

Aston Funds

ASTON/Barings International Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	6.99		$	7.82		$	6.89		$	6.82		$	7.26		$	6.44
Income from Investment Operations:
Net investment income		0.03	(a)		0.16	(a)		0.13	(a)		0.12	(a)		0.09	(a)		0.06	(a)
Net realized and unrealized gain (loss) on investments		0.46			(0.31	)		0.99			0.18			(0.38	)		0.78
Total from investment operations		0.49			(0.15	)		1.12			0.30			(0.29	)		0.84
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.20	)		(0.11	)		(0.06	)		(0.15	)		(0.02	)
Distributions from net realized gain on investments		(0.88	)		(0.48	)		(0.08	)		(0.17	)		—			—
Total distributions		(1.04	)		(0.68	)		(0.19	)		(0.23	)		(0.15	)		(0.02	)
Net increase (decrease) in net asset value		(0.55	)		(0.83	)		0.93			0.07			(0.44	)		0.82
Net Asset Value, End of Period	$	6.44		$	6.99		$	7.82		$	6.89		$	6.82		$	7.26
Total Return (b)		8.49	%(c)		(2.37	)%		16.72	%		4.72	%		(4.09	)%		12.89	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	21,047		$	21,260		$	37,507		$	61,662		$	52,390		$	47,985
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.90	%(d)		1.70	%		1.42	%		1.35	%		1.43	%(e)		1.47	%
After expense reimbursement and/or fee waiver by Adviser		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.15	%(e)		1.15	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.05	%(d)		1.67	%		1.51	%		1.55	%		1.01	%(e)		0.63	%
After expense reimbursement and/or fee waiver by Adviser		0.80	%(d)		2.22	%		1.78	%		1.75	%		1.29	%(e)		0.95	%
Portfolio Turnover		21.68	%(c)		53.14	%		55.78	%		33.48	%		58.96	%		65.32	%

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

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

(c) Not annualized.

(d) Annualized.

(e) For the period November 1, 2010 through February 28, 2011, the Adviser voluntarily waived management fees and/or reimbursed expenses so that the net expense ratio did not exceed 1.15%, excluding interest, taxes, investment related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses. Effective March 1, 2011, the expense limitation became contractual and 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.

133

Aston Funds

ASTON/Guardian Capital Global Dividend Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	10.51		$	10.00
Income from Investment Operations:
Net investment income		0.14	(b)		0.13
Net realized and unrealized gain on investments		0.15			0.49
Total from investment operations		0.29			0.62
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.11	)
Total Distributions		(0.11	)		(0.11	)
Net increase in net asset value		0.18			0.51
Net Asset Value, End of Period	$	10.69		$	10.51
Total Return (c)		2.74	%(d)		6.17	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,082		$	1,052
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.72	%(e)		5.21	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.30	%(e)		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.69	)%(e)		(1.74	)%(e)
After expense reimbursement and/or fee waiver by Adviser		2.73	%(e)		2.17	%(e)
Portfolio Turnover		9.70	%(d)		15.97	%(d)

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

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

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

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

134

Aston Funds

ASTON/Guardian Capital Global Dividend Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	10.52		$	10.00
Income from Investment Operations:
Net investment income		0.16	(b)		0.14
Net realized and unrealized gain on investments		0.11			0.50
Total from investment operations		0.27			0.64
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.12	)
Total Distributions		(0.12	)		(0.12	)
Net increase in net asset value		0.15			0.52
Net Asset Value, End of Period	$	10.67		$	10.52
Total Return (c)		2.63	%(d)		6.39	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,388		$	3,211
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.47	%(e)		4.96	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.05	%(e)		1.05	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.44	)%(e)		(1.49	)%(e)
After expense reimbursement and/or fee waiver by Adviser		2.98	%(e)		2.42	%(e)
Portfolio Turnover		9.70	%(d)		15.97	%(d)

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

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

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

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

135

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Period Ended  10/31/13(a)
Net Asset Value, Beginning of Period	$	9.55		$	9.65		$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)		0.11			0.08	(b)
Net realized and unrealized gain (loss) on investments		0.29			(0.07	)		(0.43	)
Total from investment operations		0.30			0.04			(0.35	)
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.14	)		—
Total distributions		(0.05	)		(0.14	)		—
Net decrease in net asset value		0.25			(0.10	)		(0.35	)
Net Asset Value, End of Period	$	9.80		$	9.55		$	9.65
Total Return (c)		3.19	%(d)		0.49	%		(3.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	748		$	725		$	675
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		5.42	%(e)		5.96	%		7.24	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.43	%(e)		1.57	%		1.65	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(3.85	)%(e)		(3.24	)%		(4.13	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.14	%(e)		1.15	%		1.46	%(e)
Portfolio Turnover		31.49	%(d)		63.48	%		101.96	%(d)

(a) The inception date for 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.

136

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Period Ended 10/31/13 (a)
Net Asset Value, Beginning of Period	$	9.58		$	9.67		$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)		0.14			0.10	(b)
Net realized and unrealized gain (loss) on investments		0.31			(0.07	)		(0.43	)
Total from investment operations		0.32			0.07			(0.33	)
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.16	)		—
Total distributions		(0.07	)		(0.16	)		—
Net decrease in net asset value		0.25			(0.09	)		(0.33	)
Net Asset Value, End of Period	$	9.83		$	9.58		$	9.67
Total Return (c)		3.44	%(d)		0.79	%		(3.30	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,298		$	3,188		$	3,307
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		5.17	%(e)		5.71	%		6.99	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.18	%(e)		1.33	%		1.40	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(3.60	)%(e)		(2.99	)%		(3.88	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.39	%(e)		1.40	%		1.71	%(e)
Portfolio Turnover		31.49	%(d)		63.48	%		101.96	%(d)

(a) The inception date for 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.

137

Aston Funds

ASTON/Pictet International Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.34		$	10.00
Income from Investment Operations:
Net investment income		0.03	(b)		0.09
Net realized and unrealized gain (loss) on investments		0.64	(c)		(0.75	)
Total from investment operations		0.67			(0.66	)
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		—
Distributions from net realized gain on investments		(0.02	)		—
Total distributions		(0.05	)		—
Net increase (decrease) in net asset value		0.62			(0.66	)
Net Asset Value, End of Period	$	9.96		$	9.34
Total Return (d)		7.33	%(e)		(6.60	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,055		$	984
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.97	%(f)		3.26	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(f)		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.01	%(f)		(0.25	)%(f)
After expense reimbursement and/or fee waiver by Adviser		0.58	%(f)		1.61	%(f)
Portfolio Turnover		40.86	%(e)		25.82	%(e)

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

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

(c) Includes capital contribution of $0.01 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.

See accompanying Notes to Financial Statements.

138

Aston Funds

ASTON/Pictet International Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.36		$	10.00
Income from Investment Operations:
Net investment income		0.04	(b)		0.10
Net realized and unrealized gain (loss) on investments		0.65	(c)		(0.74	)
Total from investment operations		0.69			(0.64	)
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		—
Distributions from net realized gain on investments		(0.02	)		—
Total distributions		(0.07	)		—
Net increase (decrease) in net asset value		0.62			(0.64	)
Net Asset Value, End of Period	$	9.98		$	9.36
Total Return (d)		7.53	%(e)		(6.40	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	34,135		$	8,467
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.72	%(f)		3.01	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(f)		1.15	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.26	%(f)		—	%(f)(g)
After expense reimbursement and/or fee waiver by Adviser		0.83	%(f)		1.86	%(f)
Portfolio Turnover		40.86	%(e)		25.82	%(e)

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

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

(c) Includes capital contribution of $0.01 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) Represents less than 0.005%.

See accompanying Notes to Financial Statements.

139

Aston Funds

ASTON/TAMRO International Small Cap Fund – Class N	April 30, 2015
Financial Highlights

	Period Ended 04/30/15(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.04
Net realized and unrealized gain on investments		0.74
Total from investment operations		0.78
Net increase in net asset value		0.78
Net Asset Value, End of Period	$	10.78
Total Return (b)		7.80	(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,144
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		13.49	%(d)
After expense reimbursement and/or fee waiver by Adviser		1.50	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(10.96	)%(d)
After expense reimbursement and/or fee waiver by Adviser		1.03	%(d)
Portfolio Turnover		18.13	%(c)

(a) The inception date for TAMRO International Small Cap Fund Class N shares is December 23, 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.

140

Aston Funds

ASTON/TAMRO International Small Cap Fund – Class I	April 30, 2015
Financial Highlights

	Period Ended 04/30/15(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.05
Net realized and unrealized gain on investments		0.74
Total from investment operations		0.79
Net increase in net asset value		0.79
Net Asset Value, End of Period	$	10.79
Total Return (b)		7.90	(c)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	718
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		13.24	%(d)
After expense reimbursement and/or fee waiver by Adviser		1.25	%(d)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(10.71	)%(d)
After expense reimbursement and/or fee waiver by Adviser		1.28	%(d)
Portfolio Turnover		18.13	%(c)

(a) The inception date for TAMRO International Small Cap Fund Class I shares is December 23, 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.

