UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08004
ASTON FUNDS
------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Kenneth C. Anderson, President
Aston Funds
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 268-1400
Date of fiscal year end: OCTOBER 31
Date of reporting period: APRIL 30, 2008
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 2008
April 30, 2008
CLASS N, I, R SHARES
Equity, Global/International,
Alternative, Sector, Balanced,
Fixed Income & Money Market
(LOGO)
Aston Funds
ASTON FUNDS
TABLE OF CONTENTS
Performance Summary ....................................................... 2
Schedule of Investments ................................................... 4
Statement of Assets and Liabilities ....................................... 60
Statement of Operations ................................................... 68
Statements of Changes in Net Assets ....................................... 76
Financial Highlights ...................................................... 86
Notes to Financial Statements ............................................. 131
Additional Information .................................................... 145
LARGE CAP FUNDS
Montag & Caldwell Growth Fund
Veredus Select Growth Fund
ABN AMRO Growth Fund
Optimum Large Cap Opportunity Fund
Value Fund
MULTI CAP FUND
TAMRO All Cap Fund
EQUITY INCOME FUND
River Road Dynamic Equity Income Fund
MID CAP FUNDS
Optimum Mid Cap Fund
Montag & Caldwell Mid Cap Growth Fund
ClariVest Mid Cap Growth Fund
Cardinal Mid Cap Value 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
GLOBAL/INTERNATIONAL FUNDS
Neptune International Fund
Barings International Fund
ABN AMRO Global Real Estate Fund
SGA International Small-Mid Cap Fund
ALTERNATIVE FUNDS
Smart Allocation ETF Fund
New Century Absolute Return ETF Fund
MB Enhanced Equity Income Fund
SECTOR FUND
ABN AMRO Real Estate Fund
BALANCED FUNDS
Montag & Caldwell Balanced Fund
Balanced Fund
FIXED INCOME FUNDS
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 - www.astonfunds.com
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
1
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2008
AVERAGE ANNUAL TOTAL RETURNS
-----------------------------
TOTAL NET
10-YEAR EXPENSE EXPENSE INCEPTION
CLASS 1-YEAR 5-YEAR OR LIFE (a) RATIO RATIO DATE
----- ------ ------ ----------- -------- --------- ----------
EQUITY FUNDS
Montag & Caldwell Growth Fund N 10.97% 8.95% 3.19% 1.05% 1.05% 11/02/94
I 11.27 9.26 3.48 0.80 0.80 06/28/96
R 10.72 8.71 8.94 1.30 1.30 12/31/02
Veredus Select Growth Fund (1) N 9.63 15.40 7.12 1.53 1.31 12/31/01
I 9.92 N/A 17.10 1.28 1.06 09/11/06
ABN AMRO Growth Fund (1) N (4.79) 5.42 3.14 1.09 1.09 12/13/93
I (4.53) 5.73 (0.49) 0.84 0.84 07/31/00
R (5.02) 5.20 5.21 1.34 1.34 12/31/02
Optimum Large Cap Opportunity Fund (1)(2) N 0.08 N/A 8.96 2.29 1.10 12/28/06
Value Fund (1) N (4.77) 13.19 3.89 1.16 1.07 01/04/93
I (4.60) N/A 8.74 0.91 0.82 09/20/05
TAMRO All Cap Fund (1) N (3.72) 10.55 5.53 1.75 1.21 11/30/00
River Road Dynamic Equity Income Fund (1) N (4.14) N/A 9.92 1.59 1.36 06/28/05
I N/A N/A 6.32(b) 1.34 1.11 06/28/07
Optimum Mid Cap Fund N 4.38 16.98 10.91 1.16 1.16 09/19/94
I 4.62 N/A 10.40 0.91 0.91 07/06/04
Montag & Caldwell Mid Cap Growth Fund (1) N N/A N/A (6.30)(b) 7.03 1.40 11/02/07
ClariVest Mid Cap Growth Fund (1) N N/A N/A (9.70)(b) 7.08 1.40 11/02/07
Cardinal Mid Cap Value Fund (1) N N/A N/A (10.40)(b) 7.08 1.40 11/02/07
River Road Small-Mid Cap Fund (1) N (8.26) N/A (6.18) 3.19 1.51 03/29/07
I N/A N/A (11.02)(b) 2.94 1.26 06/28/07
Veredus Aggressive Growth Fund (1) N (8.81) 10.37 9.59 1.45 1.45 06/30/98
I (8.58) 10.68 1.08 1.20 1.20 10/05/01
TAMRO Small Cap Fund (1) N (12.28) 14.27 11.92 1.33 1.31 11/30/00
I (12.04) N/A 6.68 1.08 1.06 01/04/05
River Road Small Cap Value Fund N (12.34) N/A 9.58 1.46 1.46 06/28/05
I (12.09) N/A (5.33) 1.21 1.21 12/13/06
GLOBAL/INTERNATIONAL FUNDS
Neptune International Fund (1) I N/A N/A 13.34(b) 2.39 1.02 08/06/07
Barings International Fund (1) I N/A N/A (9.60)(b) 8.28 1.25 11/02/07
ABN AMRO Global Real Estate Fund (1) N N/A N/A (1.90)(b) 2.35 1.50 08/03/07
SGA International Small-Mid Cap Fund (1) N N/A N/A (16.20)(b) 8.73 1.80 11/02/07
ALTERNATIVE FUNDS
Smart Allocation ETF Fund (1) N N/A N/A (0.10)(b) 7.53 1.47 01/10/08
New Century Absolute Return ETF Fund (1)(c) N N/A N/A 3.60(b) 7.83 1.50 03/04/08
MB Enhanced Equity Income Fund (1) N N/A N/A 5.96(b) 1.54 1.10 01/15/08
SECTOR FUND
ABN AMRO Real Estate Fund (1) N (16.93) 17.63 11.72 1.46 1.37 12/30/97
I (16.79) N/A 7.01 1.21 1.12 09/20/05
BALANCED FUNDS
Montag & Caldwell Balanced Fund (1)(2) N 9.07 6.55 3.87 1.72 1.35 11/02/94
I 9.40 6.79 3.20 1.47 1.47 12/31/98
Balanced Fund N (1.37) 5.23 4.13 1.31 1.31 09/21/95
2
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) - CONTINUED AS OF APRIL 30, 2008
AVERAGE ANNUAL TOTAL RETURNS
-----------------------------
TOTAL NET
10-YEAR EXPENSE EXPENSE INCEPTION
CLASS 1-YEAR 5-YEAR OR LIFE (a) RATIO RATIO DATE
----- ------ ------ ----------- -------- --------- ----------
FIXED INCOME FUNDS
TCH Fixed Income Fund (1)(2) N 4.48% 4.04% 5.21% 1.06% 0.64% 12/13/93
I 4.75 4.31 5.76 0.81 0.51 07/31/00
TCH Investment Grade Bond Fund (1) N 3.64 N/A 2.65 1.44 0.91 06/30/03
I 3.90 3.07 4.72 1.19 0.66 10/23/95
McDonnell Municipal Bond Fund (1)(2) N 4.07 2.97 4.34 1.39 0.85 12/13/93
MONEY MARKET FUND
ABN AMRO Investor Money Market Fund N 3.77 2.76 3.32 0.68 0.68 12/14/93
7-DAY 30-DAY
AVERAGE YIELD AVERAGE YIELD
-------------- -------------
ABN AMRO Investor Money Market Fund N 1.40% 1.62%
- --------------------
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.
(1) Certain expenses were subsidized. If these subsidies were not in effect,
the returns would have been lower. The Adviser contractually waived
management fees and/or reimbursed expenses through February 28, 2009 at
the rates represented by the Net Expense Ratio column shown in the table.
(2) The net expense ratio includes voluntary management fees and/or expense
limitations by the Adviser that may change or end at any time.
(a) Return figures shown are average annual total returns for the period from
inception through April 30, 2008 except for Montag & Caldwell Growth Fund
Class N and Class I, ABN AMRO Growth Fund Class N, Value Fund Class N,
Optimum Mid Cap Fund Class N, ABN AMRO Real Estate Fund Class N, 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, 2008.
(b) Returns are cumulative since inception and are not annualized.
(c) New Century Absolute Return ETF Fund expenses are capped at 1.50%. The
Fund's net expenses including acquired fund fees and expenses is 1.67%.
MID AND SMALL COMPANY STOCKS may be subject to a higher degree of market risk
because they tend to be more volatile and less liquid. BOND AND BALANCED FUNDS
have the same interest rate, high yield, and credit risks associated with the
underlying bonds in the portfolio, all of which could reduce a fund's value.
EXCHANGE-TRADED FUNDS (ETFs) are securities of other investment companies. An
ETF seeks to track the performance of an index by holding all or a sampling, of
the securities of that index. ETF Funds invest in many different areas of the
market, each of which may involve its own element of risk. By selling COVERED
CALL OPTIONS, a Fund limits its opportunity to profit from an increase in the
price of the underlying stock above the exercise price, but continues to bear
the risk of a decline in the stock. SECTOR FUNDS may be subject to a higher
degree of market risk because of concentration in a specific industry sector.
INTERNATIONAL INVESTING may include the risk of social and political
instability, market illiquidity and currency volatility. REAL ESTATE FUNDS are
non-diversified and may be more susceptible to risk than funds that invest more
broadly and may be subject to a higher degree of market risk because of changes
in property values of the underlying property and defaults by borrowers.
FEDERALLY TAX-EXEMPT INCOME FUNDS may be subject to state and local taxes or to
the federal Alternative Minimum Tax.
3
Aston Funds
MONTAG & CALDWELL GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Consumer Staples 6%
Pharmaceuticals 6%
Medical Products and Supplies 7%
Capital Goods 7%
Food and Beverages 8%
Retail 12%
Cash and Other Net Assets 2%
Other Common Stocks 19%
Technology 17%
Oil and Gas Extraction 16%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- --------------
COMMON STOCKS - 98.00%
BIOTECHNOLOGY - 2.80%
953,700 Gilead Sciences * .......................... $ 49,363,512
--------------
CAPITAL GOODS - 6.81%
1,224,300 Emerson Electric ........................... 63,981,918
365,500 Fluor ...................................... 55,873,985
--------------
119,855,903
--------------
COMMUNICATIONS - 4.66%
142,996 Google, Class A * .......................... 82,121,173
--------------
CONSUMER STAPLES - 5.70%
348,600 Colgate-Palmolive .......................... 24,646,020
1,127,700 Procter & Gamble ........................... 75,612,285
--------------
100,258,305
--------------
FINANCE - 1.45%
1,180,700 Charles Schwab ............................. 25,503,120
--------------
FOOD AND BEVERAGES - 8.23%
1,363,600 Coca-Cola .................................. 80,275,132
941,400 PepsiCo .................................... 64,514,142
--------------
144,789,274
--------------
MEDICAL PRODUCTS AND SUPPLIES - 6.85%
1,049,300 Allergan ................................... 59,149,041
946,600 Stryker .................................... 61,368,078
--------------
120,517,119
--------------
OIL & GAS - EQUIPMENT & SERVICES - 2.27%
812,000 Cameron International * .................... 39,974,760
--------------
OIL AND GAS EXTRACTION - 15.79%
510,600 Devon Energy ............................... 57,902,040
1,589,200 Halliburton ................................ 72,960,172
657,500 Occidental Petroleum ....................... 54,710,575
918,300 Schlumberger ............................... 92,335,065
--------------
277,907,852
--------------
PHARMACEUTICALS - 6.25%
1,237,700 Abbott Laboratories ........................ 65,288,675
2,426,300 Schering-Plough ............................ 44,668,183
--------------
109,956,858
--------------
RESTAURANTS - 3.54%
1,047,100 McDonald's ................................. 62,386,218
--------------
RETAIL - 11.96%
786,500 Costco Wholesale ........................... 56,038,125
1,805,000 CVS Caremark ............................... 72,867,850
702,000 NIKE, Class B .............................. 46,893,600
599,900 Wal-Mart Stores ............................ 34,782,202
--------------
210,581,777
--------------
TECHNOLOGY - 17.32%
467,100 Apple * . . ................................ 81,252,045
795,600 Electronic Arts * .......................... 40,949,532
1,394,900 Hewlett-Packard ............................ 64,653,615
1,571,300 Juniper Networks * ......................... 43,399,306
613,100 Research In Motion * ....................... 74,571,353
--------------
304,825,851
--------------
TELECOMMUNICATIONS EQUIPMENT - 4.37%
1,782,700 QUALCOMM ................................... 76,994,812
--------------
TOTAL COMMON STOCKS
(Cost $1,404,351,389) ..................... 1,725,036,534
--------------
INVESTMENT COMPANY - 1.57%
27,626,725 BlackRock Liquidity Funds
TempCash Portfolio ........................ 27,626,725
--------------
TOTAL INVESTMENT COMPANY
(Cost $27,626,725) ........................ 27,626,725
--------------
TOTAL INVESTMENTS - 99.57%
(Cost $1,431,978,114)** ................................... 1,752,663,259
--------------
NET OTHER ASSETS AND LIABILITIES - 0.43% 7,599,381
--------------
NET ASSETS - 100.00% ....................................... $1,760,262,640
==============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .............................. $ 345,347,148
Gross unrealized depreciation .............................. (24,662,003)
--------------
Net unrealized appreciation ................................ $ 320,685,145
==============
See accompanying Notes to Financial Statements.
4
Aston Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Exchange Traded Fund 3%
Industrial 7%
Telecommunications Equipment 7%
Technology 7%
Biotechnology 8%
Retail 8%
Healthcare Equipment 8%
Cash and Other Net Assets 7%
Other Common Stocks 26%
Industrial - Construction & Engineering 10%
Information Technology Services 9%
% of Total Net Assets
MARKET
SHARES VALUE
- ---------- -------------
COMMON STOCKS - 89.26%
BIOTECHNOLOGY - 7.56%
76,950 Gilead Sciences * .............................. $ 3,982,932
57,150 Illumina * ..................................... 4,451,414
-------------
8,434,346
-------------
COMPUTER SOFTWARE - 6.08%
119,700 Akamai Technologies * .......................... 4,281,669
37,550 Salesforce.com * ............................... 2,505,712
-------------
6,787,381
-------------
CONSUMER DISCRETIONARY - 3.67%
74,400 GameStop, Class A * ............................ 4,094,976
-------------
CONSUMER STAPLES - 2.91%
45,600 Costco Wholesale ............................... 3,249,000
-------------
HEALTHCARE EQUIPMENT - 8.17%
56,700 Hologic * ...................................... 1,655,073
15,050 Intuitive Surgical * ........................... 4,353,363
71,000 St. Jude Medical * ............................. 3,108,380
-------------
9,116,816
-------------
HEALTHCARE PROVIDERS & SERVICES - 3.48%
55,400 Express Scripts * .............................. 3,879,108
-------------
INDUSTRIAL - 6.49%
40,200 AGCO * ......................................... 2,417,226
6,900 First Solar * .................................. 2,014,731
37,800 Joy Global ..................................... 2,806,650
-------------
7,238,607
-------------
INDUSTRIAL - CONSTRUCTION & ENGINEERING - 9.98%
21,400 Fluor .......................................... 3,271,418
46,500 Jacobs Engineering Group * ..................... 4,014,345
71,800 McDermott International * ...................... 3,847,044
-------------
11,132,807
-------------
INFORMATION TECHNOLOGY - ELECTRONIC
EQUIPMENT & INSTRUMENTS - 2.37%
65,800 Dolby Laboratories, Class A * .................. 2,641,870
-------------
INFORMATION TECHNOLOGY SERVICES - 9.20%
18,400 MasterCard, Class A ............................ 5,118,144
61,700 Visa, Class A * ................................ 5,148,865
-------------
10,267,009
-------------
OIL & GAS - EQUIPMENT & SERVICES - 2.79%
46,600 Oceaneering International * .................... 3,111,948
-------------
OIL & GAS - EXPLORATION/PRODUCTION - 0.94%
17,300 Newfield Exploration * ......................... 1,051,148
-------------
RESTAURANTS - 3.51%
65,825 McDonald's ..................................... 3,921,853
-------------
RETAIL - 7.85%
50,950 Guess? ......................................... 1,950,366
64,800 NIKE, Class B .................................. 4,328,640
77,100 TJX ............................................ 2,484,162
-------------
8,763,168
-------------
TECHNOLOGY - 7.29%
79,100 Hewlett-Packard ................................ 3,666,285
156,500 Microsoft ...................................... 4,463,380
-------------
8,129,665
-------------
TELECOMMUNICATIONS EQUIPMENT - 6.97%
94,400 Cisco Systems * ................................ 2,420,416
44,000 Research In Motion * ........................... 5,351,720
-------------
7,772,136
-------------
TOTAL COMMON STOCKS
(Cost $91,377,926) ............................ 99,591,838
-------------
EXCHANGE TRADED FUND - 3.54%
119,300 Ultra Financials ProShares ..................... 3,952,409
-------------
TOTAL EXCHANGE TRADED FUND
(Cost $3,944,786) ............................. 3,952,409
-------------
INVESTMENT COMPANIES - 8.33%
5,594,413 BlackRock Liquidity Funds
TempCash Portfolio ............................ 5,594,413
3,691,401 BlackRock Liquidity Funds
TempFund Portfolio ............................ 3,691,401
-------------
TOTAL INVESTMENT COMPANIES
(Cost $9,285,814) ............................. 9,285,814
-------------
TOTAL INVESTMENTS - 101.13%
(Cost $104,608,526)** ...................................... 112,830,061
-------------
NET OTHER ASSETS AND LIABILITIES - (1.13)% .................. (1,256,254)
-------------
NET ASSETS - 100.00% ........................................ $ 111,573,807
=============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............................... $ 9,803,643
Gross unrealized depreciation ............................... (1,582,108)
-------------
Net unrealized appreciation ................................. $ 8,221,535
=============
See accompanying Notes to Financial Statements.
5
Aston Funds
ABN AMRO GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Consumer Staples 6%
Pharmaceuticals 6%
Medical Products and Supplies 7%
Capital Goods 7%
Food and Beverages 8%
Retail 12%
Cash and Other Net Assets 1%
Other Common Stocks 20%
Technology 17%
Oil and Gas Extraction 16%
% of Total Net Assets
MARKET
SHARES VALUE
- ---------- -------------
COMMON STOCKS - 99.03%
BIOTECHNOLOGY - 2.76%
159,600 Gilead Sciences * .............................. $ 8,260,896
-------------
CAPITAL GOODS - 6.74%
211,700 Emerson Electric ............................... 11,063,442
59,700 Fluor 9,126,339
-------------
20,189,781
-------------
COMMUNICATIONS - 4.73%
24,669 Google, Class A * .............................. 14,167,160
-------------
CONSUMER STAPLES - 5.85%
64,000 Colgate-Palmolive .............................. 4,524,800
193,600 Procter & Gamble ............................... 12,980,880
-------------
17,505,680
-------------
FINANCE - 1.47%
203,900 Charles Schwab ................................. 4,404,240
-------------
FOOD AND BEVERAGES - 8.41%
238,800 Coca-Cola ...................................... 14,058,156
162,100 PepsiCo ........................................ 11,108,713
-------------
25,166,869
-------------
MEDICAL PRODUCTS AND SUPPLIES - 7.00%
181,100 Allergan ....................................... 10,208,607
166,000 Stryker ........................................ 10,761,780
-------------
20,970,387
-------------
OIL & GAS - EQUIPMENT & SERVICES - 2.31%
140,500 Cameron International * ........................ 6,916,815
-------------
OIL AND GAS EXTRACTION - 16.00%
87,800 Devon Energy ................................... 9,956,520
274,900 Halliburton .................................... 12,620,659
113,800 Occidental Petroleum ........................... 9,469,298
157,700 Schlumberger ................................... 15,856,735
-------------
47,903,212
-------------
PHARMACEUTICALS - 6.34%
212,100 Abbott Laboratories ............................ 11,188,275
424,000 Schering-Plough ................................ 7,805,840
-------------
18,994,115
-------------
RESTAURANTS - 3.57%
179,600 McDonald's ..................................... 10,700,568
-------------
RETAIL - 12.24%
136,800 Costco Wholesale ............................... 9,747,000
306,700 CVS Caremark ................................... 12,381,479
128,200 NIKE, Class B .................................. 8,563,760
102,800 Wal-Mart Stores ................................ 5,960,344
-------------
36,652,583
-------------
TECHNOLOGY - 17.11%
72,800 Apple * ........................................ 12,663,560
136,800 Electronic Arts * .............................. 7,041,096
240,700 Hewlett-Packard ................................ 11,156,445
274,800 Juniper Networks * ............................. 7,589,976
105,100 Research In Motion * ........................... 12,783,313
-------------
51,234,390
-------------
TELECOMMUNICATIONS EQUIPMENT - 4.50%
312,100 QUALCOMM ....................................... 13,479,599
-------------
TOTAL COMMON STOCKS
(Cost $281,205,319) ........................... 296,546,295
-------------
INVESTMENT COMPANY - 0.69%
2,062,129 BlackRock Liquidity Funds
TempCash Portfolio ............................ 2,062,129
-------------
TOTAL INVESTMENT COMPANY
(Cost $2,062,129) ............................. 2,062,129
-------------
TOTAL INVESTMENTS - 99.72%
(Cost $283,267,448)** ...................................... 298,608,424
-------------
NET OTHER ASSETS AND LIABILITIES - 0.28% .................... 845,445
-------------
NET ASSETS - 100.00% ........................................ $ 299,453,869
=============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............................... $ 22,538,840
Gross unrealized depreciation ............................... (7,197,864)
-------------
Net unrealized appreciation ................................. $ 15,340,976
=============
See accompanying Notes to Financial Statements.
6
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Metals & Mining 6%
Specialty Retail 6%
Capital Markets 7%
Electronic Equipment & Instruments 7%
Energy Equipment & Services 9%
Semiconductor & Semiconductor Equipment 6%
Cash and Other Net Assets 2%
Other Common Stocks 34%
Machinery 13%
Communications Equipment 10%
% of Total Net Assets
MARKET
SHARES VALUE
- ---------- -------------
COMMON STOCKS - 97.85%
AEROSPACE/DEFENSE - 3.34%
4,200 Boeing ......................................... $ 356,412
-------------
AUTO COMPONENTS - 3.22%
9,750 Johnson Controls ............................... 343,785
-------------
BIOTECHNOLOGY - 3.03%
4,600 Genzyme * ...................................... 323,610
-------------
CAPITAL MARKETS - 6.67%
3,550 Affiliated Managers Group * .................... 352,657
1,875 Goldman Sachs Group ............................ 358,819
-------------
711,476
-------------
COMMUNICATIONS EQUIPMENT - 9.83%
14,040 Cisco Systems * ................................ 359,986
12,875 Corning ........................................ 343,891
8,000 QUALCOMM ....................................... 345,520
-------------
1,049,397
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 7.11%
7,600 Amphenol, Class A .............................. 350,968
12,450 Trimble Navigation * ........................... 408,236
-------------
759,204
-------------
ENERGY EQUIPMENT & SERVICES - 8.85%
5,000 ENSCO International ............................ 318,650
2,000 Transocean ..................................... 294,920
4,100 Weatherford International * .................... 330,747
-------------
944,317
-------------
HOUSEHOLD DURABLES - 2.56%
3,750 Whirlpool ...................................... 272,925
-------------
INTERNET SOFTWARE & SERVICES - 3.09%
10,550 eBay * ......................................... 330,109
-------------
LIFE SCIENCES TOOLS & SERVICES - 3.42%
5,945 Waters * ....................................... 365,380
-------------
MACHINERY - 13.02%
4,100 Caterpillar .................................... 335,708
4,285 Danaher ........................................ 334,316
4,100 Eaton .......................................... 360,144
4,500 Parker Hannifin ................................ 359,325
-------------
1,389,493
-------------
MEDIA - 2.96%
12,800 DIRECTV Group * ................................ 315,392
-------------
MEDICAL PRODUCTS AND SUPPLIES - 3.09%
7,525 St. Jude Medical * ............................. 329,444
-------------
METALS & MINING - 6.25%
4,050 BHP Billiton, SP ADR ........................... 326,673
2,995 Freeport-McMoRan Copper & Gold, Class B ........ 340,681
-------------
667,354
-------------
ROAD & RAIL - 3.27%
3,400 Burlington Northern Santa Fe ................... 348,670
-------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 5.86%
4,600 MEMC Electronic Materials * .................... 289,662
11,515 Texas Instruments .............................. 335,777
-------------
625,439
-------------
SOFTWARE - 3.18%
16,300 Oracle * ....................................... 339,855
-------------
SPECIALTY RETAIL - 6.26%
7,975 Best Buy ....................................... 343,084
14,950 Staples ........................................ 324,415
-------------
667,499
-------------
WIRELESS TELECOMMUNICATION SERVICES - 2.84%
5,225 America Movil, Series L, ADR ................... 302,841
-------------
TOTAL COMMON STOCKS
(Cost $10,039,865) ............................ 10,442,602
-------------
INVESTMENT COMPANY - 2.39%
254,733 BlackRock Liquidity Funds
TempCash Portfolio ............................ 254,733
-------------
TOTAL INVESTMENT COMPANY
(Cost $254,733) ............................... 254,733
-------------
TOTAL INVESTMENTS - 100.24%
(Cost $10,294,598)** ....................................... 10,697,335
-------------
NET OTHER ASSETS AND LIABILITIES - (0.24)% .................. (25,638)
-------------
NET ASSETS - 100.00% ........................................ $ 10,671,697
=============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............................... $ 715,787
Gross unrealized depreciation ............................... (313,050)
-------------
Net unrealized appreciation ................................. $ 402,737
=============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
7
Aston Funds
VALUE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Communications 5%
Retail 6%
Pharmaceutical 6%
Insurance 9%
Technology 9%
Capital Goods 11%
Cash and Other Net Assets 1%
Other Common Stocks and Rights 23%
Oil and Gas Extraction 16%
Finance 14%
% of Total Net Assets
MARKET
SHARES VALUE
- ---------- -------------
COMMON STOCKS - 99.24%
ADVERTISING - 1.00%
60,018 Omnicom Group .................................. $ 2,865,259
-------------
BASIC MATERIALS - 2.68%
6,135 Air Products and Chemicals ..................... 603,868
16,110 MeadWestvaco ................................... 423,693
107,910 PPG Industries ................................. 6,622,437
-------------
7,649,998
-------------
CAPITAL GOODS - 11.08%
2,800 Danaher ........................................ 218,456
33,635 Eaton .......................................... 2,954,498
9,050 Genzyme * ...................................... 636,667
6,838 Grainger (W.W.) ................................ 592,923
74,770 Ingersoll-Rand, Class A ........................ 3,318,293
114,060 Lockheed Martin ................................ 12,094,922
141,315 Masco .......................................... 2,573,346
52,035 Northrop Grumman ............................... 3,828,215
8,930 Timken ......................................... 322,820
6,480 Toll Brothers * ................................ 146,707
68,820 United Technologies ............................ 4,987,385
-------------
31,674,232
-------------
COMMUNICATIONS - 5.58%
166,950 AT&T ........................................... 6,462,634
130,747 Embarq ......................................... 5,435,153
7,500 Nokia, SP ADR .................................. 225,525
62,530 Qwest Communications International ............. 322,655
110,809 Vodafone Group, SP ADR ......................... 3,508,213
-------------
15,954,180
-------------
CONSUMER CYCLICALS - 2.42%
12,408 Disney, Walt ................................... 402,391
26,675 Johnson Controls ............................... 940,560
156,800 Royal Caribbean Cruises ........................ 5,001,920
20,480 Time Warner Cable * 573,440
-------------
6,918,311
-------------
CONSUMER STAPLES - 5.21%
84,460 Altria Group ................................... 1,689,200
10,900 Clorox ......................................... 577,700
165,070 Philip Morris International * .................. 8,423,522
62,800 Procter & Gamble ............................... 4,210,740
-------------
14,901,162
-------------
ELECTRICAL - 0.38%
33,310 General Electric ............................... 1,089,237
-------------
FINANCE - 14.15%
11,288 American Express ............................... 542,050
203,524 Bank of America ................................ 7,640,291
142,317 Bank of New York Mellon ........................ 6,195,059
34,253 Citigroup ...................................... 865,573
39,093 Franklin Resources ............................. 3,719,699
28,920 Goldman Sachs Group ............................ 5,534,420
47,790 JPMorgan Chase ................................. 2,277,193
12,673 Lehman Brothers Holdings ....................... 560,654
12,653 Merrill Lynch .................................. 630,499
28,750 New York Community Bancorp ..................... 536,763
32,770 Prudential Financial ........................... 2,481,017
71,970 State Street ................................... 5,191,916
50,020 SunTrust Banks ................................. 2,788,615
9,898 UBS ............................................ 332,474
39,300 Wachovia ....................................... 1,145,595
-------------
40,441,818
-------------
FOOD AND BEVERAGES - 4.15%
42,370 Diageo, SP ADR ................................. 3,470,103
15,903 General Mills .................................. 960,541
12,500 Heineken NV, SP ADR ............................ 363,829
7,588 Kellogg ........................................ 388,278
12,780 Kroger ......................................... 348,255
42,670 Nestle, SP ADR ................................. 5,090,249
9,868 PepsiCo ........................................ 676,254
17,470 Safeway ........................................ 552,052
-------------
11,849,561
-------------
HEALTHCARE SERVICES - 1.47%
9,223 UnitedHealth Group ............................. 300,946
78,460 WellPoint * .................................... 3,903,385
-------------
4,204,331
-------------
INSURANCE - 8.64%
148,460 Allstate ....................................... 7,476,446
42,912 Chubb .......................................... 2,273,049
169,510 Genworth Financial, Class A .................... 3,908,901
44,590 Hartford Financial Services Group .............. 3,177,929
125,450 MetLife ........................................ 7,633,633
4,280 Principal Financial Group ...................... 229,665
-------------
24,699,623
-------------
OIL AND GAS EXTRACTION - 16.41%
10,915 Apache ......................................... 1,470,032
49,291 Chevron Texaco ................................. 4,739,330
32,817 ConocoPhillips ................................. 2,827,184
56,280 Devon Energy ................................... 6,382,152
30,860 El Paso ........................................ 528,940
114,370 Exxon Mobil .................................... 10,644,416
7,320 Halliburton .................................... 336,061
72,140 Hess ........................................... 7,661,268
58,320 Marathon Oil ................................... 2,657,642
7,390 Noble .......................................... 415,909
See accompanying Notes to Financial Statements.
8
Aston Funds
VALUE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ---------- -------------
OIL AND GAS EXTRACTION (CONTINUED)
6,740 Sunoco ......................................... $ 312,803
97,010 Total, SP ADR .................................. 8,148,840
22,310 Williams ....................................... 792,005
-------------
46,916,582
-------------
PHARMACEUTICALS - 5.77%
79,340 Johnson & Johnson .............................. 5,322,921
125,900 Merck .......................................... 4,789,236
10,300 Merck KGaA, ADR ................................ 487,224
132,330 Wyeth .......................................... 5,884,715
-------------
16,484,096
-------------
RETAIL - 5.70%
157,972 CVS Caremark ................................... 6,377,330
140,250 Macy's ......................................... 3,546,923
69,860 NIKE, Class B .................................. 4,666,648
18,758 Staples ........................................ 407,049
10,710 Wal-Mart Stores ................................ 620,966
19,680 Walgreen ....................................... 685,848
-------------
16,304,764
-------------
TECHNOLOGY - 8.85%
100,625 Accenture, Class A ............................. 3,778,469
9,060 Automatic Data Processing ...................... 400,452
10,480 Hewlett-Packard ................................ 485,748
285,560 Intel .......................................... 6,356,566
67,730 International Business Machines ................ 8,175,011
291,850 Oracle * ....................................... 6,085,073
-------------
25,281,319
-------------
TRANSPORTATION - 0.45%
3,795 Burlington Northern Santa Fe ................... 389,177
6,368 Norfolk Southern ............................... 379,405
7,030 United Parcel Service, Class B ................. 509,042
-------------
1,277,624
-------------
UTILITIES - 5.30%
11,880 American Electric Power ........................ 530,204
89,337 Dominion Resources ............................. 3,876,332
13,420 DPL ............................................ 373,479
60,300 FPL Group ...................................... 3,997,287
17,390 NRG Energy * ................................... 764,291
18,683 PG&E ........................................... 747,320
79,950 Public Service Enterprise Group ................ 3,510,605
24,020 Sempra Energy .................................. 1,361,213
-------------
15,160,731
-------------
TOTAL COMMON STOCKS
(Cost $257,658,229) ........................... 283,672,828
-------------
RIGHTS - 0.01%
FINANCE - 0.01%
9,898 UBS Rights, Expire 05/19/08 * .................. 16,624
-------------
TOTAL RIGHTS
(Cost $0) ..................................... 16,624
-------------
INVESTMENT COMPANY - 0.73%
2,105,370 BlackRock Liquidity Funds
TempCash Portfolio ............................ $ 2,105,370
-------------
TOTAL INVESTMENT COMPANY
(Cost $2,105,370) ............................. 2,105,370
-------------
TOTAL INVESTMENTS - 99.98%
(Cost $259,763,599)** ...................................... 285,794,822
-------------
NET OTHER ASSETS AND LIABILITIES - 0.02% .................... 50,094
-------------
NET ASSETS - 100.00% ........................................ $ 285,844,916
=============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ............................... $ 36,336,143
Gross unrealized depreciation ............................... (10,304,920)
-------------
Net unrealized appreciation ................................. $ 26,031,223
=============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
9
Aston Funds
TAMRO ALL CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Capital Goods 4%
Retail 5%
Communications 9%
Oil and Gas Extraction 12%
Food and Beverages 12%
Cash and Other Net Assets 1%
Other Common Stocks 22%
Technology 19%
Finance 16%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------ ------------
COMMON STOCKS - 99.59%
BASIC MATERIALS - 2.16%
7,842 Alcoa ........................................................... $ 272,745
------------
BIOTECHNOLOGY - 2.16%
3,990 Genentech * ..................................................... 272,118
------------
CAPITAL GOODS - 4.14%
5,230 Baldor Electric ................................................. 169,452
3,770 General Electric ................................................ 123,279
3,590 Raytheon ........................................................ 229,652
------------
522,383
------------
CHEMICALS - 2.91%
7,516 duPont (E. I.) de Nemours ....................................... 367,608
------------
COMMUNICATIONS - 8.57%
12,022 Comcast, Class A ................................................ 247,052
8,450 Corning ......................................................... 225,700
7,345 F5 Networks * ................................................... 166,217
290 Google, Class A * . ........................................ 166,544
7,175 Verizon Communications .......................................... 276,094
------------
1,081,607
------------
CONSUMER CYCLICALS - 2.20%
8,855 eBay * .......................................................... 277,073
------------
CONSUMER STAPLES - 3.36%
3,580 Apollo Group, Class A * ......................................... 182,222
21,245 Corinthian Colleges * ........................................... 241,131
------------
423,353
------------
FINANCE - 15.72%
9,140 Allied Capital .................................................. 183,714
98 Berkshire Hathaway, Class B * ................................... 436,786
12,050 Calamos Asset Management, Class A ............................... 216,297
1,400 Goldman Sachs Group ............................................. 267,918
14,120 Janus Capital Group ............................................. 396,207
6,052 JPMorgan Chase .................................................. 288,378
2,670 Legg Mason ...................................................... 160,948
1,800 SLM * ........................................................... 33,354
------------
1,983,602
------------
FOOD AND BEVERAGES - 12.51%
7,665 Anheuser-Busch .................................................. 377,118
5,476 Coca-Cola ....................................................... 322,372
8,655 Hain Celestial Group * .......................................... 213,605
8,520 Sysco ........................................................... 260,456
5,305 Wm Wrigley Jr ................................................... 404,029
------------
1,577,580
------------
INDUSTRIAL - 0.51%
955 Manpower ........................................................ 64,109
------------
MEDICAL PRODUCTS AND SUPPLIES - 1.05%
1,970 Johnson & Johnson ............................................... 132,167
------------
OIL AND GAS EXTRACTION - 11.71%
5,815 Anadarko Petroleum .............................................. 387,046
2,409 Exxon Mobil ..................................................... 224,206
3,940 National-Oilwell Varco * ........................................ 269,693
7,015 Willbros Group * ................................................ 253,171
5,556 XTO Energy ...................................................... 343,694
------------
1,477,810
------------
PHARMACEUTICALS - 2.76%
2,970 Merck ........................................................... 112,979
12,798 Schering-Plough ................................................. 235,611
------------
348,590
------------
RESTAURANTS - 1.13%
2,384 McDonald's ...................................................... 142,039
------------
RETAIL - 5.04%
5,320 Wal-Mart Stores ................................................. 308,454
9,375 Walgreen ........................................................ 326,719
------------
635,173
------------
TECHNOLOGY - 19.57%
12,150 Cisco Systems * ................................................. 311,526
7,275 Electronic Arts * ............................................... 374,444
22,730 EMC * ........................................................... 350,042
13,610 FalconStor Software * ........................................... 110,922
1,495 International Business Machines ................................. 180,447
8,430 Intuit * ........................................................ 227,357
11,440 Microsoft ....................................................... 326,269
8,860 Network Appliance * ............................................. 214,412
11,545 Oracle * ........................................................ 240,713
4,145 Quality Systems ................................................. 133,137
------------
2,469,269
------------
TRANSPORTATION - 1.90%
3,315 United Parcel Service, Class B .................................. 240,039
------------
UTILITIES - 2.19%
15,895 AES * ........................................................... 275,937
------------
TOTAL COMMON STOCKS
(Cost $10,875,532) ............................................. 12,563,202
------------
See accompanying Notes to Financial Statements.
10
Aston Funds
TAMRO ALL CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ------------
INVESTMENT COMPANY - 0.32%
39,988 BlackRock Liquidity Funds
TempCash Portfolio ............................................ $ 39,988
------------
TOTAL INVESTMENT COMPANY
(Cost $39,988) ................................................ 39,988
------------
TOTAL INVESTMENTS - 99.91%
(Cost $10,915,520)** ........................................................... 12,603,190
------------
NET OTHER ASSETS AND LIABILITIES - 0.09% ........................................ 11,021
------------
NET ASSETS - 100.00% ............................................................ $ 12,614,211
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 2,240,820
Gross unrealized depreciation .................................................... (553,150)
------------
Net unrealized appreciation ...................................................... $ 1,687,670
============
See accompanying Notes to Financial Statements.
11
Aston Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Closed-End Funds 2%
Basic Materials 6%
Consumer Non-Cyclicals 7%
Utilities 8%
Industrial 9%
Consumer Cyclicals 10%
Cash and Other net Assets 1%
Finance 24%
Energy 17%
Other Common Stocks 16%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------ ------------
COMMON STOCKS - 96.43%
BASIC MATERIALS - 6.13%
22,700 Dow Chemical .................................................... $ 911,405
13,175 Nucor ........................................................... 994,712
28,450 RPM International ............................................... 634,435
------------
2,540,552
------------
COMMUNICATIONS - 3.60%
9,675 CBS, Class B .................................................... 223,202
14,950 New York Times, Class A ......................................... 291,525
25,450 Verizon Communications .......................................... 979,316
------------
1,494,043
------------
CONSUMER CYCLICALS - 9.63%
31,025 Asbury Automotive Group ......................................... 516,566
13,225 Autoliv ......................................................... 809,899
6,600 Barnes & Noble .................................................. 213,048
8,050 Carnival ........................................................ 323,368
14,050 Cato, Class A ................................................... 242,362
18,400 CBRL Group ...................................................... 679,696
11,375 Harley-Davidson ................................................. 435,094
9,625 Oxford Industries ............................................... 267,479
6,825 VF .............................................................. 507,644
------------
3,995,156
------------
CONSUMER NON-CYCLICALS - 6.63%
10,350 Clorox .......................................................... 548,550
9,750 General Mills ................................................... 588,900
22,725 Industrias Bachoco, SP ADR ...................................... 659,707
7,975 Kimberly-Clark .................................................. 510,320
11,725 McCormick & Co (Non-Voting Shares) .............................. 443,088
------------
2,750,565
------------
ENERGY - 16.70%
12,275 Alliance Resource Partners LP ................................... 509,044
8,375 Boardwalk Pipeline Partners LP .................................. 211,804
12,725 Chevron Texaco .................................................. 1,223,509
17,375 Encore Energy Partners LP ....................................... 356,709
15,675 Eni, SP ADR ..................................................... 1,207,289
17,250 Magellan Midstream Partners LP .................................. 701,730
15,260 Markwest Energy Partners LP ..................................... 544,782
23,330 Penn West Energy Trust .......................................... 703,866
24,500 Spectra Energy .................................................. 605,150
6,325 TC Pipelines LP ................................................. 221,375
18,175 TEPPCO Partners LP .............................................. 637,761
------------
6,923,019
------------
FINANCE - 24.47%
7,375 Allied Irish Banks, SP ADR ...................................... 314,396
6,345 Allstate ........................................................ 319,534
10,125 American Capital Strategies ..................................... 321,469
25,525 Associated Banc-Corp ............................................ 721,592
22,125 Bank of America ................................................. 830,572
11,900 BB&T ............................................................ 408,051
18,175 Cincinnati Financial ............................................ 652,482
29,165 Gallagher (Arthur J.) ........................................... 716,584
4,550 JPMorgan Chase .................................................. 216,807
13,340 LandAmerica Financial Group ..................................... 382,858
64,075 Medallion Financial ............................................. 545,278
44,875 NGP Capital Resources ........................................... 723,834
5,325 PartnerRe ....................................................... 393,944
29,850 Prospect Capital ................................................ 442,974
13,875 Regions Financial ............................................... 304,140
9,000 Safety Insurance Group .......................................... 323,100
3,000 Student Loan .................................................... 381,540
7,750 TCF Financial ................................................... 134,850
26,300 U.S. Bancorp .................................................... 891,307
8,050 Unitrin ......................................................... 305,417
14,350 Whitney Holding ................................................. 335,934
12,925 Zenith National Insurance ....................................... 480,035
------------
10,146,698
------------
HEALTHCARE - 1.80%
8,375 Johnson & Johnson ............................................... 561,879
9,175 Pfizer .......................................................... 184,509
------------
746,388
------------
INDUSTRIAL - 9.22%
5,925 3M .............................................................. 455,633
30,175 General Electric ................................................ 986,722
12,975 Leggett & Platt ................................................. 215,385
8,950 PACCAR .......................................................... 423,514
15,250 Sauer-Danfoss ................................................... 440,268
36,025 Waste Management ................................................ 1,300,503
------------
3,822,025
------------
REAL ESTATE INVESTMENT TRUSTS - 5.75%
10,625 Carey LP (W.P.) ................................................. 317,475
22,125 Franklin Street Properties ...................................... 326,786
7,425 Health Care, REIT ............................................... 359,741
26,475 Host Marriott ................................................... 455,370
16,250 National Retail Properties ...................................... 372,287
20,950 Realty Income ................................................... 551,194
------------
2,382,853
------------
TECHNOLOGY - 4.13%
12,450 Automatic Data Processing ....................................... 550,290
25,875 Intel ........................................................... 575,977
16,125 Paychex ......................................................... 586,466
------------
1,712,733
------------
See accompanying Notes to Financial Statements.
12
Aston Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
UTILITIES - 8.37%
11,275 ALLETE .......................................................... $ 470,957
26,225 Duke Energy ..................................................... 480,180
12,325 Integrys Energy Group ........................................... 590,244
12,900 Otter Tail ...................................................... 478,332
26,900 Portland General Electric ....................................... 645,600
21,650 Southern ........................................................ 806,030
------------
3,471,343
------------
TOTAL COMMON STOCKS
(Cost $39,605,046) ............................................. 39,985,375
------------
CLOSED-END FUNDS - 2.18%
FINANCE - 2.18%
38,425 Calamos Strategic
Total Return Fund .............................................. 489,150
27,775 First Trust/Four Corners Senior
Floating Rate Income Fund II ................................... 415,514
------------
TOTAL CLOSED-END FUNDS
(Cost $1,034,875) .............................................. 904,664
------------
INVESTMENT COMPANY - 1.17%
483,577 BlackRock Liquidity Funds
TempFund Portfolio ............................................. 483,577
------------
TOTAL INVESTMENT COMPANY
(Cost $ 483,577) ............................................... 483,577
------------
TOTAL INVESTMENTS - 99.78%
(Cost $41,123,498)* ............................................................ 41,373,616
------------
NET OTHER ASSETS AND LIABILITIES - 0.22% ......................................... 91,028
------------
NET ASSETS - 100.00% ............................................................. $ 41,464,644
============
- -----------------
* At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 2,198,896
Gross unrealized depreciation .................................................... (1,948,778)
------------
Net unrealized appreciation ...................................................... $ 250,118
============
ADR American Depositary Receipt
LP Limited Partnership
REIT Real Estate Investment Trust
See accompanying Notes to Financial Statements.
13
Aston Funds
OPTIMUM MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Engineering/Construction 6%
Application Software 6%
Oil & Gas-Equipment & Services 7%
Healthcare Equipment 8%
Electrical/Electronics Equipment & manufacturing Services /Office Electricals 9%
Human Resourece & Employment Services 4%
Trucking 4%
Cash and Other Net Assets 1%
Other Common Stocks 45%
Printing and Publishing 10%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 98.76%
ADVERTISING - 1.48%
1,549,000 Interpublic Group * ............................................. $ 14,018,450
------------
AGRICULTURE - 2.20%
183,000 Bunge ........................................................... 20,878,470
------------
APPLICATIONS SOFTWARE - 5.86%
338,200 FactSet Research Systems ........................................ 20,302,146
926,300 Intuit * ........................................................ 24,982,311
1,012,630 Mentor Graphics * ............................................... 10,197,184
------------
55,481,641
------------
ASSET MANAGEMENT - 1.80%
466,200 Eaton Vance ..................................................... 17,062,920
------------
AUTOMOTIVE PARTS & EQUIPMENT - 3.82%
639,140 BorgWarner ...................................................... 31,413,731
64,000 Magna International, Class A .................................... 4,776,320
------------
36,190,051
------------
BROADCASTING & CABLE - 1.73%
1,201,800 Belo, Class A ................................................... 12,138,180
204,800 Hearst-Argyle Television ........................................ 4,243,456
------------
16,381,636
------------
CHEMICALS - SPECIALTY/ DIVERSIFIED - 2.88%
434,000 FMC ............................................................. 27,246,520
------------
COMMUNICATIONS EQUIPMENT - 2.99%
524,800 Harris .......................................................... 28,354,944
------------
COMPUTER HARDWARE - 0.75%
180,130 Diebold ......................................................... 7,061,096
------------
COMPUTER STORAGE/PERIPHERAL - 2.95%
889,300 Lexmark International Group, Class A * .......................... 27,915,127
------------
ELECTRICAL/ELECTRONIC EQUIPMENT & MANUFACTURING SERVICES/OFFICE
ELECTRONICS - 8.80%
1,940,400 Jabil Circuit ................................................... 21,111,552
630,370 Molex ........................................................... 17,889,901
390,435 Molex, Class A .................................................. 10,120,075
932,955 Zebra Technologies * ............................................ 34,286,096
------------
83,407,624
------------
ENGINEERING/CONSTRUCTION - 5.53%
883,100 Chicago Bridge & Iron ........................................... 35,182,704
427,300 URS * ........................................................... 17,237,282
------------
52,419,986
------------
ENTERTAINMENT AND LEISURE - 1.55%
781,100 Mattel .......................................................... 14,645,625
------------
FOOD, BEVERAGE, AND TOBACCO - 1.46%
251,700 Molson Coors Brewing, Class B ................................... 13,803,228
------------
HEALTHCARE EQUIPMENT - 8.38%
322,300 Beckman Coulter ................................................. 22,013,090
516,500 Edwards Lifesciences * .......................................... 28,624,430
614,300 Varian Medical Systems * ........................................ 28,798,384
------------
79,435,904
------------
HEALTHCARE SERVICES - 1.54%
600,700 Lincare Holdings * .............................................. 14,621,038
------------
HUMAN RESOURCE
& EMPLOYMENT SERVICES - 4.49%
633,200 Manpower ........................................................ 42,506,716
------------
INFORMATION TECHNOLOGY
CONSULTING & SERVICES - 2.48%
5,642,000 Unisys * ........................................................ 23,470,720
------------
INSURANCE - 2.40%
632,120 Cincinnati Financial ............................................ 22,693,108
------------
INTERNET SOFTWARE & SERVICES - 3.46%
917,600 Akamai Technologies * ........................................... 32,822,552
------------
LIFE SCIENCE TOOLS & SERVICES - 2.74%
447,200 Charles River Laboratories * .................................... 25,959,960
------------
NEWSPAPERS - 0.09%
84,680 Ah Belo, Class A ................................................ 825,630
------------
OIL & GAS - EQUIPMENT & SERVICES - 6.46%
280,185 Compagnie Generale
de Geophysique-Veritas, SP ADR * ................................ 14,068,093
701,046 FMC Technologies * .............................................. 47,110,292
------------
61,178,385
------------
OIL & GAS - EXPLORATION/PRODUCTION - 3.64%
1,129,600 Denbury Resources * ............................................. 34,520,576
------------
PHARMACEUTICALS - 1.98%
1,643,470 Biovail ......................................................... 18,801,297
------------
PRINTING AND PUBLISHING - 9.91%
358,100 Gannett ......................................................... 10,248,822
2,575,300 New York Times, Class A ......................................... 50,218,350
1,285,500 Pearson, SP ADR ................................................. 16,930,035
586,857 Scholastic * .................................................... 16,520,025
------------
93,917,232
------------
See accompanying Notes to Financial Statements.
14
Aston Funds
OPTIMUM MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
TRANSPORTATION - 3.41%
2,442,500 Southwest Airlines .............................................. $ 32,338,700
------------
TRUCKING - 3.98%
475,200 Con-way ......................................................... 21,978,000
810,900 Werner Enterprises .............................................. 15,772,005
------------
37,750,005
------------
TOTAL COMMON STOCKS
(Cost $820,645,679) ............................................ 935,709,141
------------
INVESTMENT COMPANY - 1.63%
15,402,217 BlackRock Liquidity Funds
TempCash Portfolio ............................................. 15,402,217
------------
TOTAL INVESTMENT COMPANY
(Cost $15,402,217) ............................................. 15,402,217
------------
TOTAL INVESTMENTS - 100.39%
(Cost $836,047,896)** ........................................................... 951,111,358
------------
NET OTHER ASSETS AND LIABILITIES - (0.39)% ....................................... (3,704,666)
------------
NET ASSETS - 100.00% ............................................................. $947,406,692
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes
Gross unrealized appreciation $197,134,853
Gross unrealized depreciation (82,071,391)
------------
Net unrealized appreciation $115,063,462
============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
15
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Cash and Other Net Assets 5%
Other Common Stocks 20%
Finance 5%
Healthcare Equipment 5%
Life Science Tools & Services 7%
Technology 20%
Capital Goods 13%
Retail 10%
Energy 8%
Oil and Gas Extraction 7%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 94.75%
CAPITAL GOODS - 12.71%
1,200 Ametek .......................................................... $ 58,224
950 Cooper Industries ............................................... 40,271
530 Fastenal ........................................................ 25,869
760 Joy Global ...................................................... 56,430
210 L-3 Communications Holdings ..................................... 23,405
770 Roper Industries ................................................ 47,832
480 Terex * ......................................................... 33,446
------------
285,477
------------
COMMERCIAL SERVICES - 2.52%
1,230 Ecolab .......................................................... 56,531
------------
CONSUMER SERVICES - 2.15%
480 International Game Technology ................................... 16,675
1,440 Sonic * ......................................................... 31,666
------------
48,341
------------
CONSUMER STAPLES - 3.97%
1,240 Avon Products ................................................... 48,385
1,790 Bare Escentuals * ............................................... 40,830
------------
89,215
------------
ENERGY - 7.71%
1,620 BJ Services ..................................................... 45,797
470 Forest Oil * .................................................... 27,697
2,100 ION Geophysical * ............................................... 33,453
865 Smith International ............................................. 66,181
------------
173,128
------------
FINANCE - 5.46%
280 Affiliated Managers Group * ..................................... 27,815
870 Eaton Vance ..................................................... 31,842
790 Lazard, Class A ................................................. 30,921
1,380 SEI Investments ................................................. 32,113
------------
122,691
------------
FOOD AND BEVERAGES - 2.61%
770 WM Wrigley Jr. .................................................. 58,643
------------
HEALTHCARE EQUIPMENT - 5.29%
460 Bard (C.R.) ..................................................... 43,318
1,050 Dentsply International .......................................... 40,814
510 Pediatrix Medical Group * ....................................... 34,690
------------
118,822
------------
INDUSTRIALS - 1.58%
410 Jacobs Engineering Group * ...................................... 35,395
------------
LIFE SCIENCE TOOLS & SERVICES - 6.67%
840 Charles River Laboratories * .................................... 48,762
360 Covance * ....................................................... 30,164
1,330 PerkinElmer ..................................................... 35,325
580 Waters * ........................................................ 35,647
------------
149,898
------------
MEDICAL PRODUCTS AND SUPPLIES - 2.60%
1,230 Hologic * ....................................................... 35,904
480 Varian Medical Systems * ........................................ 22,502
------------
58,406
------------
OIL AND GAS EXTRACTION - 7.57%
315 Core Laboratories * ............................................. 39,463
770 FMC Technologies * .............................................. 51,744
560 Oceaneering International * ..................................... 37,397
980 Southwestern Energy * ........................................... 41,464
------------
170,068
------------
PHARMACEUTICALS - 1.18%
820 VCA Antech * .................................................... 26,543
------------
RETAIL - 9.75%
460 Abercrombie & Fitch, Class A .................................... 34,182
1,500 Dick's Sporting Goods * ......................................... 42,900
1,280 O'Reilly Automotive * ........................................... 36,954
530 Polo Ralph Lauren ............................................... 32,918
820 Tiffany ......................................................... 35,703
1,130 TJX ............................................................. 36,409
------------
219,066
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.62%
1,360 Intersil, Class A ............................................... 36,339
------------
TECHNOLOGY - 19.76%
1,750 Akamai Technologies * ........................................... 62,597
1,150 Amphenol, Class A ............................................... 53,107
1,050 Autodesk * ...................................................... 39,900
1,190 Citrix Systems * ................................................ 38,973
900 Electronic Arts * ............................................... 46,323
1,020 F5 Networks * ................................................... 23,083
640 Factset Research Systems ........................................ 38,419
880 Fiserv * ........................................................ 44,484
2,170 NetApp * ........................................................ 52,514
1,800 Xilinx .......................................................... 44,586
------------
443,986
------------
See accompanying Notes to Financial Statements.
16
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
TRANSPORTATION - 1.60%
770 Expeditors International Washington ............................. $ 35,874
------------
TOTAL COMMON STOCKS
(Cost $2,166,799) .............................................. 2,128,423
------------
INVESTMENT COMPANY - 3.81%
85,612 BlackRock Liquidity Funds
TempCash Portfolio ............................................. 85,612
------------
TOTAL INVESTMENT COMPANY
(Cost $ 85,612) ................................................ 85,612
------------
TOTAL INVESTMENTS - 98.56%
(Cost $2,252,411)** ............................................................. 2,214,035
------------
NET OTHER ASSETS AND LIABILITIES - 1.44% ......................................... 32,268
------------
NET ASSETS - 100.00% ............................................................. $ 2,246,303
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 96,636
Gross unrealized depreciation .................................................... (135,012)
------------
Net unrealized depreciation ...................................................... $ (38,376)
============
See accompanying Notes to Financial Statements.
17
Aston Funds
CLARIVEST MID CAP GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Utilities 6%
Consumer Staples 7%
Consumer Discretionary 8%
Information Technology, Software & Services 9%
Energy 10%
Exchange Traded Fund 3%
Cash and Other Net Assets 2%
Industrial 25%
Other Common Stocks 17%
Materials 13%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 94.99%
CONSUMER DISCRETIONARY - 7.91%
87 BorgWarner ...................................................... $ 4,276
120 D.R. Horton ..................................................... 1,859
35 DeVry ........................................................... 1,995
120 Dollar Tree * ................................................... 3,792
100 GameStop, Class A * ............................................. 5,504
142 Gap ............................................................. 2,644
38 Garmin .......................................................... 1,554
101 Jarden * ........................................................ 2,153
64 M.D.C. Holdings ................................................. 2,789
235 Pulte Homes ..................................................... 3,064
241 Service Corp International ...................................... 2,678
102 TJX ............................................................. 3,286
26 VF .............................................................. 1,934
------------
37,528
------------
CONSUMER STAPLES - 7.23%
53 Bunge ........................................................... 6,047
133 Coca-Cola Enterprises ........................................... 2,993
146 Flowers Foods ................................................... 3,780
172 Fresh Del Monte Produce * ....................................... 5,451
74 JM Smucker ...................................................... 3,691
44 Loews Corp - Carolina Group ..................................... 2,889
102 Molson Coors Brewing, Class B ................................... 5,594
56 PepsiAmericas ................................................... 1,439
168 Sara Lee ........................................................ 2,438
------------
34,322
------------
ENERGY - 10.21%
238 Denbury Resources * ............................................. 7,273
82 ENSCO International ............................................. 5,226
87 Murphy Oil ...................................................... 7,860
160 National-Oilwell Varco * ........................................ 10,952
72 Noble ........................................................... 4,052
20 Smith International ............................................. 1,530
50 W&T Offshore .................................................... 2,045
118 Weatherford International * ..................................... 9,519
------------
48,457
------------
FINANCE - 0.35%
100 Annaly Capital Management REIT .................................. 1,676
------------
HEALTHCARE - LIFE SCIENCES - TOOLS & SERVICES - 5.64%
72 Applera-Applied Biosystems Group ................................ 2,298
38 Charles River Laboratories International * ...................... 2,206
46 Invitrogen * .................................................... 4,304
175 PerkinElmer ..................................................... 4,648
109 Pharmaceutical Product Development .............................. 4,515
152 Thermo Fisher Scientific * ...................................... 8,796
------------
26,767
------------
HEALTHCARE / PHARMACEUTICALS - 0.65%
327 King Pharmaceuticals * .......................................... 3,071
------------
HEALTHCARE PROVIDERS & SERVICES - 5.21%
173 CIGNA ........................................................... 7,389
135 Express Scripts * ............................................... 9,453
165 Humana * ........................................................ 7,885
------------
24,727
------------
INDUSTRIAL - 24.90%
199 AMETEK .......................................................... 9,655
48 Belden .......................................................... 1,620
47 Burlington Northern Santa Fe .................................... 4,820
153 Dover ........................................................... 7,569
46 DRS Technologies ................................................ 2,872
54 Eaton ........................................................... 4,743
211 EMCOR Group * ................................................... 5,288
253 Federal Signal .................................................. 3,512
52 Flowserve ....................................................... 6,453
37 Fluor ........................................................... 5,656
59 Goodrich ........................................................ 4,021
46 Honeywell International ......................................... 2,732
60 Jacobs Engineering Group * ...................................... 5,180
132 Kirby * ......................................................... 7,239
101 L-3 Communications Holdings ..................................... 11,256
78 Northrop Grumman ................................................ 5,738
80 Pall ............................................................ 2,782
76 Parker Hannifin ................................................. 6,069
102 Pentair ......................................................... 3,757
37 Precision Castparts ............................................. 4,350
97 Textron ......................................................... 5,918
58 Watson Wyatt Worldwide, Class A ................................. 3,400
101 Woodward Governor ............................................... 3,548
------------
118,178
------------
INFORMATION TECHNOLOGY - ELECTRONIC
EQUIPMENT & INSTRUMENTS - 1.50%
87 Arrow Electronics * ............................................. 2,367
102 Avnet Inc * ..................................................... 2,671
72 Western Digital * ............................................... 2,087
------------
7,125
------------
INFORMATION TECHNOLOGY, SOFTWARE & SERVICES - 9.04%
259 Activision * .................................................... 7,006
96 Affiliated Computer Services, Class A * ......................... 5,085
157 Alliance Data Systems * ......................................... 9,013
171 BMC Software * .................................................. 5,944
241 CA .............................................................. 5,336
See accompanying Notes to Financial Statements.
18
Aston Funds
CLARIVEST MID CAP GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
INFORMATION TECHNOLOGY, SOFTWARE & SERVICES (CONTINUED)
94 Computer Sciences * ............................................. $ 4,097
62 Hewitt Associates, Class A * .................................... 2,542
61 Metavante Technologies * ........................................ 1,438
68 MICROS Systems * ................................................ 2,424
------------
42,885
------------
MATERIALS - 12.54%
49 Air Products and Chemicals ...................................... 4,823
145 AK Steel Holding ................................................ 9,103
210 Celanese, Series A .............................................. 9,398
58 Mosaic * ........................................................ 7,106
84 Owens-Illinois * ................................................ 4,633
150 Sigma-Aldrich ................................................... 8,553
218 Steel Dynamics .................................................. 7,597
53 Terra Industries * .............................................. 2,007
41 United States Steel ............................................. 6,312
------------
59,532
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.11%
147 Amkor Technology * .............................................. 1,404
70 MEMC Electronic Materials * ..................................... 4,408
204 NVIDIA * ........................................................ 4,192
------------
10,004
------------
TELECOMMUNICATION SERVICES - 1.42%
207 CenturyTel ...................................................... 6,717
------------
UTILITIES - 6.28%
33 Energen ......................................................... 2,252
102 National Fuel Gas ............................................... 5,220
155 PPL ............................................................. 7,443
105 Questar ......................................................... 6,513
108 Sempra Energy ................................................... 6,120
87 UGI ............................................................. 2,262
------------
29,810
------------
TOTAL COMMON STOCKS
(Cost $ 451,476) ............................................... 450,799
------------
EXCHANGE TRADED FUND - 3.02%
132 iShares Russell Midcap
Growth Index Fund .............................................. 14,323
------------
TOTAL EXCHANGE TRADED FUND
(Cost $ 13,748) ................................................ 14,323
------------
INVESTMENT COMPANY - 1.37%
6,494 BlackRock Liquidity Funds
TempCash Portfolio ............................................. $ 6,494
------------
TOTAL INVESTMENT COMPANY
(Cost $ 6,494) ................................................. 6,494
------------
TOTAL INVESTMENTS - 99.38%
(Cost $471,718)** ............................................................... 471,616
------------
NET OTHER ASSETS AND LIABILITIES - 0.62% ......................................... 2,943
------------
NET ASSETS - 100.00% ............................................................. $ 474,559
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 30,740
Gross unrealized depreciation .................................................... (30,842)
------------
Net unrealized depreciation ...................................................... $ (102)
============
REIT Real Estate Investment Trust
See accompanying Notes to Financial Statements.
19
Aston Funds
CARDINAL MID CAP VALUE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Insurance 8%
Finance 8%
Industrial 9%
Healthcare Providers & Services 9%
Consumer Discretionary 9%
Cash and Other Net Assets 4%
Information Technology Software & Services 21%
Other Common Stocks 13%
Materials 10%
Energy 9%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 95.85%
CONSUMER DISCRETIONARY - 9.19%
1,089 American Eagle Outfitters ....................................... $ 20,005
353 Barnes & Noble .................................................. 11,395
10 NVR * ........................................................... 6,135
979 Speedway Motorsports ............................................ 25,493
425 Stanley Works ................................................... 20,502
1,142 Triarc, Class A ................................................. 7,903
400 Wendy's International ........................................... 11,600
------------
103,033
------------
ENERGY - 9.28%
263 Chesapeake Energy ............................................... 13,597
370 Comstock Resources * ............................................ 16,831
369 Oceaneering International * ..................................... 24,642
200 Pioneer Natural Resources ....................................... 11,546
460 Plains Exploration & Production * ............................... 28,649
100 SandRidge Energy * .............................................. 4,518
100 Southwestern Energy * ........................................... 4,231
------------
104,014
------------
FINANCE - 7.96%
173 Affiliated Managers Group * ..................................... 17,186
417 Cash America International ...................................... 17,009
706 Investment Technology Group * ................................... 34,072
1,326 Nelnet, Class A ................................................. 16,960
546 UCBH Holdings ................................................... 3,975
------------
89,202
------------
HEALTHCARE EQUIPMENT & SUPPLIES - 1.90%
455 West Pharmaceutical Services .................................... 21,344
------------
HEALTHCARE PROVIDERS & SERVICES - 8.90%
672 Coventry Health Care * .......................................... 30,059
211 Henry Schein * .................................................. 11,683
517 Laboratory Corp of America Holdings * ........................... 39,096
376 Quest Diagnostics ............................................... 18,868
------------
99,706
------------
HEALTHCARE SERVICES - 2.38%
1,078 IMS Health ...................................................... 26,680
------------
INDUSTRIAL - 8.85%
505 DRS Technologies ................................................ 31,532
641 Equifax ......................................................... 24,531
846 RR Donnelley & Sons ............................................. 25,921
750 TeleTech Holdings * ............................................. 17,197
------------
99,181
------------
INFORMATION TECHNOLOGY, SOFTWARE & SERVICES - 21.04%
1,399 Check Point Software Technologies * ............................. 33,044
1,776 Convergys * ..................................................... 27,919
600 Fair Isaac ...................................................... 14,862
426 Fiserv * ........................................................ 21,534
610 Hewitt Associates * ............................................. 25,010
810 Intuit * ........................................................ 21,846
1,651 Progress Software * ............................................. 49,910
596 Sybase * ........................................................ 17,534
1,131 VeriFone Holdings * ............................................. 12,656
500 Western Union ................................................... 11,500
------------
235,815
------------
INSURANCE - 7.86%
451 Gallagher (Arthur J.) ........................................... 11,081
541 Genworth Financial, Class A ..................................... 12,475
708 Hilb Rogal and Hobbs ............................................ 20,482
1,266 Willis Group Holdings ........................................... 43,994
------------
88,032
------------
MATERIALS - 9.63%
205 Allegheny Technologies .......................................... 14,110
637 Carpenter Technology ............................................ 32,665
145 Compass Minerals International .................................. 9,135
592 H.B. Fuller ..................................................... 13,663
720 Silgan Holdings ................................................. 38,362
------------
107,935
------------
MEDIA - 4.25%
902 Scholastic * .................................................... 25,391
1,724 Virgin Media .................................................... 22,240
------------
47,631
------------
TELECOMMUNICATION SERVICES - 4.61%
2,566 Citizens Communications ......................................... 27,508
2,053 Windstream ...................................................... 24,102
------------
51,610
------------
TOTAL COMMON STOCKS
(Cost $1,166,842) .............................................. 1,074,183
------------
See accompanying Notes to Financial Statements.
