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: OCTOBER 31, 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.

(ASTON ASSET MANAGEMENT LOGO)

ANNUAL REPORT 2008
OCTOBER 31, 2008

CLASS N, I, & R SHARES
EQUITY, GLOBAL/INTERNATIONAL,
ALTERNATIVE, SECTOR, BALANCED, &
FIXED INCOME

(GRAPHIC)

Aston Funds

Dear Fellow Shareholder:

As we write this letter to you, we reflect on what has been--by virtually every
measure--one of the most challenging investment environments in modern history.
By now, most of the events that marked this extraordinary year have been
well-documented. What began as a meltdown of the housing market quickly morphed
into steep losses on Wall Street and ultimately translated into a slowdown of
the global economy.

Because periods such as these can frustrate even the most patient and
disciplined of individual investors, we believe it's crucial to review some of
the keys to successful investing over the long term.

- As we witnessed with the building and ultimate bursting of the
technology stock bubble earlier this decade, following the "herd" can
lead to disappointing results.

- Over time, maintaining a diversified portfolio throughout market
cycles generally has provided investors with less volatility and
returns that are more consistent with expectations.

- Investors also can look back on history to discover that some of the
best periods to have entered markets have been during periods of
widespread gloom and heightened volatility.

Attempting to navigate in these challenging times can be especially tough if you
try to go it alone. That's why we strongly urge you to contact us or your
financial advisor if you have any questions or concerns about your investments.
We also invite you to visit www.astonfunds.com to explore the insights into
these and other themes from us and our experienced and talented group of
investment advisers.

While no one can predict the exact date on which current conditions will reverse
themselves, we are confident that they will. Part of our optimism stems from the
unprecedented and coordinated actions undertaken by governments and central
banks from around the world, many of which have vowed to do "whatever it takes"
to bolster the economy and restore stability to financial markets. While there
are bound to be plenty of bumps on the road to recovery, history teaches us that
many investment opportunities are likely to emerge.

In the pages that follow this letter, please find the annual report for the
Aston Funds. We appreciate your investment with us and we send our best wishes
for a profitable and productive new year.

Sincerely,

/s/ Kenneth C. Anderson

Kenneth C. Anderson
President
Aston Funds

Aston Funds

TABLE OF CONTENTS

Portfolio Manager's Commentaries & Schedules of Investments............... 2
Statements of Assets and Liabilities...................................... 70
Statements of Operations.................................................. 76
Statements of Changes in Net Assets....................................... 82
Financial Highlights...................................................... 91
Notes to Financial Statements............................................. 133
Report of Independent Registered Public Accounting Firm................... 147
Additional Information (unaudited)........................................ 148

LARGE CAP FUNDS
Montag & Caldwell Growth Fund
Veredus Select Growth Fund
Growth Fund
Optimum Large Cap Opportunity Fund
Value Fund

MULTI CAP FUND
TAMRO All Cap Fund

EQUITY INCOME FUND
River Road Dividend All Cap Value 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
Fortis Global Real Estate Fund
SGA International Small-Mid Cap Fund

ALTERNATIVE FUNDS
Smart Portfolios Fund
New Century Absolute Return ETF Fund
MB Enhanced Equity Income Fund

SECTOR FUND
Fortis Real Estate Fund

BALANCED FUNDS
Montag & Caldwell Balanced Fund
Balanced Fund

FIXED INCOME FUND
TCH Fixed Income 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

Aston Funds
MONTAG & CALDWELL GROWTH FUND OCTOBER 31, 2008

PORTFOLIO MANAGER COMMENTARY (UNAUDITED)

Ronald E. Canakaris, CFA, CIC

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Equity markets declined sharply during the year as fears intensified that
the ongoing deleveraging of the global financial system would negatively
affect economic growth around the world. Although the Fund's absolute
returns suffered as a result, our performance held up substantially better
than our benchmarks. Much of that outperformance can be attributed to our
balanced approach of investing in companies that could perform well as the
economy slowed as well as companies poised to benefit from longer-term, or
secular trends. In particular, substantial overweight positions in Consumer
Staples and Health Care stocks--two of the market's best-performing
groups--significantly aided performance. Similarly, underweight positions
in Financials and Consumer Discretionary stocks--two sectors that
lagged--worked to our advantage. Stock selection across many industry
sectors also was positive, particularly among Consumer Discretionary
companies. In contrast, stock selection among Technology stocks detracted
from our relative results.

