UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08004
----------------------------
ASTON FUNDS
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
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(Address of principal executive offices) (Zip code)
Kenneth C. Anderson, President
Aston Funds
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 268-1400
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Date of fiscal year end: OCTOBER 31
-----------
Date of reporting period: APRIL 30, 2007
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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.
[LOGO] ASTON ASSET MANAGEMENT
SEMI ANNUAL REPORT 2007
APRIL 30, 2007
CLASS N, I, R SHARES
EQUITY, SECTOR, BALANCED, FIXED & MONEY MARKET
[GRAPHIC OMITTED]
COVER ART
Aston Funds were formerly known as the ABN AMRO Funds.
Aston Funds
(Formerly known as ABN AMRO Funds)
TABLE OF CONTENTS
Performance Summary ................................................... 2
Schedule of Investments ............................................... 4
Statement of Assets and Liabilities ................................... 46
Statement of Operations ............................................... 51
Statements of Changes in Net Assets ................................... 56
Financial Highlights .................................................. 64
Notes to Financial Statements ......................................... 100
Additional Information ................................................ 112
LARGE CAP FUNDS
Montag & Caldwell Growth Fund
ABN AMRO Growth Fund
Veredus Select Growth Fund
Optimum Large Cap Opportunity Fund
TAMRO Large Cap Value Fund
Value Fund
EQUITY INCOME FUND
River Road Dynamic Equity Income Fund
MID CAP FUND
Optimum Mid Cap Fund
SMALL-MID CAP FUND
River Road Small-Mid Cap Fund
SMALL CAP FUNDS
Veredus Aggressive Growth Fund
TAMRO Small Cap Fund
River Road Small Cap Value Fund
SECTOR FUNDS
ABN AMRO Real Estate Fund
Veredus SciTech Fund
BALANCED FUNDS
Montag & Caldwell Balanced Fund
Balanced Fund
FIXED INCOME FUNDS
ABN AMRO High Yield Bond Fund
TCH Fixed Income Fund
TCH Investment Grade 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
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2007
AVERAGE ANNUAL
TOTAL RETURN
------------------------------
SIX TEN YEAR
INCEPTION MONTH TOTAL ONE FIVE OR LIFE OF
DATE CLASS RETURN (a) YEAR YEAR FUND (b)
--------- ----- ----------- ------ ------- -----------
EQUITY FUNDS
Montag & Caldwell Growth Fund 11/02/94 N 5.81% 8.75% 3.19% 5.90%(b)
06/28/96 I 5.90% 9.05% 3.48% 6.21%(b)
12/31/02 R 5.66% 8.53% N/A 8.54%
ABN AMRO Growth Fund 12/13/93 N 5.03% 4.16% 3.33% 7.19%(b)
07/31/00 I 5.19% 4.51% 3.63% 0.12%
12/31/02 R 4.94% 3.98% N/A 7.73%
Veredus Select Growth Fund (c) (d) 12/31/01 N 7.65% 3.45% 9.31% 6.65%
09/11/06 I 7.88% N/A N/A 17.88%(a)
Optimum Large Cap Opportunity Fund (c) 12/28/06 N N/A N/A N/A 12.10%(a)
TAMRO Large Cap Value Fund (c) (e) 11/30/00 N 7.07% 12.24% 8.64% 7.06%
Value Fund (c) (e) 01/04/93 N 10.71% 18.59% 10.96% 7.74%(b)
09/20/05 I 10.84% 18.97% N/A 17.95%
River Road Dynamic Equity Income Fund (c) (e) 06/28/05 N 9.98% 18.90% N/A 18.40%
Optimum Mid Cap Fund (d) (e) 09/19/94 N 12.53% 21.09% 12.80% 13.01%(b)
07/06/04 I 12.67% 21.42% N/A 12.53%
River Road Small-Mid Cap Fund (c) (d) (e) 03/29/07 N N/A N/A N/A 1.70%(a)
Veredus Aggressive Growth Fund (d) 06/30/98 N 12.02% (3.65)% 4.56% 11.90%
10/05/01 I 12.18% (3.37)% 4.85% 2.92%
TAMRO Small Cap Fund (c) (d) (e) 11/30/00 N 8.70% 9.87% 13.53% 16.25%
01/04/05 I 8.86% 10.14% N/A 15.95%
River Road Small Cap Value Fund (c) (d) (e) 06/28/05 N 9.91% 18.35% N/A 23.70%
12/13/06 I N/A N/A N/A 5.47%(a)
ABN AMRO Real Estate Fund (c) (f) 12/30/97 N 5.29% 26.35% 22.73% 14.31%
09/20/05 I 5.40% 26.63% N/A 25.10%
Veredus SciTech Fund (c) (g) 06/30/00 N 5.74% (8.19)% 2.62% (3.54)%
- ----------
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.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES.
(a) NOT ANNUALIZED.
(b) RETURN FIGURES SHOWN ARE AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD FROM
INCEPTION THROUGH APRIL 30, 2007 EXCEPT FOR MONTAG & CALDWELL GROWTH FUND
CLASS N AND CLASS I, ABN AMRO GROWTH FUND CLASS N, VALUE FUND CLASS N, AND
OPTIMUM MID CAP FUND CLASS N WHICH ARE FOR THE 10 YEARS ENDED APRIL 30,
2007.
(c) CERTAIN EXPENSES WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT,
THE RETURNS WOULD HAVE BEEN LOWER.
(d) SMALL AND MID CAP STOCKS MAY BE SUBJECT TO A HIGHER DEGREE OF MARKET RISK
THAN THE SECURITIES OF MORE ESTABLISHED COMPANIES BECAUSE THEY TEND TO BE
MORE VOLATILE AND LESS LIQUID.
(e) VALUE INVESTING INVOLVES THE RISK THAT A FUND'S INVESTING IN COMPANIES
BELIEVED TO BE UNDERVALUED WILL NOT APPRECIATE AS ANTICIPATED.
(f) 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 VALUE OF REAL ESTATE,
GENERAL AND ECONOMIC CONDITIONS, CHANGES IN THE VALUE OF UNDERLYING
PROPERTY AND DEFAULTS BY BORROWERS.
(g) 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.
| 2
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) - CONTINUED AS OF APRIL 30, 2007
AVERAGE ANNUAL
TOTAL RETURN
------------------------------
SIX TEN YEAR
INCEPTION MONTH TOTAL ONE FIVE OR LIFE OF
DATE CLASS RETURN (a) YEAR YEAR FUND (b)
--------- ----- ----------- ------ ------- -----------
BALANCED FUNDS
Montag & Caldwell Balanced Fund (c) 11/02/94 N 4.18% 7.61% 3.29% 5.76%(b)
12/31/98 I 4.21% 7.81% 3.52% 2.48%
Balanced Fund (c) 09/21/95 N 5.46% 6.30% 4.24% 6.93%(b)
FIXED INCOME FUNDS
ABN AMRO High Yield Bond Fund (c) (d) (e) 06/30/03 N 5.90% 9.11% N/A 7.67%
06/30/03 I 6.02% 9.39% N/A 7.94%
TCH Fixed Income Fund (c) (e) 12/13/93 N 4.81% 9.05% 4.62% 5.79%(b)
07/31/00 I 4.94% 9.34% 4.88% 5.91%
TCH Investment Grade Bond Fund (c) (e) 06/30/03 N 2.53% 6.38% N/A 2.39%
10/23/95 I 2.66% 6.65% 4.08% 5.18%(b)
McDonnell Municipal Bond Fund (c) (e) (f) 12/13/93 N 1.07% 4.54% 3.74% 4.53%(b)
MONEY MARKET FUND
ABN AMRO Investor Money Market Fund 12/14/93 N 2.36% 4.76% 2.23% 3.47%(b)
7-DAY 30-DAY
AVERAGE YIELD AVERAGE YIELD
------------- -------------
ABN AMRO Investor Money Market Fund N 4.67% 4.70%
- ----------
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.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES.
AN INVESTMENT IN THE ABN AMRO INVESTOR MONEY MARKET 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 AT
$1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. THE
7-DAY YIELD MORE CLOSELY REFLECTS THE FUND'S CURRENT EARNINGS THAN THE TOTAL
RETURN QUOTATION.
(a) NOT ANNUALIZED.
(b) RETURN FIGURES SHOWN ARE AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD FROM
INCEPTION THROUGH APRIL 30, 2007 EXCEPT FOR MONTAG & CALDWELL BALANCED
FUND CLASS N, BALANCED FUND CLASS N, TCH FIXED INCOME FUND CLASS N, TCH
INVESTMENT GRADE BOND FUND CLASS I, MCDONNELL MUNICIPAL BOND FUND CLASS N,
AND ABN AMRO INVESTOR MONEY MARKET FUND CLASS N WHICH ARE FOR THE 10 YEARS
ENDED APRIL 30, 2007.
(c) BOND AND BALANCED FUNDS ARE 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.
(d) 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 TYPES OF
SECURITIES.
(e) CERTAIN EXPENSES WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT,
THE RETURNS WOULD HAVE BEEN LOWER.
(f) 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.
| 3
Aston Funds
MONTAG & CALDWELL GROWTH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 30%
TECHNOLOGY 14%
OIL AND GAS EXTRACTION 11%
RETAIL 11%
COMMUNICATIONS 8%
CONSUMER STAPLES 7%
FOOD AND BEVERAGES 7%
PHARMACEUTICALS 6%
CAPITAL GOODS 5%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ------------------
COMMON STOCKS - 99.06%
BIOTECHNOLOGY - 3.36%
772,500 Genentech * ............................ $ 61,792,275
------------------
CAPITAL GOODS - 5.36%
585,000 Caterpillar ............................ 42,482,700
1,192,200 Emerson Electric ....................... 56,021,478
------------------
98,504,178
------------------
COMMERCIAL SERVICES - 3.10%
1,534,200 Paychex ................................ 56,918,820
------------------
COMMUNICATIONS - 8.30%
1,044,900 Cisco Systems * ........................ 27,940,626
182,100 Google, Class A * ...................... 85,838,298
591,400 McGraw-Hill ............................ 38,754,442
------------------
152,533,366
------------------
CONSUMER STAPLES - 6.54%
538,800 Colgate-Palmolive ...................... 36,498,312
1,302,277 Procter & Gamble ....................... 83,749,434
------------------
120,247,746
------------------
ELECTRICAL - 4.54%
2,265,300 General Electric ....................... 83,498,958
------------------
FINANCE - 5.19%
1,146,000 American Express ....................... 69,527,820
287,300 Merrill Lynch .......................... 25,923,079
------------------
95,450,899
------------------
FOOD AND BEVERAGES - 7.29%
1,191,300 Coca-Cola .............................. 62,173,947
1,087,100 PepsiCo ................................ 71,846,439
------------------
134,020,386
------------------
INSURANCE - 2.44%
639,900 American International Group ........... 44,735,409
------------------
MARKET
SHARES VALUE
- ------ ------------------
MEDICAL PRODUCTS AND SUPPLIES - 4.04%
81,300 Allergan ............................... $ 9,853,560
992,400 Stryker ................................ 64,446,456
------------------
74,300,016
------------------
OIL AND GAS EXTRACTION - 11.31%
562,400 Baker Hughes ........................... 45,211,336
500,000 Devon Energy ........................... 36,435,000
1,576,100 Halliburton ............................ 50,072,697
1,030,000 Schlumberger ........................... 76,044,900
------------------
207,763,933
------------------
PHARMACEUTICALS - 5.51%
1,121,800 Abbott Laboratories .................... 63,516,316
230,800 Gilead Sciences * ...................... 18,860,976
326,100 Novartis, ADR .......................... 18,943,149
------------------
101,320,441
------------------
RESTAURANTS - 1.59%
605,300 McDonald's ............................. 29,223,884
------------------
RETAIL - 10.65%
909,100 Costco Wholesale ....................... 48,700,487
252,700 Kohl's * ............................... 18,709,908
687,500 NIKE, Class B .......................... 37,028,750
1,185,000 Starbucks * ............................ 36,758,700
1,243,500 Walgreen ............................... 54,589,650
------------------
195,787,495
------------------
TECHNOLOGY - 14.34%
615,500 Apple Computer * ....................... 61,426,900
834,300 eBay * ................................. 28,316,142
716,500 Electronic Arts * ...................... 36,118,765
1,466,100 Hewlett-Packard ........................ 61,781,454
999,900 Intel .................................. 21,497,850
412,700 Research In Motion * ................... 54,303,066
------------------
263,444,177
------------------
TELECOMMUNICATIONS EQUIPMENT - 4.23%
1,772,900 QUALCOMM ............................... 77,653,020
------------------
TRANSPORTATION - 1.27%
221,100 FedEx .................................. 23,312,784
------------------
TOTAL COMMON STOCKS
(Cost $1,543,112,893) ............... 1,820,507,787
------------------
INVESTMENT COMPANY - 0.90%
16,560,351 BlackRock Liquidity Funds
TempCash Portfolio .................. 16,560,351
------------------
TOTAL INVESTMENT COMPANY
(Cost $16,560,351) .................. 16,560,351
------------------
TOTAL INVESTMENTS - 99.96%
(Cost $1,559,673,244)** ............................... 1,837,068,138
------------------
NET OTHER ASSETS AND LIABILITIES - 0.04% ................. 654,913
------------------
NET ASSETS - 100.00% ..................................... $ 1,837,723,051
==================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................... $ 284,270,797
Gross unrealized depreciation ...................... (6,875,903)
------------------
Net unrealized appreciation ........................ $ 277,394,894
==================
ADR American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
Aston Funds
ABN AMRO GROWTH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 30%
TECHNOLOGY 21%
FINANCE 12%
RETAIL 11%
MEDICAL PRODUCTS AND SUPPLIES 6%
CAPITAL GOODS 5%
BIOTECHNOLOGY 5%
ELECTRICAL 4%
HEALTHCARE SERVICES 4%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ------------------
COMMON STOCKS - 98.20%
ADVERTISING - 2.09%
117,377 Omnicom Group .......................... $ 12,290,546
------------------
AEROSPACE/DEFENSE - 3.38%
214,050 Boeing ................................. 19,906,650
------------------
BIOTECHNOLOGY - 4.83%
129,125 Amgen * ................................ 8,282,078
246,270 Gilead Sciences * ...................... 20,125,184
------------------
28,407,262
------------------
CAPITAL GOODS - 5.30%
383,964 Illinois Tool Works .................... 19,701,193
193,150 Rockwell Automation .................... 11,500,151
------------------
31,201,344
------------------
CHEMICALS - 2.51%
228,630 Praxair ................................ 14,758,066
------------------
COMMERCIAL SERVICES - 1.99%
132,169 Cintas ................................. 4,952,372
157,697 Ecolab ................................. 6,779,394
------------------
11,731,766
------------------
CONSUMER CYCLICALS - 3.16%
181,841 Johnson Controls ....................... 18,607,790
------------------
CONSUMER STAPLES - 2.90%
265,190 Procter & Gamble ....................... 17,054,369
------------------
ELECTRICAL - 3.92%
626,288 General Electric ....................... 23,084,976
------------------
ENTERTAINMENT AND LEISURE - 2.49%
299,680 Carnival ............................... 14,651,355
------------------
FINANCE - 12.54%
200,730 CIT Group .............................. 11,973,544
180,890 Merrill Lynch .......................... 16,321,705
208,226 SLM .................................... 11,208,806
209,274 State Street ........................... 14,412,700
188,390 T. Rowe Price Group .................... 9,359,215
190,220 Wachovia ............................... 10,564,819
------------------
73,840,789
------------------
MARKET
SHARES VALUE
- ------ ------------------
FOOD AND BEVERAGES - 2.43%
436,246 Sysco .................................. $ 14,282,694
------------------
HEALTHCARE SERVICES - 3.82%
235,575 Express Scripts * ...................... 22,509,191
------------------
INSURANCE - 2.26%
259,289 AFLAC .................................. 13,311,897
------------------
MEDICAL PRODUCTS AND SUPPLIES - 5.80%
110,000 Alcon .................................. 14,842,300
216,933 Medtronic .............................. 11,482,264
185,700 Resmed * ............................... 7,847,682
------------------
34,172,246
------------------
OIL AND GAS EXTRACTION - 2.03%
150,630 Exxon Mobil ............................ 11,957,009
------------------
PHARMACEUTICALS - 1.35%
300,974 Pfizer ................................. 7,963,772
------------------
RETAIL - 11.36%
234,038 Kohl's * ............................... 17,328,173
493,730 Starbucks * ............................ 15,315,505
510,393 TJX .................................... 14,234,861
455,843 Walgreen ............................... 20,011,508
------------------
66,890,047
------------------
TECHNOLOGY - 20.61%
486,820 Dell * ................................. 12,272,732
402,945 Electronic Arts * ...................... 20,312,457
635,320 EMC * .................................. 9,644,158
1,030,040 Intel .................................. 22,145,860
342,280 Linear Technology ...................... 12,808,118
665,296 Microsoft .............................. 19,918,962
704,689 Texas Instruments ...................... 24,220,161
------------------
121,322,448
------------------
TELECOMMUNICATIONS EQUIPMENT - 1.86%
250,057 QUALCOMM ............................... 10,952,497
------------------
TRANSPORTATION - 1.57%
642,398 Southwest Airlines ..................... 9,218,411
------------------
TOTAL COMMON STOCKS
(Cost $512,906,410) ................. 578,115,125
------------------
INVESTMENT COMPANY - 1.96%
11,563,097 BlackRock Liquidity Funds
TempCash Portfolio .................. 11,563,097
------------------
TOTAL INVESTMENT COMPANY
(Cost $11,563,097) .................. 11,563,097
------------------
TOTAL INVESTMENTS - 100.16%
(Cost $524,469,507)** ................................. 589,678,222
------------------
NET OTHER ASSETS AND LIABILITIES - (0.16)% ............... (931,940)
------------------
NET ASSETS - 100.00% ..................................... $ 588,746,282
==================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................... $ 74,242,272
Gross unrealized depreciation ...................... (9,033,557)
------------------
Net unrealized appreciation ........................ $ 65,208,715
==================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
Aston Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 31%
FINANCE 14%
TELECOMMUNICATIONS EQUIPMENT 9%
MEDICAL PRODUCTS AND SUPPLIES 8%
INDUSTRIAL - CONSTRUCION & ENGINEERING 8%
PHARMACEUTICALS 6%
COMPUTER SOFTWARE 7%
INFORMATION TECHNOLOGY SERVICES 6%
RETAIL 6%
CASH AND OTHER NET ASSETS 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ------------------
COMMON STOCKS - 94.89%
ADVERTISING - 2.93%
31,600 Focus Media Holding, ADR * ............. $ 1,169,200
------------------
AEROSPACE/DEFENSE - 1.77%
6,800 Precision Castparts .................... 707,948
------------------
BASIC MATERIALS - 2.45%
15,400 Nucor .................................. 977,284
------------------
BIOTECHNOLOGY - 4.19%
9,800 Genentech * ............................ 783,902
10,900 Gilead Sciences * ...................... 890,748
------------------
1,674,650
------------------
CHEMICALS - 4.57%
13,200 Air Products and Chemicals ............. 1,009,800
18,300 Airgas ................................. 815,265
------------------
1,825,065
------------------
COMPUTER SOFTWARE - 6.95%
34,500 Adobe Systems * ........................ 1,433,820
30,500 Akamai Technologies * .................. 1,344,440
------------------
2,778,260
------------------
COMPUTERS - 1.02%
4,075 Apple Computer * ....................... 406,685
------------------
CONSUMER CYCLICALS - 1.64%
17,200 International Game Technology .......... 656,008
------------------
CONSUMER SERVICES - 2.36%
16,625 Corrections Corporation of America * ... 944,300
------------------
MARKET
SHARES VALUE
- ------ ------------------
FINANCE - 13.88%
22,250 CB Richard Ellis Group * ............... $ 753,162
2,700 Chicago Mercantile Exchange ............ 1,395,225
3,900 Goldman Sachs Group .................... 852,579
12,200 Merrill Lynch .......................... 1,100,806
17,200 Morgan Stanley ......................... 1,444,972
------------------
5,546,744
------------------
HEALTHCARE - LIFE & SCIENCES -
TOOLS & SERVICES - 2.41%
16,200 Waters * ............................... 962,766
------------------
INDUSTRIAL - 2.69%
23,150 Trinity Industries ..................... 1,074,160
------------------
INDUSTRIAL - CONSTRUCTION & ENGINEERING - 8.37%
18,000 Foster Wheeler * ....................... 1,238,940
24,600 Jacobs Engineering Group * ............. 1,240,578
12,700 Manitowoc .............................. 866,521
------------------
3,346,039
------------------
INFORMATION TECHNOLOGY SERVICES - 6.35%
15,500 Accenture, Class A ..................... 606,050
4,100 Google, Class A * ...................... 1,932,658
------------------
2,538,708
------------------
INFORMATION TECHNOLOGY - ELECTRONIC
EQUIPMENT & INSTRUMENTS - 2.52%
28,700 Amphenol, Class A ...................... 1,007,657
------------------
MEDICAL PRODUCTS AND SUPPLIES - 7.66%
27,700 Hologic * .............................. 1,594,135
11,300 Intuitive Surgical * ................... 1,465,158
------------------
3,059,293
------------------
PHARMACEUTICALS - 5.57%
21,100 Merck .................................. 1,085,384
16,300 Shire, ADR ............................. 1,139,207
------------------
2,224,591
------------------
RETAIL - 6.00%
25,125 American Eagle Outfitters .............. 740,434
8,200 Guess? ................................. 323,080
43,000 Starbucks * ............................ 1,333,860
------------------
2,397,374
------------------
SEMICONDUCTORS - 2.64%
19,200 MEMC Electronic Materials * ............ 1,053,696
------------------
TELECOMMUNICATIONS EQUIPMENT - 8.92%
43,900 Cisco Systems * ........................ 1,173,886
27,900 Harris ................................. 1,432,665
58,000 JDS Uniphase * ......................... 955,840
------------------
3,562,391
------------------
TOTAL COMMON STOCKS
(Cost $34,902,421) .................. 37,912,819
------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
Aston Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ------------------
INVESTMENT COMPANIES - 7.99%
2,103,803 BlackRock Liquidity Funds
TempCash Portfolio .................. $ 2,103,803
1,090,067 BlackRock Liquidity Funds
TempFund Portfolio .................. 1,090,067
------------------
TOTAL INVESTMENT COMPANIES
(Cost $3,193,870) ................... 3,193,870
------------------
TOTAL INVESTMENTS - 102.88%
(Cost $38,096,291)** .................................. 41,106,689
------------------
NET OTHER ASSETS AND LIABILITIES - (2.88)% ............... (1,151,643)
------------------
NET ASSETS - 100.00% ..................................... $ 39,955,046
==================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................... $ 3,445,921
Gross unrealized depreciation ...................... (435,523)
------------------
Net unrealized appreciation ........................ $ 3,010,398
==================
ADR American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 37%
CAPITAL MARKETS 13%
MACHINERY 11%
METALS & MINING 8%
ENERGY EQUIPMENT & SERVICES 8%
HEALTHCARE PROVIDERS & SERVICES 6%
COMMUNICATIONS EQUIPMENT 5%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 5%
HOUSEHOLD DURABLES 5%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ -----------
COMMON STOCKS - 98.25%
AEROSPACE/DEFENSE - 2.71%
640 General Dynamics .......................... $ 50,240
----------
BEVERAGES - 2.61%
930 Coca-Cola ................................. 48,537
----------
CAPITAL MARKETS - 13.28%
405 Affiliated Managers Group * ............... 47,640
215 Goldman Sachs Group ....................... 47,001
630 Morgan Stanley ............................ 52,926
940 Nuveen Investments, Class A ............... 50,102
2,870 TD Ameritrade Holding * ................... 48,934
----------
246,603
----------
COMMUNICATIONS EQUIPMENT - 5.36%
1,775 Cisco Systems * ........................... 47,463
1,190 QUALCOMM .................................. 52,122
----------
99,585
----------
CONSTRUCTION & ENGINEERING - 2.67%
985 Jacobs Engineering Group * ................ 49,674
----------
DIVERSIFIED CONSUMER SERVICES - 3.19%
610 ITT Educational Services * ................ 59,298
----------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.57%
1,360 Amphenol, Class A ......................... 47,750
----------
ENERGY EQUIPMENT & SERVICES - 7.69%
870 ENSCO International ....................... 49,051
540 Transocean * .............................. 46,548
900 Weatherford International * ............... 47,241
----------
142,840
----------
HEALTHCARE EQUIPMENT & SUPPLIES - 2.32%
1,225 Cytyc * ................................... 43,157
----------
MARKET
SHARES VALUE
- ------ -----------
HEALTHCARE PROVIDERS & SERVICES - 5.44%
675 Laboratory Corporation of America * ....... $ 53,284
900 UnitedHealth Group ........................ 47,754
-----------
101,038
-----------
HOUSEHOLD DURABLES - 5.33%
425 Harman International Industries ........... 51,803
810 Stanley Works ............................. 47,207
-----------
99,010
-----------
HOUSEHOLD PRODUCTS - 2.61%
715 Colgate-Palmolive ......................... 48,434
-----------
INSURANCE - 2.71%
765 MetLife ................................... 50,261
-----------
IT SERVICES - 2.58%
915 Infosys Technologies, SP ADR .............. 47,900
-----------
LIFE SCIENCES TOOLS & SERVICES - 2.59%
810 Waters * .................................. 48,138
-----------
MACHINERY - 11.03%
730 Caterpillar ............................... 53,013
700 Danaher ................................... 49,833
850 Oshkosh Truck ............................. 47,549
590 Parker Hannifin ........................... 54,362
-----------
204,757
-----------
METALS & MINING - 8.10%
1,420 Alcoa ..................................... 50,396
1,060 BHP Billiton, SP ADR ...................... 51,770
720 Freeport-McMoRan Copper & Gold, Class B ... 48,355
-----------
150,521
-----------
OIL, GAS & CONSUMABLE FUELS - 2.53%
865 XTO Energy ................................ 46,944
-----------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 5.27%
850 MEMC Electronic Materials * ............... 46,648
1,490 Texas Instruments ......................... 51,211
-----------
97,859
-----------
SOFTWARE - 2.54%
2,505 Oracle * .................................. 47,094
-----------
TEXTILES, APPAREL & LUXURY GOODS - 2.45%
930 Coach * ................................... 45,412
-----------
WIRELESS TELECOMMUNICATION SERVICES - 2.67%
945 America Movil, Series L, ADR .............. 49,641
-----------
TOTAL COMMON STOCKS
(Cost $1,711,274) ...................... 1,824,693
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 8
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ -----------
INVESTMENT COMPANY - 3.50%
65,027 BlackRock Liquidity Funds
TempCash Portfolio ..................... $ 65,027
-----------
TOTAL INVESTMENT COMPANY
(Cost $65,027) ......................... 65,027
-----------
TOTAL INVESTMENTS - 101.75%
(Cost $1,776,301)** ...................................... 1,889,720
-----------
NET OTHER ASSETS AND LIABILITIES - (1.75)% .................. (32,519)
-----------
NET ASSETS - 100.00% ........................................ $ 1,857,201
===========
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 114,148
Gross unrealized depreciation ......................... (729)
-----------
Net unrealized appreciation ........................... $ 113,419
===========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 9
Aston Funds
TAMRO LARGE CAP VALUE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 25%
FINANCE 17%
TECHNOLGY 14%
FOOD AND BEVERAGES 12%
OIL AND GAS EXTRACTION 9%
PHARMACEUTICALS 7%
CHEMICALS 5%
TRANSPORTATION 4%
CONSUMER CYCLICALS 4%
CASH AND OTHER NET ASSETS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ -----------
COMMON STOCKS - 96.76%
BASIC MATERIALS - 2.49%
10,852 Alcoa ..................................... $ 385,137
-----------
CAPITAL GOODS - 3.73%
7,335 General Electric .......................... 270,368
5,730 Raytheon .................................. 306,784
-----------
577,152
-----------
CHEMICALS - 4.49%
6,785 Dow Chemical .............................. 302,679
7,966 duPont (E. I.) de Nemours ................. 391,688
-----------
694,367
-----------
COMMUNICATIONS - 2.06%
11,932 Comcast, Class A * ........................ 318,107
-----------
CONSUMER CYCLICALS - 3.96%
11,105 eBay * .................................... 376,904
29,225 Ford Motor ................................ 234,969
-----------
611,873
-----------
CONSUMER STAPLES - 1.66%
4,140 Avery Dennison ............................ 257,508
-----------
FINANCE - 16.96%
163 Berkshire Hathaway, Class B * ............. 591,364
4,475 Capital One Financial ..................... 332,313
5,800 Citigroup ................................. 310,996
1,650 Goldman Sachs Group ....................... 360,706
6,902 JPMorgan Chase ............................ 359,594
3,240 Legg Mason ................................ 321,376
9,630 Wells Fargo ............................... 345,621
-----------
2,621,970
-----------
MARKET
SHARES VALUE
- ------ -----------
FOOD AND BEVERAGES - 12.34%
6,200 Anheuser-Busch ............................ $ 304,978
6,466 Coca-Cola ................................. 337,461
14,240 Kroger .................................... 420,222
4,255 PepsiCo ................................... 281,213
18,390 Sara Lee .................................. 301,780
4,465 Wm Wrigley Jr ............................. 262,899
-----------
1,908,553
-----------
HEALTHCARE SERVICES - 2.16%
6,295 UnitedHealth Group ........................ 334,013
-----------
INSURANCE - 2.42%
5,345 American International Group .............. 373,669
-----------
MEDICAL PRODUCTS AND SUPPLIES - 2.19%
5,270 Johnson & Johnson ......................... 338,439
-----------
OIL AND GAS EXTRACTION - 8.65%
6,840 Anadarko Petroleum ........................ 319,154
4,484 Exxon Mobil ............................... 355,940
4,505 National-Oilwell Varco * .................. 382,249
5,165 XTO Energy ................................ 280,305
-----------
1,337,648
-----------
PHARMACEUTICALS - 7.23%
5,095 Merck ..................................... 262,087
12,633 Schering-Plough ........................... 400,845
11,865 Teva Pharmaceutical Industries, SP ADR .... 454,548
-----------
1,117,480
-----------
RESTAURANTS - 2.38%
7,609 McDonald's ................................ 367,363
-----------
RETAIL - 3.80%
7,760 Wal-Mart Stores ........................... 371,859
4,905 Walgreen .................................. 215,330
-----------
587,189
-----------
TECHNOLOGY - 13.52%
16,500 Cisco Systems * ........................... 441,210
35,715 EMC * ..................................... 542,154
11,490 Intuit * .................................. 326,891
18,360 Microsoft ................................. 549,698
12,235 Oracle * .................................. 230,018
-----------
2,089,971
-----------
TRANSPORTATION - 4.31%
28,430 Southwest Airlines ........................ 407,971
3,670 United Parcel Service, Class B ............ 258,478
-----------
666,449
-----------
UTILITIES - 2.41%
16,685 AES * ..................................... 366,903
574 Dynegy, Class A * ......................... 5,401
-----------
372,304
-----------
TOTAL COMMON STOCKS
(Cost $12,174,232) ..................... 14,959,192
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 10
Aston Funds
TAMRO LARGE CAP VALUE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ -----------
INVESTMENT COMPANY - 3.01%
465,651 BlackRock Liquidity Funds
TempCash Portfolio ..................... $ 465,651
-----------
TOTAL INVESTMENT COMPANY
(Cost $465,651) ........................ 465,651
-----------
TOTAL INVESTMENTS - 99.77%
(Cost $12,639,883)** ..................................... 15,424,843
-----------
NET OTHER ASSETS AND LIABILITIES - 0.23% .................... 36,284
-----------
NET ASSETS - 100.00% ........................................ $15,461,127
===========
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ....................... $ 2,862,437
Gross unrealized depreciation ....................... (77,477)
-----------
Net unrealized appreciation ......................... $ 2,784,960
===========
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 11
Aston Funds
VALUE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
FINANCE 22%
OTHER COMMON STOCKS 21%
CAPITAL GOODS 13%
OIL AND GAS EXTRACTION 12%
INSURANCE 9%
PHARMACEUTICALS 7%
BASIC MATERIALS 5%
UTILITIES 5%
TECHNOLOGY 5%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 99.32%
BASIC MATERIALS - 4.98%
36,220 Air Products and Chemicals .................... $ 2,770,830
14,000 Bowater ....................................... 306,460
34,680 Dow Chemical .................................. 1,547,075
37,930 International Paper ........................... 1,430,720
15,060 Nalco Holding ................................. 400,295
76,610 PPG Industries ................................ 5,636,964
45,650 Praxair ....................................... 2,946,707
60,490 Smurfit-Stone Container * ..................... 728,904
107,480 Syngenta, ADR ................................. 4,266,956
----------------
20,034,911
----------------
CAPITAL GOODS - 13.10%
11,500 Cooper Industries ............................. 572,240
51,120 Deere ......................................... 5,592,528
10,020 Eaton ......................................... 893,884
37,900 Grainger (W.W.) ............................... 3,131,298
159,150 Lockheed Martin ............................... 15,300,681
229,860 Masco ......................................... 6,254,491
115,640 Northrop Grumman .............................. 8,512,260
43,860 Rockwell Automation ........................... 2,611,424
28,900 Sherwin-Williams .............................. 1,842,953
12,800 Timken ........................................ 422,144
40,000 Toll Brothers * ............................... 1,191,200
95,250 United Technologies ........................... 6,394,133
----------------
52,719,236
----------------
COMMUNICATIONS - 3.32%
31,780 AT&T .......................................... 1,230,522
37,217 Embarq ........................................ 2,234,509
191,300 Sprint Nextel ................................. 3,831,739
13,750 Telus ......................................... 745,937
44,970 Verizon Communications ........................ 1,716,954
124,882 Vodafone Group, SP ADR ........................ 3,587,860
----------------
13,347,521
----------------
MARKET
SHARES VALUE
- ------ ----------------
CONSUMER CYCLICALS - 2.73%
56,020 Disney, Walt .................................. $ 1,959,580
20,410 Johnson Controls .............................. 2,088,555
47,120 Royal Caribbean Cruises ....................... 1,958,778
75,990 Viacom, Class B * ............................. 3,134,587
24,660 WPP, SP ADR ................................... 1,831,252
----------------
10,972,752
----------------
CONSUMER STAPLES - 4.01%
200,480 Altria Group .................................. 13,817,082
11,462 Hanesbrands * ................................. 304,774
31,310 Procter & Gamble .............................. 2,013,546
----------------
16,135,402
----------------
ELECTRICAL - 0.52%
56,350 General Electric .............................. 2,077,061
----------------
FINANCE - 21.69%
69,360 American Express .............................. 4,208,071
289,884 Bank of America ............................... 14,755,096
142,950 Bank of New York .............................. 5,786,616
260,410 Citigroup ..................................... 13,963,184
121,890 Fannie Mae .................................... 7,181,759
23,300 Franklin Resources ............................ 3,059,523
34,140 Freddie Mac ................................... 2,211,589
48,940 Goldman Sachs Group ........................... 10,698,774
38,480 Lehman Brothers Holdings ...................... 2,896,774
117,060 Mellon Financial .............................. 5,025,386
28,790 Merrill Lynch ................................. 2,597,722
2,300 Prudential Financial .......................... 218,500
86,370 SunTrust Banks ................................ 7,291,355
113,730 UBS ........................................... 7,381,077
----------------
87,275,426
----------------
FOOD AND BEVERAGES - 4.14%
53,190 Diageo, SP ADR ................................ 4,489,236
84,230 Kellogg ....................................... 4,456,609
37,350 Nestle, SP ADR ................................ 3,712,329
52,860 PepsiCo ....................................... 3,493,517
25,430 Tyson Foods, Class A .......................... 533,013
----------------
16,684,704
----------------
HEALTHCARE SERVICES - 1.64%
36,810 UnitedHealth Group ............................ 1,953,139
58,980 WellPoint * ................................... 4,657,650
----------------
6,610,789
----------------
INSURANCE - 9.59%
34,320 AFLAC ......................................... 1,761,989
206,640 Allstate ...................................... 12,877,804
46,730 Chubb ......................................... 2,515,476
116,920 Genworth Financial, Class A ................... 4,266,411
44,700 Hartford Financial Services Group ............. 4,523,640
192,480 MetLife ....................................... 12,645,936
----------------
38,591,256
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 12
Aston Funds
VALUE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
OIL AND GAS EXTRACTION - 12.05%
41,070 Apache ........................................ $ 2,977,575
39,265 Chevron Texaco ................................ 3,054,424
101,040 ConocoPhillips ................................ 7,007,124
60,710 Devon Energy .................................. 4,423,938
36,020 EOG Resources ................................. 2,645,309
136,010 Exxon Mobil ................................... 10,796,474
79,300 Hess .......................................... 4,500,275
18,490 Noble ......................................... 1,557,043
27,190 Royal Dutch Shell, ADR ........................ 1,885,627
131,050 Total, SP ADR ................................. 9,657,074
----------------
48,504,863
----------------
PHARMACEUTICALS - 7.00%
28,880 Abbott Laboratories ........................... 1,635,186
63,640 Eli Lilly ..................................... 3,763,033
166,560 Johnson & Johnson ............................. 10,696,483
94,670 Merck ......................................... 4,869,825
130,040 Wyeth ......................................... 7,217,220
----------------
28,181,747
----------------
PRINTING AND PUBLISHING - 0.23%
39,490 New York Times, Class A ....................... 924,066
----------------
RETAIL - 3.55%
98,712 CVS ........................................... 3,577,323
123,520 Federated Department Stores ................... 5,424,998
97,860 NIKE, Class B ................................. 5,270,740
----------------
14,273,061
----------------
TECHNOLOGY - 4.90%
112,170 Accenture, Class A ............................ 4,385,847
56,610 Cisco Systems * ............................... 1,513,752
72,330 Hewlett-Packard ............................... 3,047,986
218,230 Intel ......................................... 4,691,945
324,150 Oracle * ...................................... 6,094,020
----------------
19,733,550
----------------
TRANSPORTATION - 1.24%
43,510 Burlington Northern Santa Fe .................. 3,808,866
22,610 Norfolk Southern .............................. 1,203,756
----------------
5,012,622
----------------
UTILITIES - 4.63%
75,480 Dominion Resources ............................ 6,883,776
27,590 Entergy ....................................... 3,121,533
67,480 FPL Group ..................................... 4,343,688
25,600 PPL ........................................... 1,116,416
12,090 Public Service Enterprise Group ............... 1,045,180
32,290 TXU ........................................... 2,117,578
----------------
18,628,171
----------------
TOTAL COMMON STOCKS
(Cost $298,611,846) ........................ 399,707,138
----------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANY - 0.60%
2,414,356 BlackRock Liquidity Funds
TempCash Portfolio ......................... $ 2,414,356
----------------
TOTAL INVESTMENT COMPANY
(Cost $2,414,356) .......................... 2,414,356
----------------
TOTAL INVESTMENTS - 99.92%
(Cost $301,026,202)** .................................... 402,121,494
----------------
NET OTHER ASSETS AND LIABILITIES - 0.08% .................... 309,794
----------------
NET ASSETS - 100.00% ........................................ $ 402,431,288
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ....................... $ 103,302,323
Gross unrealized depreciation ....................... (2,207,031)
----------------
Net unrealized appreciation ......................... $ 101,095,292
================
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 13
Aston Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
FINANCE 23%
ENERGY 16%
OTHER COMMON STOCKS 12%
CONSUMER CYCLICALS 10%
BASIC MATERIALS 8%
REAL ESTATE INVESTMENT TRUSTS 7%
CONSUMER NON-CYCLICALS 7%
INDUSTRIAL 6%
FOREIGN COMMON STOCKS & CLOSED END FUNDS 6%
CASH AND OTHER NET ASSETS 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 89.06%
BASIC MATERIALS - 7.65%
27,385 Compass Minerals International ................ $ 940,401
18,875 Dow Chemical .................................. 842,014
11,100 Nucor ......................................... 704,406
7,400 Rohm & Haas ................................... 378,658
21,575 RPM International ............................. 458,900
----------------
3,324,379
----------------
COMMUNICATIONS - 4.61%
10,150 CBS, Class B .................................. 322,466
5,775 Embarq ........................................ 346,731
20,325 Fairpoint Communications ...................... 381,297
24,975 Verizon Communications ........................ 953,545
----------------
2,004,039
----------------
CONSUMER CYCLICALS - 10.16%
11,075 Cedar Fair (a) ................................ 322,393
37,550 Centerplate, IDS .............................. 670,643
22,325 Dow Jones ..................................... 811,067
16,225 Foot Locker ................................... 385,993
10,600 Home Depot .................................... 401,422
4,700 McDonald's .................................... 226,916
23,450 Signet Group, SP ADR .......................... 583,671
11,550 VF ............................................ 1,014,205
----------------
4,416,310
----------------
CONSUMER NON-CYCLICALS - 7.18%
46,200 Coinmach Service .............................. 918,456
3,725 Dean Foods .................................... 135,702
7,675 General Mills ................................. 459,732
31,825 Industrias Bachoco, SP ADR .................... 974,800
21,650 Reddy Ice Holdings ............................ 634,128
----------------
3,122,818
----------------
MARKET
SHARES VALUE
- ------ ----------------
ENERGY - 15.85%
6,200 Alliance Resource Partners (a) ................ $ 246,264
6,500 Buckeye Partners (a) .......................... 350,220
13,850 Chevron Texaco ................................ 1,077,391
11,950 Enerplus Resources Fund ....................... 519,825
15,400 Eni, SP ADR ................................... 1,020,096
15,225 Magellan Midstream Partners (a) ............... 773,278
1,675 Marathon Oil .................................. 170,096
1,980 Nustar Energy (a) ............................. 136,917
15,555 Penn West Energy Trust ........................ 465,872
13,525 San Juan Basin Royalty Trust .................. 434,423
17,300 Spectra Energy ................................ 451,530
2,225 Sunoco Logistics Partners (a) ................. 133,589
10,925 TC Pipelines (a) .............................. 453,388
14,450 TEPPCO Partners (a) ........................... 658,198
----------------
6,891,087
----------------
FINANCE - 23.14%
6,250 Allied Irish Banks, SP ADR .................... 379,313
2,820 Allstate ...................................... 175,742
3,575 American Capital Strategies ................... 174,031
20,850 Associated Banc-Corp .......................... 675,123
16,760 Astoria Financial ............................. 445,146
17,975 Bank of America ............................... 914,927
12,500 Bank of New York .............................. 506,000
16,350 Cincinnati Financial .......................... 739,674
8,675 Citigroup ..................................... 465,153
6,725 Erie Indemnity, Class A ....................... 353,399
28,840 Gallagher (Arthur J.) ......................... 806,366
69,290 Medallion Financial ........................... 825,244
5,675 National City ................................. 207,421
32,800 NGP Capital Resources ......................... 512,992
3,850 PartnerRe ..................................... 277,277
4,475 PNC Financial Services Group .................. 331,598
17,450 Prospect Energy ............................... 299,268
7,450 Safety Insurance Group ........................ 298,447
8,900 U.S. Bancorp .................................. 305,715
8,675 Unitrin ....................................... 409,026
13,775 Whitney Holding Corp .......................... 423,857
11,550 Zenith National Insurance ..................... 534,187
----------------
10,059,906
----------------
HEALTHCARE - 1.21%
8,175 Johnson & Johnson ............................. 524,999
----------------
INDUSTRIAL - 6.34%
8,225 3M ............................................ 680,783
25,675 General Electric .............................. 946,381
30,225 Waste Management .............................. 1,130,717
----------------
2,757,881
----------------
REAL ESTATE INVESTMENT TRUSTS - 6.75%
35,648 CapitalSource ................................. 918,649
54,875 Equity Inns, REIT ............................. 938,362
16,850 Franklin Street Properties .................... 304,142
8,300 Health Care, REIT ............................. 375,492
5,950 Hospitality Properties Trust .................. 270,904
4,975 Host Marriott ................................. 127,559
----------------
2,935,108
----------------
TECHNOLOGY - 1.73%
7,125 Park Electrochemical .......................... 196,294
38,525 United Online ................................. 555,916
----------------
752,210
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 14
Aston Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
UTILITIES - 4.44%
6,675 Allete ........................................ $ 323,137
13,500 Duke Energy ................................... 277,020
14,675 Portland General Electric ..................... 425,281
23,900 Southern ...................................... 903,181
----------------
1,928,619
----------------
TOTAL COMMON STOCKS
(Cost $36,869,220) ......................... 38,717,356
----------------
CLOSED-END FUNDS - 3.27%
FINANCE - 3.27%
34,725 Calamos Strategic Total Return
Fund ....................................... 537,196
31,000 First Trust/Four Corners Senior
Floating Rate Income Fund II ............... 588,070
15,325 PIMCO Floating Rate Strategy Fund ............. 296,539
----------------
1,421,805
----------------
TOTAL CLOSED-END FUNDS
(Cost $1,380,976) .......................... 1,421,805
----------------
FOREIGN COMMON STOCK - 2.28%
CANADA - 2.28%
29,425 BCE ........................................... 991,261
----------------
TOTAL FOREIGN COMMON STOCK
(Cost $826,960) ............................ 991,261
----------------
INVESTMENT COMPANIES - 7.31%
621,934 BlackRock Liquidity Funds
TempCash Portfolio ......................... 621,934
2,554,673 BlackRock Liquidity Funds
TempFund Portfolio ......................... 2,554,673
----------------
TOTAL INVESTMENT COMPANIES
(Cost $3,176,607) .......................... 3,176,607
----------------
TOTAL INVESTMENTS - 101.92%
(Cost $42,253,763) ....................................... 44,307,029
----------------
NET OTHER ASSETS AND LIABILITIES - (1.92)% .................. (833,658)
----------------
NET ASSETS - 100.00% ........................................ $ 43,473,371
================
- ----------
(a) Limited Partnership
** At April 30, 2007, cost is identical for book and Federal
income tax purposes.