20
Aston Funds
CARDINAL MID CAP VALUE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
INVESTMENT COMPANY - 4.69%
52,579 BlackRock Liquidity Funds
TempCash Portfolio ............................................. $ 52,579
------------
TOTAL INVESTMENT COMPANY
(Cost$ 52,579) ................................................. 52,579
------------
TOTAL INVESTMENTS - 100.54%
(Cost $1,219,421)** ............................................................. 1,126,762
------------
NET OTHER ASSETS AND LIABILITIES - (0.54)% ....................................... (6,106)
------------
NET ASSETS - 100.00% ............................................................. $ 1,120,656
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 45,062
Gross unrealized depreciation .................................................... (137,721)
------------
Net unrealized depreciation ...................................................... $ (92,659)
============
See accompanying Notes to Financial Statements.
21
Aston Funds
RIVER ROAD SMALL-MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Cash and Other Net Assets 5%
Commercial Services 7%
Finance 8%
Other Common Stocks 10%
Consumer Non-Cyclicals 9%
Utilities 5%
Technology 5%
Consumer Cyclicals 19%
Industrial 17%
Energy 15%
% of Total Net Assets
MARKET
SHARES VALUE
- --------- ------------
COMMON STOCKS - 95.24%
BASIC MATERIALS - 3.34%
31,510 Airgas ............................... $ 1,516,576
98,930 Glatfelter ........................... 1,443,389
6,650 Horsehead Holding * .................. 93,233
------------
3,053,198
------------
COMMERCIAL SERVICES - 7.28%
49,200 Bowne & Co. .......................... 818,688
16,065 Consolidated Graphics * .............. 934,501
32,160 FirstService * ....................... 777,950
72,360 Rent-A-Center * ...................... 1,557,911
14,830 UniFirst ............................. 694,192
85,730 United Rentals * ..................... 1,615,153
8,155 Viad . ............................. 256,556
------------
6,654,951
------------
COMMUNICATIONS - 1.95%
7,960 Anixter International * .............. 453,481
23,740 Meredith ............................. 769,413
28,760 New York Times, Class A .............. 560,820
------------
1,783,714
------------
CONSUMER CYCLICALS - 19.34%
41,180 Asbury Automotive Group .............. 685,647
25,870 Autoliv .............................. 1,584,279
56,540 Barnes & Noble ....................... 1,825,111
19,822 Benihana * ........................... 205,752
61,365 Benihana, Class A * .................. 636,969
18,130 Bob Evans Farms ...................... 508,909
14,920 Brightpoint * ........................ 136,667
117,953 Casey's General Stores ............... 2,610,300
49,560 CBRL Group ........................... 1,830,746
65,190 Dollar Tree * ........................ 2,060,004
20,110 DreamWorks Animation SKG, lass A * ... 562,276
34,890 Dress Barn * ......................... 469,619
87,970 Fred's, Class A ...................... 974,708
37,370 Papa John's International * .......... 1,008,990
63,070 PetSmart ............................. 1,411,507
19,670 Regis ................................ 574,364
23,065 Speedway Motorsports ................. 600,613
------------
17,686,461
------------
CONSUMER NON-CYCLICALS - 9.49%
34,526 American Dairy * ..................... 400,502
11,500 Coca-Cola Bottling ................... 658,030
51,960 Industrias Bachoco, SP ADR ........... 1,508,399
46,537 J & J Snack Foods .................... 1,332,820
102,190 National Beverage .................... 823,651
67,100 Ruddick .............................. 2,596,770
28,900 Village Super Market, Class A ........ 1,360,901
------------
8,681,073
------------
ENERGY - 14.79%
46,200 Cal Dive International * ............. 563,178
38,950 Cimarex Energy ....................... 2,426,585
34,220 Complete Production Services * ....... 924,282
53,065 Encore Acquisition * ................. 2,421,356
39,280 Gulfport Energy * .................... 455,255
61,670 Helix Energy Solutions Group * ....... 2,130,699
22,850 Helmerich & Payne .................... 1,228,188
13,730 Petroleum Development * .............. 1,032,908
5,960 SEACOR Holdings * .................... 507,256
35,210 Swift Energy * ....................... 1,835,849
------------
13,525,556
------------
FINANCE - 8.01%
2,295 Alleghany * .......................... 790,627
1,300 ASTA Funding ......................... 18,551
18,049 Cass Information Systems ............. 608,612
34,975 Commerce Bancshares .................. 1,521,413
22,282 Hilb Rogal and Hobbs ................. 644,618
17,035 Max Capital Group .................... 398,789
15,200 Oppenheimer Holdings, Class A ........ 567,720
11,260 PartnerRe ............................ 833,015
890 Student Loan ......................... 113,190
20,570 TCF Financial ........................ 357,918
33,400 Whitney Holding ...................... 781,894
18,670 Zenith National Insurance ............ 693,404
------------
7,329,751
------------
HEALTHCARE SERVICES - 4.25%
30,030 Cambrex 175,675
18,140 Endo Pharmaceuticals Holdings * ...... 450,416
20,460 Health Net * ......................... 599,273
17,460 Lincare Holdings * ................... 424,976
11,790 STERIS ............................... 326,701
30,480 Universal Health Services, Class B ... 1,909,267
------------
3,886,308
------------
INDUSTRIAL - 16.97%
24,765 AMERCO * ............................. 1,422,254
80,690 AptarGroup ........................... 3,562,463
43,780 Brink's .............................. 3,184,995
62,360 Houston Wire & Cable ................. 1,166,756
45,850 Ituran Location and Control .......... 489,678
9,150 NACCO Industries, Class A ............ 822,585
37,840 Pactiv, Class A * .................... 900,214
92,340 Republic Services .................... 2,935,489
13,470 Sauer-Danfoss ........................ 388,879
50,800 TrueBlue * ........................... 646,684
------------
15,519,997
------------
See accompanying Notes to Financial Statements.
22
Aston Funds
RIVER ROAD SMALL-MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------- ------------
TECHNOLOGY - 5.09%
34,130 Agilysys ............................. $ 374,065
14,540 Bel Fuse, Class B .................... 379,058
25,810 Equifax .............................. 987,749
157,250 Ingram Micro, Class A * ............... 2,674,823
18,110 Intevac * ............................ 240,501
------------
4,656,196
------------
UTILITIES - 4.73%
16,595 ALLETE 693,172
11,480 Integrys Energy Group ................ 549,777
63,390 Pike Electric * ...................... 1,016,776
44,706 Portland General Electric ............ 1,072,944
33,002 SJW .................................. 992,370
------------
4,325,039
------------
TOTAL COMMON STOCKS
(Cost $85,105,430) .................. 87,102,244
------------
INVESTMENT COMPANIES - 6.11%
1,056,669 BlackRock Liquidity Funds
TempCash Portfolio .................. 1,056,669
4,528,014 BlackRock Liquidity Funds
TempFund Portfolio .................. 4,528,014
------------
TOTAL INVESTMENT COMPANIES
(Cost $5,584,683) ................... 5,584,683
------------
TOTAL INVESTMENTS - 101.35%
(Cost $90,690,113)** ........................... 92,686,927
------------
NET OTHER ASSETS AND LIABILITIES - (1.35)% ....... (1,235,160)
------------
NET ASSETS - 100.00% ............................. $ 91,451,767
============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................... $ 5,992,720
Gross unrealized depreciation .................... (3,995,906)
------------
Net unrealized appreciation ...................... $ 1,996,814
============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
23
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Oil & Gas - Equipment & Services 5%
Electronic Equipment & Instruments 5%
Computer Software 7%
Information Technology, Software & Services 9%
Medical Products and Supplies 9%
Aerospace and Defense 5%
Cash and Other Net Assets 3%
Other Common Stocks 32%
Retail 15%
Industrial - Construction & Engineering 10%
% of Total Net Assets
MARKET
SHARES VALUE
- --------- -----------
COMMON STOCKS - 96.94%
AEROSPACE AND DEFENSE - 4.88%
46,425 Aerovironment * ...................... $ 1,110,022
50,500 Axsys Technologies * ................. 2,754,775
50,625 Curtiss-Wright ....................... 2,404,181
-----------
6,268,978
-----------
BASIC MATERIALS - 0.70%
104,100 Buckeye Technologies * ............... 898,383
-----------
CHEMICALS - 4.61%
16,600 Innophos Holdings .................... 297,306
49,075 Koppers Holdings ..................... 2,377,193
59,375 OM Group * ........................... 3,251,375
-----------
5,925,874
-----------
COMPUTER SOFTWARE - 7.02%
217,000 Aspen Technology * ................... 2,981,580
73,800 Concur Technologies * ................ 2,445,732
106,400 Omniture * ........................... 2,428,048
60,025 Taleo, Class A * ..................... 1,170,488
-----------
9,025,848
-----------
CONSUMER DISCRETIONARY/AUTOMOBILE
& COMPONENTS - 1.23%
107,575 Amerigon * ........................... 1,579,201
-----------
CONSUMER DISCRETIONARY/FOOTWARE - 3.56%
33,100 Deckers Outdoor * .................... 4,570,117
-----------
ELECTRONIC EQUIPMENT
& INSTRUMENTS - 5.21%
279,050 JA Solar Holdings, ADR * ............. 6,699,990
-----------
HEALTHCARE SERVICES - 0.94%
92,125 Sun Healthcare Group * ............... 1,211,444
-----------
INDUSTRIAL - CONSTRUCTION
& ENGINEERING - 10.34%
18,575 Bucyrus International, Class A ....... 2,339,150
116,675 EMCor Group * ........................ 2,923,875
30,100 Layne Christensen * .................. 1,284,367
63,200 Perini * ............................. 2,286,576
110,673 URS * ................................ 4,464,549
-----------
13,298,517
-----------
INDUSTRIAL - ELECTRONICS - 0.99%
36,375 Woodward Governor .................... 1,277,854
-----------
INDUSTRIAL - METAL/FABRICATE/
HARDWARE - 1.41%
18,450 Valmont Industries ................... 1,816,587
-----------
INFORMATION TECHNOLOGY,
SOFTWARE & SERVICES - 9.07%
236,725 FalconStor Software * ................ 1,929,309
70,400 Sohu.com * ........................... 4,866,752
99,200 Solera Holdings * .................... 2,560,352
69,725 Syntel ............................... 2,308,595
-----------
11,665,008
-----------
MACHINERY - 4.09%
35,825 Middleby * ........................... 2,248,019
75,350 Robbins & Myers ...................... 3,003,451
-----------
5,251,470
-----------
MANUFACTURING - 0.67%
36,900 Polypore International * ............. 863,829
-----------
MEDICAL PRODUCTS AND SUPPLIES - 8.56%
11,375 Bio-Rad Laboratories, Class A * ...... 948,106
130,600 Hologic * ............................ 3,812,214
80,250 Illumina * ........................... 6,250,672
-----------
11,010,992
-----------
OIL & GAS - EQUIPMENT &
SERVICES - 5.13%
56,950 Hornbeck Offshore Services * ......... 2,840,097
104,075 Willbros Group * ..................... 3,756,067
-----------
6,596,164
-----------
OIL & GAS - EXPLORATION/
PRODUCTION - 3.30%
48,825 Carrizo Oil & Gas * .................. 3,099,899
25,400 SandRidge Energy * ................... 1,147,572
-----------
4,247,471
-----------
OIL AND GAS EXTRACTION - 1.06%
65,450 PetroQuest Energy * .................. 1,360,051
-----------
RESTAURANTS - 3.19%
69,525 Jack in the Box * .................... 1,859,794
54,575 Red Robin Gourmet Burgers * .......... 2,241,941
-----------
4,101,735
-----------
RETAIL - 14.68%
50,475 Buckle (The) ......................... 2,452,076
124,425 Dick's Sporting Goods * .............. 3,558,555
78,850 Guess? ............................... 3,018,378
74,175 J. Crew Group * ...................... 3,523,313
52,550 Under Armour, Class A * .............. 1,751,491
99,175 Warnaco Group * ...................... 4,575,934
-----------
18,879,747
-----------
See accompanying Notes to Financial Statements.
24
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------- ------------
SEMICONDUCTORS - 3.62%
136,050 AuthenTec * .......................... $ 1,824,430
71,175 Hittite Microwave * .................. 2,825,647
------------
4,650,077
------------
TELECOMMUNICATIONS EQUIPMENT - 2.68%
102,025 Ciena * .............................. 3,449,465
------------
TOTAL COMMON STOCKS
(Cost $115,858,760) ................. 124,648,802
------------
INVESTMENT COMPANY - 3.32%
4,271,634 BlackRock Liquidity Funds
TempCash Portfolio .................. 4,271,634
------------
TOTAL INVESTMENT COMPANY
(Cost $4,271,634) ................... 4,271,634
------------
TOTAL INVESTMENTS - 100.26%
(Cost $120,130,394)** ........................... 128,920,436
------------
NET OTHER ASSETS AND LIABILITIES - (0.26)% ....... (333,662)
------------
NET ASSETS - 100.00% ............................. $128,586,774
============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................... $ 16,934,525
Gross unrealized depreciation .................... (8,144,483)
------------
Net unrealized appreciation ...................... $ 8,790,042
============
ADR American Depositary Receipt
See accompanying Notes to Financial Statements.
25
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Consumer Cyclicals 4%
Commercial Services 6%
Oil and Gas Extraction 6%
Pharmaceuticals 7%
Food and Beverages 10%
Capital Goods 10%
Cash and Other Net Assets 3%
Technology 21%
Finance 18%
Other Common Stocks 15%
% of Total Net Assets
MARKET
SHARES VALUE
- --------- ------------
COMMON STOCKS - 96.79%
CAPITAL GOODS - 10.37%
229,830 Baldor Electric ...................... $ 7,446,492
141,571 DRS Technologies ..................... 8,839,693
107,675 General Cable * ...................... 7,214,225
487,518 Steelcase, Class A ................... 5,401,700
128,110 Teleflex ............................. 7,057,580
------------
35,959,690
------------
COMMERCIAL SERVICES - 5.73%
311,375 AMN Healthcare Services * ............ 4,542,961
759,845 Corinthian Colleges * ................ 8,624,241
114,610 Watson Wyatt & Co. Holdings .......... 6,718,438
------------
19,885,640
------------
CONSUMER CYCLICALS - 4.20%
461,850 Acco Brands * ........................ 6,428,952
341,287 Prestige Brands Holdings * ........... 3,064,757
103,945 Vail Resorts * ....................... 5,075,634
------------
14,569,343
------------
ENERGY - 2.90%
80,323 Alpha Natural Resources * ............ 3,907,714
60,292 Holly ................................ 2,500,912
70,040 Massey Energy ........................ 3,665,193
------------
10,073,819
------------
FINANCE - 17.84%
436,380 Calamos Asset Management, Class A .... 7,833,021
121,111 GAMCO Investors ...................... 5,572,317
303,355 KBW * ................................ 7,201,648
565,740 Knight Capital Group * ............... 10,584,995
503,375 Lexington Realty Trust, REIT ......... 7,248,600
313,905 Raymond James Financial .............. 9,031,047
241,268 Washington REIT ...................... 8,572,252
176,995 Wilmington Trust ..................... 5,819,596
------------
61,863,476
------------
FOOD AND BEVERAGES - 10.17%
338,060 Hain Celestial Group * ............... 8,343,321
262,245 Lance ................................ 5,496,655
160,955 Performance Food Group * ............. 5,385,554
972,098 SunOpta * ............................ 5,375,702
222,615 TreeHouse Foods * .................... 5,046,682
284,995 United Natural Foods * ............... 5,642,901
------------
35,290,815
------------
HEALTHCARE SUPPLIES - 1.80%
966,485 OraSure Technologies * ............... 6,243,493
------------
INFORMATION TECHNOLOGY,
SOFTWARE & SERVICES - 2.02%
861,429 FalconStor Software * ................ 7,020,646
------------
MEDICAL PRODUCTS AND SUPPLIES - 1.73%
104,065 Analogic ............................. 5,993,103
------------
OIL AND GAS EXTRACTION - 6.27%
111,205 Whiting Petroleum * .................. 8,509,407
366,398 Willbros Group * ..................... 13,223,304
------------
21,732,711
------------
PHARMACEUTICALS - 6.54%
189,495 NBTY * ............................... 5,334,284
265,060 Perrigo .............................. 10,864,809
76,690 United Therapeutics * ................ 6,480,305
------------
22,679,398
------------
RESTAURANTS - 2.34%
289,440 Bob Evans Farms ...................... 8,124,581
------------
RETAIL - 2.58%
75,255 Blue Nile * .......................... 3,737,916
368,285 Carter's * ........................... 5,207,550
------------
8,945,466
------------
TECHNOLOGY - 21.30%
470,002 Double-Take Software * ............... 6,993,630
167,424 Eclipsys * ........................... 3,477,397
370,325 Emulex * ............................. 4,847,554
276,690 F5 Networks * ........................ 6,261,495
367,465 L-1 Identity Solutions * ............. 5,295,171
190,027 ManTech International, Class A * ..... 9,077,590
1,017,175 Packeteer * .......................... 7,171,084
129,350 Quality Systems ...................... 4,154,722
475,190 RightNow Technologies * .............. 5,688,024
2,239,625 Safeguard Scientifics * .............. 3,583,400
224,553 SeaChange International * ............ 1,607,800
126,700 Take-Two Interactive Software * ...... 3,324,608
195,810 THQ * ................................ 4,166,837
1,071,185 TIBCO Software * ..................... 8,215,989
------------
73,865,301
------------
See accompanying Notes to Financial Statements.
26
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------- ------------
TELECOMMUNICATION SERVICES - 1.00%
176,095 Cbeyond * ........................... $ 3,476,115
------------
TOTAL COMMON STOCKS
(Cost $318,076,958) ................ 335,723,597
------------
INVESTMENT COMPANY - 4.05%
14,066,485 BlackRock Liquidity Funds
TempCash Portfolio ................. 14,066,485
------------
TOTAL INVESTMENT COMPANY
(Cost $14,066,485) ................. 14,066,485
------------
TOTAL INVESTMENTS - 100.84%
(Cost $332,143,443)** ........................... 349,790,082
------------
NET OTHER ASSETS AND LIABILITIES - (0.84)% ....... (2,921,916)
------------
NET ASSETS - 100.00% ............................. $346,868,166
============
- --------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................... $ 51,735,640
Gross unrealized depreciation .................... (34,089,001)
------------
Net unrealized appreciation ...................... $ 17,646,639
============
REIT Real Estate Investment Trust
See accompanying Notes to Financial Statements.
27
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Cash and Other Net Assets 5%
Utilities 5%
Finance 7%
Commercial Services 10%
Energy 12%
Other Common Stocks 5%
Technology 4%
Consumer Cyclicals 19%
Consumer Non-Cyclicals 17%
Industrial 16%
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 95.43%
BASIC MATERIALS - 1.95%
285,760 Glatfelter ...................................................... $ 4,169,238
96,886 Horsehead Holding * ............................................. 1,358,342
------------
5,527,580
------------
COMMERCIAL SERVICES - 10.31%
82,880 Barrett Business Services ....................................... 994,560
210,742 Bowne & Co. ..................................................... 3,506,747
53,740 Consolidated Graphics * ......................................... 3,126,056
155,638 Electro Rent .................................................... 2,102,669
107,800 FirstService * .................................................. 2,607,682
99,420 Korn/Ferry International * ...................................... 1,855,177
215,230 Rent-A-Center * ................................................. 4,633,902
311,760 RSC Holdings * .................................................. 2,880,662
229,520 TrueBlue * ...................................................... 2,921,790
80,050 UniFirst ........................................................ 3,747,141
28,270 Viad ............................................................ 889,374
------------
29,265,760
------------
COMMUNICATIONS - 1.37%
82,200 Meredith ........................................................ 2,664,102
62,710 New York Times, Class A ......................................... 1,222,845
------------
3,886,947
------------
CONSUMER CYCLICALS - 19.23%
127,480 Asbury Automotive Group ......................................... 2,122,542
328,362 Audiovox, Class A * ............................................. 3,585,713
163,700 Barnes & Noble .................................................. 5,284,236
86,255 Benihana * ...................................................... 895,327
196,470 Benihana, Class A * ............................................. 2,039,359
29,229 Canterbury Park Holding ......................................... 251,662
425,520 Casey's General Stores .......................................... 9,416,758
137,110 CBRL Group ...................................................... 5,064,843
107,780 Dollar Tree * ................................................... 3,405,848
114,220 Dress Barn * .................................................... 1,537,401
367,370 Fred's, Class A ................................................. 4,070,460
110,052 Frisch's Restaurants ............................................ 2,679,766
168,554 Hampshire Group *. .............................................. 1,634,974
107,810 Jos. A. Bank Clothiers * ........................................ 2,631,642
133,660 Lazare Kaplan International * ................................... 1,249,721
66,104 Nathan's Famous * ............................................... 879,183
121,900 Papa John's International * ..................................... 3,291,300
65,170 Regis ........................................................... 1,902,964
136,540 Ruth's Chris Steak House * ...................................... 1,003,569
61,560 Speedway Motorsports ............................................ 1,603,022
------------
54,550,290
------------
CONSUMER NON-CYCLICALS - 16.90%
179,021 American Dairy * ................................................ 2,076,644
95,209 Coca-Cola Bottling .............................................. 5,447,859
140,910 HQ Sustainable Maritime Industries * ............................ 1,628,920
284,852 Industrias Bachoco, SP ADR ...................................... 8,269,254
148,172 J & J Snack Foods ............................................... 4,243,646
492,688 Mac-Gray * ...................................................... 4,848,050
64,521 Maui Land & Pineapple * ......................................... 2,032,411
407,143 National Beverage ............................................... 3,281,573
99,430 PetMed Express * ................................................ 1,115,605
246,070 Ruddick ......................................................... 9,522,909
116,530 Village Super Market, Class A ................................... 5,487,398
------------
47,954,269
------------
ENERGY - 11.66%
272,010 Cal Dive International * ........................................ 3,315,802
128,140 Complete Production Services * .................................. 3,461,061
92,257 Eastern American Natural Gas Trust .............................. 2,585,964
160,800 Encore Acquisition * ............................................ 7,337,304
544,959 Evolution Petroleum * ........................................... 2,719,345
138,938 Gulfport Energy * ............................................... 1,610,291
182,238 HKN * ........................................................... 1,592,760
57,450 Petroleum Development * ......................................... 4,321,963
117,800 Swift Energy * .................................................. 6,142,092
------------
33,086,582
------------
FINANCE - 7.48%
8,001 ASTA Funding .................................................... 114,174
92,058 Cass Information Systems ........................................ 3,104,196
137,610 FBR Capital Markets * ........................................... 894,465
26,809 Gyrodyne Company of America ..................................... 1,045,551
91,315 Hilb Rogal and Hobbs ............................................ 2,641,743
9,790 LandAmerica Financial Group ..................................... 278,232
503,919 Medallion Financial ............................................. 4,288,351
83,480 Oppenheimer Holdings, Class A ................................... 3,117,978
50,910 Prospect Capital ................................................ 755,504
3,580 Student Loan .................................................... 455,304
26,700 Whitney Holding ................................................. 625,047
554,444 Zapata * ........................................................ 3,908,830
------------
21,229,375
------------
HEALTHCARE SERVICES - 1.51%
218,850 Cambrex ......................................................... 1,280,272
114,370 Greatbatch * .................................................... 2,079,247
33,520 STERIS .......................................................... 928,839
------------
4,288,358
------------
See accompanying Notes to Financial Statements.
28
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
INDUSTRIAL - 15.49%
91,160 AMERCO * ........................................................ $ 5,235,319
297,150 AptarGroup ...................................................... 13,119,172
127,240 Brink's ......................................................... 9,256,710
254,353 Houston Wire & Cable ............................................ 4,758,945
129,620 Intevac * ....................................................... 1,721,354
211,710 Ituran Location and Control ..................................... 2,261,063
31,859 NACCO Industries, Class A ....................................... 2,864,124
55,970 Sauer-Danfoss ................................................... 1,615,854
618,530 WCA Waste * ..................................................... 3,117,391
------------
43,949,932
------------
TECHNOLOGY - 4.35%
195,720 Agilysys ........................................................ 2,145,091
13,570 Bel Fuse, Class A ............................................... 384,031
90,330 Bel Fuse, Class B ............................................... 2,354,903
251,280 Brightpoint * ................................................... 2,301,725
32,560 Computer Services ............................................... 1,110,296
172,570 Ingram Micro, Class A * ......................................... 2,935,416
364,500 Optimal Group, Class A * ........................................ 1,115,370
------------
12,346,832
------------
UTILITIES - 5.18%
43,430 ALLETE .......................................................... 1,814,071
59,010 PICO Holdings * ................................................. 2,084,233
209,240 Pike Electric * ................................................. 3,356,210
160,840 Portland General Electric ....................................... 3,860,160
118,930 SJW ............................................................. 3,576,225
------------
14,690,899
------------
TOTAL COMMON STOCKS
(Cost $267,559,479) ............................................ 270,776,824
------------
INVESTMENT COMPANIES - 5.23%
635,878 BlackRock Liquidity Funds
TempCash Portfolio ............................................ 635,878
------------
14,213,229 BlackRock Liquidity Funds
TempFund Portfolio ............................................ 14,213,229
------------
TOTAL INVESTMENT COMPANIES
(Cost $14,849,107) ............................................. 14,849,107
------------
TOTAL INVESTMENTS - 100.66%
(Cost $282,408,586)** ........................................................... 285,625,931
------------
NET OTHER ASSETS AND LIABILITIES - (0.66)% ....................................... (1,877,444)
------------
NET ASSETS - 100.00% ............................................................. $283,748,487
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 26,406,020
Gross unrealized depreciation .................................................... (23,188,675)
------------
Net unrealized appreciation ...................................................... $ 3,217,345
============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
29
Aston Funds
NEPTUNE INTERNATIONAL FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Consumer Staples 3%
Pharmaceuticals 4%
Consumer Cyclicals 5%
Cash and Other Net Assets 10%
Communications 11%
Food and Beverages 11%
Industrial 2%
Transportation 1%
Basic Materials 23%
Energy 17%
Finance 13%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 90.25%
AUSTRALIA - 0.23%
7,250 Foster's Group .................................................. $ 34,681
------------
CHINA - 21.90%
100,000 China Life Insurance ............................................ 433,714
35,000 China Mobile .................................................... 602,260
175,000 China Oilfield Services ......................................... 321,564
165,000 CNOOC ........................................................... 291,333
176,240 Mandarin Oriental International ................................. 391,253
350,000 PetroChina ...................................................... 520,970
40,000 Ping An Insurance ............................................... 379,564
110,000 Shangri-La Asia ................................................. 304,883
------------
3,245,541
------------
GERMANY - 7.71%
6,000 Bayer ........................................................... 513,405
10,000 ThyssenKrupp .................................................... 628,172
------------
1,141,577
------------
JAPAN - 0.55%
1,800 Komatsu ......................................................... 54,527
4,300 Toray Industries ................................................ 26,796
------------
81,323
------------
LUXEMBOURG - 2.10%
3,000 Evraz Group, GDR ................................................ 311,250
------------
NETHERLANDS - 5.31%
5,000 Akzo Nobel ...................................................... 425,417
19,000 Reed Elsevier ................................................... 361,061
------------
786,478
------------
NORWAY - 3.46%
7,000 Yara International .............................................. 513,062
------------
RUSSIA - 29.30%
500 Aeroflot - Russian International Airlines, GDR .................. 212,357
13,000 Gazprom, SP ADR ................................................. 688,350
3,250 LUKOIL, SP ADR .................................................. 291,850
22,500 Mining and Metallurgical Company Norilsk Nickel, ADR ............ 612,000
4,000 Mobile TeleSystems, SP ADR ...................................... 310,320
8,000 Polyus Gold, SP ADR ............................................. 425,200
45,000 Rosneft Oil, GDR ................................................ 441,000
1,000 Sberbank, GDR ................................................... 382,228
9,000 Vimpel-Communications, SP ADR ................................... 271,440
3,500 Wimm-Bill-Dann Foods, ADR ....................................... 425,950
8,000 X 5 Retail Group, GDR * ......................................... 280,000
------------
4,340,695
------------
UNITED KINGDOM - 19.69%
13,000 AMEC ............................................................ 205,492
7,500 AstraZeneca ..................................................... 317,334
20,000 Diageo .......................................................... 410,785
12,500 GlaxoSmithKline ................................................. 278,612
38,000 ICAP ............................................................ 442,757
10,000 Imperial Tobacco Group .......................................... 480,972
362,880 Rolls-Royce Group, B Shares * ................................... 721
31,500 Tullett Prebon PLC .............................................. 272,761
15,000 Unilever ........................................................ 507,615
------------
2,917,049
------------
TOTAL COMMON STOCKS
(Cost $12,468,634) ............................................. 13,371,656
------------
RIGHTS - 0.16%
RUSSIA - 0.16%
8,000 X 5 Retail Group Rights, expires 05/01/08 * (a) ................. 24,318
------------
TOTAL RIGHTS
(Cost $--) ..................................................... 24,318
------------
INVESTMENT COMPANIES - 9.62%
736,447 BlackRock Liquidity Funds
TempCash Portfolio ............................................ 736,447
689,508 BlackRock Liquidity Funds
TempFund Portfolio ............................................ 689,508
------------
TOTAL INVESTMENT COMPANIES
(Cost $1,425,955) .............................................. 1,425,955
------------
TOTAL INVESTMENTS - 100.03%
(Cost $13,894,589)** ............................................................ 14,821,929
------------
NET OTHER ASSETS AND LIABILITIES - (0.03)% (4,728)
------------
NET ASSETS - 100.00% ............................................................. $ 14,817,201
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................... $ 1,020,490
Gross unrealized depreciation .................................................... (93,150)
------------
Net unrealized appreciation ...................................................... $ 927,340
============
(a) Security with a total aggregate market value of $24,318 or 0.16% of
the net assets, were valued under the fair value procedures
established by the Funds' Board of Trustees.
ADR American Depositary Receipt
GDR Global Depositary Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
30
Aston Funds
BARINGS INTERNATIONAL FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Exchange Traded Fund 3%
Communication 3%
Consumer Cyclicals 4%
Capital Goods 5%
Cash and Other Net Assets 7%
Industrial 7%
Telecommunication Services 8%
Transportation 2%
Utilities 1%
Basic Material 16%
Consumer Non-Cyclicals 16%
Energy 14%
Finance 14%
% of Total Net Assets
MARKET
SHARES VALUE
- ------------- ------------
COMMON STOCKS - 89.85%
AUSTRALIA - 7.40%
51,547 Dyno Nobel ...................................................... $ 142,501
4,911 Orica ........................................................... 134,836
6,210 QBE Insurance Group ............................................. 148,178
3,891 WorleyParsons ................................................... 142,441
------------
567,956
------------
BELGIUM - 1.52%
1,305 Mobistar ........................................................ 116,821
------------
BRAZIL - 1.71%
1,079 Petroleo Brasileiro, ADR ........................................ 131,012
------------
DENMARK - 1.61%
1,800 Novo Nordisk, Class B ........................................... 123,916
------------
FINLAND - 1.53%
3,813 Nokia ........................................................... 117,409
------------
FRANCE - 5.17%
2,266 Neuf Cegetel .................................................... 126,952
1,873 Suez ............................................................ 133,069
1,624 Total ........................................................... 136,781
------------
396,802
------------
GERMANY - 5.32%
1,656 Bayer ........................................................... 141,700
1,465 Fresenius ....................................................... 121,696
655 Rational ........................................................ 145,241
------------
408,637
------------
GREECE - 3.15%
2,777 Coca-Cola Hellenic Bottling ..................................... 125,292
5,339 Hellenic Exchanges .............................................. 116,712
------------
242,004
------------
JAPAN - 12.21%
4,800 Komatsu ......................................................... 145,406
6,000 Matsushita Electric Industrial .................................. 141,078
4,000 Mitsubishi ...................................................... 128,480
5,000 Mitsui .......................................................... 117,325
8,000 Nomura Holdings ................................................. 139,097
22,000 Tokyu ........................................................... 116,575
18,000 Toshiba ......................................................... 149,214
------------
937,175
------------
LUXEMBOURG - 3.30%
1,441 ArcelorMittal ................................................... 127,780
1,175 Millicom International Cellular, SDR * .......................... 125,608
------------
253,388
------------
NETHERLANDS - 1.88%
1,614 Fugro, CVA ...................................................... 144,457
------------
NORWAY - 3.25%
4,950 Aker Kvaerner ................................................... 126,691
1,677 Yara International .............................................. 122,915
------------
249,606
------------
PAPUA NEW GUINEA - 1.18%
32,657 Lihir Gold * .................................................... 90,587
------------
RUSSIA - 3.21%
2,360 Gazprom, SP ADR ................................................. 124,962
1,562 Mobile TeleSystems, SP ADR ...................................... 121,180
------------
246,142
------------
SINGAPORE - 5.44%
27,000 Capitaland ...................................................... 135,194
18,000 Keppel .......................................................... 136,986
23,000 Singapore Exchange .............................................. 145,695
------------
417,875
------------
SPAIN - 1.62%
4,295 Telefonica ...................................................... 124,538
------------
SWITZERLAND - 8.16%
1,650 Julius Baer Holding ............................................. 122,458
912 Lonza Group ..................................................... 124,634
264 Nestle .......................................................... 126,630
433 Syngenta ........................................................ 129,338
403 Zurich Financial Services ....................................... 123,391
------------
626,451
------------
UNITED KINGDOM - 22.19%
11,184 BP .............................................................. 135,870
7,033 De La Rue ....................................................... 119,771
2,273 Imperial Tobacco Group .......................................... 109,325
1,770 Lonmin .......................................................... 109,169
3,809 Peter Hambro Mining ............................................. 95,577
2,024 Reckitt Benckiser Group ......................................... 118,235
14,596 Rolls-Royce Group ............................................... 127,404
864,192 Rolls-Royce Group, Class B * .................................... 1,718
5,539 Shire ........................................................... 103,139
See accompanying Notes to Financial Statements.
31
Aston Funds
BARINGS INTERNATIONAL FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------- ------------
UNITED KINGDOM (CONTINUED)
3,703 Standard Chartered ............................................ $ 132,087
15,253 Tesco ......................................................... 130,106
9,444 Tullow Oil .................................................... 141,583
3,813 Unilever ...................................................... 129,036
39,667 Vodafone Group ................................................ 126,429
1,583 Xstrata ....................................................... 124,200
------------
1,703,649
------------
TOTAL COMMON STOCKS
(Cost $6,582,184) ............................................. 6,898,425
------------
EXCHANGE TRADED FUND - 3.06%
UNITED STATES - 3.06%
3,096 iShares MSCI EAFE Index Fund .................................. 234,708
------------
TOTAL EXCHANGE TRADED FUND
(Cost $ 222,311) ............................................. 234,708
------------
INVESTMENT COMPANIES - 5.47%
394,370 BlackRock Liquidity Funds
TempCash Portfolio .......................................... 394,370
25,536 BlackRock Liquidity Funds
TempFund Portfolio .......................................... 25,536
------------
TOTAL INVESTMENT COMPANIES
(Cost $ 419,906) ............................................. 419,906
------------
TOTAL INVESTMENTS - 98.38%
(Cost $7,224,401)** ........................................................... 7,553,039
------------
NET OTHER ASSETS AND LIABILITIES - 1.62% ....................................... 124,301
------------
NET ASSETS - 100.00% ........................................................... $ 7,677,340
============
- -----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income
tax purposes.
Gross unrealized appreciation .................................................. $ 454,203
Gross unrealized depreciation .................................................. (125,565)
------------
Net unrealized appreciation..................................................... $ 328,638
============
ADR American Depositary Receipt
CVA Commanditaire Vennootschap op Andelen (Limited Partnership with Shares)
SDR Swedish Depository Receipt
SP ADR Sponsored American Depositary Receipt
See accompanying Notes to Financial Statements.
32
Aston Funds
ABN AMRO GLOBAL REAL ESTATE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Storage 3%
Healthcare 3%
Industrial 5%
Residential 8%
Office Properties 9%
Cash and Other Net Assets 1%
Closed-End Fund & Rights 1%
Diversified 25%
Real Estate Management & Development 25%
Retail 20%
% of Total Net Assets
MARKET
SHARES VALUE
- -------- ------------
COMMON STO CKS - 97.89%
AUSTRALIA - 14.37%
84,861 CFS Retail Property Trust.............................. $ 179,348
104,617 Challenger Diversified Property Group ................. 76,991
170,943 DB RREEF Trust ........................................ 284,668
110,643 GPT Group ............................................. 347,625
154,532 ING Office Fund ....................................... 203,393
67,139 Mirvac Group .......................................... 266,053
63,516 Stockland ............................................. 433,276
62,527 Westfield Group ....................................... 1,076,058
1,852 Westfield Group * ..................................... 30,771
------------
2,898,183
------------
AUSTRIA - 2.11%
6,100 CA Immobilien Anlagen * ............................... 142,397
7,100 Conwert Immobilien Invest * ........................... 131,262
13,700 Immofinanz Immobilien Anlagen AG ...................... 151,668
------------
425,327
------------
CANADA - 3.67%
7,350 Boardwalk Real Estate Investment Trust ................ 291,197
9,900 H&R Real Estate Investment Trust ...................... 192,377
12,300 RioCan Real Estate Investment Trust ................... 256,113
------------
739,687
------------
FINLAND - 0.94%
11,000 Citycon ............................................... 64,066
13,957 Technopolis ........................................... 125,965
------------
190,031
------------
FRANCE - 6.23%
1,600 Icade ................................................. 229,396
2,400 Klepierre ............................................. 146,564
1,000 Societe de la Tour Eiffel ............................. 143,450
2,850 Unibail-Rodamco ....................................... 737,654
------------
1,257,064
------------
GERMANY - 0.86%
5,300 DIC Asset ............................................. 173,541
------------
HONG KONG - 6.12%
29,000 Henderson Land Development ............................ 221,412
28,000 Kerry Properties ...................................... 189,525
47,000 Sun Hung Kai Properties ............................... 823,223
------------
1,234,160
------------
JAPAN - 13.60%
17 Japan Real Estate Investment .......................... 201,087
17 Kenedix Realty Investment ............................. 100,543
40,000 Mitsubishi Estate ..................................... 1,161,706
27,000 Mitsui Fudosan ........................................ 680,290
24,000 Sumitomo Realty & Development ......................... 600,087
------------
2,743,713
------------
NETHERLANDS - 1.83%
1,000 Corio ................................................. 93,671
7,000 Eurocastle Investment ................................. 85,365
2,200 Eurocommercial Properties ............................. 127,102
1,900 Vastned Offices/Industrial ............................ 62,628
------------
368,766
------------
SINGAPORE - 4.74%
60,000 Ascendas Real Estate Investment Trust ................. 113,713
67,000 CapitalCommercial Trust ............................... 110,674
53,000 Capitaland ............................................ 265,381
54,000 CapitaMall Trust ...................................... 138,579
296,000 Lippo-Mapletree Indonesia Retail Trust * .............. 124,420
119,000 Mapletree Logistics Trust ............................. 90,388
101,000 Suntec Real Estate Investment Trust ................... 112,466
------------
955,621
------------
SWEDEN - 0.55%
6,500 Fabege ................................................ 61,071
2,300 Wihlborgs Fastigheter ................................. 50,711
------------
111,782
------------
UNITED KINGDOM - 10.42%
11,500 Big Yellow Group ...................................... 90,090
26,000 British Land .......................................... 434,764
6,500 Derwent London ........................................ 173,052
14,000 Grainger .............................................. 100,350
13,500 Great Portland Estates ................................ 123,004
12,300 Hammerson ............................................. 246,519
18,800 Land Securities Group ................................. 575,655
27,000 Safestore Holdings .................................... 78,111
25,000 Segro ................................................. 229,277
11,500 Workspace Group ....................................... 52,133
------------
2,102,955
------------
See accompanying Notes to Financial Statements.
33
Aston Funds
ABN AMRO GLOBAL REAL ESTATE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------- ------------
UNITED STATES - 32.45%
3,050 AvalonBay Communities .......................... $ 304,238
1,850 Boston Properties .............................. 185,907
2,700 Camden Property Trust .......................... 142,857
12,500 DCT Industrial Trust ........................... 125,000
9,000 Developers Diversified Realty .................. 386,550
3,300 Digital Realty Trust ........................... 127,875
7,400 Equity Residential ............................. 307,248
1,950 Essex Property Trust ........................... 232,050
3,350 Federal Realty Investment Trust ................ 275,203
3,500 Kilroy Realty .................................. 183,120
7,400 Kimco Realty ................................... 295,334
4,200 Macerich ....................................... 307,146
6,500 National Retail Properties ..................... 148,915
8,300 Nationwide Health Properties ................... 298,966
4,200 Post Properties ................................ 154,140
11,150 ProLogis ....................................... 698,102
4,150 Public Storage ................................. 376,405
7,700 Simon Property Group ........................... 768,922
4,250 SL Green Realty ................................ 394,400
4,200 Taubman Centers ................................ 238,014
6,300 Ventas ......................................... 305,928
3,100 Vornado Realty Trust ........................... 288,579
------------
6,544,899
------------
TOTAL COMMON STOCKS
(Cost $19,789,979) .......................... 19,745,729
------------
CLOSED-END FUND - 0.56%
LUXEMBOURG - 0.56%
6,900 ProLogis European Properties ................... 112,050
------------
TOTAL CLOSED-END FUND
(Cost $101,837) ............................. 112,050
------------
RIGHTS - 0.04%
FINLAND - 0.04%
13,957 Technopolis, Expiring 05/13/08 * (a) ........... 8,369
------------
TOTAL RIGHTS
(Cost $ -- ) ................................ 8,369
------------
INVESTMENT COMPANY - 1.66%
334,501 BlackRock Liquidity Funds
TempCash Portfolio .......................... $ 334,501
------------
TOTAL INVESTMENT COMPANY
(Cost $334,501) ............................. 334,501
------------
TOTAL INVESTMENTS - 100.15%
(Cost $20,226,317)** .................................... 20,200,649
------------
NET OTHER ASSETS AND LIABILITIES - (0.15)% ................. (29,304)
------------
NET ASSETS - 100.00% ....................................... $ 20,171,345
============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .............................. $ 1,005,554
Gross unrealized depreciation .............................. (1,031,222)
------------
Net unrealized depreciation ................................ $ (25,668)
============
(a) Security with a total aggregate market value of $8,369 or 0.04% of the
net assets, were valued under the fair value procedures established by
the Funds' Board of Trustees.
See accompanying Notes to Financial Statements.
34
Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Technology 4%
Cash and Other Net Assets 4%
Energy 5%
Communication 6%
Healthcare 7%
Consumer Non-Cyclicals 8%
Basic Materials 13%
Exchange Traded Fund 2%
Utilities 2%
Transportation 1%
Finance 18%
Industrial 16%
Consumer Cyclicals 14%
% of Total Net Assets
MARKET
SHARES VALUE
- ---------- ----------
COMMON STOCKS - 94.32%
AUSTRALIA - 6.69%
610 Caltex Australia ..................................... $ 6,925
810 CSL .................................................. 30,409
7,623 Macquarie DDR Trust, REIT ............................ 4,172
2,757 Minara Resources ..................................... 15,113
632 Origin Energy ........................................ 8,318
3,494 PMP .................................................. 4,450
----------
69,387
----------
AUSTRIA - 0.72%
245 Zumtobel ............................................. 7,513
----------
BELGIUM - 0.77%
135 Euronav .............................................. 5,565
3 Sipef ................................................ 2,398
----------
7,963
----------
BRAZIL - 1.27%
1,000 Companhia Energetica de Sao Paulo, ADR * ............. 13,219
----------
CANADA - 4.23%
58 Astral Media ......................................... 1,987
228 Churchill, Class A * ................................. 4,845
200 Ensign Energy Services ............................... 4,270
92 First Quantum Minerals ............................... 8,078
600 Gerdau Ameristeel .................................... 9,354
900 Neo Material Technologies * .......................... 4,138
146 Precision Drilling Trust ............................. 3,653
447 WestJet Airlines * ................................... 7,550
----------
43,875
----------
DENMARK - 0.96%
25 D/S Norden ........................................... 2,762
79 Danisco .............................................. 5,339
20 Solar Holdings, B Shares ............................. 1,875
----------
9,976
----------
FINLAND - 3.83%
226 Metso ................................................ 9,810
178 Nokian Renkaat ....................................... 7,596
467 Outokumpu ............................................ 22,350
----------
39,756
----------
FRANCE - 2.08%
20 Bonduelle ............................................ 2,490
433 Boursorama * ......................................... 4,949
210 Valeo ................................................ 8,535
820 Viel ................................................. 5,557
----------
21,531
----------
GERMANY - 5.50%
76 Arques Industries .................................... 1,024
175 Merck KGaA ........................................... 24,923
216 Praktiker Bau- und Heimwerkermaerkte Holding ......... 4,698
585 ProSiebenSat.1 Media ................................. 9,116
32 Puma ................................................. 11,430
86 SGL Carbon * ......................................... 5,883
----------
57,074
----------
GREECE - 1.76%
187 Gr. Sarantis ......................................... 3,235
715 Marfin Investment Group .............................. 6,341
521 Sidenor Steel Products Manufacturing ................. 8,656
----------
18,232
----------
HONG KONG - 4.07%
6,000 Denway Motors ........................................ 3,057
20,000 Galileo Holdings * ................................... 1,848
7,941 Huabao International Holdings ........................ 7,092
6,500 Link REIT ............................................ 15,597
1,271 Orient Overseas International ........................ 6,988
14,000 Shenzhen Investment .................................. 7,635
----------
42,217
----------
IRELAND - 1.60%
115 FBD Holdings ......................................... 4,581
663 Glanbia .............................................. 5,135
223 Kerry Group, Class A ................................. 6,929
----------
16,645
----------
ISRAEL - 2.54%
400 Gilat Satellite Networks * ........................... 4,276
540 Mellanox Technologies * .............................. 8,084
600 Partner Communications, ADR .......................... 13,962
----------
26,322
----------
ITALY - 2.20%
161 Banca Popolare dell'Emilia Romagna ................... 3,582
334 Benetton Group ....................................... 4,394
18,179 Pirelli & C. ......................................... 14,902
----------
22,878
----------
JAPAN - 21.13%
290 ACOM ................................................. 8,980
118 Aeon Delight ......................................... 2,451
200 Cawachi .............................................. 4,693
750 Daiei * .............................................. 6,462
500 Daifuku .............................................. 6,246
386 Dowa Holdings ........................................ 2,595
See accompanying Notes to Financial Statements.
35
Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ---------- ----------
JAPAN (CONTINUED)
5,500 Haseko .............................................. $ 7,934
416 Hitachi Construction Machinery ...................... 13,122
200 Hitachi Software Engineering ........................ 4,895
6,077 Hokuhoku Financial Group ............................ 19,286
1,475 Joyo Bank ........................................... 8,369
1,000 Kamigumi ............................................ 7,665
467 Makita .............................................. 16,078
222 Mandom .............................................. 5,892
422 Mikuni Coca-Cola Bottling ........................... 4,383
3,507 Mitsubishi Materials ................................ 16,627
3,176 Mitsui Mining ....................................... 8,063
865 NGK Insulators ...................................... 16,595
1,588 Nippon Soda ......................................... 5,635
1,000 Nissan Chemical Industries .......................... 13,194
24 Shimamura ........................................... 2,130
797 Shimizu ............................................. 3,763
500 Showa Shell Sekiyu K.K. ............................. 5,270
645 Sumitomo Heavy Industries ........................... 5,427
100 Suzuken ............................................. 3,779
2,351 Taisei .............................................. 6,217
338 Tokyu Land .......................................... 2,513
387 Toyo Engineering .................................... 1,619
700 Urban ............................................... 3,824
418 Usen ................................................ 1,825
364 Yaskawa Electric .................................... 3,690
----------
219,222
----------
LUXEMBOURG - 0.24%
100 SES ................................................. 2,469
----------
MEXICO - 0.51%
427 Grupo Bimbo, Class A ................................ 2,748
703 Promotora y Operadora de
Infraestuctura * .................................... 2,513
----------
5,261
----------
NETHERLANDS - 1.92%
389 Corporate Express ................................... 4,489
127 TomTom * ............................................ 4,442
397 Vedior .............................................. 11,034
----------
19,965
----------
NEW ZEALAND - 0.67%
1,830 Air New Zealand ..................................... 1,788
681 Contact Energy ...................................... 5,162
----------
6,950
----------
NORWAY - 0.71%
400 Cermaq .............................................. 4,618
100 Petroleum Geo-Services .............................. 2,731
----------
7,349
----------
PORTUGAL - 0.64%
660 Banif ............................................... 3,164
1,474 Impresa SGPS * ...................................... 3,429
----------
6,593
----------
SINGAPORE - 3.26%
5,000 Allgreen Properties ................................. 4,756
4,000 Golden Agri-Resources ............................... 2,507
3,494 Ho Bee Investment ................................... 2,628
5,114 Neptune Orient Lines ................................ 12,143
2,236 Singapore Press Holdings ............................ 7,338
3,000 Wing Tai Holdings ................................... 4,447
----------
33,819
----------
SOUTH AFRICA - 1.19%
4,447 Metropolitan Holdings ............................... 7,763
1,715 Sanlam .............................................. 4,536
----------
12,299
----------
SOUTH KOREA - 0.52%
90 Hana Tour Service ................................... 5,377
----------
SPAIN - 1.71%
225 Gestevision Telecinco ............................... 4,739
1,991 Iberia Lineas Aereas de Espana ...................... 7,896
70 Indra Sistemas ...................................... 1,916
109 Martinsa-Fadesa * ................................... 3,241
----------
17,792
----------
SWEDEN - 2.01%
600 Boliden ............................................. 6,539
747 Eniro ............................................... 4,891
540 JM .................................................. 8,952
540 JM, Redemption Rights, Expires: 06/05/08 * (a) ...... 455
----------
20,837
----------
SWITZERLAND - 3.60%
260 Actelion * .......................................... 13,174
6 Givaudan ............................................ 6,092
67 Swatch Group ........................................ 18,105
----------
37,371
----------
TAIWAN - 1.76%
1,600 Acer, SP GDR ........................................ 17,040
100 Lite-On Technology, GDR (a) ......................... 1,176
----------
18,216
----------
UNITED KINGDOM - 16.23%
1,206 Amlin ............................................... 6,610
746 Britvic ............................................. 4,932
581 BSS Group ........................................... 4,505
1,329 Cape * .............................................. 6,170
864 Charter ............................................. 15,444
2,541 Chaucer Holdings .................................... 4,522
1,421 Collins Stewart ..................................... 3,447
565 CSR * ............................................... 4,437
470 Daily Mail & General Trust, Class A ................. 3,902
3,494 DS Smith ............................................ 9,066
1,630 Enterprise Inns ..................................... 12,421
2,913 Hays ................................................ 6,530
1,045 Helphire Group ...................................... 3,766
899 Imi ................................................. 8,097
375 Investec ............................................ 2,684
1,228 ITE Group ........................................... 3,534
696 John Wood Group ..................................... 5,944
826 Kesa Electricals .................................... 3,420
See accompanying Notes to Financial Statements.
36
Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------- -----------
UNITED KINGDOM (CONTINUED)
1,090 Ladbrokes ........................................... $ 7,098
2,649 Northern Foods ...................................... 4,582
1,891 Rentokil Initial .................................... 3,609
515 Rexam ............................................... 4,585
505 Sibir Energy ........................................ 6,276
1,020 Spice ............................................... 11,215
7,306 Spirent Communications * ............................ 10,278
2,498 Sportingbet ......................................... 2,136
362 Trinity Mirror ...................................... 1,960
832 Tullett Prebon ...................................... 7,204
-----------
168,374
-----------
TOTAL COMMON STOCKS
(Cost $1,115,093) ................................ 978,482
-----------
EXCHANGE TRADED FUND - 2.20%
UNITED STATES - 2.20%
700 SPDR S&P International Small Cap, ETF ............... 22,841
-----------
TOTAL EXCHANGE TRADED FUND
(Cost $22,738) ................................... 22,841
-----------
INVESTMENT COMPANY - 2.08%
21,633 BlackRock Liquidity Funds TempCash Portfolio ........ 21,633
-----------
TOTAL INVESTMENT COMPANY
(Cost $21,633) ................................... 21,633
-----------
TOTAL INVESTMENTS - 98.60%
(Cost $1,159,464)** .......................................... 1,022,956
-----------
NET OTHER ASSETS AND LIABILITIES - 1.40% ........................ 14,494
-----------
NET ASSETS - 100.00% ............................................ $ 1,037,450
===========
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................... $ 45,641
Gross unrealized depreciation ................................... (182,149)
-----------
Net unrealized depreciation ..................................... $ (136,508)
===========
(a) Securities with a total aggregate market value of $1,631 or 0.16% of the
net assets, were valued under the fair value procedures established by the
Funds' Board of Trustees.
ADR American Depositary Receipt
ETF Exchange Traded Fund
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
SGPS Sociedade Gestora de Participacoes
SPGDR Sponsored Global Depositary Receipt
SPDR Standard & Poor's Depositary Receipt
See accompanying Notes to Financial Statements.
37
Aston Funds
SMART ALLOCATION ETF FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Cash and Other Net Assets 8%
Global Equities 7%
Domestic Equities 36%
Commodities 7%
Fixed Income 42%
% of Total Net Assets
MARKET
SHARES VALUE
- -------- ------------
EXCHANGE TRADED FUNDS - 92.23%
COMMODITIES - 7.10%
1,078 PowerShares DB Energy Fund ............................ $ 46,699
1,464 PowerShares DB Oil Fund ............................... 61,796
2,438 PowerShares DB Silver Fund ............................ 74,871
1,684 PowerShares DB Agriculture Fund ....................... 61,634
------------
245,000
------------
DOMESTIC EQUITIES - 36.51%
876 DJ Wilshire REIT ...................................... 65,945
2,283 iShares Cohen & Steers Realty Majors Index Fund ....... 195,379
2,829 iShares Dow Jones U.S. Real Estate Index Fund ......... 194,862
2,640 iShares Russell 2000 Value Index Fund ................. 179,942
846 iShares S&P MidCap 400 Value Index Fund ............... 65,903
1,464 iShares S&P SmallCap 600 Value Index Fund ............. 98,337
1,063 PowerShares Dynamic OTC Portfolio ..................... 49,706
1,284 SPDR DJ Wilshire Small Cap Value ...................... 82,703
1,603 Utilities Select Sector SPDR Fund ..................... 63,928
1,200 Vanguard Health Care .................................. 65,232
1,839 Vanguard Industrials .................................. 130,771
1,032 Vanguard Telecommunication Services ................... 67,999
------------
1,260,707
------------
FIXED INCOME - 41.51%
1,840 iShares iBoxx $ Investment Grade Corporate Bond Fund .. 195,003
13,695 iShares Lehman 1-3 Year Treasury Bond Fund ............ 1,141,615
944 iShares Lehman Aggregate Bond Fund .................... 96,854
------------
1,433,472
------------
GLOBAL EQUITIES - 7.11%
1,197 BLDRS Emerging Markets 50 ADR Index Fund .............. 64,901
1,380 iShares MSCI South Korea Index Fund ................... 82,966
956 Vanguard Emerging Markets ............................. 97,646
------------
245,513
------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,163,721) .................................. 3,184,692
------------
INVESTMENT COMPANIES - 5.20%
172,637 BlackRock Liquidity Funds
TempCash Portfolio ................................. 172,637
6,936 BlackRock Liquidity Funds
TempFund Portfolio ................................. 6,936
------------
TOTAL INVESTMENT COMPANIES
(Cost $179,573) .................................... 179,573
------------
TOTAL INVESTMENTS - 97.43%
(Cost $3,343,294)* ............................................ 3,364,265
------------
NET OTHER ASSETS AND LIABILITIES - 2.57% ........................ 88,754
------------
NET ASSETS - 100.00% ............................................ $ 3,453,019
============
- ----------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................... $ 32,059
Gross unrealized depreciation ................................... (11,088)
------------
Net unrealized appreciation ..................................... $ 20,971
============
ADR American Depositary Receipt
REIT Real Estate Investment Trust
SPDR Standard & Poor's Depositary Receipt
See accompanying Notes to Financial Statements.
38
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Commodities 5%
Fixed Income 9%
Global Equities 16%
Cash and Other Net Assets 17%
Asset Allocation 2%
Domestic Equities 51%
% of Total Net Assets
MARKET
SHARES VALUE
- --------- -----------
EXCHANGE TRADED FUNDS - 83.15%
ASSET ALLOCATION - 1.91%
130 CurrencyShares Euro Trust ............................. $ 20,349
230 CurrencyShares Japanese Yen Trust * ................... 22,069
-----------
42,418
-----------
COMMODITIES - 4.51%
300 iShares S&P GSCI Commodity Indexed Trust * ............ 18,780
1,020 PowerShares DB Agriculture Fund * ..................... 37,329
1,160 PowerShares DB Commodity Index Tracking Fund * ........ 43,999
-----------
100,108
-----------
DOMESTIC EQUITIES - 51.17%
1,410 Consumer Staples Select Sector SPDR Fund .............. 38,987
290 Diamonds Trust Series I ............................... 37,175
640 Energy Select Sector SPDR Fund ........................ 52,320
1,270 Health Care Select Sector SPDR Fund ................... 40,005
910 Industrial Select Sector SPDR Fund .................... 35,035
410 iShares Dow Jones U.S. Transportation Average
Index Fund ......................................... 37,868
480 iShares Dow Jones U.S. Basic Materials Sector
Index Fund ......................................... 38,366
980 iShares Russell 1000 Growth Index Fund ................ 56,311
700 iShares Russell 1000 Index Fund ....................... 52,885
740 iShares Russell 1000 Value Index Fund ................. 56,617
710 iShares Russell 3000 Index Fund ....................... 56,779
260 iShares Russell Midcap Growth Index Fund .............. 28,213
180 iShares Russell Midcap Index Fund ..................... 17,910
750 iShares S&P 100 Index Fund ............................ 48,720
570 iShares S&P Midcap 400 Index Fund ..................... 47,629
700 iShares S&P SmallCap 600 Index Fund ................... 43,729
380 Market Vectors Gold Miners ETF ........................ 16,568
190 Market Vectors Steel Index Fund ....................... 18,529
680 Materials Select Sector SPDR Trust .................... 28,771
350 Midcap SPDR Trust Series 1 ............................ 53,291
500 Oil Service Holders Trust ............................. 98,140
390 PowerShares QQQ ....................................... 18,412
690 SPDR S&P Biotech ETF .................................. 38,647
910 SPDR S&P Homebuilders ETF ............................. 20,129
500 SPDR S&P Metals & Mining ETF .......................... 38,150
320 SPDR S&P Oil & Gas Exploration & Production ETF ....... 18,896
290 SPDR Trust Series 1 ................................... 40,095
650 Vanguard Growth ETF ................................... 39,910
270 Vanguard Small-Cap ETF ................................ 17,593
-----------
1,135,680
-----------
FIXED INCOME - 9.37%
830 iShares Lehman 1-3 Year Treasury Bond Fund ............ 69,189
690 iShares Lehman 20+ Year Treasury Bond Fund ............ 64,260
390 iShares Lehman 7-10 Year Treasury Bond Fund ........... 34,777
200 iShares Lehman Aggregate Bond Fund .................... 20,520
180 iShares Lehman Treasury Inflation Protected
Securities Fund .................................... 19,280
-----------
208,026
-----------
GLOBAL EQUITIES - 16.19%
470 iShares FTSE/Xinhua China 25 Index Fund ............... 74,617
210 iShares MSCI Brazil Index Fund ........................ 18,919
1,220 iShares MSCI Canada Index Fund ........................ 39,601
770 iShares MSCI EAFE Index Fund ETF ...................... 58,374
300 iShares MSCI Emerging Markets Index Fund .............. 43,998
350 iShares MSCI Mexico Index Fund ........................ 20,451
1,090 iShares MSCI Taiwan Index Fund ........................ 18,050
350 iShares S&P Europe 350 Index Fund ..................... 38,381
170 iShares S&P Latin America 40 Index Fund ............... 47,005
-----------
359,396
-----------
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,791,778) .................................. 1,845,628
-----------
See accompanying Notes to Financial Statements.
39
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------- -----------
INVESTMENT COMPANIES - 10.49%
116,412 BlackRock Liquidity Funds
TempCash Portfolio ................................. $ 116,412
116,412 BlackRock Liquidity Funds
TempFund Portfolio ................................. 116,412
-----------
TOTAL INVESTMENT COMPANIES
(Cost $232,824) .................................... 232,824
-----------
TOTAL INVESTMENTS - 93.64%
(Cost $2,024,602)** ........................................... 2,078,452
-----------
NET OTHER ASSETS AND LIABILITIES - 6.36% ......................... 141,250
-----------
NET ASSETS - 100.00% ............................................. $ 2,219,702
===========
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .................................... $ 65,485
Gross unrealized depreciation .................................... (11,635)
-----------
Net unrealized appreciation ...................................... $ 53,850
===========
ETF Exchange Traded Fund
SPDR Standard & Poor's Depositary Receipt
See accompanying Notes to Financial Statements.
40
Aston Funds
MB ENHANCED EQUITY INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Food and Beverages 3%
Oil and Gas Extraction 5%
Consumer Staples 5%
Basic Materials 5%
Transportation 8%
Retail 11%
Purchased Options, Cash and Other Net Assets 6%
Other Common Stocks 25%
Finance 19%
Technology 13%
% of Total Net Assets
MARKET
SHARES VALUE
- --------- -----------
COMMON STOCKS (a) - 94.48%
BASIC MATERIALS - 5.42%
10,400 Dow Chemical ........................................... $ 417,560
6,600 PPG Industries ......................................... 405,042
-----------
822,602
-----------
CAPITAL GOODS - 2.78%
5,500 3M ..................................................... 422,950
-----------
CHEMICALS - 2.74%
8,500 duPont (E.I.) de Nemours ............................... 415,735
-----------
COMMUNICATIONS - 2.77%
16,400 Cisco Systems * ........................................ 420,496
-----------
CONSUMER STAPLES - 5.39%
6,400 Kimberly-Clark ......................................... 409,536
6,100 Procter & Gamble ....................................... 409,005
-----------
818,541
-----------
ELECTRICAL - 2.73%
12,700 General Electric ....................................... 415,290
-----------
ENERGY - 2.72%
4,300 Chevron ................................................ 413,445
-----------
ENTERTAINMENT AND LEISURE - 2.78%
10,500 Carnival ............................................... 421,785
-----------
FINANCE - 19.03%
8,900 American Express ....................................... 427,378
10,800 Bank of America ........................................ 405,432
15,900 Citigroup .............................................. 401,793
11,900 Comerica ............................................... 413,287
7,400 SunTrust Banks ......................................... 412,550
14,400 Wachovia ............................................... 419,760
13,800 Wells Fargo ............................................ 410,550
-----------
2,890,750
-----------
FOOD AND BEVERAGES - 2.88%
14,300 Sysco .................................................. 437,151
-----------
MACHINERY - 2.69%
5,000 Caterpillar ............................................ 409,400
-----------
MEDICAL PRODUCTS AND SUPPLIES - 2.65%
6,000 Johnson & Johnson ...................................... 402,540
-----------
OIL AND GAS EXTRACTION - 5.37%
4,800 ConocoPhillips ......................................... 413,520
4,000 Schlumberger ........................................... 402,200
-----------
815,720
-----------
PHARMACEUTICALS - 2.63%
19,900 Pfizer ................................................. 400,189
-----------
RETAIL - 10.67%
14,200 Home Depot ............................................. 408,960
8,400 Kohl's * ............................................... 410,340
18,500 Staples ................................................ 401,450
11,500 Walgreen ............................................... 400,775
-----------
1,621,525
-----------
TECHNOLOGY - 13.20%
9,400 Automatic Data Processing .............................. 415,480
26,300 EMC * .................................................. 405,020
18,500 Intel .................................................. 411,810
13,400 Microsoft .............................................. 382,168
15,800 Xilinx ................................................. 391,366
-----------
2,005,844
-----------
TRANSPORTATION - 8.03%
4,100 Burlington Northern Santa Fe ........................... 420,455
6,600 Norfolk Southern ....................................... 393,228
5,600 United Parcel Service, Class B ......................... 405,496
-----------
1,219,179
-----------
TOTAL COMMON STOCKS
(Cost $14,031,981) .................................. 14,353,142
-----------
NUMBER OF
CONTRACTS
- ---------
PURCHASED OPTIONS - 0.06%
American Express - Put
10 Strike @ $40 Exp 07/08 .............................. 550
Cisco Systems - Put
30 Strike @ $20 Exp 07/08 .............................. 300
Citigroup - Put
30 Strike @ $22.5 Exp 06/08 ............................ 1,890
EMC - Put
50 Strike @ $13 Exp 07/08............................... 1,100
Intel - Put
80 Strike @ $19 Exp 07/08............................... 2,560
Schlumberger - Put
20 Strike @ $80 Exp 06/08 .............................. 800
Wachovia - Put
20 Strike @ $20 Exp 07/08 .............................. 500
Xilinx - Put
40 Strike @ $22.5 Exp 06/08 ............................ 1,600
-----------
TOTAL PURCHASED OPTIONS
(Cost $10,980) ................................... 9,300
-----------
See accompanying Notes to Financial Statements.