141

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	12.63		$	11.29		$	10.49		$	8.97		$	8.16		$	5.77
Income from Investment Operations:
Net investment income		0.10	(a)		0.10	(a)		0.17	(a)		0.15	(a)		0.15	(a)		0.14	(a)
Net realized and unrealized gain (loss) on investments		(0.17	)		1.37			0.79	(b)		1.44			0.79			2.36
Total from investment operations		(0.07	)		1.47			0.96			1.59			0.94			2.50
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.13	)		(0.16	)		(0.07	)		(0.13	)		(0.11	)
Total distributions		(0.15	)		(0.13	)		(0.16	)		(0.07	)		(0.13	)		(0.11	)
Net increase (decrease) in net asset value .		(0.22	)		1.34			0.80			1.52			0.81			2.39
Net Asset Value, End of Period	$	12.41		$	12.63		$	11.29		$	10.49		$	8.97		$	8.16
Total Return (c)		(0.58	)%(d)		13.19	%		9.30	%		17.85	%		11.66	%		43.77	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	12,070		$	12,852		$	13,093		$	10,381		$	6,287		$	6,158
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.15	%(e)		2.16	%		2.22	%		2.36	%		1.61	%(f)		1.68	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.37	%(e)		1.37	%		1.37	%		1.37	%		1.29	%(f)		1.37	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.79	%(e)		0.08	%		0.67	%		0.53	%		1.36	%		1.65	%
After expense reimbursement and/or fee waiver by Adviser		1.57	%(e)		0.87	%		1.52	%		1.52	%		1.68	%		1.96	%
Portfolio Turnover		89.43	%(d)		162.93	%		159.14	%		86.62	%(g)		143.86	%		75.30	%

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

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

See accompanying Notes to Financial Statements.

142

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	12.57		$	11.24		$	10.44		$	8.92		$	8.12		$	5.74
Income from Investment Operations:
Net investment income		0.12	(a)		0.13	(a)		0.20	(a)		0.15	(a)		0.16	(a)		0.16	(a)
Net realized and unrealized gain (loss) on investments		(0.16	)		1.35			0.79	(b)		1.46			0.79			2.34
Total from investment operations		(0.04	)		1.48			0.99			1.61			0.95			2.50
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.15	)		(0.19	)		(0.09	)		(0.15	)		(0.12	)
Total distributions		(0.19	)		(0.15	)		(0.19	)		(0.09	)		(0.15	)		(0.12	)
Net increase (decrease) in net asset value .		(0.23	)		1.33			0.80			1.52			0.80			2.38
Net Asset Value, End of Period	$	12.34		$	12.57		$	11.24		$	10.44		$	8.92		$	8.12
Total Return (c)		(0.42	)%(d)		13.45	%		9.58	%		18.16	%		11.82	%		44.14	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	739		$	732		$	532		$	166		$	32,925		$	29,425
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.90	%(e)		1.91	%		1.97	%		2.11	%		1.44	%(f)		1.43	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.12	%(e)		1.12	%		1.12	%		1.12	%		1.12	%(f)		1.12	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.04	%(e)		0.33	%		0.92	%		0.78	%		1.53	%		1.90	%
After expense reimbursement and/or fee waiver by Adviser		1.82	%(e)		1.12	%		1.77	%		1.77	%		1.85	%		2.21	%
Portfolio Turnover		89.43	%(d)		162.93	%		159.14	%		86.62	%(g)		143.86	%		75.30	%

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

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

See accompanying Notes to Financial Statements.

143

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class N	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	24.68		$	23.81		$	21.46		$	20.09		$	19.13		$	17.73
Income from Investment Operations:
Net investment income		0.06	(a)		0.12	(a)		0.21	(a)		0.16	(a)		0.15	(a)		0.21	(a)
Net realized and unrealized gain on investments		0.59			1.70			2.43			1.45			1.03			1.47
Total from investment operations		0.65			1.82			2.64			1.61			1.18			1.68
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.21	)		(0.29	)		(0.24	)		(0.22	)		(0.28	)
Distributions from net realized gain on investments		(2.08	)		(0.74	)		—			—			—			—
Total distributions		(2.18	)		(0.95	)		(0.29	)	��	(0.24	)		(0.22	)		(0.28	)
Net increase (decrease) in net asset value.		(1.53	)		0.87			2.35			1.37			0.96			1.40
Net Asset Value, End of Period	$	23.15		$	24.68		$	23.81		$	21.46		$	20.09		$	19.13
Total Return (b)		2.67	%(c)		7.83	%		12.40	%		8.03	%		6.20	%		9.54	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	20,255		$	20,446		$	22,425		$	31,536		$	23,315		$	29,194
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.46	%(d)		1.43	%		1.37	%		1.42	%		1.57	%(e)		1.38	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(d)		1.20	%		1.20	%		1.22	%		1.35	%(e)		1.13	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.27	%(d)		0.26	%		0.77	%		0.57	%		0.53	%		0.89	%
After expense reimbursement and/or fee waiver by Adviser		0.53	%(d)		0.50	%		0.94	%		0.77	%		0.76	%		1.15	%
Portfolio Turnover		24.30	%(c)		27.43	%		34.62	%		35.48	%		40.31	%		51.68	%(f)

(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.

144

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class I	April 30, 2015
Financial Highlights

	Six Months Ended 04/30/15 (unaudited)			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11			Year Ended 10/31/10
Net Asset Value, Beginning of Period	$	24.60		$	23.76		$	21.41		$	20.05		$	19.08		$	17.68
Income from Investment Operations:
Net investment income		0.07	(a)		0.14	(a)		0.23	(a)		0.19	(a)		0.20	(a)		0.22	(a)
Net realized and unrealized gain on investments		0.59			1.70			2.43			1.44			1.04			1.46
Total from investment operations		0.66			1.84			2.66			1.63			1.24			1.68
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.26	)		(0.31	)		(0.27	)		(0.27	)		(0.28	)
Distributions from net realized gain on investments		(2.08	)		(0.74	)		—			—			—			—
Total distributions		(2.19	)		(1.00	)		(0.31	)		(0.27	)		(0.27	)		(0.28	)
Net increase in net asset value .		(1.53	)		0.84			2.35			1.36			0.97			1.40
Net Asset Value, End of Period	$	23.07		$	24.60		$	23.76		$	21.41		$	20.05		$	19.08
Total Return (b)		2.72	%(c)		7.92	%		12.53	%		8.14	%		6.52	%		9.57	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,712		$	1,934		$	1,839		$	1,930		$	1,415		$	1,362
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.36	%(d)		1.33	%		1.27	%		1.30	%		1.32	%(e)		1.35	%
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.10	%		1.10	%		1.10	%		1.10	%(e)		1.10	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.37	%(d)		0.36	%		0.87	%		0.69	%		0.79	%		0.92	%
After expense reimbursement and/or fee waiver by Adviser		0.63	%(d)		0.60	%		1.04	%		0.89	%		1.02	%		1.17	%
Portfolio Turnover		24.30	%(c)		27.43	%		34.62	%		35.48	%		40.31	%		51.68	%(f)

(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.

145

Aston Funds

	April 30, 2015
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 27 separate portfolios (each, a “Fund” and collectively, the “Funds”) as of April 30, 2015.

Aston Asset Management, LLC (“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 27 portfolios of the Trust are included in these financial statements:

ASTON/Cornerstone Large Cap Value Fund
(the “Cornerstone Large Cap Value Fund”)

ASTON/Fairpointe Focused Equity Fund
(the “Fairpointe Focused Equity Fund”)

ASTON/Herndon Large Cap Value Fund
(the “Herndon Large Cap Value Fund”)

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

ASTON/TAMRO Diversified Equity Fund

(the “TAMRO Diversified Equity 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 “Montag & Caldwell Mid Cap Growth Fund”)

ASTON/LMCG Small Cap Growth Fund
(the “LMCG Small Cap Growth Fund”)

ASTON/River Road Independent Value Fund
(the “River Road Independent Value 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/Silvercrest Small Cap Fund (the “Silvercrest Small Cap Fund”)

ASTON/TAMRO Small Cap Fund (the “TAMRO Small Cap 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/Anchor Capital Enhanced Equity Fund
(the “Anchor Capital Enhanced Equity Fund”)

ASTON/Lake Partners LASSO Alternatives Fund
(the “Lake Partners LASSO Alternatives 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/TAMRO International Small Cap Fund
(the “TAMRO International Small Cap Fund”)

ASTON/Harrison Street Real Estate Fund

(the “Harrison Street Real Estate Fund”)

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

Each Fund, except Montag & Caldwell Growth Fund, is authorized to issue two classes of shares (Class N shares and Class I shares). Montag & Caldwell Growth Fund is authorized to issue three classes of shares (Class N shares, Class I shares and Class R shares). Each class of shares is substantially the same except that certain classes of shares bear class specific expenses that include distribution and services fees. River Road Dividend All Cap Value Fund and Fairpointe Mid Cap Fund are closed to new investors until further notice.

The Funds are investment companies that follow accounting and reporting guidance in Accounting Standards Codification 946, Financial Services-Investment Companies.

The investment objectives of the Funds are as follows:

Cornerstone Large Cap Value Fund

Total return through long-term capital appreciation and current income.

Fairpointe Focused Equity Fund

Long-term total return through capital appreciation.

Herndon Large Cap Value Fund

Long-term capital appreciation.

Montag & Caldwell 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.

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.

Montag & Caldwell 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.

River Road Independent Value Fund

Long-term total return.

River Road Select Value Fund

Long-term capital appreciation.

River Road Small Cap Value Fund

Long-term capital appreciation.

Silvercrest Small Cap Fund

Long-term capital appreciation.

146

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

TAMRO Small Cap Fund

Long-term capital appreciation.

DoubleLine Core Plus Fixed Income Fund

Maximize total return.

TCH Fixed Income Fund

High current income consistent with prudent risk of capital.

Anchor Capital Enhanced Equity Fund

Total return through a combination of a high level of current income and capital appreciation.

Lake Partners LASSO Alternatives Fund

Long term total return with reduced correlation to the conventional stock and bond markets.

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.

TAMRO International Small Cap Fund

Long-term capital appreciation.

Harrison Street Real Estate Fund

Total return through a combination of growth and income.