Gross unrealized appreciation ....................... $ 2,319,958
Gross unrealized depreciation ....................... (266,692)
----------------
Net unrealized appreciation ......................... $ 2,053,266
================
IDS Income Deposit Security
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 15
Aston Funds
OPTIMUM MID CAP FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 41%
PRINTING AND PUBLISHING 14%
ELECTRICAL/ELECTRONICS EQUIPMENT & MANUFACTURING SERVICES/OFFICE ELECTRONICS 11%
HEALTHCARE EQUIPMENT 7%
COMMUNICATIONS EQUIPMENT 6%
TRUCKING 5%
OIL & GAS - EQUIPMENT & SERVICES 5%
AUTOMOTIVE PARTS & EQUIPMENT 5%
INFORMATION TECHNOLOGY CONSULTING & SERVICES 4%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 97.83%
ADVERTISING - 1.32%
865,300 Interpublic Group * .......................... $ 10,972,004
----------------
AGRICULTURE - 2.05%
224,800 Bunge ........................................ 17,030,848
----------------
APPLICATIONS SOFTWARE - 4.17%
569,850 Cognos * ..................................... 24,566,234
620,230 Mentor Graphics * ............................ 10,035,321
----------------
34,601,555
----------------
ASSET MANAGEMENT - 2.29%
497,600 Eaton Vance .................................. 19,018,272
----------------
AUTOMOTIVE PARTS & EQUIPMENT - 5.05%
322,520 BorgWarner ................................... 25,127,533
212,250 Magna International, Class A ................. 16,799,588
----------------
41,927,121
----------------
BROADCASTING & CABLE - 1.43%
446,300 Hearst-Argyle Television ..................... 11,884,969
----------------
CHEMICALS - SPECIALTY/DIVERSIFIED - 4.26%
243,100 FMC .......................................... 18,701,683
343,200 International Flavors & Fragrances ........... 16,703,544
----------------
35,405,227
----------------
COMMUNICATIONS EQUIPMENT - 5.68%
2,487,670 Andrew * ..................................... 27,165,356
388,700 Harris ....................................... 19,959,745
----------------
47,125,101
----------------
COMPUTER HARDWARE - 2.04%
354,630 Diebold ...................................... 16,905,212
----------------
COMPUTER STORAGE/PERIPHERAL - 2.38%
362,200 Lexmark International Group,
Class A * .................................. 19,739,900
----------------
MARKET
SHARES VALUE
- ------ ----------------
ELECTRICAL/ELECTRONIC EQUIPMENT & MANUFACTURING
SERVICES/OFFICE ELECTRONICS - 11.37%
827,800 Jabil Circuit ................................ $ 19,287,740
589,670 Molex ........................................ 17,619,340
295,235 Molex, Class A ............................... 7,909,346
682,205 Tektronix .................................... 20,050,005
742,455 Zebra Technologies * ......................... 29,542,284
----------------
94,408,715
----------------
ENGINEERING/CONSTRUCTION - 3.84%
920,300 Chicago Bridge & Iron ........................ 31,869,989
----------------
ENTERTAINMENT AND LEISURE - 2.07%
606,500 Mattel ....................................... 17,163,950
----------------
FOOD AND BEVERAGES - 2.12%
186,300 Molson Coors Brewing, Class B ................ 17,564,364
----------------
HEALTHCARE EQUIPMENT - 6.96%
351,000 Beckman Coulter .............................. 22,046,310
400,200 Biomet ....................................... 17,288,640
376,500 Edwards Lifesciences * ....................... 18,448,500
----------------
57,783,450
----------------
HEALTHCARE SERVICES - 2.00%
420,325 Lincare Holdings * ........................... 16,577,618
----------------
INFORMATION TECHNOLOGY CONSULTING
& SERVICES - 4.40%
4,656,900 Unisys * ..................................... 36,510,096
----------------
INSURANCE - 3.09%
566,740 Cincinnati Financial ......................... 25,639,318
----------------
LIFE SCIENCE TOOLS - 2.64%
462,100 Charles River Laboratories * ................. 21,885,056
----------------
OIL & GAS - EQUIPMENT & SERVICES - 4.68%
176,385 Compagnie Generale de
Geophysique-Veritas, SP ADR* ............... 7,335,856
444,173 FMC Technologies * ........................... 31,482,982
----------------
38,818,838
----------------
OIL & GAS - EXPLORATION/PRODUCTION - 2.39%
599,300 Denbury Resources * .......................... 19,830,837
----------------
PRINTING AND PUBLISHING - 14.40%
753,000 Belo, Class A ................................ 14,510,310
570,350 Dow Jones .................................... 20,720,815
299,200 Gannett ...................................... 17,072,352
1,440,600 New York Times, Class A ...................... 33,710,040
1,106,800 Pearson, SP ADR .............................. 18,882,008
475,257 Scholastic * ................................. 14,671,184
----------------
119,566,709
----------------
TRANSPORTATION - 2.20%
1,270,700 Southwest Airlines ........................... 18,234,545
----------------
TRUCKING - 5.00%
510,000 Con-way ...................................... 27,861,300
720,800 Werner Enterprises ........................... 13,630,328
----------------
41,491,628
----------------
TOTAL COMMON STOCKS
(Cost $660,719,343) ........................ 811,955,322
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 16
Aston Funds
OPTIMUM MID CAP FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANY - 2.95%
24,501,711 BlackRock Liquidity Funds
TempCash Portfolio ......................... $ 24,501,711
----------------
TOTAL INVESTMENT COMPANY
(Cost $24,501,711) ......................... 24,501,711
----------------
TOTAL INVESTMENTS - 100.78%
(Cost $685,221,054)** .................................... 836,457,033
----------------
NET OTHER ASSETS AND LIABILITIES - (0.78)% ................. (6,464,490)
----------------
NET ASSETS - 100.00% ....................................... $ 829,992,543
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................... $ 163,554,394
Gross unrealized depreciation ...................... (12,318,415)
----------------
Net unrealized appreciation ........................ $ 151,235,979
================
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 17
Aston Funds
RIVER ROAD SMALL-MID CAP FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
CONSUMER CYCLICALS 24%
INDUSTRIAL 13%
FINANCE 12%
CONSUMER NON-CYCLICALS 10%
ENERGY 4%
COMMERCIAL SERVICES 4%
DISTRIBUTION/ WHOLESALE 3%
COMMUNICATIONS 3%
OTHER COMMON STOCKS 8%
CASH AND OTHER NET ASSETS 19%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 81.49%
BASIC MATERIALS - 2.43%
1,530 Airgas ....................................... $ 68,161
420 Alpha Natural Resources * .................... 7,295
4,510 Glatfelter ................................... 67,425
----------------
142,881
----------------
COMMERCIAL SERVICES - 4.08%
2,270 Bowne & Co. .................................. 37,863
855 Consolidated Graphics * ...................... 64,339
1,910 First Advantage, Class A * ................... 44,465
1,460 FirstService * ............................... 42,953
1,240 Kelly Services, Class A ...................... 35,588
600 Volt Information Sciences * .................. 15,336
----------------
240,544
----------------
COMMUNICATIONS - 2.89%
520 Anixter International * ...................... 37,232
1,320 Media General, Class A ....................... 48,497
1,320 Meredith ..................................... 76,454
310 SureWest Communications ...................... 7,849
----------------
170,032
----------------
CONSUMER CYCLICALS - 23.54%
2,070 AutoNation * ................................. 42,311
2,820 Barnes & Noble ............................... 111,474
1,555 Benihana, Class A * .......................... 45,468
3,370 Brinker International ........................ 104,807
6,240 Casey's General Stores ....................... 156,936
3,670 CBRL Group ................................... 163,608
960 Centerplate, IDS ............................. 17,146
2,610 Dollar Tree Stores * ......................... 102,625
4,270 Foot Locker .................................. 101,583
520 Guitar Center * .............................. 24,076
1,120 International Speedway, Class A .............. 55,328
1,740 Isle of Capri Casinos * ...................... 42,526
1,450 Liz Claiborne ................................ 64,844
2,720 Regis ........................................ 103,986
2,750 Speedway Motorsports ......................... 106,700
MARKET
SHARES VALUE
- ------ ----------------
CONSUMER CYCLICALS (CONTINUED)
2,280 Tween Brands * ............................... $ 89,285
1,540 Williams-Sonoma .............................. 54,239
----------------
1,386,942
----------------
CONSUMER NON-CYCLICALS - 10.18%
1,725 American Dairy * ............................. 31,895
455 Coca-Cola Bottling ........................... 25,125
7,850 Coinmach Service, Class A .................... 83,053
3,290 Coinmach Service ............................. 65,405
3,510 Industrias Bachoco, SP ADR ................... 107,511
760 Maui Land & Pineapple * ...................... 25,734
650 National Beverage * .......................... 10,114
2,940 Pain Therapeutics * .......................... 22,844
1,280 Performance Food Group * ..................... 40,000
2,580 Ruddick ...................................... 77,478
1,490 TravelCenters of America * ................... 65,947
1,020 Village Super Market, Class A ................ 44,941
----------------
600,047
----------------
DISTRIBUTION/WHOLESALE - 2.83%
4,940 Ingram Micro, Class A * ...................... 96,923
560 NuCo2 * ...................................... 13,944
1,580 Owens & Minor ................................ 55,853
----------------
166,720
----------------
ENERGY - 4.47%
1,950 Cimarex Energy ............................... 76,830
2,445 Encore Acquisition * ......................... 65,306
1,080 Helix Energy Solutions Group * ............... 41,321
1,080 Helmerich & Payne ............................ 34,873
510 Pioneer Natural Resources .................... 25,602
340 Unit * ....................................... 19,431
----------------
263,363
----------------
FINANCE - 12.00%
930 Associated Banc-Corp ......................... 30,113
2,800 Boston Private Financial Holdings ............ 77,868
980 Cass Information Systems ..................... 32,124
1,630 Commerce Bancshares .......................... 77,164
390 Edwards (A.G) ................................ 28,256
1,500 Equity Inns, REIT ............................ 25,650
1,730 Federated Investors, Class B ................. 66,017
2,030 Hilb Rogal and Hobbs ......................... 88,203
790 International Bancshares ..................... 22,713
140 LandAmerica Financial Group .................. 11,249
300 Midland ...................................... 13,167
1,750 Oppenheimer Holdings, Class A ................ 68,250
1,120 PartnerRe .................................... 80,662
580 Prospect Energy .............................. 9,947
460 Safety Insurance Group ....................... 18,428
1,490 Umpqua Holdings .............................. 37,161
430 Unitrin ...................................... 20,275
----------------
707,247
----------------
HEALTHCARE SERVICES - 2.49%
600 Haemonetics * ................................ 28,704
550 LCA-Vision ................................... 23,084
680 Lincare Holdings * ........................... 26,819
1,120 Universal Health Services, Class B ........... 68,006
----------------
146,613
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 18
Aston Funds
RIVER ROAD SMALL-MID CAP FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
INDUSTRIAL - 12.77%
995 AMERCO * ..................................... $ 69,610
2,480 AptarGroup ................................... 181,660
1,260 Brink's ...................................... 80,010
1,820 Bristow Group * .............................. 68,432
2,280 CHC Helicopter, Class A ...................... 47,926
3,120 Marten Transport * ........................... 56,316
1,190 Park Electrochemical ......................... 32,784
5,160 Republic Services ............................ 144,119
1,790 YRC Worldwide * .............................. 71,224
----------------
752,081
----------------
TECHNOLOGY - 1.57%
2,240 Imation ...................................... 82,678
550 Schawk ....................................... 9,917
----------------
92,595
----------------
UTILITIES - 2.24%
800 ALLETE ....................................... 38,728
2,300 Pike Electric * .............................. 46,851
1,610 Portland General Electric .................... 46,658
----------------
132,237
----------------
TOTAL COMMON STOCKS
(Cost $4,824,426) .......................... 4,801,302
----------------
INVESTMENT COMPANIES - 8.22%
216,518 BlackRock Liquidity Funds
TempCash Portfolio ......................... 216,518
267,853 BlackRock Liquidity Funds
TempFund Portfolio ......................... 267,853
----------------
TOTAL INVESTMENT COMPANIES
(Cost $484,371) ............................ 484,371
----------------
TOTAL INVESTMENTS - 89.71%
(Cost $5,308,797) ........................................ 5,285,673
----------------
NET OTHER ASSETS AND LIABILITIES - 10.29% .................. 606,248
----------------
NET ASSETS - 100.00% ....................................... $ 5,891,921
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes
Gross unrealized appreciation ...................... $ 79,899
Gross unrealized depreciation ...................... (103,023)
----------------
Net unrealized depreciation ........................ $ (23,124)
================
IDS Income Deposit Security
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 19
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 32%
INDUSTRIAL-CONSTRUCTION & ENGINEERING 17%
MEDICAL PRODUCTS AND SUPPLIES 9%
TELECOMMUNICATIONS EQUIPMENT 8%
RETAIL 8%
FINANCE 7%
AEROSPACE/DEFENSE 6%
SEMICONDUCTORS 6%
INFORMATION TECHNOLOGY SERVICES 6%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 99.22%
AEROSPACE/DEFENSE - 6.02%
199,875 BE Aerospace * ................................ $ 7,325,418
251,550 Force Protection * ............................ 5,458,635
41,475 Triumph Group ................................. 2,522,095
----------------
15,306,148
----------------
AIRLINES - 1.19%
94,700 Allegiant Travel * ............................ 3,038,923
----------------
COMMERCIAL SERVICES - 2.03%
91,125 Corrections Corporation of America * .......... 5,175,900
----------------
COMPUTER SOFTWARE - 5.25%
152,625 ANSYS * ....................................... 7,814,400
408,525 Aspen Technology * ............................ 5,547,770
----------------
13,362,170
----------------
COMPUTERS - 0.26%
13,900 Stratasys * ................................... 660,667
----------------
CONSUMER DISCRETIONARY/CONSUMER
ELECTRONICS - 0.74%
265,650 Syntax-Brillian * ............................. 1,896,741
----------------
CONSUMER DISCRETIONARY/FOOTWARE - 2.33%
52,550 Crocs * ....................................... 2,936,494
90,200 Heelys * ...................................... 2,983,816
----------------
5,920,310
----------------
CONSUMER STAPLES - 0.64%
40,600 Bare Escentuals * ............................. 1,641,458
----------------
FINANCE - 6.65%
85,950 GFI Group * ................................... 5,952,037
177,175 Lazard, Class A ............................... 9,594,026
82,925 MarketAxess Holdings * ........................ 1,358,312
----------------
16,904,375
----------------
MARKET
SHARES VALUE
- ------ ----------------
HEALTHCARE SERVICES - 3.29%
297,350 Cross Country Healthcare * .................... $ 5,854,822
109,200 Omnicell * .................................... 2,505,048
----------------
8,359,870
----------------
HEALTHCARE SUPPLIES - 1.86%
118,100 Inverness Medical Innovations * ............... 4,729,905
----------------
INDUSTRIAL - 4.64%
20,150 Dynamic Materials * ........................... 665,756
131,050 Trinity Industries ............................ 6,080,720
115,550 URS * ......................................... 5,049,535
----------------
11,796,011
----------------
INDUSTRIAL - CONSTRUCTION & ENGINEERING - 16.64%
76,150 Bucyrus International, Class A ................ 4,777,651
91,300 Dycom Industries * ............................ 2,365,583
71,300 EMCor Group * ................................. 4,469,797
80,750 Infrasource Services * ........................ 2,695,435
78,725 Layne Christensen * ........................... 2,981,316
93,575 Manitowoc ..................................... 6,384,622
158,125 Perini * ...................................... 6,736,125
211,125 Quanta Services * ............................. 5,803,826
91,490 Washington Group International * .............. 6,122,511
----------------
42,336,866
----------------
INFORMATION TECHNOLOGY SERVICES - 5.64%
99,175 Cogent Communications Group * ................. 2,524,996
160,100 Perficient * .................................. 3,394,120
143,642 RADVision * ................................... 3,175,925
100,750 Smart Modular Technologies
(WWH) * ..................................... 1,339,975
110,650 VeriFone Holdings * ........................... 3,904,838
----------------
14,339,854
----------------
INFORMATION TECHNOLOGY, SOFTWARE &
SERVICES - 0.43%
59,425 Switch & Data Facilities * .................... 1,089,260
----------------
MATERIALS, METAL & MINING-STEEL - 1.04%
54,825 Metal Management .............................. 2,635,438
----------------
MEDICAL PRODUCTS AND SUPPLIES - 9.39%
133,625 Conceptus * ................................... 2,763,365
136,125 Hologic * ..................................... 7,833,994
193,475 Illumina * .................................... 6,313,089
53,725 Intuitive Surgical * .......................... 6,965,983
----------------
23,876,431
----------------
OIL & GAS - EXPLORATION/PRODUCTION - 1.31%
48,725 Carrizo Oil & Gas * ........................... 1,795,517
66,775 Parallel Petroleum * .......................... 1,543,170
----------------
3,338,687
----------------
OIL AND GAS EXTRACTION - 0.67%
149,075 PetroQuest Energy * ........................... 1,702,437
----------------
RESTAURANTS - 5.55%
90,125 Chipotle Mexican Grill, Class A * ............. 5,878,854
104,925 P.F. Chang's China Bistro * ................... 4,013,381
156,000 Ruth's Chris Steak House * .................... 3,096,600
77,100 Texas Roadhouse, Class A * .................... 1,127,202
----------------
14,116,037
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 20
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
RETAIL - 8.54%
268,950 Warnaco Group * ............................... $ 7,605,906
92,425 Dick's Sporting Goods * ....................... 5,184,118
53,100 Guess? ........................................ 2,092,140
139,500 Jo-Ann Stores * ............................... 4,178,025
52,525 Under Armour, Class A * ....................... 2,652,513
----------------
21,712,702
----------------
SEMICONDUCTORS - 5.75%
123,175 Hittite Microwave * ........................... 5,565,046
196,175 Trident Microsystems * ........................ 4,164,795
946,050 Triquint Semiconductor * ...................... 4,891,079
----------------
14,620,920
----------------
TELECOMMUNICATIONS EQUIPMENT - 8.67%
337,350 Arris Group * ................................. 4,999,527
220,725 C-COR * ....................................... 2,719,332
204,200 Ciena * ....................................... 5,954,472
75,075 NICE Systems, SP ADR * ........................ 2,751,499
169,125 Polycom * ..................................... 5,631,862
----------------
22,056,692
----------------
TRANSPORTATION - 0.69%
32,245 Genco Shipping & Trading ...................... 1,153,081
16,425 Hub Group, Class A * .......................... 591,300
----------------
1,744,381
----------------
TOTAL COMMON STOCKS
(Cost $217,638,132) ........................ 252,362,183
----------------
INVESTMENT COMPANY - 0.27%
672,394 BlackRock Liquidity Funds
TempCash Portfolio ......................... 672,394
----------------
TOTAL INVESTMENT COMPANY
(Cost $672,394) ............................ 672,394
----------------
TOTAL INVESTMENTS - 99.49%
(Cost $218,310,526)** ..................................... 253,034,577
----------------
NET OTHER ASSETS AND LIABILITIES - 0.51% .................... 1,308,958
----------------
NET ASSETS - 100.00% ........................................ $ 254,343,535
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation ....................... $ 37,557,420
Gross unrealized depreciation ....................... (2,833,369)
----------------
Net unrealized appreciation ......................... $ 34,724,051
================
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 21
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 21%
TECHNOLOGY 19%
CAPITAL GOODS 12%
FINANCE 11%
OIL AND GAS EXTRACTION 9%
FOOD AND BEVERAGES 8%
RESTAURANTS 6%
CONSUMER CYCLICALS 6%
BASIC MATERIALS 5%
CASH AND OTHER NET ASSETS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 97.19%
BASIC MATERIALS - 5.67%
463,765 Bowater ....................................... $ 10,151,816
270,280 Headwaters * .................................. 5,856,968
471,665 Symyx Technologies * .......................... 5,428,864
----------------
21,437,648
----------------
BROADCASTING & CABLE - 1.66%
589,410 Gray Television ............................... 6,289,005
----------------
CAPITAL GOODS - 12.02%
237,325 Baldor Electric ............................... 9,348,232
210,080 General Cable * ............................... 12,066,995
63,980 Manitowoc ..................................... 4,365,355
483,830 Steelcase, Class A ............................ 9,444,362
88,755 Teleflex ...................................... 6,375,272
185,975 Trex * ........................................ 3,792,030
----------------
45,392,246
----------------
COMMERCIAL SERVICES - 2.89%
135,990 Corinthian Colleges * ......................... 1,880,742
191,635 Watson Wyatt & Co. Holdings ................... 9,031,757
----------------
10,912,499
----------------
CONSUMER CYCLICALS - 5.90%
393,225 Acco Brands * ................................. 9,358,755
354,712 NetFlix * ..................................... 7,863,965
107,118 Prestige Brands Holdings * .................... 1,393,605
64,135 Vail Resorts * ................................ 3,656,978
----------------
22,273,303
----------------
FINANCE - 10.76%
313,500 FelCor Lodging Trust, REIT .................... 8,003,655
140,618 GAMCO Investors ............................... 6,414,993
235,535 Innkeepers USA Trust, REIT .................... 4,138,350
412,135 Knight Capital Group * ........................ 6,676,587
183,015 Lexington Realty Trust, REIT .................. 3,823,183
130,275 Raymond James Financial ....................... 3,996,837
200,785 Washington REIT ............................... 7,601,720
----------------
40,655,325
----------------
MARKET
SHARES VALUE
- ------ ----------------
FOOD AND BEVERAGES - 7.93%
394,075 Hain Celestial Group * ........................ $ 11,834,072
254,150 Performance Food Group * ...................... 7,942,188
787,685 SunOpta * ..................................... 10,192,644
----------------
29,968,904
----------------
MEDICAL PRODUCTS AND SUPPLIES - 1.78%
109,595 Analogic ...................................... 6,718,173
----------------
OIL AND GAS EXTRACTION - 8.74%
250,443 Helmerich & Payne ............................. 8,086,805
100,565 Tidewater ..................................... 6,356,714
170,720 Whiting Petroleum * ........................... 7,515,094
467,505 Willbros Group * .............................. 11,061,168
----------------
33,019,781
----------------
PHARMACEUTICALS - 5.41%
95,995 NBTY * ........................................ 4,743,113
401,790 Perrigo ....................................... 7,634,010
114,535 Pharmaceutical Product
Development ................................. 4,131,277
70,305 United Therapeutics * ......................... 3,930,753
----------------
20,439,153
----------------
RESTAURANTS - 6.14%
201,205 Bob Evans Farms ............................... 7,384,224
228,295 California Pizza Kitchen * .................... 7,627,336
213,705 P.F. Chang's China Bistro * ................... 8,174,216
----------------
23,185,776
----------------
RETAIL - 3.59%
654,240 Fred's ........................................ 9,447,226
364,345 Sharper Image * ............................... 4,113,455
----------------
13,560,681
----------------
TECHNOLOGY - 19.12%
278,615 Avocent * ..................................... 7,804,006
374,545 Double-Take Software * ........................ 6,281,120
372,620 Emulex * ...................................... 7,817,567
548,755 L-1 Identity Solutions * ...................... 10,547,071
105,192 ManTech International, Class A * .............. 3,227,290
737,130 Packeteer * ................................... 7,002,735
443,930 RightNow Technologies * ....................... 6,596,800
1,920,665 Safeguard Scientifics * ....................... 5,781,202
870,650 TIBCO Software * .............................. 7,940,328
322,990 ValueClick * .................................. 9,237,514
----------------
72,235,633
----------------
TELECOMMUNICATIONS EQUIPMENT - 3.52%
685,500 Andrew * ...................................... 7,485,660
174,580 Polycom * ..................................... 5,813,514
----------------
13,299,174
----------------
TRANSPORTATION - 2.06%
786,005 JetBlue Airways * ............................. 7,789,309
----------------
TOTAL COMMON STOCKS
(Cost $303,961,412) ......................... 367,176,610
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 22
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANY - 1.65%
6,230,312 BlackRock Liquidity Funds
TempCash Portfolio ......................... $ 6,230,312
----------------
TOTAL INVESTMENT COMPANY
(Cost $6,230,312) .......................... 6,230,312
----------------
TOTAL INVESTMENTS - 98.84%
(Cost $310,191,724) ....................................... 373,406,922
----------------
NET OTHER ASSETS AND LIABILITIES - 1.16% .................... 4,400,029
----------------
NET ASSETS - 100.00% ........................................ $ 377,806,951
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 73,052,264
Gross unrealized depreciation ......................... (9,837,066)
----------------
Net unrealized appreciation. .......................... $ 63,215,198
================
IBC Insured Bond Certificate
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 23
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
CONSUMER CYCLICALS 25%
CONSUMER NON-CYCLICALS 20%
FINANCE 13%
INDUSTRIAL 13%
OTHER COMMON STOCKS 5%
COMMERCIAL SERVICES 7%
CASH AND OTHER NET ASSETS 8%
COMMUNICATIONS 4%
ENERGY 3%
TECHNOLOGY 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ------------
COMMON STOCKS - 92.14%
BASIC MATERIALS - 1.29%
184,060 Glatfelter .................................... $ 2,751,697
64,703 Stepan ........................................ 1,853,094
------------
4,604,791
------------
COMMERCIAL SERVICES - 6.59%
166,592 Bowne & Co. ................................... 2,778,755
58,820 Consolidated Graphics * ....................... 4,426,205
122,680 First Advantage, Class A * .................... 2,855,990
92,582 FirstService * ................................ 2,723,762
137,740 Kelly Services, Class A ....................... 3,953,138
130,360 TravelCenters of America * .................... 5,769,734
41,770 Volt Information Sciences * ................... 1,067,641
------------
23,575,225
------------
COMMUNICATIONS - 4.14%
64,522 Atlantic Tele-Network ......................... 1,628,535
54,778 IDT ........................................... 580,099
103,110 Media General, Class A ........................ 3,788,262
126,950 Meredith ...................................... 7,352,944
28,420 Surewest Communications ....................... 719,594
15,504 Value Line .................................... 731,479
------------
14,800,913
------------
CONSUMER CYCLICALS - 24.59%
189,162 Audiovox, Class A * ........................... 2,722,041
205,750 Barnes & Noble ................................ 8,133,298
93,680 Benihana, Class A * ........................... 2,739,203
94,979 Canterbury Park Holding ....................... 1,320,208
488,430 Casey's General Stores ........................ 12,284,015
258,430 CBRL Group .................................... 11,520,809
113,710 Centerplate, IDS .............................. 2,030,861
112,612 Frisch's Restaurants .......................... 3,997,726
39,390 Guitar Center * ............................... 1,823,757
151,894 Hampshire Group * ............................. 2,620,172
34,400 International Speedway, Class A ............... 1,699,360
478,750 Interstate Hotels & Resorts * ................. 2,475,138
MARKET
SHARES VALUE
- ------ ------------
CONSUMER CYCLICALS (CONTINUED)
116,560 Isle of Capri Casinos * ....................... $ 2,848,726
132,312 Lazare Kaplan International * ................. 1,018,802
133,489 Morgans Hotel Group * ......................... 2,956,781
48,087 Nathan's Famous * ............................. 695,819
216,812 NuCo2 * ....................................... 5,398,619
194,370 Regis ......................................... 7,430,765
205,250 Speedway Motorsports .......................... 7,963,700
160,490 Tween Brands * ................................ 6,284,788
------------
87,964,588
------------
CONSUMER NON-CYCLICALS - 20.38%
138,928 American Dairy * .............................. 2,568,779
118,823 Coca-Cola Bottling ............................ 6,561,406
392,955 Coinmach Service, Class A ..................... 4,157,464
231,085 Coinmach Service .............................. 4,593,970
50,560 Haemonetics * ................................. 2,418,790
306,242 Industrias Bachoco, SP ADR .................... 9,380,193
105,672 J & J Snack Foods ............................. 4,118,038
43,660 LCA-Vision .................................... 1,832,410
508,613 Mac-Gray * .................................... 7,756,348
52,121 Maui Land & Pineapple * ....................... 1,764,817
208,129 National Beverage ............................. 3,238,487
8,630 Oil-Dri Corporation of America ................ 157,584
281,080 Omega Protein * ............................... 1,992,857
151,390 Pain Therapeutics * ........................... 1,176,300
327,070 Parlux Fragrances * ........................... 1,491,439
117,490 Performance Food Group * ...................... 3,671,563
209,910 Ruddick ....................................... 6,303,597
145,700 Village Super Market, Class A ................. 6,419,542
462,004 Zapata * ...................................... 3,298,709
------------
72,902,293
------------
ENERGY - 3.22%
15,653 Adams Resources & Energy ...................... 587,770
177,650 Alpha Natural Resources * ..................... 3,085,781
63,903 Barnwell Industries ........................... 1,403,949
81,057 Eastern American Natural Gas Trust ............ 2,105,050
104,510 Encore Acquisition * .......................... 2,791,462
511,659 Evolution Petroleum * ......................... 1,534,977
------------
11,508,989
------------
FINANCE - 12.85%
201,789 BFC Financial, Class A * ...................... 724,423
132,920 Boston Private Financial Holdings ............. 3,696,505
239,896 California Coastal Communities * .............. 4,433,278
65,415 Cass Information Systems ...................... 2,144,304
25,244 Gyrodyne Company of America ................... 1,509,339
140,125 Hilb Rogal and Hobbs .......................... 6,088,431
121,219 International Bancshares ...................... 3,485,046
32,730 LandAmerica Financial Group ................... 2,629,855
474,249 Medallion Financial ........................... 5,648,306
10,839 Midland ....................................... 475,724
173,320 Oppenheimer Holdings, Class A ................. 6,759,480
65,330 Prospect Energy ............................... 1,120,409
132,822 Republic Bancorp, Class A ..................... 2,429,312
22,800 Safety Insurance Group ........................ 913,368
106,570 Umpqua Holdings ............................... 2,657,856
26,470 Unitrin ....................................... 1,248,060
------------
45,963,696
------------
HEALTHCARE SERVICES - 1.16%
117,510 Owens & Minor ................................. 4,153,978
------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 24
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ------------
INDUSTRIAL - 12.86%
63,800 AMERCO * ...................................... $ 4,463,448
177,950 AptarGroup .................................... 13,034,837
5,000 Bel Fuse, Class A ............................. 173,950
80,560 Brink's ....................................... 5,115,560
118,850 Bristow Group * ............................... 4,468,760
5,010 Chase ......................................... 142,084
126,620 CHC Helicopter, Class A ....................... 2,661,552
86,280 Exponent * .................................... 1,824,822
156,230 Marten Transport * ............................ 2,819,952
53,730 Park Electrochemical .......................... 1,480,262
55,969 TBS International, Class A * .................. 893,825
631,740 WCA Waste * ................................... 5,723,564
80,246 YRC Worldwide * ............................... 3,192,988
------------
45,995,604
------------
TECHNOLOGY - 2.57%
13,640 Computer Services ............................. 422,840
133,410 Imation ....................................... 4,924,163
152,820 Ingram Micro, Class A * ....................... 2,998,328
47,500 Schawk ........................................ 856,425
------------
9,201,756
------------
UTILITIES - 2.49%
60,860 ALLETE ........................................ 2,946,233
158,300 Pike Electric * ............................... 3,224,571
95,040 Portland General Electric ..................... 2,754,259
------------
8,925,063
------------
TOTAL COMMON STOCKS
(Cost $308,595,751) ........................ 329,596,896
------------
INVESTMENT COMPANIES - 7.43%
8,641,052 BlackRock Liquidity Funds
TempCash Portfolio ......................... 8,641,052
17,917,607 BlackRock Liquidity Funds
TempFund Portfolio ......................... 17,917,607
------------
TOTAL INVESTMENT COMPANIES
(Cost $26,558,659) ......................... 26,558,659
------------
TOTAL INVESTMENTS - 99.57%
(Cost $335,154,410)** .................................... 356,155,555
------------
NET OTHER ASSETS AND LIABILITIES - 0.43% .................... 1,543,438
------------
NET ASSETS - 100.00% ........................................ $357,698,993
============
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ....................... $ 26,851,317
Gross unrealized depreciation ....................... (5,850,172)
------------
Net unrealized appreciation ......................... $ 21,001,145
============
IDS Income Deposit Security
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 25
Aston Funds
ABN AMRO REAL ESTATE FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
RETAIL 32%
OFFICE PROPERTIES 17%
RESIDENTIAL 14%
INDUSTRIAL 10%
HOTELS 5%
DIVERSIFIED 8%
FOREIGN COMMON STOCKS 4%
STORAGE 5%
HEALTHCARE 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ------------
COMMON STOCKS - 95.46%
DIVERSIFIED - 8.23%
32,500 PS Business Parks ............................. $ 2,239,250
63,000 Vornado Realty Trust .......................... 7,473,690
------------
9,712,940
------------
HEALTHCARE - 5.36%
100,400 Health Care Property Investors ................ 3,553,156
65,750 Ventas ........................................ 2,772,020
------------
6,325,176
------------
HOTELS - 4.80%
130,500 Host Hotels & Resorts ......................... 3,346,020
34,600 Starwood Hotels & Resorts
Worldwide .................................. 2,318,892
------------
5,664,912
------------
INDUSTRIAL - 9.82%
45,685 AMB Property .................................. 2,782,673
136,100 ProLogis Trust ................................ 8,819,280
------------
11,601,953
------------
OFFICE PROPERTIES - 17.06%
49,200 Boston Properties ............................. 5,783,952
65,800 Brookfield Properties ......................... 2,702,406
58,700 Kilroy Realty ................................. 4,457,091
51,100 SL Green Realty ............................... 7,199,990
------------
20,143,439
------------
RESIDENTIAL - 13.64%
76,650 Archstone-Smith Trust ......................... 3,994,232
37,724 AvalonBay Communities ......................... 4,612,136
49,800 BRE Properties ................................ 2,989,992
42,900 Equity Residential Properties Trust ........... 1,991,847
19,600 Essex Property Trust .......................... 2,525,656
------------
16,113,863
------------
MARKET
SHARES VALUE
- ------ ------------
RETAIL - 32.12%
77,800 Developers Diversified Realty ................. $ 5,064,780
50,200 Federal Realty Investment Trust ............... 4,526,534
61,892 General Growth Properties ..................... 3,951,804
122,000 Kimco Realty .................................. 5,864,540
117,700 Simon Property Group .......................... 13,568,456
88,500 Taubman Centers ............................... 4,960,425
------------
37,936,539
------------
STORAGE - 4.43%
56,100 Public Storage ................................ 5,235,252
------------
TOTAL COMMON STOCKS
(Cost $95,305,163) ......................... 112,734,074
------------
FOREIGN COMMON STOCKS - 4.25%
CANADA - 4.25%
30,800 Boardwalk Real Estate
Investment Trust ........................... 1,252,924
54,800 Calloway Real Estate
Investment Trust ........................... 1,357,780
106,800 H&R Real Estate
Investment Trust ........................... 2,411,396
------------
TOTAL FOREIGN COMMON STOCKS
(Cost $4,300,225) .......................... 5,022,100
------------
INVESTMENT COMPANY - 0.42%
497,189 BlackRock Liquidity Funds
TempCash Portfolio ......................... 497,189
------------
TOTAL INVESTMENT COMPANY
(Cost $497,190) ............................ 497,189
------------
TOTAL INVESTMENTS - 100.13%
(Cost $100,102,578)* ..................................... 118,253,363
------------
NET OTHER ASSETS AND LIABILITIES - (0.13)% .................. (148,955)
------------
NET ASSETS - 100.00% ........................................ $118,104,408
============
- ----------
* At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 19,522,295
Gross unrealized depreciation ......................... (1,371,510)
------------
Net unrealized appreciation ........................... $ 18,150,785
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 26
Aston Funds
VEREDUS SCITECH FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
TELECOMMUNICATIONS EQUIPMENT 21%
COMPUTER SOFTWARE 16%
MEDICAL PRODUCTS AND SUPPLIES 16%
INFORMATION TECHNOLOGY SERVICES 14%
SEMI-CONDUCTORS 13%
PHARMACEUTICALS 7%
OTHER COMMON STOCKS 6%
BIOTECHNOLOGY 4%
HEALTHCARE, LIFE & SCIENCES-TOOLS & SERVICES 2%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 99.07%
BIOTECHNOLOGY - 4.39%
800 Genentech * ................................... $ 63,992
900 Gilead Sciences * ............................. 73,548
----------------
137,540
----------------
COMPUTER SOFTWARE - 16.03%
3,200 Adobe Systems * ............................... 132,992
2,800 Akamai Technologies * ......................... 123,424
3,200 ANSYS * ....................................... 163,840
6,025 Aspen Technology * ............................ 81,819
----------------
502,075
----------------
COMPUTERS - 1.24%
300 Apple Computer * .............................. 29,940
190 Stratasys * ................................... 9,031
----------------
38,971
----------------
CONSUMER DISCRETIONARY/CONSUMER
ELECTRONICS - 0.82%
3,575 Syntax-Brillian * ............................. 25,526
----------------
HEALTHCARE SERVICES - 0.97%
1,325 Omnicell * .................................... 30,396
----------------
HEALTHCARE, LIFE & SCIENCES-TOOLS &
SERVICES - 2.47%
1,300 Waters * ...................................... 77,259
----------------
INFORMATION TECHNOLOGY-ELECTRONIC
EQUIPMENT & INSTRUMENTS - 2.02%
1,800 Amphenol, Class A ............................. 63,198
----------------
INFORMATION TECHNOLOGY SERVICES - 13.78%
1,300 Accenture, Class A ............................ 50,830
1,275 Cogent Communications Group * ................. 32,462
325 Google, Class A * ............................. 153,198
3,050 Perficient * .................................. 64,660
2,350 RADVision * ................................... 51,958
1,400 Smart Modular Technologies
(WWH) * .................................... 18,620
1,700 VeriFone Holdings * ........................... 59,993
----------------
431,721
----------------
MARKET
SHARES VALUE
- ------ ----------------
INFORMATION TECHNOLOGY, SOFTWARE &
SERVICES - 0.47%
800 Switch & Data Facilities * .................... $ 14,664
----------------
MEDICAL PRODUCTS AND SUPPLIES - 15.50%
1,600 Conceptus * ................................... 33,088
2,675 Hologic * ..................................... 153,946
2,650 Illumina * .................................... 86,470
1,025 Intuitive Surgical * .......................... 132,901
1,975 Inverness Medical Innovations * ............... 79,099
----------------
485,504
----------------
PHARMACEUTICALS - 6.85%
1,725 Merck ......................................... 88,734
1,800 Shire, ADR .................................... 125,802
----------------
214,536
----------------
SEMICONDUCTORS - 13.35%
20,000 AXT * ......................................... 80,200
1,750 Hittite Microwave * ........................... 79,065
2,100 MEMC Electronic Materials * ................... 115,248
2,925 Trident Microsystems * ........................ 62,098
15,750 TriQuint Semiconductor * ...................... 81,427
----------------
418,038
----------------
TELECOMMUNICATIONS EQUIPMENT - 21.18%
5,075 Arris Group * ................................. 75,211
2,750 C-COR * ....................................... 33,880
3,025 Ciena * ....................................... 88,209
4,400 Cisco Systems * ............................... 117,656
2,500 Harris ........................................ 128,375
5,300 JDS Uniphase * ................................ 87,344
1,350 NICE Systems, SP ADR * ........................ 49,478
2,500 Polycom * ..................................... 83,250
----------------
663,403
----------------
TOTAL COMMON STOCKS
(Cost $2,847,863) .......................... 3,102,831
----------------
INVESTMENT COMPANY - 2.18%
68,317 BlackRock Liquidity Funds
TempCash Portfolio ......................... 68,317
----------------
TOTAL INVESTMENT COMPANY
(Cost $68,317) ............................. 68,317
----------------
TOTAL INVESTMENTS - 101.25%
(Cost $2,916,180)** ...................................... 3,171,148
----------------
NET OTHER ASSETS AND LIABILITIES - (1.25)% .................. (39,115)
----------------
NET ASSETS - 100.00% ........................................ $ 3,132,033
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ........................ $ 322,959
Gross unrealized depreciation ........................ (67,991)
----------------
Net unrealized appreciation .......................... $ 254,968
================
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 27
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
COMMON STOCKS 67%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 20%
CORPORATE NOTES AND BONDS 11%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 66.82%
BIOTECHNOLOGY - 2.91%
5,400 Genentech * ................................... $ 431,946
1,400 Gilead Sciences * ............................. 114,408
----------------
546,354
----------------
CAPITAL GOODS - 3.39%
4,000 Caterpillar ................................... 290,480
7,400 Emerson Electric .............................. 347,726
----------------
638,206
----------------
COMMERCIAL SERVICES - 2.15%
10,900 Paychex ....................................... 404,390
----------------
COMMUNICATIONS - 5.31%
8,800 Cisco Systems * ............................... 235,312
1,120 Google, Class A * ............................. 527,946
3,600 McGraw-Hill ................................... 235,908
----------------
999,166
----------------
CONSUMER STAPLES - 4.52%
3,750 Colgate-Palmolive ............................. 254,025
9,265 Procter & Gamble .............................. 595,832
----------------
849,857
----------------
ELECTRICAL - 3.06%
15,600 General Electric .............................. 575,016
----------------
FINANCE - 3.68%
8,000 American Express .............................. 485,360
2,300 Merrill Lynch ................................. 207,529
----------------
692,889
----------------
FOOD AND BEVERAGES - 4.72%
7,300 Coca-Cola ..................................... 380,987
7,670 PepsiCo ....................................... 506,910
----------------
887,897
----------------
INSURANCE - 1.45%
3,900 American International Group .................. 272,649
----------------
MARKET
SHARES VALUE
- ------ ----------------
MEDICAL PRODUCTS AND SUPPLIES - 2.74%
500 Allergan ...................................... $ 60,600
7,000 Stryker ....................................... 454,580
----------------
515,180
----------------
OIL AND GAS EXTRACTION - 7.09%
4,200 Baker Hughes .................................. 337,638
2,800 Devon Energy .................................. 204,036
10,300 Halliburton ................................... 327,231
6,300 Schlumberger .................................. 465,129
----------------
1,334,034
----------------
PHARMACEUTICALS - 3.00%
7,800 Abbott Laboratories ........................... 441,636
2,100 Novartis, ADR ................................. 121,989
----------------
563,625
----------------
RESTAURANTS - 1.10%
4,300 McDonald's .................................... 207,604
----------------
RETAIL - 7.22%
6,200 Costco Wholesale .............................. 332,134
1,800 Kohl's * ...................................... 133,272
4,800 NIKE, Class B ................................. 258,528
8,000 Starbucks * ................................... 248,160
8,800 Walgreen ...................................... 386,320
----------------
1,358,414
----------------
TECHNOLOGY - 10.31%
3,800 Apple Computer * .............................. 379,240
7,100 eBay * ........................................ 240,974
6,100 Electronic Arts * ............................. 307,501
10,200 Hewlett-Packard ............................... 429,828
11,700 Intel ......................................... 251,550
2,500 Research In Motion * .......................... 328,950
----------------
1,938,043
----------------
TELECOMMUNICATIONS EQUIPMENT - 2.94%
12,600 QUALCOMM ...................................... 551,880
----------------
TRANSPORTATION - 1.23%
2,200 FedEx ......................................... 231,968
----------------
TOTAL COMMON STOCKS
(Cost $10,547,884) ......................... 12,567,172
----------------
PAR VALUE
- ---------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 20.09%
FEDERAL HOME LOAN MORTGAGE - 3.19%
$ 225,000 2.750%, 03/15/08, MTN ......................... 220,463
275,000 5.125%, 10/15/08 .............................. 275,751
100,000 6.625%, 09/15/09 .............................. 104,034
----------------
600,248
----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 3.48%
275,000 6.000%, 05/15/11 .............................. 286,924
375,000 4.375%, 09/15/12 .............................. 367,467
----------------
654,391
----------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 0.00%
155 9.000%, 09/15/08, Pool # 27056 ................ 158
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 28
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
MARKET
PAR VALUE VALUE
- --------- ----------------
U.S. TREASURY BOND - 4.31%
$ 175,000 6.875%, 08/15/25 .............................. $ 216,768
325,000 6.125%, 08/15/29 .............................. 379,615
200,000 5.375%, 02/15/31 .............................. 214,281
----------------
810,664
----------------
U.S. TREASURY NOTE - 9.11%
350,000 3.250%, 08/15/08 .............................. 343,328
350,000 3.125%, 04/15/09 .............................. 340,430
375,000 4.250%, 08/15/13 .............................. 369,610
350,000 4.000%, 02/15/15 .............................. 336,547
325,000 4.500%, 02/15/16 .............................. 322,550
----------------
1,712,465
----------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $3,768,769) .......................... 3,777,926
----------------
CORPORATE NOTES AND BONDS - 10.61%
COMMUNICATIONS - 1.56%
275,000 BellSouth Capital Funding
7.750%, 02/15/10 ........................... 293,590
----------------
FINANCE - 5.97%
250,000 Citigroup
5.125%, 05/05/14 ........................... 248,406
275,000 General Electric Capital, MTN,
Series A
5.875%, 02/15/12 ........................... 283,966
300,000 Goldman Sachs Group
5.150%, 01/15/14 ........................... 296,268
300,000 Wells Fargo
4.200%, 01/15/10 ........................... 294,557
----------------
1,123,197
----------------
PHARMACEUTICALS - 1.52%
300,000 Abbott Laboratories
4.350%, 03/15/14 ........................... 285,603
----------------
RETAIL - 1.56%
300,000 Wal-Mart Stores
4.125%, 07/01/10 ........................... 292,803
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $2,023,996) .......................... 1,995,193
----------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANY - 2.37%
446,411 BlackRock Liquidity Funds
TempCash Portfolio ......................... $ 446,411
----------------
TOTAL INVESTMENT COMPANY
(Cost $446,411) ............................ 446,411
----------------
TOTAL INVESTMENTS - 99.89%
(Cost $16,787,060)** ..................................... 18,786,702
----------------
NET OTHER ASSETS AND LIABILITIES - 0.11% .................... 20,083
----------------
NET ASSETS - 100.00%. ....................................... $ 18,806,785
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 2,150,914
Gross unrealized depreciation ......................... (151,272)
----------------
Net unrealized appreciation ........................... $ 1,999,642
================
ADR American Depositary Receipt
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ........................................................ 67%
Investment Company ................................................... 2%
U.S. Government Obligations .......................................... 13%
U.S. Government Agency Obligations ................................... 7%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ................................................................ 2%
Aa ................................................................. 6%
A .................................................................. 3%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 29
Aston Funds
BALANCED FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
COMMON STOCKS 63%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 14%
CORPORATE NOTES AND BONDS 15%
CASH AND OTHER NET ASSETS 6%
FOREIGN GOVERNMENT BOND & ASSET-BACKED SECURITIES 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 63.24%
ADVERTISING - 1.36%
5,380 Omnicom Group ................................ $ 563,340
----------------
AEROSPACE/DEFENSE - 2.17%
9,710 Boeing ....................................... 903,030
----------------
BIOTECHNOLOGY - 3.11%
5,870 Amgen * ...................................... 376,502
11,180 Gilead Sciences * ............................ 913,629
----------------
1,290,131
----------------
CAPITAL GOODS - 3.41%
17,420 Illinois Tool Works .......................... 893,820
8,760 Rockwell Automation .......................... 521,570
----------------
1,415,390
----------------
CHEMICALS - 1.62%
10,400 Praxair ...................................... 671,320
----------------
COMMERCIAL SERVICES - 1.28%
6,010 Cintas ....................................... 225,195
7,150 Ecolab ....................................... 307,378
----------------
532,573
----------------
CONSUMER CYCLICALS - 3.63%
13,640 Carnival ..................................... 666,859
8,220 Johnson Controls ............................. 841,153
----------------
1,508,012
----------------
CONSUMER STAPLES - 1.87%
12,060 Procter & Gamble ............................. 775,579
----------------
ELECTRICAL - 2.53%
28,450 General Electric ............................. 1,048,667
----------------
FINANCE - 8.08%
9,130 CIT Group .................................... 544,605
8,210 Merrill Lynch ................................ 740,788
9,470 SLM .......................................... 509,770
9,490 State Street ................................. 653,576
8,580 T. Rowe Price Group .......................... 426,255
MARKET
SHARES VALUE
- ------ ----------------
FINANCE (CONTINUED)
8,650 Wachovia ..................................... $ 480,421
----------------
3,355,415
----------------
FOOD AND BEVERAGES - 1.56%
19,730 Sysco ........................................ 645,960
----------------
HEALTHCARE SERVICES - 2.46%
10,695 Express Scripts * ............................ 1,021,907
----------------
INSURANCE - 1.46%
11,800 AFLAC ........................................ 605,812
----------------
MEDICAL PRODUCTS AND SUPPLIES - 3.72%
4,970 Alcon ........................................ 670,602
9,820 Medtronic .................................... 519,773
8,400 ResMed * ..................................... 354,984
----------------
1,545,359
----------------
OIL AND GAS EXTRACTION - 1.31%
6,840 Exxon Mobil .................................. 542,959
----------------
PHARMACEUTICALS - 0.87%
13,610 Pfizer ....................................... 360,121
----------------
RETAIL - 7.31%
10,605 Kohl's * ..................................... 785,194
22,430 Starbucks * .................................. 695,779
23,190 TJX .......................................... 646,769
20,680 Walgreen ..................................... 907,852
----------------
3,035,594
----------------
TECHNOLOGY - 13.28%
22,097 Dell * ....................................... 557,065
18,255 Electronic Arts * ............................ 920,235
28,810 EMC * ........................................ 437,336
46,830 Intel ........................................ 1,006,845
15,620 Linear Technology ............................ 584,500
30,220 Microsoft .................................... 904,787
32,090 Texas Instruments ............................ 1,102,933
----------------
5,513,701
----------------
TELECOMMUNICATIONS EQUIPMENT - 1.20%
11,340 QUALCOMM ..................................... 496,692
----------------
TRANSPORTATION - 1.01%
29,200 Southwest Airlines ........................... 419,020
----------------
TOTAL COMMON STOCKS
(Cost $22,093,202) ........................ 26,250,582
----------------
PAR VALUE
- ---------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 14.18%
FEDERAL HOME LOAN MORTGAGE - 10.94%
$ 448,622 5.500%, 11/01/20,
Gold Pool # G18083 ........................ 449,613
71,257 5.500%, 12/01/20,
Gold Pool # G11820 ........................ 71,414
748,769 5.500%, 11/15/24,
Series 3098, Class KB, CMO ................ 751,693
260,754 5.500%, 08/15/25,
Series 3106, Class PA, CMO ................ 261,967
765,618 5.500%, 09/15/25,
Series 3099, Class PA, CMO ................ 769,414
420,000 5.500%, 07/15/34,
Series 3130, Class QD, CMO ................ 416,965
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 30
Aston Funds
BALANCED FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ----------------
FEDERAL HOME LOAN MORTGAGE (CONTINUED)
$ 346,000 5.500%, 09/15/34,
Series 3098, Class KE, CMO ................ $ 343,843
493,239 5.500%, 01/01/37,
Gold Pool # G02629 ........................ 488,068
1,000,000 5.500%, 05/01/37,
Pool # A60048 ............................. 989,199
----------------
4,542,176
----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 1.97%
250,000 5.500%, 12/29/08 ............................. 250,048
250,000 6.250%, 03/29/22 ............................. 249,643
48,240 7.500%, 02/01/35, Pool # 787557 .............. 50,045
42,629 7.500%, 04/01/35, Pool # 819231 .............. 44,225
220,504 6.000%, 11/01/35, Pool # 844078 .............. 222,433
----------------
816,394
----------------
U.S. TREASURY BOND - 0.68%
250,000 6.000%, 02/15/26 ............................. 283,926
----------------
U.S. TREASURY NOTE - 0.59%
250,000 4.250%, 11/15/14 ............................. 244,766
----------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $5,893,867) ......................... 5,887,262
----------------
CORPORATE NOTES AND BONDS - 14.33%
COMMUNICATIONS - 1.79%
200,000 AT&T
6.000%, 03/15/09 (a) ...................... 202,853
200,000 British Sky Broadcasting
6.875%, 02/23/09 .......................... 205,564
100,000 Embarq
6.738%, 06/01/13 .......................... 104,062
175,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 .......................... 180,016
50,000 PanAmSat
Senior Secured Notes
6.375%, 01/15/08 .......................... 50,250
----------------
742,745
----------------
CONSUMER CYCLICALS - 1.31%
50,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 .......................... 51,179
250,000 Federated Retail Holding
6.375%, 03/15/37 .......................... 247,665
250,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 .......................... 243,149
----------------
541,993
----------------
ELECTRONICS - 0.12%
50,000 L-3 Communications,
Senior Subordinated Notes
7.625%, 06/15/12 .......................... 52,062
----------------
ENTERTAINMENT AND LEISURE - 0.12%
50,000 MGM MIRAGE
Senior Subordinated Notes
9.750%, 06/01/07 .......................... 50,188
----------------
MARKET
PAR VALUE VALUE
- --------- ----------------
FINANCE - 5.72%
$ 250,000 Bear Stearns, MTN
5.750%, 11/21/16 (b) ...................... $ 249,859
500,000 Citigroup, Subordinated Notes
5.910%, 08/25/36 (b) ...................... 507,368
300,000 Goldman Sachs Capital I
6.345%, 02/15/34 .......................... 304,235
250,000 International Lease Finance
5.625%, 06/01/07 .......................... 250,047
315,000 NB Capital Trust II
7.830%, 12/15/26 .......................... 327,868
280,000 Residential Capital
6.000%, 02/22/11 .......................... 277,037
250,000 SLM, MTN
5.625%, 08/01/33 .......................... 208,345
250,000 Washington Mutual Bank,
Subordinated Notes
5.780%, 05/20/13 (b) ...................... 250,285
----------------
2,375,044
----------------
FOOD AND BEVERAGES - 0.79%
50,000 Constellation Brands, Series B
8.000%, 02/15/08 .......................... 50,875
50,000 Delhaize America
8.125%, 04/15/11 .......................... 55,563
215,000 Kroger
6.200%, 06/15/12 .......................... 221,183
----------------
327,621
----------------
HEALTHCARE SERVICES - 0.12%
50,000 Omnicare,
Senior Subordinated Notes
6.125%, 06/01/13 .......................... 48,375
----------------
OIL AND GAS EXTRACTION - 1.57%
50,000 Chesapeake Energy
6.500%, 08/15/17 .......................... 50,000
150,000 Hess
7.875%, 10/01/29 .......................... 176,633
50,000 Premcor Refining Group
6.750%, 02/01/11 .......................... 52,529
50,000 Pride International,
Senior Unsecured Notes
7.375%, 07/15/14 .......................... 51,562
50,000 Western Oil Sands, Secured
8.375%, 05/01/12 .......................... 56,000
250,000 Williams Partners
7.250%, 02/01/17 (c) ...................... 265,625
----------------
652,349
----------------
PHARMACEUTICALS - 0.73%
250,000 Hospira, Senior Notes
6.050%, 03/30/17 .......................... 253,041
50,000 Mylan Laboratories
6.375%, 08/15/15 .......................... 49,625
----------------
302,666
----------------
RESTAURANTS - 0.47%
190,000 Yum! Brands, Senior Notes
7.650%, 05/15/08 .......................... 193,987
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 31
Aston Funds
BALANCED FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ----------------
UTILITIES - 1.59%
$ 200,000 CenterPoint Energy,
Senior Notes, Series B
7.250%, 09/01/10 .......................... $ 211,679
175,000 CILCORP,
Senior Unsecured Notes
8.700%, 10/15/09 .......................... 181,254
215,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 .......................... 221,127
50,000 TXU,
Senior Unsecured Notes, Series P
5.550%, 11/15/14 .......................... 45,112
----------------
659,172
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $5,940,682) ......................... 5,946,202
----------------
ASSET-BACKED SECURITIES - 1.75%
109,026 Capital Auto Receivables Asset Trust
Series 2006-2, Class A1
5.340%, 12/15/07 .......................... 109,097
261,330 GE Equipment Midticket LLC
Series 2006-1, Class A1
5.301%, 12/15/07 .......................... 261,491
165,956 Harley-Davidson Motorcycle Trust
Series 2007-1, Class A1
5.300%, 02/15/08 .......................... 166,064
190,566 Honda Auto Receivables Owner Trust
Series 2007-1, Class A1
5.322%, 03/18/08 .......................... 190,676
----------------
TOTAL ASSET-BACKED SECURITIES
(Cost $726,878) ........................... 727,328
----------------
FOREIGN GOVERNMENT BOND - 0.29%
109,000 Republic of Philippines
7.500%, 09/25/24 .......................... 120,990
----------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $110,239) ........................... 120,990
----------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANIES - 5.35%
1,494,626 BlackRock Liquidity Funds
TempCash Portfolio ........................ $ 1,494,626
725,932 BlackRock Liquidity Funds
TempFund Portfolio ........................ 725,932
----------------
TOTAL INVESTMENT COMPANIES
(Cost $2,220,558) ......................... 2,220,558
----------------
TOTAL INVESTMENTS - 99.14%
(Cost $36,985,426)** .................................... 41,152,922
----------------
NET OTHER ASSETS AND LIABILITIES - 0.86% ................... 356,950
----------------
NET ASSETS - 100.00% ....................................... $ 41,509,872
================
- ----------
* Non-income producing security.