41
Aston Funds
MB ENHANCED EQUITY INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- -------- ------------
INVESTMENT COMPANY - 4.63%
703,641 BlackRock Liquidity Funds
TempCash Portfolio ................................ $ 703,641
------------
TOTAL INVESTMENT COMPANY
(Cost $703,641) ................................... 703,641
------------
TOTAL INVESTMENTS - 99.17%
(Cost $14,746,602)** ......................................... 15,066,083
------------
NET OTHER ASSETS AND LIABILITIES - 0.83% ........................ 125,400
------------
NET ASSETS - 100.00% ............................................ $ 15,191,483
============
- ----------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................... $ 560,839
Gross unrealized depreciation ................................... (241,358)
------------
Net unrealized appreciation ..................................... $ 319,481
============
(a) These securities are pledged as collateral for call options written.
Transactions in written options for the period ended April 30, 2008 were as
follows:
NUMBER OF
CONTRACTS PREMIUM
--------- ---------
BEGINNING OF PERIOD (1) ............................... -- $ --
CALL OPTIONS WRITTEN .................................. 4,098 713,028
PUT OPTIONS WRITTEN ................................... -- --
CALL OPTIONS CLOSED ................................... (792) (116,296)
PUT OPTIONS CLOSED .................................... -- --
----- ---------
OUTSTANDING, APRIL 30, 2008 ........................... 3,306 $ 596,732
----- ---------
(1) Operations commenced on January 15, 2008.
Premiums received and value of written options outstanding as of April 30, 2008.
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
- --------- ------------------------------------------- --------- ---------
3M - Calls
24 Strike @ $85 Exp 10/08 .................... $ 8,398 $ 4,200
13 Strike @ $85 Exp 01/09 .................... 3,459 3,315
American Express - Calls
9 Strike @ $52.5 Exp 10/08 .................. 1,773 2,340
70 Strike @ $55 Exp 10/08 .................... 11,180 10,850
Automatic Data Processing - Calls
69 Strike @ $42.5 Exp 08/08 .................. 10,033 22,770
5 Strike @ $45 Exp 11/08 .................... 885 1,250
7 Strike @ $47.5 Exp 11/08 .................. 959 1,050
Bank of America - Calls
52 Strike @ $40 Exp 11/08 .................... 12,488 11,180
26 Strike @ $45 Exp 11/08 .................... 4,204 2,132
Burlington Northern Santa Fe - Calls
10 Strike @ $90 Exp 07/08 .................... 3,570 15,000
6 Strike @ $100 Exp 10/08 ................... 2,262 6,120
15 Strike @ $95 Exp 10/08 .................... 7,755 20,850
8 Strike @ $120 Exp 01/09 ................... 3,736 3,520
Carnival - Calls
36 Strike @ $45 Exp 10/08 .................... 7,452 5,850
17 Strike @ $47.5 Exp 10/08 .................. 2,769 1,700
47 Strike @ $45 Exp 01/09 .................... 10,573 11,750
Caterpillar - Calls
18 Strike @ $75 Exp 08/08 .................... 6,606 18,774
23 Strike @ $80 Exp 08/08 .................... 6,808 14,490
4 Strike @ $95 Exp 11/08 .................... 1,468 976
Chevron - Calls
15 Strike @ $90 Exp 09/08 .................... 5,905 14,955
19 Strike @ $95 Exp 09/08 .................... 7,663 11,780
Cisco Systems - Calls
99 Strike @ $27 Exp 10/08 .................... 15,723 16,137
40 Strike @ $25 Exp 01/09 .................... 12,760 13,600
19 Strike @ $30 Exp 01/09 .................... 2,223 2,375
Citigroup - Calls
49 Strike @ $27.5 Exp 09/08 .................. 6,102 6,517
5 Strike @ $30 Exp 09/08 .................... 535 350
19 Strike @ $32.5 Exp 12/08 .................. 2,128 1,254
81 Strike @ $27.5 Exp 01/09 .................. 12,081 16,848
Comerica - Calls
57 Strike @ $40 Exp 10/08 .................... 11,454 7,553
31 Strike @ $45 Exp 10/08 .................... 4,437 1,550
ConocoPhillips - Calls
6 Strike @ $80 Exp 08/08 .................... 2,532 5,154
21 Strike @ $90 Exp 08/08 .................... 7,107 6,573
5 Strike @ $85 Exp 11/08 .................... 2,335 3,850
7 Strike @ $95 Exp 11/08 .................... 1,666 2,520
8 Strike @ $95 Exp 01/09 .................... 3,656 3,680
Dow Chemical - Calls
63 Strike @ $40 Exp 09/08 .................... 14,320 16,632
12 Strike @ $45 Exp 09/08 .................... 1,489 960
16 Strike @ $45 Exp 12/08 .................... 2,192 2,080
8 Strike @ $45 Exp 01/09 .................... 1,256 1,160
duPont (E.I.) de Nemours - Calls
10 Strike @ $47.5 Exp 07/08 .................. 2,370 3,040
10 Strike @ $50 Exp 07/08 .................... 1,420 1,800
37 Strike @ $50 Exp 10/08 .................... 9,019 10,545
8 Strike @ $52.5 Exp 10/08 .................. 1,376 1,480
16 Strike @ $55 Exp 01/09 .................... 2,992 2,880
EMC - Calls
65 Strike @ $18 Exp 10/08 .................... 5,202 4,030
115 Strike @ $19 Exp 10/08 .................... 9,827 5,750
60 Strike @ $17.5 Exp 01/09 .................. 7,720 7,140
10 Strike @ $20 Exp 01/09 .................... 635 550
General Electric - Calls
50 Strike @ $35 Exp 01/09 .................... 8,400 7,500
60 Strike @ $37.5 Exp 01/09 .................. 5,790 4,800
Home Depot - Calls
71 Strike @ $30 Exp 08/08 .................... 8,267 10,579
40 Strike @ $32.5 Exp 08/08 .................. 6,880 2,680
17 Strike @ $32.5 Exp 11/08 .................. 2,924 2,618
See accompanying Notes to Financial Statements.
42
Aston Funds
MB ENHANCED EQUITY INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
- --------- ------------------------------------------- --------- ---------
Intel - Calls
10 Strike @ $22.5 Exp 07/08 .................. $ 1,190 $ 1,220
92 Strike @ $24 Exp 10/08 .................... 8,951 12,052
74 Strike @ $25 Exp 01/09 .................... 10,508 9,472
Johnson & Johnson - Call
46 Strike @ $65 Exp 10/08 .................... 12,621 19,780
Kimberly-Clark - Call
43 Strike @ $65 Exp 10/08 .................... 14,920 11,180
Kohl's - Calls
10 Strike @ $50 Exp 07/08 .................... 3,270 3,200
10 Strike @ $50 Exp 10/08 .................... 2,220 5,080
60 Strike @ $55 Exp 10/08 .................... 15,159 18,000
Microsoft - Calls
65 Strike @ $31 Exp 10/08 .................... 7,995 7,605
10 Strike @ $32 Exp 10/08 .................... 1,200 870
40 Strike @ $33 Exp 10/08 .................... 4,780 2,560
Norfolk Southern - Calls
10 Strike @ $55 Exp 09/08 .................... 3,070 8,100
46 Strike @ $60 Exp 09/08 .................... 12,252 24,840
8 Strike @ $70 Exp 01/09 .................... 2,376 2,400
Pfizer - Calls
72 Strike @ $22.5 Exp 01/09 .................. 8,184 3,960
72 Strike @ $25 Exp 01/09 .................... 3,587 1,440
PPG Industries - Calls
33 Strike @ $65 Exp 08/08 .................... 7,821 6,435
14 Strike @ $70 Exp 08/08 .................... 4,588 1,015
3 Strike @ $65 Exp 11/08 .................... 1,281 1,080
Procter & Gamble - Calls
17 Strike @ $70 Exp 07/08 .................... 3,384 1,275
31 Strike @ $70 Exp 10/08 .................... 7,812 6,200
11 Strike @ $70 Exp 01/09 .................... 3,597 3,410
Schlumberger - Calls
25 Strike @ $100 Exp 08/08 ................... 11,235 20,000
4 Strike @ $85 Exp 08/08 .................... 2,108 6,892
10 Strike @ $90 Exp 08/08 .................... 6,370 13,900
Staples - Calls
130 Strike @ $25 Exp 09/08 .................... 14,480 9,100
30 Strike @ $27.5 Exp 09/08 .................. 1,905 900
20 Strike @ $25 Exp 12/08 .................... 3,140 2,450
SunTrust Banks - Calls
26 Strike @ $70 Exp 10/08 .................... 7,722 2,015
23 Strike @ $65 Exp 01/09 .................... 8,200 5,865
Sysco - Calls
85 Strike @ $30 Exp 08/08 .................... 11,045 17,000
25 Strike @ $30 Exp 11/08 .................... 3,130 6,500
United Parcel Service - Calls
12 Strike @ $75 Exp 07/08 .................... 3,614 1,680
31 Strike @ $75 Exp 10/08 .................... 9,517 8,525
Wachovia - Calls
12 Strike @ $32.5 Exp 10/08 .................. 1,644 2,040
25 Strike @ $35 Exp 10/08 .................... 4,925 2,250
15 Strike @ $32.5 Exp 01/09 .................. 3,555 3,150
88 Strike @ $35 Exp 01/09 .................... 9,416 13,200
Walgreen - Calls
29 Strike @ $37.5 Exp 07/08 .................. 5,133 2,030
52 Strike @ $40 Exp 10/08 .................... 10,504 3,588
Wells Fargo - Calls
15 Strike @ $32.5 Exp 10/08 .................. 2,505 2,250
95 Strike @ $35 Exp 10/08 .................... 16,690 7,125
15 Strike @ $35 Exp 01/09 .................... 2,355 1,875
Xilinx - Calls
114 Strike @ $25 Exp 09/08 .................... 15,658 21,090
13 Strike @ $27.5 Exp 12/08 .................. 1,976 1,950
27 Strike @ $30 Exp 12/08 .................... 2,375 2,160
TOTAL WRITTEN OPTIONS ..................... $ 596,732 $ 667,746
========= =========
See accompanying Notes to Financial Statements.
43
Aston Funds
ABN AMRO REAL ESTATE FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PIE CHART]
Foreign Common Stocks, Cash and Other Net Assets 4%
Storage 6%
Diversified 6%
Health Care 8%
Industrial 10%
Office Properties 11%
Hotels 3%
Net Lease 3%
Retail 33%
Residential 16%
% of Total Net Assets
MARKET
SHARES VALUE
- -------- --------------
COMMON STOCKS - 96.02%
DIVERSIFIED - 6.17%
21,400 Digital Realty Trust .............................. $ 829,250
22,900 Vornado Realty Trust .............................. 2,131,761
--------------
2,961,011
--------------
HEALTHCARE - 7.79%
48,400 Nationwide Health Properties ...................... 1,743,368
41,050 Ventas ............................................ 1,993,388
--------------
3,736,756
--------------
HOTELS - 3.06%
85,300 Host Hotels & Resorts ............................. 1,467,160
--------------
INDUSTRIAL - 10.47%
86,700 DCT Industrial Trust .............................. 867,000
66,400 ProLogis Trust .................................... 4,157,304
--------------
5,024,304
--------------
NET LEASE - 2.96%
62,000 National Retail Properties ........................ 1,420,420
--------------
OFFICE PROPERTIES - 10.98%
14,600 Boston Properties ................................. 1,467,154
24,100 Kilroy Realty ..................................... 1,260,912
27,400 SL Green Realty ................................... 2,542,720
--------------
5,270,786
--------------
RESIDENTIAL - 15.72%
19,524 AvalonBay Communities ............................. 1,947,519
17,700 Camden Property Trust ............................. 936,507
47,800 Equity Residential
Properties Trust ................................ 1,984,656
13,000 Essex Property Trust .............................. 1,547,000
30,800 Post Properties ................................... 1,130,360
--------------
7,546,042
--------------
RETAIL - 32.56%
59,400 Developers Diversified Realty ..................... 2,551,230
22,800 Federal Realty Investment Trust ................... 1,873,020
54,100 Kimco Realty ...................................... 2,159,131
28,000 Macerich .......................................... 2,047,640
54,100 Simon Property Group .............................. 5,402,426
28,100 Taubman Centers ................................... 1,592,427
--------------
15,625,874
--------------
STORAGE - 6.31%
33,400 Public Storage .................................... 3,029,380
--------------
TOTAL COMMON STOCKS
(Cost $48,101,342) .............................. 46,081,733
--------------
FOREIGN COMMON STOCKS - 3.58%
CANADA - 3.58%
31,600 Boardwalk Real Estate
Investment Trust ................................ 1,251,951
24,000 H&R Real Estate
Investment Trust ................................ 466,369
--------------
TOTAL FOREIGN COMMON STOCKS
(Cost $1,947,942) ............................... 1,718,320
--------------
INVESTMENT COMPANY - 0.56%
268,134 BlackRock Liquidity Funds
TempCash Portfolio .............................. 268,134
--------------
TOTAL INVESTMENT COMPANY
(Cost $268,134) ................................. 268,134
--------------
TOTAL INVESTMENTS - 100.16%
(Cost $50,317,418)* ........................................ 48,068,187
--------------
NET OTHER ASSETS AND LIABILITIES - (0.16)% ................... (74,582)
--------------
NET ASSETS - 100.00% ......................................... $ 47,993,605
==============
- -----------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................ $ 1,086,470
Gross unrealized depreciation ................................ (3,335,701)
--------------
Net unrealized depreciation .................................. $ (2,249,231)
==============
See accompanying Notes to Financial Statements.
44
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
Corporate Notes and Bonds 17%
U.S Government and Agency Obligations 15%
Cash and Other Net Assets 4%
Common Stocks 64%
% of Total Net Assets
MARKET
SHARES VALUE
- --------- ---------------
COMMON STOCKS - 63.70%
BIOTECHNOLOGY - 1.79%
6,300 Gilead Sciences * ................................. $ 326,087
-------------
CAPITAL GOODS - 4.42%
8,400 Emerson Electric .................................. 438,984
2,400 Fluor ............................................. 366,888
-------------
805,872
-------------
COMMUNICATIONS - 3.18%
1,008 Google, Class A * ................................. 578,884
-------------
CONSUMER STAPLES - 3.85%
2,550 Colgate-Palmolive ................................. 180,285
7,765 Procter & Gamble .................................. 520,643
-------------
700,928
-------------
FINANCE - 0.95%
8,000 Charles Schwab .................................... 172,800
-------------
FOOD AND BEVERAGES - 5.43%
9,400 Coca-Cola ......................................... 553,378
6,370 PepsiCo ........................................... 436,536
-------------
989,914
-------------
MEDICAL PRODUCTS AND SUPPLIES - 4.35%
6,600 Allergan .......................................... 372,042
6,500 Stryker ........................................... 421,395
-------------
793,437
-------------
OIL AND GAS EXTRACTION - 11.89%
5,500 Cameron International * ........................... 270,765
3,500 Devon Energy ...................................... 396,900
10,900 Halliburton ....................................... 500,419
4,500 Occidental Petroleum .............................. 374,445
6,200 Schlumberger ...................................... 623,410
-------------
2,165,939
-------------
PHARMACEUTICALS - 3.89%
7,700 Abbott Laboratories ............................... 406,175
16,400 Schering-Plough ................................... 301,924
-------------
708,099
-------------
RESTAURANTS - 2.12%
6,500 McDonald's ........................................ 387,270
-------------
RETAIL - 7.84%
5,400 Costco Wholesale .................................. 384,750
12,100 CVS Caremark ...................................... 488,477
5,100 NIKE, Class B ..................................... 340,680
3,700 Wal-Mart Stores ................................... 214,526
-------------
1,428,433
-------------
TECHNOLOGY - 11.08%
3,200 Apple * ........................................... 556,640
5,400 Electronic Arts * ................................. 277,938
9,500 Hewlett-Packard ................................... 440,325
10,200 Juniper Networks * ................................ 281,724
3,800 Research In Motion * .............................. 462,194
-------------
2,018,821
-------------
TELECOMMUNICATIONS EQUIPMENT - 2.91%
12,300 QUALCOMM .......................................... 531,237
-------------
TOTAL COMMON STOCKS
(Cost $9,350,819) ............................... 11,607,721
-------------
PAR VALUE
- ---------
CORPORATE NOTES AND BONDS - 16.78%
COMMUNICATIONS - 4.41%
$ 275,000 BellSouth Capital Funding
7.750%, 02/15/10 ............................... 291,292
250,000 Cisco Systems
5.500%, 02/22/16 ............................... 259,359
250,000 Verizon Communications
5.550%, 02/15/16 ............................... 252,555
------------
803,206
------------
FINANCE - 6.51%
250,000 Bank of America
5.375%, 08/15/11 ............................... 257,928
250,000 Citigroup
5.125%, 05/05/14 ............................... 243,423
275,000 General Electric Capital,
MTN, Series A
5.875%, 02/15/12 ............................... 288,180
200,000 Goldman Sachs Group
5.150%, 01/15/14 ............................... 194,591
200,000 Wells Fargo
4.200%, 01/15/10 ............................... 201,764
------------
1,185,886
------------
OIL AND GAS EXTRACTION - 1.32%
225,000 Conoco Funding
6.350%, 10/15/11 ............................... 240,593
------------
See accompanying Notes to Financial Statements.
45
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------- ------------
PHARMACEUTICALS - 1.63%
$ 300,000 Abbott Laboratories
4.350%, 03/15/14 ............................... $ 296,762
------------
RETAIL - 1.67%
300,000 Wal-Mart Stores
4.125%, 07/01/10 ............................... 303,838
------------
TECHNOLOGY - 1.24%
225,000 Hewlett-Packard
4.500%, 03/01/13 ............................... 227,076
------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $3,037,595) .............................. 3,057,361
------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.23%
FEDERAL HOME LOAN MORTGAGE - 2.11%
275,000 5.125%, 10/15/08 .................................. 278,473
100,000 6.625%, 09/15/09 .................................. 105,053
------------
383,526
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.33%
275,000 6.000%, 05/15/11 .................................. 296,289
300,000 4.375%, 09/15/12 .................................. 311,326
------------
607,615
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.00%
33 9.000%, 09/15/08,
Pool # 27056 .................................... 32
------------
U.S. TREASURY BOND - 5.30%
200,000 8.125%, 08/15/19 .................................. 271,938
175,000 6.875%, 08/15/25 .................................. 225,299
200,000 6.125%, 08/15/29 .................................. 243,844
200,000 5.375%, 02/15/31 .................................. 225,078
------------
966,159
------------
U.S. TREASURY NOTE - 4.49%
350,000 4.000%, 02/15/15 .................................. 364,274
225,000 4.500%, 02/15/16 .................................. 240,205
200,000 4.625%, 02/15/17 .................................. 214,031
------------
818,510
------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $2,617,181) ............................... 2,775,842
------------
MARKET
SHARES VALUE
--------- ------------
INVESTMENT COMPANY - 3.48%
634,520 BlackRock Liquidity Funds
TempCash Portfolio ......................... $ 634,520
------------
TOTAL INVESTMENT COMPANY
(Cost $634,520) ............................. 634,520
------------
TOTAL INVESTMENTS - 99.19%
(Cost $15,640,115)** ....................................... 18,075,444
------------
NET OTHER ASSETS AND LIABILITIES - 0.81% ..................... 147,494
------------
NET ASSETS - 100.00% ......................................... $ 18,222,938
============
- -------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................ $ 2,601,081
Gross unrealized depreciation ................................ (165,752)
-------------
Net unrealized appreciation .................................. $ 2,435,329
=============
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks................................................. 64%
Investment Company............................................ 3%
U.S. Government Obligations................................... 10%
U.S. Government Agency Obligations............................ 5%
Corporate Notes and Bonds (Moody's Ratings)
Aaa........................................................ 2%
Aa......................................................... 7%
A.......................................................... 9%
------------
100%
============
See accompanying Notes to Financial Statements.
46
Aston Funds
BALANCED FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Cash and Other Net Assets 3%
U.S. Government and Agency Obligations 15%
Corporate Notes and Bonds 17%
Asset-Backed Securities 1%
Common Stocks 64%
% of Total Net Assets
MARKET
SHARES VALUE
--------- -------------
COMMON STOCKS - 64.36%
BIOTECHNOLOGY - 1.80%
9,200 Gilead Sciences * ................................. $ 476,192
-------------
CAPITAL GOODS - 4.36%
12,100 Emerson Electric .................................. 632,346
3,400 Fluor ............................................. 519,758
-------------
1,152,104
-------------
COMMERCIAL SERVICES - 1.66%
15,400 Juniper Networks* ................................. 439,158
-------------
COMMUNICATIONS - 3.04%
1,402 Google, Class A * ................................. 805,155
-------------
CONSUMER STAPLES - 3.80%
3,700 Colgate-Palmolive ................................. 261,590
11,100 Procter & Gamble .................................. 744,255
-------------
1,005,845
-------------
FINANCE - 0.96%
11,700 Charles Schwab .................................... 252,720
-------------
FOOD AND BEVERAGES - 5.41%
13,500 Coca-Cola ......................................... 794,745
9,300 PepsiCo ........................................... 637,329
-------------
1,432,074
-------------
MEDICAL PRODUCTS AND SUPPLIES - 4.54%
10,400 Allergan .......................................... 586,248
9,500 Stryker ........................................... 615,885
-------------
1,202,133
-------------
OIL AND GAS EXTRACTION - 11.84%
8,100 Cameron International * ........................... 398,763
5,000 Devon Energy ...................................... 567,000
15,700 Halliburton ....................................... 720,787
6,500 Occidental Petroleum .............................. 540,865
9,000 Schlumberger ...................................... 904,950
-------------
3,132,365
-------------
PHARMACEUTICALS - 4.11%
12,200 Abbott Laboratories ............................... 643,550
24,100 Schering-Plough ................................... 443,681
-------------
1,087,231
-------------
RESTAURANTS - 2.32%
10,300 McDonald's ........................................ 613,674
-------------
RETAIL - 7.89%
7,800 Costco Wholesale .................................. 555,750
17,700 CVS Caremark ...................................... 714,549
7,100 NIKE, Class B ..................................... 474,280
5,900 Wal-Mart Stores ................................... 342,082
-------------
2,086,661
-------------
TECHNOLOGY - 9.74%
4,600 Apple * . ......................................... 800,170
7,895 Electronic Arts * ................................. 406,356
13,800 Hewlett-Packard ................................... 639,630
6,000 Research In Motion * .............................. 729,780
-------------
2,575,936
-------------
TELECOMMUNICATIONS EQUIPMENT - 2.89%
17,700 QUALCOMM .......................................... 764,463
-------------
TOTAL COMMON STOCKS
(Cost $16,092,609) .............................. 17,025,711
-------------
PAR VALUE
- ---------
CORPORATE NOTES AND BONDS - 17.20%
BIOTECHNOLOGY - 0.37%
$ 100,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 ................................ 98,867
------------
COMMUNICATIONS - 2.35%
200,000 AT&T
6.000%, 03/15/09 (a) ............................ 202,918
50,000 British Sky Broadcasting
6.875%, 02/23/09 ................................ 50,907
100,000 British Telecom
Senior Unsecured Notes
5.950%, 01/15/18 ................................ 100,384
200,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ................................ 165,994
100,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 ................................ 100,483
------------
620,686
------------
CONSUMER CYCLICALS - 0.18%
50,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 ................................ 47,750
------------
See accompanying Notes to Financial Statements.
47
Aston Funds
BALANCED FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
------------- ------------
FINANCE - 7.67%
$ 125,000 American Express
Senior Unsecured Notes
7.000%, 03/19/18 ........................ $ 134,701
250,000 Bear Stearns, MTN
3.460%, 11/21/16 (b) .................... 230,615
100,000 CIT Group
Senior Notes
3.402%, 11/03/10 (b) .................... 81,163
500,000 Citigroup, Subordinated Notes
3.643%, 08/25/36 (b) .................... 371,637
300,000 Goldman Sachs Capital I
6.345%, 02/15/34 ........................ 271,284
250,000 Lehman Brothers Holdings
Subordinated Notes
6.875%, 07/17/37 ........................ 232,469
315,000 NB Capital Trust II
7.830%, 12/15/26 ........................ 308,450
250,000 SLM, MTN
5.625%, 08/01/33 ........................ 194,290
250,000 Washington Mutual Bank,
Subordinated Notes
3.490%, 05/20/13 (b) .................... 205,794
------------
2,030,403
------------
FOOD AND BEVERAGES - 0.99%
250,000 Kraft Foods
Senior Unsecured Notes
6.500%, 08/11/17 ........................ 262,107
------------
INDUSTRIAL - 0.39%
100,000 Tyco Electronics Group
6.550%, 10/01/17 (c) .................... 102,559
------------
OIL AND GAS EXTRACTION - 0.44%
50,000 Hess
7.875%, 10/01/29 ........................ 59,949
50,000 Western Oil Sands, Secured
8.375%, 05/01/12 ........................ 55,245
------------
115,194
------------
PHARMACEUTICALS - 0.93%
250,000 Hospira, Senior Notes
6.050%, 03/30/17 ........................ 245,189
------------
RESTAURANTS - 1.09%
Yum! Brands, Senior Notes
190,000 7.650%, 05/15/08 ........................ 190,235
100,000 6.875%, 11/15/37 ........................ 98,261
------------
288,496
------------
RETAIL - 0.74%
250,000 Macys Retail Holdings
6.375%, 03/15/37 ........................ 194,976
------------
TECHNOLOGY - 0.58%
50,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 ........................ 50,484
100,000 Oracle
Senior Unsecured Notes
6.500%, 04/15/38 ........................ 103,705
------------
154,189
------------
UTILITIES - 1.47%
200,000 CenterPoint Energy
Senior Notes, Series B
7.250%, 09/01/10 ......................... 207,957
175,000 CILCORP
Senior Unsecured Notes
8.700%, 10/15/09 ......................... 181,504
------------
389,461
------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $4,895,538) .......................... 4,549,877
------------
U.S.GOVERNMENT AND AGENCY OBLIGATIONS - 14.67%
FEDERAL HOME LOAN MORTGAGE - 5.78%
400,000 6.000%, 06/05/17, MTN ........................ 401,370
374,115 5.500%, 11/01/20,
Gold Pool # G18083 ....................... 381,886
59,880 5.500%, 12/01/20,
Gold Pool # G11820 ....................... 61,124
432,989 5.500%, 01/01/37,
Gold Pool # G02629 ....................... 436,377
247,276 5.500%, 09/01/37,
Gold Pool # G03202 ....................... 249,138
------------
1,529,895
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.98%
500,000 6.070%, 05/12/16 ............................. 500,532
250,000 6.000%, 03/13/23 ............................. 250,920
200,000 6.000%, 02/26/24 ............................. 200,165
43,759 7.500%, 02/01/35,
Pool # 787557 ............................ 46,713
38,177 7.500%, 04/01/35,
Pool # 819231 ............................ 40,755
176,959 6.000%, 11/01/35,
Pool # 844078 ............................ 181,225
393,072 6.000%, 12/01/36,
Pool # 888029 ............................ 402,363
233,677 5.500%, 06/01/37,
Pool # 918778 ............................ 235,240
249,677 5.500%, 03/01/38,
Pool # 962344 ............................ 251,323
------------
2,109,236
------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 0.91%
243,432 5.000%, 08/20/37,
Pool # 4015 .............................. 240,472
------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $3,829,182) ........................ 3,879,603
------------
ASSET-BACKED SECURITIES - 0.40%
45,394 Ford Credit Auto Owner Trust
Series 2007-B, Class A1
5.292%, 10/15/08 (a) (c) .................. 45,463
60,847 Household Automotive Trust
Series 2007-1, Class A2
5.320%, 05/17/10 .......................... 61,087
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $ 106,177) .......................... 106,550
------------
See accompanying Notes to Financial Statements.
48
Aston Funds
BALANCED FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------ ------------
INVESTMENT COMPANIES - 3.05%
571,394 BlackRock Liquidity Funds
TempCash Portfolio ........................ $ 571,394
236,827 BlackRock Liquidity Funds
TempFund Portfolio ........................ 236,827
------------
TOTAL INVESTMENT COMPANIES
(Cost $ 808,221) ........................... 808,221
------------
TOTAL INVESTMENTS - 99.68%
(Cost $25,731,727)** ...................................... 26,369,962
------------
NET OTHER ASSETS AND LIABILITIES - 0.32% ..................... 83,378
------------
NET ASSETS - 100.00% ......................................... $ 26,453,340
============
- ----------------
* Non-income producing security.
** At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................ $ 1,442,041
Gross unrealized depreciation ................................ (803,806)
-----------
Net unrealized appreciation .................................. $ 638,235
===========
(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, 2008.
(c) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities were 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, 2008, these securities amounted to
$148,022 or 0.56% of net assets. These securities have been determined by
the Sub-Adviser to be liquid securities.
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks .......................................................... 64%
Investment Companies.................................................... 3%
U.S. Government Agency Obligations...................................... 15%
Corporate Notes and Bonds and Asset-Backed
Securities (Moody's Ratings(a))
Aa................................................................... 2%
A.................................................................... 5%
Baa.................................................................. 9%
Ba................................................................... 2%
---
100%
===
See accompanying Notes to Financial Statements.
49
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Cash and Other Net Assets 3%
Corporate Notes and Bonds 40%
Asset-Backed Securities 1%
U.S. Government and Agency Obligations 56%
% of Total Net Assets
MARKET
PAR VALUE VALUE
- --------------- ------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 55.57%
FEDERAL HOME LOAN MORTGAGE - 12.22%
500,000 6.000%, 06/05/17, MTN ...................... $ 501,713
2,103,011 5.500%, 11/01/20,
Gold Pool # G18083 ...................... 2,146,696
336,713 5.500%, 12/01/20,
Gold Pool # G11820 ...................... 343,707
1,000,000 6.500%, 07/20/22, MTN ...................... 1,037,156
396,277 6.000%, 10/01/35,
Gold Pool # A47772 ...................... 406,132
865,977 5.500%, 01/01/37,
Gold Pool # G02629 ...................... 872,755
934,172 5.500%, 05/01/37,
Pool # A60048 ........................... 941,204
1,978,211 5.500%, 09/01/37,
Gold Pool # G03202 ...................... 1,993,101
1,988,704 5.000%, 02/01/38,
Gold Pool # A73409 ...................... 1,956,441
------------
10,198,905
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 33.77%
1,800,000 6.350%, 12/02/25 ........................... 1,805,999
1,000,000 4.125%, 04/15/14 ........................... 1,020,044
3,000,000 6.070%, 05/12/16 ........................... 3,003,192
766,952 6.000%, 11/01/17,
Pool # 662854 ........................... 792,230
504,491 6.000%, 04/01/18,
Pool # 725175 ........................... 521,118
691,381 5.500%, 11/01/18,
Pool # 748886 ........................... 707,815
365,147 4.500%, 06/01/19,
Pool # 747860 ........................... 362,815
1,854,016 6.000%, 01/01/21,
Pool # 850787 ........................... 1,911,646
500,000 6.000%, 12/02/21 ........................... 501,398
1,500,000 6.625%, 07/25/22 ........................... 1,513,166
1,500,000 6.000%, 03/03/23 ........................... 1,504,262
2,000,000 6.000%, 03/13/23 ........................... 2,007,364
1,000,000 6.000%, 02/26/24 ........................... 1,000,826
3,501,924 5.500%, 07/25/31,
Series 2005-27, Class TH, CMO ............ 3,564,200
956,411 6.000%, 09/01/32,
Pool # 847899 ............................ 984,996
283,324 6.000%, 02/01/34,
Pool # 771952 ............................ 291,083
279,118 7.500%, 02/01/35,
Pool # 787557 ............................ 297,961
243,444 7.500%, 04/01/35,
Pool # 819231 ............................ 259,879
994,641 6.000%, 11/01/35,
Pool # 844078 ............................ 1,018,617
862,698 5.000%, 05/01/36,
Pool # 745581 ............................ 849,121
786,143 6.000%, 12/01/36,
Pool # 888029 ............................ 804,725
934,707 5.500%, 06/01/37,
Pool # 918778 ............................ 940,960
2,496,775 5.500%, 03/01/38,
Pool # 962344 ............................ 2,513,227
------------
28,176,644
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 3.44%
954,543 5.000%, 05/20/37,
Pool # 782156 ............................ 942,938
1,947,453 5.000%, 08/20/37,
Pool # 4015 .............................. 1,923,777
------------
2,866,715
------------
U.S. TREASURY NOTE - 6.14%
2,500,000 4.125%, 08/15/08 ........................... 2,519,533
2,500,000 4.000%, 02/15/15 ........................... 2,601,955
------------
5,121,488
------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $45,619,685) ....................... 46,363,752
------------
CORPORATE NOTES AND BONDS - 40.03%
BIOTECHNOLOGY - 1.18%
1,000,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 ......................... 988,666
------------
BUILDING PRODUCTS - 0.81%
750,000 USG,
Senior Unsecured Notes
7.750%, 01/15/18 ......................... 678,750
------------
COMMUNICATIONS - 2.99%
200,000 British Sky Broadcasting
6.875%, 02/23/09 ......................... 203,628
500,000 British Telecom
Senior Unsecured Notes
5.950%, 01/15/18 ......................... 501,921
800,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ......................... 663,976
750,000 Nextel Communications,
Senior Notes, Series E
6.875%, 10/31/13 ......................... 619,203
500,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 ......................... 502,417
------------
2,491,145
------------
See accompanying Notes to Financial Statements.
50
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------------- ------------
CONSUMER CYCLICALS - 2.85%
$ 750,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 ...................... $ 716,250
1,000,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 ...................... 838,622
1,000,000 Limited Brands
Senior Unsecured Notes
7.600%, 07/15/37 ...................... 824,351
------------
2,379,223
------------
DIVERSIFIED MANUFACTURING - 0.62%
500,000 Tyco Electronics Group
7.125%, 10/01/37 (a) .................. 513,656
------------
FINANCE - 17.18%
750,000 American Express
Senior Unsecured Notes
8.150%, 03/19/38 ...................... 875,194
300,000 Bank of America
Senior Unsecured Notes
3.439%, 09/11/12 (b) .................. 293,925
1,500,000 Bear Stearns, MTN
3.460%, 11/21/16 (b) .................. 1,383,690
CIT Group
Senior Notes
500,000 3.402%, 11/03/10 (b) .................. 405,818
1,000,000 3.320%, 02/13/12 (b) .................. 805,920
2,000,000 Citigroup, Subordinated Notes
3.643%, 08/25/36 (b) . . . . . .. 1,486,546
500,000 General Electric Capital, MTN, Series A
3.475%, 05/05/26 (b) .................. 423,062
1,650,000 Goldman Sachs Capital I
6.345%, 02/15/34 ...................... 1,492,062
500,000 IBM International Group Capital
3.253%, 07/29/09 (b) .................. 501,245
250,000 John Deere Capital
Senior Unsecured Notes
3.434%, 01/18/11 (b) .................. 249,575
1,000,000 Lehman Brothers Holdings
Subordinated Notes
6.875%, 07/17/37 ...................... 929,874
600,000 Merrill Lynch
6.110%, 01/29/37 ...................... 507,665
750,000 Merrill Lynch, MTN
6.875%, 04/25/18 ...................... 757,474
1,725,000 NB Capital Trust II
7.830%, 12/15/26 ...................... 1,689,129
1,000,000 Residential Capital
7.500%, 02/22/11 ...................... 520,000
1,000,000 SLM, MTN
5.625%, 08/01/33 ...................... 777,159
1,500,000 Washington Mutual Bank,
Subordinated Notes
3.490%, 05/20/13 (b) .................. 1,234,763
------------
14,333,101
------------
FOOD AND BEVERAGES - 1.27%
1,000,000 Kraft Foods,
Senior Unsecured Notes
7.000%, 08/11/37 ...................... 1,056,110
------------
HEALTH CARE - 0.59%
500,000 Unitedhealth Group
6.875%, 02/15/38 ........................ 489,380
------------
OIL AND GAS EXTRACTION - 1.47%
100,000 Hess
7.875%, 10/01/29 ........................ 119,897
1,005,000 Western Oil Sands, Secured
8.375%, 05/01/12 ........................ 1,110,436
------------
1,230,333
------------
PHARMACEUTICALS - 1.17%
1,000,000 Hospira, Senior Notes
6.050%, 03/30/17 ........................ 980,758
------------
RESTAURANTS - 2.17%
1,000,000 Darden Restaurants,
Senior Unsecured Notes
6.800%, 10/15/37 ........................ 926,720
900,000 Yum! Brands, Senior Notes
6.875%, 11/15/37 ........................ 884,347
------------
1,811,067
------------
RETAIL - 3.02%
750,000 JC Penney
6.375%, 10/15/36 ........................ 642,403
500,000 Macys Retail Holdings
6.375%, 03/15/37 ........................ 389,952
1,000,000 Nordstrom
Senior Unsecured Notes
7.000%, 01/15/38 ........................ 973,574
500,000 Wal-Mart Stores
6.200%, 04/15/38 ........................ 510,643
------------
2,516,572
------------
TECHNOLOGY - 1.54%
350,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 ........................ 353,389
900,000 Oracle
Senior Unsecured Notes
6.500%, 04/15/38 ........................ 933,347
------------
1,286,736
------------
UTILITIES - 3.17%
1,045,000 CenterPoint Energy
Senior Notes, Series B
7.250%, 09/01/10 ........................ 1,086,575
1,500,000 CILCORP
Senior Unsecured Notes
8.700%, 10/15/09 ........................ 1,555,746
------------
2,642,321
------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $36,079,588) ...................... 33,397,818
------------
See accompanying Notes to Financial Statements.
51
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------------- ------------
ASSET-BACKED SECURITIES - 1.00%
$ 253,154 Capital One Auto Finance Trust
Series 2007-A, Class A2
5.330%, 05/17/10 ........................ $ 253,151
272,363 Ford Credit Auto Owner Trust
Series 2007-B, Class A1
5.292%, 10/15/08 (a) (c) ................ 272,781
304,235 Household Automotive Trust
Series 2007-1, Class A2
5.320%, 05/17/10 ........................ 305,437
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $ 829,432) ........................ 831,369
------------
SHARES
- ---------------
INVESTMENT COMPANY - 2.84%
2,367,554 BlackRock Liquidity Funds
TempCash Portfolio ...................... 2,367,554
------------
TOTAL INVESTMENT COMPANY
(Cost $2,367,554) ....................... 2,367,554
------------
TOTAL INVESTMENTS - 99.44%
(Cost $84,896,259)* ....................................... 82,960,493
------------
NET OTHER ASSETS AND LIABILITIES - 0.56% .................. 470,121
------------
NET ASSETS - 100.00% ...................................... $ 83,430,614
============
- --------------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................ $ 1,235,115
Gross unrealized depreciation ................................ (3,170,881)
------------
Net unrealized depreciation .................................. $ (1,935,766)
============
(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, 2008, these securities amounted to
$786,437 or 0.94% of net assets. These securities have been determined by
the Sub-Adviser to be liquid securities.
(b) Variable rate bond. The interest rate shown reflects the rate in effect at
April 30, 2008.
(c) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
CMO Collateralized Mortgage Obligation
LOC Letter of Credit
MTN Medium Term Note
PORTFOLIO COMPOSITION
Investment Company ................................................... 3%
U.S. Government Obligations........................................... 6%
U.S. Government Agency Obligations.................................... 49%
Corporate Notes and Bonds and Asset-
Backed Securities (Moody's Ratings(c))
Aaa................................................................ 1%
Aa................................................................. 3%
A.................................................................. 11%
Baa................................................................ 21%
Ba................................................................. 5%
Ca................................................................. 1%
---
100%
===
See accompanying Notes to Financial Statements.
52
Aston Funds
TCH INVESTMENT GRADE BOND FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Cash and Other Net Assets 3%
Non-Agency Mortgage Backed Securities 5%
Corporate Notes and Bonds 32%
Asset-Backed Securities 1%
Commercial Mortgage-Backed Securities 1%
U.S. Government and Agency Obligations 58%
% of Total Net Assets
MARKET
PAR VALUE VALUE
- --------------- -------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 58.56%
FEDERAL HOME LOAN BANK - 0.72%
$ 100,000 6.500%, 08/14/09 ........................... $ 104,634
------------
FEDERAL HOME LOAN MORTGAGE - 16.92%
100,000 6.000%, 06/05/17, MTN ...................... 100,342
57,248 5.500%, 08/01/17,
Gold Pool # E90954 ...................... 58,589
473,699 5.000%, 09/01/18,
Gold Pool # E99582 ...................... 479,038
107,285 6.500%, 08/01/32,
Gold Pool # C01385 ...................... 111,814
537,015 5.000%, 11/01/33,
Gold Pool # A15349 ...................... 529,646
470,036 5.500%, 11/01/33,
Gold Pool # A15901 ...................... 474,748
185,594 6.000%, 02/01/35,
Gold Pool # A34083 ...................... 190,529
247,276 5.500%, 09/01/37,
Gold Pool # G03202 ...................... 249,137
248,588 5.000%, 02/01/38,
Gold Pool # A73409 ...................... 244,555
------------
2,438,398
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 36.38%
100,000 5.500%, 03/15/11 ........................... 106,258
61,630 6.000%, 10/01/16,
Pool # 611322 ........................... 63,661
68,432 5.500%, 01/01/17,
Pool # 623107 ........................... 70,123
162,963 5.500%, 04/01/17,
Pool # 254259 ........................... 166,938
119,886 6.000%, 06/01/17,
Pool # 254342 ........................... 123,838
322,800 5.500%, 11/01/17,
Pool # 659589 ........................... 330,675
449,651 5.000%, 06/01/19,
Pool # 255274 ........................... 453,875
300,827 5.000%, 09/01/19,
Pool # 788070 ........................... 304,029
500,000 6.000%, 03/03/23 ........................... 501,421
250,000 6.000%, 03/13/23 ........................... 250,921
300,000 6.000%, 02/26/24 ........................... 300,248
75,578 6.500%, 03/01/32,
Pool # 254239 ........................... 78,687
52,484 7.000%, 04/01/32,
Pool # 545556 ........................... 55,882
93,907 6.500%, 10/01/32,
Pool # 254479 ........................... 97,770
558,183 5.000%, 10/01/33,
Pool # 749179 ........................... 550,270
61,977 6.000%, 02/01/34,
Pool # 725162 ........................... 63,674
164,212 6.000%, 09/01/34,
Pool # 794267 ........................... 168,453
249,392 6.000%, 11/01/34,
Pool # 735060 ........................... 255,832
418,450 5.000%, 05/01/35,
Pool # 826641 ........................... 411,864
393,072 6.000%, 12/01/36,
Pool # 888029 ........................... 402,363
233,677 5.500%, 06/01/37,
Pool # 918778 ........................... 235,240
249,677 5.500%, 03/01/38,
Pool # 962344 ........................... 251,323
------------
5,243,345
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.06%
53,745 6.500%, 05/15/32,
Pool # 584389 ........................... 56,034
243,432 5.000%, 08/20/37,
Pool # 4015 ............................. 240,472
------------
296,506
------------
U.S. TREASURY NOTE - 2.48%
250,000 4.125%, 08/15/08 ........................... 251,953
100,000 4.250%, 11/15/14 ........................... 105,836
------------
357,789
------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $8,368,833) ....................... 8,440,672
------------
CORPORATE NOTES AND BONDS - 32.20%
BIOTECHNOLOGY - 1.03%
150,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 ........................ 148,300
------------
COMMUNICATIONS - 4.49%
100,000 British Sky Broadcasting
6.875%, 02/23/09 ........................ 101,814
150,000 British Telecom
Senior Unsecured Notes
5.950%, 01/15/18 ........................ 150,576
300,000 Sprint Nextel, Unsecured Notes
6.000%, 12/01/16 ........................ 244,887
150,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 ........................ 150,725
------------
648,002
------------
See accompanying Notes to Financial Statements.
53
Aston Funds
TCH INVESTMENT GRADE BOND FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- --------------- ------------
FINANCE - 15.07%
$ 125,000 American Express
Senior Unsecured Notes
7.000%, 03/19/18 ........................ $ 134,701
200,000 Bank of America
Senior Unsecured Notes
3.439%, 09/11/12 (a) .................... 195,950
250,000 Bear Stearns, MTN
3.460%, 11/21/16 (a) .................... 230,615
250,000 CIT Group Senior Notes
3.320%, 02/13/12 (a) .................... 201,480
500,000 Citigroup, Subordinated Notes
3.643%, 08/25/36 (a) .................... 371,637
375,000 International Lease Finance,
Unsubordinated Notes
5.875%, 05/01/13 ........................ 373,868
250,000 Merrill Lynch, MTN
6.875%, 04/25/18 ........................ 252,491
500,000 Washington Mutual Bank,
Subordinated Notes
3.490%, 05/20/13 (a) .................... 411,587
------------
2,172,329
------------
FOOD AND BEVERAGES - 2.53%
250,000 Kraft Foods
Senior Unsecured Notes
6.500%, 08/11/17 ........................ 262,107
100,000 Kroger
5.500%, 02/01/13 ........................ 102,015
------------
364,122
------------
INDUSTRIAL - 1.07%
150,000 Tyco Electronics Group
6.550%, 10/01/17 (b) .................... 153,838
------------
INSURANCE - 3.30%
200,000 Chubb
6.000%, 11/15/11 ........................ 202,117
250,000 State Auto Financial,
Senior Notes
6.250%, 11/15/13 ........................ 273,868
------------
475,985
------------
OIL AND GAS EXTRACTION - 0.72%
100,000 Dominion Resources
Senior Unsecured Notes,
Series C 6.250%, 11/01/11 ............... 104,395
------------
PHARMACEUTICALS - 1.70%
250,000 Hospira, Senior Notes
6.050%, 03/30/17 ....................... 245,190
------------
RESTAURANTS - 0.88%
125,000 Yum! Brands,
Senior Unsecured Notes
6.250%, 03/15/18 ........................ 126,501
------------
TECHNOLOGY - 1.41%
100,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 ........................ 100,968
100,000 Oracle
Senior Unsecured Notes
5.750%, 04/15/18 ........................ 102,005
------------
202,973
------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $4,944,207) ....................... 4,641,635
------------
ASSET-BACKED SECURITIES - 0.95%
45,394 Ford Credit Auto Owner Trust
Series 2007-B, Class A1
5.292%, 10/15/08 (b) (c) ................ 45,463
91,270 Household Automotive Trust
Series 2007-1, Class A2
5.320%, 05/17/10 ........................ 91,631
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $ 136,569) ........................ 137,094
------------
NON-AGENCY MORTGAGE-BACKED SECURITIES - 5.16%
274,203 Bear Stearns Asset
Backed Securities,
Series 2003-AC5,
Class A2, CMO
5.000%, 10/25/33 ........................ 264,059
301,763 Chase Mortgage Finance,
Series 2003-S2,
Class A1, CMO
5.000%, 03/25/18 (c) .................... 291,977
38,080 Master Asset Securitization Trust,
Series 2002-8,
Class 1A2, CMO
5.250%, 12/25/17 (c) .................... 37,758
151,943 Washington Mutual,
Series 2002-S8,
Class 2A7, CMO
5.250%, 01/25/18 (c) .................... 150,519
------------
TOTAL NON-AGENCY
MORTGAGE-BACKED SECURITIES
(Cost $ 773,850) ........................ 744,313
------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.51%
71,912 General Electric Capital
Commercial Mortgage
Series 2001-1, Class A1
6.079%, 05/15/33 ........................ 72,838
------------
TOTAL COMMERCIAL
MORTGAGE-BACKED SECURITIES
(Cost $ 79,201) ......................... 72,838
------------
See accompanying Notes to Financial Statements.
54
Aston Funds
TCH INVESTMENT GRADE BOND FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- --------------- ------------
INVESTMENT COMPANY - 2.81%
404,938 BlackRock Liquidity Funds
TempCash Portfolio .................... $ 404,938
------------
TOTAL INVESTMENT COMPANY
(Cost $ 404,938) ....................... 404,938
------------
TOTAL INVESTMENTS - 100.19%
(Cost $14,707,598)* ..................................... 14,441,490
------------
NET OTHER ASSETS AND LIABILITIES - (0.19)% ................... (27,214)
------------
NET ASSETS - 100.00% ......................................... $ 14,414,276
============
- ---------------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................................ $ 150,330
Gross unrealized depreciation ................................ (416,438)
------------
Net unrealized depreciation .................................. $ (266,108)
============
(a) Floating rate note. The interest rate shown reflects the rate in effect at
April 30, 2008.
(b) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be
resold, in transactions exempt from registration, to qualified
institutional buyers. At April 30, 2008, these securities amounted to
$199,301 or 1.38% of net assets. These securities have been determined by
the Sub-Adviser to be liquid securities.
(c) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc. Portfolio Composition
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Investment Company .................................................. 3%
U.S. Government Obligations.......................................... 3%
U.S. Government Agency Obligations................................... 56%
Corporate Notes and Bonds (Moody's Ratings(c))
Aaa............................................................... 6%
Aa................................................................ 1%
A................................................................. 12%
Baa............................................................... 19%
---
100%
===
See accompanying Notes to Financial Statements.
55
Aston Funds
MCDONNELL MUNICIPAL BOND FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Water 5%
Facilities 5%
Other Municipal Securities 5%
Cash and Other Net Assets 7%
Healthcare 17%
Power 4%
Utilities 3%
Education 37%
General Obligation Bonds 17%
% of Total Net Assets
MARKET
PAR VALUE VALUE
- ----------- -----------
MUNICIPAL SECURITIES - 93.41%
DISTRICT OF COLUMBIA - 2.92%
$ 400,000 District of Columbia RB,
Smithsonian Institute, Series A
Pre-refunded 11/01/10
5.375%, 11/01/15 ................... $ 431,848
-----------
FLORIDA - 5.08%
750,000 Palm Beach County
Health Facilities Authority RB,
Abbey DelRay South Project
5.500%, 10/01/11 (a) ............... 751,080
-----------
GEORGIA - 3.53%
500,000 Cartersville Development
Authority Water & Wastewater
Facilities RB, Anheuser-Busch
Cos., Series A, AMT
7.375%, 05/01/09 ................... 522,205
-----------
IDAHO - 8.34%
1,000,000 Idaho Health Facilities
Authority RB,
IHC Hospitals, ETM
6.650%, 02/15/21 (a) ............... 1,233,890
-----------
ILLINOIS - 25.64%
250,000 Chicago Public Building
Commission RB,
School Reform Board, Series B
5.250%, 12/01/18
Insured: FGIC ...................... 267,148
375,000 DuPage County, Jail Project, GO
5.600%, 01/01/21 ................... 423,979
1,000,000 Illinois Development
Finance Authority RB,
Lincoln Way Community
5.700%, 01/01/18
Insured: FGIC ...................... 1,126,460
1,000,000 Lake County Township
High School
District No. 113,
Highland Park, GO
8.800%, 12/01/09 ................... 1,099,450
785,000 University of Illinois RB, Auxiliary
Facilities Systems, Series B
5.500%, 04/01/17
Insured: FGIC ...................... 878,077
-----------
3,795,114
-----------
INDIANA - 5.37%
700,000 Indianapolis Public
Improvement RB, Series B
6.000%, 01/10/20 ................... 794,724
-----------
KANSAS - 7.96%
1,020,000 Butler & Sedgwick Counties
Unified School District No. 385,
Andover, GO
6.000%, 09/01/14
Insured: FSA ....................... 1,178,457
-----------
MASSACHUSETTS - 1.50%
200,000 Massachusetts State Water
Pollution Abatement Trust RB
5.250%, 08/01/21 ................... 222,222
-----------
MICHIGAN - 3.08%
400,000 Michigan Municipal
Bond Authority RB,
Drinking Water Revolving Fund
5.500%, 10/01/16 ................... 455,620
-----------
MISSOURI - 3.47%
500,000 Missouri State Health &
Educational Facilities
Authority, RB
St. Lukes Episcopal
5.000%, 12/01/17 (a) ............... 514,020
-----------
TENNESSEE - 2.96%
400,000 Metropolitan Government
Nashville & Davidson County
Tennessee Health & Education
Board Facilities RB, Vanderbilt
University, Series B
5.000%, 10/01/18 ................... 437,324
-----------
TEXAS - 8.58%
480,000 Frisco Independent School
District, GO
7.000%, 08/15/10
Guaranteed: PSF .................... 526,838
200,000 Humble Independent School District
Series II, GO
5.500%, 02/15/10
Insured: PSF ....................... 210,648
500,000 Texas Municipal Power Agency RB,
Series E
5.500%, 09/01/10
Insured: MBIA ...................... 532,800
-----------
1,270,286
-----------
See accompanying Notes to Financial Statements.
56
Aston Funds
MCDONNELL MUNICIPAL BOND FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- ----------- -----------
VIRGINIA - 7.25%
$ 1,000,000 Roanoke Public Improvement,
Series B, GO,
State Aid Withholding
5.000%, 02/01/19 ................... $ 1,072,900
-----------
WASHINGTON - 3.46%
500,000 Port of Seattle Special Facilities RB,
Seattle-Tacoma Fuel Facilities, AMT
5.000%, 06/01/11
Insured: MBIA ...................... 511,545
-----------
WISCONSIN - 4.27%
600,000 Wisconsin State, GO,
Series A
5.000%, 05/01/21
Insured: FGIC ...................... 632,286
-----------
TOTAL MUNICIPAL SECURITIES
(Cost $12,988,676) 13,823,521
-----------
SHARES
- -----------
INVESTMENT COMPANY - 4.74%
700,658 Blackrock Provident Institutional
MuniCash Portfolio ................. 700,658
-----------
TOTAL INVESTMENT COMPANY
(Cost $ 700,658) ................... 700,658
-----------
TOTAL INVESTMENTS - 98.15%
(Cost $13,689,334)* ............................. 14,524,179
-----------
NET OTHER ASSETS AND LIABILITIES - 1.85% ......... 274,506
-----------
NET ASSETS - 100.00% ............................. $14,798,685
===========
- -------------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................... $ 852,712
Gross unrealized depreciation ................... (17,867)
-----------
Net unrealized appreciation ..................... $ 834,845
===========
(a) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
AMT Alternative Minimum Tax
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GO General Obligation
MBIA MBIA Insurance Corp.
PSF Permanent School Fund
RB Revenue Bond
PORTFOLIO COMPOSITION
Investment Company ...................... 5%
Municipal Securities (Moody's Ratings(a))
Aaa ..................................... 47%
Aa ...................................... 26%
A ....................................... 17%
Bbb ..................................... 5%
------
100%
======
See accompanying Notes to Financial Statements.
57
Aston Funds
ABN AMRO INVESTOR MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
Banks 9%
Asset-Backed 12%
Cash and Other Net Assets 2%
Repurchase Agreements 77%
% of Total Net Assets
AMORTIZED
PAR VALUE COST
- ------------ -----------
CERTIFICATES OF DEPOSIT - 2.96%
BANKS - 2.96%
$ 1,000,000 Bank of Scotland
2.650%, 05/06/08 ................. $ 999,632
-----------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $ 999,632) ................. 999,632
-----------
COMMERCIAL PAPER (A) - 17.76%
ASSET-BACKED - 11.84%
1,000,000 Barton Capital
2.750%, 05/09/08 (b) ............. 999,389
1,000,000 FCAR Owner Trust
3.050%, 05/20/08 ................. 998,390
1,000,000 Gemini Securitization
2.820%, 05/13/08 (b) ............. 999,060
1,000,000 Yorktown Capital
2.600%, 05/23/08 (b) ............. 998,411
-----------
3,995,250
-----------
BANKS - 5.92%
1,000,000 ANZ National International
2.950%, 05/05/08 (b) ............. 999,672
-----------
1,000,000 Rabobank USA
2.750%, 05/19/08 ................. 998,625
-----------
1,998,297
-----------
TOTAL COMMERCIAL PAPER
(Cost $5,993,547) ................ 5,993,547
-----------
REPURCHASE AGREEMENTS - 77.04%
$ 13,000,000 Bank of America, 1.990%,
dated 04/30/2008, matures
05/01/2008, repurchase price
$13,000,719 (collateralized by
U.S. Government Agency
instrument, with interest
rate 5.000% and maturity
of 2038, total market value
$ 13,260,000) .................... $13,000,000
13,000,000 Barclays Capital, 1.980%, dated
04/30/2008, matures 05/01/2008,
repurchase price $13,000,715
(collateralized by U.S. Government
Agency instrument, with interest
rate of 5.500% and maturity of
2036, total market value
$ 13,260,001) .................... 13,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $26,000,000) ............... 26,000,000
-----------
SHARES
- ------------
INVESTMENT COMPANY - 2.58%
870,499 BlackRock Liquidity Funds
TempFund Portfolio ............... 870,499
-----------
TOTAL INVESTMENT COMPANY
(Cost $ 870,499) ................. 870,499
-----------
TOTAL INVESTMENTS - 100.34%
(Cost $33,863,678)* ............................ $33,863,678
-----------
NET OTHER ASSETS AND LIABILITIES - (0.34)% ....... (114,414)
-----------
NET ASSETS - 100.00% ............................. $33,749,264
===========
- ----------
* At April 30, 2008, 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, 2008, these
securities amounted to $3,996,532 or 11.84% of net assets. These
securities have been determined by the Adviser to be liquid securities.
See accompanying Notes Financial Statements.
58
This page intentionally left blank.
Aston Funds
APRIL 30, 2008
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
ASSETS:
Investments:
Investments at cost .................................... $ 1,431,978,114 $ 104,608,526
Net unrealized appreciation ............................ 320,685,145 8,221,535
---------------- --------------
Total investments at value .......................... 1,752,663,259 112,830,061
Receivables:
Dividends and interest ................................. 1,312,247 40,797
Dividend reclaims ...................................... -- --
Fund shares sold ....................................... 5,428,541 274,812
Investments sold ....................................... 33,258,299 3,948,502
Due from Adviser, net (Note G) ......................... -- --
Other assets ................................................ 113,583 4,253
---------------- --------------
Total assets ........................................ 1,792,775,929 117,098,425
---------------- --------------
LIABILITIES:
Payables:
Dividend distribution .................................. -- --
Investments purchased .................................. 28,966,809 5,174,101
Fund shares redeemed ................................... 2,160,341 244,141
Due to Adviser, net (Note G) ........................... 988,721 76,672
Administration fees (Note G) ........................... 70,380 5,085
Distribution fees (Note G) ............................. 34,700 2,632
Audit and tax fees ..................................... 14,663 9,619
Custodian fees ......................................... 29,627 2,105
Transfer agent fees .................................... 156,185 9,438
Trustees fees and related expenses (Note G) ............ 9,942 --
Accrued expenses and other payables .......................... 81,921 825
---------------- --------------
Total liabilities ................................... 32,513,289 5,524,618
---------------- --------------
NET ASSETS .................................................. $ 1,760,262,640 $ 111,573,807
================ ==============
NET ASSETS CONSIST OF:
Paid in capital ........................................... $ 1,442,089,679 $ 107,498,487
Accumulated undistributed (overdistributed) net investment
income (loss) .......................................... 2,177,449 (164,115)
Accumulated net realized gain (loss) on investments ....... (4,689,633) (3,982,100)
Net unrealized appreciation on investments ................ 320,685,145 8,221,535
---------------- --------------
TOTAL NET ASSETS ............................................. $ 1,760,262,640 $ 111,573,807
================ ==============
CLASS N:
Net Assets ................................................ $ 720,927,669 $ 55,005,706
Shares of beneficial interest outstanding (unlimited
authorization) ......................................... 28,373,835 4,189,277
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................... $ 25.41 $ 13.13
================ ==============
CLASS I:
Net Assets ................................................ $ 1,037,913,394 $ 56,568,101
Shares of beneficial interest outstanding (unlimited
authorization) ......................................... 40,689,995 4,286,498
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................... $ 25.51 $ 13.20
================ ==============
CLASS R:
Net Assets ................................................ $ 1,421,577 $ --
Shares of beneficial interest outstanding (unlimited
authorization) ............................................ 56,336 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................... $ 25.23 $ --
================ ==============
See accompanying Notes to Financial Statements.
60
Aston Funds
OPTIMUM TAMRO RIVER ROAD OPTIMUM
ABN AMRO LARGE CAP VALUE ALL CAP DYNAMIC EQUITY MID CAP
GROWTH FUND OPPORTUNITY FUND FUND FUND INCOME FUND FUND
- -------------- ---------------- -------------- -------------- -------------- --------------
$ 283,267,448 $ 10,294,598 $ 259,763,599 $ 10,915,520 $ 41,123,498 $ 836,047,896
15,340,976 402,737 26,031,223 1,687,670 250,118 115,063,462
- -------------- -------------- -------------- -------------- -------------- --------------
298,608,424 10,697,335 285,794,822 12,603,190 41,373,616 951,111,358
227,326 7,615 353,899 7,968 95,411 721,400
-- -- -- -- 1,184 --
33,602 -- 9,463 162 104,449 2,216,472
5,713,404 -- 3,238,375 209,162 20,942 938,871
-- 2,906 -- -- -- --
15,628 1,120 11,131 1,071 1,108 37,422
- -------------- -------------- -------------- -------------- -------------- --------------
304,598,384 10,708,976 289,407,690 12,821,553 41,596,710 955,025,523
- -------------- -------------- -------------- -------------- -------------- --------------
-- -- -- -- 1,448 --
4,422,198 -- 3,252,162 181,879 62,165 4,904,381
403,617 1,079 45,199 -- 8,692 1,879,962
168,812 -- 170,102 2,412 19,850 548,157
12,378 1,713 13,003 1,505 2,840 36,055
5,074 514 1,209 601 1,964 39,288
12,545 7,896 11,512 9,602 9,610 11,903
11,570 10,046 14,446 1,185 6,834 13,444
77,351 15,205 7,878 6,776 14,279 144,756
6,574 278 2,208 104 -- 3,513
24,396 548 45,055 3,278 4,384 37,372
- -------------- -------------- -------------- -------------- -------------- --------------
5,144,515 37,279 3,562,774 207,342 132,066 7,618,831
- -------------- -------------- -------------- -------------- -------------- --------------
$ 299,453,869 $ 10,671,697 $ 285,844,916 $ 12,614,211 $ 41,464,644 $ 947,406,692
============== ============== ============== ============== ============== ==============
$ 328,684,214 $ 13,950,753 $ 234,072,785 $ 10,692,136 $ 42,361,792 $ 778,674,142
313,354 (7,927) 122,703 16,372 100,372 1,020,436
(44,884,675) (3,673,866) 25,618,205 218,033 (1,247,638) 52,648,652
15,340,976 402,737 26,031,223 1,687,670 250,118 115,063,462
- -------------- -------------- -------------- -------------- -------------- --------------
$ 299,453,869 $ 10,671,697 $ 285,844,916 $ 12,614,211 $ 41,464,644 $ 947,406,692
============== ============== ============== ============== ============== ==============
$ 104,101,390 $ 10,671,697 $ 24,553,131 $ 12,614,211 $ 41,277,196 $ 815,229,476
7,042,755 951,712 1,940,194 1,085,918 3,711,150 29,404,904
$ 14.78 $ 11.21 $ 12.65 $ 11.62 $ 11.12 $ 27.72
============== ============== ============== ============== ============== ==============
$ 194,729,191 $ -- $ 261,291,785 $ -- $ 187,448 $ 132,177,216
12,930,060 -- 20,648,062 -- 16,865 4,712,011
$ 15.06 $ -- $ 12.65 $ -- $ 11.11 $ 28.05
============== ============== ============== ============== ============== ==============
$ 623,288 $ -- $ -- $ $ -- $ --
42,772 -- -- -- -- --
$ 14.57 $ -- $ -- $ -- $ -- $ --
============== ============== ============== ============== ============== ==============
See accompanying Notes to Financial Statements.
