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
(FORMERLY KNOWN AS ABN AMRO FUNDS)
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)

161 North Clark Street
CHICAGO, IL 60601
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(Address of principal executive offices) (Zip code)

Kenneth C. Anderson, President
Aston Funds
161 North Clark Street
CHICAGO, IL 60601
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(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 884-2100
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Date of fiscal year end: OCTOBER 31
-----------

Date of reporting period: OCTOBER 31, 2006
-----------------

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. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

[GRAPIHC OMITTED - LOGO]
ASTON ASSET MANAGEMENT

ANNUAL REPORT 2006
OCTOBER 31, 2006

CLASS N, I, R SHARES
EQUITY, SECTOR, BALANCED,
FIXED & MONEY MARKET

Aston Funds were formerly known as the ABN AMRO Funds.

Aston Funds
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Dear Fellow Shareholder,

Welcome to Aston Funds!

Aston Asset Management LLC (Aston) was formed earlier this year through the
acquisition of substantially all of ABN AMRO Asset Management's mutual fund
business. Aston is unique in its total commitment to a distinct set of
institutional investment processes, each striving to drive performance while
paying strict attention to risk controls, regardless of the market environment.
Aston's sub-advisors (investment managers) deliver distinct style specific
expertise within each relevant asset class. To that end, we proudly submit the
annual report for the Aston Funds (formerly the ABN AMRO Funds) for the
twelve-month period that ended October 31, 2006.

U.S. equity markets posted impressive gains for the year, bolstered by a number
of favorable developments. Leading the way were the consistently strong
quarterly earnings gains generated by U.S. corporations. From a macroeconomic
point of view, interest rates, while on the rise during much of the period,
remained relatively low and inflation remained in check. More recently, a steep
drop in the price of oil, coupled with the Federal Reserve Board's (Fed)
decision to leave interest rates unchanged at its last three policy-making
meetings, set off a powerful rally that began in July and extended through the
end of the period. Foreign stocks as a whole generally outpaced their U.S.
counterparts during the period, enjoying a lift from the declines in the value
of the dollar against other currencies. In addition, foreign stocks--like U.S.
equities--benefited from the combination of strong global economic growth and
rising corporate profitability.

Bonds posted surprisingly solid returns for the period, helped mostly by a rally
that coincided with the strength in stocks. Throughout much of the period, bonds
came under pressure as the Fed continued to tighten monetary policy. From
November 1, 2005 through June 2006, the Fed raised the benchmark federal funds
target rate on six separate occasions by one-quarter of a percentage point each
to 5.25%. But fixed-income investors had reason to become more optimistic in
early summer when they began to anticipate an end to the Fed's campaign to raise
rates amid signs that the economy was slowing and inflation remained in check.
Those hopes were realized when the Fed held interest rates steady at its Open
Market Committee Meetings in August, September and October.

As we enter 2007, we are excited about the opportunities that lie ahead. At
Aston, we will remain committed to carefully overseeing our very select team of
sub-advisors, ensuring that they adhere to disciplined institutional principles
and best in class business standards, while seeking to achieve long-term
consistent investment performance. We believe this focus, combined with our
commitment to client service excellence, will help to secure our place as an
industry leader and allow us to help our clients to succeed in meeting their
financial goals.

We appreciate your investment with Aston Funds.

Sincerely,

/s/ Kenneth C. Anderson

Kenneth C. Anderson
President
Aston Funds

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Aston Funds

(Formerly known as ABN AMRO Funds)

TABLE OF CONTENTS

Portfolio Managers Commentaries .......................................... 2

Schedule of Investments .................................................. 22

Statement of Assets and Liabilities ...................................... 64

Statement of Operations .................................................. 68

Statements of Changes in Net Assets ...................................... 72

Financial Highlights ..................................................... 80

Notes to Financial Statements ............................................ 114

Report of Independent Registered Public Accounting Firm .................. 126

Additional Information ................................................... 127

EQUITY INCOME FUND
River Road Dynamic Equity Income Fund

LARGE CAP FUNDS
ABN AMRO Growth Fund
Montag & Caldwell Growth Fund
TAMRO Large Cap Value Fund
Value Fund
Veredus Select Growth Fund

MID CAP FUNDS
Optimum Mid Cap Fund
ABN AMRO Mid Cap Growth Fund

SMALL CAP FUNDS
River Road Small Cap Value Fund
TAMRO Small Cap Fund
Veredus Aggressive Growth Fund

SECTOR FUNDS
ABN AMRO Real Estate Fund
Veredus SciTech Fund

BALANCED FUNDS
Balanced Fund
Montag & Caldwell Balanced Fund

FIXED INCOME FUNDS
TCH Fixed Income Fund
TCH Investment Grade Bond Fund
ABN AMRO High Yield Bond Fund
McDonnell Municipal Bond Fund

MONEY MARKET FUND
ABN AMRO Investor Money Market 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 PFPC DISTRIBUTORS, INC., 760 MOORE ROAD,
KING OF PRUSSIA, PA 19406.

SHAREHOLDER SERVICES 800 992-8151 o WWW.ASTONFUNDS.COM

NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE

| 1

Aston Funds

RIVER ROAD DYNAMIC EQUITY INCOME FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

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James C. Shircliff, CFA, Henry W. Sanders, III, CFA

Q. How did the fund perform during the period?

A. For the twelve months ended October 31, 2006, the River Road Dynamic
Equity Income Fund, Class N returned 23.71%. In comparison, the Fund's
peer group, the Morningstar (R) Mid Value Category, returned 17.11% and
the benchmark, the Russell 3000 index returned 16.37%.

Q. Can you describe the investment environment?

A. The past year was a volatile period for equities, but overall it was
positive for our Absolute Value investment strategy. Higher-yielding
equities have generally outperformed the market since mid-2003, and our
strategy has done particularly well in an environment where investors
continue to focus on value-oriented securities with predictable,
sustainable business models and strong management teams. Our biggest
concern is that, given the interest in high yielding stocks, securities
with a high current dividend are becoming more difficult to find as prices
for these securities have appreciated significantly over the past few
years. The good news is that the universe of high yielding securities
appears to be rapidly expanding as new companies either initiate, or
materially increase, their dividend yield.

Q. What factors influenced the Fund's performance during the past year?

A. Holdings within the Financials Services sector made the largest positive
contribution to performance during the period. Top performing holdings
during the period included Barclays PLC, CapitalSource and Medallion
Financial. Top performing non-traditional financial companies, including
REITs, also contributed significantly to performance. The top-performing
holding within this group was Host Hotels and Resorts. Holdings in the
Energy and Consumer Discretionary sectors were also among the Fund's
primary positive contributors to performance. Top performing
energy-related holdings during the period included PetroChina Co, Ltd,
Penn West Energy Trust and Enerplus Resources Fund. Within the Consumer
Discretionary Sector top performing holdings included Coinmach Service
Corp, Centerplate, and CPI Corp.

Relative to the Fund's benchmark, performance during the period was
negatively impacted by the Fund's underweight positions in Technology and
Health Care. These traditional growth sectors offer fewer opportunities to
high-yield investors. Another sector where the Fund underperformed the
benchmark was Utilities. Based upon our analysis, most of the large,
traditional utility companies remain overvalued and, thus, less attractive
than other opportunities within our equity universe.

Q. What is your outlook?

A. Little has changed in our outlook over the past year. We remain
aggressively bullish in our intermediate and long-term outlook for
high-yielding equity securities, especially those that do not have a
significant following on Wall Street. While some traditional income
sectors, such as large-cap Utilities, Financials, and select types of
REITs continue to appear overvalued or vulnerable to a flattening yield
curve, other less traditional opportunities in the high yielding equity
universe remain remarkably attractive.

Looking at opportunities along the capitalization curve, the rally in
small cap stocks has made that group less attractive. Small-cap valuations
relative to large cap equities are near historical highs, and firms across
the capitalization curve are experiencing peak profit margins. Thus, we
anticipate that we will continue to decrease the Fund's small cap exposure
over the near-term.

The recent decrease in energy prices has also improved our overall market
outlook. Given the under-performance of growth-oriented styles in recent
years, we would not be surprised to see at least a short-term shift in
bias toward higher-beta, momentum based strategies as the macro
environment improves. That being said, we believe our focus on investing
in high-quality, attractively-priced companies, with high and growing
dividend yields is still both timely and well positioned for the years
ahead.

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GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

River Road Dynamic Morningstar(R) Mid-
Equity Income Fund Russell 3000 Index Cap Value Category
------------------ ------------------ -------------------
Jun-05 $10,000 $10,000 $10,000
Jul-05 $10,331 $10,410 $10,444
Oct-05 $10,030 $10,206 $10,080
Oct-06 $12,408 $11,877 $11,804

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 23.71%
Five Year N/A
Since Inception 17.40%
--------------------------------------
Inception Date 06/28/05

THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, UPON REDEMPTION, MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN
THE PERFORMANCE DATA QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, PLEASE VISIT OUR WEBSITE AT WWW.ASTONFUNDS.COM.

THE FUND'S INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 2008. THE PERFORMANCE QUOTED WOULD HAVE
BEEN LOWER IF THESE SUBSIDIES HAD NOT BEEN IN EFFECT.

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| 2

Aston Funds

ABN AMRO GROWTH FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

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Bernard F. Myskowski, CFA & Richard S. Drake, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, ABN AMRO Growth
Fund Class N, Class I and Class R posted total returns of 5.55%, 5.87% and
5.35%, respectively. By comparison, the Fund's peer group, the Morningstar
(R) Large Growth Category, returned 9.05% and the Fund's benchmark, the
Standard & Poor's 500 Index (the "S&P (R) 500 Index"), returned 16.33%.

Q. Can you describe the investment environment?

A. Although they posted positive returns for the period, large-cap stocks
generally lagged their smaller-cap counterparts, and growth stocks were
trumped by valued stocks for the sixth consecutive year. However, large
growth stocks rebounded a bit toward the end of the period amid a growing
sense that they were attractively priced and that many companies that make
up the group could better withstand an anticipated economic slowdown in
2007.

Q. What factors influenced the Fund's performance during the past year?

A. The largest contributor to the Fund's underperformance of its benchmark
index was sector selection. The bulk of the S&P 500 Index's gains were
generated not by growth stocks, but by traditional value
sectors--including Utilities, Financials and Energy. Historically, these
companies have not shown the long-term earnings stability and revenue
growth that qualify a stock for our growth style management. During the
period, for example, our significant underweighting in financials worked
against the Fund's performance, even though holdings including mortgage
bank Wachovia and student loan leader Sallie Mae were among our best
performers. Similarly, our overweighting in health care stocks hurt, with
names such as Amgen, Medtronics, Pfizer and Zimmer all underperforming the
market overall.

Aiding the Fund's returns were a number of strong performers across a
range of Industry sectors. The Consumer Staples stock Walgreen's was a
winner, buoyed by strong earnings gains. Among Consumer Discretionary
stocks, some of our biggest winners were department store chain Kohl's,
which was buoyed in part by the new exclusive brands the store has
introduced, and Starbucks, which continued to reap the benefits of
expansion both in the U.S. and abroad. In the Industrials area, we enjoyed
strong gains from Eco Labs, a global leader in commercial cleaning and
sanitizing; Praxair, which produces and distributes natural gas; and
Dover, which manufacturers industrial products and manufacturing
equipment. In the transportation segment, Southwest Airlines posted strong
results.

Q. What is your outlook?

A. Toward the end of the period, we began to see some resurgent interest in
large cap growth stocks. In our view, that's not altogether surprising
given that large cap growth stock earnings remain strong and their
valuations continue to be attractive. One catalyst that could ignite
growth stocks even further is a slowing economy, which may translate into
stronger investor demand for the stocks of companies that provide good
revenue growth despite the economic backdrop. We remain committed to our
time-tested investment process and believe that it is positioned with the
opportunity to post above-average rates of return over entire market
cycles.

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GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

ABN AMRO Morningstar(R) Large
Growth Fund S&P(R) 500 Index Growth Category
----------- ---------------- --------------------
Dec-93 $10,000 $10,000 $10,000
Oct-94 $10,173 $10,360 $10,439
Oct-95 $13,088 $13,096 $13,016
Oct-96 $16,619 $16,250 $15,530
Oct-97 $20,801 $21,466 $19,782
Oct-98 $26,090 $26,185 $22,874
Oct-99 $33,321 $32,902 $31,321
Oct-00 $39,858 $34,902 $36,661
Oct-01 $29,514 $26,215 $23,229
Oct-02 $26,929 $22,256 $19,062
Oct-03 $30,689 $26,884 $23,097
Oct-04 $31,589 $29,413 $23,887
Oct-05 $32,971 $31,978 $26,333
Oct-06 $34,800 $37,200 $28,716

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 5.55%
Five Year 3.35%
Ten Year 7.67%
--------------------------------------
Inception Date 12/13/93

Average Annual Total Returns - Class I
--------------------------------------
One Year 5.87%
Five Year 3.64%
Since Inception (0.67)%
--------------------------------------
Inception Date 07/31/00

Average Annual Total Returns - Class R
--------------------------------------
One Year 5.35%
Five Year N/A
Since Inception 7.41%
--------------------------------------
Inception Date 12/31/02

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| 3

Aston Funds

MONTAG & CALDWELL GROWTH FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

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Ronald E. Canakaris, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period ended October 31, 2006, Montag & Caldwell
Growth Fund Class N, Class I and Class R posted total returns of 8.02%,
8.36% and 7.79%, respectively. By comparison, the Fund's peer group, the
Morningstar (R) Large Growth Category, returned 9.05% and the Fund's
benchmark, the S&P (R) 500 Index, returned 16.33%.

Q. Can you describe the investment environment?

A. The market rallied during the fourth quarter of 2005 on news of lower
energy prices off Hurricane Katrina highs and investor anticipation of an
end to interest rate hikes by the Fed. However, at the beginning of 2006
we saw energy prices and interest rates move higher and small and mid cap
names continued their dominance even as valuations remained compelling for
large cap companies. During the second quarter, equity markets began to
sell off from early-May to mid-June and then rallied into the end of the
period. Additionally, investors were forced to extend their horizon for
the end of the Fed's tightening cycle as fear of inflation crept higher.
There was also a growing concern about the sustainability of both economic
activity and corporate profit growth. The U.S. housing industry has
clearly entered a rough patch and domestic auto makers are struggling.
However, there is little evidence these issues have spread to other areas
of the economy, and we believe the Fed is in a good position to engineer a
soft economic landing.

Q. What factors influenced performance during the past year?

A. The primary areas of strength included stock selection in the Energy and
Information Technology sectors. Positions in oil field service companies
Schlumberger, Baker Hughes and Halliburton were significant positive
contributors to the Fund's results. Stock selection in information
technology companies such as Research In Motion, the manufacturer and
service provider for Blackberry hand-held devices; Google, the internet
search provider; and Hewlett-Packard had significant positive effect.
Positions in Consumer Discretionary companies Kohl's and McDonald's and
Consumer Staples companies such as Proctor and Gamble and Colgate
Palmolive resulted in positive contributions from these sectors as well.

The Health Care sector was the most significantly underperforming sector
with biotechnology company Genetech, implantable device manufacturer
Medtronic, and Johnson & Johnson detracting from performance. Several
holdings in the Industrial sector, specifically Caterpillar Inc., 3M Co.
and United Postal Service, detracted as well. This was compounded by not
owning several strong performers in the sector, namely United
Technologies, Boeing and Lockheed Martin. An underweight in the Financial
sector and stock selection there had a negative impact on performance.

Q. What is your outlook?

A. From our vantage point, the outlook for high-quality large-capitalization
growth stocks is very good. Valuations are attractive, and the Fed has
stopped raising interest rates. As the Fed succeeds in slowing the economy
to a non-inflationary growth rate, these companies' reliable and above
average earnings growth rates should become increasingly attractive in the
more challenging corporate profit environment that is likely to develop.
Their domestic based earnings should do relatively well in a slowing U.S.
economy, and they are well positioned to benefit from better growth
prospects abroad and a lower dollar. We calculate that on average the
companies in the Fund's portfolio generate 44% of their sales from
international markets. We continue to anticipate a significant market
rotation into the high-quality growth companies that make up the bulk of
the Fund. While we have seen the beginning of a rotation into larger
companies from smaller ones, there has yet to be a meaningful movement
away from value into growth stocks. Once that rotation does begin, we
expect it to last an extended period of time.

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GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Montag & Caldwell Morningstar(R) Large
Growth Fund S&P(R) 500 Index Growth Category
----------------- ---------------- --------------------
Nov-94 $10,000 $10,000 $10,000
Oct-95 $13,187 $12,641 $12,469
Oct-96 $17,131 $15,685 $14,877
Oct-97 $22,925 $20,720 $18,950
Oct-98 $27,027 $25,277 $21,912
Oct-99 $34,958 $31,761 $30,004
Oct-00 $34,623 $33,692 $35,120
Oct-01 $28,608 $25,306 $22,252
Oct-02 $24,271 $21,485 $18,260
Oct-03 $26,452 $25,952 $22,125
Oct-04 $27,482 $28,394 $22,882
Oct-05 $29,878 $30,870 $25,225
Oct-06 $32,373 $35,910 $27,508

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 8.02%
Five Year 2.44%
Ten Year 6.54%
--------------------------------------
Inception Date 11/02/94

Average Annual Total Returns - Class I
--------------------------------------
One Year 8.36%
Five Year 2.74%
Ten Year 6.85%
--------------------------------------
Inception Date 06/28/96

Average Annual Total Returns - Class R
--------------------------------------
One Year 7.79%
Five Year N/A
Since Inception 8.13%
--------------------------------------
Inception Date 12/31/02

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| 4

Aston Funds

TAMRO LARGE CAP VALUE FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

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Philip Tasho, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, TAMRO Large Cap
Value Fund, Class N returned 13.10%. By comparison, the Fund's peer group,
the Morningstar (R) Large Blend Category, returned 14.76% and its
benchmark, the S&P (R) 500/Citigroup Value Index (formerly the S&P
(R)/Barra Value Index), returned 20.58%.

Q. How did you view the market environment over the period?

A. Buoyed largely by a rally that began in July 2006 and extended through the
end of the period, large cap value stocks posted strong gains. Beginning
in mid-summer, equity markets perked up in response to a peak in commodity
prices and a growing sense that the Fed was near the end of its cycle of
interest rate hikes. Steady and meaningful increases in company earnings
also attracted investors' attention.

Q. What was your strategy over the past year and what factors affected the
Fund's performance?

A. We continued to follow our investment discipline, searching for
attractively valued companies that fall into one of our three themes:
Consolidation, Restructuring and New Products. That strategy led us to
underweight the strong-performing utility and finance companies, which was
the primary reason behind our underperformance of our benchmark index. Our
underweighting in Utilities, particularly the telecom segment, was based
on our view that many stocks had become too richly valued. We also were
concerned about valuations in the Finance segment, especially given our
view that interest rates were on the rise. That said, we benefited from
our positions in power generator AES Corp. and financial concerns JPMorgan
and Goldman Sachs.

Benefiting performance was our overweighting in Energy stocks, led by
strong gains generated by Exxon Mobil and Chevron. We also were helped by
our larger-than-index exposure to Consumer Staples stocks, which outpaced
the market averages as the year wore on and investors began to factor in
slower economic growth. Stock selection within the Consumer Staples group
also worked out well, particularly our holdings in Kroger, which was
buoyed by a re-acceleration in their same-store sales growth, and Anheuser
Busch, which was boosted by better volume growth and investments in
overseas brewers. Elsewhere, we enjoyed impressive gains from our holdings
in Comcast and Cisco.

Q. What's your outlook?

A. We find it encouraging that inflation fears are waning, which may mean the
Fed is at the end its campaign to raise interest rates for this cycle. Our
view is that while the U.S. economy may slow in 2007, there are plenty of
other engines of growth around the world. We're also encouraged by the
fact that by our analysis, the largest-cap companies are selling at the
most attractive valuations. To the extent that investors embrace that
value, large-cap stocks should perform well. No matter what the
environment, we'll focus on identifying opportunities using our thematic
value approach of seeking companies that are consolidating their industry,
restructuring, or introducing new products.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

TAMRO Large S&P(R) 500/Citigroup Morningstar(R) Large
Cap Value Fund Value Index Blend Category
-------------- -------------------- --------------------
11/30/2000 $10,000 $10,000 $10,000
Apr-01 $10,570 $10,495 $10,278
Oct-01 $ 9,689 $ 8,599 $ 9,132
Apr-02 $10,232 $ 8,935 $ 9,794
Oct-02 $ 8,525 $ 7,241 $ 7,944
Apr-03 $ 9,028 $ 7,629 $ 8,302
Oct-03 $10,459 $ 9,038 $ 9,660
Apr-04 $11,486 $ 9,759 $10,421
Oct-04 $11,627 $10,345 $10,849
Oct-05 $12,788 $11,397 $11,926
Oct 06 $14,463 $13,742 $11,735

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 13.10%
Five Year 8.34%
Since Inception 6.43%
--------------------------------------
Inception Date 11/30/00

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| 5

Aston Funds

VALUE FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Steven R. Gorham, CFA & Nevin P. Chitkara

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, Value Fund Class
N and Class I returned 19.35% and 19.64%, respectively. By comparison, the
Fund's peer group, the Morningstar (R) Large Value Category, returned
21.44%, while the Fund's benchmark, the Russell 1000 Value Index, returned
21.46%.

Q. Can you describe the investment environment?

A. Small-cap value stocks posted robust returns for the period, thanks in
large measure to the continuation of a number of trends that have
supported their outperformance during the past several years. These
companies usually do better when the U.S. economy is in the early stages
of an economic expansion. Additionally, in the aftermath of the technology
and large-cap bubble bursting in 2000, shares of small-cap companies were
still viewed as attractively valued relative to their larger-cap
counterparts.

Q. What factors influenced the Fund's performance during the past year?

A. Our overweighting in the Industrial Goods sector and stock selection
within that group were key contributors to our performance relative to the
benchmark. Two aerospace companies--Lockheed Martin and Northrop
Grumman--were strong performers, benefiting from a change in how their
respective managements deployed capital, using it to finance share
buybacks and raise dividends, rather than to make acquisitions. Deere &
Co. was another winner, lifted by strong economic conditions and its
exposure to the booming ethanol-fuel industry, which lifted sales of the
company's tractors. Our stock selection among Financial companies also
helped the Fund's performance. In that segment, one of our best performers
included Goldman Sachs, which did an excellent job of executing in its
many lines of businesses and benefited from a wave of private equity
financings. We also enjoyed good gains from our holdings in insurers
MetLife and Allstate, who benefited from the lack of property and casualty
claims amid a quiet hurricane season. Several individual holdings boosted
our returns as well. The Swiss agricultural company Syngenta rose in
response to the growing global demand for genetically modified seeds,
while ADM benefited from excitement over ethanol as an alternative fuel
source.

In contrast, the biggest detractor from performance was our stock
selection among Utilities, with our focus on wireless companies and our
lack of exposure to traditional land line businesses working against us.
Specifically, we were hurt by our holdings in Sprint Nextel, which
experienced turbulence on the way to integrating the two companies. We
also lost ground with Dominion Resources, which was hurt by the decline in
natural gas prices in the summer.

Q. What is your outlook?

A. We remain optimistic regarding the environment for our high-quality,
lower-risk value equity strategy. Although quality has only recently begun
to be appreciated, we believe it has a long way to go. We will continue to
emphasize companies with these attributes as we believe it to be the best
strategy to create long-term value for our shareholders.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Russell 1000 Morningstar(R) Large
Value Fund Value Index Value Category
---------- ------------ --------------------
1/4/93* $10,000 $10,000 $10,000
Dec-93 $10,666 $11,807 $11,393
Dec-94 $10,666 $11,573 $11,330
Dec-95 $14,082 $16,013 $15,031
Dec-96 $16,959 $19,478 $18,081
Dec-97 $22,131 $26,330 $23,044
Dec-98 $23,340 $30,446 $25,687
Dec-99 $25,941 $32,683 $27,110
Dec-00 $25,765 $34,974 $29,712
Oct-01 $20,907 $30,487 $26,619
Oct-02 $19,321 $27,432 $23,156
Oct-03 $22,475 $33,706 $28,158
Oct-04 $26,044 $38,914 $31,624
Oct-05 $29,034 $43,529 $34,764
Oct 06 $34,653 $52,870 $41,001

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

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 19.35%
Five Year 10.64%
Ten Year 7.94%
--------------------------------------
Inception Date 01/04/93

Average Annual Total Returns - Class I
--------------------------------------
One Year 19.64%
Five Year N/A
Since Inception 15.74%
--------------------------------------
Inception Date 09/20/05

- --------------------------------------------------------------------------------

| 6

Aston Funds

VEREDUS SELECT GROWTH FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
B. Anthony Weber, Charles P. McCurdy, Jr., CFA & Charles Mercer, Jr., CFA

Q. How did the fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, Veredus Select
Growth Fund, Class N, returned 10.22%. In comparison, the Fund's peer
group, the Morningstar (R) Large Growth Category, returned 9.05%, and its
benchmark, the Russell 1000 Growth Index returned 10.84%. For the period
from its inception on September 11, 2006 through October 31, 2006, the
Fund's Class I Shares returned 9.27%. For the period August 31, 2006
through October 31 2006, the Morningstar (R) Large Growth category
returned 5.73% and the Russell 1000 Growth Index returned 6.36%.

Q. Can you describe the investment environment?

A. Although the equity markets posted strong gains for the period, growth
stocks--which we emphasize--continued their multi-year run of being
decidedly out of favor by significantly trailing their value stock
counterparts throughout much of the twelve-month period. Growth stocks
were particularly hard hit from May through August 2006 amid fears that a
potentially slowing economy might curtail the earnings prospects for
growth companies. Adding to growth stocks' challenges was the strength of
traditional value sectors like Utilities, Energy and Financials. Market
turbulence contributed, too, drawing investors away from the relative risk
of growth stocks and toward steadier, income-producing names that
historically have performed well during economic slowdowns.

Q. What factors influenced the Fund's performance during the past year?

A. Aiding the fund's performance was advantageous stock selection across a
range of sectors. In the Financial sector, the Chicago Mercantile
Exchange, the world's largest futures exchange, again this year was one of
our best performing holdings. It benefited from a continued increase in
trading volumes, coupled with the progressive move toward more profitable
electronic trading platforms. Investors bid up its stock on the news the
Merc is merging with its across-town rival The Chicago Board of Trade.
Allstate, a leading property, life and casualty insurer, also meaningfully
contributed to returns, bolstered in part by the lack of claims due to an
uneventful hurricane season. CB Richard Ellis, one of the world's leading
real estate service providers, enjoyed strong gains thanks to strong
demand for its services around the world. We saw good returns from some of
our Technology holdings, including NVIDIA, a semiconductor company
specializing in cutting-edge graphic chips and Akamai, provider of
Internet delivery services for web sites and corporations.

Detracting from the Fund's returns was Check Free, which investors
punished when the online banking services company failed to meet earnings
expectations. The same held true for Business Objects, a business
intelligence firm that also fell short of expectations. We also lost
ground in the materials segment, with our holdings in Florida Rock and
Eagle Materials performing poorly amid investors' concern about an
economic slowdown.

Q. What is your outlook?

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R)
Veredus Select Russell 1000 Large Growth
Growth Fund Growth Index Category
-------------- ------------ --------------
Dec-01 $10,000 $10,000 $10,000
Apr-02 $ 9,030 $ 8,946 $ 9,155
Oct-02 $ 7,290 $ 7,347 $ 7,470
Apr-03 $ 7,550 $ 7,662 $ 7,736
Oct-03 $ 9,330 $ 8,950 $ 9,052
Apr-04 $ 9,700 $ 9,320 $ 9,303
Oct-04 $10,310 $ 9,252 $ 9,363
Oct-05 $11,880 $10,067 $10,321
Oct-06 $13,094 $11,159 $11,256

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 10.22%
Five Year N/A
Since Inception 5.74%
--------------------------------------
Inception Date 12/31/01

Total Return - Class I
--------------------------------------
Cumulative from Inception 9.27%
--------------------------------------
Inception date 09/11/06

- --------------------------------------------------------------------------------

| 7

Aston Funds

OPTIMUM MID CAP FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Thyra E. Zerhusen

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, the Optimum Mid
Cap Fund, Class N and Class I, returned 21.39% and 21.76%, respectively.
For the same twelve-month period, the Fund's peer group, the Morningstar
(R) Mid-Cap Blend Category, produced a total return of 15.48%, while the
Fund's benchmark, the S&P (R) 400 Mid-Cap Index, returned 13.43% and the
broader equity market S&P (R) 500 Index returned 16.33%.

Q. Can you describe the investment environment?

A. The U.S. equity markets in general did quite well, despite interest rate
hikes, higher energy and raw material prices. However, recent softness in
consumer spending, brought on in part by the sudden, but long anticipated
weakness in the housing market, has caused a moderation in economic
growth. The investment climate may have changed from one that primarily
depends on industry or economic sector selection to one that favors a
fundamental stock selection process. Recently, a wave of M&A activity has
been beneficial to the mid-cap space and held back larger companies who
typically act as acquirers.

Q. What factors influenced the Fund's performance during the past year?

A. Our outperformance versus our peer group and benchmark index was driven
primarily by favorable security selection. We continue to employ a
fundamental, bottom-up approach to stock selection, emphasizing companies
with good top-line growth, attractive valuations and the demonstrated
ability to grow market share. Against that backdrop, some of our best
performers were FMC Technologies (FTI), which enjoyed rising profits
fueled by increased demand for its technology systems designed for the
energy industry. Another of our best performers was IT consulting services
provider Unisys (UIS), which was helped by improved financial results as
orders and margins improved. Our holdings in Mentor Graphics (MENT) also
fared well, bolstered by strong financial results driven largely by
strengthening demand for electronic design automation. Pearson PLC (PSO),
the publisher of the Financial Times newspaper, textbooks and Penguin
trade books, enjoyed good gains, thanks to rising operating profits in
response to higher sales at all of the company's businesses. We also were
helped by very strong returns from three of our holdings that became
takeover targets during the period: Engelhard Corporation (EC) was
acquired by BASF (BF), a major German specialty chemical company; Veritas
DGC (VTS), an oil services company specializing in offshore seismic
mapping, and American Power Conversion Corporation (APCC) were acquired by
French competitors.

Among the detractors from the Fund's performance was Con-Way (CNW), a
transportation and logistics company, which was impacted by lower shipping
volume as the company made aggressive pricing decisions. Zebra
Technologies (ZBRA), a manufacturer of bar code printers, also
disappointed, as it was hurt by worse than expected financial results. We
also lost ground with Andrew Corporation (ANDW), a maker of antenna, cable
and wireless equipment for communications networks, which reported
earnings that fell short of Wall Street's expectations. Our investments in
Readers' Digest (RDA) and the New York Times (NYT), experienced softness
as both companies struggled to reposition themselves through investments
in digital publishing.

Q. What is your outlook?

A. We're very optimistic about the prospects for mid-cap stocks going
forward. Mid-cap companies have substantially higher growth rates; yet
sell at similar price-to-earnings multiples as large cap stocks. And
despite the recent strong performance of mid-cap stocks, we're still able
to identify plenty of attractive opportunities. From our vantage point,
investors' current confusion about the overall direction of the equity
market and which industry segments are poised to do best plays to our
investment strengths. As always, we'll remain committed to our
fundamentals-based philosophy of investing for the long-term in
undervalued companies with top-line growth in earnings and revenue.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R)
Optimum Mid S&P(R) 400 Mid-Cap
Cap Fund Mid-Cap Index Blend Category
----------- ------------- --------------
Sep-94 $10,000 $10,000 $10,000
Oct-94 $10,250 $ 9,921 $10,009
Oct-95 $12,189 $12,025 $11,949
Oct-96 $15,420 $14,111 $14,111
Oct-97 $20,582 $18,721 $18,456
Oct-98 $18,413 $19,974 $18,312
Oct-99 $18,840 $24,180 $22,248
Oct-00 $26,201 $31,833 $27,839
Oct-01 $27,097 $27,870 $24,785
Oct-02 $24,963 $26,538 $22,933
Oct-03 $35,359 $34,661 $30,150
Oct-04 $40,338 $38,487 $33,720
Oct-05 $42,124 $45,280 $38,512
Oct 06 $51,136 $51,361 $44,474

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 21.39%
Five Year 13.54%
Ten Year 12.74%
--------------------------------------
Inception Date 09/19/94

Average Annual Total Returns - Class I
--------------------------------------
One Year 21.76%
Five Year N/A
Since Inception 9.63%
--------------------------------------
Inception Date 07/06/04

- --------------------------------------------------------------------------------

| 8

Aston Funds

ABN AMRO MID CAP GROWTH FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Richard S. Drake, CFA

Q. How did the Fund perform?

A. From its inception on December 29, 2005 through October 31, 2006, the ABN
AMRO Mid Cap Growth Fund's Class N shares returned 0.10%. For the period
December 31, 2005 through October 31, 2006, the Fund's peer group, the
Morningstar (R) Mid-Cap Growth Category produced a total return of 5.66%,
while the Fund's benchmark, the S&P (R) 400 Mid-Cap Index, returned 7.40%.

Q. Can you describe the investment environment?

A. Mid-cap stocks generally outpaced their larger-company counterparts but
lagged smaller-cap issues, and growth stocks were trumped by value stocks
for the sixth consecutive years. Mid-caps performed particularly well
toward the end of the period amid a growing sense that they were
attractively priced and that many companies that make up the group could
better withstand an anticipated economic slowdown in 2007.

Q. What factors influenced the Fund's performance during the past year?

A. Aiding the Fund's returns during its abbreviated period since inception
were holdings such as United Natural Foods, THQ and Eco Labs. Shares of
United Natural Foods rose after the company announced it will continue as
the primary wholesale natural grocer distributor for Whole Foods in the
United States. The agreement, which replaced United Natural Foods'
previous three-year relationship with Whole Foods with a new, seven-year
commitment. Video game publisher THQ also performed well, bolstered by
quarterly earnings gains that beat Wall Street's expectations.
Institutional cleaning products supplier Eco Labs also scored well, thanks
to strong growth both domestically and internationally.

Detracting from performance were some retailers, who suffered amid a
summer season that was slow for many retailers and harsh on their prices.
Women's apparel retailer Chico's was a disappointment and suffered amid a
decline in same-store sales that upset analysts' expectations of a slight
increase. It also was a tough period for Urban Outfitters, which also
struggled as inventory buildups dogged the company earlier this year.
Dollar General Corp. also worked against us, hurt by declining profit
margins. Shares of restaurant chain Cheesecake Factory also slipped, amid
disappointing same-restaurant sales and an investigation into its
stock-option awards practices.

Q. What is your outlook?

A. Toward the end of the period, we began to see some resurgent interest in
large- and mid-cap growth stocks. In our view, that's not altogether
surprising given that growth stock earnings remain strong and their
valuations continue to be attractive. One catalyst that could ignite
growth stocks even further is a slowing economy, which may translate into
stronger investor demand for the stocks of companies that provide good
revenue growth despite the economic backdrop. We remain committed to our
time-tested investment process and believe that it is positioned with the
opportunity to post above-average rates of return over entire market
cycles.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R)
ABN AMRO Mid Cap S&P(R) 400 Mid-Cap
Growth Fund Mid-Cap Index Growth Category
---------------- ------------- ---------------
Dec 05 $10,000 $10,000 $10,000
Jan 06 $10,330 $10,589 $10,659
Apr 06 $10,460 $10,914 $10,967
Oct 06 $10,010 $10,741 $10,566

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Total Return - Class N
--------------------------------------
Cumulative from inception 0.10%
--------------------------------------
Inception Date 12/29/05

- --------------------------------------------------------------------------------

| 9

Aston Funds

RIVER ROAD SMALL CAP VALUE FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
James C. Shircliff, CFA, Henry W. Sanders III, CFA & R. Andrew Beck

Q. How did the Fund perform during the twelve-month period?

A. For the twelve-month period ended October 31, 2006, the River Road Small
Cap Value Fund, Class N, returned 30.93%. In comparison, the Fund's peer
group, the Morningstar (R) Small Cap Value Category, returned 16.65% and
its benchmark, the Russell 2000 Value Index, returned 22.90%.

Q. Can you describe the investment environment?

A. The environment for small-cap stocks and, in particular, our Absolute
Value investment style has been positive. Though most active small-cap
managers lagged the index over the past twelve months, we have been able
to successfully capitalize on the boom in private equity activity through
our focus on investing in attractively priced companies with healthy
balance sheets, strong cash flow, and great management teams. We believe
these characteristics are particularly attractive to acquiring firms and
insiders wishing to take a public firm private. The result has been a
significant increase in deal activity and price-supportive speculation
within the Fund's holdings.

Q. What factors influenced the Fund's performance during the past year?

A. We are bottom-up investors. In addition, we typically invest in companies
with little or no formal Wall Street research coverage. As a result, our
companies often do not correlate with broad sector or index trends. For
example, the Consumer Staples segment was the best performing sector in
the Fund over the past twelve months. Within the benchmark, however,
Consumer Staples lagged the broader index. Consumer Discretionary also
contributed greatly to the Fund's relative return during the period.
Examining the broader portfolio, Fund holdings with the highest
contribution to return over the past twelve months included American
Dairy, Arden Group, Oppenheimer Holdings, National Healthcare Corp., and
Geo Group.

Conversely, Basic Materials and other commodity-based industries led the
index, while these sectors created a drag on performance within the Fund.
The lack of traditional technology companies in the Fund also negatively
impacted performance. Identifying attractive investment candidates in the
Technology sector remains a challenge, as it is difficult to identify
traditional technology firms that meet the investment team's criteria of
discounted absolute valuation and business model
predictability/sustainability.

Q. What is your outlook?

A. The rally in small-cap stocks, which is advancing into its seventh year,
is mature by historical comparison. Small-cap valuations relative to
large-cap are near historical highs, and firms across the capitalization
scale are experiencing peak profit margins. The recent decline in energy
prices, however, has created a positive ripple effect throughout the
economy, encouraging consumers to spend while dampening overall inflation
and interest rate expectations. If this trend continues we would expect
smaller-cap stocks to continue to do well, though their performance
relative to larger-cap stocks may have crested.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

River Road Morningstar(R)
Small Cap Russell 2000 Small
Value Fund Value Index Value Category
---------- ------------ --------------
Jun-05 $10,000 $10,000 $10,000
Jul-05 $10,520 $10,569 $10,571
Oct-05 $10,280 $10,050 $10,123
Oct-06 $13,460 $12,352 $11,808

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

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

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 30.93%
Five Year N/A
Since Inception 24.72%
--------------------------------------
Inception Date 06/28/05

- --------------------------------------------------------------------------------

| 10

Aston Funds

TAMRO SMALL CAP FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Philip D. Tasho, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, TAMRO Small Cap
Fund, Class N and Class I returned 26.23% and 26.55%, respectively. By
comparison, the Fund's peer group, the Morningstar (R) Small Blend
Category, returned 16.36% and its benchmark, the Russell 2000 Index,
returned 19.98%.

Q. How did you view the market environment over the period?

A. Small-cap value stocks posted strong returns for the period, helped
initially by strong investor demand for the segment. Beginning in
mid-summer, equity markets in general and small-cap in particular perked
up in response to a peak in commodity prices and a growing sense that the
Fed was near the end of its cycle of interest rate hikes. Steady and
meaningful increases in company earnings also attracted investors'
attention. Small-cap stocks in general outpaced their larger-cap brethren,
bolstered in large measure by their attractive valuations at the beginning
of the period and managements' ability to execute well in the small-cap
space.

Q. What was your strategy over the past year and what factors affected the
Fund's performance?

A. We continued to follow our investment discipline, searching for
attractively valued companies that fall into one of our three themes:
Consolidation, Restructuring and New Products. With that strategic focus
in mind, the key to our outperformance of our benchmark index and peer
group was advantageous stock selection. In particular, our holdings in
First Marblehead, which gets most of its fees from bundling private
educational loans for resale in capital markets, performed well in
response to better-than-expected profits. Another financial holding that
posted solid gains was Knight Capital, helped by impressive earnings gains
in response to sales of new electronic products and strength in its global
markets and asset management business. General Cable, the Kentucky-based
wire and cable products, was helped by strong revenue gains. Shares of
Manitowoc surged in response to the heavy equipment maker's strong profit
and revenue gains. We also enjoyed strong performance from many of our
technology holdings. RSA Security, which agreed to be acquired by EMC
Corporation, and Internet Security Systems, which is set to be acquired by
IBM, both performed quite well.

Even in a year when absolute and relative returns were favorable, there
were some modest disappointments. Chief among them was Headwaters, a
diversified provider of products and services to the building materials
and energy industries. Headwaters' stock weakened in response to the
continued increase in the price of oil, which lowered profitability in its
synthetic fuels operation. This company has successfully restructured its
operations and we have confidence in managements' ability to execute.

Q. What's your outlook?

A. We find it encouraging that inflation fears are waning, which may mean the
Fed is at the end its campaign to raise interest rates for this cycle. Our
view is that while the U.S. economy may slow in 2007, there are plenty of
other engines of growth around the world. We're also encouraged by the
fact that by our analysis, small-cap companies, despite their strong
performance over the past several years, continue to sell at attractive
valuations. Furthermore, we continued to be impressed by the management of
many small-cap companies, which has become more fiscally disciplined over
the past several years, a development we believe augurs well for their
prospects. No matter what the environment, we'll focus on identifying
opportunities using our thematic value approach of seeking companies that
are consolidating their industry, restructuring, or introducing new
products.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R)
TAMRO Small Russell 2000 Small Blend
Cap Fund Index Category
----------- ------------ --------------
11/30/2000 $10,000 $10,000 $10,000
Apr-01 $11,460 $10,947 $10,459
Oct-01 $10,774 $ 9,729 $ 9,761
Apr-02 $13,928 $11,678 $11,955
Oct-02 $10,603 $ 8,603 $ 9,093
Apr-03 $11,826 $ 9,253 $ 9,578
Oct-03 $15,919 $12,334 $12,467
Apr-04 $17,446 $13,140 $13,507
Oct-04 $17,538 $13,780 $14,153
Oct-05 $19,144 $15,445 $16,096
Oct-06 $24,165 $18,531 $18,729

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

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 26.23%
Five Year 17.53%
Since Inception 16.08%
--------------------------------------
Inception Date 11/30/00

Average Annual Total Returns - Class I
--------------------------------------
One Year 26.55%
Five Year N/A
Since Inception 15.21%
--------------------------------------
Inception Date 01/04/05

- --------------------------------------------------------------------------------

| 11

Aston Funds

VEREDUS AGGRESSIVE GROWTH FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
B. Anthony Weber & Charles P. McCurdy, Jr., CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, Veredus
Aggressive Growth Fund, Class N and Class I returned 0.49% and 0.75%,
respectively. In comparison, the Fund's peer group, the Morningstar (R)
Small Growth Category, returned 13.17%, and its benchmark, the Russell
2000 Growth Index returned 17.07%.

Q. Can you describe the investment environment?

A. Although the equity markets posted strong gains for the period, growth
stocks--which we emphasize--continued their multi-year run of being
decidedly out of favor by significantly trailing their value stock
counterparts throughout much of the twelve-month period. Growth stocks
were particularly hard hit from May through August 2006 amid fears that a
potentially slowing economy might curtail the earnings prospects for
growth companies. Adding to growth stocks' challenges was the strength of
traditional value sectors like utilities, energy and financials. Market
turbulence contributed, too, drawing investors away from the relative risk
of growth stocks and toward steadier, income-producing names that
historically have performed well during economic slowdowns.

Q. What factors influenced the Fund's performance during the past year?

A. One of the primary reasons for the Fund's significant underperformance of
its benchmarks and peer group was unfavorable sector selection. We were
hurt by our lack of exposure to the Energy sector, which was one of the
segments that led the market higher throughout much of the period. We had
avoided the sector based on our view that slower economic growth would
curtail demand for energy and, therefore, the earnings of the companies
that produce it. Although that scenario finally began to play out in mid
summer and the energy stocks started to decline, they still remained some
of the market's best performers for the year. We also lost significant
ground by maintaining larger weightings in other relatively
poor-performing sectors including Technology and Industrials, and by being
under exposed to some of the better-performing financial segments, such as
banks. These segments got left behind in the recent equity market rally.
Stock selection also worked against us in many cases. Our holding in Air
Tran hurt performance as the company struggled in an increasingly
competitive environment. American Science and Engineering and Blue Coat
Systems also fared poorly, punished by investors for the companies'
earnings shortfalls.

Aiding the fund's performance were holdings spread across a variety of
sectors. In the consumer discretionary sector, we saw good gains from
Mexican restaurant chain Chipotle and women's apparel maker Coldwater
Creek. In the Financial sector, the Chicago Mercantile Exchange, the
world's largest futures exchange, again this year was one of our best
performing holdings. We saw good returns from some of our technology
holdings, including Akamai, provider of Internet delivery services for web
sites and corporations, and Trident Microsystems, which makes a graphic
controller chip for LCD and plasma televisions.

Q. What is your outlook?

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Veredus Morningstar(R)
Aggressive Russell 2000 Small Growth
Growth Fund Growth Index Category
----------- ------------ --------------
Jun-98 $10,000 $10,000 $10,000
Oct-98 $ 8,620 $ 8,169 $ 8,234
Oct-99 $16,630 $10,561 $11,859
Oct-00 $25,502 $12,269 $16,475
Oct-01 $22,931 $ 8,403 $11,921
Oct-02 $14,961 $ 6,590 $ 9,723
Oct-03 $19,913 $ 9,659 $13,727
Oct-04 $21,246 $10,193 $14,356
Oct-05 $23,977 $11,305 $16,063
Oct-06 $24,094 $13,235 $18,178

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

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 0.49%
Five Year 0.99%
Since Inception 11.12%
--------------------------------------
Inception Date 06/30/98

Average Annual Total Returns - Class I
--------------------------------------
One Year 0.75%
Five Year 1.28%
Since Inception 0.90%
--------------------------------------
Inception Date 10/05/01

- --------------------------------------------------------------------------------

| 12

Aston Funds

ABN AMRO REAL ESTATE FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Nancy J. Holland & Joseph Pavnica

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, ABN AMRO Real
Estate Fund, Class N and Class I produced total returns of 39.19% and
39.54%, respectively. By comparison, the Fund's peer group, the
Morningstar (R) Specialty-Real Estate Category, returned 35.53% and the
Fund's benchmark, the MSCI US REIT Index, returned 37.77%.

Q. Can you describe the investment environment?

A. Real estate stocks posted robust returns, dramatically outpacing the
broader equity market indexes. The real estate sector was spurred by
strong demand as yield-hungry individual and institutional investors
continued to initiate or increase their exposure to the sector based on
its reliability as a portfolio diversifier. The resultant flow of capital
into real estate indirect as well as direct purchases of property helped
push REIT stocks significantly higher. Further fueling REITs were
improving fundamentals for many sectors, with most posting strong enough
earnings growth to support their higher valuations.

Q. What factors influenced the Fund's performance during the past year?

A. Our out-of-benchmark weightings in Canadian companies, as well as our
security selection there, proved beneficial to the Fund and were some of
the biggest drivers of our performance versus the benchmark and the peer
group. Overall, Canadian REITs benefited from increased capital flows as
investors sought real estate value across the country. Our holdings in
Canadian Apartment REIT Boardwalk was one of our best performers for the
year. It was bolstered by its exposure to the booming Alberta apartment
market, which in turn was fueled by the soaring oil and gas industry. We
also were helped by our exposure to the U.S. Apartment sector, which we
gradually increased from an underweighting at the beginning of the period
to an overweighting at the end of it. The segment was up strongly for the
year, driven by the growing attractiveness of renting versus owning a home
as homeownership affordability decreased. Our concentration on companies
focused on markets with high barriers to entry--California, the Pacific
Northwest and the East Coast--and on companies with significant
development pipelines worked in our favor. In this area, our winners
included Archstone and Avalon Bay.

In the Office sector, we concentrated our holdings in companies with large
exposures to select growing markets including New York City, Washington
D.C. and Southern California. That positioning boosted the Fund's returns
as holdings such SL Green, Reckson and Corporate Office Properties
performed quite well. Biomed Realty, which specializes in laboratory
office space, was another winner. In contrast, we lost ground by not
owning Equity Office Properties and Public Storage, two of the
better-performing REITs in the marketplace.

Q. What is your outlook?

A. Our outlook remains the same. We expect continued improvement in operating
fundamentals for most sectors. That said, we believe the sectors gains
will most assuredly moderate in the coming year, given their very strong
advances over the past six years. Even so, we believe that real estate
will continue to assume its place in more investors' portfolios as it has
proven its value as a portfolio diversifier. No matter what the investment
backdrop for real estate overall, we will continue our focus on quality
real estate companies with excellent earnings and dividend growth
prospects managed by highly capable, value-added management teams.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R)
ABN AMRO Real MSCI US REIT Specialty-Real
Estate Fund Index Estate Category
------------- ------------ ---------------
12/31/97* $10,000 $10,000 $10,000
Dec-98 $ 8,721 $ 8,310 $ 8,395
Dec-99 $ 8,431 $ 7,932 $ 8,192
Dec-00 $10,856 $10,059 $10,407
Oct-01 $10,806 $10,453 $10,616
Oct-02 $11,522 $11,152 $11,346
Oct-03 $15,406 $14,937 $15,173
Oct-04 $20,141 $19,344 $19,574
Oct-05 $23,777 $22,756 $22,994
Oct-06 $33,096 $31,351 $31,163

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

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

Real estate funds may be subject to a higher degree of market risk than
diversified funds because of the concentration in a specific industry or
geographical sector. Risks also include declines in the value of real estate,
general and economic conditions, changes in the value of underlying property and
defaults by borrowers.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 39.19%
Five Year 25.09%
Since Inception 14.51%
--------------------------------------
Inception Date 12/30/97

Total Return - Class I
--------------------------------------
One Year 39.54%
Five Year N/A
Since Inception 31.84%
--------------------------------------
Inception Date 09/20/05

- --------------------------------------------------------------------------------

| 13

Aston Funds

VEREDUS SCITECH FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Charles P. McCurdy, Jr., CFA & Charles Mercer, Jr., CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, Veredus SciTech
Fund, Class N, returned 2.95%. In comparison, the Fund's peer group, the
Morningstar (R) Specialty-Technology Category, returned 10.04%, and its
benchmark, the NYSE Arca Tech 100 Index (formerly the PSE Technology
Index), returned 7.37%.

Q. Can you describe the investment environment?

A. Technology stocks lagged the overall market, with the sector's strong
early-period performance nearly wiped away by its downturn in the spring
and early summer of 2006. That's when tech stocks came under pressure due
to investors' growing concerns about a slowing economy. Adding to tech
stocks' challenges was the backlash from the options backdating
controversy, whereby a number of Tech firms were accused of retroactively
setting the grant date of the executive stock options to a time when their
stock was trading at a low price. The final months of the period proved
more favorable for Tech stocks when both the global economy and Tech
companies earnings showed good growth after all. Health Care stocks,
another area of emphasis for the Fund, also posted market lagging returns
for the year, constrained by investors' appetite for more economically
sensitive investments.

Q. What factors influenced the Fund's performance during the past year?

A. One of the primary reasons why the Fund lagged its benchmark was the
Fund's larger exposure to Health Care stocks, in a year when they lagged
tech stocks overall. The pullback in Health Care stocks in the summer was
particularly difficult for our holdings in Nuerometrics and Momentum
Pharmaceuticals, both of which had experienced strong gains in prior
periods. We also had some Tech holdings that detracted from performance.
Chief among them was Check Free, which investors punished when the online
banking services company failed to meet earnings expectations. Aiding the
fund's performance were a number of our larger positions, including Akamai
provider of Internet delivery services for web sites and corporations. We
also enjoyed good gains from RF Micro and Freescale, which make
Semiconductors for the mobile telephone market, each of which was buoyed
by above-normal demand for mobile phones. Freescale was also lifted by the
fact that it was acquired, and we sold our holdings in RF Micro to lock in
gains and look for more attractively priced opportunities elsewhere.

Q. What is your outlook?

A. We're quite optimistic about the prospects for growth stocks as we
approach 2007. We believe economic growth will moderate a bit and the
Fed's next move--which we predict will occur sometime next year--will be
to lower, not raise, interest rates. Barring a more protracted and deeper
housing market slump than we've already witnessed, we believe the
service-based and global nature of the U.S. economy will help immunize it
from a more severe economic downturn. We're especially bullish on the
prospects for Tech stocks over the next two-to-three years. That's because
they'll benefit from a number of powerful tail winds. Tech stocks
currently are trading at attractive valuations, providing the underpinning
for their resurgence. Additionally, most professional money managers
currently are under-allocated to the Tech sector. When they correct that
imbalance, Tech stocks will benefit. Finally, with the recent wave of
private equity purchases and merger and acquisition activity will
continue. Elsewhere, we believe that Health Care stocks may be poised for
better performance, given that their fundamentals remain quite favorable.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R)
Veredus NYSE Arca Tech Specialty-Technology
SciTech Fund 100 Index Category
------------ -------------- --------------------
Jun-00 $10,000 $10,000 $10,000
Oct-00 $ 8,939 $ 8,821 $ 8,679
Oct-01 $ 7,643 $ 5,437 $ 3,467
Apr-02 $ 6,865 $ 5,497 $ 3,318
Oct-02 $ 4,937 $ 4,085 $ 2,326
Apr-03 $ 5,220 $ 4,398 $ 2,581
Oct-03 $ 7,249 $ 6,038 $ 3,607
Apr-04 $ 6,977 $ 6,227 $ 3,449
Oct-04 $ 6,855 $ 6,468 $ 3,496
Oct-05 $ 7,178 $ 7,249 $ 3,811
Oct-06 $ 7,390 $ 7,783 $ 4,193

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

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

Technology companies present special risks to investors including sector
concentration and small company stock risk. Investments concentrated in a
special industry or sector may be subject to greater market risk and may be more
volatile.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 2.95%
Five Year (0.67)%
Since Inception (4.66)%
--------------------------------------
Inception Date 06/30/00

- --------------------------------------------------------------------------------

| 14

Aston Funds

BALANCED FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Bernard F. Myszkowski, CFA & Fred Senft, Jr., CFA*

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, Balanced Fund,
Class N, returned 5.33%. By comparison, the Fund's peer group, the
Morningstar (R) Moderate Allocation Category, returned 11.95%. For the
same one-year period, the Fund's benchmark, a blend of 60% S&P (R) 500
Index and 40% Lehman Brothers Aggregate Bond indexes, returned 11.79%. The
S&P (R) 500 Index and the Lehman Brothers U.S. Aggregate Bond Index had
returns of 16.33% and 5.19%, respectively, for the same period.

Q. Can you describe the investment environment?

A. Although they posted positive returns for the period, large-cap stocks
generally lagged their smaller-cap counterparts, and growth stocks were
trumped by valued stocks for the sixth consecutive year. The Fed raised
the federal funds target rate to 5.25% by June 2006. Those rate hikes
generally pushed bond yields higher and their prices lower. Beginning in
July, however, stocks and bonds mounted an extended and significant rally
as investors began to anticipate an end to the Fed's campaign to raise
rates amid signs that the economy was slowing and inflation remained in
check. Those hopes were realized when the Fed held interest rates steady
at its Open Market Committee ("FOMC") Meetings in August, September and
October.

Q. What factors influenced the Fund's performance during the past year?

A. The Fund's equity portion underperformed the S&P (R) 500 Index, whose
gains were generated not by growth stocks, but by traditional value
sectors--including utilities, financials and energy. As a result, our
significant underweighting in financials hurt us as did our overweighting
in health care stocks. Aiding the Fund's returns were a number of strong
performers across a range of industry sectors. Walgreen's was a winner,
buoyed by strong earnings gains. Department store chain Kohl's was buoyed
in part by the new exclusive brands the store has introduced. Starbucks
continued to reap the benefits of expansion both in the U.S. and abroad.
We enjoyed strong gains from Eco Labs, a global leader in commercial
cleaning and sanitizing, Praxair, which produces and distributes natural
gas, and Dover, which manufacturers industrial products and manufacturing
equipment.

For the fixed-income portion of the Fund, we had somewhat less interest
rate sensitivity than the index. This strategy yielded mixed results,
aiding performance during periods when the bond market was under pressure
but detracting from returns when the market rallied. We also were helped
by our sector selection with our overweighting investment-grade corporate
bonds working in our favor. Our positioning in the mortgage sector paid
off, with our early focus on pass-through securities and our more recent
move toward collateralized mortgage obligations paying off.

Q. What is your outlook?

A. In our view, large-cap growth stock earnings remain strong and their
valuations continue to be attractive. We remain committed to our
time-tested investment process and believe that it is positioned to post
above-average rates of return over entire market cycles. We believe that
the economy is slowing and inflation is in check. Given that backdrop, we
don't envision further rate hikes over the near term. If that's the case,
bonds could continue to perform well. We're also approaching the coming
year cautiously in terms of credit quality, because we believe that the
market isn't pricing risk appropriately.

* Mr. Senft managed the Fixed Income portion of the Fund through the
financial period covered in this report. Beginning on December 1, 2006,
Taplin, Canida & Habacht (TCH) assumed day-to-day management of the Fund.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

60% S&P(R) 500 Lehman
Index/40% Morningstar(R) Brothers
Lehman Brothers Moderate U.S.
Balanced U.S. Aggregate Allocation S&P 500(R) Aggregate
Fund Bond Index Category Index Bond Index
-------- --------------- -------------- ---------- ----------
Sep-95 $10,000 $10,000 $10,000 $10,000 $10,000
Oct-96 $11,847 $11,692 $11,372 $12,364 $10,722
Oct-97 $14,229 $14,334 $13,113 $16,333 $11,675
Oct-98 $16,862 $16,835 $15,775 $19,928 $12,766
Oct-99 $19,772 $19,390 $17,190 $25,041 $12,833
Oct-00 $22,701 $20,715 $19,344 $26,564 $13,770
Oct-01 $19,658 $18,529 $21,170 $19,952 $15,775
Oct-02 $18,805 $17,308 $19,081 $16,939 $16,704
Oct-03 $20,917 $19,819 $22,170 $20,461 $17,523
Oct-04 $21,696 $21,383 $23,868 $22,386 $18,492
Oct-05 $22,390 $22,608 $25,694 $24,338 $18,701
Oct-06 $23,583 $25,274 $28,764 $28,313 $19,671

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

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

The Fund is subject to interest rate risk associated with the underlying bond
holdings in the portfolio. The value of the Fund can decline as interest rates
rise and an investor can lose principal.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 5.33%
Five Year 3.71%
Ten Year 7.13%
--------------------------------------
Inception Date 09/21/95

- --------------------------------------------------------------------------------

| 15

Aston Funds

MONTAG & CALDWELL BALANCED FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Ronald E. Canakaris, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period ended October 31, 2006, Montag & Caldwell
Balanced Fund Class N and Class I posted total returns of 6.56% and 6.80%,
respectively. By comparison, the Fund's peer group, the Morningstar (R)
Moderate Allocation Category, returned 11.95% and the Fund's benchmark, a
60%/40% blend of the S&P (R) 500 Index and the Lehman Brothers U.S.
Government Credit Bond Index ("LBGC") returned 11.67%. The S&P (R) 500
Index and LBGC had returns of 16.33% and 4.88%, respectively.

Q. Can you describe the investment environment?

A. In the early months of 2006, energy prices and interest rates moved higher
and small-and mid-cap names continued their dominance even as valuations
remained compelling for large-cap companies. During the second quarter
equity markets began to sell off from early-May to mid-June and then
rallied into the end of the quarter. Additionally, investors were forced
to extend their horizon for the end of the Fed's tightening cycle as fear
of inflation crept higher. There was also a growing concern about the
sustainability of both economic activity and corporate profit growth. The
U.S. housing industry has clearly entered a rough patch and domestic auto
makers are struggling.

Q. What factors influenced the Fund's performance during the past year?

A. The primary areas of strength included stock selection in the Energy and
Information Technology sectors. Positions in oil field service companies
Schlumberger, Baker Hughes, and Halliburton were significant positive
contributors to the Fund's results. Stock selection in information
technology companies such as Research In Motion, the manufacturer and
service provider for Blackberry hand-held devices; Google, the internet
search provider; and Hewlett-Packard had a significant positive effect.
The Health Care sector was the most significantly underperforming sector
with biotechnology company Genentech, implantable device manufacturer
Medtronic, and Johnson & Johnson detracting from performance. Several
holdings in the Industrial sector, specifically Caterpillar Inc, 3M Co.,
and United Parcel Service detracted as well.

In the fixed-income portion of the Fund, our yield curve positioning
helped offset what we lost from being short on our duration.

Q. What is your outlook?

A. We believe the outlook for high quality large capitalization growth stocks
is very good. Valuations are attractive, and the Fed has stopped raising
interest rates. As the Fed succeeds in slowing the economy to a
non-inflationary growth rate, these companies' reliable and above average
earnings growth rates should become increasingly attractive in the more
challenging corporate profit environment that is likely to develop. Their
domestic based earnings should do relatively well in a slowing U.S.
economy, and they are well positioned to benefit from better growth
prospects abroad and a lower dollar. We calculate that on average the
companies in the Fund's portfolio generate 44% of their sales from
international markets.