** At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ........................ $ 4,538,339
Gross unrealized depreciation ........................ (370,843)
----------------
Net unrealized appreciation .......................... $ 4,167,496
================
(a) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
(b) Floating rate note. The interest rate shown reflects the rate in effect at
April 30, 2007.
(c) 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 April 30, 2007, this security amounted to $265,625 or 0.64% of net
assets. This security has been determined by the Sub-Adviser to be a
liquid security.
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ........................................................ 64%
Investment Companies ................................................. 5%
U.S. Government Obligations .......................................... 1%
U.S. Government Agency Obligations ................................... 13%
Corporate Notes and Bonds (Moody's Ratings)
Aa ................................................................ 3%
A ................................................................. 5%
Baa ............................................................... 5%
Ba ................................................................ 3%
B ................................................................. 1%
----
100%
====
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 32
Aston Funds
ABN AMRO HIGH YIELD BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
SERVICES CYCLICALS 15%
ENERGY 16%
MEDIA 13%
BASIC INDUSTRIES 11%
CAPITAL GOODS 11%
TELECOMMUNICATIONS 9%
CONSUMER CYCLICALS 8%
OTHER CORPORATE NOTES AND BONDS 8%
CASH AND OTHER NET ASSETS 6%
SERVICES NON-CYCLICALS 3%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- --------- ------------------
CORPORATE NOTES AND BONDS - 93.75%
BASIC INDUSTRIES - 10.94%
$ 200,000 Basell AF SCA, Senior Notes
8.375%, 08/15/15 (a) ................. $ 209,000
150,000 Cascades, Senior Notes
7.250%, 02/15/13 ..................... 153,000
125,000 Century Aluminum
7.500%, 08/15/14 ..................... 129,844
100,000 Domtar
7.875%, 10/15/11 ..................... 106,375
375,000 Equistar Chemical Funding
10.125%, 09/01/08 .................... 397,500
75,000 FMG Finance Pty, Secured
10.625%, 09/01/16 (a) ................ 88,125
100,000 Ineos Group Holdings
8.500%, 02/15/16 (a) ................. 97,250
150,000 KI Holdings, Senior Discount Notes
9.601%, 11/15/14 (b) ................. 128,250
188,000 Koppers
9.875%, 10/15/13 ..................... 204,920
150,000 Lyondell Chemical
8.250%, 09/15/16 ..................... 161,250
125,000 Methanex, Senior Notes
8.750%, 08/15/12 ..................... 138,750
275,000 Neenah Paper, Senior Notes
7.375%, 11/15/14 ..................... 268,125
125,000 NewMarket, Senior Notes
7.125%, 12/15/16 (a) ................. 125,625
150,000 P.H. Glatfelter
7.125%, 05/01/16 ..................... 151,687
50,000 Tembec Industries
8.500%, 02/01/11 ..................... 28,563
------------------
2,388,264
------------------
CAPITAL GOODS - 11.17%
75,000 Aleris International,
Senior Subordinated Notes
10.000%, 12/15/16 (a) ................ 78,656
MARKET
PAR VALUE VALUE
- --------- -------------------
CAPITAL GOODS (CONTINUED)
$ 175,000 American Railcar Industries,
Senior Unsecured Notes
7.500%, 03/01/14 ..................... $ 182,219
100,000 Armor Holdings
8.250%, 08/15/13 ..................... 105,500
225,000 Baldor Electric
8.625%, 02/15/17 ..................... 241,312
125,000 Belden CDT, Senior
Subordinated Notes
7.000%, 03/15/17 (a) ................. 128,468
175,000 Bombardier, Senior Unsecured Notes
8.000%, 11/15/14 (a) ................. 184,625
150,000 Builders Firstsource
9.610%, 02/15/12 (c) ................. 153,187
Case New Holland
175,000 9.250%, 08/01/11 ..................... 184,844
50,000 7.125%, 03/01/14 ..................... 52,750
50,000 Greif, Senior Notes
6.750%, 02/01/17 (a) ................. 51,125
200,000 L-3 Communications,
Senior Subordinated Notes
7.625%, 06/15/12 ..................... 208,250
250,000 Owens-Brockway Glass Container,
Secured
8.750%, 11/15/12 ..................... 264,687
Smurfit-Stone Container,
Senior Notes
50,000 8.375%, 07/01/12 ..................... 51,063
75,000 8.000%, 03/15/17 (a) ................. 75,000
175,000 Trinity Industries, Senior Notes
6.500%, 03/15/14 ..................... 175,000
300,000 Westinghouse Air Brake,
Senior Notes
6.875%, 07/31/13 ..................... 303,000
------------------
2,439,686
------------------
CONSUMER CYCLICALS - 7.98%
125,000 ArvinMeritor
8.750%, 03/01/12 ..................... 130,000
75,000 ArvinMeritor, Senior Unsecured
Notes
8.125%, 09/15/15 ..................... 75,000
175,000 Church & Dwight,
Senior Subordinated Notes
6.000%, 12/15/12 ..................... 173,250
125,000 Couche-Tard US Finance,
Senior Subordinated Notes
7.500%, 12/15/13 ..................... 129,688
Ford Motor Credit
100,000 6.625%, 06/16/08 ..................... 99,969
200,000 9.806%, 04/15/12 (c) ................. 213,969
100,000 Gamestop
8.000%, 10/01/12 ..................... 107,125
300,000 General Motors
7.200%, 01/15/11 ..................... 287,250
General Motors Acceptance
325,000 6.750%, 12/01/14 ..................... 320,968
75,000 8.000%, 11/01/31 ..................... 80,724
125,000 TRW Automotive
7.000%, 03/15/14 (a) ................. 124,375
------------------
1,742,318
------------------
CONSUMER NON-CYCLICALS - 2.24%
Constellation Brands
225,000 7.250%, 09/01/16 ..................... 230,063
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 33
Aston Funds
ABN AMRO HIGH YIELD BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ------------------
CONSUMER NON-CYCLICALS (CONTINUED)
Constellation Brands (continued)
$ 150,000 Series B
8.125%, 01/15/12 ..................... $ 156,375
100,000 Dean Foods
7.000%, 06/01/16 ..................... 101,750
------------------
488,188
------------------
ENERGY - 15.76%
125,000 Basic Energy Services
7.125%, 04/15/16 ..................... 124,688
175,000 Bluewater Finance
10.250%, 02/15/12 .................... 183,313
250,000 Chesapeake Energy
6.250%, 01/15/18 ..................... 249,375
Compagnie Generale de
Geophysique-Veritas
50,000 7.500%, 05/15/15 ..................... 52,750
200,000 7.750%, 05/15/17 ..................... 212,500
200,000 Corral Finans AB
6.855%, 04/15/10 (a) (c) ............. 203,750
125,000 El Paso Performance-Linked Trust
7.750%, 07/15/11 (a) ................. 133,750
Massey Energy
100,000 6.875%, 12/15/13 ..................... 97,000
125,000 Senior Notes
6.625%, 11/15/10 ..................... 127,031
150,000 Ocean Rig Norway, Senior Notes
8.375%, 07/01/13 (a) ................. 159,750
225,000 Opti Canada
8.250%, 12/15/14 (a) ................. 239,062
200,000 Petroplus Finance
6.750%, 05/01/14 (a) ................. 202,000
250,000 Sabine Pass, Secured Notes
7.500%, 11/30/16 (a) ................. 256,875
100,000 SESI
6.875%, 06/01/14 ..................... 102,000
125,000 Southern Star Central
6.750%, 03/01/16 ..................... 126,250
200,000 Stallion Oilfield Services,
Senior Unsecured Notes
9.750%, 02/01/15 (a) ................. 211,000
250,000 Stone Energy, Senior Notes
8.106%, 07/15/10 (a) (c) ............. 251,250
200,000 Western Oil Sands, Secured
8.375%, 05/01/12 ..................... 224,000
100,000 Whiting Petroleum
7.000%, 02/01/14 ..................... 97,750
75,000 Williams Companies, Debentures,
Series A
7.500%, 01/15/31 ..................... 79,875
100,000 Williams Partners
7.250%, 02/01/17 (a)(d) .............. 106,250
------------------
3,440,219
------------------
MEDIA - 12.51%
50,000 Cablevision Systems, Senior Notes,
Series B
9.820%, 04/01/09 (c) ................. 53,250
175,000 CCH I, Secured
11.000%, 10/01/15 .................... 186,812
25,000 Charter Communications Holdings II
Senior Notes, Series B
10.250%, 09/15/10 .................... 26,688
MARKET
PAR VALUE VALUE
- --------- ------------------
MEDIA (CONTINUED)
$ 200,000 Charter Communications Holdings II
Senior Unsecured Notes
10.250%, 09/15/10 .................... $ 214,000
Clarke American, Senior Notes
75,000 11.750%, 12/15/13 .................... 90,983
25,000 9.500%, 05/15/15 (a) ................. 25,281
125,000 10.105%, 05/15/15 (a) (c) ............ 125,312
CSC Holdings, Senior Notes
125,000 7.250%, 07/15/08 ..................... 128,125
150,000 Series B
8.125%, 07/15/09 ..................... 156,750
205,000 Dex Media East/Dex Media East Finance
12.125%, 11/15/12 .................... 223,962
40,000 EchoStar DBS
5.750%, 10/01/08 ..................... 40,150
75,000 Idearc, Senior Notes
8.000%, 11/15/16 (a) ................. 78,563
125,000 Lamar Media
6.625%, 08/15/15 ..................... 124,687
175,000 LIN Television, Senior
Subordinated Notes
6.500%, 05/15/13 ..................... 173,250
NTL Cable, Senior Notes
200,000 8.750%, 04/15/14 ..................... 211,000
75,000 9.125%, 08/15/16 ..................... 80,438
125,000 Radio One, Series B
8.875%, 07/01/11 ..................... 129,687
25,000 RH Donnelley
10.875%, 12/15/12 .................... 27,188
100,000 RH Donnelley Finance
10.875%, 12/15/12 (a) ................ 108,750
Shaw Communications
Senior Notes
75,000 8.250%, 04/11/10 ..................... 80,344
175,000 7.200%, 12/15/11 ..................... 185,281
250,000 Sinclair Broadcast Group,
Senior Subordinated Notes
8.000%, 03/15/12 ..................... 260,625
------------------
2,731,126
------------------
REAL ESTATE - 1.84%
American Real Estate Partners
150,000 Senior Notes
8.125%, 06/01/12 (d) ................. 153,750
75,000 Senior Unsecured Notes
7.125%, 02/15/13 (d) ................. 74,250
175,000 American Real Estate,
Senior Notes
7.125%, 02/15/13 (a) ................. 173,250
------------------
401,250
------------------
SERVICES CYCLICALS - 14.86%
Aramark
Senior Notes
150,000 8.500%, 02/01/15 (a) ................. 157,687
75,000 8.860%, 02/01/15 (a) (c) ............. 77,438
50,000 Caesars Entertainment
Senior Subordinated Notes
8.875%, 09/15/08 ..................... 52,063
300,000 CHC Helicopter, Senior
Subordinated Notes
7.375%, 05/01/14 ..................... 294,750
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 34
Aston Funds
ABN AMRO HIGH YIELD BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ------------------
SERVICES CYCLICALS (CONTINUED)
$ 150,000 Chukchansi Economic
Development Authority,
Senior Notes
8.000%, 11/15/13 (a) ................. $ 156,187
75,000 D.R. Horton
Senior Subordinated Notes
9.750%, 09/15/10 ..................... 83,366
150,000 FTI Consulting
7.625%, 06/15/13 ..................... 155,625
100,000 Hawker Beechcraft Acqusition,
Senior Subordinated Notes
9.750%, 04/01/17 (a) ................. 107,500
KB HOME
75,000 6.250%, 06/15/15 ..................... 70,125
200,000 Senior Notes
6.375%, 08/15/11 ..................... 197,500
Mandalay Resort Group
150,000 Senior Subordinated Debentures
7.625%, 07/15/13 ..................... 150,750
125,000 Senior Subordinated Notes
9.375%, 02/15/10 ..................... 135,469
MGM MIRAGE
25,000 8.375%, 02/01/11 ..................... 26,656
50,000 Debentures
7.250%, 08/01/17 ..................... 50,063
50,000 Mirage Resorts
6.875%, 04/01/16 ..................... 49,375
250,000 Phi, Senior Notes
7.125%, 04/15/13 ..................... 245,625
125,000 Pinnacle Entertainment,
Senior Subcustodian Notes
8.250%, 03/15/12 ..................... 129,062
125,000 Pokagon Gaming Authority,
Senior Notes
10.375%, 06/15/14 (a) ................ 140,625
100,000 SAC Holdings, Senior Notes
8.500%, 03/15/14 ..................... 100,750
75,000 Six Flags, Senior Notes
8.875%, 02/01/10 ..................... 76,594
175,000 Speedway Motorsports
Senior Subordinated Notes
6.750%, 06/01/13 ..................... 175,437
Station Casinos
100,000 Senior Notes
6.000%, 04/01/12 ..................... 98,500
150,000 Senior Subordinated Notes
6.500%, 02/01/14 ..................... 141,937
75,000 Senior Unsecured Notes
7.750%, 08/15/16 ..................... 78,375
125,000 Turning Stone Casino Resort
Enterprise, Senior Notes
9.125%, 09/15/14 (a) ................. 128,125
150,000 West Corp.
Senior Subordinated Notes
11.000%, 10/15/16 (a) ................ 163,875
------------------
3,243,459
------------------
SERVICES NON-CYCLICALS - 3.54%
150,000 Bio-Rad Laboratories
Senior Subordinated Notes
7.500%, 08/15/13 ..................... 156,188
300,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ..................... 304,875
MARKET
PAR VALUE VALUE
- --------- ------------------
SERVICES NON-CYCLICALS (CONTINUED)
$ 175,000 HCA, Senior Unsecured Notes
8.750%, 09/01/10 ..................... $ 185,719
125,000 Omnicare. Senior Subordinated Notes
6.875%, 12/15/15 ..................... 125,156
------------------
771,938
------------------
TECHNOLOGY AND ELECTRONICS - 1.51%
200,000 Amkor Technologies, Senior Notes
7.125%, 03/15/11 ..................... 199,250
125,000 NXP BV/NXP Funding, Secured
7.875%, 10/15/14 (a) ................. 130,625
------------------
329,875
------------------
TELECOMMUNICATIONS - 8.50%
75,000 Citizens Communications,
Senior Notes
9.000%, 08/15/31 ..................... 82,687
INTELSAT
125,000 6.500%, 11/01/13 ..................... 108,125
50,000 Senior Unsecured Notes
6.375%, 01/15/08 ..................... 50,250
200,000 INTELSAT Bermuda Ltd,
Senior Notes
8.250%, 01/15/13 ..................... 209,000
125,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 ..................... 128,583
150,000 Nordic Telecommunications Co.
Holdings, Senior Notes
8.875%, 05/01/16 (a) ................. 162,000
Qwest, Senior Notes
100,000 7.875%, 09/01/11 ..................... 107,000
375,000 8.605%, 06/15/13 (c) ................. 412,031
75,000 Qwest Communications, Series B
7.500%, 02/15/14 ..................... 77,813
275,000 Rogers Wireless, Senior Notes
9.625%, 05/01/11 ..................... 316,250
175,000 Wind Acquisition Finance SA
10.750%, 12/01/15 (a) ................ 203,000
------------------
1,856,739
------------------
UTILITIES - 2.90%
284,375 Homer City Funding, SLOB
8.137%, 10/01/19 ..................... 314,234
150,000 NSG Holdings
7.750%, 12/15/25 (a) ................. 158,625
100,000 Reliant Energy
9.250%, 07/15/10 ..................... 105,375
50,000 Sierra Pacific Resources,
Senior Notes
8.625%, 03/15/14 ..................... 54,079
------------------
632,313
------------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $20,014,079) ................... 20,465,375
------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 35
Aston Funds
ABN AMRO HIGH YIELD BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ------------------
INVESTMENT COMPANIES - 7.30%
1,130,253 BlackRock Liquidity Funds
TempCash Portfolio ................... $ 1,130,253
463,934 BlackRock Liquidity Funds
TempFund Portfolio ................... 463,934
------------------
TOTAL INVESTMENT COMPANIES
(Cost $1,594,187) .................... 1,594,187
------------------
TOTAL INVESTMENTS - 101.05%
(Cost $21,608,266)* .................................... 22,059,562
------------------
NET OTHER ASSETS AND LIABILITIES - (1.05)% ................ (228,996)
------------------
NET ASSETS - 100.00% ...................................... $ 21,830,566
==================
- ----------
* At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 493,693
Gross unrealized depreciation ................. (42,397)
------------------
Net unrealized appreciation ................... $ 451,296
==================
(a) Securities exempt from registration under Rule 144A of the
Securities Act of 1933, as amended. These securities are purchased
in accordance with guidelines approved by the Fund's Board of
Trustees and may only be resold, in transactions exempt from
registration, to qualified institutional buyers. At April 30, 2007,
these securities amounted to $5,022,779 or 23.01% of net assets.
These securities have been determined by the Sub-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 coupon rate will be 0.000% until 11/15/14 and
will be 9.875% thereafter.
(c) Variable rate bonds. The interest rates shown reflect the rates in
effect at April 30, 2007.
(d) Limited Partnership
SLOB Secured Lease Obligation Bond
PORTFOLIO COMPOSITION
Investment Companies ................................................. 7%
Corporate Notes and Bonds: (Moody's Ratings)
Baa ............................................................... 2%
Ba ................................................................ 38%
B ................................................................. 43%
Caa ............................................................... 8%
NR ................................................................ 2%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 36
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S GOVERNMENT AND AGENCY OBLIGATIONS 50%
CORPORATE NOTES AND BONDS 36%
COMMERCIAL MORTGAGE- BACKED SECURITIES & ASSET BACKED SECURITIES 8%
CASH AND OTHER NET ASSETS 5%
FOREIGN GOVERNMENT BOND 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- --------- ----------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 49.57%
FEDERAL HOME LOAN BANK - 4.35%
$ 2,050,000 4.370%, 05/04/07 (a) .......................... $ 2,049,992
1,250,000 4.430%, 04/07/08 .............................. 1,242,821
1,000,000 5.500%, 09/04/09 .............................. 1,000,173
----------------
4,292,986
----------------
FEDERAL HOME LOAN MORTGAGE - 19.91%
2,521,837 5.500%, 11/01/20,
Gold Pool # G18083 ......................... 2,527,410
400,684 5.500%, 12/01/20,
Gold Pool # G11820 ......................... 401,570
4,251,967 5.500%, 11/15/24,
Series 3098, Class KB, CMO ................. 4,268,569
1,482,134 5.500%, 08/15/25,
Series 3106, Class PA, CMO ................. 1,489,030
2,000,000 6.250%, 07/15/32, MTN ......................... 2,291,380
2,390,000 5.500%, 07/15/34,
Series 3130, Class QD, CMO ................. 2,372,728
1,967,000 5.500%, 09/15/34,
Series 3098, Class KE, CMO ................. 1,954,737
459,331 6.000%, 10/01/35,
Gold Pool # A47772 ......................... 463,614
2,000,000 5.000%, 01/15/36,
Series 3098, Class PG, CMO ................. 1,888,881
986,477 5.500%, 01/01/37,
Gold Pool # G02629 ......................... 976,137
1,000,000 5.500%, 05/01/37,
Pool # A60048 .............................. 989,199
----------------
19,623,255
----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 18.79%
1,000,000 5.500%, 12/29/08 .............................. 1,000,191
1,000,000 5.500%, 02/09/09 .............................. 1,000,305
2,000,000 4.125%, 04/15/14 .............................. 1,912,552
901,581 6.000%, 11/01/17,
Pool # 662854 .............................. 917,613
MARKET
PAR VALUE VALUE
- --------- ----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (CONTINUED)
$ 624,974 6.000%, 04/01/18,
Pool # 725175 .............................. $ 636,097
805,132 5.500%, 11/01/18, Pool # 748886 ............... 808,198
423,486 4.500%, 06/01/19, Pool # 747860 ............... 410,834
2,157,170 6.000%, 01/01/21, Pool # 850787 ............... 2,193,081
2,000,000 6.250%, 03/29/22 .............................. 1,997,146
4,213,548 5.500%, 07/25/31, Series 2005-27,
Class TH, CMO .............................. 4,233,752
1,209,718 6.000%, 09/01/32, Pool # 847899 ............... 1,227,370
324,777 6.000%, 02/01/34, Pool # 771952 ............... 328,799
307,697 7.500%, 02/01/35, Pool # 787557 ............... 319,211
271,834 7.500%, 04/01/35, Pool # 819231 ............... 282,006
1,239,395 6.000%, 11/01/35, Pool # 844078 ............... 1,250,237
----------------
18,517,392
----------------
U.S. TREASURY BOND - 4.08%
1,000,000 6.000%, 02/15/26 .............................. 1,135,704
2,500,000 6.250%, 08/15/23 .............................. 2,883,400
----------------
4,019,104
----------------
U.S. TREASURY NOTE - 2.44%
2,500,000 4.000%, 02/15/15 .............................. 2,403,908
----------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $48,712,320) ......................... 48,856,645
----------------
CORPORATE NOTES AND BONDS - 35.54%
BASIC MATERIALS - 0.54%
525,000 Cascades, Senior Notes
7.250%, 02/15/13 ........................... 535,500
----------------
COMMUNICATIONS - 5.34%
765,000 British Sky Broadcasting
6.875%, 02/23/09 ........................... 786,282
650,000 Embarq
6.738%, 06/01/13 ........................... 676,401
1,000,000 News America
6.200%, 12/15/34 ........................... 984,496
800,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 ........................... 822,931
1,000,000 PanAmSat,
Senior Secured Notes
6.375%, 01/15/08 ........................... 1,005,000
1,000,000 Vodafone Group
6.150%, 02/27/37 ........................... 989,245
----------------
5,264,355
----------------
CONSUMER CYCLICALS - 2.27%
750,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 ........................... 767,682
500,000 Federated Retail Holding
6.375%, 03/15/37 ........................... 495,330
1,000,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 ........................... 972,595
----------------
2,235,607
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 37
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ----------------
ELECTRONICS - 0.74%
$ 700,000 L-3 Communications,
Senior Subordinated Notes
7.625%, 06/15/12 ........................... $ 728,875
----------------
ENTERTAINMENT AND LEISURE - 0.60%
590,000 MGM MIRAGE
Senior Subordinated Notes
9.750%, 06/01/07 ........................... 592,213
----------------
FINANCE - 12.77%
1,500,000 Bear Stearns,
5.750%, 11/21/16 (a) ....................... 1,499,153
1,000,000 CIT Group
5.610%, 02/13/12 (a) ....................... 993,817
2,000,000 Citigroup, Subordinated Notes
5.910%, 08/25/36 (a) ....................... 2,029,474
1,650,000 Goldman Sachs Capital I
6.345%, 02/15/34 ........................... 1,673,291
625,000 HSBC Finance
5.500%, 01/19/16 ........................... 625,153
1,725,000 NB Capital Trust II
7.830%, 12/15/26 ........................... 1,795,466
1,650,000 Residential Capital
6.000%, 02/22/11 ........................... 1,632,541
1,000,000 SLM,
5.625%, 08/01/33 ........................... 833,379
1,500,000 Washington Mutual Bank,
Subordinated Notes
5.780%, 05/20/13 (a) ....................... 1,501,711
----------------
12,583,985
----------------
FOOD AND BEVERAGES - 1.66%
840,000 Constellation Brands, Series B
8.000%, 02/15/08 ........................... 854,700
705,000 Delhaize America
8.125%, 04/15/11 ........................... 783,431
----------------
1,638,131
----------------
HEALTHCARE SERVICES - 0.51%
515,000 Omnicare,
Senior Subordinated Notes
6.125%, 06/01/13 ........................... 498,263
----------------
OIL AND GAS EXTRACTION - 3.93%
515,000 Chesapeake Energy
6.500%, 08/15/17 ........................... 515,000
500,000 Hess
7.875%, 10/01/29 ........................... 588,776
165,000 Premcor Refining Group
6.750%, 02/01/11 ........................... 173,345
400,000 Pride International,
Senior Unsecured Notes
7.375%, 07/15/14 ........................... 412,500
1,005,000 Western Oil Sands, Secured
8.375%, 05/01/12 ........................... 1,125,600
1,000,000 Williams Partners
7.250%, 02/01/17 (b) ....................... 1,062,500
----------------
3,877,721
----------------
PHARMACEUTICALS - 1.68%
1,000,000 Hospira, Senior Notes
6.050%, 03/30/17 ........................... 1,012,163
MARKET
PAR VALUE VALUE
- --------- ----------------
PHARMACEUTICALS (CONTINUED)
$ 650,000 Mylan Laboratories
6.375%, 08/15/15 ........................... $ 645,125
----------------
1,657,288
----------------
PRINTING AND PUBLISHING - 0.51%
500,000 Donnelley (R.R.) & Sons,
Senior Unsecured Notes
6.125%, 01/15/17 ........................... 498,854
----------------
RETAIL - 0.76%
750,000 JC Penney
6.375%, 10/15/36 ........................... 750,010
----------------
UTILITIES - 4.23%
1,045,000 CenterPoint Energy,
Senior Notes, Series B
7.250%, 09/01/10 ........................... 1,106,022
1,500,000 CILCORP,
Senior Unsecured Notes
8.700%, 10/15/09 ........................... 1,553,604
199,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 ........................... 215,209
1,000,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 ........................... 1,028,498
300,000 TXU,
Senior Unsecured Notes, Series P
5.550%, 11/15/14 ........................... 270,674
----------------
4,174,007
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $34,972,192) ......................... 35,034,809
----------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.34%
3,125,000 GMAC Commercial Mortgage Securities
Series 2000-C3, Class A2
6.957%, 09/15/35 ........................... 3,292,357
----------------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $3,691,284) .......................... 3,292,357
----------------
ASSET-BACKED SECURITIES - 5.34%
436,105 Capital Auto Receivables Asset Trust
Series 2006-2, Class A1
5.340%, 12/15/07 ........................... 436,388
1,000,000 Capital One Auto Finance Trust
Series 2007-A, Class A2
5.330%, 05/15/10 ........................... 1,001,162
1,045,320 GE Equipment Midticket LLC
Series 2006-1, Class A1
5.301%, 12/15/07 ........................... 1,045,966
663,823 Harley-Davidson Motorcycle Trust
Series 2007-1, Class A1
5.300%, 02/15/08 ........................... 664,254
1,524,529 Honda Auto Receivables Owner Trust
Series 2007-1, Class A1
5.322%, 03/18/08 ........................... 1,525,407
594,196 Household Automotive Trust
Series 2007-1, Class A1
5.326%, 02/17/08 ........................... 594,587
----------------
TOTAL ASSET-BACKED SECURITIES
(Cost $5,263,946) .......................... 5,267,764
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 38
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ----------------
FOREIGN GOVERNMENT BOND - 0.92%
$ 820,000 Republic of Philippines
7.500%, 09/25/24 ........................... $ 910,200
----------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $829,183) ............................ 910,200
----------------
SHARES
------
INVESTMENT COMPANY - 4.58%
4,509,827 BlackRock Liquidity Funds
TempCash Portfolio ......................... 4,509,827
----------------
TOTAL INVESTMENT COMPANY
(Cost $4,509,828) .......................... 4,509,827
----------------
TOTAL INVESTMENTS - 99.29%
(Cost $97,978,753)* ....................................... 97,871,602
----------------
NET OTHER ASSETS AND LIABILITIES - 0.71% .................... 697,770
----------------
NET ASSETS - 100.00% ........................................ $ 98,569,372
================
- ----------
* At April 30, 2007, cost is identical for book and federal income tax
purposes.
Gross unrealized appreciation ................... $ 767,506
Gross unrealized depreciation ................... (874,657)
----------------
Net unrealized depreciation ..................... $ (107,151)
================
(a) Variable rate bond. The interest rate shown reflects the rate in
effect at April 30, 2007.
(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 April 30, 2007, this security
amounted to $1,062,500 or 1.08% of net assets. This security has
been determined by the Sub-Adviser to be a liquid security.
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
SLOB Secured Lease Obligation Bond
PORTFOLIO COMPOSITION
Investment Company ...................................................... 5%
U.S. Government Obligations ............................................. 7%
U.S. Government Agency Obligations ...................................... 43%
Corporate Notes and Bonds (Moody's Ratings)
Aaa .................................................................. 4%
Aa ................................................................... 6%
A .................................................................... 12%
Baa .................................................................. 10%
Ba ................................................................... 12%
B .................................................................... 1%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 39
Aston Funds
TCH INVESTMENT GRADE BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
CORPORATE NOTES AND BONDS 34%
U.S GOVERNMENT AND AGENCY OBLIGATIONS 42%
NON-AGENCY MORTGAGE-BACKED SECURITIES 7%
CASH AND OTHER NET ASSETS 9%
COMMERCIAL MORTGAGE-BACKED SECURITIES 3%
ASSET-BACKED SECURITIES 5%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- --------- ----------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 42.08%
FEDERAL HOME LOAN BANK - 4.50%
$ 350,000 4.370%, 05/04/07 (a) .......................... $ 349,999
100,000 6.500%, 08/14/09 .............................. 103,627
500,000 5.500%, 09/04/09 .............................. 500,086
----------------
953,712
----------------
FEDERAL HOME LOAN MORTGAGE - 12.18%
71,652 5.500%, 08/01/17,
Gold Pool # E90954 ......................... 71,959
560,965 5.000%, 09/01/18,
Gold Pool # E99582 ......................... 554,606
127,977 6.500%, 08/01/32,
Gold Pool # C01385 ......................... 131,961
580,618 5.000%, 11/01/33,
Gold Pool # A15349 ......................... 562,783
544,241 5.500%, 11/01/33,
Gold Pool # A15901 ......................... 539,782
222,359 6.000%, 02/01/35,
Gold Pool # A34083 ......................... 224,843
500,000 5.500%, 05/01/37,
Pool # A60048 .............................. 494,600
----------------
2,580,534
----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 23.13%
250,000 5.500%, 12/29/08 .............................. 250,048
300,000 5.500%, 03/15/11 .............................. 307,190
350,000 5.000%, 03/15/16 .............................. 351,660
78,421 6.000%, 10/01/16,
Pool # 611322 .............................. 79,817
80,416 5.500%, 01/01/17,
Pool # 623107 .............................. 80,799
201,895 5.500%, 04/01/17,
Pool # 254259 .............................. 202,755
151,663 6.000%, 06/01/17,
Pool # 254342 .............................. 154,360
397,003 5.500%, 11/01/17,
Pool # 659589 .............................. 398,695
MARKET
PAR VALUE VALUE
- --------- ----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (CONTINUED)
$ 541,111 5.000%, 05/01/19,
Pool # 255274 .............................. $ 534,404
364,172 5.000%, 09/01/19,
Pool # 788070 .............................. 360,035
250,000 6.250%, 03/29/22 .............................. 249,643
90,556 6.500%, 03/01/32,
Pool # 254239 .............................. 93,348
64,142 7.000%, 04/01/32,
Pool # 545556 .............................. 67,084
111,915 6.500%, 10/01/32,
Pool # 254479 .............................. 115,365
627,380 5.000%, 10/01/33,
Pool # 749179 .............................. 607,833
72,899 6.000%, 02/01/34,
Pool # 725162 .............................. 73,802
201,877 6.000%, 09/01/34,
Pool # 794267 .............................. 204,023
292,216 6.000%, 11/01/34,
Pool # 735060 .............................. 295,323
491,200 5.000%, 05/01/35,
Pool # 826641 .............................. 475,186
----------------
4,901,370
----------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 0.34%
69,466 6.500%, 05/15/32,
Pool # 584389 .............................. 71,720
----------------
U.S. TREASURY NOTE - 1.93%
220,000 4.250%, 11/15/14 .............................. 215,394
200,000 4.125%, 05/15/15 .............................. 193,711
----------------
409,105
----------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $8,985,603) .......................... 8,916,441
----------------
CORPORATE NOTES AND BONDS - 33.60%
COMMUNICATIONS - 3.85%
385,000 British Sky Broadcasting
6.875%, 02/23/09 ........................... 395,711
125,000 News America
5.300%, 12/15/14 ........................... 124,535
300,000 Sprint Nextel, Unsecured Notes
6.000%, 12/01/16 ........................... 294,954
----------------
815,200
----------------
FINANCE - 15.82%
250,000 Bear Stearns,
5.750%, 11/21/16 (a) ....................... 249,859
250,000 CIT Group
5.610%, 02/13/12 (a) ....................... 248,454
500,000 Citigroup, Subordinated Notes
5.910%, 08/25/36 (a) ....................... 507,368
Credit Suisse (USA), Senior
Unsecured Notes
170,000 5.250%, 03/02/11 ........................... 171,226
175,000 5.375%, 03/02/16 ........................... 176,101
375,000 International Lease Finance,
Unsubordinated Notes
5.875%, 05/01/13 ........................... 386,994
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 40
Aston Funds
TCH INVESTMENT GRADE BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------- ----------------
FINANCE (CONTINUED)
$ 360,000 Marshall & Ilsley Bank,
Subordinated Notes
5.250%, 09/04/12 ........................... $ 362,169
400,000 Merrill Lynch, MTN
5.450%, 06/16/08 (a) ....................... 400,460
350,000 Textron Financial
5.875%, 06/01/07 ........................... 350,132
500,000 Washington Mutual Bank,
Subordinated Notes
5.780%, 05/20/13 (a) ....................... 500,571
----------------
3,353,334
----------------
FOOD AND BEVERAGES - 2.35%
193,000 General Mills
6.000%, 02/15/12 ........................... 199,818
300,000 Kroger
5.500%, 02/01/13 ........................... 297,573
----------------
497,391
----------------
INSURANCE - 3.68%
200,000 Chubb
6.000%, 11/15/11 ........................... 207,479
325,000 MetLife, Senior Unsecured Notes
5.000%, 06/15/15 ........................... 317,413
250,000 State Auto Financial, Senior Notes
6.250%, 11/15/13 ........................... 256,056
----------------
780,948
----------------
OIL AND GAS EXTRACTION - 3.02%
350,000 Consolidated Natural Gas
Senior Notes, Series C
6.250%, 11/01/11 ........................... 364,262
275,000 Marathon Oil
5.375%, 06/01/07 ........................... 274,976
----------------
639,238
----------------
PHARMACEUTICALS - 1.19%
250,000 Hospira, Senior Notes
6.050%, 03/30/17 ........................... 253,041
----------------
PRINTING AND PUBLISHING - 1.18%
250,000 Donnelley (R.R.) & Sons,
Senior Unsecured Notes
6.125%, 01/15/17 ........................... 249,427
----------------
UTILITIES - 2.51%
535,000 MidAmerican Energy, MTN
5.125%, 01/15/13 ........................... 531,569
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $7,171,531) .......................... 7,120,148
----------------
NON-AGENCY MORTGAGE-BACKED SECURITIES - 7.48%
314,980 Bear Stearns Asset Backed Securities,
Series 2003-AC5, Class A2, CMO
5.000%, 10/25/33 ........................... 307,847
357,393 Chase Mortgage Finance,
Series 2003-S2, Class A1, CMO
5.000%, 03/25/18 (c) ....................... 354,567
48,039 Master Asset Securitization Trust,
Series 2002-8, Class 1A2, CMO
5.250%, 12/25/17 (c) ....................... 47,598
MARKET
PAR VALUE VALUE
- --------- ----------------
NON-AGENCY MORTGAGE-BACKED SECURITIES (CONTINUED)
$ 175,687 Washington Mutual,
Series 2002-S8, Class 2A7, CMO
5.250%, 01/25/18 (c) ....................... $ 173,600
Wells Fargo Mortgage Backed
Securities Trust,
276,943 Series 2003K, Class 1A2,
CMO, ARM
4.490%, 11/25/33 (b) (c) ................... 267,948
447,014 Series 2003L, Class 1A2,
CMO, ARM
4.570%, 11/25/33 (b) ....................... 433,962
----------------
TOTAL NON-AGENCY MORTGAGE-
BACKED SECURITIES
(Cost $1,622,101) .......................... 1,585,522
----------------
ASSET-BACKED SECURITIES - 5.24%
109,026 Capital Auto Receivables Asset Trust
Series 2006-2, Class A1
5.340%, 12/15/07 (c) ....................... 109,097
193,849 Drive Auto Receivables Trust
Series 2005-2, Class A2
4.120%, 01/15/10 (d) ....................... 193,239
261,330 GE Equipment Midticket LLC
Series 2006-1, Class A1
5.301%, 12/15/07 ........................... 261,491
165,956 Harley-Davidson Motorcycle Trust
Series 2007-1, Class A1
5.300%, 02/15/08 ........................... 166,064
381,132 Honda Auto Receivables Owner Trust
Series 2007-1, Class A1
5.322%, 03/18/08 (c) ....................... 381,352
----------------
TOTAL ASSET-BACKED SECURITIES
(Cost $1,109,916) .......................... 1,111,243
----------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.61%
104,513 General Electric Capital
Commercial Mortgage,
Series 2001-1, Class A1
6.079%, 05/15/33 ........................... 105,579
445,000 LB Commercial Mortgage Trust,
Series 2004-C4, Class A3
5.153%, 06/15/29 (b) ....................... 446,810
----------------
TOTAL COMMERCIAL MORTGAGE-
BACKED SECURITIES
(Cost $581,975) ............................ 552,389
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 41
Aston Funds
TCH INVESTMENT GRADE BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANIES - 8.45%
1,063,482 BlackRock Liquidity Funds
TempCash Portfolio ......................... $ 1,063,482
726,685 BlackRock Liquidity Funds
TempFund Portfolio ......................... 726,685
----------------
TOTAL INVESTMENT COMPANIES
(Cost $1,790,167) .......................... 1,790,167
----------------
TOTAL INVESTMENTS - 99.46%
(Cost $21,261,293)* ..................................... 21,075,910
----------------
NET OTHER ASSETS AND LIABILITIES - 0.54% .................... 115,197
----------------
NET ASSETS - 100.00% ........................................ $ 21,191,107
================
- ----------
* At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 51,373
Gross unrealized depreciation ......................... (236,756)
----------------
Net unrealized depreciation ........................... $ (185,383)
================
(a) Floating rate note. The interest rate shown reflects the rate in effect at
April 30, 2007.
(b) Adjustable Rate Mortgage. The interest rate shown reflects the rate in
effect at April 30, 2007.
(c) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
(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 April 30, 2007, this security amounted to $193,239 or 0.91% of net
assets. This security has been determined by the Sub-Adviser to be a
liquid security.
ARM Adjustable Rate Mortgage
CMO Collateralized Mortgage Obligation
GO General Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Investment Companies ................................................. 9%
U.S. Government Obligations .......................................... 2%
U.S. Government Agency Obligations ................................... 40%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ............................................................... 11%
Aa ................................................................ 6%
A ................................................................. 19%
Baa ............................................................... 13%
------
100%
======
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 42
Aston Funds
MCDONNELL MUNICIPAL BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
GENERAL OBLIGATIONS BONDS 32%
HEALTHCARE 16%
EDUCATION 18%
OTHER MUNICIPAL SECURITIES 8%
UTILITIES 5%
WATER 5%
POLLUTION 5%
FACILITIES 4%
POWER 4%
CASH AND OTHER NET ASSETS 3%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ------------ ----------------
MUNICIPAL SECURITIES - 96.59%
ALABAMA - 2.77%
$ 600,000 Birmingham Industrial Water Board
Industrial Water Supply RB,
Partially Pre-refunded 01/01/07
6.000%, 07/01/07 (a) ....................... $ 602,208
----------------
DISTRICT OF COLUMBIA - 5.59%
640,000 District of Columbia RB,
Smithsonian Institute, Series A
Pre-refunded 11/01/10
5.375%, 11/01/15 ........................... 680,902
500,000 Washington, DC Convention Center
Authority Dedicated Tax Revenue,
Series A
5.000%, 10/01/13
Insured: AMBAC ............................. 534,130
----------------
1,215,032
----------------
FLORIDA - 3.46%
750,000 Palm Beach County
Health Facilities Authority RB,
Abbey DelRay South Project
5.500%, 10/01/11 (a) ....................... 751,148
----------------
GEORGIA - 5.85%
500,000 Cartersville Development Authority
Water & Wastewater Facilities RB,
Anheuser-Busch Cos., Series A, AMT
7.375%, 05/01/09 ........................... 529,675
500,000 Main Street Natural Gas
Georgia Gas Project
Series B
5.000%, 03/15/14 ........................... 530,050
200,000 State of Georgia, GO,
Series D
6.700%, 08/01/09 ........................... 212,928
----------------
1,272,653
----------------
MARKET
PAR VALUE VALUE
- ------------ ----------------
IDAHO - 5.79%
$ 1,000,000 Idaho Health Facilities Authority RB,
IHC Hospitals, ETM
6.650%, 02/15/21 (a) ....................... $ 1,258,280
----------------
ILLINOIS - 19.83%
250,000 Chicago Public Building Commission RB,
School Reform Board, Series B
5.250%, 12/01/18
Insured: FGIC .............................. 279,710
375,000 DuPage County, Jail Project, GO
5.600%, 01/01/21 ........................... 422,393
1,000,000 Illinois Development Finance Authority RB,
Lincoln Way Community
5.700%, 01/01/18
Insured: FGIC .............................. 1,145,380
405,000 Illinois State Sales Tax RB, First Series
5.250%, 06/15/19 ........................... 453,632
1,000,000 Lake County Township High School
District No. 113,
Highland Park, GO
8.800%, 12/01/09 ........................... 1,121,890
785,000 University of Illinois RB, Auxiliary
Facilities Systems, Series B
5.500%, 04/01/17
Insured: FGIC .............................. 887,403
----------------
4,310,408
----------------
INDIANA - 3.71%
700,000 Indianapolis Public Improvement RB,
Series B
6.000%, 01/10/20 ........................... 807,513
----------------
KANSAS - 5.36%
1,020,000 Butler & Sedgwick Counties
Unified School District No. 385,
Andover, GO
6.000%, 09/01/14
Insured: FSA ............................... 1,164,391
----------------
MICHIGAN - 2.08%
400,000 Michigan Municipal Bond
Authority RB, Drinking Water
Revolving Fund
5.500%, 10/01/16 ........................... 452,352
----------------
MISSOURI - 4.83%
1,000,000 Missouri State Health & Educational
Facilities Authority, RB
St. Lukes Episcopal
5.000%, 12/01/17 (a) ....................... 1,049,640
----------------
MONTANA - 2.05%
415,000 Montana Facility Financial Authority RB,
Benefits Healthcare Systems
5.000%, 01/01/15 (a)
Insured: Assured Gty ....................... 445,527
----------------
NEBRASKA - 1.96%
400,000 Central Plains Energy Project RB,
NEBGAS Project Number 1
Series A
5.000%, 12/01/14 ........................... 426,724
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 43
Aston Funds
MCDONNELL MUNICIPAL BOND FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ------------ ----------------
NEVADA - 9.45%
$ 1,000,000 Clark County PCR,
Southern California Edison
Series C, Remarketed, AMT
3.250%, 06/01/31 (b) ....................... $ 985,810
1,000,000 Nevada System Higher Education
Universities RB, Series B
5.000%, 07/01/13
Insured: AMBAC ............................. 1,067,580
----------------
2,053,390
----------------
TEXAS - 16.50%
1,090,000 Belton Independent School District, GO
5.000%, 02/15/13 (a)
Guaranteed: PSF ............................ 1,158,441
480,000 Frisco Independent School District, GO
7.000%, 08/15/10
Guaranteed: PSF ............................ 527,736
200,000 Humble Independent School District
Series II, GO
5.500%, 02/15/10
Insured: PSF ............................... 209,426
65,000 Killeen Independent School District, GO
5.000%, 02/15/16
Guaranteed: PSF ............................ 69,802
1,000,000 San Marcos Consolidated Independent
School District, GO
Pre-refunded 8/1/14
5.250%, 08/01/19
Guaranteed: PSF ............................ 1,094,330
500,000 Texas Municipal Power Agency RB,
Series E
5.500%, 09/01/10
Insured: MBIA .............................. 527,910
----------------
3,587,645
----------------
VIRGINIA - 4.96%
1,000,000 Roanoke Public Improvement,
Series B, GO, State Aid
Withholding
5.000%, 02/01/19 ........................... 1,077,490
----------------
WASHINGTON - 2.40%
500,000 Port of Seattle Special
Facilities RB, Seattle-Tacoma
Fuel Facilities, AMT
5.000%, 06/01/11
Insured: MBIA .............................. 521,685
----------------
TOTAL MUNICIPAL SECURITIES
(Cost $20,068,904) ......................... 20,996,086
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANY - 1.67%
362,495 Blackrock Provident Institutional
MuniCash Portfolio ......................... $ 362,495
----------------
TOTAL INVESTMENT COMPANY
(Cost $362,495) ............................ 362,495
----------------
TOTAL INVESTMENTS - 98.26%
(Cost $20,431,399)* ...................................... 21,358,581
----------------
NET OTHER ASSETS AND LIABILITIES - 1.74% .................... 378,241
----------------
NET ASSETS - 100.00% ........................................ $ 21,736,822
================
- ----------
* At April 30, 2007, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ...................... $ 956,863
Gross unrealized depreciation ...................... (29,681)
----------------
Net unrealized appreciation ........................ $ 927,182
================
(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 April 30, 2007.
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
Gty Guaranty
IBC Insured Bond Certificate
MBIA MBIA Insurance Corp.
PCR Pollution Control Revenue
PSF Permanent School Fund
RB Revenue Bond
PORTFOLIO COMPOSITION
Investment Company ..................................................... 2%
Municipal Securities (Moody's Ratings)
Aaa ................................................................. 67%
Aa .................................................................. 15%
A ................................................................... 12%
Bbb ................................................................. 4%
----
100%
====
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 44
Aston Funds
ABN AMRO INVESTOR MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 80%
ASSET-BACKED 8%
CERTIFICATES OF DEPOSIT 12%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- ------------ ----------------
COMMERCIAL PAPER (a) - 20.50%
ASSET-BACKED - 8.69%
$ 1,000,000 FCAR Owner Trust II
5.250%, 05/23/07 ........................... $ 996,792
1,500,000 Fountain Square Commercial Funding
5.240%, 05/22/07 (b) ....................... 1,495,415
2,000,000 Galaxy Funding
5.220%, 06/07/07 (b) ....................... 1,989,270
1,000,000 New Center Asset Trust
5.160%, 08/23/07 ........................... 983,660
----------------
5,465,137
----------------
BANKS - 11.81%
1,500,000 Abbey National Treasury Services
5.220%, 06/11/07 ........................... 1,491,082
1,500,000 HBOS
5.220%, 06/08/07 ........................... 1,491,735
1,000,000 ING (US) Funding
5.175%, 08/21/07 ........................... 983,900
1,000,000 Societe Generale North America
5.140%, 10/05/07 ........................... 977,584
1,500,000 UBS Finance (DE)
5.230%, 06/01/07 ........................... 1,493,245
1,000,000 Westpac Banking
5.200%, 07/12/07 (b) ....................... 989,600
----------------
7,427,146
----------------
TOTAL COMMERCIAL PAPER
(Cost $12,892,283) ......................... 12,892,283
----------------
MARKET
VALUE
----------------
REPURCHASE AGREEMENTS - 79.52%
20,000,000 Barclays Capital, 5.240%, dated 04/30/2007,
matures 05/01/2007, repurchase price
$20,002,911, (collateralized by U.S.
Government Agency instrument, with interest
rate of 7.000% and maturity of 2011, total
market value $20,400,001) 5.240%, 05/01/07 .. 20,000,000
MARKET
PAR VALUE VALUE
- ------------ ----------------
REPURCHASE AGREEMENTS (CONTINUED)
$ 20,000,000 Deutsche Bank, 5.230%, dated 04/30/2007,
matures 05/01/2007, repurchase price
$20,002,906, (collateralized by U.S.
Government Agency instruments, with interest
rates from 4.930% to 5.500%, and maturities
from 2033 to 2037, total market value
$20,400,000) 5.230%, 05/01/07 ............... $ 20,000,000
10,000,000 Merrill Lynch, 5.180%, dated 04/30/2007,
matures 05/01/2007, repurchase price
$10,001,439, (collateralized by U.S. Treasury
instrument, with interest rate of 4.685% and
maturity of 2007, total market value
$10,204,404) 5.180%, 05/01/07 ............... 10,000,000
----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $50,000,000) .......................... 50,000,000
----------------
SHARES
- ------------
INVESTMENT COMPANY - 0.71%
445,838 BlackRock Liquidity Funds
TempFund Portfolio
0.000%, ..................................... 445,838
----------------
TOTAL INVESTMENT COMPANY
(Cost $445,838) ............................. 445,838
----------------
TOTAL INVESTMENTS - 100.73%
(Cost $63,338,121)* ...................................... 63,338,121
----------------
NET OTHER ASSETS AND LIABILITIES - (0.73)% .................. (456,219)
----------------
NET ASSETS - 100.00% ........................................ $ 62,881,902
================
- ----------
* At April 30, 2007, 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 April 30, 2007, these
securities amounted to $4,474,285 or 7.12% of net assets. These securities
have been determined by the Adviser to be liquid securities.