61
Aston Funds
APRIL 30, 2008
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
MONTAG & CALDWELL CLARIVEST
MID CAP MID CAP
GROWTH FUND GROWTH FUND
----------------- ------------
ASSETS:
Investments:
Investments at cost .......................................... $ 2,252,411 $ 471,718
Net unrealized appreciation (depreciation) ................... (38,376) (102)
--------------- ------------
Total investments at value ................................ 2,214,035 471,616
Receivables:
Dividends and interest ....................................... 983 173
Fund shares sold ............................................. -- --
Investments sold ............................................. 53,050 8,600
Due from Adviser, net (Note G) ............................... 7,531 8,995
Deferred offering costs ............................................ 8,236 11,453
Other assets ....................................................... 1,138 1,041
--------------- ------------
Total assets .............................................. 2,284,973 501,878
--------------- ------------
LIABILITIES:
Payables:
Investments purchased ........................................ 22,507 11,879
Fund shares redeemed ......................................... -- --
Due to Adviser, net (Note G) ................................. -- --
Administration fees (Note G) ................................. 1,074 612
Distribution fees (Note G) ................................... 107 23
Audit and tax fees ........................................... 9,271 9,271
Custodian fees ............................................... 2,258 2,473
Transfer agent fees .......................................... 2,745 2,747
Trustees fees and related expenses (Note G) .................. -- --
Accrued expenses and other payables ................................ 708 314
--------------- ------------
Total liabilities ......................................... 38,670 27,319
--------------- ------------
NET ASSETS ......................................................... $ 2,246,303 $ 474,559
=============== ============
NET ASSETS CONSIST OF:
Paid in capital ................................................. $ 2,376,664 $ 524,665
Accumulated undistributed (overdistributed) net investment income
(loss) ....................................................... (6,755) (833)
Accumulated net realized loss on investments .................... (85,230) (49,171)
Net unrealized appreciation (depreciation) on investments ....... (38,376) (102)
--------------- ------------
TOTAL NET ASSETS ................................................... $ 2,246,303 $ 474,559
=============== ============
CLASS N:
Net Assets ...................................................... $ 2,246,303 $ 474,559
Shares of beneficial interest outstanding (unlimited
authorization) ............................................... 239,691 52,556
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................ $ 9.37 $ 9.03
=============== ============
CLASS I:
Net Assets ...................................................... $ -- $ --
Shares of beneficial interest outstanding (unlimited
authorization) .............................................. -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ........................... $ -- $ --
=============== ============
See accompanying Notes to Financial Statements.
62
Aston Funds
CARDINAL RIVER ROAD VEREDUS TAMRO RIVER ROAD
MID CAP SMALL-MID CAP AGGRESSIVE SMALL CAP SMALL CAP
VALUE FUND FUND GROWTH FUND FUND VALUE FUND
- ------------ ------------- -------------- -------------- --------------
$ 1,219,421 $ 90,690,113 $ 120,130,394 $ 332,143,443 $ 282,408,586
(92,659) 1,996,814 8,790,042 17,646,639 3,217,345
- ------------ ------------- -------------- -------------- --------------
1,126,762 92,686,927 128,920,436 349,790,082 285,625,931
486 65,015 7,069 100,478 165,614
-- 1,104,981 71,907 424,083 1,060,056
-- 628,861 1,370,377 2,130,994 730,440
8,436 -- -- -- --
11,025 -- -- -- --
1,059 23,558 14,683 11,190 14,717
- ------------ ------------- -------------- -------------- --------------
1,147,768 94,509,342 130,384,472 352,456,827 287,596,758
- ------------ ------------- -------------- -------------- --------------
10,788 2,943,194 974,413 4,340,917 3,216,763
-- 31,385 618,087 883,628 233,566
-- 63,667 97,643 241,371 199,469
1,050 3,659 6,918 14,471 12,282
54 285 3,774 9,642 8,640
9,271 7,887 11,644 11,490 11,462
2,659 2,756 6,499 6,317 8,827
2,690 4,557 49,291 59,501 144,406
-- -- 3,493 1,968 --
600 185 25,936 19,356 12,856
- ------------ ------------- -------------- -------------- --------------
27,112 3,057,575 1,797,698 5,588,661 3,848,271
- ------------ ------------- -------------- -------------- --------------
$ 1,120,656 $ 91,451,767 $ 128,586,774 $ 346,868,166 $ 283,748,487
============ ============= ============== ============== ==============
$ 1,233,865 $ 91,507,704 $ 132,878,203 $ 333,188,422 $ 301,010,365
803 81,502 (929,796) 707,818 244,013
(21,353) (2,134,253) (12,151,675) (4,674,713) (20,723,236)
(92,659) 1,996,814 8,790,042 17,646,639 3,217,345
- ------------ ------------- -------------- -------------- --------------
$ 1,120,656 $ 91,451,767 $ 128,586,774 $ 346,868,166 $ 283,748,487
============ ============= ============== ============== ==============
$ 1,120,656 $ 6,018,402 $ 79,253,436 $ 203,067,070 $ 181,303,131
125,096 644,939 6,275,437 12,022,107 14,766,904
$ 8.96 $ 9.33 $ 12.63 $ 16.89 $ 12.28
============ ============= ============== ============== ==============
$ -- $ 85,433,365 $ 49,333,338 $ 143,801,096 $ 102,445,356
-- 9,150,270 3,804,161 8,429,271 8,338,831
$ -- $ 9.34 $ 12.97 $ 17.06 $ 12.29
============ ============= ============== ============== ==============
See accompanying Notes to Financial Statements.
63
Aston Funds
APRIL 30, 2008
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
NEPTUNE BARINGS
INTERNATIONAL INTERNATIONAL
FUND FUND
------------- -------------
ASSETS:
Investments:
Investments at cost .................................. $ 13,894,589 $ 7,224,401
Net unrealized appreciation (depreciation) ........... 927,340 328,638
------------- ------------
Total investments at value ........................ 14,821,929 7,553,039
Cash ........................................................ 656 --
Receivables:
Dividends and interest ............................... 52,958 24,853
Dividend reclaims .................................... 773 2,996
Fund shares sold ..................................... -- --
Investments sold ..................................... -- 324,841
Due from Adviser, net (Note G) ....................... 2,086 4,213
Deferred offering costs ..................................... 16,135 13,343
Other assets ................................................ 67 1,672
------------- ------------
Total assets ...................................... 14,894,604 7,924,957
------------- ------------
LIABILITIES:
Payables:
Due to custodian ..................................... -- --
Investments purchased ................................ 43,657 226,481
Due to Adviser, net (Note G) ......................... -- --
Administration fees (Note G) ......................... 3,997 867
Distribution fees (Note G) ........................... -- --
Audit and tax fees ................................... 8,960 9,271
Custodian fees ....................................... 9,796 7,590
Transfer agent fees .................................. 2,624 2,723
Trustees fees and related expenses (Note G) .......... -- --
Accrued expenses and other payables ......................... 8,369 685
Outstanding options written, at value (premiums received
$596,732) ................................................ -- --
------------- ------------
Total liabilities ................................. 77,403 247,617
------------- ------------
NET ASSETS .................................................. $ 14,817,201 $ 7,677,340
============= ===========
NET ASSETS CONSIST OF:
Paid in capital .......................................... $ 13,988,320 $ 7,573,809
Accumulated undistributed net investment income .......... 51,630 31,183
Accumulated net realized gain (loss) on investments,
written options and foreign currency transactions ..... (150,133) (255,415)
Net unrealized appreciation (depreciation) on investments,
written options and translation of assets and
liabilities in foreign currency ....................... 927,384 327,763
------------- ------------
TOTAL NET ASSETS ............................................ $ 14,817,201 $ 7,677,340
============= ============
CLASS N:
Net Assets ............................................... $ -- $ --
Shares of beneficial interest outstanding (unlimited
authorization) ........................................ -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ...................... $ -- $ --
============= ============
CLASS I:
Net Assets ............................................... $ 14,817,201 $ 7,677,340
Shares of beneficial interest outstanding (unlimited
authorization) ........................................ 1,323,711 849,329
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ...................... $ 11.19 $ 9.04
============= ============
See accompanying Notes to Financial Statements.
64
Aston Funds
ABN AMRO NEW CENTURY MB ENHANCED
GLOBAL REAL SGA INTERNATIONAL SMART ALLOCATION ABSOLUTE RETURN EQUITY INCOME
ESTATE FUND SMALL-MID CAP FUND ETF FUND ETF FUND INCOME FUND
- ------------- ------------------ ---------------- --------------- -------------
$ 20,226,317 $ 1,159,464 $ 3,343,294 $ 2,024,602 $ 14,746,602
(25,668) (136,508) 20,971 53,850 319,481
- ------------- --------------- -------------- ------------- -------------
20,200,649 1,022,956 3,364,265 2,078,452 15,066,083
-- -- -- 155,379 1,363,139
77,662 5,227 586 1,989 7,513
966 126 -- -- --
-- 1,470 37,500 -- 1,182,900
45,776 -- 1,755 31,151 30,756
-- 9,816 6,876 7,365 2,234
11,352 12,789 54,564 75,475 45,481
492 4,913 817 1,515 3,448
- ------------- --------------- -------------- ------------- -------------
20,336,897 1,057,297 3,466,363 2,351,326 17,701,554
- ------------- --------------- -------------- ------------- -------------
2,526 -- -- -- --
128,196 -- 1,755 123,947 1,829,324
6,505 -- -- -- --
3,355 1,008 1,208 1,339 1,534
962 49 161 106 615
8,969 9,271 6,012 2,694 5,837
3,049 6,466 1,236 805 2,072
2,719 2,724 2,751 2,674 2,810
-- -- -- 15 --
9,271 329 221 44 133
-- -- -- -- 667,746
- ------------- --------------- -------------- ------------- -------------
165,552 19,847 13,344 131,624 2,510,071
- ------------- --------------- -------------- ------------- -------------
$ 20,171,345 $ 1,037,450 $ 3,453,019 $ 2,219,702 $ 15,191,483
============= =============== ============== ============= =============
$ 20,913,435 $ 1,206,243 $ 3,413,568 $ 2,165,222 $ 14,861,550
97,739 10,837 993 1,456 19,649
(814,234) (43,055) 17,487 (826) 61,817
(25,595) (136,575) 20,971 53,850 248,467
- ------------- --------------- -------------- ------------- -------------
$ 20,171,345 $ 1,037,450 $ 3,453,019 $ 2,219,702 $ 15,191,483
============= =============== ============== ============= =============
$ 20,171,345 $ 1,037,450 $ 3,453,019 $ 2,219,702 $ 15,191,483
2,099,366 123,804 345,638 214,345 1,435,184
$ 9.61 $ 8.38 $ 9.99 $ 10.36 $ 10.59
============= =============== ============== ============= =============
$ -- $ -- $ -- $ -- $ --
-- -- -- -- --
$ -- $ -- $ -- $ -- $ --
============= =============== ============== ============= =============
See accompanying Notes to Financial Statements.
65
Aston Funds
APRIL 30, 2008
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
ABN AMRO
REAL ESTATE MONTAG & CALDWELL
FUND BALANCED FUND
------------ -----------------
ASSETS:
Investments:
Investments at cost ............................................. $ 50,317,418 $ 15,640,115
Repurchase agreements ........................................... -- --
Net unrealized appreciation (depreciation) ...................... (2,249,231) 2,435,329
------------ ---------------
Total investments at value ................................... 48,068,187 18,075,444
Receivables:
Dividends and interest .......................................... 32,435 74,656
Fund shares sold ................................................ 62 2,033
Investments sold ................................................ 445,286 205,922
Due from Adviser, net (Note G) .................................. -- --
Other assets ........................................................... 2,849 718
------------ ---------------
Total assets ................................................. 48,548,819 18,358,773
------------ ---------------
LIABILITIES:
Payables:
Due to custodian ................................................ 2,381 --
Dividend distribution ........................................... -- --
Investments purchased ........................................... 417,858 101,887
Fund shares redeemed ............................................ 62,700 --
Due to Adviser, net (Note G) .................................... 34,420 5,747
Administration fees (Note G) .................................... 3,240 2,070
Distribution fees (Note G) ...................................... 553 819
Audit and tax fees .............................................. 11,094 11,709
Custodian fees .................................................. 3,608 2,095
Transfer agent fees ............................................. 11,437 8,192
Trustees fees and related expenses (Note G) ..................... 1,091 115
Legal fees ...................................................... -- --
Accrued expenses and other payables .................................... 6,832 3,201
------------ ---------------
Total liabilities ............................................ 555,214 135,835
------------ ---------------
NET ASSETS ............................................................. $ 47,993,605 $ 18,222,938
============ ===============
NET ASSETS CONSIST OF:
Paid in capital ..................................................... $ 55,192,011 $ 23,565,083
Accumulated overdistributed net investment income ................... (65,695) (348,241)
Accumulated net realized gain (loss) on investments and foreign
currency transactions ............................................ (4,883,532) (7,429,233)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency ........ (2,249,179) 2,435,329
------------ ---------------
TOTAL NET ASSETS ....................................................... $ 47,993,605 $ 18,222,938
============ ===============
CLASS N:
Net Assets .......................................................... $ 11,111,315 $ 17,133,393
Shares of beneficial interest outstanding (unlimited authorization).. 1,158,201 894,043
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................... $ 9.59 $ 19.16
============ ===============
CLASS I:
Net Assets .......................................................... $ 36,882,290 $ 1,089,545
Shares of beneficial interest outstanding (unlimited authorization).. 3,848,511 56,981
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................... $ 9.58 $ 19.12
============ ===============
See accompanying Notes to Financial Statements.
66
Aston Funds
TCH TCH MCDONNELL ABN AMRO
BALANCED FIXED INCOME INVESTMENT GRADE MUNICIPAL INVESTOR MONEY
FUND FUND BOND FUND BOND FUND MARKET FUND
- ------------ ------------- ---------------- ------------- --------------
$ 25,731,727 $ 84,896,259 $ 14,707,598 $ 13,689,334 $ 7,863,678
-- -- -- -- 26,000,000
638,235 (1,935,766) (266,108) 834,845 --
- ------------ ------------- -------------- ------------- -------------
26,369,962 82,960,493 14,441,490 14,524,179 33,863,678
122,964 922,109 117,996 208,944 2,848
1,094 79,998 310 114,954 6,693
331,065 -- -- -- --
-- -- 2,434 44 --
4,606 3,380 2,706 611 1,224
- ------------ ------------- -------------- ------------- -------------
26,829,691 83,965,980 14,564,936 14,848,732 33,874,443
- ------------ ------------- -------------- ------------- -------------
-- -- -- -- --
-- 87,372 27,193 18,279 104
311,977 347,466 99,276 -- --
24,661 45,541 -- 2,468 83,382
15,054 9,771 -- -- 11,584
1,167 6,117 3,540 4,252 2,032
1,267 2,410 79 420 --
11,772 11,799 11,547 11,493 11,178
3,118 2,189 1,410 764 3,602
6,751 14,610 6,273 9,965 10,471
-- 614 171 191 549
224 -- -- -- --
360 7,477 1,171 2,215 2,277
- ------------ ------------- -------------- ------------- -------------
376,351 535,366 150,660 50,047 125,179
- ------------ ------------- -------------- ------------- -------------
$ 26,453,340 $ 83,430,614 $ 14,414,276 $ 14,798,685 $ 33,749,264
============ ============= ============== ============= =============
$ 25,244,097 $ 90,095,545 $ 16,048,353 $ 14,018,627 $ 33,749,264
(76,994) (745,751) (125,830) -- --
648,002 (3,983,414) (1,242,139) (54,787) --
638,235 (1,935,766) (266,108) 834,845 --
- ------------ ------------- -------------- ------------- -------------
$ 26,453,340 $ 83,430,614 $ 14,414,276 $ 14,798,685 $ 33,749,264
============ ============= ============== ============= =============
$ 26,453,340 $ 50,877,116 $ 1,649,524 $ 14,798,685 $ 33,749,264
4,349,894 5,221,889 181,968 1,444,148 33,749,419
$ 6.08 $ 9.74 $ 9.06 $ 10.25 $ 1.00
============ ============= ============== ============= =============
$ -- $ 32,553,498 $ 12,764,752 $ -- $ --
-- 3,341,519 1,408,313 -- --
$ -- $ 9.74 $ 9.06 $ -- $ --
============ ============= ============== ============= =============
See accompanying Notes to Financial Statements.
67
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2008
STATEMENT OF OPERATIONS (UNAUDITED)
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
INVESTMENT INCOME:
Dividends .................................................... $ 14,155,671 $ 262,998
Less: foreign taxes withheld ................................. -- (3,518)
Interest ..................................................... -- 16,983
---------------- -------------
Total investment income ................................... 14,155,671 276,463
---------------- -------------
EXPENSES:
Investment advisory fees (Note G) ............................ 6,375,787 288,629
Distribution expenses(a) (Note G) ............................ 898,355 61,777
Transfer agent fees (Note G) ................................. 370,726 39,581
Administration fees (Note G) ................................. 482,615 25,212
Registration expenses ........................................ 40,180 15,217
Custodian fees ............................................... 42,975 2,398
Audit and tax fees ........................................... 13,510 8,469
Legal fees ................................................... 46,429 1,225
Reports to shareholder expense ............................... 89,415 3,451
Trustees fees and related expenses (Note G) .................. 56,298 1,584
Interest expense (Note H) .................................... -- --
Other expenses ............................................... 91,539 3,626
---------------- -------------
Total expenses before waivers/reimbursements .............. 8,507,829 451,169
---------------- -------------
Less: Investment advisory fees waived (Note G) ............ -- (10,591)
---------------- -------------
Net expenses .............................................. 8,507,829 440,578
---------------- -------------
NET INVESTMENT INCOME (LOSS) .................................... 5,647,842 (164,115)
---------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ...................... (1,925,658) (3,960,990)
Net change in unrealized appreciation (depreciation) on
investments ............................................... (155,895,948) 2,997,208
---------------- -------------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS .............. (157,821,606) (963,782)
---------------- -------------
NET DECREASE IN NET ASSETS FROM OPERATIONS ................... $ (152,173,764) $ (1,127,897)
================ =============
- ----------
(a) Distribution expense is incurred at the Class N level for all funds except
Montag & Caldwell Growth Fund and Growth Fund. The distribution expense
for Class N and R of the Montag & Caldwell Growth Fund is $886,053 and
$12,302, respectively. The distribution expense for Class N and R of the
Growth Fund is $156,680 and $1,514, respectively.
See accompanying Notes to Financial Statements.
68
Aston Funds
OPTIMUM TAMRO RIVER ROAD OPTIMUM
ABN AMRO LARGE CAP VALUE ALL CAP DYNAMIC EQUITY MID CAP
GROWTH FUND OPPORTUNITY FUND FUND FUND INCOME FUND FUND
- -------------- ---------------- -------------- ------------ -------------- --------------
$ 2,161,477 $ 116,365 $ 4,313,027 $ 104,353 $ 891,775 $ 6,116,610
-- -- (63,906) (273) (11,655) (173,450)
-- 43 -- -- 2,126 --
- -------------- -------------- -------------- ------------ ------------- --------------
2,161,477 116,408 4,249,121 104,080 882,246 5,943,160
- -------------- -------------- -------------- ------------ ------------- --------------
1,154,624 88,172 1,479,071 53,495 128,402 3,219,750
158,194 27,551 132,283 16,717 45,629 953,598
129,668 25,403 19,919 14,705 30,829 304,384
92,251 12,708 103,139 10,651 17,228 233,051
20,637 11,735 15,664 7,906 20,686 37,045
14,542 7,867 17,444 853 8,258 20,426
11,395 8,246 10,362 8,452 8,460 10,752
9,941 901 9,571 357 2,310 21,532
20,417 1,394 14,491 747 2,362 53,950
10,594 1,082 11,633 419 1,005 26,167
6,688 2,286 1,710 -- 438 1,723
22,505 2,823 19,121 2,208 3,249 40,346
- -------------- -------------- -------------- ------------ ------------- --------------
1,651,456 190,168 1,834,408 116,510 268,856 4,922,724
- -------------- -------------- -------------- ------------ ------------- --------------
(6,152) (66,648) (352,335) (36,268) (30,191) --
- -------------- -------------- -------------- ------------ ------------- --------------
1,645,304 123,520 1,482,073 80,242 238,665 4,922,724
- -------------- -------------- -------------- ------------ ------------- --------------
516,173 (7,112) 2,767,048 23,838 643,581 1,020,436
- -------------- -------------- -------------- ------------ ------------- --------------
(3,535,619) (2,772,122) 26,375,171 268,148 (992,423) 53,134,370
(41,093,645) (2,408,099) (70,432,456) (2,118,707) (891,088) (125,656,305)
- -------------- -------------- -------------- ------------ ------------- --------------
(44,629,264) (5,180,221) (44,057,285) (1,850,559) (1,883,511) (72,521,935)
- -------------- -------------- -------------- ------------ ------------- --------------
$ (44,113,091) $ (5,187,333) $ (41,290,237) $ (1,826,721) $ (1,239,930) $ (71,501,499)
============== ============== ============== ============ ============= ==============
See accompanying Notes to Financial Statements.
69
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2008
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
MONTAG & CALDWELL CLARIVEST
MID CAP MID CAP
GROWTH FUND(a) GROWTH FUND(b)
----------------- -------------
INVESTMENT INCOME:
Dividends ................................................... $ 7,363 $ 2,348
Less: foreign taxes withheld ................................ -- --
Interest .................................................... 111 129
----------- ----------
Total investment income ................................... 7,474 2,477
----------- ----------
EXPENSES:
Investment advisory fees (Note G) ........................... 8,639 2,128
Distribution expenses (a) (Note G) .......................... 2,541 591
Transfer agent fees (Note G) ................................ 8,464 8,356
Administration fees (Note G) ................................ 7,513 7,124
Registration expenses ....................................... 1,486 1,486
Custodian fees .............................................. 3,496 3,476
Audit and tax fees .......................................... 9,271 9,271
Legal fees .................................................. 38 20
Amortization of offering costs (Note B-9) ................... 25,257 25,257
Reports to shareholder expense .............................. 127 54
Trustees fees and related expenses (Note G) ................. 47 16
Interest expense (Note H) ................................... -- --
Other expenses .............................................. 1,801 1,759
----------- ----------
Total expenses before waivers/reimbursements .............. 68,680 59,538
----------- ----------
Less: Investment advisory fees waived (Note G) ............ (8,639) (2,128)
Less: Expenses reimbursed (Note G) ........................ (45,812) (54,100)
----------- ----------
Net expenses .............................................. 14,229 3,310
----------- ----------
NET INVESTMENT INCOME (LOSS) ................................... (6,755) (833)
----------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments ............................ (85,230) (49,171)
Net change in unrealized appreciation (depreciation) on
investments ................................................ (38,376) (102)
----------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS....... (123,606) (49,273)
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ................................................. $ (130,361) $ (50,106)
============ ==========
- ----------
(a) Montag & Caldwell Mid Cap Growth Fund commenced investment operations on
November 2, 2007.
(b) ClariVest Mid Cap Growth Fund commenced investment operations on November
2, 2007.
(c) Cardinal Mid Cap Value Fund commenced investment operations on November 2,
2007.
See accompanying Notes to Financial Statements.
70
Aston Funds
CARDINAL RIVER ROAD VEREDUS TAMRO RIVER ROAD
MID CAP SMALL-MID CAP AGGRESSIVE SMALL CAP SMALL CAP
VALUE FUND(c) FUND GROWTH FUND FUND VALUE FUND
- ------------- ------------- ------------- ------------- ------------
$ 7,855 $ 454,671 $ 221,152 $ 2,564,963 $ 2,135,410
-- (10,222) -- -- (50,835)
270 7,261 -- -- 5,151
- ------------ ------------ ------------ ------------ ------------
8,125 451,710 221,152 2,564,963 2,089,726
- ------------ ------------ ------------ ------------ ------------
4,707 281,437 839,306 1,489,376 1,185,302
1,307 8,982 107,673 250,920 238,625
8,364 20,763 101,609 112,897 222,380
7,263 21,855 51,045 92,120 75,852
1,486 9,896 15,565 21,631 40,875
3,486 10,119 8,543 8,994 12,883
9,271 8,237 10,494 10,339 10,312
20 2,261 5,311 8,556 7,804
25,257 20,958 -- -- --
90 3,628 16,074 19,669 25,558
31 844 5,632 10,155 9,155
-- -- 2,535 -- 762
1,768 2,997 19,284 16,284 15,372
- ------------ ------------ ------------ ------------ ------------
63,050 391,977 1,183,071 2,040,941 1,844,880
- ------------ ------------ ------------ ------------ ------------
(4,707) (31,198) (32,123) (52,416) --
(51,021) -- -- -- --
- ------------ ------------ ------------ ------------ ------------
7,322 360,779 1,150,948 1,988,525 1,844,880
- ------------ ------------ ------------ ------------ ------------
803 90,931 (929,796) 576,438 244,846
- ------------ ------------ ------------ ------------ ------------
(21,353) (1,867,907) (11,320,067) (4,383,948) (19,984,477)
(92,659) 1,896,220 (36,684,205) (51,772,602) (13,626,757)
- ------------ ------------ ------------ ------------ ------------
(114,012) 28,313 (48,004,272) (56,156,550) (33,611,234)
- ------------ ------------ ------------ ------------ ------------
$ (113,209) $ 119,244 $(48,934,068) $(55,580,112) $(33,366,388)
============ ============ ============ ============ ============
See accompanying Notes to Financial Statements.
71
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2008
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
NEPTUNE BARINGS
INTERNATIONAL INTERNATIONAL
FUND FUND(a)
------------- --------------
INVESTMENT INCOME:
Dividends ................................................. $ 81,257 $ 56,668
Less: foreign taxes withheld .............................. (6,831) (4,855)
Interest .................................................. 7,819 1,989
---------- -----------
Total investment income ................................. 82,245 53,802
---------- -----------
EXPENSES:
Investment advisory fees (Note G) ......................... 28,620 18,599
Distribution expenses (Note G) ......................... -- --
Transfer agent fees (Note G) .............................. 8,423 8,353
Administration fees (Note G) .............................. 11,442 11,087
Registration expenses ..................................... 9,945 1,486
Custodian fees ............................................ 12,104 12,201
Audit and tax fees ........................................ 9,310 9,271
Legal fees ................................................ 58 20
Amortization of offering costs (Note B-9) ................. 27,050 25,257
Reports to shareholder expense ............................ 152 91
Trustees fees and related expenses (Note G) ............... 73 31
Other expenses ............................................ 1,793 1,842
---------- -----------
Total expenses before waivers/reimbursements ............ 108,970 88,238
---------- -----------
Less: Investment advisory fees waived (Note G) .......... (28,620) (18,599)
Less: Expenses reimbursed (Note G) ...................... (49,742) (47,020)
---------- -----------
Net expenses ............................................ 30,608 22,619
---------- -----------
NET INVESTMENT INCOME ........................................ 51,637 31,183
---------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ................... (62,164) (188,509)
Net realized gain on written option transactions .......... -- --
Net realized loss on foreign currency transactions ........ (80,748) (66,906)
Net change in unrealized appreciation (depreciation) on
investments .............................................. 516,577 328,638
Net change in unrealized depreciation on written
options................................................... -- --
Net change in unrealized appreciation (depreciation) on
translation of assets and liabilities denominated in
foreign currency ......................................... 252 (875)
---------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .... 373,917 72,348
---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ..... $ 425,554 $ 103,531
========== ===========
- ----------
(a) Barings International Fund commenced investment operations on November 2,
2007.
(b) SGA International Small-Mid Cap Fund commenced investment operations on
November 2, 2007.
(c) Smart Allocation ETF Fund commenced investment operations on January 10,
2008.
(d) New Century Absolute Return ETF Fund commenced investment operations on
March 04, 2008.
(e) MB Enhanced Equity Income Fund commenced investment operations on January
15, 2008.
See accompanying Notes to Financial Statements.
72
Aston Funds
ABN AMRO SGA INTERNATIONAL NEW CENTURY MB ENHANCED
GLOBAL REAL SMALL-MID CAP SMART ALLOCATION ABSOLUTE RETURN EQUITY INCOME
ESTATE FUND FUND(b) ETF FUND(c) ETF FUND(d) INCOME FUND(e)
- ------------ ----------------- ---------------- --------------- -------------
$ 313,992 $ 20,290 $ 6,990 $ 4,346 $ 55,183
(31,381) (1,087) -- -- --
-- 268 715 460 3,764
- ----------- -------------- ------------- ------------ -----------
282,611 19,471 7,705 4,806 58,947
- ----------- -------------- ------------- ------------ -----------
91,386 5,756 4,131 2,233 15,452
22,847 1,199 1,291 558 5,519
8,403 8,374 5,163 2,674 4,933
17,671 10,413 4,201 2,287 5,045
9,945 1,486 1,061 476 1,030
12,499 12,333 1,236 804 2,072
9,318 9,271 6,012 2,694 5,837
475 20 15 13 34
21,832 25,257 15,607 8,082 14,910
926 90 37 33 83
614 31 17 16 39
2,455 1,768 924 491 920
- ----------- -------------- ------------- ------------ -----------
198,371 75,998 39,695 20,361 55,874
- ----------- -------------- ------------- ------------ -----------
(61,292) (5,756) (4,131) (2,233) (15,452)
-- (61,608) (28,852) (14,778) (16,140)
- ----------- -------------- ------------- ------------ -----------
137,079 8,634 6,712 3,350 24,282
- ----------- -------------- ------------- ------------ -----------
145,532 10,837 993 1,456 34,665
- ----------- -------------- ------------- ------------ -----------
(617,339) (39,250) 17,487 (826) 5,951
-- -- -- -- 55,866
(18,274) (3,805) -- -- --
(1,991,864) (136,508) 20,971 53,850 319,481
-- -- -- -- (71,014)
2,374 (67) -- -- --
- ----------- -------------- ------------- ------------ -----------
(2,625,103) (179,630) 38,458 53,024 310,284
- ----------- -------------- ------------- ------------ -----------
$(2,479,571) $ (168,793) $ 39,451 $ 54,480 $ 344,949
=========== ============== ============= ============ ===========
See accompanying Notes to Financial Statements.
73
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2008
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
ABN AMRO
REAL ESTATE MONTAG & CALDWELL
FUND BALANCED FUND
------------ -----------------
INVESTMENT INCOME:
Dividends ................................................... $ 526,986 $ 99,236
Less: foreign taxes withheld ................................ (15,004) --
Interest .................................................... -- 129,871
------------ ---------------
Total investment income ................................... 511,982 229,107
------------ ---------------
EXPENSES:
Investment advisory fees (Note G) ........................... 342,951 66,344
Distribution expenses (Note G) .............................. 42,099 20,757
Transfer agent fees (Note G) ................................ 24,634 21,920
Administration fees (Note G) ................................ 25,986 12,771
Registration expenses ....................................... 13,526 13,177
Custodian fees .............................................. 5,405 2,162
Audit and tax fees .......................................... 9,944 10,560
Legal fees .................................................. 2,114 426
Reports to shareholder expense .............................. 3,993 924
Trustees fees and related expenses (Note G) ................. 2,430 485
Interest expense (Note H) ................................... 86 --
Other expenses .............................................. 5,014 2,405
------------ ---------------
Total expenses before waivers/reimbursements .............. 478,182 151,931
------------ ---------------
Less: Investment advisory fees waived (Note G) ............ (51,892) (33,869)
Less: Expenses reimbursed (Note G) .................. -- --
------------ ---------------
Net expenses .............................................. 426,290 118,062
------------ ---------------
NET INVESTMENT INCOME .......................................... 85,692 111,045
------------ ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ..................... (4,940,600) (172,585)
Net realized loss on foreign currency transactions .......... (46,010) --
Net change in unrealized depreciation on investments ........ (5,879,140) (558,919)
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency...... (1,472) --
------------ ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS....... (10,867,222) (731,504)
------------ ---------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ....... $(10,781,530) $ (620,459)
============ ===============
See accompanying Notes to Financial Statements.
74
Aston Funds
TCH TCH MCDONNELL ABN AMRO
BALANCED FIXED INCOME INVESTMENT GRADE MUNICIPAL INVESTOR MONEY
FUND FUND BOND FUND BOND FUND MARKET FUND
- ------------ ------------ ---------------- ------------ --------------
$ 135,984 $ 131,787 $ 14,796 $ 6,195 $ 9,773
-- -- -- -- --
286,487 2,389,295 382,348 328,968 634,110
- ----------- ----------- ------------- ----------- -------------
422,471 2,521,082 397,144 335,163 643,883
- ----------- ----------- ------------- ----------- -------------
100,284 242,382 37,380 43,478 68,003
35,816 65,874 2,054 10,869 --
11,359 32,520 17,782 12,209 20,376
24,718 34,115 14,708 16,728 14,848
8,652 13,575 13,825 8,006 11,735
4,329 3,257 1,997 917 4,693
10,622 10,649 10,397 10,343 10,028
847 2,250 388 388 877
1,537 3,713 604 977 1,296
1,012 2,641 446 431 944
1,914 -- -- -- --
3,715 5,764 2,070 2,009 8,877
- ----------- ----------- ------------- ----------- -------------
204,805 416,740 101,651 106,355 141,677
- ----------- ----------- ------------- ----------- -------------
-- (178,995) (37,380) (43,478) --
-- -- (14,370) (1,283) --
- ----------- ----------- ------------- ----------- -------------
204,805 237,745 49,901 61,594 141,677
- ----------- ----------- ------------- ----------- -------------
217,666 2,283,337 347,243 273,569 502,206
- ----------- ----------- ------------- ----------- -------------
791,087 1,446,001 32,361 119,719 --
-- -- -- -- --
(3,153,072) (1,320,537) (50,153) (19,640) --
-- -- -- -- --
- ----------- ----------- ------------- ----------- -------------
(2,361,985) 125,464 (17,792) 100,079 --
- ----------- ----------- ------------- ----------- -------------
$(2,144,319) $ 2,408,801 $ 329,451 $ 373,648 $ 502,206
=========== =========== ============= =========== =============
See accompanying Notes to Financial Statements.
75
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007 (UNAUDITED) 2007
----------------- --------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ............. $ 2,018,011,931 $ 2,093,475,923 $ 53,999,458 $ 35,702,444
---------------- --------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss) ............... 5,647,842 7,654,393 (164,115) (239,747)
Net realized gain (loss) on
investments ............................... (1,925,658) 270,312,389 (3,960,990) 8,669,732
Net change in unrealized appreciation
(depreciation) on investments ............ (155,895,948) 172,125,874 2,997,208 2,621,695
---------------- --------------- ---------------- ----------------
Net increase (decrease) in net
assets from operations ................. (152,173,764) 450,092,656 (1,127,897) 11,051,680
---------------- --------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .................................. (1,193,382) (1,695,975) -- --
Class I .................................. (2,957,564) (5,870,562) -- --
Class R .................................. (3,674) (2,532) -- --
Net realized gain on investments:
Class N .................................. (98,653,826) (5,661,531) (7,627,865) --
Class I .................................. (164,914,942) (8,346,214) (486,368) --
Class R .................................. (522,637) (3,905) -- --
---------------- --------------- ---------------- ----------------
Total distributions ................... (268,246,025) (21,580,719) (8,114,233) --
---------------- --------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .................................. 138,312,609 206,823,862 13,234,056 14,465,000
Class I .................................. 190,535,448 261,056,157 51,606,028 1,682,693
Class R .................................. 3,041,611 3,626,234 -- --
Proceeds from reinvestment of distributions:
Class N .................................. 94,326,188 6,936,711 7,520,953 --
Class I .................................. 152,386,319 12,602,328 486,368 --
Class R .................................. 524,046 6,321 -- --
Cost of shares redeemed:
Class N .................................. (115,535,616) (468,614,678) (4,946,168) (8,893,097)
Class I .................................. (295,822,420) (525,694,386) (1,084,758) (9,262)
Class R .................................. (5,097,687) (718,478) -- --
---------------- --------------- ---------------- ----------------
Net increase (decrease) from capital
share transactions .................... 162,670,498 (503,975,929) 66,816,479 7,245,334
---------------- --------------- ---------------- ----------------
Total increase (decrease) in net
assets ................................. (257,749,291) (75,463,992) 57,574,349 18,297,014
---------------- --------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING
LINE A) ..................................... $ 1,760,262,640 $ 2,018,011,931 $ 111,573,807 $ 53,999,458
================ =============== ================ ================
(A) Undistributed (overdistributed) net
investment income (loss) ............... $ 2,177,449 $ 684,227 $ (164,115) $ --
================ =============== ================ ================
- ----------
(a) Optimum Large Cap Opportunity Fund commenced investment operations on
December 28, 2006.
See accompanying Notes to Financial Statements.
76
Aston Funds
ABN AMRO OPTIMUM LARGE CAP
GROWTH FUND OPPORTUNITY FUND VALUE FUND
- ---------------------------------- ------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007 (UNAUDITED) 2007(a) (UNAUDITED) 2007
- ----------------- -------------- -------------- -------------- ------------------ ----------------
$ 420,377,974 $ 908,528,310 $ 40,563,288 $ -- $ 419,500,562 $ 351,485,956
- ------------- ------------- ------------- ------------- ---------------- ---------------
516,173 2,393,486 (7,112) (16,334) 2,767,048 5,734,556
(3,535,619) 101,428,826 (2,772,122) (901,744) 26,375,171 37,795,837
(41,093,645) (44,663,984) (2,408,099) 2,810,836 (70,432,456) 17,338,560
- ------------- ------------- ------------- ------------- ---------------- ---------------
(44,113,091) 59,158,328 (5,187,333) 1,892,758 (41,290,237) 60,868,953
- ------------- ------------- ------------- ------------- ---------------- ---------------
(19,419) (422,055) (26,900) -- (760,686) (1,640,053)
(478,591) (1,969,081) -- -- (2,037,679) (4,269,042)
-- -- -- -- -- --
(40,457,129) (49,264,625) -- -- (11,662,570) (4,166,904)
(59,169,640) (53,556,304) -- -- (26,129,365) (9,982,842)
(173,028) (203,793) -- -- -- --
- ------------- ------------- ------------- ------------- ---------------- ---------------
(100,297,807) (105,415,858) (26,900) -- (40,590,300) (20,058,841)
- ------------- ------------- ------------- ------------- ---------------- ---------------
8,785,810 60,677,810 2,893,499 52,214,049 21,534,174 53,673,402
250,414 18,992,254 -- -- -- 120,000
156,090 309,771 -- -- -- --
35,329,317 43,557,499 25,914 -- 12,391,071 5,744,218
58,833,489 54,244,184 -- -- 28,167,046 14,251,884
103,773 178,214 -- -- -- --
(53,556,659) (359,042,719) (27,596,771) (13,543,519) (113,867,400) (45,784,341)
(26,336,263) (259,425,670) -- -- -- (800,669)
(79,178) (1,384,149) -- -- -- --
- ------------- ------------- ------------- ------------- ---------------- ---------------
23,486,793 (441,892,806) (24,677,358) 38,670,530 (51,775,109) 27,204,494
- ------------- ------------- ------------- ------------- ---------------- ---------------
(120,924,105) (488,150,336) (29,891,591) 40,563,288 (133,655,646) 68,014,606
- ------------- ------------- ------------- ------------- ---------------- ---------------
$ 299,453,869 $ 420,377,974 $ 10,671,697 $ 40,563,288 $ 285,844,916 $ 419,500,562
============= ============= ============= ============= ================ ===============
$ 313,354 $ 295,191 $ (7,927) $ 26,085 $ 122,703 $ 154,020
============= ============= ============= ============= ================ ===============
See accompanying Notes to Financial Statements.
77
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
RIVER ROAD DYNAMIC
TAMRO ALL CAP FUND EQUITY INCOME FUND
----------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007 (UNAUDITED) 2007
---------------- ---------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ............. $ 15,358,608 $ 15,863,669 $ 32,510,238 $ 15,899,329
---------------- ---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss) ............... 23,838 38,177 643,581 1,241,569
Net realized gain (loss) on
investments ............................... 268,148 1,223,493 (992,423) 1,173,536
Net change in unrealized appreciation
(depreciation) on investments ............. (2,118,707) 1,169,317 (891,088) 82,377
Net increase (decrease) in net
assets from operations ................. (1,826,721) 2,430,987 (1,239,930) 2,497,482
---------------- ---------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .................................. (8,963) (36,680) (551,144) (1,004,255)
Class I .................................. -- -- (3,049) (2,551)
Net realized gain on investments:
Class N .................................. (1,219,876) (1,853,376) (1,677,293) (200,230)
Class I .................................. -- -- (10,431) --
---------------- ---------------- ---------------- ----------------
Total distributions ...................... (1,228,839) (1,890,056) (2,241,917) (1,207,036)
---------------- ---------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .................................. 616,011 1,668,134 25,064,700 40,324,007
Class I .................................. -- -- -- 200,374
Proceeds from reinvestment of distributions:
Class N .................................. 1,188,303 1,804,294 1,982,575 1,141,486
Class I .................................. -- -- 13,480 2,551
Cost of shares redeemed:
Class N .................................. (1,493,151) (4,518,420) (14,624,502) (26,347,941)
Class I .................................. -- -- -- (14)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) from capital
share transactions .................... 311,163 (1,045,992) 12,436,253 15,320,463
---------------- ---------------- ---------------- ----------------
Total increase (decrease) in net
assets ................................. (2,744,397) (505,061) 8,954,406 16,610,909
---------------- ---------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING
LINE A) ..................................... $ 12,614,211 $ 15,358,608 $ 41,464,644 $ 32,510,238
================ ================ ================ ================
(A) Undistributed (overdistributed)
net investment income (loss) ........... $ 16,372 $ 1,497 $ 100,372 $ 10,984
================ ================ ================ ================
- ----------
(a) Montag & Caldwell Mid Cap Growth Fund commenced investment operations on
November 2, 2007.
(b) ClariVest Mid Cap Growth Fund commenced investment operations on November
2, 2007.
(c) Cardinal Mid Cap Value Fund commenced investment operations on November 2,
2007.
See accompanying Notes to Financial Statements.
78
Aston Funds
MONTAG & CALDWELL CLARIVEST CARDINAL
MID CAP MID CAP MID CAP
OPTIMUM MID CAP FUND GROWTH FUND GROWTH FUND VALUE FUND
- ---------------------------------- ----------------- ----------------- -----------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008(a) APRIL 30, 2008(b) APRIL 30, 2008(c)
(UNAUDITED) 2007 (UNAUDITED) (UNAUDITED) (UNAUDITED)
- ---------------- -------------- ----------------- ----------------- -----------------
$ 949,727,581 $ 659,560,772 $ -- $ -- $ --
- ---------------- -------------- ----------------- ----------------- -----------------
1,020,436 (362,517) (6,755) (833) 803
53,134,370 65,575,017 (85,230) (49,171) (21,353)
(125,656,305) 127,454,856 (38,376) (102) (92,659)
- ---------------- -------------- ----------------- ----------------- -----------------
(71,501,499) 192,667,356 (130,361) (50,106) (113,209)
- ---------------- -------------- ----------------- ----------------- -----------------
-- -- -- -- --
-- -- -- -- --
(56,429,414) (39,625,724) -- -- --
(8,542,028) (5,925,649) -- -- --
- ---------------- -------------- ----------------- ----------------- -----------------
(64,971,442) (45,551,373) -- -- --
- ---------------- -------------- ----------------- ----------------- -----------------
188,748,338 324,393,604 2,384,792 524,674 1,233,874
27,766,106 42,062,063 -- -- --
53,046,329 36,513,916 -- -- --
7,190,803 5,039,035 -- -- --
(130,694,998) (243,055,111) (8,128) (9) (9)
(11,904,526) (21,902,681) -- -- --
- ---------------- -------------- ----------------- ----------------- -----------------
134,152,052 143,050,826 2,376,664 524,665 1,233,865
- ---------------- -------------- ----------------- ----------------- -----------------
(2,320,889) 290,166,809 2,246,303 474,559 1,120,656
- ---------------- -------------- ----------------- ----------------- -----------------
$ 947,406,692 $ 949,727,581 $ 2,246,303 $ 474,559 $ 1,120,656
================ ============== ================= ================= =================
$ 1,020,436 $ -- $ (6,755) $ (833) $ 803
================ ============== ================= ================= =================
See accompanying Notes to Financial Statements.
79
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
RIVER ROAD VEREDUS AGGRESSIVE
SMALL-MID CAP FUND GROWTH FUND
-------------------------------- ---------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007(a) (UNAUDITED) 2007
---------------- ------------- ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD.......................... $ 17,774,666 $ -- $ 230,745,446 $ 517,810,019
---------------- ------------- ---------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................... 90,931 19,361 (929,796) (3,407,758)
Net realized gain (loss) on investments and
foreign currency transactions ........................ (1,867,907) (266,346) (11,320,067) 58,564,203
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities in foreign currency......... 1,896,220 100,594 (36,684,205) 17,735,790
---------------- ------------- ---------------- -------------
Net increase (decrease) in net assets from
operations ........................................ 119,244 (146,391) (48,934,068) 72,892,235
---------------- ------------- ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ..................................... -- -- -- --
Class I .............................................. (58,969) -- -- --
Net realized gain on investments:
Class N .............................................. -- -- (27,985,957) (20,581,456)
Class I .............................................. -- -- (26,198,975) (9,299,234)
---------------- ------------- ---------------- -------------
Total distributions ............................... (58,969) -- (54,184,932) (29,880,690)
---------------- ------------- ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 2,215,592 15,031,664 8,082,369 21,752,210
Class I .............................................. 82,667,725 9,037,159 20,693,898 31,028,220
Proceeds from reinvestment of distributions:
Class N .............................................. -- -- 26,256,385 19,760,405
Class I .............................................. 54,508 -- 24,448,984 7,691,304
Cost of shares redeemed:
Class N .............................................. (5,609,789) (4,843,420) (17,713,415) (314,715,342)
Class I .............................................. (5,711,210) (1,304,346) (60,807,893) (95,592,915)
---------------- ------------- ---------------- -------------
Net increase (decrease) from capital share
transactions ..................................... 73,616,826 17,921,057 960,328 (330,076,118)
---------------- ------------- ---------------- -------------
Total increase (decrease) in net assets............ 73,677,101 17,774,666 (102,158,672) (287,064,573)
---------------- ------------- ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............ $ 91,451,767 $ 17,774,666 $ 128,586,774 $ 230,745,446
================ ============= ================ =============
(A) Undistributed (overdistributed) net
investment income (loss) ......................... $ 81,502 $ 49,540 $ (929,796) $ --
================ ============= ================ =============
- ----------
(a) River Road Small-Mid Cap Fund commenced investment operations on March 29,
2007.
(b) Neptune International Fund commenced investment operations on August 6,
2007.
See accompanying Notes to Financial Statements.
80
Aston Funds
TAMRO RIVER ROAD NEPTUNE
SMALL CAP FUND SMALL CAP VALUE FUND INTERNATIONAL FUND
- ---------------------------------- ----------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007 (UNAUDITED) 2007 (UNAUDITED) 2007(b)
- ---------------- -------------- ---------------- --------------- ---------------- --------------
$ 372,301,855 $ 246,443,981 $ 302,220,867 $ 167,437,729 $ 2,369,665 $ --
- ---------------- -------------- ---------------- --------------- ---------------- --------------
576,438 (1,007,227) 244,846 1,162,632 51,637 5,791
(4,383,948) 17,098,675 (19,984,477) 10,911,883 (142,912) 3,080
(51,772,602) 21,468,409 (13,626,757) 6,725,594 516,829 410,555
- ---------------- -------------- ---------------- --------------- ---------------- --------------
(55,580,112) 37,559,857 (33,366,388) 18,800,109 425,554 419,426
- ---------------- -------------- ---------------- --------------- ---------------- --------------
-- -- (37,949) (983,703) -- --
-- -- (44,332) (240,447) (28,222) --
(10,737,284) (10,988,047) (8,476,846) (2,150,824) -- --
(6,479,413) (4,397,871) (2,898,349) (29,168) -- --
- ---------------- -------------- ---------------- --------------- ---------------- --------------
(17,216,697) (15,385,918) (11,457,476) (3,404,142) (28,222) --
- ---------------- -------------- ---------------- --------------- ---------------- --------------
55,076,116 138,693,473 28,577,630 214,386,993 -- --
54,477,558 110,501,288 52,910,850 68,417,236 12,028,051 1,950,251
9,961,962 10,175,793 7,800,405 2,821,696 -- --
3,216,594 2,712,397 2,357,643 192,604 22,153 --
(51,358,130) (110,045,531) (57,854,761) (162,304,426) -- --
(24,010,980) (48,353,485) (7,440,283) (4,126,932) -- (12)
- ---------------- -------------- ---------------- --------------- ---------------- --------------
47,363,120 103,683,935 26,351,484 119,387,171 12,050,204 1,950,239
- ---------------- -------------- ---------------- --------------- ---------------- --------------
(25,433,689) 125,857,874 (18,472,380) 134,783,138 12,447,536 2,369,665
- ---------------- -------------- ---------------- --------------- ---------------- --------------
$ 346,868,166 $ 372,301,855 $ 283,748,487 $ 302,220,867 $ 14,817,201 $ 2,369,665
================ ============== ================ =============== ================ ==============
$ 707,818 $ 131,380 $ 244,013 $ 81,448 $ 51,630 $ 28,215
================ ============== ================ =============== ================ ==============
See accompanying Notes to Financial Statements.
81
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
BARINGS SGA INTERNATIONAL
INTERNATIONAL ABN AMRO GLOBAL SMALL-MID
FUND REAL ESTATE FUND CAP FUND
----------------- -------------------------------- -----------------
PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED PERIOD ENDED
APRIL 30, 2008(a) APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008(c)
(UNAUDITED) (UNAUDITED) 2007(b) (UNAUDITED)
----------------- ---------------- ------------- -----------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ -- $ 21,634,605 $ -- $ --
----------------- ---------------- ------------- -----------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................... 31,183 145,532 107,203 10,837
Net realized gain (loss) on investments,
written options and foreign currency
transactions ...................................... (255,415) (635,613) 33,272 (43,055)
Net change in unrealized appreciation
(depreciation) on investments, written
options and translation of assets and
liabilities denominated in foreign
currency .......................................... 327,763 (1,989,490) 1,963,895 (136,575)
----------------- ---------------- ------------- -----------------
Net increase (decrease) in net assets from
operations ........................................ 103,531 (2,479,571) 2,104,370 (168,793)
----------------- ---------------- ------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................... -- (284,083) -- --
Class I .................................. -- -- -- --
Net realized gain on investments:
Class N ........................................... -- (95,347) -- --
Class I .................................. -- -- -- --
----------------- ---------------- ------------- -----------------
Total distributions ............................ -- (379,430) -- --
----------------- ---------------- ------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................... -- 1,430,560 19,530,246 1,211,239
Class I ........................................... 8,577,841 -- -- --
Proceeds from reinvestment of distributions:
Class N ........................................... -- 1,139 -- --
Class I .................................. -- -- -- --
Cost of shares redeemed:
Class N ........................................... -- (35,958) (11) (4,996)
Class I ........................................... (1,004,032) -- -- --
----------------- ---------------- ------------- -----------------
Net increase (decrease) from capital
share transactions ...................... 7,573,809 1,395,741 19,530,235 1,206,243
----------------- ---------------- ------------- -----------------
Total increase (decrease) in net assets......... 7,677,340 (1,463,260) 21,634,605 1,037,450
----------------- ---------------- ------------- -----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A).......... $ 7,677,340 $ 20,171,345 $ 21,634,605 $ 1,037,450
================= ================ ============= =================
(A) Undistributed (overdistributed) net
investment income (loss) ........................ $ 31,183 $ 97,739 $ 236,290 $ 10,837
================= ================ ============= =================
- ----------
(a) Barings International Fund commenced investment operations on November 2,
2007.
(b) ABN AMRO Global Real Estate Fund commenced investment operations on August
3, 2007.
(c) SGA International Small-Mid Cap Fund commenced investment operations on
November 2, 2007.
(d) Smart Allocation ETF Fund commenced investment operations on January 10,
2008.
(e) New Century Absolute Return ETF Fund commenced investment operations on
March 04, 2008.
(f) MB Enhanced Equity Income Fund commenced investment operations on January
15, 2008.
See accompanying Notes to Financial Statements.
82
Aston Funds
SMART NEW CENTURY MB
ALLOCATION ABSOLUTE RETURN ENHANCED EQUITY ABN AMRO MONTAG & CALDWELL
ETF FUND ETF FUND INCOME FUND REAL ESTATE FUND BALANCED FUND
- ----------------- ----------------- ----------------- -------------------------------- ----------------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED SIX MONTHS YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008(d) APRIL 30, 2008(e) APRIL 30, 2008(f) APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) 2007 (UNAUDITED) 2007
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
$ -- $ -- $ -- $ 90,668,373 $ 118,531,381 $ 17,860,943 $ 30,995,506
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
993 1,456 34,665 85,692 2,146,880 111,045 246,465
17,487 (826) 61,817 (4,986,610) 21,085,423 (172,585) 2,799,854
20,971 53,850 248,467 (5,880,612) (25,235,500) (558,919) 105,356
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
39,451 54,480 344,949 (10,781,530) (2,003,197) (620,459) 3,151,675
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
-- -- (15,016) (262,056) (190,594) (121,021) (240,860)
-- -- -- (337,509) (164,987) (9,523) (74,233)
-- -- -- (12,004,864) (15,755,762) -- --
-- -- -- (10,600,029) (9,790,333) -- --
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
-- -- (15,016) (23,204,458) (25,901,676) (130,544) (315,093)
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
3,827,810 2,172,711 14,863,878 3,912,631 25,180,278 2,428,975 1,776,744
-- -- -- -- 55,849 6,920 640,027
-- -- 589 12,082,216 15,714,374 116,646 235,427
-- -- -- 10,937,524 9,955,320 9,433 73,386
(414,242) (7,489) (2,917) (35,621,151) (46,588,908) (1,410,314) (11,220,097)
-- -- -- -- (4,275,048) (38,662) (7,476,632)
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
3,413,568 2,165,222 14,861,550 (8,688,780) 41,865 1,112,998 (15,971,145)
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
3,453,019 2,219,702 15,191,483 (42,674,768) (27,863,008) 361,995 (13,134,563)
- ----------------- ----------------- ----------------- -------------- -------------- ---------------- ---------------
$ 3,453,019 $ 2,219,702 $ 15,191,483 $ 47,993,605 $ 90,668,373 $ 18,222,938 $ 17,860,943
================= ================= ================= ============== ============== ================ ===============
$ 993 $ 1,456 $ 19,649 $ (65,695) $ 448,178 $ (348,241) $ (328,742)
================= ================= ================= ============== ============== ================ ===============
See accompanying Notes to Financial Statements.
83
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
BALANCED FUND TCH FIXED INCOME FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007 (UNAUDITED) 2007
---------------- --------------- ----------------- --------------
NET ASSETS AT BEGINNING OF PERIOD................... $ 35,923,985 $ 60,831,234 $ 91,979,543 $ 120,243,877
--------------- -------------- ---------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................... 217,666 630,089 2,283,337 5,065,054
Net realized gain (loss) on investments........ 791,087 6,181,989 1,446,001 2,201,858
Net change in unrealized appreciation
(depreciation) on investments.................. (3,153,072) (2,481,379) (1,320,537) (480,477)
--------------- -------------- ---------------- --------------
Net increase (decrease) in net assets from
operations..................................... (2,144,319) 4,330,699 2,408,801 6,786,435
--------------- -------------- ---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N........................................ (257,929) (705,675) (1,390,697) (3,051,522)
Class I........................................ -- -- (966,321) (2,229,363)
Net realized gain on investments:
Class N........................................ (5,993,129) (17,246,611) -- --
--------------- -------------- ---------------- --------------
Total distributions......................... (6,251,058) (17,952,286) (2,357,018) (5,280,885)
--------------- -------------- ---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N........................................ 1,031,755 4,106,378 7,853,747 10,675,012
Class I........................................ -- -- 2,758,467 5,492,323
Proceeds from reinvestment of distributions:
Class N........................................ 6,228,790 17,742,884 1,316,163 2,902,724
Class I........................................ -- -- 503,930 1,164,156
Cost of shares redeemed:
Class N........................................ (8,335,813) (33,134,924) (10,981,331) (38,979,747)
Class I........................................ -- -- (10,051,688) (11,024,352)
--------------- -------------- ---------------- --------------
Net decrease from capital share
transactions................................ (1,075,268) (11,285,662) (8,600,712) (29,769,884)
--------------- -------------- ---------------- --------------
Total decrease in net assets................ (9,470,645) (24,907,249) (8,548,929) (28,264,334)
--------------- -------------- ---------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A)...... $ 26,453,340 $ 35,923,985 $ 83,430,614 $ 91,979,543
=============== ============== ================ ==============
(A) Overdistributed net investment income........ $ (76,994) $ (36,731) $ (745,751) $ (672,070)
=============== ============== ================ ==============
See accompanying Notes to Financial Statements.
84
Aston Funds
TCH INVESTMENT MCDONNELL ABN AMRO INVESTOR
GRADE BOND FUND MUNICIPAL BOND FUND MONEY MARKET FUND
- ---------------------------------- -------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31, APRIL 30, 2008 OCTOBER 31,
(UNAUDITED) 2007 (UNAUDITED) 2007 (UNAUDITED) 2007
- ---------------- --------------- -------------- --------------- ---------------- ----------------
$ 15,917,319 $ 28,986,923 $ 15,863,166 $ 38,595,154 $ 36,958,977 $ 84,777,541
-------------- -------------- ------------- -------------- -------------- ---------------
347,243 960,560 273,569 822,542 502,206 2,808,053
32,361 (329,694) 119,719 (54,353) -- --
(50,153) 254,138 (19,640) (287,290) -- --
-------------- -------------- ------------- -------------- -------------- ---------------
329,451 885,004 373,648 480,899 502,206 2,808,053
-------------- -------------- ------------- -------------- -------------- ---------------
(37,650) (95,366) (273,569) (822,542) (502,206) (2,808,053)
(321,397) (917,756) -- -- -- --
-- -- -- -- -- --
-------------- -------------- ------------- -------------- -------------- ---------------
(359,047) (1,013,122) (273,569) (822,542) (502,206) (2,808,053)
-------------- -------------- ------------- -------------- -------------- ---------------
88,037 285,612 2,507,146 1,307,553 15,266,324 103,413,666
32,321 664,041 -- -- -- --
33,760 90,001 152,520 417,837 492,981 1,932,185
132,655 333,590 -- -- -- --
(97,786) (1,626,308) (3,824,226) (24,115,735) (18,969,018) (153,164,415)
(1,662,434) (12,688,422) -- -- -- --
-------------- -------------- ------------- -------------- -------------- ---------------
(1,473,447) (12,941,486) (1,164,560) (22,390,345) (3,209,713) (47,818,564)
-------------- -------------- ------------- -------------- -------------- ---------------
(1,503,043) (13,069,604) (1,064,481) (22,731,988) (3,209,713) (47,818,564)
-------------- -------------- ------------- -------------- -------------- ---------------
$ 14,414,276 $ 15,917,319 $ 14,798,685 $ 15,863,166 $ 33,749,264 $ 36,958,977
============== ============== ============= ============== ============== ===============
$ (125,830) $ (114,026) $ -- $ -- $ -- $ --
============== ============== ============= ============== ============== ===============
See accompanying Notes to Financial Statements.
85
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- --------- --------- --------- ----------- ---------
Net Asset Value, Beginning of Period........ $ 31.51 $ 25.15 $ 23.35 $ 21.53 $ 20.74 $ 19.03
--------- --------- --------- --------- ----------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.................. 0.06(a) 0.06(a) 0.07(a) 0.05(a) 0.04(a) 0.06(a)
Net realized and unrealized gain
(loss) on investments.................. (2.08) 6.54 1.80 1.83 0.77 1.65
--------- --------- --------- --------- ----------- ---------
Total from investment operations.... (2.02) 6.60 1.87 1.88 0.81 1.71
--------- --------- --------- --------- ----------- ---------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income............ (0.05) (0.06) (0.07) (0.06) (0.02) --
Distributions from net realized
gain on investments.................... (4.03) (0.18) -- -- -- --
--------- --------- --------- --------- ----------- ---------
Total distributions................. (4.08) (0.24) (0.07) (0.06) (0.02) --
--------- --------- --------- --------- ----------- ---------
Net increase (decrease) in net asset value.. (6.10) 6.36 1.80 1.82 0.79 1.71
--------- --------- --------- --------- ----------- ---------
Net Asset Value, End of Period.............. $ 25.41 $ 31.51 $ 25.15 $ 23.35 $ 21.53 $ 20.74
========= ========= ========= ========= =========== =========
TOTAL RETURN................................ (7.12)% (b) 26.41% 8.02% 8.72% 3.89% 8.99%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)..... $ 720,928 $ 759,567 $ 846,100 $ 992,229 $ 1,018,935 $ 967,300
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.............. 1.07% (c) 1.07%(d) 1.06%(d) 1.03% 1.02% 1.06%
After reimbursement and/or waiver of
expenses by Adviser................. 1.07% (c) 1.07%(d) 1.06%(d) 1.03% 1.02% 1.06%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser................. 0.45% (c) 0.23% 0.28% 0.20% 0.20% 0.29%
After reimbursement and/or waiver of
expenses by Adviser................. 0.45% (c) 0.23% 0.28% 0.20% 0.20% 0.29%
Portfolio Turnover....................... 28.33% (b) 69.02% 68.74% 52.16% 52.86% 38.76%
- ----------
(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 year ended October 31, 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
MONTAG & CALDWELL GROWTH FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period...... $ 31.61 $ 25.24 $ 23.44 $ 21.61 $ 20.84 $ 19.22
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.09(a) 0.14(a) 0.13(a) 0.11(a) 0.10(a) 0.12(a)
Net realized and unrealized gain
(loss) on investments................ (2.09) 6.55 1.82 1.83 0.77 1.66
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations.. (2.00) 6.69 1.95 1.94 0.87 1.78
---------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income.......... (0.07) (0.14) (0.15) (0.11) (0.10) (0.16)
Distributions from net realized
gain on investments.................. (4.03) (0.18) -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total distributions............... (4.10) (0.32) (0.15) (0.11) (0.10) (0.16)
---------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset
value................................. (6.10) 6.37 1.80 1.83 0.77 1.62
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period............ $ 25.51 $ 31.61 $ 25.24 $ 23.44 $ 21.61 $ 20.84
========== ========== ========== ============== ========== ==========
TOTAL RETURN.............................. (7.01)%(b) 26.72% 8.36% 8.99% 4.19% 9.35%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)... $1,037,913 $1,254,382 $1,246,683 $1,727,848 $2,184,511 $2,151,687
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser............. 0.82%(c) 0.79%(d) 0.78%(d) 0.75% 0.74% 0.77%
After reimbursement and/or waiver
of expenses by Adviser............. 0.82%(c) 0.79%(d) 0.78%(d) 0.75% 0.74% 0.77%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser............. 0.70%(c) 0.51% 0.56% 0.48% 0.48% 0.58%
After reimbursement and/or waiver
of expenses by Adviser............. 0.70%(c) 0.51% 0.56% 0.48% 0.48% 0.58%
Portfolio Turnover..................... 28.33%(b) 69.02% 68.74% 52.16% 52.86% 38.76%
- ----------
(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 year ended October 31, 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
MONTAG & CALDWELL GROWTH FUND - CLASS R
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period...... $ 31.33 $ 25.04 $ 23.23 $ 21.43 $ 20.69 $ 18.59
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... 0.03(b) --(b) 0.01(b) (0.01)(b) (0.01)(b) 0.05(b)
Net realized and unrealized gain
(loss) on investments................ (2.07) 6.49 1.80 1.83 0.77 2.05
-------- -------- -------- -------- -------- --------
Total from investment operations.. (2.04) 6.49 1.81 1.82 0.76 2.10
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income.......... (0.03) (0.02) -- (0.02) (0.02) --
Distributions from net realized
gain on investments.................. (4.03) (0.18) -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions............... (4.06) (0.20) -- (0.02) (0.02) --
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset
value.................................. (6.10) 6.29 1.81 1.80 0.74 2.10
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period............ $ 25.23 $ 31.33 $ 25.04 $ 23.23 $ 21.43 $ 20.69
======== ======== ======== ======== ======== ========
TOTAL RETURN.............................. (7.19)%(c) 26.06% 7.79% 8.50% 3.65% 11.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)... $ 1,422 $ 4,062 $ 693 $ 703 $ 459 $ 111
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser............. 1.32% (d) 1.29%(e) 1.28%(e) 1.25% 1.24% 1.30%(d)
After reimbursement and/or waiver
of expenses by Adviser............. 1.32% (d) 1.29%(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............. 0.20% (d) 0.01% 0.06% (0.02)% (0.02)% 0.32%(d)
After reimbursement and/or waiver
of expenses by Adviser............. 0.20% (d) 0.01% 0.06% (0.02)% (0.02)% 0.32%(d)
Portfolio Turnover..................... 28.33% (c) 69.02% 68.74% 52.16% 52.86% 38.76%
- ----------
(a) Montag & Caldwell Growth Fund, Class R, commenced investment operations on
December 31, 2002.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 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.