Montag & Caldwell 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 of the Trust (the “Board”). The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other 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. 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 equity 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, the Funds may utilize the services of an independent pricing service to determine fair value prices for foreign equity securities held by Barings International Fund, Guardian Capital Global Dividend Fund, LMCG Emerging Markets Fund, Pictet International Fund and TAMRO International Small Cap 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; however, some ETFs are actively managed. ETFs are traded on securities exchanges 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)

147

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of the levels are recognized at the market value at the end of the period. The summary of each Fund’s investments that are measured at fair value by Level within the fair value hierarchy as of April 30, 2015 is as follows:

Funds	Total Value at 04/30/15		Level 1 Significant Unobservable Inputs		Level 2 Significant Unobservable Inputs		Level 3 Significant Unobservable Inputs
Cornerstone Large Cap Value Fund
Assets
Investments in Securities*	$	151,800,142	$	151,800,142	$	—	$	—
Fairpointe Focused Equity Fund
Assets
Investments in Securities*	$	6,295,932	$	6,295,932	$	—	$	—
Herndon Large Cap Value Fund
Assets
Investments in Securities*	$	140,597,024	$	140,597,024	$	—	$	—
Montag & Caldwell Growth Fund
Assets
Investments in Securities*	$	2,440,330,097	$	2,440,330,097	$	—	$	—
TAMRO Diversified Equity Fund
Assets
Investments in Securities*	$	43,346,225	$	43,346,225	$	—	$	—
River Road Dividend All Cap Value Fund
Assets
Investments in Securities*	$	991,216,451	$	991,216,451	$	—	$	—
River Road Dividend All Cap Value Fund II
Assets
Investments in Securities*	$	142,638,985	$	142,638,985	$	—	$	—
Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	5,736,376,605	$	5,736,376,605	$	—	$	—
Montag & Caldwell Mid Cap Growth Fund
Assets
Investments in Securities*	$	10,485,911	$	10,485,911	$	—	$	—
LMCG Small Cap Growth Fund
Assets
Investment in Securities*	$	117,975,295	$	117,975,295	$	—	$	—
River Road Independent Value Fund
Assets
Investments in Securities*	$	456,086,033	$	456,086,033	$	—	$	—
River Road Select Value Fund
Assets
Investments in Securities*	$	133,028,870	$	133,028,870	$	—	$	—

148

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/15		Level 1 Significant Unobservable Inputs		Level 2 Significant Unobservable Inputs		Level 3 Significant Unobservable Inputs
River Road Small Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	54,127,484	$	50,457,382	$	3,670,102	$	—
Consumer Staples		7,598,022		7,598,022		—		—
Energy		10,165,473		10,165,473		—		—
Financials		40,913,142		40,913,142		—		—
Healthcare		7,871,478		7,871,478		—		—
Industrials		50,146,442		50,146,442		—		—
Information Technology		64,660,167		56,268,984		8,391,183		—
Materials		3,085,546		3,085,546		—		—
Telecommunication Services		10,852,012		10,852,012		—		—
Total Common Stocks		249,419,766		237,358,481		12,061,285		—
Investment Company*		27,588,289		27,588,289		—		—
Total	$	277,008,055	$	264,946,770	$	12,061,285	$	—
Silvercrest Small Cap Fund
Assets
Investments in Securities*	$	112,961,745	$	112,961,745	$	—	$	—
TAMRO Small Cap Fund
Assets
Common Stocks
Consumer Discretionary	$	147,941,186	$	147,941,186	$	—	$	—
Consumer Staples		55,294,024		49,497,480		5,796,544		—
Financials		123,213,669		123,213,669		—		—
Healthcare		96,790,967		96,790,967		—		—
Industrials		123,262,325		123,262,325		—		—
Information Technology		132,312,875		132,312,875		—		—
Materials		11,321,934		11,321,934		—		—
Total Common Stocks		690,136,980		684,340,436		5,796,544		—
Investment Company*		10,749,406		10,749,406		—		—
Total	$	700,886,386	$	695,089,842	$	5,796,544	$	—
DoubleLine Core Plus Fixed Income Fund
Assets
Corporate Notes and Bonds	$	122,588,689	$	—	$	122,588,689	$	—
Collateralized Mortgage and Asset-Backed Securities		65,735,765		—		65,735,765		—
U.S. Government and Agency Obligations		113,513,970		—		113,513,970		—
Other Mortgage and Asset-Backed Securities		20,721,098		—		19,971,098		750,000
Municipal Bonds		11,588,292		—		11,588,292		—
Foreign Government Bonds		2,106,028		—		2,106,028		—
Investment Companies*		26,947,437		26,947,437		—		—
Total	$	363,201,279	$	26,947,437	$	335,503,842	$	750,000
TCH Fixed Income Fund
Assets
Corporate Notes and Bonds	$	26,837,427	$	—	$	26,837,427	$	—
U.S. Government and Agency Obligations		25,012,429		—		25,012,429		—
Commercial Mortgage-Backed Security		298,611		—		298,611		—
Foreign Government Bond		521,250		—		521,250		—
Investment Company*		2,399,114		2,399,114		—		—
Total	$	55,068,831	$	2,399,114	$	52,669,717	$	—
Anchor Capital Enhanced Equity Fund
Assets
Common Stocks*	$	207,420,086	$	207,420,086	$	—	$	—
Purchased Options		559,400		559,400		—		—
Investment Company*		6,576,623		6,576,623		—		—
Total Assets		214,556,109		214,556,109		—		—

149

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/15			Level 1 Significant Unobservable Inputs			Level 2 Significant Unobservable Inputs		Level 3 Significant Unobservable Inputs
Anchor Capital Enhanced Equity Fund (continued)
Liabilities
Written Options	$	(6,812,124	)	$	(6,812,124	)	$	—	$	—
Total Liabilities		(6,812,124	)		(6,812,124	)		—		—
Total	$	207,743,985		$	207,743,985		$	—	$	—
Lake Partners LASSO Alternative Fund
Assets
Investments in Securities*	$	325,262,713		$	325,262,713		$	—	$	—
River Road Long-Short Fund
Assets
Investments in Securities*	$	208,564,750		$	208,564,750		$	—	$	—
Total Assets		208,564,750			208,564,750			—		—
Liabilities
Common Stock Sold Short*		(52,451,840	)		(52,451,840	)		—		—
Exchange Traded Funds Sold Short		(1,377,327	)		(1,377,327	)		—		—
Total Liabilities		(53,829,167	)		(53,829,167	)		—		—
Total	$	154,735,583		$	154,735,583		$	—	$	—
Barings International Fund
Assets
Common Stocks
Australia	$	391,702		$	—		$	391,702	$	—
Bermuda		251,334			—			251,334		—
France		1,769,674			—			1,769,674		—
Germany		2,347,806			—			2,347,806		—
Hong Kong		551,448			—			551,448		—
India		325,135			325,135			—		—
Japan		5,794,457			—			5,794,457		—
Netherlands		1,518,437			—			1,518,437		—
Papua New Guinea		178,992			—			178,992		—
Singapore		262,191			—			262,191		—
Sweden		323,195			—			323,195		—
Switzerland		1,927,768			—			1,927,768		—
Taiwan		351,936			351,936			—		—
United Kingdom		5,095,551			241,977			4,853,574		—
Total Common Stocks		21,089,626			919,048			20,170,578		—
Investment Company*		163,588			163,588			—		—
Total	$	21,253,214		$	1,082,636		$	20,170,578	$	—
Guardian Capital Global Dividend Fund
Assets
Common Stocks
Australia	$	205,997		$	—		$	205,997	$	—
Belgium		157,440			79,226			78,214		—
Canada		119,727			119,727			—		—
France		144,686			—			144,686		—
Germany		249,133			—			249,133		—
Ireland		127,749			127,749			—		—
Israel		45,315			45,315			—		—
Italy		23,023			—			23,023		—
Netherlands		60,437			60,437			—		—
Spain		121,713			—			121,713		—
Sweden		69,351			—			69,351		—
Switzerland		311,492			115,007			196,485		—
United Kingdom		489,383			146,970			342,413		—
United States		2,322,032			2,322,032			—		—
Total Common Stocks		4,447,478			3,016,463			1,431,015		—
Investment Company*		21,815			21,815			—		—
Total	$	4,469,293		$	3,038,278		$	1,431,015	$	—

150

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/15		Level 1 Significant Unobservable Inputs		Level 2 Significant Unobservable Inputs		Level 3 Significant Unobservable Inputs
LMCG Emerging Markets Fund
Assets
Common Stocks
Brazil	$	390,264	$	390,264	$	—	$	—
China		755,693		—		755,693		—
Egypt		30,370		30,370		—		—
Hong Kong		174,596		—		174,596		—
India		155,364		155,364		—		—
Indonesia		123,506		—		123,506		—
Malaysia		65,550		—		65,550		—
Mexico		178,050		178,050		—		—
Philippines		51,776		—		51,776		—
Poland		60,138		—		60,138		—
Russia		115,348		115,348		—		—
South Africa		313,005		62,307		250,698		—
South Korea		634,643		29,251		605,392		—
Taiwan		559,295		26,611		532,684		—
Thailand		58,607		—		58,607		—
Turkey		114,069		—		114,069		—
Total Common Stocks		3,780,274		987,565		2,792,709		—
Exchange Traded Funds		169,502		169,502		—		—
Investment Company*		82,488		82,488		—		—
Total	$	4,032,264	$	1,239,555	$	2,792,709	$	—
ASTON/Pictet International Fund
Assets
Common Stocks
Australia	$	1,151,068	$	333,141	$	817,927	$	—
Austria		383,695		—		383,695		—
Belgium		519,528		—		519,528		—
Bermuda		568,403		568,403		—		—
Cayman Islands		452,284		—		452,284		—
Denmark		1,182,987		—		1,182,987		—
Finland		696,903		—		696,903		—
France		3,232,641		499,241		2,733,400		—
Germany		581,632		—		581,632		—
Hong Kong		1,588,211		1,060,880		527,331		—
Italy		2,129,723		295,771		1,833,952		—
Japan		6,900,048		—		6,900,048		—
Luxembourg		435,178		—		435,178		—
Malaysia		180,670		—		180,670		—
Netherlands		1,154,022		—		1,154,022		—
New Zealand		279,785		—		279,785		—
Papua New Guinea		223,834		—		223,834		—
Philippines		160,710		—		160,710		—
Portugal		528,396		—		528,396		—
South Korea		951,818		—		951,818		—
Spain		1,700,301		784,838		846,289		69,174
Sweden		579,082		—		579,082		—
Switzerland		2,507,212		525,214		1,981,998		—
United Kingdom		5,829,289		246,815		5,582,474		—
Total Common Stocks		33,917,420		4,314,303		29,533,943		69,174
Preferred Stock		490,547		—		490,547		—
Investment Company*		233,688		233,688		—		—
Total	$	34,641,655	$	4,547,991	$	30,024,490	$	69,174