(DE) Delaware
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 45
Aston Funds
APRIL 30, 2007
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
MONTAG
& CALDWELL ABN AMRO VEREDUS SELECT
GROWTH FUND GROWTH FUND GROWTH FUND
-------------- ------------ --------------
ASSETS:
Investments:
Investments at cost ........................................................ $1,559,673,244 $524,469,507 $ 38,096,291
Net unrealized appreciation (depreciation) ................................. 277,394,894 65,208,715 3,010,398
-------------- ------------ --------------
Total investments at value .............................................. 1,837,068,138 589,678,222 41,106,689
Cash ............................................................................. -- -- --
Receivables:
Dividends and interest ..................................................... 1,911,676 242,341 10,005
Dividend reclaims .......................................................... -- -- --
Fund shares sold ........................................................... 1,947,123 584,156 31,968
Investments and foreign currency sold ...................................... 12,246,961 -- 983,842
Due from Adviser, net (Note G) ............................................. -- -- --
Deferred organization costs ...................................................... -- -- --
Other assets ..................................................................... 70,443 35,501 492
-------------- ------------ --------------
Total assets ............................................................ 1,853,244,341 590,540,220 42,132,996
-------------- ------------ --------------
LIABILITIES:
Payables:
Dividend distribution ...................................................... -- -- --
Investments and foreign currency purchased ................................. 10,799,769 -- 2,092,188
Fund shares redeemed ....................................................... 2,987,176 1,179,048 45,808
Due to Adviser, net (Note G) ............................................... 1,037,528 342,513 18,962
Administration fees (Note G) ............................................... 80,342 27,722 3,028
Distribution fees (Note G) ................................................. 41,922 18,118 2,153
Transfer agent fees ........................................................ 200,482 65,859 7,612
Reports to shareholders expense ............................................ 179,245 63,420 1,101
Trustees fees and related expenses (Note G) ................................ 9,249 9,655 328
Accrued expenses and other payables .............................................. 185,577 87,603 6,770
-------------- ------------ --------------
Total liabilities ....................................................... 15,521,290 1,793,938 2,177,950
-------------- ------------ --------------
NET ASSETS ....................................................................... $1,837,723,051 $588,746,282 $ 39,955,046
============== ============ ==============
NET ASSETS CONSIST OF:
Paid in capital ............................................................... $1,435,680,466 $501,676,479 $ 34,863,445
Accumulated undistributed (distribution in excess of) net investment
income (loss) ............................................................... (127,811) (197,004) (114,842)
Accumulated net realized gain (loss) on investments and foreign
currency transactions ....................................................... 124,775,502 22,058,092 2,196,045
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities in foreign currency .................................. 277,394,894 65,208,715 3,010,398
-------------- ------------ --------------
TOTAL NET ASSETS ................................................................. $1,837,723,051 $588,746,282 $ 39,955,046
============== ============ ==============
CLASS N:
Net Assets .................................................................... $ 758,383,487 $323,435,055 $ 38,554,789
Shares of beneficial interest outstanding (unlimited authorization) ........... 28,749,966 15,307,240 2,737,541
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ 26.38 $ 21.13 $ 14.08
============== ============ ==============
CLASS I:
Net Assets .................................................................... $1,078,876,514 $264,239,350 $ 1,400,257
Shares of beneficial interest outstanding (unlimited authorization) ........... 40,769,334 12,330,688 99,236
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ 26.46 $ 21.43 $ 14.11
============== ============ ==============
CLASS R:
Net Assets .................................................................... $ 463,050 $ 1,071,877 $ --
Shares of beneficial interest outstanding (unlimited authorization) ........... 17,624 51,190 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ 26.27 $ 20.94 $ --
============== ============ ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 46
Aston Funds
OPTIMUM TAMRO
LARGE CAP LARGE CAP VALUE
OPPORTUNITY FUND VALUE FUND FUND
---------------- ----------- ------------
ASSETS:
Investments:
Investments at cost ........................................................ $ 1,776,301 $12,639,883 $301,026,202
Net unrealized appreciation (depreciation) ................................. 113,419 2,784,960 101,095,292
---------------- ----------- ------------
Total investments at value .............................................. 1,889,720 15,424,843 402,121,494
Cash ............................................................................. -- -- --
Receivables:
Dividends and interest ..................................................... 1,433 4,547 381,962
Dividend reclaims .......................................................... -- -- --
Fund shares sold ........................................................... 9,422 303 522,898
Investments and foreign currency sold ...................................... 41,896 556,915 575,399
Due from Adviser, net (Note G) ............................................. 6,308 -- --
Deferred organization costs ...................................................... 11,034 -- --
Other assets ..................................................................... 54 605 8,191
---------------- ----------- ------------
Total assets ............................................................ 1,959,867 15,987,213 403,609,944
---------------- ----------- ------------
LIABILITIES:
Payables:
Dividend distribution ...................................................... -- -- --
Investments and foreign currency purchased ................................. 86,745 504,868 755,719
Fund shares redeemed ....................................................... -- 1,677 149,675
Due to Adviser, net (Note G) ............................................... -- 7,197 191,923
Administration fees (Note G) ............................................... 1,971 2,287 19,475
Distribution fees (Note G) ................................................. 102 855 7,089
Transfer agent fees ........................................................ 3,067 1,467 3,740
Reports to shareholders expense ............................................ 73 2,044 11,964
Trustees fees and related expenses (Note G) ................................ 9 145 3,112
Accrued expenses and other payables .............................................. 10,699 5,546 35,959
---------------- ----------- ------------
Total liabilities ....................................................... 102,666 526,086 1,178,656
---------------- ----------- ------------
NET ASSETS ....................................................................... $ 1,857,201 $15,461,127 $402,431,288
================ =========== ============
NET ASSETS CONSIST OF:
Paid in capital ............................................................... $ 1,749,834 $11,839,370 $287,913,178
Accumulated undistributed (distribution in excess of) net investment
income (loss) ............................................................... (421) (11,815) 323,588
Accumulated net realized gain (loss) on investments and foreign
currency transactions ....................................................... (5,631) 848,612 13,099,230
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities in foreign currency .................................. 113,419 2,784,960 101,095,292
---------------- ----------- ------------
TOTAL NET ASSETS ................................................................. $ 1,857,201 $15,461,127 $402,431,288
================ =========== ============
CLASS N:
Net Assets .................................................................... $ 1,857,201 $15,461,127 $128,475,690
Shares of beneficial interest outstanding (unlimited authorization) ........... 165,720 1,172,360 8,646,450
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ 11.21 $ 13.19 $ 14.86
================ =========== ============
CLASS I:
Net Assets .................................................................... $ -- $ -- $273,955,598
Shares of beneficial interest outstanding (unlimited authorization) ........... -- -- 18,425,916
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ -- $ -- $ 14.87
================ =========== ============
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 OPTIMUM RIVER ROAD
DYNAMIC EQUITY MID CAP SMALL-MID CAP
INCOME FUND FUND FUND
-------------- ------------ -------------
ASSETS:
Investments:
Investments at cost ........................................................ $ 42,253,763 $685,221,054 $ 5,308,797
Net unrealized appreciation (depreciation) ................................. 2,053,266 151,235,979 (23,124)
-------------- ------------ -------------
Total investments at value .............................................. 44,307,029 836,457,033 5,285,673
Cash ............................................................................. 7,362,778 -- --
Receivables:
Dividends and interest ..................................................... 79,655 806,338 4,128
Dividend reclaims .......................................................... 1,184 3,460 --
Fund shares sold ........................................................... 1,053,095 1,760,274 797,547
Investments and foreign currency sold ...................................... 206,321 1,664,659 84,166
Due from Adviser, net (Note G) ............................................. -- -- 7,925
Deferred organization costs ...................................................... -- -- --
Other assets ..................................................................... 165 17,996 7,752
-------------- ------------ -------------
Total assets ............................................................ 53,010,227 840,709,760 6,187,191
-------------- ------------ -------------
LIABILITIES:
Payables:
Dividend distribution ...................................................... 4,368 -- --
Investments and foreign currency purchased ................................. 9,395,533 5,650,768 288,765
Fund shares redeemed ....................................................... 108,549 4,275,679 --
Due to Adviser, net (Note G) ............................................... 20,126 497,847 --
Administration fees (Note G) ............................................... 3,892 36,117 1,371
Distribution fees (Note G) ................................................. 2,158 40,293 278
Transfer agent fees ........................................................ 271 114,033 972
Reports to shareholders expense ............................................ 282 47,162 6
Trustees fees and related expenses (Note G) ................................ 17 6,228 4
Accrued expenses and other payables .............................................. 1,660 49,090 3,874
-------------- ------------ -------------
Total liabilities ....................................................... 9,536,856 10,717,217 295,270
-------------- ------------ -------------
NET ASSETS ....................................................................... $ 43,473,371 $829,992,543 $ 5,891,921
============== ============ =============
NET ASSETS CONSIST OF:
Paid in capital ............................................................... $ 40,544,757 $632,173,820 $ 5,884,441
Accumulated undistributed (distribution in excess of) net investment
income (loss) ............................................................... 95,293 353,999 3,376
Accumulated net realized gain (loss) on investments and foreign
currency transactions ....................................................... 781,218 46,228,745 27,228
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities in foreign currency .................................. 2,052,103 151,235,979 (23,124)
-------------- ------------ -------------
TOTAL NET ASSETS ................................................................. $ 43,473,371 $829,992,543 $ 5,891,921
============== ============ =============
CLASS N:
Net Assets .................................................................... $ 43,473,371 $723,288,691 $ 5,891,921
Shares of beneficial interest outstanding (unlimited authorization) ........... 3,433,635 25,271,983 579,098
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ 12.66 $ 28.62 $ 10.17
============== ============ =============
CLASS I:
Net Assets .................................................................... $ -- $106,703,852 $ --
Shares of beneficial interest outstanding (unlimited authorization) ........... -- 3,697,505 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .......................................... $ -- $ 28.86 $ --
============== ============ =============
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.
| 47
Aston Funds
APRIL 30, 2007
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
VEREDUS TAMRO RIVER ROAD
AGGRESSIVE SMALL CAP SMALL CAP
GROWTH FUND FUND VALUE FUND
------------- ------------- ------------
ASSETS:
Investments:
Investments at cost .......................................................... $ 218,310,526 $ 310,191,724 $335,154,410
Net unrealized appreciation (depreciation) ................................... 34,724,051 63,215,198 21,001,145
------------- ------------- ------------
Total investments at value ................................................ 253,034,577 373,406,922 356,155,555
Cash ............................................................................... -- 7,100,000 --
Receivables:
Dividends and interest ....................................................... 160,279 76,372 311,004
Fund shares sold ............................................................. 303,498 4,062,810 5,381,018
Investments and foreign currency sold ........................................ 7,539,017 9,726,323 2,816,373
Due from Adviser, net (Note G) ............................................... -- -- --
Other assets ....................................................................... 19,996 4,328 44,719
------------- ------------- ------------
Total assets .............................................................. 261,057,367 394,376,755 364,708,669
------------- ------------- ------------
LIABILITIES:
Payables:
Due to custodian ............................................................. -- -- --
Dividend distribution ........................................................ -- -- --
Investments and foreign currency purchased ................................... 5,330,677 4,762,466 2,371,428
Fund shares redeemed ......................................................... 970,299 11,413,383 4,284,890
Due to Adviser, net (Note G) ................................................. 230,635 283,220 268,265
Administration fees (Note G) ................................................. 14,467 17,537 17,496
Distribution fees (Note G) ................................................... 37,884 13,690 18,418
Transfer agent fees .......................................................... 33,120 46,774 24,139
Reports to shareholders expense .............................................. 42,363 12,544 1,983
Trustees fees and related expenses (Note G) .................................. 7,219 1,446 39
Accrued expenses and other payables ................................................ 47,168 18,744 23,018
------------- ------------- ------------
Total liabilities ......................................................... 6,713,832 16,569,804 7,009,676
------------- ------------- ------------
NET ASSETS ......................................................................... $ 254,343,535 $ 377,806,951 $357,698,993
============= ============= ============
NET ASSETS CONSIST OF:
Paid in capital ................................................................. $ 190,514,316 $ 305,566,265 $323,503,650
Accumulated undistributed (distribution in excess of) net investment
income (loss) ................................................................. (2,088,426) (278,252) 490,575
Accumulated net realized gain (loss) on investments and foreign
currency transactions ......................................................... 31,193,594 9,303,740 12,703,623
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities in foreign currency .................................... 34,724,051 63,215,198 21,001,145
------------- ------------- ------------
TOTAL NET ASSETS ................................................................... $ 254,343,535 $ 377,806,951 $357,698,993
============= ============= ============
CLASS N:
Net Assets ...................................................................... $ 150,909,144 $ 242,148,969 $297,945,994
Shares of beneficial interest outstanding (unlimited authorization) ............. 7,813,469 11,944,798 20,357,154
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................ $ 19.31 $ 20.27 $ 14.64
============= ============= ============
CLASS I:
Net Assets ...................................................................... $ 103,434,391 $ 135,657,982 $ 59,752,999
Shares of beneficial interest outstanding (unlimited authorization) ............. 5,267,169 6,649,229 4,086,663
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................ $ 19.64 $ 20.40 $ 14.62
============= ============= ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 48
Aston Funds
ABN AMRO VEREDUS MONTAG
REAL ESTATE SCITECH & CALDWELL
FUND FUND BALANCED FUND
------------ ----------- -------------
ASSETS:
Investments:
Investments at cost ............................................................ $100,102,578 $ 2,916,180 $ 16,787,060
Net unrealized appreciation (depreciation) ..................................... 18,150,785 254,968 1,999,642
------------ ----------- -------------
Total investments at value .................................................. 118,253,363 3,171,148 18,786,702
Cash ................................................................................. -- -- --
Receivables:
Dividends and interest ......................................................... 73,290 224 75,178
Fund shares sold ............................................................... 271,328 208 912
Investments and foreign currency sold .......................................... 3,572,959 89,846 104,493
Due from Adviser, net (Note G) ................................................. -- 340 --
Other assets ......................................................................... 2,519 137 1,641
------------ ----------- -------------
Total assets ................................................................ 122,173,459 3,261,903 18,968,926
------------ ----------- -------------
LIABILITIES:
Payables:
Due to custodian ............................................................... 3,342 -- --
Dividend distribution .......................................................... -- -- --
Investments and foreign currency purchased ..................................... 3,755,196 105,336 93,522
Fund shares redeemed ........................................................... 184,892 17,981 51,133
Due to Adviser, net (Note G) ................................................... 91,851 -- 4,126
Administration fees (Note G) ................................................... 5,933 1,697 3,696
Distribution fees (Note G) ..................................................... 4,132 177 929
Transfer agent fees ............................................................ 6,629 2,202 2,738
Reports to shareholders expense ................................................ 4,800 297 1,577
Trustees fees and related expenses (Note G) .................................... 998 35 315
Accrued expenses and other payables .................................................. 11,278 2,145 4,105
------------ ----------- -------------
Total liabilities ........................................................... 4,069,051 129,870 162,141
------------ ----------- -------------
NET ASSETS ........................................................................... $118,104,408 $ 3,132,033 $ 18,806,785
============ =========== =============
NET ASSETS CONSIST OF:
Paid in capital ................................................................... $ 83,064,386 $ 4,218,133 $ 25,446,121
Accumulated undistributed (distribution in excess of) net investment
income (loss) ................................................................... 1,074,940 (21,831) (483,242)
Accumulated net realized gain (loss) on investments and foreign
currency transactions ........................................................... 15,814,047 (1,319,237) (8,155,736)
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities .......................................................... 18,151,035 254,968 1,999,642
------------ ----------- -------------
TOTAL NET ASSETS ..................................................................... $118,104,408 $ 3,132,033 $ 18,806,785
============ =========== =============
CLASS N:
Net Assets ........................................................................ $ 73,563,435 $ 3,132,033 $ 16,892,697
Shares of beneficial interest outstanding (unlimited authorization) ............... 4,421,017 404,902 949,195
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .............................................. $ 16.64 $ 7.74 $ 17.80
============ =========== =============
CLASS I:
Net Assets ........................................................................ $ 44,540,973 $ -- $ 1,914,088
Shares of beneficial interest outstanding (unlimited authorization) ............... 2,674,961 -- 107,747
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .............................................. $ 16.65 $ -- $ 17.76
============ =========== =============
- -----------------------------------------------------------------------------------------------------------------------------------
ABN AMRO TCH
BALANCED HIGH YIELD FIXED INCOME
FUND BOND FUND FUND
----------- ----------- ------------
ASSETS:
Investments:
Investments at cost ............................................................ $36,985,426 $21,608,266 $ 97,978,753
Net unrealized appreciation (depreciation) ..................................... 4,167,496 451,296 (107,151)
----------- ----------- ------------
Total investments at value .................................................. 41,152,922 22,059,562 97,871,602
Cash ................................................................................. 297,395 -- --
Receivables:
Dividends and interest ......................................................... 148,807 405,551 932,820
Fund shares sold ............................................................... 1,625 9,044 53,084
Investments and foreign currency sold .......................................... 12,022 162,559 --
Due from Adviser, net (Note G) ................................................. -- -- --
Other assets ......................................................................... 4,523 602 5,315
----------- ----------- ------------
Total assets ................................................................ 41,617,294 22,637,318 98,862,821
----------- ----------- ------------
LIABILITIES:
Payables:
Due to custodian ............................................................... -- 4,297 27,500
Dividend distribution .......................................................... -- 124,652 102,663
Investments and foreign currency purchased ..................................... -- 655,749 --
Fund shares redeemed ........................................................... 54,009 -- 86,883
Due to Adviser, net (Note G) ................................................... 23,531 1,886 26,822
Administration fees (Note G) ................................................... 5,876 9,106 9,388
Distribution fees (Note G) ..................................................... 1,944 308 3,175
Transfer agent fees ............................................................ 10,228 5,709 16,077
Reports to shareholders expense ................................................ 3,748 1,853 6,646
Trustees fees and related expenses (Note G) .................................... 824 203 1,265
Accrued expenses and other payables .................................................. 7,262 2,989 13,030
----------- ----------- ------------
Total liabilities ........................................................... 107,422 806,752 293,449
----------- ----------- ------------
NET ASSETS ........................................................................... $41,509,872 $21,830,566 $ 98,569,372
=========== =========== ============
NET ASSETS CONSIST OF:
Paid in capital ................................................................... $33,298,195 $21,682,912 $104,259,477
Accumulated undistributed (distribution in excess of) net investment
income (loss) ................................................................... (59,391) (195,199) (782,397)
Accumulated net realized gain (loss) on investments and foreign
currency transactions ........................................................... 4,103,572 (108,443) (4,800,557)
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities in foreign currency ...................................... 4,167,496 451,296 (107,151)
----------- ----------- ------------
TOTAL NET ASSETS ..................................................................... $41,509,872 $21,830,566 $ 98,569,372
=========== =========== ============
CLASS N:
Net Assets ........................................................................ $41,509,872 $ 5,598,425 $ 57,941,507
Shares of beneficial interest outstanding (unlimited authorization) ............... 5,408,627 555,748 5,891,681
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .............................................. $ 7.67 $ 10.07 $ 9.83
=========== =========== ============
CLASS I:
Net Assets ........................................................................ $ -- $16,232,141 $ 40,627,865
Shares of beneficial interest outstanding (unlimited authorization) ............... -- 1,611,417 4,131,233
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .............................................. $ -- $ 10.07 $ 9.83
=========== =========== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 49
Aston Funds
APRIL 30, 2007
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
TCH MCDONNELL ABN AMRO
INVESTMENT GRADE MUNICIPAL INVESTOR MONEY
BOND FUND BOND FUND MARKET FUND
------------------ --------------- ---------------
ASSETS:
Investments:
Investments at cost ................................................ $ 21,261,293 $ 20,431,399 $ 13,338,121
Repurchase agreements .............................................. -- -- 50,000,000
Net unrealized appreciation (depreciation) ......................... (185,383) 927,182 --
------------------ --------------- ---------------
Total investments at value ...................................... 21,075,910 21,358,581 63,338,121
Receivables:
Dividends and interest ............................................. 189,126 294,372 11,017
Fund shares sold ................................................... -- 153,168 142,993
Investments and foreign currency sold .............................. 3,327 -- --
Other assets ............................................................. 959 1,946 5,756
------------------ --------------- ---------------
Total assets .................................................... 21,269,322 21,808,067 63,497,887
------------------ --------------- ---------------
LIABILITIES:
Payables:
Dividend distribution .............................................. 48,001 32,121 88,009
Investments and foreign currency purchased ......................... 3,326 -- --
Fund shares redeemed ............................................... 5,600 6,156 480,238
Due to Adviser, net (Note G) ....................................... 3,379 3,353 22,386
Administration fees (Note G) ....................................... 6,442 2,678 3,423
Distribution fees (Note G) ......................................... 104 710 --
Transfer agent fees ................................................ 2,889 18,032 5,425
Reports to shareholders expense .................................... 1,753 4,868 2,439
Trustees fees and related expenses (Note G) ........................ 339 472 832
Accrued expenses and other payables ...................................... 6,382 2,855 13,233
------------------ --------------- ---------------
Total liabilities ............................................... 78,215 71,245 615,985
------------------ --------------- ---------------
NET ASSETS ............................................................... $ 21,191,107 $ 21,736,822 $ 62,881,902
================== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ....................................................... $ 22,611,838 $ 20,907,515 $ 62,881,902
Distribution in excess of net investment income ....................... (257,667) -- --
Accumulated net realized loss on investments .......................... (977,681) (97,875) --
Net unrealized appreciation (depreciation) on investments ............. (185,383) 927,182 --
------------------ --------------- ---------------
TOTAL NET ASSETS ......................................................... $ 21,191,107 $ 21,736,822 $ 62,881,902
================== =============== ===============
CLASS N:
Net Assets ............................................................ $ 1,905,773 $ 21,736,822 $ 62,881,902
Shares of beneficial interest outstanding (unlimited authorization) ... 208,128 2,125,304 62,882,056
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................. $ 9.16 $ 10.23 $ 1.00
================== =============== ===============
CLASS I:
Net Assets ............................................................ $ 19,285,334 $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) ... 2,106,470 -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................. $ 9.16 $ -- $ --
================== =============== ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 50
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
MONTAG
& CALDWELL ABN AMRO VEREDUS SELECT
GROWTH FUND GROWTH FUND GROWTH FUND
------------------ --------------- ---------------
INVESTMENT INCOME:
Dividends ............................................................. $ 13,828,446 $ 5,260,381 $ 118,974
Less: foreign taxes withheld .......................................... (91,943) -- --
Interest .............................................................. -- -- 6,659
------------------ --------------- ---------------
Total investment income ............................................ 13,736,503 5,260,381 125,633
------------------ --------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ..................................... 6,691,707 2,759,606 148,759
Distribution expenses(a) (Note G) ..................................... 992,769 469,052 45,073
Transfer agent fees (Note G) .......................................... 239,090 191,661 31,593
Administration fees (Note G) .......................................... 503,054 206,391 16,225
Registration expenses ................................................. 35,887 25,179 13,938
Custodian fees ........................................................ 44,169 20,259 2,068
Audit and tax fees .................................................... 16,455 11,288 8,902
Legal fees ............................................................ 37,640 16,453 672
Reports to shareholder expense ........................................ 87,669 38,596 1,809
Trustees fees and related expenses (Note G) ........................... 48,334 19,620 799
Interest expense (Note H) ............................................. 21,549 3,263 --
Other expenses ........................................................ 227,824 44,801 2,867
------------------ --------------- ---------------
Total expenses before waivers ...................................... 8,946,147 3,806,169 272,705
------------------ --------------- ---------------
Less: Investment advisory fees waived (Note G) ..................... -- -- (32,230)
------------------ --------------- ---------------
Net expenses ....................................................... 8,946,147 3,806,169 240,475
------------------ --------------- ---------------
NET INVESTMENT INCOME (LOSS) ............................................. 4,790,356 1,454,212 (114,842)
------------------ --------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ...................................... 133,760,462 65,035,313 2,532,907
Net change in unrealized appreciation (depreciation) on investments ... (27,060,325) (35,889,890) 407,766
------------------ --------------- ---------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ....................... 106,700,137 29,145,423 2,940,673
------------------ --------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................ $ 111,490,493 $ 30,599,635 $ 2,825,831
================== =============== ===============
- ----------
(a) Distribution expense is incurred at the Class N level for all funds except
Montag & Caldwell Growth Fund and ABN AMRO Growth Fund. The distribution
expense for Class N and R of the Montag & Caldwell Growth Fund is $991,452
and $1,317, respectively. The distribution expense for Class N and R of
the ABN AMRO Growth Fund is $464,928 and $4,124, respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 51
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
STATEMENT OF OPERATIONS - CONTINUED
- --------------------------------------------------------------------------------
OPTIMUM TAMRO
LARGE CAP LARGE CAP VALUE
OPPORTUNITY FUND(a) VALUE FUND FUND
------------------- -------------- ---------------
INVESTMENT INCOME:
Dividends ............................................................. $ 2,656 $ 120,865 $ 4,388,277
Less: foreign taxes withheld .......................................... -- (314) (110,568)
Interest .............................................................. 544 -- --
------------------- -------------- ---------------
Total investment income ............................................ 3,200 120,551 4,277,709
------------------- -------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ..................................... 2,067 63,549 1,499,142
Distribution expenses (Note G) ........................................ 646 19,859 145,543
Transfer agent fees (Note G) .......................................... 4,788 9,311 13,475
Administration fees (Note G) .......................................... 5,034 11,150 102,537
Registration expenses ................................................. 4,190 9,414 15,384
Custodian fees ........................................................ 2,853 2,220 12,553
Audit and tax fees .................................................... 4,437 8,897 9,657
Legal fees ............................................................ 15 301 6,752
Amortization of organization costs (Note B-9) ......................... 16,174 -- --
Reports to shareholder expense ........................................ 26 946 12,162
Trustees fees and related expenses (Note G) ........................... 18 359 8,045
Interest expense (Note H) ............................................. -- -- --
Other expenses ........................................................ 1,496 2,688 15,550
------------------- -------------- ---------------
Total expenses before waivers ...................................... 41,744 128,694 1,840,800
------------------- -------------- ---------------
Less: Investment advisory fees waived (Note G) ..................... (2,067) (33,009) (402,286)
Less: Expenses reimbursed (Note G) ................................. (36,056) -- --
------------------- -------------- ---------------
Net expenses ....................................................... 3,621 95,685 1,438,514
------------------- -------------- ---------------
NET INVESTMENT INCOME (LOSS) ............................................. (421) 24,866 2,839,195
------------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ............................... (5,631) 902,344 13,859,749
Net realized loss on foreign currency transactions .................... -- -- --
Net change in unrealized appreciation (depreciation) on investments ... 113,419 147,900 21,970,173
------------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ....................... 107,788 1,050,244 35,829,922
------------------- -------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................ $ 107,367 $ 1,075,110 $ 38,669,117
=================== ============== ===============
- ----------
(a) Optimum Large Cap Opportunity Fund commenced investment operations on
December 28, 2006.
(b) River Road Small-Mid Cap Fund commenced investment operations on March 29,
2007.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 52
Aston Funds
RIVER ROAD OPTIMUM RIVER ROAD
DYNAMIC EQUITY MID CAP SMALL-MID CAP
INCOME FUND FUND FUND(b)
------------------- -------------- ---------------
INVESTMENT INCOME:
Dividends ............................................................. $ 681,108 $ 4,481,168 $ 8,303
Less: foreign taxes withheld .......................................... (6,907) (21,653) --
Interest .............................................................. 8,089 -- --
------------------- -------------- ---------------
Total investment income ............................................ 682,290 4,459,515 8,303
------------------- -------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ..................................... 93,417 2,716,532 3,285
Distribution expenses (Note G) ........................................ 33,363 804,342 821
Transfer agent fees (Note G) .......................................... 14,497 250,308 972
Administration fees (Note G) .......................................... 14,659 193,131 1,380
Registration expenses ................................................. 8,763 17,805 800
Custodian fees ........................................................ 5,869 18,075 619
Audit and tax fees .................................................... 8,870 10,448 2,394
Legal fees ............................................................ 348 13,018 3
Amortization of organization costs (Note B-9) ......................... -- -- 6,014
Reports to shareholder expense ........................................ 794 35,249 6
Trustees fees and related expenses (Note G) ........................... 414 15,961 4
Interest expense (Note H) ............................................. 120 2,605 --
Other expenses ........................................................ 2,469 28,042 542
------------------- -------------- ---------------
Total expenses before waivers ...................................... 183,583 4,105,516 16,840
------------------- -------------- ---------------
Less: Investment advisory fees waived (Note G) ..................... (10,795) -- (3,285)
Less: Expenses reimbursed (Note G) ................................. -- -- (8,628)
------------------- -------------- ---------------
Net expenses ....................................................... 172,788 4,105,516 4,927
------------------- -------------- ---------------
NET INVESTMENT INCOME (LOSS) .......................................... 509,502 353,999 3,376
------------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ............................... 759,218 46,955,677 27,228
Net realized loss on foreign currency transactions .................... (2,647) -- --
Net change in unrealized appreciation (depreciation) on investments ... 993,274 37,971,068 (23,124)
------------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ....................... 1,749,845 84,926,745 4,104
------------------- -------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................ $ 2,259,347 $ 85,280,744 $ 7,480
=================== ============== ===============
VEREDUS TAMRO RIVER ROAD
AGGRESSIVE SMALL CAP SMALL CAP
GROWTH FUND FUND VALUE FUND
------------------- -------------- ----------------
INVESTMENT INCOME:
Dividends ............................................................. $ 416,409 $ 1,437,353 $ 2,731,192
Less: foreign taxes withheld .......................................... -- -- (9,477)
Interest .............................................................. -- -- 63,497
------------------- -------------- ---------------
Total investment income ............................................ 416,409 1,437,353 2,785,212
------------------- -------------- ---------------
EXPENSES:
Investment advisory fees (Note G) ..................................... 1,805,316 1,452,652 1,323,061
Distribution expenses (Note G) ........................................ 287,513 277,388 335,095
Transfer agent fees (Note G) .......................................... 145,343 101,933 156,281
Administration fees (Note G) .......................................... 99,532 88,061 81,668
Registration expenses ................................................. 22,156 23,804 13,863
Custodian fees ........................................................ 15,010 7,588 21,732
Audit and tax fees .................................................... 10,077 9,442 9,294
Legal fees ............................................................ 8,878 5,046 3,519
Amortization of organization costs (Note B-9) ......................... -- -- 4,189
Reports to shareholder expense ........................................ 26,517 12,620 7,076
Trustees fees and related expenses (Note G) ........................... 10,586 6,013 4,777
Interest expense (Note H) ............................................. 48,146 -- --
Other expenses 25,761 10,882 6,076
------------------- -------------- ---------------
Total expenses before waivers ...................................... 2,504,835 1,995,429 1,966,631
------------------- -------------- ---------------
Less: Investment advisory fees waived (Note G) ..................... -- (27,468) --
Less: Expenses reimbursed (Note G) ................................. -- -- --
------------------- -------------- ---------------
Net expenses ....................................................... 2,504,835 1,967,961 1,966,631
------------------- -------------- ---------------
NET INVESTMENT INCOME (LOSS) ............................................. (2,088,426) (530,608) 818,581
------------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ............................... 32,996,715 9,868,270 13,082,582
Net realized loss on foreign currency transactions .................... -- -- --
Net change in unrealized appreciation (depreciation) on investments ... 6,985,594 15,264,366 10,882,637
------------------- -------------- ---------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ....................... 39,982,309 25,132,636 23,965,219
------------------- -------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................ $ 37,893,883 $ 24,602,028 $ 24,783,800
=================== ============== ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 53
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
STATEMENT OF OPERATIONS - CONTINUED
- --------------------------------------------------------------------------------
ABN AMRO VEREDUS MONTAG
REAL ESTATE SCITECH & CALDWELL
FUND FUND BALANCED FUND
------------- ----------- -------------
INVESTMENT INCOME:
Dividends ........................................................................ $ 2,245,740 $ 5,167 $ 138,570
Less: foreign taxes withheld ..................................................... (21,581) -- (757)
Interest ......................................................................... -- 13 186,270
------------- ----------- -------------
Total investment income ....................................................... 2,224,159 5,180 324,083
------------- ----------- -------------
EXPENSES:
Investment advisory fees (Note G) ................................................ 623,083 16,886 98,044
Distribution expenses (Note G) ................................................... 96,049 4,221 24,306
Transfer agent fees (Note G) ..................................................... 22,942 8,178 16,600
Administration fees (Note G) ..................................................... 38,144 7,929 15,026
Registration expenses ............................................................ 16,956 6,071 21,040
Custodian fees ................................................................... 4,412 2,267 3,104
Audit and tax fees ............................................................... 9,102 8,857 7,647
Legal fees ....................................................................... 2,269 69 555
Reports to shareholder expense ................................................... 4,543 461 1,418
Trustees fees and related expenses (Note G) ...................................... 2,704 79 663
Interest expense (Note H) ........................................................ 551 -- 2,549
Other expenses ................................................................... 6,474 2,019 4,029
------------- ----------- -------------
Total expenses before waivers ................................................. 827,229 57,037 194,981
------------- ----------- -------------
Less: Investment advisory fees waived (Note G) ................................ (32,872) (16,886) (24,977)
Less: Administration fees waived .............................................. -- (13,140) --
------------- ----------- -------------
Net expenses .................................................................. 794,357 27,011 170,004
------------- ----------- -------------
NET INVESTMENT INCOME (LOSS) ........................................................ 1,429,802 (21,831) 154,079
------------- ----------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................................... 15,567,066 99,752 1,734,177
Net realized loss on foreign currency transactions ............................... (31,727) -- --
Net change in unrealized appreciation (depreciation) on investments .............. (10,717,227) 111,241 (889,250)
Net change in unrealized appreciation on translation of assets and
liabilities denominated in foreign currency .................................... 1,329 -- --
------------- ----------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........................... 4,819,441 210,993 844,927
------------- ----------- -------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ....................................... $ 6,249,243 $ 189,162 $ 999,006
============= =========== =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 54
Aston Funds
ABN AMRO TCH
BALANCED HIGH YIELD FIXED INCOME
FUND BOND FUND FUND
------------- ----------- -------------
INVESTMENT INCOME:
Dividends ........................................................................ $ 244,276 $ 15,754 $ 99,693
Less: foreign taxes withheld ..................................................... -- -- --
Interest ......................................................................... 410,859 832,571 2,844,160
------------- ----------- -------------
Total investment income ....................................................... 655,135 848,325 2,943,853
------------- ----------- -------------
EXPENSES:
Investment advisory fees (Note G) ................................................ 169,749 48,199 292,288
Distribution expenses (Note G) ................................................... 60,625 6,759 81,112
Transfer agent fees (Note G) ..................................................... 11,597 14,382 33,511
Administration fees (Note G) ..................................................... 22,989 20,146 37,625
Registration expenses ............................................................ 7,475 11,347 17,606
Custodian fees ................................................................... 3,730 1,923 3,725
Audit and tax fees ............................................................... 9,121 8,899 9,259
Legal fees ....................................................................... 1,222 401 2,048
Reports to shareholder expense ................................................... 2,873 708 5,260
Trustees fees and related expenses (Note G) ...................................... 1,392 477 2,562
Interest expense (Note H) ........................................................ 3,828 -- 1,208
Other expenses ................................................................... 6,971 3,000 8,710
------------- ----------- -------------
Total expenses before waivers ................................................. 301,572 116,241 494,914
------------- ----------- -------------
Less: Investment advisory fees waived (Note G) ................................ -- (48,199) (151,299)
Less: Administration fees waived .............................................. -- (2,400) --
------------- ----------- -------------
Net expenses .................................................................. 301,572 65,642 343,615
------------- ----------- -------------
NET INVESTMENT INCOME (LOSS) ........................................................ 353,563 782,683 2,600,238
------------- ----------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................................... 4,393,731 121,494 2,629,309
Net realized loss on foreign currency transactions ............................... -- -- --
Net change in unrealized appreciation (depreciation) on investments .............. (2,105,190) 357,311 27,601
Net change in unrealized appreciation on translation of assets and
liabilities denominated in foreign currency .................................... -- -- --
------------- ----------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........................... 2,288,541 478,805 2,656,910
------------- ----------- -------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ....................................... $ 2,642,104 $ 1,261,488 $ 5,257,148
============= =========== =============
TCH MCDONNELL ABN AMRO
INVESTMENT GRADE MUNICIPAL BOND INVESTOR MONEY
BOND FUND FUND MARKET FUND
---------------- -------------- --------------
INVESTMENT INCOME:
Dividends ................................................................. $ 57,815 $ 19,026 $ 20,237
Less: foreign taxes withheld .............................................. -- -- --
Interest .................................................................. 540,906 541,564 1,933,801
---------------- -------------- --------------
Total investment income ................................................ 598,721 560,590 1,954,038
---------------- -------------- --------------
EXPENSES:
Investment advisory fees (Note G) ......................................... 58,500 76,487 147,309
Distribution expenses (Note G) ............................................ 3,014 8,295 --
Transfer agent fees (Note G) .............................................. 11,927 15,416 15,253
Administration fees (Note G) .............................................. 16,852 14,715 24,607
Registration expenses ..................................................... 14,850 8,193 11,891
Custodian fees ............................................................ 2,023 1,392 5,979
Audit and tax fees ........................................................ 8,917 8,958 7,557
Legal fees ................................................................ 509 594 1,458
Reports to shareholder expense ............................................ 1,022 2,444 2,544
Trustees fees and related expenses (Note G) ............................... 607 718 1,739
Interest expense (Note H) ................................................. 255 511 --
Other expenses ............................................................ 3,419 4,166 7,904
---------------- -------------- --------------
Total expenses before waivers .......................................... 121,895 141,889 226,241
---------------- -------------- --------------
Less: Investment advisory fees waived (Note G) ......................... (43,523) (58,283) --
Less: Administration fees waived ....................................... -- -- --
---------------- -------------- --------------
Net expenses ........................................................... 78,372 83,606 226,241
---------------- -------------- --------------
NET INVESTMENT INCOME (LOSS) ................................................. 520,349 476,984 1,727,797
---------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ................................... (194,155) 22,278 --
Net realized loss on foreign currency transactions ........................ -- -- --
Net change in unrealized appreciation (depreciation) on investments ....... 284,710 (214,593) --
Net change in unrealized appreciation on translation of assets and
liabilities denominated in foreign currency ............................. -- -- --
---------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 90,555 (192,315) --
---------------- -------------- --------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ................................ $ 610,904 $ 284,669 $ 1,727,797
================ ============== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 55
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
MONTAG & CALDWELL ABN AMRO
GROWTH FUND GROWTH FUND
----------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ---------------- ---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 2,093,475,923 $ 2,720,779,560 $ 908,528,310 $ 1,338,862,792
---------------- ---------------- ---------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................ 4,790,356 10,567,448 1,454,212 1,386,366
Net realized gain (loss) on investments sold ........ 133,760,462 178,041,946 65,035,313 105,651,927
Net change in unrealized appreciation (depreciation)
on investments .................................... (27,060,325) (542,285) (35,889,890) (40,159,133)
---------------- ---------------- ---------------- ---------------
Net increase in net assets from operations ....... 111,490,493 188,067,109 30,599,635 66,879,160
---------------- ---------------- ---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .......................................... (1,576,502) (2,679,882) (279,220) --
Class I .......................................... (3,940,568) (9,512,208) (1,663,972) (1,514,894)
Net realized gain on investments:
Class N .......................................... (5,661,531) -- (49,264,625) (39,262,754)
Class I .......................................... (8,346,214) -- (53,556,305) (20,962,724)
Class R .......................................... (3,906) -- (203,793) (55,562)
---------------- ---------------- ---------------- ---------------
Total distributions ........................... (19,528,721) (12,192,090) (104,967,915) (61,795,934)
---------------- ---------------- ---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .......................................... 99,305,474 203,108,173 45,366,060 91,562,732
Class I .......................................... 116,230,160 215,927,315 18,683,967 71,772,049
Class R .......................................... 105,382 259,091 222,936 1,159,338
Proceeds from reinvestment of distributions:
Class N .......................................... 6,823,617 2,534,223 43,442,070 35,934,679
Class I .......................................... 10,948,687 8,084,120 53,945,878 21,578,017
Class R .......................................... 3,800 -- 178,214 35,886
Cost of shares redeemed:
Class N .......................................... (231,787,412) (418,992,691) (179,899,463) (570,368,704)
Class I .......................................... (348,982,525) (813,779,519) (226,488,455) (86,459,794)
Class R .......................................... (361,827) (319,368) (864,955) (631,911)
---------------- ---------------- ---------------- ---------------
Net increase (decrease) from capital share
transactions ................................ (347,714,644) (803,178,656) (245,413,748) (435,417,708)
---------------- ---------------- ---------------- ---------------
Total increase (decrease) in net assets ....... (255,752,872) (627,303,637) (319,782,028) (430,334,482)
---------------- ---------------- ---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 1,837,723,051 $ 2,093,475,923 $ 588,746,282 $ 908,528,310
================ ================ ================ ===============
(A) Undistributed (distributions in excess of) net
investment income (loss) ......................... $ (127,811) $ 598,903 $ (197,004) $ 291,976
================ ================ ================ ===============
- ----------
(a) Optimum Large Cap Opportunity Fund commenced investment operations on
December 28, 2006.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 56
Aston Funds
VEREDUS SELECT OPTIMUM LARGE CAP
GROWTH FUND OPPORTUNITY FUND
--------------------------------- -----------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007(a)
(UNAUDITED) 2006 (UNAUDITED)
---------------- -------------- -----------------
NET ASSETS AT BEGINNING OF PERIOD ......................................... $ 35,702,444 $ 13,269,721 $ --
---------------- -------------- -----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................... (114,842) (72,327) (421)
Net realized gain (loss) on investments sold ........................... 2,532,907 (329,813) (5,631)
Net change in unrealized appreciation (depreciation) on investments .... 407,766 2,284,821 113,419
---------------- -------------- -----------------
Net increase in net assets from operations .......................... 2,825,831 1,882,681 107,367
---------------- -------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................................. -- -- --
Class I ............................................................. -- -- --
Net realized gain on investments:
Class N ............................................................. -- (19,255) --
Class I ............................................................. -- -- --
Class R ............................................................. -- -- --
---------------- -------------- -----------------
Total distributions .............................................. -- (19,255) --
---------------- -------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................................. 5,801,775 28,781,808 1,752,675
Class I ............................................................. 287,184 939,529 --
Class R ............................................................. -- -- --
Proceeds from reinvestment of distributions:
Class N ............................................................. -- 17,181 --
Class I ............................................................. -- -- --
Class R ............................................................. -- -- --
Cost of shares redeemed:
Class N ............................................................. (4,662,188) (9,158,852) (2,841)
Class I ............................................................. -- (10,369) --
Class R ............................................................. -- -- --
---------------- -------------- -----------------
Net increase (decrease) from capital share transactions .......... 1,426,771 20,569,297 1,749,834
---------------- -------------- -----------------
Total increase (decrease) in net assets .......................... 4,252,602 22,432,723 1,857,201
---------------- -------------- -----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............................ $ 39,955,046 $ 35,702,444 $ 1,857,201
================ ============== =================
(A) Undistributed (distributions in excess of) net investment income
(loss) .............................................................. $ (114,842) $ -- $ (421)
================ ============== =================
TAMRO LARGE CAP
VALUE FUND VALUE FUND
----------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ---------------- ---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 15,863,669 $ 21,589,988 $ 351,485,956 $ 288,285,791
---------------- ---------------- ---------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................ 24,866 130,244 2,839,195 5,631,245
Net realized gain (loss) on investments sold ........ 902,344 2,227,972 13,859,749 14,234,705
Net change in unrealized appreciation (depreciation)
on investments .................................... 147,900 34,338 21,970,173 37,592,341
---------------- ---------------- ---------------- ---------------
Net increase in net assets from operations ....... 1,075,110 2,392,554 38,669,117 57,458,291
---------------- ---------------- ---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .......................................... (36,681) (152,087) (772,775) (1,514,453)
Class I .......................................... -- -- (2,071,042) (3,940,727)
Net realized gain on investments:
Class N .......................................... (1,853,376) -- (4,166,904) (1,521,026)
Class I .......................................... -- -- (9,982,842) (3,052,213)
Class R .......................................... -- -- -- --
---------------- ---------------- ---------------- ---------------
Total distributions ........................... (1,890,057) (152,087) (16,993,563) (10,028,419)
---------------- ---------------- ---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .......................................... 1,224,388 2,270,591 33,423,366 20,283,165
Class I .......................................... -- -- -- 15,805,707
Class R .......................................... -- -- -- --
Proceeds from reinvestment of distributions:
Class N .......................................... 1,804,295 145,318 4,884,130 2,925,329
Class I .......................................... -- -- 12,053,884 6,992,944
Class R .......................................... -- -- -- --
Cost of shares redeemed:
Class N .......................................... (2,616,278) (10,382,695) (20,626,984) (29,592,732)
Class I .......................................... -- -- (464,618) (644,120)
Class R .......................................... -- -- -- --
---------------- ---------------- ---------------- ---------------
Net increase (decrease) from capital share
transactions ................................ 412,405 (7,966,786) 29,269,778 15,770,293
---------------- ---------------- ---------------- ---------------
Total increase (decrease) in net assets ....... (402,542) (5,726,319) 50,945,332 63,200,165
---------------- ---------------- ---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 15,461,127 $ 15,863,669 $ 402,431,288 $ 351,485,956
================ ================ ================ ===============
(A) Undistributed (distributions in excess of) net
investment income (loss) ......................... $ (11,815) $ -- $ 323,588 $ 328,210
================ ================ ================ ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 57
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
RIVER ROAD
DYNAMIC EQUITY OPTIMUM
INCOME FUND MID CAP FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 15,899,329 $ 5,325,624 $ 659,560,772 $ 621,888,361
---------------- ------------- ---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ..................... 509,502 299,645 353,999 (356,852)
Net realized gain on investments sold and
foreign currency transactions .................. 756,571 279,902 46,955,677 45,528,194
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 ................ 993,274 1,092,244 37,971,068 80,422,895
---------------- ------------- ---------------- -------------
Net increase in net assets from operations .... 2,259,347 1,674,578 85,280,744 125,594,237
---------------- ------------- ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... (424,756) (282,923) -- --
Net realized gain on investments:
Class N ....................................... (200,230) -- (39,625,880) (21,122,968)
Class I ....................................... -- -- (5,925,649) (2,864,757)
---------------- ------------- ---------------- -------------
Total distributions ........................ (624,986) (282,923) (45,551,529) (23,987,725)