88
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
---------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period. .... $ 16.77 $ 13.08 $ 11.88 $ 10.31 $ 9.33 $ 7.30
---------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss.................. (0.03) (0.08) (0.03)(a) (0.02) (0.06) (0.05)
Net realized and unrealized gain
(loss) on investments............... (1.19) 3.77 1.24 1.59 1.04 2.08
---------- -------- -------- -------- -------- --------
Total from investment
operations.................... (1.22) 3.69 1.21 1.57 0.98 2.03
---------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments.............. (2.42) -- (0.01) -- -- --
---------- -------- -------- -------- -------- --------
Total distributions.............. (2.42) -- (0.01) -- -- --
---------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset
value.................................. (3.64) 3.69 1.20 1.57 0.98 2.03
---------- -------- -------- -------- -------- --------
Net Asset Value, End of Period............ $ 13.13 $ 16.77 $ 13.08 $ 11.88 $ 10.31 $ 9.33
========== ======== ======== ======== ======== ========
TOTAL RETURN.............................. (7.90)%(b) 28.14% 10.22% 15.23% 10.50% 27.98%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)... $ 55,006 $ 50,783 $ 34,687 $ 13,270 $ 2,684 $ 2,006
Ratios of expenses to average net
assets:
Before reimbursement and/or
waiver of expenses
by Adviser...................... 1.33%(c) 1.52% 1.75% 2.57% 3.82% 4.31%
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...................... (0.56)%(c) (0.81)% (0.72)% (1.76)% (3.17)% (3.59)%
After reimbursement and/or
waiver of expenses
by Adviser...................... (0.53)%(c) (0.59)% (0.27)% (0.49)% (0.65)% (0.58)%
Portfolio Turnover..................... 129.35%(b) 283.38% 269.88% 202.37% 308.13% 444.75%
- ----------
(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.
89
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/08 ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06(a)
----------- -------- -----------
Net Asset Value, Beginning of Period.............................. $ 16.83 $ 13.08 $ 11.97
----------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss......................................... (0.03) (0.02) --(b)(c)
Net realized and unrealized gain (loss) on investments...... (1.18) 3.77 1.11
----------- -------- -----------
Total from investment operations.......................... (1.21) 3.75 1.11
----------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments......... (2.42) -- --
----------- -------- -----------
Total from investment operations.......................... (2.42) -- --
----------- -------- -----------
Net increase (decrease) in net asset value........................ (3.63) 3.75 1.11
----------- -------- -----------
Net Asset Value, End of Period.................................... $ 13.20 $ 16.83 $ 13.08
=========== ======== ===========
TOTAL RETURN...................................................... (7.74)%(d) 28.52% 9.27%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)........................... $ 56,568 $ 3,216 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser... 1.08%(e) 1.19% 1.43%(e)
After reimbursement and/or waiver of expenses by Adviser.... 1.05%(e) 0.97% 0.98%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser... (0.31)%(e) (0.48)% (0.55)%(e)
After reimbursement and/or waiver of expenses by Adviser.... (0.28)%(e) (0.26)% (0.10)%(e)
Portfolio Turnover............................................. 129.35%(d) 283.38% 269.88%
- ----------
(a) Veredus Select Growth Fund, Class I, commenced investment operations on
September 11, 2006.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
See accompanying Notes to Financial Statements.
90
Aston Funds
ABN AMRO GROWTH FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
---------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period...... $ 22.49 $ 22.82 $ 22.66 $ 21.76 $ 21.14 $ 18.55
---------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... 0.01(a) 0.05(a) --(b) 0.05(a) (0.05)(a) (0.02)
Net realized and unrealized
gain (loss) on investments....... (2.09) 2.39 1.25 0.90 0.67 2.61
---------- -------- -------- -------- -------- --------
Total from investment
operations..................... (2.08) 2.44 1.25 0.95 0.62 2.59
---------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment income... --(b) (0.03) -- (0.05) -- --
Distributions from net
realized gain on investments..... (5.63) (2.74) (1.09) -- -- --
---------- -------- -------- -------- -------- --------
Total distributions............... (5.63) (2.77) (1.09) (0.05) -- --
---------- -------- -------- -------- -------- --------
Net increase (decrease) in net
asset value.............................. (7.71) (0.33) 0.16 0.90 0.62 2.59
---------- -------- -------- -------- -------- --------
Net Asset Value, End of Period............ $ 14.78 $ 22.49 $ 22.82 $ 22.66 $ 21.76 $ 21.14
========== ======== ======== ======== ======== ========
TOTAL RETURN.............................. (10.59)%(c) 11.85% 5.55% 4.38% 2.93% 13.96%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)... $ 104,101 $172,436 $446,884 $888,248 $962,036 $878,724
Ratios of expenses to average net
assets:
Before reimbursement and/or
waiver of expenses by Adviser.... 1.15%(d)(e) 1.11%(e) 1.10%(e) 1.10% 1.09% 1.11%
After reimbursement and/or
waiver of expenses by Adviser... 1.15%(d)(e) 1.11%(e) 1.10%(e) 1.10% 1.09% 1.11%
Ratios of net investment income
(loss) to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser..... 0.16%(d) 0.23% 0.01% 0.21% (0.22)% (0.11)%
After reimbursement and/or
waiver of expenses by Adviser..... 0.16%(d) 0.23% 0.01% 0.21% (0.22)% (0.11)%
Portfolio Turnover..................... 95.64%(c) 47.46% 29.07% 31.30%(f) 18.59% 7.66%
- ----------
(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, 2008 and for the years ended
October 31, 2007 and 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.
(f) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
See accompanying Notes to Financial Statements.
91
Aston Funds
ABN AMRO GROWTH FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
---------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period...... $ 22.83 $ 23.14 $ 22.97 $ 22.02 $ 21.33 $ 18.67
---------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............... 0.03(a) 0.11(a) 0.07 0.11(a) 0.01(a) 0.03
Net realized and unrealized
gain (loss) on investments........ (2.12) 2.43 1.27 0.92 0.68 2.63
---------- -------- -------- -------- -------- --------
Total from investment
operations...................... (2.09) 2.54 1.34 1.03 0.69 2.66
---------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment income... (0.05) (0.11) (0.08) (0.08) -- --
Distributions from net
realized gain on investments...... (5.63) (2.74) (1.09) -- -- --
---------- -------- -------- -------- -------- --------
Total distributions............... (5.68) (2.85) (1.17) (0.08) -- --
---------- -------- -------- -------- -------- --------
Net increase (decrease) in net
asset value........................... (7.77) (0.31) 0.17 0.95 0.69 2.66
---------- -------- -------- -------- -------- --------
Net Asset Value, End of Period............ $ 15.06 $ 22.83 $ 23.14 $ 22.97 $ 22.02 $ 21.33
========== ======== ======== ======== ======== ========
TOTAL RETURN.............................. (10.49)%(b) 12.19% 5.87% 4.69% 3.23% 14.25%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of
Period (in 000's)................. $ 194,729 $247,258 $459,965 $449,492 $358,377 $272,497
Ratios of expenses to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser............ 0.90%(c)(d) 0.83%(d) 0.81%(d) 0.82% 0.82% 0.83%
After reimbursement and/or waiver
of expenses by Adviser............ 0.90%(c)(d) 0.83%(d) 0.81%(d) 0.82% 0.82% 0.83%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver
of expenses by Adviser............ 0.41%(c) 0.51% 0.30% 0.49% 0.05% 0.17%
After reimbursement and/or waiver
of expenses by Adviser............ 0.41%(c) 0.51% 0.30% 0.49% 0.05% 0.17%
Portfolio Turnover..................... 95.64%(b) 47.46% 29.07% 31.30%(e) 18.59% 7.66%
- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period. (b) Not Annualized.
(c) Annualized.
(d) Ratio of expense to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2008 and for the years ended
October 31, 2007 and 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) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
See accompanying Notes to Financial Statements.
92
Aston Funds
ABN AMRO GROWTH FUND - CLASS R
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03(a)
---------- -------- -------- -------- -------- ----------
Net Asset Value, Beginning of Period. .... $ 22.28 $ 22.64 $ 22.53 $ 21.66 $ 21.09 $ 18.07
---------- -------- -------- -------- -------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)........ (0.01)(b) --(b)(c) (0.04) --(b)(c) (0.10)(b) (0.03)
Net realized and unrealized
gain (loss)on investments......... (2.07) 2.38 1.24 0.90 0.67 3.05
---------- -------- -------- -------- -------- ----------
Total from investment operations.. (2.08) 2.38 1.20 0.90 0.57 3.02
---------- -------- -------- -------- -------- ----------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment income... --(c) -- -- (0.03) --
Distributions from net realized
gain on investments............... (5.63) (2.74) (1.09) -- -- --
---------- -------- -------- -------- -------- ----------
Total distributions............... (5.63) (2.74) (1.09) (0.03) -- --
---------- -------- -------- -------- -------- ----------
Net increase (decrease) in net asset
value.................................. (7.71) (0.36) 0.11 0.87 0.57 3.02
---------- -------- -------- -------- -------- ----------
Net Asset Value, End of Period............ $ 14.57 $ 22.28 $ 22.64 $ 22.53 $ 21.66 $ 21.09
========== ======== ======== ======== ======== ==========
TOTAL RETURN.............................. (10.70)%(d) 11.61% 5.35% 4.16% 2.70% 16.71%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)... $ 623 $ 684 $ 1,679 $ 1,122 $ 573 $ 117
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser............. 1.40%(e)(f) 1.32%(f) 1.31%(f) 1.31% 1.31% 1.35%(e)
After reimbursement and/or waiver
of expenses by Adviser............. 1.40%(e)(f) 1.32%(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............. (0.09)%(e) 0.01% (0.20)% 0.00% (0.44)% (0.16)%(e)
After reimbursement and/or waiver
of expenses by Adviser............. (0.09)%(e) 0.01% (0.20)% 0.00% (0.44)% (0.16)%(e)
Portfolio Turnover..................... 95.64%(d) 47.46% 29.07% 31.30%(g) 18.59% 7.66%
- ----------
(a) ABN AMRO Growth Fund, Class R, commenced investment operations on December
31, 2002.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $0.005 per share.
(d) Not Annualized.
(e) Annualized.
(f) Ratio of expense to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2008 and for the years ended
October 31, 2007 and 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.
(g) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
See accompanying Notes to Financial Statements.
93
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
----------- -----------
Net Asset Value, Beginning of Period................................ $ 12.56 $ 10.00
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................................. 0.02 (0.01)
Net realized and unrealized gain (loss) on investments........ (1.36) 2.57
----------- -----------
Total from investment operations............................ (1.34) 2.56
----------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income..... (0.01) --
----------- -----------
Total Distributions......................................... (0.01) --
----------- -----------
Net increase (decrease) in net asset value.......................... (1.35) 2.56
----------- -----------
Net Asset Value, End of Period...................................... $ 11.21 $ 12.56
=========== ===========
TOTAL RETURN........................................................ (10.68)%(b) 25.60%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)............................. $ 10,672 $ 40,563
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser..... 1.73%(c)(d) 2.30%(c)(d)
After reimbursement and/or waiver of expenses by Adviser...... 1.12%(c)(d) 1.13%(c)(d)(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser..... (0.67)%(c) (1.31)%(c)
After reimbursement and/or waiver of expenses by Adviser...... (0.06)%(c) (0.14)%(c)
Portfolio Turnover............................................... 20.11%(b) 76.40%(b)
- ----------
(a) Optimum Large Cap Opportunity Fund, Class N, commenced
investment operations on December 28, 2006.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense 0.02%
for the six monthsended April 30, 2008 and the period October 31, 2007,
which is not included on the voluntary 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, was implemented on May 1, 2007.
See accompanying Notes to Financial Statements.
94
ASTON FUNDS
VALUE FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- --------- --------- -------- -------- --------
Net Asset Value, Beginning of Period ............... $ 15.57 $ 14.06 $ 12.15 $ 11.05 $ 9.66 $ 8.45
---------- --------- --------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.09(a) 0.19 0.21 0.17(a) 0.14 0.14
Net realized and unrealized gain (loss) on
investments ................................ (1.51) 2.09 2.09 1.10 1.39 1.22
---------- --------- --------- -------- -------- --------
Total from investment operations ........... (1.42) 2.28 2.30 1.27 1.53 1.36
---------- --------- --------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .......................... (0.09) (0.20) (0.20) (0.17) (0.14) (0.15)
Distributions from net realized gain on
investments ................................ (1.41) (0.57) (0.19) -- -- --
--------- --------- --------- -------- -------- --------
Total distributions ........................ (1.50) (0.77) (0.39) (0.17) (0.14) (0.15)
--------- --------- --------- -------- -------- --------
Net increase (decrease) in net asset value ......... (2.92) 1.51 1.91 1.10 1.39 1.21
--------- --------- --------- -------- -------- --------
Net Asset Value, End of Period ..................... $ 12.65 $ 15.57 $ 14.06 $ 12.15 $ 11.05 $ 9.66
========= ========= ========= ======== ======== ========
TOTAL RETURN ....................................... (9.71)%(b) 16.77% 19.35% 11.48% 15.88% 16.32%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............ $ 24,553 $ 130,476 $ 103,819 $ 95,624 $229,979 $195,853
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ........................ 1.17% (c)(d) 1.16% 1.16% 1.16% 1.16% 1.19%
After reimbursement and/or waiver of
expenses by Adviser ........................ 0.98% (c)(d) 0.94% 0.94% 0.94% 0.94% 0.94%
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser ........................ 1.13% (c) 1.06% 1.37% 1.19% 1.10% 1.34%
After reimbursement and/or waiver of
expenses by Adviser ........................ 1.32% (c) 1.28% 1.59% 1.41% 1.32% 1.59%
Portfolio Turnover .............................. 38.83% (b) 28.05% 26.86% 21.84% 38.29% 56.67%
- ----------
(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, 2008, 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
VALUE FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05(a)
---------- --------- -------- -----------
Net Asset Value, Beginning of Period ........................ $ 15.57 $ 14.07 $ 12.16 $ 12.36
---------- --------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.10(b) 0.23 0.24 0.01(b)
Net realized and unrealized gain (loss) on
investments ......................................... (1.50) 2.07 2.09 (0.21)
---------- --------- -------- --------
Total from investment operations .................... (1.40) 2.30 2.33 (0.20)
---------- --------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income .............................................. (0.11) (0.23) (0.23) --
Distributions from net realized gain on investments ... (1.41) (0.57) (0.19) --
---------- --------- -------- --------
Total distributions ................................. (1.52) (0.80) (0.42) --
---------- --------- -------- --------
Net increase (decrease) in net asset value .................. (2.92) 1.50 1.91 (0.20)
---------- --------- -------- --------
Net Asset Value, End of Period .............................. $ 12.65 $ 15.57 $ 14.07 $ 12.16
========== ========= ======== ========
TOTAL RETURN ................................................ (9.60)%(c) 16.98% 19.64% (1.62)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..................... $ 261,292 $ 289,024 $247,667 $192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................. 0.92%(d)(e) 0.91% 0.91% 0.91%(d)
After reimbursement and/or waiver of expenses by
Adviser ............................................. 0.73%(d)(e) 0.69% 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) 1.31% 1.62% 0.40%(d)
After reimbursement and/or waiver of expenses by
Adviser ............................................. 1.57%(d) 1.53% 1.84% 0.62%(d)
Portfolio Turnover ....................................... 38.83%(c) 28.05% 26.86% 21.84%
- ----------
(a) Value Fund, Class I, commenced investment operations on September 20, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expense to average net assets included interest expense of
less than 0.005% for the six months ended April 30, 2008, which is not
included in the contractual expense limitation. The interest expenses
is from utilizing the line of credit as discussed in Note H
to Financial Statements.
See accompanying Notes to Financial Statements.
96
ASTON FUNDS
TAMRO ALL CAP FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 14.41 $ 13.91 $ 12.40 $ 11.35 $ 10.27 $ 8.47
---------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.02 0.03 0.09 0.08 0.07 0.09
Net realized and unrealized gain (loss) on
investments ............................. (1.64) 2.13 1.53 1.05 1.08 1.81
---------- -------- -------- -------- -------- --------
Total from investment operations ........ (1.62) 2.16 1.62 1.13 1.15 1.90
---------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ....................... (0.01) (0.03) (0.11) (0.08) (0.07) (0.10)
Distributions from net realized gain on
investments ............................. (1.16) (1.63) -- -- -- --
---------- -------- -------- -------- -------- --------
Total distributions ..................... (1.17) (1.66) (0.11) (0.08) (0.07) (0.10)
---------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... (2.79) 0.50 1.51 1.05 1.08 1.80
---------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 11.62 $ 14.41 $ 13.91 $ 12.40 $ 11.35 $ 10.27
========== ======== ======== ======== ======== ========
TOTAL RETURN .................................... (11.87)%(a) 16.98% 13.10% 9.98% 11.17% 22.68%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 12,614 $ 15,359 $15,864 $ 21,590 $ 17,574 $ 8,887
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 1.74%(b) 1.74%(c) 1.54%(c) 1.54% 1.76% 1.92%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.20%(b) 1.20%(c) 1.22%(c) 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 ..................... (0.18)%(b) (0.30)% 0.36% 0.35% 0.00% 0.35%
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.36%(b) 0.24% 0.68% 0.69% 0.56% 1.07%
Portfolio Turnover ........................... 38.31%(a) 37.87% 43.88% 36.84% 38.34% 102.51%(d)
- ----------
(a) Not Annualized.
(b) Annualized.
(c) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 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.
97
ASTON FUNDS
RIVER ROAD DYNAMIC EQUITY INCOME FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ......................... $ 12.58 $ 11.81 $ 9.91 $ 10.00
----------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.20 0.46(b) 0.42 0.13
Short-term capital gains distributions received ........ -- -- --(c) --
Net realized and unrealized gain (loss) on
investments .......................................... (0.83) 0.81 1.89 (0.10)
----------- -------- -------- -----------
Total from investment operations ..................... (0.63) 1.27 2.31 0.03
----------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ............................................... (0.17) (0.37) (0.41) (0.12)
Distributions from net realized gain on investments .... (0.66) (0.13) -- --
----------- -------- -------- -----------
Total distributions .................................. (0.83) (0.50) (0.41) (0.12)
----------- -------- -------- -----------
Net increase (decrease) in net asset value ................... (1.46) 0.77 1.90 (0.09)
----------- -------- -------- -----------
Net Asset Value, End of Period ............................... $ 11.12 $ 12.58 $ 11.81 $ 9.91
=========== ======== ======== ===========
TOTAL RETURN ................................................. (4.92)%(d) 10.89% 23.71% 0.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...................... $ 41,277 $ 32,313 $ 15,899 $ 5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 1.47%(e)(f) 1.53% 2.48% 2.71%(e)
After reimbursement and/or waiver of expenses by
Adviser .............................................. 1.30%(e)(f) 1.30% 1.30% 1.30%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 3.34%(e) 3.48% 2.77% 2.65%(e)
After reimbursement and/or waiver of expenses by
Adviser .............................................. 3.51%(e) 3.71% 3.95% 4.06%(e)
Portfolio Turnover ........................................ 27.15%(d) 114.56% 45.50% 14.37%(d)
- ----------
(a) River Road Dynamic Equity Income 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) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2008, 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.
98
ASTON FUNDS
RIVER ROAD DYNAMIC EQUITY INCOME FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
----------- -----------
Net Asset Value, Beginning of Period .......................................... $ 12.57 $ 12.94
--------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................... 0.19 0.16(b)
Net realized and unrealized loss on investments ......................... (0.80) (0.37)
--------- ----------
Total from investment operations ...................................... (0.61) (0.21)
--------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................................ (0.19) (0.16)
Distributions from net realized gain on investments ..................... (0.66) --
--------- ----------
Total Distributions ................................................... (0.85) (0.16)
--------- ----------
Net decrease in net asset value ............................................... (1.46) (0.37)
--------- ----------
Net Asset Value, End of Period ................................................ $ 11.11 $ 12.57
========= ==========
TOTAL RETURN .................................................................. (4.81)%(c) (1.58)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....................................... $ 187 $ 197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ............... 1.22%(d)(e) 1.42%(d)
After reimbursement and/or waiver of expenses by Adviser ................ 1.05%(d)(e) 0.96%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ............... 3.59%(d) 2.86%(d)
After reimbursement and/or waiver of expenses by Adviser ................ 3.76%(d) 3.33%(d)
Portfolio Turnover ......................................................... 27.15%(c) 114.56%
- ----------
(a) River Road Dynamic Equity Income Fund, Class I, commenced investment
operations on June 28, 2007.
(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, 2008, 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.
99
ASTON FUNDS
OPTIMUM MID CAP FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 32.32 $ 27.16 $ 23.21 $ 22.93 $ 20.18 $ 14.24
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............. 0.03 (0.02) (0.02) (0.02) (0.08)(a) (0.07)
Net realized and unrealized gain (loss) on
investments ............................. (2.44) 7.01 4.88 1.04 2.90 6.01
----------- -------- -------- -------- -------- --------
Total from investment operations ........ (2.41) 6.99 4.86 1.02 2.82 5.94
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain on
investments ............................. (2.19) (1.83) (0.91) (0.74) (0.07) --
----------- -------- -------- -------- -------- --------
Total distributions ..................... (2.19) (1.83) (0.91) (0.74) (0.07) --
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... (4.60) 5.16 3.95 0.28 2.75 5.94
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 27.72 $ 32.32 $ 27.16 $ 23.21 $ 22.93 $ 20.18
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................... (7.57)%(b) 27.08% 21.39% 4.43% 14.08% 41.64%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 815,229 $823,036 $577,891 $548,595 $385,325 $191,220
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 1.15%(c)(d) 1.15%(d) 1.16% 1.23% 1.29%(e) 1.36%
After reimbursement and/or waiver of
expenses by Adviser ..................... 1.15%(c)(d) 1.15%(d) 1.16% 1.23% 1.29%(e) 1.34%(f)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ..................... 0.20%(c) (0.09)% (0.09)% (0.08)% (0.38)% (0.57)%
After reimbursement and/or waiver of
expenses by Adviser ..................... 0.20%(c) (0.09)% (0.09)% (0.08)% (0.38)% (0.55)%
Portfolio Turnover ........................... 8.85%(b) 26.15% 30.65% 27.42% 26.64% 59.35%
- ----------
(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, 2008 and the year ended
October 31, 2007, 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 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.
(f) 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.
100
Aston Funds
OPTIMUM MID CAP FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04(a)
----------- ----------- ---------- ---------- -------------
Net Asset Value, Beginning of Period ......... $ 32.64 $ 27.34 $ 23.30 $ 22.96 $ 23.61
----------- ----------- ---------- ---------- -------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......... 0.06 0.05 0.05 0.04 --(b)(c)
Net realized and unrealized gain
(loss) on investments................ (2.46) 7.08 4.90 1.04 (0.65)
----------- ----------- ---------- ---------- -------------
Total from investment operations... (2.40) 7.13 4.95 1.08 (0.65)
----------- ----------- ---------- ---------- -------------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investment................... (2.19) (1.83) (0.91) (0.74) --
----------- ----------- ---------- ---------- -------------
Total distributions................ (2.19) (1.83) (0.91) (0.74) --
----------- ----------- ---------- ---------- -------------
Net increase (decrease) in net asset value.... (4.59) 5.30 4.04 0.34 (0.65)
----------- ----------- ---------- ---------- -------------
Net Asset Value, End of Period................ $ 28.05 $ 32.64 $ 27.34 $ 23.30 $ 22.96
=========== =========== ========== ========== =============
TOTAL RETURN.................................. (7.50)%(d) 27.43% 21.76% 4.69% (2.80)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)...... $ 132,177 $ 126,691 $ 81,670 $ 73,293 $ 26,202
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser.................. 0.90%(e)(f) 0.87%(f) 0.89% 0.94% 0.98%(e)
After reimbursement and/or waiver
of expenses by Adviser............... 0.90%(e)(f) 0.87%(f) 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............... 0.45%(e) 0.19% 0.18% 0.21% (0.04)%(e)
After reimbursement and/or waiver
of expenses by Adviser .............. 0.45%(e) 0.19% 0.18% 0.21% (0.04)%(e)
Portfolio Turnover........................ 8.85%(d) 26.15% 30.65% 27.42% 26.64%
- ----------
(a) Optimum Mid Cap Fund, Class I, commenced investment operations on July
6, 2004.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(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, 2008 and the year ended
October 31, 2007, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
See accompanying Notes to Financial Statements.
101
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(a)
(UNAUDITED)
-------------
Net Asset Value, Beginning of Period ............ $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss...................... (0.03)
Net realized and unrealized
loss on investments..................... (0.60)
------------
Total from investment operations...... (0.63)
------------
Net decrease in net asset value.................. (0.63)
------------
Net Asset Value, End of Period................... $ 9.37
============
TOTAL RETURN..................................... (6.30)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)......... $ 2,246
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.................. 6.76%(c)
After reimbursement and/or waiver
of expenses by Adviser.................. 1.40%(c)
Ratios of net investment loss to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser.................. (6.02)%(c)
After reimbursement and/or waiver
of expenses by Adviser ................. (0.66)%(c)
Portfolio Turnover........................... 32.95%(b)
- ----------
(a) Montag & Caldwell Mid Cap Growth Fund, Class N, commenced investment
operations on November 2, 2007.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
102
Aston Funds
CLARIVEST MID CAP GROWTH FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(a)
(UNAUDITED)
-------------
Net Asset Value, Beginning of Period ...................... $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss................................ (0.02)
Net realized and unrealized loss on investments.... (0.95)
------------
Total from investment operations................ (0.97)
------------
Net decrease in net asset value............................ (0.97)
------------
Net Asset Value, End of Period............................. $ 9.03
============
TOTAL RETURN............................................... (9.70)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)................... $ 475
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser............................ 25.18%(c)
After reimbursement and/or waiver
of expenses by Adviser............................ 1.40%(c)
Ratios of net investment loss to
average net assets:
Before reimbursement and/or waiver
of expenses by Adviser............................ (24.13)%(c)
After reimbursement and/or waiver
of expenses by Adviser ........................... (0.35)%(c)
Portfolio Turnover..................................... 69.09%(b)
- ----------
(a) ClariVest Mid Cap Growth Fund, Class N, commenced investment operations
on November 2, 2007.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
103
Aston Funds
CARDINAL MID CAP VALUE FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(a)
(UNAUDITED)
------------
Net Asset Value, Beginning of Period...................... $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................. 0.01
Net realized and unrealized loss on investments... (1.05)
------------
Total from investment operations............... (1.04)
------------
Net decrease in net asset value........................... (1.04)
------------
Net Asset Value, End of Period............................ $ 8.96
============
TOTAL RETURN.............................................. (10.40)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's).................. $ 1,121
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser........................... 12.06%(c)
After reimbursement and/or waiver
of expenses by Adviser........................... 1.40%(c)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser........................... (10.51)%(c)
After reimbursement and/or waiver
of expenses by Adviser........................... 0.15%(c)
Portfolio Turnover.................................... 21.63%(b)
- ----------
(a) Cardinal Mid Cap Value Fund, Class N, commenced investment operations on
November 2, 2007.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
104
Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
------------ -----------
Net Asset Value, Beginning of Period ........................... $ 10.13 $ 10.00
------------ -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... --(b)(c) 0.01
Net realized and unrealized gain (loss) on investments ...... (0.80) 0.12
------------ -----------
Total from investment operations .......................... (0.80) 0.13
------------ -----------
Net increase (decrease) in net asset value ..................... (0.80) 0.13
------------ -----------
Net Asset Value, End of Period ................................. $ 9.33 $ 10.13
============ ===========
TOTAL RETURN ................................................... (7.90)%(d) 1.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 6,018 $ 10,292
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.61%(e) 3.18%(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.50%(e) 1.50%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (0.01)%(e) (1.43)%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.10%(e) 0.25%(e)
Portfolio Turnover ............................................ 22.91%(d) 41.51%(d)
- ----------
(a) River Road Small-Mid Cap Fund, Class N, commenced investment operations on
March 29, 2007.
(b) Represents less than $0.005 per share.
(c) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(d) Not Annualized.
(e) Annualized.
See Accompanying Notes to Financial Statements.
105
Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
------------ -----------
Net Asset Value, Beginning of Period ............................ $ 10.13 $ 10.51
------------ -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.02(b) 0.01
Net realized and unrealized loss on investments .............. (0.81) (0.39)
------------ -----------
Total from investment operations ........................... (0.79) (0.38)
------------ -----------
Net decrease in net asset value ................................. (0.79) (0.38)
------------ -----------
Net Asset Value, End of Period .................................. $ 9.34 $ 10.13
============ ===========
TOTAL RETURN .................................................... (7.77)%(c) (3.52)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................... $ 85,433 $ 7,482
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 1.36%(d) 2.57%(d)
After reimbursement and/or waiver of expenses by Adviser ..... 1.25%(d) 1.24%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 0.24%(d) (0.91)%(d)
After reimbursement and/or waiver of expenses by Adviser ..... 0.35%(d) 0.42%(d)
Portfolio Turnover.............................................. 22.91%(c) 41.51%(c)
- ----------
(a) River Road Small-Mid Cap Fund, Class I, commenced investment operations on
June 28, 2007.
(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.
106
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period............. $ 22.42 $ 18.44 $ 18.35 $ 16.26 $ 15.24 $ 11.44
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................... (0.09)(a) (0.24)(a) (0.22)(a) (0.20) (0.18) (0.10)
Net realized and unrealized gain (loss)on
investments................................. (4.14) 5.45 0.31 2.29 1.20 3.90
----------- -------- -------- -------- -------- --------
Total from investment operations............ (4.23) 5.21 0.09 2.09 1.02 3.80
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain on
investments................................. (5.56) (1.23) -- -- -- --
----------- -------- -------- -------- -------- --------
Total distributions......................... (5.56) (1.23) -- -- -- --
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value....... (9.79) 3.98 0.09 2.09 1.02 3.80
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period................... $ 12.63 $ 22.42 $ 18.44 $ 18.35 $ 16.26 $ 15.24
=========== ======== ======== ======== ======== ========
TOTAL RETURN..................................... (21.43)%(b) 30.01% 0.49% 12.85% 6.69% 33.10%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........... $ 79,253 $114,803 $367,113 $549,452 $524,737 $444,207
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser........................ 1.53%(c)(d) 1.48%(d) 1.41%(d) 1.42% 1.43% 1.50%
After reimbursement and/or waiver of
expenses by Adviser......................... 1.49%(c)(d) 1.48%(d) 1.41%(d) 1.42% 1.43% 1.46%(e)
Ratios of net investment loss to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser........................ (1.27)%(c) (1.27)% (1.15)% (1.06)% (1.18)% (0.97)%
After reimbursement and/or waiver of
expenses by Adviser........................ (1.23)%(c) (1.27)% (1.15)% (1.06)% (1.18)% (0.93)%
Portfolio Turnover.............................. 60.80%(b) 126.54% 133.21% 140.04% 118.89% 159.64%
- ----------
(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, 2008 and 0.02% for the year
ended October 31, 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.
107
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- --------- --------- --------- --------- --------
Net Asset Value, Beginning of Period ........ $ 22.83 $ 18.71 $ 18.57 $ 16.40 $ 15.33 $ 11.48
--------- --------- --------- --------- --------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .................... (0.07)(a) (0.19)(a) (0.17)(a) (0.12) (0.15) (0.08)
Net realized and unrealized gain
(loss) on investments ................. (4.23) 5.54 0.31 2.29 1.22 3.93
--------- --------- --------- --------- --------- --------
Total from investment operations .... (4.30) 5.35 0.14 2.17 1.07 3.85
--------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments ................... (5.56) (1.23) -- -- -- --
--------- --------- --------- --------- --------- --------
Total distributions ................. (5.56) (1.23) -- -- -- --
--------- --------- --------- --------- --------- --------
Net increase (decrease) in net
asset value .. ............................. (9.86) 4.12 0.14 2.17 1.07 3.85
--------- --------- --------- --------- --------- --------
Net Asset Value, End of Period .............. $ 12.97 $ 22.83 $ 18.71 $ 18.57 $ 16.40 $ 15.33
--------- --------- --------- --------- --------- --------
TOTAL RETURN ................................ (21.32)%(b) 30.34% 0.75% 13.23% 6.98% 33.54%
========= ========= ========= ========= ========= ========
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...... $ 49,333 $ 115,942 $ 150,697 $ 156,286 $ 114,607 $ 77,660
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................ 1.28%(c)(d) 1.19%(d) 1.13%(d) 1.14% 1.15% 1.20%
After reimbursement and/or waiver
of expenses by Adviser ................ 1.24%(c)(d) 1.19%(d) 1.13%(d) 1.14% 1.15% 1.16%(e)
Ratios of net investment loss to
average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................ (1.02)%(c) (0.98)% (0.87)% (0.78)% (0.90)% (0.67)%
After reimbursement and/or waiver
of expenses by Adviser ................ (0.98)%(c) (0.98)% (0.87)% (0.78)% (0.90)% (0.63)%
Portfolio Turnover ........................ 60.80%(b) 126.54% 133.21% 140.04% 118.89% 159.64%
- ----------
(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, 2008 and 0.02% for the year
ended October 31, 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.
108
Aston Funds
TAMRO SMALL CAP FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- --------- --------- --------- --------- --------
Net Asset Value, Beginning of Period ....... $ 20.99 $ 19.73 $ 15.63 $ 15.25 $ 15.75 $ 10.49
---------- --------- --------- --------- --------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... 0.02 (0.08)(a) (0.07)(a) (0.07)(a) (0.09) (0.01)
Net realized and unrealized gain
(loss) on investments ................ (3.15) 2.48 4.17 1.45 1.62 5.27
---------- --------- --------- --------- --------- --------
Total from investment operations ... (3.13) 2.40 4.10 1.38 1.53 5.26
---------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain
on investments ....................... (0.97) (1.14) -- (1.00) (2.03) --
---------- --------- --------- --------- --------- --------
Total distributions ................ (0.97) (1.14) -- (1.00) (2.03) --
---------- --------- --------- --------- --------- --------
Net increase (decrease) in net
asset value . ............................ (4.10) 1.26 4.10 0.38 (0.50) 5.26
---------- --------- --------- --------- --------- --------
Net Asset Value, End of Period ............. $ 16.89 $ 20.99 $ 19.73 $ 15.63 $ 15.25 $ 15.75
========== ========= ========= ========= ========= ========
TOTAL RETURN (15.28)%(b) 12.56% 26.23% 9.16% 10.17% 50.14%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 203,067 $ 235,242 $ 182,462 $ 148,950 $ 112,809 $ 60,932
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 1.33%(c) 1.33%(d) 1.42% 1.41% 1.42% 1.44%
After reimbursement and/or waiver of
expenses by Adviser .................. 1.30%(c) 1.30%(d) 1.30% 1.30% 1.30% 1.30%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 0.22%(c) (0.42)% (0.51)% (0.58)% (0.89)% (0.21)%
After reimbursement and/or waiver of
expenses by Adviser .................. 0.25%(c) (0.39)% (0.39)% (0.47)% (0.77)% (0.07)%
Portfolio Turnover ....................... 30.43%(b) 58.88% 58.28% 56.28% 102.56% 115.42%
- ----------
(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 expenses of less
than 0.005% for the year ended October 31, 2007, 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.
109
Aston Funds
TAMRO SMALL CAP FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05(a)
----------- --------- -------- -----------
Net Asset Value, Beginning of Period .............................. $ 21.16 $ 19.83 $ 15.67 $ 15.32
--------- --------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................. 0.03 (0.02)(b) (0.02)(b) (0.04)(b)
Net realized and unrealized gain (loss) on investments ....... (3.16) 2.49 4.18 0.39
--------- --------- -------- --------
Total from investment operations .......................... (3.13) 2.47 4.16 0.35
--------- --------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments .......... (0.97) (1.14) -- --
--------- --------- -------- --------
Net increase (decrease) in net asset value ........................ (4.10) 1.33 4.16 0.35
--------- --------- -------- --------
Net Asset Value, End of Period .................................... $ 17.06 $ 21.16 $ 19.83 $ 15.67
========= ========= ======== ========
TOTAL RETURN ...................................................... (15.16)%(c) 12.86% 26.55% 2.28%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 143,801 $ 137,059 $ 63,982 $ 11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 1.08%(d) 1.05%(e) 1.11% 1.16%(d)
After reimbursement and/or waiver of expenses by Adviser ..... 1.05%(d) 1.02%(e) 0.99% 1.05%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 0.47%(d) (0.14)% (0.20)% (0.39)%(d)
After reimbursement and/or waiver of expenses by Adviser ..... 0.50%(d) (0.11)% (0.08)% (0.28)%(d)
Portfolio Turnover .............................................. 30.43%(c) 58.88% 58.28% 56.28%
- ----------
(a) TAMRO Small Cap Fund, Class I, commenced investment operations on January
4, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, 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.
110
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05(a)
----------- ---------- --------- -----------
Net Asset Value, Beginning of Period....................... $ 14.37 $ 13.46 $ 10.28 $ 10.00
----------- ---------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................................ 0.01 0.05(b) 0.02 --(c)
Net realized and unrealized gain (loss) on
investments....................................... (1.56) 1.04 3.16 0.28
----------- ---------- --------- -----------
Total from investment operations................... (1.55) 1.09 3.18 0.28
----------- ---------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income............................................ --(c) (0.05) -- --
Distributions from net realized gain on
investments....................................... (0.54) (0.13) -- --
----------- ---------- --------- -----------
Total Distributions................................ (0.54) (0.18) -- --
----------- ---------- --------- -----------
Net increase (decrease) in net asset value................. (2.09) 0.91 3.18 0.28
----------- ---------- --------- -----------
Net Asset Value, End of Period............................. $ 12.28 $ 14.37 $ 13.46 $ 10.28
=========== ========== ========= ===========
TOTAL RETURN............................................... (10.89)%(d) 8.12% 30.93% 2.80%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's).................... $ 181,303 $ 237,695 $ 167,438 $ 6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser............................................ 1.47%(e)(f) 1.44%(f) 1.78% 2.86%(e)
After reimbursement and/or waiver of expenses by
Adviser............................................ 1.47%(e)(f) 1.44%(f) 1.43% 1.50%(e)
Ratios of net investment income (loss) to average net
assets:
Before reimbursement and/or waiver of expenses by
Adviser............................................ 0.12%(e) 0.38% 0.25% (1.41)%(e)
After reimbursement and/or waiver of expenses by
Adviser............................................ 0.12%(e) 0.38% 0.60% (0.05)%(e)
Portfolio Turnover...................................... 34.80%(d) 74.18% 51.63% 20.82%(d)(g)
- ----------
(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) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the six months ended April 30, 2008 and the year ended
October 31, 2007, 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.
(g) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
See accompanying Notes to Financial Statements.
111
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
----------- ------------
Net Asset Value, Beginning of Period........................... $ 14.37 $ 14.04
----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.................................... 0.03 0.09(b)
Net realized and unrealized gain (loss) on
investments............................................ (1.56) 0.46
----------- ------------
Total from investment operations....................... (1.53) 0.55
----------- ------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income................................................ (0.01) (0.09)
Distributions from net realized gain on investments...... (0.54) (0.13)
----------- ------------
Total Distributions.................................... (0.55) (0.22)
----------- ------------
Net increase (decrease) in net asset value..................... (2.08) 0.33
----------- ------------
Net Asset Value, End of Period................................. $ 12.29 $ 14.37
=========== ============
TOTAL RETURN................................................... (10.78)%(c) 3.91%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)........................ $ 102,445 $ 64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser............................................... 1.22%(d)(e) 1.16%(d)(e)
After reimbursement and/or waiver of expenses by
Adviser............................................... 1.22%(d)(e) 1.16%(d)(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser............................................... 0.37%(d) 0.31%(d)
After reimbursement and/or waiver of expenses by
Adviser............................................... 0.37%(d) 0.31%(d)
Portfolio Turnover.......................................... 34.80%(c) 74.18%
- ----------
(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.
(e) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the six months ended April 30, 2008 and the period ended
October 31, 2007, 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.
See accompanying Notes to Financial Statements.
112
Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
----------- ------------
Net Asset Value, Beginning of Period............................ $ 12.24 $ 10.00
----------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.10(b) 0.03
Net realized and unrealized gain (loss) on investments.... (1.01) 2.21
----------- ------------
Total from investment operations........................ (0.91) 2.24
----------- ------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income................................................ (0.14) --
----------- ------------
Total Distributions..................................... (0.14) --
----------- ------------
Net increase (decrease) in net asset value...................... (1.05) 2.24
----------- ------------
Net Asset Value, End of Period.................................. $ 11.19 $ 12.24
=========== ============
TOTAL RETURN.................................................... (7.33)%(c) 22.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)......................... $ 14,817 $ 2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser................................................ 3.81%(d) 11.72%(d)
After reimbursement and/or waiver of expenses by
Adviser................................................ 1.07%(d) 1.25%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser................................................ (0.94)%(d) (9.21)%(d)
After reimbursement and/or waiver of expenses by
Adviser................................................ 1.80%(d) 1.26%(d)
Portfolio Turnover........................................... 4.37%(c) 5.14%(c)
- ----------
(a) Neptune International Fund, Class I, commenced investment operations on
August 6, 2007.
(b) The selected per share data was calculated using the weighted averages
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
See accompanying Notes to Financial Statements.
113
Aston Funds
BARINGS INTERNATIONAL FUND - CLASS I APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(a)
(UNAUDITED)
------------
Net Asset Value, Beginning of Period..................................... $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................................. 0.04
Net realized and unrealized loss on investments.................... (1.00)
------------
Total from investment operations................................. (0.96)
------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income.......... --
Distributions from net realized gain on investments................ --
------------
Total Distributions --
------------
Net decrease in net asset value.......................................... (0.96)
============
Net Asset Value, End of Period........................................... $ 9.04
TOTAL RETURN............................................................. (9.60)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's).................................. $ 7,677
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser........ 4.75%(c)
After reimbursement and/or waiver of expenses by Adviser......... 1.22%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser........ (1.85)%(c)
After reimbursement and/or waiver of expenses by Adviser......... 1.68%(c)
Portfolio Turnover.................................................... 53.40%(b)
- ----------
(a) Barings International Fund, Class I, commenced investment operations on
November 2, 2007.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
114
Aston Funds
ABN AMRO GLOBAL REAL ESTATE FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/08 ENDED
(UNAUDITED) 10/31/07(a)
-------------- ------------
Net Asset Value, Beginning of Period ........................................... $ 11.08 $ 10.00
-------------- ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................... 0.08 0.05
Net realized and unrealized gain (loss) on investments ................... (1.35) 1.03
-------------- ------------
Total from investment operations ....................................... (1.27) 1.08
-------------- ------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ................ (0.15) --
Distributions from net realized gain on investments ...................... (0.05) --
-------------- ------------
Total Distributions .................................................... (0.20) --
-------------- ------------
Net increase (decrease) in net asset value ..................................... (1.47) 1.08
-------------- ------------
Net Asset Value, End of Period ................................................. $ 9.61 $ 11.08
============== ============
TOTAL RETURN ................................................................... (11.46)%(b) 10.80%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................................ $ 20,171 $ 21,635
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................ 2.17%(c) 2.35%(c)
After reimbursement and/or waiver of expenses by Adviser ................. 1.50%(c) 1.50%(c)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................ 0.92%(c) 1.30%(c)
After reimbursement and/or waiver of expenses by Adviser ................. 1.59%(c) 2.15%(c)
Portfolio Turnover .......................................................... 36.91%(b) 22.83%(b)
- -----------
(a) ABN AMRO Global Real Estate Fund, Class N, commenced investment operations
on August 3, 2007.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
115
Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(a)
(UNAUDITED)
--------------
Net Asset Value, Beginning of Period ........................................... $ 10.00
--------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................... 0.09
Net realized and unrealized loss on investments .......................... (1.71)
--------------
Total from investment operations ....................................... (1.62)
--------------
Net decrease in net asset value ................................................ (1.62)
--------------
Net Asset Value, End of Period ................................................. $ 8.38
==============
TOTAL RETURN ................................................................... (16.20)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................................ $ 1,037
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................ 15.84%(c)
After reimbursement and/or waiver of expenses by Adviser ................. 1.80%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................ (11.78)%(c)
After reimbursement and/or waiver of expenses by Adviser ................. 2.26%(c)
Portfolio Turnover .......................................................... 43.06%(b)
- ----------------
(a) SGA International Small-Mid Cap Fund, Class N, commenced investment
operations on November 2, 2007.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
116
Aston Funds
SMART ALLOCATION ETF FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
Period Ended
04/30/08(a)
(unaudited)
--------------
Net Asset Value, Beginning of Period ........................................... $ 10.00
--------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................... --(b)
Net realized and unrealized loss on investments .......................... (0.01)
--------------
Total from investment operations ....................................... (0.01)
--------------
Net decrease in net asset value ................................................ (0.01)
--------------
Net Asset Value, End of Period ................................................. $ 9.99
==============
TOTAL RETURN ................................................................... (0.10)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................................ $ 3,453
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (e) ............ 7.69%(d)
After reimbursement and/or waiver of expenses by Adviser (e) ............. 1.30%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................ (6.20)%(d)
After reimbursement and/or waiver of expenses by Adviser ................. 0.19%(d)
Portfolio Turnover .......................................................... 263.34%(c)
- -------------------
(a) Smart Allocation ETF Fund, Class N, commenced investment operations on
January 10, 2008. (b) Represents less than $0.005 per share.
(c) Not Annualized. (d) Annualized.
(e) Does not include expenses of the underlying funds in which the Fund
invests.
See accompanying Notes to Financial Statements.
117
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(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 .......................... 0.35
--------------
Total from investment operations ....................................... 0.36
--------------
Net increase in net asset value ................................................ 0.36
--------------
Net Asset Value, End of Period ................................................. $ 10.36
==============
TOTAL RETURN ................................................................... 3.60%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................................ $ 2,220
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (d) ............ 9.12%(c)
After reimbursement and/or waiver of expenses by Adviser (d) ............. 1.50%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................ (6.97)%(c)
After reimbursement and/or waiver of expenses by Adviser ................. 0.65%(b)
Portfolio Turnover .......................................................... 11.62%(b)
- ----------------
(a) New Century Absolute Return ETF Fund, Class N, commenced investment
operations on March 4, 2008.
(b) Not Annualized.
(c) Annualized.
(d) Does not include expenses of the underlying funds in which the Fund
invests.
See accompanying Notes to Financial Statements.
118
Aston Funds
MB ENHANCED EQUITY INCOME FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
PERIOD ENDED
04/30/08(a)
(UNAUDITED)
------------
Net Asset Value, Beginning of Period ............................................. $ 10.00
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................................... 0.03
Net realized and unrealized gain on investments ............................. 0.58
-----------
Total from investment operations ......................................... 0.61
-----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ................... (0.02)
Distributions from net realized gain on investments ......................... --
-----------
Total Distributions ...................................................... (0.02)
-----------
Net increase in net asset value .................................................. 0.59
-----------
Net Asset Value, End of Period ................................................... $ 10.59
===========
TOTAL RETURN ..................................................................... 5.96%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................................... $ 15,191
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ..................... 2.53%(c)
After reimbursement and/or waiver of expenses by Adviser ...................... 1.10%(c)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ..................... 0.14%(c)
After reimbursement and/or waiver of expenses by Adviser ...................... 1.57%(c)
Portfolio Turnover ............................................................... 1.10%(b)
- -------------
(a) MB Enhanced Equity Income Fund, Class N, commenced investment operations
on January 15, 2008.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
119
Aston Funds
ABN AMRO REAL ESTATE FUND - CLASS N APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- ---------- ----------- ----------- --------- --------
Net Asset Value, Beginning of Period .......... $ 15.59 $ 19.99 $ 16.23 $ 14.56 $ 11.52 $ 9.23
---------- --------- ---------- ---------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................... 0.01(a) 0.30(a) 0.32(a) 0.46(a) 0.44 0.40
Net realized and unrealized gain
(loss) on investments..................... (1.93) (0.40) 5.42 2.10 3.02 2.54
---------- --------- ---------- ---------- -------- --------
Total from investment operations........ (1.92) (0.10) 5.74 2.56 3.46 2.94
---------- --------- ---------- ---------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment income........... (0.09) (0.05) (0.13) (0.26) (0.30) (0.24)
Distributions from net realized gain
on investments............................ (3.99) (4.25) (1.85) (0.63) (0.12) (0.41)
---------- --------- ---------- ---------- -------- --------
Total distributions...................... (4.08) (4.30) (1.98) (0.89) (0.42) (0.65)
---------- --------- ---------- ---------- -------- --------
Net increase (decrease) in net asset value..... (6.00) (4.40) 3.76 1.67 3.04 2.29
---------- --------- ---------- ---------- -------- --------
Net Asset Value, End of Period................. $ 9.59 $ 15.59 $ 19.99 $ 16.23 $ 14.56 $ 11.52
========== ========= ========== ========== ======== ========
TOTAL RETURN................................... (11.29)%(b) (1.41)% 39.19% 18.06% 30.73% 33.71%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's).......... $ 11,111 $ 49,123 $ 72,506 $ 54,851 $ 72,451 $ 47,777
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser.................... 1.52%(c)(d) 1.46%(d) 1.46%(d) 1.45% 1.46% 1.56%
After reimbursement and/or waiver of
expenses by Adviser.................. 1.37%(c)(d) 1.37%(d) 1.37%(d) 1.37% 1.37% 1.37%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser................... (0.03)%(c) 1.73% 1.77% 2.91% 3.50% 4.10%
After reimbursement and/or waiver of
expenses by Adviser................... 0.12%(c) 1.82% 1.86% 2.99% 3.59% 4.29%
Portfolio Turnover ........................... 35.82%(b) 88.75% 83.15% 43.14% 24.28% 13.11%
- ------------------
(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, 2008 and the years ended
October 31, 2007 and 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.
120
Aston Funds
ABN AMRO REAL ESTATE FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period .............................. $ 15.62 $ 20.00 $ 16.23 $ 16.64
----------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.01(b) 0.34(b) 0.36(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ...... (1.93) (0.40) 5.42 (0.51)
----------- -------- -------- -----------
Total from investment operations ......................... (1.92) (0.06) 5.78 (0.41)
----------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... (0.13) (0.07) (0.16) --
Distributions from net realized gain on investments ......... (3.99) (4.25) (1.85) --
----------- -------- -------- -----------
Total distributions ...................................... (4.12) (4.32) (2.01) --
----------- -------- -------- -----------
Net increase (decrease) in net asset value ........................ (6.04) (4.38) 3.77 (0.41)
----------- -------- -------- -----------
Net Asset Value, End of Period .................................... $ 9.58 $ 15.62 $ 20.00 $ 16.23
=========== ======== ======== ===========
TOTAL RETURN ...................................................... (11.25)%(c) (1.18)% 39.54% (2.46)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................... $ 36,882 $ 41,545 $ 46,025 $ 32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.27%(d)(e) 1.20%(e) 1.21%(d) 1.32%(d)
After reimbursement and/or waiver of expenses by Adviser .... 1.12%(d)(e) 1.11%(e) 1.12%(d) 1.11%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.22%(d) 1.99% 2.02% 5.11%(d)
After reimbursement and/or waiver of expenses by Adviser .... 0.37%(d) 2.08% 2.11% 5.32%(d)
Portfolio Turnover ............................................. 35.82%(c) 88.75% 83.15% 43.14%
- ----------
(a) ABN AMRO Real Estate Fund, Class I, commenced investment operations on
September 20, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(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, 2008 and the years ended
October 31, 2007 and 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.
121
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period .......... $ 19.98 $ 17.21 $ 16.41 $ 15.81 $ 15.57 $ 14.82
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.12(a) 0.19(a) 0.18(a) 0.17(a) 0.19(a) 0.21
Net realized and unrealized gain (loss)
on investments ....................... (0.80) 2.82 0.87 0.67 0.30 0.78
----------- -------- -------- -------- -------- --------
Total from investment operations ..... (0.68) 3.01 1.05 0.84 0.49 0.99
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............. (0.14) (0.24) (0.25) (0.24) (0.25) (0.24)
----------- -------- -------- -------- -------- --------
Total distributions .................. (0.14) (0.24) (0.25) (0.24) (0.25) (0.24)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .... (0.82) 2.77 0.80 0.60 0.24 0.75
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 19.16 $ 19.98 $ 17.21 $ 16.41 $ 15.81 $ 15.57
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................. (3.41)%(b) 17.63% 6.56% 5.27% 3.15% 6.79%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 17,133 $ 16,703 $ 23,355 $ 48,759 $ 93,935 $105,669
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 1.73%(c) 1.72%(d) 1.33%(d) 1.16% 1.13% 1.15%
After reimbursement and/or waiver
of expenses by Adviser ............... 1.35%(c) 1.36%(d) 1.33%(d) 1.16% 1.13% 1.15%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.86%(c) 0.71% 1.07% 1.04% 1.18% 1.43%
After reimbursement and/or waiver
of expenses by Adviser ............... 1.24%(c) 1.07% 1.07% 1.04% 1.18% 1.43%
Portfolio Turnover ......................... 23.68%(b) 36.25% 33.70% 33.43% 35.90% 41.18%
- ----------
(a) The selected per share data was calculated using the weighed 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 0.01% for the year ended October 31, 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.
122
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ......... $ 19.94 $ 17.19 $ 16.39 $ 15.81 $ 15.57 $ 14.82
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.14(a) 0.24(a) 0.22(a) 0.21(a) 0.23(a) 0.25
Net realized and unrealized
gain (loss) on investments ........... (0.79) 2.80 0.88 0.66 0.30 0.78
----------- -------- -------- -------- -------- --------
Total from investment operations .... (0.65) 3.04 1.10 0.87 0.53 1.03
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............... (0.17) (0.29) (0.30) (0.29) (0.29) (0.28)
----------- -------- -------- -------- -------- --------
Total distributions ................. (0.17) (0.29) (0.30) (0.29) (0.29) (0.28)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ... (0.82) 2.75 0.80 0.58 0.24 0.75
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 19.12 $ 19.94 $ 17.19 $ 16.39 $ 15.81 $ 15.57
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................. (3.28)%(b) 17.87% 6.80% 5.50% 3.41% 7.06%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...... $ 1,090 $ 1,158 $ 7,640 $ 19,609 $ 79,936 $141,031
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 1.48%(c) 1.44%(d) 1.07%(d) 0.91% 0.87% 0.89%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.10%(c) 1.08%(d) 1.07%(d) 0.91% 0.87% 0.89%
Ratios of net investment income to average
net assets:
Before reimbursement and/or
waiver of expenses by Adviser ........ 1.11%(c) 0.99% 1.33% 1.29% 1.44% 1.69%
After reimbursement and/or waiver of
expenses by Adviser .................. 1.49%(c) 1.35% 1.33% 1.29% 1.44% 1.69%
Portfolio Turnover ........................ 23.68%(b) 36.25% 33.70% 33.43% 35.90% 41.18%
- ----------
(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 0.01% for the year ended October 31, 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.
123
Aston Funds
BALANCED FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period .......... $ 7.97 $ 10.65 $ 10.84 $ 11.32 $ 11.07 $ 10.10
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.04 0.12 0.12 0.16 0.14 0.13
Net realized and unrealized gain (loss)
on investments ....................... (0.48) 0.69 0.45 0.20 0.27 0.99
----------- -------- -------- -------- -------- --------
Total from investment operations ..... (0.44) 0.81 0.57 0.36 0.41 1.12
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ................ (0.06) (0.14) (0.17) (0.19) (0.16) (0.15)
Distributions from net realized
gain on investments .................. (1.39) (3.35) (0.59) (0.65) -- --
----------- -------- -------- -------- -------- --------
Total distributions .................. (1.45) (3.49) (0.76) (0.84) (0.16) (0.15)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .... (1.89) (2.68) (0.19) (0.48) 0.25 0.97
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 6.08 $ 7.97 $ 10.65 $ 10.84 $ 11.32 $ 11.07
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................. (5.84)%(a) 10.47% 5.33% 3.20% 3.73% 11.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 26,453 $ 35,924 $ 60,831 $173,051 $230,244 $320,108
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 1.43%(b)(c) 1.31%(c) 1.14%(c) 1.09% 1.07% 1.07%
After reimbursement and/or waiver
of expenses by Adviser ............... 1.43%(b)(c) 1.31%(c) 1.14%(c) 1.09% 1.07% 1.07%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 1.52%(b) 1.48% 1.38% 1.53% 1.20% 1.30%
After reimbursement and/or waiver
of expenses by Adviser ............... 1.52%(b) 1.48% 1.38% 1.53% 1.20% 1.30%
Portfolio Turnover ......................... 72.32%(a) 60.93% 36.66% 28.76% 28.32% 47.90%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) Ratios of expenses to average net assets include interest expense of 0.01%
for the six months ended April 30, 2008, less than 0.005% for the years
ended October 31, 2007 and 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.
124
Aston Funds
TCH FIXED INCOME FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.24 0.48(a) 0.45(a) 0.42(a) 0.43 0.39
Net realized and unrealized gain (loss)
on investments ......................... 0.02 0.14 (0.04) (0.38) 0.13 0.07
----------- -------- -------- -------- -------- --------
Total from investment operations ....... 0.26 0.62 0.41 0.04 0.56 0.46
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............... (0.25) (0.51) (0.48) (0.48) (0.50) (0.45)
----------- -------- -------- -------- -------- --------
Total distributions .................... (0.25) (0.51) (0.48) (0.48) (0.50) (0.45)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... 0.01 0.11 (0.07) (0.44) 0.06 0.01
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 9.74 $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................... 2.76%(b) 6.56% 4.42% 0.40% 5.66% 4.58%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 50,877 $ 52,662 $ 77,096 $138,807 $154,079 $202,021
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 1.05%(c) 1.04%(d) 0.96%(d) 0.95% 0.92% 0.92%
After reimbursement and/or waiver of
expenses by Adviser .................... 0.64%(c) 0.73%(d)(e) 0.75%(d) 0.74% 0.74% 0.74%
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 4.67%(c) 4.63% 4.45% 3.98% 4.08% 3.69%
After reimbursement and/or waiver of
expenses by Adviser .................... 5.08%(c) 4.94% 4.66% 4.19% 4.26% 3.87%
Portfolio Turnover ........................... 42.63%(b) 71.61% 71.19% 41.33% 46.80% 126.94%
- ----------
(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 years ended October 31, 2007 and 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.
(e) The Adviser's expense reimbursement level, which effects the net expense
ratio was changed from 0.74% to 0.64% on September 1, 2007.
See accompanying Notes to Financial Statements.
125
Aston Funds
TCH FIXED INCOME FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period .......... $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07 $ 10.06
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.25 0.51(a) 0.47(a) 0.44(a) 0.45 0.41
Net realized and unrealized gain (loss)
on investments ....................... 0.03 0.13 (0.03) (0.37) 0.13 0.07
----------- -------- -------- -------- -------- --------
Total from investment operations ..... 0.28 0.64 0.44 0.07 0.58 0.48
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................... (0.27) (0.53) (0.51) (0.51) (0.52) (0.47)
----------- -------- -------- -------- -------- --------
Total distributions .................. (0.27) (0.53) (0.51) (0.51) (0.52) (0.47)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .... 0.01 0.11 (0.07) (0.44) 0.06 0.01
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 9.74 $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................. 2.89%(b) 6.84% 4.68% 0.65% 5.93% 4.85%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 32,553 $ 39,318 $ 43,148 $ 72,876 $278,712 $300,363
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.80%(c) 0.78%(d) 0.71%(d) 0.70% 0.67% 0.67%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.39%(c) 0.47%(d)(e) 0.50%(d) 0.49% 0.49% 0.49%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 4.92%(c) 4.89% 4.70% 4.23% 4.34% 3.94%
After reimbursement and/or waiver
of expenses by Adviser ............... 5.33%(c) 5.20% 4.91% 4.44% 4.52% 4.12%
Portfolio Turnover ......................... 42.63%(b) 71.61% 71.19% 41.33% 46.80% 126.94%
- ----------
(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 years ended October 31, 2007 and 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.
(e) The Adviser's expense reimbursement level, which effects the net expense
ratio, was changed from 0.49% to 0.39% on September 1, 2007.
See accompanying Notes to Financial Statements.
126
Aston Funds
TCH INVESTMENT GRADE BOND FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 9.08 $ 9.14 $ 9.14 $ 9.49 $ 9.82 $ 10.08
----------- -------- -------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.20(b) 0.39(b) 0.34(b) 0.31 0.31(b) 0.10(b)
Net realized and unrealized gain (loss)
on investments ..................... (0.01) (0.02) 0.04 (0.29) 0.02 (0.23)
----------- -------- -------- -------- -------- -----------
Total from investment operations ... 0.19 0.37 0.38 0.02 0.33 (0.13)
----------- -------- -------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.21) (0.43) (0.38) (0.37) (0.38) (0.13)
Distributions from net realized gain
on investments ..................... -- -- -- -- (0.28) --
----------- -------- -------- -------- -------- -----------
Total distributions ................ (0.21) (0.43) (0.38) (0.37) (0.66) (0.13)
----------- -------- -------- -------- -------- -----------
Net decrease in net asset value ............. (0.02) (0.06) -- (0.35) (0.33) (0.26)
----------- -------- -------- -------- -------- -----------
Net Asset Value, End of Period .............. $ 9.06 $ 9.08 $ 9.14 $ 9.14 $ 9.49 $ 9.82
=========== ======== ======== ======== ======== ===========
TOTAL RETURN ................................ 2.08%(c) 4.10% 4.25% 0.21% 3.51% (1.24)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 1,650 $ 1,629 $ 2,897 $ 3,632 $ 1,557 $ 257
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.58%(d) 1.42%(e) 1.13%(e) 1.10% 1.13%(f) 1.18%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.89%(d) 0.89%(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 ................ 3.73%(d) 3.80% 3.53% 3.21% 2.98% 2.58%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 4.42%(d) 4.33% 3.77% 3.42% 3.22% 2.87%(d)
Portfolio Turnover ....................... 20.14%(c) 57.53% 15.46% 38.87% 53.67% 105.35%
- ----------
(a) TCH Investment Grade Bond Fund, Class N, commenced operations on June 30,
2003.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the years ended October 31, 2007 and 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.
127
Aston Funds
TCH INVESTMENT GRADE BOND FUND - CLASS I
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ......... $ 9.08 $ 9.14 $ 9.14 $ 9.49 $ 9.82 $ 10.33
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.21(a) 0.41(a) 0.36(a) 0.33 0.33(a) 0.34(a)
Net realized and unrealized gain
(loss) on investments ............... (0.01) (0.02) 0.04 (0.29) 0.02 (0.10)
----------- -------- -------- -------- -------- --------
Total from investment operations .... 0.20 0.39 0.40 0.04 0.35 0.24
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.22) (0.45) (0.40) (0.39) (0.40) (0.44)
Distributions from net realized gain
on investments ...................... -- -- -- -- (0.28) (0.31)
----------- -------- -------- -------- -------- --------
Total distributions ................. (0.22) (0.45) (0.40) (0.39) (0.68) (0.75)
----------- -------- -------- -------- -------- --------
Net decrease in net asset value .............. (0.02) (0.06) -- (0.35) (0.33) (0.51)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 9.06 $ 9.08 $ 9.14 $ 9.14 $ 9.49 $ 9.82
=========== ======== ======== ======== ======== ========
TOTAL RETURN ................................. 2.21%(b) 4.36% 4.51% 0.45% 3.75% 2.47%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...... $ 12,765 $ 14,288 $ 26,090 $ 32,405 $ 40,996 $ 48,773
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 1.33%(c) 1.17%(d) 0.88%(d) 0.85% 0.88%(e) 0.93%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.64%(c) 0.64%(d) 0.64%(d) 0.64% 0.64%(e) 0.64%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 3.98%(c) 4.05% 3.78% 3.46% 3.23% 3.14%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.67%(c) 4.58% 4.02% 3.67% 3.47% 3.43%
Portfolio Turnover ........................ 20.14%(b) 57.53% 15.46% 38.87% 53.67% 105.35%
- ----------
(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 expenses of less
than 0.005% for the years ended October 31, 2007 and 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.
(e) The Adviser's fee, which affects the expense ratios, changed from 0.70% to
0.50% on March 1, 2004.
See accompanying Notes to Financial Statements.
128
Aston Funds
MCDONNELL MUNICIPAL BOND FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period .......... $ 10.19 $ 10.31 $ 10.25 $ 10.56 $ 10.65 $ 10.56
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.19 0.38 0.36 0.34 0.34 0.37
Net realized and unrealized gain (loss)
on investments ....................... 0.06 (0.12) 0.08 (0.28) 0.06 0.09
----------- -------- -------- -------- -------- --------
Total from investment operations ..... 0.25 0.26 0.44 0.06 0.40 0.46
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............. (0.19) (0.38) (0.36) (0.34) (0.34) (0.37)
Distributions from net realized
gain on investments .................. -- -- (0.02) (0.03) (0.15) --
----------- -------- -------- -------- -------- --------
Total distributions .................. (0.19) (0.38) (0.38) (0.37) (0.49) (0.37)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .... 0.06 (0.12) 0.06 (0.31) (0.09) 0.09
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 10.25 $ 10.19 $ 10.31 $ 10.25 $ 10.56 $ 10.65
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................. 2.50%(a) 2.62% 4.43% 0.58% 3.85% 4.45%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 14,799 $ 15,863 $ 38,595 $ 69,070 $ 61,073 $ 48,047
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 1.47%(b) 1.24%(c) 1.04%(c) 1.02% 0.96% 0.90%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.85%(b) 0.73%(c) 0.50%(c) 0.50% 0.50% 0.50%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 3.16%(b) 3.26% 3.00% 2.75% 2.76% 3.10%
After reimbursement and/or waiver
of expenses by Adviser ............... 3.78%(b) 3.76% 3.54% 3.27% 3.22% 3.50%
Portfolio Turnover ......................... 13.13%(a) 17.66% 24.60% 13.53% 54.77% 59.47%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2007 and 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.