151

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Notes to Financial Statements (unaudited) – continued

Funds	Total Value at 04/30/15		Level 1 Significant Unobservable Inputs		Level 2 Significant Unobservable Inputs		Level 3 Significant Unobservable Inputs
TAMRO International Small Cap Fund
Assets
Common Stocks
Australia	$	119,243	$	—	$	119,243	$	—
Bermuda		79,903		79,903		—		—
Canada		109,251		109,251		—		—
Cayman Islands		102,457		—		102,457		—
France		152,185		62,936		89,249		—
Germany		70,064		—		70,064		—
Hong Kong		53,499		—		53,499		—
Italy		115,854		—		115,854		—
Japan		408,767		—		408,767		—
Mexico		29,740		29,740		—		—
Norway		34,918		—		34,918		—
Panama		32,723		32,723		—		—
Singapore		61,790		61,790		—		—
Switzerland		70,866		—		70,866		—
United Kingdom		301,881		86,246		215,635		—
Virgin Islands (British)		42,600		42,600		—		—
Total Common Stocks		1,785,741		505,189		1,280,552		—
Preferred Stock		27,681		—		27,681		—
Investment Company*		73,673		73,673		—		—
Total	$	1,887,095	$	578,862	$	1,308,233	$	—
Harrison Street Real Estate Fund
Assets
Investments in Securities*	$	12,838,339	$	12,838,339	$	—	$	—
Montag & Caldwell Balanced Fund
Assets
Common Stocks*	$	13,070,405	$	13,070,405	$	—	$	—
Corporate Notes and Bonds		4,968,839		—		4,968,839		—
U.S. Government and Agency Obligations		2,973,123		—		2,973,123		—
Investment Company*		706,153		706,153		—		—
Total	$	21,718,520	$	13,776,558	$	7,941,962	$	—

* 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, Pictet International Fund

and TAMRO International Small Cap 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 deemed to have occurred at April 30, 2015, Barings International Fund, Guardian Capital Global Dividend Fund, LMCG Emerging Markets Fund, Pictet International Fund and TAMRO International Small Cap Fund utilized the external pricing service adjustments. As a result, Pictet International Fund owned certain securities during the year ended October 31, 2014 that were still owned as of April 30, 2015 and were transferred from Level 1 to Level 2.

Certain securities that were held at April 30, 2015 and since the beginning of the fiscal year in River Road Dividend All Cap Value Fund, River Road Independent Value Fund, River Road Small Cap Value Fund, LMCG Emerging Markets Fund and Pictet International 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.

152

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Notes to Financial Statements (unaudited) – continued

Funds	Transfer from Level 1 to Level  2		Transfer from level 2 to Level  1
River Road Dividend All Cap Value Fund	$	—	$	5,991,971
River Road Independent Value		—		16,830,781
River Road Small Cap Value		—		7,445,457
LMCG Emerging Markets Fund		—		103,868
Pictet International Fund		353,412		1,417,199

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, purchase price and security terms.

The following is a reconciliation of Level 3 holdings for which significant unobservable inputs and Adviser assumptions were used in determining fair value as of April 30, 2015:

DoubleLine Core Plus Fixed Income Fund		Total			Corporate Bonds			Asset- Backed
Fair Value, beginning of period	$	640,628		$	154,500		$	486,128
Purchases		750,000			—			750,000
Transfer out		(634,937	)		(154,730	)		(480,207	)
Change in unrealized appreciation (depreciation)		(5,691	)		230			(5,921	)
Fair value, end of period	$	750,000		$	—		$	750,000
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of period	$	—		$	—		$	—

Pictet International Fund		Common Stocks
Fair Value, beginning of period	$	—
Purchases		52,749
Change in unrealized appreciation (depreciation)		16,425
Fair value, end of period	$	69,174
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of period	$	16,425

(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. During the six months ended April 30, 2015, 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 fluctua-

tions 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, 2015, DoubleLine Core Plus Fixed Income Fund owned delayed delivery securities.

(4) Mortgage-Backed Securities: Montag & Caldwell 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. Montag & Caldwell 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. Cash segregated as collateral for short sales is shown in the Statement of Assets and Liabilities as segregated cash. Security positions segregated as collateral for short sales are included in the Total Investments on the Statement of Assets and Liabilities.

153

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

(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, 2015. During the six months ended April 30, 2015, the average* volume of derivative activities were as follows:

Funds	Purchased Options (Premiums Paid)		Written Options (Premiums Received)
Anchor Capital Enhanced Equity Fund	$	2,196,587	$	5,734,479

* estimated based on quarter end holdings

(7) Forward Foreign Currency Contracts: In the normal course of pursuing their investment objectives, certain Funds are subject to foreign investment and currency risk. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve a Fund’s investment goal. These contracts are marked-to-market daily at the applicable exchange rates. A Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of its contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. During the six months ended April 30, 2015, 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, 2015, by primary risk exposure:

	Asset Derivative Investments Value		Liability Derivative Investments Value
	Equity Contracts		Equity Contracts
Anchor Capital Enhanced Equity Fund	$	559,400	$	(6,812,129	)

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2015:

	Amount of Realized Gain (Loss) on Derivatives Investments Value			Change in Unrealized Appreciation (Depreciation) on Derivatives Investments Value
	Equity Contracts(a)			Equity Contracts(b)
Anchor Capital Enhanced Equity Fund	$	(10,962,917	)	$	1,938,291

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

(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.

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

154

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

(11) Federal Income Taxes: The Funds have elected to be treated as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their respective net taxable income. Accordingly, no provisions for federal income taxes have

been made in the accompanying financial statements. The Funds intend to utilize provisions of the federal income tax laws, which allow them to carry a realized capital loss forward for eight years following the year of the loss and offset such losses against any future realized capital gains.

At October 31, 2014, the following Funds had available realized capital loss carryforwards to offset future net capital gains through the fiscal year ended:

	Capital Loss Carryforwards:
Fund	2016			2017		2018		2019		No Expiration Short Term*		No Expiration Long Term*		Total
Cornerstone Large Cap Value Fund	$	—		$	11,124,593	$	6,819,813	$	—	$	—	$	—	$	17,944,406
Montag & Caldwell Growth Fund		—			5,719,602		—		—		—		—		5,719,602
LMCG Small Cap Growth Fund		1,123,210	**		—		—		—		—		—		1,123,210
DoubleLine Core Plus Fixed Income Fund		—			—		—		—		2,938,510		1,300,564		4,239,074
TCH Fixed Income Fund		2,654,917			1,270,780		—		—		—		—		3,925,697
Anchor Capital Enhanced Equity Fund		—			—		—		—		441,599		—		441,599
Guardian Capital Global Dividend Fund		—			—		—		—		37,885		—		37,885
LMCG Emerging Markets Fund		—			—		—		—		260,214		—		260,214
Harrison Street Real Estate Fund		606,778			11,228,100		—		—		—		—		11,834,878

* 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
Fairpointe Focused Equity Fund		December 24, 2014	$	49,967
Guardian Capital Global Dividend Fund		April 14, 2014		59,779
Pictet International Fund		April 14, 2014		72,702
TAMRO International Small Cap fund		December 23, 2014		50,521

(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 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 Montag & Caldwell 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.

155

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

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: Fairpointe Focused Equity Fund, Montag & Caldwell Growth Fund, TAMRO Diversified Equity Fund, Herndon Large Cap Value Fund, Cornerstone Large Cap Value Fund, Fairpointe Mid Cap Fund, Montag & Caldwell 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, TAMRO International Small Cap 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 Funds are due to different class expenses.