---------------- ------------- ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 33,377,555 16,540,433 187,627,781 166,051,832
Class I ....................................... -- -- 25,070,093 22,697,159
Proceeds from reinvestment of distributions:
Class N ....................................... 595,186 118,813 36,513,916 19,241,505
Class I ....................................... -- -- 5,039,035 2,546,016
Cost of shares redeemed:
Class N ....................................... (8,033,060) (7,477,196) (112,981,999) (245,424,318)
Class I ....................................... -- -- (10,566,270) (29,046,295)
---------------- ------------- ---------------- -------------
Net increase (decrease) from capital
share transactions ....................... 25,939,681 9,182,050 130,702,556 (63,934,101)
---------------- ------------- ---------------- -------------
Total increase (decrease) in net
assets ................................... 27,574,042 10,573,705 170,431,771 37,672,411
---------------- ------------- ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 43,473,371 $ 15,899,329 $ 829,992,543 $ 659,560,772
================ ============= ================ =============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ 95,293 $ 10,547 $ 353,999 $ --
================ ============= ================ =============
- ----------
(a) River Road Small-Mid Cap Fund commenced investment operations on March 29,
2007.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 58
Aston Funds
RIVER ROAD VEREDUS
SMALL-MID CAP AGGRESSIVE GROWTH
FUND FUND
----------------- --------------------------------
PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007(a) APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) (UNAUDITED) 2006
----------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ -- $ 517,810,019 $ 705,738,099
----------------- ---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ..................... 3,376 (2,088,426) (7,292,453)
Net realized gain on investments sold and
foreign currency transactions .................. 27,228 32,996,715 105,379,858
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 ................ (23,124) 6,985,594 (92,919,094)
----------------- ---------------- -------------
Net increase in net assets from operations .... 7,480 37,893,883 5,168,311
----------------- ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... -- -- --
Net realized gain on investments:
Class N ....................................... -- (20,581,456) --
Class I ....................................... -- (9,299,234) --
----------------- ---------------- -------------
Total distributions ........................ -- (29,880,690) --
----------------- ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 5,888,191 14,072,328 101,761,208
Class I ....................................... -- 18,041,979 49,584,463
Proceeds from reinvestment of distributions:
Class N ....................................... -- 19,760,404 --
Class I ....................................... -- 7,691,304 --
Cost of shares redeemed:
Class N ....................................... (3,750) (252,169,192) (289,738,756)
Class I ....................................... -- (78,876,500) (54,703,306)
----------------- ---------------- -------------
Net increase (decrease) from capital
share transactions ....................... 5,884,441 (271,479,677) (193,096,391)
----------------- ---------------- -------------
Total increase (decrease) in net assets .... 5,891,921 (263,466,484) (187,928,080)
----------------- ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 5,891,921 $ 254,343,535 $ 517,810,019
================= ================ =============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ 3,376 $ (2,088,426) $ --
================= ================ =============
TAMRO
SMALL CAP FUND
--------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006
---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 246,443,981 $ 160,381,859
---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ..................... (530,608) (616,289)
Net realized gain on investments sold and
foreign currency transactions .................. 9,868,270 15,842,217
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 ................ 15,264,366 26,581,227
---------------- -------------
Net increase in net assets from
operations ................................... 24,602,028 41,807,155
---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... -- --
Net realized gain on investments:
Class N ....................................... (10,988,047) --
Class I ....................................... (4,397,870) --
---------------- -------------
Total distributions ........................ (15,385,917) --
---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 89,506,459 97,057,060
Class I ....................................... 85,277,657 55,954,648
Proceeds from reinvestment of
distributions:
Class N ....................................... 10,175,793 --
Class I ....................................... 2,712,397 --
Cost of shares redeemed:
Class N ....................................... (46,491,675) (96,407,979)
Class I ....................................... (19,033,772) (12,348,762)
---------------- -------------
Net increase (decrease) from capital
share transactions ....................... 122,146,859 44,254,967
---------------- -------------
Total increase (decrease) in net assets .... 131,362,970 86,062,122
---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 377,806,951 $ 246,443,981
================ =============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ (278,252) $ 252,356
================ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 59
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
RIVER ROAD ABN AMRO
SMALL CAP VALUE FUND REAL ESTATE FUND
-------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 167,437,729 $ 6,299,392 $ 118,531,381 $ 87,561,637
---------------- ------------- ---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ..................... 818,581 269,582 1,429,802 2,014,141
Net realized gain on investments sold and
foreign currency transactions .................. 13,082,582 1,833,142 15,535,339 24,074,545
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
denominated in foreign currency ................ 10,882,637 10,022,179 (10,715,898) 7,993,747
---------------- ------------- ---------------- ----------------
Net increase in net assets from
operations .................................. 24,783,800 12,124,903 6,249,243 34,082,433
---------------- ------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... (526,989) -- (190,594) (449,156)
Class I ....................................... (47,496) -- (164,987) (370,550)
Net realized gain on investments:
Class N ....................................... (2,150,823) -- (15,755,762) (6,115,413)
Class I ....................................... (29,168) -- (9,790,333) (3,722,701)
---------------- ------------- ---------------- ----------------
Total distributions ........................ (2,754,476) -- (25,901,676) (10,657,820)
---------------- ------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 182,963,104 167,436,095 18,242,152 20,175,988
Class I ....................................... 58,954,388 -- 300 4,511,196
Proceeds from reinvestment of distributions:
Class N ....................................... 2,417,432 -- 15,714,374 6,469,845
Class I ....................................... 45,791 -- 9,955,320 4,093,252
Cost of shares redeemed:
Class N ....................................... (75,613,428) (18,422,661) (20,697,198) (22,800,811)
Class I ....................................... (535,347) -- (3,989,488) (4,904,339)
---------------- ------------- ---------------- ----------------
Net increase (decrease) from capital
share transactions ....................... 168,231,940 149,013,434 19,225,460 7,545,131
---------------- ------------- ---------------- ----------------
Total increase (decrease) in net
assets ................................... 190,261,264 161,138,337 (426,973) 30,969,744
---------------- ------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 357,698,993 $ 167,437,729 $ 118,104,408 $ 118,531,381
================ ============= ================ ================
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ 490,575 $ 246,479 $ 1,074,940 $ 719
================ ============= ================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 60
Aston Funds
VEREDUS MONTAG & CALDWELL
SCITECH FUND BALANCED FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 3,409,003 $ 4,553,922 $ 30,995,506 $ 68,367,989
---------------- ------------- ---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ..................... (21,831) (50,162) 154,079 561,605
Net realized gain on investments sold and
foreign currency transactions .................. 99,752 567,029 1,734,177 3,853,595
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
denominated in foreign currency ................ 111,241 (342,388) (889,250) (1,744,561)
---------------- ------------- ---------------- -------------
Net increase in net assets from
operations .................................. 189,162 174,479 999,006 2,670,639
---------------- ------------- ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... -- -- (144,298) (577,358)
Class I ....................................... -- -- (66,320) (213,087)
Net realized gain on investments:
Class N ....................................... -- -- -- --
Class I ....................................... -- -- -- --
---------------- ------------- ---------------- -------------
Total distributions ........................ -- -- (210,618) (790,445)
---------------- ------------- ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 593,100 1,376,033 852,151 4,133,925
Class I ....................................... -- -- 583,888 4,281,107
Proceeds from reinvestment of distributions:
Class N ....................................... -- -- 140,850 569,934
Class I ....................................... -- -- 65,655 211,177
Cost of shares redeemed:
Class N ....................................... (1,059,232) (2,695,431) (8,110,660) (31,394,495)
Class I ....................................... -- -- (6,508,993) (17,054,325)
---------------- ------------- ---------------- -------------
Net increase (decrease) from capital
share transactions ....................... (466,132) (1,319,398) (12,977,109) (39,252,677)
---------------- ------------- ---------------- -------------
Total increase (decrease) in net
assets ................................... (276,970) (1,144,919) (12,188,721) (37,372,483)
---------------- ------------- ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 3,132,033 $ 3,409,003 $ 18,806,785 $ 30,995,506
================ ============= ================ =============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ (21,831) $ -- $ (483,242) $ (426,703)
================ ============= ================ =============
BALANCED FUND
--------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006
---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 60,831,234 $ 173,051,478
---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ..................... 353,563 1,249,001
Net realized gain on investments sold and
foreign currency transactions .................. 4,393,731 20,027,943
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
denominated in foreign currency ................ (2,105,190) (14,612,832)
---------------- -------------
Net increase in net assets from
operations .................................. 2,642,104 6,664,112
---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... (410,024) (1,538,340)
Class I ....................................... -- --
Net realized gain on investments:
Class N ....................................... (17,246,610) (8,738,671)
Class I ....................................... -- --
---------------- -------------
Total distributions ........................ (17,656,634) (10,277,011)
---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 1,992,878 9,368,744
Class I ....................................... -- --
Proceeds from reinvestment of distributions:
Class N ....................................... 17,451,660 10,204,888
Class I ....................................... -- --
Cost of shares redeemed:
Class N ....................................... (23,751,370) (128,180,977)
Class I ....................................... -- --
---------------- -------------
Net increase (decrease) from capital
share transactions ....................... (4,306,832) (108,607,345)
---------------- -------------
Total increase (decrease) in net
assets ................................... (19,321,362) (112,220,244)
---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 41,509,872 $ 60,831,234
================ =============
(A) Undistributed (distributions in excess of)
net investment income (loss) ................. $ (59,391) $ (2,930)
================ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 61
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
ABN AMRO TCH
HIGH YIELD BOND FUND FIXED INCOME FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 21,197,081 $ 21,110,797 $ 120,243,877 $ 211,682,793
---------------- ------------- ---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ............................ 782,683 1,461,217 2,600,238 7,694,965
Net realized gain (loss) on investments
sold ........................................... 121,494 (101,894) 2,629,309 (4,341,385)
Net change in unrealized appreciation
(depreciation) on investments .................. 357,311 31,808 27,601 3,074,653
---------------- ------------- ---------------- -------------
Net increase in net assets from
operations .................................. 1,261,488 1,391,131 5,257,148 6,428,233
---------------- ------------- ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... (203,576) (516,652) (1,616,323) (5,401,290)
Class I ....................................... (621,027) (1,043,185) (1,108,666) (2,746,221)
Net realized gain on investments:
Class N ....................................... -- -- -- --
---------------- ------------- ---------------- -------------
Total distributions ........................ (824,603) (1,559,837) (2,724,989) (8,147,511)
---------------- ------------- ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 418,636 642,379 5,472,935 21,350,197
Class I ....................................... 20,305 6,008,851 1,489,304 4,515,699
Proceeds from reinvestment of
distributions:
Class N ....................................... 37,412 63,740 1,543,416 5,089,856
Class I ....................................... 3,310 7,623 563,062 1,342,093
Cost of shares redeemed:
Class N ....................................... (275,646) (6,412,161) (27,754,149) (86,900,664)
Class I ....................................... (7,417) (55,442) (5,521,232) (35,116,819)
---------------- ------------- ---------------- -------------
Net increase (decrease) from capital
share transactions ....................... 196,600 254,990 (24,206,664) (89,719,638)
---------------- ------------- ---------------- -------------
Total increase (decrease) in net assets .... 633,485 86,284 (21,674,505) (91,438,916)
---------------- ------------- ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 21,830,566 $ 21,197,081 $ 98,569,372 $ 120,243,877
================ ============= ================ =============
(A) Distributions in excess of net investment
income ....................................... $ (195,199) $ (153,279) $ (782,397) $ (657,646)
================ ============= ================ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 62
Aston Funds
TCH INVESTMENT GRADE MCDONNELL
BOND FUND MUNICIPAL BOND FUND
-------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- ------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 28,986,923 $ 36,037,644 $ 38,595,154 $ 69,070,240
---------------- ------------- ---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ............................ 520,349 1,280,072 476,984 2,257,444
Net realized gain (loss) on investments sold ..... (194,155) (263,296) 22,278 (120,153)
Net change in unrealized appreciation
(depreciation) on investments .................. 284,710 337,978 (214,593) 364,364
---------------- ------------- ---------------- -------------
Net increase in net assets from operations .... 610,904 1,354,754 284,669 2,501,655
---------------- ------------- ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... (54,583) (136,274) (476,984) (2,257,444)
Class I ....................................... (500,689) (1,256,892) -- --
Net realized gain on investments:
Class N ....................................... -- -- -- (152,759)
---------------- ------------- ---------------- -------------
Total distributions ........................ (555,272) (1,393,166) (476,984) (2,410,203)
---------------- ------------- ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 61,078 366,097 851,276 16,159,465
Class I ....................................... 269,326 547,229 -- --
Proceeds from reinvestment of distributions:
Class N ....................................... 52,903 134,947 233,531 1,494,092
Class I ....................................... 190,110 522,598 -- --
Cost of shares redeemed:
Class N ....................................... (1,105,460) (1,231,833) (17,750,824) (48,220,095)
Class I ....................................... (7,319,405) (7,351,347) -- --
---------------- ------------- ---------------- -------------
Net increase (decrease) from capital
share transactions ....................... (7,851,448) (7,012,309) (16,666,017) (30,566,538)
---------------- ------------- ---------------- -------------
Total increase (decrease) in net assets .... (7,795,816) (7,050,721) (16,858,332) (30,475,086)
---------------- ------------- ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 21,191,107 $ 28,986,923 $ 21,736,822 $ 38,595,154
================ ============= ================ =============
(A) Distributions in excess of net investment
income ....................................... $ (257,667) $ (222,744) $ -- $ --
================ ============= ================ =============
ABN AMRO INVESTOR
MONEY MARKET FUND
--------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006
---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 84,777,541 $ 117,038,683
---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ............................ 1,727,797 4,183,675
Net realized gain (loss) on investments sold ..... -- --
Net change in unrealized appreciation
(depreciation) on investments .................. -- --
---------------- -------------
Net increase in net assets from operations .... 1,727,797 4,183,675
---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ....................................... (1,727,797) (4,183,675)
Class I ....................................... -- --
Net realized gain on investments:
Class N ....................................... -- (324)
---------------- -------------
Total distributions ........................ (1,727,797) (4,183,999)
---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ....................................... 78,971,522 294,006,932
Class I ....................................... -- --
Proceeds from reinvestment of distributions:
Class N ....................................... 1,064,096 1,951,658
Class I ....................................... -- --
Cost of shares redeemed:
Class N ....................................... (101,931,257) (328,219,408)
Class I ....................................... -- --
---------------- -------------
Net increase (decrease) from capital
share transactions ....................... (21,895,639) (32,260,818)
---------------- -------------
Total increase (decrease) in net assets .... (21,895,639) (32,261,142)
---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 62,881,902 $ 84,777,541
================ =============
(A) Distributions in excess of net investment
income ....................................... $ -- $ --
================ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 63
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- ---------- -------- --------
Net Asset Value, Beginning of Period. ...... $ 25.15 $ 23.35 $ 21.53 $ 20.74 $ 19.03 $ 22.43
----------- -------- -------- ---------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.04(a) 0.07(a) 0.05(a) 0.04(a) 0.06(a) 0.05
Net realized and unrealized
gain (loss) on investments ........ 1.42(a) 1.80(a) 1.83(a) 0.77(a) 1.65(a) (3.45)
----------- -------- -------- ---------- -------- --------
Total from investment operations .. 1.46 1.87 1.88 0.81 1.71 (3.40)
----------- -------- -------- ---------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.05) (0.07) (0.06) (0.02) -- --
Distributions from net realized gain
on investments ..................... (0.18) -- -- -- -- --
----------- -------- -------- ---------- -------- --------
Total distributions ............... (0.23) (0.07) (0.06) (0.02) -- --
----------- -------- -------- ---------- -------- --------
Net increase (decrease) in net asset
value .................................... 1.23 1.80 1.82 0.79 1.71 (3.40)
----------- -------- -------- ---------- -------- --------
Net Asset Value, End of Period ............. $ 26.38 $ 25.15 $ 23.35 $ 21.53 $ 20.74 $ 19.03
=========== ======== ======== ========== ======== ========
TOTAL RETURN ............................... 5.81%(b) 8.02% 8.72% 3.89% 8.99% (15.16)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 758,383 $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 ................ 1.08%(c)(d) 1.06%(d) 1.03% 1.02% 1.06% 1.06%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.08%(c)(d) 1.06%(d) 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 ................ 0.32%(c) 0.28% 0.20% 0.20% 0.29% 0.23%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.32%(c) 0.28% 0.20% 0.20% 0.29% 0.23%
Portfolio Turnover ...................... 31.56%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 64
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ..... $ 25.24 $ 23.44 $ 21.61 $ 20.84 $ 19.22 $ 22.74
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .............. 0.08(a) 0.13(a) 0.11(a) 0.10(a) 0.12(a) 0.11
Net realized and unrealized gain
(loss) on investments ............ 1.41(a) 1.82(a) 1.83(a) 0.77(a) 1.66(a) (3.48)
----------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations .................... 1.49 1.95 1.94 0.87 1.78 (3.37)
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............ (0.09) (0.15) (0.11) (0.10) (0.16) (0.15)
Distributions from net realized gain
on investments .................. (0.18) -- -- -- -- --
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ............. (0.27) (0.15) (0.11) (0.10) (0.16) (0.15)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset
value .................................. 1.22 1.80 1.83 0.77 1.62 (3.52)
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 26.46 $ 25.24 $ 23.44 $ 21.61 $ 20.84 $ 19.22
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................. 5.90%(b) 8.36% 8.99% 4.19% 9.35% (14.91)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 1,078,877 $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 ........... 0.80%(c)(d) 0.78%(d) 0.75% 0.74% 0.77% 0.77%
After reimbursement and/or waiver of
expenses by Adviser .............. 0.80%(c)(d) 0.78%(d) 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 ........... 0.60%(c) 0.56% 0.48% 0.48% 0.58% 0.52%
After reimbursement and/or waiver of
expenses by Adviser .............. 0.60%(c) 0.56% 0.48% 0.48% 0.58% 0.52%
Portfolio Turnover .................... 31.56%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 65
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS R APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period. ............... $ 25.04 $ 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) (0.01)(b) 0.05(b)
Net realized and unrealized gain on
investments ................................ 1.40(b) 1.80(b) 1.83(b) 0.77(b) 2.05(b)
----------- -------- -------- -------- -----------
Total from investment operations ........... 1.41 1.81 1.82 0.76 2.10
----------- -------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................... (0.18) -- (0.02) (0.02) --
----------- -------- -------- -------- -----------
Total distributions ........................ (0.18) -- (0.02) (0.02) --
----------- -------- -------- -------- -----------
Net increase in net asset value ..................... 1.23 1.81 1.80 0.74 2.10
----------- -------- -------- -------- -----------
Net Asset Value, End of Period ...................... $ 26.27 $ 25.04 $ 23.23 $ 21.43 $ 20.69
=========== ======== ======== ======== ===========
TOTAL RETURN ........................................ 5.66%(c) 7.79% 8.50% 3.65% 11.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............. $ 463 $ 693 $ 703 $ 459 $ 111
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses
by Adviser .................................. 1.30%(d)(e) 1.28%(e) 1.25% 1.24% 1.30%(d)
After reimbursement and/or waiver of expenses
by Adviser .................................. 1.30%(d)(e) 1.28%(e) 1.25% 1.24% 1.30%(d)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of expenses
by Adviser .................................. 0.10%(d) 0.06% (0.02)% (0.02)% 0.32%(d)
After reimbursement and/or waiver of expenses
by Adviser .................................. 0.10%(d) 0.06% (0.02)% (0.02)% 0.32%(d)
Portfolio Turnover ............................... 31.56%(c) 68.74% 52.16% 52.86% 38.76%(d)
- ----------
(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.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 66
Aston Funds
ABN AMRO GROWTH FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 22.82 $ 22.66 $ 21.76 $ 21.14 $ 18.55 $ 20.38
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.02(a) --(b) 0.05(a) (0.05)(a) (0.02) (0.04)
Net realized and unrealized gain
(loss) on investments .............. 1.05(a) 1.25 0.90(a) 0.67(a) 2.61 (1.74)
----------- -------- -------- -------- -------- --------
Total from investment operations ... 1.07 1.25 0.95 0.62 2.59 (1.78)
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.02) -- (0.05) -- -- --(b)
Distributions from net realized gain on
investments ........................ (2.74) (1.09) -- -- -- (0.05)
----------- -------- -------- -------- -------- --------
Total distributions ................ (2.76) (1.09) (0.05) -- -- (0.05)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. (1.69) 0.16 0.90 0.62 2.59 (1.83)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 21.13 $ 22.82 $ 22.66 $ 21.76 $ 21.14 $ 18.55
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................ 5.03%(c) 5.55% 4.38% 2.93% 13.96% (8.76)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 323,435 $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 ................. 1.12%(d)(e) 1.10%(e) 1.10% 1.09% 1.11% 1.10%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.12%(d)(e) 1.10%(e) 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 ................. 0.22%(d) 0.01% 0.21% (0.22)% (0.11)% (0.20)%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.22%(d) 0.01% 0.21% (0.22)% (0.11)% (0.20)%
Portfolio Turnover ....................... 23.81%(c) 29.07% 31.30%(f) 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) Represents less than $0.005 per share.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006. 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.
| 67
Aston Funds
ABN AMRO GROWTH FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........... $ 23.14 $ 22.97 $ 22.02 $ 21.33 $ 18.67 $ 20.45
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............. 0.05(a) 0.07 0.11(a) 0.01(a) 0.03 (0.03)
Net realized and unrealized gain (loss)
on investments ........................ 1.06(a) 1.27 0.92(a) 0.68(a) 2.63 (1.70)
----------- -------- -------- -------- -------- --------
Total from investment operations ...... 1.11 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) (0.08) -- -- --
Distributions from net realized gain on
investments ........................... (2.74) (1.09) -- -- -- (0.05)
----------- -------- -------- -------- -------- --------
Total distributions ................... (2.82) (1.17) (0.08) -- -- (0.05)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..... (1.71) 0.17 0.95 0.69 2.66 (1.78)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................. $ 21.43 $ 23.14 $ 22.97 $ 22.02 $ 21.33 $ 18.67
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................... 5.19%(b) 5.87% 4.69% 3.23% 14.25% (8.51)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........ $ 264,239 $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 .................... 0.83%(c)(d) 0.81%(d) 0.82% 0.82% 0.83% 0.83%
After reimbursement and/or waiver of
expenses by Adviser .................... 0.83%(c)(d) 0.81%(d) 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 .................... 0.51%(c) 0.30% 0.49% 0.05% 0.17% 0.07%
After reimbursement and/or waiver of
expenses by Adviser .................... 0.51%(c) 0.30% 0.49% 0.05% 0.17% 0.07%
Portfolio Turnover .......................... 23.81%(b) 29.07% 31.30%(e) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
(e) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 68
Aston Funds
ABN AMRO GROWTH FUND - CLASS R APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ............ $ 22.64 $ 22.53 $ 21.66 $ 21.09 $ 18.07
----------- -------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............. --(b)(c) (0.04) --(b)(c) (0.10)(b) (0.03)
Net realized and unrealized gain on
investments ............................. 1.04(b) 1.24 0.90(b) 0.67(b) 3.05
----------- -------- -------- -------- -----------
Total from investment operations ....... 1.04 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 ............................. (2.74) (1.09) -- -- --
----------- -------- -------- -------- -----------
Total distributions .................... (2.74) (1.09) (0.03) -- --
----------- -------- -------- -------- -----------
Net increase (decrease) in net asset value ...... (1.70) 0.11 0.87 0.57 3.02
----------- -------- -------- -------- -----------
Net Asset Value, End of Period .................. $ 20.94 $ 22.64 $ 22.53 $ 21.66 $ 21.09
=========== ======== ======== ======== ===========
TOTAL RETURN .................................... 4.94%(d) 5.35% 4.16% 2.70% 16.71%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 1,072 $ 1,679 $ 1,122 $ 573 $ 117
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 1.33%(e)(f) 1.31%(f) 1.31% 1.31% 1.35%(e)
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.33%(e)(f) 1.31%(f) 1.31% 1.31% 1.35%(e)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 0.01%(e) (0.20)% 0.00% (0.44)% (0.16)%(e)
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.01%(e) (0.20)% 0.00% (0.44)% (0.16)%(e)
Portfolio Turnover ........................... 23.81%(d) 29.07% 31.30%(g) 18.59% 7.66%(e)
- ----------
(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.
(c) Represents less than $0.005 per share.
(d) Not Annualized.
(e) Annualized.
(f) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
(g) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 69
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ...... $ 13.08 $ 11.88 $ 10.31 $ 9.33 $ 7.30 $ 10.00
----------- -------- -------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................. (0.04) (0.03)(b) (0.02) (0.06) (0.05) (0.03)
Net realized and unrealized gain
(loss) on investments ............. 1.04 1.24(b) 1.59 1.04 2.08 (2.67)
----------- -------- -------- -------- -------- -----------
Total from investment
operations ..................... 1.00 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 ................................... 1.00 1.20 1.57 0.98 2.03 (2.70)
----------- -------- -------- -------- -------- -----------
Net Asset Value, End of Period ............ $ 14.08 $ 13.08 $ 11.88 $ 10.31 $ 9.33 $ 7.30
=========== ======== ======== ======== ======== ===========
TOTAL RETURN .............................. 7.65%(c) 10.22% 15.23% 10.50% 27.98% (27.10)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ... $ 38,555 $ 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 ............... 1.47%(d) 1.75% 2.57% 3.82% 4.31% 3.45%(d)
After reimbursement and/or waiver of
expenses by Adviser ............... 1.30%(d) 1.30% 1.30% 1.30% 1.30% 1.30%(d)
Ratios of net investment loss to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............... (0.79)%(d) (0.72)% (1.76)% (3.17)% (3.59)% (2.53)%(d)
After reimbursement and/or waiver of
expenses by Adviser ............... (0.62)%(d) (0.27)% (0.49)% (0.65)% (0.58)% (0.38)%(d)
Portfolio Turnover ..................... 156.39%(c) 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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 70
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/07 ENDED
(UNAUDITED) 10/31/06(a)
----------- -----------
Net Asset Value, Beginning of Period ............................... $ 13.08 $ 11.97
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .......................................... (0.02) --(b)(c)
Net realized and unrealized gain on investments .............. 1.05 1.11(b)
----------- -----------
Total from investment operations .......................... 1.03 1.11
----------- -----------
Net increase in net asset value .................................... 1.03 1.11
----------- -----------
Net Asset Value, End of Period ..................................... $ 14.11 $ 13.08
=========== ===========
TOTAL RETURN ....................................................... 7.88%(d) 9.27%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 1,400 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 1.15%(e) 1.43%(e)
After reimbursement and/or waiver of expenses by Adviser ..... 0.98%(e) 0.98%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... (0.47)%(e) (0.55)%(e)
After reimbursement and/or waiver of expenses by Adviser ..... (0.30)%(e) (0.10)%(e)
Portfolio Turnover .............................................. 156.39%(d) 269.88%(e)
- ----------
(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.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 71
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PERIOD
ENDED
04/30/07
(UNAUDITED)(a)
--------------
Net Asset Value, Beginning of Period ............................... $ 10.00
--------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .......................................... --(b)
Net realized and unrealized gain on investments .............. 1.21
--------------
Total from investment operations .......................... 1.21
--------------
Net increase in net asset value .................................... 1.21
--------------
Net Asset Value, End of Period ..................................... $ 11.21
==============
TOTAL RETURN ....................................................... 12.10%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 1,857
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 16.16%(d)
After reimbursement and/or waiver of expenses by Adviser ..... 1.40%(d)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... (14.92)%(d)
After reimbursement and/or waiver of expenses by Adviser ..... (0.16)%(d)
Portfolio Turnover .............................................. 12.68%(c)
- ----------
(a) Optimum Large Cap Opportunity Fund commenced investment operations on
December 28, 2006.
(b) Represents less than $(0.005) per share.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 72
Aston Funds
TAMRO LARGE CAP VALUE FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 13.91 $ 12.40 $ 11.35 $ 10.27 $ 8.47 $ 9.68
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.09 0.08 0.07 0.09 0.06
Net realized and unrealized gain (loss)
on investments ...................... 0.92 1.53 1.05 1.08 1.81 (1.22)
----------- -------- -------- -------- -------- --------
Total from investment operations .... 0.94 1.62 1.13 1.15 1.90 (1.16)
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.03) (0.11) (0.08) (0.07) (0.10) (0.05)
Distributions from net realized gain on
investments ......................... (1.63) -- -- -- -- --
----------- -------- -------- -------- -------- --------
Total distributions ................. (1.66) (0.11) (0.08) (0.07) (0.10) (0.05)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. (0.72) 1.51 1.05 1.08 1.80 (1.21)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 13.19 $ 13.91 $ 12.40 $ 11.35 $ 10.27 $ 8.47
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................ 7.07%(a) 13.10% 9.98% 11.17% 22.68% (12.01)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 15,461 $ 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 ................. 1.62%(b)(c) 1.54%(c) 1.54% 1.76% 1.92% 1.79%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.20%(b)(c) 1.22%(c) 1.20% 1.20% 1.20% 1.20%
Ratios of net investment income (loss)to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. (0.10)%(b) 0.36% 0.35% 0.00% 0.35% 0.15%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.32%(b) 0.68% 0.69% 0.56% 1.07% 0.74%
Portfolio Turnover ....................... 25.30%(a) 43.88% 36.84% 38.34% 102.51%(d) 83.14%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and 0.02% for the year
ended October 31, 2006, 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.
(d) Portfolio turnover rate excludes securities delivered from processing a
redemption in kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 73
Aston Funds
VALUE FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 14.06 $ 12.15 $ 11.05 $ 9.66 $ 8.45 $ 9.39
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.10(a) 0.21 0.17(a) 0.14 0.14 0.11
Net realized and unrealized gain (loss)
on investments ...................... 1.37(a) 2.09 1.10(a) 1.39 1.22 (0.79)
----------- -------- -------- -------- -------- --------
Total from investment operations .... 1.47 2.30 1.27 1.53 1.36 (0.68)
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.10) (0.20) (0.17) (0.14) (0.15) (0.08)
Distributions from net realized gain on
investments ......................... (0.57) (0.19) -- -- -- (0.18)
----------- -------- -------- -------- -------- --------
Total distributions ................. (0.67) (0.39) (0.17) (0.14) (0.15) (0.26)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 0.80 1.91 1.10 1.39 1.21 (0.94)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 14.86 $ 14.06 $ 12.15 $ 11.05 $ 9.66 $ 8.45
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................ 10.71%(b) 19.35% 11.48% 15.88% 16.32% (7.58)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 128,476 $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 ................. 1.15%(c) 1.16% 1.16% 1.16% 1.19% 1.20%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.94%(c) 0.94% 0.94% 0.94% 0.94% 0.96%(d)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 1.13%(c) 1.37% 1.19% 1.10% 1.34% 1.00%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.34%(c) 1.59% 1.41% 1.32% 1.59% 1.24%
Portfolio Turnover ....................... 11.77%(b) 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) Not Annualized.
(c) Annualized.
(d) 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.
| 74
Aston Funds
VALUE FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/07 ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05(a)
----------- ---------- -----------
Net Asset Value, Beginning of Period .................. $ 14.07 $ 12.16 $ 12.36
----------- ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................ 0.11(b) 0.24 0.01(b)
Net realized and unrealized gain (loss) on
investments .................................... 1.38(b) 2.09 (0.21)(b)
----------- ---------- -----------
Total from investment operations ............... 1.49 2.33 (0.20)
----------- ---------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .............................. (0.12) (0.23) --
Distributions from net realized gain on
investments .................................... (0.57) (0.19) --
----------- ---------- -----------
Total distributions ............................ (0.69) (0.42) --
----------- ---------- -----------
Net increase (decrease) in net asset value ............ 0.80 1.91 (0.20)
----------- ---------- -----------
Net Asset Value, End of Period ........................ $ 14.87 $ 14.07 $ 12.16
=========== ========== ===========
TOTAL RETURN .......................................... 10.84%(c) 19.64% (1.62)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............... $ 273,956 $ 247,667 $ 192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................ 0.90%(d) 0.91% 0.91%(d)
After reimbursement and/or waiver of
expenses by Adviser ............................ 0.69%(d) 0.69% 0.69%(d)
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................ 1.38%(d) 1.62% 0.40%(d)
After reimbursement and/or waiver of
expenses by Adviser ............................ 1.59%(d) 1.84% 0.62%(d)
Portfolio Turnover .................................... 11.77%(c) 26.86% 21.84%(d)
- ----------
(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. (c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 75
Aston Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/07 ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05(a)
----------- ---------- -----------
Net Asset Value, Beginning of Period ........................... $ 11.81 $ 9.91 $ 10.00
----------- ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.20 0.42 0.13
Short-term capital gains distributions received ........... -- --(b) --
Net realized and unrealized gain (loss) on investments .... 0.96 1.89 (0.10)
----------- ---------- -----------
Total from investment operations ........................ 1.16 2.31 0.03
----------- ---------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income .................................................. (0.18) (0.41) (0.12)
Distributions from net realized gain on investments ....... (0.13) -- --
----------- ---------- -----------
Total distributions ..................................... (0.31) (0.41) (0.12)
----------- ---------- -----------
Net increase (decrease) in net asset value ..................... 0.85 1.90 (0.09)
----------- ---------- -----------
Net Asset Value, End of Period ................................. $ 12.66 $ 11.81 $ 9.91
=========== ========== ===========
TOTAL RETURN ................................................... 9.98%(c) 23.71% 0.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................ $ 43,473 $ 15,899 $ 5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................................... 1.38%(d) 2.48% 2.71%(d)
After reimbursement and/or waiver of
expenses by Adviser ..................................... 1.30%(d) 1.30% 1.30%(d)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................................... 3.74%(d) 2.77% 2.65%(d)
After reimbursement and/or waiver of
expenses by Adviser ..................................... 3.82%(d) 3.95% 4.06%(d)
Portfolio Turnover .......................................... 35.29%(c) 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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 76
Aston Funds
OPTIMUM MID CAP FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- --------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 27.16 $ 23.21 $ 22.93 $ 20.18 $ 14.24 $ 15.67
----------- -------- --------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.01 (0.02) (0.02) (0.08)(a) (0.07) (0.06)
Net realized and unrealized gain
(loss)on investments ................ 3.28 4.88 1.04 2.90(a) 6.01 (1.12)
----------- -------- --------- -------- -------- -----------
Total from investment operations ... 3.29 4.86 1.02 2.82 5.94 (1.18)
----------- -------- --------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments ................. (1.83) (0.91) (0.74) (0.07) -- (0.25)
----------- -------- --------- -------- -------- -----------
Total distributions ................ (1.83) (0.91) (0.74) (0.07) -- (0.25)
----------- -------- --------- -------- -------- -----------
Net increase (decrease) in net asset value .. 1.46 3.95 0.28 2.75 5.94 (1.43)
----------- -------- --------- -------- -------- -----------
Net Asset Value, End of Period .............. $ 28.62 $ 27.16 $ 23.21 $ 22.93 $ 20.18 $ 14.24
=========== ======== ========= ======== ======== ===========
TOTAL RETURN 12.53%(b) 21.39% 4.43% 14.08% 41.64% (7.88)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 723,289 $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 ................. 1.14%(c) 1.16% 1.23% 1.29%(d) 1.36% 1.38%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.14%(c) 1.16% 1.23% 1.29%(d) 1.34%(e) 1.30%
Ratios of net investment income (loss)to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.06%(c) (0.09)% (0.08)% (0.38)% (0.57)% (0.61)%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.06%(c) (0.09)% (0.08)% (0.38)% (0.55)% (0.53)%
Portfolio Turnover ....................... 7.48%(b) 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) Not Annualized.
(c) Annualized.
(d) 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.
(e) 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.
| 77
Aston Funds
OPTIMUM MID CAP FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ............................. $ 27.34 $ 23.30 $ 22.96 $ 23.61
----------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................ 0.04 0.05 0.04 --(b)(c)
Net realized and unrealized gain (loss) on investments ...... 3.31 4.90 1.04 (0.65)(b)
----------- -------- -------- -----------
Total from investment operations .......................... 3.35 4.95 1.08 (0.65)
----------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investment .......... (1.83) (0.91) (0.74) --
----------- -------- -------- -----------
Total distributions ....................................... (1.83) (0.91) (0.74) --
----------- -------- -------- -----------
Net increase (decrease) in net asset value ....................... 1.52 4.04 0.34 (0.65)
----------- -------- -------- -----------
Net Asset Value, End of Period ................................... $ 28.86 $ 27.34 $ 23.30 $ 22.96
=========== ======== ======== ===========
TOTAL RETURN ..................................................... 12.67%(d) 21.76% 4.69% (2.80)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 106,704 $ 81,670 $ 73,293 $ 26,202
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.87%(e) 0.89% 0.94% 0.98%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.87%(e) 0.89% 0.94% 0.98%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.33%(e) 0.18% 0.21% (0.04)%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.33%(e) 0.18% 0.21% (0.04)%(e)
Portfolio Turnover ............................................ 7.48%(d) 30.65% 27.42% 26.64%(e)
- ----------
(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.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 78
Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PERIOD
ENDED
04/30/07(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of Period ............................. $ 10.00
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.01
Net realized and unrealized gain on investments ............. 0.16
-----------
Total from investment operations .......................... 0.17
-----------
Net increase in net asset value .................................. 0.17
-----------
Net Asset Value, End of Period ................................... $ 10.17
===========
TOTAL RETURN ..................................................... 1.70%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 5,892
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 5.13%(c)
After reimbursement and/or waiver of expenses by Adviser .... 1.50%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (2.60)%(c)
After reimbursement and/or waiver of expenses by Adviser .... 1.03%(c)
Portfolio Turnover ............................................ 14.43%(b)
- ----------
(a) River Road Small-Mid Cap Fund, Class N, commenced investment operations on
March 29, 2007.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 79
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- --------- --------- --------- --------- ---------
Net Asset Value,
Beginning of Period .................... $ 18.44 $ 18.35 $ 16.26 $ 15.24 $ 11.44 $ 17.55
----------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................ (0.19) (0.22)(a) (0.20) (0.18) (0.10) (0.14)
Net realized and unrealized gain
(loss) on investments ............ 2.29 0.31(a) 2.29 1.20 3.90 (5.97)
----------- --------- --------- --------- --------- ---------
Total from investment
operations .................... 2.10 0.09 2.09 1.02 3.80 (6.11)
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments .............. (1.23) -- -- -- -- --
----------- --------- --------- --------- --------- ---------
Total distributions ............. (1.23) -- -- -- -- --
----------- --------- --------- --------- --------- ---------
Net increase (decrease)
in net asset value .................... 0.87 0.09 2.09 1.02 3.80 (6.11)
----------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period ........... $ 19.31 $ 18.44 $ 18.35 $ 16.26 $ 15.24 $ 11.44
=========== ========= ========= ========= ========= =========
TOTAL RETURN 12.02%(b) 0.49% 12.85% 6.69% 33.10% (34.76)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 150,909 $ 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 ........... 1.50%(c)(d) 1.41%(d) 1.42% 1.43% 1.50% 1.48%
After reimbursement and/or waiver of
expenses by Adviser .............. 1.50%(c)(d) 1.41%(d) 1.42% 1.43% 1.46%(e) 1.40%
Ratios of net investment loss to
average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ........... (1.27)%(c) (1.15)% (1.06)% (1.18)% (0.97)% (1.15)%
After reimbursement and/or waiver of
expenses by Adviser .............. (1.27)%(c) (1.15)% (1.06)% (1.18)% (0.93)% (1.07)%
Portfolio Turnover .................... 60.31%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of 0.03%
for the six months ended April 30, 2007 and less than 0.005% for the year
ended October 31, 2006, 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.
(e) 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.
| 80
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- --------- --------- --------- --------- --------
Net Asset Value,
Beginning of Period ................... $ 18.71 $ 18.57 $ 16.40 $ 15.33 $ 11.48 $ 17.56
----------- --------- --------- --------- --------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................ (0.12) (0.17)(a) (0.12) (0.15) (0.08) (0.19)
Net realized and unrealized gain
(loss) on investments ............ 2.28 0.31(a) 2.29 1.22 3.93 (5.89)
----------- --------- --------- --------- --------- --------
Total from investment
operations .................... 2.16 0.14 2.17 1.07 3.85 (6.08)
----------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain
on investments ................... (1.23) -- -- -- -- --
----------- --------- --------- --------- --------- --------
Total distributions ............. (1.23) -- -- -- -- --
----------- --------- --------- --------- --------- --------
Net increase (decrease) in net
asset value ........................... 0.93 0.14 2.17 1.07 3.85 (6.08)
----------- --------- --------- --------- --------- --------
Net Asset Value, End
of Period ............................. $ 19.64 $ 18.71 $ 18.57 $ 16.40 $ 15.33 $ 11.48
=========== ========= ========= ========= ========= ========
TOTAL RETURN ............................. 12.18(b) 0.75% 13.23% 6.98% 33.54% (34.62)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of
Period (in 000's) ................... $ 103,434 $ 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 ........... 1.20%(c)(d) 1.13%(d) 1.14% 1.15% 1.20% 1.19%
After reimbursement and/or waiver
of expenses by Adviser ........... 1.20%(c)(d) 1.13%(d) 1.14% 1.15% 1.16%(e) 1.11%
Ratios of net investment loss to
average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ........... (0.97)%(c) (0.87)% (0.78)% (0.90)% (0.67)% (0.86)%
After reimbursement and/or waiver
of expenses by Adviser ........... (0.97)%(c) (0.87)% (0.78)% (0.90)% (0.63)% (0.78)%
Portfolio Turnover .................... 60.31%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of 0.03%
for the six months ended April 30, 2007 and less than 0.005% for the year
ended October 31, 2006, 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.
(e) 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.
| 81
Aston Funds
TAMRO SMALL CAP FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- --------- --------- --------- -------- --------
Net Asset Value, Beginning of Period ..... $ 19.73 $ 15.63 $ 15.25 $ 15.75 $ 10.49 $ 10.75
----------- --------- --------- --------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................ (0.04)(a) (0.07)(a) (0.07)(a) (0.09) (0.01) (0.02)(a)
Net realized and unrealized gain
(loss) on investments ............ 1.72(a) 4.17(a) 1.45(a) 1.62 5.27 (0.14)(a)
----------- --------- --------- --------- -------- --------
Total from investment
operations .................... 1.68 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 ................... (1.14) -- (1.00) (2.03) -- (0.08)
----------- --------- --------- --------- -------- --------
Total distributions ............. (1.14) -- (1.00) (2.03) -- (0.10)
----------- --------- --------- --------- -------- --------
Net increase (decrease) in
net asset value ........................ 0.54 4.10 0.38 (0.50) 5.26 (0.26)
----------- --------- --------- --------- -------- --------
Net Asset Value, End of Period ........... $ 20.27 $ 19.73 $ 15.63 $ 15.25 $ 15.75 $ 10.49
=========== ========= ========= ========= ======== ========
TOTAL RETURN 8.70%(b) 26.23% 9.16% 10.17% 50.14% (1.59)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) .......................... $ 242,149 $ 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 ........... 1.32%(c) 1.42% 1.41% 1.42% 1.44% 1.52%
After reimbursement and/or waiver of
expenses by Adviser .............. 1.30%(c) 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 ........... (0.43)%(c) (0.51)% (0.58)% (0.89)% (0.21)% (0.34)%
After reimbursement and/or
waiver of expenses by Adviser .... (0.41)%(c) (0.39)% (0.47)% (0.77)% (0.07)% (0.12)%
Portfolio Turnover .................... 20.81%(b) 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.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 82
Aston Funds
TAMRO SMALL CAP FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/07 ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05(a)
----------- -------- -----------
Net Asset Value, Beginning of Period .......................................... $ 19.83 $ 15.67 $ 15.32
----------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................................... (0.01)(b) (0.02)(b) (0.04)(b)
Net realized and unrealized gain on investments ......................... 1.72(b) 4.18(b) 0.39(b)
----------- -------- -----------
Total from investment operations ..................................... 1.71 4.16 0.35
----------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments ..................... (1.14) -- --
----------- -------- -----------
Net increase in net asset value ............................................... 0.57 4.16 0.35
----------- -------- -----------
Net Asset Value, End of Period ................................................ $ 20.40 $ 19.83 $ 15.67
=========== ======== ===========
TOTAL RETURN .................................................................. 8.86%(c) 26.55% 2.28%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....................................... $ 135,658 $ 63,982 $ 11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ............... 1.05%(d) 1.11% 1.16%(d)
After reimbursement and/or waiver of expenses by Adviser ................ 1.03%(d) 0.99% 1.05%(d)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ............... (0.16)%(d) (0.20)% (0.39)%(d)
After reimbursement and/or waiver of expenses by Adviser ................ (0.14)%(d) (0.08)% (0.28)%(d)
Portfolio Turnover ......................................................... 20.81%(c) 58.28% 56.28%(d)
- ----------
(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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 83
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/07 ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05(a)
------------ --------- -----------
Net Asset Value, Beginning of Period .............................. $ 13.46 $ 10.28 $ 10.00
------------ --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................ 0.04(b) 0.02 --(c)
Net realized and unrealized gain on investments ............. 1.30(b) 3.16 0.28
------------ --------- -----------
Total from investment operations ......................... 1.34 3.18 0.28
------------ --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... (0.03) -- --
Distributions from net realized gain on investments ......... (0.13) -- --
------------ --------- -----------
Total Distributions ...................................... (0.16) -- --
------------ --------- -----------
Net increase in net asset value ................................... 1.18 3.18 0.28
------------ --------- -----------
Net Asset Value, End of Period .................................... $ 14.64 $ 13.46 $ 10.28
============ ========= ===========
TOTAL RETURN ...................................................... 9.91%(d) 30.93% 2.80%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................... $ 297,946 $ 167,438 $ 6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.36%(e) 1.78% 2.86%(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.36%(e) 1.43% 1.50%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.54%(e) 0.25% (1.41)%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.54%(e) 0.60% (0.05)%(e)
Portfolio Turnover ............................................. 42.02%(d) 51.63% 20.82%(d)(f)
- ----------
(a) River Road Small Cap Value Fund Class N commenced investment operations on
June 28, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 84
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PERIOD
ENDED
04/30/07(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of Period ............................. $ 14.04
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.04(b)
Net realized and unrealized gain on investments ............ 0.71(b)
-----------
Total from investment operations ........................ 0.75
-----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.04)
Distributions from net realized gain on investments ........ (0.13)
-----------
Total Distributions ..................................... (0.17)
-----------
Net increase in net asset value .................................. 0.58
-----------
Net Asset Value, End of Period ................................... $ 14.62
===========
TOTAL RETURN ..................................................... 5.47%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 59,753
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.08%(d)
After reimbursement and/or waiver of expenses by Adviser ... 1.08%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.75%(d)
After reimbursement and/or waiver of expenses by Adviser ... 0.75%(d)
Portfolio Turnover ............................................ 42.02%(c)
- ----------
(a) River Road Small Cap Value Fund Class I commenced investment operations on
December 13, 2006.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 85
Aston Funds
ABN AMRO REAL ESTATE FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........... $ 19.99 $ 16.23 $ 14.56 $ 11.52 $ 9.23 $ 9.15
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.19(a) 0.32(a) 0.46(a) 0.44 0.40 0.39
Net realized and unrealized gain on
investments ............................ 0.76(a) 5.42(a) 2.10(a) 3.02 2.54 0.24
----------- -------- -------- -------- -------- --------
Total from investment operations ...... 0.95 5.74 2.56 3.46 2.94 0.63
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ...................... (0.05) (0.13) (0.26) (0.30) (0.24) (0.33)
Distributions from net realized gain on
investments ............................ (4.25) (1.85) (0.63) (0.12) (0.41) (0.22)
----------- -------- -------- -------- -------- --------
Total distributions ................... (4.30) (1.98) (0.89) (0.42) (0.65) (0.55)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..... (3.35) 3.76 1.67 3.04 2.29 0.08
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................. $ 16.64 $ 19.99 $ 16.23 $ 14.56 $ 11.52 $ 9.23
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................... 5.29%(b) 39.19% 18.06% 30.73% 33.71% 6.62%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........ $ 73,563 $ 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 .................... 1.43%(c)(d) 1.46%(d) 1.45% 1.46% 1.56% 1.68%
After reimbursement and/or waiver of
expenses by Adviser .................... 1.37%(c)(d) 1.37%(d) 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 .................... 2.14%(c) 1.77% 2.91% 3.50% 4.10% 3.80%
After reimbursement and/or waiver of
expenses by Adviser .................... 2.20%(c) 1.86% 2.99% 3.59% 4.29% 4.11%
Portfolio Turnover .......................... 53.82%(b) 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.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006, 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.
| 86
Aston Funds
ABN AMRO REAL ESTATE FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/07 ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05(a)
----------- -------- -----------
Net Asset Value, Beginning of Period ............................. $ 20.00 $ 16.23 $ 16.64
----------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.21(b) 0.36(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ..... 0.76(b) 5.42(b) (0.51)(b)
----------- -------- -----------
Total from investment operations ........................ 0.97 5.78 (0.41)
----------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.07) (0.16) --
Distributions from net realized gain on investments ........ (4.25) (1.85) --
----------- -------- -----------
Total distributions ..................................... (4.32) (2.01) --
----------- -------- -----------
Net increase (decrease) in net asset value ....................... (3.35) 3.77 (0.41)
----------- -------- -----------
Net Asset Value, End of Period ................................... $ 16.65 $ 20.00 $ 16.23
=========== ======== ===========
TOTAL RETURN ..................................................... 5.40%(c) 39.54% (2.46)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 44,541 $ 46,025 $ 32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.17%(d)(e) 1.21%(e) 1.32%(d)
After reimbursement and/or waiver of expenses by Adviser ... 1.11%(d)(e) 1.12%(e) 1.11%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 2.40%(d) 2.02% 5.11%(d)
After reimbursement and/or waiver of expenses by Adviser ... 2.46%(d) 2.11% 5.32%(d)
Portfolio Turnover ............................................ 53.82%(c) 83.15% 43.14%(d)
- ----------
(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.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006, 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.
| 87
Aston Funds
VEREDUS SCITECH FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ................. $ 7.32 $ 7.11 $ 6.78 $ 7.18 $ 4.89 $ 7.57
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ............................ (0.05) (0.11) (0.11) (0.10) (0.05) (0.08)
Net realized and unrealized gain (loss) on
investments .................................. 0.47 0.32 0.44 (0.30) 2.34 (2.60)
----------- -------- -------- -------- -------- --------
Total from investment operations ............ 0.42 0.21 0.33 (0.40) 2.29 (2.68)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ........... 0.42 0.21 0.33 (0.40) 2.29 (2.68)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ....................... $ 7.74 $ 7.32 $ 7.11 $ 6.78 $ 7.18 $ 4.89
=========== ======== ======== ======== ======== ========
TOTAL RETURN ......................................... 5.74%(a) 2.95% 4.71% (5.43)% 46.83% (35.40)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .............. $ 3,132 $ 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 .......................... 3.38%(b) 3.07% 2.89% 2.38% 4.65% 3.70%
After reimbursement and/or waiver of expenses
by Adviser ................................... 1.60%(b) 1.60% 1.60% 1.60% 1.57%(c) 1.50%
Ratios of net investment loss to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser .......................... (3.07)%(b) (2.65)% (2.59)% (2.21)% (4.42)% (3.50)%
After reimbursement and/or waiver of expenses
by Adviser ................................... (1.29)%(b) (1.18)% (1.30)% (1.43)% (1.34)% (1.30)%
Portfolio Turnover ................................ 88.01%(a) 239.12% 236.92% 251.03% 492.93% 496.86%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) 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.