129
Aston Funds
ABN AMRO INVESTOR MONEY MARKET FUND - CLASS N
APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- -------- -------- --------
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 0.04 0.02 0.01 0.01
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income .................. (0.02) (0.05) (0.04) (0.02) (0.01) (0.01)
Net realized gain on investments ....... -- -- --(a) -- -- --
----------- -------- -------- -------- -------- --------
Total distribution ..................... (0.02) (0.05) (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 ................................. 1.48%(b) 4.67% 4.30% 2.36% 0.71% 0.78%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...... $ 33,749 $ 36,959 $ 84,778 $117,039 $219,891 $236,811
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.83%(c) 0.68% 0.61% 0.55% 0.53% 0.51%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.83%(c) 0.68% 0.61% 0.55% 0.53% 0.51%
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 2.95%(c) 4.62% 4.18% 2.19% 0.71% 0.78%
After reimbursement and/or waiver of
expenses by Adviser ................. 2.95%(c) 4.62% 4.18% 2.19% 0.71% 0.78%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
130
Aston Funds
APRIL 30, 2008
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 34 separate portfolios established by the Board of
Trustees as of April 30, 2008.
Aston Asset Management LLC ("Aston"), the investment adviser to each Fund
(except the Aston/ABN AMRO Investor Money Market Fund) and the administrator to
all of the Funds, manages each Fund (except Aston/ABN AMRO Investor Money Market
Fund) by retaining one or more Sub-Advisers to manage each Fund. ABN AMRO Asset
Management, Inc. ("AAAM") serves as investment adviser to the Aston/ABN AMRO
Investor Money Market Fund and Aston serves as the administrator. The following
29 portfolios of the Trust are included in these financial statements:
Aston/Montag & Caldwell Growth Fund (the "M&C Growth Fund")
- --------------------------------------------------------------------------------
Aston/Veredus Select Growth Fund (the "Veredus Select Growth Fund")
- --------------------------------------------------------------------------------
Aston/ABN AMRO Growth Fund (the "ABN AMRO Growth Fund")
- --------------------------------------------------------------------------------
Aston/Optimum Large Cap Opportunity Fund
(the "Optimum Large Cap Opportunity Fund")
- --------------------------------------------------------------------------------
Aston Value Fund (the "Value Fund")
- --------------------------------------------------------------------------------
Aston/TAMRO All Cap Fund (the "TAMRO All Cap Fund");
(formerly the TAMRO Large Cap Value Fund)
- --------------------------------------------------------------------------------
Aston/River Road Dynamic Equity Income Fund
(the "River Road Dynamic Equity Income Fund")
- --------------------------------------------------------------------------------
Aston/Optimum Mid Cap Fund (the "Optimum Mid Cap Fund")
- --------------------------------------------------------------------------------
Aston/Montag & Caldwell Mid Cap Growth Fund
(the "M&C Mid Cap Growth Fund")
- --------------------------------------------------------------------------------
Aston/ClariVest Mid Cap Growth Fund (the "ClariVest Mid Cap Growth Fund")
- --------------------------------------------------------------------------------
Aston/Cardinal Mid Cap Value Fund (the "Cardinal Mid Cap Value Fund")
- --------------------------------------------------------------------------------
Aston/River Road Small-Mid Cap Fund (the "River Road Small-Mid Cap Fund")
- --------------------------------------------------------------------------------
Aston/Veredus Aggressive Growth Fund (the "Veredus Aggressive Growth Fund")
- --------------------------------------------------------------------------------
Aston/TAMRO Small Cap Fund (the "TAMRO Small Cap Fund")
- --------------------------------------------------------------------------------
Aston/River Road Small Cap Value Fund (the "River Road Small Cap Value Fund")
- --------------------------------------------------------------------------------
Aston/Neptune International Fund (the "Neptune International Fund")
- --------------------------------------------------------------------------------
Aston/Barings International Fund (the "Barings International Fund")
- --------------------------------------------------------------------------------
Aston/ABN AMRO Global Real Estate Fund (the "ABN AMRO Global Real Estate Fund")
- --------------------------------------------------------------------------------
Aston/SGA International Small-Mid Cap Fund
(the "SGA International Small-Mid Cap Fund")
- --------------------------------------------------------------------------------
Aston/Smart Allocation ETF Fund (the "Smart Allocation ETF Fund")
- --------------------------------------------------------------------------------
Aston/New Century Absolute Return ETF Fund
(the "New Century Absolute Return ETF Fund")
- --------------------------------------------------------------------------------
Aston/MB Enhanced Equity Income Fund (the "MB Enhanced Equity Income Fund")
- --------------------------------------------------------------------------------
Aston/ABN AMRO Real Estate Fund (the "ABN AMRO Real Estate Fund")
- --------------------------------------------------------------------------------
Aston/ Montag & Caldwell Balanced Fund (the "M&C Balanced Fund")
- --------------------------------------------------------------------------------
Aston Balanced Fund (the "Balanced Fund")
- --------------------------------------------------------------------------------
Aston/TCH Fixed Income Fund (the "TCH Fixed Income Fund")
- --------------------------------------------------------------------------------
Aston/TCH Investment Grade Bond Fund (the "TCH Investment Grade Bond Fund")
- --------------------------------------------------------------------------------
Aston/McDonnell Municipal Bond Fund (the "McDonnell Municipal Bond Fund")
- --------------------------------------------------------------------------------
Aston/ABN AMRO Investor Money Market Fund
(the "ABN AMRO Investor Money Market Fund")
- --------------------------------------------------------------------------------
Aston/Resolution Global Equity Fund was terminated and liquidated on February
20, 2008. Aston/Veredus Sci-Tech Fund was terminated and liquidated on March 28,
2008.
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, River Road Dynamic Equity Income Fund, Optimum Mid Cap
Fund, River Road Small-Mid Cap Fund, Veredus Aggressive Growth Fund, TAMRO Small
Cap Fund, River Road Small Cap Value Fund, Neptune International Fund, Barings
International Fund, ABN AMRO Real Estate Fund, M&C Balanced Fund, Balanced 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 All Cap Fund, M&C Mid Cap Growth Fund, ClariVest Mid
Cap Growth Fund, Cardinal Mid Cap Value Fund, ABN AMRO Global Real Estate Fund,
SGA International Small-Mid Cap Fund, Smart Allocation ETF Fund, New Century
Absolute Return ETF Fund, MB Enhanced Equity Income Fund, McDonnell Municipal
Bond Fund and ABN AMRO Investor Money Market Fund are each authorized to issue
one class of shares (Class N Shares). Currently Neptune International Fund and
Barings International Fund offer only Class I Shares and Balanced Fund offers
only Class N Shares. River Road Small Cap Value is authorized to issue two
classes of shares, but is closed to new investors until further notice. Each
class of shares is substantially the same except that certain classes of shares
bear class specific expenses, which include distribution fees.
The investment objectives of the Funds are as follows:
131
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
M&C GROWTH FUND Long-term capital appreciation and,
secondarily, current income, by investing primarily
in common stocks and convertible securities.
- --------------------------------------------------------------------------------
VEREDUS SELECT Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
ABN AMRO Long-term total return through a combination of
GROWTH FUND capital appreciation and current income by
investing primarily in a combination of stocks
and bonds.
- --------------------------------------------------------------------------------
OPTIMUM LARGE CAP Long-term capital appreciation.
OPPORTUNITY FUND
- --------------------------------------------------------------------------------
VALUE FUND Total return through long-term capital appreciation
and current income.
- --------------------------------------------------------------------------------
TAMRO ALL CAP FUND Long-term capital appreciation.
- --------------------------------------------------------------------------------
RIVER ROAD DYNAMIC High current income and, secondarily, long-term
EQUITY INCOME FUND capital appreciation.
- --------------------------------------------------------------------------------
OPTIMUM MID CAP Long-term total return through capital appreciation
FUND by investing primarily in common and preferred
stocks and convertible securities.
- --------------------------------------------------------------------------------
M&C MID CAP Long-term capital appreciation and secondarily,
GROWTH FUND current income, by investing primarily in common
stocks and convertible securities.
- --------------------------------------------------------------------------------
CLARIVEST MID CAP Total return.
GROWTH FUND
- --------------------------------------------------------------------------------
CARDINAL MID CAP High level of total return.
VALUE FUND
- --------------------------------------------------------------------------------
RIVER ROAD Long-term capital appreciation.
SMALL-MID CAP
FUND
- --------------------------------------------------------------------------------
VEREDUS AGGRESSIVE Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
TAMRO SMALL CAP Long-term capital appreciation.
FUND
- --------------------------------------------------------------------------------
RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
- --------------------------------------------------------------------------------
NEPTUNE Long-term capital appreciation.
INTERNATIONAL FUND
- --------------------------------------------------------------------------------
BARINGS Total return.
INTERNATIONAL FUND
- --------------------------------------------------------------------------------
ABN AMRO GLOBAL Total return through a combination of growth and
REAL ESTATE FUND income.
- --------------------------------------------------------------------------------
SGA INTERNATIONAL Total return.
SMALL-MID CAP
FUND
- --------------------------------------------------------------------------------
SMART ALLOCATION Long-term capital appreciation.
ETF FUND
- --------------------------------------------------------------------------------
NEW CENTURY Positive total return.
ABSOLUTE RETURN
ETF FUND
- --------------------------------------------------------------------------------
MB ENHANCED Total return through a combination of a high level of
EQUITY INCOME current income and capital appreciation.
FUND
- --------------------------------------------------------------------------------
ABN AMRO Total return through a combination of growth and
REAL ESTATE FUND income.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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
MONEY MARKET FUND consistent 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
132
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
pricing service to determine fair value prices for foreign securities if certain
significant events occur. 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.
Certain Funds invest in exchange traded funds ("ETFs"), which are shares of
other investment companies ("underlying funds"). An ETF is an investment company
that seeks to track the performance of an index by holding in its portfolio
shares of all the companies, or a representative sample of the companies, that
are components of a particular index. ETFs are traded on a securities exchange
based on their market value. When the Fund invests in an underlying fund,
shareholders of the Fund bear their proportionate share of the other underlying
fund's fees and expenses, including operating, registration, trustee licensing
and marketing, as well as their share of the Fund's fees and expenses.
(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 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, 2008, the Funds did not
own any when issued or delayed delivery securities.
(4) MORTGAGE-BACKED SECURITIES: M&C Balanced Fund, Balanced 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) OPTIONS CONTRACTS: Certain Funds may write and/or purchase call and put
options on securities. Writing put options or purchasing call options tends to
increase a Fund's exposure to the underlying instrument. Writing call options or
purchasing put options tends to decrease a Fund's exposure to the underlying
instrument. When a Fund writes or purchases a call or put option, an amount
equal to the premium received or paid by the Fund is included in a Fund's
Statement of Assets and Liabilities as a liability or an investment and
subsequently adjusted to the current market value, based on the quoted daily
settlement price, of the option written or purchased. Premiums received or paid
from writing or purchasing options, which expire unexercised, are treated by a
Fund on the expiration date as realized gains or losses. The difference between
the premium and the amount paid or
133
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
received on a closing purchase or sale transaction, including brokerage
commissions, is also treated as a realized gain or loss. If an option is
exercised, the premium paid or received is added to the cost of the purchase or
proceeds from the sale in determining whether the Fund has realized a gain or
loss on investment transactions. There is the risk a Fund may not be able to
enter into a closing transaction because of an illiquid market. The risk
associated with purchasing put and call options is limited to the premium paid.
(6) 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.
(7) 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. U.S. 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 segregated in the statement of operations from the
effects of changes in market prices of those securities, and are included with
the net realized and unrealized gain or loss on investment securities.
(8) 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, 2007, the following
Funds had available realized capital losses to offset future net capital gains
through the fiscal year ended:
2008 2009 2010 2011 2012 2013 2014 2015 TOTAL
----------- ----------- ---------- ---------- -------- -------- ---------- -------- -----------
ABN AMRO
Growth Fund ........ $20,511,806 $15,120,067 $ -- $ -- $ -- $ -- $ -- $ -- $35,631,873
Optimum Large Cap
Opportunity Fund ... -- -- -- -- -- -- -- 900,934 900,934
River Road Small-Mid
Cap Fund ........... -- -- -- -- -- -- -- 171,820 171,820
Neptune International
Fund ............... -- -- -- -- -- -- -- 7,221 7,221
M&C Balanced Fund ..... -- -- 4,449,459 2,978,228 -- -- -- -- 7,427,687
TCH Fixed Income
Fund ............... -- -- 15,376 -- 139,950 -- 5,274,089 -- 5,429,415
TCH Investment
Grade Bond Fund .... -- -- -- -- 75,141 350,840 357,545 490,974 1,274,500
McDonnell Municipal
Bond Fund .......... -- -- -- -- -- -- 120,153 54,353 174,506
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 have evaluated the implications of FIN 48 and determined that there is no
material impact on the financial statements.
134
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
(9) MULTI-CLASS OPERATIONS: With respect to M&C Growth Fund, Veredus Select
Growth Fund, ABN AMRO Growth Fund, Value Fund, River Road Dynamic Equity Income
Fund, Optimum Mid Cap Fund, River Road Small-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, 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.
(10) OFFERING COSTS: Certain costs were incurred in connection with the offering
of the following funds disclosed in the table below. The costs associated have
been capitalized and are being amortized on a straight-line basis over twelve
months based on the commencement date of the Funds, stated below.
FUND COMMENCEMENT DATE
- ------------------------------------- -----------------
River Road Small-Mid Cap March 29, 2007
ABN AMRO Global Real Estate August 3, 2007
Neptune International August 6, 2007
Montag & Caldwell Mid Cap Growth November 2, 2007
Cardinal Mid Cap Value November 2, 2007
ClariVest Mid Cap Growth November 2, 2007
Barings International November 2, 2007
SGA International Small-Mid Cap November 2, 2007
Smart Allocation ETF January 10, 2008
MB Enhanced Equity Income January 15, 2008
New Century Absolute Return ETF March 4, 2008
(11) 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.
(12) 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.
(13) ADDITIONAL ACCOUNTING STANDARDS: 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.
In March 2008, Financial Accounting Standards Board released Statement of
Financial Accounting Standards No. 161, Disclosures about Derivative Instruments
and Hedging Activities ("SFAS 161"). SFAS 161 requires qualitative disclosures
about objectives and strategies for using derivatives, quantitative disclosures
about fair value amounts of and gains and losses on derivative instruments, and
disclosures about credit-risk-related contingent features in derivative
agreements. The application of SFAS 161 is required for fiscal years beginning
after November 15, 2008 and interim periods within those fiscal years.
Management is currently evaluating the impact the adoption of SFAS 157 and SFAS
161 will have on the Funds' financial statement disclosures, if any.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: Dividends and distributions to shareholders are recorded on the
ex-dividend date. River Road Dynamic Equity Income Fund, TCH Fixed Income Fund
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.
McDonnell Municipal Bond Fund and ABN AMRO Investor Money Market Fund declare
dividends daily, which are payable monthly. Net realized gains, if any, are
generally not expected to be distributed more frequently than annually.
Value Fund, Smart Allocation ETF Fund, MB Enhanced Equity Income 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.
M&C Growth Fund, Veredus Select Growth Fund, ABN AMRO Growth Fund, Optimum Large
Cap Opportunity Fund, TAMRO All Cap Fund, Optimum Mid Cap Fund, M&C Mid Cap
Growth Fund, ClariVest Mid Cap Growth Fund, Cardinal Mid Cap Value Fund, River
Road Small-Mid Cap Fund, Veredus Aggressive Growth Fund, TAMRO Small Cap Fund,
River Road Small Cap Value Fund, Neptune International Fund, Barings
International Fund,
135
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APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
ABN AMRO Global Real Estate Fund, SGA International Small-Mid Cap Fund, New
Century Absolute Return ETF Fund, and ABN AMRO Real Estate Fund, distribute
dividends from net investment income to shareholders annually and net realized
gains from investment transactions, if any, are generally not expected to be
distributed more frequently than annually.
Dividends and distributions are automatically reinvested in additional Fund
shares on ex-date for that day's ending NAV for the respective Fund for those
shareholders who have elected the reinvestment option.
Differences in dividends per share between classes of M&C Growth Fund, Veredus
Select Growth Fund, ABN AMRO Growth Fund, Value Fund, River Road Dynamic Equity
Fund, Optimum Mid Cap Fund, River Road Small-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, 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 temporary and 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 distributions paid during 2007 and 2006 was as follows:
DISTRIBUTIONS PAID IN 2007 DISTRIBUTIONS PAID IN 2006
------------------------------------------ ------------------------------------------
TAX-EXEMPT LONG-TERM TAX-EXEMPT LONG-TERM
INCOME ORDINARY INCOME CAPITAL GAINS INCOME ORDINARY INCOME CAPITAL GAINS
---------- --------------- ------------- ---------- --------------- -------------
M&C Growth Fund ..................... $ -- $ 7,569,069 $ 14,011,650 $ -- $ 12,192,090 $ --
Veredus Select Growth Fund .......... -- -- -- -- -- 19,255
ABN AMRO Growth Fund ................ -- 9,357,290 96,058,568 -- 1,514,894 60,281,040
Value Fund .......................... -- 6,321,187 13,737,654 -- 5,455,180 4,573,239
TAMRO All Cap Fund .................. -- 36,680 1,853,376 -- 152,087 --
River Road Dynamic Equity Income
Fund ............................. -- 1,114,818 90,549 -- 292,755 --
Optimum Mid Cap Fund ................ -- -- 45,551,373 -- 2,977,006 21,010,719
River Road Small Cap Value Fund ..... -- 3,357,659 46,483 -- -- --
Veredus Aggressive Growth Fund ...... -- -- 29,880,690 -- -- --
TAMRO Small Cap Fund ................ -- -- 15,385,918 -- -- --
ABN AMRO Real Estate Fund ........... -- 3,871,960 22,029,717 -- 1,178,792 9,479,028
M&C Balanced Fund ................... -- 315,093 -- -- 790,445 --
Balanced Fund ....................... -- 705,675 16,036,482 -- 1,538,340 8,738,671
TCH Fixed Income Fund ............... -- 5,289,306 -- -- 8,184,409 --
TCH Investment Grade Bond Fund ...... -- 1,029,104 -- -- 1,406,853 --
McDonnell Municipal Bond Fund ....... 853,957 -- -- 2,278,236 50,920 101,839
ABN AMRO Investor Money Market
Fund ............................. -- 2,958,630 -- -- 4,256,167 --
As of October 31, 2007, the most recent tax year end, 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 ................ $ -- $ 37,174,121 $ -- $ 227,595,184 $ 473,823,445 $ 738,592,750
Veredus Select Growth Fund ..... -- 6,651,858 -- 1,462,272 5,203,319 13,317,449
ABN AMRO Growth Fund ........... (35,631,873) 9,639,772 -- 90,452,517 50,720,136 115,180,552
Optimum Large Cap Opportunity
Fund ........................ (900,934) 26,085 -- -- 2,810,026 1,935,177
Value Fund ..................... -- 2,920,751 -- 35,022,970 95,708,947 133,652,668
TAMRO All Cap Fund ............. -- 244,529 -- 976,804 3,756,302 4,977,635
River Road Dynamic Equity
Income Fund .................... -- 1,191,629 -- 495,595 878,404 2,565,628
Optimum Mid Cap Fund ........... -- 8,375,773 -- 56,594,874 240,234,844 305,205,491
River Road Small-Mid Cap
Fund ........................ (171,820) 49,540 -- -- 6,068 (116,212)
Veredus Aggressive Growth
Fund ........................ -- 22,229,686 -- 31,954,461 44,643,424 98,827,571
TAMRO Small Cap Fund ........... -- -- -- 17,215,041 69,261,512 86,476,553
River Road Small Cap Value
Fund ........................ -- 10,149,666 -- 1,306,132 16,106,190 27,561,988
Neptune International Fund ..... (7,221) 28,215 -- -- 410,763 431,757
ABN AMRO Global Real Estate
Fund ........................ -- 321,784 -- 10,047 1,759,468 2,091,299
ABN AMRO Real Estate Fund ...... -- 3,348,215 -- 19,703,911 3,733,932 26,786,058
M&C Balanced Fund .............. (7,427,687) 21,970 -- -- 2,634,575 (4,771,142)
Balanced Fund .................. -- 461,115 -- 5,591,012 3,552,493 9,604,620
TCH Fixed Income Fund .......... (5,429,415) 127,277 -- -- (1,303,276) (6,605,414)
136
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APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
UNREALIZED
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNDISTRIBUTED APPRECIATION
CARRYFORWARD ORDINARY INCOME TAX-EXEMPT INCOME LONG-TERM GAIN (DEPRECIATION) TOTAL
------------ --------------- ----------------- -------------- ------------- ------------
TCH Investment Grade Bond Fund ...... $ (1,274,500) $ 43,498 $ -- $ -- $ (332,071) $(1,563,073)
McDonnell Municipal Bond Fund ....... (174,506) 2,195 20,756 -- 854,485 702,930
ABN AMRO Investor Money Market
Fund .............................. -- 160 -- -- -- 160
NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value. Share
transactions of the Funds were as follows:
SIX MONTHS ENDED APRIL 30, 2008
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ---------- -------------------
M&C Growth Fund ............................................ 5,340,667 3,514,389 (4,587,777) 4,267,279
Veredus Select Growth Fund ................................. 1,000,704 541,855 (380,694) 1,161,865
ABN AMRO Growth Fund ....................................... 547,275 2,263,249 (3,434,827) (624,303)
Optimum Large Cap Opportunity Fund ......................... 251,441 2,154 (2,532,464) (2,278,869)
Value Fund ................................................. 1,678,083 919,830 (9,040,079) (6,442,166)
TAMRO All Cap Fund ......................................... 50,594 94,685 (125,148) 20,131
River Road Dynamic Equity Income Fund ...................... 2,270,999 177,524 (1,306,660) 1,141,863
Optimum Mid Cap Fund ....................................... 6,837,043 1,873,766 (4,770,150) 3,940,659
M&C Mid Cap Growth Fund (a) ................................ 240,539 -- (848) 239,691
ClariVest Mid Cap Growth Fund (b) .......................... 52,557 -- (1) 52,556
Cardinal Mid Cap Value Fund (c) ............................ 125,097 -- (1) 125,096
River Road Small-Mid Cap Fund .............................. 250,952 -- (622,220) (371,268)
Veredus Aggressive Growth Fund ............................. 605,935 1,862,155 (1,313,658) 1,154,432
TAMRO Small Cap Fund ....................................... 3,251,898 544,667 (2,982,311) 814,254
River Road Small Cap Value Fund ............................ 2,318,823 619,572 (4,708,824) (1,770,429)
ABN AMRO Global Real Estate Fund ........................... 150,403 122 (4,129) 146,396
SGA International Small-Mid Cap Fund (d) ................... 124,446 -- (642) 123,804
Smart Allocation ETF Fund (e) .............................. 387,958 -- (42,320) 345,638
New Century Absolute Return ETF Fund (f) ................... 215,067 -- (722) 214,345
MB Enhanced Equity Income Fund (g) ......................... 1,435,413 57 (286) 1,435,184
ABN AMRO Real Estate Fund .................................. 424,439 1,311,859 (3,729,013) (1,992,715)
M&C Balanced Fund .......................................... 125,812 6,080 (73,917) 57,975
Balanced Fund .............................................. 164,481 999,410 (1,321,973) (158,082)
TCH Fixed Income Fund ...................................... 809,857 135,739 (1,133,285) (187,689)
TCH Investment Grade Bond Fund ............................. 9,655 3,720 (10,765) 2,610
McDonnell Municipal Bond Fund .............................. 243,723 14,868 (371,757) (113,166)
ABN AMRO Investor Money Market Fund ........................ 15,266,325 492,981 (18,969,018) (3,209,712)
(a) M&C Mid Cap Growth Fund commenced operations on November 2, 2007.
(b) ClariVest Mid Cap Growth Fund commenced operations on November 2, 2007.
(c) Cardinal Mid Cap Value Fund commenced operations on November 2, 2007.
(d) SGA International Small-Mid Cap Fund commenced operations on November 2,
2007.
(e) Smart Allocation ETF Fund commenced operations on January 10, 2008.
(f) New Century Absolute Return ETF Fund commenced operations on March 4,
2008.
(g) MB Enhanced Equity Income Fund commenced operations on January 15, 2008.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS I SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------ ---------- ---------------- ----------- ------------------
M&C Growth Fund ............................................ 7,202,825 5,660,710 (11,861,982) 1,001,553
Veredus Select Growth Fund ................................. 4,147,407 34,915 (86,949) 4,095,373
ABN AMRO Growth Fund ....................................... 17,287 3,702,548 (1,621,781) 2,098,054
Value Fund ................................................. -- 2,090,274 -- 2,090,274
River Road Dynamic Equity Income Fund ...................... -- 1,206 -- 1,206
Optimum Mid Cap Fund ....................................... 1,003,661 251,251 (424,716) 830,196
River Road Small-Mid Cap Fund .............................. 9,032,531 5,867 (626,515) 8,411,883
Veredus Aggressive Growth Fund ............................. 1,526,972 1,690,801 (4,492,711) (1,274,938)
TAMRO Small Cap Fund ....................................... 3,176,333 174,341 (1,397,809) 1,952,865
River Road Small Cap Value Fund ............................ 4,281,529 187,412 (620,043) 3,848,898
Neptune International Fund ................................. 1,128,079 1,973 -- 1,130,052
Barings International Fund (a) ............................. 955,066 -- (105,737) 849,329
ABN AMRO Real Estate Fund .................................. -- 1,188,863 -- 1,188,863
M&C Balanced Fund .......................................... 373 492 (1,978) (1,113)
TCH Fixed Income Fund ...................................... 284,057 51,988 (1,033,911) (697,866)
TCH Investment Grade Bond Fund ............................. 3,567 14,619 (183,341) (165,155)
(a) Barings International Fund commenced operations on November 2, 2007.
137
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APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS R SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ------- ---------------- --------- ---------------------
M&C Growth Fund ............................................ 116,550 19,650 (209,517) (73,317)
ABN AMRO Growth Fund ....................................... 10,704 6,734 (5,352) 12,086
YEAR ENDED OCTOBER 31, 2007
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS N SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ----------- ---------------- ------------- ---------------------
M&C Growth Fund ............................................ 7,635,120 268,403 (17,432,704) (9,529,181)
Veredus Select Growth Fund ................................. 1,003.985 -- (629,256) 374,729
ABN AMRO Growth Fund ....................................... 2,889,111 2,122,752 (16,925,271) (11,913,408)
Optimum Large Cap Opportunity Fund (a) ..................... 4,386,213 -- (1,155,632) 3,230,581
Value Fund ................................................. 3,702,532 404,774 (3,106,900) 1,000,406
TAMRO All Cap Fund ......................................... 125,735 140,113 (340,293) (74,445)
River Road Dynamic Equity Income Fund ...................... 3,233,703 91,479 (2,102,203) 1,222,979
Optimum Mid Cap Fund ....................................... 11,224,108 1,353,368 (8,388,199) 4,189,277
River Road Small-Mid Cap Fund (b) .......................... 1,488,937 -- (472,730) 1,016,207
Veredus Aggressive Growth Fund ............................. 1,143,082 1,116,407 (17,048,234) (14,788,745)
TAMRO Small Cap Fund ....................................... 6,923,480 518,908 (5,484,793) 1,957,595
River Road Small Cap Value Fund ............................ 15,188,537 200,214 (11,289,501) 4,099,250
ABN AMRO Global Real Estate Fund (c) ....................... 1,952,971 -- (1) 1,952,970
ABN AMRO Real Estate Fund .................................. 1,480,477 964,039 (2,920,638) (476,122)
M&C Balanced Fund .......................................... 98,339 13,186 (632,457) (520,932)
Balanced Fund .............................................. 522,347 2,392,937 (4,119,492) (1,204,208)
TCH Fixed Income Fund ...................................... 1,095,879 298,380 (4,001,051) (2,606,792)
TCH Investment Grade Bond Fund ............................. 31,424 9,871 (178,786) (137,491)
McDonnell Municipal Bond Fund .............................. 128,198 40,965 (2,356,347) (2,187,184)
ABN AMRO Investor Money Market Fund ........................ 103,413,666 1,932,185 (153,164,415) (47,818,564)
(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) ABN AMRO Global Real Estate Fund commenced investment operations on August
3, 2007.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS I SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- --------- ---------------- ----------- ---------------------
M&C Growth Fund .................................. 9,639,938 480,763 (19,834,434) (9,713,733)
Veredus Select Growth Fund ....................... 114,148 -- (637) 113,511
ABN AMRO Growth Fund ............................. 886,577 2,607,224 (12,538,950) (9,045,149)
Value Fund ....................................... 7,988 1,004,017 (54,433) 957,572
River Road Dynamic Equity Income Fund (a) ........ 15,457 203 (1) 15,659
Optimum Mid Cap Fund ............................. 1,458,564 185,394 (749,261) 894,697
River Road Small-Mid Cap Fund (b) ................ 865,347 -- (126,960) 738,387
Veredus Aggressive Growth Fund ................... 1,589,838 427,770 (4,994,842) (2,977,234)
TAMRO Small Cap Fund ............................. 5,467,563 137,135 (2,354,289) 3,250,409
River Road Small Cap Value Fund (c) .............. 4,761,026 13,278 (284,371) 4,489,933
Neptune International Fund (d) ................... 193,660 -- (1) 193,659
ABN AMRO Real Estate Fund ........................ 4,034 610,707 (256,859) 357,882
M&C Balanced Fund ................................ 36,744 4,188 (427,219) (386,287)
TCH Fixed Income Fund ............................ 564,988 119,693 (1,132,111) (447,430)
TCH Investment Grade Bond Fund ................... 72,578 36,581 (1,388,889) (1,279,730)
(a) River Road Dynamic Equity Income Fund began issuing Class I Shares on June
28, 2007.
(b) River Road Small-Mid Cap Fund began issuing Class I Shares on June 28,
2007.
(c) River Road Small Cap Value Fund began issuing Class I Shares on December
13, 2006.
(d) Neptune International Fund commenced investment operations on August 6,
2007.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
CLASS R SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ------- ---------------- -------- ---------------------
M&C Growth Fund .................................. 128,798 236 (27,055) 101,979
ABN AMRO Growth Fund ............................. 14,880 8,766 (67,128) (43,482)
138
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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, 2008 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------ ------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------- --------------- -------------
M&C Growth Fund ............................................ $ -- $ 527,016,208 $ -- $ 650,680,931
Veredus Select Growth Fund ................................. -- 142,384,210 -- 90,066,843
ABN AMRO Growth Fund ....................................... -- 320,653,244 -- 396,866,218
Optimum Large Cap Opportunity Fund ......................... -- 4,459,322 -- 27,997,432
Value Fund ................................................. -- 144,065,991 -- 230,612,423
TAMRO All Cap Value Fund ................................... -- 5,169,536 -- 5,970,361
River Road Dynamic Equity Income Fund ...................... -- 20,633,521 -- 9,755,906
Optimum Mid Cap Fund ....................................... -- 234,267,746 -- 77,942,459
M&C Mid Cap Growth Fund .................................... -- 2,896,942 -- 644,913
ClariVest Mid Cap Growth Fund .............................. -- 826,719 -- 312,324
Cardinal Mid Cap Value Fund ................................ -- 1,410,128 -- 222,077
River Road Small-Mid Cap Fund .............................. -- 83,151,688 -- 12,763,997
Veredus Aggressive Growth Fund ............................. -- 102,571,288 -- 151,129,685
TAMRO Small Cap Fund ....................................... -- 131,330,630 -- 100,569,887
River Road Small Cap Value Fund ............................ -- 94,780,730 -- 91,792,198
Neptune International Fund ................................. -- 10,972,755 -- 207,530
Barings International Fund ................................. -- 9,100,245 -- 2,068,998
ABN AMRO Global Real Estate Fund ........................... -- 7,863,304 -- 6,898,182
SGA International Small-Mid Cap Fund ....................... -- 1,583,705 -- 406,110
Smart Allocation ETF Fund .................................. -- 7,627,138 -- 4,480,904
New Century Absolute Return ETF Fund ....................... -- 1,949,112 -- 156,507
MB Enhanced Equity Income Fund ............................. -- 14,123,087 -- 97,115
ABN AMRO Real Estate Fund .................................. -- 24,941,425 -- 55,293,684
M&C Balanced Fund .......................................... 325,416 5,141,734 1,106,393 2,950,124
Balanced Fund .............................................. 1,737,630 18,773,197 3,635,666 24,010,584
TCH Fixed Income Fund ...................................... 20,515,594 14,683,715 23,305,670 17,687,207
TCH Investment Grade Bond Fund ............................. 1,981,011 918,176 2,638,128 2,007,999
McDonnell Municipal Bond Fund .............................. -- 1,836,314 -- 3,383,315
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, 2008 and included in the Cost of Shares redeemed on the
Statement of Changes in Net Assets:
FUND NAME TIME PERIOD AMOUNT
- --------- ----------------- -------
Neptune International Fund 2% Within 90 Days $ --
Barings International Fund 2% Within 90 Days --
ABN AMRO Global Real Estate Fund 2% Within 90 Days 698
SGA International Small-Mid Cap Fund 2% Within 90 Days --
ABN AMRO Real Estate Fund 2% Within 90 Days 4,522
McDonnell Municipal Bond Fund 2% Within 90 Days --
NOTE (G) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: Aston
serves as investment adviser and administrator to the Funds (except ABN AMRO
Investor Money Market Fund). AAAM serves as investment adviser to ABN AMRO
Investor Money Market Fund and Aston serves as the administrator. Under terms of
each Fund's investment advisory agreement, fees are accrued daily and paid
monthly, based on specific annual rate of average daily net assets. The factors
considered by the Board of Trustees in approving the current investment advisory
agreement for each Fund, with exception of the Neptune International Fund, are
included in this report under "Additional Information."
Certain Funds have an expense limitation agreement with its Adviser, which caps
annual ordinary operating expenses for Class N and Class I shareholders at
certain specified annual rates of average daily net assets (the "Expense
Limitation Agreements"). There are no contractual expense limitations for Class
R shareholders.
139
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
The Expense Limitation Agreements are effective through February 28, 2009. The
advisory rates and contractual expense limitations for the six months ended
April 30, 2008 were as follows:
CONTRACTUAL
EXPENSE LIMITATIONS
----------------------
FUND NAME ADVISORY FEES CLASS N CLASS I
- --------- ---------------------------- ---------- ---------
M&C Growth Fund ............................................ 0.80% on first $ 800,000,000
0.60% over $ 800,000,000 N/A N/A
Veredus Select Growth Fund ................................. 0.80% 1.30% 1.05%
ABN AMRO Growth Fund (a) ................................... 0.70% N/A N/A
Optimum Large Cap Opportunity Fund (b) ..................... 0.80% 1.40%(c) N/A
Value Fund ................................................. 0.80% 0.94% 0.69%
TAMRO All Cap Fund ......................................... 0.80% 1.20% N/A
River Road Dynamic Equity Income Fund ...................... 0.70% 1.30% 1.05%
Optimum Mid Cap Fund ....................................... 0.80% on first $ 100,000,000
0.75% next $ 300,000,000
0.70% over $ 400,000,000 1.40% 1.15%
M&C Mid Cap Growth Fund .................................... 0.85% 1.40%(c) N/A
ClariVest Mid Cap Growth Fund .............................. 0.90% 1.40%(c) N/A
Cardinal Mid Cap Value Fund ................................ 0.90% 1.40%(c) N/A
River Road Small-Mid Cap Fund .............................. 1.00% 1.50%(c) 1.25%(c)
Veredus Aggressive Growth Fund ............................. 1.00% 1.49% 1.24%
TAMRO Small Cap Fund ....................................... 0.90% 1.30% 1.05%
River Road Small Cap Value Fund ............................ 0.90% 1.50% 1.25%
Neptune International Fund (d) ............................. 1.00% N/A 1.02%(c)
Barings International Fund (e) ............................. 1.00% N/A 1.25%(c)
ABN AMRO Global Real Estate Fund ........................... 1.00% 1.50%(c) N/A
SGA International Small-Mid Cap Fund ....................... 1.20% 1.80%(c) N/A
Smart Allocation ETF Fund .................................. 0.80% 1.30%(c) N/A
New Century Absolute Return ETF Fund ....................... 0.70% 1.10%(c) N/A
MB Enhanced Equity Income Fund ............................. 0.70% 1.10%(c) N/A
ABN AMRO Real Estate Fund .................................. 1.00% 1.37% 1.12%
M&C Balanced Fund (f) ...................................... 0.75% N/A N/A
Balanced Fund .............................................. 0.70% N/A N/A
TCH Fixed Income Fund (g) .................................. 0.55% 0.74% 0.49%
TCH Investment Grade Bond Fund ............................. 0.50% 0.89% 0.64%
McDonnell Municipal Bond Fund (h) .......................... 0.60% N/A N/A
ABN AMRO Investor Money Market Fund (i) .................... 0.40% N/A N/A
(a) Effective March 31, 2008 through April 8, 2008, Aston agreed to
voluntarily waive management fees of 0.02% for the ABN AMRO Growth Fund.
This voluntary waiver was discontinued.
(b) The contractual expense limitation is 1.40% for the Optimum Large Cap
Opportunity Fund, however, effective May 1, 2007, Aston agreed to
voluntarily waive management fees and/or reimburse expenses so that the
net expense ratio is no more than 1.10% for Class N Shares. Aston may
revise or discontinue the voluntary waivers at any time.
(c) Aston and the Fund have entered into a contractual expense reimbursement
agreement which states for a period of three years subsequent to the
commencement of operations of the Fund the Adviser is entitled to be
reimbursed by the Fund for previously waived fees and reimbursed expenses
to the extent that the Fund's expense ratio (not including acquired fund
fees and expenses) remains below the operating expense cap after such
reimbursement.
(d) Effective February 11, 2008 the contractual expense limitation of 1.40%
was removed and Aston agreed to voluntarily waive management fees and/or
reimburse expenses for the Neptune International Fund so that the net
expense ratio is no more than 1.02% for Class I Shares. This voluntary
waiver became the contractual expense limitation on February 29, 2008.
(e) Effective February 29, 2008, Aston agreed to voluntarily waive management
fees and/or reimburse expenses for the Barings International Fund so that
the net expense ratio is no more than 1.15% for Class I Shares. Aston may
revise or discontinue the voluntary waivers at any time.
(f) 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.
(g) Effective September 1, 2007, Aston agreed to voluntarily waive management
fees and/or reimburse expenses for the TCH Fixed Income Fund so that the
net expense ratio is no more than 0.64% for Class N Shares and 0.39% for
Class I Shares. Aston may revise or discontinue the voluntary waivers at
any time.
(h) 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% for Class N
Shares. Aston may revise or discontinue the voluntary waivers at any time.
(i) ABN AMRO Asset Management, Inc. serves as the investment adviser for ABN
AMRO Investor Money Market Fund.
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
Pursuant to a contractual expense reimbursement arrangement between Aston and
the following Funds, for a period of three years subsequent to the commencement
of operations of each of Optimum Large Cap Opportunity Fund - Class N, M&C Mid
Cap Growth Fund - Class N, ClariVest Mid Cap Growth Fund - Class N, Cardinal Mid
Cap Value Fund - Class N, River Road Small-Mid Cap Fund - Classes N and I,
Neptune International Fund - Class I, Barings International Fund - Class I, ABN
AMRO Global Real Estate Fund - Class N, SGA International Fund - Class N, Smart
Allocation ETF Fund - Class N, New Century Absolute Return ETF Fund - Class N
and MB Enhanced Equity Income Fund - Class N, the Adviser is entitled to be
reimbursed by each Fund for previously waived fees and reimbursed expenses to
the extent that each Fund's expense ratio (not including acquired fund fees and
expenses) remains at or below the operating expense cap after such
reimbursement.
The cumulative reimbursement amounts as of April 30, 2008 that are subject to
repayment for each Fund are as follows:
EXPIRATION
-------------------
FUNDS 2010 2011
- ----- -------- --------
Aston/Optimum Large Cap Opportunity Fund ................... $139,592 $ 66,648
Aston/Montag & Caldwell Mid Cap Growth
Fund (1) ................................................... N/A 54,451
Aston/ClariVest Mid Cap Growth Fund (1) .................... N/A 56,228
Aston/Cardinal Mid Cap Value Fund (1) ...................... N/A 55,728
Aston/River Road Small-Mid Cap Fund ........................ 98,526 31,198
Aston/Neptune International Fund ........................... 48,302 78,362
Aston/Barings International Fund (1) ....................... N/A 65,619
Aston/ABN AMRO Global Real Estate Fund ..................... 42,416 61,292
Aston/SGA International Small-Mid Cap Fund (1) ............. N/A 67,364
Aston/Smart Allocation ETF Fund (1) ........................ N/A 32,983
Aston/New Century Absolute Return ETF Fund (1) ............. N/A 17,011
Aston/MB Enhanced Equity Income Fund (1) ................... N/A 31,592
-------- --------
TOTALS .................................................... $328,836 $618,476
======== ========
(1) The Fund commenced operations in the current fiscal year.
Based on the Funds' experience, the likelihood of repayment by the Funds for the
amounts presented in the table above prior to the expiration is considered
remote and no liabilities for such repayments were recorded by the Funds as of
April 30, 2008.
Aston manages each Fund (except the ABN/AMRO Investor Money Market Fund) by
retaining one or more sub-advisers to manage each Fund as follows:
FUND SUB-ADVISER
- ---- -----------
M&C Growth Fund Montag & Caldwell, Inc.
Veredus Select Growth Fund Veredus Asset Management LLC
ABN AMRO Growth Fund Montag & Caldwell, Inc.
Optimum Large Cap Opportunity Fund Optimum Investment Advisers, LLC
Value Fund MFS Institutional Advisors Inc.
TAMRO All Cap Fund TAMRO Capital Partners LLC
River Road Dynamic
Equity Income Fund River Road Asset Management, LLC
Optimum Mid Cap Fund Optimum Investment Advisors, LLC
M&C Mid Cap Growth Fund Montag & Caldwell, Inc.
ClariVest Mid Cap Growth Fund ClariVest Asset Management LLC
Cardinal Mid Cap Value Fund Cardinal Capital Management, L.L.C.
River Road Small-Mid Cap Fund River Road Asset Management, LLC
Veredus Aggressive Growth Fund Veredus Asset Management LLC
TAMRO Small Cap Fund TAMRO Capital Partners, LLC
River Road Small Cap Value Fund River Road Asset Management, LLC
Neptune International Fund Neptune Investment Management Limited
Barings International Fund Barings International Investment Limited
ABN AMRO Global Real Estate Fund ABN AMRO Asset Management, Inc.
SGA International Small-Mid Strategic Global Advisors LLC
Cap Fund
Smart Allocation ETF Fund Smart Portfolios, LLC
New Century Absolute New Century Capital Management, LLC
Return ETF Fund
MB Enhanced Equity Income Fund MB Investment Partners, Inc.
ABN AMRO Real Estate Fund ABN AMRO Asset Management, Inc.
M&C Balanced Fund Montag & Caldwell, Inc.
Balanced Fund Taplin, Canida & Habacht Inc. (Fixed Income
Portion) Montag & Caldwell, Inc. (Equity Portion)
TCH Fixed Income Fund Taplin, Canida & Habacht Inc.
TCH Investment Grade Bond Fund Taplin, Canida & Habacht Inc.
McDonnell Municipal Bond Fund McDonnell Investment Management, LLC
Sub-advisory fees are paid monthly by Aston. The factors considered by the Board
of Trustees in approving the current sub-investment advisory agreement for each
Fund are included in this Report under "Additional Information", with exception
of the TAMRO All Cap Fund, ClariVest Mid Cap Growth Fund, Cardinal Mid Cap Value
Fund, TAMRO Small Cap Fund, Neptune International Fund, Barings International
Fund, and SGA International Small-Mid Cap Fund.
TAMRO TRANSACTION. On June 29, 2007, pursuant to the closing of an asset
purchase agreement between TAMRO Capital Partners, LLC ("TAMRO") and ABN AMRO
Asset Management Holdings, Inc. and Tasho Investment, LLC ("Tasho"), Tasho
purchased 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." The Buyback Transaction resulted in the termination of
the then current Sub-Investment Advisory Agreement for the TAMRO Large Cap Value
Fund and TAMRO Small Cap Fund (each a "TAMRO Fund" and collectively, the "TAMRO
Funds") between Aston and TAMRO. A new Sub-Investment
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
Advisory Agreement for each TAMRO Fund between Aston and Tasho (renamed TAMRO
Capital Partners, LLC), with substantially the same terms as the prior agreement
(the "New TAMRO Sub-Investment Advisory Agreement"), was approved by the Board
of Trustees and then by shareholders of each TAMRO Fund at a Special Meeting of
Shareholders for each Fund on June 28, 2007 (the "TAMRO Special Shareholder
Meeting"). The factors considered by the Board of Trustees in approving each New
TAMRO Sub-Investment Advisory Agreement and the Shareholder Voting Results from
the TAMRO Special Shareholder Meeting are included in the Trust's Annual Report
dated October 31, 2007.
RECENT EVENTS: ABN AMRO TRANSACTION. Prior to April 1, 2008, AAAM, Montag &
Caldwell, Inc., River Road Asset Management, LLC and Veredus Asset Management
LLC the ("Subsidiaries") were each indirect subsidiaries of ABN AMRO Holdings
N.V. ("Holdings"). On October 10, 2007, a consortium comprised of The Royal Bank
of Scotland Group plc, Banco Santander Central Hispano and Fortis N.V.
("Fortis") announced the successful completion of a tender offer for
substantially all of the shares of Holdings (the "Tender Offer"). The Tender
Offer, which settled on October 17, 2007, was deemed to cause an "assignment"
and automatic termination of the Investment Advisory Agreement with AAAM with
respect to the ABN AMRO Investor Money Market Fund and Sub-Investment Advisory
Agreements on behalf of certain Funds (the "Affected Funds") with the respective
Subsidiaries. The consortium legally transferred the asset management business
of Holdings to Fortis on April 1, 2008.
On October 16, 2007, the Board of Trustees of Aston Funds voted to approve (i)
an Interim Investment Advisory Agreement with AAAM for the ABN AMRO Investor
Money Market Fund (the "Interim Advisory Agreement"), and (ii) new
Sub-Investment Advisory Agreements with the respective Subsidiaries then acting
as sub-adviser of each of the affected Funds listed below (the "Sub-Investment
Advisory Agreements"), in each case effective following automatic termination of
the respective prior sub-investment advisory agreement. The terms of the Interim
Advisory Agreement and new Sub-Investment Advisory Agreements were substantially
the same as the prior agreements except for term and termination provisions.
Shareholders of the ABN AMRO Investor Money Market Fund received additional
information by proxy statement and shareholders of the other Funds listed below
received an information statement in accordance with the terms of a
manager-of-managers exemptive order applicable to those Funds.
M&C Growth Fund
ABN AMRO Growth Fund
Veredus Select Growth Fund
River Road Dynamic Equity Income Fund
River Road Small-Mid Cap Fund
Veredus Aggressive Growth Fund
River Road Small Cap Value Fund
ABN AMRO Global Real Estate Fund
ABN AMRO Real Estate Fund
M&C Balanced Fund
Balanced Fund
On December 20, 2007, the Board of Trustees of Aston Funds voted to approve (i)
a new investment advisory agreement with AAAM for the ABN AMRO Investor Money
Market Fund ("AAAM Investment Advisory Agreement"), subject to shareholder
approval, (ii) the termination of the current sub-investment advisory agreement
between Aston and AAAM on behalf of Aston/ABN AMRO Growth Fund and the equity
portion of Aston Balanced Fund (the "Growth Funds"), (iii) a new sub-investment
advisory agreement with Montag & Caldwell, Inc. on behalf of each Growth Fund
effective January 1, 2008 ("New Sub-Investment Advisory Agreement"), and (iv)
the continuation of the new Sub-Investment Advisory Agreements for the Affected
Funds (other than the Growth Funds) with the respective Subsidiaries in
connection with the ABN AMRO Transaction. The AAAM Investment Advisory Agreement
was approved by shareholders of the ABN AMRO Investor Money Market Fund on
February 28, 2008 (the "Special Shareholder Meeting").
The factors considered by the Board of Trustees in approving the AAAM Investment
Advisory Agreement, the New Sub-Investment Advisory Agreements for the Growth
Funds, the continuance of the new Sub-Investment Advisory Agreements for the
Affected Funds (other than the Growth Funds) in connection with the ABN AMRO
Transaction and the Shareholder Voting Results from the Special Shareholder
Meeting are included in this Report under "Additional Information." Under the
terms of the administration agreement between the Funds and Aston, the Funds'
administrator, ("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
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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 Aston
and PFPC (the "Sub-Administration Agreement"). 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.
PFPC Distributors, Inc. (the "Distributor") serves as principal underwriter and
distributor of the Fund's 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.
The Trustees of the Trust who are not affiliated with the investment advisers or
sub-advisers receive an annual retainer and per meeting fees. The Lead
Independent Trustee and Committee Chairs receive an additional retainer. The
Trustees of the Trust who are not affiliated with the investment advisers or
sub-advisers receive fees and are reimbursed for out-of-pocket expenses for each
meeting of the Board of Trustees they attend. No officer or employee of the
investment advisers, sub-advisers or their affiliates receives any compensation
from the Funds for acting as a Trustee of the Trust. The officers of the Trust
receive no compensation directly from the Funds for performing the duties of
their offices, except that the Funds compensate the Administrator for providing
an officer to serve as the Funds' Chief Compliance Officer. The aggregate
remuneration paid to the Trustees during the six months ended April 30, 2008 was
$224,750.
NOTE (H) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended April 29, 2008, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each series of the Trust except for
the Aston/New Century Absolute Return ETF Fund, and is available for temporary,
emergency purposes including liquidity needs in meeting redemptions. The annual
facility fee is 0.125% of the commitment amount of the facility in addition to
an annual administration fee of $75,000 and reasonable legal expenses incurred
in connection with the preparation of any amendments. Prior to April 29, 2008,
the annual administration fee was $37,500. The interest rate on outstanding
loans is equivalent to the greater of the Federal Funds Effective Rate plus
0.50%, or Prime as applicable, else LIBOR (London InterBank Offered Rate) plus
0.75%, as applicable. Borrowings must be repaid within 60 days. At April 30,
2008, 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, 2008, the average daily loan balance outstanding on the days where
borrowings existed, the weighted average interest rate and the interest expense,
included on the Statement of Operations, allocated to each Fund for use of the
line of credit were as follows:
AVERAGE DAILY LOAN WEIGHTED AVERAGE
BALANCE INTEREST RATE INTEREST EXPENSE
------------------ --------------------- ----------------
ABN AMRO Growth Fund ............................. $ 3,648,444 3.95% $ 6,688
Optimum Large Cap Opportunity Fund ............... 1,379,888 3.84% 2,286
Value Fund ....................................... 8,431,633 2.44% 1,710
River Road Dynamic
Equity Income Fund ............................ 375,378 4.68% 438
Optimum Mid Cap Fund ............................. 3,455,640 3.60% 1,723
Veredus Aggressive Growth
Fund .......................................... 2,270,810 4.13% 2,535
River Road Small Cap Value
Fund .......................................... 637,967 4.77% 762
ABN AMRO Real Estate Fund ........................ 1,328,300 2.32% 86
Balanced Fund .................................... 937,765 5.00% 1,914
NOTE (I) REFLOW FUND LLC: The Veredus Aggressive Growth Fund may participate in
the ReFlow Fund LLC program ("ReFlow"), 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
143
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APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
comes first. In return for this service, the Veredus Aggressive Growth Fund will
pay a fee to ReFlow at a rate determined by a daily auction with other
participating mutual funds.
The costs to the Veredus Aggressive Growth Fund for participating in ReFlow are
expected to be influenced by and comparable to the cost of other sources of
liquidity, such as the Fund's short-term lending arrangements or the costs of
selling portfolio securities to meet redemptions. ReFlow will be prohibited from
acquiring more than 3% of the outstanding voting securities of the Fund.
As of April 30, 2008, the Veredus Aggressive Growth Fund had not utilized
ReFlow.
NOTE (J) SUBSEQUENT EVENTS: - New Class: The Trust filed a Post-Effective
Amendment to its Registration Statement on June 13, 2008 for the purpose of
adding Class N shares for the Neptune International Fund. The new class
commenced operations on June 18, 2008.
Fortis Investment Management NV/SA Transaction: On April 2, 2008, Fortis
Investment Management NV/SA ("FIM - NV/SA") and Ping An Insurance (Group)
Company of China Ltd. ("Ping An") entered into an agreement providing for Ping
An to acquire a 50% (less one share) equity stake in FIM-NV/SA (the "FIM-NV/SA
Transaction"). Currently FIM-NV/SA controls Fortis Investment Management USA,
Inc. ("US RIA") and it is expected that AAAM will cease its separate existence
and be merged into US RIA prior to the completion of the FIM-NV/SA Transaction.
The FIM-NV/SA Transaction, if consummated as contemplated, would result in Ping
An being deemed a control person of US RIA for purposes of the Investment
Company Act of 1940, as amended, which would result in an automatic termination
of the current investment advisory agreement between AAAM and ABN AMRO Investor
Money Market Fund and the current sub-investment advisory agreements between
Aston and AAAM with respect to ABN AMRO Global Real Estate Fund and ABN AMRO
Real Estate Fund (collectively, the "Subadvised Funds").
On June 19, 2008, the Board of Trustees of Aston Funds voted to approve (i) a
new investment advisory agreement with AAAM for ABN AMRO Investor Money Market
Fund (the "new investment advisory agreement"), subject to shareholder approval,
(ii) an interim investment advisory agreement with AAAM for the ABN AMRO
Investor Money Market Fund (the "interim advisory agreement"), and (iii) the
continuation of the current sub-investment advisory agreements on behalf of the
Subadvised Funds. The terms of the interim advisory agreement and the new
investment advisory agreement are substantially the same as the current
investment advisory agreement except for the term and termination provisions.
Shareholders will receive additional information relating to the new investment
advisory agreement by proxy statement. Shareholders of the Subadvised Funds will
receive an information statement in accordance with the terms of a
manager-of-managers exemptive order applicable to those Funds.
Fund Liquidations: The Board of Trustees of the Aston Funds has determined that
the termination and liquidation of the Aston/TCH Investment Grade Bond Fund and
Aston/McDonnell Municipal Bond Fund are in the best interests of each Fund and
their respective shareholders. The estimated liquidation date of each Fund is on
or about August 1, 2008.
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APRIL 30, 2008
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.
CHANGE IN INDEPENDENT PUBLIC ACCOUNTING FIRM - MONEY MARKET FUNDS OF THE TRUST:
On April 1, 2008, Ernst & Young LLP ("E&Y") resigned as the independent auditors
for the Aston/ABN AMRO Investor Money Market Fund, ABN AMRO Government Money
Market Fund, ABN AMRO Institutional Prime Money Market Fund, ABN AMRO Money
Market Fund, ABN AMRO Tax-Exempt Money Market Fund and ABN AMRO Treasury Money
Market Fund (each a "Money Market Fund" and collectively, the "Money Market
Funds") for the fiscal year ended October 31, 2008. E&Y continues to serve as
the independent auditors for the non-money market funds of the Trust. E&Y's
audit reports on each Money Market Fund's financial statements for the fiscal
years ended October 31, 2007 and October 31, 2006 contained no adverse opinion
or disclaimer of opinion, nor were their reports qualified or modified as to
uncertainty, audit scope or accounting principles. During each Money Market
Fund's fiscal years ended October 31, 2007 and October 31, 2006 and the interim
period commencing November 1, 2007 and ended April 1, 2008, (i) there were no
disagreements between the Money Market Funds and E&Y on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of E&Y,
would have caused them to make reference to the subject matter of the
disagreements in connection with their reports on the financial statements for
such years, and (ii) there were no "reportable events" of the kind described in
Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934,
as amended.
The Trust's audit committee is in the process of selecting a new independent
auditor for the Money Market Funds.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH ASTON ASSET MANAGEMENT LLC WITH RESPECT TO THE ASTON/MONTAG &
CALDWELL MID CAP GROWTH FUND, ASTON/CLARIVEST MID CAP GROWTH FUND,
ASTON/CARDINAL MID CAP VALUE FUND, ASTON/BARINGS INTERNATIONAL FUND AND
ASTON/SGA INTERNATIONAL SMALL-MID CAP FUND
At an in-person meeting on September 20, 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/Barings International Fund,
Aston/Cardinal Mid Cap Value Fund, Aston/ClariVest Mid Cap Growth Fund,
Aston/Montag & Caldwell Mid Cap Growth Fund and Aston/SGA International
Small-Mid Cap Fund (each a "New Fund," and collectively, the "New Funds") are
fair and reasonable and approved the Agreement for the New Funds as being in the
best interests of each New Fund. In making such determinations, the Board,
including the Independent Trustees, considered materials received and
discussions held with respect to the approval of the Investment Advisory
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 with respect to each New Fund and were
assisted by independent legal counsel in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of each New Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the New 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 New 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 New Fund. In
considering the
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APRIL 30, 2008
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
Investment Advisory Agreement on behalf of each New Fund, the Board, including
the Independent Trustees, did not identify any single factor or group of factors
as all-important or controlling, but considered all factors together. The
following summary does not detail all the matters considered.
Nature, Quality and Extent of Services. The Board considered that Aston intends
to manage each New Fund by delegating the day-to-day investment responsibility
for managing each New Fund to a 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 currently provided by Aston to the
Trust.
On the basis of this evaluation, the Board concluded that the nature, quality
and extent of services to be provided by Aston are expected to be satisfactory.
Expenses. The Board considered each New Fund's proposed management fee rate and
total net expense ratio after contractual expense reimbursements. As a part of
this analysis, the Board compared the proposed advisory fees and total net
expenses to those of a relevant peer group for each New Fund. The Board
concluded that the proposed advisory fees were reasonable and appropriate in
light of the nature, quality and extent of services to be provided by Aston.
Costs and Profitability. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board considered the
resources involved in managing the New Funds in light of Aston's business model
as well as fee waivers or expenses to be reimbursed under an Expense
Reimbursement Agreement with Aston. The Board noted that, with respect to the
New Funds, the adviser and subadviser each will generally bear 50% of any fee
waivers or expense reimbursements subject, in some cases, to caps on the amount
of contribution from a subadviser. Because the New Funds have not yet commenced
operations, profitability information was not available. However, based upon
projected asset size and the impact of fee waivers or expenses to be reimbursed
by the investment adviser, the Board of Trustees concluded that profitability
was not expected to be unreasonable.
Economies of Scale. The Board considered the extent to which economies of scale
would be realized as each New Fund grows. The Board considered the potential
asset size of each New Fund, as well as the Expense Reimbursement Agreement, and
concluded that at this time the potential for economies of scale are limited.
Other Benefits to the Investment Adviser. The Board also considered the nature
and amount of fees to be paid by the New Funds 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. The
Board concluded that the advisory fees were reasonable taking into account any
other benefits to be received by the Adviser from its relationship with the New
Funds.
Conclusion. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for the New Funds, including the proposed advisory fee, were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the New
Funds should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENTS WITH RESPECT TO THE ASTON/MONTAG & CALDWELL MID CAP GROWTH
FUND, ASTON/CLARIVEST MID CAP GROWTH FUND, ASTON/CARDINAL MID CAP VALUE FUND,
ASTON/BARINGS INTERNATIONAL FUND AND ASTON/SGA INTERNATIONAL SMALL-MID CAP FUND
The Board of Trustees (the "Board") of the Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement (each a "Sub-Investment Advisory Agreement"
and collectively, the "Sub-Investment Advisory Agreements") between Aston and
each of the following subadvisers (each a "Subadviser," and collectively, the
"Subadvisers"): (i) Baring International Investment Limited ("Barings") with
respect to the Aston/Barings International Fund, (ii) Cardinal Capital
Management, L.L.C. ("Cardinal") with respect to the Aston/Cardinal Mid Cap Value
Fund, (iii) ClariVest Asset Management LLC ("ClariVest") with respect to the
Aston/ClariVest Mid Cap Growth Fund, (iv) Montag & Caldwell, Inc. ("Montag &
Caldwell") with respect to the Aston/Montag & Caldwell Mid Cap Growth Fund and
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(v) Strategic Global Advisors, LLC with respect to the Aston/SGA International
Small-Mid Cap Growth Fund (the foregoing funds each being referred to as a "New
Fund," and collectively as the "New Funds") at an in-person meeting on September
20, 2007. The Independent Trustees met separately from the "interested" Trustee
of the Trust and any officers of Aston, the Subadvisers or their affiliates to
consider approval of each 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 Agreements were the following:
Nature, Quality and Extent of Services. The Board considered the nature, extent
and quality of services expected to be provided under each Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of each proposed Subadviser. The Board also considered the investment
approach of each Subadviser, the experience and skills of investment personnel
responsible for the day-to-day investment management of each New Fund and the
resources made available to such personnel. The Board noted that Montag &
Caldwell currently manages other funds of the Trust, and took into account the
quality of services provided to those funds. With respect to Barings, Cardinal
and ClariVest, the Board considered composite performance information for
accounts with similar investment strategies as the New Fund. The Board also
considered Cardinal's performance record with respect to other products managed
by the firm. On the basis of this evaluation, the Board concluded that the
nature, quality and extent of services to be provided by each Subadviser are
expected to be satisfactory.
Fees, Profitability and Economies of Scale. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreements as well as the overall
management fee structure of the New Funds. The Board considered that the
subadvisory fee rates were negotiated at arm's length between Aston and each
Subadviser, each an unaffiliated third party, and that Aston will compensate
each 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 each New Fund and whether a
New Fund will benefit from any economies of scale. The Board concluded that the
proposed subadvisory fee rates were reasonable in light of the nature, quality
and extent of services to be provided and 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 Subadvisers. The Board
considered potential benefits to certain Subadvisers from the use of "soft
dollars" to pay for research services generated by parties other than the
executing broker dealer. The Board concluded that the subadvisory fees were
reasonable taking into account any other benefits to be received by the
Subadvisers from their relationship with the New Funds.
Conclusion. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of each Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of each Sub-Investment
Advisory Agreement is in the best interests of each New Fund. No single factor
was determinative in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT FOR THE ASTON/ABN AMRO INVESTOR MONEY MARKET FUND IN CONNECTION WITH
THE ABN AMRO TRANSACTION
The Board of Trustees of Aston Funds (the "Board") considered information
received and discussions held at its October 16, 2007 and December 20, 2007
in-person meetings regarding the tender offer for substantially all of the
shares of ABN AMRO Holdings N.V. ("ABN AMRO") and resulting change in control,
as well as the anticipated restructuring of ABN AMRO. The Board considered that
the change in control of ABN AMRO resulted in the termination of the previous
investment advisory agreement with ABN AMRO Asset Management, Inc. ("AAAM") (the
"Previous Investment Advisory Agreement"). The Board further considered that,
subject to regulatory approvals, the asset management businesses of ABN AMRO
will be acquired by Fortis N.V., and that it is anticipated that AAAM will be
merged into a Fortis subsidiary through a series of transactions that are
expected to be completed in 2008 (together with the tender offer, the
"Transaction"). In anticipation of the termination of the Previous Investment
Advisory Agreement, the Board approved an interim investment advisory agreement
with AAAM at its October 16, 2007 meeting. The initial term of the interim
investment advisory agreement was set to expire the earlier of March 15, 2008 or
the effective date of a new investment advisory agreement.
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At its December 20, 2007 meeting, the Board, including the Independent Trustees,
determined that the terms of the new Investment Advisory Agreement (a "New
Investment Advisory Agreement") with AAAM, or its successor from the
Transaction, with respect to Aston/ABN AMRO Investor Money Market Fund ("the
Fund"), are fair and reasonable and approved the New Investment Advisory
Agreement, including any additional assignment that may be deemed to occur as a
result of the Transaction, for the Fund as being in the best interests of the
Fund. The Independent Trustees met separately from the "interested" Trustee of
the Trust to consider the approval of the New Investment Advisory Agreement for
the Fund and were assisted by independent legal counsel in their deliberations.
In determining whether to approve the New Investment Advisory Agreement for the
Fund, the Board received information and made inquiries into all matters deemed
relevant and considered the following factors, among others:
- AAAM and Fortis N.V. believe that the combination of the assets,
personnel and resources of the two organizations could result in
potential benefits to the Fund over the long-term;
- AAAM and Fortis N.V. have put in place a transition plan to retain
key investment personnel during the integration period, and the
portfolio managers and investment personnel for the Fund are not
expected to change as a result of the Transaction;
- The investment approach that has been employed for the Fund will
remain the same following the Transaction; and
- The New Investment Advisory Agreement with AAAM will be
substantially the same as the Previous Investment Advisory
Agreement, and the investment advisory fee rate will remain the
same; and
- AAAM has undertaken to bear all costs of the Fund relating to the
Transaction, including the costs of preparing, printing and mailing
a Proxy Statement to shareholders of the Fund and related
solicitation expenses.