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 capitalized dividends on short sales, reclass of short-term gain to ordinary income, write off of capital loss carryovers, return of capital adjustments, premium reversals, paydown reclasses, passive foreign investment company reclasses, foreign currency reclasses, adjustments for business development corporations, the use of equalization 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 2014 and 2013 was as follows:

	Distributions Paid in 2014				Distributions Paid in 2013
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Cornerstone Large Cap Value Fund	$	400,233	$	—	$	275,360	$	—
Herndon Large Cap Value Fund		3,419,118		6,349		2,225,740		4,982
Montag & Caldwell Growth Fund		45,645,316		341,924,841		53,175,678		275,103,427
TAMRO Diversified Equity Fund		21,488		1,631,344		47,422		25,803
River Road Dividend All Cap Value Fund		46,656,555		64,851,857		31,709,319		26,566,474
River Road Dividend All Cap Value Fund II		4,391,126		86,891		964,010		—
Fairpointe Mid Cap Fund		3,375,463		458,048,169		33,005,046		66,057,903
Montag & Caldwell Mid Cap Growth Fund		54,000		1,654,527		—		92,399
LMCG Small Cap Growth Fund		4,567,533		960,263		436,931		47,268
River Road Independent Value Fund		27,428,053		833,833		39,553,086		—
River Road Select Value Fund		5,039,706		26,824,144		3,212,685		8,700,481
River Road Small Cap Value Fund		10,537,955		56,872,092		5,316,856		9,066,179
Silvercrest Small Cap Fund		723,403		562,187		110,190		717
TAMRO Small Cap Fund		—		116,418,951		18,818,417		76,987,885
DoubleLine Core Plus Fixed Income Fund		5,696,835		—		8,127,489		22,764
TCH Fixed Income Fund		1,961,530		—		2,721,001		—
Anchor Capital Enhanced Equity Fund		3,308,423		—		5,860,687		556,618
Lake Partners LASSO Alternatives Fund		4,167,016		1,590,997		4,205,294		—
River Road Long-Short Fund		4,915,054		28,902		415,810		21,761
Barings International Fund		2,458,302		944,009		1,201,521		550,401
Guardian Capital Global Dividend Fund		46,620		—		—		—
LMCG Emerging Markets Fund		64,574		—		—		—
Harrison Street Real Estate Fund		147,567		—		165,004		—
Montag & Caldwell Balanced Fund		208,332		740,661		366,801		—

156

Aston Funds

	April 30, 2015
Notes to Financial Statements (unaudited) – continued

As of October 31, 2014, 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
Cornerstone Large Cap Value Fund	$	(17,944,406	)	$	811,840	$	—	$	9,312,701		$	(7,819,865	)
Herndon Large Cap Value Fund		—			2,077,706		7,725,697		18,831,843			28,635,246
Montag & Caldwell Growth Fund		(5,719,602	)		39,806,758		627,214,322		682,737,831			1,344,039,309
TAMRO Diversified Equity Fund		—			1,330,732		2,037,416		14,488,089			17,856,237
River Road Dividend All Cap Value Fund		—			1,450,183		89,180,525		231,097,821			321,728,529
River Road Dividend All Cap Value Fund II		—			1,313,975		2,890,310		13,296,819			17,501,104
Fairpointe Mid Cap Fund		—			151,395,419		770,914,068		962,121,316			1,884,430,803
Montag & Caldwell Mid Cap Growth Fund		—			22,455		660,992		2,085,241			2,768,688
LMCG Small Cap Growth Fund		(1,123,210	)		1,396,041		1,049,684		5,555,024			6,877,539
River Road Independent Value Fund		—			13,123,488		21,660,989		(22,531,730	)		12,252,747
River Road Select Value Fund		—			7,894,025		17,042,127		7,552,973			32,489,125
River Road Small Cap Value Fund		—			9,288,601		31,937,090		36,248,070			77,473,761
Silvercrest Small Cap Fund		—			427,578		1,197,754		6,951,946			8,577,278
TAMRO Small Cap Fund		(4,567,670	)		—		94,013,543		235,273,794			324,719,667
DoubleLine Core Plus Fixed Income Fund		(4,239,074	)		56,676		—		2,372,929			(1,809,469	)
TCH Fixed Income Fund		(3,925,697	)		13,088		—		3,179,390			(733,219	)
Anchor Capital Enhanced Equity Fund		(441,599	)		327,869		—		7,937,136			7,823,406
Lake Partners LASSO Alternatives Fund		(1,997,170	)		—		15,080,174		27,352,495			40,435,499
River Road Long-Short Fund		—			4,915,572		334,672		(9,041,573	)		(3,791,329	)
Barings International Fund		—			772,590		2,360,278		740,716			3,873,584
Guardian Capital Global Dividend Fund		(37,885	)		16,335		—		234,146			212,596
LMCG Emerging Markets Fund		(260,214	)		22,462		—		127,491			(110,261	)
Pictet International Fund		—			170,163		—		(805,564	)		(635,401	)
Harrison Street Real Estate Fund		(11,834,878	)		115,470		—		1,133,770			(10,585,638	)
Montag & Caldwell Balanced Fund		—			83,638		1,807,933		2,700,106			4,591,677

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, 2015

Class N	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		391,442		28,081		(647,766	)		(228,243	)
Fairpointe Focused Equity Fund (a)(b)		200,698		—		(644	)		200,054
Herndon Large Cap Value Fund		125,704		62,690		(389,156	)		(200,762	)
Montag & Caldwell Growth Fund		3,471,968		8,194,048		(22,850,753	)		(11,184,737	)
TAMRO Diversified Equity Fund		78,923		84,769		(380,546	)		(216,854	)
River Road Dividend All Cap Value Fund		1,523,864		1,935,866		(9,977,864	)		(6,518,134	)
River Road Dividend All Cap Value Fund II		49,440		19,602		(110,461	)		(41,419	)
Fairpointe Mid Cap Fund		6,129,373		9,137,627		(10,259,613	)		5,007,387
Montag & Caldwell Mid Cap Growth Fund		8,544		34,984		(246,202	)		(202,674	)
LMCG Small Cap Growth Fund		2,808,235		105,407		(520,491	)		2,393,151
River Road Independent Value Fund		2,814,084		1,563,006		(5,330,816	)		(953,726	)
River Road Select Value Fund		49,998		156,298		(262,970	)		(56,674	)
River Road Small Cap Value Fund		202,391		503,817		(2,201,570	)		(1,495,362	)
Silvercrest Small Cap Fund		31,060		9,374		(131,166	)		(90,732	)
TAMRO Small Cap Fund		497,775		2,105,009		(5,058,748	)		(2,455,964	)
DoubleLine Core Plus Fixed Income Fund		8,150,914		106,589		(2,055,835	)		6,201,668
TCH Fixed Income Fund		292,024		48,690		(236,515	)		104,199
Anchor Capital Enhanced Equity Fund		1,161,200		80,361		(1,639,506	)		(397,945	)
Lake Partners LASSO Alternatives Fund		2,337,025		133,279		(755,610	)		1,714,694
River Road Long-Short Fund		1,740,721		231,451		(2,721,329	)		(749,157	)
Barings International Fund		1,383		8,119		(1,773	)		7,729
Guardian Capital Global Dividend Fund		1,219		8		(47	)		1,180
LMCG Emerging Markets Fund		296		426		(327	)		395
Pictet International Fund		903		34		(292	)		645
TAMRO International Small Cap Fund (c)		106,175		—		—			106,175
Harrison Street Real Estate Fund		109,932		11,379		(166,155	)		(44,844	)
Montag & Caldwell Balanced Fund		18,781		75,379		(47,771	)		46,389

157

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	April 30, 2015
Notes to Financial Statements (unaudited) – continued

Class I	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		626,142		56,355		(1,002,405	)		(319,908	)
Fairpointe Focused Equity Fund (a)(b)		391,185		—		—			391,185
Herndon Large Cap Value Fund		975,796		624,457		(1,689,939	)		(89,686	)
Montag & Caldwell Growth Fund		6,818,963		14,272,154		(51,798,425	)		(30,707,308	)
TAMRO Diversified Equity Fund		26,567		92,884		(191,958	)		(72,507	)
River Road Dividend All Cap Value Fund		4,151,879		3,657,086		(7,933,261	)		(124,296	)
River Road Dividend All Cap Value Fund II		1,177,971		349,779		(709,050	)		818,700
Fairpointe Mid Cap Fund		11,864,750		10,047,969		(18,768,984	)		3,143,735
Montag & Caldwell Mid Cap Growth Fund		105,024		27,469		(11,624	)		120,869
LMCG Small Cap Growth Fund		1,739,479		52,633		(158,699	)		1,633,413
River Road Independent Value Fund		1,692,241		1,546,766		(19,383,808	)		(16,144,801	)
River Road Select Value Fund		364,172		2,999,976		(7,386,835	)		(4,022,687	)
River Road Small Cap Value Fund		2,471,874		2,833,551		(3,466,616	)		1,838,809
Silvercrest Small Cap Fund		4,070,777		100,934		(1,297,134	)		2,874,577
TAMRO Small Cap Fund		2,278,946		2,381,470		(4,837,096	)		(176,680	)
DoubleLine Core Plus Fixed Income Fund		10,375,034		336,710		(2,452,986	)		8,258,758
TCH Fixed Income Fund		528,584		23,916		(352,196	)		200,304
Anchor Capital Enhanced Equity Fund		2,896,764		80,213		(3,442,844	)		(465,867	)
Lake Partners LASSO Alternatives Fund		5,164,883		804,315		(21,433,091	)		(15,463,893	)
River Road Long-Short Fund		1,308,795		160,137		(4,125,157	)		(2,656,225	)
Barings International Fund		168,035		526,717		(467,167	)		227,585
Guardian Capital Global Dividend Fund		10,042		2,668		(572	)		12,138
LMCG Emerging Markets Fund		—		2,687		—			2,687
Pictet International Fund		3,014,742		5,369		(505,500	)		2,514,611
TAMRO International Small Cap Fund (c)		66,529		—		—			66,529
Harrison Street Real Estate Fund		5,036		566		(3,903	)		1,699
Montag & Caldwell Balanced Fund		7,644		3,548		(15,578	)		(4,386	)

(a) The inception date for Fairpointe Focused Equity Fund is December 24, 2014.

(b) Fairpointe Focused Equity Fund had a subscription-in-kind in the amount of $2,333,718 on December 24, 2014. The subscription was comprised of securities, cash and dividends accrued in the amount of $2,305,531, $26,148 and $2,039, respectively

(c) The inception date for TAMRO International Small Cap Fund is December 23, 2014.