We expect that the yield on the 10-year Treasury note will be range-bound
for in the near term between 4.50% and 5.25%. Although we extended the
duration of the bond portion of the Fund a few times over the last twelve
months, we remain approximately 8% shorter than the benchmark indices.
This reflects our belief that the Fed is not likely to begin reducing
short-term rates within the time frame currently anticipated by the
market.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

60% S&P(R) 500
Index/40% Lehman
Montag & Lehman Brothers Morningstar(R) Brothers U.S.
Caldwell U.S. Government Moderate Government
Balanced Credit Bond Allocation S&P(R) Credit
Fund Index Category 500 Index Bond Index
-------- --------------- -------------- --------- -------------
Nov-94 $10,000 $10,000 $10,000 $10,000 $10,000
Oct-95 $12,375 $12,227 $11,823 $12,641 $11,616
Oct-96 $14,895 $14,228 $13,633 $15,685 $12,242
Oct-97 $18,509 $17,436 $16,401 $20,720 $13,321
Oct-98 $21,185 $20,550 $17,872 $25,276 $14,690
Oct-99 $24,962 $23,554 $20,111 $31,759 $14,593
Oct-00 $25,472 $25,154 $22,010 $33,690 $15,634
Oct-01 $23,857 $22,563 $19,837 $25,305 $18,029
Oct-02 $21,849 $21,054 $18,181 $21,484 $19,018
Oct-03 $23,332 $24,237 $21,124 $25,950 $20,192
Oct-04 $24,067 $26,156 $22,742 $28,392 $21,316
Oct-05 $25,334 $27,629 $24,482 $30,868 $21,493
Oct-06 $26,995 $30,853 $27,408 $35,909 $22,542

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

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

The Fund is subject to interest rate risk associated with the underlying bond
holdings in the portfolio. The value of the Fund can decline as interest rates
rise and an investor can lose principal.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 6.56%
Five Year 2.50%
Ten Year 6.13%
--------------------------------------
Inception Date 11/02/94

Average Annual Total Returns - Class I
--------------------------------------
One Year 6.80%
Five Year 2.75%
Ten Year N/A
Since Inception 2.10%
--------------------------------------
Inception Date 12/31/98

- --------------------------------------------------------------------------------

| 16

Aston Funds

TCH FIXED INCOME FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Fred Senft, Jr., CFA*

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, TCH Fixed Income
Fund, Class N and Class I, produced total returns of 4.42% and 4.68%,
respectively. By comparison, the Fund's peer group, the Morningstar (R)
Intermediate-Term Bond Category, returned 4.70%, while the Fund's
benchmark, the Lehman Brothers U.S. Aggregate Bond Index, returned 5.19%.

Q. How would you describe the fixed-income investment environment?

A. During the past twelve months, the Fed continued to tighten monetary
policy, raising the benchmark federal funds target rate on six separate
occasions by one-quarter of a percentage point each, moving it to 5.25% by
June 2006. Those rate hikes generally pushed bond yields higher and their
prices lower. Beginning in July, however, bonds began an extended and
significant rally as investors began to anticipate an end to the Fed's
campaign to raise rates amid signs that the economy was slowing and
inflation remained in check. Those hopes were realized when the Fed held
interest rates steady at its Open Market Committee Meetings in August,
September and October.

Q. How did you position the Fund during the period?

A. The Fund maintained a defensive posture versus its benchmark throughout
the early months of the period, meaning we positioned the Fund so that it
had somewhat less interest rate sensitivity than the index. This strategy
yielded mixed results, aiding performance during periods when the bond
market was under pressure--such as in early 2006--but detracting from
returns when the market rallied--as it did this past summer. More
recently, we moved our duration to be more in line with the benchmark, a
posture we take when we don't have a strong conviction about where rates
are headed over the near term. The Fund enjoyed a modest benefit from its
slightly barbelled position, with investments concentrated in the short
and long ends of the yield curve and, to a lesser degree, in between.

We also were helped by our sector selection. In particular, our
overweighting relative to the benchmark in high-yield corporate bonds
worked in our favor. They were among the fixed-income market's best
performers for the year, buoyed by investors' seemingly insatiable
appetite for high-yielding securities of all types. Within the
investment-grade corporate position, we benefited from sector selection,
with our holdings in industrial, utility and finance companies generally
outpacing the market overall. We've recently pared our stake in corporate
bonds, believing that in many cases their risk profiles didn't justify
their high valuations.

We also benefited from our positioning in the mortgage sector. Early on,
we emphasized pass-through securities, which performed reasonably well.
More recently, we've redeployed some of our mortgage exposure away from
pass-through securities and into more attractively valued collateralized
mortgage obligations.

Q. What's your outlook?

A. We believe that the economy is slowing and inflation is in check. Given
that backdrop, we don't envision further rate hikes over the near term. If
that's the case, bonds could continue to perform well. We're also
approaching the coming year cautiously in terms of credit quality because
we believe that the market isn't pricing risk appropriately.

* Mr. Senft managed the Fund through the financial period covered in this
report. Beginning on December 1, 2006, Taplin, Canida & Habacht (TCH)
assumed day-to-day management of the Fund.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Morningstar(R) Lehman Brothers
TCH Fixed Intermediate-Term U.S. Aggregate
Income Fund Bond Category Bond Index
----------- ----------------- ---------------
Dec-93 $10,000 $10,000 $10,000
Oct-94 $ 9,677 $ 9,636 $ 9,535
Oct-95 $11,117 $11,066 $11,026
Oct-96 $11,758 $11,659 $11,671
Oct-97 $12,797 $12,652 $12,709
Oct-98 $13,778 $13,614 $13,895
Oct-99 $13,919 $13,617 $13,969
Oct-00 $14,891 $14,411 $14,989
Oct-01 $16,840 $16,359 $17,171
Oct-02 $17,310 $16,953 $18,183
Oct-03 $18,103 $17,992 $19,074
Oct-04 $19,129 $18,893 $20,129
Oct-05 $19,205 $19,056 $20,356
Oct-05 $20,052 $19,952 $21,412

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

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 4.42%
Five Year 3.55%
Ten Year 5.48%
--------------------------------------
Inception Date 12/13/93

Average Annual Total Returns - Class I
--------------------------------------
One Year 4.68%
Five Year 3.82%
Since Inception 5.57%
--------------------------------------
Inception Date 07/31/00

- --------------------------------------------------------------------------------

| 17

Aston Funds

TCH INVESTMENT GRADE BOND FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Fred Senft, Jr, CFA*

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, TCH Investment
Grade Bond Fund, Class N and Class I, produced total returns of 4.25% and
4.51%, respectively. By comparison, the Fund's peer group, the Morningstar
(R) Short-Term Bond Category, returned 4.03%, while the Fund's benchmark,
the Lehman Brothers U.S. Intermediate Aggregate Bond Index, returned
5.12%.

Q. How would you describe the fixed-income investment environment?

Q. How did you position the Fund during the period?

A. The Fund is designed and managed as a conservative fixed income option,
and our positioning through the year reflected that. We maintained a
defensive posture versus its benchmark throughout the early months of the
period, meaning we positioned the Fund so that it had somewhat less
interest rate sensitivity than the index. This strategy yielded mixed
results, aiding performance during periods when the bond market was under
pressure--such as in early 2006--but detracting from returns when the
market rallied--as it did this past summer. More recently, we moved our
duration to be more in line with the benchmark, a posture we take when we
don't have a strong conviction about where rates are headed over the near
term. The Fund enjoyed a modest benefit from its slightly barbelled
position, with investments concentrated in the short and long ends of the
yield curve and, to a lesser degree, in between.

We also were helped by our sector selection. In particular, our
overweighting relative to the benchmark in investment-grade corporate
bonds worked in our favor. They were among the fixed-income market's best
performers for the year, buoyed by investors' seemingly insatiable
appetite for high-yielding securities of all types. Within the
investment-grade corporate position, we benefited from sector selection,
with our holdings in industrial, utility and finance companies generally
outpacing the market overall. We've recently pared our stake in corporate
bonds, believing that in many cases their risk profiles didn't justify
their high valuations.

Q. What's your outlook?

A. We believe that the economy is slowing and inflation is in check. Given
that backdrop, we don't envision further rate hikes over the near term. If
that's the case, bonds could continue to perform well. We're also
approaching the coming year cautiously in terms of credit quality, because
we believe that the market isn't pricing risk appropriately.

* Mr. Senft managed the Fund through the financial period covered in this
report. Beginning on December 1, 2006, Taplin, Canida & Habacht (TCH)
assumed day-to-day management of the Fund.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS I

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Lehman Brothers
U.S. Intermediate Morningstar(R)
TCH Investment Aggregate Short-Term Bond
Grade Bond Fund Bond Index Category
--------------- ----------------- ---------------
Oct-95 $10,000 $10,000 $10,000
Apr-96 $10,115 $10,134 $10,161
Apr-97 $10,700 $10,842 $10,767
Apr-98 $11,617 $11,855 $11,539
Apr-99 $12,267 $12,603 $12,142
Apr-00 $12,439 $12,814 $12,452
Apr-01 $13,652 $14,409 $13,631
Apr-02 $14,523 $15,523 $14,359
Oct-02 $15,483 $16,386 $14,822
Apr-03 $15,846 $16,963 $15,200
Oct-03 $15,864 $17,088 $15,299
Apr-04 $15,990 $17,293 $15,411
Oct-04 $16,459 $17,919 $15,647
Oct-05 $16,533 $18,077 $15,772
Oct-06 $17,278 $19,002 $16,408

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

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

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 4.25%
Five Year N/A
Ten Year N/A
Since Inception 1.99%
--------------------------------------
Inception Date 06/30/03

Average Annual Total Returns - Class I
--------------------------------------
One Year 4.51%
Five Year 3.44%
Ten Year 5.06%
--------------------------------------
Inception Date 10/23/95

- --------------------------------------------------------------------------------

| 18

Aston Funds

ABN AMRO HIGH YIELD BOND FUND

PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Todd J. Youngberg, CFA & Charles Ullerich, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, ABN AMRO High
Yield Bond Fund, Class N and Class I, returned 6.63% and 6.90%,
respectively. By comparison, the Fund's peer group, the Morningstar (R)
High Yield Bond Category, returned 9.28%, while the Fund's benchmark, the
Merrill Lynch U.S. High Yield Master II Constrained Index, returned 9.78%.

Q. Can you describe the investment environment?

A. The high-yield bond market posted decent returns for the twelve-month
period and significantly outpaced the investment-grade market during that
span. The market gradually gained momentum from the beginning of the
period through the second calendar quarter of 2006, buoyed by strong
investor demand for high-yield bonds, the rebound of the automobile and
air transportation sectors, the reduced sensitivity of high-yield bonds to
interest rates relative to investment-grade bonds and low default rates
among high-yield issuers. After that, the high-yield market declined
modestly following equity market weakness and growing inflation concerns.
Beginning in late summer, however, the high-yield market rebounded in
response to positive news from the auto sector, resurgent investor demand
and the decisions by the Fed to pause in its cycle of interest rate hikes.

Q. What factors influenced the Fund's performance during the past year?

A. Our long-held preference for the higher-quality tiers of the high-yield
market worked against us during the period. History has shown that
securities at the high end of this marketplace--those rated BB--provide
better upside potential and limit downside volatility over the long haul.
But during the past twelve months, it was the more speculative,
lowest-quality securities--those rated CCC--that performed best. BB-rated
securities are more interest rate sensitive and, as a result, dramatically
underperformed CCC when rates were on the rise from November 2005 through
June 2006. And while investor demand for BB-rated securities was strong
enough during the year, it never rivaled investors' seemingly insatiable
appetite for riskier segments of the market. It also follows that our
preference for higher-quality securities led us to overweight various
industry sectors--including commodities, basic industries, energy and
electric utilities that underperformed the market as a whole.

On the flip side, we benefited from advantageous security selection across
a number of sectors. Our holdings in Ford Motor Credit and General Motors
Acceptance Corporation., the financing arms of those respective auto
makers, performed well in response to investors' lessened pessimism over
the U.S. auto industry's ability to turn itself around. Also aiding the
Fund's performance were the strong late-2005 gains posted by Charter
Communications, which benefited from its success in the digital telephony
market place. Wireline companies Quest Communications and Citizens
Communications also fared well, helped by improvements in their financial
conditions. Our holdings in pharmaceuticals service company Quintiles
performed well because the company tendered the bonds at a very attractive
price.

Q. What is your outlook?

A. Against a backdrop of slowing economic conditions, we believe that the
default rate will rise over the next twelve months, although we expect it
to remain below historical averages. That said, if defaults do tick
higher, we could see a re-pricing of risk, whereby the most speculative
credits in the marketplace will need to offer higher yields in order to
compensate investors for their added credit risk. We plan to adhere to our
focus on high-quality bonds and are mindful that diligent credit analysis
will be the key to outperformance in the coming year.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Merrill Lynch
ABN AMRO High U.S. High Yield Morningstar(R)
Yield Bond Master II High Yield
Fund Constrained Index Bond Category
------------- ----------------- --------------
Jun-03 $10,000 $10,000 $10,000
Jul-03 $ 9,851 $ 9,864 $ 9,899
Oct-03 $10,367 $10,474 $10,462
Apr-04 $10,802 $11,034 $10,992
Oct-04 $11,431 $11,750 $11,617
Apr-05 $11,309 $11,750 $11,595
Oct-05 $11,760 $12,209 $12,001
Oct-06 $12,539 $12,899 $13,114

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

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

The Fund will invest in lower-rated securities commonly known as "junk bonds".
Therefore, investors should carefully consider their ability to assume the risks
of owning shares of a fund that invests in these type of securities. The Fund is
subject to interest rate risk. The value of the Fund may decline as interest
rates rise.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 6.63%
Five Year N/A
Since Inception 7.02%
--------------------------------------
Inception Date 06/30/03

Average Annual Total Returns - Class I
--------------------------------------
One Year 6.90%
Five Year N/A
Since Inception 7.28%
--------------------------------------
Inception Date 06/30/03

- --------------------------------------------------------------------------------

| 19

Aston Funds

MCDONNELL MUNICIPAL BOND FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
Steve Haldi*

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, McDonnell
Municipal Bond Fund, Class N, returned 4.43%. By comparison, the Fund's
peer group, the Morningstar (R) Municipal National Intermediate Category,
returned 4.51%, while the Fund's benchmark, the Lehman Brothers Municipal
Five-Year General Obligations Bond Index, returned 3.88%.

Q. How would you describe the municipal bond investment environment?

A. Municipals turned in solid gains and were one of the best-performing
investment-grade fixed-income asset classes for the twelve-month period,
spurred by a strong late-period rally and growing investor demand. From
the onset of the period through June 2006, muni bond prices came under
pressure as the Fed raised short-term interest rates, actions intended to
stave off inflation. By June 2006, however, prices began to rebound amid
the growing sense that the Fed would pause in its rate hike campaign.
That's exactly what happened: the central bank left rates unchanged at its
August, September and October Open Market Committee meetings. Demand for
munis was strong during the period, bolstered by individual investors
seeking out munis' attractive after-tax yields and by institutional
investors - including non-traditional investors such as hedge funds. They
were attracted by the fact that long-term rates for munis remained higher
than short rates, even as long-term Treasury bonds yielded less than
short-term Treasuries. That gave investors the opportunity to lock in good
long-term yields. Additionally, some high-quality munis offered yields
that rivaled non-investment grade corporate bonds after taxes, even though
municipals historically have much lower default rates than corporate
bonds.

Q. How did you position the Fund during the past year?

A. We maintained a well-diversified portfolio, both geographically and in
terms of sectors. Our holdings were made up of a mix of generation
obligation bonds (GOs)--those backed by income, sales and other taxes--and
revenue bonds--which are backed by items such as user fees. Within the GO
sector, we had significant weightings in bonds issued by states and local
governments. In the revenue sector, we emphasized bonds issued by entities
that provide essential services such as water and sewer, education and
transportation. Our holdings in revenue bonds generally performed better
during the period than our holdings in GOs. Within the revenue segment, we
saw particularly good returns from our education and transportation
holdings. On balance over the year, we benefited from our "barbell"
positioning, whereby we had an underweight position relative to the Fund's
benchmark index in intermediate-maturity bonds, and placed heavier
exposures in shorter- and longer-term bonds. This strategy worked in our
favor as longer-dated securities outperformed.

Q. What is your outlook?

A. We believe that interest rates are likely to remain stable over the short
term, and that the Fed's next move--probably sometime in the second half
of 2006--will be a rate cut. Going forward, we're likely to keep the fund
positioned defensively, emphasizing higher-quality bonds because
lower-quality securities currently aren't paying enough in the way of
incremental yield to justify their additional credit risk.

* Mr. Haldi managed the Fund through the financial period covered in this
report. Beginning on December 1, 2006, McDonnell Investment Management,
LLC assumed day-to-day management of the Fund.

- --------------------------------------------------------------------------------

GROWTH OF A HYPOTHETICAL
$10,000 INVESTMENT--CLASS N

[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]

Lehman Brothers
Municipal Morningstar(R)
Five-Year Municipal
McDonnell General National
Municipal Obligations Intermediate
Bond Fund Bond Index Category
--------- --------------- --------------
Dec-93 $10,000 $10,000 $10,000
Oct-94 $ 9,808 $ 9,838 $ 9,766
Oct-95 $10,719 $10,855 $10,934
Oct-96 $11,103 $11,368 $11,441
Oct-97 $11,673 $12,107 $12,240
Oct-98 $12,393 $12,897 $13,075
Oct-99 $12,173 $13,040 $12,786
Oct-00 $13,062 $13,792 $13,635
Oct-01 $14,380 $15,142 $14,914
Oct-02 $15,145 $16,033 $15,631
Oct-03 $15,819 $16,876 $16,298
Oct-04 $16,428 $17,431 $16,986
Oct-05 $16,523 $17,513 $17,126
Oct-06 $17,255 $18,193 $17,898

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

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

Interest income is generally exempt from federal taxes but may be subject to
state and local taxes. For some investors, interest income may be subject to the
federal Alternative Minimum Tax. Fixed income funds are subject to interest rate
risk. As interest rates rise, the value of the fund can decline.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
--------------------------------------
One Year 4.43%
Five Year 3.71%
Ten Year 4.51%
--------------------------------------
Inception Date 12/13/93

THE FUND'S INVESTMENT ADVISER IS VOLUNTARILY WAIVING FEES OR REIMBURSING
EXPENSES. THESE SUBSIDIES MAY END AT ANY TIME AND THE PERFORMANCE QUOTED WOULD
HAVE BEEN LOWER IF THESE SUBSIDIES HAD NOT BEEN IN EFFECT.

- --------------------------------------------------------------------------------

| 20

Aston Funds

ABN AMRO INVESTOR MONEY MARKET FUND

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
William R. Anderson, CFA

Q. How did the Fund perform during the twelve-month period ended October 31,
2006?

A. For the twelve-month period that ended October 31, 2006, ABN AMRO Investor
Money Market Fund, Class N returned 4.30%. By comparison, the Fund's
benchmark, the iMoneyNet First Tier Retail Average, returned 4.08%. The
Fund's peer group, the Lipper Money Market Funds Index, returned 4.30%.

Q. What was the investment environment like during the twelve-month period?

A. From November 2005 through June 2006, the environment was characterized by
generally predictable interest rate hikes that were well communicated to
the marketplace. The FOMC raised its target interest rate by one-quarter
of a percentage point on each of six separate occasions during that time
span, bringing the benchmark Fed funds rate to 5.25% at its June 29
meeting. In the ensuing months, the interest rate outlook became much less
clear as investors tried to anticipate the Fed's response to slowing
economic growth accompanied by uncomfortably high inflation. The Fed held
interest rates steady at its August, September and October meetings and
most investors now feel comfortable that rates will be on hold for at
least six months.

Q. What was your strategy?

A. For most of the year, our strategy was to capitalize on expected rate
hikes by managing our cash flow and maturities around FOMC meeting dates.
This strategy provided flexibility and liquidity to reinvest at higher
levels and improve yields in a rising rate environment. As interest rates
approached neutral levels and the Fed refrained from further monetary
action, we altered our strategy by extending the portfolio's maturity to
lock in current yields and protect against the potential interest rate
declines.

Q. What is your outlook?

A. At this point, we believe that the Fed's next move will be to lower
interest rates, but we do not foresee any action on this front until at
least the second quarter of 2007. Given this outlook, we expect to invest
primarily to optimize yields, with a secondary consideration for the
timing of that rate hike. As always, we will monitor the market
environment and adjust our strategy accordingly.

- --------------------------------------------------------------------------------

AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT OF $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.

- ------------------------------------------
7-DAY AVERAGE YIELD

Class N Shares 4.75%
- ------------------------------------------

THE YIELD QUOTATION MORE CLOSELY REFLECTS THE CURRENT EARNINGS OF THE FUND THAN
THE TOTAL RETURN QUOTATION.

RETURNS FOR PERIOD ENDED 10/31/06

Average Annual Total Returns - Class N
- --------------------------------------
One Five Ten
Year Year Year

Fund 4.30% 1.89% 3.48%
iMoneyNet* 4.08% 1.70% 3.29%
Lipper** 4.30% 1.87% 3.45%
- --------------------------------------
Inception Date 12/14/93

* IMONEYNET FIRST TIER RETAIL AVERAGE

** LIPPER MONEY MARKET FUNDS INDEX

Indexes are unmanaged and do not take into account fees, expenses or other
costs.

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

- --------------------------------------------------------------------------------

| 21

Aston Funds

RIVER ROAD DYNAMIC EQUITY INCOME FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

FINANCE 27%
OTHER COMMON STOCKS 15%
ENERGY 15%
REAL ESTATE INVESTMENT TRUSTS 14%
CONSUMER NON-CYLICALS 8%
INDUSTRIAL 8%
CONSUMER CYCLICALS 6%
CLOSED-END FUNDS 3%
FOREIGN COMMON STOCKS AND PREFERRED STOCKS 2%
CASH AND OTHER NET ASSETS 2%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 92.29%

BASIC MATERIALS - 4.19%
9,450 Compass Minerals International .......... $ 292,477
3,375 Nucor ................................... 197,134
9,250 RPM International ....................... 177,138
--------------
666,749
--------------
COMMUNICATIONS - 4.13%
17,350 Citizens Communications ................. 254,351
5,900 Verizon Communications .................. 218,300
13,455 Windstream .............................. 184,603
--------------
657,254
--------------
CONSUMER CYCLICALS - 6.37%
3,315 Bandag .................................. 145,495
12,375 Centerplate IDS ......................... 212,108
4,850 Dow Jones ............................... 170,187
11,075 Signet Group, SP ADR .................... 254,503
3,025 VF ...................................... 229,930
--------------
1,012,223
--------------
CONSUMER NON-CYCLICALS - 8.24%
3,000 Anheuser-Busch .......................... 142,260
16,500 Coinmach Service ........................ 291,225
4,425 Diageo, SP ADR .......................... 329,530
11,950 Industrias Bachoco, SP ADR .............. 248,201
3,375 Kraft Foods, Class A .................... 116,100
4,525 Lancaster Colony ........................ 183,489
--------------
1,310,805
--------------
ENERGY - 14.53%
6,000 Buckeye Partners (a) .................... 274,800
4,875 Chevron Texaco .......................... 327,600
3,075 Enerplus Resources Fund ................. 166,972
4,900 Eni, SP ADR ............................. 297,479
6,000 Magellan Midstream Partners (a) ......... 234,540
1,500 Marathon Oil ............................ 129,600
3,305 Penn West Energy Trust .................. 124,004
900 PetroChina, ADR ......................... 99,351
2,325 San Juan Basin Royalty Trust ............ 86,374
5,425 Sunoco Logistics Partners (a) ........... 253,022

MARKET
SHARES VALUE
- ------ --------------

ENERGY (CONTINUED)
6,700 TC Pipelines (a) ........................ $ 214,869
1,880 Valero (a) .............................. 100,768
--------------
2,309,379
--------------
FINANCE - 26.74%
5,575 Allied Irish Banks, SP ADR .............. 304,618
4,520 Allstate ................................ 277,347
4,675 American Capital Strategies ............. 201,773
5,975 Associated Banc-Corp .................... 196,219
9,685 Astoria Financial ....................... 280,962
6,025 Bank of America ......................... 324,567
7,100 Barclays, SP ADR ........................ 385,601
3,700 Cincinnati Financial .................... 168,905
5,950 Citigroup ............................... 298,452
3,025 Erie Indemnity, Class A ................. 153,216
4,850 First Horizon National .................. 190,702
7,515 Gallagher (Arthur J.) ................... 209,293
18,675 Medallion Financial ..................... 223,166
3,545 Municipal Mortgage & Equity ............. 98,303
5,275 National City ........................... 196,494
5,275 NGP Capital Resources ................... 81,763
6,750 U.S. Bancorp ............................ 228,420
3,350 Unitrin ................................. 143,815
5,750 Wells Fargo ............................. 208,667
1,710 Zenith National Insurance ............... 79,549
--------------
4,251,832
--------------
HEALTH CARE - 1.43%
3,375 Johnson & Johnson ....................... 227,475
--------------
INDUSTRIAL - 8.33%
9,000 General Electric ........................ 315,990
5,200 Macquarie Infrastructure ................ 155,116
4,525 Sonoco Products ......................... 160,547
41,575 Synagro Technologies .................... 179,604
3,125 3M ...................................... 246,375
7,125 Waste Management ........................ 267,045
--------------
1,324,677
--------------
REAL ESTATE INVESTMENT TRUSTS - 13.72%
10,523 CapitalSource ........................... 291,908
10,875 Equity Inns ............................. 182,483
7,725 First Industrial Realty Trust ........... 355,118
5,575 Getty Realty ............................ 178,400
5,650 Health Care REIT ........................ 233,232
4,500 Hospitality Properties Trust ............ 218,070
10,475 Host Marriott ........................... 241,553
8,575 National Retail Properties .............. 192,680
10,925 Realty Income ........................... 288,420
--------------
2,181,864
--------------
TECHNOLOGY - 0.90%
10,525 United Online ........................... 142,298
--------------
UTILITIES - 3.71%
9,050 Duke Energy ............................. 286,342
1,350 Progress Energy ......................... 62,100
6,625 Southern ................................ 241,150
--------------
589,592
--------------
TOTAL COMMON STOCKS
(Cost $13,638,915) .................... 14,674,148
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 22

Aston Funds

RIVER ROAD DYNAMIC EQUITY INCOME FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------
CLOSED-END FUNDS - 3.44%

FINANCE - 3.44%
12,675 Calamos Strategic Total Return
Fund .................................. $ 188,984
10,125 First Trust/Four Corners Senior
Floating Rate Income Fund II .......... 181,643
9,375 PIMCO Floating Rate Strategy Fund ....... 176,250
--------------
TOTAL CLOSED-END FUNDS
(Cost $538,552) ....................... 546,877
--------------

PREFERRED STOCKS - 1.20%

FINANCE - 1.20%
423 Alleghany ............................... 125,155
2,300 Wachovia, Series A ...................... 65,136
--------------
TOTAL PREFERRED STOCKS
(Cost $184,395)........................ 190,291
--------------

FOREIGN COMMON STOCKS - 0.83%

CANADA - 0.83%
1,500 Penn West Energy Trust .................. 56,383
2,650 BCE ..................................... 74,807
--------------
TOTAL FOREIGN COMMON STOCKS
(Cost $121,875)........................ 131,190
--------------

INVESTMENT COMPANIES - 6.29%

357,162 BlackRock Liquidity Funds
TempCash Portfolio .................... 145,823
854,534 BlackRock Liquidity Funds
TempFund Portfolio .................... 854,534
--------------
TOTAL INVESTMENT COMPANIES
(Cost $1,000,357) ..................... 1,000,357
--------------
TOTAL INVESTMENTS - 104.05%
(Cost $15,484,094)* .................................... 16,542,863
--------------
NET OTHER ASSETS AND LIABILITIES - (4.05)% ................ (643,534)
--------------
NET ASSETS - 100.00% ...................................... $ 15,899,329
==============

___________________________
* Aggregate cost for Federal income tax purposes is $15,659,254.

Gross unrealized appreciation .......................... $ 1,128,771
Gross unrealized depreciation .......................... (33,823)
--------------
Net unrealized appreciation ............................ $ 1,094,948
==============

(a) Limited Partnership
ADR American Depositary Receipt
IDS Income Deposit Security
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 23

Aston Funds

ABN AMRO GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 25%
TECHNOLOGY 15%
FINANCE 15%
RETAIL 13%
CAPITAL GOODS 8%
BIOTECHNOLOGY 8%
MEDICAL PRODUCTS AND SUPPLIES 5%
INSURANCE 5%
CONSUMER CYCLICALS 4%
CASH AND OTHER NET ASSETS 2%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 97.99%

ADVERTISING - 2.11%
188,957 Omnicom Group ........................... $ 19,169,688
--------------
BIOTECHNOLOGY - 7.62%
451,425 Amgen * ................................. 34,267,672
507,930 Gilead Sciences * ....................... 34,996,377
--------------
69,264,049
--------------
CAPITAL GOODS - 7.63%
357,358 Dover ................................... 16,974,505
691,244 Illinois Tool Works ..................... 33,131,325
310,350 Rockwell Automation ..................... 19,241,700
--------------
69,347,530
--------------
CHEMICALS - 2.91%
438,330 Praxair ................................. 26,409,382
--------------
COMMERCIAL SERVICES - 3.86%
455,349 Cintas .................................. 18,851,449
357,807 Ecolab .................................. 16,226,547
--------------
35,077,996
--------------
CONSUMER CYCLICALS - 4.46%
243,272 Harley-Davidson ......................... 16,695,757
292,551 Johnson Controls ........................ 23,854,609
--------------
40,550,366
--------------
ELECTRICAL - 3.40%
880,098 General Electric ........................ 30,900,241
--------------
FINANCE - 14.64%
449,360 CIT Group ............................... 23,389,188
686,187 Fifth Third Bancorp ..................... 27,344,552
536,586 SLM ..................................... 26,121,006
341,724 State Street ............................ 21,948,933
302,790 T. Rowe Price Group ..................... 14,324,995
358,080 Wachovia ................................ 19,873,440
--------------
133,002,114
--------------

MARKET
SHARES VALUE
- ------ --------------

FOOD AND BEVERAGES - 3.20%
832,306 Sysco ................................... $ 29,114,064
--------------
HEALTH CARE SERVICES - 2.20%
313,745 Express Scripts * ....................... 19,991,831
--------------
INSURANCE - 5.44%
476,129 AFLAC ................................... 21,387,715
417,442 American International Group ............ 28,039,579
--------------
49,427,294
--------------
MEDICAL PRODUCTS AND SUPPLIES - 5.09%
203,540 Alcon ................................... 21,591,523
349,153 Medtronic ............................... 16,996,768
223,010 St. Jude Medical * ...................... 7,660,394
--------------
46,248,685
--------------
OIL AND GAS EXTRACTION - 1.91%
242,470 Exxon Mobil ............................. 17,317,207
--------------
PHARMACEUTICALS - 1.42%
484,014 Pfizer .................................. 12,898,973
--------------
RETAIL - 13.30%
564,020 Chico's FAS * ........................... 13,496,999
507,588 Kohl's * ................................ 35,835,713
658,490 Starbucks * ............................. 24,857,997
635,893 TJX ..................................... 18,409,102
646,013 Walgreen ................................ 28,217,848
--------------
120,817,659
--------------
TECHNOLOGY - 14.91%
783,180 Dell * .................................. 19,054,769
647,945 Electronic Arts * ....................... 34,269,811
251,080 Linear Technology ....................... 7,813,610
1,070,466 Microsoft ............................... 30,733,079
1,134,189 Texas Instruments ....................... 34,229,824
366,990 Xilinx .................................. 9,361,915
--------------
135,463,008
--------------
TELECOMMUNICATIONS EQUIPMENT - 2.67%
666,387 QUALCOMM ................................ 24,249,823
--------------
TRANSPORTATION - 1.22%
734,328 Southwest Airlines ...................... 11,036,950
--------------
TOTAL COMMON STOCKS
(Cost $789,188,255) ................... 890,286,860
--------------

INVESTMENT COMPANY - 1.66%

15,106,948 BlackRock Liquidity Funds
TempCash Portfolio .................... 15,106,948
--------------
TOTAL INVESTMENT COMPANY
(Cost $15,106,948) .................... 15,106,948
--------------
TOTAL INVESTMENTS - 99.65%
(Cost $804,295,203)** .................................. 905,393,808
--------------
NET OTHER ASSETS AND LIABILITIES - 0.35% .................. 3,134,502
--------------
NET ASSETS - 100.00% ...................................... $ 908,528,310
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $811,028,708.

Gross unrealized appreciation ....................... $ 118,836,952
Gross unrealized depreciation ....................... (24,471,852)
--------------
Net unrealized appreciation ......................... $ 94,365,100
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 24

Aston Funds

MONTAG & CALDWELL GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 30%
OIL AND GAS EXTRACTION 14%
TECHNOLOGY 11%
RETAIL 11%
CONSUMER STAPLES 9%
FINANCE 7%
PHARMACEUTICALS 7%
COMMUNICATIONS 5%
BIOTECHNOLOGY 5%
CASH AND OTHER NET ASSETS 1%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 98.68%

BIOTECHNOLOGY - 5.40%
447,000 Amgen * ................................. $ 33,931,770
950,100 Genentech * ............................. 79,143,330
--------------
113,075,100
--------------
CAPITAL GOODS - 3.44%
417,000 3M ...................................... 32,876,280
300,000 Caterpillar ............................. 18,213,000
247,600 Emerson Electric ........................ 20,897,440
--------------
71,986,720
--------------
COMMERCIAL SERVICES - 3.56%
1,887,400 Paychex ................................. 74,514,552
--------------
COMMUNICATIONS - 5.17%
175,300 Google, Class A * ....................... 83,511,167
385,700 McGraw-Hill ............................. 24,750,369
--------------
108,261,536
--------------
CONSUMER STAPLES - 8.87%
1,080,300 Colgate-Palmolive ....................... 69,106,791
369,700 Estee Lauder, Class A ................... 14,932,183
1,602,077 Procter & Gamble ........................ 101,555,661
--------------
185,594,635
--------------
ELECTRICAL - 4.60%
2,742,300 General Electric ........................ 96,282,153
--------------
FINANCE - 6.54%
1,188,500 American Express ........................ 68,707,185
780,700 Merrill Lynch ........................... 68,248,794
--------------
136,955,979
--------------
FOOD AND BEVERAGES - 5.61%
699,200 Coca-Cola ............................... 32,666,624
1,337,200 PepsiCo ................................. 84,831,968
--------------
117,498,592
--------------

MARKET
SHARES VALUE
- ------ --------------

INSURANCE - 2.99%
932,900 American International Group ............ $ 62,662,893
--------------
MEDICAL PRODUCTS AND SUPPLIES - 3.58%
1,432,900 Stryker ................................. 74,926,341
--------------
OIL AND GAS EXTRACTION - 14.21%
1,010,700 Baker Hughes ............................ 69,788,835
2,684,100 Halliburton ............................. 86,830,635
842,500 Occidental Petroleum .................... 39,546,950
1,607,600 Schlumberger ............................ 101,407,408
--------------
297,573,828
--------------
PHARMACEUTICALS - 7.15%
624,900 Abbott Laboratories ..................... 29,688,999
1,126,600 Caremark Rx ............................. 55,462,518
1,153,600 Eli Lilly ............................... 64,613,136
--------------
149,764,653
--------------
RESTAURANTS - 2.29%
1,143,800 McDonald's .............................. 47,948,096
--------------
RETAIL - 11.08%
1,063,500 Costco Wholesale ........................ 56,769,630
439,900 Kohl's * ................................ 31,056,940
2,046,900 Starbucks * ............................. 77,270,475
1,529,500 Walgreen ................................ 66,808,560
--------------
231,905,605
--------------
TECHNOLOGY - 10.99%
803,900 Apple Computer * ........................ 65,180,212
2,157,200 Hewlett-Packard ......................... 83,569,928
691,600 Research In Motion * .................... 81,249,168
--------------
229,999,308
--------------
TELECOMMUNICATIONS EQUIPMENT - 3.20%
1,840,000 QUALCOMM ................................ 66,957,600
--------------
TOTAL COMMON STOCKS
(Cost $1,761,452,372) ................. 2,065,907,591
--------------

INVESTMENT COMPANY - 1.47%

30,811,771 BlackRock Liquidity Funds
TempCash Portfolio .................... 30,811,771
--------------
TOTAL INVESTMENT COMPANY
(Cost $30,811,771) .................... 30,811,771
--------------
TOTAL INVESTMENTS - 100.15%
(Cost $1,792,264,143)** ................................ 2,096,719,362
--------------
NET OTHER ASSETS AND LIABILITIES - (0.15)% ................ (3,243,439)
--------------
NET ASSETS - 100.00% ...................................... $2,093,475,923
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $1,801,250,056.

Gross unrealized appreciation ....................... $ 319,365,074
Gross unrealized depreciation ....................... (23,895,768)
--------------
Net unrealized appreciation ......................... $ 295,469,306
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 25

Aston Funds

TAMRO LARGE CAP VALUE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 27%
FINANCE 20%
TECHNOLOGY 12%
FOOD AND BEVERAGES 11%
OIL AND GAS EXTRACTION 9%
RETAIL 5%
CHEMICALS 5%
PHARMACEUTICALS 4%
TRANSPORTATION 4%
CASH AND OTHER NET ASSETS 3%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 96.72%

BASIC MATERIALS - 2.18%
11,967 Alcoa ................................... $ 345,966
--------------
BIOTECHNOLOGY - 1.70%
8,400 MedImmune * ............................. 269,136
--------------
CAPITAL GOODS - 2.42%
7,700 Raytheon ................................ 384,615
--------------
CHEMICALS - 4.46%
7,480 Dow Chemical ............................ 305,109
8,781 duPont (E. I.) de Nemours ............... 402,170
--------------
707,279
--------------
COMMERCIAL SERVICES - 2.03%
7,790 Cintas .................................. 322,506
--------------
COMMUNICATIONS - 3.45%
13,455 Comcast, Class A * ...................... 547,215
--------------
CONSUMER CYCLICALS - 3.55%
9,290 eBay * .................................. 298,487
6,459 SONY, SP ADR ............................ 264,690
--------------
563,177
--------------
CONSUMER STAPLES - 1.82%
4,570 Avery Dennison .......................... 288,550
--------------
FINANCE - 19.85%
178 Berkshire Hathaway, Class B * ........... 625,670
4,390 Capital One Financial ................... 348,259
6,395 Citigroup ............................... 320,773
5,640 Freddie Mac ............................. 389,104
2,320 Goldman Sachs Group ..................... 440,313
7,612 JPMorgan Chase .......................... 361,113
3,570 Legg Mason .............................. 321,371
9,430 Wells Fargo ............................. 342,215
--------------
3,148,818
--------------

MARKET
SHARES VALUE
- ------ --------------

FOOD AND BEVERAGES - 11.35%
6,840 Anheuser-Busch .......................... $ 324,353
7,126 Coca-Cola ............................... 332,927
9,520 Koninklijke Ahold, SP ADR * ............. 100,245
17,720 Kroger .................................. 398,523
4,690 PepsiCo ................................. 297,534
20,280 Sara Lee ................................ 346,788
--------------
1,800,370
--------------
HEALTH CARE SERVICES - 0.87%
2,820 UnitedHealth Group ...................... 137,560
--------------
INSURANCE - 2.50%
5,900 American International Group ............ 396,303
--------------
MEDICAL PRODUCTS AND SUPPLIES - 2.47%
5,810 Johnson & Johnson ....................... 391,594
--------------
OIL AND GAS EXTRACTION - 8.72%
4,990 Anadarko Petroleum ...................... 231,636
2,661 BP, SP ADR .............................. 178,553
3,414 Chevron Texaco .......................... 229,421
3,529 Exxon Mobil ............................. 252,041
2,844 Schlumberger ............................ 179,399
1,660 Transocean * ............................ 120,416
4,110 XTO Energy .............................. 191,773
--------------
1,383,239
--------------
PHARMACEUTICALS - 3.84%
11,210 Pfizer .................................. 298,747
9,430 Teva Pharmaceutical Industries,
SP ADR ................................ 310,907
--------------
609,654
--------------
RESTAURANTS - 2.22%
8,389 McDonald's .............................. 351,667
--------------
RETAIL - 5.10%
12,360 Home Depot .............................. 461,399
7,060 Wal-Mart Stores ......................... 347,917
--------------
809,316
--------------
TECHNOLOGY - 11.82%
15,570 Applied Materials ....................... 270,762
18,200 Cisco Systems * ......................... 439,166
14,240 Dell * .................................. 346,459
19,450 EMC * ................................... 238,262
20,250 Microsoft ............................... 581,377
--------------
1,876,026
--------------
TRANSPORTATION - 3.82%
20,030 Southwest Airlines ...................... 301,051
4,050 United Parcel Service, Class B .......... 305,167
--------------
606,218
--------------
UTILITIES - 2.55%
18,400 AES * ................................... 404,616
--------------
TOTAL COMMON STOCKS
(Cost $12,706,765) .................... 15,343,825
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 26

Aston Funds

TAMRO LARGE CAP VALUE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANY - 2.67%

423,571 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 423,571
--------------
TOTAL INVESTMENT COMPANY
(Cost $423,571) ....................... 423,571
--------------
TOTAL INVESTMENTS - 99.39%
(Cost $13,130,336)** ................................... 15,767,396
--------------
NET OTHER ASSETS AND LIABILITIES - 0.61% .................. 96,273
--------------
NET ASSETS - 100.00% ...................................... $ 15,863,669
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $13,184,068.

Gross unrealized appreciation ......................... $ 2,720,185
Gross unrealized depreciation ......................... (136,857)
--------------
Net unrealized appreciation ........................... $ 2,583,328
==============

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 27

Aston Funds

VALUE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

FINANCE 23%
OTHER COMMON STOCKS 19%
CAPITAL GOODS 13%
OIL AND GAS EXTRACTION 12%
INSURANCE 10%
PHARMACEUTICALS 7%
BASIC MATERIALS 6%
UTILITIES 5%
TECHNOLOGY 4%
CASH AND OTHER NET ASSETS 1%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 99.05%

BASIC MATERIALS - 6.23%
39,050 Air Products & Chemicals ................ $ 2,720,614
21,300 Bowater ................................. 445,383
63,720 Dow Chemical ............................ 2,599,139
49,820 International Paper ..................... 1,661,497
41,000 Nalco Holding * ......................... 829,430
67,460 PPG Industries .......................... 4,614,264
36,860 Praxair ................................. 2,220,815
36,000 Sherwin-Williams ........................ 2,132,280
60,490 Smurfit-Stone Container * ............... 644,823
124,550 Syngenta, ADR ........................... 4,014,246
--------------
21,882,491
--------------
CAPITAL GOODS - 13.16%
15,450 Cooper Industries ....................... 1,382,003
95,920 Deere ................................... 8,165,670
32,480 Grainger (W.W.) ......................... 2,363,894
14,780 Illinois Tool Works ..................... 708,405
146,930 Lockheed Martin ......................... 12,772,625
235,570 Masco ................................... 6,513,511
113,050 Northrop Grumman ........................ 7,505,389
23,950 Rockwell Automation ..................... 1,484,900
81,750 United Technologies ..................... 5,372,610
--------------
46,269,007
--------------
COMMUNICATIONS - 3.70%
34,907 Embarq .................................. 1,687,754
269,500 Sprint Nextel ........................... 5,036,955
12,900 Telus, Non-Voting Shares ................ 739,944
57,710 Verizon Communications .................. 2,135,270
131,212 Vodafone Group, SP ADR .................. 3,391,830
--------------
12,991,753
--------------
CONSUMER CYCLICALS - 2.44%
41,830 Disney, Walt ............................ 1,315,972
60,180 Hasbro .................................. 1,559,866
19,190 Johnson Controls ........................ 1,564,752

MARKET
SHARES VALUE
- ------ --------------

CONSUMER CYCLICALS (CONTINUED)
74,520 Viacom, Class B * ....................... $ 2,900,318
19,110 WPP, SP ADR ............................. 1,223,040
--------------
8,563,948
--------------
CONSUMER STAPLES - 4.01%
169,790 Altria Group ............................ 13,809,021
11,462 Hanesbrands * ........................... 270,503
--------------
14,079,524
--------------
FINANCE - 22.57%
59,240 American Express ........................ 3,424,664
301,974 Bank of America ......................... 16,267,339
124,840 Bank of New York ........................ 4,290,751
244,290 Citigroup ............................... 12,253,586
114,360 Fannie Mae .............................. 6,776,974
21,810 Franklin Resources ...................... 2,485,468
26,200 Freddie Mac ............................. 1,807,538
54,840 Goldman Sachs Group ..................... 10,408,084
36,060 Lehman Brothers Holdings ................ 2,806,910
109,810 Mellon Financial ........................ 4,260,628
27,090 Merrill Lynch ........................... 2,368,208
94,910 SunTrust Banks .......................... 7,496,941
78,150 UBS ..................................... 4,676,496
--------------
79,323,587
--------------
FOOD AND BEVERAGES - 3.69%
49,860 Diageo, SP ADR .......................... 3,713,074
83,880 Kellogg ................................. 4,220,003
31,230 Nestle, SP ADR .......................... 2,667,676
27,030 PepsiCo ................................. 1,714,783
46,230 Tyson Foods, Class A .................... 668,024
--------------
12,983,560
--------------
HEALTH CARE SERVICES - 0.59%
27,340 WellPoint * ............................. 2,086,589
--------------
INSURANCE - 9.64%
15,400 AFLAC ................................... 691,768
192,250 Allstate ................................ 11,796,460
43,800 Chubb ................................... 2,327,970
15,270 CIGNA ................................... 1,786,285
106,550 Genworth Financial, Class A ............. 3,563,032
39,080 Hartford Financial Services Group ....... 3,406,603
180,560 MetLife ................................. 10,315,393
--------------
33,887,511
--------------
OIL AND GAS EXTRACTION - 11.62%
38,470 Apache .................................. 2,512,860
41,646 Chevron Texaco .......................... 2,798,588
101,040 ConocoPhillips .......................... 6,086,650
51,230 Devon Energy ............................ 3,424,213
33,820 EOG Resources ........................... 2,250,045
127,620 Exxon Mobil ............................. 9,114,620
82,500 Hess .................................... 3,498,000
17,330 Noble ................................... 1,214,833
25,500 Royal Dutch Shell, ADR .................. 1,775,310
119,820 Total, SP ADR ........................... 8,164,535
--------------
40,839,654
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 28

Aston Funds

VALUE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

PHARMACEUTICALS - 7.20%
41,380 Abbott Laboratories ..................... $ 1,965,964
48,110 Eli Lilly ............................... 2,694,641
150,200 Johnson & Johnson ....................... 10,123,480
129,260 Merck ................................... 5,870,989
91,120 Wyeth ................................... 4,649,854
--------------
25,304,928
--------------
PRINTING AND PUBLISHING - 0.25%
36,980 New York Times, Class A ................. 893,807
--------------
RETAIL - 2.24%
48,610 Federated Department Stores ............. 2,134,465
33,960 Home Depot .............................. 1,267,727
48,630 NIKE, Class B ........................... 4,468,124
--------------
7,870,316
--------------
TECHNOLOGY - 4.23%
132,060 Accenture, Class A ...................... 4,346,095
34,120 Analog Devices .......................... 1,085,698
78,750 Cisco Systems * ......................... 1,900,238
34,340 Hewlett-Packard ......................... 1,330,332
131,430 Intel ................................... 2,804,716
184,350 Oracle * ................................ 3,404,944
--------------
14,872,023
--------------
TRANSPORTATION - 2.12%
58,130 Burlington Northern Santa Fe ............ 4,506,819
5,820 Con-way ................................. 274,529
50,970 Norfolk Southern ........................ 2,679,493
--------------
7,460,841
--------------
UTILITIES - 5.36%
91,170 Dominion Resources ...................... 7,383,858
25,930 Entergy ................................. 2,225,572
104,200 FPL Group ............................... 5,314,200
33,800 PPL ..................................... 1,166,776
11,880 Public Service Enterprise Group ......... 725,274
31,810 TXU ..................................... 2,008,165
--------------
18,823,845
--------------
TOTAL COMMON STOCKS
(Cost $269,008,265) ................... 348,133,384
--------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANY - 0.54%

1,894,851 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 1,894,851
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,894,851) ..................... 1,894,851
--------------
TOTAL INVESTMENTS - 99.59%
(Cost $270,903,116)** .................................. 350,028,235
--------------
NET OTHER ASSETS AND LIABILITIES - 0.41% .................. 1,457,721
--------------
NET ASSETS - 100.00% ...................................... $ 351,485,956
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $271,663,984.

Gross unrealized appreciation ......................... $ 81,859,862
Gross unrealized depreciation ......................... (3,495,611)
--------------
Net unrealized appreciation ........................... $ 78,364,251
==============

ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 29

Aston Funds

VEREDUS SELECT GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 29%
FINANCE 13%
RETAIL 12%
BIOTECHNOLOGY 9%
INSURANCE 9%
COMPUTER SOFTWARE 7%
CONSUMER CYCLICALS 7%
PHARMACEUTICALS 6%
CASH AND OTHER NET ASSETS 4%
INDUSTRIAL - CONSTRUCTION & ENGINEERING 4%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 95.64%

AEROSPACE/DEFENSE - 3.55%
18,600 Precision Castparts ..................... $ 1,265,916
--------------
AUTOMOBILE - 2.38%
24,300 General Motors .......................... 848,556
--------------
BIOTECHNOLOGY - 8.99%
13,100 Amgen * ................................. 994,421
6,000 Genentech * ............................. 499,800
24,900 Gilead Sciences * ....................... 1,715,610
--------------
3,209,831
--------------
COMPUTER SOFTWARE - 6.85%
25,600 Adobe Systems * ......................... 979,200
31,300 Akamai Technologies * ................... 1,466,718
--------------
2,445,918
--------------
COMPUTERS - 3.11%
13,700 Apple Computer * ........................ 1,110,796
--------------
CONSUMER CYCLICALS - 6.58%
22,000 Garmin .................................. 1,175,020
27,600 International Game Technology ........... 1,173,276
--------------
2,348,296
--------------
FINANCE - 12.93%
9,800 Bank of America ......................... 527,926
46,050 CB Richard Ellis Group * ................ 1,382,881
2,900 Chicago Mercantile Exchange ............. 1,452,900
16,400 Morgan Stanley .......................... 1,253,452
--------------
4,617,159
--------------
INDUSTRIAL - 2.65%
11,600 Harsco .................................. 946,908
--------------

MARKET
SHARES VALUE
- ------ --------------

INDUSTRIAL - CONSTRUCTION &
ENGINEERING - 4.36%
7,500 Fluor ................................... $ 588,225
12,800 Jacobs Engineering Group * .............. 966,912
--------------
1,555,137
--------------
INFORMATION TECHNOLOGY SERVICES - 3.41%
19,600 Accenture, Class A ...................... 645,036
1,200 Google, Class A * ....................... 571,668
--------------
1,216,704
--------------
INSURANCE - 8.98%
16,100 Allstate ................................ 987,896
10,300 Assurant ................................ 542,398
9,600 Chubb ................................... 510,240
21,400 RenaissanceRe Holdings .................. 1,164,160
--------------
3,204,694
--------------
MEDICAL PRODUCTS AND SUPPLIES - 3.14%
11,300 Intuitive Surgical * .................... 1,120,734
--------------
PHARMACEUTICALS - 6.47%
8,000 Medco Health Solutions * ................ 428,000
44,700 Schering-Plough ......................... 989,658
16,300 Shire, ADR .............................. 894,055
--------------
2,311,713
--------------
RETAIL - 12.18%
27,400 Best Buy ................................ 1,513,850
61,400 Circuit City Stores ..................... 1,656,572
23,100 GameStop ................................ 1,179,486
--------------
4,349,908
--------------
TELECOMMUNICATIONS EQUIPMENT - 4.25%
24,700 Cisco Systems * ......................... 596,011
46,400 Nokia, SP ADR ........................... 922,432
--------------
1,518,443
--------------
TRANSPORTATION - 2.05%
14,700 US Airways Group * ...................... 732,942
--------------
WASTE MANAGEMENT - 3.76%
35,800 Waste Management ........................ 1,341,784
--------------
TOTAL COMMON STOCKS
(Cost $31,542,807) .................... 34,145,439
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 30

Aston Funds

VEREDUS SELECT GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANY - 2.12%

758,558 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 758,558
--------------
TOTAL INVESTMENT COMPANY
(Cost $758,558) ....................... 758,558
--------------
TOTAL INVESTMENTS - 97.76%
(Cost $32,301,365)** ................................... 34,903,997
--------------
NET OTHER ASSETS AND LIABILITIES - 2.24% .................. 798,447
--------------
NET ASSETS - 100.00% ...................................... $ 35,702,444
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $32,384,960.

Gross unrealized appreciation ......................... $ 2,888,932
Gross unrealized depreciation ......................... (369,895)
--------------
Net unrealized appreciation ........................... $ 2,519,037
==============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 31

Aston Funds

OPTIMUM MID CAP FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 35%
PRINTING AND PUBLISHING 17%
ELECTRICAL/ELECTRONICS EQUIPMENT & MANUFACTURING
SERVICES/OFFICE ELECTRONICALS 14%
HEALTH CARE EQUIPMENT 8%
CHEMICALS-SPECIALTY/DIVERSIFIED 6%
INFORMATION TECHNOLOGY CONSULTING & SERVICES 5%
COMMUNICATIONS EQUIPMENT 5%
OIL & GAS - EQUIPMENT & SERVICES 5%
AUTOMOTIVE PARTS & EQUIPMENT 4%
CASH AND OTHER NET ASSETS 1%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 99.50%

ADVERTISING - 1.29%
777,600 Interpublic Group * ..................... $ 8,483,616
--------------
AGRICULTURE - 2.20%
226,000 Bunge ................................... 14,488,860
--------------
APPLICATIONS SOFTWARE - 3.90%
384,600 Cognos * ................................ 14,030,208
694,830 Mentor Graphics * ....................... 11,721,782
--------------
25,751,990
--------------
ASSET MANAGEMENT - 2.26%
481,100 Eaton Vance ............................. 14,933,344
--------------
AUTOMOTIVE PARTS & EQUIPMENT - 4.00%
317,800 BorgWarner .............................. 18,273,500
108,100 Magna International, Class A ............ 8,085,880
--------------
26,359,380
--------------
BROADCASTING & CABLE - 1.62%
425,200 Hearst-Argyle Television ................ 10,715,040
--------------
CHEMICALS - SPECIALTY/DIVERSIFIED - 5.61%
248,500 FMC ..................................... 17,034,675
470,200 International Flavors & Fragrances ...... 19,974,096
--------------
37,008,771
--------------
COMMUNICATIONS EQUIPMENT - 5.29%
2,105,370 Andrew * ................................ 19,495,726
360,900 Harris .................................. 15,374,340
--------------
34,870,066
--------------
COMPUTER HARDWARE - 1.61%
243,030 Diebold ................................. 10,615,551
--------------
COMPUTER STORAGE/PERIPHERAL - 3.10%
321,700 Lexmark International Group,
Class A * ............................. 20,456,903
--------------

MARKET
SHARES VALUE
- ------ --------------

ELECTRICAL/ELECTRONIC EQUIPMENT & MANUFACTURING
SERVICES/OFFICE ELECTRONICS - 14.42%
772,695 American Power Conversion ............... $ 23,358,570
361,670 Molex ................................... 12,622,283
170,400 Molex, Class A .......................... 5,035,320
1,404,336 Symbol Technologies ..................... 20,966,736
533,700 Tektronix ............................... 16,208,469
454,900 Zebra Technologies * .................... 16,954,123
--------------
95,145,501
--------------
ENGINEERING/CONSTRUCTION - 2.89%
775,700 Chicago Bridge & Iron ................... 19,051,192
--------------
ENTERTAINMENT AND LEISURE - 2.75%
800,900 Mattel .................................. 18,124,367
--------------
FOOD AND BEVERAGES - 1.84%
170,100 Molson Coors Brewing, Class B ........... 12,107,718
--------------
HEALTH CARE EQUIPMENT - 7.99%
237,000 Beckman Coulter ......................... 13,644,090
600,300 Biomet .................................. 22,715,352
380,000 Edwards Lifesciences * .................. 16,313,400
--------------
52,672,842
--------------
INFORMATION TECHNOLOGY CONSULTING
& SERVICES - 4.78%
4,818,000 Unisys * ................................ 31,509,720
--------------
INSURANCE - 2.00%
288,740 Cincinnati Financial .................... 13,180,981
--------------
LIFE SCIENCE TOOLS - 2.24%
344,600 Charles River Laboratories * ............ 14,790,232
--------------
OIL & GAS - EQUIPMENT & SERVICES - 5.45%
344,573 FMC Technologies * ...................... 20,829,438
210,100 Veritas DGC * ........................... 15,129,301
--------------
35,958,739
--------------
OIL & GAS - EXPLORATION/PRODUCTION - 1.95%
448,600 Denbury Resources * ..................... 12,892,764
--------------
PHARMACEUTICALS - 1.44%
173,700 Shire, ADR .............................. 9,527,445
--------------
PRINTING AND PUBLISHING - 17.01%
588,400 Belo, Class A ........................... 10,308,768
205,900 Gannett ................................. 12,176,926
1,028,800 New York Times, Class A ................. 24,866,096
1,359,600 Pearson, SP ADR ......................... 20,054,100
2,277,900 Reader's Digest Association,
Class A ............................... 32,756,202
382,857 Scholastic * ............................ 12,029,367
--------------
112,191,459
--------------
TRUCKING - 3.86%
312,900 Con-way ................................. 14,759,493
581,600 Werner Enterprises ...................... 10,672,360
--------------
25,431,853
--------------
TOTAL COMMON STOCKS
(Cost $543,003,423) ................... 656,268,334
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 32

Aston Funds

OPTIMUM MID CAP FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANY - 0.31%

2,006,403 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 2,006,403
--------------
TOTAL INVESTMENT COMPANY
(Cost $2,006,403) ..................... 2,006,403
--------------
TOTAL INVESTMENTS - 99.81%
(Cost $545,009,826)** .................................. 658,274,737
--------------
NET OTHER ASSETS AND LIABILITIES - 0.19% .................. 1,286,035
--------------
NET ASSETS - 100.00% ...................................... $ 659,560,772
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $545,736,174.