In making its determinations, the Board, including all of the Independent
Trustees, also reviewed information regarding: (i) the nature, extent and
quality of the services to be provided; (ii) the advisory fee charged and
information regarding the expense ratios of the Fund; (iii) fee waivers or
expenses to be reimbursed; and (iv) potential benefits to be received by
affiliates of the investment adviser. In considering the New 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. Among other matters considered
by the Board, including the Independent Trustees, in connection with its
approval of the New Investment Advisory Agreement for the Fund were the
following:
Nature, Quality and Extent of Services. The Board considered the impact of the
Transaction on the nature, extent and quality of services to be provided under
the New Investment Advisory Agreement. The Board considered the investment
performance of the Fund and the previous investment experience of the Fund
portfolio managers. The Board noted that the investment strategy and philosophy
of the investment adviser with respect to the Fund are expected to remain the
same following the Transaction. The Board also noted that the portfolio
management team was expected to remain substantially the same following the
Transaction. The Board also considered that the New Investment Advisory
Agreement would be the same in all substantive respects as the Previous
Investment Advisory Agreement. On the basis of this evaluation, the Board
concluded that the nature, quality and extent of services to be provided by AAAM
following the Transaction are expected to continue to be satisfactory with
respect to the Fund.
Expenses. The Board of Trustees considered the Fund's management fee rate,
estimated operating fees and total expense ratio. The Board noted that the fee
rates under the New Investment Advisory Agreement are identical to the fee rates
under the Previous Investment Advisory Agreement. As a part of this analysis,
the Board considered the investment advisory fee to be paid by the Fund to AAAM
as well as fee waivers or expenses to be reimbursed by AAAM and compared the
gross and net advisory fees and estimated total expenses to those of a relevant
peer group based on information and data supplied by Lipper Inc. In each case,
the Board concluded that the advisory fee was reasonable and appropriate in
amount given the nature, quality and extent of services provided.
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Costs and Profitability. With respect to the costs of services provided and
profits by the investment adviser, the Board considered the resources involved
in managing the Funds as well as fee waivers or expenses to be reimbursed by the
investment adviser. The Board received information regarding the profitability
of AAAM and received confirmation that the Transaction was not expected to have
a material impact on profitability. Based upon anticipated asset size and the
impact of fee waivers or expenses to be reimbursed by the investment adviser,
the Board concluded that profitability was not expected to be unreasonable.
Economies of Scale. The Board considered the extent to which economies of scale
would be realized. The Board reviewed the Fund expense ratios giving effect to
fee waivers or expenses reimbursed by the investment adviser, and considered the
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
character and amount of other incidental benefits received by AAAM and its
affiliates. The Board considered that the investment adviser generally does not
use portfolio brokerage 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 and its affiliates 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, including all of the
Independent Trustees, concluded that the terms of the New Investment Advisory
Agreement, including the proposed advisory fees, were fair and reasonable, and
that the New Investment Advisory Agreement on behalf of the Fund should be
approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF
CERTAIN SUB-INVESTMENT ADVISORY AGREEMENTS IN CONNECTION WITH THE ABN AMRO
TRANSACTION
The Board of Trustees (the "Board") of Aston Funds (the "Trust") considered
information received and discussions held at its October 16, 2007 and December
20, 2007 in-person meetings regarding the Transaction. The Board considered that
the change in control of ABN AMRO Holdings N.V. ("ABN AMRO") resulted in the
termination of the previous sub-investment advisory agreements (the
"Previous Sub-Investment Advisory Agreements") between Aston Asset Management
LLC ("Aston") and the following subadvisers (each a "Subadviser," and
collectively, the "Subadvisers") on behalf of the following funds (each a "Fund"
and collectively, the "Funds"):
FUND SUBADVISER
- ---- -----------
Aston/ABN AMRO ABN AMRO Asset
Real Estate Fund Management, Inc.
("AAAM")
Aston/ABN AMRO
Global Real Estate Fund
Aston/Montag & Caldwell Montag and Caldwell, Inc.
Balanced Fund ("Montag & Caldwell")
Aston/Montag & Caldwell
Growth Fund
Aston/Montag & Caldwell
Mid Cap Growth Fund*
Aston/River Road Dynamic River Road Asset
Equity Income Fund Management, LLC
("River Road")
Aston/River Road Small
Cap Value Fund
Aston/River Road Small
Mid Cap Fund
Aston/Veredus Aggressive Veredus Asset
Growth Fund Management LLC
("Veredus")
Aston/Veredus SciTech Fund
Aston/Veredus Select
Growth Fund
- ----------
* The Board of Trustees approved a Sub-Investment Advisory Agreement on
behalf of the Fund at its September 20, 2007 meeting. The Fund did not
commence operations until November 2007 and the Agreement did not take
effect. As discussed below, the Board of Trustees considered and approved
new Sub-Investment Advisory Agreements at its October 16, 2007.
In anticipation of the termination of the Previous Sub-Investment Advisory
Agreements, the Board approved new sub-investment advisory agreements between
Aston and the current Subadviser, as shown above (each a "New Sub-Investment
Advisory Agreement" and collectively, the "New Sub-Investment Advisory
Agreements") at its October 16, 2007 meeting.
At its December 20, 2007 meeting, the Board, including the Independent Trustees,
determined that the terms of each New Sub-Investment Advisory Agreement
continued
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to be fair and reasonable and approved the continuation of the New
Sub-Investment Advisory Agreement, including any additional assignment that may
be deemed to occur as a result of remaining steps of the Transaction, for each
Fund as being in the best interests of the Fund. The Independent Trustees met
separately from the "interested" Trustee of the Trust and any officers of Aston,
the Subadvisers or its affiliates at both the October 16, 2007 meeting and the
December 20, 2007 meeting as part of their consideration of the New
Sub-Investment Advisory Agreement for each Fund and were assisted by independent
legal counsel in their deliberations.
In determining whether to approve the continuation of the New Sub-Investment
Advisory Agreement with respect to each Fund, the Board received information and
made inquiries into all matters deemed relevant and considered the following
factors, among others:
- whether the personnel of each Subadviser, including management and
investment personnel, will remain the same after the restructuring
and whether there are sufficient incentives in place to retain key
personnel during the completion of the Transaction;
- whether the change of control will result in any change in the
scope, nature or quality of services provided to the Funds by each
Subadviser;
- whether the change of control will change the resources, focus,
culture or operations of each Subadviser; and
- whether the change in control will have any impact on Aston's plans
for the Funds, including any proposals to merge or liquidate any
Fund.
The Board also considered that ABN AMRO had undertaken to bear all of the Funds'
costs related to the Transaction, including the costs of preparing, printing and
mailing an Information Statement to shareholders of the Funds.
In making its determinations, the Board, including all of the Independent
Trustees, also reviewed materials provided by Aston and each Subadviser
including information regarding: (i) the nature, extent and quality of the
services to be provided; (ii) the sub-advisory fee charged and information
regarding the expense ratios of the Funds; (iii) fee waivers or expenses to be
reimbursed; and (iv) potential benefits received by affiliates of the
Subadviser. The Board also determined that it was appropriate to take into
consideration the extensive information received throughout the year regarding
the performance and operating results of each Fund, given the continuity of
portfolio management expected following the Transaction. In considering the New
Sub-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. Among
other matters considered by the Board, including the Independent Trustees, in
connection with its approval and subsequent continuation of the New
Sub-Investment Advisory Agreement for each Fund were the following:
Nature, Quality and Extent of Services. The Board considered the impact of the
Transaction on the nature, extent and quality of services expected to be
provided under each New Sub-Investment Advisory Agreement. With respect to AAAM,
the Board considered that the Transaction is expected to result in the
integration of ABN AMRO's asset management businesses into Fortis N.V., and
would likely have a significant impact on the organization, including its
personnel, culture and operations. Accordingly, the Board considered information
regarding the resources of the combined entity, the plans for integrating the
two businesses and plans put in place by management to retain key management and
investment personnel during and following the completion of the Transaction. On
the basis of information available, the Board determined that the nature,
quality and extent of services was expected to continue to be satisfactory with
respect to each Fund.
With respect to each of Montag & Caldwell, River Road and Veredus, the Board
considered that the Transaction was not likely to have a material impact on the
operations of the organization and that each organization was expected to
continue to operate relatively independently from Fortis N.V. following
completion of the Transaction. The Board considered that the investment approach
of each Subadviser, and the experience and skills of investment personnel
responsible for the day-to-day management of the Funds, were not expected to
change as a result of the Transaction. The Board also considered that these
Subadvisers would not be combined with Fortis N.V. and the Transaction was not
expected to impact management of the Subadviser. On the basis of this
evaluation, the Board concluded that the nature, quality and extent of services
anticipated to be provided by each
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Subadviser are expected to continue to be satisfactory with respect to each
Fund.
Fees, Profitability and Economies of Scale. The Board considered the subadvisory
fee rates under each New Sub-Investment Advisory Agreement as well as the
overall management fee structure of the Funds. The Board considered that the
subadvisory fee rates would not change as a result of the Transaction, and were
negotiated at arm's length between Aston and each Subadviser, two unaffiliated
parties, and that Aston will compensate the Subadviser from its fees. The Board
concluded that additional economies of scale were not expected to result from
the Transaction at this time.
Other Benefits to the Subadviser. The Board also considered the character and
amount of other incidental benefits received by each Subadviser. The Board
considered information previously received regarding the potential benefits from
the use of "soft dollars," noting that certain Subadvisers generally do not use
portfolio brokerage transactions to pay for third party research services. The
Board concluded that any incidental benefits to be received by the Subadvisers
from their relationship with the Funds are expected to continue to be reasonable
following the Transaction.
Conclusion. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the New Sub-Investment Advisory
Agreement dated October 17, 2007 with respect to each Fund are fair and
reasonable, and that the approval of each New Sub-Investment Advisory Agreement
and the continuance thereof as of December 20, 2007 in connection with any
additional assignment that may be deemed to occur in connection with the
Transaction 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 SUB-INVESTMENT
ADVISORY AGREEMENTS FOR ASTON/ABN AMRO GROWTH FUND AND THE EQUITY COMPONENT OF
ASTON BALANCED FUND IN CONNECTION WITH THE ABN AMRO TRANSACTION
The Board of Trustees (the "Board") of the Aston Funds (the "Trust") considered
information received and discussions held at its October 16, 2007 and December
20, 2007 in-person meetings regarding the Transaction. The Board considered that
the change in control of ABN AMRO Holdings N.V. ("ABN AMRO") resulted in the
termination of the previous sub-investment advisory agreements (the "Previous
Sub-Investment Advisory Agreements") between Aston and ABN AMRO Asset
Management, Inc. ("AAAM") on behalf of Aston/ABN AMRO Growth Fund and the equity
portion of Aston Balanced Fund (each a "Fund" and collectively, the "Funds").
Based on information available at its October 16, 2007 meeting, the Board,
including the Independent Trustees, determined that it was in the best interests
of each Fund and its shareholders to retain AAAM as Subadviser at that time with
respect to each Fund in light of the imminent termination of the Previous
Sub-Investment Advisory Agreement as of October 17, 2007. Accordingly, Aston
entered into a new Sub-Investment Advisory Agreement with AAAM with respect to
each Fund as of October 17, 2007.
At its December 20, 2007 meeting, the Board received additional information
regarding the Transaction provided by Fortis N.V. and AAAM. In determining
whether to approve the continuation of the Sub-Investment Advisory Agreement
with AAAM with respect to each Fund, the Board received information and made
inquiries into all matters deemed relevant and considered the following factors,
among others:
- whether the personnel of the Subadviser, including management and
investment personnel, will remain the same after the restructuring
and whether there are sufficient incentives in place to retain key
personnel during the completion of the Transaction;
- whether the change of control will result in any change in the
scope, nature or quality of services provided to the Funds by the
Subadviser;
- whether the change of control will change the resources, focus,
culture or operations of the Subadviser; and
- whether the change in control will have any impact on Aston's plans
for the Funds, including any proposals to merge or liquidate any
Fund.
The Board also considered that ABN AMRO had undertaken to bear all of the Funds'
costs related to the Transaction.
At the December meeting, the Board considered additional information regarding
the impact of the Transaction on AAAM, including in particular, that the
portfolio management team for the Funds would not
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continue to be employed by AAAM following the Transaction. The Board received
information regarding Fortis N.V., including its capabilities as a domestic
growth manager.
In preparation for the December meeting, the Independent Trustees requested that
management pro vide information regarding other options for the Funds, including
other potential subadvisers, in light of the con tinuing underperformance of
those Funds. The Board noted that it had been monitoring the underperformance by
the Subadviser and was reviewing remedial steps taken to improve performance.
The Board, including the Independent Trustees, evaluated information regarding
three alternative subadviser candidates that had been provided by Aston at the
request of the Independent Trustees. Information was provided with respect to
three managers that currently serve as subadvisers to one or more Aston Funds
and included an analysis of their respective qualifications to serve as
subadviser to the Funds. The Board considered, among other factors, short- and
long-term performance records, similarity of investment styles, differences in
portfolio turnover, and capacity. The Board also considered the benefits of
retaining a subadviser that is already managing a Fund within the Trust, rather
than a new third party manager, in light of the shareholder base of these Funds.
At its December meeting, the Board, including the Independent Trustees,
determined that it was in the best interests of each Fund and its shareholders
to terminate AAAM as the Subadviser for each Fund and to engage Montag &
Caldwell, Inc. ("Montag & Caldwell") as the new Subadviser for each Fund
effective as of January 1, 2008. The Board, including the Independent Trustees,
determined that the terms of each New Sub-Investment Advisory Agreement between
Aston and Montag & Caldwell were fair and reasonable and approved the New
Sub-Investment Advisory Agreement, including any additional assignment that may
be deemed to occur as a result of remaining steps of the Transaction, for each
Fund as being in the best interests of the Fund. The Independent Trustees met
separately from the "inter ested" Trustee of the Trust and any officers of
Aston, the Subadvisers or its affiliates at both the October 16, 2007 meeting
and the December 20, 2007 meeting as part of their consideration of the
subadvisory agreements for each Fund and were assisted by independent legal
counsel in their deliberations.
In making its determinations, the Board, including all of the Independent
Trustees, discussed the information it had received from Aston, Fortis N.V. and
AAAM and reviewed information regarding: (i) the nature, extent and quality of
the services to be provided; (ii) the sub-advisory fee charged and information
regarding the expense ratios of the Funds; (iii) fee waivers or expenses to be
reimbursed; and (iv) potential benefits received by affiliates of the
Subadviser. In considering the New Sub-Investment Advisory Agreement between
Aston and Montag & Caldwell 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. Among other
matters considered by the Board, including the Independent Trustees, in
connection with its approval and subsequent continuation of the New
Sub-Investment Advisory Agreement for each Fund were the following:
Nature, Quality and Extent of Services. The Board considered the nature, quality
and extent of services expected to be provided under the New Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications,
background, investment approach and experience and skills of investment
personnel of Montag & Caldwell, as well as the resources that it makes available
to its investment personnel. The Board reviewed the performance of other mutual
funds and separate accounts with similar investment objectives and policies as
those of the Funds. The Board considered its familiarity with the capabilities
of Montag & Caldwell, Montag & Caldwell's longstanding relationship with the
Aston Funds and its favorable performance with respect to other Aston Funds with
similar investment styles. On the basis of this information, the Board
determined that the nature, quality and extent of services to be provided by
Montag & Caldwell are expected to be satisfactory.
Fees, Profitability and Economies of Scale. The Board considered the subadvisory
fee rates under the New Sub-Investment Advisory Agreements as well as the
overall management fee structure of the Funds. The Board considered that the
subadvisory fee rates would not change as a result of changing Subadvisers and
were negotiated at arm's length between Aston and Montag & Caldwell, and that
Aston will compensate the Subadviser from its fees. The Board also considered
that the hiring of Montag & Caldwell, rather than a manager with no prior
connection with the Trust and its shareholders, may have a positive impact on
each Fund's ability to retain assets. The Board concluded that additional
economies of scale were not available 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 information previously received regarding the potential benefits from
the use of "soft dollars." The Board concluded that any incidental benefits to
be received by the Subadviser from its relationship with the Funds are expected
to be reasonable.
Conclusion. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the New Sub-Investment Advisory
Agreement with each Fund are fair and reasonable, and that the approval of the
New Sub-Investment Advisory Agreement is in the best interests of each 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 ASTON ASSET MANAGEMENT LLC WITH RESPECT TO THE ASTON/SMART
ALLOCATION ETF FUND AND THE ASTON/MB ENHANCED EQUITY INCOME FUND
At an in-person meeting on December 20, 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/Smart Allocation ETF Fund and
Aston/MB Enhanced Equity Income Fund (each a "New Fund," and collectively, the
"New Funds") are fair and reasonable and approved the Investment Advisory
Agreement for each New Fund as being in the best interests of the New Fund. In
making such determinations, the Board, including the Independent Trustees,
considered materials received and discussions held at this meeting and the
September meeting with respect to the approval of each 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 with respect to each New Fund and were
assisted by independent legal counsel in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of each New Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the New 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 New 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 New Fund. In
considering the Investment Advisory Agreement on behalf of each New Fund, the
Board, including the Independent Trustees, did not identify any single factor or
group of factors as all-important or controlling, but considered all factors
together. The following summary does not detail all the matters considered.
Nature, Quality and Extent of Services. The Board considered that Aston intends
to manage each New Fund by delegating the day-to-day investment responsibility
for managing each New Fund to a 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 currently provided by Aston to the
Trust. On the basis of this evaluation, the Board concluded that the nature,
quality and extent of services to be provided by Aston are expected to be
satisfactory.
Expenses. The Board considered each New Fund's proposed management fee rate and
total net expense ratio after contractual expense reimbursements and fee
waivers. As a part of this analysis, the Board compared the proposed advisory
fees and total net expenses to those of a relevant peer group for each New Fund.
The Board concluded that the proposed advisory fees were reasonable and
appropriate in light of the nature, quality and extent of services to be
provided by Aston.
Costs and Profitability. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board considered the
resources involved in managing the New Funds in light of Aston's business model
as well as fee waivers or expenses to be reimbursed under an Expense
Reimbursement Agreement with Aston. The Board noted that, with respect to the
New Funds, the adviser and subadviser each generally will bear 50% of any fee
waivers or expense reimbursements. Because the New Funds have not yet commenced
operations, profitability information was not available. However, based upon
projected asset size and the impact of fee waivers or expenses to be reimbursed
by the investment adviser, the Board of Trustees concluded that profitability
was not expected to be unreasonable.
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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
Economies of Scale. The Board considered the extent to which economies of scale
would be realized as each New Fund grows. The Board considered the potential
asset size of each New Fund, as well as the Expense Reimbursement Agreement, and
concluded that at this time the potential for economies of scale are limited.
Other Benefits to the Investment Adviser. The Board also considered the nature
and amount of fees to be paid by the New Funds 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. The
Board concluded that the advisory fees were reasonable taking into account any
other benefits to be received by the Adviser from its relationship with the New
Funds.
Conclusion. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for the New Funds, including the proposed advisory fee, were fair and
reasonable, and that the Investment Advisory Agreement on behalf of each New
Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENTS WITH RESPECT TO THE ASTON/SMART ALLOCATION ETF FUND AND THE
ASTON/MB ENHANCED EQUITY INCOME FUND
The Board of Trustees (the "Board") of the Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement (each a "Sub-Investment Advisory Agreement"
and collectively, the "Sub-Investment Advisory Agreements") between Aston and
each of the following subadvisers (each a "Subadviser," and collectively, the
"Subadvisers"): (i) Smart Portfolios, LLC ("Smart") with respect to the
Aston/Smart Allocation ETF Fund and (ii) MB Investment Partners, Inc. ("MB")
with respect to the Aston/MB Enhanced Equity Income Fund (each a "New Fund," and
collectively the "New Funds") at an in-person meeting on December 20, 2007. The
Independent Trustees met separately from the "interested" Trustee of the Trust
and any officers of Aston, the Subadvisers or their affiliates to consider
approval of each 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 Agreements were the following:
Nature, Quality and Extent of Services. The Board considered the nature, extent
and quality of services expected to be provided under each Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of each proposed Subadviser. The Board also considered the investment
approach of each Subadviser, the experience and skills of investment personnel
responsible for the day-to-day investment management of each New Fund and the
resources made available to such personnel. The Board also considered each
subadviser's experience with institutional and/or separate accounts. With
respect to MB, the Board considered composite performance information for
accounts with similar investment strategies as the New Fund. On the basis of
this evaluation, the Board concluded that the nature, quality and extent of
services to be provided by each Subadviser are expected to be satisfactory.
Fees, Profitability and Economies of Scale. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreements as well as the overall
management fee structure of the New Funds. The Board considered that the
subadvisory fee rates were negotiated at arm's length between Aston and each
Subadviser, each an unaffiliated third party, and that Aston will compensate
each 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 each New Fund and whether a
New Fund will benefit from any economies of scale.
The Board concluded that the proposed subadvisory fee rates were reasonable in
light of the nature, quality and extent of services to be provided and 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 Subadvisers. The Board
considered potential benefits to certain Subadvisers from the use of "soft
dollars" to pay for research services generated by parties other than the
executing broker dealer. The Board concluded that the subadvisory fees were
reasonable taking into account any other benefits to be received by the
Subadvisers from their relationship with the New Funds.
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Conclusion. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of each Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of each Sub-Investment
Advisory Agreement is in the best interests of each New 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 ASTON ASSET MANAGEMENT LLC IN CONNECTION WITH THE ANNUAL
CONSIDERATION OF THE INVESTMENT ADVISORY AGREEMENTS
At an in-person meeting on December 20, 2007, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including the Independent Trustees,
determined that the terms of the Investment Advisory Agreements (each an
"Investment Advisory Agreement" and collectively, the "Investment Advisory
Agreements") between the Trust and Aston Asset Management LLC ("Aston") with
respect to Aston Balanced Fund, Aston Value Fund, Aston/ABN AMRO Growth Fund,
Aston/McDonnell Municipal Bond Fund, Aston/ABN AMRO Real Estate Fund,
Aston/Montag & Caldwell Balanced Fund, Aston/Montag & Caldwell Growth Fund,
Aston/Optimum Mid Cap Fund, Aston/Optimum Large Cap Opportunity Fund,
Aston/River Road Dynamic Equity Income Fund, Aston/River Road Small Cap Value
Fund, Aston/River Road Small-Mid Cap Fund, Aston/TAMRO Large Cap Value Fund,
Aston/TAMRO Small Cap Fund, Aston/TCH Fixed Income Fund, Aston/TCH Investment
Grade Bond Fund, Aston/Veredus Aggressive Growth Fund, Aston/Veredus SciTech
Fund, and Aston/Veredus Select Growth Fund (each a "Fund" and collectively, the
"Funds") continued to be fair and reasonable and approved the continuation of
the Investment Advisory 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 each Investment Advisory Agreement at meetings in September and
December. The Independent Trustees met separately from the "interested" Trustee
of the Trust and any officers of Aston or its affiliates to consider the
continuation of each Investment Advisory Agreement with respect to each Fund and
were assisted by independent legal counsel in their deliberations.
In evaluating each 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/or subadviser; 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 Investment Advisory Agreements. The
Board considered that Aston manages each Fund by delegating the day-to-day
investment responsibility for managing each Fund to a 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 resources made available to such personnel, the ability of Aston to attract
and retain high quality personnel and the organizational depth and stability of
Aston. 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 Aston historically have been and continue to be
satisfactory. With respect to Aston/ABN AMRO Growth Fund and the equity portion
of Aston Balanced Fund, the Board noted the relatively poor performance of the
Funds, but took into account the termination of the current subadviser and the
engagement of a new subadviser effective as of January 1, 2008. With respect to
all other Funds of the Trust, the Board concluded that the performance of each
Fund over time was satisfactory.
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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 Aston and/or
a subadviser and compared the gross and net advisory fees to those of a peer
group. The Board also considered the advisory fees charged by Aston 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 Aston.
Costs and Profitability. The Board considered certain financial information and
statistics related to the costs and profitability of Aston's advisory agreements
with the Funds in light of Aston's business model, as well as fee waivers or
expenses to be reimbursed, as applicable. The Board noted that for certain
funds, Aston and the subadviser generally will each bear 50% of any fee waivers
or expense reimbursements. This information was provided by Aston, 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 Aston must
be able to compensate its employees at competitive rates in order to attract and
retain high quality personnel to provide high quality services to the Funds.
Based on the information provided, the Board concluded that the profits realized
by Aston in connection with the management of the Funds were not unreasonable.
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 Aston as a result of its
relationship with the Funds. The Board also considered the nature and amount of
fees to be paid by the Funds for services provided by Aston for administration
services. The Board also considered payments under the Rule 12b-1 distribution
plan and noted that Aston does not 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. The Board concluded that any incidental
benefits to be received by Aston from its relationship with the Funds are
expected to be reasonable and that the advisory fees were reasonable taking into
account any other benefits to be received by the Adviser.
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 Investment Advisory Agreement on behalf of each Fund should be
approved
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENTS IN CONNECTION WITH THE ANNUAL CONSIDERATION OF THE
SUB-ADVISORY AGREEMENTS
At an in-person meeting on December 20, 2007, the Board of Trustees (the
"Board") of the Aston Funds (the "Trust") determined that the terms of the
Sub-Investment Advisory Agreements (each a "Sub-Investment Advisory Agreement"
and collectively, the "Sub-Investment Advisory Agreements") between Aston and
each of the following subadvisers (each a "Subadviser," and collectively, the
"Subadvisers"): (i) McDonnell Investment Management, LLC ("McDonnell") with
respect to Aston/McDonnell Municipal Bond Fund, (ii) MFS Institutional Advisors
Inc. ("MFS") with respect to Aston Value Fund, (iii) Optimum Investment
Advisors, LLC ("Optimum") with respect to Aston/Optimum Large Cap Opportunity
Fund and Aston/Optimum Mid Cap Fund, and (iv) Taplin, Canida & Habacht Inc.
("Taplin") with respect to Aston/TCH Investment Grade Bond Fund, Aston/TCH Fixed
Income Fund and the fixed income portion of Aston Balanced Fund (the foregoing
funds each being referred to as a "Fund," and collectively as the "Funds")
continued to be fair and reasonable and approved the continuation of the
Sub-Investment Advisory Agreement for each Fund as being in the best interests
of the Fund. In making such determinations, the Board, including the Independent
Trustees, considered
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materials received and discussions held with respect to the continuation of
each Sub-Investment Advisory Agreement at meetings in September and December.
The Independent Trustees met separately from the "interested" Trustee of the
Trust and any officers of Aston or its affiliates to consider the continuation
of each Sub-Investment Advisory Agreement with respect to each Fund and were
assisted by independent legal counsel in their deliberations. Among the matters
considered by the Board, including the Independent Trustees, in connection with
its approval of the Sub-Investment Advisory Agreements were the following
Nature, Quality and Extent of Services. The Board considered the nature, quality
and extent of services provided under the Sub-Investment Advisory Agreements.
The Board considered the experience and skills of senior management and
investment personnel of each Subadviser, the resources made available to such
personnel, the ability of each Subadviser to attract and retain high-quality
personnel, and the organizational depth and stability of each Subadviser. 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 Inc. and to 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 each
Subadviser historically have been and continue to be satisfactory, and that the
performance of each Fund over time was satisfactory.
Fees, Profitability and Economies of Scale. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreements as well as the overall
management fee structure of the Funds. The Board considered that the subadvisory
fee rates were negotiated at arm's length between Aston and each Subadviser,
each an unaffiliated third party, and that Aston will compensate each Subadviser
from its fees. With respect to the Aston/Optimum Mid Cap Fund, the Board
considered the proposed changes to the subadvisory fee schedule in light of the
additional resources required to manage the Fund. As part of its review of the
investment advisory agreement with Aston, the Board considered whether there
will be economies of scale with respect to the overall fee structure of each
Fund and whether a Fund will benefit from any economies of scale. The Board
concluded that the proposed subadvisory fee rates were reasonable in light of
the nature, quality and extent of services provided and 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 Subadvisers. The Board
considered potential benefits to certain Subadvisers from the use of "soft
dollars" to pay for research services generated by parties other than the
executing broker dealer. The Board concluded that the subadvisory fees were
reasonable taking into account any other benefits to be received by the
Subadvisers from their relationship with the Funds.
Conclusion. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of each Sub-Investment Advisory
Agreement are fair and reasonable, and that the continuance of each
Sub-Investment Advisory Agreement is in the best interests of each 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 THE ASTON/NEW CENTURY ABSOLUTE RETURN ETF FUND
At an in-person meeting on February 17, 2008, 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/New Century Absolute Return
ETF Fund (the "New Fund") are fair and reasonable and approved the Investment
Advisory Agreement for the New Fund as being in the best interests of the New
Fund. In making such determinations, the Board, including the Independent
Trustees, considered materials received and discussions held with respect to the
approval of the Investment Advisory Agreement at the February meeting and prior
meetings. 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 with respect to the New Fund and were assisted
by independent legal counsel in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of the New Fund, the
Board reviewed information
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regarding: (1) the nature, extent and quality of the services to be provided to
the New 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 New 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 New Fund. In considering the
Investment Advisory Agreement on behalf of the New Fund, the Board, including
the Independent Trustees, did not identify any single factor or group of factors
as all-important or controlling, but considered all factors together. The
following summary does not detail all the matters considered.
Nature, Quality and Extent of Services. The Board considered that Aston intends
to manage the New Fund by delegating the day-to-day investment responsibility
for managing the New Fund to a 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 currently provided by Aston to the
Trust. On the basis of this evaluation, the Board concluded that the nature,
quality and extent of services to be provided by Aston are expected to be
satisfactory.
Expenses. The Board considered the New Fund's proposed management fee rate and
total net expense ratio after contractual expense reimbursements and fee
waivers. As a part of this analysis, the Board compared the proposed advisory
fees and total net expenses to those of a relevant peer group for the New Fund.
The Board considered that the adviser had committed to waive a substantial
portion of its fee for any calendar year if the total return of the Fund (before
taxes) was negative for the previous period ending on December 31st. The Board
took into account the subadviser's commitment to waive all of its fees under
this circumstance. See "Factors Considered by the Board of Trustees In Approving
the Sub-Investment Advisory Agreement with Respect to the Aston New Century
Absolute Return ETF Fund."
The Board concluded that the proposed advisory fees were reasonable and
appropriate in light of the nature, quality and extent of services to be
provided by Aston.
Costs and Profitability. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board considered the
resources involved in managing the New Fund in light of Aston's business model
as well as fee waivers or expenses to be reimbursed under an Expense
Reimbursement Agreement with Aston and fee waivers under an Investment Advisory
Fee Waiver. The Board noted that, with respect to the New Fund, the adviser and
subadviser each generally will bear 50% of any fee waivers or expense
reimbursements. Because the New Fund has 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 not
expected to be unreasonable.
Economies of Scale. The Board considered the extent to which economies of scale
would be realized as the New Fund grows. The Board considered the potential
asset size of the New Fund, as well as the Expense Reimbursement Agreement, and
concluded that at this time the potential for economies of scale are limited.
Other Benefits to the Investment Adviser. The Board considered the nature and
amount of fees to be paid by the New 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. The Board
concluded that the advisory fees were reasonable taking into account any other
benefits to be received by the Adviser from its relationship with the New Fund.
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 New Fund, including the proposed advisory fee, were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the New Fund
should be approved.
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FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENT WITH RESPECT TO THE ASTON/NEW CENTURY ABSOLUTE RETURN ETF
FUND
The Board of Trustees (the "Board") of the Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement (the "Sub-Investment Advisory Agreement")
between Aston Asset Management LLC ("Adviser" or "Aston") and New Century
Capital Management, LLC ("Subadviser" or "New Century") with respect to the
Aston/New Century Absolute Return ETF Fund (the "New Fund") at an in-person
meeting on February 17, 2008. The Board considered information provided, and
discussions held, at the February meeting and at prior meetings. 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 Sub-Investment Advisory Agreements were the following:
Nature, Quality and Extent of Services. The Board considered the nature, extent
and quality of services expected to be provided under the Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of the proposed Subadviser. The Board also considered the investment
approach of the Subadviser, the experience and skills of investment personnel
responsible for the day-to-day investment management of the New Fund and the
resources made available to such personnel. The Board also considered the
Subadviser's experience with institutional and separate accounts. 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 rates under the Sub-Investment Advisory Agreement as well as the overall
management fee structure of the New Fund. The Board considered that the
subadvisory fee rates were 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 New Fund and whether the
New Fund will benefit from any economies of scale.
The Board also considered that the Subadviser was obligated under the terms of
the Sub-Investment Advisory Agreement to waive its fees in their entirety in any
calendar year if, during the previous period ending December 31st, the total
return of the Fund (before taxes) was negative. The Board considered whether the
proposed fee arrangement would create an incentive for the Subadviser to take
undue risk, or create other conflicts of interests.
The Board concluded that the proposed subadvisory fee rates were reasonable in
light of the nature, quality and extent of services to be provided and 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 to the Subadviser from the use of "soft dollars"
to pay for research services generated by parties other than the executing
broker dealer. The Board concluded that the subadvisory fees were reasonable
taking into account any other benefits to be received by the Subadviser from its
relationship with the New Fund.
Conclusion. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of the Sub-Investment
Advisory Agreement is in the best interests of the New Fund. No single factor
was determinative in the Board's analysis.
SHAREHOLDER VOTING RESULTS: On February 28, 2008, the Trust held a Special
Shareholder Meeting to approve the investment advisory agreement between the
Trust and AAAM on behalf of the Aston/ABN AMRO Investor Money Market Fund. The
proposal was approved by the Fund's shareholders. The result of the voting is as
follows:
FOR AGAINST ABSTAIN
---------- --------- -------
Aston/ ABN AMRO Investor
Money Market Fund 16,030,536 162,476 368,299
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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 ongo ing fees (in dollars) of investing in your Fund
and to com pare 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 com parisons 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
11/01/07 04/30/08 RATIO(1) PERIOD(2)
----------- ------------ -------- -----------
M&C GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 928.80 1.07% 5.13
Class I .......................... 1,000 929.90 0.82% 3.93
Class R .......................... 1,000 928.10 1.32% 6.33
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 1,019.54 1.07% 5.37
Class I .......................... 1,000 1,020.79 0.82% 4.12
Class R .......................... 1,000 1,018.30 1.32% 6.62
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 921.00 1.30% 6.21
Class I .......................... 1,000 922.60 1.05% 5.02
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 1,018.40 1.30% 6.52
Class I .......................... 1,000 1,019.64 1.05% 5.27
ABN AMRO GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 894.10 1.15% 5.42
Class I .......................... 1,000 895.10 0.90% 4.24
Class R .......................... 1,000 893.00 1.40% 6.59
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 1,019.14 1.15% 5.77
Class I .......................... 1,000 1,020.39 0.90% 4.52
Class R .......................... 1,000 1,017.90 1.40% 7.02
OPTIMUM LARGE CAP OPPORTUNITY FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 893.20 1.10% 5.18
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 1,019.39 1.10% 5.52
VALUE FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 902.90 0.98% 4.64
Class I .......................... 1,000 904.00 0.73% 3.46
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 1,019.99 0.98% 4.92
Class I .......................... 1,000 1,021.23 0.73% 3.67
TAMRO ALL CAP FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 881.30 1.20% 5.61
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 1,018.90 1.20% 6.02
160
Aston Funds
APRIL 30, 2008
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/07 04/30/08 RATIO(1) PERIOD(2)
------------- ------------ -------- -----------
RIVER ROAD DYNAMIC EQUITY INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $ 1,000 950.80 1.30% 6.31
Class I ........................... 1,000 951.90 1.05% 5.10
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,018.40 1.30% 6.52
Class I ........................... 1,000 1,019.64 1.05% 5.27
OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $ 1,000 924.30 1.15% 5.50
Class I ........................... 1,000 925.00 0.90% 4.31
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,019.14 1.15% 5.77
Class I ........................... 1,000 1,020.39 0.90% 4.52
M&C MID CAP GROWTH FUND(3)
ACTUAL FUND RETURN
Class N ........................... $ 1,000 937.00 1.40% 6.71
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,017.90 1.40% 7.02
CLARIVEST MID CAP GROWTH FUND(4)
ACTUAL FUND RETURN
Class N ........................... $ 1,000 903.00 1.40% 6.59
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,017.90 1.40% 7.02
CARDINAL MID CAP VALUE FUND(5)
ACTUAL FUND RETURN
Class N ........................... $ 1,000 896.00 1.40% 6.56
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,017.90 1.40% 7.02
RIVER ROAD SMALL-MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $ 1,000 921.00 1.50% 7.16
Class I ........................... 1,000 922.30 1.25% 5.97
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,017.40 1.50% 7.52
Class I ........................... 1,000 1,018.65 1.25% 6.27
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $ 1,000 785.70 1.49% 6.62
Class I ........................... 1,000 786.80 1.24% 5.51
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,017.45 1.49% 7.47
Class I ........................... 1,000 1,018.70 1.24% 6.22
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $ 1,000 847.20 1.30% 5.97
Class I ........................... 1,000 848.40 1.05% 4.83
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,018.40 1.30% 6.52
Class I ........................... 1,000 1,019.64 1.05% 5.27
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $ 1,000 891.10 1.47% 6.91
Class I ........................... 1,000 892.20 1.22% 5.74
HYPOTHETICAL 5% RETURN
Class N ........................... $ 1,000 1,017.55 1.47% 7.37
Class I ........................... 1,000 1,018.80 1.22% 6.12
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/07 04/30/08 RATIO(1) PERIOD(2)
----------- ----------- --------- -----------
NEPTUNE INTERNATIONAL FUND
ACTUAL FUND RETURN
Class I ................................. $ 1,000 926.70 1.07% 5.13
HYPOTHETICAL 5% RETURN
Class I ................................. $ 1,000 1,019.54 1.07% 5.37
BARINGS INTERNATIONAL FUND(6)
ACTUAL FUND RETURN
Class I ................................. $ 1,000 838.00 1.21% 5.50
HYPOTHETICAL 5% RETURN
Class I ................................. $ 1,000 1,018.85 1.21% 6.07
ABN AMRO GLOBAL REAL ESTATE FUND (7)
ACTUAL FUND RETURN
Class N ................................. $ 1,000 885.40 1.50% 7.03
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,017.40 1.50% 7.52
SGA INTERNATIONAL SMALL-MID CAP FUND(8)
ACTUAL FUND RETURN
Class N ................................. $ 1,000 904.00 1.80% 8.47
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,015.91 1.80% 9.02
SMART ALLOCATION ETF FUND(9)
ACTUAL FUND RETURN
Class N ................................. $ 1,000 999.00 1.30% 3.98
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,018.40 1.30% 6.52
NEW CENTURY ABSOLUTE RETURN ETF FUND(10)
ACTUAL FUND RETURN
Class N ................................. $ 1,000 1,036.00 1.50% 2.42
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,017.40 1.50% 7.52
MB ENHANCED EQUITY INCOME FUND(11)
ACTUAL FUND RETURN
Class N ................................. $ 1,000 1,059.60 1.10% 3.31
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,019.39 1.10% 5.52
ABN AMRO REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ................................. $ 1,000 887.10 1.37% 6.43
Class I ................................. 1,000 887.50 1.12% 5.26
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,018.05 1.37% 6.87
Class I ................................. 1,000 1,019.29 1.12% 5.62
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N ................................. $ 1,000 965.90 1.35% 6.60
Class I ................................. 1,000 967.20 1.10% 5.38
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,018.15 1.35% 6.77
Class I ................................. 1,000 1,019.39 1.10% 5.52
BALANCED FUND
ACTUAL FUND RETURN
Class N ................................. $ 1,000 941.60 1.42% 6.86
HYPOTHETICAL 5% RETURN
Class N ................................. $ 1,000 1,017.80 1.42% 7.12
161
Aston Funds
APRIL 30, 2008
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/07 04/30/08 RATIO(1) PERIOD(2)
----------- ----------- -------- -----------
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N ......................... $ 1,000 1,027.60 0.64% 3.23
Class I ......................... 1,000 1,028.90 0.39% 1.97
HYPOTHETICAL 5% RETURN
Class N ......................... $ 1,000 1,021.68 0.64% 3.22
Class I ......................... 1,000 1,022.92 0.39% 1.96
TCH INVESTMENT GRADE BOND FUND
ACTUAL FUND RETURN
Class N ......................... $ 1,000 1,020.80 0.89% 4.47
Class I ......................... 1,000 1,022.10 0.64% 3.22
HYPOTHETICAL 5% RETURN
Class N ......................... $ 1,000 1,020.44 0.89% 4.47
Class I.......................... 1,000 1,021.68 0.64% 3.22
MCDONNELL MUNICIPAL BOND FUND
ACTUAL FUND RETURN
Class N ......................... 1,000 1,025.00 0.85% 4.28
HYPOTHETICAL 5% RETURN
Class N ......................... $ 1,000 1,020.64 0.85% 4.27
ABN AMRO INVESTOR MONEY MARKET FUND
ACTUAL FUND RETURN
Class N ......................... $ 1,000 1,014.80 0.83% 4.16
HYPOTHETICAL 5% RETURN
Class N ......................... $ 1,000 1,020.74 0.83% 4.17
(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 366. Expense ratios do not
include interest expense, if applicable.
(3) M&C Mid Cap Growth Fund commenced investment operations on November 2,
2007.
(4) ClariVest Mid Cap Value Fund commenced investment operations on November
2, 2007.
(5) Cardinal Mid Cap Value Fund commenced investment operations on November 2,
2007.
(6) Barings International Fund commenced investment operations on November 2,
2007.
(7) ABN AMRO Global Real Estate Fund commenced investment operations on August
3, 2007.
(8) SGA International Small-Mid Cap Fund commenced investment operations on
November 2, 2007.
(9) Smart Allocation ETF Fund commenced investment operations on January 10,
2008
(10) New Century Absolute Return ETF Fund commenced investment operations on
March 4, 2008.
(11) MB Enhanced Equity Income Fund commenced investment operations on January
15. 2008
162
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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, Suite 2300
Chicago, IL 60603
SUBADVISERS
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street, Suite 2300
Chicago, IL 60603
Barings International Investment Limited
155 Bishopsgate
London, EC2M 3XY UK
Cardinal Capital Management, L.L.C.
One Greenwich Office Park
Greenwich, CT 06831
ClariVest Asset Management LLC
11452 El Camino Real
Suite 250
San Diego, CA 92130
MB Investment Partners, Inc.
825 Third Avenue, 31st Floor
New York, NY 10022
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
SUBADVISERS - CONTINUED
Neptune Investment Management Limited
1 Hammersmith Grove
London, W6 0NB
New Century Capital Management, LLC
36 South Washington Street
Hinsdale, IL 60521
Optimum Investment Advisors, LLC
100 South Wacker Drive, Suite 2100
Chicago, IL 60606
River Road Asset Management, LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
Smart Portfolios, LLC
17865 Ballinger Way NE
Seattle, WA 98155
Strategic Global Advisors, LLC
100 Bayview Circle
Suite 500
Newport Beach, CA 92660
TAMRO Capital Partners, LLC
1660 Duke St.
Alexandria, VA 22314
Taplin, Canida & Habacht Inc.
1001 Brickell Bay Drive, Suite 2100
Miami, FL 33131
Veredus Asset Management LLC
One Paragon Centre
6060 Dutchmans Lane, Suite 320
Louisville, KY 40205
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 Treasurer
Laura M. Curylo, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
Joseph W. Wheeler, Assistant Secretary
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder Price, P.C.
222 N. LaSalle Street
Chicago, IL 60601
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
(EXCEPT FOR ABN AMRO INVESTOR
MONEY MARKET FUND)
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 CALLING 800 992-8151.
164
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 Funds
P.O. Box 9765
Providence, RI 02940
ATSEM 0801
[LOGO]
SEMI ANNUAL REPORT 2008
April 30, 2008
CLASS Y, YS AND I SHARES
Institutional Money Market Funds
CLASS S SHARES
Money Market Funds
[LOGO]
Aston Funds
Aston Funds
TABLE OF CONTENTS
Performance Summary 2
Schedule of Investments 3
Statement of Assets and Liabilities 15
Statement of Operations 17
Statements of Changes in Net Assets 18
Financial Highlights 20
Notes to Financial Statements 25
Additional Information 30
MONEY MARKET FUNDS
ABN AMRO Institutional Prime Money Market Fund
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 - WWW.ASTONFUNDS.COM
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
| 1
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) APRIL 30, 2008
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------
7-DAY
AVERAGE ONE FIVE LIFE OF INCEPTION
YIELD YEAR YEAR FUND DATE
--------- ------- ------- ------- -----------
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND
Class Y 2.83% 4.69% 3.28% 3.47% 12/28/99
Class YS 2.59 4.42 3.02 3.06 06/29/00
iMoneyNet First Tier Institutional Average 4.53 3.08 3.26 12/31/99
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------
7-DAY
AVERAGE ONE FIVE TEN INCEPTION
YIELD YEAR YEAR YEAR DATE
--------- ------- ------- ------- -----------
ABN AMRO GOVERNMENT MONEY MARKET FUND
Class I 1.72% 4.14% 3.03% 3.53% 01/04/93
Class S 1.40 3.81 2.70 3.20 04/22/93
iMoneyNet Government & Agency Retail Average 3.79 2.59 3.13
ABN AMRO MONEY MARKET FUND
Class I 2.63 4.42 3.06 3.57 01/04/93
Class S 2.27 4.04 2.69 3.20 03/31/93
iMoneyNet First Tier Retail Average 4.03 2.63 3.16
ABN AMRO TAX-EXEMPT MONEY MARKET FUND
Class I 1.81 2.77 2.05 2.30 01/04/93
Class S 1.56 2.52 1.79 2.04 03/24/93
iMoneyNet National Retail Average 2.71 1.82 2.06
ABN AMRO TREASURY MONEY MARKET FUND
Class I 1.56 3.64 2.81 3.31 01/04/93
Class S 1.31 3.39 2.55 3.05 03/25/93
iMoneyNet Treasury & Repo Retail Average 3.29 2.43 2.98
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 monthend, 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, 2009. 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. The 7-day average yield more closely reflects
the Funds' current earnings than the total return quotation.
| 2
Aston Funds
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PAI CHART]
Corporate Notes and Bonds 1%
Insurance Funding Agreement 3%
Cash and Other Net Assets 6%
Repurchase Agreement 4%
Certificates of Deposit 17%
Commercial Paper 69%
% of Total Net Assets
AMORTIZED
PAR VALUE COST
- ----------- --------------
COMMERCIAL PAPER (a) - 69.22%
ASSET-BACKED - 45.48%
$ 20,000,000 Atlantic Asset Securitization
3.150%, 05/01/08 (b) ................ $ 20,000,000
25,000,000 Barton Capital
3.120%, 05/09/08 (b) ................ 24,982,667
20,000,000 Charta LLC
3.080%, 05/07/08 (b) ................ 19,989,733
20,000,000 Charta LLC
3.140%, 05/29/08 (b) ................ 19,951,155
10,000,000 Charta LLC
3.100%, 06/10/08 (b) ................ 9,965,556
20,000,000 Charta LLC
2.880%, 08/15/08 (b) ................ 19,830,400
20,000,000 CRC Funding
2.950%, 05/20/08 (b) ................ 19,968,861
20,000,000 CRC Funding
3.100%, 05/22/08 (b) ................ 19,963,833
20,000,000 CRC Funding
3.100%, 06/03/08 (b) ................ 19,943,167
15,000,000 Edison Asset Securitization
2.830%, 08/06/08 (b) ................ 14,885,621
15,000,000 Edison Asset Securitization
2.900%, 10/28/08 (b) ................ 14,782,500
30,000,000 Eureka Securitization
3.000%, 05/08/08 (b) ................ 29,982,500
15,000,000 Eureka Securitization
3.000%, 07/09/08 (b) ................ 14,913,750
5,600,0000 Fcar Owner Trust
3.000%, 07/14/08 .................... 5,565,467
33,000,000 Fcar Owner Trust
3.970%, 07/15/08 .................... 32,727,062
20,000,000 Fcar Owner Trust
2.970%, 08/15/08 .................... 19,825,100
15,000,000 Fcar Owner Trust II
3.430%, 05/15/08 .................... 14,979,992
25,000,000 Gemini Securitization
3.150%, 05/05/08 (b) ................ 24,991,250
20,000,000 Gemini Securitization
3.100%, 05/07/08 (b) ................ 19,989,667
20,000,000 Gemini Securitization
3.020%, 05/20/08 (b) ................ 19,968,122
20,000,000 Gemini Securitization
2.800%, 06/11/08 (b) ................ 19,936,222
20,000,000 Jupiter Securitization
3.050%, 05/06/08 (b) ................ 19,991,528
20,000,000 Jupiter Securitization
2.950%, 06/11/08 (b) ................ 19,932,806
20,000,000 Mont Blanc Capital
3.150%, 05/15/08 (b) ................ 19,975,500
26,000,000 Mont Blanc Capital
2.870%, 06/09/08 (b) ................ 25,919,162
25,000,000 New Center Asset Trust
3.900%, 05/27/08 .................... 24,929,583
30,000,000 New Center Asset Trust
3.900%, 05/29/08 .................... 29,909,000
25,000,000 New Center Asset Trust
3.100%, 05/30/08 .................... 24,937,569
18,000,000 New Center Asset Trust
2.950%, 08/12/08 .................... 17,848,075
20,000,000 Old Line Funding
2.750%, 06/20/08 (b) ................ 19,923,611
20,000,000 Ranger Funding
2.550%, 06/19/08 (b) ................ 19,930,583
30,000,000 Thames Asset Global Securitization
3.100%, 05/07/08 (b) ................ 29,984,500
20,000,000 Thames Asset Global Securitization
3.050%, 05/27/08 (b) ................ 19,955,944
15,000,000 Thames Asset Global Securitization
2.800%, 08/07/08 (b) ................ 14,885,667
40,000,000 Yorktown Capital
2.980%, 05/22/08 (b) ................ 39,930,467
20,000,000 Yorktown Capital
2.950%, 06/13/08 (b) ................ 19,929,528
20,000,000 Yorktown Capital
2.650%, 07/11/08 (b) ................ 19,895,472
--------------
775,021,620
--------------
BANKS - 21.10%
15,000,000 ANZ National International
2.740%, 07/08/08 (b) ................ 14,922,367
20,000,000 ANZ National International
2.850%, 08/13/08 (b) ................ 19,835,333
25,000,000 ANZ National International
2.860%, 08/19/08 (b) ................ 24,781,528
15,000,000 ANZ National International
2.740%, 11/25/08 (b) ................ 14,762,533
25,000,000 Bank of Scotland
2.950%, 06/19/08 .................... 24,899,618
15,000,000 Bank of Scotland
2.930%, 07/22/08 .................... 14,899,892
20,000,000 Barclays US Funding
3.005%, 08/28/08 .................... 19,801,336
15,000,000 Barclays US Funding
2.810%, 09/05/08 .................... 14,851,304
15,000,000 Barclays US Funding
2.615%, 09/26/08 .................... 14,838,742
20,000,000 Dexia (DE)
2.550%, 06/18/08 .................... 19,932,000
20,000,000 Dexia (DE)
2.700%, 07/11/08 .................... 19,893,500
See accompanying Notes to Financial Statements.
| 3
Aston Funds
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
AMORTIZED
PAR VALUE COST
- ----------- --------------
BANKS (CONTINUED)
$ 15,000,000 Greenwich Capital Holdings
2.920%, 08/19/08 .................... $ 14,866,479
10,000,000 Ing Funding
2.860%, 08/21/08 .................... 9,911,022
15,000,000 Ing Funding
2.770%, 10/20/08 .................... 14,801,483
30,000,000 Natexis Banque US Finance
2.950%, 07/07/08 .................... 29,835,292
20,000,000 Nordea NA
2.700%, 07/11/08 .................... 19,893,500
12,500,000 Toronto Dominion Holdings USA
2.580%, 09/29/08 (b) ................ 12,364,729
25,000,000 UBS Finance Delaware
3.850%, 06/11/08 .................... 24,890,382
15,000,000 Westpac Banking
2.580%, 09/12/08 (b) ................ 14,855,950
15,000,000 Westpac Banking
2.710%, 10/10/08 (b) ................ 14,817,075
--------------
359,654,065
--------------
FINANCE - 2.64%
20,000,000 Intl Lease Finance
3.000%, 05/21/08 .................... 19,966,667
25,000,000 Intl Lease Finance
3.000%, 05/28/08 .................... 24,943,750
--------------
44,910,417
--------------
TOTAL COMMERCIAL PAPER
(Cost $1,179,586,102) 1,179,586,102
--------------
CERTIFICATES OF DEPOSIT - 16.44%
15,000,000 Abbey National Treasury
2.930%, 10/22/08 .................... 15,000,000
15,000,000 Bank of Montreal Chicago
3.000%, 08/07/08 .................... 15,004,015
25,000,000 Barclays Bank
3.970%, 07/14/08 .................... 25,001,008
25,000,000 BNP Paribas (NY)
2.890%, 08/14/08 .................... 25,000,000
30,000,000 BNP Paribas (NY)
2.950%, 10/28/08 .................... 29,999,982
15,000,000 Harris Bank NA
3.000%, 08/06/08 .................... 15,000,000
20,000,000 Natixis
2.300%, 08/01/08 (c) ................ 20,000,000
20,000,000 Nordea Bank Finland (NY)
4.820%, 10/22/08 .................... 20,201,343
20,000,000 Rabobank Nederland
2.900%, 07/22/08 .................... 20,000,904
20,000,000 Royal Bank of Canada (NY)
2.970%, 08/25/08 .................... 20,004,417
15,000,000 Royal Bank of Scotland (NY)
2.940%, 10/20/08 .................... 15,000,000
20,000,000 Svenska Handelsbanken (NY)
2.870%, 08/13/08 .................... 20,000,570
20,000,000 Toronto Dominion Bank (NY)
2.980%, 08/26/08 .................... 20,000,320
20,000,000 US Bank NA
2.700%, 09/15/08 .................... 20,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $280,212,559) 280,212,559
--------------
AMORTIZED
PAR VALUE COST
- ----------- --------------
INSURANCE FUNDING AGREEMENT - 3.23%
$55,000,000 ING USA Annuity & Life Insurance
2.799%, 05/01/08 (d)
Reset Date: 05/01/08 ................ $ 55,000,000
--------------
TOTAL INSURANCE FUNDING AGREEMENT
(Cost $55,000,000) 55,000,000
--------------
CORPORATE NOTES AND BONDS - 0.88%
15,000,000 American Express Credit
3.000%, 05/16/08 14,999,767
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $14,999,767) 14,999,767
--------------
MARKET
VALUE
--------------
REPURCHASE AGREEMENT - 4.11%
70,000,000 Bank of America Securities, 2.538%,
dated 04/30/2008, matures 05/01/2008,
repurchase price $70,004,935
(collateralized by corporate bond
securities with interest rates from
6.250% to 11.625% and maturities of
2008 to 2017, total market Value
$71,400,063) ........................ 70,000,000
--------------
TOTAL REPURCHASE AGREEMENT
(Cost $70,000,000) 70,000,000
--------------
SHARES
- -----------
INVESTMENT COMPANIES - 5.66%
40,918,473 AIM STIT Liquid Assets Portfolio ..... 40,918,473
55,511,043 BlackRock Liquidity Funds TempFund
Portfolio ........................... 55,511,043
--------------
TOTAL INVESTMENT COMPANIES
(Cost $ 96,429,516) 96,429,516
--------------
TOTAL INVESTMENTS - 99.54%
(Cost $1,696,227,944)* .................................. 1,696,227,944
--------------
NET OTHER ASSETS AND LIABILITIES - 0.46% ................ 7,906,894
--------------
NET ASSETS - 100.00% .................................... $1,704,134,838
==============
- ----------
* At April 30, 2008, 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, 2008, these
securities amounted to $720,639,287 or 42.29% 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, 2008.
(d) Variable rate instrument. The rate shown reflects the rate in effect on
April 30, 2008. This security has been deemed by the Adviser to be an
illiquid security because it is subject to a delayed settlement
restriction of sixty days or more if redeemed prior to maturity. At April
30, 2008, this security amounted to $55,000,000 or 3.23% of net assets.