Class R	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Decrease in Shares Outstanding
Montag & Caldwell Growth Fund		21,870		43,433		(84,064	)		(18,761	)

Year Ended October 31, 2014

Class N	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		3,048,364		6,618		(840,585	)		2,214,397
Herndon Large Cap Value Fund		774,911		78,380		(2,949,039	)		(2,095,748	)
Montag & Caldwell Growth Fund		7,516,258		5,582,826		(44,037,900	)		(30,938,816	)
TAMRO Diversified Equity Fund		192,994		42,330		(445,529	)		(210,205	)
River Road Dividend All Cap Value Fund		4,595,497		2,941,808		(14,719,302	)		(7,181,997	)
River Road Dividend All Cap Value Fund II		308,070		16,347		(92,224	)		232,193
Fairpointe Mid Cap Fund		13,219,533		4,903,545		(18,453,660	)		(330,582	)
Montag & Caldwell Mid Cap Growth Fund		35,309		147,172		(438,462	)		(255,981	)
LMCG Small Cap Growth Fund		615,033		304,695		(585,882	)		333,846
River Road Independent Value Fund		6,616,331		1,167,151		(11,067,285	)		(3,283,803	)
River Road Select Value Fund		215,257		295,283		(1,412,098	)		(901,558	)
River Road Small Cap Value Fund		695,985		871,062		(1,272,564	)		294,483
Silvercrest Small Cap Fund		318,690		9,961		(168,205	)		160,446
TAMRO Small Cap Fund		2,156,386		1,983,756		(9,725,416	)		(5,585,274	)
DoubleLine Core Plus Fixed Income Fund		2,161,225		141,089		(4,006,735	)		(1,704,421	)
TCH Fixed Income Fund		549,014		133,538		(1,567,315	)		(884,763	)
Anchor Capital Enhanced Equity Fund		3,747,280		184,255		(4,009,865	)		(78,330	)
Lake Partners LASSO Alternatives Fund		1,605,400		40,597		(2,469,534	)		(823,537	)
River Road Long-Short Fund		8,014,551		238,102		(7,696,381	)		556,272
Barings International Fund		8,221		5,415		(27,372	)		(13,736	)
Guardian Capital Global Dividend Fund (a)		100,106		—		—			100,106
LMCG Emerging Markets Fund		6,335		1,079		(1,378	)		6,036
Pictet International Fund (b)		105,262		—		—			105,262
Harrison Street Real Estate Fund		374,724		12,655		(529,928	)		(142,549	)
Montag & Caldwell Balanced Fund		49,674		35,776		(198,637	)		(113,187	)

158

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	April 30, 2015
Notes to Financial Statements (unaudited) – continued

Class I	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		4,871,810		19,747		(993,206	)		3,898,351
Herndon Large Cap Value Fund		5,946,567		145,491		(2,674,050	)		3,418,008
Montag & Caldwell Growth Fund		24,146,473		5,932,472		(41,799,885	)		(11,720,940	)
TAMRO Diversified Equity Fund		222,404		50,315		(679,730	)		(407,011	)
River Road Dividend All Cap Value Fund		9,868,160		3,439,419		(12,909,103	)		398,476
River Road Dividend All Cap Value Fund II		3,185,525		293,676		(990,015	)		2,489,186
Fairpointe Mid Cap Fund		30,513,534		3,826,779		(15,079,903	)		19,260,410
Montag & Caldwell Mid Cap Growth Fund (c)		322,300		—		(14	)		322,286
LMCG Small Cap Growth Fund		696,705		82,467		(339,984	)		439,188
River Road Independent Value Fund		13,556,500		1,311,396		(13,609,667	)		1,258,229
River Road Select Value Fund		3,281,294		3,175,257		(5,705,277	)		751,274
River Road Small Cap Value Fund		6,333,689		3,935,519		(6,638,474	)		3,630,734
Silvercrest Small Cap Fund		2,326,474		76,930		(331,458	)		2,071,946
TAMRO Small Cap Fund		5,439,909		2,400,215		(19,301,842	)		(11,461,718	)
DoubleLine Core Plus Fixed Income Fund		10,159,407		317,973		(6,234,468	)		4,242,912
TCH Fixed Income Fund		885,168		40,165		(343,869	)		581,464
Anchor Capital Enhanced Equity Fund		7,598,733		122,231		(2,426,538	)		5,294,426
Lake Partners LASSO Alternatives Fund		9,990,525		329,595		(6,588,040	)		3,732,080
River Road Long-Short Fund		9,063,711		164,164		(5,460,015	)		3,767,860
Barings International Fund		775,349		457,485		(2,987,094	)		(1,754,260	)
Guardian Capital Global Dividend Fund (a)		302,975		2,366		—			305,341
LMCG Emerging Markets Fund		26,107		5,932		(41,200	)		(9,161	)
Pictet International Fund (b)		904,851		—		—			904,851
Harrison Street Real Estate Fund		29,872		396		(19,438	)		10,830
Montag & Caldwell Balanced Fund		14,759		1,333		(14,900	)		1,192

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

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

(c) The inception date for Montag & Caldwell Mid Cap Growth Fund Class I is May 14, 2014.

Class R	Sold		Proceeds From Reinvestment of Distributions		Redeemed			Net Decrease in Shares Outstanding
Montag & Caldwell Growth Fund		43,265		20,886		(156,936	)		(92,785	)

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, 2015 were as follows:

	Aggregate Purchases				Proceeds from Sales
	U.S Government		Other		U.S Government		Other
Cornerstone Large Cap Value Fund	$	—	$	31,420,879	$	—	$	42,859,085
Fairpointe Focused Equity Fund		—		3,973,159		—		446,722
Herndon Large Cap Value Fund		—		37,408,326		—		52,966,045
Montag & Caldwell Growth Fund		—		1,072,410,381		—		2,658,663,323
TAMRO Diversified Equity Fund		—		9,445,523		—		18,264,953
River Road Dividend All Cap Value Fund		—		138,403,870		—		303,236,729
River Road Dividend All Cap Value Fund II		—		26,550,172		—		21,081,598
Fairpointe Mid Cap Fund		—		1,070,713,723		—		1,387,965,248
Montag & Caldwell Mid Cap Growth Fund		—		2,979,008		—		4,715,880
LMCG Small Cap Growth Fund		—		85,658,266		—		29,601,080
River Road Independent Value Fund		—		28,896,443		—		107,899,833
River Road Select Value Fund		—		39,814,030		—		100,435,664
River Road Small Cap Value Fund		—		70,973,568		—		112,496,987
Silvercrest Small Cap Fund		—		66,136,557		—		23,204,610
TAMRO Small Cap Fund		—		240,667,182		—		408,321,721
DoubleLine Core Plus Fixed Income Fund		85,961,453		170,054,947		37,443,736		48,361,373
TCH Fixed Income Fund		3,340,756		6,192,095		3,005,511		3,116,145
Anchor Capital Enhanced Equity Fund		—		53,674,017		—		71,537,326
Lake Partners LASSO Alternatives Fund		—		160,841,379		—		345,575,668
River Road Long-Short Fund		—		222,520,425		—		247,564,731
Barings International Fund		—		4,533,792		—		5,899,440
Guardian Capital Global Dividend Fund		—		558,690		—		420,908
LMCG Emerging Markets Fund		—		1,203,753		—		1,195,431
Pictet International Fund		—		32,306,885		—		10,259,164
TAMRO International Small Cap Fund		—		1,912,411		—		199,581
Harrison Street Real Estate Fund		—		12,290,150		—		12,941,068
Montag & Caldwell Balanced Fund		—		5,264,839		883,958		5,235,260

159

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	April 30, 2015
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, 2015 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	$	114
Guardian Capital Global Dividend Fund	2% Within 90 Days		—
LMCG Emerging Markets Fund	2% Within 90 Days		—
Pictet International Fund	2% Within 90 Days		—
TAMRO International Small Cap Fund	2% Within 90 Days		—
Harrison Street Real Estate Fund	2% Within 90 Days		459

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

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 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 29, 2016. The advisory rates and contractual expense limitations for the six months ended April 30, 2015 were as follows:

		Contractual Expense Limitations
Fund Name	Advisory Fees	Class N	Class I
Cornerstone Large Cap Value Fund	0.80%	1.30%	1.05%
Fairpointe Focused Equity Fund (a)	0.80%	1.15%	0.90%
Herndon Large Cap Value Fund	0.80%	1.30%	1.05%
Montag & Caldwell 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%
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%	1.05%
Fairpointe Mid Cap Fund	0.80% on first $100,000,000
	0.75% next $300,000,000
	0.70% over $400,000,000	N/A	N/A
Montag & Caldwell Mid Cap Growth Fund	0.85%	1.25%	1.00%
LMCG Small Cap Growth Fund	1.00%	1.35%	1.10%
River Road Independent Value Fund	1.00%	1.42%	1.17%
River Road Select Value Fund	1.00%	1.50%	1.25%
River Road Small Cap Value Fund	0.90%	N/A	N/A
Silvercrest Small Cap Fund	1.00%	1.40%	1.15%
TAMRO Small Cap Fund	0.90%	N/A	N/A
DoubleLine Core Plus Fixed Income Fund	0.55%	0.94%	0.69%
TCH Fixed Income Fund	0.55%	0.94%	0.69%
Anchor Capital Enhanced Equity Fund	0.70%	1.40%	1.15%
Lake Partners LASSO Alternatives Fund (b)	1.00%	1.40%	1.15%
River Road Long-Short Fund	1.20%	1.70%	1.45%
Barings International Fund	1.00%	1.40%	1.15%
Guardian Capital Global Dividend Fund	0.80%	1.30%	1.05%
LMCG Emerging Markets Fund	1.05%	1.43%	1.18%
Pictet International Fund	0.90%	1.40%	1.15%
TAMRO International Small Cap Fund (c)	1.00%	1.50%	1.25%
Harrison Street Real Estate Fund	1.00%	1.37%	1.12%
Montag & Caldwell Balanced Fund	0.75%	1.35%	1.10%

160

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	April 30, 2015
Notes to Financial Statements (unaudited) – continued

(a) The inception date for Fairpointe Focused Equity Fund is December 24, 2014.