Gross unrealized appreciation ......................... $ 135,911,665
Gross unrealized depreciation ......................... (23,373,102)
--------------
Net unrealized appreciation ........................... $ 112,538,563
==============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 33

Aston Funds

ABN AMRO MID CAP GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

TECHNOLOGY 20%
OTHER COMMON STOCKS 17%
FINANCE 17%
RETAIL 10%
CAPITAL GOODS 9%
COMMERCIAL SERVICES 7%
MEDICAL PRODUCTS & SUPPLIES 6%
RESTAURANTS 5%
HEALTHCARE SERVICES 5%
CONSUMER CYCLICALS 4%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 100.71%

BIOTECHNOLOGY - 3.61%
1,285 MedImmune * ............................. $ 41,171
--------------
CAPITAL GOODS - 9.36%
710 Donaldson ............................... 26,661
470 Dover ................................... 22,325
365 Rockwell Automation ..................... 22,630
495 Stericycle * ............................ 35,001
--------------
106,617
--------------
COMMERCIAL SERVICES - 6.60%
765 Cintas .................................. 31,671
545 Ecolab .................................. 24,716
345 Ritchie Bros. Auctioneers ............... 18,813
--------------
75,200
--------------
CONSUMER CYCLICALS - 4.32%
305 Harman International Industries ......... 31,217
440 Pool .................................... 18,031
--------------
49,248
--------------
CONSUMER DISCRETIONARY - 3.33%
1,055 Jarden * ................................ 37,959
--------------
FINANCE - 16.85%
710 CIT Group ............................... 36,955
735 East West Bancorp ....................... 26,835
855 Investors Financial Services ............ 33,619
375 Nuveen Investments, Class A ............. 18,488
1,080 optionsXpress Holdings .................. 33,566
935 South Financial Group ................... 24,806
375 T. Rowe Price Group ..................... 17,741
--------------
192,010
--------------
FOOD AND BEVERAGES - 2.08%
680 United Natural Foods * .................. 23,732
--------------

MARKET
SHARES VALUE
- ------ --------------

HEALTHCARE SERVICES - 5.29%
730 Express Scripts * ....................... $ 46,515
325 Healthways * ............................ 13,764
--------------
60,279
--------------
INSURANCE - 2.99%
867 Delphi Financial Group, Class A ......... 34,030
--------------
MEDICAL PRODUCTS AND SUPPLIES - 5.88%
565 Advanced Medical Optics * ............... 23,080
310 Edwards Lifesciences * .................. 13,309
695 ResMed * ................................ 30,573
--------------
66,962
--------------
PHARMACEUTICALS - 2.92%
1,165 Endo Pharmaceutical Holdings * . ........ 33,249
--------------
RESTAURANTS - 5.32%
850 California Pizza Kitchen * .............. 27,429
1,175 Cheesecake Factory * .................... 33,194
--------------
60,623
--------------
RETAIL - 10.20%
555 Carter's * .............................. 15,668
1,265 Chico's FAS * ........................... 30,271
1,760 Dollar General .......................... 24,693
500 Tractor Supply * ........................ 24,210
1,220 Urban Outfitters * ...................... 21,350
--------------
116,192
--------------
TECHNOLOGY - 19.88%
2,560 Activision * ............................ 39,475
855 aQuantive * ............................. 23,239
900 CheckFree * ............................. 35,532
795 Linear Technology ....................... 24,740
1,110 THQ * ................................... 33,378
1,240 VeriSign * .............................. 25,643
1,745 Xilinx .................................. 44,515
--------------
226,522
--------------
TRANSPORTATION - 2.08%
915 UTI Worldwide ........................... 23,653
--------------
TOTAL COMMON STOCKS
(Cost $1,142,863) ..................... 1,147,447
--------------

INVESTMENT COMPANY - 0.67%

7,637 BlackRock Liquidity Funds
TempCash Portfolio .................... 7,637
--------------
TOTAL INVESTMENT COMPANY
(Cost $7,637) ......................... 7,637
--------------
TOTAL INVESTMENTS - 101.38%
(Cost $1,150,500)** .................................... 1,155,084
--------------
NET OTHER ASSETS AND LIABILITIES - (1.38)% ................ (15,693)
--------------
NET ASSETS - 100.00% ...................................... $ 1,139,391
==============

___________________________
* Non-income producing security.

** At October 31, 2006, cost is identical for book and federal income tax
purposes.

Gross unrealized appreciation ....................... $ 71,662
Gross unrealized depreciation ....................... (67,078)
--------------
Net unrealized appreciation ......................... $ 4,584
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 34

Aston Funds

RIVER ROAD SMALL CAP VALUE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

CONSUMER CYCLICALS 23%
CONSUMER NON-CYCLICALS 20%
FINANCE 17%
INDUSTRIAL 12%
CASH AND OTHER NET ASSETS 9%
COMMUNICATIONS 5%
UTILITIES 4%
HEALTH CARE SERVICES 4%
OTHER COMMON STOCKS 3%
TECHNOLOGY 3%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------

COMMON STOCKS - 91.19%

BASIC MATERIALS - 1.05%
66,960 Glatfelter .............................. $ 980,294
24,650 Stepan .................................. 775,489
--------------
1,755,783
--------------
COMMUNICATIONS - 4.75%
45,482 Atlantic Tele-Network ................... 879,622
18,510 Getty Images * .......................... 801,668
111,530 IDT * ................................... 1,438,737
56,680 Meredith ................................ 2,975,700
69,080 ProQuest * .............................. 883,533
20,318 United Online ........................... 274,700
13,217 Value Line .............................. 706,184
--------------
7,960,144
--------------
CONSUMER CYCLICALS - 23.15%
100,610 Audiovox, Class A * ..................... 1,320,003
10,630 Bandag .................................. 466,551
90,340 Barnes & Noble .......................... 3,731,946
77,950 Callaway Golf ........................... 1,046,869
42,400 Canterbury Park Holding * ............... 553,320
173,990 Casey's General Stores .................. 4,222,737
93,200 CBRL Group .............................. 4,092,412
58,000 Centerplate IDS ......................... 994,120
64,665 Frisch's Restaurants .................... 1,629,558
8,030 Hampshire Group * ....................... 108,807
17,020 International Speedway, Class A ......... 883,508
139,110 Interstate Hotels & Resorts * ........... 1,247,817
106,300 Isle of Capri Casinos * ................. 2,668,130
61,100 Jack in the Box * ....................... 3,428,321
69,580 Lazare Kaplan International * ........... 624,828
115,950 NuCo2 * ................................. 3,244,281
30,790 Perry Ellis International * ............. 1,125,682
96,960 Regis ................................... 3,640,848
94,660 Speedway Motorsports .................... 3,565,842
2,880 Vulcan International .................... 171,360
--------------
38,766,940
--------------

MARKET
SHARES VALUE
- ------ --------------

CONSUMER NON-CYCLICALS - 19.97%
67,960 Adesa ................................... $ 1,708,514
78,500 American Dairy * ........................ 1,106,065
22,691 Arden Group, Class A .................... 3,159,041
69,310 Coca-Cola Bottling ...................... 4,365,144
102,890 Coinmach Service IDS .................... 1,816,008
178,920 Coinmach Service, Class A ............... 1,789,200
189,643 Industrias Bachoco, SP ADR .............. 3,938,885
61,560 J & J Snack Foods ....................... 2,056,720
69,250 Labor Ready * ........................... 1,212,567
347,380 Mac-Gray * .............................. 3,828,128
13,490 Maui Land & Pineapple * ................. 413,469
52,640 National Beverage * ..................... 602,728
129,140 Omega Protein * ......................... 841,993
34,950 Performance Food Group * ................ 1,015,996
55,230 Ruddick ................................. 1,557,486
41,630 Village Super Market, Class A ........... 2,872,470
189,580 Zapata * ................................ 1,160,230
--------------
33,444,644
--------------
ENERGY - 2.51%
38,200 Eastern American Natural
Gas Trust ............................. 1,058,522
156,177 Evolution Petroleum * ................... 424,801
31,510 Houston Exploration * ................... 1,706,582
31,540 TC Pipelines (a) ........................ 1,011,488
--------------
4,201,393
--------------
FINANCE - 17.30%
7,520 Alleghany * ............................. 2,299,240
76,910 Astoria Financial ....................... 2,231,159
36,630 BankAtlantic Bancorp, Class A ........... 479,853
171,817 BFC Financial, Class A * ................ 1,001,693
54,410 Boston Private Financial Holdings ....... 1,503,892
135,700 California Coastal Communities * ........ 2,689,574
51,288 Cass Information Systems ................ 1,918,684
10,560 Erie Indemnity, Class A ................. 534,864
9,910 Gyrodyne Company of America * ........... 444,563
42,155 Hilb Rogal and Hobbs .................... 1,682,828
60,730 International Bancshares ................ 1,863,196
193,910 Medallion Financial ..................... 2,317,225
42,760 Midland ................................. 1,998,602
18,610 NYMAGIC ................................. 596,451
105,450 Oppenheimer Holdings, Class A ........... 3,794,091
35,330 Prospect Energy ......................... 599,550
68,545 Republic Bancorp, Class A ............... 1,465,492
20,030 Umpqua Holdings ......................... 565,647
22,880 Unitrin ................................. 982,238
--------------
28,968,842
--------------
HEALTH CARE SERVICES - 3.71%
110,120 Emergency Medical Services,
Class A (a)* .......................... 2,004,184
52,410 National Healthcare ..................... 2,906,135
41,130 Owens & Minor ........................... 1,296,006
--------------
6,206,325
--------------
INDUSTRIAL - 11.80%
18,150 American Science and
Engineering * ......................... 955,235
75,930 AptarGroup .............................. 4,169,316
43,110 Bristow Group * ......................... 1,431,252
91,210 CHC Helicopter, Class A ................. 2,033,071
197,740 Darling International * ................. 846,327
32,840 Exponent * .............................. 594,404
134,230 Laidlaw International ................... . 3,894,012

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 35

Aston Funds

RIVER ROAD SMALL CAP VALUE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

INDUSTRIAL (CONTINUED)
40,430 Marten Transport * ...................... $ 687,714
16,070 Strattec Security * ..................... 621,106
581,960 Synagro Technologies .................... 2,514,067
5,820 Waste Industries USA .................... 167,732
74,720 WCA Waste * ............................. 481,944
34,990 YRC Worldwide * ......................... 1,355,513
--------------
19,751,693
--------------
TECHNOLOGY - 3.07%
51,750 Agilysis ................................ 767,452
33,010 Imation ................................. 1,510,868
138,600 Ingram Micro, Class A * ................. 2,856,546
--------------
5,134,866
--------------
UTILITIES - 3.88%
107,670 PICO Holdings * ......................... 3,480,971
25,300 Pike Electric * ......................... 466,785
75,730 SJW ..................................... 2,546,043
--------------
6,493,799
--------------
TOTAL COMMON STOCKS
(Cost $142,565,921) ................... 152,684,429
--------------

INVESTMENT COMPANIES - 10.10%

8,460,477 BlackRock Liquidity Funds
TempCash Portfolio .................... 8,460,477
8,460,477 BlackRock Liquidity Funds
TempFund Portfolio .................... 8,460,477
--------------
TOTAL INVESTMENT COMPANIES
(Cost $16,920,954) .................... 16,920,954
--------------
TOTAL INVESTMENTS - 101.29%
(Cost $159,486,875)** .................................. 169,605,383
--------------
NET OTHER ASSETS AND LIABILITIES - (1.29)% ................ (2,167,654)
--------------
NET ASSETS - 100.00% ...................................... $ 167,437,729
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $159,865,835.

Gross unrealized appreciation ......................... $ 11,187,726
Gross unrealized depreciation ......................... (1,448,178)
--------------
Net unrealized appreciation ........................... $ 9,739,548
==============

(a) Limited Partnership

IDS Income Deposit Security
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 36

Aston Funds

TAMRO SMALL CAP FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 19%
TECHNOLOGY 16%
FINANCE 13%
CAPITAL GOODS 12%
CONSUMER CYCLICALS 8%
BASIC MATERIALS 8%
FOOD AND BEVERAGES 7%
OIL AND GAS EXTRACTION 6%
PHARMACEUTICALS 5%
CASH AND OTHER NET ASSETS 6%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 94.09%

BASIC MATERIALS - 7.51%
230,780 Bowater ................................. $ 4,825,610
158,345 Cabot Microelectronics * ................ 4,520,750
161,950 Headwaters * ............................ 4,008,262
210,050 Symyx Technologies * .................... 5,156,728
--------------
18,511,350
--------------
CAPITAL GOODS - 12.35%
159,840 Baldor Electric ......................... 5,127,667
161,365 General Cable * ......................... 6,067,324
94,430 Manitowoc ............................... 5,182,318
326,850 Steelcase, Class A ...................... 5,415,905
59,650 Teleflex ................................ 3,710,230
186,880 Trex * .................................. 4,937,370
--------------
30,440,814
--------------
COMMERCIAL SERVICES - 1.87%
101,940 Watson Wyatt & Co. Holdings ............. 4,602,591
--------------
CONSUMER CYCLICALS - 8.05%
209,580 Acco Brands * ........................... 5,092,794
162,340 La-Z-Boy ................................ 1,988,665
210,187 NetFlix * ............................... 5,813,772
43,430 Vail Resorts * .......................... 1,678,570
155,380 Yankee Candle ........................... 5,259,613
--------------
19,833,414
--------------
FINANCE - 12.50%
183,850 FelCor Lodging Trust, REIT .............. 3,816,726
96,010 First Marblehead ........................ 6,475,874
70,850 GAMCO Investors ......................... 2,805,660
184,870 Innkeepers USA Trust, REIT .............. 3,170,521
276,670 Knight Capital Group * .................. 5,159,896
45,045 Post Properties, REIT ................... 2,206,304
117,755 Raymond James Financial ................. 3,751,674
81,075 Washington REIT ......................... 3,417,311
--------------
30,803,966
--------------

MARKET
SHARES VALUE
- ------ --------------

FOOD AND BEVERAGES - 7.13%
262,420 Hain Celestial Group * .................. $ 7,408,117
171,425 Performance Food Group * ................ 4,983,325
527,005 SunOpta * ............................... 5,190,999
--------------
17,582,441
--------------
INSURANCE - 1.41%
457,700 KMG America * ........................... 3,478,520
--------------
MEDICAL PRODUCTS AND SUPPLIES - 1.67%
73,510 Analogic ................................ 4,102,593
--------------
OIL AND GAS EXTRACTION - 6.39%
153,478 Helmerich & Payne ....................... 3,675,798
66,900 Tidewater ............................... 3,326,937
114,660 Whiting Petroleum * ..................... 5,114,983
237,080 Willbros Group * ........................ 3,639,178
--------------
15,756,896
--------------
PHARMACEUTICALS - 5.14%
194,650 NBTY * .................................. 5,415,163
270,655 Perrigo ................................. 4,842,018
76,310 Pharmaceutical Product
Development ........................... 2,415,211
--------------
12,672,392
--------------
RESTAURANTS - 4.25%
163,210 Bob Evans Farms ......................... 5,534,451
152,760 California Pizza Kitchen * .............. 4,929,565
--------------
10,464,016
--------------
RETAIL - 3.61%
382,190 Fred's .................................. 4,999,045
350,975 Sharper Image * ......................... 3,902,842
--------------
8,901,887
--------------
TECHNOLOGY - 16.09%
160,520 Altiris * ............................... 3,613,305
137,730 Avocent * ............................... 5,056,068
249,750 Emulex * ................................ 4,695,300
282,220 L-1 Identity Solutions * ................ 4,038,568
129,132 ManTech International, Class A * ........ 4,398,236
485,350 Packeteer * ............................. 5,440,774
217,980 RightNow Technologies * ................. 3,601,030
590,740 TIBCO Software * ........................ 5,464,345
177,920 ValueClick * ............................ 3,344,896
--------------
39,652,522
--------------
TELECOMMUNICATIONS EQUIPMENT - 3.70%
460,720 Andrew * ................................ 4,266,267
176,925 Polycom * ............................... 4,847,745
--------------
9,114,012
--------------
TRANSPORTATION - 2.42%
475,490 JetBlue Airways * ....................... 5,972,154
--------------
TOTAL COMMON STOCKS
(Cost $183,938,736) ................... 231,889,568
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 37

Aston Funds

TAMRO SMALL CAP FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANIES - 5.81%

12,342,263 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 12,342,263
1,963,493 BlackRock Liquidity Funds
TempFund Portfolio .................... 1,963,493
--------------
TOTAL INVESTMENT COMPANIES
(Cost $14,305,756) .................... 14,305,756
--------------
TOTAL INVESTMENTS - 99.90%
(Cost $198,244,492)** .................................. 246,195,324
--------------
NET OTHER ASSETS AND LIABILITIES - 0.10% .................. 248,657
--------------
NET ASSETS - 100.00% ...................................... $ 246,443,981
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $198,557,116.

Gross unrealized appreciation ......................... $ 53,125,419
Gross unrealized depreciation ......................... (5,487,211)
--------------
Net unrealized appreciation ........................... $ 47,638,208
==============
REIT Real Estate Investment Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 38

Aston Funds

VEREDUS AGGRESSIVE GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

OTHER COMMON STOCKS 25%
SEMICONDUCTORS 13%
INDUSTRIAL-CONSTRUCTION & ENGINEERING 13%
RETAIL 13%
INDUSTRIAL 12%
COMPUTER SOFTWARE 8%
MEDICAL PRODUCTS AND SUPPLIES 5%
AEROSPACE/DEFENSE 5%
RESTAURANTS 5%
CASH AND OTHER NET ASSETS 1%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 99.24%

AEROSPACE/DEFENSE - 4.88%
629,975 BE Aerospace * .......................... $ 15,925,768
693,425 Force Protection * ...................... 5,186,819
114,100 HEICO ................................... 4,139,548
--------------
25,252,135
--------------
COMMERCIAL SERVICES - 2.85%
116,500 Corrections Corporation of America * .... 5,322,885
293,250 Mobile Mini * ........................... 9,433,853
--------------
14,756,738
--------------
COMPUTER SOFTWARE - 8.19%
291,475 ANSYS * ................................. 13,407,850
553,400 aQuantive * ............................. 15,041,412
396,325 Aspen Technology * ...................... 3,971,177
155,025 MoneyGram International ................. 5,303,405
425,050 Radiant Systems * ....................... 4,679,800
--------------
42,403,644
--------------
CONSUMER CYCLICALS - 2.71%
189,875 Crocs * ................................. 7,522,847
150,775 Steven Madden * ......................... 6,504,434
--------------
14,027,281
--------------
FINANCE - 2.98%
364,125 Lazard, Class A ......................... 15,438,900
--------------
HEALTH CARE SERVICES - 2.80%
525,175 Omnicell * .............................. 9,836,528
156,800 PAREXEL International * ................. 4,641,280
--------------
14,477,808
--------------
HEALTH CARE SUPPLIES - 1.85%
407,875 LifeCell * .............................. 9,556,511
--------------

MARKET
SHARES VALUE
- ------ --------------

INDUSTRIAL - 11.64%
180,700 American Commercial Lines * ............. $ 11,591,905
220,925 American Railcar Industries ............. 6,826,583
179,025 Encore Wire * ........................... 4,812,192
194,875 H&E Equipment Services * ................ 5,228,496
312,750 Lamson & Sessions * ..................... 6,842,970
206,100 Trinity Industries ...................... 7,431,966
434,600 URS * ................................... 17,562,186
--------------
60,296,298
--------------
INDUSTRIAL - CONSTRUCTION & ENGINEERING - 12.94%
134,150 EMCor Group * ........................... 7,934,973
107,300 Granite Construction .................... 5,590,330
476,300 Infrasource Services * .................. 9,321,191
243,725 Manitowoc ............................... 13,375,628
255,950 Perini * ................................ 6,327,084
656,075 Quanta Services * ....................... 12,006,172
83,475 Sterling Construction * ................. 1,747,132
188,575 Washington Group International * ........ 10,677,116
--------------
66,979,626
--------------
MEDICAL PRODUCTS AND SUPPLIES - 4.92%
289,125 Hologic * ............................... 13,921,369
116,725 Intuitive Surgical * .................... 11,576,785
--------------
25,498,154
--------------
OIL AND GAS EXTRACTION - 0.44%
201,175 PetroQuest Energy * ..................... 2,289,372
--------------
PHARMACEUTICALS - 3.72%
446,700 Adams Respiratory Therapeutics * ........ 19,252,770
--------------
REAL ESTATE SERVICE - 2.22%
236,100 Trammell Crow * ......................... 11,509,875
--------------
RESTAURANTS - 5.10%
313,500 Chipotle Mexican Grill, Class A * ....... 18,778,650
271,175 Cosi * .................................. 1,179,611
327,850 Ruth's Chris Steak House * .............. 6,455,367
--------------
26,413,628
--------------
RETAIL - 13.34%
380,350 bebe stores * ........................... 9,444,090
137,150 Charlotte Russe Holding * ............... 3,792,198
216,175 Christopher & Banks ..................... 5,834,563
252,920 Coldwater Creek * ....................... 7,711,531
98,850 Dick's Sporting Goods * ................. 4,918,776
119,350 Guess? * ................................ 6,796,983
255,700 Under Armour, Class A * ................. 11,851,695
1,671,900 Wet Seal, Class A * ..................... 10,432,656
252,775 Zumiez * ................................ 8,306,186
--------------
69,088,678
--------------
SEMICONDUCTORS - 12.77%
528,800 Advanced Energy Industries * ............ 8,312,736
823,025 Amkor Technology * ...................... 5,687,103
467,850 ASE Test * .............................. 4,135,794
110,850 Cymer * ................................. 5,135,681
214,525 Hittite Microwave * ..................... 7,356,062
239,575 Intevac * ............................... 4,954,411
347,150 Netlogic Microsystems * ................. 6,883,984
919,225 Trident Microsystems * .................. 19,432,416
941,950 TriQuint Semiconductor * ................ 4,238,775
--------------
66,136,962
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 39

Aston Funds

VEREDUS AGGRESSIVE GROWTH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

TELECOMMUNICATIONS EQUIPMENT - 3.45%
328,200 Itron * ................................. $ 17,867,208
--------------
TRANSPORTATION - 2.44%
1,265,418 AirTran Holdings * ...................... 12,616,217
--------------
TOTAL COMMON STOCKS
(Cost $486,123,348) ................... 513,861,805
--------------

INVESTMENT COMPANY - 0.00%

46 BlackRock Liquidity Funds
TempCash Portfolio .................... 46
--------------
TOTAL INVESTMENT COMPANY
(Cost $46) ............................ 46
--------------
TOTAL INVESTMENTS - 99.24%
(Cost $486,123,394)** .................................. 513,861,851
--------------
NET OTHER ASSETS AND LIABILITIES - 0.76% .................. 3,948,168
--------------
NET ASSETS - 100.00% ...................................... $ 517,810,019
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $487,926,805.

Gross unrealized appreciation ....................... $ 49,510,271
Gross unrealized depreciation ....................... (23,575,225)
--------------
Net unrealized appreciation ......................... $ 25,935,046
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 40

Aston Funds

ABN AMRO REAL ESTATE FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

RETAIL 22%
OFFICE PROPERTIES 22%
RESIDENTIAL 22%
INDUSTRIAL 11%
HOTELS 6%
DIVERSIFIED 6%
FOREIGN COMMON STOCKS 5%
STORAGE 2%
HEALTH CARE 2%
CASH AND OTHER NET ASSETS 2%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 93.33%

DIVERSIFIED - 6.24%
62,000 Vornado Realty Trust .................... $ 7,393,500
--------------
HEALTH CARE - 1.97%
59,950 Ventas .................................. 2,336,851
--------------
HOTELS - 5.98%
151,700 Host Hotels & Resorts ................... 3,498,202
32,800 Starwood Hotels & Resorts
Worldwide ............................. 1,959,472
55,200 Sunstone Hotel Investors ................ 1,626,192
--------------
7,083,866
--------------
INDUSTRIAL - 10.89%
71,785 AMB Property ............................ 4,192,962
137,800 ProLogis Trust .......................... 8,718,606
--------------
12,911,568
--------------
OFFICE PROPERTIES - 22.08%
147,700 BioMed Realty Trust ..................... 4,760,371
83,400 Boston Properties ....................... 8,909,622
64,359 Brandywine Realty Trust ................. 2,147,016
84,500 Corporate Office Properties Trust ....... 4,038,255
52,200 SL Green Realty ......................... 6,318,810
--------------
26,174,074
--------------
RESIDENTIAL - 22.20%
130,850 Archstone-Smith Trust ................... 7,878,479
56,524 AvalonBay Communities ................... 7,408,035
57,800 Equity Residential Properties Trust ..... 3,156,458
22,100 Essex Property Trust .................... 2,945,488
152,300 United Dominion Realty Trust ............ 4,929,951
--------------
26,318,411
--------------

MARKET
SHARES VALUE
- ------ --------------

RETAIL - 22.16%
75,400 Developers Diversified Realty ........... $ 4,591,860
10,700 Federal Realty Invstment Trust .......... 857,605
48,592 General Growth Properties ............... 2,521,925
106,000 Kimco Realty ............................ 4,709,580
23,500 Regency Centers ......................... 1,695,760
95,100 Simon Property Group .................... 9,234,210
56,500 Taubman Centers ......................... 2,649,850
--------------
26,260,790
--------------
STORAGE - 1.81%
116,300 Extra Space Storage ..................... 2,144,572
--------------
TOTAL COMMON STOCKS
(Cost $83,209,059) .................... 110,623,632
--------------

FOREIGN COMMON STOCKS - 4.66%

CANADA
107,900 Boardwalk Real Estate
Investment Trust ...................... 3,266,931
46,000 Canadian Real Estate
Investment Trust ...................... 1,115,846
55,000 H&R Real Estate
Investment Trust ...................... 1,140,211
--------------
TOTAL FOREIGN COMMON STOCKS
(Cost $4,069,549) ..................... 5,522,988
--------------

INVESTMENT COMPANY - 1.50%

1,781,689 BlackRock Liquidity Funds
TempCash Portfolio .................... 1,781,689
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,781,689) ..................... 1,781,689
--------------
TOTAL INVESTMENTS - 99.49%
(Cost $89,060,297)*..................................... 117,928,309
--------------
NET OTHER ASSETS AND LIABILITIES - 0.51%................... 603,072
--------------
NET ASSETS - 100.00%....................................... $ 118,531,381
==============

___________________________
* Aggregate cost for Federal income tax purposes is $88,781,824.

Gross unrealized appreciation ....................... $ 29,209,204
Gross unrealized depreciation ....................... (62,719)
--------------
Net unrealized appreciation ......................... $ 29,146,485
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 41

Aston Funds

VEREDUS SCITECH FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

COMPUTER SOFTWARE 18%
SEMICONDUCTORS 17%
OTHER COMMON STOCKS 14%
PHARMACEUTICALS 11%
BIOTECHNOLOGY 10%
TELECOMMUNICATIONS EQUIPMENT 10%
MEDICAL PRODUCTS AND SUPPLIES 7%
CONSUMER CYCLICALS 7%
INFORMATION TECHNOLOGY SERVICES 4%
CASH AND OTHER NET ASSETS 2%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 98.35%

AEROSPACE/DEFENSE - 3.99%
2,000 Precision Castparts ..................... $ 136,120
--------------
BIOTECHNOLOGY - 10.04%
1,400 Amgen * ................................. 106,274
600 Genentech * ............................. 49,980
2,700 Gilead Sciences * ....................... 186,030
--------------
342,284
--------------
COMPUTER SOFTWARE - 17.67%
2,600 Adobe Systems * ......................... 99,450
3,100 Akamai Technologies * ................... 145,266
2,650 ANSYS * ................................. 121,900
5,100 aQuantive * ............................. 138,618
4,075 Aspen Technology * ...................... 40,831
5,100 Radiant Systems * ....................... 56,151
--------------
602,216
--------------
COMPUTERS - 4.04%
1,700 Apple Computer * ........................ 137,836
--------------
CONSUMER CYCLICALS - 7.06%
2,200 Garmin .................................. 117,502
2,900 International Game Technology ........... 123,279
--------------
240,781
--------------
HEALTH CARE SERVICES - 3.52%
4,750 Omnicell * .............................. 88,968
1,050 PAREXEL International * ................. 31,080
--------------
120,048
--------------
HEALTH CARE SUPPLIES - 2.58%
3,750 LifeCell * .............................. 87,863
--------------
INFORMATION TECHNOLOGY SERVICES - 4.32%
2,300 Accenture, Class A ...................... 75,693
150 Google, Class A * ....................... 71,458
--------------
147,151
--------------

MARKET
SHARES VALUE
- ------ --------------

MEDICAL PRODUCTS AND SUPPLIES - 6.76%
2,675 Hologic * ............................... $ 128,801
1,025 Intuitive Surgical * .................... 101,660
--------------
230,461
--------------
PHARMACEUTICALS - 10.98%
3,825 Adams Respiratory Therapeutics * ........ 164,857
5,000 Schering-Plough ......................... 110,700
1,800 Shire, ADR .............................. 98,730
--------------
374,287
--------------
SEMICONDUCTORS - 17.47%
4,800 Advanced Energy Industries * ............ 75,456
5,425 Amkor Technology * ...................... 37,487
5,525 ASE Test * .............................. 48,841
1,075 Cymer * ................................. 49,805
1,425 Hittite Microwave * ..................... 48,863
2,650 Intevac * ............................... 54,802
3,350 Netlogic Microsystems * ................. 66,430
8,225 Trident Microsystems * .................. 173,876
8,925 TriQuint Semiconductor * ................ 40,163
--------------
595,723
--------------
TELECOMMUNICATIONS EQUIPMENT - 9.92%
3,300 Cisco Systems * ......................... 79,629
2,775 Itron * ................................. 151,071
5,400 Nokia, SP ADR ........................... 107,352
--------------
338,052
--------------
TOTAL COMMON STOCKS
(Cost $3,209,095) ..................... 3,352,822
--------------

INVESTMENT COMPANY - 2.43%

82,856 BlackRock Liquidity Funds
TempCash Portfolio .................... 82,856
--------------
TOTAL INVESTMENT COMPANY
(Cost $82,856) ........................ 82,856
--------------
TOTAL INVESTMENTS - 100.78%
(Cost $3,291,951)** .................................... 3,435,678
--------------
NET OTHER ASSETS AND LIABILITIES - (0.78)% ................ (26,675)
--------------
NET ASSETS - 100.00% ...................................... $ 3,409,003
==============

___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $3,293,655.

Gross unrealized appreciation ......................... $ 273,871
Gross unrealized depreciation ......................... (131,848)
--------------
Net unrealized appreciation ........................... $ 142,023
==============

ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 42

Aston Funds

BALANCED FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

COMMON STOCKS 66%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 16%
CORPORATE NOTES AND BONDS 14%
CASH AND OTHER NET ASSETS 3%
FOREIGN GOVERNMENT BOND & ASSET-BACKED SECURITY 1%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 66.11%

ADVERTISING - 1.44%
8,640 Omnicom Group ........................... $ 876,528
--------------
BIOTECHNOLOGY - 5.15%
20,470 Amgen * ................................. 1,553,878
22,940 Gilead Sciences * ....................... 1,580,566
--------------
3,134,444
--------------
CAPITAL GOODS - 5.15%
16,140 Dover ................................... 766,650
31,210 Illinois Tool Works ..................... 1,495,895
14,020 Rockwell Automation ..................... 869,240
--------------
3,131,785
--------------
CHEMICALS - 1.96%
19,780 Praxair ................................. 1,191,745
--------------
COMMERCIAL SERVICES - 2.60%
20,560 Cintas .................................. 851,184
16,170 Ecolab .................................. 733,309
--------------
1,584,493
--------------
CONSUMER CYCLICALS - 3.00%
10,970 Harley-Davidson ......................... 752,871
13,160 Johnson Controls ........................ 1,073,067
--------------
1,825,938
--------------
ELECTRICAL - 2.29%
39,730 General Electric ........................ 1,394,920
--------------
FINANCE - 9.88%
20,290 CIT Group ............................... 1,056,094
30,980 Fifth Third Bancorp ..................... 1,234,553
24,260 SLM ..................................... 1,180,977
15,430 State Street ............................ 991,069
13,660 T. Rowe Price Group ..................... 646,255
16,270 Wachovia ................................ 902,985
--------------
6,011,933
--------------

MARKET
SHARES VALUE
- ------ --------------

FOOD AND BEVERAGES - 2.16%
37,580 Sysco ................................... $ 1,314,548
--------------
HEALTH CARE SERVICES - 1.48%
14,175 Express Scripts * ....................... 903,231
--------------
INSURANCE - 3.68%
21,610 AFLAC ................................... 970,721
18,830 American International Group ............ 1,264,811
--------------
2,235,532
--------------
MEDICAL PRODUCTS AND SUPPLIES - 3.44%
9,210 Alcon ................................... 976,997
15,760 Medtronic ............................... 767,197
10,070 St. Jude Medical * ...................... 345,904
--------------
2,090,098
--------------
OIL AND GAS EXTRACTION - 1.29%
10,950 Exxon Mobil ............................. 782,049
--------------
PHARMACEUTICALS - 0.96%
21,800 Pfizer .................................. 580,970
--------------
RETAIL - 8.96%
25,370 Chico's FAS * ........................... 607,104
22,915 Kohl's * ................................ 1,617,799
29,730 Starbucks * ............................. 1,122,307
28,710 TJX ..................................... 831,155
29,170 Walgreen ................................ 1,274,146
--------------
5,452,511
--------------
TECHNOLOGY - 10.05%
35,307 Dell * .................................. 859,019
29,175 Electronic Arts * ....................... 1,543,066
11,340 Linear Technology ....................... 352,901
48,330 Microsoft ............................... 1,387,554
51,260 Texas Instruments ....................... 1,547,027
16,560 Xilinx .................................. 422,446
--------------
6,112,013
--------------
TELECOMMUNICATIONS EQUIPMENT - 1.80%
30,060 QUALCOMM ................................ 1,093,883
--------------
TRANSPORTATION - 0.82%
33,160 Southwest Airlines ...................... 498,395
--------------
TOTAL COMMON STOCKS
(Cost $33,922,271) .................... 40,215,016
--------------

PAR VALUE
- ---------

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 16.34%

FEDERAL HOME LOAN MORTGAGE - 7.66%
$ 490,540 5.500%, 11/01/20,
Gold Pool # G18083 .................... 491,192
76,981 5.500%, 12/01/20,
Gold Pool # G11820 .................... 77,084
822,407 5.500%, 11/15/24,
Series 3098, Class KB, CMO ............ 826,112
284,345 5.500%, 08/15/25,
Series 3106, Class PA, CMO ............ 285,815
834,192 5.500%, 09/15/25,
Series 3099, Class PA, CMO ............ 838,045
324,000 5.000%, 05/15/28,
Series 2684, Class LD, CMO ............ 321,189
165,000 5.000%, 05/15/28,
Series 2940, Class NB, CMO ............ 163,604

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 43

Aston Funds

BALANCED FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

FEDERAL HOME LOAN MORTGAGE (CONTINUED)
$ 300,000 6.250%, 07/15/32, MTN ................... $ 349,180
420,000 5.500%, 07/15/34,
Series 3130, Class QD, CMO ............ 415,390
346,000 5.500%, 09/15/34,
Series 3098, Class KE, CMO ............ 341,495
585,000 5.000%, 01/15/36,
Series 3098, Class PG, CMO ............ 549,712
--------------
4,658,818
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 2.55%
250,000 4.375%, 09/15/12 ........................ 243,842
754,187 4.500%, 06/25/29,
Series 2005-121, Class V, CMO ......... 696,579
258,704 4.350%, 03/25/34,
Series 2004-90, Class GA, CMO ......... 251,011
48,659 7.500%, 02/01/35, Pool # 787557 ......... 50,467
47,663 7.500%, 04/01/35, Pool # 819231 ......... 49,433
261,253 6.000%, 11/01/35, Pool # 844078 ......... 263,014
--------------
1,554,346
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 3.45%
613,637 4.015%, 10/16/26,
Series 2005-50, Class A, CMO .......... 599,759
563,053 3.963%, 05/16/30,
Series 2005-76, Class A, CMO .......... 548,681
955,010 4.919%, 09/16/34,
Series 2005-29, Class AB, CMO ......... 947,638
--------------
2,096,078
--------------
U.S. TREASURY BONDS - 1.40%
350,000 6.250%, 08/15/23 ........................ 407,422
250,000 6.000%, 02/15/26 ........................ 286,993
150,000 5.250%, 11/15/28 ........................ 159,410
--------------
853,825
--------------
U.S. TREASURY NOTES - 1.28%
550,000 3.500%, 11/15/09 ........................ 533,092
250,000 4.250%, 11/15/14 ........................ 244,287
--------------
777,379
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $9,917,699) ..................... 9,940,446
--------------

CORPORATE NOTES AND BONDS - 13.70%

BASIC MATERIALS - 0.79%
300,000 Albemarle, Senior Unsecured Notes
5.100%, 02/01/15 ...................... 286,648
200,000 Packaging Corp. of America,
Unsubordinated Notes
4.375%, 08/01/08 ...................... 196,520
--------------
483,168
--------------
COMMUNICATIONS - 1.59%
200,000 AT&T
6.000%, 03/15/09(a) ................... 203,608
200,000 British Sky Broadcasting
6.875%, 02/23/09 ...................... 206,569
100,000 Embarq
6.738%, 06/01/13 ...................... 102,918

MARKET
PAR VALUE VALUE
- --------- --------------

COMMUNICATIONS (CONTINUED)
$ 230,000 News America
6.200%, 12/15/34 ...................... $ 225,336
175,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 ...................... 179,004
50,000 PanAmSat, Senior Secured Notes
6.375%, 01/15/08 ...................... 50,125
--------------
967,560
--------------
CONSUMER CYCLICALS - 0.53%
50,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 ...................... 51,593
275,000 NVR, Senior Notes
5.000%, 06/15/10 ...................... 268,333
--------------
319,926
--------------
ELECTRONICS - 0.09%
50,000 L-3 Communications,
Senior Subordinated Notes
7.625%, 06/15/12 ...................... 52,187
--------------
ENTERTAINMENT AND LEISURE - 0.17%
50,000 Caesars Entertainment,
Senior Subordinated Notes
9.375%, 02/15/07 ...................... 50,500
50,000 MGM MIRAGE
Senior Subordinated Notes
9.750%, 06/01/07 ...................... 51,250
--------------
101,750
--------------
FINANCE - 4.83%
200,000 American General Finance,
MTN, Series I
5.400%, 12/01/15 ...................... 198,939
250,000 CIT Group, Senior Notes
5.200%, 11/03/10 ...................... 249,857
160,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ...................... 163,200
300,000 Goldman Sachs Capital I
6.345%, 02/15/34 ...................... 307,336
150,000 HSBC Finance
5.500%, 01/19/16 ...................... 151,000
250,000 International Lease Finance
5.625%, 06/01/07 ...................... 250,282
300,000 John Deere Capital
4.875%, 10/15/10 ...................... 296,836
200,000 Key Bank NA, Subordinated Notes
4.950%, 09/15/15 ...................... 192,384
280,000 Morgan Stanley, Subordinated Notes
4.750%, 04/01/14 ...................... 268,318
315,000 NB Capital Trust II
7.830%, 12/15/26 ...................... 327,824
280,000 Residential Capital
6.000%, 02/22/11 ...................... 281,074
250,000 Westpac Capital Trust III,
Subordinated Notes
5.819%, 09/30/13 (b) (c)............... 249,618
--------------
2,936,668
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 44

Aston Funds

BALANCED FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

FOOD AND BEVERAGES - 0.88%
$ 50,000 Constellation Brands, Series B
8.000%, 02/15/08 ...................... $ 51,313
50,000 Delhaize America
8.125%, 04/15/11 ...................... 54,083
200,000 Kraft Foods
6.250%, 06/01/12 ...................... 208,637
215,000 Kroger
6.200%, 06/15/12 ...................... 220,685
--------------
534,718
--------------
HEALTH CARE SERVICES - 0.08%
50,000 Omnicare, Senior
Subordinated Notes
6.125%, 06/01/13 ...................... 47,875
--------------
INSURANCE - 0.41%
250,000 Principal Life Income Funding Trust
5.125%, 03/01/11 ...................... 250,080
--------------
OIL AND GAS EXTRACTION - 1.05%
150,000 Amerada Hess
7.875%, 10/01/29 ...................... 178,741
50,000 Chesapeake Energy
6.500%, 08/15/17 ...................... 47,375
200,000 Halliburton
5.500%, 10/15/10 ...................... 201,567
50,000 Premcor Refining Group,
Senior Notes
6.750%, 02/01/11 ...................... 52,284
50,000 Pride International, Senior Notes
7.375%, 07/15/14 ...................... 51,875
50,000 Western Oil Sands, Secured
8.375%, 05/01/12 ...................... 54,000
50,000 Williams Companies, Debentures,
Series A
7.500%, 01/15/31 ...................... 51,000
--------------
636,842
--------------
PHARMACEUTICALS - 0.08%
50,000 Mylan Laboratories
6.375%, 08/15/15 ...................... 49,125
--------------
RESTAURANTS - 0.32%
190,000 Yum! Brands, Senior Notes
7.650%, 05/15/08 ...................... 196,667
--------------
TRANSPORTATION - 0.44%
275,000 Ryder System
4.625%, 04/01/10 ...................... 268,552
--------------
UTILITIES - 2.44%
200,000 CenterPoint Energy, Senior Notes,
Series B
7.250%, 09/01/10 ...................... 211,820
175,000 CILCORP, Senior Notes
8.700%, 10/15/09 ...................... 185,466
225,000 Consolidated Edison of New York,
Debentures
5.850%, 03/15/36 ...................... 227,674
215,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 ...................... 220,042
315,000 Ohio Power, Senior Notes, Series H
4.850%, 01/15/14 ...................... 302,340

MARKET
PAR VALUE VALUE
- --------- --------------

UTILITIES (CONTINUED)
$ 50,000 TXU, Senior Notes, Series P
5.550%, 11/15/14 ...................... $ 47,889
300,000 Virginia Electric & Power
4.500%, 12/15/10 ...................... 291,826
--------------
1,487,057
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $8,379,662) ..................... 8,332,175
--------------

ASSET-BACKED SECURITY - 0.87%

537,869 WFS Financial Owner Trust Series,
Series 2004-1, Class A4
2.810%, 08/22/11 ...................... 527,593
--------------
TOTAL ASSET-BACKED SECURITY
(Cost $529,849) ....................... 527,593
--------------

FOREIGN GOVERNMENT BOND - 0.19%

109,000 Republic of Phillipines
7.500%, 09/25/24 ...................... 117,175
--------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $110,238) ....................... 117,175
--------------

SHARES
- ----------

INVESTMENT COMPANY - 1.81%

1,100,607 BlackRock Liquidity Funds
TempCash Portfolio .................... 1,100,607
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,100,607) ..................... 1,100,607
--------------
TOTAL INVESTMENTS - 99.02%
(Cost $53,960,326)** ................................... 60,233,012
--------------
NET OTHER ASSETS AND LIABILITIES - 0.98% .................. 598,222
--------------
NET ASSETS - 100.00% ...................................... $ 60,831,234
==============
___________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $54,356,610.

Gross unrealized appreciation .......................... $ 6,884,137
Gross unrealized depreciation .......................... (1,007,735)
--------------
Net unrealized appreciation ............................ $ 5,876,402
==============

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

(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. This security is purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be
resold, in transactions exempt from registration, to qualified
institutional buyers. At October 31, 2006, this security amounted to
$249,618 or 0.41% of net assets. This security has been determined by
the Adviser to be a liquid security.

(c) The initial coupon rate will be 5.819% until September 2013 and will be
variable thereafter until maturity. The maturity rate shown is the next
scheduled reset date.

CMO Collateralized Mortgage Obligation
MTN Medium Term Note

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 45

Aston Funds

BALANCED FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
Common Stocks ............................................. 67%
Investment Company ........................................ 2%
U.S. Government Obligations ............................... 3%
U.S. Government Agency Obligations ........................ 13%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ..................................................... 1%
Aa ...................................................... 1%
A ....................................................... 5%
Baa ..................................................... 5%
Ba ...................................................... 2%
B ....................................................... 1%
----
100%
====

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 46

Aston Funds

MONTAG & CALDWELL BALANCED FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

COMMON STOCKS 63%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 19%
CORPORATE NOTES AND BONDS 14%
CASH AND OTHER NET ASSETS 3%
ASSET-BACKED SECURITY 1%

% OF TOTAL NET ASSETS

MARKET
SHARES VALUE
- ------ --------------
COMMON STOCKS - 62.92%

BIOTECHNOLOGY - 3.52%
4,600 Amgen * ................................. $ 349,186
8,900 Genentech * ............................. 741,370
--------------
1,090,556
--------------
CAPITAL GOODS - 2.31%
3,000 Caterpillar ............................. 182,130
2,300 Emerson Electric ........................ 194,120
4,300 3M ...................................... 339,012
--------------
715,262
--------------
COMMERCIAL SERVICES - 2.31%
18,100 Paychex ................................. 714,588
--------------
COMMUNICATIONS - 3.42%
1,700 Google, Class A * ....................... 809,863
3,900 McGraw-Hill ............................. 250,263
--------------
1,060,126
--------------
CONSUMER STAPLES - 5.72%
10,150 Colgate-Palmolive ....................... 649,296
3,700 Estee Lauder, Class A ................... 149,443
15,365 Procter & Gamble ........................ 973,987
--------------
1,772,726
--------------
ELECTRICAL - 2.84%
25,100 General Electric ........................ 881,261
--------------
FINANCE - 4.24%
11,400 American Express ........................ 659,034
7,500 Merrill Lynch ........................... 655,650
--------------
1,314,684
--------------
FOOD AND BEVERAGES - 3.34%
6,200 Coca-Cola ............................... 289,664
11,770 PepsiCo ................................. 746,689
--------------
1,036,353
--------------

MARKET
SHARES VALUE
- ------ --------------

INSURANCE - 1.95%
9,000 American International Group ............ $ 604,530
--------------
MEDICAL PRODUCTS AND SUPPLIES - 2.28%
13,500 Stryker ................................. 705,915
--------------
OIL AND GAS EXTRACTION - 8.71%
9,200 Baker Hughes ............................ 635,260
25,200 Halliburton ............................. 815,220
8,100 Occidental Petroleum .................... 380,214
13,800 Schlumberger ............................ 870,504
--------------
2,701,198
--------------
PHARMACEUTICALS - 4.63%
5,900 Abbott Laboratories ..................... 280,309
10,800 Caremark Rx ............................. 531,684
11,100 Eli Lilly ............................... 621,711
--------------
1,433,704
--------------
RESTAURANTS - 1.47%
10,900 McDonald's .............................. 456,928
--------------
RETAIL - 7.16%
10,200 Costco Wholesale ........................ 544,476
4,200 Kohl's * ................................ 296,520
19,700 Starbucks * ............................. 743,675
14,500 Walgreen ................................ 633,360
--------------
2,218,031
--------------
TECHNOLOGY - 6.99%
7,700 Apple Computer * ........................ 624,316
20,700 Hewlett-Packard ......................... 801,918
6,300 Research In Motion * .................... 740,124
--------------
2,166,358
--------------
TELECOMMUNICATIONS EQUIPMENT - 2.03%
17,300 QUALCOMM ................................ 629,547
--------------
TOTAL COMMON STOCKS
(Cost $16,534,903)..................... 19,501,767
--------------
PAR VALUE
- ---------

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 19.39%

FEDERAL HOME LOAN MORTGAGE - 4.10%
$ 9,430 7.500%, 03/15/07, CMO, Class J .......... 9,414
475,000 2.750%, 03/15/08, MTN ................... 461,153
275,000 5.125%, 10/15/08 ........................ 276,244
500,000 6.625%, 09/15/09 ........................ 523,731
--------------
1,270,542
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 3.26%
475,000 6.000%, 05/15/11 ........................ 496,906
525,000 4.375%, 09/15/12 ........................ 512,068
--------------
1,008,974
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 0.00%
207 9.000%, 09/15/08, Pool # 27056 .......... 212
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 47

Aston Funds

MONTAG & CALDWELL BALANCED FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

U.S. TREASURY BONDS - 5.99%
$ 275,000 8.125%, 08/15/19 ........................ $ 363,387
475,000 8.000%, 11/15/21 ........................ 636,797
375,000 6.875%, 08/15/25 ........................ 469,805
325,000 6.125%, 08/15/29 ........................ 384,947
--------------
1,854,936
--------------
U.S. TREASURY NOTES - 6.04%
350,000 3.250%, 08/15/08 ........................ 341,428
350,000 3.125%, 04/15/09 ........................ 338,010
375,000 4.250%, 08/15/13 ........................ 367,852
525,000 4.000%, 02/15/15 ........................ 503,651
325,000 4.500%, 02/15/16 ........................ 322,537
--------------
1,873,478
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $6,006,214) ..................... 6,008,142
--------------

CORPORATE NOTES AND BONDS - 13.86%

COMMUNICATIONS - 1.56%
450,000 BellSouth Capital Funding
7.750%, 02/15/10 ...................... 482,114
--------------
FINANCE - 7.75%
500,000 General Electric Capital, MTN,
Series A
5.875%, 02/15/12 ...................... 516,380
450,000 Goldman Sachs Group
5.150%, 01/15/14 ...................... 443,413
450,000 National Rural Utilities Cooperative
Finance, Collateral Trust
6.200%, 02/01/08 ...................... 455,733
500,000 Wachovia
4.950%, 11/01/06 ...................... 500,000
500,000 Wells Fargo
4.200%, 01/15/10 ...................... 486,645
--------------
2,402,171
--------------
INDUSTRIAL - 1.38%
400,000 Honeywell International
7.500%, 03/01/10 ...................... 428,897
--------------
PHARMACEUTICALS - 1.45%
475,000 Abbott Laboratories
4.350%, 03/15/14 ...................... 449,520
--------------
RETAIL - 1.72%
550,000 Wal-Mart Stores
4.125%, 07/01/10 ...................... 533,663
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $4,378,924) ..................... 4,296,365
--------------

ASSET-BACKED SECURITY - 0.57%

176,187 PECO Energy Transition Trust
Series 1999-A, Class A-6
6.050%, 03/01/09 ...................... 176,643
--------------
TOTAL ASSET-BACKED SECURITY
(Cost $173,984) ....................... 176,643
--------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANY - 2.83%

878,365 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 878,365
--------------
TOTAL INVESTMENT COMPANY
(Cost $878,365) ....................... 878,365
--------------
TOTAL INVESTMENTS - 99.57%
(Cost $27,972,390)** ................................... 30,861,282
--------------
NET OTHER ASSETS AND LIABILITIES - 0.43% .................. 134,224
--------------
NET ASSETS - 100.00% ...................................... $ 30,995,506
==============

_____________________________
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $28,554,545.

Gross unrealized appreciation ........................ $ 2,729,578
Gross unrealized depreciation ........................ (422,841)
--------------
Net unrealized appreciation .......................... $ 2,306,737
==============

CMO Collateralized Mortgage Obligation
MTN Medium Term Note

PORTFOLIO COMPOSITION

Common Stocks ............................................. 63%
Investment Company ........................................ 3%
U.S. Government Obligations ............................... 12%
U.S. Government Agency Obligations ........................ 7%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ..................................................... 2%
Aa ...................................................... 6%
A ....................................................... 5%
NR ...................................................... 2%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 48

Aston Funds

TCH FIXED INCOME FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

U.S GOVERNMENT AND AGENCY OBLIGATIONS 59%
CORPORATE NOTES AND BONDS 33%
COMMERCIAL MORTGAGE-BACKED SECURITY 3%
CASH AND OTHER NET ASSETS 3%
ASSET-BACKED SECURITY & FOREIGN GOVERNMENT BOND 2%

% OF TOTAL NET ASSETS

MARKET
PAR VALUE VALUE
- --------- --------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 58.88%

FEDERAL HOME LOAN BANK - 2.74%
$ 2,050,000 4.410%, 05/04/07 (a) .................... $ 2,048,559
1,250,000 4.430%, 04/07/08 ........................ 1,241,327
--------------
3,289,886
--------------
FEDERAL HOME LOAN MORTGAGE - 18.73%
2,757,471 5.500%, 11/01/20,
Gold Pool # G18083 .................... 2,761,140
432,873 5.500%, 12/01/20,
Gold Pool # G11820 .................... 433,449
4,670,131 5.500%, 11/15/24,
Series 3098, Class KB, CMO ............ 4,691,167
1,616,229 5.500%, 08/15/25,
Series 3106, Class PA, CMO ............ 1,624,582
940,000 5.000%, 05/15/28,
Series 2940, Class NB, CMO ............ 932,048
1,839,000 5.000%, 05/15/28,
Series 2684, Class LD, CMO ............ 1,823,047
2,000,000 6.250%, 07/15/32, MTN ................... 2,327,866
2,390,000 5.500%, 07/15/34,
Series 3130, Class QD, CMO ............ 2,363,768
1,967,000 5.500%, 09/15/34,
Series 3098, Class KE, CMO ............ 1,941,392
493,717 6.000%, 10/01/35,
Gold Pool # A47772 .................... 497,356
3,330,000 5.000%, 01/15/36,
Series 3098, Class PG, CMO ............ 3,129,128
--------------
22,524,943
--------------

FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 17.60%
2,000,000 4.125%, 04/15/14 ........................ 1,902,108
995,339 6.000%, 11/01/17, Pool # 662854 ......... 1,012,124
700,072 6.000%, 04/01/18, Pool # 725175 ......... 711,857
870,345 5.500%, 11/01/18, Pool # 748886 ......... 873,203
452,907 4.500%, 06/01/19, Pool # 747860 ......... 438,753
2,404,852 6.000%, 01/01/21, Pool # 850787 ......... 2,443,498
4,309,639 4.500%, 06/25/29,
Series 2005-121, Class V, CMO ......... 3,980,455

MARKET
PAR VALUE VALUE
- --------- --------------

FEDERAL NATIONAL
MORTGAGE ASSOCIATION (CONTINUED)
$ 4,581,367 5.500%, 07/25/31,
Series 2005-27, Class TH, CMO ......... $ 4,598,138
1,280,543 6.000%, 09/01/32,
Pool # 847899 ......................... 1,293,340
364,795 6.000%, 02/01/34,
Pool # 771952 ......................... 367,992
1,469,099 4.350%, 03/25/34,
Series 2004-90, Class GA, CMO ......... 1,425,409
310,372 7.500%, 02/01/35,
Pool # 787557 ......................... 321,901
303,931 7.500%, 04/01/35,
Pool # 819231 ......................... 315,220
1,468,432 6.000%, 11/01/35,
Pool # 844078 ......................... 1,478,330
--------------
21,162,328
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 5.94%
2,246,780 4.015%, 10/16/26,
Series 2005-50, Class A, CMO .......... 2,195,966
2,154,288 3.963%, 05/16/30,
Series 2005-76, Class A, CMO .......... 2,099,301
2,865,030 4.919%, 09/16/34,
Series 2005-29, Class AB, CMO ......... 2,842,915
--------------
7,138,182
--------------
U.S. TREASURY BONDS - 5.14%
2,500,000 6.250%, 08/15/23 ........................ 2,910,158
1,000,000 6.000%, 02/15/26 ........................ 1,147,969
2,000,000 5.250%, 11/15/28 ........................ 2,125,470
--------------
6,183,597
--------------
U.S. TREASURY NOTES - 8.73%
2,500,000 4.375%, 05/15/07 ........................ 2,491,700
2,250,000 3.500%, 11/15/09 ........................ 2,180,831
1,500,000 4.000%, 03/15/10 ........................ 1,473,048
2,000,000 4.250%, 11/15/14 ........................ 1,954,298
2,500,000 4.000%, 02/15/15 ........................ 2,398,340
--------------
10,498,217
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $70,603,605) .................... 70,797,153
--------------

CORPORATE NOTES AND BONDS - 33.07%

BASIC MATERIALS - 3.00%
1,700,000 Albemarle, Senior Unsecured Notes
5.100%, 02/01/15 ...................... 1,624,338
525,000 Cascades, Senior Notes
7.250%, 02/15/13 ...................... 517,125
1,500,000 Packaging Corp. of America,
Unsubordinated Notes
4.375%, 08/01/08 ...................... 1,473,899
--------------
3,615,362
--------------
COMMUNICATIONS - 3.81%
765,000 British Sky Broadcasting
6.875%, 02/23/09 ...................... 790,127
650,000 Embarq
6.738%, 06/01/13 ...................... 668,966
1,325,000 News America
6.200%, 12/15/34 ...................... 1,298,133

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 49

Aston Funds

TCH FIXED INCOME FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

COMMUNICATIONS (CONTINUED)
$ 800,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 ...................... $ 818,304
1,000,000 PanAmSat, Senior Secured Notes
6.375%, 01/15/08 ...................... 1,002,500
--------------
4,578,030
--------------
CONSUMER CYCLICALS - 1.45%
750,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 ...................... 773,900
1,000,000 NVR, Senior Notes
5.000%, 06/15/10 ...................... 975,754
--------------
1,749,654
--------------
ELECTRONICS - 0.61%
700,000 L-3 Communications, Senior
Subordinated Notes
7.625%, 06/15/12 ...................... 730,625
--------------
ENTERTAINMENT AND LEISURE - 1.45%
1,125,000 Caesars Entertainment, Senior
Subordinated Notes
9.375%, 02/15/07 ...................... 1,136,250
590,000 MGM MIRAGE
Senior Subordinated Notes
9.750%, 06/01/07 ...................... 604,750
--------------
1,741,000
--------------
FINANCE - 8.45%
775,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ...................... 790,500
1,650,000 Goldman Sachs Capital I
6.345%, 02/15/34 ...................... 1,690,348
800,000 HSBC Finance
5.500%, 01/19/16 ...................... 805,333
1,350,000 Key Bank NA, Subordinated Notes
4.950%, 09/15/15 ...................... 1,298,595
1,725,000 NB Capital Trust II
7.830%, 12/15/26 ...................... 1,795,228
1,650,000 Residential Capital
6.000%, 02/22/11 ...................... 1,656,329
2,125,000 Westpac Capital Trust III,
Subordinated Notes
5.819%, 09/30/13 (b)(c) ............... 2,121,753
--------------
10,158,086
--------------
FOOD AND BEVERAGES - 1.35%
840,000 Constellation Brands, Series B
8.000%, 02/15/08 ...................... 862,050
705,000 Delhaize America
8.125%, 04/15/11 ...................... 762,575
--------------
1,624,625
--------------
HEALTH CARE SERVICES - 0.41%
515,000 Omnicare, Senior Subordinated Notes
6.125%, 06/01/13 ...................... 493,112
--------------
INSURANCE - 1.18%
1,425,000 Principal Life Income Funding Trust
5.125%, 03/01/11 ...................... 1,425,456
--------------

MARKET
PAR VALUE VALUE
- --------- --------------

OIL AND GAS EXTRACTION - 3.75%
$ 1,500,000 Amerada Hess
7.875%, 10/01/29 ...................... $ 1,787,415
515,000 Chesapeake Energy
6.500%, 08/15/17 ...................... 487,963
165,000 Premcor Refining Group, Senior Notes
6.750%, 02/01/11 ...................... 172,537
400,000 Pride International, Senior Notes
7.375%, 07/15/14 ...................... 415,000
1,005,000 Western Oil Sands, Secured
8.375%, 05/01/12 ...................... 1,085,400
550,000 Williams Companies, Debentures,
Series A 7.500%, 01/15/31 ............. 561,000
--------------
4,509,315
--------------
PHARMACEUTICALS - 0.53%
650,000 Mylan Laboratories
6.375%, 08/15/15 ...................... 638,625
--------------
RETAIL - 1.25%
1,500,000 Lowe's Companies
5.400%, 10/15/16 ...................... 1,499,401
--------------
TRANSPORTATION - 1.22%
1,500,000 Ryder System
4.625%, 04/01/10 ...................... 1,464,830
--------------
UTILITIES - 4.61%
1,045,000 CenterPoint Energy, Senior Notes,
Series B
7.250%, 09/01/10 ...................... 1,106,761
1,500,000 CILCORP, Senior Notes
8.700%, 10/15/09 ...................... 1,589,704
1,300,000 Consolidated Edison of New York,
Debentures
5.850%, 03/15/36 ...................... 1,315,451
199,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 ...................... 217,119
1,000,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 ...................... 1,023,451
300,000 TXU, Senior Notes, Series P
5.550%, 11/15/14 ...................... 287,331
--------------
5,539,817
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $39,769,044) .................... 39,767,938
--------------

COMMERCIAL MORTGAGE-BACKED SECURITY - 2.76%

3,125,000 GMAC Commercial Mortgage Securities
Series 2000-C3, Class A2
6.957%, 09/15/35 ...................... 3,320,147
--------------
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITY
(Cost $3,691,284) ..................... 3,320,147
--------------
ASSET-BACKED SECURITY - 1.60%

1,964,956 WFS Financial Owner Trust Series,
Series 2004-1, Class A4
2.810%, 08/22/11 ...................... 1,927,415
--------------
TOTAL ASSET-BACKED SECURITY
(Cost $1,935,660) ..................... 1,927,415
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 50

Aston Funds

TCH FIXED INCOME FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

FOREIGN GOVERNMENT BOND - 0.73%

$ 820,000 Republic of Phillipines
7.500%, 09/25/24 ...................... $ 881,500
--------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $829,312) ....................... 881,500
--------------

SHARES
- ------

INVESTMENT COMPANY - 2.66%

3,192,082 BlackRock Liquidity Funds
TempCash Portfolio .................... 3,192,082
--------------
TOTAL INVESTMENT COMPANY
(Cost $3,192,082) ..................... 3,192,082
--------------
TOTAL INVESTMENTS - 99.70%
(Cost $120,020,987)* ................................... 119,886,235
--------------
NET OTHER ASSETS AND LIABILITIES - 0.30% .................. 357,642
--------------
NET ASSETS - 100.00% ...................................... $ 120,243,877
==============

_____________________________
* Aggregate cost for Federal income tax purposes is $120,706,092.

Gross unrealized appreciation ....................... $ 343,493
Gross unrealized depreciation ....................... (1,163,350)
--------------
Net unrealized depreciation ......................... $ (819,857)
==============

(a) Variable rate bond. The interest rate shown reflects the rate in
effect at October 31, 2006.

(b) Security exempt from registration under Rule 144A of the Securities
Act of 1933, as amended. This security is purchased in accordance
with guidelines approved by the Fund's Board of Trustees and may
only be resold, in transactions exempt from registration, to
qualified institutional buyers. At October 31, 2006, this security
amounted to $2,121,753 or 1.76% of net assets. This security has
been determined by the Adviser to be a liquid security.

(c) The initial coupon rate will be 5.819% until September 2013 and will
be a variable thereafter until maturity. The maturity date shown is
the next scheduled reset date.