| 88
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- --------- --------
Net Asset Value, Beginning of Period .............. $ 17.21 $ 16.41 $ 15.81 $ 15.57 $ 14.82 $ 16.49
----------- -------- -------- -------- --------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .................... 0.10(b) 0.18(b) 0.17(b) 0.19(b) 0.21 0.29
Net realized and unrealized gain (loss) on
investments(a) ............................ 0.62(b) 0.87(b) 0.67(b) 0.30(b) 0.78 (1.66)
----------- -------- -------- -------- --------- --------
Total from investment operations ......... 0.72 1.05 0.84 0.49 0.99 (1.37)
----------- -------- -------- -------- --------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ......................... (0.13) (0.25) (0.24) (0.25) (0.24) (0.30)
----------- -------- -------- -------- --------- --------
Total distributions ...................... (0.13) (0.25) (0.24) (0.25) (0.24) (0.30)
----------- -------- -------- -------- --------- --------
Net increase (decrease) in net asset value ........ 0.59 0.80 0.60 0.24 0.75 (1.67)
----------- -------- -------- -------- --------- --------
Net Asset Value, End of Period .................... $ 17.80 $ 17.21 $ 16.41 $ 15.81 $ 15.57 $ 14.82
=========== ======== ======== ======== ========= ========
TOTAL RETURN 4.18%(c) 6.56% 5.27% 3.15% 6.79% (8.42)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........... $ 16,893 $ 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 ....................... 1.56%(d)(e) 1.33%(e) 1.16% 1.13% 1.15% 1.14%
After reimbursement and/or waiver of
expenses by Adviser ....................... 1.37%(d)(e) 1.33%(e) 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) .................... 0.92%(d) 1.07% 1.04% 1.18% 1.43% 1.74%
After reimbursement and/or waiver of
expenses by Adviser(a) .................... 1.11%(d) 1.07% 1.04% 1.18% 1.43% 1.74%
Portfolio Turnover ............................. 17.22%(c) 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) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of 0.02%
for the six months ended April 30, 2007 and less than 0.005% for the year
ended October 31, 2006, which is not included in the voluntary expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 89
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- --------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 17.19 $ 16.39 $ 15.81 $ 15.57 $ 14.82 $ 16.49
----------- --------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .................. 0.12(b) 0.22(b) 0.21(b) 0.23(b) 0.25 0.32
Net realized and unrealized gain (loss) on
investments(a) .......................... 0.60(b) 0.88(b) 0.66(b) 0.30(b) 0.78 (1.64)
----------- --------- -------- -------- -------- --------
Total from investment operations ....... 0.72 1.10 0.87 0.53 1.03 (1.32)
----------- --------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.15) (0.30) (0.29) (0.29) (0.28) (0.35)
----------- --------- -------- -------- -------- --------
Total distributions .................... (0.15) (0.30) (0.29) (0.29) (0.28) (0.35)
----------- --------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... 0.57 0.80 0.58 0.24 0.75 (1.67)
----------- --------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 17.76 $ 17.19 $ 16.39 $ 15.81 $ 15.57 $ 14.82
=========== ========= ======== ======== ======== ========
TOTAL RETURN .................................... 4.21%(c) 6.80% 5.50% 3.41% 7.06% (8.18)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 1,914 $ 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 ..................... 1.29%(d)(e) 1.07%(e) 0.91% 0.87% 0.89% 0.87%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.10%(d)(e) 1.07%(e) 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) .................. 1.19%(d) 1.33% 1.29% 1.44% 1.69% 2.01%
After reimbursement and/or waiver of
expenses by Adviser(a) .................. 1.38%(d) 1.33% 1.29% 1.44% 1.69% 2.01%
Portfolio Turnover ........................... 17.22%(c) 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) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of 0.02%
for the six months ended April 30, 2007 and less than 0.005% for the year
ended October 31, 2006, which is not included in the voluntary expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 90
Aston Funds
BALANCED FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- --------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 10.65 $ 10.84 $ 11.32 $ 11.07 $ 10.10 $ 10.77
----------- --------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .................. 0.07 0.12 0.16 0.14 0.13 0.19
Net realized and unrealized gain (loss) on
investments(a) .......................... 0.38 0.45 0.20 0.27 0.99 (0.64)
----------- --------- -------- -------- -------- --------
Total from investment operations ....... 0.45 0.57 0.36 0.41 1.12 (0.45)
----------- --------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.08) (0.17) (0.19) (0.16) (0.15) (0.20)
Distributions from net realized gain on
investments ............................. (3.35) (0.59) (0.65) -- -- (0.02)
----------- --------- -------- -------- -------- --------
Total distributions .................... (3.43) (0.76) (0.84) (0.16) (0.15) (0.22)
----------- --------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... (2.98) (0.19) (0.48) 0.25 0.97 (0.67)
----------- --------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 7.67 $ 10.65 $ 10.84 $ 11.32 $ 11.07 $ 10.10
=========== ========= ======== ======== ======== ========
TOTAL RETURN .................................... 5.46%(b) 5.33% 3.20% 3.73% 11.23% (4.33)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 41,510 $ 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 ..................... 1.24%(c)(d) 1.14%(d) 1.09% 1.07% 1.07% 1.07%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.24%(c)(d) 1.14%(d) 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) .................. 1.46%(c) 1.38% 1.53% 1.20% 1.30% 1.78%
After reimbursement and/or waiver of
expenses by Adviser(a) .................. 1.46%(c) 1.38% 1.53% 1.20% 1.30% 1.78%
Portfolio Turnover ........................... 31.18%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of 0.01%
for the six months ended April 30, 2007 and less than 0.005% for the year
ended October 31, 2006. The interest expense is from utilizing the line of
credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 91
Aston Funds
ABN AMRO HIGH YIELD BOND FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- --------- -------- -------- -----------
Net Asset Value, Beginning of Period. ........... $ 9.87 $ 9.95 $ 10.44 $ 10.15 $ 10.00
----------- --------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.35(b) 0.67(b) 0.67 0.66 0.18
Net realized and unrealized gain (loss)
on investments .......................... 0.22(b) (0.03)(b) (0.37) 0.35 0.17
----------- --------- -------- -------- -----------
Total from investment operations ....... 0.57 0.64 0.30 1.01 0.35
----------- --------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.37) (0.72) (0.73) (0.72) (0.20)
Distribution from net realized gain on
investments ............................. -- -- (0.06) -- --
----------- --------- -------- -------- -----------
Total distributions .................... (0.37) (0.72) (0.79) (0.72) (0.20)
----------- --------- -------- -------- -----------
Net increase (decrease) in net asset value ...... 0.20 (0.08) (0.49) 0.29 0.15
----------- --------- -------- -------- -----------
Net Asset Value, End of Period .................. $ 10.07 $ 9.87 $ 9.95 $ 10.44 $ 10.15
=========== ========= ======== ======== ===========
TOTAL RETURN .................................... 5.90%(c) 6.63% 2.88% 10.26% 3.67%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 5,598 $ 5,308 $ 11,019 $ 10,937 $ 10,425
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 1.27%(d) 1.32% 1.31% 1.26% 1.25%(d)
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.80%(d) 0.80% 0.80% 0.80% 0.80%(d)
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 6.65%(d) 6.24% 5.96% 5.96% 4.99%(d)
After reimbursement and/or waiver of
expenses by Adviser ..................... 7.12%(d) 6.76% 6.47% 6.42% 5.44%(d)
Portfolio Turnover ........................ 43.46%(c) 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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 92
Aston Funds
ABN AMRO HIGH YIELD BOND FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- --------- -------- -------- -----------
Net Asset Value, Beginning of Period ............ $ 9.87 $ 9.95 $ 10.44 $ 10.15 $ 10.00
----------- --------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.37(b) 0.69(b) 0.69 0.69 0.19
Net realized and unrealized gain (loss)
on investments .......................... 0.22(b) (0.03)(b) (0.37) 0.35 0.17
----------- --------- -------- -------- -----------
Total from investment operations ....... 0.59 0.66 0.32 1.04 0.36
----------- --------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.39) (0.74) (0.75) (0.75) (0.21)
Distribution from net realized gain
on investments .......................... -- -- (0.06) -- --
----------- --------- -------- -------- -----------
Total distributions .................... (0.39) (0.74) (0.81) (0.75) (0.21)
----------- --------- -------- -------- -----------
Net increase (decrease) in net asset value ...... 0.20 (0.08) (0.49) 0.29 0.15
----------- --------- -------- -------- -----------
Net Asset Value, End of Period .................. $ 10.07 $ 9.87 $ 9.95 $ 10.44 $ 10.15
=========== ========= ======== ======== ===========
TOTAL RETURN .................................... 6.02%(c) 6.90% 3.14% 10.54% 3.76%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 16,232 $ 15,889 $ 10,092 $ 10,575 $ 10,282
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 1.02%(d) 1.07% 1.06% 1.01% 1.00%(d)
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.55%(d) 0.55% 0.55% 0.55% 0.55%(d)
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 6.90%(d) 6.49% 6.21% 6.21% 5.24%(d)
After reimbursement and/or waiver of
expenses by Adviser ..................... 7.37%(d) 7.01% 6.72% 6.67% 5.69%(d)
Portfolio Turnover ........................... 43.46%(c) 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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 93
Aston Funds
TCH FIXED INCOME FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- --------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34
----------- --------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .................. 0.25(b) 0.45(b) 0.42(b) 0.43 0.39 0.51
Net realized and unrealized gain (loss) on
investments(a) 0.22(b) (0.04)(b) (0.38)(b) 0.13 0.07 (0.24)
----------- --------- -------- -------- -------- --------
Total from investment operations ....... 0.47 0.41 0.04 0.56 0.46 0.27
----------- --------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ................ (0.26) (0.48) (0.48) (0.50) (0.45) (0.55)
----------- --------- -------- -------- -------- --------
Total distributions .................... (0.26) (0.48) (0.48) (0.50) (0.45) (0.55)
----------- --------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... 0.21 (0.07) (0.44) 0.06 0.01 (0.28)
----------- --------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 9.83 $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06
=========== ========= ======== ======== ======== ========
TOTAL RETURN .................................... 4.81%(c) 4.42% 0.40% 5.66% 4.58% 2.80%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 57,942 $ 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 ..................... 1.03%(d)(e) 0.96%(e) 0.95% 0.92% 0.92% 0.92%
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.75%(d)(e) 0.75%(e) 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) .................. 4.51%(d) 4.45% 3.98% 4.08% 3.69% 4.87%
After reimbursement and/or waiver of
expenses by Adviser(a) .................. 4.79%(d) 4.66% 4.19% 4.26% 3.87% 5.05%
Portfolio Turnover ........................... 32.14%(c) 71.19% 41.33% 46.80% 126.94% 77.19%
- ----------
(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, (0.23)% and (0.23)%, respectively.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and 0.01% for the year
ended October 31, 2006, 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.
| 94
Aston Funds
TCH FIXED INCOME FUND - CLASS I APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........ $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.23(b) 0.47(b) 0.44(b) 0.45 0.41 0.56
Net realized and unrealized gain (loss)
on investments(a) ................... 0.24(b) (0.03)(b) (0.37)(b) 0.13 0.07 (0.26)
----------- -------- -------- -------- -------- --------
Total from investment operations ... 0.47 0.44 0.07 0.58 0.48 0.30
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.26) (0.51) (0.51) (0.52) (0.47) (0.58)
----------- -------- -------- -------- -------- --------
Total distributions ................ (0.26) (0.51) (0.51) (0.52) (0.47) (0.58)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .. 0.21 (0.07) (0.44) 0.06 0.01 (0.28)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .............. $ 9.83 $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................ 4.94%(c) 4.68% 0.65% 5.93% 4.85% 3.07%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 40,628 $ 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 .............. 0.77%(d)(e) 0.71%(e) 0.70% 0.67% 0.67% 0.67%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.49%(d)(e) 0.50%(e) 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) ........... 4.77%(d) 4.70% 4.23% 4.34% 3.94% 5.12%
After reimbursement and/or waiver
of expenses by Adviser(a) ........... 5.05%(d) 4.91% 4.44% 4.52% 4.12% 5.30%
Portfolio Turnover ....................... 32.14%(c) 71.19% 41.33% 46.80% 126.94% 77.19%
- ----------
(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, (0.23)% and (0.23)%, respectively.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and 0.01% for the year
ended October 31, 2006, 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.
| 95
Aston Funds
TCH INVESTMENT GRADE BOND FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/07 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ................ $ 9.14 $ 9.14 $ 9.49 $ 9.82 $ 10.08
----------- -------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................... 0.19(b) 0.34(b) 0.31 0.31(b) 0.10(b)
Net realized and unrealized gain (loss) on
investments ................................. 0.04(b) 0.04(b) (0.29) 0.02(b) (0.23)(b)
----------- -------- -------- -------- -----------
Total from investment operations ........... 0.23 0.38 0.02 0.33 (0.13)
----------- -------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .................... (0.21) (0.38) (0.37) (0.38) (0.13)
Distributions from net realized gain on
investments ................................. -- -- -- (0.28) --
----------- -------- -------- -------- -----------
Total distributions ........................ (0.21) (0.38) (0.37) (0.66) (0.13)
----------- -------- -------- -------- -----------
Net increase (decrease) in net asset value .......... 0.02 -- (0.35) (0.33) (0.26)
----------- -------- -------- -------- -----------
Net Asset Value, End of Period ...................... $ 9.16 $ 9.14 $ 9.14 $ 9.49 $ 9.82
=========== ======== ======== ======== ===========
TOTAL RETURN ........................................ 2.53%(c) 4.25% 0.21% 3.51% (1.24)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............. $ 1,906 $ 2,897 $ 3,632 $ 1,557 $ 257
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ......................... 1.27%(d)(e) 1.13%(e) 1.10% 1.13%(f) 1.18%(d)
After reimbursement and/or waiver of
expenses by Adviser ......................... 0.89%(d)(e) 0.89%(e) 0.89% 0.89%(f) 0.89%(d)
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser ......................... 3.85%(d) 3.53% 3.21% 2.98% 2.58%(d)
After reimbursement and/or waiver of
expenses by Adviser ......................... 4.23%(d) 3.77% 3.42% 3.22% 2.87%(d)
Portfolio Turnover ............................... 30.36%(c) 15.46% 38.87% 53.67% 105.35%(d)
- ----------
(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.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006, 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.
(f) 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.
| 96
Aston Funds
TCH INVESTMENT GRADE BOND FUND - CLASS I(a) APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR SIX MONTHS YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 9.14 $ 9.49 $ 9.82 $ 10.33 $ 9.96 $ 9.88
----------- -------- -------- -------- -------- ---------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......... 0.19(b) 0.36(b) 0.33 0.33(b) 0.34(b) 0.24 0.54
Net realized and unrealized
gain (loss) on investments .. 0.05(b) 0.04(b) (0.29) 0.02(b) (0.10)(b) 0.41 0.08
----------- -------- -------- -------- -------- ---------- -------
Total from investment
operations ............... 0.24 0.40 0.04 0.35 0.24 0.65 0.62
----------- -------- -------- -------- -------- ---------- -------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ...................... (0.22) (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 ........ (0.22) (0.40) (0.39) (0.68) (0.75) (0.28) (0.54)
----------- -------- -------- -------- -------- ---------- -------
Net increase (decrease) in net asset
value ............................. 0.02 -- (0.35) (0.33) (0.51) 0.37 0.08
----------- -------- -------- -------- -------- ---------- -------
Net Asset Value, End of Period ...... $ 9.16 $ 9.14 $ 9.14 $ 9.49 $ 9.82 $ 10.33 $ 9.96
=========== ======== ======== ======== ======== ========== =======
TOTAL RETURN ........................ 2.66%(c) 4.51% 0.45% 3.75% 2.47% 6.60%(c) 6.38%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ..................... $ 19,285 $ 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 ...................... 1.02%(d)(e) 0.88%(e) 0.85% 0.88%(f) 0.93% 1.06%(d) 1.05%
After reimbursement and/or
waiver of expenses by
Adviser ...................... 0.64%(d)(e) 0.64%(e) 0.64% 0.64%(f) 0.64% 0.65%(d) 0.60%
Ratios of net investment income
to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ...................... 4.10%(d) 3.78% 3.46% 3.23% 3.14% 4.11%(d) 4.93%
After reimbursement and/or
waiver of expenses by
Adviser ...................... 4.48%(d) 4.02% 3.67% 3.47% 3.43% 4.52%(d) 5.38%
Portfolio Turnover ............... 30.36%(c) 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.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006, 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.
(f) 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.
| 97
Aston Funds
MCDONNELL MUNICIPAL BOND FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ........... $ 10.31 $ 10.25 $ 10.56 $ 10.65 $ 10.56 $ 10.43
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.19 0.36 0.34 0.34 0.37 0.41
Net realized and unrealized gain (loss)
on investments ......................... (0.08) 0.08 (0.28) 0.06 0.09 0.13
----------- -------- -------- -------- -------- --------
Total from investment operations ...... 0.11 0.44 0.06 0.40 0.46 0.54
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............... (0.19) (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 ................... (0.19) (0.38) (0.37) (0.49) (0.37) (0.41)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..... (0.08) 0.06 (0.31) (0.09) 0.09 0.13
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................. $ 10.23 $ 10.31 $ 10.25 $ 10.56 $ 10.65 $ 10.56
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................... 1.07%(a) 4.43% 0.58% 3.85% 4.45% 5.32%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........ $ 21,737 $ 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 ................. 1.11%(b)(c) 1.04%(c) 1.02% 0.96% 0.90% 0.81%
After reimbursement and/or waiver
of expenses by Adviser ................. 0.65%(b)(c) 0.50%(c) 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 ................. 3.28%(b) 3.00% 2.75% 2.76% 3.10% 3.62%
After reimbursement and/or waiver
of expenses by Adviser ................. 3.74%(b) 3.54% 3.27% 3.22% 3.50% 3.93%
Portfolio Turnover .......................... 13.80%(a) 24.60% 13.53% 54.77% 59.47% 53.17%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and the year ended
October 31, 2006, which is not included in the voluntary expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 98
Aston Funds
ABN AMRO INVESTOR MONEY MARKET FUND - CLASS N APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.02 0.04 0.02 0.01 0.01 0.01
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................... (0.02) (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 $ 1.00
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................. 2.36%(b) 4.30% 2.36% 0.71% 0.78% 1.37%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period(in 000's) ........ $ 62,882 $ 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 ................... 0.62%(c) 0.61% 0.55% 0.53% 0.51% 0.52%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.62%(c) 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 ................... 4.72%(c) 4.18% 2.19% 0.71% 0.78% 1.39%
After reimbursement and/or waiver of
expenses by Adviser ................... 4.72%(c) 4.18% 2.19% 0.71% 0.78% 1.39%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 99
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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 32 separate portfolios that have been established by the
Board of Trustees as of April 30, 2007.
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 (the
"Strategic Transaction"). Aston manages each Fund (except Aston/ABN AMRO
Investor Money Market Fund) by retaining one or more Sub-Advisers 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 G for
more information relating to the Strategic Transaction. The following portfolios
of the Trust are included in these financial statements:
CURRENT FUND NAME FORMER FUND NAME
- --------------------------------------------------------------------------------------------------------------------------
Aston/Montag & Caldwell Growth Fund ("M&C Growth Fund") ABN AMRO/Montag & Caldwell Growth Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/ABN AMRO Growth Fund ("ABN AMRO Growth Fund") ABN AMRO Growth Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/Veredus Select Growth Fund ("Veredus Select Growth Fund") ABN AMRO/Veredus Select Growth Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/Optimum Large Cap Opportunity Fund ("Optimum Large Cap Opportunity
Fund") N/A
- --------------------------------------------------------------------------------------------------------------------------
Aston/TAMRO Large Cap Value Fund ("TAMRO Large Cap Value Fund") ABN AMRO/TAMRO Large Cap Value Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston Value Fund ("Value Fund") ABN AMRO Value Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/River Road Dynamic Equity Income Fund ("River Road Dynamic Equity
Income Fund") ABN AMRO/River Road Dynamic Equity Income Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/Optimum Mid Cap Fund ("Optimum Mid Cap Fund") ABN AMRO Mid Cap Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/River Road Small-Mid Cap Fund ("River Road Small-Mid Cap Fund") N/A
- --------------------------------------------------------------------------------------------------------------------------
Aston/Veredus Aggressive Growth Fund ("Veredus Aggressive Growth Fund") ABN AMRO/Veredus Aggressive Growth Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/TAMRO Small Cap Fund ("TAMRO Small Cap Fund") ABN AMRO/TAMRO Small Cap Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/River Road Small Cap Value Fund ("River Road Small Cap Value Fund") ABN AMRO/River Road Small Cap Value Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/ABN AMRO Real Estate Fund ("ABN AMRO Real Estate Fund") ABN AMRO Real Estate Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/Veredus SciTech Fund ("Veredus SciTech Fund") ABN AMRO/Veredus SciTech Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/Montag & Caldwell Balanced Fund ("M&C Balanced Fund") ABN AMRO/Montag & Caldwell Balanced Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston Balanced Fund ("Balanced Fund") ABN AMRO Balanced Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/ABN AMRO High Yield Bond Fund ("ABN AMRO High Yield Bond Fund") ABN AMRO High Yield Bond Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/TCH Fixed Income Fund ("TCH Fixed Income Fund") ABN AMRO Bond Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/TCH Investment Grade Bond Fund ("TCH Investment Grade Bond Fund") ABN AMRO Investment Grade Bond Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/McDonnell Municipal Bond Fund ("McDonnell Municipal Bond Fund") ABN AMRO Municipal Bond Fund
- --------------------------------------------------------------------------------------------------------------------------
Aston/ABN AMRO Investor Money Market Fund ("ABN AMRO Investor
Money Market Fund") ABN AMRO Investor Money Market Fund
- --------------------------------------------------------------------------------------------------------------------------
The Aston/ABN AMRO Mid Cap Growth Fund was terminated and liquidated on January
31, 2007.
M&C Growth Fund and ABN AMRO Growth Fund are authorized to issue three classes
of shares (Class N Shares, Class I Shares and Class R Shares). Veredus Select
Growth Fund, Value Fund, Optimum Mid Cap Fund, Veredus Aggressive Growth Fund,
TAMRO Small Cap Fund, River Road Small Cap Value Fund, ABN AMRO Real Estate
Fund, M&C Balanced Fund, Balanced Fund, ABN AMRO High Yield Bond Fund, TCH Fixed
Income Fund and TCH Investment Grade Bond Fund are each authorized to issue two
classes of shares (Class N Shares and Class I Shares). Optimum Large Cap
Opportunity Fund, TAMRO Large Cap Value Fund, River Road Dynamic Equity Income
Fund, River Road Small-Mid 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.
| 100
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
The investment objectives of the Funds are as follows:
- --------------------------------------------------------------------------------
M&C GROWTH FUND Long-term capital appreciation and, secondarily,
current income, by investing primarily in common stocks
and convertible securities.
- --------------------------------------------------------------------------------
ABN AMRO GROWTH FUND Long-term total return through a combination of capital
appreciation and current income by investing primarily
in a combination of stocks and bonds.
- --------------------------------------------------------------------------------
VEREDUS SELECT Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
OPTIMUM LARGE CAP Long-term capital appreciation.
OPPORTUNITY FUND
- --------------------------------------------------------------------------------
TAMRO LARGE CAP Long-term capital appreciation.
VALUE FUND
- --------------------------------------------------------------------------------
VALUE FUND Total return through long-term capital appreciation and
current income.
- --------------------------------------------------------------------------------
RIVER ROAD DYNAMIC High current income and, secondarily, long-term capital
EQUITY INCOME appreciation.
FUND
- --------------------------------------------------------------------------------
OPTIMUM MID CAP FUND Long-term total return through capital appreciation
by investing primarily in common and preferred stocks
and convertible securities.
- --------------------------------------------------------------------------------
RIVER ROAD Long-term capital appreciation.
SMALL-MID CAP
FUND
- --------------------------------------------------------------------------------
VEREDUS AGGRESSIVE Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
TAMRO SMALL CAP FUND Long-term capital appreciation.
- --------------------------------------------------------------------------------
RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
- --------------------------------------------------------------------------------
ABN AMRO REAL Total return through a combination of growth and
ESTATE FUND income.
- --------------------------------------------------------------------------------
VEREDUS SCITECH FUND Long-term capital appreciation.
- --------------------------------------------------------------------------------
M&C BALANCED FUND Long-term total return.
- --------------------------------------------------------------------------------
BALANCED FUND Growth of capital with current income by investing in a
combination of equity and fixed income securities.
- --------------------------------------------------------------------------------
ABN AMRO HIGH YIELD Interest income and capital appreciation.
BOND FUND
- --------------------------------------------------------------------------------
TCH FIXED INCOME High current income consistent with prudent risk of
FUND capital.
- --------------------------------------------------------------------------------
TCH INVESTMENT Total return.
GRADE BOND FUND
- --------------------------------------------------------------------------------
MCDONNELL MUNICIPAL High level of current interest income exempt from
BOND FUND federal income tax consistent with preservation of
capital by investing primarily in intermediate-term
municipal securities.
- --------------------------------------------------------------------------------
ABN AMRO INVESTOR High level of current interest income as is consistent
MONEY MARKET FUND with maintaining liquidity and 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 or
Sub-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
| 101
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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 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 April 30, 2007, the Funds did not
own any when issued or delayed delivery securities.
(4) MORTGAGE-BACKED SECURITIES: M&C Balanced Fund, Balanced Fund, ABN AMRO High
Yield Bond Fund, TCH Fixed Income Fund and TCH Investment Grade 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")
and real estate mortgage investment conduits ("REMIC"). 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:
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APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
2008 2009 2010 2011 2012 2013 2014 TOTAL
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
ABN AMRO Growth Fund ...... $20,818,160 $15,426,420 $ -- $ -- $ -- $ -- $ -- $36,244,580
Veredus Select Growth
Fund ................... -- -- -- -- -- -- 253,267 253,267
Veredus SciTech Fund ...... -- -- 1,018,702 -- 390,520 8,062 -- 1,417,284
M&C Balanced Fund ......... -- -- 6,806,705 2,978,228 -- -- -- 9,784,933
ABN AMRO High Yield
Bond Fund .............. -- -- -- -- -- 32,155 185,388 217,543
TCH Fixed Income Fund ..... -- -- 2,004,521 -- 139,950 -- 5,274,089 7,418,560
TCH Investment Grade
Bond Fund .............. -- -- -- -- 75,141 350,840 357,545 783,526
McDonnell Municipal
Bond Fund .............. -- -- -- -- -- -- 120,153 120,153
(8) MULTI-CLASS OPERATIONS: With respect to M&C Growth Fund, ABN AMRO Growth
Fund, Veredus Select Growth Fund, Value Fund, Optimum Mid Cap Fund, Veredus
Aggressive Growth Fund, TAMRO Small Cap Fund, River Road Small Cap Value Fund,
ABN AMRO Real Estate Fund, M&C Balanced Fund, ABN AMRO High Yield Bond Fund, TCH
Fixed Income Fund and TCH Investment Grade 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) ORGANIZATION COSTS: Certain costs incurred in connection with the
organization of Optimum Large-Cap Opportunity Fund, River Road Small-Mid Cap
Fund and River Road Small Cap Value Fund Class I Shares have been capitalized
and are being amortized on a straight-line basis over twelve months, commencing
on December 28, 2006, March 29, 2007 and December 13, 2006, respectively.
(10) 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.
(11) 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.
(12) 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, and is to be applied to all open tax years as of the
effective date. Recent SEC guidance allows implementing FIN 48 in fund NAV
calculation as late as the fund's last NAV calculation in the first semi-annual
financial statement reporting period. As a result, the Aston Funds will
incorporate FIN 48 in their semi-annual report on April 30, 2008.
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, if any.
| 103
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APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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, ABN AMRO High Yield
Bond Fund, TCH Fixed Income Fund and TCH Investment Grade 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.
M&C Growth Fund, ABN AMRO Growth Fund, Veredus Select Growth Fund, Optimum Large
Cap Opportunity Fund, TAMRO Large Cap Value Fund, Value Fund, Optimum Mid Cap
Fund, River Road Small-Mid Cap Fund, Veredus Aggressive Growth, TAMRO Small Cap
Fund, River Road Small Cap Value Fund, ABN AMRO Real Estate Fund, Veredus
SciTech Fund, M&C Balanced Fund and 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.
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 M&C Growth Fund, ABN AMRO
Growth Fund, Value Fund, Optimum Mid Cap Fund, Veredus Aggressive Growth Fund,
TAMRO Small Cap Fund, River Road Small Cap Value Fund, ABN AMRO Real Estate
Fund, M&C Balanced Fund, ABN AMRO High Yield Bond Fund, TCH Fixed Income Fund
and TCH Investment Grade 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.
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 differences.
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
-------------------------------------- --------------------------------------
LONG-TERM LONG-TERM
TAX-EXEMPT ORDINARY CAPITAL TAX-EXEMPT ORDINARY CAPITAL
INCOME INCOME GAINS INCOME INCOME GAINS
---------- ----------- ----------- ---------- ----------- -----------
M&C Growth Fund ................... $ -- $12,192,090 $ -- $ -- $12,223,076 $ --
ABN AMRO Growth Fund .............. -- 1,514,894 60,281,040 -- 3,719,656 --
Veredus Select Growth Fund ........ -- -- 19,255 -- -- --
TAMRO Large Cap Value Fund ........ -- 152,087 -- -- 140,652 --
Value Fund ........................ -- 5,455,180 4,573,239 -- 3,689,930 --
River Road Dynamic Equity Income
Fund .............................. -- 292,755 -- -- 52,394 --
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
M&C Balanced Fund ................. -- 790,445 -- -- 2,019,046 --
Balanced Fund ..................... -- 1,538,340 8,738,671 -- 3,673,528 13,121,235
ABN AMRO High Yield Bond Fund ..... -- 1,554,370 -- -- 1,634,987 22,832
TCH Fixed Income Fund ............. -- 8,184,409 -- -- 13,742,768 --
TCH Investment Grade Bond Fund .... -- 1,406,853 -- -- 1,638,810 --
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:
UNREALIZED
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNDISTRIBUTED APPRECIATION
CARRYFORWARD ORDINARY INCOME TAX-EXEMPT INCOME LONG-TERM GAIN (DEPRECIATION) TOTAL
------------ --------------- ----------------- -------------- -------------- ------------
M&C Growth Fund ................... $ -- $ 598,903 $ -- $ 4,012,604 $ 295,469,306 $300,080,813
ABN AMRO Growth Fund .............. (36,244,580) 7,258,995 -- 96,058,568 94,365,100 161,438,083
Veredus Select Growth Fund ........ (253,267) -- -- -- 2,519,037 2,265,770
TAMRO Large Cap Value Fund ........ -- -- -- 1,853,376 2,583,328 4,436,704
Value Fund ........................ -- 740,651 -- 13,737,654 78,364,251 92,842,556
River Road Dynamic Equity Income
Fund ........................... -- 109,722 -- 90,549 1,094,948 1,295,219
| 104
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
UNREALIZED
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNDISTRIBUTED APPRECIATION
CARRYFORWARD ORDINARY INCOME TAX-EXEMPT INCOME LONG-TERM GAIN (DEPRECIATION) TOTAL
------------ --------------- ----------------- -------------- -------------- ------------
Optimum Mid Cap Fund .............. $ -- $ -- $ -- $ 45,550,945 $ 112,538,563 $158,089,508
Veredus Aggressive Growth Fund .... -- -- -- 29,880,980 25,935,046 55,816,026
TAMRO Small Cap Fund .............. -- -- -- 15,386,367 47,638,208 63,024,575
River Road Small Cap Value Fund ... -- 2,379,988 -- 46,483 9,739,548 12,166,019
ABN AMRO Real Estate Fund ......... -- 3,516,613 -- 22,029,717 29,146,485 54,692,815
Veredus SciTech Fund .............. (1,417,284) -- -- -- 142,023 (1,275,261)
M&C Balanced Fund ................. (9,784,933) 50,471 -- -- 2,306,737 (7,427,725)
Balanced Fund ..................... -- 1,313,323 -- 16,036,482 5,876,402 23,226,207
ABN AMRO High Yield Bond Fund ..... (217,543) 132,338 -- -- (75,926) (161,131)
TCH Fixed Income Fund ............. (7,418,560) 135,874 -- -- (819,857) (8,102,543)
TCH Investment Grade Bond Fund .... (783,526) 62,280 -- -- (697,727) (1,418,973)
McDonnell Municipal Bond Fund ..... (120,153) -- 54,367 -- 1,141,775 1,075,989
ABN AMRO Investor Money Market
Fund ............................ -- 150,737 -- -- -- 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 April
30, 2007, ABN AMRO Asset Management Holdings, Inc. owned 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:
SIX MONTHS ENDED APRIL 30, 2007
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS N SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---------- ---------------- ------------ ---------------------
M&C Growth Fund ................................. 3,870,495 264,470 (9,020,736) (4,885,771)
ABN AMRO Growth Fund ............................ 2,176,529 2,117,445 (8,567,200) (4,273,226)
Veredus Select Growth Fund ...................... 428,535 -- (343,677) 84,858
Optimum Large Cap Opportunity Fund (a) .......... 165,973 -- (253) 165,720
TAMRO Large Cap Value Fund ...................... 93,262 140,113 (201,247) 32,128
Value Fund ...................................... 2,352,797 347,857 (1,436,158) 1,264,496
River Road Dynamic Equity Income Fund ........... 2,697,746 48,518 (658,937) 2,087,327
Optimum Mid Cap Fund ............................ 6,698,538 1,353,368 (4,054,891) 3,997,015
River Road Small-Mid Cap Fund (b) ............... 579,463 -- (365) 579,098
Veredus Aggressive Growth Fund .................. 772,884 1,116,407 (13,985,572) (12,096,281)
TAMRO Small Cap Fund ............................ 4,492,543 518,908 (2,316,911) 2,694,540
River Road Small Cap Value Fund (c) ............. 13,037,348 173,085 (5,291,362) 7,919,071
ABN AMRO Real Estate Fund ....................... 1,030,216 964,039 (1,200,276) 793,979
Veredus SciTech Fund ............................ 79,907 -- (140,418) (60,511)
M&C Balanced Fund ............................... 48,979 8,067 (464,852) (407,806)
Balanced Fund ................................... 248,354 2,355,278 (2,907,189) (303,557)
ABN AMRO High Yield Bond Fund ................... 41,723 3,740 (27,457) 18,006
TCH Fixed Income Fund ........................... 560,064 158,070 (2,842,823) (2,124,689)
TCH Investment Grade Bond Fund .................. 6,695 5,776 (121,192) (108,721)
McDonnell Municipal Bond Fund ................... 82,940 22,772 (1,724,906) (1,619,194)
ABN AMRO Investor Money Market Fund ............. 78,971,522 1,064,096 (101,931,257) (21,895,639)
(a) Optimum Large Cap Opportunity Fund commenced investment operations on
December 28, 2006.
(b) River Road Small-Mid Cap Fund commenced investment operations on March 29,
2007.
(c) Effective as of January 10, 2007 and until further notice, the River Road
Small Cap Value Fund is not accepting investments from either existing
investors or new investors, with limited exceptions.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS I SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---------- ---------------- ------------ ---------------------
M&C Growth Fund ................................. 4,536,416 423,405 (13,592,662) (8,632,841)
ABN AMRO Growth Fund ............................ 872,531 2,593,695 (11,012,693) (7,546,467)
Veredus Select Growth Fund ...................... 21,622 -- -- 21,622
Value Fund ...................................... -- 858,466 (32,766) 825,700
Optimum Mid Cap Fund ............................ 902,046 185,394 (377,053) 710,387
Veredus Aggressive Growth Fund .................. 977,841 427,770 (4,194,775) (2,789,164)
TAMRO Small Cap Fund ............................ 4,218,514 137,135 (932,416) 3,424,233
River Road Small Cap Value Fund (a) (b) ......... 4,120,307 3,243 (36,887) 4,086,663
ABN AMRO Real Estate Fund ....................... 18 610,707 (237,530) 373,195
M&C Balanced Fund ............................... 33,620 3,769 (374,024) (336,635)
ABN AMRO High Yield Bond Fund ................... 1,999 331 (838) 1,492
TCH Fixed Income Fund ........................... 152,436 57,641 (565,659) (355,582)
TCH Investment Grade Bond Fund .................. 29,321 20,746 (796,795) (746,728)
(a) River Road Small Cap Value Fund began issuing Class I Shares on December
13, 2006.
(b) Effective as of January 10, 2007 and until further notice, the River Road
Small Cap Value Fund is not accepting investments from either existing
investors or new investors, with limited exceptions.
| 105
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APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
PROCEEDS FROM
REINVESTMENT NET DECREASE
CLASS R SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- ---------------- ------------ ---------------------
M&C Growth Fund ............................. 4,905 148 (14,294) (9,241)
ABN AMRO Growth Fund ........................ 10,747 8,766 (42,491) (22,978)
YEAR ENDED OCTOBER 31, 2006
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS N SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- ---------------- ------------ ---------------------
M&C Growth Fund ............................. 8,426,683 104,931 (17,387,669) (8,856,055)
ABN AMRO Growth Fund ........................ 4,069,629 1,583,026 (25,275,679) (19,623,024)
Veredus Select Growth Fund .................. 2,260,876 1,361 (726,432) 1,535,805
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)
River Road Dynamic Equity Income Fund ....... 1,458,692 10,479 (660,127) 809,044
Optimum Mid Cap Fund ........................ 6,651,917 797,740 (9,807,905) (2,358,248)
Veredus Aggressive Growth Fund .............. 5,165,613 -- (15,194,301) (10,028,688)
TAMRO Small Cap Fund ........................ 5,262,354 -- (5,541,411) (279,057)
River Road Small Cap Value Fund ............. 13,316,275 -- (1,490,759) 11,825,516
ABN AMRO Real Estate Fund ................... 1,172,046 424,265 (1,349,059) 247,252
Veredus SciTech Fund ........................ 179,372 -- (354,355) (174,983)
M&C Balanced Fund ........................... 247,162 34,278 (1,895,942) (1,614,502)
Balanced Fund ............................... 882,089 964,188 (12,090,947) (10,244,670)
ABN AMRO High Yield Bond Fund ............... 65,599 6,454 (641,626) (569,573)
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)
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)
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS I SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- ---------------- ------------ ---------------------
M&C Growth Fund ............................. 8,933,745 334,989 (33,572,466) (24,303,732)
ABN AMRO Growth Fund ........................ 3,155,002 938,503 (3,788,153) 305,352
Veredus Select Growth Fund (a) .............. 78,447 -- (833) 77,614
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 Aggressive Growth Fund .............. 2,506,369 -- (2,867,822) (361,453)
TAMRO Small Cap Fund ........................ 3,167,262 -- (670,970) 2,496,292
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)
ABN AMRO High Yield Bond Fund ............... 600,622 771 (5,655) 595,738
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)
(a) Veredus Select Growth Fund began issuing Class I Shares on September 11,
2006.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS R SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- ---------------- ------------ ---------------------
M&C Growth Fund ............................. 10,743 -- (13,319) (2,576)
ABN AMRO Growth Fund ........................ 51,523 1,594 (28,756) 24,361
NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the six months
ended April 30, 2007 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------- -------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------- --------------- -------------
M&C Growth Fund ............................. $ -- $ 612,577,010 $ -- $ 964,605,642
ABN AMRO Growth Fund ........................ -- 186,057,060 -- 532,342,837
Veredus Select Growth Fund .................. -- 55,948,864 -- 55,122,157
Optimum Large Cap Opportunity Fund .......... -- 1,804,746 -- 87,840
TAMRO Large Cap Value Fund .................. -- 3,944,297 -- 5,365,191
Value Fund .................................. -- 59,568,167 -- 43,780,009
River Road Dynamic Equity Income Fund ....... -- 33,160,788 -- 9,337,538
Optimum Mid Cap Fund ........................ -- 214,589,652 -- 54,275,688
River Road Small-Mid Cap Fund ............... -- 5,214,396 -- 417,198
| 106
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------- -------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------- --------------- -------------
Veredus Aggressive Growth Fund .............. $ -- $ 220,481,135 $ -- $ 521,540,639
TAMRO Small Cap Fund ........................ -- 173,687,498 -- 63,525,291
River Road Small Cap Value Fund ............. -- 263,252,124 -- 110,304,876
ABN AMRO Real Estate Fund ................... -- 66,053,616 -- 69,131,214
Veredus SciTech Fund ........................ -- 2,905,391 -- 3,366,375
M&C Balanced Fund ........................... 366,598 4,022,510 2,576,394 14,272,640
Balanced Fund ............................... 3,380,861 11,387,659 4,570,382 31,914,185
ABN AMRO High Yield Bond Fund ............... -- 8,973,700 -- 8,996,452
TCH Fixed Income Fund ....................... 1,979,559 31,299,296 19,793,865 35,637,936
TCH Investment Grade Bond Fund .............. 1,500,288 5,291,197 5,434,763 9.608,792
McDonnell Municipal Bond Fund ............... -- 3,531,581 -- 19,081,745
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 six months
ended April 30, 2007:
FUND NAME TIME PERIOD AMOUNT
- --------- ----------------- -------
ABN AMRO Real Estate Fund 2% Within 90 Days $27,562
Veredus SciTech Fund 2% Within 90 Days 1,773
ABN AMRO High Yield Bond Fund 2% Within 90 Days 1,330
McDonnell Municipal Bond Fund 2% Within 90 Days 3,012
NOTE (G) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: 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 (also referred to herein as the
"Strategic Transaction"). 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.
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 a new investment advisory
agreement with Aston for each Fund listed below (the "New Investment Advisory
Agreement") and the approval of a new sub-investment advisory agreement between
Aston and the sub-adviser identified for each Fund listed below (the "New
Sub-Investment Advisory Agreements"). All proposals for all Funds were approved
by shareholders.
The Board of Trustees and shareholders approved New Sub-Investment Advisory
Agreements with respect to each Fund as follows:
FUND SUB-ADVISER
- ---- -----------
ABN AMRO Growth Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
ABN AMRO Mid Cap Growth Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
ABN AMRO Real Estate Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
ABN AMRO High Yield Bond Fund ABN AMRO Asset Management, Inc.
- --------------------------------------------------------------------------------
ABN AMRO/Montag & Caldwell Growth Fund Montag & Caldwell, Inc.
- --------------------------------------------------------------------------------
ABN AMRO/Montag & Caldwell Balanced Fund Montag & Caldwell, Inc.
- --------------------------------------------------------------------------------
ABN AMRO/River Road Dynamic Equity Income Fund River Road Asset Management LLC
- --------------------------------------------------------------------------------
ABN AMRO/River Road Small Cap Value Fund River Road Asset Management LLC
- --------------------------------------------------------------------------------
ABN AMRO/TAMRO Large Cap Value Fund TAMRO Capital Partners LLC
- --------------------------------------------------------------------------------
ABN AMRO/TAMRO Small Cap Fund TAMRO Capital Partners LLC
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
ABN AMRO/Veredus Select Growth Fund Veredus Asset Management LLC
- --------------------------------------------------------------------------------
FUND SUB-ADVISER
- ---- -----------
ABN AMRO/Veredus SciTech Fund Veredus Asset Management LLC
- --------------------------------------------------------------------------------
ABN AMRO/Veredus Aggressive Growth Fund Veredus Asset Management LLC
- --------------------------------------------------------------------------------
ABN AMRO Value Fund MFS Institutional Advisers, Inc.
- --------------------------------------------------------------------------------
ABN AMRO Mid Cap Fund Optimum Investment Advisors, LP
- --------------------------------------------------------------------------------
ABN AMRO Bond Fund Taplin, Canida & Habacht, Inc.
- --------------------------------------------------------------------------------
ABN AMRO Investment Grade Bond Fund Taplin, Canida & Habacht, Inc.
- --------------------------------------------------------------------------------
ABN AMRO Municipal Bond Fund McDonnell Investment Management, LLC
- --------------------------------------------------------------------------------
ABN AMRO Balanced Fund Taplin, Canida & Habacht, Inc.
(Income Portion)
ABN AMRO Asset Management, Inc.
(Equity Portion)
- --------------------------------------------------------------------------------
The New Investment Advisory Agreement and New Sub-Investment Advisory Agreements
became effective as of November 30, 2006, the closing date of the Purchase
Agreement, and the then existing investment advisory and sub-advisory agreements
with respect to each Fund were terminated. Each Fund's New Investment Advisory
Agreement provides for the same investment advisory fee rate as previously in
place for each Fund and such fees are accrued daily and paid monthly, based on a
specified annual rate of average daily net assets.
The factors considered by the Board of Trustees in approving the New Investment
Advisory Agreement and the New Sub-Investment Advisory Agreements are included
in the Trust's Annual Report dated October 31, 2006.
Prior to the closing of the Strategic Transaction, each previous adviser listed
below (the "Previous Adviser") provided the Funds with investment advisory
services under various advisory agreements. In addition, certain Funds had an
expense limitation agreement with the Previous 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 are no contractual
expense limitations for Class R shareholders. The contractual expense limitation
contracts with the Previous 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 six months ended
April 30, 2007 were as follows:
CONTRACTUAL
EXPENSE LIMITATIONS
-------------------
PREVIOUS ADVISER ADVISORY FEES CLASS N CLASS I
----------------------------------- --------------------------- ------- -------
M&C Growth Fund Montag & Caldwell, Inc. 0.80% on first $800,000,000
0.60% over $800,000,000 N/A N/A
ABN AMRO Growth Fund ABN AMRO Asset Management, Inc. 0.70% N/A N/A
Veredus Select Growth Fund Veredus Asset Management LLC 0.80% 1.30% 1.05%
Optimum Large Cap Opportunity Fund * 0.80% 1.40% N/A
TAMRO Large Cap Value Fund TAMRO Capital Partners LLC 0.80% 1.20% N/A
Value Fund ABN AMRO Asset Management, Inc. (a) 0.80% 0.94% 0.69%
River Road Dynamic Equity Income Fund River Road Asset Management LLC 0.70% 1.30% N/A
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%
River Road Small-Mid Cap Fund * 1.00% 1.50% N/A
Veredus Aggressive Growth Fund Veredus Asset Management LLC 1.00% 1.49% 1.24%
TAMRO Small Cap Fund TAMRO Capital Partners LLC 0.90% 1.30% 1.05%
River Road Small Cap Value Fund River Road Asset Management LLC 0.90% 1.50% 1.25%
ABN AMRO Real Estate Fund ABN AMRO Asset Management, Inc. (a) 1.00% 1.37% 1.12%
| 108
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
CONTRACTUAL
EXPENSE LIMITATIONS
-------------------
PREVIOUS ADVISER ADVISORY FEES CLASS N CLASS I
----------------------------------- --------------------------- ------- -------
Veredus SciTech Fund Veredus Asset Management LLC 1.00% 1.60% N/A
M&C Balanced Fund (b) Montag & Caldwell, Inc. 0.75% N/A N/A
Balanced Fund ABN AMRO Asset Management, Inc. 0.70% N/A N/A
ABN AMRO High Yield Bond Fund ABN AMRO Asset Management, Inc. (a) 0.45% 0.80% 0.55%
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%
McDonnell Municipal Bond Fund (c) 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
* Optimum Large Cap Opportunity Fund commenced operations on December 28,
2006 and River Road Small-Mid Cap Fund commenced operations on March 29,
2007. Aston serves as investment adviser to each fund and Optimum
Investment Advisers LLC serves as sub adviser to Optimum Large Cap
Opportunity Fund and River Road Asset Management LLC serves as sub adviser
to River Road Small-Mid Cap Fund. The contractual expense limitation for
River Road Small-Mid Cap Fund is effective through March 28, 2008.
** ABN AMRO Asset Management, Inc. continues to serve as the investment
adviser for ABN AMRO Investor Money Market Fund.
(a) 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.
(b) Effective November 1, 2006, Aston agreed to voluntarily waive management
fees and/or reimburse expenses for the M&C Balanced Fund so that the net
expense ratio is no more than 1.35% for Class N Shares and 1.10% for Class
I Shares. Aston may revise or discontinue the voluntary waivers at any
time.
(c) Effective February 1, 2007 Aston agreed to voluntarily waive management
fees and/or reimburse expenses for the McDonnell Municipal Bond Fund so
that the net expense ratio is no more than 0.85% for Class N Shares. Prior
to February 1, 2007, Aston voluntarily waived management fees and all
distribution fees so that the net expense ratio was 0.50%. Aston may
revise or discontinue the voluntary waivers at any time.
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
Prior to the close of the Strategic Transaction, subadvisory fees were paid
monthly by AAAM. Pursuant to the terms of the New Sub-Investment Advisory
Agreements (including the Sub-Investment Advisory Agreements for Optimum Large
Cap Opportunity Fund and River Road Small-Mid Cap Fund) subadvisory fees for
each Fund are paid monthly by Aston.
Prior to November 30, 2006, 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. 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. 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 December 1, 2006, 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.
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.
| 109
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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 six months ended April 30, 2007, 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
---- --------- ------- -------
M&C Growth Fund $ 136,216 $ -- $ --
ABN AMRO Growth Fund 81,788 6,097 --
Veredus Select Growth Fund 13,622 -- --
TAMRO Large Cap Value Fund 1,121 -- --
Value Fund 74 -- --
River Road Dynamic Equity Income Fund 5,074 -- --
Optimum Mid Cap Fund 91,374 3,745 --
Veredus Aggressive Growth Fund 64,995 2,853 --
TAMRO Small Cap Fund 28,319 55 --
River Road Small Cap Value Fund 45,775 -- --
ABN AMRO Real Estate Fund 3,346 -- --
Veredus SciTech Fund 597 -- --
M&C Balanced Fund 1,374 -- --
Balanced Fund 1,407 -- --
TCH Fixed Income Fund 2,666 -- --
McDonnell Municipal Bond Fund 3,007 -- --
The Trust does not compensate its officers or interested Trustees who are
affiliated with Aston or a subadviser. The Trust pays each non-interested
Trustee $5,000 per Board of Trustees meeting attended and an annual retainer of
$25,000 and also 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 16, 2007, 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 April,
30, 2007, there were no borrowings outstanding on the line of credit.
For the Funds that utilized the line of credit during the six months ended April
30, 2007, 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
------------------ ---------------- ----------------
M&C Growth Fund $11,211,464 5.29% $21,549
ABN AMRO Growth Fund 1,708,792 5.33% 3,263
River Road Dynamic Equity Income Fund 272,600 5.30% 120
Optimum Mid Cap Fund 5,925,600 5.27% 2,605
Veredus Aggressive Growth Fund 9,077,675 5.30% 48,146
ABN AMRO Real Estate Fund 3,733,700 5.31% 551
M&C Balanced Fund 2,472,029 5.29% 2,549
Balanced Fund 1,246,267 5.27% 3,828
TCH Fixed Income Fund 2,725,700 5.32% 1,208
TCH Investment Grade Bond Fund 1,721,100 5.33% 255
McDonnell Municipal Bond Fund 1,748,400 5.27% 511
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 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 redemp-
| 110
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APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
tions. ReFlow will be prohibited from acquiring more than 3% of the outstanding
voting securities of the Fund.
As of April 30, 2007, 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 April 27, 2007 for the purpose of adding Class
I shares to the Aston/River Road Small-Mid Cap Fund and the Aston/River Road
Dynamic Equity Income Fund. For both Funds, the new class is expected to
commence operations on or about June 29, 2007. The Trust also filed a PEA on May
9, 2007 for the purpose of adding four new series to the Trust, Aston/ABN AMRO
Global Real Estate Fund, Aston/Resolution Global Equity Fund, Aston/LanderNorth
Small Cap Growth Fund and Aston/Neptune International Fund. The new series are
expected to commence operations on or about August 1, 2007.
On April 13, 2007, TAMRO Capital Partners, LLC ("TAMRO") and ABN AMRO Asset
Management Holdings, Inc. (collectively the "Sellers"), entered into an asset
purchase agreement ("Asset Purchase Agreement") with Tasho Investment, LLC
("Purchaser") under which Purchaser will purchase substantially all of the
assets and liabilities of TAMRO related to its investment advisory business. The
transaction is referred to herein as the "Buyback Transaction." Purchaser will
be owned primarily by the current executive officers of TAMRO. The Buyback
Transaction will result in the termination of the current Sub-Investment
Advisory Agreement for the Aston/TAMRO Large Cap Value Fund and Aston/TAMRO
Small Cap Fund (each a "TAMRO Fund" and collectively, the "TAMRO Funds") between
Aston and TAMRO. The 1940 Act requires shareholders to approve the new
Sub-Investment Advisory Agreement between Aston and Tasho with respect to each
TAMRO Fund in order for it to become effective. As soon as practicable following
the transaction, Purchaser will assume the name of TAMRO Capital Partners, LLC.
The Board of Trustees of the Aston Funds has approved a new Sub-Investment
Advisory Agreement, with substantially the same terms as the existing agreement,
to become effective upon the closing, subject to approval by the shareholders of
the TAMRO Funds. A Special Meeting of Shareholders for each Fund is scheduled to
be held on June 28, 2007. No change in portfolio manager is anticipated as a
result of the Buyback Transaction. The transaction is expected to be completed,
subject to regulatory approval and satisfaction of other conditions, by the end
of the second quarter of 2007.
Effective May 1, 2007 Aston agreed to add a voluntary waiver of management fees
and/or reimburse expenses so that the net expense ratio for the Aston/Optimum
Large Cap Opportunity Fund is no more than 1.10% of the Fund's average daily net
assets. Aston may terminate such voluntary waiver/reimbursement at any time.
The Board of Trustees of the Aston Funds has determined that the termination and
liquidation of the Aston/ABN AMRO High Yield Bond Fund ("High Yield Bond Fund")
is in the best interests of the High Yield Bond Fund and its shareholders.
Effective as of June 13, 2007, the High Yield Bond Fund is closed to new or
additional investments, provided that the High Yield Bond Fund may in its
discretion permit investments by 401(k) plans and other similar accounts that
require additional time to change investment options. The estimated liquidation
date of the High Yield Bond Fund is on or about July 18, 2007.
| 111
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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) 942-8090.
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.
APPROVAL OF INVESTMENT ADVISORY CONTRACTS:
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH RESPECT TO ASTON/OPTIMUM LARGE CAP OPPORTUNITY FUND
The 1940 Act requires each new 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 September 21, 2006, the Board of
Trustees, including the Independent Trustees, determined that the terms of the
Investment Advisory Agreement with Aston Asset Management LLC ("Aston") with
respect to Aston/Optimum Large Cap Opportunity Fund are fair and reasonable and
approved the Agreement for the Fund as being in the best interests of the Fund.
In making such determinations, the Board of Trustees, including the Independent
Trustees, considered materials received and discussions held relating to the
approval of the Investment Advisory Agreement. The Board also took into account
extensive information received with respect to Aston in connection with the
strategic transaction with Highbury Financial Inc. approved earlier this year.