(b) Prior to February 28, 2015, the contractual expense limitation was 1.45% and 1.20% for Class N and Class I, respectively.

(c) The inception date for TAMRO International Small Cap Fund is December 23, 2014.

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 Adviser waived its advisory fees or reimbursed expenses for each of: Fairpointe Focused Equity Fund-Classes N and I, Herndon Large Cap Value Fund-Classes N and I, River Road Dividend All Cap Value Fund II-Classes N and I, LMCG Small Cap Growth Fund-Classes N and I, River Road Independent Value Fund-Classes N and I, Silvercrest Small Cap 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, Guardian Capital Global Dividend Fund-Classes N and I, LMCG Emerging Markets Fund-Classes N and I, Pictet International Fund-Classes N and I, and TAMRO International Small Cap 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, 2015 that are entitled to be recouped for each Fund are as follows:

	Expiration
	2015		2016		2017		2018
Fairpointe Focused Equity Fund(1)		N/A		N/A		N/A	$	57,525
Herndon Large Cap Value Fund	$	7,468	$	—		N/A		N/A
River Road Dividend All Cap Value Fund II		—		—	$	—		—
LMCG Small Cap Growth Fund		123,269		157,143		131,012		N/A
River Road Independent Value Fund		143,528		59,855		25,960		N/A
Silvercrest Small Cap Fund		147,166		116,435		108,554		43,199
DoubleLine Core Plus Fixed Income Fund		389,195		205,067		183,865		N/A
Lake Partners LASSO Alternatives Fund		—		—		N/A		N/A
River Road Long-Short Fund		65,714		76,699		—		N/A
Guardian Capital Global Dividend Fund		N/A		N/A		89,764		74,170
LMCG Emerging Markets Fund		N/A		119,333		173,395		76,091
Pictet International Fund		N/A		N/A		102,208		74,482
TAMRO International Small Cap Fund(1)		N/A		N/A		N/A		58,833
Total	$	876,340	$	734,532	$	814,758	$	384,300

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

Through the six months ended April 30, 2015, the Adviser is eligible to recapture prior year fee waivers and expense reimbursements of $35,325 from Herndon Large Cap Value Fund, and $38,429 from River Road Long-Short Fund.

During the six months ended April 30, 2015, the following Fund was reimbursed by the Subadviser for losses incurred on transactions not meeting the Fund’s investment guidelines:

	Capital Contribution
Pictet International Fund	$	23,298

On March 13, 2015, BNY Mellon contributed $872 of capital to the following Fund to mitigate the negative impact to Shareholders from an incorrect calculation of net asset value.

	Capital Contribution
Lake Partners LASSO Alternatives Fund	$	872

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

Fund	Subadviser
Cornerstone Large Cap Value Fund	Cornerstone Investment Partners, LLC
Fairpointe Focused Equity Fund	Fairpointe Capital LLC
Herndon Large Cap Value Fund	Herndon Capital Management, LLC
Montag & Caldwell Growth Fund	Montag & Caldwell, LLC
TAMRO Diversified Equity Fund	TAMRO Capital 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
Montag & Caldwell Mid Cap Growth Fund	Montag & Caldwell, LLC
LMCG Small Cap Growth Fund	LMCG Investments, LLC
River Road Independent Value Fund	River Road Asset Management, LLC
River Road Select Value Fund	River Road Asset Management, LLC
River Road Small Cap Value Fund	River Road Asset Management, LLC
Silvercrest Small Cap Fund	Silvercrest Asset Management Group LLC
TAMRO Small Cap Fund	TAMRO Capital Partners LLC
DoubleLine Core Plus Fixed Income Fund	DoubleLine Capital LP
TCH Fixed Income Fund	Taplin, Canida & Habacht, LLC
Anchor Capital Enhanced Equity Fund	Anchor Capital Advisors LLC
Lake Partners LASSO Alternatives Fund	Lake Partners, Inc.
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	LMCG Investments, LLC
Pictet International Fund	Pictet Asset Management Limited
TAMRO International Small Cap Fund	TAMRO Capital Partners LLC
Harrison Street Real Estate Fund	Harrison Street Securities, LLC
Montag & Caldwell Balanced Fund	Montag & Caldwell, LLC

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

Administration. Under the terms of the administration agreement between the Trust and Aston, the Funds’ administrator (the “Administration Agreement”), administration fees are accrued daily and paid monthly, based on a specified percentage of average daily net assets of the Trust, and base fees are fixed at an annual rate of $12,000 per Fund. The fee is allocated to

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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 1.5%, was effective October 1, 2014.

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 and servicing 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, Montag & Caldwell Balanced Fund reduced its 12b-1 fees to 0.10%.

Trustees. The Trustees of the Trust who are not affiliated with the Adviser or a Subadviser receive an annual retainer and per meeting fees, and they are reimbursed for out-of-pocket expenses for each meeting of the Board 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, 2015 was $447,054.

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. AMG Funds LLC serves as investment adviser to the AMG Funds family of mutual funds (“AMG Funds”) and the same trustees serve on the Boards of Trustees of both the Trust and AMG Funds. Effective January 1, 2015, the Trustees’ fees and expenses are generally allocated among all of the Funds and the funds within AMG Funds based on the relative net assets of such funds. Before January 1, 2015, the Trustees’ fees and expenses were allocated among all of the Funds. The “Trustees fees and related expenses” shown in the financial statements represents each Fund’s allocated portion of the total fees and expenses paid to the Trustees of the Trust.

Affiliated Investments: Certain Funds may invest in affiliated funds subject to compliance with each Fund’s policies.

A summary of each Fund’s investment, as applicable, in affiliated funds for the six months ended April 30, 2015, is as follows:

DoubleLine Core Plus Fixed Income Fund

Underlying Fund	Purchases		Proceeds from Sales		Market Value 04/30/2015		Dividend Income		Realized Gain
DoubleLine Floating Rate Fund	$	11,200,000	$	4,000,000	$	9,811,607	$	109,374	$	23,715

Note (H) Credit Agreement: Effective July 6, 2010 and as amended August 29, 2014, 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 out standing 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, included in Other Expenses on the Statement of Operations. The Funds did not utilize the line of credit during the six months ended April 30, 2015.

Note (I) 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

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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 (J) 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.

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS FOR ASTON/FAIRPOINTE FOCUSED EQUITY FUND AND ASTON/TAMRO INTERNATIONAL SMALL CAP FUND

At an in-person meeting held on December 18, 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”), determined that the terms of the Investment Advisory Agreement between the Trust and Aston Asset Management, LLC (“Aston”) with respect to ASTON/Fairpointe Focused Equity Fund and ASTON/TAMRO International Small Cap 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 December 18, 2014 meeting and 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 or its affiliates to consider approval of the Investment Advisory Agreements with respect to the New Funds. The Independent Trustees 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, and with each Trustee not necessarily attributing the same weight to each factor, 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 considering the nature, extent and quality of the services to be provided by Aston under the Investment Advisory Agreements, the Board took into account information provided periodically throughout the previous year by Aston in Board meetings relating to Aston’s financial information, operations and personnel, the performance of its duties with respect to other Funds in the Aston complex, the quality of the performance of Aston’s duties and the Trustees’ knowledge of Aston’s management team.

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 Aston’s risk management processes. 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 considered the amount of the management fee to be retained by Aston after payment of the subadvisory fee in light of the services to be rendered for those amounts. 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.

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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 fees to be waived 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 administration services to be provided by Aston. 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.

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE SUB-INVESTMENT ADVISORY AGREEMENT FOR ASTON/FAIRPOINTE FOCUSED EQUITY FUND

At an in-person meeting held on December 18, 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, LLC (“Aston”) and Fairpointe Capital LLC (“Fairpointe”) with respect to ASTON/Fairpointe Focused Equity Fund (the “New Fund”). The Board considered information provided and discussions held at the December 18, 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, Fairpointe or their respective affiliates to consider approval of the Sub-Investment Advisory Agreement. The Independent Trustees 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 Fairpointe and its operational and compliance infrastructures. The Board also considered information provided regarding Fairpointe’s investment approach, the experience and skills of senior management and investment personnel of Fairpointe, the resources made available to such personnel, the ability of Fairpointe to attract and retain high-quality personnel and the organizational depth of Fairpointe. The Board also considered the nature and quality of services provided by Fairpointe with respect to other series of the Trust. The Board also considered Fairpointe’s risk management processes. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by Fairpointe are expected to be satisfactory.

Performance. Because the New Fund had not yet commenced operations, the Board noted that they could not draw any conclusions regarding the performance of the New Fund. The Trustees, however, considered the performance of a strategy comparable to the New Fund managed by Fairpointe, as well as the performance of the other series of the Trust managed by Fairpointe.

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, including the amount of management fee to be retained by Aston after payment of the subadvisory fee. The Board considered that the subadvisory fee rate had been negotiated at arm’s length between Aston and Fairpointe, an unaffiliated third party, and that Aston would compensate Fairpointe 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 Fairpointe was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of Fairpointe. 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.

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Other Benefits to the Subadviser. The Board also considered the character and amount of other incidental benefits expected to be received by Fairpointe and its affiliates. The Board considered potential benefits to Fairpointe 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 Fairpointe 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 and each Trustee may have given different weight to the various factors.

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

At an in-person meeting held on December 18, 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, LLC (“Aston”) and TAMRO Capital Partners LLC (“TAMRO) with respect to ASTON/TAMRO International Small Cap Fund (the “New Fund”). The Board considered information provided and discussions held at the December 18, 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, TAMRO or their respective affiliates to consider approval of the Sub-Investment Advisory Agreement. The Independent Trustees 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 TAMRO and its operational and compliance infrastructures. The Board also considered information provided regarding TAMRO’s investment approach, the experience and skills of senior management and investment personnel of TAMRO, the resources made available to such personnel, the ability of TAMRO to attract and retain high-quality personnel and the organizational depth of TAMRO. The Board also considered the nature and quality of services provided by TAMRO with respect to other series of the

Trust. The Board also considered TAMRO’s risk management processes. On the basis of this evaluation, the Board concluded that the nature, quality and extent of services to be provided by TAMRO are expected to be satisfactory.