CMO Collateralized Mortgage Obligation
MTN Medium Term Note

PORTFOLIO COMPOSITION

Investment Companies ...................................... 3%
U.S. Government Obligations ............................... 14%
U.S. Government Agency Obligations ........................ 45%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ..................................................... 4%
Aa ...................................................... 3%
A ....................................................... 7%
Baa ..................................................... 9%
Ba ...................................................... 13%
B ....................................................... 2%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 51

Aston Funds

TCH INVESTMENT GRADE BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

CORPORATE NOTES AND BONDS 44%
U.S GOVERNMENT AND AGENCY OBLIGATIONS 40%
NON-AGENCY MORTGAGE-BACKED SECURITIES 6%
CASH AND OTHER NET ASSETS 5%
COMMERCIAL MORTGAGE-BACKED SECURITIES 2%
ASSET-BACKED SECURITIES 2%
MUNICIPAL SECURITY 1%

% OF TOTAL NET ASSETS

MARKET
PAR VALUE VALUE
- --------- --------------
CORPORATE NOTES AND BONDS - 43.64%

CAPITAL GOODS - 1.12%
$ 335,000 Dover
4.875%, 10/15/15 ...................... $ 323,674
--------------
COMMUNICATIONS - 1.80%
385,000 British Sky Broadcasting
6.875%, 02/23/09 ...................... 397,646
125,000 News America
5.300%, 12/15/14 ...................... 123,484
--------------
521,130
--------------
CONSUMER CYCLICAL - 1.28%
380,000 Newell Rubbermaid
4.625%, 12/15/09 ...................... 372,248
--------------
ELECTRONICS - 1.75%
485,000 Thermo Electron, Convertible
3.250%, 11/01/07 ...................... 508,038
--------------
FINANCE - 18.12%
350,000 AmSouth Bank, Subordinated Notes
4.850%, 04/01/13 ...................... 340,681
350,000 CIT Group, Senior Notes
4.250%, 02/01/10 ...................... 340,022
310,000 Citigroup, Senior Notes
5.300%, 01/07/16 ...................... 309,451
275,000 Countrywide Home Loan,
Series L, MTN
4.000%, 03/22/11 ...................... 260,517
Credit Suisse (USA), Senior
Unsecured Notes
170,000 5.250%, 03/02/11....................... 170,584
175,000 5.375%, 03/02/16....................... 174,814
400,000 EOP Operating
5.875%, 01/15/13 ...................... 407,720
260,000 General Electric Capital,
Series A, MTN
5.000%, 06/15/07 ...................... 259,533
175,000 HSBC Finance
5.500%, 01/19/16 ...................... 176,167

MARKET
PAR VALUE VALUE
- --------- --------------

FINANCE (CONTINUED)
$ 375,000 International Lease Finance,
Unsubordinated Notes
5.875%, 05/01/13 ...................... $ 385,372
300,000 JPMorgan Chase, Senior Notes
5.350%, 03/01/07 ...................... 299,909
300,000 Key Bank NA, Subordinated Notes
4.950%, 09/15/15 ...................... 288,577
360,000 Marshall & Ilsley Bank,
Subordinated Notes
5.250%, 09/04/12 ...................... 363,389
400,000 Merrill Lynch, MTN
5.490%, 06/16/08 (a) .................. 400,832
390,000 Morgan Stanley, Subordinated Notes
4.750%, 04/01/14 ...................... 373,729
360,000 SLM, Series A
4.500%, 07/26/10 ...................... 351,427
350,000 Textron Financial
5.875%, 06/01/07 ...................... 351,083
--------------
5,253,807
--------------
FOOD AND BEVERAGES - 2.97%
193,000 General Mills
6.000%, 02/15/12 ...................... 198,786
350,000 Kraft Foods
6.250%, 06/01/12 ...................... 365,115
300,000 Kroger
5.500%, 02/01/13 ...................... 297,124
--------------
861,025
--------------
INSURANCE - 4.50%
285,000 Berkshire Hathaway
4.625%, 10/15/13 ...................... 275,644
200,000 Chubb
6.000%, 11/15/11 ...................... 206,714
325,000 MetLife, Senior Unsecured Notes
5.000%, 06/15/15 ...................... 315,738
250,000 Principal Life Income Funding Trust
5.125%, 03/01/11 ...................... 250,080
250,000 State Auto Financial, Senior Notes
6.250%, 11/15/13 ...................... 255,043
--------------
1,303,219
--------------
OIL AND GAS EXTRACTION - 4.43%
350,000 Consolidated Natural Gas
Senior Notes, Series C
6.250%, 11/01/11 ...................... 362,206
200,000 Halliburton
5.500%, 10/15/10 ...................... 201,567
275,000 Marathon Oil
5.375%, 06/01/07 ...................... 275,157
450,000 Occidental Petroleum
4.000%, 11/30/07 ...................... 444,178
--------------
1,283,108
--------------
PHARMACEUTICALS - 0.71%
205,000 Wyeth, Unsubordinated Notes
5.500%, 03/15/13 ...................... 206,669
--------------
TECHNOLOGY - 0.67%
200,000 First Data
3.375%, 08/01/08 ...................... 193,849
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 52

Aston Funds

TCH INVESTMENT GRADE BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

TRANSPORTATION - 2.32%
$ 265,000 Ryder System
4.625%, 04/01/10 ...................... $ 258,787
425,000 Union Pacific
3.875%, 02/15/09 ...................... 412,962
--------------
671,749
--------------
UTILITIES - 3.97%
275,000 CILCORP, Senior Notes
8.700%, 10/15/09 ...................... 291,446
535,000 MidAmerican Energy, MTN
5.125%, 01/15/13 ...................... 530,537
340,000 Pacific Gas & Electric,
First Mortgage, Unsecured Notes
3.600%, 03/01/09 ...................... 328,365
--------------
1,150,348
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $12,867,876) .................... 12,648,864
--------------

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 39.88%

FEDERAL HOME LOAN BANK - 1.57%
350,000 4.410%, 05/04/07 (a) .................... 349,754
100,000 6.500%, 08/14/09 ........................ 104,305
--------------
454,059
--------------
FEDERAL HOME LOAN MORTGAGE - 8.22%
125,000 2.750%, 03/15/08, MTN ................... 121,356
78,820 5.500%, 08/01/17,
Gold Pool # E90954 .................... 79,076
607,469 5.000%, 09/01/18,
Gold Pool # E99582 .................... 599,553
140,967 6.500%, 08/01/32,
Gold Pool # C01385 .................... 144,517
609,385 5.000%, 11/01/33,
Gold Pool # A15349 .................... 590,491
594,453 5.500%, 11/01/33,
Gold Pool # A15901 .................... 589,738
256,711 6.000%, 02/01/35,
Gold Pool # A34083 .................... 258,880
--------------
2,383,611
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 23.94%
375,000 3.875%, 07/15/08 ........................ 368,746
280,000 4.125%, 05/15/10 ........................ 273,504
300,000 5.500%, 03/15/11 ........................ 307,522
150,000 4.375%, 03/15/13 ........................ 145,698
350,000 5.000%, 03/15/16 ........................ 351,902
98,907 6.000%, 10/01/16,
Pool # 611322 ......................... 100,572
87,830 5.500%, 01/01/17,
Pool # 623107 ......................... 88,192
224,675 5.500%, 04/01/17,
Pool # 254259 ......................... 225,490
171,643 6.000%, 06/01/17,
Pool # 254342 ......................... 174,538
423,753 5.500%, 11/01/17,
Pool # 659589 ......................... 425,291
598,026 5.000%, 05/01/19,
Pool # 255274 ......................... 590,005
377,601 5.000%, 09/01/19,
Pool # 788070 ......................... 372,856

MARKET
PAR VALUE VALUE
- --------- --------------

FEDERAL NATIONAL
MORTGAGE ASSOCIATION (CONTINUED)
$ 98,940 6.500%, 03/01/32,
Pool # 254239 ......................... $ 101,386
72,771 7.000%, 04/01/32, Pool # 545556 ......... 75,169
123,710 6.500%, 10/01/32, Pool # 254479 ......... 126,769
312,210 4.660%, 02/01/33,
Pool # 682778, ARM(b) ................. 308,744
484,400 3.725%, 05/01/33,
Pool # 703979, ARM(b) ................. 479,927
668,968 5.000%, 10/01/33, Pool # 749179 ......... 647,709
79,973 6.000%, 02/01/34, Pool # 725162 ......... 80,673
386,528 3.001%, 07/01/34,
Pool # 786027, ARM(b) ................. 383,924
221,036 6.000%, 09/01/34, Pool # 794267 ......... 222,770
321,091 6.000%, 11/01/34, Pool # 735060 ......... 323,609
263,083 4.734%, 01/01/35,
Pool # 819685, ARM(b) ................. 260,363
522,742 5.000%, 05/01/35, Pool # 826641 ......... 505,027
--------------
6,940,386
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 3.22%
319,660 4.287%, 01/16/30,
Series 2005-52, Class A, CMO .......... 314,101
195,844 3.963%, 05/16/30,
Series 2005-76, Class A, CMO .......... 190,846
70,345 6.500%, 05/15/32, Pool # 584389 ......... 72,457
358,128 4.919%, 09/16/34,
Series 2005-29, Class AB, CMO ......... 355,364
--------------
932,768
--------------
U.S. TREASURY INFLATION INDEX NOTE - 0.84%
234,114 3.500%, 01/15/11 ........................ 243,597
--------------
U.S. TREASURY NOTES - 2.09%
220,000 4.250%, 11/15/14 ........................ 214,973
200,000 4.125%, 05/15/15 ........................ 193,445
200,000 4.000%, 04/15/10 ........................ 196,352
--------------
604,770
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $11,701,167) .................... 11,559,191
--------------

NON-AGENCY MORTGAGE-BACKED SECURITIES - 5.87%

348,671 BEAR STEARNS ASSET BACKED SECURITIES,
Series 2003-AC5, Class A2, CMO
5.000%, 10/25/33 ...................... 339,679
391,952 Chase Mortgage Finance,
Series 2003-S2, Class A1, CMO
5.000%, 03/25/18 (c) .................. 386,965
52,362 Master Asset Securitization Trust,
Series 2002-8, Class 1A2, CMO
5.250%, 12/25/17 (c) .................. 51,879
192,550 Washington Mutual,
Series 2002-S8, Class 2A7, CMO
5.250%, 01/25/18 (c) .................. 190,143
Wells Fargo Mortgage Backed
Securities Trust,
294,432 Series 2003K,
Class 1A2, CMO, ARM
4.488%, 11/25/33 (b) (c) .............. 281,919
471,055 Series 2003L,
Class 1A2, CMO, ARM
4.569%, 11/25/33 (b) .................. 451,035
--------------
TOTAL NON-AGENCY
MORTGAGE-BACKED SECURITIES
(Cost $1,753,284) ..................... 1,701,620
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 53

Aston Funds

TCH INVESTMENT GRADE BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------
ASSET-BACKED SECURITIES - 2.29%

$ 339,367 Drive Auto Receivables Trust
Series 2005-2, Class A2
4.120%, 01/15/10 (d) .................. $ 337,326
333,999 WFS Financial Owner Trust Series,
Series 2004-1, Class A4
2.810%, 08/22/11 ...................... 327,618
--------------
TOTAL ASSET-BACKED SECURITIES
(Cost $665,451)........................ 664,944
--------------

COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.04%

143,268 General Electric Capital
Commercial Mortgage,
Series 2001-1, Class A1
6.079%, 05/15/33 ...................... 145,723
445,000 LB Commercial Mortgage Trust,
Series 2004-C4, Class A3
4.983%, 06/15/29 (b) .................. 446,882
--------------
TOTAL COMMERCIAL MORTGAGE-
BACKED SECURITIES
(Cost $624,659) ....................... 592,605
--------------

MUNICIPAL SECURITY - 1.07%

ILLINOIS - 1.07%
335,000 Illinois State, GO
4.350%, 06/01/18 ...................... 309,999
--------------
TOTAL MUNICIPAL SECURITY
(Cost $334,879) ....................... 309,999
--------------
SHARES
- ---------
INVESTMENT COMPANY - 4.68%

1,356,394 BlackRock Liquidity Funds
TempCash Portfolio .................... 1,356,394
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,356,394) ..................... 1,356,394
--------------
TOTAL INVESTMENTS - 99.47%
(Cost $29,303,710)* .................................... 28,833,617
--------------
NET OTHER ASSETS AND LIABILITIES - 0.53% .................. 153,306
--------------
NET ASSETS - 100.00% ...................................... $ 28,986,923
==============

_____________________________
* Aggregate cost for Federal income tax purposes is $29,531,344.

Gross unrealized appreciation ....................... $ 78,463
Gross unrealized depreciation ....................... (776,190)
--------------
Net unrealized depreciation ......................... $ (697,727)
==============

(a) Floating rate note. The interest rate shown reflects the rate in
effect at October 31, 2006.

(b) Adjustable Rate Mortgage. The interest rate shown reflects the rate
in effect at October 31, 2006.

(d) Security exempt from registration under Rule 144A of the Securities
Act of 1933, as amended. This security is purchased in accordance
with guidelines approved by the Fund's Board of Trustees and may
only be resold, in transactions exempt from registration, to
qualified institutional buyers. At October 31, 2006, this security
amounted to $337,326 or 1.16% of net assets. This security has been
determined by the Adviser to be a liquid security.

ARM Adjustable Rate Mortgage
CMO Collateralized Mortgage Obligation
GO General Obligation
MTN Medium Term Note

PORTFOLIO COMPOSITION

Investment Company ........................................ 5%
U.S. Government Obligations ............................... 3%
U.S. Government Agency Obligations ........................ 37%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ..................................................... 12%
Aa ...................................................... 7%
A ....................................................... 19%
Baa ..................................................... 16%
Ba ...................................................... 1%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 54

Aston Funds

ABN AMRO HIGH YIELD BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

BASIC INDUSTRIES 14%
SERVICES CYCLICALS 14%
OTHER CORPORATE NOTES AND BONDS 13%
MEDIA 13%
ENERGY 12%
CAPITAL GOODS 9%
TELECOMMUNICATIONS 8%
UTILITIES 6%
CONSUMER CYCLICALS 6%
CASH AND OTHER NET ASSETS 5%

% OF TOTAL NET ASSETS

MARKET
PAR VALUE VALUE
- --------- --------------
CORPORATE NOTES AND BONDS - 94.15%

BASIC INDUSTRIES - 13.91%
$ 200,000 BaseII AF SCA, Senior Notes
8.375%, 08/15/15 (a) .................. $ 204,000
200,000 Cascades, Senior Notes
7.250%, 02/15/13 ...................... 197,000
125,000 Century Aluminum
7.500%, 08/15/14 ...................... 125,312
100,000 Domtar
7.875%, 10/15/11 ...................... 102,625
375,000 Equistar Chemical Funding
10.125%, 09/01/08 ..................... 399,375
250,000 Ethyl, Senior Notes
8.875%, 05/01/10 ...................... 261,250
200,000 FMG Finance Pty, Secured
10.625%, 09/01/16 (a) ................. 198,000
100,000 Ineos Group Holdings
8.500%, 02/15/16 (a) .................. 96,750
200,000 IPSCO, Senior Notes
8.750%, 06/01/13 ...................... 214,000
150,000 KI Holdings, Senior Discount Notes
9.601%, 11/15/14 (b) .................. 114,750
188,000 Koppers
9.875%, 10/15/13 ...................... 203,980
125,000 Lyondell Chemical
8.250%, 09/15/16 ...................... 129,375
150,000 Methanex, Senior Notes
8.750%, 08/15/12 ...................... 162,375
250,000 Neenah Paper, Senior Notes
7.375%, 11/15/14 ...................... 238,750
125,000 Novelis, Senior Notes
7.250%, 02/15/15 (a) .................. 120,000
100,000 P.H. Glatfelter
7.125%, 05/01/16 (a) .................. 100,207
75,000 United States Steel, Senior Notes
10.750%, 08/01/08 ..................... 81,188
--------------
2,948,937
--------------

MARKET
PAR VALUE VALUE
- --------- --------------

CAPITAL GOODS - 8.98%
$ 300,000 Building Materials, Senior Notes,
Series B
8.000%, 10/15/07 ...................... $ 301,500
125,000 Case New Holland
7.125%, 03/01/14 ...................... 126,562
125,000 DRS Technologies,
Senior Subordinated Notes
6.875%, 11/01/13 ...................... 125,625
175,000 Greif, Senior Subordinated Notes
8.875%, 08/01/12 ...................... 184,625
200,000 L-3 Communications,
Senior Subordinated Notes
7.625%, 06/15/12 ...................... 208,750
250,000 Owens-Brockway Glass Container,
Secured
8.750%, 11/15/12 ...................... 265,000
Smurfit-Stone Container,
Senior Notes
168,000 9.750%, 02/01/11 ...................... 174,090
50,000 8.375%, 07/01/12 ...................... 49,000
175,000 Trinity Industries, Senior Notes
6.500%, 03/15/14 ...................... 172,594
300,000 Westinghouse Air Brake,
Senior Notes
6.875%, 07/31/13 ...................... 296,250
--------------
1,903,996
--------------
CONSUMER CYCLICALS - 6.23%
50,000 ArvinMeritor, Senior Unsecured Notes
8.125%, 09/15/15 ...................... 46,875
75,000 AutoNation
7.000%, 04/15/14 ...................... 75,000
175,000 Church & Dwight,
Senior Subordinated Notes
6.000%, 12/15/12 ...................... 168,219
125,000 Couche-Tard US Finance,
Senior Subordinated Notes
7.500%, 12/15/13 ...................... 128,750
Ford Motor Credit
100,000 6.625%, 06/16/08 ...................... 98,149
300,000 9.824%, 04/15/12 (c) .................. 313,290
200,000 General Motors Acceptance
6.750%, 12/01/14 ...................... 198,592
100,000 Scotts Miracle-Gro, Senior
Subordinated Notes
6.625%, 11/15/13 ...................... 99,250
175,000 TRW Automotive, Senior
Subordinated Notes
11.000%, 02/15/13 ..................... 192,937
--------------
1,321,062
--------------
CONSUMER NON-CYCLICALS - 3.52%
Constellation Brands
125,000 7.250%, 09/01/16 ...................... 127,656
150,000 Series B
8.125%, 01/15/12 ...................... 156,375
50,000 Constellation Brands, Series B
8.000%, 02/15/08 ...................... 51,313
175,000 Dean Foods
7.000%, 06/01/16 ...................... 177,844
Smithfield Foods, Senior Notes
50,000 7.000%, 08/01/11 ...................... 50,688
175,000 Series B
7.750%, 05/15/13 ...................... 181,562
--------------
745,438
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 55

Aston Funds

ABN AMRO HIGH YIELD BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

ENERGY - 11.70%
$ 225,000 ANR Pipeline, Debentures
9.625%, 11/01/21 ...................... $ 281,149
125,000 Basic Energy Services
7.125%, 04/15/16 ...................... 119,688
175,000 Bluewater Finance
10.250%, 02/15/12 ..................... 179,375
75,000 Chaparral Energy
8.500%, 12/01/15 ...................... 75,188
Chesapeake Energy
125,000 7.625%, 07/15/13 ...................... 130,156
100,000 6.500%, 08/15/17 ...................... 94,750
50,000 6.250%, 01/15/18 ...................... 47,625
25,000 Senior Notes
7.500%, 09/15/13 ...................... 25,719
125,000 El Paso Performance-Link
7.750%, 07/15/11 (a) .................. 130,000
Massey Energy
175,000 6.875%, 12/15/13 ...................... 164,937
125,000 Senior Notes
6.625%, 11/15/10 ...................... 124,375
150,000 Ocean Rig Norway, Senior Notes
8.375%, 07/01/13 (a) .................. 158,813
100,000 SESI, Senior Notes
6.875%, 06/01/14 (a) .................. 99,750
150,000 Southern Natural Gas
8.875%, 03/15/10 ...................... 158,324
50,000 Southern Star Central
6.750%, 03/01/16 ...................... 49,875
250,000 Stone Energy, Senior Notes
8.124%, 07/15/10 (c)(a) ............... 249,687
200,000 Western Oil Sands, Secured
8.375%, 05/01/12 ...................... 216,000
100,000 Whiting Petroleum
7.000%, 02/01/14 ...................... 99,000
75,000 Williams Companies, Debentures,
Series A
7.500%, 01/15/31 ...................... 76,500
--------------
2,480,911
--------------
MEDIA - 12.52%
50,000 Cablevision Systems, Senior Notes,
Series B
9.870%, 04/01/09 (c) .................. 52,625
225,000 CCH I, Secured
11.000%, 10/01/15 ..................... 217,969
200,000 Charter Communications Holdings II
Senior Notes
10.250%, 09/15/10 ..................... 207,500
75,000 Clarke American, Senior Notes
11.750%, 12/15/13 ..................... 78,750
CSC Holdings, Senior Notes
125,000 7.250%, 07/15/08 ...................... 127,031
150,000 Series B
8.125%, 07/15/09 ...................... 155,437
130,000 Dex Media East/Dex Media East Finance
12.125%, 11/15/12 ..................... 145,275
100,000 EchoStar DBS, Senior Notes
5.750%, 10/01/08 ...................... 99,625
175,000 Houghton Mifflin
Senior Subordinated Notes
9.875%, 02/01/13 ...................... 188,344
125,000 Lamar Media
Senior Subordinated Notes
6.625%, 08/15/15 (a) .................. 120,937

MARKET
PAR VALUE VALUE
- --------- --------------

MEDIA (CONINUED)
$ 125,000 LIN Television, Senior
Subordinated Notes
6.500%, 05/15/13 ...................... $ 119,219
NTL Cable, Senior Notes
200,000 8.750%, 04/15/14 ...................... 211,250
75,000 9.125%, 08/15/16 ...................... 79,219
125,000 Radio One, Series B
8.875%, 07/01/11 ...................... 129,062
RH Donnelley
25,000 10.875%, 12/15/12 ..................... 27,469
75,000 Senior Discount Notes, Series A-1
6.875%, 01/15/13 ...................... 70,969
75,000 Senior Discount Notes, Series A-2
6.875%, 01/15/13 ...................... 70,969
100,000 RH Donnelly Finance
10.875%, 12/15/12 (a) ................. 109,875
Shaw Communications
Senior Notes
75,000 8.250%, 04/11/10 ...................... 79,406
100,000 7.200%, 12/15/11 ...................... 103,250
250,000 Sinclair Broadcast Group,
Senior Subordinated Notes
8.000%, 03/15/12 ...................... 258,750
--------------
2,652,931
--------------
REAL ESTATE - 1.84%
American Real Estate Partners
150,000 Senior Notes
8.125%, 06/01/12 (d) .................. 154,125
75,000 Senior Unsecured Notes
7.125%, 02/15/13 (d) .................. 75,188
150,000 CBRE Escrow, Senior Notes
9.750%, 05/15/10 ...................... 160,500
--------------
389,813
--------------
SERVICES CYCLICALS - 14.24%
25,000 Ashtead Capital
9.000%, 08/15/16 (a) .................. 26,438
100,000 Ashtead Holdings, Secured
8.625%, 08/01/15 (a) .................. 103,000
50,000 Caesars Entertainment
Senior Subordinated Notes
8.875%, 09/15/08 ...................... 52,188
300,000 CHC Helicopter, Senior
Subordinated Notes
7.375%, 05/01/14 ...................... 288,000
150,000 Chukchansi Economic
Development Authority,
Senior Notes
8.000%, 11/15/13 (a) .................. 156,750
75,000 D.R. Horton
Senior Subordinated Notes
9.750%, 09/15/10 ...................... 83,071
50,000 French Lick Resorts & Casinos
10.750%, 04/15/14 (a) ................. 46,250
125,000 FTI Consulting
7.625%, 06/15/13 ...................... 128,437
100,000 Hertz, Senior Subordinated Notes
10.500%, 01/01/16 (a) ................. 110,250
225,000 KB HOME
6.375%, 08/15/11 ...................... 222,623
Mandalay Resort Group
150,000 Senior Subordinated Debentures
7.625%, 07/15/13 ...................... 147,187
125,000 Senior Subordinated Notes
9.375%, 02/15/10 ...................... 133,437

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 56

Aston Funds

ABN AMRO HIGH YIELD BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

SERVICES CYCLICALS (CONTINUED)
MGM MIRAGE
$ 25,000 8.375%, 02/01/11 ...................... $ 26,094
50,000 Debentures
7.250%, 08/01/17 ...................... 48,750
50,000 Mirage Resorts
6.875%, 04/01/16 ...................... 47,750
200,000 Phi, Senior Notes
7.125%, 04/15/13 (a) .................. 190,000
50,000 Pokagon Gaming Authority,
Senior Notes
10.375%, 06/15/14 (a) ................. 53,875
100,000 SAC Holdings, Senior Notes
8.500%, 03/15/14 ...................... 99,500
125,000 Six Flags, Senior Notes
8.875%, 02/01/10 ...................... 121,875
175,000 Speedway Motorsports
Senior Subordinated Notes
6.750%, 06/01/13 ...................... 174,125
Station Casinos
75,000 Senior Notes
6.000%, 04/01/12 ...................... 71,906
150,000 Senior Subordinated Notes
6.500%, 02/01/14 ...................... 137,625
125,000 Travelport
Senior Subordinated Notes
11.875%, 09/01/16 (a) ................. 123,750
125,000 Turning Stone Casino Resort
Enterprise, Senior Notes
9.125%, 09/15/14 (a) .................. 127,812
175,000 United Rentals, North America,
Senior Notes
6.500%, 02/15/12 ...................... 171,500
125,000 West Corp.
Senior Subordinated Notes
11.000%, 10/15/16 (a) ................. 125,938
--------------
3,018,131
--------------
SERVICES NON-CYCLICALS - 5.05%
150,000 Bio-Rad Laboratories
Senior Subordinated Notes
7.500%, 08/15/13 ...................... 155,250
200,000 Coventry Health Care, Senior Notes
8.125%, 02/15/12 ...................... 209,000
300,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ...................... 306,000
225,000 HCA, Senior Unsecured Notes
8.750%, 09/01/10 ...................... 227,813
175,000 Omnicare. Senior Subordinated Notes
6.875%, 12/15/15 ...................... 172,375
--------------
1,070,438
--------------
TECHNOLOGY AND ELECTRONICS - 2.75%
75,000 Freescale Semiconductor, Senior Notes
7.125%, 07/15/14 ...................... 80,438
250,000 NXP BV/NXP Funding, Secured
7.875%, 10/15/14 (a) .................. 255,000
125,000 Sensata Technologies
8.000%, 05/01/14 (a) .................. 121,250
125,000 STATS ChipPac
7.500%, 07/19/10 ...................... 126,250
--------------
582,938
--------------

MARKET
PAR VALUE VALUE
- --------- --------------

TELECOMMUNICATIONS - 7.76%
Citizens Communications,
Senior Notes
$ 125,000 9.250%, 05/15/11 ...................... $ 139,219
75,000 9.000%, 08/15/31 ...................... 81,844
200,000 INTELSAT Bermuda Ltd, Senior Notes
8.250%, 01/15/13 ...................... 204,750
125,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 ...................... 127,860
150,000 Nordic Telecommunications Co.
Holdings, Senior Notes
8.875%, 05/01/16 (a) .................. 157,875
50,000 PanAmSat, Senior Secured Notes
6.375%, 01/15/08 ...................... 50,125
75,000 Qwest Communications, Series B
7.500%, 02/15/14 ...................... 76,875
275,000 Qwest, Senior Notes
8.640%, 06/15/13 (c) .................. 297,687
275,000 Rogers Wireless, Senior Notes
9.625%, 05/01/11 ...................... 312,812
175,000 Wind Acquistion Finance SA
10.750%, 12/01/15 (a) ................. 195,344
--------------
1,644,391
--------------
UTILITIES - 5.65%
292,500 Homer City Funding, SLOB
8.137%, 10/01/19 ...................... 315,900
100,000 MSW Energy Holdings/MSW Energy
Finance
8.500%, 09/01/10 ...................... 104,000
130,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 ...................... 141,836
200,000 NRG Energy
Senior Notes
7.250%, 02/01/14 ...................... 202,750
75,000 Reliant Energy, Secured
9.500%, 07/15/13 ...................... 78,937
50,000 Sierra Pacific Resources,
Senior Notes
8.625%, 03/15/14 ...................... 54,434
150,000 Teco Energy
7.200%, 05/01/11 ...................... 156,750
150,000 TXU, Senior Notes, Series P
5.550%, 11/15/14 ...................... 143,666
--------------
1,198,273
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $19,863,274) .................... 19,957,259
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 57

Aston Funds

ABN AMRO HIGH YIELD BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
SHARES VALUE
- ------ --------------

INVESTMENT COMPANY - 4.84%

1,025,151 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 1,025,151
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,025,151) ..................... 1,025,151
--------------
TOTAL INVESTMENTS - 98.99%
(Cost $20,888,425)* .................................... 20,982,410
--------------
NET OTHER ASSETS AND LIABILITIES - 1.01% .................. 214,671
--------------
NET ASSETS - 100.00% ...................................... $ 21,197,081
==============

_____________________________
* Aggregate cost for Federal income tax purposes is $21,058,336.

Gross unrealized appreciation ....................... $ 83,426
Gross unrealized depreciation ....................... (159,352)
--------------
Net unrealized depreciation ......................... $ (75,926)
==============

(a) Securities exempt from registration under Rule 144A of the
Securities Act of 1933, as amended. These securities are purchased
in accordance with guidelines approved by the Fund's Board of
Trustees and may only be resold, in transactions exempt from
registration, to qualified institutional buyers. At October 31,
2006, these securities amounted to $3,381,552 or 15.95% of net
assets. These securities have been determined by the Adviser to be
liquid securities.

(b) Step Coupon. A bond that pays an initial coupon rate for the first
period and then a higher coupon rate for the following periods until
maturity. Interest rate presented represents annualized yield at
time of purchase. The bond pays a zero coupon for the 1 st period
(ending 11/15/14) and then a higher coupon until maturity.

(d) Limited Partnership

SLOB Secured Lease Obligation Bond

PORTFOLIO COMPOSITION

Investment Company ........................................ 5%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Baa ..................................................... 2%
Ba ...................................................... 46%
B ....................................................... 43%
Caa ..................................................... 4%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 58

Aston Funds

MCDONNELL MUNICIPAL BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

EDUCATION 42%
GENERAL OBLIGATIONS BONDS 14%
UTILITIES 13%
TRANSPORTATION 10%
MEDICAL 5%
CASH AND OTHER NET ASSETS 5%
WATER 4%
POLLUTION 3%
OTHER MUNICIPAL SECURITIES 4%

% OF TOTAL NET ASSETS

MARKET
PAR VALUE VALUE
- --------- --------------

MUNICIPAL SECURITIES - 95.43%

ALABAMA - 2.63%
$ 1,000,000 Birmingham Industrial Water Board
Industrial Water Supply RB,
Partially Pre-refunded 01/01/07
6.000%, 07/01/07 (a) .................. $ 1,016,800
--------------
COLORADO - 2.84%
1,000,000 Colorado Department of
Transportation RB, Federal
Highway Grant Anticipation
Notes, Series A
5.500%, 06/15/12
Insured: MBIA ......................... 1,097,400
--------------

DISTRICT OF COLUMBIA - 1.79%
640,000 District of Columbia RB,
Smithsonian Institute, Series A
Pre-refunded 11/01/10
5.375%, 11/01/15 ...................... 689,197
--------------

FLORIDA - 1.94%
750,000 Palm Beach County
Health Facilities Authority RB,
Abbey DelRay South Project
5.500%, 10/01/11 (a) .................. 750,540
--------------

GEORGIA - 2.83%
500,000 Cartersville Development Authority
Water & Wastewater Facilities RB,
Anheuser-Busch, Series A, AMT
7.375%, 05/01/09 ...................... 539,065
300,000 Fulton County School District, GO
6.375%, 05/01/11 ...................... 335,052
200,000 State of Georgia, GO,
Series D
6.700%, 08/01/09 ...................... 216,540
--------------
1,090,657
--------------

MARKET
PAR VALUE VALUE
- --------- --------------

IDAHO - 3.28%
$ 1,000,000 Idaho Health Facilities Authority RB,
IHC Hospitals, ETM
6.650%, 02/15/21 (a) .................. $ 1,265,170
--------------
ILLINOIS - 11.35%
250,000 Chicago Public Building Commission RB,
School Reform Board, Series B
5.250%, 12/01/18
Insured: FGIC ......................... 284,063
375,000 DuPage County, Jail Project, GO
5.600%, 01/01/21 ...................... 427,751
1,000,000 Illinois Development Finance Authority
RB, Lincoln Way Community
5.700%, 01/01/18
Insured: FGIC ......................... 1,165,520
405,000 Illinois State Sales Tax RB, First Series
5.250%, 06/15/19 ...................... 458,193
1,000,000 Lake County Township High School
District No. 113,
Highland Park, GO
8.800%, 12/01/09 ...................... 1,148,600
785,000 University of Illinois RB, Auxiliary
Facilities Systems, Series B
5.500%, 04/01/17
Insured: FGIC ......................... 895,936
--------------
4,380,063
--------------
INDIANA - 2.12%
700,000 Indianapolis Public Improvement RB,
Series B
6.000%, 01/10/20 ...................... 818,349
--------------
KANSAS - 9.58%
2,500,000 Burlington Environmental
Improvement RB,
Kansas City Power &
Light Project, Series B,
Mandatory Put 10/01/07
4.750%, 09/01/15 (b) .................. 2,515,200
1,020,000 Butler & Sedgwick Counties
Unified School District No. 385,
Andover, GO
6.000%, 09/01/14
Insured: FSA .......................... 1,180,364
--------------
3,695,564
--------------
MICHIGAN - 1.19%
400,000 Michigan Municipal Bond
Authority RB Drinking Water
Revolving Fund
5.500%, 10/01/16 ...................... 457,844
--------------
NEVADA - 8.11%
1,000,000 Clark County PCR,
Southern California Edison
Series C, Remarketed, AMT
3.250%, 06/01/31 (b) .................. 977,130
1,010,000 Nevada State Highway Improvement RB,
Motor Vehicle Fuel Tax
5.000%, 12/01/11
Insured: MBIA ......................... 1,074,094
1,000,000 Nevada System Higher Education
Universities RB, Series B
5.000%, 07/01/13
Insured: AMBAC ........................ 1,077,920
--------------
3,129,144
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 59

Aston Funds

MCDONNELL MUNICIPAL BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

MARKET
PAR VALUE VALUE
- --------- --------------

NEW HAMPSHIRE - 2.88%
$ 1,000,000 Manchester School Facilities RB,
Pre-refunded 06/01/13
5.500%, 06/01/23
Insured: MBIA ......................... $ 1,110,370
--------------
OHIO - 2.78%
1,000,000 Cincinnati Ohio School District, GO
5.000%, 06/01/14
Insured: FSA .......................... 1,072,960
--------------
SOUTH CAROLINA - 2.83%
1,000,000 Beaufort County School District
Series A, GO
5.000%, 03/01/15
Insured: SCSDE ........................ 1,091,640
--------------

TENNESSEE - 2.80%
1,000,000 State of Tennessee, Series A, GO
5.000%, 05/01/13 ...................... 1,080,430
--------------
TEXAS - 23.94%
1,090,000 Belton Independent School District, GO
5.000%, 02/15/13 (a)
Guaranteed: PSF ....................... 1,171,903
1,000,000 Dallas Waterworks & Sewer System RB,
Refunding and Improvement, Series A
5.000%, 10/01/12 ...................... 1,072,260
480,000 Frisco Independent School District, GO
7.000%, 08/15/10
Guaranteed: PSF ....................... 537,206
200,000 Humble Independent School District
Series II, GO
5.500%, 02/15/10
Insured: PSF .......................... 211,976
1,065,000 Killeen Independent School District, GO
5.000%, 02/15/16
Guaranteed: PSF ....................... 1,154,247
1,000,000 Leander Independent School District,
School Building, GO
5.000%, 08/15/12 (a)
Guaranteed: PSF ....................... 1,071,910
550,000 Plano Independent School District, GO
5.000%, 02/15/09
Guaranteed: PSF ....................... 567,072
1,000,000 San Marcos Consolidated Independent
School District, GO
5.250%, 08/01/19
Guaranteed: PSF ....................... 1,105,610
500,000 Texas Municipal Power Agency RB,
Series E
5.500%, 09/01/10
Insured: MBIA ......................... 534,400
715,000 Texas State Turnpike Authority
Central Texas Turnpike System RB,
BAN, Second Tier
5.000%, 06/01/08 ...................... 730,859
1,000,000 University of Texas RB,
Financing System, Series B
5.250%, 08/15/12 ...................... 1,083,770
--------------
9,241,213
--------------

MARKET
PAR VALUE VALUE
- --------- --------------

UTAH - 0.79%
$ 300,000 Intermountain Power Agency
Power Supply RB, Series E
6.250%, 07/01/07
Insured: FSA .......................... $ 305,190
--------------
VIRGINIA - 5.47%
1,000,000 Roanoke Public Improvement,
Series B, GO
5.000%, 02/01/19
Insured: State Aid Withholding ........ 1,086,350
1,000,000 Virginia Commonwealth Transportation
Board RB, Federal Highway
Reimbursement
5.000%, 10/01/08 ...................... 1,026,720
--------------
2,113,070
--------------
WASHINGTON - 2.48%
500,000 Port of Seattle Special
Facilities RB, Seattle-Tacoma
Fuel Facilities, AMT
5.000%, 06/01/11
Insured: MBIA ......................... 525,405
400,000 Thurston County, GO
Tumwater School District No. 033
5.000%, 12/01/13
Insured: FSA .......................... 432,368
--------------
957,773
--------------
WISCONSIN - 3.80%
1,345,000 State of Wisconsin, Series 3, GO
5.300%, 11/01/12
Insured: MBIA-IBC ..................... 1,468,054
--------------
TOTAL MUNICIPAL SECURITIES
(Cost $35,689,653) .................... 36,831,428
--------------

SHARES
- ---------

INVESTMENT COMPANIES - 5.27%

1,970,099 Blackrock Provident Institutional
MuniCash Portfolio .................... 1,970,099
62,130 Blackrock Provident Institutional
MuniFund Portfolio .................... 62,130
--------------
TOTAL INVESTMENT COMPANIES
(Cost $2,032,229) ..................... 2,032,229
--------------
TOTAL INVESTMENTS - 100.70%
(Cost $37,721,882)* .................................... 38,863,657
--------------
NET OTHER ASSETS AND LIABILITIES - (0.70)% ................ (268,503)
--------------
NET ASSETS - 100.00% ...................................... $ 38,595,154
==============

_____________________________
* At October 31, 2006, cost is identical for book and Federal income
tax purposes.

Gross unrealized appreciation ....................... $ 1,272,538
Gross unrealized depreciation ....................... (130,763)
--------------
Net unrealized appreciation ......................... $ 1,141,775
==============

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

(b) Variable rate bonds. The interest rates shown reflect the rates in
effect at October 31, 2006.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 60

Aston Funds

MCDONNELL MUNICIPAL BOND FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS - CONTINUED

- --------------------------------------------------------------------------------

AMBAC American Municipal Board Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GO General Obligation
IBC Insured Bond Certificate
MBIA MBIA Insurance Corp.
PCR Pollution Control Revenue
PSF Permanent School Fund
RB Revenue Bond

PORTFOLIO COMPOSITION

Investment Companies ...................................... 5%
Municipal Securities (Moody's Ratings - unaudited)
Aaa ..................................................... 63%
Aa ...................................................... 20%
A ....................................................... 10%
NR ...................................................... 2%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 61

Aston Funds

ABN AMRO INVESTOR MONEY MARKET FUND OCTOBER 31, 2006

SCHEDULE OF INVESTMENTS

- --------------------------------------------------------------------------------

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

REPURCHASE AGREEMENTS 88%
ASSET-BACKED 7%
CERTIFICATES OF DEPOSIT 4%
CASH AND OTHER NET ASSETS 1%

% OF TOTAL NET ASSETS

AMORTIZED
PAR VALUE COST
- --------- --------------

COMMERCIAL PAPER (a) - 7.05%

ASSET-BACKED (b) - 7.05%
$ 3,000,000 Barton Capital
5.301%, 11/01/06 ...................... $ 3,000,000
3,000,000 Galaxy Funding
5.331%, 12/18/06 ...................... 2,979,398
--------------
5,979,398
--------------
TOTAL COMMERCIAL PAPER
(Cost $5,979,398)...................... 5,979,398
--------------

CERTIFICATES OF DEPOSIT - 3.54%
3,000,000 Regions Bank
5.310%, 12/14/06 ...................... 3,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $3,000,000) ..................... 3,000,000
--------------

REPURCHASE AGREEMENTS - 88.47%
30,000,000 Barclays Capital, 5.29%,
dated 10/31/06, matures
11/01/06, repurchase price
$30,004,408, (collateralized
by U.S. Government Agency
Instrument, with interest
rate of 4.500%, maturing
2020, total market
value $30,600,000)
5.290%, 11/01/06 ...................... 30,000,000
15,000,000 Deutsche Bank Securities, 5.300%,
dated 10/31/06, matures
11/01/06, repurchase price
$15,002,208 (collateralized
by U.S. Government Agency
Instruments, with interest
rates of 5.6360% to 6.000%
and maturing 2036, total
market value $15,300,000)
5.300%, 11/01/06 ...................... 15,000,000

AMORTIZED
PAR VALUE COST
- --------- --------------

REPURCHASE AGREEMENTS (CONTINUED)

$ 30,000,000 Merrill Lynch, 5.2700%,
dated 10/31/06, matures
11/01/2006. repurchase price
$30,004,392, (collateralized
by U.S. Treasury Instrument,
with interest rate of 4.8750%,
maturing 08/15/16, total market
value $30,600,524)
5.270%, 11/01/06 ...................... $ 30,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $75,000,000) .................... 75,000,000
--------------
SHARES
- ---------

INVESTMENT COMPANY - 1.20%

1,016,888 BlackRock Liquidity Funds
TempFund Portfolio .................... 1,016,888
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,016,888) ..................... 1,016,888
--------------
TOTAL INVESTMENTS - 100.26%
(Cost $84,996,286)* .................................... 84,996,286
--------------
NET OTHER ASSETS AND LIABILITIES - (0.26)% ................ (218,745)
--------------
NET ASSETS - 100.00% ...................................... $ 84,777,541
==============

_____________________________
* At October 31, 2006, cost is identical for book and Federal income
tax purposes.

(a) Annualized yield at the time of purchase.

(b) Securities exempt from registration under section 4(2) of the
Securities Act of 1933, as amended. These securities may only be
resold in an exempt transaction to qualified institutional buyers.
At October 31, 2006, these securities amounted to $5,979,398 or
7.05% of net assets. These securities have been determined by the
Adviser to be liquid securities.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 62

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| 63

Aston Funds

OCTOBER 31, 2006

STATEMENT OF ASSETS AND LIABILITIES

- --------------------------------------------------------------------------------

RIVER ROAD
DYNAMIC ABN AMRO MONTAG
EQUITY INCOME GROWTH & CALDWELL
FUND FUND GROWTH FUND
--------------- --------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 15,484,094 $ 804,295,203 $ 1,792,264,143
Net unrealized appreciation ................................... 1,058,769 101,098,605 304,455,219
--------------- --------------- ---------------
Total investments at value .................................. 16,542,863 905,393,808 2,096,719,362
Cash .................................................................. 308,734 -- --
Receivables:
Dividends and interest ........................................ 38,721 151,712 1,917,371
Dividend reclaims ............................................. 328 -- --
Fund shares sold .............................................. 234,605 328,262 2,565,731
Investments and foreign currency sold ......................... 27,921 4,968,853 6,977,628
Due from Adviser, net (Note G) ................................ 29,442 -- --
Other assets .......................................................... 41 9,069 17,964
--------------- --------------- ---------------
Total assets ................................................ 17,182,655 910,851,704 2,108,198,056
--------------- --------------- ---------------
LIABILITIES:
Payables:
Dividend distribution ......................................... 1,026 -- --
Investments and foreign currency purchased .................... 646,709 -- --
Fund shares redeemed .......................................... 583,916 1,542,005 12,913,395
Due to Adviser, net (Note G) .................................. -- 545,596 1,199,709
Administration fees (Note G) .................................. 1,961 40,746 91,207
Distribution fees (Note G) .................................... 982 27,986 52,749
Audit and tax fees ............................................ 10,776 16,429 19,729
Transfer agent fees ........................................... 135 -- 135,230
Trustees fees and related expenses (Note G) ................... 239 43,960 32,496
Accrued expenses and other payables ................................... 37,582 106,672 277,618
--------------- --------------- ---------------
Total liabilities ........................................... 1,283,326 2,323,394 14,722,133
--------------- --------------- ---------------
NET ASSETS ............................................................ $ 15,899,329 $ 908,528,310 $ 2,093,475,923
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 14,605,076 $ 747,090,227 $ 1,783,395,110
Accumulated undistributed net investment income ................... 10,547 291,976 598,903
Accumulated net realized gain (loss) on investments ............... 224,877 60,047,502 5,026,691
Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currency .................... 1,058,829 101,098,605 304,455,219
--------------- --------------- ---------------
TOTAL NET ASSETS .............................................. $ 15,899,329 $ 908,528,310 $ 2,093,475,923
=============== =============== ===============
CLASS N:
Net Assets ........................................................ $ 15,899,329 $ 446,883,556 $ 846,100,134
Shares of beneficial interest outstanding (unlimited authorization) 1,346,308 19,580,466 33,635,737
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 11.81 $ 22.82 $ 25.15
=============== =============== ===============
CLASS I:
Net Assets ........................................................ $ -- $ 459,965,446 $ 1,246,682,943
Shares of beneficial interest outstanding (unlimited authorization) -- 19,877,155 49,402,175
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ 23.14 $ 25.24
=============== =============== ===============
CLASS R:
Net Assets ........................................................ $ -- $ 1,679,308 $ 692,846
Shares of beneficial interest outstanding (unlimited authorization) -- 74,168 27,674
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ 22.64 $ 25.04
=============== =============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 64

Aston Funds

- --------------------------------------------------------------------------------

TAMRO LARGE VALUE VEREDUS SELECT
CAP VALUE FUND FUND GROWTH FUND
--------------- --------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 13,130,336 $ 270,903,116 $ 32,301,365
Net unrealized appreciation ................................... 2,637,060 79,125,119 2,602,632
--------------- --------------- ---------------
Total investments at value .................................. 15,767,396 350,028,235 34,903,997
Cash .................................................................. -- -- --
Receivables:
Dividends and interest ........................................ 8,256 366,299 17,121
Dividend reclaims ............................................. -- -- --
Fund shares sold .............................................. 54 590,208 48,341
Investments and foreign currency sold ......................... 299,392 3,825,912 792,156
Due from Adviser, net (Note G) ................................ -- -- 39,610
Other assets .......................................................... 158 47,076 126
--------------- --------------- ---------------
Total assets ................................................ 16,075,256 354,857,730 35,801,351
--------------- --------------- ---------------
LIABILITIES:
Payables:
Dividend distribution ......................................... -- -- --
Investments and foreign currency purchased .................... 181,266 2,666,828 --
Fund shares redeemed .......................................... 5,500 434,288 27,427
Due to Adviser, net (Note G) .................................. 10,714 203,995 --
Administration fees (Note G) .................................. 1,870 16,467 2,669
Distribution fees (Note G) .................................... 976 6,430 2,144
Audit and tax fees ............................................ 2,870 11,336 10,737
Transfer agent fees ........................................... 3,488 3,877 7,222
Trustees fees and related expenses (Note G) ................... 242 5,519 563
Accrued expenses and other payables ................................... 4,661 23,034 48,145
--------------- --------------- ---------------
Total liabilities ........................................... 211,587 3,371,774 98,907
--------------- --------------- ---------------
NET ASSETS ............................................................ $ 15,863,669 $ 351,485,956 $ 35,702,444
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 11,426,965 $ 258,643,400 $ 33,436,674
Accumulated undistributed net investment income ................... -- 328,210 --
Accumulated net realized gain (loss) on investments ............... 1,799,644 13,389,227 (336,862)
Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currency .................... 2,637,060 79,125,119 2,602,632
--------------- --------------- ---------------
TOTAL NET ASSETS .............................................. $ 15,863,669 $ 351,485,956 $ 35,702,444
=============== =============== ===============
CLASS N:
Net Assets ........................................................ $ 15,863,669 $ 103,819,299 $ 34,686,956
Shares of beneficial interest outstanding (unlimited authorization) 1,140,232 7,381,954 2,652,683
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 13.91 $ 14.06 $ 13.08
=============== =============== ===============
CLASS I:
Net Assets ........................................................ $ -- $ 247,666,657 $ 1,015,488
Shares of beneficial interest outstanding (unlimited authorization) -- 17,600,216 77,614
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ 14.07 $ 13.08
=============== =============== ===============
CLASS R:
Net Assets ........................................................ $ -- $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) -- -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ -- $ --
=============== =============== ===============

OPTIMUM ABN AMRO
MID CAP MID CAP GROWTH
FUND FUND
--------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 545,009,826 $ 1,150,500
Net unrealized appreciation ................................... 113,264,911 4,584
--------------- ---------------
Total investments at value .................................. 658,274,737 1,155,084
Cash .................................................................. -- --
Receivables:
Dividends and interest ........................................ 326,058 405
Dividend reclaims ............................................. 2,327 --
Fund shares sold .............................................. 798,420 --
Investments and foreign currency sold ......................... 3,636,739 --
Due from Adviser, net (Note G) ................................ -- 9,834
Other assets .......................................................... 4,598 8
--------------- ---------------
Total assets ................................................ 663,042,879 1,165,331
--------------- ---------------
LIABILITIES:
Payables:
Dividend distribution ......................................... -- --
Investments and foreign currency purchased .................... 2,136,838 --
Fund shares redeemed .......................................... 696,734 --
Due to Adviser, net (Note G) .................................. 408,746 --
Administration fees (Note G) .................................. 29,326 1,217
Distribution fees (Note G) .................................... 35,569 71
Audit and tax fees ............................................ 12,499 10,776
Transfer agent fees ........................................... 70,214 1,419
Trustees fees and related expenses (Note G) ................... 10,210 19
Accrued expenses and other payables ................................... 81,971 12,438
--------------- ---------------
Total liabilities ........................................... 3,482,107 25,940
--------------- ---------------
NET ASSETS ............................................................ $ 659,560,772 $ 1,139,391
=============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 501,471,264 $ 1,134,807
Accumulated undistributed net investment income ................... -- --
Accumulated net realized gain (loss) on investments ............... 44,824,597 --
Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currency .................... 113,264,911 4,584
--------------- ---------------
TOTAL NET ASSETS .............................................. $ 659,560,772 $ 1,139,391
=============== ===============
CLASS N:
Net Assets ........................................................ $ 577,891,253 $ 1,139,391
Shares of beneficial interest outstanding (unlimited authorization) 21,274,968 113,859
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 27.16 $ 10.01
=============== ===============
CLASS I:
Net Assets ........................................................ $ 81,669,519 $ --
Shares of beneficial interest outstanding (unlimited authorization) 2,987,118 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 27.34 $ --
=============== ===============
CLASS R:
Net Assets ........................................................ $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ --
=============== ===============

RIVER ROAD
SMALL CAP VALUE TAMRO SMALL
FUND CAP FUND
--------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 159,486,875 $ 198,244,492
Net unrealized appreciation ................................... 10,118,508 47,950,832
--------------- ---------------
Total investments at value .................................. 169,605,383 246,195,324
Cash .................................................................. 2,974,001 --
Receivables:
Dividends and interest ........................................ 167,207 75,807
Dividend reclaims ............................................. -- --
Fund shares sold .............................................. 2,017,013 834,145
Investments and foreign currency sold ......................... 466,538 --
Due from Adviser, net (Note G) ................................ 8,497 --
Other assets .......................................................... 69 11,705
--------------- ---------------
Total assets ................................................ 175,238,708 247,116,981
--------------- ---------------
LIABILITIES:
Payables:
Dividend distribution ......................................... -- --
Investments and foreign currency purchased .................... 7,255,696 137,986
Fund shares redeemed .......................................... 372,102 279,949
Due to Adviser, net (Note G) .................................. -- 139,151
Administration fees (Note G) .................................. 8,103 11,351
Distribution fees (Note G) .................................... 10,070 11,153
Audit and tax fees ............................................ 45,563 11,006
Transfer agent fees ........................................... 10,495 31,568
Trustees fees and related expenses (Note G) ................... 2,513 3,716
Accrued expenses and other payables ................................... 96,437 47,120
--------------- ---------------
Total liabilities ........................................... 7,800,979 673,000
--------------- ---------------
NET ASSETS ............................................................ $ 167,437,729 $ 246,443,981
=============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 155,271,710 $ 183,419,406
Accumulated undistributed net investment income ................... 246,479 252,356
Accumulated net realized gain (loss) on investments ............... 1,801,032 14,821,387
Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currency .................... 10,118,508 47,950,832
--------------- ---------------
TOTAL NET ASSETS .............................................. $ 167,437,729 $ 246,443,981
=============== ===============
CLASS N:
Net Assets ........................................................ $ 167,437,729 $ 182,462,390
Shares of beneficial interest outstanding (unlimited authorization) 12,438,083 9,250,258
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 13.46 $ 19.73
=============== ===============
CLASS I:
Net Assets ........................................................ $ -- $ 63,981,591
Shares of beneficial interest outstanding (unlimited authorization) -- 3,225,997
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ 19.83
=============== ===============
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.

| 65

Aston Funds

OCTOBER 31, 2006

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED

- --------------------------------------------------------------------------------

VEREDUS ABN AMRO
AGGRESSIVE REAL ESTATE VEREDUS
GROWTH FUND FUND SCITECH FUND
--------------- --------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 486,123,394 $ 89,060,297 $ 3,291,951
Repurchase agreements ......................................... -- -- --
Net unrealized appreciation (depreciation) .................... 27,738,457 28,868,012 143,727
--------------- --------------- ---------------
Total investments at value .................................. 513,861,851 117,928,309 3,435,678
Cash .................................................................. -- 116,480 --
Foreign currency (Cost $108,394) ...................................... -- 107,675 --
Receivables:
Dividends and interest ........................................ 15,126 28,903 1,185
Fund shares sold .............................................. 777,511 485,833 --
Investments and foreign currency sold ......................... 13,069,018 3,046,297 10,420
Other assets .......................................................... 6,713 16,708 5,443
--------------- --------------- ---------------
Total assets ................................................ 527,730,219 121,730,205 3,452,726
--------------- --------------- ---------------
LIABILITIES:
Payables:
Line of Credit (Note H) ....................................... 1,129,067 -- --
Dividend distribution ......................................... -- -- --
Investments and foreign currency purchased .................... 4,207,557 2,866,967 20,125
Fund shares redeemed .......................................... 3,953,100 203,260 5,700
Due to Adviser, net (Note G) .................................. 458,919 97,479 2,483
Administration fees (Note G) .................................. 24,452 6,115 1,298
Distribution fees (Note G) .................................... 23,208 4,411 214
Audit and tax fees ............................................ 13,253 7,975 7,791
Transfer agent fees ........................................... 42,205 4,886 1,927
Trustees fees and related expenses (Note G) ................... 8,351 1,818 55
Accrued expenses and other payables ................................... 60,088 5,913 4,130
--------------- --------------- ---------------
Total liabilities ........................................... 9,920,200 3,198,824 43,723
--------------- --------------- ---------------
NET ASSETS ............................................................ $ 517,810,019 $ 118,531,381 $ 3,409,003
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 461,993,993 $ 63,838,926 $ 4,684,265
Accumulated undistributed (distribution in excess of) net
investment income .............................................. -- 719 --
Accumulated net realized gain (loss) on investments ............... 28,077,569 25,824,803 (1,418,989)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency ...... 27,738,457 28,866,933 143,727
--------------- --------------- ---------------
TOTAL NET ASSETS .............................................. $ 517,810,019 $ 118,531,381 $ 3,409,003
=============== =============== ===============
CLASS N:
Net Assets ........................................................ $ 367,113,316 $ 72,506,477 $ 3,409,003
Shares of beneficial interest outstanding (unlimited authorization) 19,909,750 3,627,038 465,413
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 18.44 $ 19.99 $ 7.32
=============== =============== ===============
CLASS I:
Net Assets ........................................................ $ 150,696,703 $ 46,024,904 $ --
Shares of beneficial interest outstanding (unlimited authorization) 8,056,333 2,301,766 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 18.71 $ 20.00 $ --
=============== =============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 66

Aston Funds

- --------------------------------------------------------------------------------

MONTAG TCH FIXED
BALANCED & CALDWELL INCOME
FUND BALANCED FUND FUND
--------------- --------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 53,960,326 $ 27,972,390 $ 120,020,987
Repurchase agreements ......................................... -- -- --
Net unrealized appreciation (depreciation) .................... 6,272,686 2,888,892 (134,752)
--------------- --------------- ---------------
Total investments at value .................................. 60,233,012 30,861,282 119,886,235
Cash .................................................................. -- -- --
Foreign currency (Cost $108,394) ...................................... -- -- --
Receivables:
Dividends and interest ........................................ 198,509 151,660 1,126,229
Fund shares sold .............................................. 36,358 1,246 5,008
Investments and foreign currency sold ......................... 992,958 32,170 --
Other assets .......................................................... 10,979 16,364 1,359
--------------- --------------- ---------------
Total assets ................................................ 61,471,816 31,062,722 121,018,831
--------------- --------------- ---------------
LIABILITIES:
Payables:
Line of Credit (Note H) ....................................... -- -- --
Dividend distribution ......................................... -- -- 119,721
Investments and foreign currency purchased .................... -- -- --
Fund shares redeemed .......................................... 566,010 24,731 573,896
Due to Adviser, net (Note G) .................................. 36,917 20,015 56,776
Administration fees (Note G) .................................. 4,551 2,733 6,995
Distribution fees (Note G) .................................... 3,450 1,445 4,726
Audit and tax fees ............................................ 11,817 11,021 4,033
Transfer agent fees ........................................... 9,231 2,225 3,385
Trustees fees and related expenses (Note G) ................... 957 475 1,876
Accrued expenses and other payables ................................... 7,649 4,571 3,546
--------------- --------------- ---------------
Total liabilities ........................................... 640,582 67,216 774,954
--------------- --------------- ---------------
NET ASSETS ............................................................ $ 60,831,234 $ 30,995,506 $ 120,243,877
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 37,605,027 $ 38,423,230 $ 128,466,141
Accumulated undistributed (distribution in excess of) net
investment income .............................................. (2,930) (426,703) (657,646)
Accumulated net realized gain (loss) on investments ............... 16,956,451 (9,889,913) (7,429,866)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency ...... 6,272,686 2,888,892 (134,752)
--------------- --------------- ---------------
TOTAL NET ASSETS .............................................. $ 60,831,234 $ 30,995,506 $ 120,243,877
=============== =============== ===============
CLASS N:
Net Assets ........................................................ $ 60,831,234 $ 23,355,178 $ 77,095,986
Shares of beneficial interest outstanding (unlimited authorization) 5,712,184 1,357,001 8,016,370
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 10.65 $ 17.21 $ 9.62
=============== =============== ===============
CLASS I:
Net Assets ........................................................ $ -- $ 7,640,328 $ 43,147,891
Shares of beneficial interest outstanding (unlimited authorization) -- 444,382 4,486,815
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ -- $ 17.19 $ 9.62
=============== =============== ===============

TCH INVESTMENT ABN AMRO
GRADE BOND HIGH YIELD
FUND BOND FUND
--------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 29,303,710 $ 20,888,425
Repurchase agreements ......................................... -- --
Net unrealized appreciation (depreciation) .................... (470,093) 93,985
--------------- ---------------
Total investments at value .................................. 28,833,617 20,982,410
Cash .................................................................. -- --
Foreign currency (Cost $108,394) ...................................... -- --
Receivables:
Dividends and interest ........................................ 257,610 426,301
Fund shares sold .............................................. -- 1,850
Investments and foreign currency sold ......................... -- 236,119
Other assets .......................................................... 9,562 5,360
--------------- ---------------
Total assets ................................................ 29,100,789 21,652,040
--------------- ---------------
LIABILITIES:
Payables:
Line of Credit (Note H) ....................................... -- --
Dividend distribution ......................................... 57,390 128,101
Investments and foreign currency purchased .................... -- 301,052
Fund shares redeemed .......................................... 22,966 498
Due to Adviser, net (Note G) .................................. 12,701 5,183
Administration fees (Note G) .................................. 3,111 3,242
Distribution fees (Note G) .................................... 179 329
Audit and tax fees ............................................ 10,894 10,830
Transfer agent fees ........................................... 3,189 3,125
Trustees fees and related expenses (Note G) ................... 437 335
Accrued expenses and other payables ................................... 2,999 2,264
--------------- ---------------
Total liabilities ........................................... 113,866 454,959
--------------- ---------------
NET ASSETS ............................................................ $ 28,986,923 $ 21,197,081
=============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 30,463,286 $ 21,486,312
Accumulated undistributed (distribution in excess of) net
investment income .............................................. (222,744) (153,279)
Accumulated net realized gain (loss) on investments ............... (783,526) (229,937)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency ...... (470,093) 93,985
--------------- ---------------
TOTAL NET ASSETS .............................................. $ 28,986,923 $ 21,197,081
=============== ===============
CLASS N:
Net Assets ........................................................ $ 2,897,371 $ 5,308,317
Shares of beneficial interest outstanding (unlimited authorization) 316,849 537,742
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 9.14 $ 9.87
=============== ===============
CLASS I:
Net Assets ........................................................ $ 26,089,552 $ 15,888,764
Shares of beneficial interest outstanding (unlimited authorization) 2,853,198 1,609,925
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 9.14 $ 9.87
=============== ===============

McDONNELL ABN AMRO
MUNICIPAL INVESTOR MONEY
BOND FUND MARKET FUND
--------------- ---------------

ASSETS:
Investments:
Investments at cost ........................................... $ 37,721,882 $ 9,996,286
Repurchase agreements ......................................... -- 75,000,000
Net unrealized appreciation (depreciation) .................... 1,141,775 --
--------------- ---------------
Total investments at value .................................. 38,863,657 84,996,286
Cash .................................................................. -- --
Foreign currency (Cost $108,394) ...................................... -- --
Receivables:
Dividends and interest ........................................ 537,720 35,635
Fund shares sold .............................................. 4,110 1,157
Investments and foreign currency sold ......................... -- --
Other assets .......................................................... 13,227 3,817
--------------- ---------------
Total assets ................................................ 39,418,714 85,036,895
--------------- ---------------
LIABILITIES:
Payables:
Line of Credit (Note H) ....................................... -- --
Dividend distribution ......................................... 54,366 150,737
Investments and foreign currency purchased .................... -- --
Fund shares redeemed .......................................... 721,992 45,338
Due to Adviser, net (Note G) .................................. 20,044 28,499
Administration fees (Note G) .................................. 3,097 4,630
Distribution fees (Note G) .................................... -- --
Audit and tax fees ............................................ 4,973 11,215
Transfer agent fees ........................................... 12,775 6,065
Trustees fees and related expenses (Note G) ................... 601 1,309
Accrued expenses and other payables ................................... 5,712 11,561
--------------- ---------------
Total liabilities ........................................... 823,560 259,354
--------------- ---------------
NET ASSETS ............................................................ $ 38,595,154 $ 84,777,541
=============== ===============
NET ASSETS CONSIST OF:
Paid in capital ................................................... $ 37,573,532 $ 84,777,541
Accumulated undistributed (distribution in excess of) net
investment income .............................................. -- --
Accumulated net realized gain (loss) on investments ............... (120,153) --
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency ...... 1,141,775 --
--------------- ---------------
TOTAL NET ASSETS .............................................. $ 38,595,154 $ 84,777,541
=============== ===============
CLASS N:
Net Assets ........................................................ $ 38,595,154 $ 84,777,541
Shares of beneficial interest outstanding (unlimited authorization) 3,744,498 84,777,695
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................. $ 10.31 $ 1.00
=============== ===============
CLASS I:
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.

| 67

Aston Funds

FOR THE YEAR ENDED OCTOBER 31, 2006

STATEMENT OF OPERATIONS

- --------------------------------------------------------------------------------

RIVER ROAD
DYNAMIC ABN AMRO MONTAG
EQUITY INCOME GROWTH & CALDWELL
FUND FUND GROWTH FUND
--------------- --------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 401,855 $ 11,741,970 $ 31,397,468
Less: foreign taxes withheld ..................................... (6,073) -- --
Interest ......................................................... 2,535 -- --
--------------- --------------- ---------------
Total investment income ......................................... 398,317 11,741,970 31,397,468
--------------- --------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 53,131 7,425,844 15,701,539
Distribution expenses(a) (Note G) ................................ 18,975 1,520,765 2,247,309
Transfer agent fees (Note G) ..................................... 17,695 461,888 758,629
Administration fees (Note G) ..................................... 20,248 548,612 1,198,337
Registration expenses ............................................ 53,291 99,267 142,429
Custodian fees ................................................... 4,861 49,494 101,313
Audit and tax fees ............................................... 15,954 29,942 42,702
Legal fees ....................................................... 275 42,268 102,389
Reports to shareholder expense ................................... 1,564 60,234 232,868
Trustees fees and related expenses (Note G) ...................... 437 47,084 104,059
Interest expense (Note H) ........................................ -- 2,089 423
Other expenses ................................................... 1,804 68,117 198,023
--------------- --------------- ---------------
Total expenses before waivers ................................... 188,235 10,355,604 20,830,020
--------------- --------------- ---------------
Less: Investment advisory fees waived (Note G) .................. (53,131) -- --
Less: Expenses reimbursed (Note G) .............................. (36,432) -- --
--------------- --------------- ---------------
Net expenses .................................................... 98,672 10,355,604 20,830,020
--------------- --------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... 299,645 1,386,366 10,567,448
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... 283,071 105,651,927 178,041,946
Net realized gain (loss) on foreign currency transactions ........ (3,169) -- --
Short-term capital gain distributions received ................... 479 -- --
Long-term capital gain distributions received .................... 2,308 -- --
Net change in unrealized appreciation (depreciation)
on investments .................................................. 1,092,658 (40,159,133) (542,285)
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency .......... (414) -- --
--------------- --------------- ---------------

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS .................. 1,374,933 65,492,794 177,499,661
--------------- --------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 1,674,578 $ 66,879,160 $ 188,067,109
=============== =============== ===============

_________________________________________________
(a) Distribution expense is incurred at the Class N level for all funds except
ABN AMRO Growth Fund and Montag & Caldwell Growth Fund. The distribution
expense for Class N and R of the ABN AMRO Growth Fund is $1,512,389 and
$8,376, respectively. The distribution expense for Class N and R of the
Montag & Caldwell Growth Fund is $2,243,361 and $3,948, respectively.