The Independent Trustees met separately from the "interested" Trustees of the
Trust and any officers of Aston or its affiliates to consider approval of the
Investment Advisory Agreement for the Fund and were assisted by independent
legal counsel in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of the Fund, the Board
of Trustees reviewed information regarding: (1) the nature, extent and quality
of the services to be provided to the Fund, 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 Fund compared to a peer
group of funds; (3) fee waivers or expenses to be reimbursed by the investment
adviser and/or subadviser; and (4) potential benefits to be received by
affiliates of the investment adviser from its relationship with the Fund. In
considering the Investment Advisory Agreement on behalf of the Fund, the Board
of Trustees, including the Independent Trustees, did not identify any single
factor or group of factors as all-important or controlling, but considered all
factors together. The following summary does not detail all the matters
considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered that Aston intends
to manage the Fund by delegating the day-to-day investment responsibility for
managing the Fund to a subadviser. The Board noted that the proposed subadviser
currently manages another ABN AMRO Fund, and the Board considered the nature,
quality and extent of services, including performance, of the proposed
subadviser with respect to the Fund. The Board considered Aston's ability and
procedures to monitor the performance of subadvisers, business practices and
compliance policies and procedures. In this regard, the Board noted the
responsibilities and experience of personnel of ABN AMRO Investment Fund
Services, Inc. ("AAIFS") that were 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 were expected to continue with Aston.
On the basis of this evaluation, the Board concluded that the nature, quality
and extent of services to be provided by Aston were expected to be satisfactory.
EXPENSES. The Board of Trustees considered the Fund's proposed management fee
rate, estimated operating fees and total expense ratio. As a part of this
analysis, the Board of Trustees considered the investment advisory fee to be
paid by the Fund to Aston as well as fee waivers or expenses to be reimbursed by
Aston and compared the
| 112
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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
proposed advisory fees and estimated total expenses to those of a relevant peer
group.
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 Fund 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 the Fund, the
sub-adviser will bear 50% of any fee waivers or expense reimbursements. Because
the Fund had not yet commenced operations, profitability information was not
available. However, based upon projected asset size and the impact of fee
waivers or expenses to be reimbursed by 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 Fund grows. The Board of Trustees
reviewed the Fund's estimated expense ratios giving effect to fee waivers or
expenses to be reimbursed by the investment adviser, and considered the
potential asset size of the Fund. The Board of Trustees concluded that the
potential for economies of scale are limited at the present time.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board of Trustees also considered
the nature and amount of fees to be paid by the 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 Investment Advisory
Agreement for the Fund including the proposed advisory fees were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the Fund
should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENT WITH RESPECT TO ASTON/OPTIMUM LARGE CAP OPPORTUNITY FUND
The 1940 Act requires each new sub-investment advisory agreement between Aston
and a proposed subadviser with respect to a Fund to be approved by both the
Board of Trustees and a majority of the Independent Trustees voting separately.
The Board of Trustees approved a Sub-Investment Advisory Agreement with respect
to Aston/Optimum Large Cap Opportunity Fund between Aston and Optimum Investment
Advisors, LLC at an in-person meeting on September 21, 2006. The Independent
Trustees met separately from the "interested" Trustees of the Trust and any
officers of Aston, the subadviser or their affiliates to consider approval of
the Sub-Investment Advisory Agreement and were assisted by independent legal
counsel in their deliberations. Among the matters considered by the Board of
Trustees, including the Independent Trustees, in connection with its approval of
the Sub-Investment Advisory Agreement were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, extent
and quality of services expected to be provided under the Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of the proposed sub-adviser, the investment approach of the
subadviser, 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. With respect to Optimum, the Board considered the performance of
separate accounts with substantially the same investment objective and
strategies as the Fund. On the basis of this evaluation, the Board concluded
that the nature, quality and extent of services expected to be provided by the
subadviser are expected to be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rate under the Sub-Investment Advisory Agreement as well as the overall
management fee structure of the Fund. The Board considered that the subadvisory
fee rate was negotiated at arm's length between Aston and the subadviser, an
unaffiliated third party, and that Aston will compensate the subadviser from its
fees. As part of its review of the investment advisory agreement with Aston, the
Board considered whether there will be economies of scale with respect to the
overall fee structure of the Fund and whether the Fund will benefit from any
economies of scale. The Board concluded that the economies of scale were limited
at this time.
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OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the subadviser. The Board
considered potential benefits from the use of "soft dollars," noting that the
subadviser generally does 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
subadviser from its relationship with the Fund are expected to be reasonable.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of the Sub-Investment
Advisory Agreement is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF THE
INVESTMENT ADVISORY AGREEMENT WITH RESPECT TO THE ASTON/ABN AMRO INVESTOR MONEY
MARKET FUND
The 1940 Act requires the investment advisory agreement between the investment
adviser and the Trust, on behalf of a Fund, to be approved annually by both the
Board of Trustees and a majority of the Independent Trustees voting separately.
At an in-person meeting on December 21, 2006, the Board of Trustees (the
"Board"), including the Independent Trustees, determined that the terms of the
Investment Advisory Agreement with ABN AMRO Asset Management, Inc. ("AAAM") with
respect to Aston/ABN AMRO Investor Money Market Fund (the "Fund") continued to
be fair and reasonable and approved the continuation of the Agreement for the
Fund as being in the best interests of the Fund. In making such determinations,
the Board, including the Independent Trustees, considered materials received and
discussions held with respect to the continuation of the Agreement at meetings
in September and December. The Independent Trustees met separately from the
"interested" Trustee of the Trust to consider the continuation of the Investment
Advisory Agreement for the Fund and were assisted by independent legal counsel
in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of the Fund, the Board
reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees
charged and total expense ratios of the Fund compared to a peer group of funds
compiled by Lipper, Inc. ("Lipper"); (3) fee waivers or expenses to be
reimbursed by the investment adviser; and (4) potential benefits to be received
by affiliates of the investment adviser from its relationship with the Fund. In
considering the Investment Advisory Agreement on behalf of the Fund, the Board,
including the Independent Trustees, did not identify any single factor or group
of factors as all-important or controlling, but considered all factors together.
The following summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Agreement. The Board considered the
experience and skills of senior management and investment personnel, the
resources made available to such personnel, the ability of AAAM to attract and
retain high-quality personnel, and the organizational depth and stability of
AAAM. It also reviewed the Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds compiled by Lipper and an appropriate index. The Board
considered whether investment results were consistent with the Fund's investment
objectives and policies.
On the basis of this evaluation and its ongoing review of operations, the Board
concluded that the nature, quality and extent of services provided by AAAM
historically have been and continue to be satisfactory, and that the performance
of the Fund over time was satisfactory.
FEES AND EXPENSES. The Board considered the Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper. As a part of this analysis, the Board considered the investment advisory
fee paid by the Fund and the fees waived or expenses reimbursed by AAAM and
compared the gross and net advisory fees to those of a peer group. The Board
also considered the advisory fees charged by AAAM to other mutual fund and
separate account clients, but noted that in many cases the services provided
were not comparable. On the basis of the information provided, the Board
concluded that management fees were reasonable and appropriate in light of the
nature, quality and extent of services provided by AAAM.
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COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of AAAM's advisory agreement
with the Fund. This information was provided by AAAM, contained a number of
estimates and allocations and had not been audited or independently verified.
Because the Board recognized the inherently subjective nature of profitability
analysis, this information was utilized as an approximate rather than a
definitive measure of profitability. The Board considered that AAAM must be able
to compensate its employees at competitive rates in order to attract and retain
high quality personnel to provide high quality services to the Fund. Based on
the information provided, the Board concluded that the profits realized by AAAM
in connection with the management of the Fund were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Fund and whether the Fund benefit from any
economies of scale. The Board considered the size of the Fund, any breakpoints
in fees, and the nature of the asset class and any capacity limits. The Board
concluded that the management fee schedule reflects an appropriate level of
sharing of any economies of scale.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the character and
amount of other incidental benefits received by AAAM as a result of its
relationship with the Fund. The Board noted that, as a result of AAAM's recent
sale of its mutual fund business, AAAM no longer provides administration,
distribution and other services to the Fund. The Board also considered that AAAM
generally does not use portfolio transactions to pay for research services
generated by third parties for the Fund. The Board concluded that any incidental
benefits to be received by AAAM from its relationship with the Fund are expected
to be 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 Investment Advisory
Agreement for the Fund including the advisory fees were fair and reasonable, and
that the continuation of the Investment Advisory Agreement on behalf of the Fund
should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING AN AMENDED
SUB-INVESTMENT ADVISORY AGREEMENT WITH RESPECT TO ASTON VALUE FUND
The 1940 Act requires each sub-investment advisory agreement between Aston and a
proposed subadviser with respect to a 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 February 19, 2007, the Board of Trustees (the "Board")
approved an amendment to the Sub-Investment Advisory Agreement, dated November
30, 2006, between Aston and MFS Institutional Advisors Inc. ("MFS") with respect
to the Aston Value Fund (the "Fund") providing for a reduction in the
subadvisory fee payable from Aston to MFS (the "Amendment"). The Independent
Trustees met separately from the "interested" Trustee of the Trust and any
officers of Aston, the subadviser or their affiliates to consider the amendment
to the Sub-Investment Advisory Agreement and were assisted by independent legal
counsel in their deliberations.
In evaluating the Amendment, the Board, including the Independent Trustees,
considered materials received and discussions held at the February meeting and
at a prior meeting held in connection with the initial approval of the
Sub-Investment Advisory Agreement. The Board also receives information regarding
the performance of the Fund and other operating results on a regular basis.
Among the matters considered by the Board, including the Independent Trustees,
in connection with its approval of the Amendment were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, extent
and quality of services provided under the Sub-Investment Advisory Agreement.
The Board considered the reputation, qualifications and background of the
subadviser, the investment approach of the subadviser, 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 the Fund for periods ended December 31, 2006 versus a peer group
average and against the Fund's benchmark. The Board considered assurances
provided by Aston and MFS that the nature, quality and extent of services
provided by MFS would not be reduced as a result of the Amendment. On the basis
of this evaluation and its ongoing review of operating results, the Board
concluded that the nature, quality and extent of services provided by the
subadviser are expected to continue to be satisfactory.
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FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rate under the Sub-Investment Advisory Agreement, as proposed to be amended,
as well as the overall management fee structure of the Fund. The Board
considered that the subadvisory fee rate, as amended, was negotiated at arm's
length between Aston and the subadviser, an unaffiliated third party, and that
Aston compensates the subadviser from its fees. The Board considered that the
Amendment would result in a reallocation of management fees between Aston and
MFS, and would not change the management fee payable by the Fund. The Board
concluded that the economies of scale were limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the subadviser. The Board
considered potential benefits from the use of "soft dollars," noting that the
subadviser generally does 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
subadviser from its relationship with the Fund are expected to be reasonable.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Amendment to the
Sub-Investment Advisory Agreement are fair and reasonable, and that the approval
of the Amendment to the Sub-Investment Advisory Agreement is in the best
interests of the Fund. No single factor was determinative in the Board's
analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH RESPECT TO ASTON/RIVER ROAD SMALL-MID CAP FUND
The 1940 Act requires each new 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 February 19, 2007, the Board of Trustees
(the "Board") of Aston Funds (the "Trust"), including the Independent Trustees,
determined that the terms of the Investment Advisory Agreement with Aston Asset
Management LLC ("Aston") with respect to the Aston/River Road Small-Mid Cap Fund
(the "Fund") are fair and reasonable and approved the Agreement for the Fund as
being in the best interests of the Fund. In making such determination, the
Board, including the Independent Trustees, considered materials received and
discussions held with respect to the approval of the Investment Advisory
Agreement. The Independent Trustees met separately from the "interested" Trustee
of the Trust and any officers of Aston or its affiliates to consider approval of
the Investment Advisory Agreement for the Fund and were assisted by independent
legal counsel in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of the Fund, the Board
reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees to
be charged and estimated total expense ratio of the Fund compared to a peer
group of funds; (3) fee waivers or expenses to be reimbursed by the investment
adviser and/or subadviser; and (4) potential benefits to be received by
affiliates of the investment adviser from its relationship with the Fund. In
considering the Investment Advisory Agreement on behalf of the Fund, the Board,
including the Independent Trustees, did not identify any single factor or group
of factors as all-important or controlling, but considered all factors together.
The following summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered that Aston intends
to manage the Fund by delegating the day-to-day investment responsibility for
managing the Fund to a subadviser. The Board noted that the proposed subadviser
currently manages other funds of the Trust and, therefore, Aston has previously
supervised this subadviser. The Board considered Aston's ability and procedures
to monitor the performance of subadvisers, business practices and compliance
policies and procedures. In this regard, the Board noted the responsibilities
and experience of Aston personnel. The Board also noted the nature and quality
of administration services provided by Aston to the Trust, as well as the nature
and quality of the services that historically were provided by such personnel
through the prior organizations with which they were associated.
On the basis of this evaluation, the Board concluded that the nature, quality
and extent of services to be provided by Aston are expected to be satisfactory.
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EXPENSES. The Board considered the Fund's proposed management fee rate,
estimated operating fees and total expense ratio. As a part of this analysis,
the Board considered the investment advisory fee to be paid by the Fund to Aston
as well as fee waivers or expenses to be reimbursed by Aston and compared the
proposed advisory fees and estimated total expenses to those of a relevant peer
group.
COSTS AND PROFITABILITY. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board considered the
resources involved in managing the Fund 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 the Fund, the adviser will bear 50% of any fee
waivers or expense reimbursements. Because the Fund had not yet commenced
operations, profitability information was not available. However, based upon
projected asset size and the impact of fee waivers or expenses to be reimbursed
by the investment adviser, the Board of Trustees concluded that profitability
was expected to be reasonable.
ECONOMIES OF SCALE. The Board considered the extent to which economies of scale
would be realized as the Fund grows. The Board reviewed the Fund's estimated
expense ratios giving effect to fee waivers or expenses to be reimbursed by the
investment adviser and/or subad-viser, and considered the potential asset size
of the Fund. The Board concluded that at this time, the potential for economies
of scale are limited.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board also considered the nature
and amount of fees to be paid by the Fund for services to be provided by Aston
for administration services. The Board also considered payments under the Rule
12b 1 distribution plan and noted that Aston currently does not intend to manage
any of the Aston Funds directly and therefore will not benefit from the use of
"soft" commission dollars to pay for research and brokerage services.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for the Fund including the proposed advisory fee were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the Fund
should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENT WITH RESPECT TO ASTON/RIVER ROAD SMALL-MID CAP FUND
The 1940 Act requires each new sub-investment advisory agreement between Aston
and a proposed subadviser with respect to a Fund to be approved by both the
Board of Trustees and a majority of the Independent Trustees voting separately.
The Board of Trustees (the "Board") of the Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement with respect to Aston/River Road Small-Mid Cap
Fund (the "Fund") between Aston and River Road Asset Management, LLC at an
in-person meeting on February 19, 2007. The Independent Trustees met separately
from the "interested" Trustee of the Trust and any officers of Aston, the
subadviser or their affiliates to consider approval of the Sub-Investment
Advisory Agreement and were assisted by independent legal counsel in their
deliberations. Among the matters considered by the Board of Trustees, including
the Independent Trustees, in connection with its approval of the Investment
Sub-Investment Advisory Agreement 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 Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of the proposed sub-adviser, the investment approach of the
subadviser, 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 noted that the proposed subadviser currently manages other
funds of the Trust, and took into account the quality of services provided to
those funds. The Board considered the performance of separate accounts and other
mutual funds with substantially the same investment objective and strategies as
the Fund. On the basis of this evaluation, the Board concluded that the nature,
quality and extent of services to be provided by the subadviser are expected to
be satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rate under the Sub-Investment Advisory Agreement as well as the overall
management fee structure of the Fund. The Board considered that the subadvisory
fee rate was negotiated at arm's length between Aston and the subadviser, an
unaffiliated third party, and that Aston will compensate the subadviser from its
fees. As part of its review of the
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investment advisory agreement with Aston, the Board considered whether there
will be economies of scale with respect to the overall fee structure of the Fund
and whether the Fund will benefit from any economies of scale. The Board
concluded that the economies of scale were limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the subadviser. The Board
considered potential benefits from the use of "soft dollars," noting that the
subadviser generally does 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
subadviser from its relationship with the Fund are expected to be reasonable.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of the Sub-Investment
Advisory Agreement is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
This table illustrates each Fund's costs in two ways:
ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period.
You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number given for your Fund in the first line
under the heading entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.
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BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/06 04/30/07 RATIO(1) PERIOD(2)
--------- ---------- --------- -----------
M&C GROWTH FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,058 1.08% $ 5.51
Class I .............................. 1,000 1,059 0.79% 4.03
Class R .............................. 1,000 1,057 1.29% 6.58
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,019 1.08% $ 5.41
Class I .............................. 1,000 1,021 0.79% 3.96
Class R .............................. 1,000 1,018 1.29% 6.46
ABN AMRO GROWTH FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,050.30 1.12% $ 5.69
Class I .............................. 1,000 1,051.90 0.83% 4.22
Class R .............................. 1,000 1,049.40 1.33% 6.71
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,019.24 1.12% $ 5.61
Class I .............................. 1,000 1,020.68 0.83% 4.16
Class R .............................. 1,000 1,018.25 1.33% 6.61
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,076.50 1.30% $ 6.69
Class I .............................. 1,000 1,078.80 0.98% 5.05
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.35 1.30% $ 6.51
Class I .............................. 1,000 1,019.93 0.98% 4.91
OPTIMUM LARGE CAP OPPORTUNITY FUND (3)
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,121.00 1.40% $ 5.00
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,017.85 1.40% $ 7.00
TAMRO LARGE CAP VALUE FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,070.70 1.20% $ 6.16
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.84 1.20% $ 6.01
VALUE FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,107.10 0.94% $ 4.91
Class I .............................. 1,000 1,108.40 0.69% 3.61
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,020.13 0.94% $ 4.71
Class I .............................. 1,000 1,021.37 0.69% 3.46
RIVER ROAD DYNAMIC EQUITY INCOME FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,099.80 1.30% $ 6.77
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.35 1.30% $ 6.51
OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,125.30 1.14% $ 6.01
Class I .............................. 1,000 1,126.70 0.87% 4.59
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,019.70 1.14% $ 5.71
Class I .............................. 1,000 1,020.48 0.87% 4.36
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/06 04/30/07 RATIO(1) PERIOD(2)
--------- ---------- --------- -----------
RIVER ROAD SMALL-MID CAP FUND (4)
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,017.00 1.50% $ 1.33
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,017.36 1.50% $ 7.50
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,120.20 1.47% $ 7.73
Class I .............................. 1,000 1,121.80 1.17% 6.16
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,017.50 1.47% $ 7.35
Class I .............................. 1,000 1,018.99 1.17% 5.86
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,087.00 1.30% $ 6.73
Class I .............................. 1,000 1,088.60 1.03% 5.33
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.35 1.30% $ 6.51
Class I .............................. 1,000 1,019.69 1.03% 5.16
RIVER ROAD SMALL CAP VALUE FUND (5)
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,099.10 1.36% $ 7.08
Class I .............................. 1,000 1,054.70 1.08% 4.23
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.05 1.36% $ 6.80
Class I .............................. 1,000 1,019.44 1.08% 5.41
ABN AMRO REAL ESTATE FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,052.90 1.37% $ 6.97
Class I .............................. 1,000 1,054.00 1.11% 5.65
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.00 1.37% $ 6.85
Class I .............................. 1,000 1,019.29 1.11% 5.56
VEREDUS SCITECH FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,057.40 1.60% $ 8.16
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,016.86 1.60% $ 8.00
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,041.80 1.35% $ 6.83
Class I .............................. 1,000 1,042.10 1.08% 5.47
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.10 1.35% $ 6.76
Class I .............................. 1,000 1,019.44 1.08% 5.41
BALANCED FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,054.60 1.23% $ 6.27
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,018.70 1.23% $ 6.16
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BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/06 04/30/07 RATIO(1) PERIOD(2)
--------- ---------- --------- -----------
ABN AMRO HIGH YIELD BOND FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,059.00 0.80% $ 4.08
Class I .............................. 1,000 1,060.20 0.55% 2.81
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,020.83 0.80% $ 4.01
Class I .............................. 1,000 1,022.07 0.55% 2.76
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,048 0.74% $ 3.76
Class I .............................. 1,000 1,049 0.48% 2.44
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,021 0.74% $ 3.71
Class I .............................. 1,000 1,022 0.48% 2.41
TCH INVESTMENT GRADE BOND FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,025 0.89% $ 4.47
Class I .............................. 1,000 1,027 0.64% 3.22
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,020 0.89% $ 4.46
Class I .............................. 1,000 1,022 0.64% 3.21
MCDONNELL MUNICIPAL BOND FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,010.70 0.65% $ 3.24
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,021.57 0.65% $ 3.26
ABN AMRO INVESTOR MONEY MARKET FUND
ACTUAL FUND RETURN
Class N .............................. $ 1,000 $ 1,024 0.62% $ 3.11
HYPOTHETICAL 5% RETURN
Class N .............................. $ 1,000 $ 1,022 0.62% $ 3.11
(1) Annualized, based on the Funds' most recent fiscal half-year expenses.
(2) Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year or partial year, if applicable,
for the actual return and multiplied by the most recent fiscal half-year
for the hypothetical 5% return, then divided by 365. Expense ratios do not
include interest expense, if applicable.
(3) Optimum Large Cap Value Fund commenced investment operations on December
28, 2006.
(4) River Road Small-Mid Cap Value Fund commenced investment operations on
March 29, 2007.
(5) River Road Small Cap Value Fund began issuing Class I Shares on December
13, 2006.
| 120
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Aston Funds
ADVISERS
Aston Asset Management LLC
120 N. LaSalle Street
25th Floor
Chicago, IL 60602
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street
Chicago, IL 60603
SUB-ADVISERS
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street
Chicago, IL 60603
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 Distributors, 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.
| 124
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.
[LOGO] ASTON ASSET MANAGEMENT
Aston Funds
P.O. Box 9765
Providence, RI 02940
ATSEM 07 01
[LOGO] ASTON FUNDS
SEMI-ANNUAL REPORT 2007
APRIL 30, 2007
CLASS I AND S SHARES
ABN AMRO MONEY MARKET FUNDS
[GRAPHIC OMITTED]
COVER ART
Aston Funds were formerly known as the
ABN AMRO Funds.
Aston Funds
(Formerly known as ABN AMRO Funds)
TABLE OF CONTENTS
Performance Summary...................................................... 2
Schedule of Investments.................................................. 3
Statement of Assets and Liabilities...................................... 10
Statement of Operations.................................................. 11
Statements of Changes in Net Assets...................................... 12
Financial Highlights..................................................... 14
Notes to Financial Statements............................................ 18
Additional Information................................................... 21
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
PERFORMANCE SUMMARY (UNAUDITED) APRIL 30, 2007
- --------------------------------------------------------------------------------
AVERAGE ANNUAL
SIX TOTAL RETURN
7-DAY MONTH ---------------------
INCEPTION AVERAGE TOTAL ONE FIVE TEN
DATE YIELD (a) RETURN (b) YEAR YEAR YEAR
--------- --------- ---------- ----- ----- -----
ABN AMRO GOVERNMENT MONEY MARKET FUND - CLASS I 01/04/93 4.96% 2.51% 5.08% 2.47% 3.66%
iMoneyNet Government & Agency Institutional Average 2.46% 4.97% 2.39% N/A
Lipper Institutional U.S. Government Money Market Funds Index 2.51% 5.09% 2.48% 3.66%
ABN AMRO GOVERNMENT MONEY MARKET FUND - CLASS S 04/22/93 4.64% 2.35% 4.75% 2.14% 3.33%
iMoneyNet Government & Agency Retail Average 2.28% 4.58% 2.04% 3.27%
Lipper U.S. Government Money Market Funds Index 2.32% 4.65% 2.09% 3.32%
ABN AMRO MONEY MARKET FUND - CLASS I 01/04/93 4.95% 2.50% 5.03% 2.43% 3.67%
iMoneyNet First Tier Institutional Average 2.50% 5.05% 2.45% 3.68%
Lipper Institutional Money Market Funds Index 2.60% 5.25% 2.64% 3.85%
ABN AMRO MONEY MARKET FUND - CLASS S 03/31/93 4.59% 2.31% 4.66% 2.06% 3.31%
iMoneyNet First Tier Retail Average 2.27% 4.56% 2.03% 3.28%
Lipper Money Market Funds Index 2.36% 4.76% 2.18% 3.44%
ABN AMRO TAX-EXEMPT MONEY MARKET FUND - CLASS I 01/04/93 3.46% 1.62% 3.26% 1.68% 2.35%
iMoneyNet National Institutional Average 1.63% 3.28% 1.71% 2.36%
Lipper Institutional Tax-Exempt Money Market Funds Index 1.68% 3.38% 1.83% 2.46%
ABN AMRO TAX-EXEMPT MONEY MARKET FUND - CLASS S 03/24/93 3.21% 1.49% 3.00% 1.43% 2.10%
iMoneyNet National Retail Average 1.48% 2.96% 1.44% 2.10%
Lipper Tax-Exempt Money Market Funds Index 1.54% 3.08% 1.55% 2.21%
ABN AMRO TREASURY MONEY MARKET FUND - CLASS I 01/04/93 4.86% 2.46% 4.95% 2.32% 3.44%
iMoneyNet Treasury & Repo Institutional Average 2.43% 4.89% 2.29% N/A
Lipper Institutional U.S. Treasury Money Market Funds Index 2.45% 4.91% 2.38% 3.53%
ABN AMRO TREASURY MONEY MARKET FUND - CLASS S 03/25/93 4.61% 2.33% 4.68% 2.07% 3.18%
iMoneyNet Treasury & Repo Retail Average 2.24% 4.48% 1.96% 3.16%
Lipper U.S. Treasury Money Money Market Funds Index 2.28% 4.55% 2.03% 3.19%
(a) THE 7-DAY AVERAGE YIELD MORE CLOSELY REFLECTS THE FUNDS' CURRENT EARNINGS
THAN THE TOTAL RETURN QUOTATION.
(b) NOT ANNUALIZED.
_____________________________
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.
| 2
Aston Funds
ABN AMRO GOVERNMENT MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 95%
U.S. GOVERNMENT AGENCY OBLIGATIONS 5%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- --------- ------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS (A) - 5.29%
FEDERAL HOME LOAN MORTGAGE - 5.29%
$ 15,000,000 5.030%, 05/31/07 ........................ $ 14,937,125
------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $14,937,125) 14,937,125
------------------
MARKET
VALUE
------------------
REPURCHASE AGREEMENTS - 95.34%
100,000,000 Barclays Capital, 5.240%, dated
04/30/07, matures 05/01/07,
repurchase price $100,014,556,
(collateralized by U.S. Government
Agency instruments, with interest
rates from 4.932% to 6.000%,
and maturities from 2027 to 2036,
total market value $101,539,790) 100,000,000
169,000,000 Deutsche Bank Securities, 5.230%,
dated 04/30/07, matures 05/01/07,
repurchase price $169,024,552,
(collateralized by U.S. Government
Agency instruments, with interest
rates from 5.000% to 6.163%,
and maturities from 2016 to 2037,
total market value $171,630,168) 169,000,000
------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $269,000,000) 269,000,000
------------------
AMORTIZED
SHARES COST
- --------- ------------------
INVESTMENT COMPANIES - 0.08%
200,118 AIM STIT Government &
Agency Portfolio ...................... $ 200,118
22,314 BlackRock Liquidity Funds
FedFund Portfolio ..................... 22,314
------------------
TOTAL INVESTMENT COMPANIES
(Cost $222,432) 222,432
------------------
TOTAL INVESTMENTS - 100.71%
(Cost $284,159,557)* ................................... 284,159,557
------------------
NET OTHER ASSETS AND LIABILITIES - (0.71)% ................ (2,007,444)
------------------
NET ASSETS - 100.00% ...................................... $ 282,152,113
==================
_____________________________
* At April 30, 2007, 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.
| 3
Aston Funds
ABN AMRO MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 48%
ASSET-BACKED SECURITIES 30%
BANKS 13%
CERTIFICATES OF DEPOSIT 9%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- --------- ------------------
COMMERCIAL PAPER (a) - 43.02%
ASSET-BACKED - 30.06%
$ 3,000,000 Atlantic Asset Securitization
5.280%, 05/03/07 (b) .................. $ 2,999,120
10,000,000 BP Capital Market
5.300%, 05/01/07 (b) .................. 10,000,000
8,000,000 Galaxy Funding
5.220%, 06/07/07 (b) .................. 7,957,080
10,000,000 Natexis Banques Popularies
US Finance (NY)
5.300%, 05/01/07 ...................... 10,000,000
10,000,000 Sheffield Receivables
5.270%, 05/08/07 (b) .................. 9,989,753
10,000,000 Societe Generale North America
5.300%, 05/01/07 ...................... 10,000,000
10,000,000 Surrey Funding (LOC)
5.265%, 05/07/07 (b) .................. 9,991,225
7,000,000 Variable Funding Capital
5.265%, 05/18/07 (b) .................. 6,982,596
------------------
67,919,774
------------------
BANKS - 12.96%
3,500,000 Barclays US Funding
5.240%, 05/14/07 ...................... 3,493,377
7,000,000 ING US Funding
5.190%, 07/30/07 ...................... 6,909,175
7,000,000 Svenska Handlesbank
5.235%, 05/02/07 ...................... 6,998,982
4,500,000 UBS Finance (DE)
5.220%, 07/06/07 ...................... 4,456,935
7,500,000 Westpac Banking
5.200%, 07/11/07 (b) .................. 7,423,084
------------------
29,281,553
------------------
TOTAL COMMERCIAL PAPER
(Cost $97,201,327) 97,201,327
------------------
CERTIFICATES OF DEPOSIT - 9.29%
2,000,000 Barclays US Funding
5.465%, 08/15/07 ...................... 2,000,717
7,000,000 BNP Paribas (NY)
5.345%, 07/30/07 ...................... 7,000,072
AMORTIZED
PAR VALUE COST
- --------- ------------------
CERTIFICATES OF DEPOSIT (CONTINUED)
$ 8,000,000 Deutsche Bank (NY)
5.350%, 08/08/07 ...................... $ 8,000,000
2,000,000 Fortis Bank (NY)
5.350%, 09/05/07 ...................... 2,000,268
2,000,000 Landesbank Baden-Wuerttemberg
5.345%, 05/24/07 ...................... 1,999,801
------------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $21,000,858) 21,000,858
------------------
MARKET
VALUE
-------------------
REPURCHASE AGREEMENTS - 47.35%
50,000,000 Barclays Capital, 5.240%, dated
04/30/07, matures 05/01/07,
repurchase price $50,007,278
(collateralized by U.S.
Government Agency instruments,
with interest rates of 5.830% to
6.183% and maturities of 2036
to 2037, total market value
$50,750,349) .......................... 50,000,000
57,000,000 Deutsche Bank, 5.230%, dated
04/30/07, matures 05/01/07,
repurchase price $57,008,281
(collateralized by U.S.
Government Agency instruments,
with interest rates of 4.509% to
5.545% and maturities of 2017
to 2037, total market value
$57,908,770) .......................... 57,000,000
------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $107,000,000) 107,000,000
------------------
AMORTIZED
SHARES COST
- --------- -------------------
INVESTMENT COMPANY - 0.19%
436,934 BlackRock Liquidity Funds
TempFund Portfolio .................... 436,934
------------------
TOTAL INVESTMENT COMPANY
(Cost $436,934) 436,934
------------------
TOTAL INVESTMENTS - 99.85%
(Cost $225,639,119)* ................................... 225,639,119
------------------
NET OTHER ASSETS AND LIABILITIES - 0.15% .................. 328,239
------------------
NET ASSETS - 100.00% ...................................... $ 225,967,358
==================
_____________________________
* At April 30, 2007, 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 April
30, 2007, these securities amounted to $55,342,858 or 24.49% of net
assets. These securities have been determined by the Adviser to be
liquid securities.
(DE) Delaware
(NY) New York
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
GENERAL OBLIGATION 29%
MEDICAL 21%
UTILITIES 15%
DEVELOPMENT 12%
POLLUTION 9%
EDUCATION 7%
TRANSPORTATION 4%
HOUSING 2%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- --------- ------------------
MUNICIPAL OBLIGATIONS - 98.25%
ALASKA - 1.62%
Valdez Marine Terminal RB
BP Pipelines, Inc. Project
$ 200,000 4.100%, 05/01/07 (a) .................. $ 200,000
1,225,000 Series A
4.100%, 05/01/07 (a) .................. 1,225,000
940,000 Series B
4.100%, 05/01/07 (a) .................. 940,000
2,250,000 Exxon Pipeline Co. Project
3.980%, 05/01/07 (a) .................. 2,250,000
------------------
4,615,000
------------------
ARIZONA - 3.16%
9,000,000 Salt River Project TECP
3.600%, 06/06/07 (b) .................. 9,000,000
------------------
CALIFORNIA - 0.09%
255,000 California State Department of
Water Resources RB,
Series B-2
4.000%, 05/01/07 (a)
LOC: BNP Paribas ...................... 255,000
------------------
COLORADO - 3.90%
2,850,000 Colorado Educational & Cultural
Facilities RB,
Naropa University Project
3.920%, 05/03/07 (a)
LOC: Wells Fargo Bank ................. 2,850,000
3,250,000 Colorado Housing Finance Authority
Loretto Housing Project
3.920%, 05/02/07 (a) .................. 3,250,000
5,000,000 Colorado State,RAN
4.500%, 06/27/07 ...................... 5,005,796
------------------
11,105,796
------------------
AMORTIZED
PAR VALUE COST
- --------- ------------------
CONNECTICUT - 0.60%
$ 1,600,000 Connecticut State Health, GO,
Series B
3.800%, 05/03/07 (a)
SPA: Bayerische Landesbank ............ $ 1,600,000
100,000 Connecticut State HEFA RB,
Yale University, Series T-2
3.890%, 05/03/07 (a) .................. 100,000
------------------
1,700,000
------------------
FLORIDA - 7.22%
4,700,000 Collier County Educational Facilities
Authority RB,
International College Project
3.960%, 05/04/07 (a)
LOC: Fifth Third Bank ................. 4,700,000
5,268,000 Jacksonville Electric Authority TECP
3.610%, 07/09/07 (b) .................. 5,268,000
10,600,000 Sarasota Memorial Hospital TECP
3.610%, 07/09/07 (b) .................. 10,600,000
------------------
20,568,000
------------------
GEORGIA - 6.41%
9,310,000 Burke County Development
Authority PCR,
Oglethorpe Power, Series A
3.950%, 05/02/07 (a)
Insured: FGIC ......................... 9,310,000
5,000,000 Metropolitan Atlanta Rapid Transit
Authority RB, Series A
3.940%, 05/02/07 (a)
LOC: Bayerische Landesbank,
Westdeutsche Landesbank ............... 5,000,000
3,960,000 Municipal Electric Authority of
Georgia RB, Project One,
Subordinated Bonds, Remarketed
3.870%, 05/02/07 (a)
Insured: FSA
SPA: Dexia Credit Local ............... 3,960,000
------------------
18,270,000
------------------
ILLINOIS - 8.30%
2,250,000 Chicago Board of Education, GO,
Series C-1
4.100%, 05/01/07 (a)
Insured: FSA SPA: Depfa Bank ......... 2,250,000
Illinois Health Facilities Authority RB
2,000,000 Gottlieb Health Resources Group
3.800%, 05/02/07 (a)
LOC: Harris Trust & Savings Bank ...... 2,000,000
9,400,000 Gottlieb Health Resource, Inc.
3.940%, 05/02/07 (a)
LOC: Harris Trust & Savings Bank ...... 9,400,000
10,000,000 Illinois State, GO, Series B
3.960%, 05/02/07 (a)
SPA: Depfa Bank ....................... 10,000,000
------------------
23,650,000
------------------
INDIANA - 0.14%
400,000 Hammond PCR,
Amoco Oil Project
4.100%, 05/01/07 (a) .................. 400,000
------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
- --------- ------------------
KENTUCKY - 0.31%
$ 885,000 Kentucky Economic
Development Finance Authority
Hospital Facilities RB, Baptist
Healthcare System, Series C,
4.100%, 05/01/07 (a)
Insured: MBIA
SPA: National City Bank ............... $ 885,000
------------------
LOUISIANA - 1.38%
3,925,000 Saint Charles Parish PCR,
Shell Oil Co. Project, Series B
4.100%, 05/01/07 (a) .................. 3,925,000
------------------
MARYLAND - 1.67%
650,000 Maryland State Health & Higher
Education Facilities Authority RB,
Pooled Loan Program,
Series A, 3.900%, 05/02/07 (a)
LOC: Bank One Trust ................... 650,000
4,100,000 Maryland State Health & Higher
Education Facilities Authority RB,
Pooled Loan Program,
Series B, 3.960%, 05/02/07 (a)
LOC: First National Bank .............. 4,100,000
------------------
4,750,000
------------------
MASSACHUSETTS - 5.53%
Massachusetts State Central Artery, GO,
9,525,000 Series A
4.100%, 05/01/07 (a)
SPA: Landesbank Baden-
Wurttemberg ........................... 9,525,000
640,000 Series B
4.100%, 05/01/07 (a)
SPA: State Street Bank & Trust ........ 640,000
470,000 Massachusetts State Development
Finance Agency Harvard
University Series B1
4.000%, 05/01/07 (a) .................. 470,000
Massachusetts State HEFA RB
3,810,000 Childrens Hospital
Series L-2
4.070%, 05/01/07 (a)
Insured:AMBAC
SPA:Bank of America ................... 3,810,000
640,000 Harvard University, Series L
3.800%, 05/02/07 (a) .................. 640,000
670,000 Massachusetts Water Resources
Authority, Multi-Modal
Subordinated General RB, Series A
3.900%, 05/02/07 (a)
Insured: AMBAC
SPA: Bank of Nova Scotia /
Dexia Credit Local .................... 670,000
------------------
15,755,000
------------------
MICHIGAN - 2.11%
6,000,000 Michigan State, GO, Series A
4.250%, 09/28/07
LOC: DEPFA Bank ....................... 6,017,969
------------------
AMORTIZED
PAR VALUE COST
- --------- ------------------
MINNESOTA - 2.19%
$ 200,000 Hennepin County, GO, Series A
3.770%, 05/03/07 (a)
SPA: State Street Bank & Trust ........ $ 200,000
365,000 Minneapolis Convention Center,
GO, Convention Center Bonds
3.770%, 05/03/07 (a)
SPA: Dexia Credit Local ............... 365,000
200,000 Minneapolis, Guthrie Theater
Project, Series A, RB
3.770%, 05/03/07 (a)
LOC: Wells Fargo Bank N.A. ............ 200,000
80,000 Minneapolis, Library, GO
3.770%, 05/03/07 (a)
SPA: Dexia Credit Local ............... 80,000
5,400,000 Owatonna Hospital RB
Health Central System
3.850%, 05/02/07 (a)
LOC: Wells Fargo Bank N.A. ............ 5,400,000
------------------
6,245,000
------------------
MISSOURI - 0.89%
Missouri State HEFA RB
1,600,000 The Saint Louis University Project,
Series A
4.080%, 05/01/07 (a)
LOC: MBIA
SPA: Bank of New York ................. 1,600,000
The Washington
University Project,
685,000 Series A
4.100%, 05/01/07 (a)
SPA: Morgan Guaranty Trust ............ 685,000
250,000 Series B
4.100%, 05/01/07 (a)
SPA: Morgan Guaranty Trust ............ 250,000
------------------
2,535,000
------------------
NEBRASKA - 5.62%
7,400,000 Lincoln Electric Holdings TECP
3.680%, 06/27/07 (b) .................. 7,400,000
8,600,000 Omaha Public Power District TECP
3.650%, 06/06/07 (b) .................. 8,600,000
------------------
16,000,000
------------------
NEVADA - 0.19%
535,000 Clark County School District, GO,
Series A
4.050%, 05/01/07 (a)
Insured: FSA
SPA: State Street Bank & Trust ........ 535,000
------------------
NEW JERSEY - 6.48%
New Jersey Economic Development
8,000,000 Authority Construction RB,
Series R
4.050%, 05/01/07 (a)
LOC: Bank of Nova Scotia .............. 8,000,000
445,000 Authority Water Facilities RB,
United Water New Jersey, Inc.
Project, Series A,
4.050%, 05/01/07 (a)
Insured: AMBAC
SPA: Bank of New York ................. 445,000
10,000,000 New Jersey State, TRAN
4.500%, 06/22/07 ...................... 10,014,480
------------------
18,459,480
------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
- --------- ------------------
NEW MEXICO - 5.01%
$ 6,075,000 Albuquerque Health Research, RB
Lovelace Rospiratory, Series A
3.920%, 05/03/07 (a)
LOC: Well Fargo Bank N.A. ............. $ 6,075,000
2,925,000 Hurley PCR,
Kennecott Santa Fe Project
4.100%, 05/01/07 (a) .................. 2,925,000
255,000 New Mexico State Hospital Equipment
Loan Council, Hospital RB,
Presbyterian Healthcare,
Series B, 3.950%, 05/02/07 (a)
Insured: FSA SPA: Citibank ........... 255,000
5,000,000 New Mexico State, TRAN
4.500%, 06/29/07 ...................... 5,005,842
------------------
14,260,842
------------------
NEW YORK - 11.32%
655,000 New York City Housing Development
Corp, Multifamily Rent
Housing RB,James Tower
Development, Series A,
3.880%, 05/02/07 (a) .................. 655,000
6,200,000 New York City Municipal Water
Finance Authority RB
Second General Resolution-AA-1
4.070%, 05/01/07 (a)
SPBA: State Street Bank & Trust
and CA State Teachers'
Retirement System ..................... 6,200,000
520,000 New York City Transitional Finance
Authority RB,
Series 3, Sub Series 3B
4.080%, 05/01/07 (a)
SPA: Bank of New York ................. 520,000
New York City, GO
8,500,000 Sub Series E4
4.080%, 05/01/07 (a)
LOC: State Street Bank & Trust ........ 8,500,000
1,300,000 Sub Series E5
3.960%, 05/01/07 (a)
LOC: JPMorgan Chase ................... 1,300,000
5,380,000 New York Metropolitan
Transportation Authority
Dedicated Tax Fund RB,
Series D-1
3.910%, 05/03/07 (a)
Insured: AMBAC
SPA: Wachovia Bank .................... 5,380,000
New York State Housing Finance
Agency RB,
790,000 10 Barclay Street
Series A
3.910%, 05/02/07 (a) .................. 790,000
200,000 Normandie Court I Project
3.930%, 05/02/07 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ................. 200,000
8,700,000 New York State Local Government
Assistance RB, Series D
3.870%, 05/02/07 (a)
LOC: Societe Generale ................. 8,700,000
------------------
32,245,000
------------------
AMORTIZED
PAR VALUE COST
- --------- ------------------
NORTH CAROLINA - 0.07%
$ 200,000 North Carolina State, Public
Improvement GO, Series F
3.900%, 05/02/07 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ................. $ 200,000
------------------
PENNSYLVANIA - 1.29%
3,680,000 Delaware County Industrial
Development Authority
Resource Recovery Facilities,
Series G,
3.900%, 05/02/07 (a) .................. 3,680,000
------------------
TEXAS - 16.98%
5,200,000 Gulf Coast Waste Disposal
Authority PCR, Exxon Project
3.980%, 05/01/07 (a) .................. 5,200,000
8,375,000 Harris County Health Facilities
Development Corp. Hospital RB,
Texas Childrens Hospital, Series B-1
4.110%, 05/01/07 (a)
Insured: MBIA
SPA: JPMorgan Chase ................... 8,375,000
9,100,000 Houston, TRAN
4.500%, 06/29/07 ...................... 9,111,653
9,000,000 North Central Texas Health
Facility Corp Hospital RB,
3.900%, 05/02/07 (a) .................. 9,000,000
5,665,000 Southwest Higher Education
Authority RB, Southern
Methodist University
4.100%, 05/01/07 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ................. 5,665,000
6,000,000 Texas Department of
Transportation TECP
3.660%, 05/09/07 (b) .................. 6,000,000
5,000,000 Texas State, TRAN
4.500%, 08/31/07 ...................... 5,015,325
------------------
48,366,978
------------------
UTAH - 1.05%
2,000,000 Salt Lake County PCR
Service Station Holdings Project
4.100%, 05/01/07 (a) .................. 2,000,000
1,000,000 State of Utah Building Ownership
Authority Lease RB,
Facilities Master Lease Program,
Series C,
3.960%, 05/02/07 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ................. 1,000,000
------------------
3,000,000
------------------
WASHINGTON - 1.33%
2,775,000 Washington State Public Power
Supply System RB
Nuclear Project No. 1, Series 1A-1
3.950%, 05/02/07 (a)
LOC: Bank of America .................. 2,775,000
1,000,000 Washington State, GO, Series VR 96B
3.880%, 05/02/07 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ................. 1,000,000
------------------
3,775,000
------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
- --------- ------------------
WISCONSIN - 3.16%
$ 9,000,000 State of Wisconsin TECP
3.600%, 07/11/07 (b) .................. $ 9,000,000
------------------
WYOMING - 0.23%
650,000 Sublette County PCR,
Exxon Project
4.060%, 05/01/07 (a) .................. 650,000
------------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $279,849,065) 279,849,065
------------------
SHARES
- ---------
INVESTMENT COMPANIES - 1.34%
10,820 AIM TFIT-Tax-Free Cash
Reserve Portfolio ..................... 10,820
3,794,091 Blackrock Provident Institutional
MuniCash Portfolio .................... 3,794,091
1,280 Dreyfus Tax Exempt Cash
Management Fund ....................... 1,280
2,806 SEI Tax-Exempt Trust Institutional
Tax Free Fund ......................... 2,806
------------------
TOTAL INVESTMENT COMPANIES
(Cost $3,808,997) 3,808,997
------------------
TOTAL INVESTMENTS - 99.59%
(Cost $283,658,062)* ................................... 283,658,062
------------------
NET OTHER ASSETS AND LIABILITIES - 0.41% .................. 1,172,707
------------------
NET ASSETS - 100.00% ...................................... $ 284,830,769
==================
_____________________________
* At April 30, 2007, cost is identical for book and Federal income tax
purposes.
(a) Variable rate instrument. The rate shown reflects the rate in effect on
April 30, 2007. 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.
| 8
Aston Funds
ABN AMRO TREASURY MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 100%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- --------- ------------------
REPURCHASE AGREEMENTS - 100.39%
$ 20,000,000 Barclays Capital, 5.100%,
dated 04/30/07, matures 05/01/07,
repurchase price $20,002,833,
(collateralized by U.S. Treasury
instrument, with interest rates
from 4.590% to 4.960%, and
maturities from 2013 to 2021,
total market value
$20,400,001) .......................... $ 20,000,000
24,000,000 Deutsche Bank Securities, 5.110%,
dated 04/30/07, matures 05/01/07,
repurchase price $24,003,407,
(collateralized by U.S. Treasury
instrument, with interest rates
from 2.250% to 5.000%, and
maturities from 2025 to 2032,
total market value
$24,477,462) .......................... 24,000,000
20,000,000 Merrill Lynch, 5.090%, dated
04/30/07, matures 05/01/07,
repurchase price $20,002,828,
(collateralized by U.S. Treasury
instrument, with interest rates
of 4.670%, maturing 2009,
total market value
$20,401,764) .......................... 20,000,000
------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $64,000,000) 64,000,000
------------------
AMORTIZED
SHARES COST
- --------- ------------------
INVESTMENT COMPANIES - 0.31%
41,604 AIM STIT Treasury Portfolio ............. $ 41,604
156,776 BlackRock Liquidity Funds
T-Fund Portfolio ...................... 156,776
------------------
TOTAL INVESTMENT COMPANIES
(Cost $198,380) 198,380
------------------
TOTAL INVESTMENTS - 100.70%
(Cost $64,198,380)* .................................... 64,198,380
------------------
NET OTHER ASSETS AND LIABILITIES - (0.70)% ................ (444,934)
------------------
NET ASSETS - 100.00% ...................................... $ 63,753,446
==================
_____________________________
* At April 30, 2007, cost is identical for book and Federal income tax
purposes.