Performance. Because the New Fund had not yet commenced operations, the Board noted that they could not draw any conclusions regarding the performance of the New Fund. The Board, however, took into account that the New Fund will utilize a similar investment process to that used by TAMRO with respect to other series of the Trust it manages, and the Board is generally satisfied with the performance of such series.

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, including the amount of management fee to be retained by Aston after payment of the subadvisory fee. The Board considered that the subadvisory fee rate had been negotiated at arm’s length between Aston and TAMRO, an unaffiliated third party, and that Aston would compensate TAMRO 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 TAMRO was not material to its considerations in light of the fee model used by Aston and the unaffiliated status of TAMRO. 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 TAMRO and its affiliates. The Board considered potential benefits to TAMRO 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 TAMRO 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 and each Trustee may have given different weight to the various factors.

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 11/01/14		Ending Account Value 04/30/15		Expense Ratio(1)		Expenses Paid  During Period(2)
Cornerstone Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$987.60		1.26%		$6.21
Class I		1,000		989.10		1.01%		4.98
Hypothetical 5% Return
Class N		$1,000		$1,018.55		1.26%		$6.31
Class I		1,000		1,019.79		1.01%		5.06

	Beginning Account Value 11/01/14		Ending Account Value 04/30/15		Expense Ratio(1)		Expenses Paid  During Period(2)
Fairpointe Focused Equity Fund(3)
Actual Fund Return
Class N		$1,000		$1,046.00		1.15%		$4.83
Class I		1,000		1,047.00		0.90%		3.78
Hypothetical 5% Return
Class N		$1,000		$1,019.09		1.15%		$5.76
Class I		1,000		1,020.33		0.90%		4.51
Herndon Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,010.50		1.30%		$6.48
Class I		1,000		1,012.20		1.05%		5.24
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
Montag & Caldwell Growth Fund
Actual Fund Return
Class N		$1,000		$1,031.90		1.04%		$5.24
Class I		1,000		1,032.80		0.79%		3.98
Class R		1,000		1,030.20		1.29%		6.49
Hypothetical 5% Return
Class N		$1,000		$1,019.64		1.04%		$5.21
Class I		1,000		1,020.88		0.79%		3.96
Class R		1,000		1,018.40		1.29%		6.46
TAMRO Diversified Equity Fund
Actual Fund Return
Class N		$1,000		$1,024.10		1.20%		$6.02
Class I		1,000		1,025.10		0.95%		4.77
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
River Road Dividend All Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,036.30		1.09%		$5.50
Class I		1,000		1,037.60		0.84%		4.24
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		$1,032.50		1.15%		$5.80
Class I		1,000		1,034.60		0.90%		4.54
Hypothetical 5% Return
Class N		$1,000		$1,019.09		1.15%		$5.76
Class I		1,000		1,020.33		0.90%		4.51
Fairpointe Mid Cap Fund
Actual Fund Return
Class N		$1,000		$1,071.50		1.10%		$5.65
Class I		1,000		1,072.90		0.85%		4.37
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		$1,070.70		1.25%		$6.42
Class I		1,000		1,072.50		1.00%		5.14
Hypothetical 5% Return
Class N		$1,000		$1,018.60		1.25%		$6.26
Class I		1,000		1,019.84		1.00%		5.01

167

Aston Funds

	April 30, 2015
Additional Information (unaudited) – continued

	Beginning Account Value 11/01/14		Ending Account Value 04/30/15		Expense Ratio(1)		Expenses Paid  During Period(2)
LMCG Small Cap Growth Fund
Actual Fund Return
Class N		$1,000		$1,081.80		1.35%		$6.97
Class I		1,000		1,082.50		1.10%		5.68
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
River Road Independent Value Fund
Actual Fund Return
Class N		$1,000		$1,006.20		1.42%		$7.06
Class I		1,000		1,008.00		1.17%		5.83
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
River Road Select Value Fund
Actual Fund Return
Class N		$1,000		$1,054.20		1.48%		$7.54
Class I		1,000		1,056.00		1.23%		6.27
Hypothetical 5% Return
Class N		$1,000		$1,017.46		1.48%		$7.40
Class I		1,000		1,018.70		1.23%		6.16
River Road Small Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,052.30		1.33%		$6.77
Class I		1,000		1,053.60		1.08%		5.50
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
Silvercrest Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,020.70		1.40%		$7.01
Class I		1,000		1,021.70		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
TAMRO Small Cap Fund
Actual Fund Return
Class N		$1,000		$1,018.00		1.32%		$6.60
Class I		1,000		1,018.90		1.07%		5.36
Hypothetical 5% Return
Class N		$1,000		$1,018.25		1.32%		$6.61
Class I		1,000		1,019.49		1.07%		5.36
DoubleLine Core Plus Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,019.20		0.94%		$4.71
Class I		1,000		1,020.30		0.69%		3.46
Hypothetical 5% Return
Class N		$1,000		$1,020.13		0.94%		$4.71
Class I		1,000		1,021.37		0.69%		3.46
TCH Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,014.00		0.94%		$4.69
Class I		1,000		1,015.20		0.69%		3.45
Hypothetical 5% Return
Class N		$1,000		$1,020.13		0.94%		$4.71
Class I		1,000		1,021.37		0.69%		3.46

	Beginning Account Value 11/01/14		Ending Account Value 04/30/15		Expense Ratio(1)		Expenses Paid  During Period(2)
Anchor Capital Enhanced Equity Fund
Actual Fund Return
Class N		$1,000		$1,034.30		1.17%		$5.90
Class I		1,000		1,035.50		0.92%		4.64
Hypothetical 5% Return
Class N		$1,000		$1,018.99		1.17%		$5.86
Class I		1,000		1,020.23		0.92%		4.61
Lake Partners LASSO Alternatives Fund
Actual Fund Return
Class N		$1,000		$1,001.70		1.42%		$7.05
Class I		1,000		1,002.70		1.17%		5.81
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
River Road Long-Short Fund(4)
Actual Fund Return
Class N		$1,000		$1,043.30		1.70%		$8.61
Class I		1,000		1,044.90		1.45%		7.35
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
Barings International Fund
Actual Fund Return
Class N		$1,000		$1,083.40		1.40%		$7.23
Class I		1,000		1,084.90		1.15%		5.94
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76
Guardian Capital Global Dividend Fund
Actual Fund Return
Class N		$1,000		$1,027.40		1.30%		$6.53
Class I		1,000		1,026.30		1.05%		5.28
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		$1,031.90		1.43%		$7.20
Class I		1,000		1,034.40		1.18%		5.95
Hypothetical 5% Return
Class N		$1,000		$1,017.70		1.43%		$7.15
Class I		1,000		1,018.94		1.18%		5.91
Pictet International Fund
Actual Fund Return
Class N		$1,000		$1,073.30		1.40%		$7.20
Class I		1,000		1,075.30		1.15%		5.92
Hypothetical 5% Return
Class N		$1,000		$1,017.85		1.40%		$7.00
Class I		1,000		1,019.09		1.15%		5.76
TAMRO International Small Cap Fund(5)
Actual Fund Return
Class N		$1,000		$1,078.00		1.50%		$6.42
Class I		1,000		1,079.00		1.25%		5.36
Hypothetical 5% Return
Class N		$1,000		$1,017.36		1.50%		$7.50
Class I		1,000		1,018.60		1.25%		6.26

168

Aston Funds

	April 30, 2015
Additional Information (unaudited) – continued

	Beginning Account Value 11/01/14		Ending Account Value 04/30/15		Expense Ratio(1)		Expenses Paid  During Period(2)
Harrison Street Real Estate Fund
Actual Fund Return
Class N		$1,000		$994.20		1.37%		$6.77
Class I		1,000		995.80		1.12%		5.54
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		$1,026.70		1.20%		$6.03
Class I		1,000		1,027.20		1.10%		5.53
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) The inception date for Fairpointe Focused Equity Fund is December 24, 2014.

(4) Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 2.68% and 2.43% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period would be $13.58 and $13.37 and $12.32 and $12.13 for Class N and Class I, respectively.

(5) The inception date for TAMRO International Small Cap Fund is December 23, 2014.

169

Aston Funds

ADVISER

Aston Asset Management, LLC

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

LMCG Investments, 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 2000

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, Chief Operating Officer and Chief Compliance Officer

Mark J. Duggan, Secretary and Chief Legal Officer

Laura M. Curylo, Treasurer and Chief Financial Officer

Juli A. Braun, Assistant Treasurer

Michael A. Cozzi, Assistant Treasurer

James A. Dimmick, Assistant Secretary

Marc J. Peirce, Assistant Secretary

Diana R. Podgorny, Assistant Secretary

CUSTODIAN

The Bank of New York Mellon

One Wall Street

New York, New York 10286

LEGAL COUNSEL

Vedder Price P.C.

222 N. LaSalle Street

Chicago, IL 60601

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

155 N. Wacker Drive

Chicago, IL 60606

THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800-992-8151.

170

Guide to Shareholder Benefits

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

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

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

COMPOUND YOUR EARNINGS WITH AUTOMATIC DIVIDEND REINVESTMENT

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

ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEBSITE

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

www.astonfunds.com

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

800-992-8151

Investor Services

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

Aston Funds

P.O. Box 9765

Providence, Rhode Island 02940

ATSEM 15

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 29, 2015                                                                                                                      

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 29, 2015                                                                                                                      

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

Date   June 29, 2015                                                                                                                      

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