(b) ABN AMRO Mid Cap Growth Fund commenced operations on December 29, 2005.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 68

Aston Funds

- --------------------------------------------------------------------------------

TAMRO LARGE VALUE VEREDUS SELECT
CAP VALUE FUND FUND GROWTH FUND
--------------- --------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 364,979 $ 8,119,473 $ 259,219
Less: foreign taxes withheld ..................................... (1,063) (34,525) (2,008)
Interest ......................................................... -- -- 14,599
--------------- --------------- ---------------
Total investment income ......................................... 363,916 8,084,948 271,810
--------------- --------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 153,760 2,559,423 212,039
Distribution expenses(a) (Note G) ................................ 48,050 246,200 65,917
Transfer agent fees (Note G) ..................................... 32,386 43,853 49,875
Administration fees (Note G) ..................................... 24,574 178,334 27,860
Registration expenses ............................................ 12,207 -- 75,158
Custodian fees ................................................... 4,358 24,452 4,526
Audit and tax fees ............................................... 9,138 20,084 17,125
Legal fees ....................................................... 1,117 11,863 1,382
Reports to shareholder expense ................................... 2,606 35,040 5,380
Trustees fees and related expenses (Note G) ...................... 843 14,869 1,306
Interest expense (Note H) ........................................ 3,032 -- --
Other expenses ................................................... 5,027 28,426 1,516
--------------- --------------- ---------------
Total expenses before waivers ................................... 297,098 3,162,544 462,084
--------------- --------------- ---------------
Less: Investment advisory fees waived (Note G) .................. (63,426) (708,841) (117,947)
Less: Expenses reimbursed (Note G) .............................. -- -- --
--------------- --------------- ---------------
Net expenses .................................................... 233,672 2,453,703 344,137
--------------- --------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... 130,244 5,631,245 (72,327)
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... 2,227,972 14,234,705 (329,813)
Net realized gain (loss) on foreign currency transactions ........ -- -- --
Short-term capital gain distributions received ................... -- -- --
Long-term capital gain distributions received .................... -- -- --
Net change in unrealized appreciation (depreciation)
on investments ................................................ 34,338 37,592,341 2,284,821
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency .......... -- -- --
--------------- --------------- ---------------

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS .................. 2,262,310 51,827,046 1,955,008
--------------- --------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 2,392,554 $ 57,458,291 $ 1,882,681
=============== =============== ===============

OPTIMUM ABN AMRO
MID CAP MID CAP
FUND GROWTH FUND(b)
--------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 7,132,544 $ 4,936
Less: foreign taxes withheld ..................................... (44,374) (41)
Interest ......................................................... -- 492
--------------- ---------------
Total investment income ......................................... 7,088,170 5,387
--------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 4,870,333 7,251
Distribution expenses(a) (Note G) ................................ 1,455,693 2,266
Transfer agent fees (Note G) ..................................... 458,027 14,241
Administration fees (Note G) ..................................... 345,396 12,598
Registration expenses ............................................ 74,772 26,075
Custodian fees ................................................... 31,873 1,496
Audit and tax fees ............................................... 23,809 12,901
Legal fees ....................................................... 28,338 644
Reports to shareholder expense ................................... 68,488 318
Trustees fees and related expenses (Note G) ...................... 29,992 47
Interest expense (Note H) ........................................ 16,746 --
Other expenses ................................................... 41,555 1,829
--------------- ---------------
Total expenses before waivers ................................... 7,445,022 79,666
--------------- ---------------
Less: Investment advisory fees waived (Note G) .................. -- (7,251)
Less: Expenses reimbursed (Note G) .............................. -- (59,726)
--------------- ---------------
Net expenses .................................................... 7,445,022 12,689
--------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... (356,852) (7,302)
--------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... 45,528,194 4,529
Net realized gain (loss) on foreign currency transactions ........ -- --
Short-term capital gain distributions received ................... -- --
Long-term capital gain distributions received .................... -- --
Net change in unrealized appreciation (depreciation)
on investments ................................................ 80,422,895 4,584
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency .......... -- --
--------------- ---------------

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS .................. 125,951,089 9,113
--------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 125,594,237 $ 1,811
=============== ===============

RIVER ROAD
SMALL CAP VALUE TAMRO SMALL
FUND CAP FUND
--------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 850,472 $ 1,683,514
Less: foreign taxes withheld ..................................... (1,901) --
Interest ......................................................... 55,605 --
--------------- ---------------
Total investment income ......................................... 904,176 1,683,514
--------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 399,699 1,668,134
Distribution expenses(a) (Note G) ................................ 111,027 375,143
Transfer agent fees (Note G) ..................................... 48,836 218,313
Administration fees (Note G) ..................................... 38,910 108,629
Registration expenses ............................................ 84,738 76,809
Custodian fees ................................................... 20,551 8,720
Audit and tax fees ............................................... 51,115 18,609
Legal fees ....................................................... 11,785 1,064
Reports to shareholder expense ................................... 16,715 22,816
Trustees fees and related expenses (Note G) ...................... 3,299 8,858
Interest expense (Note H) ........................................ -- --
Other expenses ................................................... 5,680 13,591
--------------- ---------------
Total expenses before waivers ................................... 792,355 2,520,686
--------------- ---------------
Less: Investment advisory fees waived (Note G) .................. (157,761) (220,883)
Less: Expenses reimbursed (Note G) .............................. -- --
--------------- ---------------
Net expenses .................................................... 634,594 2,299,803
--------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... 269,582 (616,289)
--------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... 1,832,309 15,842,217
Net realized gain (loss) on foreign currency transactions ........ 833 --
Short-term capital gain distributions received ................... -- --
Long-term capital gain distributions received .................... -- --
Net change in unrealized appreciation (depreciation)
on investments ................................................ 10,022,179 26,581,227
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency .......... -- --
--------------- ---------------

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS .................. 11,855,321 42,423,444
--------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 12,124,903 $ 41,807,155
=============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 69

Aston Funds

FOR THE YEAR ENDED OCTOBER 31, 2006

STATEMENT OF OPERATIONS - CONTINUED

- --------------------------------------------------------------------------------

VEREDUS ABN AMRO
AGGRESSIVE REAL ESTATE VEREDUS
GROWTH FUND FUND SCITECH FUND
--------------- --------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 1,759,497 $ 3,366,427 $ 17,956
Less: foreign taxes withheld ..................................... -- (49,644) (471)
Interest ......................................................... -- -- 597
--------------- --------------- ---------------
Total investment income ......................................... 1,759,497 3,316,783 18,082
--------------- --------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 6,741,085 1,025,806 42,652
Distribution expenses (Note G) ................................... 1,265,937 153,246 10,663
Transfer agent fees (Note G) ..................................... 384,833 50,808 22,045
Administration fees (Note G) ..................................... 355,134 68,247 16,775
Registration expenses ............................................ 51,549 24,353 13,092
Custodian fees ................................................... 37,305 9,555 6,144
Audit and tax fees ............................................... 24,344 14,977 13,957
Legal fees ....................................................... 28,246 4,021 321
Reports to shareholder expense ................................... 75,159 29,495 1,450
Trustees fees and related expenses (Note G) ...................... 29,179 4,819 189
Interest expense (Note H) ........................................ 8,940 1,097 --
Other expenses ................................................... 50,239 10,282 3,655
--------------- --------------- ---------------
Total expenses before waivers ................................... 9,051,950 1,396,706 130,943
--------------- --------------- ---------------
Less: Investment advisory fees waived (Note G) .................. -- (94,064) (42,652)
Less: Expenses reimbursed (Note G) .............................. -- -- (20,047)
--------------- --------------- ---------------
Net expenses .................................................... 9,051,950 1,302,642 68,244
--------------- --------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... (7,292,453) 2,014,141 (50,162)
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... 105,379,858 24,131,386 567,029
Net realized loss on foreign currency transactions ............... -- (56,841) --
Net change in unrealized appreciation (depreciation)
on investments ................................................ (92,919,094) 7,994,698 (342,388)
Net change in unrealized depreciation on translation of assets and
liabilities denominated in foreign currency .................... -- (951) --
--------------- --------------- ---------------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 12,460,764 32,068,292 224,641
--------------- --------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 5,168,311 $ 34,082,433 $ 174,479
=============== =============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 70

Aston Funds

- --------------------------------------------------------------------------------

MONTAG
BALANCED & CALDWELL TCH FIXED
FUND BALANCED FUND INCOME FUND
--------------- --------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 754,429 $ 452,311 $ 180,391
Less: foreign taxes withheld ..................................... -- -- --
Interest ......................................................... 1,532,633 732,724 8,590,523
--------------- --------------- ---------------
Total investment income ......................................... 2,287,062 1,185,035 8,770,914
--------------- --------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 634,456 370,227 892,032
Distribution expenses (Note G) ................................... 226,591 91,641 272,720
Transfer agent fees (Note G) ..................................... 35,488 49,638 84,576
Administration fees (Note G) ..................................... 70,737 42,670 108,809
Registration expenses ............................................ 14,090 22,562 --
Custodian fees ................................................... 11,373 6,311 11,138
Audit and tax fees ............................................... 18,485 17,442 11,279
Legal fees ....................................................... 4,106 2,157 10,018
Reports to shareholder expense ................................... 4,313 5,242 5,845
Trustees fees and related expenses (Note G) ...................... 3,667 2,048 6,770
Interest expense (Note H) ........................................ 1,677 3,052 8,510
Other expenses ................................................... 13,078 10,440 18,064
--------------- --------------- ---------------
Total expenses before waivers ................................... 1,038,061 623,430 1,429,761
--------------- --------------- ---------------
Less: Investment advisory fees waived (Note G) .................. -- -- (353,812)
Less: Expenses reimbursed (Note G) .............................. -- -- --
--------------- --------------- ---------------
Net expenses .................................................... 1,038,061 623,430 1,075,949
--------------- --------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... 1,249,001 561,605 7,694,965
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... 20,027,943 3,853,595 (4,341,385)
Net realized loss on foreign currency transactions ............... -- -- --
Net change in unrealized appreciation (depreciation)
on investments ................................................ (14,612,832) (1,744,561) 3,074,653
Net change in unrealized depreciation on translation of assets and
liabilities denominated in foreign currency ..................... -- -- --
--------------- --------------- ---------------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 5,415,111 2,109,034 (1,266,732)
--------------- --------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 6,664,112 $ 2,670,639 $ 6,428,233
=============== =============== ===============

TCH
INVESTMENT ABN AMRO
GRADE HIGH YIELD
BOND FUND BOND FUND
--------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 42,789 $ 63,185
Less: foreign taxes withheld ..................................... -- --
Interest ......................................................... 1,450,755 1,532,004
--------------- ---------------
Total investment income ......................................... 1,493,544 1,595,189
--------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 160,058 94,924
Distribution expenses (Note G) ................................... 8,267 17,954
Transfer agent fees (Note G) ..................................... 39,346 39,639
Administration fees (Note G) ..................................... 40,173 38,375
Registration expenses ............................................ 12,186 23,801
Custodian fees ................................................... 4,694 3,774
Audit and tax fees ............................................... 17,265 17,132
Legal fees ....................................................... 1,252 796
Reports to shareholder expense ................................... 1,981 1,802
Trustees fees and related expenses (Note G) ...................... 1,414 958
Interest expense (Note H) ........................................ 330 --
Other expenses ................................................... 4,334 3,398
--------------- ---------------
Total expenses before waivers ................................... 291,300 242,553
--------------- ---------------
Less: Investment advisory fees waived (Note G) .................. (77,828) (94,924)
Less: Expenses reimbursed (Note G) .............................. -- (13,657)
--------------- ---------------
Net expenses .................................................... 213,472 133,972
--------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... 1,280,072 1,461,217
--------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... (263,296) (101,894)
Net realized loss on foreign currency transactions ............... -- --
Net change in unrealized appreciation (depreciation)
on investments ................................................ 337,978 31,808
Net change in unrealized depreciation on translation of assets and
liabilities denominated in foreign currency ..................... -- --
--------------- ---------------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 74,682 (70,086)
--------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 1,354,754 $ 1,391,131
=============== ===============

McDONNELL ABN AMRO
MUNICIPAL INVESTOR MONEY
BOND FUND MARKET FUND
--------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 70,339 $ 27,782
Less: foreign taxes withheld ..................................... -- --
Interest ......................................................... 2,509,848 4,769,028
--------------- ---------------
Total investment income ......................................... 2,580,187 4,796,810
--------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ................................ 382,920 399,969
Distribution expenses (Note G) ................................... 118,972 --
Transfer agent fees (Note G) ..................................... 57,828 50,816
Administration fees (Note G) ..................................... 52,474 63,421
Registration expenses ............................................ 11,087 26,604
Custodian fees ................................................... 3,623 12,974
Audit and tax fees ............................................... 11,623 18,055
Legal fees ....................................................... 3,200 4,316
Reports to shareholder expense ................................... 11,103 7,355
Trustees fees and related expenses (Note G) ...................... 2,621 4,309
Interest expense (Note H) ........................................ 3,643 --
Other expenses ................................................... 6,991 25,316
--------------- ---------------
Total expenses before waivers ................................... 666,085 613,135
--------------- ---------------
Less: Investment advisory fees waived (Note G) .................. (343,342) --
Less: Expenses reimbursed (Note G) .............................. -- --
--------------- ---------------
Net expenses .................................................... 322,743 613,135
--------------- ---------------

NET INVESTMENT INCOME (LOSS) .......................................... 2,257,444 4,183,675
--------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... (120,153) --
Net realized loss on foreign currency transactions ............... -- --
Net change in unrealized appreciation (depreciation)
on investments ................................................ 364,364 --
Net change in unrealized depreciation on translation of assets and
liabilities denominated in foreign currency ..................... -- --
--------------- ---------------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 244,211 --
--------------- ---------------

NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 2,501,655 $ 4,183,675
=============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 71

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS

- --------------------------------------------------------------------------------

RIVER ROAD ABN AMRO
DYNAMIC EQUITY INCOME FUND GROWTH FUND
--------------------------------- ----------------------------------
YEAR ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005(a) 2006 2005
--------------- --------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ...................... $ 5,325,624 $ -- $ 1,338,862,792 $ 1,321,365,915
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. 299,645 68,595 1,386,366 4,140,160
Net realized gain (loss) on investments sold and
foreign currency transactions ................... 279,902 (69,330) 105,651,927 80,212,499
Short-term capital gain distributions received ..... 479 -- -- --
Long-term capital gain distributions received ...... 2,308 -- -- --
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency ..... 1,092,244 (33,415) (40,159,133) (22,661,147)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets from
operations ................................... 1,674,578 (34,150) 66,879,160 61,691,512
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (282,923) (63,252) -- (2,308,505)
Class I ......................................... -- -- (1,514,894) (1,409,891)
Class C ......................................... -- -- -- (183)
Class R ......................................... -- -- -- (1,077)
Net realized gain on investments:
Class N ......................................... -- -- (39,262,754) --
Class I ......................................... -- -- (20,962,724) --
Class R ......................................... -- -- (55,562) --
--------------- --------------- --------------- ---------------
Total distributions .......................... (282,923) (63,252) (61,795,934) (3,719,656)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 16,540,433 5,421,878 91,562,732 248,092,784
Class I ......................................... -- -- 71,772,049 206,611,083
Class C ......................................... -- -- -- 50,291
Class R ......................................... -- -- 1,159,338 808,031
Proceeds from reinvestment of distributions:
Class N ......................................... 118,813 2,211 35,934,679 2,045,913
Class I ......................................... -- -- 21,578,017 629,526
Class C ......................................... -- -- -- 70
Class R ......................................... -- -- 35,886 1,077
Cost of shares redeemed:
Class N ......................................... (7,477,196) (1,063) (570,368,704) (362,811,752)
Class I ......................................... -- -- (86,459,794) (98,222,006)
Class C ......................................... -- -- -- (59,536)
Class R ......................................... -- -- (631,911) (287,584)
Exchange(b):
Class N ......................................... -- -- -- 382,116
Class C ......................................... -- -- -- (382,116)
Redemption in kind (Note D)
Class I ......................................... -- -- -- (37,332,876)
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. 9,182,050 5,423,026 (435,417,708) (40,474,979)
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ...... 10,573,705 5,325,624 (430,334,482) 17,496,877
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 15,899,329 $ 5,325,624 $ 908,528,310 $ 1,338,862,792
=============== =============== =============== ===============
(A) Undistributed (distributions in excess of)
net investment income ....................... $ 10,547 $ 2,469 $ 291,976 $ 420,504
=============== =============== =============== ===============

_________________________________________________
(a) River Road Dynamic Equity Income Fund commenced investment operations on
June 28, 2005.

(b) ABN AMRO Growth Fund, Class C Shares were closed on October 28, 2005.
Existing shareholders were exchanged into Class N Shares.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 72

Aston Funds

- --------------------------------------------------------------------------------

MONTAG & CALDWELL TAMRO LARGE CAP
GROWTH FUND VALUE FUND
--------------------------------- ----------------------------------

YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ...................... $ 2,720,779,560 $ 3,203,905,297 $ 21,589,988 $ 17,574,310
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. 10,567,448 11,565,400 130,244 147,230
Net realized gain (loss) on investments sold and
foreign currency transactions ................... 178,041,946 177,267,227 2,227,972 594,022
Short-term capital gain distributions received ..... -- -- -- --
Long-term capital gain distributions received ...... -- -- -- --
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency ..... (542,285) 74,822,384 34,338 1,136,697
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets from
operations ................................... 188,067,109 263,655,011 2,392,554 1,877,949
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (2,679,882) (2,564,626) (152,087) (140,652)
Class I ......................................... (9,512,208) (9,657,940) -- --
Class C ......................................... -- -- -- --
Class R ......................................... -- (510) -- --
Net realized gain on investments:
Class N ......................................... -- -- -- --
Class I ......................................... -- -- -- --
Class R ......................................... -- -- -- --
--------------- --------------- --------------- ---------------
Total distributions .......................... (12,192,090) (12,223,076) (152,087) (140,652)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 203,108,173 303,643,076 2,270,591 8,202,714
Class I ......................................... 215,927,315 543,642,784 -- --
Class C ......................................... -- -- -- --
Class R ......................................... 259,091 245,347 -- --
Proceeds from reinvestment of distributions:
Class N ......................................... 2,534,223 2,347,634 145,318 135,803
Class I ......................................... 8,084,120 8,337,953 -- --
Class C ......................................... -- -- -- --
Class R ......................................... -- 510 -- --
Cost of shares redeemed:
Class N ......................................... (418,992,691) (418,567,772) (10,382,695) (6,060,136)
Class I ......................................... (813,779,519) (1,174,159,740) -- --
Class C ......................................... -- -- -- --
Class R ......................................... (319,368) (47,464) -- --
Exchange(b):
Class N ......................................... -- -- -- --
Class C ......................................... -- -- -- --
Redemption in kind (Note D)
Class I ......................................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. (803,178,656) (734,557,672) (7,966,786) 2,278,381
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ...... (627,303,637) (483,125,737) (5,726,319) 4,015,678
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 2,093,475,923 $ 2,720,779,560 $ 15,863,669 $ 21,589,988
=============== =============== =============== ===============
(A) Undistributed (distributions in excess of)
net investment income ....................... $ 598,903 $ 2,223,545 $ -- $ 13,184
=============== =============== =============== ===============

VALUE FUND
---------------------------------

YEARS ENDED OCTOBER 31,
2006 2005
--------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ..................................... $ 288,285,791 $ 229,978,703
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................................. 5,631,245 3,581,945
Net realized gain (loss) on investments sold and
foreign currency transactions .................................. 14,234,705 13,973,169
Short-term capital gain distributions received .................... -- --
Long-term capital gain distributions received ..................... -- --
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency .................... 37,592,341 10,155,144
--------------- ---------------
Net increase (decrease) in net assets from
operations .................................................. 57,458,291 27,710,258
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................................ (1,514,453) (3,689,930)
Class I ........................................................ (3,940,727) --
Class C ........................................................ -- --
Class R ........................................................ -- --
Net realized gain on investments:
Class N ........................................................ (1,521,026) --
Class I ........................................................ (3,052,213) --
Class R ........................................................ -- --
--------------- ---------------
Total distributions ......................................... (10,028,419) (3,689,930)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................................ 20,283,165 47,190,740
Class I ........................................................ 15,805,707 195,878,603
Class C ........................................................ -- --
Class R ........................................................ -- --
Proceeds from reinvestment of distributions:
Class N ........................................................ 2,925,329 1,172,234
Class I ........................................................ 6,992,944 --
Class C ........................................................ -- --
Class R ........................................................ -- --
Cost of shares redeemed:
Class N ........................................................ (29,592,732) (209,949,823)
Class I ........................................................ (644,120) (4,994)
Class C ........................................................ -- --
Class R ........................................................ -- --
Exchange(b):
Class N ........................................................ -- --
Class C ........................................................ -- --
Redemption in kind (Note D)
Class I ........................................................ -- --
--------------- ---------------
Net increase (decrease) from capital share
transactions ............................................ 15,770,293 34,286,760
--------------- ---------------
Total increase (decrease) in net assets ..................... 63,200,165 58,307,088
--------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........................ $ 351,485,956 $ 288,285,791
=============== ===============
(A) Undistributed (distributions in excess of)
net investment income ...................................... $ 328,210 $ 152,145
=============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 73

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

- --------------------------------------------------------------------------------

VEREDUS OPTIMUM
SELECT GROWTH FUND MID CAP FUND
--------------------------------- ----------------------------------

YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ...................... $ 13,269,721 $ 2,684,264 $ 621,888,361 $ 411,527,018
--------------- --------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ....................... (72,327) (26,501) (356,852) (304,151)
Net realized gain (loss) on investments sold and
foreign currency transactions ................... (329,813) 190,635 45,528,194 24,358,460
Net change in unrealized appreciation (depreciation)
on investments .................................. 2,284,821 232,102 80,422,895 (9,525,864)
--------------- --------------- --------------- ---------------
Net increase in net assets from operations ...... 1,882,681 396,236 125,594,237 14,528,445
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Class N ......................................... (19,255) -- (21,122,968) (13,057,183)
Class I ......................................... -- -- (2,864,757) (1,058,303)
--------------- --------------- --------------- ---------------
Total distributions .......................... (19,255) -- (23,987,725) (14,115,486)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 28,781,808 11,127,013 166,051,832 357,423,460
Class I ......................................... 939,529 -- 22,697,159 52,118,826
Proceeds from reinvestment of distributions:
Class N ......................................... 17,181 -- 19,241,505 11,601,527
Class I ......................................... -- -- 2,546,016 1,002,043
Cost of shares redeemed:
Class N ......................................... (9,158,852) (937,792) (245,424,318) (206,802,113)
Class I ......................................... (10,369) -- (29,046,295) (5,395,359)
Subscription in kind(c):
Class N ......................................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. 20,569,297 10,189,221 (63,934,101) 209,948,384
--------------- --------------- --------------- ---------------
Total increase in net assets ................. 22,432,723 10,585,457 37,672,411 210,361,343
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 35,702,444 $ 13,269,721 $ 659,560,772 $ 621,888,361
=============== =============== =============== ===============
(A) Undistributed net investment income ......... $ -- $ -- $ -- $ --
=============== =============== =============== ===============

_________________________________________________
(a) ABN AMRO Mid Cap Growth Fund commenced investment operations on December
29, 2005.

(b) River Road Small Cap Value Fund commenced investment operations on June
28, 2005.

(c) River Road Small Cap Value Fund had a subscription in kind on September
29, 2005, which resulted in a purchase of $398,297.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 74

Aston Funds

- --------------------------------------------------------------------------------

ABN AMRO RIVER ROAD
MID CAP SMALL CAP VALUE
GROWTH FUND FUND
--------------- ---------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31,
2006(a) 2006 2005(b)
--------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ..................................... $ -- $ 6,299,392 $ --
--------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ...................................... (7,302) 269,582 (868)
Net realized gain (loss) on investments sold and
foreign currency transactions .................................. 4,529 1,833,142 (55,461)
Net change in unrealized appreciation (depreciation)
on investments ................................................. 4,584 10,022,179 96,329
--------------- --------------- ---------------
Net increase in net assets from operations ..................... 1,811 12,124,903 40,000
--------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Class N ........................................................ -- -- --
Class I ........................................................ -- -- --
--------------- --------------- ---------------
Total distributions ......................................... -- -- --
--------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................................ 1,144,609 167,436,095 5,845,575
Class I ........................................................ -- -- --
Proceeds from reinvestment of distributions:
Class N ........................................................ -- -- --
Class I ........................................................ -- -- --
Cost of shares redeemed:
Class N ........................................................ (7,029) (18,422,661) --
Class I ........................................................ -- -- --
Subscription in kind(c):
Class N ........................................................ -- -- 413,817
--------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................................ 1,137,580 149,013,434 6,259,392
--------------- --------------- ---------------
Total increase in net assets ................................ 1,139,391 161,138,337 6,299,392
--------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........................ $ 1,139,391 $ 167,437,729 $ 6,299,392
=============== =============== ===============
(A) Undistributed net investment income ........................ $ -- $ 246,479 $ --
=============== =============== ===============

TAMRO SMALL
CAP FUND
---------------------------------

YEARS ENDED OCTOBER 31,
2006 2005
--------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ..................................... $ 160,381,859 $ 112,808,893
--------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ...................................... (616,289) (722,791)
Net realized gain (loss) on investments sold and
foreign currency transactions .................................. 15,842,217 (1,281,615)
Net change in unrealized appreciation (depreciation)
on investments ................................................. 26,581,227 13,990,543
--------------- ---------------
Net increase in net assets from operations ..................... 41,807,155 11,986,137
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Class N ........................................................ -- (8,091,079)
Class I ........................................................ -- --
--------------- ---------------
Total distributions ......................................... -- (8,091,079)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................................ 97,057,060 103,814,645
Class I ........................................................ 55,954,648 12,436,119
Proceeds from reinvestment of distributions:
Class N ........................................................ -- 7,134,775
Class I ........................................................ -- --
Cost of shares redeemed:
Class N ........................................................ (96,407,979) (78,465,170)
Class I ........................................................ (12,348,762) (1,242,461)
Subscription in kind(c):
Class N ........................................................ -- --
--------------- ---------------
Net increase (decrease) from capital share
transactions ............................................ 44,254,967 43,677,908
--------------- ---------------
Total increase in net assets ................................ 86,062,122 47,572,966
--------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........................ $ 246,443,981 $ 160,381,859
=============== ===============
(A) Undistributed net investment income ........................ $ 252,356 $ 69,020
=============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 75

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

- --------------------------------------------------------------------------------

VEREDUS AGGRESSIVE ABN AMRO
GROWTH FUND REAL ESTATE FUND
--------------------------------- ----------------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ...................... $ 705,738,099 $ 639,344,192 $ 87,561,637 $ 72,451,173
--------------- --------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .................... (7,292,453) (7,051,595) 2,014,141 2,530,019
Net realized gain (loss) on investments sold and
foreign currency transactions ................... 105,379,858 53,535,623 24,074,545 8,683,521
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities denominated in foreign
currency ........................................ (92,919,094) 30,957,106 7,993,747 2,262,706
--------------- --------------- --------------- ---------------
Net increase in net assets from operations ...... 5,168,311 77,441,134 34,082,433 13,476,246
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... -- -- (449,156) (1,364,324)
Class I ......................................... -- -- (370,550) --
Net realized gain on investments:
Class N ......................................... -- -- (6,115,413) (3,196,087)
Class I ......................................... -- -- (3,722,701) --
--------------- --------------- --------------- ---------------
Total distributions .......................... -- -- (10,657,820) (4,560,411)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 101,761,208 168,946,773 20,175,988 23,204,234
Class I ......................................... 49,584,463 64,228,670 4,511,196 33,547,178
Proceeds from reinvestment of distributions:
Class N ......................................... -- -- 6,469,845 2,424,164
Class I ......................................... -- -- 4,093,252 --
Cost of shares redeemed:
Class N ......................................... (289,738,756) (206,649,366) (22,800,811) (52,980,947)
Class I ......................................... (54,703,306) (37,573,304) (4,904,339) --
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. (193,096,391) (11,047,227) 7,545,131 6,194,629
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ...... (187,928,080) 66,393,907 30,969,744 15,110,464
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 517,810,019 $ 705,738,099 $ 118,531,381 $ 87,561,637
=============== =============== =============== ===============
(A) Undistributed (distributions in excess of) net
investment income .............................. $ -- $ -- $ 719 $ 147,473
=============== =============== =============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 76

Aston Funds

- --------------------------------------------------------------------------------

VEREDUS
SCITECH FUND BALANCED FUND
--------------------------------- ----------------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------

--------------- --------------- --------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 4,553,922 $ 7,135,353 $ 173,051,478 $ 230,243,793
--------------- --------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .................... (50,162) (70,987) 1,249,001 3,208,090
Net realized gain (loss) on investments sold and
foreign currency transactions ................... 567,029 (8,319) 20,027,943 10,810,253
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities denominated in foreign
currency ........................................ (342,388) 370,808 (14,612,832) (7,335,296)
--------------- --------------- --------------- ---------------
Net increase in net assets from operations ...... 174,479 291,502 6,664,112 6,683,047
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... -- -- (1,538,340) (3,673,528)
Class I ......................................... -- -- -- --
Net realized gain on investments:
Class N ......................................... -- -- (8,738,671) (13,121,235)
Class I ......................................... -- -- -- --
--------------- --------------- --------------- ---------------
Total distributions .......................... -- -- (10,277,011) (16,794,763)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 1,376,033 1,207,716 9,368,744 90,324,274
Class I ......................................... -- -- -- --
Proceeds from reinvestment of distributions:
Class N ......................................... -- -- 10,204,888 16,683,541
Class I ......................................... -- -- -- --
Cost of shares redeemed:
Class N ......................................... (2,695,431) (4,080,649) (128,180,977) (154,088,414)
Class I ......................................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. (1,319,398) (2,872,933) (108,607,345) (47,080,599)
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ...... (1,144,919) (2,581,431) (112,220,244) (57,192,315)
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 3,409,003 $ 4,553,922 $ 60,831,234 $ 173,051,478
=============== =============== =============== ===============
(A) Undistributed (distributions in excess of) net
investment income .............................. $ -- $ -- $ (2,930) $ 21,893
=============== =============== =============== ===============

MONTAQ & CALDWELL
BALANCED FUND
---------------------------------
YEARS ENDED OCTOBER 31,
2006 2005
--------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ..................................... $ 68,367,989 $ 173,871,189
--------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................................... 561,605 1,393,206
Net realized gain (loss) on investments sold and
foreign currency transactions .................................. 3,853,595 13,797,988
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities denominated in foreign
currency ....................................................... (1,744,561) (7,319,286)
--------------- ---------------
Net increase in net assets from operations ..................... 2,670,639 7,871,908
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................................ (577,358) (1,155,632)
Class I ........................................................ (213,087) (863,414)
Net realized gain on investments:
Class N ........................................................ -- --
Class I ........................................................ -- --
--------------- ---------------
Total distributions ......................................... (790,445) (2,019,046)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................................ 4,133,925 12,169,742
Class I ........................................................ 4,281,107 7,002,823
Proceeds from reinvestment of distributions:
Class N ........................................................ 569,934 1,146,598
Class I ........................................................ 211,177 860,546
Cost of shares redeemed:
Class N ........................................................ (31,394,495) (62,720,946)
Class I ........................................................ (17,054,325) (69,814,825)
--------------- ---------------
Net increase (decrease) from capital share
transactions ............................................ (39,252,677) (111,356,062)
--------------- ---------------
Total increase (decrease) in net assets ..................... (37,372,483) (105,503,200)
--------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........................ $ 30,995,506 $ 68,367,989
=============== ===============
(A) Undistributed (distributions in excess of) net
investment income ............................................. $ (426,703) $ (513,868)
=============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 77

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

- --------------------------------------------------------------------------------

TCH FIXED TCH INVESTMENT GRADE
INCOME FUND BOND FUND
--------------------------------- ----------------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ...................... $ 211,682,793 $ 432,790,869 $ 36,037,644 $ 42,552,988
--------------- --------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................... 7,694,965 11,550,715 1,280,072 1,431,608
Net realized gain (loss) on investments sold .... (4,341,385) 2,899,029 (263,296) (208,399)
Net change in unrealized appreciation
(depreciation) on investments ................... 3,074,653 (11,976,484) 337,978 (1,054,474)
--------------- --------------- --------------- ---------------
Net increase in net assets from operations ...... 6,428,233 2,473,260 1,354,754 168,735
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (5,401,290) (7,284,037) (136,274) (108,513)
Class I ......................................... (2,746,221) (5,698,667) (1,256,892) (1,524,472)
Net realized gain on investments:
Class N ......................................... -- -- -- --
Class I ......................................... -- -- -- --
--------------- --------------- --------------- ---------------
Total distributions .......................... (8,147,511) (12,982,704) (1,393,166) (1,632,985)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 21,350,197 42,800,933 366,097 2,451,749
Class I ......................................... 4,515,699 12,855,619 547,229 1,508,268
Proceeds from reinvestment of distributions:
Class N ......................................... 5,089,856 6,979,046 134,947 108,447
Class I ......................................... 1,342,093 2,235,381 522,598 601,334
Cost of shares redeemed:
Class N ......................................... (86,900,664) (58,420,840) (1,231,833) (376,015)
Class I ......................................... (35,116,819) (217,048,771) (7,351,347) (9,344,877)
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. (89,719,638) (210,598,632) (7,012,309) (5,051,094)
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ...... (91,438,916) (221,108,076) (7,050,721) (6,515,344)
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 120,243,877 $ 211,682,793 $ 28,986,923 $ 36,037,644
=============== =============== =============== ===============
(A) Undistributed (distributions in excess of) net
investment income .............................. $ (657,646) $ (1,113,695) $ (222,744) $ (201,411)
=============== =============== =============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 78

Aston Funds

- --------------------------------------------------------------------------------

ABN AMRO MCDONNELL
HIGH YIELD BOND FUND MUNICIPAL BOND FUND
--------------------------------- ----------------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ...................... $ 21,110,797 $ 21,512,272 $ 69,070,240 $ 61,072,678
--------------- --------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................... 1,461,217 1,416,331 2,257,444 2,155,893
Net realized gain (loss) on investments sold .... (101,894) 62,621 (120,153) 152,063
Net change in unrealized appreciation
(depreciation) on investments ................... 31,808 (840,493) 364,364 (1,950,796)
--------------- --------------- --------------- ---------------
Net increase in net assets from operations ...... 1,391,131 638,459 2,501,655 357,160
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (516,652) (790,937) (2,257,444) (2,155,893)
Class I ......................................... (1,043,185) (761,567) -- --
Net realized gain on investments:
Class N ......................................... -- (58,531) (152,759) (182,140)
Class I ......................................... -- (55,835) -- --
--------------- --------------- --------------- ---------------
Total distributions .......................... (1,559,837) (1,666,870) (2,410,203) (2,338,033)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 642,379 945,867 16,159,465 23,890,707
Class I ......................................... 6,008,851 53,321 -- --
Proceeds from reinvestment of distributions:
Class N ......................................... 63,740 62,645 1,494,092 1,394,146
Class I ......................................... 7,623 7,880 -- --
Cost of shares redeemed:
Class N ......................................... (6,412,161) (391,345) (48,220,095) (15,306,418)
Class I ......................................... (55,442) (51,432) -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions ............................. 254,990 626,936 (30,566,538) 9,978,435
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ...... 86,284 (401,475) (30,475,086) 7,997,562
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 21,197,081 $ 21,110,797 $ 38,595,154 $ 69,070,240
=============== =============== =============== ===============
(A) Undistributed (distributions in excess of) net
investment income .............................. $ (153,279) $ (146,053) $ -- $ --
=============== =============== =============== ===============

ABN AMRO INVESTOR
MONEY MARKET FUND
---------------------------------
YEARS ENDED OCTOBER 31,
2006 2005
--------------- ---------------

NET ASSETS AT BEGINNING OF PERIOD ..................................... $ 117,038,683 $ 219,890,520
--------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income .......................................... 4,183,675 3,458,570
Net realized gain (loss) on investments sold ................... -- 324
Net change in unrealized appreciation
(depreciation) on investments .................................. -- --
--------------- ---------------
Net increase in net assets from operations ..................... 4,183,675 3,458,894
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................................ (4,183,675) (3,458,570)
Class I ........................................................ -- --
Net realized gain on investments:
Class N ........................................................ (324) --
Class I ........................................................ -- --
--------------- ---------------
Total distributions ......................................... (4,183,999) (3,458,570)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................................ 294,006,932 536,100,236
Class I ........................................................ -- --
Proceeds from reinvestment of distributions:
Class N ........................................................ 1,951,658 805,231
Class I ........................................................ -- --
Cost of shares redeemed:
Class N ........................................................ (328,219,408) (639,757,628)
Class I ........................................................ -- --
--------------- ---------------
Net increase (decrease) from capital share
transactions ............................................ (32,260,818) (102,852,161)
--------------- ---------------
Total increase (decrease) in net assets ..................... (32,261,142) (102,851,837)
--------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........................ $ 84,777,541 $ 117,038,683
=============== ===============
(A) Undistributed (distributions in excess of) net
investment income ............................................. $ -- $ --
=============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 79

Aston Funds

RIVER ROAD DYNAMIC EQUITY INCOME FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR PERIOD
ENDED ENDED
10/31/06 10/31/05(a)
-------------- ---------------

Net Asset Value, Beginning of Period ............................................... $ 9.91 $ 10.00
-------------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................ 0.42 0.13
Short-term capital gains distributions received .............................. --(b) --
Net realized and unrealized gain (loss) on investments ....................... 1.89 (0.10)
-------------- ---------------
Total from investment operations .......................................... 2.31 0.03
-------------- ---------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .................... (0.41) (0.12)
-------------- ---------------
Total distributions ....................................................... (0.41) (0.12)
-------------- ---------------
Net increase (decrease) in net asset value ......................................... 1.90 (0.09)
-------------- ---------------
Net Asset Value, End of Period ..................................................... $ 11.81 $ 9.91
============== ===============
TOTAL RETURN ....................................................................... 23.71% 0.30%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 15,899 $ 5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 2.48% 2.71%
After reimbursement and/or waiver of expenses by Adviser ..................... 1.30% 1.30%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 2.77% 2.65%
After reimbursement and/or waiver of expenses by Adviser ..................... 3.95% 4.06%
Portfolio Turnover .............................................................. 45.50% 14.37%(c)

_________________________________________________
(a) River Road Dynamic Equity Income Fund commenced investment operations on
June 28, 2005.

(b) Represents less than $0.005 per share.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 80

Aston Funds

ABN AMRO GROWTH FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 22.66 $ 21.76 $ 21.14 $ 18.55 $ 20.38
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... --(a) 0.05(b) (0.05)(b) (0.02) (0.04)
Net realized and unrealized gain (loss)
on investments ..................... 1.25 0.90(b) 0.67(b) 2.61 (1.74)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.25 0.95 0.62 2.59 (1.78)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... -- (0.05) -- -- --(a)
Distributions from net realized
gain on investments ................ (1.09) -- -- -- (0.05)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (1.09) (0.05) -- -- (0.05)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.16 0.90 0.62 2.59 (1.83)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 22.82 $ 22.66 $ 21.76 $ 21.14 $ 18.55
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 5.55% 4.38% 2.93% 13.96% (8.76)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 446,884 $ 888,248 $ 962,036 $ 878,724 $ 609,049
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(c) 1.10% 1.09% 1.11% 1.10%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.10%(c) 1.10% 1.09% 1.11% 1.10%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.01% 0.21% (0.22)% (0.11)% (0.20)%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.01% 0.21% (0.22)% (0.11)% (0.20)%
Portfolio Turnover .................... 29.07% 31.30%(d) 18.59% 7.66% 7.52%

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

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

(c) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 81

Aston Funds

ABN AMRO GROWTH FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 22.97 $ 22.02 $ 21.33 $ 18.67 $ 20.45
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.07 0.11(a) 0.01(a) 0.03 (0.03)
Net realized and unrealized gain (loss)
on investments ..................... 1.27 0.92(a) 0.68(a) 2.63 (1.70)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.34 1.03 0.69 2.66 (1.73)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.08) (0.08) -- -- --
Distributions from net realized gain
on investments ..................... (1.09) -- -- -- (0.05)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (1.17) (0.08) -- -- (0.05)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.17 0.95 0.69 2.66 (1.78)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 23.14 $ 22.97 $ 22.02 $ 21.33 $ 18.67
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 5.87% 4.69% 3.23% 14.25% (8.51)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 459,965 $ 449,492 $ 358,377 $ 272,497 $ 149,741
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.81%(b) 0.82% 0.82% 0.83% 0.83%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.81%(b) 0.82% 0.82% 0.83% 0.83%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.30% 0.49% 0.05% 0.17% 0.07%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.30% 0.49% 0.05% 0.17% 0.07%
Portfolio Turnover .................... 29.07% 31.30%(c) 18.59% 7.66% 7.52%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 82

Aston Funds

ABN AMRO GROWTH FUND - CLASS R OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03(a)
--------- --------- --------- -----------

Net Asset Value, Beginning of Period ............................ $ 22.53 $ 21.66 $ 21.09 $ 18.07
--------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............................. (0.04) --(b)(c) (0.10)(b) (0.03)
Net realized and unrealized gain on investments ........... 1.24 0.90(b) 0.67(b) 3.05
--------- --------- --------- -----------
Total from investment operations ....................... 1.20 0.90 0.57 3.02
--------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income . -- (0.03) -- --
Distributions from net realized gain on investments ....... (1.09) -- -- --
--------- --------- --------- -----------
Total distributions .................................... (1.09) (0.03) -- --
--------- --------- --------- -----------
Net increase in net asset value ................................. 0.11 0.87 0.57 3.02
--------- --------- --------- -----------
Net Asset Value, End of Period .................................. $ 22.64 $ 22.53 $ 21.66 $ 21.09
========= ========= ========= ===========
TOTAL RETURN .................................................... 5.35% 4.16% 2.70% 16.71%(d)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......................... $ 1,679 $ 1,122 $ 573 $ 117
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 1.31%(e) 1.31% 1.31% 1.35%
After reimbursement and/or waiver of expenses by Adviser .. 1.31%(e) 1.31% 1.31% 1.35%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . (0.20)% 0.00% (0.44)% (0.16)%
After reimbursement and/or waiver of expenses by Adviser .. (0.20)% 0.00% (0.44)% (0.16)%
Portfolio Turnover ........................................... 29.07% 31.30%(f) 18.59% 7.66%

_________________________________________________
(a) ABN AMRO Growth Fund - Class R commenced investment operations on December
31, 2002.

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

(d) Not Annualized.

(e) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 83

Aston Funds

MONTAG & CALDWELL GROWTH FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 23.35 $ 21.53 $ 20.74 $ 19.03 $ 22.43
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.07(a) 0.05(a) 0.04(a) 0.06(a) 0.05
Net realized and unrealized gain (loss)
on investments ..................... 1.80(a) 1.83(a) 0.77(a) 1.65(a) (3.45)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.87 1.88 0.81 1.71 (3.40)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.07) (0.06) (0.02) -- --
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.07) (0.06) (0.02) -- --
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 1.80 1.82 0.79 1.71 (3.40)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 25.15 $ 23.35 $ 21.53 $ 20.74 $ 19.03
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 8.02% 8.72% 3.89% 8.99% (15.16)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 846,100 $ 992,229 $1,018,935 $ 967,300 $ 714,043
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.06%(b) 1.03% 1.02% 1.06% 1.06%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.06%(b) 1.03% 1.02% 1.06% 1.06%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.28% 0.20% 0.20% 0.29% 0.23%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.28% 0.20% 0.20% 0.29% 0.23%
Portfolio Turnover .................... 68.74% 52.16% 52.86% 38.76% 38.23%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 84

Aston Funds

MONTAG & CALDWELL GROWTH FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 23.44 $ 21.61 $ 20.84 $ 19.22 $ 22.74
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.13(a) 0.11(a) 0.10(a) 0.12(a) 0.11
Net realized and unrealized gain (loss)
on investments ..................... 1.82(a) 1.83(a) 0.77(a) 1.66(a) (3.48)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.95 1.94 0.87 1.78 (3.37)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.15) (0.11) (0.10) (0.16) (0.15)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.15) (0.11) (0.10) (0.16) (0.15)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 1.80 1.83 0.77 1.62 (3.52)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 25.24 $ 23.44 $ 21.61 $ 20.84 $ 19.22
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 8.36% 8.99% 4.19% 9.35% (14.91)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $1,246,683 $1,727,848 $2,184,511 $2,151,687 $1,325,116
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.78%(b) 0.75% 0.74% 0.77% 0.77%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.78%(b) 0.75% 0.74% 0.77% 0.77%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.56% 0.48% 0.48% 0.58% 0.52%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.56% 0.48% 0.48% 0.58% 0.52%
Portfolio Turnover .................... 68.74% 52.16% 52.86% 38.76% 38.23%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 85

Aston Funds

MONTAG & CALDWELL GROWTH FUND - CLASS R OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03(a)
--------- --------- --------- -----------

Net Asset Value, Beginning of Period ............................ $ 23.23 $ 21.43 $ 20.69 $ 18.59
--------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............................. 0.01(b) (0.01)(b) (0.01)(b) 0.05(b)

Net realized and unrealized gain on investments ........... 1.80(b) 1.83(b) 0.77(b) 2.05(b)
--------- --------- --------- -----------
Total from investment operations ....................... 1.81 1.82 0.76 2.10
--------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income . -- (0.02) (0.02) --
--------- --------- --------- -----------
Total distributions .................................... -- (0.02) (0.02) --
--------- --------- --------- -----------
Net increase in net asset value ................................. 1.81 1.80 0.74 2.10
--------- --------- --------- -----------
Net Asset Value, End of Period .................................. $ 25.04 $ 23.23 $ 21.43 $ 20.69
========= ========= ========= ===========
TOTAL RETURN .................................................... 7.79% 8.50% 3.65% 11.30%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......................... $ 693 $ 703 $ 459 $ 111
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 1.28%(d) 1.25% 1.24% 1.30%
After reimbursement and/or waiver of expenses by Adviser .. 1.28%(d) 1.25% 1.24% 1.30%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 0.06% (0.02)% (0.02)% 0.32%
After reimbursement and/or waiver of expenses by Adviser .. 0.06% (0.02)% (0.02)% 0.32%
Portfolio Turnover ........................................... 68.74% 52.16% 52.86% 38.76%

_________________________________________________
(a) Montag & Caldwell Growth Fund - Class R commenced investment operations on
December 31, 2002.

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

(d) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 86

Aston Funds

TAMRO LARGE CAP VALUE FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 12.40 $ 11.35 $ 10.27 $ 8.47 $ 9.68
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.09 0.08 0.07 0.09 0.06
Net realized and unrealized gain (loss)
on investments ..................... 1.53 1.05 1.08 1.81 (1.22)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.62 1.13 1.15 1.90 (1.16)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.11) (0.08) (0.07) (0.10) (0.05)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.11) (0.08) (0.07) (0.10) (0.05)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 1.51 1.05 1.08 1.80 (1.21)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 13.91 $ 12.40 $ 11.35 $ 10.27 $ 8.47
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 13.10% 9.98% 11.17% 22.68% (12.01)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 15,864 $ 21,590 $ 17,574 $ 8,887 $ 9,632
Ratios of expenses to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser ...... 1.54%(a) 1.54% 1.76% 1.92% 1.79%
After reimbursement and/or
waiver of expenses by Adviser ...... 1.22%(a) 1.20% 1.20% 1.20% 1.20%
Ratios of net investment income to average
net assets:
Before reimbursement and/or
waiver of expenses by Adviser ...... 0.36% 0.35% 0.00% 0.35% 0.15%
After reimbursement and/or
waiver of expenses by Adviser ...... 0.68% 0.69% 0.56% 1.07% 0.74%
Portfolio Turnover .................... 43.88% 36.84% 38.34% 102.51%(b) 83.14%

_________________________________________________
(a) Ratios of expenses to average net assets include interest expense of 0.02%
which, is not included in the contractual expense limitation. The interest
expense is from utilizing the line of credit as discussed in Note H to
Financial Statements.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 87

Aston Funds

VALUE FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 12.15 $ 11.05 $ 9.66 $ 8.45 $ 9.39
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.21 0.17(a) 0.14 0.14 0.11
Net realized and unrealized gain (loss)
on investments ..................... 2.09 1.10(a) 1.39 1.22 (0.79)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 2.30 1.27 1.53 1.36 (0.68)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.20) (0.17) (0.14) (0.15) (0.08)
Distributions from net realized
gain on investments ................ (0.19) -- -- -- (0.18)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.39) (0.17) (0.14) (0.15) (0.26)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 1.91 1.10 1.39 1.21 (0.94)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 14.06 $ 12.15 $ 11.05 $ 9.66 $ 8.45
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 19.35% 11.48% 15.88% 16.32% (7.58)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 103,819 $ 95,624 $ 229,979 $ 195,853 $ 111,817
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.16% 1.16% 1.16% 1.19% 1.20%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.94% 0.94% 0.94% 0.94% 0.96%(b)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.37% 1.19% 1.10% 1.34% 1.00%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.59% 1.41% 1.32% 1.59% 1.24%
Portfolio Turnover ....................... 26.86% 21.84% 38.29% 56.67% 144.90%

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

(b) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.08% to 0.94% on January 1, 2002.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 88

Aston Funds

VALUE FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR PERIOD
ENDED ENDED
10/31/06 10/31/05(a)
-------------- ---------------

Net Asset Value, Beginning of Period ............................................... $ 12.16 $ 12.36
-------------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................ 0.24 0.01(b)
Net realized and unrealized gain (loss) on investments ....................... 2.09 (0.21)(b)
-------------- ---------------
Total from investment operations .......................................... 2.33 (0.20)
-------------- ---------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .................... (0.23) --
Distributions from net realized gain on investmenst .......................... (0.19) --
-------------- ---------------
Total distributions ....................................................... (0.42) --
-------------- ---------------
Net increase (decrease) in net asset value ......................................... 1.91 (0.20)
-------------- ---------------
Net Asset Value, End of Period ..................................................... $ 14.07 $ 12.16
============== ===============
TOTAL RETURN ....................................................................... 19.64% (1.62)%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 247,667 $ 192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 0.91% 0.91%
After reimbursement and/or waiver of expenses by Adviser ..................... 0.69% 0.69%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 1.62% 0.40%
After reimbursement and/or waiver of expenses by Adviser ..................... 1.84% 0.62%
Portfolio Turnover .............................................................. 26.86% 21.84%

_________________________________________________
(a) Value Fund - Class I commenced investment operations on September 20,
2005.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 89

Aston Funds

VEREDUS SELECT GROWTH FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02(a)
---------- ---------- ---------- ---------- -----------

Net Asset Value, Beginning of Period ........ $ 11.88 $ 10.31 $ 9.33 $ 7.30 $ 10.00
---------- ---------- ---------- ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.03)(b) (0.02) (0.06) (0.05) (0.03)
Net realized and unrealized gain (loss)
on investments ..................... 1.24(b) 1.59 1.04 2.08 (2.67)
---------- ---------- ---------- ---------- -----------
Total from investment operations ... 1.21 1.57 0.98 2.03 (2.70)
---------- ---------- ---------- ---------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized gain
on investments ..................... (0.01) -- -- -- --
---------- ---------- ---------- ---------- -----------
Total distributions ................ (0.01) -- -- -- --
---------- ---------- ---------- ---------- -----------
Net increase (decrease) in net asset value .. 1.20 1.57 0.98 2.03 (2.70)
---------- ---------- ---------- ---------- -----------
Net Asset Value, End of Period .............. $ 13.08 $ 11.88 $ 10.31 $ 9.33 $ 7.30
========== ========== ========== ========== ===========
TOTAL RETURN ................................ 10.22% 15.23% 10.50% 27.98% (27.10)%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 34,687 $ 13,270 $ 2,684 $ 2,006 $ 2,164
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.75% 2.57% 3.82% 4.31% 3.45%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.30% 1.30% 1.30% 1.30% 1.30%
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.72)% (1.76)% (3.17)% (3.59)% (2.53)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.27)% (0.49)% (0.65)% (0.58)% (0.38)%
Portfolio Turnover ....................... 269.88% 202.37% 308.13% 444.75% 1,314.29%(c)

_________________________________________________
(a) Veredus Select Growth Fund commenced investment operations on December 31,
2001.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 90

Aston Funds

VEREDUS SELECT GROWTH FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

PERIOD
ENDED
10/31/06(a)
--------------

Net Asset Value, Beginning of Period ............................................... $ 11.97
--------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................ --(b)(c)
Net realized and unrealized gain on investments .............................. 1.11(b)
--------------
Total from investment operations .......................................... 1.11
--------------
Net increase in net asset value .................................................... 1.11
--------------
Net Asset Value, End of Period ..................................................... $ 13.08
==============
TOTAL RETURN ....................................................................... 9.27%(d)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 1.43%
After reimbursement and/or waiver of expenses by Adviser ..................... 0.98%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... (0.55)%
After reimbursement and/or waiver of expenses by Adviser ..................... (0.10)%
Portfolio Turnover .............................................................. 269.88%

_________________________________________________
(a) Veredus Select Growth Fund - Class I commenced investment operations on
September 11, 2006.

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

(d) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 91

Aston Funds

OPTIMUM MID CAP FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 23.21 $ 22.93 $ 20.18 $ 14.24 $ 15.67
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.02) (0.02) (0.08)(a) (0.07) (0.06)
Net realized and unrealized gain (loss)
on investments ..................... 4.88 1.04 2.90(a) 6.01 (1.12)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 4.86 1.02 2.82 5.94 (1.18)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from net realized gain
on investments ..................... (0.91) (0.74) (0.07) -- (0.25)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.91) (0.74) (0.07) -- (0.25)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 3.95 0.28 2.75 5.94 (1.43)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 27.16 $ 23.21 $ 22.93 $ 20.18 $ 14.24
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 21.39% 4.43% 14.08% 41.64% (7.88)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 577,891 $ 548,595 $ 385,325 $ 191,220 $ 85,727
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.16% 1.23% 1.29%(b) 1.36% 1.38%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.16% 1.23% 1.29%(b) 1.34%(c) 1.30%
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.09)% (0.08)% (0.38)% (0.57)% (0.61)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.09)% (0.08)% (0.38)% (0.55)% (0.53)%
Portfolio Turnover ....................... 30.65% 27.42% 26.64% 59.35% 45.17%

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

(b) The Adviser's Fee, which affects the expense ratios, changed on December
22, 2003 from a flat fee of 0.80% of average net assets to a scaled fee
arrangement of 0.80% of the first $100 million, 0.75% of the next $300
million and 0.70% over $400 million of the average daily net assets.

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.30% to 1.40% on March 1, 2003.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 92

Aston Funds

OPTIMUM MID CAP FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04(a)
--------- --------- -----------

Net Asset Value, Beginning of Period ............................................... $ 23.30 $ 22.96 $ 23.61
--------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................................. 0.05 0.04 --(b)(c)
Net realized and unrealized gain (loss) on investments ....................... 4.90 1.04 (0.65)(b)
--------- --------- -----------
Total from investment operations .......................................... 4.95 1.08 (0.65)
--------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investment ........................... (0.91) (0.74) --
--------- --------- -----------
Total distributions ....................................................... (0.91) (0.74) --
--------- --------- -----------
Net increase (decrease) in net asset value ......................................... 4.04 0.34 (0.65)
--------- --------- -----------
Net Asset Value, End of Period ..................................................... $ 27.34 $ 23.30 $ 22.96
========= ========= ===========
TOTAL RETURN ....................................................................... 21.76% 4.69% (2.80)%(d)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 81,670 $ 73,293 $ 26,202
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 0.89% 0.94% 0.98%
After reimbursement and/or waiver of expenses by Adviser ..................... 0.89% 0.94% 0.98%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 0.18% 0.21% (0.04)%
After reimbursement and/or waiver of expenses by Adviser ..................... 0.18% 0.21% (0.04)%
Portfolio Turnover .............................................................. 30.65% 27.42% 26.64%

_________________________________________________
(a) Optimum Mid Cap Fund - Class I commenced investment operations on July 6,
2004.

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

(d) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 93

Aston Funds

ABN AMRO MID CAP GROWTH FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

PERIOD
ENDED
10/31/06(a)
--------------

Net Asset Value, Beginning of Period ............................................... $ 10.00
--------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .......................................................... (0.06)
Net realized and unrealized gain on investments .............................. 0.07
--------------
Total from investment operations .......................................... 0.01
--------------
Net increase in net asset value .................................................... 0.01
--------------
Net Asset Value, End of Period ..................................................... $ 10.01
==============
TOTAL RETURN ....................................................................... 0.10%(b)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 1,139
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 8.79%
After reimbursement and/or waiver of expenses by Adviser ..................... 1.40%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... (8.20)%
After reimbursement and/or waiver of expenses by Adviser ..................... (0.81)%
Portfolio Turnover .............................................................. 29.92%(b)

_________________________________________________
(a) ABN AMRO Mid Cap Growth Fund - Class N commenced investment operations on
December 29, 2005.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 94

Aston Funds

RIVER ROAD SMALL CAP VALUE FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR PERIOD
ENDED ENDED
10/31/06 10/31/05(a)
-------------- ---------------

Net Asset Value, Beginning of Period ............................................... $ 10.28 $ 10.00
-------------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................................. 0.02 --(b)
Net realized and unrealized gain on investments .............................. 3.16 0.28
-------------- ---------------
Total from investment operations .......................................... 3.18 0.28
-------------- ---------------
Net increase in net asset value .................................................... 3.18 0.28
-------------- ---------------
Net Asset Value, End of Period ..................................................... $ 13.46 $ 10.28
============== ===============
TOTAL RETURN ....................................................................... 30.93% 2.80%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 167,438 $ 6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 1.78% 2.86%
After reimbursement and/or waiver of expenses by Adviser ..................... 1.43% 1.50%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 0.25% (1.41)%
After reimbursement and/or waiver of expenses by Adviser ..................... 0.60% (0.05)%
Portfolio Turnover .............................................................. 51.63% 20.82%(c)(d)

_________________________________________________
(a) River Road Small Cap Value Fund commenced investment operations on June
28, 2005.

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

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 95

Aston Funds

TAMRO SMALL CAP FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 15.63 $ 15.25 $ 15.75 $ 10.49 $ 10.75
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.07)(a) (0.07)(a) (0.09) (0.01) (0.02)(a)
Net realized and unrealized gain
(loss) on investments .............. 4.17(a) 1.45(a) 1.62 5.27 (0.14)(a)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 4.10 1.38 1.53 5.26 (0.16)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. -- -- -- -- (0.02)
Distributions from net realized
gain on investments ................ -- (1.00) (2.03) -- (0.08)
---------- ---------- ---------- ---------- ----------
Total distributions ................ -- (1.00) (2.03) -- (0.10)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 4.10 0.38 (0.50) 5.26 (0.26)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 19.73 $ 15.63 $ 15.25 $ 15.75 $ 10.49
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 26.23% 9.16% 10.17% 50.14% (1.59)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 182,462 $ 148,950 $ 112,809 $ 60,932 $ 40,407
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.42% 1.41% 1.42% 1.44% 1.52%
After reimbursement and/or waiver
of expenses by Adviser ............. 1.30% 1.30% 1.30% 1.30% 1.30%
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................ (0.51)% (0.58)% (0.89)% (0.21)% (0.34)%
After reimbursement and/or waiver
of expenses by Adviser ............. (0.39)% (0.47)% (0.77)% (0.07)% (0.12)%
Portfolio Turnover ....................... 58.28% 56.28% 102.56% 115.42% 266.78%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 96

Aston Funds

TAMRO SMALL CAP FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR PERIOD
ENDED ENDED
10/31/06 10/31/05(a)
--------------- ---------------

Net Asset Value, Beginning of Period ............................................... $ 15.67 $ 15.32
--------------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .......................................................... (0.02)(b) (0.04)(b)
Net realized and unrealized gain on investments .............................. 4.18(b) 0.39(b)
--------------- ---------------
Total from investment operations .......................................... 4.16 0.35
--------------- ---------------
Net increase in net asset value .................................................... 4.16 0.35
--------------- ---------------
Net Asset Value, End of Period ..................................................... $ 19.83 $ 15.67
=============== ===============
TOTAL RETURN ....................................................................... 26.55% 2.28%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 63,982 $ 11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 1.11% 1.16%
After reimbursement and/or waiver of expenses by Adviser ..................... 0.99% 1.05%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... (0.20)% (0.39)%
After reimbursement and/or waiver of expenses by Adviser ..................... (0.08)% (0.28)%
Portfolio Turnover .............................................................. 58.28% 56.28%

_________________________________________________
(a) TAMRO Small Cap Fund - Class I commenced investment operations on January
4, 2005.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 97

Aston Funds

VEREDUS AGGRESSIVE GROWTH FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 18.35 $ 16.26 $ 15.24 $ 11.44 $ 17.55
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.22)(a) (0.20) (0.18) (0.10) (0.14)
Net realized and unrealized gain (loss)
on investments ..................... 0.31(a) 2.29 1.20 3.90 (5.97)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.09 2.09 1.02 3.80 (6.11)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.09 2.09 1.02 3.80 (6.11)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 18.44 $ 18.35 $ 16.26 $ 15.24 $ 11.44
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 0.49% 12.85% 6.69% 33.10% (34.76)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 367,113 $ 549,452 $ 524,737 $ 444,207 $ 314,317
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.41%(b) 1.42% 1.43% 1.50% 1.48%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.41%(b) 1.42% 1.43% 1.46%(c) 1.40%
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... (1.15)% (1.06)% (1.18)% (0.97)% (1.15)%
After reimbursement and/or waiver of
expenses by Adviser ................ (1.15)% (1.06)% (1.18)% (0.93)% (1.07)%
Portfolio Turnover ....................... 133.21% 140.04% 118.89% 159.64% 162.80%

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

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

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.40% to 1.49% on March 1, 2003.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 98

Aston Funds

VEREDUS AGGRESSIVE GROWTH FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 18.57 $ 16.40 $ 15.33 $ 11.48 $ 17.56
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.17)(a) (0.12) (0.15) (0.08) (0.19)
Net realized and unrealized gain (loss)
on investments ..................... 0.31(a) 2.29 1.22 3.93 (5.89)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.14 2.17 1.07 3.85 (6.08)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.14 2.17 1.07 3.85 (6.08)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 18.71 $ 18.57 $ 16.40 $ 15.33 $ 11.48
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 0.75% 13.23% 6.98% 33.54% (34.62)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 150,697 $ 156,286 $ 114,607 $ 77,660 $ 52,808
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.13%(b) 1.14% 1.15% 1.20% 1.19%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.13%(b) 1.14% 1.15% 1.16%(c) 1.11%
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (0.87)% (0.78)% (0.90)% (0.67)% (0.86)%
After reimbursement and/or waiver of
expenses by Adviser ................ (0.87)% (0.78)% (0.90)% (0.63)% (0.78)%
Portfolio Turnover ....................... 133.21% 140.04% 118.89% 159.64% 162.80%

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

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.15% to 1.24% on March 1, 2003.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 99

Aston Funds

ABN AMRO REAL ESTATE FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 16.23 $ 14.56 $ 11.52 $ 9.23 $ 9.15
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.32(a) 0.46(a) 0.44 0.40 0.39
Net realized and unrealized gain
on investments ..................... 5.42(a) 2.10(a) 3.02 2.54 0.24
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 5.74 2.56 3.46 2.94 0.63
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.13) (0.26) (0.30) (0.24) (0.33)
Distributions from net realized
gain on investments ................ (1.85) (0.63) (0.12) (0.41) (0.22)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (1.98) (0.89) (0.42) (0.65) (0.55)
---------- ---------- ---------- ---------- ----------
Net increase in net asset value ............. 3.76 1.67 3.04 2.29 0.08
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 19.99 $ 16.23 $ 14.56 $ 11.52 $ 9.23
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 39.19% 18.06% 30.73% 33.71% 6.62%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 72,506 $ 54,851 $ 72,451 $ 47,777 $ 19,924
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.46%(b) 1.45% 1.46% 1.56% 1.68%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.37%(b) 1.37% 1.37% 1.37% 1.37%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.77% 2.91% 3.50% 4.10% 3.80%
After reimbursement and/or waiver
of expenses by Adviser ............. 1.86% 2.99% 3.59% 4.29% 4.11%
Portfolio Turnover ....................... 83.15% 43.14% 24.28% 13.11% 36.69%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 100

Aston Funds

ABN AMRO REAL ESTATE FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR PERIOD
ENDED ENDED
10/31/06 10/31/05(a)
--------------- ---------------

Net Asset Value, Beginning of Period ............................................... $ 16.23 $ 16.64
--------------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................ 0.36(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ....................... 5.42(b) (0.51)(b)
--------------- ---------------
Total from investment operations .......................................... 5.78 (0.41)
--------------- ---------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .................... (0.16) --
Distributions from net realized gain on investments .......................... (1.85) --
--------------- ---------------
Total distributions ....................................................... (2.01) --
--------------- ---------------
Net increase (decrease) in net asset value ......................................... 3.77 (0.41)
--------------- ---------------
Net Asset Value, End of Period ..................................................... $ 20.00 $ 16.23
=============== ===============
TOTAL RETURN ....................................................................... 39.54% (2.46)%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................................ $ 46,025 $ 32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 1.21%(d) 1.32%
After reimbursement and/or waiver of expenses by Adviser ..................... 1.12%(d) 1.11%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .................... 2.02% 5.11%
After reimbursement and/or waiver of expenses by Adviser ..................... 2.11% 5.32%
Portfolio Turnover .............................................................. 83.15% 43.14%

_________________________________________________
(a) ABN AMRO Real Estate Fund - Class I commenced investment operations on
September 20, 2005.