STIT Short-Term Investments Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 9
Aston Funds
APRIL 30, 2007
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
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 ............... $ 15,159,557 $ 118,639,119 $ 283,658,062 $ 198,380
Repurchase agreements at market value ....... 269,000,000 107,000,000 -- 64,000,000
---------------- --------------- ---------------- ---------------
Total investments ......................... 284,159,557 225,639,119 283,658,062 64,198,380
Cash ................................................ 2 -- 50 --
Receivables:
Dividends and interest ...................... 85,751 463,632 2,015,562 17,335
Fund shares sold ............................ 93 9,039 1,500 --
Other assets ........................................ 11,502 4,793 8,683 16,283
---------------- --------------- ---------------- ---------------
Total assets .............................. 284,256,905 226,116,583 285,683,857 64,231,998
---------------- --------------- ---------------- ---------------
LIABILITIES:
Payables:
Dividend distribution ....................... 1,860,721 526 718,907 440,966
Fund shares redeemed ........................ 71,364 36,320 35,000 --
Due to Adviser, net (Note E) ................ 89,620 51,033 59,833 19,129
Administration fees (Note E) ................ 23,255 10,019 13,405 5,623
Distribution fees (Note E) .................. 3,235 11,906 2,072 249
Shareholder service fees (Note E) ........... 3,640 19,487 -- --
Trustees fees and related expenses (Note E) . 4,969 1,500 1,916 1,838
Reports to shareholders expense ............. 8,544 2,810 6,216 3,857
Accrued expenses and other payables ................. 39,444 15,624 15,739 6,890
---------------- --------------- ---------------- ---------------
Total liabilities ......................... 2,104,792 149,225 853,088 478,552
---------------- --------------- ---------------- ---------------
NET ASSETS .......................................... $ 282,152,113 $ 225,967,358 $ 284,830,769 $ 63,753,446
================ =============== ================ ===============
NET ASSETS CONSIST OF:
Paid in capital ................................. $ 282,120,491 $ 225,967,364 $ 284,830,769 $ 63,753,494
Accumulated undistributed net investment income . 31,622 -- -- --
Accumulated net realized loss on investments .... -- (6) -- (48)
---------------- --------------- ---------------- ---------------
TOTAL NET ASSETS .................................... $ 282,152,113 $ 225,967,358 $ 284,830,769 $ 63,753,446
================ =============== ================ ===============
CLASS I:
Net Assets ...................................... $ 224,411,087 $ 7,008,469 $ 248,194,612 $ 59,320,037
Shares of beneficial interest outstanding
(unlimited authorization) .................... 224,378,518 7,008,342 248,195,426 59,328,387
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 ...................................... $ 57,741,026 $ 218,958,889 $ 36,636,157 $ 4,433,409
Shares of beneficial interest outstanding
(unlimited authorization) .................... 57,743,707 218,959,286 36,636,768 4,432,357
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.
| 10
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2007
STATEMENT OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
ABN AMRO ABN AMRO ABN AMRO ABN AMRO
GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
---------------- --------------- ---------------- ---------------
INVESTMENT INCOME:
Dividends ...................................... $ 295,583 $ 25,201 $ 174,076 $ 45,989
Interest ....................................... 15,303,715 5,540,211 4,866,927 3,737,259
---------------- --------------- ---------------- ---------------
Total investment income ...................... 15,599,298 5,565,412 5,041,003 3,783,248
---------------- --------------- ---------------- ---------------
EXPENSES:
Investment advisory fees (Note E) .............. 588,002 363,980 493,714 251,148
Distribution expenses(a)(Note E) ............... 71,131 254,597 42,842 6,400
Shareholder service fees(a)(Note E) ............ 19,917 112,023 -- --
Transfer agent fees ............................ 13,964 14,460 13,732 14,097
Administration fees (Note E) ................... 153,794 58,475 77,688 42,381
Registration expenses .......................... 12,998 12,883 13,214 13,226
Custodian fees ................................. 15,754 8,206 7,028 7,623
Professional fees .............................. 20,484 12,630 14,412 12,280
Reports to shareholder expense ................. 7,844 15,494 3,833 2,571
Trustees fees and related expenses (Note E) .... 12,422 4,284 5,744 3,719
Interest expense (Note H) ...................... -- -- 2,738 --
Other expenses ................................. 20,961 9,033 23,200 26,203
---------------- --------------- ---------------- ---------------
Total expenses before waivers ................ 937,271 866,065 698,145 379,648
---------------- --------------- ---------------- ---------------
Less: Investment advisory fees waived (Note E) -- (114,665) (187,062) (114,924)
---------------- --------------- ---------------- ---------------
Net expenses ................................. 937,271 751,400 511,083 264,724
---------------- --------------- ---------------- ---------------
NET INVESTMENT INCOME ............................... 14,662,027 4,814,012 4,529,920 3,518,524
---------------- --------------- ---------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .......... $ 14,662,027 $ 4,814,012 $ 4,529,920 $ 3,518,524
================ =============== ================ ===============
____________________________________
(a) Fees are incurred at the Class S level.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 11
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
ABN AMRO ABN AMRO
GOVERNMENT MONEY MARKET FUND MONEY MARKET FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- --------------- ---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 500,369,242 $ 412,495,904 $ 187,881,480 $ 181,042,874
---------------- --------------- ---------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................... 14,662,027 22,160,187 4,814,012 7,359,046
Net realized loss on investments sold ........... -- -- -- --
---------------- --------------- ---------------- ---------------
Net increase in net assets from operations ... 14,662,027 22,160,187 4,814,012 7,359,046
---------------- --------------- ---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I ...................................... (13,325,672) (20,157,807) (107,312) (161,501)
Class S ...................................... (1,336,355) (2,002,380) (4,706,700) (7,197,545)
Realized gain on investments:
Class I ...................................... -- -- -- --
---------------- --------------- ---------------- ---------------
Total distributions ....................... (14,662,027) (22,160,187) (4,814,012) (7,359,046)
---------------- --------------- ---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I ...................................... 594,196,980 1,054,942,947 21,555,342 24,847,341
Class S ...................................... 112,556,039 121,571,355 429,508,445 724,395,217
Proceeds from reinvestment of distributions:
Class I ...................................... 732,225 1,231,424 107,297 161,431
Class S ...................................... 1,336,289 2,002,260 4,703,218 7,194,268
Cost of shares redeemed:
Class I ...................................... (819,211,006) (988,356,397) (15,978,823) (33,219,222)
Class S ...................................... (107,827,656) (103,518,251) (401,809,601) (716,540,429)
---------------- --------------- ---------------- ---------------
Net increase (decrease) from capital share
transactions .......................... (218,217,129) 87,873,338 38,085,878 6,838,606
---------------- --------------- ---------------- ---------------
Total increase (decrease) in net assets ... (218,217,129) 87,873,338 38,085,878 6,838,606
---------------- --------------- ---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 282,152,113 $ 500,369,242 $ 225,967,358 $ 187,881,480
================ =============== ================ ===============
(A) Undistributed net investment income ...... $ 31,622 $ 31,622 $ -- $ --
================ =============== ================ ===============
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I:
Sold ......................................... 594,196,980 1,054,942,947 21,555,342 24,847,341
Proceeds from reinvestment of distributions .. 732,225 1,231,424 107,297 161,431
Redeemed ..................................... (819,211,006) (988,356,397) (15,978,823) (33,219,222)
Class S
Sold ......................................... 112,556,039 121,571,355 429,508,445 724,395,217
Proceeds from reinvestment of distributions .. 1,336,289 2,002,260 4,703,218 7,194,268
Redeemed ..................................... (107,827,656) (103,518,251) (401,809,601) (716,540,429)
---------------- --------------- ---------------- ---------------
Net increase (decrease) in shares
outstanding ........................... (218,217,129) 87,873,338 38,085,878 6,838,606
================ =============== ================ ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 12
Aston Funds
- --------------------------------------------------------------------------------
ABN AMRO ABN AMRO
TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31, APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006 (UNAUDITED) 2006
---------------- --------------- ---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 249,795,080 $ 278,397,955 $ 151,277,116 $ 183,993,014
---------------- --------------- ---------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................... 4,529,920 8,506,998 3,518,524 7,427,222
Net realized loss on investments sold ........... -- -- -- (48)
---------------- --------------- ---------------- ---------------
Net increase in net assets from operations ... 4,529,920 8,506,998 3,518,524 7,427,174
---------------- --------------- ---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I ...................................... (4,016,709) (7,744,250) (3,399,246) (7,161,900)
Class S ...................................... (513,211) (762,748) (119,278) (265,322)
Realized gain on investments:
Class I ...................................... -- -- -- (240)
---------------- --------------- ---------------- ---------------
Total distributions ....................... (4,529,920) (8,506,998) (3,518,524) (7,427,462)
---------------- --------------- ---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I ...................................... 238,738,775 760,536,348 158,423,689 539,727,871
Class S ...................................... 165,587,236 367,739,282 23,128,076 61,313,425
Proceeds from reinvestment of distributions:
Class I ...................................... 6,476 11,032 24,355 47,632
Class S ...................................... 513,210 762,745 117,927 262,494
Cost of shares redeemed:
Class I ...................................... (216,032,114) (795,276,250) (244,356,588) (573,342,773)
Class S ...................................... (153,777,894) (362,376,032) (24,861,129) (60,724,259)
---------------- --------------- ---------------- ---------------
Net increase (decrease) from capital share
transactions .......................... 35,035,689 (28,602,875) (87,523,670) (32,715,610)
---------------- --------------- ---------------- ---------------
Total increase (decrease) in net assets ... 35,035,689 (28,602,875) (87,523,670) (32,715,898)
---------------- --------------- ---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 284,830,769 $ 249,795,080 $ 63,753,446 $ 151,277,116
================ =============== ================ ===============
(A) Undistributed net investment income ...... $ -- $ -- $ -- $ --
================ =============== ================ ===============
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I:
Sold ......................................... 238,738,775 760,536,344 158,423,689 539,727,871
Proceeds from reinvestment of distributions .. 6,476 11,032 24,355 47,632
Redeemed ..................................... (216,032,114) (795,276,250) (244,356,588) (573,342,773)
Class S
Sold ......................................... 165,587,236 367,739,282 23,128,076 61,313,425
Proceeds from reinvestment of distributions .. 513,210 762,745 117,927 262,494
Redeemed ..................................... (153,777,894) (362,376,032) (24,861,129) (60,724,259)
---------------- --------------- ---------------- ---------------
Net increase (decrease) in shares
outstanding ........................... 35,035,689 (28,602,879) (87,523,670) (32,715,610)
================ =============== ================ ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 13
Aston Funds
ABN AMRO GOVERNMENT MONEY MARKET FUND APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.05 0.03 0.01 0.01 0.02
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.05) (0.03) (0.01) (0.01) (0.02)
Net realized gain on investments ...... -- -- --(a) -- -- --
----------- ---------- ---------- ---------- ---------- ----------
Total distribution .................... (0.02) (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 $ 1.00
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................... 2.51%(b) 4.62% 2.59% 0.91% 0.98% 1.70%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 224,411 $ 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%(c) 0.29% 0.30% 0.30% 0.29% 0.30%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.29%(c) 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 .............. 5.02%(c) 4.55% 2.60% 0.91% 0.98% 1.70%
After reimbursement and/or waiver
of expenses by Adviser .............. 5.02%(c) 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 $ 1.00
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.04 0.02 0.01 0.01 0.01
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.04) (0.02) (0.01) (0.01) (0.01)
Net realized gain on investments ...... -- -- --(a) -- -- --
----------- ---------- ---------- ---------- ---------- ----------
Total distribution .................... (0.02) (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 $ 1.00
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................... 2.35%(b) 4.28% 2.26% 0.58% 0.65% 1.36%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 57,741 $ 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%(c) 0.61% 0.62% 0.62% 0.62% 0.63%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.61%(c) 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 .............. 4.70%(c) 4.23% 2.28% 0.59% 0.65% 1.37%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.70%(c) 4.23% 2.28% 0.59% 0.65% 1.37%
____________________________________
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 14
Aston Funds
ABN AMRO MONEY MARKET FUND APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- ----------- ---------- ---------- ---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.04(a) 0.03 0.01 0.01 0.02(a)
----------- ----------- ---------- ---------- ---------- ---------
Less distributions from
net investment income ............... (0.02) (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 $ 1.00
=========== =========== ========== ========== ========== =========
TOTAL RETURN ............................... 2.50%(c) 4.57% 2.57% 0.87% 0.92% 1.58%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 7,008 $ 1,325 $ 9,535 $ 4,821 $ 302 $ 414
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.48%(d) 0.50%(b) 0.51% 0.50% 0.50% 0.49%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.37%(d) 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 .............. 4.87%(d) 4.35% 2.44% 0.73% 0.78% 1.45%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.98%(d) 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 $ 1.00
----------- ----------- ---------- ---------- ---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.04(a) 0.02 0.01 0.01 0.01(a)
----------- ----------- ---------- ---------- ---------- ---------
Less distributions from
net investment income ............... (0.02) (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 $ 1.00
=========== =========== ========== ========== ========== =========
TOTAL RETURN ............................... 2.31%(c) 4.20% 2.20% 0.50% 0.55% 1.22%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 218,959 $ 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 .............. 0.84%(d) 0.86%(b) 0.87% 0.86% 0.86% 0.85%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.73%(d) 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 .............. 4.62%(d) 3.99% 2.08% 0.37% 0.42% 1.09%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.51%(d) 4.12% 2.22% 0.50% 0.55% 1.21%
____________________________________
(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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 15
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.03 0.02 0.01 0.01 0.01
----------- --------- --------- --------- --------- ---------
Less distributions from
net investment income ............... (0.02) (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 $ 1.00
=========== ========= ========= ========= ========= =========
TOTAL RETURN ............................... 1.62%(c) 2.98% 1.83% 0.74% 0.72% 1.12%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 248,195 $ 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 .............. 0.46%(a)(d) 0.47%(a) 0.46% 0.46% 0.46% 0.45%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.33%(a)(d) 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 .............. 3.11%(d) 2.78% 1.68% 0.61% 0.59% 0.99%
After reimbursement and/or waiver
of expenses by Adviser .............. 3.24%(d) 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 $ 1.00
----------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.01 0.03 0.02 --(b) --(b) 0.01
----------- --------- --------- --------- --------- ---------
Less distributions from
net investment income ............... (0.01) (0.03) (0.02) --(b) --(b) (0.01)
----------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========= ========= ========= ========= =========
TOTAL RETURN ............................... 1.49%(c) 2.72% 1.57% 0.49% 0.47% 0.87%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 36,636 $ 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 .............. 0.71%(a)(d) 0.72%(a) 0.71% 0.71% 0.71% 0.70%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.58%(a)(d) 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 .............. 2.86%(d) 2.53% 1.43% 0.36% 0.34% 0.74%
After reimbursement and/or waiver
of expenses by Adviser .............. 2.99%(d) 2.66% 1.56% 0.49% 0.47% 0.86%
____________________________________
(a) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2007 and 0.01% for the year
ended October 31, 2006, 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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 16
Aston Funds
ABN AMRO TREASURY MONEY MARKET FUND APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- ---------- ---------- ---------- ---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.04 0.02 0.01 0.01 0.01
----------- ---------- ---------- ---------- ---------- ---------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.04) (0.02) (0.01) (0.01) (0.01)
Net realized gain on investments ...... -- --(a) --(a) -- -- --
----------- ---------- ---------- ---------- ---------- ---------
Total distribution .................... (0.02) (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 $ 1.00
=========== ========== ========== ========== ========== =========
TOTAL RETURN ............................... 2.46%(b) 4.46% 2.41% 0.75% 0.85% 1.47%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 59,320 $ 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 .............. 0.52%(c) 0.49% 0.48% 0.46% 0.46% 0.46%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.36%(c) 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 .............. 4.75%(c) 4.24% 2.17% 0.63% 0.74% 1.35%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.91%(c) 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 $ 1.00
----------- ---------- ---------- ---------- ---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.02 0.04 0.02 --(a) 0.01 0.01
----------- ---------- ---------- ---------- ---------- ---------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.04) (0.02) --(a) (0.01) (0.01)
Net realized gain on investments ...... -- --(a) --(a) -- -- --
----------- ---------- ---------- ---------- ---------- ---------
Total distribution .................... (0.02) (0.04) (0.02) -- (0.01) (0.01)
----------- ---------- ---------- ---------- ---------- ---------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========== ========== ========== ========== =========
TOTAL RETURN ............................... 2.33%(b) 4.20% 2.16% 0.50% 0.60% 1.22%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 4,433 $ 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 .............. 0.77%(c) 0.74% 0.73% 0.71% 0.71% 0.71%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.61%(c) 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 .............. 4.50%(c) 3.99% 1.92% 0.38% 0.49% 1.10%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.66%(c) 4.12% 2.04% 0.48% 0.59% 1.20%
____________________________________
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 17
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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") as an open-end management
investment company with 32 separate portfolios that have been established by the
Board of Trustees as of April 30, 2007. 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").
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.
(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
Fund had available realized capital losses to offset future net capital gains
through fiscal year ended:
AMOUNT EXPIRATION
------ ----------
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 assets. Income, fund 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.
| 18
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - 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.
Adoption of FIN 48 is required for fiscal years beginning after December 15,
2006. Recent SEC guidance allows implementing FIN 48 in fund NAV calculations as
late as the fund's last NAV calculation in the first required financial
statement reporting period. As a result, the Aston Funds will incorporate FIN 48
in their Semi-Annual report on April 30, 2008.
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 Fund's 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.
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 2005
--------------------------
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 advisory 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 six months ended April 30, 2007 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%
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"), previously 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)-Strategic Transaction. Under terms of the Administration Agreement,
Administration fees are accrued daily and paid monthly, based on a specified
| 19
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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 December 1, 2006, ABN AMRO Distribution Services (USA) Inc. previously
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 ABMRO Money Market Fund were
0.07% and 0.11% of average daily net assets, respectively, for the six months
ended April 30, 2007. Tax-Exempt Money Market Fund and Treasury Money Market
Fund were not charged shareholder service fees for the six months ended April
30, 2007.
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 and an annual retainer of $25,000, and
also reimburses the Trustees 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 (F) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 16, 2007, 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 April
30, 2007, there were no borrowings outstanding on the line of credit. For the
ABN AMRO Tax Exempt Money Market Fund that utilized the line of credit during
the six months ended April 30, 2007, the average daily loan balance outstanding
on the days where borrowings existed was 6,212,400, the weighted average
interest rate was 5.30% and the interest expense, which is included on the
Statement of Operations was $2,738.
NOTE (G) 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 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 advisor
to all other funds of the Trust.
| 20
Aston Funds
APRIL 30, 2007
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
202 942-8090.
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.
CONTINUATION OF INVESTMENT ADVISORY CONTRACTS: The 1940 Act requires the
investment advisory agreement between the investment adviser and the Trust, on
behalf of each Fund, to be approved annually by both the Board of Trustees and a
majority of the Independent Trustees voting separately. At an in-person meeting
on December 21, 2006, the Board of Trustees (the "Board"), including the
Independent Trustees, determined that the terms of the Investment Advisory
Agreement with ABN AMRO Asset Management, Inc. ("AAAM") with respect to
Aston/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") continued to be fair and reasonable and
approved the continuation of the Agreement for each Fund as being in the best
interests of the Fund. In making such determinations, the Board, including the
Independent Trustees, considered materials received and discussions held with
respect to the continuation of the Agreement at meetings in September and
December. The Independent Trustees met separately from the "interested" Trustee
of the Trust to consider the continuation of the Investment Advisory Agreement
for each Fund and were assisted by independent legal counsel in their
deliberations.
In evaluating the Investment Advisory Agreement on behalf of each Fund, the
Board 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
charged and total expense ratios of the Funds compared to a peer group of funds
compiled by Lipper, Inc. ("Lipper"); (3) fee waivers or expenses to be
reimbursed by the investment adviser; and (4) potential benefits to be received
by affiliates of the investment adviser from its relationship with the Funds. In
considering the Investment 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.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Agreements. The Board considered the
experience and skills of senior management and investment personnel, the
resources made available to such personnel, the ability of AAAM to attract and
retain high-quality personnel, and the organizational depth and stability of
AAAM. It also reviewed each Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds compiled by Lipper and an appropriate index. The Board
considered whether investment results were consistent with each Fund's
investment objectives and policies.
On the basis of this evaluation and its ongoing review of operations, the Board
concluded that the nature, quality and extent of services provided by AAAM
historically have been and continue to be satisfactory, and that the performance
of each Fund over time was satisfactory.
FEES AND EXPENSES. The Board considered each Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper. As a part of this analysis, the Board considered the investment advisory
fee paid by each Fund and the fees waived or expenses reimbursed by AAAM and
compared the gross and net advisory fees to those of a peer group. The Board
also considered the advisory fees charged by AAAM to other mutual fund and
separate account clients, but noted that in many cases the services provided
were not comparable. On the basis of the information provided, the Board
concluded that management fees were reasonable and appropriate in light of the
nature, quality and extent of services provided by AAAM.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of AAAM's advisory agreements
with the Funds. This information was provided by AAAM, contained a number of
estimates and allocations and had not been audited or independently verified.
Because the Board recognized the inherently subjective nature of profitability
| 21
Aston Funds
APRIL 30, 2007
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
analysis, this information was utilized as an approximate rather than a
definitive measure of profitability. The Board considered that AAAM must be able
to compensate its employees at competitive rates in order to attract and retain
high quality personnel to provide high quality services to the Funds. Based on
the information provided, the Board concluded that the profits realized by AAAM
in connection with the management of the Funds were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Funds and whether the Funds benefit from
any economies of scale. The Board considered the size of the Funds, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that the management fee schedule reflects an appropriate
level of sharing of any economies of scale.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the character and
amount of other incidental benefits received by AAAM as a result of its
relationship with the Funds. The Board noted that, as a result of AAAM's recent
sale of its mutual fund business, AAAM no longer provides administration,
distribution and other services to the Funds. The Board also considered that
AAAM generally does not use portfolio transactions to pay for research services
generated by third parties for the Funds. The Board concluded that any
incidental benefits to be received by AAAM from its relationship with the Funds
are expected to be 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 Investment Advisory
Agreement for each Fund including the advisory fees were fair and reasonable,
and that the continuation of the Investment Advisory Agreement on behalf of each
Fund should be approved.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for 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
11/01/06 04/30/07 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
ABN AMRO GOVERNMENT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ..................... $ 1,000 $1,025.10 0.29% $ 1.46
Class S ..................... 1,000 1,023.50 0.61% 3.06
HYPOTHETICAL 5% RETURN
Class I ..................... $ 1,000 $1,023.36 0.29% $ 1.45
Class S ..................... 1,000 1,021.77 0.61% 3.06
ABN AMRO MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ..................... $ 1,000 $1,025.00 0.37% $ 1.86
Class S ..................... 1,000 1,023.10 0.73% 3.66
HYPOTHETICAL 5% RETURN
Class I ..................... $ 1,000 $1,022.96 0.37% $ 1.86
Class S ..................... 1,000 1,021.17 0.73% 3.66
| 22
Aston Funds
APRIL 30, 2007
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/06 04/30/07 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
ABN AMRO TAX-EXEMPT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ..................... $ 1,000 $1,016.20 0.33% $ 1.65
Class S ..................... 1,000 1,014.90 0.58% 2.90
HYPOTHETICAL 5% RETURN
Class I ..................... $ 1,000 $1,023.16 0.33% $ 1.66
Class S ..................... 1,000 1,021.92 0.58% 2.91
ABN AMRO TREASURY MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ..................... $ 1,000 $1,024.60 0.36% $ 1.81
Class S ..................... 1,000 1,023.30 0.61% 3.06
HYPOTHETICAL 5% RETURN
Class I ..................... $ 1,000 $1,023.01 0.36% $ 1.81
Class S ..................... 1,000 1,021.77 0.61% 3.06
(1) Annualized, based on a Fund's most recent fiscal half-year expenses.
(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.
| 23
This page is left blank intentionally.
Aston Funds
ADVISERS
Aston Asset Management LLC
120 N. LaSalle Street
25th Floor
Chicago, IL 60602
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street
Chicago, IL 60601
SUB-ADVISERS
ABN AMRO Asset Management, Inc.
135 S. LaSalle 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 Distributors, 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.
[LOGO] ASTON FUNDS
Aston Funds
P.O. Box 9765
Providence, RI 02940
ATSEM 07 02
[LOGO] ASTON FUNDS
SEMI-ANNUAL REPORT 2007
APRIL 30, 2007
CLASS Y & YS SHARES
ABN AMRO INSTITUTIONAL MONEY MARKET FUND
[GRAPHIC OMITTED]
COVER ART
Aston Funds were formerly known as the
ABN AMRO Funds.
Aston Funds
(Formerly known as ABN AMRO Funds)
TABLE OF CONTENTS
Performance Summary.................................................... 2
Schedule of Investments................................................ 3
Statement of Assets and Liabilities.................................... 5
Statement of Operations................................................ 6
Statements of Changes in Net Assets.................................... 7
Financial Highlights................................................... 8
Notes to Financial Statements.......................................... 9
Additional Information................................................. 12
INSTITUTIONAL MONEY MARKET FUND
ABN AMRO Institutional Prime 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
PERFORMANCE SUMMARY (UNAUDITED) APRIL 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
YIELDS RETURNS
- -----------------------------------------------------------------------------------------------------------------------------------
AVERAGE AVERAGE
7-DAY 30-DAY SIX MONTH ANNUAL ANNUAL
INCEPTION AVERAGE AVERAGE TOTAL ONE YEAR 5 YEAR SINCE
FUND DATE CLASS YIELD(a) YIELD RETURN(b) RETURN RETURN INCEPTION
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Prime Money Market Fund 12/28/99 Y 5.18% 5.18% 2.60% 5.26% 2.64% 3.30%
- -----------------------------------------------------------------------------------------------------------------------------------
iMoneyNet First Tier Institutional Average Y 5.05% 2.45% 3.11%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Institutional Money Market Funds Index Y 5.25% 2.64% 3.31%
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Prime Money Market Fund 06/29/00 YS 4.93% 4.93% 2.48% 5.00% 2.39% 2.86%
- -----------------------------------------------------------------------------------------------------------------------------------
iMoneyNet First Tier Institutional Average YS 5.05% 2.45% 2.91%
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Institutional Money Market Funds Index YS 5.25% 2.64% 3.11%
- -----------------------------------------------------------------------------------------------------------------------------------
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN 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.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES. RETURN FIGURES
REFLECT ANY EXPENSE REIMBURSEMENTS AND FEE WAIVERS. WITHOUT REIMBURSEMENT OR
WAIVERS, FUND RETURNS WOULD HAVE BEEN LOWER.
AN INVESTMENT IN THE ABN AMRO INSTITUTIONAL PRIME MONEY MARKET 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 AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND. THE 7-DAY YIELD MORE CLOSELY REFLECTS THE FUND'S CURRENT EARNINGS THAN THE
TOTAL RETURN QUOTATIONS.
(a) The 7-day average yield more closely reflects the Fund's current earnings
than the total return quotation.
(b) Not Annualized.
| 2
Aston Funds
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
COMMERCIAL PAPER 26%
CERTIFICATES OF DEPOSIT 27%
TIME DEPOSITS 12%
INSURANCE FUNDING AGREEMENTS 9%
FLOATING RATE NOTE 7%
REPURCHASE AGREEMENTS 19%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- -------------- ---------------
COMMERCIAL PAPER (a) - 25.42%
ASSET-BACKED - 16.01%
$ 75,000,000 Atlantic Asset Securitization
5.270%, 05/03/07 (b)....................... $ 74,978,042
48,372,000 Fcar Owner Trust II
5.200%, 05/02/07 .......................... 48,365,013
30,000,000 Gemini Securitization
5.260%, 05/18/07 (b)....................... 29,925,483
Giro Balanced Funding
30,000,000 5.275%, 05/25/07 (b)....................... 29,894,500
20,000,000 5.230%, 06/05/07 (b)....................... 19,898,306
18,247,000 5.240%, 06/15/07 (b)....................... 18,127,482
20,000,000 New Center Asset Trust
5.170%, 10/17/07 .......................... 19,514,595
20,000,000 Ranger Funding
5.260%, 05/29/07 (b)....................... 19,918,178
22,040,000 Scaldis Capital
5.190%, 06/13/07 (b)....................... 21,903,370
14,725,000 Sheffield Receivables
5.190%, 05/02/07 (b)....................... 14,722,877
---------------
297,247,846
---------------
BANKS - 8.34%
20,000,000 Barclays US Funding
5.185%, 06/20/07 .......................... 19,855,972
HSBC Finance
20,000,000 5.250%, 05/11/07........................... 19,970,833
25,000,000 5.000%, 08/31/07........................... 24,576,389
20,000,000 Ing US Funding
5.100%, 10/12/07 .......................... 19,535,333
UBS Finance (DE)
22,000,000 5.220%, 06/05/07........................... 21,888,350
20,000,000 5.170%, 10/23/07........................... 19,497,361
Westpac Banking
20,000,000 5.160%, 06/12/07 (b)....................... 19,879,600
10,000,000 5.085%, 01/11/08 (b)....................... 9,639,813
---------------
154,843,651
---------------
AMORTIZED
PAR VALUE COST
- -------------- ---------------
CORPORATE - 1.07%
$ 20,000,000 Toyota Motor Credit
5.230%, 05/10/07 .......................... $ 19,973,850
---------------
TOTAL COMMERCIAL PAPER
(Cost $472,065,347)........................ 472,065,347
---------------
CERTIFICATES OF DEPOSIT - 26.98%
25,000,000 Abbey National Treasury Services
5.230%, 08/24/07 .......................... 25,000,000
20,000,000 Barclays US Funding
5.465%, 08/15/07 .......................... 20,006,309
20,000,000 BNP Paribas (NY)
5.345%, 07/30/07 .......................... 20,000,205
Calyon (NY)
25,000,000 5.355%, 06/22/07........................... 25,002,254
7,500,000 5.330%, 08/10/07 (c)....................... 7,500,000
20,000,000 5.280%, 09/13/07 (c)....................... 19,998,526
20,000,000 Credit Agricole Indosuez (NY)
5.280%, 06/28/07 (c)....................... 19,999,029
Credit Suisse (NY)
20,000,000 5.295%, 07/19/07 (c)....................... 20,000,000
10,000,000 5.340%, 08/13/07 (c)....................... 10,000,000
Deutsche Bank (NY)
20,000,000 5.455%, 05/07/07........................... 20,000,000
20,000,000 5.350%, 08/08/07........................... 20,000,000
20,000,000 5.380%, 03/07/08 (c)....................... 20,000,000
10,000,000 Fortis Bank (NY)
5.350%, 09/05/07 .......................... 10,001,339
HBOS Treasury Services
10,000,000 5.600%, 06/19/07........................... 10,001,345
25,000,000 5.260%, 07/06/07........................... 25,000,000
10,000,000 5.280%, 09/04/07........................... 9,997,932
21,000,000 5.260%, 01/08/08........................... 21,000,698
10,000,000 Landesbank Baden-Wuerttemberg
5.345%, 05/24/07 .......................... 9,999,008
Natixis
50,000,000 5.410%, 02/08/08 (c)....................... 50,000,000
20,000,000 5.400%, 03/05/08 (c)....................... 20,000,000
10,000,000 Nordea Bank Finland
5.700%, 06/28/07 .......................... 10,003,721
24,500,000 Rabobank Nederland (NY)
5.605%, 07/19/07 .......................... 24,505,532
Royal Bank of Canada (NY)
17,000,000 5.398%, 09/20/07........................... 17,000,159
25,000,000 5.368%, 10/29/07........................... 25,007,648
Societe Generale (NY)
11,000,000 5.710%, 07/23/07........................... 11,006,094
10,000,000 5.300%, 01/14/08........................... 9,995,219
20,000,000 Westpac Banking
5.330%, 07/31/07 .......................... 20,001,372
---------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $501,026,390)........................ 501,026,390
---------------
TIME DEPOSITS - 11.52%
75,000,000 Chase Bank
5.250%, 05/01/07 .......................... 75,000,000
75,000,000 Regions Bank
5.260%, 05/01/07 .......................... 75,000,000
63,900,000 Sun Trust Bank
5.250%, 05/01/07 .......................... 63,900,000
---------------
TOTAL TIME DEPOSITS
(Cost $213,900,000)........................ 213,900,000
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 3
Aston Funds
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2007
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
- -------------- ---------------
INSURANCE FUNDING AGREEMENTS (d) - 9.15%
$ 30,000,000 Hartford Life Insurance
5.420%, 04/01/08
Reset Date: 05/01/07....................... $ 30,000,000
55,000,000 ING USA Annuity & Life Insurance
5.400%, 05/01/08
Reset Date: 05/01/07....................... 55,000,000
Metropolitan Life Insurance
25,000,000 5.440%, 02/22/08
Reset Date:05/01/07........................ 25,000,000
10,000,000 5.439%, 04/18/08
Reset Date:07/02/07........................ 10,000,000
50,000,000 Metropolitan Life Insurance Co. of
Connecticut
5.380%, 12/21/07
Reset Date:05/23/07........................ 50,000,000
---------------
TOTAL INSURANCE FUNDING AGREEMENTS
(Cost $170,000,000)........................ 170,000,000
---------------
FLOATING RATE NOTES (c) - 7.24%
12,450,000 HSBC Finance
5.505%, 07/27/07 .......................... 12,455,538
17,000,000 Keybank
5.380%, 08/08/07 .......................... 17,002,495
20,000,000 Natixis
5.330%, 05/14/08 (e)....................... 20,004,978
15,000,000 SLM Corp
5.575%, 07/25/07 .......................... 15,008,627
25,000,000 US Bank
5.370%, 09/10/07 .......................... 25,007,028
24,682,000 Wachovia Corp
5.435%, 07/20/07 .......................... 24,687,974
20,200,000 World Savings Bank
5.360%, 10/19/07 .......................... 20,203,743
---------------
TOTAL FLOATING RATE NOTES
(Cost $134,370,383)........................ 134,370,383
---------------
REPURCHASE AGREEMENTS - 19.38%
90,000,000 Bank of America Securities, 5.413%, dated
04/30/07, maturing 05/01/07, repurchase
price $90,013,531 (collateralized by
corporate bond securities with interest
rates of 5.750% to 8.000% and maturities of
2014 to 2047, total market value
$91,800,001)............................... 90,000,000
90,000,000 Citigroup Global Markets, 5.393%, dated
04/30/07, maturing 05/01/07, repurchase
price $90,013,481 (collateralized by
mortage-backed securities with interest
rates from 4.966% to 5.770%, and maturities
from 2035 to 2036, total market value
$94,500,000)............................... 90,000,000
MARKET
PAR VALUE VALUE
- -------------- ---------------
REPURCHASE AGREEMENTS (CONTINUED)
$ 90,000,000 Goldman Sachs, 5.383%, dated 04/30/07,
maturing 05/01/07, repurchase price
$90,013,456 (collateralized by asset-backed
security, with interest rate of 5.54% and
maturity of 2042, total market value
$91,800,001)............................... $ 90,000,000
90,000,000 Lehman Brothers, 5.413%, dated 04/30/07,
maturing 05/01/07, repurchase price
$90,013,531 (collateralized by equity
securities, total market value
$97,071,635)............................... 90,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $360,000,000)........................ 360,000,000
---------------
SHARES
- --------------
INVESTMENT COMPANIES - 0.01%
54,414 AIM STIT Liquid Assets Portfolio............. 54,414
68,952 BlackRock Liquidity Funds
TempFund Portfolio ........................ 68,952
---------------
TOTAL INVESTMENT COMPANIES
(Cost $123,366)............................ 123,366
---------------
TOTAL INVESTMENTS - 99.70%
(Cost $1,851,485,486)*..................................... 1,851,485,486
---------------
NET OTHER ASSETS AND LIABILITIES - 0.30%...................... 5,660,029
---------------
NET ASSETS - 100.00%.......................................... $ 1,857,145,515
===============
________________________
* At April 30, 2007, 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
April 30, 2007, these securities amounted to $258,887,651 or 13.94% of
net assets. These securities have been determined by the Adviser to be
liquid securities.
(c) Variable rate bonds. The interest rates shown reflect the rates in
effect at April 30, 2007.
(d) Variable rate instruments. The rates shown reflects the rates in
effect on April 30, 2007. These securities have been deemed by the
Adviser to be illiquid securities because they are subject to a
delayed settlement restriction of sixty days or more if redeemed prior
to maturity. At April 30, 2007, these securities amounted to
$170,000,000 or 9.15% of net assets.
(e) Security exempt from registration under Rule 144A of the Securities
Act of 1933, as amended. This security was purchased in accordance
with guidelines approved by the Fund's Board of Trustees and may only
be resold, in transactions exempt from registration, to qualified
institutional buyers. At April 30, 2007, this security amounted to
$20,004,978 or 1.08% of net assets. This security has been determined
by the Adviser to be a liquid security.
STIT Short-Term Investments Trust
(DE) Delaware
(NY) New York
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
Aston Funds
APRIL 30, 2007
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
ABN AMRO
INSTITUTIONAL PRIME
MONEY MARKET
FUND
-------------------
ASSETS:
Investments:
Investments at amortized cost ..................................................... $ 1,491,485,486
Repurchase agreements at market ................................................... 360,000,000
-------------------
Total investments .............................................................. 1,851,485,486
Receivables:
Dividends and interest ............................................................ 13,298,348
Fund shares sold .................................................................. 5,107
Other assets ............................................................................. 65,684
-------------------
Total assets ................................................................... 1,864,854,625
-------------------
LIABILITIES:
Payables:
Dividend distribution ............................................................. 7,020,831
Due to custodian .................................................................. 239,259
Due to Adviser, net (Note E) ...................................................... 166,492
Administration fees (Note E) ...................................................... 90,134
Shareholder service fees (Note E) ................................................. 2,812
Trustees fees and related expenses (Note E) ....................................... 20,092
Accrued expenses and other payables ...................................................... 169,490
-------------------
Total liabilities .............................................................. 7,709,110
-------------------
NET ASSETS ............................................................................... $ 1,857,145,515
===================
NET ASSETS CONSIST OF:
Paid in capital ...................................................................... $ 1,857,145,914
Accumulated undistributed net investment income ...................................... 5
Accumulated net realized loss on investments ......................................... (404)
-------------------
TOTAL NET ASSETS .................................................................. $ 1,857,145,515
===================
CLASS Y:
Net Assets ........................................................................... $ 1,844,771,984
Shares of beneficial interest outstanding (unlimited authorization) ............... 1,844,771,977
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................... $ 1.00
===================
CLASS YS:
Net Assets ........................................................................... $ 12,373,531
Shares of beneficial interest outstanding (unlimited authorization) ............... 12,378,707
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................... $ 1.00
===================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2007
STATEMENT OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
ABN AMRO
INSTITUTIONAL PRIME
MONEY MARKET
FUND
-------------------
INVESTMENT INCOME:
Dividends ........................................................................... $ 190,004
Interest ............................................................................ 68,469,200
-------------------
Total investment income ........................................................... 68,659,204
-------------------
EXPENSES:
Investment advisory fees (Note E) ................................................... 1,276,356
Shareholder service fees(a) (Note E) ................................................ 18,017
Transfer agent fees ................................................................. 23,662
Administration fees (Note E) ........................................................ 652,637
Registration expenses ............................................................... 28,904
Custodian fees ...................................................................... 66,299
Audit and tax fees .................................................................. 18,021
Legal fees .......................................................................... 54,150
Reports to shareholder expense ...................................................... 36,705
Trustees fees and related expenses (Note E) ......................................... 66,966
Other expenses ...................................................................... 137,733
-------------------
Total expenses .................................................................... 2,379,450
-------------------
Net expenses ...................................................................... 2,379,450
-------------------
NET INVESTMENT INCOME .................................................................... 66,279,754
-------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .......................................... $ 66,279,754
===================
____________________________________________________________________
(a) Fees are incurred at the Class YS level.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
ABN AMRO
INSTITUTIONAL PRIME MONEY MARKET FUND
-------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2007 OCTOBER 31,
(UNAUDITED) 2006
---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ................................................... $ 2,488,864,440 $ 2,445,801,335
---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................................................ 66,279,754 115,960,238
Net realized loss on investments sold and foreign currency translations ...... -- (14)
---------------- ----------------
Net increase in net assets from operations ............................... 66,279,754 115,960,224
---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class Y ...................................................................... (65,923,502) (114,557,861)
Class YS ..................................................................... (356,247) (1,402,377)
---------------- ----------------
Total distributions ...................................................... (66,279,749) (115,960,238)
---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class Y ...................................................................... 8,436,794,708 13,195,704,030
Class YS ..................................................................... 7,972,227 100,816,010
Proceeds from reinvestment of distributions:
Class Y ...................................................................... 13,507,399 19,915,535
Class YS ..................................................................... 297,449 566,436
Cost of shares redeemed:
Class Y ...................................................................... (9,077,136,842) (13,152,707,569)
Class YS ..................................................................... (13,153,871) (121,231,323)
---------------- ----------------
Net increase (decrease) from capital share transactions .................. (631,718,930) 43,063,119
---------------- ----------------
Total increase (decrease) in net assets .................................. (631,718,925) 43,063,105
---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...................................... $ 1,857,145,515 $ 2,488,864,440
================ ================
(A) Undistributed net investment income ...................................... $ 5 $ --
================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class Y
Sold ......................................................................... 8,436,794,708 13,195,704,030
Proceeds from reinvestment of distributions .................................. 13,507,399 19,915,535
Redeemed ..................................................................... (9,077,136,842) (13,152,707,569)
Class YS
Sold ......................................................................... 7,972,227 100,816,010
Proceeds from reinvestment of distributions .................................. 297,449 566,435
Redeemed ..................................................................... (13,153,871) (121,231,323)
---------------- ----------------
Net increase (decrease) in shares outstanding ............................ (631,718,930) 43,063,118
================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
Aston Funds
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2007
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS Y
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- ----------- ----------- ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .............. 0.03 0.05 0.03 0.01 0.01 0.02
----------- ----------- ----------- ----------- ----------- -----------
Less distributions from net
investment income ................ (0.03) (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 $ 1.00
=========== =========== =========== =========== =========== ===========
TOTAL RETURN ............................ 2.60%(a) 4.80% 2.79% 1.07% 1.14% 1.84%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) . $ 1,844,772 $ 2,471,607 $ 2,408,695 $ 2,159,527 $ 2,035,709 $ 2,189,305
Ratios of expenses to average
net assets ..................... 0.19%(b) 0.18% 0.18% 0.19% 0.18% 0.18%
Ratios of net investment income
to average net assets .......... 5.19%(b) 4.67% 2.75% 1.06% 1.13% 1.80%
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS YS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/07 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 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 $ 1.00
----------- ----------- ----------- ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .............. 0.02 0.04 0.03 0.01 0.01 0.02
----------- ----------- ----------- ----------- ----------- -----------
Less distributions from net
investment income ................ (0.02) (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 $ 1.00
=========== =========== =========== =========== =========== ===========
TOTAL RETURN ............................ 2.48%(a) 4.54% 2.53% 0.82% 0.88% 1.59%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) . $ 12,374 $ 17,258 $ 37,107 $ 51,239 $ 61,898 $ 79,168
Ratios of expenses to average
net assets ..................... 0.44%(b) 0.43% 0.43% 0.44% 0.43% 0.43%
Ratios of net investment income
to average net assets .......... 4.94%(b) 4.42% 2.50% 0.81% 0.88% 1.55%
____________________________________________________________________
(a) Not Annualized.
(b) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 8
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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 32 separate portfolios that
have been established by the Board of Trustees as of April 30, 2007. One
Portfolio of the Trust is included in these financial statements: ABN AMRO
Institutional Prime Money Market Fund (the "Fund").
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements. These policies are in conformity with
U.S. generally accepted accounting principles.
(1) SECURITY VALUATION: All securities, with the exception of investments in
other funds, repurchase agreements and insurance funding agreements ("IFAs"),
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 and IFAs are valued at cost. Interest accrued is captured
in dividends and interest receivable.
(2) REPURCHASE AGREEMENTS: The 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: The 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) INSURANCE FUNDING AGREEMENTS: The Fund may enter into insurance funding
agreements. An insurance funding agreement is an agreement that requires the
Fund to make cash contributions to a deposit fund of an insurance company's
general account. The Insurance company then credits interest to the Fund for a
set period. IFAs have put provisions that allow the owner of an IF to receive
back its investment in a specified number of days. The Fund may invest in IFAs
issued by insurance companies that meet quality and credit standards established
by the Adviser. IFAs are not insured or backed by a government agency - they are
backed only by the insurance company that issues them. As a result, they are
subject to default risk. In addition, there normally is no active secondary
market for IFAs. This means that it may be difficult to sell an IF at an
appropriate price and therefore IFAs normally are treated as illiquid
securities.
(5) 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.
(6) FEDERAL INCOME TAXES: The Fund has elected to be treated as a "regulated
investment company" under Subchapter M of the Internal Revenue Code of 1986, as
amended and to distribute substantially all of its net taxable income.
Accordingly, no provisions for federal income taxes have been made in the
accompanying financial statements. The Fund intends to utilize provisions of the
federal income tax laws, which allow it 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 Fund had available
realized capital losses to offset future net capital gains through fiscal year
ended:
AMOUNT EXPIRATION DATE
------ ---------------
$ 244 2007
146 2008
14 2014
------
$ 404
======
(7) MULTI-CLASS OPERATIONS: The Fund is authorized to issue two classes of
shares, Class Y and Class YS. The classes are substantially the same except that
Class YS bears shareholder service fees. Each class offered by the Fund has
equal rights as to assets. Income, fund level 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 directly to the appropriate class.
| 9
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
(8) 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.
(9) COMMITMENTS AND CONTINGENCIES: In the normal course of business, the Trust
enters into contracts on behalf of the Fund that contain a variety of provisions
for general indemnifications. The Fund's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Fund that are not known at this time. However, based on experience,
the Fund believes the risk of loss is remote.
(10) ADDITIONAL ACCOUNTING STANDARDS: In June 2006, the Financial Accounting
Standards Board ("FAST") issued FAST 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.
Adoption of FIN 48 is required for fiscal years beginning after December 15,
2006. Recent SEC guidance allows implementing FIN 48 in fund NAV calculations as
late as the fund's last NAV calculation in the first required financial
statement reporting period. As a result, the Aston Funds will incorporate FIN 48
in their Semi-Annual report on April 30, 2008.
In addition, in September 2006, Statement of Financial Accounting Standards No.
157 FAIR VALUE MEASUREMENTS ("SKAS 157") was issued and is effective for fiscal
years beginning after November 15, 2007. SKAS 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 SKAS
157 will have on the Fund's financial statement disclosures.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: The Fund declares dividends daily from net investment income. The Fund's
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 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.
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 $114,304,989 and $61,779,016, respectively.
As of October 31, 2006, the most recent tax year end, the components of
distributable earnings on a tax basis for the Fund were as follows:
CAPITAL LOSS UNDISTRIBUTED
CARRYFOWARD ORDINARY INCOME
------------ ---------------
$ (404) $ 8,241,471
NOTE (D) SHARES OF BENEFICIAL INTEREST: The 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: The
Adviser provides the Fund with investment advisory services. Under terms of the
Fund's investment advisory agreement, fees are accrued daily and paid monthly,
based on an annual rate of 0.10% of average daily net assets.
ABN AMRO Investment Fund Services, Inc. ("AAIFS") previously provided the Fund
with various administrative services. On November 30, 2006, AAIFS, the Trust and
Board of Trustees assigned the administration agreement between the Fund and
AAIFS (the "Administration Agreement") to Aston Asset Management LLC ("Aston")
in connection with the Strategic Transaction discussed under Note (G)-Strategic
Transaction. 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. Administration expenses also include pricing agent fees
| 10
Aston Funds
APRIL 30, 2007
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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 December 1, 2006, ABN AMRO Distribution Services (USA) Inc. served as
principal underwriter and distributor of the Fund's 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 Fund's
shares. Pursuant to a shareholder servicing plan (the "Plan") adopted by the
Fund, the Distributor is paid a fee of up to 0.25% of the average daily net
assets of the Class YS 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 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 and an annual retainer of $25,000, and
also reimburses the Trustees 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 (F) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 16, 2007, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each series of the Trust, including
this Fund, 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. During the
six months ending April 30, 2007, the Fund made no borrowings on the line of
credit.
NOTE (G) 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 (the "Strategic
Transaction"). Aston is a majority owned subsidiary of Highbury. AAAM continues
to serve as investment adviser to the Fund 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.
| 11
Aston Funds
APRIL 30, 2007
ADDITIONAL INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
FORM N-Q: The Trust files complete schedules of portfolio holdings for the Fund
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
202 942-8090.
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.
CONTINUATION OF INVESTMENT ADVISORY CONTRACTS: The 1940 Act requires the
investment advisory agreement between the investment adviser and the Trust, on
behalf of the Fund, to be approved annually by both the Board of Trustees and a
majority of the Independent Trustees voting separately. At an in-person meeting
on December 21, 2006, the Board of Trustees (the "Board"), including the
Independent Trustees, determined that the terms of the Investment Advisory
Agreement with ABN AMRO Asset Management, Inc. ("AAAM") with respect to ABN AMRO
Institutional Prime Money Market Fund (the "Fund") continued to be fair and
reasonable and approved the continuation of the Agreement for the Fund as being
in the best interests of the Fund. In making such determinations, the Board,
including the Independent Trustees, considered materials received and
discussions held with respect to the continuation of the Agreement at meetings
in September and December. The Independent Trustees met separately from the
"interested" Trustee of the Trust to consider the continuation of the Investment
Advisory Agreement for the Fund and were assisted by independent legal counsel
in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of the Fund, the Board
reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees
charged and total expense ratios of the Fund compared to a peer group of funds
compiled by Lipper, Inc. ("Lipper"); (3) fee waivers or expenses to be
reimbursed by the investment adviser; and (4) potential benefits to be received
by affiliates of the investment adviser from its relationship with the Fund. In
considering the Investment Advisory Agreement on behalf of the Fund, the Board,
including the Independent Trustees, did not identify any single factor or group
of factors as all-important or controlling, but considered all factors together.
The following summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Agreement. The Board considered the
experience and skills of senior management and investment personnel, the
resources made available to such personnel, the ability of AAAM to attract and
retain high-quality personnel, and the organizational depth and stability of
AAAM. It also reviewed the Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds compiled by Lipper and an appropriate index. The Board
considered whether investment results were consistent with the Fund's investment
objectives and policies.
On the basis of this evaluation and its ongoing review of operations, the Board
concluded that the nature, quality and extent of services provided by AAAM
historically have been and continue to be satisfactory, and that the performance
of the Fund over time was satisfactory.
FEES AND EXPENSES. The Board considered the Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper. As a part of this analysis, the Board considered the investment advisory
fee paid by the Fund and the fees waived or expenses reimbursed by AAAM and
compared the gross and net advisory fees to those of a peer group. The Board
also considered the advisory fees charged by AAAM to other mutual fund and
separate account clients, but noted that in many cases the services provided
were not comparable. On the basis of the information provided, the Board
concluded that management fees were reasonable and appropriate in light of the
nature, quality and extent of services provided by AAAM.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of AAAM's advisory agreement
with the Fund. This information was provided by AAAM, contained a number of
estimates and allocations and had not been audited or independently verified.
Because the Board recognized the inherently subjective nature of profitability
analysis, this information was utilized as an approximate
| 12
Aston Funds
APRIL 30, 2007
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
rather than a definitive measure of profitability. The Board considered that
AAAM must be able to compensate its employees at competitive rates in order to
attract and retain high quality personnel to provide high quality services to
the Fund. Based on the information provided, the Board concluded that the
profits realized by AAAM in connection with the management of the Fund were not
unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Fund and whether the Fund benefits from
any economies of scale. The Board considered the size of the Fund, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that the management fee schedule reflects an appropriate
level of sharing of any economies of scale.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the character and
amount of other incidental benefits received by AAAM as a result of its
relationship with the Fund. The Board noted that, as a result of AAAM's recent
sale of its mutual fund business, AAAM no longer provides administration,
distribution and other services to the Fund. The Board also considered that AAAM
generally does not use portfolio transactions to pay for research services
generated by third parties for the Fund. The Board concluded that any incidental
benefits to be received by AAAM from its relationship with the Fund are expected
to be 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 Investment Advisory
Agreement for the Fund including the advisory fees were fair and reasonable, and
that the continuation of the Investment Advisory Agreement on behalf of the Fund
should be approved.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for 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 the 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
11/01/06 04/30/07 RATIO(1) PERIOD(2)
--------- -------- -------- -----------
ACTUAL FUND RETURN
Class Y................... $ 1,000 $ 1,026 0.19% $ 0.95
Class YS.................. 1,000 1,025 0.44% 2.21
HYPOTHETICAL 5% RETURN
Class Y................... $ 1,000 $ 1,024 0.19% $ 0.95
Class YS.................. 1,000 1,023 0.44% 2.21
(1) Annualized, based on the Fund's most recent fiscal half-year expenses.
(2) Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year, then divided by 365.
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Aston Funds
ADVISERS
Aston Asset Management LLC
120 N. LaSalle Street
25th Floor
Chicago, IL 60602
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street
Chicago, IL 60603
SUB-ADVISERS
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street
Chicago, IL 60603
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 Distributors, 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.
[LOGO] ASTON FUNDS
Aston Funds
P.O. Box 9765
Providence, RI 02940
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) ASTON FUNDS
By (Signature and Title)* /S/ KENNETH C. ANDERSON
-------------------------------------------------------
Kenneth C. Anderson, President
(principal executive officer)
Date JUNE 29, 2007
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ KENNETH C. ANDERSON
-------------------------------------------------------
Kenneth C. Anderson, President
(principal executive officer)
Date JUNE 29, 2007
----------------------------------------------------------------------------
By (Signature and Title)* /S/ GERALD F. DILLENBURG
-------------------------------------------------------
Gerald F. Dillenburg, Senior Vice President, Secretary
& Treasurer
(principal financial officer)
Date JUNE 29, 2007
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.