(DE) Delaware
(NY) New York
STIT Short-Term Investments Trust
See accompanying Notes to Financial Statements.
| 4
Aston Funds
ABN AMRO GOVERNMENT MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PAI CHART]
Cash and Other Net Assets 3%
Repurchase Agreements 97%
% of Total Net Assets
MARKET
PAR VALUE VALUE
- ----------- --------------
REPURCHASE AGREEMENTS - 96.94%
$ 247,000,000 Barclays Capital, 1.980%, dated 04/30/08, matures 05/01/08,
repurchase price $247,013,585 (collateralized by
U.S. Government Agency instruments, with interest rates
from 4.000% to 6.716% and maturities from 2019 to 2048,
total market value $251,940,000) ......................... $ 247,000,000
150,000,000 Deutsche Bank, 2.000%, dated 04/30/08, matures 05/01/08,
repurchase price $150,008,333 (collateralized by
U.S. Government Agency instruments, with interest rates
from 4.500% to 7.000% and maturities from 2013 to 2038,
total market value $153,000,000) ......................... 150,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $397,000,000) 397,000,000
--------------
MARKET
SHARES VALUE
- ----------- --------------
INVESTMENT COMPANIES - 3.19%
1,781,963 AIM STIT Government & Agency Portfolio .................... $ 1,781,963
11,284,736 BlackRock Liquidity Funds FedFund Portfolio ............... 11,284,736
--------------
TOTAL INVESTMENT COMPANIES
(Cost $ 13,066,699) 13,066,699
--------------
TOTAL INVESTMENTS - 100.13%
(Cost $410,066,699)* ....................................................... 410,066,699
--------------
NET OTHER ASSETS AND LIABILITIES - (0.13)% .................................. (547,128)
--------------
NET ASSETS - 100.00% ........................................................ $ 409,519,571
==============
- -----------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
STIT Short-Term Investments Trust
See accompanying Notes to Financial Statements.
| 5
Aston Funds
ABN AMRO MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PAI CHART]
Cash and Other Net Assets 1%
Certificate of Deposit 29%
Commercial Paper 70%
% of Total Net Assets
AMORTIZED
PAR VALUE COST
- ------------ --------------
COMMERCIAL PAPER (a) - 70.45%
ASSET-BACKED - 24.59%
$ 10,000,000 Atlantic Asset Securitization
2.740%, 05/12/08 (b) . .............. $ 9,991,628
5,000,000 Charta LLC
3.100%, 06/03/08 (b) ................ 4,985,792
5,000,000 CRC Funding
3.100%, 06/03/08 (b) ................ 4,985,792
10,000,000 Fcar Owner Trust II
3.910%, 05/21/08 .................... 9,978,278
10,000,000 Gemini Securitization
3.100%, 05/07/08 (b) ................ 9,994,833
10,000,000 Old Line Funding
3.130%, 05/15/08 (b) ................ 9,987,828
5,000,000 Sheffield Receivables
2.750%, 06/05/08 (b) ................ 4,986,632
5,000,000 Sheffield Receivables
2.700%, 07/03/08 (b) ................ 4,976,375
8,000,000 Thames Asset Global Securitization
2.900%, 07/11/08 (b) ................ 7,954,244
--------------
67,841,402
--------------
BANKS - 42.26%
5,000,000 ANZ National International
2.750%, 06/05/08 (b) ................ 4,986,632
5,000,000 ANZ National International
2.550%, 09/08/08 (b) ................ 4,953,958
10,000,000 Bank of Scotland
2.700%, 05/06/08 .................... 9,996,250
10,000,000 Bank of Scotland
2.650%, 05/06/08 .................... 9,996,319
5,000,000 Barclays US Funding
3.005%, 08/28/08 .................... 4,950,334
5,000,000 Danske
2.420%, 07/03/08 (b) ................ 4,978,825
5,000,000 Danske
2.650%, 07/11/08 (b) ................ 4,973,868
5,000,000 Dexia (DE)
2.550%, 06/18/08 .................... 4,983,000
5,000,000 Dexia (DE)
2.700%, 07/11/08 .................... 4,973,375
5,000,000 ING Funding
2.920%, 10/29/08 .................... 4,926,594
10,000,000 Lloyds TSB Bank
2.390%, 05/01/08 .................... 10,000,000
10,000,000 National Australia Funding (DE)
2.890%, 06/03/08 (b) ................ 9,973,508
5,000,000 Nordea NA
2.650%, 07/10/08 .................... 4,974,236
7,000,000 Rabobank USA Finance
2.645%, 05/12/08 .................... 6,994,343
6,000,000 UBS Finance (DE)
2.800%, 05/05/08 .................... 5,998,133
4,000,000 UBS Finance (DE)
2.800%, 05/12/08 .................... 3,996,578
5,000,000 Wells Fargo & Co
2.250%, 05/01/08 .................... 5,000,000
5,000,000 Westpac Banking
2.680%, 07/10/08 (b) ................ 4,973,944
5,000,000 Westpac Banking
2.640%, 09/12/08 (b) ................ 4,950,867
--------------
116,580,764
--------------
FINANCE - 3.60%
5,000,000 General Electric Capital
2.600%, 08/22/08 .................... 4,959,194
5,000,000 International Lease Finance
3.000%, 06/03/08 .................... 4,986,250
--------------
9,945,444
--------------
TOTAL COMMERCIAL PAPER
(Cost $ 194,367,610) 194,367,610
--------------
CERTIFICATES OF DEPOSIT - 29.03%
5,000,000 Abbey National Treasury
2.930%, 10/22/08 .................... 5,000,000
10,000,000 Bank of America
3.000%, 05/20/08 .................... 9,999,997
10,000,000 Bank of Montreal Chicago
3.740%, 07/17/08 .................... 10,016,557
10,000,000 BNP Paribas (NY)
4.750%, 06/20/08 .................... 10,004,652
10,000,000 Chase Bank USA NA
2.950%, 05/20/08 .................... 9,999,998
10,000,000 Natixis (NY)
4.480%, 05/08/08 .................... 10,000,058
5,000,000 Nordea Bank Finland (NY)
4.820%, 10/22/08 .................... 5,050,336
5,000,000 Rabobank Nederland
2.900%, 07/22/08 .................... 5,000,226
5,000,000 Royal Bank of Canada (NY)
2.970%, 08/25/08 .................... 5,001,104
5,000,000 Toronto Dominion Bank (NY)
2.980%, 08/26/08 .................... 5,000,080
5,000,000 US Bank NA
2.700%, 09/15/08 .................... 5,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $80,073,008) 80,073,008
--------------
See accompanying Notes to Financial Statements.
| 6
Aston Funds
ABN AMRO MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ----------- --------------
INVESTMENT COMPANY - 3.18%
8,760,589 BlackRock Liquidity Funds
TempFund Portfolio .................. $ 8,760,589
--------------
TOTAL INVESTMENT COMPANY
(Cost $ 8,760,589) 8,760,589
--------------
TOTAL INVESTMENTS - 102.66%
(Cost $283,201,207)* ................................. 283,201,207
--------------
NET OTHER ASSETS AND LIABILITIES - (2.66)% ............. (7,327,117)
--------------
NET ASSETS - 100.00% ................................... $ 275,874,090
==============
- ----------
* At April 30, 2008, 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, 2008, these
securities amounted to $97,654,726 or 35.40% 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.
| 7
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
[PAI CHART]
Housing 4%
Cash and Other Net Assets 3%
Pollution 8%
Education 22%
Development 8%
General Obligation 20%
Utilities 9%
Transportation 10%
Medical 16%
% of Total Net Assets
AMORTIZED
PAR VALUE COST
- ----------- --------------
MUNICIPAL OBLIGATIONS - 96.49%
ALASKA - 2.26%
Valdez Marine Terminal RB,
BP Pipelines, Inc. Project
$ 500,000 2.600%, 05/01/08 (a) ................ $ 500,000
2,225,000 Series A
2.600%, 05/01/08 (a) ................ 2,225,000
440,000 Series B
2.600%, 05/01/08 (a) ................ 440,000
2,250,000 Exxon Pipeline Co. Project
2.500%, 05/01/08 (a) ................ 2,250,000
--------------
5,415,000
--------------
ARIZONA - 0.62%
1,500,000 Salt River Agricultural Improvement
& Power TECP
0.900%, 05/01/08 (b) ................ 1,500,000
--------------
CALIFORNIA - 3.80%
600,000 California Pollution Control
Financing Authority
Pacific Gas & Electric, Series C
2.400%, 05/01/08 (a)
LOC: JPMorgan Chase Bank ............ 600,000
575,000 California State Department of
Water Resources Power Supply RB,
Sub Series F-5
2.550%, 05/01/08 (a)
LOC: Citibank ....................... 575,000
California State, GO,
3,320,000 Daily-Kindergarten-University
Series A-3
2.500%, 05/01/08 (a)
LOC: Citibank ....................... 3,320,000
3,920,000 Weekly-Kindergarten-University
Series A-6
1.850%, 05/01/08 (a)
LOC: Citibank ....................... 3,920,000
715,000 California Transitional Finance
Authority RB,
2.550%, 05/07/08 (a)
Insured: FSA
SPA: Dexia Credit Local ............. 715,000
--------------
9,130,000
--------------
COLORADO - 2.91%
2,840,000 Colorado Educational & Cultural
Facilities RB,
Naropa University Project
2.430%, 05/01/07 (a)
LOC: Wells Fargo Bank ............... 2,840,000
Colorado Housing Finance Authority
500,000 Coventry Housing Project
Series B
2.500%, 05/07/08 (a)
Insured: Fannie Mae ................. 500,000
3,650,000 Loretto Housing Project
2.500%, 05/07/08 (a) ................ 3,650,000
--------------
6,990,000
--------------
CONNECTICUT - 4.54%
1,400,000 Connecticut State Health, GO,
Series B
2.000%, 05/01/08 (a)
SPA: Bayerische Landesbank .......... 1,400,000
Connecticut State HEFA RB,
Yale University
90,000 Series T-1
2.650%, 05/01/08 (a) ................ 90,000
600,000 Series T-2
2.100%, 05/01/08 (a) ................ 600,000
100,000 Series V-1
2.550%, 05/01/08 (a) ................ 100,000
2,800,000 Series X-3
2.650%, 05/01/08 (a) ................ 2,800,000
5,905,000 Connecticut State HEFA TECP
0.600%, 05/06/08 (b) ................ 5,905,000
--------------
10,895,000
--------------
DISTRICT OF COLUMBIA - 0.94%
2,260,000 District of Columbia
Multi-Modal, Series B
2.800%, 05/07/08 (a)
Insured: FSA
SPA: Dexia Credit Local ............. 2,260,000
--------------
FLORIDA - 7.31%
4,400,000 Collier County Educational
Facilities Authority RB,
International College Project
2.470%, 05/02/08 (a)
LOC: Fifth Third Bank ............... 4,400,000
3,195,000 Florida Gulf Coast University
Financing
Capital Improvement Revenue
Packaging Project, Series B
2.200%, 05/01/08 (a)
LOC: Wachovia Bank .................. 3,195,000
900,000 Jacksonville Electric Authority
System RB,
Series C-4
2.050%, 05/01/08 (a)
SPA: Bank of Novia Scotia ........... 900,000
See accompanying Notes to Financial Statements.
| 8
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
AMORTIZED
PAR VALUE COST
- ----------- --------------
FLORIDA (CONTINUED)
Jacksonville Electric Authority TECP
$ 503,000 0.900%, 05/01/08 (b) ................ $ 503,000
5,000,000 0.900%, 06/02/08 (b) ................ 5,000,000
3,000,000 1.300%, 06/03/08 (b) ................ 3,000,000
550,000 University Athletic Association,
Florida Athletic Project RB,
2.900%, 05/01/08 (a) ................ 550,000
--------------
17,548,000
--------------
ILLINOIS - 7.86%
5,670,000 Chicago Board of Education, GO,
Series C-1
2.620%, 05/01/08 (a)
Insured: FSA
SPA: Depfa Bank ..................... 5,670,000
2,900,000 Illinois Development Financing
Authority
Orleans Multifamily Housing
Project
2.350%, 05/02/08 (a)
Insured: FSA
SPA: Bank of New York ................ 2,900,000
900,000 Illinois Development Financing
Authority PCR,
Amoco Oil Project
2.600%, 05/01/08 (a) ................ 900,000
Illinois Health Facilities
Authority RB,
1,700,000 Series A
2.500%, 05/07/08 (a)
LOC: Northern Trust Company ......... 1,700,000
6,470,000 Gottlieb Health Resources Group
2.300%, 05/01/08 (a)
LOC: Harris Trust & Savings Bank .... 6,470,000
1,220,000 Illinois State, GO,
Series B
2.730%, 05/07/08 (a)
SPA: Depfa Bank ..................... 1,220,000
--------------
18,860,000
--------------
INDIANA - 1.12%
2,700,000 Hammond PCR,
Amoco Oil Project
2.600%, 05/01/08 (a) ................ 2,700,000
--------------
LOUISIANA - 2.88%
6,925,000 Saint Charles Parish PCR,
Shell Oil Co. Project, Series B
2.600%, 05/01/08 (a) ................ 6,925,000
--------------
MARYLAND - 1.71%
4,100,000 Maryland State Health & Higher
Education Facilities Authority RB,
Pooled Loan Program,
Series B
2.520%, 05/07/08 (a)
LOC: First National Bank ............ 4,100,000
--------------
MASSACHUSETTS - 5.17%
Massachusetts State Central Artery,
GO,
2,775,000 Series A
2.600%, 05/01/08 (a)
SPA: Landesbank Baden-Wurttemberg ... 2,775,000
640,000 Series B
2.600%, 05/01/08 (a)
SPA: State Street Bank & Trust 640,000
500,000 Massachusetts State Development
Finance Agency, Harvard
University
Series B-2
1.850%, 05/01/08 (a) ................ 500,000
640,000 Massachusetts State HEFA RB,
Harvard University, Series L
2.150%, 05/07/08 (a) ................ 640,000
Massachusetts State TECP
2,000,000 1.350%, 05/12/08 (b) ................ 2,000,000
4,000,000 1.350%, 05/15/08 (b) ................ 4,000,000
1,850,000 Massachusetts Water Resources
Authority, Multi-Modal,
Subordinated General RB,
Series C
2.840%, 05/01/08 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ............... 1,850,000
--------------
12,405,000
--------------
MINNESOTA - 4.92%
1,905,000 Hennepin County, GO, Series A
2.260%, 05/01/08 (a)
SPA: State Street Bank & Trust ...... 1,905,000
1,610,000 Minneapolis Convention Center,
GO, Convention Center Bonds
2.260%, 05/01/08 (a)
SPA: Dexia Credit Local ............. 1,610,000
7,705,000 Minneapolis, Guthrie Theater
Project, Series A, RB
2.260%, 05/01/08 (a)
LOC: Wells Fargo Bank ............... 7,705,000
80,000 Minneapolis, Library, GO,
2.260%, 05/01/08 (a)
SPA: Dexia Credit Local ............. 80,000
500,000 University of Minnesota RB,
Series A
2.630%, 05/07/08 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ............... 500,000
--------------
11,800,000
--------------
MISSOURI - 4.61%
Missouri State HEFA RB,
5,280,000 Health Facilities Revenue,
Deaconess Long Term Care,
Series A
2.150%, 05/01/08 (a)
LOC: Bank One ....................... 5,280,000
2,185,000 The Washington University
Project,
Series A
2.630%, 05/01/08 (a)
SPA: Morgan Guaranty Trust .......... 2,185,000
3,600,000 Series B
2.630%, 05/01/08 (a)
SPA: Morgan Guaranty Trust .......... 3,600,000
--------------
11,065,000
--------------
See accompanying Notes to Financial Statements.
| 9
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
AMORTIZED
PAR VALUE COST
- ----------- --------------
NEW HAMPSHIRE - 3.16%
New Hampshire HEFA RB,
Dartmouth College Project,
$6,495,000 Series A
2.700%, 05/01/08 (a)
SPA: JPMorgan Chase Bank ............ $ 6,495,000
1,100,000 Series B
2.700%, 05/01/08 (a)
SPA: JPMorgan Chase Bank ............ 1,100,000
--------------
7,595,000
--------------
NEW JERSEY - 3.51%
8,425,000 New Jersey Economic Development
Authority Construction RB,
Series R
2.550%, 05/01/08 (a)
LOC: Bank of Nova Scotia ............ 8,425,000
--------------
NEW MEXICO - 6.97%
5,625,000 Albuquerque Health Research, RB,
Lovelace Respiratory Research
Institute,
Series A
2.430%, 05/01/08 (a)
LOC: Well Fargo Bank ................ 5,625,000
1,100,000 Hurley PCR,
Kennecott Santa Fe
2.600%, 05/01/08 (a) ................ 1,100,000
New Mexico State Hospital
Equipment,
Loan Council, Hospital RB,
Presbyterian Healthcare
Services,
255,000 Series B
2.450%, 05/07/08 (a)
Insured: FSA
SPA: Citibank ....................... 255,000
9,750,000 Series A
2.100%, 05/01/08 (a)
Insured: FSA
SPA: Citibank ....................... 9,750,000
--------------
16,730,000
--------------
NEW YORK - 6.42%
650,000 Long Island Power Authority,
New York Electric System RB,
Series D
2.520%, 05/07/08 (a)
Insured: FSA
SPA: Dexia Credit Local ............. 650,000
655,000 New York City Housing Development
Corp, Multifamily Rent Housing RB,
James Tower Development, Series A
2.400%, 05/07/08 (a) ................ 655,000
New York City, GO,
1,900,000 Series F-6
2.420%, 05/07/08 (a)
LOC: Morgan Guaranty Trust .......... 1,900,000
2,400,000 Sub Series E-5
2.700%, 05/01/08 (a)
LOC: JPMorgan Chase Bank ............ 2,400,000
2,200,000 2.500%, 05/01/08 (a)
LOC: JPMorgan Chase Bank ............ 2,200,000
1,300,000 2.470%, 05/01/08 (a)
LOC: JPMorgan Chase Bank ............ 1,300,000
500,000 2.700%, 05/01/08 (a)
LOC: JPMorgan Chase Bank ............ 500,000
1,875,000 New York State Dormitory Authority
Court Facilities Lease
Series B
2.450%, 05/07/08 (a)
LOC: Bayerische Landesbank .......... 1,875,000
New York State Housing Finance
Agency RB,
790,000 10 Barclay Street, Series A
2.620%, 05/07/08 (a) ................ 790,000
200,000 Normandie Court I Project
2.400%, 05/07/08 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ............... 200,000
New York Transitional Finance
Authority RB,
1,000,000 Future Tax Secured, Series A
2.650%, 05/07/08 (a)
SPA: JPMorgan Chase Bank ............ 1,000,000
1,000,000 New York City Recovery
Series 1, Sub Series 1-B
2.650%, 05/07/08 (a) ................ 1,000,000
950,000 Series N
2.950%, 05/07/08 (a)
SPA: Lehman Liquidity Company ....... 950,000
--------------
15,420,000
--------------
NORTH CAROLINA - 2.93%
2,296,000 North Carolina Capital Facilities
Finance Agency TECP
1.900%, 06/13/08 (b) ................ 2,296,000
1,400,000 North Carolina Medical Care,
Commission Hospital RB,
Duke University Hospital,
Series B
2.330%, 05/01/08 (a)
SPA: Wachovia Bank .................. 1,400,000
200,000 North Carolina State, Public
Improvement GO,
Series F
2.350%, 05/07/08 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ............... 200,000
1,135,000 University of North Carolina
University RB, Series B
2.630%, 05/07/08 (a) ................ 1,135,000
2,000,000 University of North Carolina, Chapel
Hill,
Foundation Incorporated, Certificate
of Participation
2.630%, 05/07/08 (a)
LOC: Bank of America ................ 2,000,000
--------------
7,031,000
--------------
PENNSYLVANIA - 5.55%
Delaware County Industrial
Development Authority
Resource Recovery Facilities,
Series G
3,680,000 2.400%, 05/07/08 (a) ................ 3,680,000
500,000 2.400%, 05/07/08 (a) ................ 500,000
See accompanying Notes to Financial Statements.
| 10
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
AMORTIZED
PAR VALUE COST
- ----------- --------------
PENNSYLVANIA (CONTINUED)
$ 600,000 Emmaus General Authority RB,
Local Government , Series E-19
2.530%, 05/07/08 (a)
Insured: State Aide Withholding
LOC: Depfa Bank ..................... $ 600,000
8,550,000 Pennsylvania State Turnpike
Commission
Registration Fee RB,
Series B
2.000%, 05/01/08 (a)
Insured: FSA
SPA: JPMorgan Chase Bank ............ 8,550,000
--------------
13,330,000
--------------
TEXAS - 5.61%
5,200,000 Gulf Coast Waste Disposal
Authority PCR, Exxon Project
2.500%, 05/01/08 (a) ................ 5,200,000
8,265,000 Southwest Higher Education
Authority RB, Southern
Methodist University
2.630%, 05/01/08 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale ............... 8,265,000
--------------
13,465,000
--------------
UTAH - 4.87%
11,690,000 Utah Transportation Authority
Sales Tax RB,
Sub Series A
2.750%, 05/01/08 (a)
LOC: Fortis Bank SA ................. 11,690,000
--------------
VIRGINIA - 1.96%
500,000 Clarke County, Industrial Development
Authority RB, Winchester Medical Center
2.600%, 05/07/08 (a)
Insured: FSA
SPA: JPMorgan Chase Bank ............ 500,000
900,000 Loudoun County Industrial
Development Authority RB,
Howard Hughes Medical Institute,
Series C
2.600%, 05/07/08 (a) ................ 900,000
3,300,000 Peninsula Ports Authority
Coal Terminal RB,
Dominion Terminal Project,
Series D
2.600%, 05/01/08 (a)
LOC: U.S. Bank ...................... 3,300,000
--------------
4,700,000
--------------
WASHINGTON - 2.28%
1,900,000 Washington State Health Care
Facilities
Authority RB, Multicare Health
System,
Series D
2.650%, 05/01/08 (a)
Insured: FSA
SPA: U.S. Bank ...................... 1,900,000
2,580,000 Washington State Public Power
Supply System RB,
Nuclear Project No1,
Series 1A-1
2.400%, 05/07/08 (a)
LOC: Bank of America ................ 2,580,000
1,000,000 Washington State, GO,
Series VR 96B
2.300%, 05/07/08 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale ............... 1,000,000
--------------
5,480,000
--------------
WISCONSIN - 1.73%
650,000 University of Wisconsin,
Hospitals and Clinics
Authority RB,
2.150%, 05/01/08 (a) ................ 650,000
Wisconsin State TECP
2,500,000 1.000%, 05/01/08 (b) ................ 2,500,000
1,000,000 1.450%, 05/01/08 (b) ................ 1,000,000
--------------
4,150,000
--------------
WYOMING - 0.85%
650,000 Sublette County PCR,
Exxon Project
2.280%, 05/01/08 (a) ................ 650,000
1,400,000 Sweetwater County PCR TECP
0.900%, 05/01/08 (b) ................ 1,400,000
--------------
2,050,000
--------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $231,659,000) 231,659,000
--------------
See accompanying Notes to Financial Statements.
| 11
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ----------- --------------
INVESTMENT COMPANIES - 1.01%
1,685 AIM TFIT-Tax-Free Cash Reserve
Portfolio ........................... $ 1,685
2,427,077 Blackrock Provident
Institutional
MuniCash Portfolio ................... 2,427,077
1,323 Dreyfus Tax Exempt Cash
Management Fund ..................... 1,323
2,806 SEI Tax-Exempt Trust Institutional
Tax Free Fund ....................... 2,806
--------------
TOTAL INVESTMENT COMPANIES
(Cost $2,432,891) 2,432,891
--------------
TOTAL INVESTMENTS - 97.50%
(Cost $234,091,891)* ................................. 234,091,891
--------------
NET OTHER ASSETS AND LIABILITIES - 2.50% ............... 5,998,322
--------------
NET ASSETS - 100.00% ................................... $ 240,090,213
==============
- ----------
* At April 30, 2008, 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, 2008. The maturity date shown is the next scheduled demand date.
(b) Annualized yield at the time of purchase
FSA Financial Security Assurance, Inc
GO General Obligation
HEFA Health & Educational Facilities Authority
LOC Letter of Credit
PCR Pollution Control Revenue
RB Revenue Bond
SPA Stand by Purchase Agreement
TECP Tax-Exempt Commercial Paper
TFIT Tax-Free Investments Trust
See accompanying Notes to Financial Statements.
| 12
Aston Funds
ABN AMRO TREASURY MONEY MARKET FUND APRIL 30, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
Cash and Other Net Assets 7%
Repurchase Agreements 93%
% of Total Net Assets
MARKET
PAR VALUE VALUE
- ------------- ------------
REPURCHASE AGREEMENTS - 93.23%
$ 66,000,000 Bank of America, 1.850%, dated
04/30/08, matures 05/01/08,
repurchase price $ 66,003,392
(collaterized by U.S. Treasury
instruments, with interest rate of
0.000%, and maturity of 2008,
total market value $ 67,320,067).................... $ 66,000,000
50,000,000 Barclays Capital, 1.900%, dated 04/30/08,
matures 05/01/08, repurchase price $ 50,002,639
(collaterized by U.S. Treasury instruments,
with interest rates from 2.375% to 5.250%, and
maturities from 2017 to 2028,
total market value $ 51,000,086).................... 50,000,000
102,000,000 Deutsche Bank, 1.950%, dated 04/30/08, matures
05/01/08, repurchase price $ 102,005,525
(collaterized by U.S. Treasury instruments,
with interest rate of 0.000%, and maturities
from 2008 to 2024, total market value
$104,040,000)....................................... 102,000,000
50,000,000 Merrill Lynch, 1.800%, dated
04/30/08, matures 05/01/08,
repurchase price $ 50,002,500
(collaterized by U.S. Treasury
instruments, with interest rate
of 3.625%, and maturity of 2013,
total market value $ 51,002,621).................... 50,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $ 268,000,000) 268,000,000
------------
MARKET
SHARES VALUE
- --------------- -------------
INVESTMENT COMPANIES - 6.91%
10,833,552 AIM STIT Treasury Portfolio......... $ 10,833,552
9,021,844 BlackRock Liquidity Funds T-Fund
Portfolio.......................... 9,021,844
-------------
TOTAL INVESTMENT COMPANIES
(Cost $ 19,855,396)................. 19,855,396
-------------
TOTAL INVESTMENTS - 100.14%
(Cost $287,855,396)*........................... 287,855,396
-------------
NET OTHER ASSETS AND LIABILITIES - (0.14)%....... (394,324)
-------------
NET ASSETS - 100.00%............................. $ 287,461,072
=============
- ----------
* At April 30, 2008, cost is identical for book and Federal income tax
purposes.
STIT Short-Term Investments Trust
See accompanying Notes to Financial Statements.
| 13
This page is left blank intentionally
Aston Funds
APRIL 30, 2008
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
ABN AMRO
INSTITUTIONAL ABN AMRO ABN AMRO ABN AMRO ABN AMRO
PRIME MONEY GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
--------------- ---------------- -------------- ---------------- --------------
ASSETS:
Investments:
Investments at amortized cost....... $ 1,626,227,944 $ 13,066,699 $ 283,201,207 $ 234,091,891 $ 19,855,396
Repurchase agreements at cost....... 70,000,000 397,000,000 -- -- 268,000,000
--------------- ------------ -------------- -------------- --------------
Total investments at value........ 1,696,227,944 410,066,699 283,201,207 234,091,891 287,855,396
Receivables:
Dividends and interest.............. 2,340,549 67,148 764,278 374,829 43,099
Fund shares sold.................... 18,000 -- 2,350 115 --
Investments sold.................... 9,914,444 -- -- 5,913,967 --
Other assets................................ 61,240 11,976 8,406 19,441 30,036
--------------- ------------ -------------- -------------- --------------
Total assets...................... 1,708,562,177 410,145,823 283,976,241 240,400,243 287,928,531
--------------- ------------ -------------- -------------- --------------
LIABILITIES:
Payables:
Due to custodian.................... 1 -- 2 -- --
Dividend distribution............... 3,959,262 462,541 252 217,939 366,401
Investments purchased............... -- -- 7,954,244 -- --
Fund shares redeemed................ 95,000 33,571 -- -- --
Due to Adviser, net (Note E)........ 151,400 66,985 55,581 42,481 63,445
Administration fees (Note E)........ 73,281 16,154 11,639 11,131 11,078
Distribution fees (Note E).......... -- 3,120 12,608 2,357 2,009
Shareholder service fees (Note E)... 1,823 3,803 24,547 -- --
Trustees fees and related
expenses (Note E)................. 1,930 198 -- -- --
Accrued expenses and other payables......... 144,642 39,880 43,278 36,122 24,526
--------------- ------------ -------------- -------------- --------------
Total liabilities................. 4,427,339 626,252 8,102,151 310,030 467,459
--------------- ------------ -------------- -------------- --------------
NET ASSETS.................................. $ 1,704,134,838 $409,519,571 $ 275,874,090 $ 240,090,213 $ 287,461,072
=============== ============ ============== ============== ==============
NET ASSETS CONSIST OF:
Paid in capital.......................... $ 1,704,019,138 $409,487,949 $ 275,874,096 $ 240,090,213 $ 287,460,874
Accumulated undistributed net
investment income...................... 1 31,622 -- -- --
Accumulated net realized gain
(loss) on investments.................. 115,699 -- (6) -- 198
--------------- ------------ -------------- -------------- --------------
TOTAL NET ASSETS............................ $ 1,704,134,838 $409,519,571 $ 275,874,090 $ 240,090,213 $ 287,461,072
=============== ============ ============== ============== ==============
See accompanying Notes to Financial Statements.
| 15
Aston Funds
APRIL 30, 2008
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
ABN AMRO
INSTITUTIONAL ABN AMRO ABN AMRO ABN AMRO ABN AMRO
PRIME MONEY GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
--------------- ---------------- ------------- ---------------- --------------
CLASS Y:
Net Assets............................... $ 1,695,036,780 $ -- $ -- $ -- $ --
Shares of beneficial interest
outstanding (unlimited
authorization)......................... 1,694,920,855 -- -- -- --
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares
Outstanding)...................... $ 1.00 $ -- $ -- $ -- $ --
=============== ================ ============= ================ ==============
CLASS YS:
Net Assets............................... $ 9,098,058 $ -- $ -- $ -- $ --
Shares of beneficial interest
outstanding (unlimited
authorization)......................... 9,103,053 -- -- -- --
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares
Outstanding)...................... $ 1.00 $ -- $ -- $ -- $ --
=============== ================ ============= ================ ==============
CLASS I:
Net Assets............................... $ -- $ 343,160,923 $ 12,914,369 $ 193,575,154 $ 245,770,077
Shares of beneficial interest
outstanding (unlimited
authorization)......................... -- 343,128,355 12,914,238 193,575,932 245,778,212
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............................... $ -- $ 66,358,648 $ 262,959,721 $ 46,515,059 $ 41,690,995
Shares of beneficial interest
outstanding (unlimited
authorization)......................... -- 66,361,329 262,960,122 46,515,706 41,689,913
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.
| 16
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2008
STATEMENT OF OPERATIONS (UNAUDITED)
ABN AMRO
INSTITUTIONAL ABN AMRO ABN AMRO ABN AMRO ABN AMRO
PRIME MONEY GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
-------------- ---------------- ------------ ---------------- --------------
INVESTMENT INCOME:
Dividends................................ $ 3,340,319 $ 362,279 $ 101,316 $ 181,903 $ 134,838
Interest................................. 36,632,132 6,193,596 5,315,286 3,360,046 2,409,182
-------------- -------------- ------------- ------------- ---------------
Total investment income................ 39,972,451 6,555,875 5,416,602 3,541,949 2,544,020
-------------- -------------- ------------- ------------- ---------------
EXPENSES:
Investment advisory fees (Note E)........ 964,931 372,303 467,637 497,359 351,757
Distribution expenses(a) (Note E)........ -- 89,052 327,346 66,362 28,620
Shareholder service fees(b)
(Note E)............................... 10,359 24,935 144,032 -- --
Transfer agent fees...................... 18,806 17,022 17,494 16,862 17,200
Administration fees (Note E)............. 499,571 100,850 74,391 79,957 55,899
Registration expenses.................... 42,914 14,868 14,122 14,172 14,172
Custodian fees........................... 57,476 10,484 8,880 7,597 5,625
Audit and tax fees....................... 11,550 10,227 10,189 10,188 10,096
Legal fees............................... 49,198 8,436 6,458 6,423 1,613
Reports to shareholder expense........... 16,931 11,413 27,606 8,594 2,371
Trustees fees and related expenses
(Note E)............................... 59,503 10,219 8,344 8,303 2,887
Interest expense (Note F)................ -- -- 247 3,678 --
Other expenses........................... 129,112 17,970 13,353 23,780 24,195
-------------- -------------- ------------- ------------- ---------------
Total expenses before waivers/
reimbursements...................... 1,860,351 687,779 1,120,099 743,275 514,435
-------------- -------------- ------------- ------------- ---------------
Less: Investment advisory fees
waived (Note E)..................... -- -- -- -- (150,842)
Less: Expenses reimbursed (Note E)..... -- -- (154,115) (204,297) (3,219)
-------------- -------------- ------------- ------------- ---------------
Net expenses........................... 1,860,351 687,779 965,984 538,978 360,374
-------------- -------------- ------------- ------------- ---------------
NET INVESTMENT INCOME....................... 38,112,100 5,868,096 4,450,618 3,002,971 2,183,646
-------------- -------------- ------------- ------------- ---------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized gain on investments......... 112,625 -- -- -- 246
-------------- -------------- ------------- ------------- ---------------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS.............................. 112,625 -- -- -- 246
-------------- -------------- ------------- ------------- ---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS............................. $ 38,224,725 $ 5,868,096 $ 4,450,618 $ 3,002,971 $ 2,183,892
============== ============== ============= ============= ===============
- ----------
(a) Fees are incurred at the Class S Level for all funds except ABN AMRO
Institutional Prime Money Market Fund, which does not have a distribution
expense.
(b) Fees are incurred at the Class S Level for all funds except ABN AMRO
Institutional Prime Money Market Fund and at the Class YS Level for ABN
AMRO Institutional Prime Money Market Fund.
See accompanying Notes to Financial Statements.
| 17
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
ABN AMRO ABN AMRO
INSTITUTIONAL PRIME MONEY MARKET FUND GOVERNMENT MONEY MARKET FUND
------------------------------------- ------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
---------------- ---------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD.................... $ 1,771,613,713 $ 2,488,864,440 $ 358,040,547 $ 500,369,242
---------------- ---------------- ---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income........................... 38,112,100 122,224,866 5,868,096 22,835,060
Net realized gain on investments sold........... 112,625 3,478 -- --
---------------- ---------------- ---------------- ----------------
Net increase in net assets from operations...... 38,224,725 122,228,344 5,868,096 22,835,060
---------------- ---------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class Y......................................... (37,960,622) (121,559,382) -- --
Class YS........................................ (151,479) (665,482) -- --
Class I......................................... -- -- (4,800,606) (19,986,914)
Class S......................................... -- -- (1,067,490) (2,848,146)
---------------- ---------------- ---------------- ----------------
Total distributions.......................... (38,112,101) (122,224,864) (5,868,096) (22,835,060)
---------------- ---------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class Y......................................... 5,057,656,465 15,941,245,337 -- --
Class YS........................................ 15,030,774 10,745,072 -- --
Class I......................................... -- -- 246,407,877 873,628,178
Class S......................................... -- -- 90,400,100 228,918,581
Proceeds from reinvestment of distributions:
Class Y......................................... 5,200,717 24,554,931 -- --
Class YS........................................ 130,744 580,821 -- --
Class I......................................... -- -- 560,965 1,511,862
Class S......................................... -- -- 1,067,483 2,847,618
Cost of shares redeemed:
Class Y......................................... (5,131,938,372) -- -- --
Class YS........................................ (13,671,827) (20,975,433) -- --
Class I......................................... -- -- (188,235,521) (1,039,405,326)
Class S......................................... -- -- (98,721,880) (209,829,608)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) from capital share
transactions............................... (67,591,499) (717,254,207) 51,479,024 (142,328,695)
---------------- ---------------- ---------------- ----------------
Total increase (decrease) in net assets...... (67,478,875) (717,250,727) 51,479,024 (142,328,695)
---------------- ---------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A)....... $ 1,704,134,838 $ 1,771,613,713 $ 409,519,571 $ 358,040,547
================ ================ ================ ================
(A) Undistributed net investment income......... $ 1 $ 2 $ 31,622 $ 31,622
================ ================ ================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class Y:
Sold............................................ 5,057,656,465 15,941,245,337 -- --
Proceeds from reinvestment of distributions..... 5,200,717 24,554,931 -- --
Redeemed........................................ (5,131,938,371) -- -- --
Class YS:
Sold............................................ 15,030,774 10,745,072 -- --
Proceeds from reinvestment of distributions..... 130,744 580,821 -- --
Redeemed........................................ (13,671,827) (20,975,433) -- --
Class I
Sold............................................ -- -- 246,407,877 873,628,178
Proceeds from reinvestment of distributions..... -- -- 560,965 1,511,862
Redeemed........................................ -- -- (188,235,521) (1,039,405,326)
Class S
Sold............................................ -- -- 90,400,100 228,918,581
Proceeds from reinvestment of distributions..... -- -- 1,067,483 2,847,618
Redeemed........................................ -- -- (98,721,880) (209,829,608)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in shares
outstanding.................................. (67,591,498) (717,254,208) 51,479,024 (142,328,695)
================ ================ ================ ================
See accompanying Notes to Financial Statements.
| 18
Aston Funds
ABN AMRO ABN AMRO ABN AMRO
MONEY MARKET FUND TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND
- ----------------------------------- ---------------------------------- -----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED APRIL 30, 2008 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007 (UNAUDITED) OCTOBER 31, 2007
--------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 274,573,832 $ 187,881,480 $ 260,905,903 $ 249,795,080 $ 64,490,696 $ 151,277,116
-------------- ---------------- -------------- ---------------- ---------------- ----------------
4,450,618 10,380,744 3,002,971 9,226,363 2,183,646 4,980,888
-- -- -- -- 246 --
-------------- ---------------- -------------- ---------------- ---------------- ----------------
4,450,618 10,380,744 3,002,971 9,226,363 2,183,892 4,980,888
-------------- ---------------- -------------- ---------------- ---------------- ----------------
-- -- -- -- -- --
-- -- -- -- -- --
(89,136) (233,334) (2,493,960) (7,999,699) (1,960,767) (4,703,450)
(4,361,482) (10,147,410) (509,011) (1,226,664) (222,879) (277,438)
-------------- ---------------- -------------- ---------------- ---------------- ----------------
(4,450,618) (10,380,744) (3,002,971) (9,226,363) (2,183,646) (4,980,888)
-------------- ---------------- -------------- ---------------- ---------------- ----------------
-- -- -- -- -- --
-- -- -- -- -- --
40,102,084 56,775,299 395,174,867 430,377,488 344,419,087 247,080,253
438,642,259 847,715,220 109,597,424 370,000,496 86,273,934 101,942,927
-- -- -- -- -- --
-- -- -- -- -- --
89,095 233,317 4,629 13,490 10,324 47,650
4,335,999 10,137,053 508,997 1,227,109 222,878 275,650
-- -- -- -- -- --
-- -- -- -- -- --
(29,118,117) (56,491,966) (402,771,343) (454,705,488) (151,979,630) (339,036,403)
(452,751,062) (771,676,571) (123,330,264) (335,802,272) (55,976,463) (97,096,497)
-------------- ---------------- -------------- ---------------- ---------------- ----------------
1,300,258 86,692,352 (20,815,690) 11,110,823 222,970,130 (86,786,420)
-------------- ---------------- -------------- ---------------- ---------------- ----------------
1,300,258 86,692,352 (20,815,690) 11,110,823 222,970,376 (86,786,420)
-------------- ---------------- -------------- ---------------- ---------------- ----------------
$ 275,874,090 $ 274,573,832 $ 240,090,213 $ 260,905,903 $ 287,461,072 $ 64,490,696
============== ================ ============== ================ ================ ================
$ -- $ -- $ -- $ -- $ -- $ --
============== ================ ============== ================ ================ ================
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
40,102,084 56,775,299 395,174,867 430,377,488 344,419,087 247,080,253
89,095 233,317 4,629 13,490 10,324 47,650
(29,118,117) (56,491,966) (402,771,343) (454,705,488) (151,979,630) (339,036,403)
438,642,259 847,715,220 109,597,424 370,000,496 86,273,934 101,942,927
4,335,999 10,137,053 508,997 1,227,109 222,878 275,650
(452,751,062) (771,676,571) (123,330,264) (335,802,272) (55,976,463) (97,096,497)
-------------- ---------------- -------------- ---------------- ---------------- ----------------
1,300,258 86,692,352 (20,815,690) 11,110,823 222,970,130 (86,786,420)
============== ================ ============== ================ ================ ================
See accompanying Notes to Financial Statements.
| 19
Aston Funds
ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2008
FINANCIAL HIGHLIGHTS
CLASS Y
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- ---------- ----------- ---------- ---------- ----------
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 0.05 0.03 0.01 0.01
----------- ---------- ----------- ---------- ---------- ----------
Less distributions from net
investment income..................... (0.02) (0.05) (0.05) (0.03) (0.01) (0.01)
----------- ---------- ----------- ---------- ---------- ----------
Net Asset Value, End of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========== =========== ========== ========== ==========
TOTAL RETURN .............................. 1.97%(a) 5.33% 4.80% 2.79% 1.07% 1.14%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's).... $ 1,695,037 $1,764,006 $ 2,471,607 $2,408,695 $2,159,527 $2,035,709
Ratios of expenses to
average net assets.............. 0.19%(b) 0.19% 0.18% 0.18% 0.19% 0.18%
Ratios of net investment
income to average net
assets.......................... 3.95%(b) 5.21% 4.67% 2.75% 1.06% 1.13%
CLASS YS
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 0.04 0.03 0.01 0.01
----------- ---------- ----------- ---------- ---------- ----------
Less distributions from net
investment income................... (0.02) (0.05) (0.04) (0.03) (0.01) (0.01)
----------- ---------- ----------- ---------- ---------- ----------
Net Asset Value, End of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========== =========== ========== ========== ==========
TOTAL RETURN............................... 1.85%(a) 5.07% 4.54% 2.53% 0.82% 0.88%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's).... $ 9,098 $ 7,608 $ 17,258 $ 37,107 $ 51,239 $ 61,898
Ratios of expenses to
average net assets............... 0.44%(b) 0.44% 0.43% 0.43% 0.44% 0.43%
Ratios of net investment income
to average net assets............ 3.70%(b) 4.96% 4.42% 2.50% 0.81% 0.88%
- ----------
(a) Not Annualized.
(b) Annualized.
See accompanying Notes to Financial Statements.
| 20
Aston Funds
ABN AMRO GOVERNMENT MONEY MARKET FUND APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- --------- --------- --------- --------- --------
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 0.05 0.03 0.01 0.01
----------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS FROM:
Net investment income...................... (0.02) (0.05) (0.05) (0.03) (0.01) (0.01)
----------- --------- --------- --------- --------- --------
Net realized gain on investments...... -- -- -- --(a) -- --
----------- --------- --------- --------- --------- --------
Total distribution......................... (0.02) (0.05) (0.05) (0.03) (0.01) (0.01)
----------- --------- --------- --------- --------- --------
Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========= ========= ========= ========= ========
TOTAL RETURN.................................... 1.63%(b) 5.05% 4.62% 2.59% 0.91% 0.98%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)......... $ 343,161 $ 284,428 $ 448,693 $ 380,875 $ 459,475 $453,873
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.................... 0.31%(c) 0.30% 0.29% 0.30% 0.30% 0.29%
After reimbursement
and/or waiver of expenses by Adviser...... 0.31%(c) 0.30% 0.29% 0.30% 0.30% 0.29%
Ratios of net investment
income to average net assets:
Before reimbursement
and/or waiver of expenses by Adviser...... 3.21%(c) 4.96% 4.55% 2.60% 0.91% 0.98%
After reimbursement and/or
waiver of expenses by Adviser............. 3.21%(c) 4.96% 4.55% 2.60% 0.91% 0.98%
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 0.05 0.04 0.02 0.01 0.01
----------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS FROM:
Net investment income...................... (0.01) (0.05) (0.04) (0.02) (0.01) (0.01)
Net realized gain on investments...... -- -- -- --(a) -- --
----------- --------- --------- --------- --------- --------
Total distribution......................... (0.01) (0.05) (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.................................... 1.47%(b) 4.72% 4.28% 2.26% 0.58% 0.65%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)......... $ 66,359 $ 73,613 $ 51,676 $ 31,621 $ 32,911 $ 41,768
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser................................. 0.63%(c) 0.62% 0.61% 0.62% 0.62% 0.62%
After reimbursement and/or
waiver of expenses by
Adviser................................. 0.63%(c) 0.62% 0.61% 0.62% 0.62% 0.62%
Ratios of net investment income
to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser................................. 2.89%(c) 4.64% 4.23% 2.28% 0.59% 0.65%
After reimbursement and/or
waiver of expenses by
Adviser................................. 2.89%(c) 4.64% 4.23% 2.28% 0.59% 0.65%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
| 21
Aston Funds
ABN AMRO MONEY MARKET FUND APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- ----------- ----------- --------- --------- ---------
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 0.04(a) 0.03 0.01 0.01
----------- ----------- ----------- --------- --------- ---------
Less distributions from net
investment income................... (0.02) (0.05) (0.04) (0.03) (0.01) (0.01)
----------- ----------- ----------- --------- --------- ---------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== ========= ========= =========
TOTAL RETURN................................ 1.86%(c) 5.07% 4.57% 2.57% 0.87% 0.92%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)..... $ 12,914 $ 1,841 $ 1,325 $ 9,535 $ 4,821 $ 302
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser.............. 0.49%(b)(d) 0.50% 0.50%(b) 0.51% 0.50% 0.50%
After reimbursement and/or waiver
of expenses by Adviser.............. 0.37%(b)(d) 0.37% 0.37%(b) 0.37% 0.37% 0.37%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.............. 3.56%(d) 4.82% 4.35% 2.44% 0.73% 0.78%
After reimbursement and/or waiver
of expenses by Adviser.............. 3.68%(d) 4.95% 4.48% 2.58% 0.86% 0.91%
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 0.05 0.04(a) 0.02 0.01 0.01
----------- ----------- ----------- --------- --------- ---------
Less distributions from net
investment income................... (0.02) (0.05) (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................................ 1.68%(c) 4.69% 4.20% 2.20% 0.50% 0.55%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)..... $ 262,960 $ 272,733 $ 186,557 $ 171,508 $ 132,831 $ 132,233
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser.............. 0.85%(b)(d) 0.86% 0.86%(b) 0.87% 0.86% 0.86%
After reimbursement and/or waiver
of expenses by Adviser.............. 0.73%(b)(d) 0.73% 0.73%(b) 0.73% 0.73% 0.73%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.............. 3.20%(d) 4.46% 3.99% 2.08% 0.37% 0.42%
After reimbursement and/or waiver
of expenses by Adviser.............. 3.32%(d) 4.59% 4.12% 2.22% 0.50% 0.55%
- ----------
(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% for the six months ended April 30, 2008 and 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.
(c) Not Annualized.
(d) Annualized.
See accompanying Notes to Financial Statements.
| 22
Aston Funds
ABN AMRO TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2008
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- --------- ---------- ---------- --------- ---------
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.............. 0.01 0.03 0.03 0.02 0.01 0.01
----------- --------- ---------- ---------- --------- ---------
Less distributions from net
investment income............... (0.01) (0.03) (0.03) (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............................ 1.08%(c) 3.32% 2.98% 1.83% 0.74% 0.72%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's)......................... $ 193,575 $ 201,167 $ 225,482 $ 260,210 $ 262,587 $ 274,759
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser.......... 0.48%(a)(d) 0.48%(a) 0.47%(a) 0.46% 0.46% 0.46%
After reimbursement and/or waiver
of expenses by Adviser.......... 0.33%(a)(d) 0.33%(a) 0.34%(a) 0.33% 0.33% 0.33%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.......... 2.01%(d) 3.13% 2.78% 1.68% 0.61% 0.59%
After reimbursement and/or waiver
of expenses by Adviser.......... 2.16%(d) 3.27% 2.91% 1.81% 0.74% 0.72%
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 0.03 0.02 --(b) --(b)
----------- --------- ---------- ---------- --------- ---------
Less distributions from
net investment income................. (0.01) (0.03) (0.03) (0.02) --(b) --(b)
----------- --------- ---------- ---------- --------- ---------
Net Asset Value, End of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========= ========== ========== ========= =========
TOTAL RETURN............................ 0.95%(c) 3.06% 2.72% 1.57% 0.49% 0.47%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's).... $ 46,515 $ 59,739 $ 24,314 $ 18,188 $ 27,230 $ 21,116
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser.......... 0.73%(a)(d) 0.73%(a) 0.72%(a) 0.71% 0.71% 0.71%
After reimbursement and/or waiver
of expenses by Adviser.......... 0.58%(a)(d) 0.58%(a) 0.59%(a) 0.58% 0.58% 0.58%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser.......... 1.76%(d) 2.88% 2.53% 1.43% 0.36% 0.34%
After reimbursement and/or waiver
of expenses by Adviser.......... 1.91%(d) 3.02% 2.66% 1.56% 0.49% 0.47%
- ----------
(a) Ratios of expenses to average net assets include interest expense of less
than 0.005%, 0.01% and 0.01% for the six months ended April 30, 2008 and
for the years ended October 31, 2007 and October 31, 2006, respectively,
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.
| 23
Aston Funds
APRIL 30, 2008
ABN AMRO TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/08 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03
----------- -------- -------- --------- --------- ------------
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..................... 0.01 0.05 0.04 0.02 0.01 0.01
----------- -------- -------- --------- --------- ------------
LESS DISTRIBUTIONS FROM:
Net investment income..................... (0.01) (0.05) (0.04) (0.02) (0.01) (0.01)
Net realized gain on investments......... -- -- --(a) --(a) -- --
----------- --------- -------- --------- --------- ------------
Total distribution........................ (0.01) (0.05) (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................................... 1.29%(b) 4.84% 4.46% 2.41% 0.75% 0.85%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's)........ $ 245,770 $ 53,320 $145,229 $ 178,796 $ 308,172 $ 370,304
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser................. 0.48%(c) 0.58% 0.49% 0.48% 0.46% 0.46%
After reimbursement and/or waiver
of expenses by Adviser................. 0.33%(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................. 2.05%(c) 4.58% 4.24% 2.17% 0.63% 0.74%
After reimbursement and/or waiver
of expenses by Adviser................. 2.20%(c) 4.80% 4.37% 2.29% 0.73% 0.84%
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 0.04 0.04 0.02 --(a) 0.01
----------- -------- -------- --------- --------- ------------
LESS DISTRIBUTIONS FROM:
Net investment income..................... (0.01) (0.04) (0.04) (0.02) --(a) (0.01)
Net realized gain on investments ......... -- -- --(a) --(a) -- --
----------- --------- -------- --------- ---------- ------------
Total distribution........................ (0.01) (0.04) (0.04) (0.02) -- (0.01)
----------- --------- -------- ---------- ---------- ------------
Net Asset Value, End of Period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========= ======== ========== ========== ============
TOTAL RETURN................................... 1.17%(b) 4.58% 4.20% 2.16% 0.50% 0.60%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's)................................. $ 41,691 $ 11,171 $ 6,049 $ 5,197 $ 7,154 $ 35,441
Ratios of expenses to average net
assets:
Before reimbursement
and/or waiver of expenses by Adviser..... 0.73%(c) 0.83% 0.74% 0.73% 0.71% 0.71%
After reimbursement
and/or waiver of expenses by Adviser..... 0.56%(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..... 1.80%(c) 4.33% 3.99% 1.92% 0.38% 0.49%
After reimbursement
and/or waiver of expenses by Adviser..... 1.95%(c) 4.55% 4.12% 2.04% 0.4% 0.59%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
See accompanying Notes to Financial Statements.
| 24
Aston Funds
APRIL 30, 2008
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 34 separate portfolios established by the Board of
Trustees as of April 30, 2008. The following portfolios of the Trust are
included in these financial statements: ABN AMRO Institutional Prime Money
Market Fund, 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").
ABN AMRO Asset Management, Inc. ("AAAM") serves as investment adviser to the
Funds and the other money market fund of the Trust and Aston Asset Management
LLC ("Aston") serves as administrator. Aston serves as investment advisor to all
other funds of the Trust.
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, 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: 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: ABN AMRO Government Money Market Fund
and ABN AMRO 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) INSURANCE FUNDING AGREEMENTS: The ABN AMRO Institutional Prime Money Market
Fund may enter into insurance funding agreements. An insurance funding agreement
is an agreement that requires the ABN AMRO Institutional Prime Money Market 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 IFA to receive back
its investment in a specified number of days. The ABN AMRO Institutional Prime
Money Market 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 IFA 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 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, 2007, the following
Funds had available realized capital losses to offset future net capital gains
through fiscal year:
AMOUNT EXPIRATION
------ ----------
ABN AMRO Money Market Fund $ 6 2008
ABN AMRO Treasury Money Market
Fund 48 2014
| 25
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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 calculations as late as the fund's last NAV calculation in
the first semi-annual financial statement reporting period. As a result, the
Aston Funds have evaluated the implications of FIN 48 and determined that there
is no material impact on the financial statements.
(7) MULTI-CLASS OPERATIONS: The ABN AMRO Institutional Prime Money Market Fund
is authorized to issue two Classes of Shares, Class Y and Class YS. All other
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 and Class YS bears shareholder service fees. Each
class offered by these Funds 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.
(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 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.
(10) ADDITIONAL ACCOUNTING STANDARDS: 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 SFAS 157 will have
on the Funds' financial statement disclosures, if any.
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 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, 2007 and 2006 was as follows:
DISTRIBUTIONS PAID IN 2007
--------------------------
TAX-EXEMPT ORDINARY
INCOME INCOME
---------- --------------
ABN AMRO Institutional Prime
Money Market Fund................................ $ -- $ 123,423,732
ABN AMRO Government Money
Market Fund...................................... -- 23,762,985
ABN AMRO Money Market Fund -- 10,380,245
ABN AMRO Tax-Exempt Money
Market Fund...................................... 9,268,192 --
ABN AMRO Treasury Money
Market Fund...................................... -- 5,385,398
DISTRIBUTIONS PAID IN 2006
--------------------------
TAX-EXEMPT ORDINARY
INCOME INCOME
---------- --------------
ABN AMRO Institutional Prime
Money Market Fund................................ $ -- $ 114,304,989
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
| 26
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
As of October 31, 2007, 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 TOTAL
------------ ------------- ------------- ------------
ABN AMRO Institutional
Prime Money Market Fund....... $ -- $ 7,045,679 $ -- $ 7,045,679
ABN AMRO Government
Money Market Fund............. -- 979,030 -- 979,030
ABN AMRO Money
Market Fund................... (6) 499 -- 493
ABN AMRO Tax-Exempt
Money Market Fund............. -- -- 533,469 533,469
ABN AMRO Treasury
Money Market Fund............. (48) 189,743 -- 189,695
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 with respect to Class I and Class S Shares
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 were effective through February 28, 2009 for Class
I and Class S Shares of the Funds. The ABN AMRO Institutional Prime Money Market
Fund, Class Y and Class YS, does not have an expense limitation agreement. The
advisory rates and contractual expense limitations for the six months ended
April 30, 2008 were as follows:
EXPENSE LIMITATIONS
FOR TOTAL EXPENSES
-------------------
ADVISORY FEES
ANNUAL RATE CLASS I CLASS S
----------- ------- -------
ABN AMRO Institutional Prime Money
Market Fund................................... 0.10% N/A N/A
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(a).......... 0.35% 0.36% 0.61%
(a) Effective March 19, 2008 through March 31, 2008 the ABN AMRO Treasury Money
Market Fund voluntarily waived investment advisory and distribution expenses
of 0.35% and 0.25%, respectively. The voluntary waivers have been
discontinued.
RECENT EVENTS: ABN AMRO TRANSACTION. Prior to April 1, 2008, the Funds' Adviser,
AAAM, was an indirect subsidiary of ABN AMRO Holdings N.V. ("Holdings"). On
October 10, 2007, a consortium comprised of The Royal Bank of Scotland Group
plc, Banco Santander Central Hispano and Fortis N.V. ("Fortis") announced the
successful completion of a tender offer for substantially all of the shares of
Holdings (the "Tender Offer"). The Tender Offer, which settled on October 17,
2007, was deemed to cause an "assignment" and automatic termination of the
Funds' Investment Advisory Agreements with AAAM. The consortium legally
transferred the asset management business of Holdings to Fortis on April 1,
2008.
On October 16, 2007, the Board of Trustees of Aston Funds voted to approve an
Interim Investment Advisory Agreement with AAAM for each Fund (the "Interim
Advisory Agreement") effective following automatic termination of the prior
agreement. The terms of the Interim Advisory Agreement are substantially the
same as the prior agreements except for term and termination provisions.
Shareholders of the Funds received additional information by proxy statement.
The factors considered by the Board in approving the Interim Advisory Agreement
are included in this Report under "Additional Information".
On December 20, 2007, the Board of Trustees of Aston Funds voted to approve a
new investment advisory agreement with AAAM for each Fund (the "New Investment
Advisory Agreement"), subject to shareholder approval. The New Investment
Advisory Agreement for each Fund was approved by shareholders of each Fund
(except the ABN AMRO Money Market Fund) at a Special Meeting of Shareholders
held on February 28, 2008 (the "Special Shareholder Meeting") and was approved
by shareholders of the ABN AMRO Money Market Fund at a Reconvened Special
Meeting of Shareholders held on March 14, 2008 (the "Reconvened Special
Shareholder Meeting").
The factors considered by the Board of Trustees in approving the New Investment
Advisory Agreement for each Fund and the Shareholder Voting Results from the
Special Shareholder Meeting and Reconvened Special Shareholder Meeting are
included in this Report under "Additional Information".
Under terms of an administrative agreement between the Trust and Aston (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%
| 27
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
PFPC Inc. ("PFPC") provides certain administrative services to the Funds
pursuant to a Sub-Administration and Accounting Services Agreement between Aston
and PFPC (the "Sub-Administration Agreement"). 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.
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
and Class YS 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 and 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
shareholder service fees for the ABN AMRO Institutional Prime Money Market Fund,
ABN AMRO Government Money Market Fund and ABN AMRO Money Market Fund were 0.25%,
0.07% and 0.11% of average daily net assets, respectively, for the six months
ended April 30, 2008. Tax-Exempt Money Market Fund and Treasury Money Market
Fund were not charged shareholder service fees for the six months ended April
30, 2008.
The Trustees of the Trust who are not affiliated with the investment advisers or
sub-advisers receive an annual retainer and per meeting fees. The Lead
Independent Trustee and Committee Chairs receive an additional retainer. The
Trustees of the Trust who are not affiliated with the investment advisers or
sub-advisers receive fees and are reimbursed for out-of-pocket expenses for each
meeting of the Board of Trustees they attend. No officer or employee of the
investment advisers, sub-advisers or their affiliates receives any compensation
from the Funds for acting as a Trustee of the Trust. The officers of the Trust
receive no compensation directly from the Funds for performing the duties of
their offices, except that the Funds compensate the Administrator for providing
an officer to serve as the Funds' Chief Compliance Officer. The aggregate
remuneration paid to the Trustees during the six months ended April 30, 2008 was
$224,750.
NOTE (F) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended April 29, 2008, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by most 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 0.125% of the
commitment amount of the facility in addition to an annual administration fee of
$75,000 and reasonable legal expenses incurred in connection with the
preparation of any amendments. Prior to April 29, 2008 the annual administration
fee was $37,500. The interest rate on outstanding loans is equivalent to the
greater of the Federal Funds Effective Rate plus 0.50%, or Prime as applicable,
else LIBOR (London InterBank Offered Rate) plus 0.75%, as applicable. Borrowings
must be repaid within 60 days. At April 30, 2008, 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, 2008, 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 WEIGHTED AVERAGE
LOAN BALANCE INTEREST RATE INTEREST EXPENSE
------------- ---------------- ----------------
ABN AMRO Money Market
Fund........................ $ 1,853,100 4.80% $ 247
Tax-Exempt Money Market
Fund........................ 5,972,543 3.48% 3,678
NOTE (G) SUBSEQUENT EVENT - Fortis Investment Management NV/SA Transaction: On
April 2, 2008, Fortis Investment Management NV/SA ("FIM-NV/SA") and Ping An
Insurance (Group) Company of China Ltd. ("Ping An") entered into an agreement
providing for Ping An to acquire a 50% (less one share) equity stake in
FIM-NV/SA (the "FIM-NV/SA Transaction"). Currently FIM-NV/SA controls Fortis
Investment Management USA, Inc. ("US RIA") and it is expected that AAAM will
cease its separate existence and be merged into US RIA prior to the completion
of the FIM-NV/SA Transaction. The FIM-NV/SA Transaction, if consummated as
contemplated, would result in Ping An being deemed a control person of US RIA
for purposes of the Investment Company Act of 1940, as amended, which would
result in an automatic termination of the current investment advisory agreements
between AAAM and the Trust on behalf of each Fund.
On June 19, 2008, the Board of Trustees of Aston Funds voted to approve (i) a
new investment advisory agreement with AAAM on behalf of each Fund (the "new
investment advisory agreement"), subject to shareholder approval and (ii) an
interim investment advisory agreement with AAAM on behalf of each Fund (the
"interim advisory
| 28
Aston Funds
APRIL 30, 2008
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
agreement"). The terms of the interim advisory agreements and the new investment
advisory agreements are substantially the same as the current investment
advisory agreements except for the term and termination provisions. Shareholders
of each Fund will receive additional information relating to the new investment
advisory agreement by proxy statement.
| 29
Aston Funds
APRIL 30, 2008
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.
CHANGE IN INDEPENDENT PUBLIC ACCOUNTING FIRM - MONEY MARKET FUNDS OF THE TRUST:
On April 1, 2008, Ernst & Young LLP ("E&Y") resigned as the independent auditors
for the Aston/ABN AMRO Investor Money Market Fund, ABN AMRO Government Money
Market Fund, ABN AMRO Institutional Prime Money Market Fund, ABN AMRO Money
Market Fund, ABN AMRO Tax-Exempt Money Market Fund and ABN AMRO Treasury Money
Market Fund (each a "Money Market Fund" and collectively, the "Money Market
Funds") for the fiscal year ended October 31, 2008. E&Y continues to serve as
the independent auditors for the non-money market funds of the Trust. E&Y's
audit reports on each Money Market Fund's financial statements for the fiscal
years ended October 31, 2007 and October 31, 2006 contained no adverse opinion
or disclaimer of opinion, nor were their reports qualified or modified as to
uncertainty, audit scope or accounting principles. During each Money Market
Fund's fiscal years ended October 31, 2007 and October 31, 2006 and the interim
period commencing November 1, 2007 and ended April 1, 2008, (i) there were no
disagreements between the Money Market Funds and E&Y on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of E&Y,
would have caused them to make reference to the subject matter of the
disagreements in connection with their reports on the financial statements for
such years, and (ii) there were no "reportable events" of the kind described in
Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934,
as amended.
The Trust's audit committee is in the process of selecting a new independent
auditor for the Money Market Funds.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH ABN AMRO ASSET MANAGEMENT, INC. WITH RESPECT TO THE ABN AMRO
INSTITUTIONAL PRIME MONEY MARKET FUND, 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 IN CONNECTION WITH THE ABN AMRO TRANSACTION
The Board of Trustees of Aston Funds (the "Board") considered information
received and discussions held at its October 16, 2007 and December 20, 2007
in-person meetings regarding the tender offer for substantially all of the
shares of ABN AMRO Holdings N.V. ("ABN AMRO") and resulting change in control,
as well as the anticipated restructuring of ABN AMRO. The Board considered that
the change in control of ABN AMRO resulted in the termination of the previous
investment advisory agreements with ABN AMRO Asset Management, Inc. ("AAAM")
(the "Previous Investment Advisory Agreements"). The Board further considered
that, subject to regulatory approvals, the asset management businesses of ABN
AMRO will be acquired by Fortis N.V., and that it is anticipated that AAAM will
be merged into a Fortis subsidiary through a series of transactions that are
expected to be completed in 2008 (together with the tender offer, the
"Transaction"). In anticipation of the termination of the Previous Investment
Advisory Agreements, the Board approved an interim investment advisory agreement
with AAAM at its October 16, 2007 meeting. The initial term of the interim
investment advisory agreement was set to expire the earlier of March 15, 2008 or
the effective date of a new investment advisory agreement.
At its December 20, 2007 meeting, the Board, including the Independent Trustees,
determined that the terms of each new Investment Advisory Agreement (each a "New
Investment Advisory Agreement") with AAAM, or its successor from the
Transaction, with respect to ABN AMRO Government Money Market Fund, ABN AMRO
Institutional Prime 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") are fair and reasonable and approved the
New Investment Advisory Agreement, including any additional assignment that may
be deemed to occur as a result of the Transaction, for each Fund as being in the
best interests of the Fund. The Independent Trustees met separately from the
"interested" Trustee of the Trust to consider the approval of the New Investment
Advisory Agreement for each Fund and were assisted by independent legal counsel
in their deliberations.
| 30
Aston Funds
APRIL 30, 2008
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
In determining whether to approve the New Investment Advisory Agreement for each
Fund, the Board received information and made inquiries into all matters deemed
relevant and considered the following factors, among others:
- AAAM and Fortis N.V. believe that the combination of the assets,
personnel and resources of the two organizations could result in
potential benefits to the Funds over the long-term;
- AAAM and Fortis N.V. have put in place a transition plan to retain
key investment personnel during the integration period, and the
portfolio managers and investment personnel for the Funds are not
expected to change as a result of the Transaction;
- The investment approach that has been employed for the Funds will
remain the same following the Transaction; and
- The New Investment Advisory Agreement with AAAM will be
substantially the same as the Previous Investment Advisory
Agreement, and the investment advisory fee rate will remain the
same; and
- AAAM has undertaken to bear all costs of the Funds relating to the
Transaction, including the costs of preparing, printing and mailing
a Proxy Statement to shareholders of the Funds and related
solicitation expenses.
In making its determinations, the Board, including all of the Independent
Trustees, also reviewed information regarding: (i) the nature, extent and
quality of the services to be provided; (ii) the advisory fee charged and
information regarding the expense ratios of the Funds; (iii) fee waivers or
expenses to be reimbursed; and (iv) potential benefits to be received by
affiliates of the investment adviser. In considering the New 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. Among other matters considered
by the Board, including the Independent Trustees, in connection with its
approval of the New Investment Advisory Agreement for each Fund were the
following:
Nature, Quality and Extent of Services. The Board considered the impact of the
Transaction on the nature, extent and quality of services to be provided under
the New Investment Advisory Agreement. The Board considered the investment
performance of the Funds and the previous investment experience of the Funds'
portfolio managers. The Board noted that the investment strategy and philosophy
of the investment adviser with respect to the Funds are expected to remain the
same following the Transaction. The Board also noted that the portfolio
management team was expected to remain substantially the same following the
Transaction. The Board also considered that the New Investment Advisory
Agreement would be the same in all substantive respects as the Previous
Investment Advisory Agreement. On the basis of this evaluation, the Board
concluded that the nature, quality and extent of services to be provided by AAAM
following the Transaction are expected to continue to be satisfactory with
respect to each Money Market Fund.
Expenses. The Board of Trustees considered each Fund's management fee rate,
estimated operating fees and total expense ratio. The Board noted that the fee
rates under the New Investment Advisory Agreement are identical to the fee rates
under the Previous Investment Advisory Agreement. As a part of this analysis,
the Board considered the investment advisory fee to be paid by each Fund to AAAM
as well as fee waivers or expenses to be reimbursed by AAAM and compared the
gross and net advisory fees and estimated total expenses to those of a relevant
peer group based on information and data supplied by Lipper Inc. In each case,
the Board concluded that the advisory fee was reasonable and appropriate in
amount given the nature, quality and extent of services provided.
Costs and Profitability. With respect to the costs of services provided and
profits by the investment adviser, the Board considered the resources involved
in managing the Funds as well as fee waivers or expenses to be reimbursed by the
investment adviser. The Board received information regarding the profitability
of AAAM and received confirmation that the Transaction was not expected to have
a material impact on profitability. Based upon anticipated asset size and the
impact of fee waivers or expenses to be reimbursed by the investment adviser,
the Board concluded that profitability was not expected to be unreasonable.
Economies of Scale. The Board considered the extent to which economies of scale
would be realized. The Board reviewed the Funds' expense ratios giving effect to
fee waivers or expenses reimbursed by the investment adviser, and considered the
asset size of the Funds. 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
character and amount of other incidental benefits received by AAAM and its
affiliates. The Board considered that the investment adviser generally does not
use portfolio brokerage transactions to pay for research services generated by
third parties for the Funds. The Board concluded that any incidental benefits to
be
| 31
Aston Funds
APRIL 30, 2008
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
received by AAAM and its affiliates 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, including all of the
Independent Trustees, concluded that the terms of the New Investment Advisory
Agreement, including the proposed advisory fees, were fair and reasonable, and
that the New Investment Advisory Agreement on behalf of each Fund should be
approved.
SHAREHOLDER VOTING RESULTS: On February 28, 2008 the Trust held a Special
Shareholder Meeting to approve the investment advisory agreement between the
Trust and AAAM on behalf of each Fund. With respect to the proposal for the ABN
AMRO Money Market Fund, the meeting was adjourned and reconvened on March 14,
2008. The proposal was approved by the shareholders for all Funds. The results
of the voting are as follows:
FOR AGAINST ABSTAIN
-------------- ------------ ---------
Aston/ABN AMRO
Money Market Fund.............. 127,200,294 3,909,985 6,034,285
ABN AMRO Government
Money Market Fund.............. 261,274,653 105,027 2,161,625
ABN AMRO Institutional
Prime Money Market Fund........ 1,952,844,108 2,268 246,060
ABN AMRO Tax-Exempt
Money Market Fund.............. 222,737,677 9,874 543,658
ABN AMRO Treasury
Money Market Fund.............. 147,556,751 7,770 16,672
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.
| 32
Aston Funds
APRIL 30, 2008
ADDITIONAL INFORMATION (UNAUDITED)
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/07 04/30/08 RATIO(1) PERIOD(2)
-------- --------- -------- -----------
ABN AMRO Institutional
Prime Money Market
ACTUAL FUND RETURN
Class Y...................... $ 1,000 1,019.70 0.19% 0.95
Class YS
................................... 1,000 1,018.50 0.44% 2.21
HYPOTHETICAL 5% RETURN
Class Y...................... $ 1,000 1,023.92 0.19% 0.96
Class YS
................................... 1,000 1,022.68 0.44% 2.21
ABN AMRO Government
Money Market Fund
ACTUAL FUND RETURN
Class I...................... $ 1,000 1,016.30 0.31% 1.55
Class S...................... 1,000 1,014.70 0.63% 3.16
HYPOTHETICAL 5% RETURN
Class I...................... $ 1,000 1,023.32 0.31% 1.56
Class S...................... 1,000 1,021.73 0.63% 3.17
ABN AMRO Money Market Fund
ACTUAL FUND RETURN
Class I...................... $ 1,000 1,018.60 0.37% 1.86
Class S...................... 1,000 1,016.80 0.73% 3.66
HYPOTHETICAL 5% RETURN
Class I...................... $ 1,000 1,023.02 0.37% 1.86
Class S...................... 1,000 1,021.23 0.73% 3.67
ABN AMRO Tax-Exempt
Money Market Fund
ACTUAL FUND RETURN
Class I...................... $ 1,000 1,010.80 0.33% 1.65
Class S...................... 1,000 1,009.50 0.58% 2.90
HYPOTHETICAL 5% RETURN
Class I...................... $ 1,000 1,023.22 0.33% 1.66
Class S...................... 1,000 1,021.98 0.58% 2.92
ABN AMRO Treasury
Money Market Fund
ACTUAL FUND RETURN
Class I...................... $ 1,000 1,012.90 0.33% 1.65
Class S...................... 1,000 1,011.70 0.55% 2.75
HYPOTHETICAL 5% RETURN
Class I...................... $ 1,000 1,023.22 0.33% 1.66
Class S...................... 1,000 1,022.13 0.55% 2.77
- ----------
(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 366.
| 33
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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, Suite 2300
Chicago, IL 60603
SUBADVISERS
ABN AMRO Asset Management, Inc.
135 S. LaSalle Street, Suite 2300
Chicago, IL 60603
Baring International Investment Limited
155 Bishopsgate
London, EC2M 3XY UK
Cardinal Capital Management, L.L.C.
One Greenwich Office Park
Greenwich, CT 06831
ClariVest Asset Management LLC
11452 El Camino Real
Suite 250
San Diego, CA 92130
MB Investment Partners, Inc.
825 Third Avenue, 31st Floor
New York, NY 10022
McDonnell Investment Management, LLC
1515 West 22(nd) Street, 11(th) 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
SUBADVISORS
CONTINUED
Neptune Investment Management Limited
1 Hammersmith Grove
London, W6 0NB
New Century Capital Management, LLC
36 South Washington Street
Hinsdale, IL 60521
Optimum Investment Advisors, LLC
100 South Wacker Drive, Suite 2100
Chicago, IL 60606
River Road Asset Management, LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
Smart Portfolios, LLC
17865 Ballinger Way NE
Seattle, WA 98155
Strategic Global Advisors, LLC
100 Bayview Circle
Suite 500
Newport Beach, CA 92660
TAMRO Capital Partners, LLC
1660 Duke St.
Alexandria, VA 22314
Taplin, Canida & Habacht Inc.
1001 Brickell Bay Drive, Suite 2100
Miami, FL 33131
Veredus Asset Management LLC
One Paragon Centre
6060 Dutchmans Lane, Suite 320
Louisville, KY 40205
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 Treasurer
Laura M. Curylo, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
Joseph W. Wheeler, Assistant Secretary
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder Price, P.C.
222 N. LaSalle Street
Chicago, IL 60601
THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT
FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT
CHARGE BY CALLING 800 992 8151.
[ASTON LOGO]
Aston Funds
P.O. Box 9765
Providence, RI 02940
ATSEM 0802
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act
and Section 302 of the Sarbanes-Oxley Act of 2002 are
attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act
and Section 906 of the Sarbanes-Oxley Act of 2002 are
attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) ASTON FUNDS
By (Signature and Title)* /S/ KENNETH C. ANDERSON
-------------------------------------------------------
Kenneth C. Anderson, President
(principal executive officer)
Date JULY 1, 2008
----------------------------------------------------------------------------
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 JULY 1, 2008
----------------------------------------------------------------------------
By (Signature and Title)* /S/ GERALD F. DILLENBURG
-------------------------------------------------------
Gerald F. Dillenburg, Senior Vice President,
Secretary & Treasurer
(principal financial officer)
Date JULY 1, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.