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

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 101

Aston Funds

VEREDUS SCITECH FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 7.11 $ 6.78 $ 7.18 $ 4.89 $ 7.57
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.11) (0.11) (0.10) (0.05) (0.08)
Net realized and unrealized gain (loss)
on investments ..................... 0.32 0.44 (0.30) 2.34 (2.60)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.21 0.33 (0.40) 2.29 (2.68)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.21 0.33 (0.40) 2.29 (2.68)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 7.32 $ 7.11 $ 6.78 $ 7.18 $ 4.89
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 2.95% 4.71% (5.43)% 46.83% (35.40)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 3,409 $ 4,554 $ 7,135 $ 4,314 $ 2,206
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 3.07% 2.89% 2.38% 4.65% 3.70%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.60% 1.60% 1.60% 1.57%(a) 1.50%
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ (2.65)% (2.59)% (2.21)% (4.42)% (3.50)%
After reimbursement and/or waiver of
expenses by Adviser ................ (1.18)% (1.30)% (1.43)% (1.34)% (1.30)%
Portfolio Turnover ....................... 239.12% 236.92% 251.03% 492.93% 496.86%

_________________________________________________
(a) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.50% to 1.60% on March 1, 2003.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 102

Aston Funds

BALANCED FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 10.84 $ 11.32 $ 11.07 $ 10.10 $ 10.77
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.12 0.16 0.14 0.13 0.19
Net realized and unrealized gain (loss)
on investments(a) .................. 0.45 0.20 0.27 0.99 (0.64)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.57 0.36 0.41 1.12 (0.45)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.17) (0.19) (0.16) (0.15) (0.20)
Distributions from net realized
gain on investments ................ (0.59) (0.65) -- -- (0.02)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.76) (0.84) (0.16) (0.15) (0.22)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. (0.19) (0.48) 0.25 0.97 (0.67)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 10.65 $ 10.84 $ 11.32 $ 11.07 $ 10.10
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 5.33% 3.20% 3.73% 11.23% (4.33)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 60,831 $ 173,051 $ 230,244 $ 320,108 $ 300,830
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.14%(b) 1.09% 1.07% 1.07% 1.07%
After reimbursement and/or waiver
of expenses by Adviser ............. 1.14%(b) 1.09% 1.07% 1.07% 1.07%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser(a) .......... 1.38% 1.53% 1.20% 1.30% 1.78%
After reimbursement and/or waiver
of expenses by Adviser(a) .......... 1.38% 1.53% 1.20% 1.30% 1.78%
Portfolio Turnover ....................... 36.66% 28.76% 28.32% 47.90% 47.27%

_________________________________________________
(a) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss)
from realized gain (loss) to investment income. The effect of the changes
for the year ended October 31, 2002 on the net investment income per
share, net realized and unrealized gain (loss) per share and the ratio of
net investment income before and after reimbursement to average net assets
was $(0.01), $0.01, (0.07)% and (0.07)%, respectively. Years prior to
October 31, 2002 have not been adjusted for this change.

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005%. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 103

Aston Funds

MONTAG & CALDWELL BALANCED FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 16.41 $ 15.81 $ 15.57 $ 14.82 $ 16.49
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.18(b) 0.17(b) 0.19(b) 0.21 0.29
Net realized and unrealized gain (loss)
on investments(a) .................. 0.87(b) 0.67(b) 0.30(b) 0.78 (1.66)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.05 0.84 0.49 0.99 (1.37)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.25) (0.24) (0.25) (0.24) (0.30)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.25) (0.24) (0.25) (0.24) (0.30)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.80 0.60 0.24 0.75 (1.67)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 17.21 $ 16.41 $ 15.81 $ 15.57 $ 14.82
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 6.56% 5.27% 3.15% 6.79% (8.42)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 23,355 $ 48,759 $ 93,935 $ 105,669 $ 82,126
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.33%(c) 1.16% 1.13% 1.15% 1.14%
After reimbursement and/or waiver
of expenses by Adviser ............. 1.33%(c) 1.16% 1.13% 1.15% 1.14%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser(a) .......... 1.07% 1.04% 1.18% 1.43% 1.74%
After reimbursement and/or waiver
of expenses by Adviser(a) .......... 1.07% 1.04% 1.18% 1.43% 1.74%
Portfolio Turnover ....................... 33.70% 33.43% 35.90% 41.18% 32.87%

_________________________________________________
(a) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss)
from realized gain (loss) to investment income. The effect of the changes
for the year ended October 31, 2002 on the net investment income per
share, net realized and unrealized gain (loss) per share and the ratio of
net investment income before and after reimbursement to average net assets
was $(0.03), $0.03, (0.10)% and (0.10)%, respectively. Years prior to
October 31, 2002 have not been adjusted for this change.

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

(c) Ratios of expenses to average net assets include interest expense of less
than 0.005%.The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 104

Aston Funds

MONTAG & CALDWELL BALANCED FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 16.39 $ 15.81 $ 15.57 $ 14.82 $ 16.49
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.22(b) 0.21(b) 0.23(b) 0.25 0.32
Net realized and unrealized gain (loss)
on investments(a) .................. 0.88(b) 0.66(b) 0.30(b) 0.78 (1.64)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 1.10 0.87 0.53 1.03 (1.32)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.30) (0.29) (0.29) (0.28) (0.35)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.30) (0.29) (0.29) (0.28) (0.35)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.80 0.58 0.24 0.75 (1.67)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 17.19 $ 16.39 $ 15.81 $ 15.57 $ 14.82
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 6.80% 5.50% 3.41% 7.06% (8.18)%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 7,640 $ 19,609 $ 79,936 $ 141,031 $ 133,379
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(c) 0.91% 0.87% 0.89% 0.87%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.07%(c) 0.91% 0.87% 0.89% 0.87%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser(a) ............. 1.33% 1.29% 1.44% 1.69% 2.01%
After reimbursement and/or waiver of
expenses by Adviser(a) ............. 1.33% 1.29% 1.44% 1.69% 2.01%
Portfolio Turnover ....................... 33.70% 33.43% 35.90% 41.18% 32.87%

_________________________________________________
(a) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss)
from realized gain (loss) to investment income. The effect of the changes
for the year ended October 31, 2002 on the net investment income per
share, net realized and unrealized gain (loss) per share and the ratio of
net investment income before and after reimbursement to average net assets
was $(0.02), $0.02, (0.10)% and (0.10)%, respectively. Years prior to
October 31, 2002 have not been adjusted for this change.

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

(c) Ratios of expenses to average net assets include interest expense of less
than 0.005%.The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 105

Aston Funds

TCH FIXED INCOME FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.45(b) 0.42(b) 0.43 0.39 0.51
Net realized and unrealized gain (loss)
on investments(a) ................... (0.04)(b) (0.38)(b) 0.13 0.07 (0.24)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.41 0.04 0.56 0.46 0.27
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.48) (0.48) (0.50) (0.45) (0.55)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.48) (0.48) (0.50) (0.45) (0.55)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. (0.07) (0.44) 0.06 0.01 (0.28)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 4.42% 0.40% 5.66% 4.58% 2.80%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 77,096 $ 138,807 $ 154,079 $ 202,021 $ 229,676
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.96%(c) 0.95% 0.92% 0.92% 0.92%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.75%(c) 0.74% 0.74% 0.74% 0.74%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser(a) ............. 4.45% 3.98% 4.08% 3.69% 4.87%
After reimbursement and/or waiver of
expenses by Adviser(a) ............. 4.66% 4.19% 4.26% 3.87% 5.05%
Portfolio Turnover ....................... 71.19% 41.33% 46.80% 126.94% 77.19%

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

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 106

Aston Funds

TCH FIXED INCOME FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.47(b) 0.44(b) 0.45 0.41 0.56
Net realized and unrealized gain (loss)
on investments(a) ................... (0.03)(b) (0.37)(b) 0.13 0.07 (0.26)
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.44 0.07 0.58 0.48 0.30
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.51) (0.51) (0.52) (0.47) (0.58)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.51) (0.51) (0.52) (0.47) (0.58)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. (0.07) (0.44) 0.06 0.01 (0.28)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 4.68% 0.65% 5.93% 4.85% 3.07%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 43,148 $ 72,876 $ 278,712 $ 300,363 $ 262,924
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 0.71%(c) 0.70% 0.67% 0.67% 0.67%
After reimbursement and/or waiver
of expenses by Adviser ............. 0.50%(c) 0.49% 0.49% 0.49% 0.49%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser(a) .......... 4.70% 4.23% 4.34% 3.94% 5.12%
After reimbursement and/or waiver
of expenses by Adviser(a) .......... 4.91% 4.44% 4.52% 4.12% 5.30%
Portfolio Turnover ....................... 71.19% 41.33% 46.80% 126.94% 77.19%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 107

Aston Funds

TCH INVESTMENT GRADE BOND FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03(a)
--------- --------- --------- -----------

Net Asset Value, Beginning of Period ............................ $ 9.14 $ 9.49 $ 9.82 $ 10.08
--------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.34(b) 0.31 0.31(b) 0.10(b)
Net realized and unrealized gain (loss) on investments .... 0.04(b) (0.29) 0.02(b) (0.23)(b)
--------- --------- --------- -----------
Total from investment operations ....................... 0.38 0.02 0.33 (0.13)
--------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income . (0.38) (0.37) (0.38) (0.13)
Distributions from net realized gain on investments ....... -- -- (0.28) --
--------- --------- --------- -----------
Total distributions .................................... (0.38) (0.37) (0.66) (0.13)
--------- --------- --------- -----------
Net decrease in net asset value ................................. -- (0.35) (0.33) (0.26)
--------- --------- --------- -----------
Net Asset Value, End of Period .................................. $ 9.14 $ 9.14 $ 9.49 $ 9.82
========= ========= ========= ===========
TOTAL RETURN .................................................... 4.25% 0.21% 3.51% (1.24)%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......................... $ 2,897 $ 3,632 $ 1,557 $ 257
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 1.13%(d) 1.10% 1.13%(e) 1.18%
After reimbursement and/or waiver of expenses by Adviser .. 0.89%(d) 0.89% 0.89%(e) 0.89%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 3.53% 3.21% 2.98% 2.58%
After reimbursement and/or waiver of expenses by Adviser .. 3.77% 3.42% 3.22% 2.87%
Portfolio Turnover ........................................... 15.46% 38.87% 53.67% 105.35%

_________________________________________________
(a) TCH Investment Grade Bond Fund - Class N commenced operations on June 30,
2003.

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

(d) Ratios of expenses to average net assets include interest expenses of less
than 0.005%, which is not included in the contractual expense limitations.
The interest expense is from utilizing the line of credit as discussed in
Note H to Financial Statements.

(e) The Adviser's fee, which affects the expense ratios, changed from 0.70% to
0.50% on March 1, 2004.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 108

Aston Funds

TCH INVESTMENT GRADE BOND FUND - CLASS I(a) OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02 4/30/02
-------- --------- -------- -------- ---------- --------

Net Asset Value, Beginning of Period ........ $ 9.14 $ 9.49 $ 9.82 $ 10.33 $ 9.96 $ 9.88
-------- --------- -------- -------- ---------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.36(b) 0.33 0.33(b) 0.34(b) 0.24 0.54
Net realized and unrealized gain
(loss) on investments .............. 0.04(b) (0.29) 0.02(b) (0.10)(b) 0.41 0.08
-------- --------- -------- -------- ---------- --------
Total from investment operations ... 0.40 0.04 0.35 0.24 0.65 0.62
-------- --------- -------- -------- ---------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.40) (0.39) (0.40) (0.44) (0.28) (0.54)
Distributions from net realized gain
on investments ..................... -- -- (0.28) (0.31) -- --
-------- --------- -------- -------- ---------- --------
Total distributions ................ (0.40) (0.39) (0.68) (0.75) (0.28) (0.54)
-------- --------- -------- -------- ---------- --------
Net increase (decrease) in net asset value .. -- (0.35) (0.33) (0.51) 0.37 0.08
-------- --------- -------- -------- ---------- --------
Net Asset Value, End of Period .............. $ 9.14 $ 9.14 $ 9.49 $ 9.82 $ 10.33 $ 9.96
======== ========= ======== ======== ========== ========
TOTAL RETURN ................................ 4.51% 0.45% 3.75% 2.47% 6.60%(c) 6.38%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 26,090 $ 32,405 $ 40,996 $ 48,773 $ 54,748 $ 83,142
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 0.88%(d) 0.85% 0.88%(e) 0.93% 1.06% 1.05%
After reimbursement and/or waiver
of expenses by Adviser ............. 0.64%(d) 0.64% 0.64%(e) 0.64% 0.65% 0.60%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 3.78% 3.46% 3.23% 3.14% 4.11% 4.93%
After reimbursement and/or waiver
of expenses by Adviser ............. 4.02% 3.67% 3.47% 3.43% 4.52% 5.38%
Portfolio Turnover ....................... 15.46% 38.87% 53.67% 105.35% 80.49%(c) 17.00%

_________________________________________________
(a) Prior to June 17, 2002, the TCH Investment Grade Bond Fund was known as
Independence One Fixed Income Fund. The information presented in the table
represents financial and performance history of Independence One Fixed
Income Trust Class.

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

(d) Ratios of expenses to average net assets include interest expenses of less
than 0.005%, which is not included in the contractual expense limitations.
The interest expenses is from utilizing the line of credit as discussed in
Note H to Financial Statements.

(e) The Adviser's fee, which affects the expense ratios, changed from 0.70% to
0.50% on March 1, 2004.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 109

Aston Funds

ABN AMRO HIGH YIELD BOND FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03(a)
--------- --------- --------- -----------

Net Asset Value, Beginning of Period ............................ $ 9.95 $ 10.44 $ 10.15 $ 10.00
--------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.67(b) 0.67 0.66 0.18
Net realized and unrealized gain (loss) on investments .... (0.03)(b) (0.37) 0.35 0.17
--------- --------- --------- -----------
Total from investment operations ....................... 0.64 0.30 1.01 0.35
--------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income . (0.72) (0.73) (0.72) (0.20)
Distribution from net realized gain on investments ........ -- (0.06) -- --
--------- --------- --------- -----------
Total distributions .................................... (0.72) (0.79) (0.72) (0.20)
--------- --------- --------- -----------
Net increase (decrease) in net asset value ...................... (0.08) (0.49) 0.29 0.15
--------- --------- --------- -----------
Net Asset Value, End of Period .................................. $ 9.87 $ 9.95 $ 10.44 $ 10.15
========= ========= ========= ===========
TOTAL RETURN .................................................... 6.63% 2.88% 10.26% 3.67%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......................... $ 5,308 $ 11,019 $ 10,937 $ 10,425
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 1.32% 1.31% 1.26% 1.25%
After reimbursement and/or waiver of expenses by Adviser .. 0.80% 0.80% 0.80% 0.80%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 6.24% 5.96% 5.96% 4.99%
After reimbursement and/or waiver of expenses by Adviser .. 6.76% 6.47% 6.42% 5.44%
Portfolio Turnover ........................................ 66.61% 54.27% 62.66% 16.23%(c)

_________________________________________________
(a) ABN AMRO High Yield Bond Fund - Class N commenced investment operations on
June 30, 2003.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 110

Aston Funds

ABN AMRO HIGH YIELD BOND FUND - CLASS I OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03(a)
--------- --------- --------- -----------

Net Asset Value, Beginning of Period ............................ $ 9.95 $ 10.44 $ 10.15 $ 10.00
--------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.69(b) 0.69 0.69 0.19
Net realized and unrealized gain (loss) on investments .... (0.03)(b) (0.37) 0.35 0.17
--------- --------- --------- -----------
Total from investment operations ....................... 0.66 0.32 1.04 0.36
--------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income . (0.74) (0.75) (0.75) (0.21)
Distribution from net realized gain on investments ........ -- (0.06) -- --
--------- --------- --------- -----------
Total distributions .................................... (0.74) (0.81) (0.75) (0.21)
--------- --------- --------- -----------
Net increase (decrease) in net asset value ...................... (0.08) (0.49) 0.29 0.15
--------- --------- --------- -----------
Net Asset Value, End of Period .................................. $ 9.87 $ 9.95 $ 10.44 $ 10.15
========= ========= ========= ===========
TOTAL RETURN .................................................... 6.90% 3.14% 10.54% 3.76%(c)

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......................... $ 15,889 $ 10,092 $ 10,575 $ 10,282
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 1.07% 1.06% 1.01% 1.00%
After reimbursement and/or waiver of expenses by Adviser .. 0.55% 0.55% 0.55% 0.55%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser . 6.49% 6.21% 6.21% 5.24%
After reimbursement and/or
waiver of expenses by Adviser .......................... 7.01% 6.72% 6.67% 5.69%
Portfolio Turnover .............................................. 66.61% 54.27% 62.66% 16.23%(c)

_________________________________________________
(a) ABN AMRO High Yield Bond Fund - Class I commenced investment operations on
June 30, 2003.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 111

Aston Funds

MCDONNELL MUNICIPAL BOND FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 10.25 $ 10.56 $ 10.65 $ 10.56 $ 10.43
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.36 0.34 0.34 0.37 0.41
Net realized and unrealized gain (loss)
on investments ..................... 0.08 (0.28) 0.06 0.09 0.13
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.44 0.06 0.40 0.46 0.54
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.36) (0.34) (0.34) (0.37) (0.41)
Distributions from net realized
gain on investments ................ (0.02) (0.03) (0.15) -- --
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.38) (0.37) (0.49) (0.37) (0.41)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.06 (0.31) (0.09) 0.09 0.13
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 10.31 $ 10.25 $ 10.56 $ 10.65 $ 10.56
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 4.43% 0.58% 3.85% 4.45% 5.32%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 38,595 $ 69,070 $ 61,073 $ 48,047 $ 54,264
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.04% 1.02% 0.96% 0.90% 0.81%
After reimbursement and/or waiver
of expenses by Adviser ............. 0.50% 0.50% 0.50% 0.50% 0.50%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 3.00% 2.75% 2.76% 3.10% 3.62%
After reimbursement and/or waiver
of expenses by Adviser ............. 3.54% 3.27% 3.22% 3.50% 3.93%
Portfolio Turnover ....................... 24.60% 13.53% 54.77% 59.47% 53.17%

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 112

Aston Funds

ABN AMRO INVESTOR MONEY MARKET FUND - CLASS N OCTOBER 31, 2006

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
---------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.04 0.02 0.01 0.01 0.01
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.04) (0.02) (0.01) (0.01) (0.01)
Net realized gain on investments ...... --(a) -- -- -- --
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
TOTAL RETURN ................................ 4.30% 2.36% 0.71% 0.78% 1.37%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period(in 000's) ...... $ 84,778 $ 117,039 $ 219,891 $ 236,811 $ 340,537
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.61% 0.55% 0.53% 0.51% 0.52%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.61% 0.55% 0.53% 0.51% 0.52%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 4.18% 2.19% 0.71% 0.78% 1.39%
After reimbursement and/or waiver of
expenses by Adviser ................ 4.18% 2.19% 0.71% 0.78% 1.39%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 113

Aston Funds

OCTOBER 31, 2006

NOTES TO FINANCIAL STATEMENTS

- --------------------------------------------------------------------------------

NOTE (A) FUND ORGANIZATION: The Aston Funds (the "Trust") (formerly known as ABN
AMRO Funds) 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.

Prior to December 1, 2006, the Aston Funds were known as the ABN AMRO Funds and
ABN AMRO Asset Management, Inc. ("AAAM") and its affiliates served as sponsor,
investment adviser and administrator to the Funds. Aston Asset Management LLC
("Aston") assumed each of these roles as of November 30, 2006, with the
exception of Aston/ABN AMRO Investor Money Market Fund in connection with the
acquisition of ABN AMRO's mutual fund and separate accounts business. Aston
manages each Fund (except Aston/ABN AMRO Investor Money Market Fund) by
retaining one or more Subadvisers to manage each Fund. AAAM serves as investment
adviser to the Aston/ABN AMRO Investor Money Market Fund and Aston serves as the
administrator. Please refer to Note J - Subsequent Events for more information
relating to the Strategic Transaction.

The following portfolios of the Trust are included in these financial
statements: Aston/River Road Dynamic Equity Income Fund (the "River Road Dynamic
Equity Income Fund") (formerly ABN AMRO/River Road Dynamic Equity Income Fund),
Aston/ABN AMRO Growth Fund (the "ABN AMRO Growth Fund") (formerly ABN AMRO
Growth Fund), Aston/Montag & Caldwell Growth Fund (the "M&C Growth Fund")
(formerly ABN AMRO/Montag & Caldwell Growth Fund), Aston/TAMRO Large Cap Value
Fund (the "TAMRO Large Cap Value Fund") (formerly ABN AMRO/TAMRO Large Cap Value
Fund), Aston Value Fund (the "Value Fund") (formerly ABN AMRO Value Fund),
Aston/Veredus Select Growth Fund (the "Veredus Select Growth Fund") (formerly
ABN AMRO/Veredus Select Growth Fund), Aston/Optimum Mid Cap Fund (the "Optimum
Mid Cap Fund") (formerly ABN AMRO Mid Cap Fund), Aston/ABN AMRO Mid Cap Growth
Fund (the "ABN AMRO Mid Cap Growth Fund") (formerly ABN AMRO Mid Cap Growth
Fund), Aston/River Road Small Cap Value Fund (the "River Road Small Cap Value
Fund") (formerly ABN AMRO/River Road Small Cap Value Fund), Aston/TAMRO Small
Cap Fund (the "TAMRO Small Cap Fund") (formerly ABN AMRO/TAMRO Small Cap Fund),
Aston/Veredus Aggressive Growth Fund (the "Veredus Aggressive Growth Fund")
(formerly ABN AMRO/Veredus Aggressive Growth Fund), Aston/ABN AMRO Real Estate
Fund (the "ABN AMRO Real Estate Fund") (formerly ABN AMRO Real Estate Fund),
Aston/Veredus SciTech Fund (the "Veredus SciTech Fund") (formerly ABN
AMRO/Veredus SciTech Fund), Aston Balanced Fund (the "Balanced Fund") (formerly
ABN AMRO Balanced Fund), Aston/Montag & Caldwell Balanced Fund (the "M&C
Balanced Fund") (formerly ABN AMRO/Montag & Caldwell Balanced Fund), Aston/TCH
Fixed Income Fund (the "TCH Fixed Income Fund") (formerly ABN AMRO Bond Fund),
Aston/TCH Investment Grade Bond Fund (the "TCH Investment Grade Bond Fund")
(formerly ABN AMRO Investment Grade Bond Fund), Aston/ABN AMRO High Yield Bond
(the "ABN AMRO High Yield Bond Fund") (formerly ABN AMRO High Yield Bond Fund),
Aston/McDonnell Municipal Bond Fund (the "McDonnell Municipal Bond Fund")
(formerly ABN AMRO Municipal Bond Fund) and Aston/ABN AMRO Investor Money Market
Fund (the "ABN AMRO Investor Money Market Fund") (formerly ABN AMRO Investor
Money Market Fund ) (each a "Fund" and collectively, the "Funds").

ABN AMRO Growth Fund and M&C Growth Fund are authorized to issue three classes
of shares (Class N Shares, Class I Shares and Class R Shares). Value Fund,
Veredus Select Growth Fund, Optimum Mid Cap Fund, TAMRO Small Cap Fund, Veredus
Aggressive Growth Fund, ABN AMRO Real Estate Fund, Balanced Fund, M&C Balanced
Fund, TCH Fixed Income Fund, TCH Investment Grade Bond Fund and ABN AMRO High
Yield Bond Fund are each authorized to issue two classes of shares (Class N
Shares and Class I Shares). River Road Dynamic Equity Income Fund, TAMRO Large
Cap Value Fund, ABN AMRO Mid Cap Growth Fund, River Road Small Cap Value Fund,
Veredus SciTech Fund, McDonnell Municipal Bond Fund and ABN AMRO Investor Money
Market Fund are each authorized to issue one class of shares (N Shares).
Currently Balanced Fund offers only Class N Shares. Each class of shares are
substantially the same except that certain classes of shares bear class specific
expenses, which include distribution fees and sub-transfer agent fees.

The investment objectives of the Funds are as follows:

- --------------------------------------------------------------------------------
RIVER ROAD DYNAMIC High current income and, secondarily, long-term
EQUITY INCOME FUND capital appreciation.
- --------------------------------------------------------------------------------
ABN AMRO Long-term total return through a combination of
GROWTH FUND capital appreciation and current income by
investing primarily in a combination of stocks and
bonds.
- --------------------------------------------------------------------------------
M&C GROWTH FUND Long-term capital appreciation and, secondarily,
current income, by investing primarily in common
stocks and convertible securities.
- --------------------------------------------------------------------------------

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- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
TAMRO LARGE CAP Long-term capital appreciation.
VALUE FUND
- --------------------------------------------------------------------------------
VALUE FUND Total return through long-term capital
appreciation and current income.
- --------------------------------------------------------------------------------
VEREDUS SELECT Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
OPTIMUM Long-term total return through capital
MID CAP FUND appreciation by investing primarily in common and
preferred stocks and convertible securities.
- --------------------------------------------------------------------------------
OPTIMUM MID CAP Total return through capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
- --------------------------------------------------------------------------------
TAMRO SMALL Long-term capital appreciation.
CAP FUND
- --------------------------------------------------------------------------------
VEREDUS AGGRESSIVE Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
ABN AMRO Total return through a combination of growth and
REAL ESTATE FUND income.
- --------------------------------------------------------------------------------
VEREDUS SCITECH Long-term capital appreciation.
FUND
- --------------------------------------------------------------------------------
BALANCED FUND Growth of capital with current income by investing
in a combination of equity and fixed income
securities.
- --------------------------------------------------------------------------------
M&C BALANCED Long-term total return.
FUND
- --------------------------------------------------------------------------------
TCH FIXED INCOME High current income consistent with prudent risk
FUND of capital.
- --------------------------------------------------------------------------------
TCH INVESTMENT Total return.
GRADE BOND FUND
- --------------------------------------------------------------------------------
ABN AMRO HIGH Interest income and capital appreciation.
YIELD BOND FUND
- --------------------------------------------------------------------------------
MCDONNELL High level of current interest income exempt from
MUNICIPAL BOND federal income tax consistent with preservation of
FUND capital by investing primarily in
intermediate-term municipal securities.
- --------------------------------------------------------------------------------
ABN AMRO INVESTOR As high a level of current interest income as is
MONEY MARKET consistent with maintaining liquidity and
FUND stability of principal.
- --------------------------------------------------------------------------------

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. Certain reclassifications have
been made to prior year financial information to conform with current year
presentations.

(1) SECURITY VALUATION: Equity securities, closed-end funds and 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 is
used. Fixed income securities, except short-term investments, are valued on the
basis of mean prices provided by a pricing service when such prices are believed
by the Adviser to reflect the current market value of such securities in
accordance with guidelines adopted. If accurate market quotations are not
available, securities are valued at fair value as determined by the Adviser in
accordance with guidelines adopted by the Board of Trustees. Short-term
investments, that is, those with a remaining maturity of 60 days or less, are
valued at amortized cost, which approximates fair value. Repurchase agreements
are valued at cost. Interest accrued is captured in dividends and interest
receivable. Investments in money market funds are valued at the underlying
fund's net asset value at the date of valuation. Foreign securities are valued
at the last sales price on the primary exchange where the security is traded.
Under the fair value procedures adopted by the Board of Trustees, the Funds may
utilize the services of an independent pricing service to determine fair value
prices for foreign securities if certain significant events occur and the
Adviser does not believe the last sale is an appropriate estimate of fair value.
For the ABN AMRO Investor Money Market Fund, all securities are valued at
amortized cost, which approximates fair value. Under the amortized cost method,
discounts and premiums are accreted and amortized ratably to maturity and are
included as interest income.

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

(3) WHEN ISSUED/DELAYED DELIVERY SECURITIES: The Funds may purchase and sell
securities on a "when issued" or "delayed delivery" basis, with settlement to
occur at a

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- --------------------------------------------------------------------------------

later date. The value of the security so purchased is subject to market
fluctuations during this period. The Funds segregate assets having an aggregate
value at least equal to the amount of when issued or delayed delivery purchase
commitments until payment is made. At October 31, 2006, the Funds did not own
any when issued or delayed delivery securities.

(4) MORTGAGE-BACKED SECURITIES: Balanced Fund, M&C Balanced Fund, TCH Fixed
Income Fund, TCH Investment Grade Bond Fund and ABN AMRO High Yield Bond Fund
may invest in mortgage-backed securities ("MBS"), representing interests in
pools of mortgage loans. These securities provide shareholders with payments
consisting of both principal and interest as the mortgages in the underlying
mortgage pools are paid. The timely payment of principal and interest on
mortgage-backed securities issued or guaranteed by Ginnie Mae (formerly known as
Government National Mortgage Association) is backed by Ginnie Mae and the full
faith and credit of the U.S. government. Mortgage-backed securities 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 Bank, are supported by the issuer's right to borrow
from the U.S. Treasury. Others, such as those issued by Fannie Mae (formerly
known as the Federal National Mortgage Association), are supported by the credit
of the issuer. MBS issued by private agencies 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. The
Funds previously listed may also invest in collateralized mortgage obligations
("CMO"s) and real estate mortgage investment conduits ("REMIC"s). A CMO is a
bond that is collateralized by a pool of MBS, and a REMIC is similar in form to
a CMO. These MBS pools are divided into classes with each class having its own
characteristics. The different classes are retired in sequence as the underlying
mortgages are repaid.

(5) 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. Premiums
and discounts are amortized or accreted on a straight-line method for the ABN
AMRO Investor Money Market Fund and effective yield on fixed income securities
on all other Funds. Securities transactions are accounted for on the date
securities are purchased or sold. The cost of securities sold is determined
using the identified cost method.

(6) FOREIGN CURRENCY: Foreign currencies, investments and other assets and
liabilities are translated into U.S. dollars at the exchange rates using the
current 4:00 p.m. US ET (Eastern Time). 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 not segregated in the statement of operations from the effects of
changes in market prices of those securities, but are included with the net
realized and unrealized gain or loss on investment securities.

(7) 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, 2006, the following
Funds had available realized capital losses to offset future net capital gains
through the fiscal year ended:

2008 2009 2010 2011
------------ ------------ ------------- -----------

ABN AMRO Growth Fund........... $ 20,818,160 $ 15,426,420 $ -- $ --

Veredus Select Growth Fund .... -- -- -- --

Veredus SciTech Fund .......... -- -- 1,018,702 --

M&C Balanced Fund.............. -- -- 6,806,705 2,978,228

2012 2013 2014 TOTAL
------------ ------------ ------------- -----------

ABN AMRO Growth Fund........... $ -- $ -- $ -- $36,244,580

Veredus Select Growth Fund .... -- -- 253,267 253,267

Veredus SciTech Fund .......... 390,520 8,062 -- 1,417,284

M&C Balanced Fund.............. -- -- -- 9,784,933

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- --------------------------------------------------------------------------------

2008 2009 2010 2011
------------ ------------ ------------- -----------

TCH Fixed Income Fund ......... $ -- $ -- $ 2,004,521 $ --

TCH Investment Grade
Bond Fund .................. -- -- -- --

ABN AMRO High Yield
Bond Fund .................. -- -- -- --

McDonnell Municipal
Bond Fund .................. -- -- -- --

2012 2013 2014 TOTAL
------------ ------------ ------------- -----------

TCH Fixed Income Fund ......... $ 139,950 $ -- $ 5,274,089 $ 7,418,560

TCH Investment Grade
Bond Fund .................. 75,141 350,840 357,545 783,526

ABN AMRO High Yield
Bond Fund .................. -- 32,155 185,388 217,543

McDonnell Municipal
Bond Fund .................. -- -- 120,153 120,153

(8) MULTI-CLASS OPERATIONS: With respect to ABN AMRO Growth Fund, M&C Growth
Fund, Value Fund, Veredus Select Growth Fund, Optimum Mid Cap Fund, TAMRO Small
Cap Fund, Veredus Aggressive Growth Fund, ABN AMRO Real Estate Fund, M&C
Balanced Fund, TCH Fixed Income Fund, TCH Investment Grade Bond Fund and ABN
AMRO High Yield Bond Fund, each class offered by these Funds has equal rights as
to 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 and include distribution fees and sub-transfer agent fees.

(9) USE OF ESTIMATES: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles 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.

(10) 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.

(11) ADDITIONAL ACCOUNTING STANDARDS: In June 2006, the Financial Accounting
Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes." This standard defines the threshold for
recognizing the benefits of tax-return positions in the financial statements as
"more-likely-than-not" to be sustained by the taxing authority and requires
measurement of a tax position meeting the more-likely-than-not criterion, based
on the largest benefit that is more than 50 percent likely to be realized. FIN
48 is effective as of the beginning of the first fiscal year beginning after
December 15, 2006, with early application permitted if no interim financial
statements have been issued. At adoption, companies must adjust their financial
statements to reflect only those tax positions that are more-likely-than-not to
be sustained as of the adoption date.

In addition, in September 2006, Statement of Financial Accounting Standards No.
157 FAIR VALUE MEASUREMENTS ("SFAS 157") was issued and is effective for fiscal
years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements.

Management is currently evaluating the impact the adoptions of Fin 48 and SFAS
157 will have on the Funds' financial statement disclosures.

NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: Dividends and distributions to shareholders are recorded on the
ex-dividend date. River Road Dynamic Equity Income Fund, TCH Fixed Income Fund,
TCH Investment Grade Bond Fund and ABN AMRO High Yield Bond Fund distribute
dividends from net investment income to shareholders monthly and net realized
gains from investment transactions, if any, are generally not expected to be
distributed more frequently than annually.

ABN AMRO Growth Fund, M&C Growth Fund, TAMRO Large Cap Value Fund, Value Fund,
Veredus Select Growth Fund, Optimum Mid Cap Fund, ABN AMRO Mid Cap Growth Fund,
River Road Small Cap Value Fund, TAMRO Small Cap Fund, Veredus Aggressive
Growth, ABN AMRO Real Estate Fund, Veredus SciTech Fund, Balanced Fund and M&C
Balanced Fund distribute dividends from net investment income to shareholders
quarterly and net realized gains from investment transactions, if any, are
generally not expected to be distributed more frequently than annually.

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- --------------------------------------------------------------------------------

McDonnell Municipal Bond Fund and ABN AMRO Investor Money Market Fund declare
dividends daily, which are payable monthly and are automatically reinvested in
additional Fund shares at the month-end net asset value for those shareholders
that have elected the reinvestment option. Net realized gains, if any, are
generally not expected to be distributed more frequently than annually.
Differences in dividends per share between classes of ABN AMRO Growth Fund, M&C
Growth Fund, Value Fund, Optimum Mid Cap Fund, TAMRO Small Cap Fund, Veredus
Aggressive Growth Fund, ABN AMRO Real Estate Fund, M&C Balanced Fund, TCH Fixed
Income Fund, TCH Investment Grade Bond Fund and ABN AMRO High Yield Bond Fund
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 permanent book and tax basis differences.

Permanent differences between book and tax basis reporting for the 2006 fiscal
year have been identified and appropriately reclassified as indicated below.
These permanent differences relate to one or more of the following: return of
capital transactions on REITs, amortization for GAAP but not for federal income
tax purposes and non deductible start-up expenses. These reclassifications have
no impact on net assets.

ACCUMULATED
UNDISTRIBUTED NET ACCUMULATED NET
FUND INVESTMENT INCOME REALIZED GAIN/(LOSS) PAID IN CAPITAL
- ---- ----------------- ------------------- ---------------

River Road Dynamic Equity Income Fund $ (8,644) $ 8,644 $ --
TAMRO Large Cap Value Fund 8,659 (8,659) --
Veredus Select Growth Fund 72,327 61 (72,388)
Optimum Mid Cap Fund 356,852 -- (356,852)
ABN AMRO Mid Cap Growth Fund 7,302 (4,529) (2,773)
River Road Small Cap Value Fund (23,103) 23,351 (248)
TAMRO Small Cap Fund 799,625 95,548 (895,173)
Veredus Aggressive Growth Fund 7,292,453 -- (7,292,453)
ABN AMRO Real Estate Fund (1,341,189) 1,341,189 --
Veredus SciTech Fund 50,162 -- (50,162)
Balanced Fund 264,516 (264,516) --
M&C Balanced Fund 316,005 (316,005) --
TCH Fixed Income Fund 908,595 (908,595) --
TCH Investment Grade Bond Fund 95,761 (95,761) --
ABN AMRO High Yield Bond Fund 91,394 (91,394) --
McDonnell Municipal Bond Fund -- 702 (702)

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 2006 and 2005 was as follows:

DISTRIBUTIONS PAID IN 2006 DISTRIBUTIONS PAID IN 2005
-------------------------------------------- -----------------------------------------
TAX-EXEMPT LONG-TERM TAX-EXEMPT ORDINARY LONG-TERM
INCOME ORDINARY INCOME CAPITAL GAINS INCOME INCOME CAPITAL GAINS
----------- --------------- -------------- ------------ ------------ -------------

River Road Dynamic Equity Income Fund .. $ -- $ 292,755 $ -- $ -- $ 52,394 $ --
ABN AMRO Growth Fund ................... -- 1,514,894 60,281,040 -- 3,719,656 --
M&C Growth Fund ........................ -- 12,192,090 -- -- 12,223,076 --
TAMRO Large Cap Value Fund ............. -- 152,087 -- -- 140,652 --
Value Fund ............................. -- 5,455,180 4,573,239 -- 3,689,930 --
Veredus Select Growth Fund ............. -- -- 19,255 -- -- --
Optimum Mid Cap Fund ................... -- 2,977,006 21,010,719 -- -- 14,115,486
TAMRO Small Cap Fund ................... -- -- -- -- 2,319,448 5,771,631
ABN AMRO Real Estate Fund .............. -- 1,178,792 9,479,028 -- 1,534,870 3,025,541
Balanced Fund .......................... -- 1,538,340 8,738,671 -- 3,673,528 13,121,235
M&C Balanced Fund ...................... -- 790,445 -- -- 2,019,046 --
TCH Fixed Income Fund .................. -- 8,184,409 -- -- 13,742,768 --
TCH Investment Grade Bond Fund ......... -- 1,406,853 -- -- 1,638,810 --
ABN AMRO High Yield Bond Fund .......... -- 1,554,370 -- -- 1,634,987 22,832
McDonnell Municipal Bond Fund .......... 2,278,235 50,920 101,839 2,148,332 -- 182,140
ABN AMRO Investor Money Market Fund .... -- 4,256,167 -- -- 3,456,889 --

As of October 31, 2006, the components of distributable earnings on a tax basis
were as follows:

UNDISTRIBUTED UNREALIZED
CAPITAL LOSS UNDISTRIBUTED TAX-EXEMPT UNDISTRIBUTED APPRECIATION
CARRYFORWARD ORDINARY INCOME INCOME LONG-TERM GAIN (DEPRECIATION)
------------ --------------- ------------- -------------- --------------

River Road Dynamic Equity Income Fund .. $ -- $ 109,722 $ -- $ 90,549 $ 1,094,948
ABN AMRO Growth Fund ................... (36,244,580) 7,258,995 -- 96,058,568 94,365,100
M&C Growth Fund ........................ -- 598,903 -- 14,012,604 295,469,306

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- --------------------------------------------------------------------------------

TAMRO Large Cap Value Fund ............. $ -- $ -- $ -- $ 1,853,376 $ 2,583,328
Value Fund ............................. -- 740,651 -- 13,737,654 78,364,251
Veredus Select Growth Fund ............. (253,267) -- -- -- 2,519,037
Optimum Mid Cap Fund ................... -- -- -- 45,550,945 112,538,563
ABN AMRO Mid Cap Growth Fund ........... -- -- -- -- 4,584
River Road Small Cap Value Fund ........ -- 2,379,988 -- 46,483 9,739,548
TAMRO Small Cap Fund ................... -- -- -- 15,386,367 47,638,208
Veredus Aggressive Growth Fund ......... -- -- -- 29,880,980 25,935,046
ABN AMRO Real Estate Fund .............. -- 3,516,613 -- 22,029,717 29,146,485
Veredus SciTech Fund ................... (1,417,284) -- -- -- 142,023
Balanced Fund .......................... -- 1,313,323 -- 16,036,482 5,876,402
M&C Balanced Fund ...................... (9,784,933) 50,471 -- -- 2,306,737
TCH Fixed Income Fund ................. (7,418,560) 135,874 -- -- (819,857)
TCH Investment Grade Bond Fund ......... (783,526) 62,280 -- -- (697,727)
ABN AMRO High Yield Bond Fund .......... (217,543) 132,338 -- -- (75,926)
McDonnell Municipal Bond Fund .......... (120,153) -- 54,367 -- 1,141,775
ABN AMRO Investor Money Market Fund .... -- 150,737 -- -- --

NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value. At October
31, 2006, ABN AMRO Asset Management Holdings, Inc. owned 100,000 shares of ABN
AMRO Mid Cap Growth Fund, Class N and 399,987 and 1,599,986 shares of ABN AMRO
High Yield Bond Fund, Class N and Class I, respectively. Share transactions of
the Funds were as follows:

YEAR ENDED OCTOBER 31, 2006

PROCEEDS FROM NET INCREASE
REINVESTMENT OF (DECREASE)
CLASS N SOLD DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- --------------- -------------- ---------------------

River Road Dynamic Equity Income Fund .... 1,458,692 10,479 (660,127) 809,044
ABN AMRO Growth Fund ..................... 4,069,629 1,583,026 (25,275,679) (19,623,024)
M&C Growth Fund .......................... 8,426,683 104,931 (17,387,669) (8,856,055)
TAMRO Large Cap Value Fund ............... 173,500 11,164 (786,125) (601,461)
Value Fund ............................... 1,557,582 232,748 (2,278,664) (488,334)
Veredus Select Growth Fund ............... 2,260,876 1,361 (726,432) 1,535,805
Optimum Mid Cap Fund ..................... 6,651,917 797,740 (9,807,905) (2,358,248)
ABN AMRO Mid Cap Growth Fund (a) ......... 114,531 -- (672) 113,859
River Road Small Cap Value Fund .......... 13,316,275 -- (1,490,759) 11,825,516
TAMRO Small Cap Fund ..................... 5,262,354 -- (5,541,411) (279,057)
Veredus Aggressive Growth Fund ........... 5,165,613 -- (15,194,301) (10,028,688)
ABN AMRO Real Estate Fund ................ 1,172,046 424,265 (1,349,059) 247,252
Veredus SciTech Fund ..................... 179,372 -- (354,355) (174,983)
Balanced Fund ............................ 882,089 964,188 (12,090,947) (10,244,670)
M&C Balanced Fund ........................ 247,162 34,278 (1,895,942) (1,614,502)
TCH Fixed Income Fund .................... 2,219,945 531,744 (9,059,642) (6,307,953)
TCH Investment Grade Bond Fund ........... 40,375 14,882 (135,973) (80,716)
ABN AMRO High Yield Bond Fund ............ 65,599 6,454 (641,626) (569,573)
McDonnell Municipal Bond Fund ............ 1,580,764 146,140 (4,719,678) (2,992,774)
ABN AMRO Investor Money Market Fund ...... 294,006,932 1,951,658 (328,219,408) (32,260,818)

(a) ABN AMRO Mid Cap Growth Fund commenced investment operations on December
29, 2005.

PROCEEDS FROM NET INCREASE
REINVESTMENT OF (DECREASE)
CLASS I SOLD DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- --------------- -------------- ---------------------

ABN AMRO Growth Fund ..................... 3,155,002 938,503 (3,788,153) 305,352
M&C Growth Fund .......................... 8,933,745 334,989 (33,572,466) (24,303,732)
Value Fund ............................... 1,250,143 554,934 (52,282) 1,752,795
Optimum Mid Cap Fund ..................... 906,056 105,120 (1,169,973) (158,797)
Veredus Select Growth Fund (a) ........... 78,447 -- (833) 77,614
TAMRO Small Cap Fund ..................... 3,167,262 -- (670,970) 2,496,292
Veredus Aggressive Growth Fund ........... 2,506,369 -- (2,867,822) (361,453)
ABN AMRO Real Estate Fund ................ 279,367 268,200 (261,777) 285,790
M&C Balanced Fund ........................ 257,603 12,735 (1,022,596) (752,258)
TCH Fixed Income Fund ................... 469,294 140,155 (3,644,317) (3,034,868)
TCH Investment Grade Bond Fund ........... 59,951 57,629 (811,511) (693,931)
ABN AMRO High Yield Bond Fund ............ 600,622 771 (5,655) 595,738

(a) Veredus Select Growth Fund began issuing Class I Shares on September 11,
2006.

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- --------------------------------------------------------------------------------

PROCEEDS FROM NET INCREASE
REINVESTMENT OF (DECREASE)
CLASS R SOLD DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- --------------- -------------- ---------------------

ABN AMRO Growth Fund ..................... 51,523 1,594 (28,756) 24,361
M&C Growth Fund .......................... 10,743 -- (13,319) (2,576)

YEAR ENDED OCTOBER 31, 2005

PROCEEDS
FROM NET INCREASE
REINVESTMENT (DECREASE)
OF EXCHANGED SUBSCRIPTION IN SHARES
CLASS N SOLD DISTRIBUTIONS REDEEMED IN IN KIND OUTSTANDING
- ------- ----------- ------------- ------------ --------- ------------ ------------

River Road Dynamic Equity Income Fund (a) 537,150 220 (106) -- -- 537,264
ABN AMRO Growth Fund 11,103,850 90,569 (16,227,885) 16,975(b) -- (5,016,491)
M&C Growth Fund 13,383,528 104,095 (18,317,017) -- -- (4,829,394)
TAMRO Large Cap Value Fund 681,239 11,210 (498,783) -- -- 193,666
Value Fund 3,990,876 97,285 (17,027,981) -- -- (12,939,820)
Veredus Select Growth 938,928 -- (82,375) -- -- 856,553
Optimum Mid Cap Fund 14,969,958 486,641 (8,628,945) -- -- 6,827,654
River Road Small Cap Value Fund (c) 573,564 -- -- -- 39,003(d) 612,567
TAMRO Small Cap Fund 6,749,648 461,797 (5,077,393) -- -- 2,134,052
Veredus Aggressive Growth Fund 9,272,640 -- (11,604,303) -- -- (2,331,663)
ABN AMRO Real Estate Fund 1,518,071 160,052 (3,274,478) -- -- (1,596,355)
Veredus SciTech Fund 173,970 -- (585,267) -- -- (411,297)
Balanced Fund 8,201,094 1,527,947 (14,116,605) -- -- (4,387,564)
M&C Balanced Fund 749,234 70,245 (3,789,396) -- -- (2,969,917)
TCH Fixed Income Fund 4,283,628 702,258 (5,870,924) -- -- (885,038)
TCH Investment Grade Bond Fund 262,184 11,654 (40,302) -- -- 233,536
ABN AMRO High Yield Bond Fund 92,033 6,169 (38,688) -- -- 59,514
McDonnell Municipal Bond Fund 2,293,449 133,990 (1,473,151) -- -- 954,288
ABN AMRO Investor Money Market Fund 536,100,236 805,231 (639,757,628) -- -- (102,852,161)

(a) River Road Dynamic Equity Income Fund commenced investment operations on
June 28, 2005.

(b) ABN AMRO Growth Fund closed its Class C Shares on October 28, 2005.
Existing shareholders were exchanged into Class N Shares.

(d) River Road Small Cap Value Fund had a subscription in kind on September
29, 2005, which resulted in a purchase of $398,297.

PROCEEDS
FROM
REINVESTMENT NET INCREASE
OF REDEMPTION (DECREASE)
CLASS I SOLD DISTRIBUTIONS REDEEMED IN KIND IN SHARES OUTSTANDING
- ------- ----------- ------------- ------------ ---------- ---------------------

ABN AMRO Growth Fund 9,271,249 27,567 (4,317,572) (1,686,980)(a) 3,294,264
M&C Growth Fund 23,771,517 366,681 (51,532,551) -- (27,394,353)
Value Fund (b) 15,847,838 -- (417) -- 15,847,421
Optimum Mid Cap Fund 2,187,523 41,979 (224,612) -- 2,004,890
TAMRO Small Cap Fund (c) 811,375 -- (81,670) -- 729,705
Veredus Aggressive Growth Fund 3,492,096 -- (2,061,067) -- 1,431,029
ABN AMRO Real Estate Fund (d) 2,015,976 -- -- -- 2,015,976
M&C Balanced Fund 429,031 52,909 (4,341,762) -- (3,859,822)
TCH Fixed Income Fund 1,282,257 224,964 (21,501,108) -- (19,993,887)
TCH Investment Grade Bond Fund 160,146 64,458 (995,911) -- (771,307)
ABN AMRO High Yield Bond Fund 5,266 778 (5,149) -- 895

(a) ABN AMRO Growth Fund had a redemption in kind on February 22, 2005, which
resulted in a redemption of $37,332,876. The redemption was comprised of
securities and cash in the amounts of $36,651,123 and $681,753,
respectively.

(b) Value Fund began issuing Class I Shares on September 20, 2005.

(d) ABN AMRO Real Estate Fund began issuing Class I Shares on September 20,
2005.

PROCEEDS
FROM
REINVESTMENT
OF EXCHANGED NET DECREASE
CLASS C SOLD DISTRIBUTIONS REDEEMED OUT(a) IN SHARES OUTSTANDING
- ------- ----------- ------------- ------------ ---------- ---------------------

ABN AMRO Growth Fund (a) 2,273 3 (2,999) (16,975) (17,698)

(a) ABN AMRO Growth Fund closed its Class C Shares on October 28, 2005.
Existing shareholders were exchanged into Class N Shares.

PROCEEDS
FROM
REINVESTMENT
OF NET INCREASE
CLASS R SOLD DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------------------------------------------ ----------- ------------- ----------- ---------------------

ABN AMRO Growth Fund 36,305 48 (12,984) 23,369
M&C Growth Fund 10,905 23 (2,104) 8,824

| 120

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

- --------------------------------------------------------------------------------

NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the year ended
October 31, 2006 were as follows:

AGGREGATE PURCHASES PROCEEDS FROM SALES
--------------------------------- ---------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- --------------- --------------- ---------------

River Road Dynamic Equity Income Fund .... $ -- $ 12,577,850 $ -- $ 3,310,623
ABN AMRO Growth Fund ..................... 305,001,256 804,261,445
M&C Growth Fund .......................... -- 1,553,780,909 -- 2,201,451,742
TAMRO Large Cap Value Fund ............... -- 8,272,461 -- 16,277,524
Value Fund ............................... -- 98,772,059 -- 84,291,794
Veredus Select Growth Fund ............... -- 86,683,619 -- 67,093,222
Optimum Mid Cap Fund ..................... -- 201,003,224 -- 261,934,372
ABN AMRO Mid Cap Growth Fund ............. -- 1,461,872 -- 323,539
River Road Small Cap Value Fund .......... -- 158,484,322 -- 21,996,381
TAMRO Small Cap Fund ..................... -- 137,037,288 -- 104,717,376
Veredus Aggressive Growth Fund ........... -- 876,531,476 -- 1,050,632,639
ABN AMRO Real Estate Fund ................ -- 84,418,579 -- 85,381,307
Veredus SciTech Fund ..................... -- 9,757,370 -- 10,579,540
Balanced Fund ............................ 9,793,274 22,319,793 29,695,581 121,552,185
M&C Balanced Fund ........................ 1,341,084 14,607,205 8,437,819 46,070,897
TCH Fixed Income Fund .................... 58,373,971 54,859,173 131,608,206 73,512,547
TCH Investment Grade Bond Fund ........... 2,208,066 2,552,179 7,049,523 4,995,125
ABN AMRO High Yield Bond Fund ............ -- 12,992,278 -- 13,259,157
McDonnell Municipal Bond Fund ............ -- 14,881,584 -- 42,022,000

NOTE (F) REDEMPTION FEES: In accordance with the prospectuses, certain Funds
assessed a 2% redemption fee on fund share redemptions and exchanges within
specified time periods, as indicated in the following table for the year ended
October 31, 2006:

FUND NAME TIME PERIOD AMOUNT FUND NAME TIME PERIOD AMOUNT
- ------------------------------------- ---------------- --------- ------------------------------ ----------------- --------

River Road Dynamic Equity Income Fund 2% Within 7 Days $ -- Veredus Aggressive Growth Fund 2% Within 7 Days $ 6,611
ABN AMRO Growth Fund 2% Within 7 Days 1,489 ABN AMRO Real Estate Fund 2% Within 90 Days 20,880
M&C Growth Fund 2% Within 7 Days 7,528 Veredus SciTech Fund 2% Within 90 Days 4,038
TAMRO Large Cap Value Fund 2% Within 7 Days 44 Balanced Fund 2% Within 7 Days --
Value Fund 2% Within 7 Days -- M&C Balanced Fund 2% Within 7 Days 24
Veredus Select Growth 2% Within 7 Days -- TCH Fixed Income Fund 2% Within 7 Days 569
Optimum Mid Cap Fund 2% Within 7 Days 1,417 TCH Investment Grade Bond Fund 2% Within 7 Days --
River Road Small Cap Value Fund 2% Within 7 Days 215 ABN AMRO High Yield Bond Fund 2% Within 90 Days 865
TAMRO Small Cap Fund 2% Within 7 Days 273 McDonnell Municipal Bond Fund 2% Within 90 Days 26,009

Redemption fees are allocated back to each class based on relative net assets
and have been deducted from gross redemption proceeds on the Statements of
Changes in Net Assets. The Board of Trustees of the Trust approved the removal
of the 2% redemption fee on Fund shares redeemed or exchanged within seven days
of purchase for all of the Trust's Funds listed above with a time period of 7
days, effective December 27, 2005, except for ABN AMRO Real Estate Fund, Veredus
SciTech Fund, ABN AMRO High Yield Bond Fund and McDonnell Municipal Bond Fund,
which continue to have a 2% redemption fee on Fund shares redeemed or exchanged
within 90 days of purchase.

NOTE (G) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: Prior to
the closing of the Strategic Transaction, each Adviser listed below provided the
Funds with investment advisory services under various advisory agreements. Under
terms of each Fund's investment advisory agreement, fees were accrued daily and
paid monthly, based on a specified annual rate of average daily net assets. In
addition, certain Funds had an expense limitation agreement with the Adviser,
which capped annual ordinary operating expenses for Class N and Class I
shareholders at certain specified annual rates of average daily net assets.
There were no contractual expense limitations for Class R shareholders. The
contractual expense limitation contracts with the Advisers set forth below
terminated as of November 30, 2006 at which time new contractual expense
limitation contracts with Aston became effective (the "New Expense Limitation
Agreements"). The New Expense Limitation Agreements set forth the same
contractual expense limitations as previously in place for each Fund and are
effective through February 28, 2008. The advisory rates and contractual expense
limitations for the year ended October 31, 2006 were as follows:

| 121

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- --------------------------------------------------------------------------------

CONTRACTUAL
EXPENSE LIMITATIONS
----------------------
ADVISER ADVISORY FEES CLASS N CLASS I
----------------------------------- --------------------------- ------- -------

River Road Dynamic Equity Income Fund River Road Asset Management LLC 0.70% 1.30% N/A
ABN AMRO Growth Fund ABN AMRO Asset Management, Inc. 0.70% N/A N/A
M&C Growth Fund Montag & Caldwell, Inc. 0.80% on first $800,000,000
0.60% over $800,000,000 N/A N/A
TAMRO Large Cap Value Fund TAMRO Capital Partners LLC 0.80% 1.20% N/A
Value Fund ABN AMRO Asset Management, Inc.(b) 0.80% 0.94% 0.69%
Veredus Select Growth Fund Veredus Asset Management LLC 0.80% 1.30% 1.05%
Optimum Mid Cap Fund ABN AMRO Asset Management, Inc. 0.80% on first $100,000,000
0.75% next $300,000,000
0.70% over $400,000,000 1.40% 1.15%
ABN AMRO Mid Cap Growth Fund ABN AMRO Asset Management, Inc. 0.80% 1.40% N/A
River Road Small Cap Value Fund River Road Asset Management LLC 0.90% 1.50% N/A
TAMRO Small Cap Fund TAMRO Capital Partners LLC 0.90% 1.30% 1.05%
Veredus Aggressive Growth Fund Veredus Asset Management LLC 1.00% 1.49% 1.24%
ABN AMRO Real Estate Fund ABN AMRO Asset Management, Inc.(b) 1.00% 1.37% 1.12%
Veredus SciTech Fund Veredus Asset Management LLC 1.00% 1.60% N/A
Balanced Fund ABN AMRO Asset Management, Inc. 0.70% N/A N/A
M&C Balanced Fund Montag & Caldwell, Inc. 0.75% N/A N/A
TCH Fixed Income Fund ABN AMRO Asset Management, Inc. 0.55% 0.74% 0.49%
TCH Investment Grade Bond Fund ABN AMRO Asset Management, Inc. 0.50% 0.89% 0.64%
ABN AMRO High Yield Bond Fund ABN AMRO Asset Management, Inc.(b) 0.45% 0.80% 0.55%
McDonnell Municipal Bond Fund(a) ABN AMRO Asset Management, Inc. 0.60% N/A N/A
ABN AMRO Investor Money Market Fund ABN AMRO Asset Management, Inc. 0.40% N/A N/A

(a) The Adviser voluntarily waived management fees and all distribution fees
for the McDonnell Municipal Bond Fund so that the net expense ratio was
0.50%. The Adviser may revise or discontinue the voluntary waivers at any
time.

(b) Effective January 1, 2006, ABN AMRO Asset Management (USA) LLC ("AAAM
LLC") merged with ABN AMRO Asset Management, Inc. Any contract between the
Funds' and AAAM LLC continues under ABN AMRO Asset Management, Inc.

In addition, prior to the Strategic Transaction, AAAM was a party to
sub-advisory agreements with the following entities for the following Funds:

FUND SUB-ADVISER
- ---- --------------------------------
Value Fund MFS Institutional Advisors, Inc.
Optimum Mid Cap Fund Optimum Investment Advisers, LLC

Sub-advisory fees were paid monthly by the Adviser.

Please see Note (J)-Subsequent Events for more information relating to the
Strategic Transaction.

ABN AMRO Investment Fund Services, Inc. ("AAIFS"), provided the Funds with
various administrative services. On November 30, 2006, AAIFS, the Trust and the
Board of Trustees assigned the administration agreement between the Funds and
AAIFS (the "Administration Agreement") to Aston in connection with the Strategic
Transaction discussed under Note (J)-Subsequent Events. Under the terms of the
Administration Agreement, administration fees are accrued daily and paid
monthly, based on a specified percentage of average daily net assets of the
Trust and base fees are fixed at an annual rate of $12,000 per Fund. The fee is
allocated to each Fund based on the relative net assets of the Trust.
Administration expenses also include pricing agent fees and compliance related
expenses. The administration fee arrangement is as follows:

ADMINISTRATION FEES
AT TRUST LEVEL ANNUAL RATE
- ------------------- -----------
First $7.4 billion 0.0490%
Over $7.4 billion 0.0465%

PFPC Inc. ("PFPC") provides certain administrative services to the Funds
pursuant to a Sub-administration and Accounting Services Agreement between AAIFS
and PFPC (the "Sub-administration Agreement"). On November 30, 2006, the
Sub-Administration Agreement was assigned from AAIFS to Aston. Effective August
1, 2006, under the terms of the Sub-administration Agreement, sub-administration
fees are accrued daily and paid monthly, at a rate of 0.022% of average daily
net assets of the Trust and a base fee at an annual rate of $12,000 per Fund.

Prior to August 1, 2006, under the terms of the Sub-administration Agreement,
sub-administration fees were accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust and base fees were
fixed at an annual rate of $12,000 per Fund. The Sub-administration fee
arrangement was as follows:

SUB-ADMINISTRATION FEES ANNUAL RATE
- ----------------------- -----------
First $7.4 billion 0.0255%
Over $7.4 billion 0.0230%

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

- --------------------------------------------------------------------------------

ABN AMRO Distribution Services (USA) Inc. served as the principal underwriter
and distributor of the Fund's Shares under the same fee structure described
below. As of December 1, 2006, PFPC Distributors, Inc. serves as principal
underwriter and distributor of the Funds' shares. Pursuant to Rule 12b-1
distribution plans (the "Plans") adopted by the Funds, with the exception of ABN
AMRO Investor Money Market Fund, with respect to Class N shares and Class R
shares, the Funds pay certain expenses associated with the distribution of their
shares. Under the Plans, each Fund may pay actual expenses not exceeding, on an
annual basis, 0.25% of each participating Fund's Class N average daily net
assets and 0.50% of each participating Fund's Class R average daily net assets.
The Class I shares do not have distribution plans.

In addition, some of the Funds, with respect to Class N shares, Class I shares
and Class R shares, pay a sub-transfer agent fee pursuant to certain fee
arrangements. For the year ended October 31, 2006, the fees charged to these
Funds for Class N, Class I and Class R, which are included in the Transfer agent
fees on the Statement of Operations, were as follows:

SUB-TRANSFER AGENT FEES
-----------------------------------
FUND CLASS N CLASS I CLASS R
---- --------- --------- ---------
ABN AMRO Growth Fund $ 258,844 $ 3,909 $ --
M&C Growth Fund 274,686 -- --
TAMRO Large Cap Value Fund 1,922 -- --
Veredus Select Growth Fund 19,339 -- --
Optimum Mid Cap Fund 160,710 7,777 --
TAMRO Small Cap Fund 85,201 -- --
Veredus Aggressive Growth Fund 151,913 -- --
ABN AMRO Real Estate Fund 991 -- --
Veredus SciTech Fund 1,715 -- --
Balanced Fund 9,064 -- --
M&C Balanced Fund 3,666 -- --
McDonnell Municipal Bond Fund 12,764 -- --

The Trust does not compensate its officers or interested Trustees who are
affiliated with the Adviser. The Trust pays each non-interested Trustee $5,000
per Board of Trustees meeting attended, an annual retainer of $25,000 and
reimburses for out-of-pocket expenses. In addition, the Trust pays each member
of the Nominating and Governance Committee a $2,000 annual retainer and each
member of the Audit Committee a $2,500 annual retainer. The Chairman of the
Audit Committee receives an additional $10,000 per year, the Chairman of the
Nominating and Governance Committee receives an additional $2,500 per year, and
the Lead Independent Trustee receives an additional $20,000 per year.

NOTE (H) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 17, 2006, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each series of the Trust, including
these Funds, and is available for temporary, emergency purposes including
liquidity needs in meeting redemptions. The annual facility fee is 0.11% of the
commitment amount of the facility in addition to an annual administration fee of
$37,500 and reasonable legal expenses incurred in connection with the
preparation of any amendments. The interest rate on outstanding loans is
equivalent to the Federal Funds Rate or LIBOR (London Interbank Offered Rate),
as applicable, plus 0.625%. Borrowings must be repaid within 60 days. At October
31, 2006, there was one borrowing outstanding on the line of credit for the
Veredus Aggressive Growth Fund totaling $1,128,900.

For the Funds that utilized the line of credit during the year ended October 31,
2006, the average daily loan balance outstanding on the days where borrowings
existed, the weighted average interest rate and the interest expense, included
on the Statement of Operations, allocated to each Fund for use of the line of
credit were as follows:

AVERAGE DAILY LOAN WEIGHTED AVERAGE
BALANCE INTEREST RATE INTEREST EXPENSE
------------------ ---------------- ----------------

ABN AMRO Growth Fund $6,076,167 4.18% $ 2,089
M&C Growth Fund 2,887,000 5.27% 423
TAMRO Large Cap Value Fund 1,718,760 5.09% 3,032
Optimum Mid Cap Fund 1,873,111 5.17% 16,746
Veredus Aggressive Growth Fund 2,623,880 5.30% 8,940
ABN AMRO Real Estate Fund 3,735,900 5.29% 1,097
Balanced Fund 4,598,433 4.61% 1,677
M&C Balanced Fund 2,531,300 5.18% 3,052
TCH Fixed Income Fund 5,404,980 5.00% 8,510
TCH Investment Grade Bond Fund 3,290,900 4.77% 330
McDonnell Municipal Bond Fund 3,053,033 5.32% 3,643

NOTE (I) REFLOW FUND LLC: On June 15, 2006, the ABN AMRO Funds' Board of
Trustees approved the use of ReFlow Fund LLC ("ReFlow") for the Veredus
Aggressive Growth Fund. The Veredus Aggressive Growth Fund may participate in
the program, which is designed to provide an alternative liquidity source for
mutual funds experiencing redemptions of their shares. In order to pay cash to
shareholders who redeem their shares on a given day, a mutual fund typically
must hold cash in its portfolio, liquidate portfolio securities, or borrow
money, all of which impose certain costs on the fund. ReFlow provides
participating mutual funds with another source of cash

| 123

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

- --------------------------------------------------------------------------------

by standing ready to purchase shares from a fund equal to the amount of the
fund's net redemptions on a given day. ReFlow then generally redeems those
shares when the fund experiences net sales or when the shares have been
outstanding for the holding limit of 28 days, whichever comes first. In return
for this service, the Veredus Aggressive Growth Fund will pay a fee to ReFlow at
a rate determined by a daily auction with other participating mutual funds.

The costs to the Veredus Aggressive Growth Fund for participating in ReFlow are
expected to be influenced by and comparable to the cost of other sources of
liquidity, such as the Fund's short-term lending arrangements or the costs of
selling portfolio securities to meet redemptions. ReFlow will be prohibited from
acquiring more than 3% of the outstanding voting securities of the Fund.

As of October 31, 2006, the Veredus Aggressive Growth Fund had not utilized
ReFlow.

NOTE (J) SUBSEQUENT EVENTS: The Trust filed a Post-Effective Amendment to its
Registration Statement ("PEA") on October 10, 2006 for the purpose of adding two
new series to the Trust, Aston/ABN AMRO International Fund and Aston/Optimum
Large Cap Opportunity Fund. The new funds are expected to commence operations on
or about December 29, 2006. The Trust filed a PEA on October 3, 2006 for the
purpose of adding a Class I shares to the River Road Small Cap Value Fund. The
new class commenced operations on December 13, 2006.

The Strategic Transaction. On November 30, 2006, pursuant to the closing of an
asset purchase agreement between AAAM and its affiliates ("ABN AMRO"), Highbury
Financial Inc. ("Highbury") and Aston ("the Purchase Agreement"), ABN AMRO sold
substantially all of the assets related to their U.S. mutual fund and separately
managed account business to Highbury and Aston. Aston is a majority owned
subsidiary of Highbury. As of November 30, 2006, Aston serves as investment
adviser and administrator to the Funds (except ABN AMRO Investor Money Market
Fund). AAAM continues to serve as investment adviser to ABN AMRO Investor Money
Market Fund and Aston serves as the administrator.

On May 9, 2006, the Board of Trustees of the Funds considered and approved
several proposals in connection with the Strategic Transaction. The proposals
approved by the Board of Trustees in connection with the Strategic Transaction
included the following:

(I) approval of a new investment advisory agreement with Aston with respect
to nineteen series of the Trust listed below, which provides for the
same investment advisory fee rate currently in effect for each Fund (the
"New Investment Advisory Agreement);

(II) approval of a new sub-advisory agreement for nineteen series of the
Trust listed below with the sub-advisers shown below (the "New Sub
advisory Agreements");

(III) approval of the assignment of the agreements relating to the provision
of administration services from AAIFS to Aston; and

(IV) approval of name changes for the Trust and each Fund to reflect the name
Aston and, if applicable, ABN AMRO.

A Special Meeting of Shareholders of the Trust was held on August 25, 2006 and
reconvened on September 20, 2006 to approve certain proposals in connection with
the Strategic Transaction, including the approval of the New Investment Advisory
Agreement with Aston for each Fund listed below and the approval of the New Sub
advisory Agreement between Aston and the sub-adviser identified for each Fund
listed below. All proposals for all Funds were approved by shareholders and the
results of the voting are listed in the Additional Information section of this
report.

The Board of Trustees and shareholders approved New Sub advisory Agreements with
respect to each Fund as follows:

FUND SUB-ADVISER
- ---- -----------
Aston/ABN AMRO Growth Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
Aston/ABN AMRO Mid Cap Growth Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
Aston/ABN AMRO Real Estate Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
Aston/ABN AMRO High Yield Bond Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
Aston/Montag & Caldwell Growth Fund Montag & Caldwell, Inc.
- --------------------------------------------------------------------------------
Aston/Montag & Caldwell Balanced Fund Montag & Caldwell, Inc.
- --------------------------------------------------------------------------------

| 124

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

- --------------------------------------------------------------------------------

FUND SUB-ADVISER
- ---- -----------

Aston/River Road Dynamic Equity Income Fund River Road Asset Management LLC
- -----------------------------------------------------------------------------------------------
Aston/River Road Small Cap Value Fund River Road Asset Management LLC
- -----------------------------------------------------------------------------------------------
Aston/TAMRO Large Cap Value Fund TAMRO Capital Partners LLC
- -----------------------------------------------------------------------------------------------
Aston/TAMRO Small Cap Fund TAMRO Capital Partners LLC
- -----------------------------------------------------------------------------------------------
Aston/Veredus Select Growth Fund Veredus Asset Management LLC
- -----------------------------------------------------------------------------------------------
Aston/Veredus SciTech Fund Veredus Asset Management LLC
- -----------------------------------------------------------------------------------------------
Aston/Veredus Aggressive Growth Fund Veredus Asset Management LLC
- -----------------------------------------------------------------------------------------------
Aston/Value Fund MFS Institutional Advisors, Inc.
- -----------------------------------------------------------------------------------------------
Aston/Optimum Mid Cap Fund Optimum Investment Advisers, LLC
- -----------------------------------------------------------------------------------------------
Aston/TCH Fixed Income Fund Taplin, Canida & Habacht, Inc.
- -----------------------------------------------------------------------------------------------
Aston/TCH Investment Grade Bond Fund Taplin, Canida & Habacht, Inc.
- -----------------------------------------------------------------------------------------------
Aston/McDonnell Municipal Bond Fund McDonnell Investment Management, LLC
- -----------------------------------------------------------------------------------------------
Aston/Balanced Fund Taplin, Canida & Habacht, Inc. (Income Portion)
ABN AMRO Asset Management, Inc. (Equity Portion)
- -----------------------------------------------------------------------------------------------

The New Investment Advisory Agreement and New Sub advisory Agreements became
effective as of November 30, 2006, the closing date of the Purchase Agreement,
and the existing investment advisory and sub-advisory agreements with respect to
each Fund were terminated.

The factors considered by the Board of Trustees in approving the New Investment
Advisory Agreement and the New Sub advisory Agreements are included under the
Additional Information section of this report.

| 125

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

- --------------------------------------------------------------------------------

To the Shareholders and Board of Trustees of
Aston Funds (formerly ABN AMRO Funds)

We have audited the accompanying statement of assets and liabilities, including
the schedules of investments, of the Aston/River Road Dynamic Equity Income
Fund, Aston/ABN AMRO Growth Fund, Aston/Montag & Caldwell Growth Fund,
Aston/TAMRO Large Cap Value Fund, Aston Value Fund, Aston/Veredus Select Growth
Fund, Aston/Optimum Mid Cap Fund, Aston/ABN AMRO Mid Cap Growth Fund,
Aston/River Road Small Cap Value Fund, Aston/TAMRO Small Cap Fund, Aston/Veredus
Aggressive Growth Fund, Aston/ABN AMRO Real Estate Fund, Aston/Veredus SciTech
Fund, Aston Balanced Fund, Aston/Montag & Caldwell Balanced Fund, Aston/TCH
Fixed Income Fund, Aston/TCH Investment Grade Bond Fund, Aston/ABN AMRO High
Yield Bond Fund, Aston/McDonnell Municipal Bond Fund, and Aston/ABN AMRO
Investor Money Market Fund (the "Funds") (twenty of the Funds constituting the
Aston Funds (formerly ABN AMRO Funds (the "Trust")), as of October 31, 2006 and
the related statement of operations and the statements of changes in net assets
and financial highlights for the periods indicated therein except as indicated
below. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights of the Investment Grade Bond Fund for the
period ended April 30, 2002 were audited by other auditors whose report dated
May 31, 2002 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of October 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the above mentioned portfolios of the Aston Funds at October 31, 2006, the
results of their operations, changes in their net assets and financial
highlights for the periods indicated above, in conformity with U.S. generally
accepted accounting principles.

/s/ Ernst & Young LLP

Chicago, Illinois
December 15, 2006

| 126

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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 Web site 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) 551-8090.

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

TAX INFORMATION: In accordance with Federal tax law, the following Aston Funds
hereby make the designations indicated below regarding their fiscal year ended
October 31, 2006.

The following are the percentage of the income dividends qualifying for the
dividends received deduction available to corporations:

FUND PERCENTAGE
- ---- ----------
River Road Dynamic
Equity Income Fund 69.56%
ABN AMRO Growth Fund 100.00%
M&C Growth Fund 100.00%
TAMRO Large Cap Value Fund 100.00%
Value Fund 97.21%
Balanced Fund 34.69%
M&C Balanced Fund 60.78%
TCH Investment Grade Bond Fund 3.00%

For the year ended October 31, 2006, 100.00% of the income distributions made by
McDonnell Municipal Bond Fund were exempt from federal income taxes.

For the fiscal year ended October 31, 2006 certain distributions paid by the
Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and
Growth Tax Relief Reconciliation Act of 2003. Of the distributions made by the
following Funds, the corresponding percentages represent the amount of each
distribution which may qualify for the 15% dividend income tax rate.

River Road Dynamic Equity Income Fund 100.00%
ABN AMRO Growth Fund 100.00%
M&C Growth Fund 100.00%
TAMRO Large Cap Value Fund 100.00%
Value Fund 100.00%
Optimum Mid Cap Fund 100.00%
ABN AMRO Real Estate Fund 4.69%
Balanced Fund 76.68%
M&C Balanced Fund 48.14%

Shareholders should not use the above tax information to prepare their tax
returns. The information will be included with your Form 1099 DIV which will be
sent to you separately in January 2007.

SHAREHOLDER VOTING RESULTS: On August 25, 2006, the Trust held a Special Meeting
of Shareholders (the "Meeting") for the following purposes:

(1) To approve a new investment advisory agreement between each Fund and Aston
Asset Management LLC ("Aston") ("Proposal 1").

(2) To approve a new subadvisory agreement between Aston and each Subadviser,
as listed below ("Proposal 2"):

a. (For shareholders of Growth Fund, Mid Cap Growth Fund, Real Estate
Fund and High Yield Bond Fund) to approve a new subadvisory
agreement between Aston and ABN AMRO Asset Management, Inc.;

b. (For shareholders of M&C Growth Fund and M&C Balanced Fund) to
approve a new subadvisory agreement between Aston and Montag &
Caldwell, Inc.;

c. (For shareholders of River Road Dynamic Equity Income Fund and River
Road Small Cap Value Fund) to approve a new subadvisory agreement
between Aston and River Road Asset Management, LLC;

d. (For shareholders of TAMRO Large Cap Value Fund and TAMRO Small Cap
Fund) to approve a new subadvisory agreement between Aston and TAMRO
Capital Partners, LLC;

e. (For shareholders of Veredus Select Growth Fund, Veredus Aggressive
Growth Fund and Veredus SciTech Fund) to approve a new subadvisory
agreement between Aston and Veredus Asset Management LLC;

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f. (For shareholders of Value Fund) to approve a new subadvisory
agreement between Aston and MFS Institutional Advisors, Inc;

g. (For shareholders of Mid Cap Fund) to approve a new subadvisory
agreement between Aston and Optimum Investment Advisors, LLC;

h. (For shareholders of Bond Fund and Investment Grade Bond Fund ) to
approve a new subadvisory agreement between Aston and Taplin, Canida
& Habacht, Inc.;

i. (For shareholders of Municipal Bond Fund) to approve a new
subadvisory agreement between Aston and McDonnell Investment
Management, LLC;

j. (For shareholders of Balanced Fund) to approve a new subadvisory
agreement (1) between Aston and ABN AMRO Asset Management, Inc. for
the equity component of the portfolio and (2) between Aston and
Taplin, Canida & Habacht, Inc. for the fixed income component of the
portfolio.

(3) To approve a "manager of managers" structure for each Fund that, if
approved by the Board of Trustees in the future, would permit the
investment adviser to hire and replace subadvisers and to modify
subadvisory agreements without shareholder approval ("Proposal 3").

With respect to all proposals for the Mid Cap Fund, River Road Small Cap Fund,
TAMRO Small Cap Fund, Veredus Aggressive Growth Fund and Veredus SciTech Fund,
the meeting was adjourned and reconvened on September 20, 2006. All proposals
were approved by the shareholders for all Funds. The results of the voting are
as follows:

PROPOSAL 1: APPROVAL OF INVESTMENT ADVISORY AGREEMENT

SHARES OUTSTANDING
FOR AGAINST ABSTAIN
--------------- ------------------ -------------

Balanced Fund 4,782,709.309 57,821.945 11,325.671
Bond Fund 11,150,187.553 140,116.352 101,471.857
Growth Fund 29,939,776.292 229,738.541 383,540.915
High Yield Bond Fund 2,034,788.369 0.000 0.000
Investment Grade Bond Fund 2,922,821.506 15,622.463 0.000
Mid Cap Fund 13,016,625.969 153,827.072 304,099.980
Mid Cap Growth Fund 101,738.056 0.000 0.000
Municipal Bond Fund 3,691,831.047 45,225.561 56,708.000
Real Estate Fund 5,137,261.940 11,009.249 2,157.584
Value Fund 24,645,535.931 4,313.609 5,643.459
M&C Balanced Fund 1,545,971.942 80,207.694 4,513.670
M&C Growth Fund 45,035,366.619 808,556.914 845,888.525
River Road Dynamic Equity
Income Fund 559,831.795 1,935.484 0.000
River Road Small Cap
Value Fund 1,178,004.271 11,960.986 33,737.000
TAMRO Large Cap Value Fund 803,672.382 12,727.730 10,511.583
TAMRO Small Cap Fund 5,206,968.922 87,951.278 192,076.161
Veredus Aggressive
Growth Fund 18,076,461.060 123,056.724 113,713.457
Veredus SciTech Fund 252,326.644 9,714.936 4,933.081
Veredus Select Growth Fund 1,213,877.831 26,244.035 26,752.572

PROPOSAL 2: APPROVAL OF INVESTMENT SUBADVISORY AGREEMENTS

SHARES OUTSTANDING
FOR AGAINST ABSTAIN
--------------- ------------------ -------------

Growth Fund 29,956,190.703 215,419.625 381,445.420
Mid Cap Fund 13,001,536.170 169,716.098 303,300.753
Mid Cap Growth Fund 101,738.056 0.000 0.000
Real Estate Fund 5,139,438.777 7,222.330 3,767.666
High Yield Bond Fund 2,034,788.369 0.000 0.000
Balanced Fund (equity
component of portfolio) 4,762,887.225 77,545.735 11,423.965
M&C Growth Fund 45,311,636.901 344,439.316 1,033,735.841
M&C Balanced Fund 1,545,971.942 81,036.694 3,684.670
River Road Dynamic Equity
Income Fund 559,831.795 1,935.484 0.000
River Road Small Cap Value Fund 1,186,437.271 10,920.986 26,344.000
TAMRO Large Cap Value Fund 803,403.382 12,727.730 10,780.583
TAMRO Small Cap Fund 5,190,831.619 89,227.837 206,936.905
Veredus Aggressive Growth Fund 18,073,667.898 121,482.141 118,081.202
Veredus SciTech Fund 251,430.644 10,122.683 5,421.334
Veredus Select Growth Fund 1,224,767.757 25,273.603 16,833.078
Value Fund 24,645,204.764 3,037.657 7,250.578
Bond Fund 11,146,727.312 138,198.712 106,849.738
Investment Grade Bond Fund 2,922,821.506 15,622.463 0.000
Balanced Fund (fixed income
component of portfolio) 4,778,974.815 61,033.039 11,849.071
Municipal Bond Fund 3,698,676.516 48,305.437 46,782.655

PROPOSAL 3: APPROVAL OF "MANAGER OF MANAGERS" STRUCTURE

SHARES OUTSTANDING
FOR AGAINST ABSTAIN
--------------- ------------------ -------------

Balanced Fund 4,771,628.415 64,632.520 15,595.990
Bond Fund 11,022,130.018 271,948.580 97,697.164
Growth Fund 29,859,725.361 315,896.049 377,434.338
High Yield Bond Fund 2,026,870.656 5,569.829 2,347.884
Investment Grade Bond Fund 2,913,710.182 23,654.229 1,079.558
Mid Cap Fund 10,003,684.131 3,152,519.029 318,349.861
Mid Cap Growth Fund 101,738.056 0.000 0.000
Municipal Bond Fund 3,436,653.505 250,037.374 107,073.729
Real Estate Fund 5,125,659.650 20,134.533 4,634.590
Value Fund 24,642,999.636 5,020.818 7,472.545
M&C Balanced Fund 1,532,877.610 86,213.490 11,602.206
M&C Growth Fund 40,881,646.070 4,172,739.101 1,635,426.887
River Road Dynamic Equity
Income Fund 472,854.350 88,912.929 0.000
River Road Small Cap Value
Fund 840,747.438 355,590.819 27,364.000

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SHARES OUTSTANDING
FOR AGAINST ABSTAIN
--------------- ------------------ -------------

TAMRO Large Cap Value Fund 780,384.824 37,666.723 8,860.148
TAMRO Small Cap Fund 4,803,207.911 485,574.954 198,213.496
Veredus Aggressive Growth Fund 17,553,545.710 618,195.591 141,489.940
Veredus SciTech Fund 245,535.538 16,372.789 5,066.334
Veredus Select Growth Fund 1,178,115.807 69,970.926 18,787.705

APPROVAL OF INVESTMENT ADVISORY CONTRACTS: In connection with the Strategic
Transaction as described under Note J above, set forth below are the factors
considered by the Board of Trustees in approving the New Investment Advisory
Agreement and New Subadvisory Agreements:

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT

The 1940 Act requires the investment advisory agreement between the investment
adviser and the Trust, on behalf of each Fund, to be approved by both the Board
of Trustees and a majority of the Independent Trustees voting separately. At an
in-person meeting on May 9, 2006, the Board of Trustees, including all the
Independent Trustees, determined that the terms of the New Advisory Agreement
with Aston with respect to each Fund are fair and reasonable and approved the
New Advisory Agreement as being in the best interests of each Fund. The Board of
Trustees, including all of the Independent Trustees, believes that the New
Advisory Agreement will enable the Funds to obtain high-quality investment
advisory services at costs that the Board believes are appropriate, reasonable
and in the best interests of the Funds and their shareholders. In making such
determinations, the Board of Trustees, including all of the Independent
Trustees, considered materials received and discussions held specifically
relating to the approval of the New Advisory Agreement in connection with the
Strategic Transaction at special meetings held on May 9, 2006 and April 17,
2006. The Board also received extensive information throughout the year
regarding performance and operating results of the Funds. The Independent
Trustees met separately from the "interested" Trustees of the Trust and any
officers of the current and proposed investment adviser or their affiliates to
consider approval of the New Advisory Agreement and were assisted by independent
legal counsel in their deliberations.

In evaluating the New Investment Advisory Agreement on behalf of each Fund, the
Board of Trustees reviewed materials furnished by ABN AMRO and Highbury,
including information regarding Highbury and Aston, their affiliates and the
management teams and personnel that will be in place following the Strategic
Transaction. Among other information, the Board of Trustees reviewed information
regarding: (1) the nature, extent and quality of the services to be provided to
the Funds, including information regarding the personnel involved in the
investment oversight process; (2) the advisory fees to be charged and estimated
total expense ratios of the Funds compared to a peer group of funds compiled by
Lipper; (3) fee waivers or expenses to be reimbursed by the investment adviser;
(4) potential benefits to be received by affiliates of the investment adviser
from its relationship with the Funds; and (5) information regarding the impact
of the Strategic Transaction on the Funds.

In considering the New Advisory Agreement on behalf of each Fund, the Board,
including the Independent Trustees, did not identify any single factor or group
of factors as all-important or controlling, but considered all factors together.
The following summary does not detail all the matters considered. In connection
with its consideration of the New Advisory Agreement, the Board received
detailed information regarding Highbury and its long-term strategic plans with
respect to the mutual fund business that would be established through Aston as a
result of the Strategic Transaction. Among the matters considered by the Board
of Trustees, including the Independent Trustees, in connection with its approval
of the New Advisory Agreement on behalf of each Fund were the following:

o The desire of ABN AMRO to generally exit the mutual fund business in
the United States and the likely impact on the Funds absent approval
of the Strategic Transaction;

o The financial strength and resources of Highbury and Aston and the
background and reputation of their principals;

o The potential distribution and growth opportunities that may be
available to the Funds as a result of the relationship with Highbury
and its principals and their respective affiliates;

o The anticipated retention of ABN AMRO as sub-adviser to a
significant number of the Funds;

o The anticipated retention by Aston of substantially all of the ABN
AMRO personnel responsible for administration, fund accounting,
shareholder services, and marketing and distribution-related
services, including all members of the senior management team;

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o The anticipated continuation of other service providers to the
Trust, including the sub-administrator, transfer agent and
distributor;

o The investment advisory fee rates for each Fund, which will remain
the same after the Strategic Transaction; and

o The undertaking by ABN AMRO to bear all of the costs to the Funds of
the Strategic Transaction, including the costs of preparing,
printing and mailing the Proxy Statement and related solicitation
expenses.

NATURE, QUALITY AND EXTENT OF SERVICES. The Board of Trustees met with
representatives of Highbury and received detailed information regarding Highbury
and Aston, their related companies, and the expected management teams of both
entities upon the close of the Strategic Transaction. The Board also received
information regarding the long-term strategies for organic growth and
acquisition-related growth of Highbury and Aston, the adequacy of financial and
other resources available to Aston, and the potential benefits to the Funds as a
result of their relationship with Aston, Highbury and their related companies.
The Board considered the pros and cons of being associated with a smaller, more
entrepreneurial parent company versus a larger, more established parent. The
Board considered that Aston intends to manage the Funds by delegating the
day-to-day investment responsibility for managing the Funds to other investment
advisers. The Board considered that, as part of the Strategic Transaction,
Highbury and Aston have established a strategic partnership with ABN AMRO that
will result in a significant number of the existing investment advisers for the
Funds remaining in place in a sub-advisory capacity. The Board considered
Aston's ability and procedures to monitor the performance of sub-advisers,
business practices and compliance policies and procedures. In this regard, the
Board members noted the responsibilities and experience of ABN AMRO personnel
that are expected to join Aston. The Board also noted the quality of
administration services that historically have been provided pursuant to a
separate Administration Agreement with AAIFS and that such services are expected
to continue with Aston.

The Board of Trustees considered the anticipated retention by Aston of
sub-advisers for each Fund. In this regard, the Board noted, in particular, the
anticipated retention of each existing ABN AMRO entity as a sub-adviser for each
Fund that it currently manages, except for the ABN AMRO Bond Fund, ABN AMRO
Investment Grade Bond Fund, ABN AMRO Municipal Bond Fund and the fixed income
component of ABN AMRO Balanced Fund. The Board considered the nature, quality
and extent of services, including performance, of each proposed sub-adviser. See
"Factors Considered by the Board of Trustees in Approving the ABN AMRO
Sub-advisory Agreements" and "Factors Considered by the Board of Trustees in
Approving the Sub-advisory Agreements for MFS, McDonnell, Optimum and Taplin"
later in the Notes.

On the basis of this evaluation and the ongoing review of investment and
operating results of the Funds by the Board of Trustees, the Board concluded
that the nature, quality and extent of services to be provided by Aston are
expected to be satisfactory.

EXPENSES. The Board of Trustees considered each Fund's management fee rate,
estimated operating fees and total expense ratio following the Strategic
Transaction. The Board noted that Aston does not propose any changes in the fee
rates for the investment advisory agreements or Administration Agreement, which
will be assigned by AAIFS to Aston in connection with the Strategic Transaction.
As a part of this analysis, the Board of Trustees considered the investment
advisory fee to be paid by each Fund to Aston as well as fee waivers or expenses
to be reimbursed by Aston and compared the gross and net advisory fees and
estimated total expenses to those of a relevant peer group based on information
and data supplied by Lipper Inc. Because the impact of the Strategic Transaction
on the money market funds was not known, the Board received expense information
based on complex-wide assets including the money market funds as part of Aston
Funds and excluding the money market funds. The Board considered that the total
expense ratio of certain Funds may increase as a result of lower complex-wide
asset levels if the money market funds do not become part of Aston Funds, but
that the net change is estimated at one basis point or less for all Funds except
ABN AMRO/Montag & Caldwell Balanced Fund, where it is estimated not to exceed
two basis points.

COSTS AND PROFITABILITY. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board of Trustees
considered the resources involved in managing the Funds in light of Aston's
business model as well as fee waivers or expenses to be reimbursed by the
investment adviser. The Board noted that, with respect to Funds sub-advised

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by ABN AMRO, the sub-adviser will bear 50% of any fee waivers or expense
reimbursements. The Board of Trustees received information regarding the
expected profitability of Aston following the Strategic Transaction. Based upon
anticipated asset size and the impact of fee waivers or expenses to be
reimbursed by the investment adviser, the Board of Trustees concluded that
profitability was expected to be reasonable.

ECONOMIES OF SCALE. The Board of Trustees considered the extent to which
economies of scale would be realized as the Funds grow. The Board of Trustees
reviewed the Funds' estimated expense ratios giving effect to fee waivers or
expenses to be reimbursed by the investment adviser, and considered the asset
size of the Funds. The Board of Trustees concluded that at this time, the
potential for economies of scale are limited for most Funds and that, where
appropriate, the advisory fee schedules include breakpoints designed to share
economies of scale with shareholders.

OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board of Trustees also considered
the nature and amount of fees to be paid by each Fund for services to be
provided by Aston for administration services. The Board of Trustees also
considered payments under the Rule 12b-1 distribution plan and noted that Aston
currently does not intend to manage any Funds directly and therefore will not
benefit from the use of "soft" commission dollars to pay for research and
brokerage services.

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

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE ABN AMRO
SUBADVISORY AGREEMENTS

The 1940 Act requires each New Sub-advisory Agreement between Aston and a
proposed sub-adviser with respect to a Fund to be approved by both the Board of
Trustees and a majority of the Independent Trustees voting separately. At a
special meeting on May 9, 2006, the Board of Trustees, including all the
Independent Trustees, determined that the terms of the New Sub-advisory
Agreement with each proposed sub-adviser are fair and reasonable and approved
each New Sub-advisory Agreement as being in the best interests of each Fund and
its shareholders. The Board of Trustees, including all of the Independent
Trustees, believes that the New Sub-advisory Agreements with ABN AMRO will
enable the Funds to continue to enjoy high-quality investment advisory services
at costs that the Board believes are appropriate, reasonable and in the best
interests of the Funds and their shareholders. In making such determinations,
the Board of Trustees, including all of the Independent Trustees, considered
materials received specifically relating to the approval of the New Sub-advisory
Agreements in connection with the Strategic Transaction. The Board also received
extensive information throughout the year regarding performance results of the
Funds and their past experience with ABN AMRO. The Independent Trustees met
separately from the "interested" Trustees of the Trust and any officers of the
current and proposed investment adviser and subadvisers or their affiliates to
consider approval of the New Sub-advisory Agreements with ABN AMRO and were
assisted by independent legal counsel in their deliberations.

In evaluating the New Sub-advisory Agreement with respect to each Fund, the
Board of Trustees reviewed materials furnished by Aston and ABN AMRO. The Board
considered information received at its December 2005 meeting regarding the
annual continuance of the Current Investment Advisory Agreements and Current
Sub-advisory Agreements and received updates to such information, as
appropriate, to reflect the impact of the Strategic Transaction and events
specific to each sub-adviser. Among other information, the Board of Trustees
received information regarding: (1) the nature, extent and quality of the
services provided to the Funds, including information regarding the personnel
involved in the investment process; (2) the sub-advisory fees to be charged and
estimated total expense ratios of the Funds compared to a relevant peer group of
funds based on information provided by Lipper Inc.; (3) fee waivers or expenses
to be reimbursed by the investment adviser and sub-adviser; and (4) benefits to
be received by the sub-advisers and their affiliates from their relationship
with the Funds. The Board also considered the terms of the strategic partnership
between Highbury and ABN AMRO contained in the definitive agreement between the
parties, including ABN AMRO's commitment not to terminate any New Sub-advisory
Agreement for a period of five (5) years following the closing of the Strategic
Transaction.

In considering the New Sub-advisory Agreements, the Board of Trustees, including
the Independent Trustees,

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did not identify any single factor or group of factors as all-important or
controlling, but considered all factors together. The following summary does not
detail all the matters considered. Among the matters considered by the Board of
Trustees, including the Independent Trustees, in connection with its approval of
the New Sub-advisory Agreements with ABN AMRO were the following:

NATURE, QUALITY AND EXTENT OF SERVICES. The Board of Trustees considered the
nature and quality of services currently provided by ABN AMRO and expected to be
provided following the Strategic Transaction, including investment performance.
The Board of Trustees considered the past performance of each Fund as well as
separate accounts managed by each proposed sub-adviser with substantially the
same objectives, policies and strategies as the Funds and compared such
performance to that of a peer group of funds based on information provided by
Lipper Inc. With respect to AAAM, the Board received information regarding
interim and long-term plans to address recent turnover of certain management and
compliance personnel. The Board of Trustees concluded that AAAM, Montag &
Caldwell, Veredus, TAMRO and River Road each continue to be well qualified to
manage the Funds for which they will serve as sub-adviser to Aston.

The Board of Trustees received information regarding the impact of the Strategic
Transaction on ABN AMRO, including the terms of the strategic partnership with
Highbury. The Board noted that ABN AMRO does not anticipate any changes in
portfolio management in connection with the Strategic Transaction.

The Board noted that the Sub-advisory Agreements are essentially agreements for
portfolio management services only and the sub-advisers were not expected to
supply any significant administrative services to the Funds. The Board
determined that the nature, quality and extent of services historically have
been, and would continue to be, of high quality following the Strategic
Transaction.

FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the
sub-advisory fee rate under the New Sub-advisory Agreements as well as the
overall management fee structure of the Funds. The Board considered that the
advisory fee rate paid by each Fund would not change as a result of the
Strategic Transaction and that the sub-advisory fee rate was negotiated at arm's
length between Aston and ABN AMRO and that Aston will compensate the sub-adviser
from its fees. The Board received information regarding the expected impact of
the Strategic Transaction on the profitability of ABN AMRO.

As part of its review of the New Advisory Agreement with Aston, the Board
considered whether there will be economies of scale with respect to the overall
fee structure of the Fund and whether the Fund will benefit from any economies
of scale. The Board of Trustees reviewed the Funds' estimated expense ratios
giving effect to fee waivers or expenses to be reimbursed by the investment
adviser and ABN AMRO, and considered the asset size of the Funds. The Board of
Trustees concluded that at this time, the potential for economies of scale are
limited for most Funds and that, where appropriate, the advisory fee schedules
include breakpoints designed to share economies of scale with shareholders.

OTHER BENEFITS TO THE SUB-ADVISER. The Board also considered the character and
amount of other incidental benefits received by ABN AMRO, including the benefits
arising from the strategic partnership with Highbury and Aston in connection
with the Strategic Transaction. The Board considered potential benefits from the
use of "soft dollars," including the use of portfolio brokerage transactions to
pay for research services generated by parties other than the executing
broker-dealer. The Board concluded that any incidental benefits to be received
by the subadviser from their relationship with the Funds were reasonable.

CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board of Trustees, including all of
the Independent Trustees, concluded that the terms of the New Sub-advisory
Agreements were fair and reasonable and that the New Sub-advisory Agreements
with ABN AMRO should be approved.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-ADVISORY
AGREEMENTS FOR MFS, MCDONNELL, OPTIMUM AND TAPLIN

The Board of Trustees approved a New Sub-advisory Agreement with respect to the
Bond Fund, Investment Bond Fund and the fixed income component of ABN AMRO
Balanced Fund between Aston and Taplin, Canida & Habacht, Inc. and a New
Sub-advisory Agreement for the Municipal Bond Fund between Aston and McDonnell
Investment Management, LLC at a special meeting on May 9, 2006. The Board of
Trustees also approved New Sub-advisory Agreements with Optimum Investment

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Advisors, LLC for Aston/Optimum Mid Cap Fund and MFS Institutional Advisors,
Inc. for Aston Value Fund. As part of its review process, the Board requested
and evaluated all information it deemed reasonably necessary to evaluate the New
Sub-advisory Agreement for each Fund. Among the matters considered by the Board
of Trustees, including the Independent Trustees, in connection with its approval
of the New Sub-advisory Agreements were the following:

NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, extent
and quality of services expected to be provided under the New Sub-advisory
Agreements. The Board considered the reputation, qualifications and background
of the proposed sub-advisers, the investment approach of each sub-adviser, the
experience and skills of investment personnel responsible for the day-to-day
management of the Fund, and the resources made available to such personnel. The
Board considered performance of mutual funds and separately managed accounts
with similar investment objectives and policies as those of the Funds. On the
basis of this evaluation, the Board concluded that the nature, quality and
extent of services expected to be provided by each subadviser are expected to be
satisfactory.

FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the
sub-advisory fee rate under the New Sub-advisory Agreement as well as the
overall management fee structure of the Funds. The Board considered that the
sub-advisory fee rate was negotiated at arm's length between Aston and the
sub-adviser, each an unaffiliated third party, and that Aston will compensate
each sub-adviser from its fees. Accordingly, the Board considered the estimated
profitability of Aston but concluded that the estimated profitability of the
sub-advisers was not relevant to its evaluation.

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 Funds and whether the Funds will benefit from any economies
of scale. The Board concluded that the economies of scale were not available at
this time.

OTHER BENEFITS TO THE SUB-ADVISER. The Board also considered the character and
amount of other incidental benefits received by each sub-adviser. The Board
considered potential benefits from the use of "soft dollars," noting that the
sub-advisers generally do use portfolio brokerage transactions to pay for
research services generated by parties other than the executing broker-dealer.
The Board concluded that any incidental benefits to be received by the
sub-advisers from its relationship with the Funds are expected to be reasonable.

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

DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.

This table illustrates each Fund's costs in two ways:

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

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the number given for your Fund in the first line under the heading entitled
"Expenses Paid During Period."

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 ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/06 10/31/06 RATIO(1) PERIOD(2)
---------- ---------- -------- -----------

RIVER ROAD DYNAMIC EQUITY INCOME FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,081.10 1.30% $6.82
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.65 1.30% $6.61
ABN AMRO GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $ 991.70 1.11% $5.57
Class I .......................... 1,000 993.60 0.81% 4.07
Class R .......................... 1,000 990.80 1.31% 6.57
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,019.61 1.11% $5.65
Class I .......................... 1,000 1,021.12 0.81% 4.13
Class R .......................... 1,000 1,018.60 1.31% 6.67
MONTAG & CALDWELL GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,027.80 1.07% $5.47
Class I .......................... 1,000 1,029.80 0.80% 4.08
Class R .......................... 1,000 1,027.10 1.29% 6.59
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,019.81 1.07% $5.45
Class I .......................... 1,000 1,021.19 0.80% 4.06
Class R .......................... 1,000 1,018.70 1.29% 6.56
TAMRO LARGE CAP VALUE FUND
ACTUAL FUND RETUR
Class N .......................... $1,000 $1,048.30 1.20% $6.20
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,019.16 1.20% $6.11

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/06 10/31/06 RATIO(1) PERIOD(2)
---------- ---------- -------- -----------

VALUE FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,071.20 0.94% $4.91
Class I .......................... 1,000 1,073.30 0.69% 3.60
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,021.73 0.94% $4.79
Class I .......................... 1,000 1,020.47 0.69% 3.52
VEREDUS SELECT GROWTH FUND(3)
ACTUAL FUND RETURN
Class N .......................... $1,000 $ 961.00 1.30% $6.43
Class I .......................... 1,000 1,092.70 0.98% 5.17
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.65 1.30% $6.61
Class I .......................... 1,000 1,020.27 0.98% 4.99
OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,076.10 1.15% $6.02
Class I .......................... 1,000 1,077.70 0.89% 4.66
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,019.41 1.15% $5.85
Class I .......................... 1,000 1,020.72 0.89% 4.53
ABN AMRO MID CAP GROWTH FUND(4)
ACTUAL FUND RETURN
Class N .......................... $1,000 $ 957.00 1.40% $6.91
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.15 1.40% $7.12
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,076.80 1.42% $7.41
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.00 1.42% $7.20
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,010.80 1.30% $6.59
Class I .......................... 1,000 1,011.70 1.00% 5.07
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.65 1.30% $6.61
Class I .......................... 1,000 1,020.16 1.00% 5.09
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $ 860.10 1.41% $6.61
Class I .......................... 1,000 861.40 1.13% 5.30
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.10 1.41% $7.17
Class I .......................... 1,000 1,019.51 1.13% 5.75
ABN AMRO REAL ESTATE FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,200.00 1.37% $7.60
Class I .......................... 1,000 1,201.40 1.12% 6.21
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.30 1.37% $6.97
Class I .......................... 1,000 1,019.56 1.12% 5.70
VEREDUS SCITECH FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $ 868.30 1.60% $7.53
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,017.14 1.60% $8.13

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OCTOBER 31, 2006

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

- --------------------------------------------------------------------------------

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/06 10/31/06 RATIO(1) PERIOD(2)
---------- ---------- -------- -----------

BALANCED FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,008.00 1.19% $6.02
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,019.21 1.19% $6.06
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,033.00 1.35% $6.92
Class I .......................... 1,000 1,034.60 1.08% 5.54
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,018.40 1.35% $6.87
Class I .......................... 1,000 1,019.76 1.08% 5.50
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,040.50 0.74% $3.81
Class I .......................... 1,000 1,041.90 0.49% 2.52
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,021.48 0.74% $3.77
Class I .......................... 1,000 1,022.74 0.49% 2.50
TCH INVESTMENT GRADE BOND FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,037.50 0.89% $4.57
Class I .......................... 1,000 1,038.90 0.64% 3.29
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,020.72 0.89% $4.53
Class I .......................... 1,000 1,021.98 0.64% 3.26
ABN AMRO HIGH YIELD BOND FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,030.40 0.80% $4.09
Class I .......................... 1,000 1,031.70 0.55% 2.82
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,021.17 0.80% $4.08
Class I .......................... 1,000 1,022.43 0.55% 2.80
MCDONNELL MUNICIPAL BOND FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,034.30 0.50% $2.56
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,022.68 0.50% $2.55
ABN AMRO INVESTOR MONEY MARKET FUND
ACTUAL FUND RETURN
Class N .......................... $1,000 $1,023.40 0.64% $3.26
HYPOTHETICAL 5% RETURN
Class N .......................... $1,000 $1,021.98 0.64% $3.26

(1) Annualized, based on the Funds' most recent fiscal half-year expenses.
Expense ratios do not include interest expense, for applicable funds.

(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 or partial year, if applicable,
then divided by 365.

(3) Veredus Select Growth began issuing Class I Shares on September 11, 2006.

(4) ABN AMRO Mid Cap Growth Fund commenced investment operations on December
29, 2005.

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OCTOBER 31, 2006

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

- --------------------------------------------------------------------------------

TRUSTEES AND OFFICERS OF THE TRUST

Under Delaware law, the business and affairs of the Trust are managed under the
direction of the Board of Trustees. Information pertaining to the Trustees and
Executive Officers of the Trust is set forth below. The term "officer" means the
president, vice president, secretary, treasurer, controller or any other officer
who performs a policy making function.

NUMBER OF
TERM OF PORTFOLIOS IN
OFFICE 1 AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE 2
- -------------------------- ------------ -------------------------------------- ------------- ----------------------------------

DISINTERESTED TRUSTEES

Leonard F. Amari 12 years Partner at the law offices of Amari & 27 Director, United Community Bank
c/o 161 North Clark Street Locallo, a practice with exclusive of Lisle; Director, Delaware Place
Chicago, IL 60601 concentration in real estate taxation Bank; Trustee, John Marshall Law
Age: 64 and related areas, since 1987; Special School.
Trustee Assistant Attorney General since 1986.

Robert A. Kushner 7 years Retired. Vice President, Secretary and 27 None
c/o 161 North Clark Street General Counsel at Cyclops Industries,
Chicago, IL 60601 Inc., 1976-1992.
Age: 70
Trustee

Gregory T. Mutz 12 years CEO of AMLI Residential Properties 27 Chairman of the Board of AMLI
c/o 161 North Clark Street Trust (NYSE: AML) (a Multifamily Residential Properties Trust;
Chicago, IL 60601 REIT), a successor company to AMLI Director of Abt Associates Inc.
Age: 60 Realty Co. since 2004; Chairman of (agribusiness); Director of Alico,
Lead Independent Trustee AMLI Residential Properties since Inc. (agribusiness).
1994; Vice Chairman of UICI (NYSE:
UCI) (an insurance holding company)
from 2003-2004; President and CEO
of UICI from 1999-2003; Chariman of
Academic Management Services Corp.
(a student loans and finance company)
from 2000-2003.

Robert B. Scherer 7 years President of The Rockridge Group, 27 Director, Title Reinsurance
c/o 161 North Clark Street Ltd., (title insurance industry Company (insurance for title
Chicago, IL 60601 consulting services) since 1994. agents).
Age: 65
Trustee

Nathan Shapiro 12 years President of SF Investments, Inc. 27 Director, Baldwin & Lyons, Inc.
c/o 161 North Clark Street (broker/dealer and investment banking (property and casualty insurance
Chicago, IL 60601 firm) since 1971. firm).
Age: 70
Trustee

Denis Springer 7 years Retired. Senior Vice President and 27 None
c/o 161 North Clark Street Chief Financial Officer of Burlington
Chicago, IL 60601 Northern Santa Fe Corp. (railroad),
Age: 60 1995-1999.
Trustee

| 136

Aston Funds

OCTOBER 31, 2006

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

- --------------------------------------------------------------------------------

INTERESTED TRUSTEES 3

Stuart D. Bilton, CFA 12 years Chief Executive Officer, Aston Asset 27 Director, Baldwin & Lyons, Inc.
c/o 161 North Clark Street Management LLC, since 2006: Vice (property and casualty insurance
Chicago, IL 60601 Chairman of ABN AMRO Asset firm).
Age:60 Management Holdings, Inc. 2003-2006;
Chairman, Board of Trustees President and Chief Executive
Officer of ABN AMRO Asset
Management Holdings, Inc. from
2001-2003; President of Alleghany
Asset Management, Inc. from 1996-
2001 (purchased by ABN AMRO in
February 2001).

OFFICER(S) WHO ARE NOT TRUSTEES

Kenneth C. Anderson 12 years President, Aston Asset Management N/A N/A
c/o 161 North Clark Street LLC, since 2006; President, ABN
Chicago, IL 60601 AMRO Structured Investment Funds
Age: 42 and ABN AMRO Variable Insurance
President Trust, since 2005; President and Chief
(Chief Executive Officer) Executive Officer of ABN AMRO
Investment Fund Services, Inc.
(formerly known as Alleghany
Investment Services, Inc.) 1995-2006;
Executive Vice President of ABN AMRO
Asset Management (USA) LLC, 2001 -2005;
Director, ABN AMRO Trust Services
Company, 2001-2005; Director,
TAMRO Capital Partners LLC and
Veredus Asset Management LLC
2001-2006; Officer of the Trust since
1993; CPA.

Gerald F. Dillenburg 9 years Chief Compliance Officer and Chief N/A N/A
c/o 161 North Clark Street Financial Officer, Aston Asset
Chicago, IL 60601 Management LLC, since 2006; Chief
Age: 39 Financial Officer and Chief Compliance
Senior Vice President, Officer, ABN AMRO Structured
Secretary and Treasurer Investment Funds and ABN AMRO
(Chief Financial Officer, Variable Insurance Trust, since 2005;
Chief Operating Officer and Chief Senior Managing Director
Chief Compliance Officer) ("SMD") of ABN AMRO Investment
Fund Services, Inc. (formerly known as
Alleghany Investment Services, Inc.)
1996-2006; SMD of ABN AMRO
Asset Management Holdings, Inc. and
ABN AMRO Asset Management, Inc.
(formerly known as Chicago Capital
Management, Inc.) 2001-2006;
Operations manager and compliance
officer of ABN AMRO mutual funds
1996-2006; CPA.

| 137

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OCTOBER 31, 2006

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

- --------------------------------------------------------------------------------

OFFICER(S) WHO ARE NOT TRUSTEES (CONTINUED)

__________________________________
1 Trustees serve for an indefinite term until the earliest of: (i) removal
by two-thirds of the Board of Trustees or shareholders, (ii) resignation,
death or incapacity, (iii) the election and qualification of his
successor, in accordance with the By-Laws of the Trust or (iv) the last
day of the fiscal year in which he attains the age of 72 years. Officers
serve for an indefinite term until the earliest of: (i) removal by the
Board of Trustees, (ii) resignation, death or incapacity, (iii) the
election and qualification of their successor, in accordance with the
By-Laws of the Trust.

2 Each Trustee also serves as Trustee for ABN AMRO Structured Investment
Funds, a newly formed registered investment company, which will have two
initial series. The registration statement of the new trust is not
effective and was not operational as of the date of this report. Mr.
Bolton also serves as Sole Trustee of the ABN AMRO Variable Insurance
Trust, a new trust whose registration statement is not effective and was
not operational as of the date of this report.

3 "Interested person" of the Trust as defined in the 1940 Act. Mr. Bilton is
considered an "interested person" because of affiliations with Aston Asset
Management LLC and related entities, which act as the Funds' Investment
Adviser.

| 138

Aston Funds

ADVISERS

Aston Asset Management LLC
161 North Clark Street
Chicago, IL 60601

ABN AMRO Asset Management, Inc.
161 North Clark Street
Chicago, IL 60601

SUB-ADVISERS

ABN AMRO Asset Management, Inc.
161 North Clark Street
Chicago, IL 60601

McDonnell Investment Management LLC
1515 West 22nd Street, 11th Floor
Oak Brook, IL 60523

MFS Institutional Advisors, Inc.
500 Boylston Street
Boston, MA 02116

Montag & Caldwell, Inc.
3455 Peachtree Road, NE, Suite 1200
Atlanta, GA 30326

Optimum Investment Advisors, LLC
100 South Wacker Drive, Suite 2100
Chicago IL 60606

Taplin, Canida & Habacht, Inc.
1001 Brickell Bay Drive, Suite 2100
Miami, FL 33131

TAMRO Capital Partners LLC
1660 Duke St.
Alexandria, VA 22314

Veredus Asset Management LLC
One Paragon Centre
6060 Dutchmans Lane, Suite 320
Louisville, KY 40205

River Road Asset Management, LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202

SHAREHOLDER SERVICES

Aston Funds
P.O. Box 9765
Providence, RI 02940

DISTRIBUTOR

PFPC Distributor, Inc.
760 Moore Road
King of Prussia, PA 19406

OFFICERS

Kenneth C. Anderson, President and
Chief Executive Officer
Gerald F. Dillenburg, Senior Vice President,
Secretary and Treasurer, Chief Financial
Officer, Chief Operating Officer
and Chief Compliance Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Laura M. Curylo, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
Joseph W. Wheeler, Assistant Treasurer

CUSTODIAN

PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153

LEGAL COUNSEL

Vedder, Price, Kaufman & Kammholz, P.C.
222 N. LaSalle Street
Chicago, IL 60601

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Ernst & Young LLP
Sears Tower
233 S. 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.

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Guide to Shareholder Benefits
- --------------------------------------------------------------------------------

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

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

For N class 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.

FREE CHECK WRITING SERVICES AVAILABLE

If you are an investor in Aston Funds Investor Money Market Fund, you can take
advantage of free check writing privileges. Checks must be written for $100 or
more.

ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEB SITE

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

- --------------------------------------------------------------------------------
www.astonfunds.com
- --------------------------------------------------------------------------------

Our 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., ET. Or, call any time, day or night, for automated account
information to make exchanges or check fund performance.

[GRAPIHC OMITTED - LOGO]
ASTON ASSET MANAGEMENT

Aston Funds
P.O. Box 9765
Providence, RI 02940

ATAN NIR 06

ASTON FUNDS

ANNUAL REPORT 2006

OCTOBER 31, 2006

CLASS I AND S SHARES

ABN AMRO MONEY MARKET FUNDS

Aston Funds were formerly known as the ABN AMRO Funds.

Aston Funds

Dear Fellow Shareholder,

Welcome to Aston Funds!

U.S. equity markets posted impressive gains for the year, bolstered by a number
of favorable developments. Leading the way were the consistently strong
quarterly earnings gains generated by U.S. corporations. From a macroeconomic
point of view, interest rates, while on the rise during much of the period,
remained relatively low and inflation remained in check. More recently, a steep
drop in the price of oil, coupled with the Federal Reserve Board's (Fed's)
decision to leave interest rates unchanged at its last three policy-making
meetings, set off a powerful rally that began in July and extended through the
end of the period. Foreign stocks as a whole generally outpaced their U.S.
counterparts during the period, enjoying a lift from the declines in the value
of the dollar against other currencies. In addition, foreign stocks--like U.S.
equities--benefited from the combination of strong global economic growth and
rising corporate profitability.

We appreciate your investment with Aston Funds.

Sincerely,

/S/KENNETH C. ANDERSON
Kenneth C. Anderson
President
Aston Funds

Aston Funds
(Formerly known as ABN AMRO Funds)

TABLE OF CONTENTS

Portfolio Managers Commentary ................ 2
Performance Summary .......................... 3
Schedule of Investments ...................... 4
Statement of Assets and Liabilities .......... 12
Statement of Operations ...................... 13
Statements of Changes in Net Assets .......... 14
Financial Highlights ......................... 16
Notes to Financial Statements ................ 20
Report of Independent Registered
Public Accounting Firm ..................... 24
Additional Information ....................... 25

MONEY MARKET FUNDS

ABN AMRO Government Money Market Fund
ABN AMRO Money Market Fund
ABN AMRO Tax-Exempt Money Market Fund
ABN AMRO Treasury Money Market 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 PFPC DISTRIBUTORS, INC., 760 MOORE ROAD, KING OF
PRUSSIA, PA 19406.

SHAREHOLDER SERVICES 800 992-8151 O WWW.ASTONFUNDS.COM

NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE

| 1

Aston Funds
- -----------------
PORTFOLIO MANAGERS COMMENTARY OCTOBER 31, 2006

- --------------------------------------------------------------------------------
ABN AMRO GOVERNMENT MONEY MARKET FUND William Anderson, CFA
ABN AMRO MONEY MARKET FUND William Anderson, CFA
ABN AMRO TAX-EXEMPT MONEY MARKET FUND Steven L. Haldi
ABN AMRO TREASURY MONEY MARKET FUND William Anderson, CFA

Q. What was the investment environment like during the twelve-month period?

A. From November 2005 through June 2006, the environment was characterized by
generally predictable interest rate hikes that were well communicated to the
marketplace. The Fed raised its target interest rate by one-quarter of a
percentage point on each of six separate occasions during that time span,
bringing the benchmark Fed funds rate to 5.25% at its June 29 meeting. In the
ensuing months, the interest rate outlook became much less clear as investors
tried to anticipate the Fed's response to slowing economic growth accompanied
by uncomfortably high inflation. The Fed held interest rates steady at its
August, September and October meetings and most investors now feel
comfortable that rates will be on hold for at least six months.

Q. What was your strategy?

A. For most of the year, our strategy was to capitalize on expected rate hikes
by managing our cash flow and maturities around FOMC meeting dates. This
strategy provided flexibility and liquidity to reinvest at higher levels and
improve yields in a rising rate environment. As interest rates approached
neutral levels and the Fed refrained from further monetary action, we altered
our strategy by extending the portfolio's maturity to lock in current yields
and protect against the potential interest rate declines.

Q. What is your outlook?

A. At the point, we believe that the Fed's next move will be to lower interest
rates, but we do not foresee any action on this front until at least the
second quarter of 2007. Given this outlook, we expect to invest primarily to
optimize yields, with a secondary consideration for the timing of that rate
hike. As always, we will monitor the market environment and adjust our
strategy accordingly.

| 2

Aston Funds
- -----------------
PERFORMANCE SUMMARY AS OF OCTOBER 31, 2006

- --------------------------------------------------------------------------------

AVERAGE ANNUAL
7-DAY TOTAL RETURN
AVERAGE ONE FIVE TEN
YIELD (A) YEAR YEAR YEAR

ABN AMRO GOVERNMENT MONEY MARKET FUND - CLASS I 5.04% 4.62% 2.15% 3.66%
iMoneyNet Government & Agency Institutional Average 4.50% 2.05% N/A
Lipper Institutional U.S. Government Money Market Funds Index 4.62% 2.16% 3.66%
ABN AMRO GOVERNMENT MONEY MARKET FUND - CLASS S 4.72% 4.28% 1.82% 3.33%
iMoneyNet Government & Agency Retail Average 4.11% 1.71% 3.27%
Lipper U.S. Government Money Market Funds Index 4.17% 1.78% 3.33%
ABN AMRO MONEY MARKET FUND - CLASS I 5.00% 4.57% 2.09% 3.68%
iMoneyNet First Tier Institutional Average 4.57% 2.11% 3.68%
Lipper Institutional Money Market Funds Index 4.76% 2.31% 3.85%
ABN AMRO MONEY MARKET FUND - CLASS S 4.64% 4.20% 1.72% 3.32%
iMoneyNet First Tier Retail Average 4.08% 1.70% 3.29%
Lipper Money Market Funds Index 4.30% 1.87% 3.45%
ABN AMRO TAX-EXEMPT MONEY MARKET FUND - CLASS I 3.22% 2.98% 1.47% 2.35%
iMoneyNet National Institutional Average 3.01% 1.50% 2.36%
Lipper Institutional Tax-Exempt Money Market Funds Index 3.12% 1.63% 2.45%
ABN AMRO TAX-EXEMPT MONEY MARKET FUND - CLASS S 2.97% 2.72% 1.22% 2.09%
iMoneyNet National Retail Average 2.68% 1.24% 2.10%
Lipper Tax-Exempt Money Market Funds Index 2.82% 1.35% 2.21%
ABN AMRO TREASURY MONEY MARKET FUND - CLASS I 4.95% 4.46% 1.98% 3.43%
iMoneyNet Treasury & Repo Institutional Average 4.39% 1.95% N/A
Lipper Institutional U.S. Treasury Money Market Funds Index 4.41% 2.06% 3.54%
ABN AMRO TREASURY MONEY MARKET FUND - CLASS S 4.70% 4.20% 1.72% 3.17%
iMoneyNet Treasury & Repo Retail Average 3.98% 1.63% 3.17%
Lipper U.S. Treasury Money Money Market Funds Index 4.05% 1.72% 3.20%
<FN>
(A) THE 7-DAY AVERAGE YIELD MORE CLOSELY REFLECTS THE FUNDS' CURRENT EARNINGS
THAN THE TOTAL RETURN QUOTATION.
</FN>

- ---------------------------------------------
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURNS 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.

INDEXES ARE UNMANAGED AND DO NOT TAKE INTO ACCOUNT FEES, EXPENSES OR OTHER
COSTS.

PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.

THE FUNDS' INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 2008. THE PERFORMANCE QUOTED WOULD HAVE
BEEN LOWER IF THESE SUBSIDIES WERE NOT IN EFFECT.

AN INVESTMENT IN THE FUNDS IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUNDS SEEK TO
PRESERVE THE VALUE OF YOUR INVESTMENT OF $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUNDS.

| 3

Aston Funds
- -----------------
ABN AMRO GOVERNMENT MONEY MARKET FUND OCTOBER 31, 2006
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:

REPURCHASE AGREEMENTS 91%
U.S. GOVERNMENT AGENCY OBLIGATIONS 9%

% OF TOTAL NET ASSETS

AMORTIZED
PAR VALUE COST
- --------- ---------
U.S. GOVERNMENT AGENCY OBLIGATIONS (A) - 8.78%
FEDERAL HOME LOAN BANK - 2.95%
$ 15,000,000 5.194%, 02/28/07 .................... $ 14,747,621
--------------
FEDERAL HOME LOAN MORTGAGE - 5.83%
15,000,000 5.195%, 04/27/07 .................... 14,627,562
15,000,000 5.199%, 05/31/07 .................... 14,557,779
--------------
29,185,341
--------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $43,932,962) .................. 43,932,962
--------------
REPURCHASE AGREEMENTS - 90.93%
200,000,000 Barclays Capital, 5.290%, dated
10/31/06, matures 11/01/06,
repurchase price $200,029,389
(collateralized by U.S. Government
Agency instruments, with interest
rates from 4.899% to 6.419%,
and maturities from 2035 to 2036,
total market value $204,000,000) 200,000,000
55,000,000 Deutsche Bank Securities, 5.295%,
dated 10/31/06, matures 11/01/06,
repurchase price $55,008,089
(collateralized by U.S. Treasury
instrument and U.S. Government
Agency instruments, with interest
rates from 4.500% to 8.125%,
and maturities from 2018 to 2036,
total market value $56,100,414) 55,000,000
200,000,000 Merrill Lynch, 5.270%, dated
10/31/06, matures 11/01/06,
repurchase price $200,029,278
(collateralized by U.S. Treasury
instrument, with interest rate of
4.875%, and maturity of 2016,
total market value $204,001,784) 200,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $455,000,000) 455,000,000
--------------

AMORTIZED
SHARES COST
- --------- ---------

INVESTMENT COMPANIES - 0.66%
3,046,144 AIM STIT Government &
Agency Portfolio .................. $ 3,046,144
262,941 BlackRock Liquidity Funds
FedFund Portfolio ................. 262,941
--------------
TOTAL INVESTMENT COMPANIES
(Cost $3,309,085) ................... 3,309,085
--------------
TOTAL INVESTMENTS - 100.37%
(Cost $502,242,047)* ................................ 502,242,047
--------------
NET OTHER ASSETS AND LIABILITIES - (0.37)% ............. (1,872,805)
--------------
NET ASSETS - 100.00% ................................... $ 500,369,242
==============
- ---------------------
* At October 31, 2006, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
STIT Short-Term Investments Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 4

Aston Funds
- -----------------
ABN AMRO MONEY MARKET FUND OCTOBER 31, 2006
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:

REPURCHASE AGREEMENTS 52%
ASSET-BACKED 18%
CERTIFICATES OF DEPOSIT 17%
BANKS 13%

% OF TOTAL NET ASSETS

AMORTIZED
PAR VALUE COST
- --------- ---------
COMMERCIAL PAPER (A) - 31.12%
ASSET-BACKED - 17.97%
$ 7,000,000 Barton Capital
5.286%, 11/08/06 (b) .............. $ 6,992,813
5,000,000 FCAR Owner Trust II
5.474%, 02/02/07 .................. 4,931,154
5,000,000 Fountain Square Commercial Funding
5.410%, 01/08/07 (b) .............. 4,949,944
7,000,000 Galaxy Funding
5.331%, 12/18/06 (b) .............. 6,951,930
5,000,000 Giro Balanced Funding
5.410%, 11/03/06 (b) .............. 4,998,517
5,000,000 New Center Asset Trust
5.418%, 01/29/07 .................. 4,934,733
--------------
33,759,091
--------------
BANKS - 13.15%
5,500,000 HBOS
5.325%, 12/12/06 .................. 5,467,083
4,800,000 ING America Insurance Holdings
5.285%, 11/07/06 .................. 4,795,776
7,500,000 Nordea North America (NY)
5.303%, 12/12/06 .................. 7,455,242
7,000,000 Rabobank Nederland USA Finance
5.275%, 11/07/06 .................. 6,993,852
--------------
24,711,953
--------------
TOTAL COMMERCIAL PAPER
(Cost $58,471,044) .................. 58,471,044
--------------
CERTIFICATES OF DEPOSIT - 16.50%
6,000,000 American Express Centurion Bank
5.260%, 11/20/06 .................. 6,000,000
2,000,000 Barclays Bank (NY)
5.465%, 08/15/07 .................. 2,001,943
2,000,000 Fortis Bank (NY)
5.350%, 09/05/07 .................. 2,000,649
2,000,000 Landesbank Baden-Wuerttemberg
5.345%, 05/24/07 .................. 1,998,240

AMORTIZED
PAR VALUE COST
- --------- ---------

CERTIFICATES OF DEPOSIT (CONTINUED)
$ 7,000,000 Regions Bank
5.310%, 12/14/06 .................. $ 7,000,000
7,000,000 Royal Bank of Canada
5.338%, 12/01/06 .................. 7,000,043
5,000,000 Svenska Handlesbanken
4.645%, 11/01/06 .................. 5,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $31,000,875) .................. 31,000,875
--------------
REPURCHASE AGREEMENTS - 52.16%
50,000,000 Barclays Capital, 5.290%, dated
10/31/06, matures 11/01/06,
repurchase price $50,007,347
(collateralized by U.S.
Government Agency instrument,
with interest rate of 6.426% and
maturity of 2036, total market
value $51,000,001) ................ 50,000,000
48,000,000 Merrill Lynch, 5.270%. dated
10/31/06, matures 11/01/06,
repurchase price $48,007,027
(collateralized by U.S. Treasury
instrument, with interest rate
of 4.875% and maturity of
2016, total market value
$48,962,890) ...................... 48,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $98,000,000) 98,000,000
--------------
SHARES
- ------
INVESTMENT COMPANY - 0.03%
51,306 BlackRock Liquidity Funds
TempFund Portfolio ................ 51,306
--------------
TOTAL INVESTMENT COMPANY
(Cost $51,306) ...................... 51,306
--------------
TOTAL INVESTMENTS - 99.81%
(Cost $187,523,225)* ................................ 187,523,225
--------------
NET OTHER ASSETS AND LIABILITIES - 0.19% ............... 358,255
--------------
NET ASSETS - 100.00% ................................... $ 187,881,480
==============
- -------------------------
* At October 31, 2006, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
(b) Securities exempt from registration under section 4(2) of the Securities
Act of 1933, as amended. These securities may only be resold in an
exempt transaction to qualified institutional buyers. At October 31,
2006, these securities amounted to $23,893,204 or 12.72% of net assets.
These securities have been determined by the Adviser to be liquid
securities.

(NY) New York

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. | 5

Aston Funds
- -----------------
ABN AMRO TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2006
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:

Housing 1%
General Obligation 34%
Medical 20%
Education 13%
Pollution 9%
Transportation 8%
Utilities 7%
Development 4%
Cash and Other Net Assets 4%

% of Total Net Assets

AMORTIZED
PAR VALUE COST
- --------- ---------
MUNICIPAL OBLIGATIONS - 96.35%
ALASKA - 2.65%
Valdez Marine Terminal RB
$ 200,000 BP Pipelines, Inc. Project
3.640%, 11/01/06 (a) .............. $ 200,000
1,225,000 Series A
3.640%, 11/01/06 (a) .............. 1,225,000
2,940,000 Series B
3.640%, 11/01/06 (a) .............. 2,940,000
2,250,000 Exxon Pipeline Co. Project
3.560%, 11/01/06 (a) .............. 2,250,000
--------------
6,615,000
--------------
ARIZONA - 3.60%
9,000,000 Salt River Project TECP
3.530%, 01/03/07 (b) .............. 9,000,000
--------------
CALIFORNIA - 0.19%
480,000 California State Department of
Water Resources RB, Series B-2
3.530%, 11/01/06 (a)
LOC: BNP Paribas .................. 480,000
--------------
COLORADO - 3.16%
2,855,000 Colorado Educational & Cultural
Facilities RB,
Naropa University Project
3.570%, 11/02/06 (a)
LOC: Wells Fargo Bank ............. 2,855,000
5,000,000 Colorado State, RAN
4.500%, 06/27/07 .................. 5,024,201
--------------
7,879,201
--------------
CONNECTICUT - 0.68%
1,600,000 Connecticut State Health, GO,
Series B
3.530%, 11/02/06 (a)
SPA: Bayerische Landesbank ........ 1,600,000

AMORTIZED
PAR VALUE COST
- --------- ---------

CONNECTICUT (CONTINUED)
$ 100,000 Connecticut State HEFA RB,
Yale University, Series T-2
3.520%, 11/02/06 (a) .............. $ 100,000
--------------
1,700,000
--------------
FLORIDA - 8.31%
4,900,000 Collier County Educational
Facilities Authority RB,
International College Project
3.560%, 11/03/06 (a)
LOC: Fifth Third Bank ............. 4,900,000
5,268,000 Jacksonville Electric Authority TECP
3.550%, 12/05/06 (b) .............. 5,268,000
10,600,000 Sarasota Memorial Hospital TECP
3.650%, 12/06/06 (b) .............. 10,600,000
--------------
20,768,000
--------------
GEORGIA - 7.92%
9,790,000 Burke County Development
Authority PCR,
Oglethorpe Power Corp, Series A
3.580%, 11/01/06 (a)
Insured: FGIC ..................... 9,790,000
5,000,000 Metropolitan Atlanta Rapid Transit
Authority RB, Series A
3.550%, 11/01/06 (a)
LOC: Bayerische Landesbank,
Westdeutsche Landesbank ........... 5,000,000
5,000,000 Municipal Electric Authority of
Georgia RB, Project One,
Subordinated Bonds, Remarketed
3.460%, 11/01/06 (a)
Insured: FSA
SPA: Dexia Credit Local ........... 5,000,000
--------------
19,790,000
--------------
ILLINOIS - 7.99%
350,000 Chicago Board of Education, GO,
Series C-1
3.640%, 11/01/06 (a)
Insured: FSA
SPA: Depfa Bank ................... 350,000
9,600,000 Illinois Health Facilities Authority
RB, Gottlieb Health Resource, Inc.
3.600%, 11/01/06 (a)
LOC: Harris Trust & Savings Bank .. 9,600,000
10,000,000 Illinois State, GO, Series B
3.540%, 11/01/06 (a)
SPA: Depfa Bank ................... 10,000,000
--------------
19,950,000
--------------
INDIANA - 0.16%
400,000 Hammond PCR,
q Amoco Oil Project
3.640%, 11/01/06 (a) .............. 400,000
--------------
KENTUCKY - 0.36%
885,000 Kentucky Economic
Development Finance Authority
Hospital Facilities RB, Baptist
Healthcare System, Series C,
3.640%, 11/01/06 (a)
Insured: MBIA
SPA: National City Bank ........... 885,000
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 6

Aston Funds
- -----------------
ABN AMRO TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2006
SCHEDULE OF INVESTMENTS - CONTINUED
- --------------------------------------------------------------------------------

AMORTIZED
PAR VALUE COST
- --------- ---------

LOUISIANA - 0.84%
$ 2,100,000 Saint Charles Parish PCR,
Shell Oil Co. Project, Series B
3.630%, 11/01/06 (a) .............. $ 2,100,000
--------------
MARYLAND - 1.90%
Maryland State Health & Higher
Education Facilities Authority RB,
Pooled Loan Program,
650,000 Series A
3.550%, 11/01/06 (a)
LOC: Bank One Trust ............... 650,000
4,100,000 Series B
3.550%, 11/01/06 (a)
LOC: First National Bank .......... 4,100,000
--------------
4,750,000
--------------
MASSACHUSETTS - 4.99%
Massachusetts State Central Artery, GO,
525,000 Series A
3.630%, 11/01/06 (a)
SPA: Landesbank Baden-Wurttemberg . 525,000
3,640,000 Series B
3.630%, 11/01/06 (a)
SPA: State Street Bank & Trust .... 3,640,000
Massachusetts State HEFA RB
7,000,000 Childrens Hospital
Series L-2
3.600%, 11/01/06
Insured:AMBAC
SPA:Bank of America ............... 7,000,000
640,000 Harvard University, Series L
3.400%, 11/01/06 (a) .............. 640,000
670,000 Massachusetts Water Resources
Authority, Multi-Modal
Subordinated General RB, Series A
3.540%, 11/01/06 (a)
Insured: AMBAC
SPA: Bank of Nova Scotia /
Dexia Credit Local ................ 670,000
--------------
12,475,000
--------------
MINNESOTA - 4.51%
200,000 Hennepin County, GO, Series A
3.440%, 11/02/06 (a)
SPA: State Street Bank & Trust .... 200,000
365,000 Minneapolis Convention Center,
GO, Convention Center Bonds
3.440%, 11/02/06 (a)
SPA: Dexia Credit Local ........... 365,000
20,000 Minneapolis, GO3.440%, 11/02/06 (a)
SPA: Dexia Credit Local ........... 20,000
5,200,000 Minneapolis, Guthrie Theater
Project, Series A, RB
3.440%, 11/02/06 (a)
LOC: Wells Fargo Bank N.A. ........ 5,200,000
80,000 Minneapolis, Library, GO
3.440%, 11/02/06 (a)
SPA: Dexia Credit Local ........... 80,000

AMORTIZED
PAR VALUE COST
- --------- ---------

MINNESOTA (CONTINUED)
$ 5,400,000 Owatonna Hospital RB
Health Central System
3.640%, 11/01/06 (a)
LOC: Wells Fargo Bank N.A. ........ $ 5,400,000
--------------
11,265,000
--------------
MISSOURI - 1.82%
Missouri State HEFA RB
1,600,000 The Saint Louis University
Project,Series A
3.630%, 11/01/06 (a)
LOC: MBIA
SPA: Bank of New York ............. 1,600,000
The Washington
University Project,
2,685,000 Series A
3.650%, 11/01/06 (a)
SPA: Morgan Guaranty Trust ........ 2,685,000
250,000 Series B
3.650%, 11/01/06 (a)
SPA: Morgan Guaranty Trust ........ 250,000
--------------
4,535,000
--------------
NEBRASKA - 2.40%
6,000,000 Lincoln Electric TECP
3.550%, 12/06/06 (b) .............. 6,000,000
--------------
NEVADA - 4.00%
10,000,000 Clark County School District, GO,
Series A
3.550%, 11/01/06 (a)
Insured: FSA
SPA: State Street Bank & Trust .... 10,000,000
--------------
NEW JERSEY - 4.21%
445,000 New Jersey Economic Development
Authority Water Facilities RB,
United Water New Jersey, Inc.
Project, Series A
3.570%, 11/01/06 (a)
Insured: AMBAC
SPA: Bank of New York ............. 445,000
10,000,000 New Jersey State, TRAN
4.500%, 06/22/07 .................. 10,064,882
--------------
10,509,882
--------------
NEW MEXICO - 3.41%
300,000 Albuquerque Health Research, RB
Lovelace Rospiratory, Series A
3.570%, 11/02/06 (a)
LOC: Well Fargo Bank N.A. ......... 300,000
2,925,000 Hurley PCR,
Kennecott Santa Fe Project
3.640%, 11/01/06 (a) .............. 2,925,000
255,000 New Mexico State Hospital Equipment
Loan Council, Hospital RB,
Presbyterian Healthcare,
Series B, 3.610%, 11/01/06 (a)
Insured: FSA
SPA: Citibank ..................... 255,000
5,000,000 New Mexico State, TRAN
4.500%, 06/29/07 .................. 5,023,765
--------------
8,503,765
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 7

AMORTIZED
PAR VALUE COST
- --------- ---------

NEW YORK - 9.38%
$ 655,000 New York City Housing Development
Corp, Multifamily Rent
Housing RB, James Tower
Development, Series A
3.570%, 11/01/06 (a) .............. $ 655,000
900,000 New York City Transitional Finance
Authority RB,
Series 3, Sub Series 3B
3.630%, 11/01/06 (a)
SPA: Bank of New York ............. 900,000
New York City, GO
5,200,000 Sub Series E4
3.600%, 11/01/06 (a)
LOC: State Street Bank & Trust .... 5,200,000
1,300,000 Sub Series E5
3.630%, 11/01/06 (a)
LOC: JPMorgan Chase ............... 1,300,000
5,380,000 New York Metropolitan
Transportation Authority
Dedicated Tax Fund RB,
Series D-1
3.540%, 11/02/06 (a)
Insured: AMBAC
SPA: Wachovia Bank ................ 5,380,000
New York State Housing Finance
Agency RB,
790,000 10 Barclay Street, Series A
3.540%, 11/01/06 (a) .............. 790,000
200,000 Normandie Court I Project
3.550%, 11/01/06 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ............. 200,000
9,000,000 New York State Local Government
Assistance RB, Series D
3.540%, 11/01/06 (a)
LOC: Societe Generale ............. 9,000,000
--------------
23,425,000
--------------
NORTH CAROLINA - 0.08%
200,000 North Carolina State, Public
Improvement GO, Series F
3.550%, 11/01/06 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ............. 200,000
--------------
PENNSYLVANIA - 1.47%
3,680,000 Delaware County Industrial
Development Authority
Resource Recovery Facilities,
Series G
3.550%, 11/01/06 (a) .............. 3,680,000
--------------
TEXAS - 14.26%
5,200,000 Gulf Coast Waste Disposal
Authority PCR, Exxon Project
3.560%, 11/01/06 (a) .............. 5,200,000
2,045,000 Harris County Health Facilities
Development Corp. Hospital RB,
Texas Childrens Hospital, Series B-1
3.640%, 11/01/06 (a)
Insured: MBIA
SPA: JPMorgan Chase ............... 2,045,000

AMORTIZED
PAR VALUE COST
- --------- ---------

TEXAS (CONTINUED)
$ 9,100,000 Houston, TRAN
4.500%, 06/29/07 .................. $ 9,147,401
10,000,000 North Central Texas Hospitals TECP
3.540%, 11/02/06 .................. 10,000,000
4,185,000 Southwest Higher Education
Authority RB, Southern
Methodist University
3.640%, 11/01/06 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ............. 4,185,000
5,000,000 Texas State, TRAN
4.500%, 08/31/07 .................. 5,038,062
--------------
35,615,463
--------------
UTAH - 1.20%
2,000,000 Salt Lake County PCR
Service Station Holdings Project
3.640%, 11/01/06 (a) .............. 2,000,000
1,000,000 State of Utah Building Ownership
Authority Lease RB,
Facilities Master Lease Program,
Series C
3.580%, 11/01/06 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ............. 1,000,000
--------------
3,000,000
--------------
WASHINGTON - 0.60%
500,000 Washington State Public Power
Supply System RB,
Nuclear Project No. 1, Series 1A-1
3.580%, 11/01/06 (a)
LOC: Bank of America .............. 500,000
1,000,000 Washington State, GO, Series VR 96B
3.550%, 11/01/06 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ............. 1,000,000
--------------
1,500,000
--------------
WISCONSIN - 3.60%
9,000,000 State of Wisconsin TECP
3.550%, 01/04/07 (b) .............. 9,000,000
--------------
WYOMING - 2.66%
650,000 Sublette County PCR,
Exxon Project
3.600%, 11/01/06 (a) .............. 650,000
6,000,000 Sweetwater County TECP
3.470%, 11/01/06 (b) .............. 6,000,000
--------------
6,650,000
--------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $240,676,311) 240,676,311
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 8

AMORTIZED
SHARES COST
- --------- ---------

INVESTMENT COMPANIES - 3.44%
22,671 AIM TFIT-Tax-Free Cash Reserve
Portfolio ......................... $ 22,671
8,570,043 Blackrock Provident Institutional
MuniCash Portfolio ................ 8,570,043
1,258 Dreyfus Tax Exempt Cash
Management Fund ................... 1,258
2,806 SEI Tax-Exempt Trust Institutional
Tax Free Fund ..................... 2,806
--------------
TOTAL INVESTMENT COMPANIES
(Cost $8,596,778) ................... 8,596,778
--------------
TOTAL INVESTMENTS - 99.79%
(Cost $249,273,089)* ................................ 249,273,089
--------------
NET OTHER ASSETS AND LIABILITIES - 0.21% ............... 521,991
--------------
NET ASSETS - 100.00% ................................... $ 249,795,080
==============

- -----------------------
* At October 31, 2006, cost is identical for book and Federal income
tax purposes.

(a) Variable rate instrument. The rate shown reflects the rate in
effect on October 31, 2006. The maturity date shown is the next
scheduled demand date.
(b) Annualized yield at the time of purchase.

AMBAC Ambac Assurance Corp.
FGIC Financial Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GO General Obligation
HEFA Health & Educational Facilities Authority
LOC Letter of Credit
MBIA MBIA Insurance Corp.
PCR Pollution Control Revenue
RAN Revenue Anticipation Notes
RB Revenue Bond
SPA Standby Purchase Agreement
TECP Tax-Exempt Commercial Paper
TFIT Tax-Free Investments Trust
TRAN Tax & Revenue Anticipation Note

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 9

Aston Funds
- -----------------
ABN AMRO TREASURY MONEY MARKET FUND OCTOBER 31, 2006
SCHEDULE OF INVESTMENTS - CONTINUED
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:

CASH AND OTHER NET ASSETS 1%
REPURCHASE AGREEMENTS 99%

% OF TOTAL NET ASSETS

AMORTIZED
PAR VALUE COST
- --------- ---------
REPURCHASE AGREEMENTS - 99.16%
$ 50,000,000 Barclays Capital, 5.240%, dated
10/31/06, matures 11/01/06,
repurchase price $50,007,278,
(collateralized by U.S. Treasury
instrument, with interest rate
of 3.500%, maturing 2006, total
market value $51,000,195) ......... $ 50,000,000
50,000,000 Deutsche Bank Securities, 5.270%,
dated 10/31/06, matures 11/01/06,
repurchase price $50,007,319,
(collateralized by U.S. Treasury
instrument, with interest rate
of 3.250%, maturing 2009, total
market value $51,000,651) ......... 50,000,000
50,000,000 Merrill Lynch, 5.240%, dated
10/31/06, matures 11/01/06,
repurchase price $50,007,278,
(collateralized by U.S. Treasury
instrument, with interest rate
of 4.500%, maturing 2015, total
market value $51,000,089) ......... 50,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $150,000,000) ................. 150,000,000
--------------

AMORTIZED
SHARES COST
- --------- ---------

INVESTMENT COMPANIES - 1.24%
40,556 AIM STIT Treasury Portfolio ......... $ 40,556
1,835,796 BlackRock Liquidity Funds
TempCash Portfolio ................ 1,835,796
--------------
TOTAL INVESTMENT COMPANIES
(Cost $1,876,352) ................... 1,876,352
--------------
TOTAL INVESTMENTS - 100.40%
(Cost $151,876,352)* ................................ 151,876,352
--------------
NET OTHER ASSETS AND LIABILITIES - (0.40)% ............. (599,236)
--------------
NET ASSETS - 100.00% ................................... $ 151,277,116
==============
- ------------------
* At October 31, 2006, cost is identical for book and Federal income tax
purposes.

STIT Short-Term Investments Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 10

This page is left blank intentionally.

Aston Funds
- -----------------
OCTOBER 31, 2006
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------

ABN AMRO ABN AMRO ABN AMRO ABN AMRO
GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
---------------- --------------- ---------------- -------------

ASSETS:
Investments:
Investments at amortized cost ........... $ 47,242,047 $ 89,523,225 $ 249,273,089 $ 1,876,352
Repurchase agreements at cost ........... 455,000,000 98,000,000 -- 150,000,000
---------------- --------------- ---------------- -------------
Total investments ..................... 502,242,047 187,523,225 249,273,089 151,876,352
Receivables:
Dividends and interest .................. 186,473 465,036 1,185,552 30,046
Fund shares sold ........................ 95 6,071 1,500 5,000
Other assets .................................. 11,903 6,759 25,520 44,837
---------------- --------------- ---------------- -------------
Total assets .......................... 502,440,518 188,001,091 250,485,661 151,956,235
---------------- --------------- ---------------- -------------
LIABILITIES:
Payables:
Dividend distribution ................... 1,875,333 538 575,298 594,253
Fund shares redeemed .................... 26,997 600 -- 23
Due to Adviser, net (Note E) ............ 88,359 54,813 59,911 44,339
Administration fees (Note E) ............ 23,477 9,020 11,668 7,493
Distribution fees (Note E) .............. 3,217 11,475 1,926 376
Shareholder service fees (Note E) ....... 3,089 17,090 -- --
Audit and tax fees ...................... 11,765 6,151 11,694 11,152
Reports to shareholders expense ......... 7,196 7,958 3,461 6,508
Trustees fees and related expenses (Note E) 8,226 2,908 3,755 2,339
Accrued expenses and other payables ........... 23,617 9,058 22,868 12,636
---------------- --------------- ---------------- -------------
Total liabilities ..................... 2,071,276 119,611 690,581 679,119
---------------- --------------- ---------------- -------------
NET ASSETS .................................... $ 500,369,242 $ 187,881,480 $ 249,795,080 $ 151,277,116
================ =============== ================ =============
NET ASSETS CONSIST OF:
Paid in capital ............................ $ 500,337,620 $ 187,881,486 $ 249,795,080 $ 151,277,164
Accumulated undistributed net investment income 31,622 -- -- --
Accumulated net realized loss on investments -- (6) -- (48)
---------------- --------------- ---------------- -------------
TOTAL NET ASSETS ........................ $ 500,369,242 $ 187,881,480 $ 249,795,080 $ 151,277,116
================ =============== ================ =============
CLASS I:
Net Assets ................................. $ 448,692,891 $ 1,324,653 $ 225,481,508 $ 145,228,579
Shares of beneficial interest outstanding
(unlimited authorization) ................ 448,660,320 1,324,526 225,482,289 145,236,931
NET ASSET VALUE
Offering and redemption price per share
(Net Assets/Shares Outstanding) ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00
================ =============== ================ =============
CLASS S:
Net Assets ................................. $ 51,676,351 $ 186,556,827 $ 24,313,572 $ 6,048,537
Shares of beneficial interest outstanding
(unlimited authorization) ................ 51,679,035 186,557,224 24,314,216 6,047,484
NET ASSET VALUE
Offering and redemption price per share
(Net Assets/Shares Outstanding) ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00
================ =============== ================ =============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 12

Aston Funds
- -----------------
FOR THE YEAR ENDED OCTOBER 31, 2006
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------

INVESTMENT INCOME:
Dividends ............................... $ 521,182 $ 29,904 $ 283,239 $ 84,347
Interest ................................ 23,202,699 8,616,077 9,305,244 7,972,230
---------------- --------------- ---------------- -------------
Total investment income ............... 23,723,881 8,645,981 9,588,483 8,056,577
---------------- --------------- ---------------- -------------
EXPENSES:
Investment advisory fees (Note E) ....... 982,518 623,373 1,030,909 596,285
Distribution expenses (a) (Note E) ...... 116,493 435,698 71,019 16,033
Shareholder service fees (a) (Note E) ... 32,618 191,707 -- --
Transfer agent fees ..................... 25,749 60,604 34,090 34,732
Administration fees (Note E) ............ 260,559 103,191 164,662 98,929
Registration expenses ................... 35,154 -- 15,257 12,512
Custodian fees .......................... 22,554 13,325 14,894 15,891
Professional fees ....................... 38,675 20,073 30,990 24,457
Reports to shareholder expense .......... 785 52,867 9,035 3,383
Trustees fees and related expenses (Note E) 22,334 8,240 13,291 6,910
Interest expense (Note F) ............... -- 535 38,466 --
Other expenses .......................... 26,255 16,861 41,781 41,701
---------------- --------------- ---------------- -------------
Total expenses before waivers ......... 1,563,694 1,526,474 1,464,394 850,833
---------------- --------------- ---------------- -------------
Less: Investment advisory fees waived
(Note E) ............................ -- (239,539) (382,909) (221,478)
---------------- --------------- ---------------- -------------
Net expenses .......................... 1,563,694 1,286,935 1,081,485 629,355
---------------- --------------- ---------------- -------------

NET INVESTMENT INCOME ......................... 22,160,187 7,359,046 8,506,998 7,427,222
---------------- --------------- ---------------- -------------
NET REALIZED LOSS ON INVESTMENTS:
Net realized loss on investments ........ -- -- -- (48)
---------------- --------------- ---------------- -------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .... $ 22,160,187 $ 7,359,046 $ 8,506,998 $ 7,427,174
================ =============== ================ =============
<FN>
- -------------------------------
(a) Fees are incurred at the Class S level.
</FN>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 13

Aston Funds
- -----------------

STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------

ABN AMRO ABN AMRO
GOVERNMENT MONEY MARKET FUND MONEY MARKET FUND
---------------------------------- ---------------------------------

YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
--------------- --------------- --------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 412,495,904 $ 492,385,672 $ 181,042,874 $ 137,652,825
--------------- --------------- --------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ............................ 22,160,187 11,711,045 7,359,046 3,426,815
Net realized gain (loss) on investments sold ..... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase in net assets from operations ..... 22,160,187 11,711,045 7,359,046 3,426,815
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I ........................................ (20,157,807) (10,956,036) (161,501) (131,453)
Class S ........................................ (2,002,380) (755,009) (7,197,545) (3,295,362)
Net realized gain on investments:
Class I ........................................ -- (811) -- --
Class S ........................................ -- (71) -- --
--------------- --------------- --------------- ---------------
Total distributions ......................... (22,160,187) (11,711,927) (7,359,046) (3,426,815)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I ........................................ 1,054,942,947 1,461,781,812 24,847,341 42,355,059
Class S ........................................ 121,571,355 82,615,935 724,395,217 567,766,948
Proceeds from reinvestment of distributions:
Class I ........................................ 1,231,424 592,711 161,431 131,383
Class S ........................................ 2,002,260 754,332 7,194,268 3,286,376
Cost of shares redeemed:
Class I ........................................ (988,356,397) (1,540,973,368) (33,219,222) (37,772,799)
Class S ........................................ (103,518,251) (84,660,308 (716,540,429) (532,376,918)
--------------- --------------- --------------- ---------------
Net increase (decrease) from capital share
transactions .............................. 87,873,338 (79,888,886) 6,838,606 43,390,049
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ..... 87,873,338 (79,889,768) 6,838,606 43,390,049
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 500,369,242 $ 412,495,904 $ 187,881,480 $ 181,042,874
=============== =============== =============== ===============
(A) Undistributed net investment income .......... $ 31,622 $ 31,622 $ -- $ --
=============== =============== =============== ===============

OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I
Sold ........................................... 1,054,942,947 1,461,781,812 24,847,341 42,355,059
Proceeds from reinvestment of distributions .... 1,231,424 592,711 161,431 131,383
Redeemed ....................................... (988,356,397) (1,540,973,368) (33,219,222) (37,772,799)
Class S
Sold ........................................... 121,571,355 82,615,935 724,395,217 567,766,948
Proceeds from reinvestment of distributions .... 2,002,260 754,332 7,194,268 3,286,376
Redeemed ....................................... (103,518,251) (84,660,308) (716,540,429) (532,376,918)
--------------- --------------- --------------- ---------------
Net increase (decrease) in shares outstanding 87,873,338 (79,888,886) 6,838,606 43,390,049
=============== =============== =============== ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 14

Aston Funds
- -----------------

ABN AMRO ABN AMRO
TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND
---------------------------------- --------------------------------

YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
2006 2005 2006 2005
---------------- --------------- --------------- --------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 278,397,955 $ 289,817,134 $ 183,993,014 $ 315,326,381
---------------- --------------- --------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ............................ 8,506,998 5,119,758 7,427,222 6,014,678
Net realized gain (loss) on investments sold ..... -- -- (48) 240
---------------- --------------- --------------- --------------
Net increase in net assets from operations ..... 8,506,998 5,119,758 7,427,174 6,014,918
---------------- --------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I ........................................ (7,744,250) (4,597,020) (7,161,900) (5,875,226)
Class S ........................................ (762,748) (522,738) (265,322) (139,452)
Net realized gain on investments:
Class I ........................................ -- -- (240) (75)
Class S ........................................ -- -- -- (2)
---------------- --------------- --------------- --------------
Total distributions ......................... (8,506,998) (5,119,758) (7,427,462) (6,014,755)
---------------- --------------- --------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I ........................................ 760,536,348 641,284,230 539,727,871 504,203,062
Class S ........................................ 367,739,282 503,203,397 61,313,425 27,150,457
Proceeds from reinvestment of distributions:
Class I ........................................ 11,032 6,078 47,632 24,246
Class S ........................................ 762,745 440,848 262,494 138,277
Cost of shares redeemed:
Class I ........................................ (795,276,250) (643,667,195) (573,342,773) (633,603,437)
Class S ........................................ (362,376,032) (512,686,537) (60,724,259) (29,246,135)
---------------- --------------- --------------- --------------
Net increase (decrease) from capital share
transactions .............................. (28,602,875) (11,419,179) (32,715,610) (131,333,530)
---------------- --------------- --------------- --------------
Total increase (decrease) in net assets ..... (28,602,875) (11,419,179) (32,715,898) (131,333,367)
---------------- --------------- --------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 249,795,080 $ 278,397,955 $ 151,277,116 $ 183,993,014
================ =============== =============== ==============
(A) Undistributed net investment income .......... $ -- $ -- $ -- $ --
================ =============== =============== ==============

OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I
Sold ........................................... 760,536,344 641,284,230 539,727,871 504,203,062
Proceeds from reinvestment of distributions .... 11,032 6,078 47,632 24,246
Redeemed ....................................... (795,276,250) (643,667,195) (573,342,773) (633,603,437)
Class S
Sold ........................................... 367,739,282 503,203,397 61,313,425 27,150,457
Proceeds from reinvestment of distributions .... 762,745 440,848 262,494 138,277
Redeemed ....................................... (362,376,032) (512,686,537) (60,724,259) (29,246,135)
---------------- --------------- --------------- --------------
Net increase (decrease) in shares outstanding (28,602,879) (11,419,179) (32,715,610) (131,333,530)
================ =============== =============== ==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 15

Aston Funds
- -----------------
ABN AMRO GOVERNMENT MONEY MARKET FUND OCTOBER 31, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- ----------- ----------- ----------- ------------

CLASS I
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.05 0.03 0.01 0.01 0.02
----------- ----------- ----------- ----------- ------------
LESS DISTRIBUTIONS FROM:
Net investment income .................. (0.05) (0.03) (0.01) (0.01) (0.02)
Net realized gain on investments ....... -- --(a) -- -- --
----------- ----------- ----------- ----------- ------------
Total distribution ..................... (0.05) (0.03) (0.01) (0.01) (0.02)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ============
TOTAL RETURN ................................ 4.62% 2.59% 0.91% 0.98% 1.70%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 448,693 $ 380,875 $ 459,475 $ 453,873 $ 492,398
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.29% 0.30% 0.30% 0.29% 0.30%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.29% 0.30% 0.30% 0.29% 0.30%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 4.55% 2.60% 0.91% 0.98% 1.70%
After reimbursement and/or waiver
of expenses by Adviser ............... 4.55% 2.60% 0.91% 0.98% 1.70%
- -----------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04 0.02 0.01 0.01 0.01
----------- ----------- ----------- ----------- ------------
LESS DISTRIBUTIONS FROM:
Net investment income .................. (0.04) (0.02) (0.01) (0.01) (0.01)
Net realized gain on investments ....... -- --(a) -- -- --
----------- ----------- ----------- ----------- ------------
Total distribution ..................... (0.04) (0.02) (0.01) (0.01) (0.01)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ============
TOTAL RETURN ................................ 4.28% 2.26% 0.58% 0.65% 1.36%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 51,676 $ 31,621 $ 32,911 $ 41,768 $ 30,590
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.61% 0.62% 0.62% 0.62% 0.63%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.61% 0.62% 0.62% 0.62% 0.63%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 4.23% 2.28% 0.59% 0.65% 1.37%
After reimbursement and/or waiver
of expenses by Adviser ............... 4.23% 2.28% 0.59% 0.65% 1.37%
<FN>
- ---------------------------------------------------
(a) Represents less than $0.005 per share.
</FN>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 16

Aston Funds
- -----------------
ABN AMRO MONEY MARKET FUND OCTOBER 31, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- ----------- ----------- ----------- ------------

CLASS I
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04(a) 0.03 0.01 0.01 0.02(a)
----------- ----------- ----------- ----------- ------------
Less distributions from
net investment income ................ (0.04) (0.03) (0.01) (0.01) (0.02)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ============
TOTAL RETURN ................................ 4.57% 2.57% 0.87% 0.92% 1.58%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 1,325 $ 9,535 $ 4,821 $ 302 $ 414
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.50%(b) 0.51% 0.50% 0.50% 0.49%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.37%(b) 0.37% 0.37% 0.37% 0.37%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 4.35% 2.44% 0.73% 0.78% 1.45%
After reimbursement and/or waiver
of expenses by Adviser ............... 4.48% 2.58% 0.86% 0.91% 1.57%
- -----------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04(a) 0.02 0.01 0.01 0.01(a)
----------- ----------- ----------- ----------- ------------
Less distributions from
net investment income ................ (0.04) (0.02) (0.01) (0.01) (0.01)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ============
TOTAL RETURN ................................ 4.20% 2.20% 0.50% 0.55% 1.22%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 186,557 $ 171,508 $ 132,831 $ 132,233 $ 143,446
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.86%(b) 0.87% 0.86% 0.86% 0.85%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.73%(b) 0.73% 0.73% 0.73% 0.73%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 3.99% 2.08% 0.37% 0.42% 1.09%
After reimbursement and/or waiver
of expenses by Adviser ............... 4.12% 2.22% 0.50% 0.55% 1.21%
<FN>
- ------------------------------------------------------------
(a) The selected per share data was calculated using weighted average shares
method for the period.
(b) Ratios of expenses to average net assets include interest expense of less
than 0.005%, which is not included in the contractual expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note F to Financial Statements.
</FN>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 17

Aston Funds
- -----------------
AMRO TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- ----------- ----------- ----------- ------------

CLASS I
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.03 0.02 0.01 0.01 0.01
----------- ----------- ----------- ----------- ------------
LESS DISTRIBUTIONS FROM
net investment income ................ (0.03) (0.02) (0.01) (0.01) (0.01)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ============
TOTAL RETURN ................................ 2.98% 1.83% 0.74% 0.72% 1.12%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 225,482 $ 260,210 $ 262,587 $ 274,759 $ 340,683
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.47%(a) 0.46% 0.46% 0.46% 0.45%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.34%(a) 0.33% 0.33% 0.33% 0.33%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 2.78% 1.68% 0.61% 0.59% 0.99%
After reimbursement and/or waiver
of expenses by Adviser ............... 2.91% 1.81% 0.74% 0.72% 1.11%
- -----------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.03 0.02 --(b) --(b) 0.01
----------- ----------- ----------- ----------- ------------
LESS DISTRIBUTIONS FROM
net investment income ................ (0.03) (0.02) --(b) --(b) (0.01)
----------- ----------- ----------- ----------- ------------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ============
TOTAL RETURN ................................ 2.72% 1.57% 0.49% 0.47% 0.87%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 24,314 $ 18,188 $ 27,230 $ 21,116 $ 20,930
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.72%(a) 0.71% 0.71% 0.71% 0.70%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.59%(a) 0.58% 0.58% 0.58% 0.58%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 2.53% 1.43% 0.36% 0.34% 0.74%
After reimbursement and/or waiver
of expenses by Adviser ............... 2.66% 1.56% 0.49% 0.47% 0.86%
<FN>
- -------------------------------------------------------------------
(a) Ratios of expenses to average net assets include interest expense of 0.01%,
which is not included in the contractual expense limitation. The interest
expense is from utilizing the line of credit as discussed in Note F to
Financial Statements.
(b) Represents less than $0.005 per share.
</FN>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 18

Aston Funds
- -----------------
ABN AMRO TREASURY MONEY MARKET FUND OCTOBER 31, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- ----------- ----------- ----------- ------------

CLASS I
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04 0.02 0.01 0.01 0.01

LESS DISTRIBUTIONS FROM:
Net investment income .................. (0.04) (0.02) (0.01) (0.01) (0.01)
Net realized gain on investments ....... --(a) --(a) -- -- --

Total distribution ..................... (0.04) (0.02) (0.01) (0.01) (0.01)

Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

TOTAL RETURN ................................ 4.46% 2.41% 0.75% 0.85% 1.47%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 145,229 $ 178,796 $ 308,172 $ 370,304 $ 338,172
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.49% 0.48% 0.46% 0.46% 0.46%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.36% 0.36% 0.36% 0.36% 0.36%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 4.24% 2.17% 0.63% 0.74% 1.35%
After reimbursement and/or waiver
of expenses by Adviser ............... 4.37% 2.29% 0.73% 0.84% 1.45%

CLASS S
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04 0.02 --(a) 0.01 0.01

LESS DISTRIBUTIONS FROM:
Net investment income .................. (0.04) (0.02) --(a) (0.01) (0.01)
Net realized gain on investments ....... --(a) --(a) -- -- --

Total distribution ..................... (0.04) (0.02) -- (0.01) (0.01)

Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

TOTAL RETURN ................................ 4.20% 2.16% 0.50% 0.60% 1.22%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 6,049 $ 5,197 $ 7,154 $ 35,441 $ 31,128
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.74% 0.73% 0.71% 0.71% 0.71%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.61% 0.61% 0.61% 0.61% 0.61%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 3.99% 1.92% 0.38% 0.49% 1.10%
After reimbursement and/or waiver
of expenses by Adviser ............... 4.12% 2.04% 0.48% 0.59% 1.20%
<FN>
- ----------------------------------------------------------------
(a) Represents less than $0.005 per share.
</FN>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

| 19

Aston Funds
- -----------------
OCTOBER 31, 2006
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

NOTE (A) FUND ORGANIZATION: Aston Funds (the "Trust"), formerly known as ABN
AMRO Funds, 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"), and operates as an open-end
management investment company that is comprised of 27 separate portfolios. The
following Portfolios of the Trust are included in these financial statements:
ABN AMRO Government Money Market Fund, ABN AMRO Money Market Fund, ABN AMRO
Tax-Exempt Money Market Fund and ABN AMRO Treasury Money Market Fund (each a
"Fund" and collectively, the "Funds").

(1) SECURITY VALUATION: All securities, with the exception of investments in
other funds and repurchase agreements, are valued at amortized cost, which
approximates fair value. Under the amortized cost method, discounts and premiums
are accreted and amortized ratably to maturity and are included as interest
income. Investments in other funds are valued at the underlying fund's net asset
value at the date of valuation. Repurchase agreements are valued at cost.
Interest accrued is captured in dividends and interest receivable.

(2) REPURCHASE AGREEMENTS: Each Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by ABN AMRO Asset Management,
Inc. (the "Adviser") subject to the seller's agreement to repurchase and the
Fund's agreement to resell such securities at a mutually agreed upon price.
Securities purchased subject to repurchase agreements are deposited with the
Fund's custodian and, pursuant to the terms of the repurchase agreement, must
have an aggregate market value greater than or equal to the repurchase price
plus accrued interest at all times. If the value of the underlying securities
falls below the value of the repurchase price plus accrued interest, the Fund
will require the seller to deposit additional collateral by the next business
day. If the request for additional collateral is not met, or the seller defaults
on its repurchase obligation, the Fund has the right to sell the underlying
securities at market value and may claim any resulting loss against the seller.

(3) U.S. GOVERNMENT AGENCY OBLIGATIONS: Government Money Market Fund and Money
Market Fund may invest in U.S. government agency obligations. These obligations
of U.S. government-sponsored entities are not issued or guaranteed by the U.S.
Treasury.

(4) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Interest income is accrued
daily. Securities transactions are accounted for on the date securities
are purchased or sold. The cost of securities sold is determined using the
identified cost method.

(5) 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, 2006, the
following Funds have available realized capital losses to offset future net
capital gains through fiscal year ended:

AMOUNT EXPIRATION DATE
ABN AMRO Money Market Fund $ 6 2008
ABN AMRO Treasury Money Market Fund 48 2014

(6) MULTI-CLASS OPERATIONS: The Funds are authorized to issue two classes of
shares, Class I and Class S. The classes are substantially the same except that
Class S bears distribution fees and shareholder service fees. Each class offered
by these Funds has equal rights as to net assets. Income, fund and trust level
specific 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 directly to the appropriate class.

(7) USE OF ESTIMATES: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles 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.

(8) 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.

| 20

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NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------

(9) ADDITIONAL ACCOUNTING STANDARDS: In June 2006, the Financial Accounting
Standards Board ("FASB") issued FASB Interpretation 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes." This standard defines the threshold for
recognizing the benefits of tax-return positions in the financial statements as
"more-likely-than-not" to be sustained by the taxing authority and requires
measurement of a tax position meeting the more-likely-than-not criterion, based
on the largest benefit that is more than 50 percent likely to be realized. FIN
48 is effective as of the beginning of the first fiscal year beginning after
December 15, 2006 (January 1, 2007 for calendar-year companies), with early
application permitted if no interim financial statements have been issued. At
adoption, companies must adjust their financial statements to reflect only those
tax positions that are more likely-than-not to be sustained as of the adoption
date.

In addition, in September 2006, Statement of Financial Accounting Standards No.
157 Fair Value Measurements ("SFAS 157") was issued and is effective for fiscal
years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements.

Management is currently evaluating the impact the adoption of FIN 48 and SFAS
157 will have on the Funds' financial statement disclosures.

NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: The Funds declare dividends daily from net investment income. The Funds'
dividends are payable monthly and are automatically reinvested in additional
Fund shares, at the month-end net asset value, for those shareholders that 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 permanent book and tax
basis differences.

Permanent differences between book and tax basis reporting of $10 and $(10) for
the Money Market Fund for the 2006 fiscal year end have been identified and are
reclassified among accumulated net realized loss on investments and paid
in capital, respectively. This reclass was related to the expiration of capital
loss carryforward and has no impact on net assets.

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 ordinary income distributions paid during the years ended October
31, 2006 and 2005 was as follows:

DISTRIBUTIONS PAID IN 2006
--------------------------
TAX-EXEMPT ORDINARY
INCOME INCOME
ABN AMRO Government
Money Market Fund $ -- $ 21,361,901
ABN AMRO Money Market
Fund ............. -- 7,359,046
ABN AMRO Tax-Exempt
Money Market Fund 8,463,595 --
ABN AMRO Treasury
Money Market Fund -- 7,382,885

DISTRIBUTIONS PAID IN 2006
--------------------------
TAX-EXEMPT ORDINARY
INCOME INCOME
ABN AMRO Government
Money Market Fund $ -- $ 11,208,138
ABN AMRO Money Market
Fund ............. -- 3,426,815
ABN AMRO Tax-Exempt
Money Market Fund 4,882,771 --
ABN AMRO Treasury
Money Market Fund -- 5,815,496

As of October 31, 2006, the most recent tax year end, the components of
distributable earnings on a tax basis were as follows:

UNDISTRIBUTED UNDISTRIBUTED
CAPITAL LOSS ORDINARY TAX-EXEMPT
CARRYFORWARD INCOME INCOME
ABN AMRO Government
Money Market Fund $ -- $ 1,906,955 $ --
ABN AMRO Money Market Fund (6) 538 --
ABN AMRO Tax-Exempt
Money Market Fund -- -- 575,298
ABN AMRO Treasury
Money Market Fund (48) 594,253 --

NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value.

NOTE (E) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: Under
the terms of each Fund's investment advisory agreement, the Adviser fees are
accrued daily and paid monthly based on a specified annual rate of average daily
net assets. In addition, the Funds have an expense limitation agreement with the
Adviser, which caps annual ordinary operating expenses for Class I and Class S
shareholders at certain specified annual rates of average daily net assets,
respectively. Contractual expense limitation contracts are effective through
February 28, 2008 for all classes of the Funds. The advisory rates and
contractual expense limitations for the year ended October 31, 2006 were as
follows:

EXPENSE LIMITATIONS
FOR TOTAL EXPENSES
ADVISORY FEES
ANNUAL RATE CLASS I CLASS S
ABN AMRO Government
Money Market Fund ......... 0.20% 0.31% 0.63%

| 21

Aston Funds
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OCTOBER 31, 2006
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------

EXPENSE LIMITATIONS
FOR TOTAL EXPENSES
ADVISORY FEES
ANNUAL RATE CLASS I CLASS S
ABN AMRO Money Market Fund .. 0.35% 0.37% 0.73%
ABN AMRO Tax-Exempt
Money Market Fund ......... 0.35% 0.33% 0.58%
ABN AMRO Treasury
Money Market Fund ......... 0.35% 0.36% 0.61%

ABN AMRO Investment Fund Services, Inc. ("AAIFS"), provided the Funds with
various administrative services. On November 30, 2006, AAIFS, the Trust and the
Board of Trustees assigned the administration agreement between the Funds and
AAIFS (the "Administration Agreement") to Aston Asset Management LLC ("Aston")
in connection with the Strategic Transaction discussed under Note
(G)--Subsequent Event. Under terms of the Administration Agreement,
administration fees are accrued daily and paid monthly, based on a specified
percentage of average daily net assets of the Trust and base fees are fixed at
an annual rate of $12,000 per Fund. The fee is allocated to each Fund based on
the relative net assets of the Trust. Administration expenses also include
pricing agent fees and compliance related expenses. The administration fee
arrangement was as follows:

ADMINISTRATION FEES AT TRUST LEVEL ANNUAL RATE
First $7.4 billion 0.0490%
Over $7.4 billion 0.0465%

PFPC Inc. ("PFPC") provides certain administrative services to the Funds
pursuant to a Sub-administration and Accounting Services Agreement between AAIFS
and PFPC (the "Sub-administration Agreement"). On November 30, 2006, the
Sub-Administration Agreement was assigned from AAIFS to Aston. Effective August
1, 2006, under the terms of the Sub-administration Agreement, sub-administration
fees are accrued daily and paid monthly at a rate of 0.022% of average daily net
assets of the Trust and a base fee at an annual rate of $12,000 per Fund.

Prior to August 1, 2006, under the terms of the Sub-Administration Agreement,
sub-administration fees were accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust and base fees were
fixed at an annual rate of $12,000 per Fund. The Sub-administration fee
arrangement was as follows:

ADMINISTRATION FEES AT TRUST LEVEL ANNUAL RATE
First $7.4 billion 0.0255%
Over $7.4 billion 0.0230%

ABN AMRO Distribution Services (USA) Inc. served as principal underwriter and
distributor of the Funds' shares under the same fee structure described below.
As of December 1, 2006, PFPC Distributors, Inc., (the "Distributor") serves as
principal underwriter and distributor of the Funds' shares. Pursuant to a Rule
12b-1 distribution plan (the "Plan") adopted by the Funds with respect to Class
S shares, the Funds pay certain expenses associated with the distribution of
their shares. Under the Plan, each Fund may pay actual expenses not exceeding,
on an annual basis, 0.25% of each participating Fund's average daily net assets.
The Class I shares of the Funds do not have distribution plans.

In addition, the Funds have adopted a shareholder servicing plan for the Class S
shares, which allows the Distributor to be paid a fee at an annual rate of up to
0.25% of the average daily net assets of the Class S shares, for its efforts in
maintaining client accounts, arranging bank wires, responding to client
inquiries concerning services provided on investments and assisting clients in
purchase, redemption and exchange transactions, and changing their dividend
options, account designations and addresses. The shareholder service fees for
the ABN AMRO Government Money Market Fund and ABN AMRO Money Market Fund were
0.07% and 0.11% of average daily net assets, respectively, for the year ended
October 31, 2006. Tax-Exempt Money Market Fund and Treasury Money Market Fund
were not charged shareholder service fees for the year ended October 31, 2006.

NOTE (F) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 17, 2006, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each series of the Trust, including
the Funds, and is available for temporary, emergency purposes including
liquidity needs in meeting redemptions. The annual facility fee is 0.11% of the
commitment amount of the facility in addition to an annual administration fee of
$37,500 and reasonable legal expenses incurred in connection with the
preparation of any amendments. The interest rate on outstanding loans is
equivalent to the Federal Funds Rate or LIBOR (London InterBank Offered Rate),
as applicable, plus 0.625%. Borrowings must be repaid within 60 days. At October
31, 2006, there were no borrowings outstanding on the line of credit. For the
Funds that utilized the line of

| 22

Aston Funds
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OCTOBER 31, 2006
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------

credit during the year ended October 31, 2006, the average daily loan balance
outstanding on the days where borrowings existed, the weighted average interest
rate and the interest expense, included on the Statement of Operations,
allocated to each Fund for use of the line of credit were as follows:

AVERAGE WEIGHTED TOTAL
DAILY LOAN AVERAGE INTEREST
BALANCE INTEREST RATE EXPENSE
ABN AMRO Money Market Fund $1,252,250 5.19% $ 535
ABN AMRO Tax Exempt Money
Market Fund 6,129,572 4.64% 38,466

NOTE (G) SUBSEQUENT EVENT: On November 30, 2006, pursuant to the closing of an
asset purchase agreement between AAAM and its affiliates ("ABN AMRO"), Highbury
Financial Inc. ("Highbury") and Aston ("the Purchase Agreement"), ABN AMRO sold
substantially all of its assets related to their U.S. mutual fund and separately
managed account business to Highbury and Aston (the "Strategic Transaction").
Aston is a majority owned subsidiary of Highbury. AAAM continues to serve as
investment adviser to the Funds and the other money market funds of the Trust
and Aston serves as administrator. Aston serves as investment adviser to all
other funds of the Trust.

| 23

Aston Funds
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees
of Aston Funds (formerly ABN AMRO Funds)

We have audited the accompanying statement of assets and liabilities, including
the schedules of investments, of the ABN AMRO Government Money Market Fund, ABN
AMRO Money Market Fund, ABN AMRO Tax-Exempt Money Market Fund, and ABN AMRO
Treasury Money Market Fund (the "Funds") (four of the portfolios constituting
the Aston Funds (formerly ABN AMRO Funds (the "Trust")) as of October 31, 2006,
and the related statements of operations for the year then ended, changes in net
assets for each of the two years in the period then ended and the financial
highlights for each of the periods indicated therein. These financial statements
and financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
investments owned as of October 31, 2006, by correspondence with the custodian.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the above mentioned portfolios of Aston Funds at October 31, 2006, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein, in conformity with U.S.
generally accepted accounting principles.

/S/ERNST & YOUNG LLP
Chicago, Illinois
December 15, 2006

| 24

Aston Funds
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OCTOBER 31, 2006
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 Forms N-Q are
available on the SEC's Web site 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) 551-8090.

TAX INFORMATION: For the year ended October 31, 2006, 100.00% of the income
distributions made by the Tax-Exempt Money Market Fund were exempt from federal
income taxes.

DISCLOSURE OF FUND EXPENSES: We believe it is important for you to
understand the impact of fees regarding your investment. All mutual funds have
operating expenses. As a shareholder of a mutual fund, you incur ongoing costs,
which include costs for portfolio management, administrative services, and
shareholder reports (like this one), among others. Operating expenses, which are
deducted from a fund's gross income, directly reduce the investment return of
the fund. A fund's expenses are expressed as a percentage of its average daily
net assets. This figure is known as the expense ratio. The following examples
are intended to help you understand the ongoing fees (in dollars) of investing
in your Fund and to compare these costs with those of other mutual funds. The
examples are based on an investment of $1,000 made at the beginning of the
period shown and held for the entire period.

This table illustrates each Fund's costs in two ways:

ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period. You may use the information here, together with your
account value, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number given for your
Fund in the first line under the heading entitled "Expenses Paid During Period."

HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds. Please note that the expenses
shown in the table are meant to highlight and help you compare your ongoing
costs only and do not reflect any transactional costs such as sales charges
(loads) and redemption fees, which are described in the Prospectus. If these
costs were applied to your account, your costs would be higher.

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/06 10/31/06 RATIO(1) PERIOD(2)
ABN AMRO Government Money Market Fund
ACTUAL FUND RETURN
Class I ......................... $1,000 $1,025.10 0.29% $1.48
Class S ......................... 1,000 1,023.40 0.61% 3.11
HYPOTHETICAL 5% RETURN
Class I .......................... $1,000 $1,023.74 0.29% $1.48
Class S .......................... 1,000 1,022.13 0.61% 3.11
ABN AMRO Money Market Fund
ACTUAL FUND RETURN
Class I .......................... $1,000 $1,024.80 0.37% $1.89
Class S .......................... 1,000 1,022.90 0.73% 3.72
HYPOTHETICAL 5% RETURN
Class I .......................... $1,000 $1,023.34 0.37% $1.89
Class S .......................... 1,000 1,021.53 0.73% 3.72
ABN AMRO Tax-Exempt Money Market Fund
ACTUAL FUND RETURN
Class I .......................... $1,000 $1,016.10 0.33% $1.68
Class S .......................... 1,000 1,014.90 0.58% 2.95
HYPOTHETICAL 5% RETURN
Class I .......................... $1,000 $1,023.54 0.33% $1.68
Class S .......................... 1,000 1,022.28 0.58% 2.96
ABN AMRO Treasury Money Market Fund
ACTUAL FUND RETURN
Class I .......................... $1,000 $1,024.30 0.36% $1.84
Class S .......................... 1,000 1,023.00 0.61% 3.11
HYPOTHETICAL 5% RETURN
Class I .......................... $1,000 $1,023.39 0.36% $1.84
Class S .......................... 1,000 1,022.13 0.61% 3.11

(1) Annualized, based on a Fund's most recent fiscal half-year expenses.
Expense rates do not include interest expense for applicable Funds.
(2) Expenses are equal to a 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, then divided by 365.

| 25

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OCTOBER 31, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
TRUSTEES AND OFFICERS OF THE TRUST

NUMBER OF
TERM OF PORTFOLIOS IN
OFFICE 1 AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE 2
- ---------------------- ----------- ---------------------- ------- ---------------

DISINTERESTED TRUSTEES

Leonard F. Amari 12 years Partner at the law offices of Amari & 27 Director, United Community Bank
c/o 161 North Clark Street Locallo, a practice with exclusive of Lisle; Director, Delaware
Chicago, IL 60601 concentration in real estate taxation Place Bank; Trustee, John
Age: 64 and related areas, since 1987; Special Marshall Law School.
Trustee Assistant Attorney General since
1986.

Robert A. Kushner 7 years Retired. Vice President, Secretary and 27 None
c/o 161 North Clark Street General Counsel at Cyclops Industries,
Chicago, IL 60601 Inc., 1976-1992.
Age: 70
Trustee

Gregory T. Mutz 12 years CEO of AMLI Residential Properties 27 Chairman of the Board of AMLI
c/o 161 North Clark Street Trust (NYSE: AML) (a Multifamily Residential Properties Trust;
Chicago, IL 60601 REIT), a successor company to AMLI Director of Abt Associates Inc.
Age: 60 Realty Co. since 2004; Chairman of (agribusiness); Director of
Lead Independent Trustee AMLI Residential Properties since Alico, Inc. (agribusiness).
1994; Vice Chairman of UICI (NYSE:
UCI) (an insurance holding company)
from 2003-2004; President and CEO
of UICI from 1999-2003; Chairman of
Academic Management Services Corp.
(a student loans and finance company)
from 2000-2003.

Nathan Shapiro 12 years President of SF Investments, Inc. 27 Director, Baldwin & Lyons, Inc.
c/o 161 North Clark Street (broker/dealer and investment banking (property and casualty
Chicago, IL 60601 firm) since 1971. insurance firm).
Age: 70
Trustee

| 26

Aston Funds
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OCTOBER 31, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------

NUMBER OF
TERM OF PORTFOLIOS IN
OFFICE 1 AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE 2
- ---------------------- ----------- ---------------------- ------- ---------------

INTERESTED TRUSTEES 3

Stuart D. Bilton, CFA 12 years Chief Executive Officer, Aston Asset 27 Director, Baldwin & Lyons, Inc.
c/o 161 North Clark Street Management LLC, since 2006; Vice (property and casualty
Chicago, IL 60601 Chairman of ABN AMRO Asset insurance firm).
Age: 60 Management Holdings, Inc. 2003-
Chairman, Board of Trustees 2006; President and Chief Executive
Officer of ABN AMRO Asset
Management Holdings, Inc. from
2001-2003; President of Alleghany
Asset Management, Inc. from 1996-
2001 (purchased by ABN AMRO in
February 2001).

OFFICER(S) WHO ARE NOT TRUSTEES

Kenneth C. Anderson 12 years President, Aston Asset Management N/A N/A
c/o 161 North Clark Street LLC, since 2006; President, ABN
Chicago, IL 60601 AMRO Structured Investment Funds
Age: 42 and ABN AMRO Variable Insurance
President (Chief Executive Officer) Trust, since 2005; President and Chief
Executive Officer of ABN AMRO
Investment Fund Services, Inc. (for-
merly known as Alleghany Investment
Services, Inc.) 1995-2006; Executive
Vice President of ABN AMRO Asset
Management (USA) LLC, 2001 -
2005; Director, ABN AMRO Trust
Services Company, 2001-2005;
Director, TAMRO Capital Partners LLC
and Veredus Asset Management LLC
2001-2006; Officer of the Trust since
1993; CPA.

Gerald F. Dillenburg 9 years Chief Compliance Officer and Chief N/A N/A
c/o 161 North Clark Street Financial Officer, Aston Asset
Chicago, IL 60601 Management LLC, since 2006; Chief
Age: 39 Financial Officer and Chief
Senior Vice President, Secretary Compliance Officer, ABN AMRO
and Treasurer (Chief Financial Structured Investment Funds and ABN
Officer, Chief Operating Officer and AMRO Variable Insurance Trust, since
Chief Compliance Officer) 2005; Chief Senior Managing Director
("SMD") of ABN AMRO Investment
Fund Services, Inc. (formerly known as
Alleghany Investment Services, Inc.)
1996-2006; SMD of ABN AMRO
Asset Management Holdings, Inc. and
ABN AMRO Asset Management, Inc.
(formerly known as Chicago Capital
Management, Inc.) 2001-2006;
Operations manager and compliance
officer of ABN AMRO mutual funds
1996-2006; CPA.

| 27

Aston Funds
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OCTOBER 31, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------

NUMBER OF
TERM OF PORTFOLIOS IN
OFFICE 1 AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE 2
- ---------------------- ----------- ---------------------- ------- ---------------

OFFICER(S) WHO ARE NOT TRUSTEES (continued)

William Long 4 years Vice President of Montag & Caldwell, N/A N/A
c/o 161 North Clark Street Inc., since 2000; former Vice
Chicago, IL 60601 President and Director of Sales for
Age: 45 First Capital Group, First Union
Vice President National Bank, 1996-2000.
<FN>
- ----------------------------------------------------
1 Trustees serve for an indefinite term until the earliest of: (i) removal by
two-thirds of the Board of Trustees or shareholders, (ii) resignation, death
or incapacity, (iii) the election and qualification of his successor, in
accordance with the By-Laws of the Trust or (iv) the last day of the fiscal
year in which he attains the age of 72 years. Officers serve for an indefinite
term until the earliest of: (i) removal by the Board of Trustees, (ii)
resignation, death or incapacity, (iii) the election and qualification of
their successor, in accordance with the By-Laws of the Trust.
2 Each Trustee also serves as Trustee for ABN AMRO Structured Investment Funds,
a newly formed registered investment company, which will have two initial
series. The registration statement of the new trust is not effective and
was not operational as of the date of this report. Mr. Bilton also serves
as sole Trustee of the ABN AMRO Variable Insurance Trust, a new trust whose
registration statement is not effective and was not operational as of the date
of this report.
3 "Interested person" of the Trust as defined in the 1940 Act. Mr. Bilton is
considered an "interested person" because of affiliations with Aston Asset
Management LLC and related entities, which act as the Funds' Investment
Adviser.
</FN>