Q. What were the best-performing holdings for the Fund during the period?

A. Fast-food chain McDonald's was one of our best performers as it grew faster
than rivals and posted financial results that surpassed Wall Street
estimates. Our holdings in NIKE fared comparatively well, thanks to
better-than-expected earnings that were bolstered by stronger sales
worldwide. Health Care companies Gilead Sciences and Abbott Laboratories
also contributed to the Fund's outperformance as investors increasingly
gravitated toward the sector due to its reputation for providing safe haven
in difficult economic environments. Biotech company Gilead also was helped
by strong sales of its HIV drugs while Abbott was propelled by its
arthritis medicine and new drug-coated stent. Warehouse chain Costco held
up better than most retailers as consumers purchased bulk items in an
attempt to save money.

Q. What were the weakest-performing holdings?

A. The deteriorating environment for consumer spending weighed on Apple and
Research in Motion, the maker of the Blackberry and other communications
devices. Likewise, rapidly declining demand for personal computers hurt our
holdings in Hewlett-Packard. Our stake in QUALCOMM worked against us as
well. We also lost ground holding Schlumberger and Halliburton in response
to declining oil prices and growing worries that exploration and production
would be curtailed.

Q. How was the portfolio positioned as of October 31, 2008?

A. We continued to maintain a balance between companies that we believe can
outperform during challenging economic conditions and those that can
benefit from longer-term, secular trends. We believe that we are in the
later phases of a bear market and still in the early stages of a major
rotation into large capitalization growth stocks. The Standard & Poor's
500(R) Index ("S&P 500 Index") has declined more than 45% peak to trough
during the past year, suggesting a good amount of economic and corporate
profit weakness already has been discounted by investors and that stock
market valuations are quite reasonable. Most importantly, the outlook
remains--in our view--very good for high-quality large capitalization
growth stocks, which could mitigate the overall stock market's risk and
contribute to its upside potential.

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

(PERFORMANCE GRAPH)

ASTON/MONTAG & CALDWELL GROWTH FUND - CLASS N
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/MONTAG & CALDWELL RUSSELL 1000 LARGE GROWTH
GROWTH FUND - CLASS N SHARES GROWTH INDEX CATEGORY
---------------------------- ------------ ------------

Nov-94 10,000 10,000 10,000
Oct-95 13,187 12,921 12,469
Oct-96 17,131 15,770 14,877
Oct-97 22,925 20,575 18,950
Oct-98 27,027 25,645 21,912
Oct-99 34,958 34,428 30,004
Oct-00 34,623 37,641 35,120
Oct-01 28,608 22,603 22,252
Oct-02 24,271 18,168 18,260
Oct-03 26,452 22,131 22,125
Oct-04 27,482 22,879 22,882
Oct-05 29,878 24,895 25,225
Oct-06 32,273 27,593 27,508
Oct-07 40,795 32,899 33,442
Oct-08 28,095 20,743 20,413

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (31.13)%
Five Year 1.21%
Ten Year 0.39%

Inception Date 11/02/94

Average Annual Total Returns - Class I

One Year (30.96)%
Five Year 1.49%
Ten Year 0.67%

Inception Date 06/28/96

Average Annual Total Returns - Class R

One Year (31.28)%
Five Year 0.99%
Since Inception 2.71%

Inception Date 12/31/02

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.

Aston Funds
MONTAG & CALDWELL GROWTH FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 2%
CONSUMER STAPLES 27%
INFORMATION TECHNOLOGY 23%
HEALTH CARE 17%
ENERGY 12%
CONSUMER DISCRETIONARY 8%
FINANCIALS 6%
INDUSTRIALS 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.24%
CONSUMER DISCRETIONARY - 8.40%
694,100 Johnson Controls ................................. $ 12,306,393
1,093,300 McDonald's ....................................... 63,334,869
666,300 NIKE, Class B .................................... 38,398,869
--------------
114,040,131
--------------
CONSUMER STAPLES - 27.29%
1,295,500 Coca-Cola ........................................ 57,079,730
477,700 Colgate-Palmolive ................................ 29,980,452
668,200 Costco Wholesale ................................. 38,094,082
1,826,800 CVS Caremark ..................................... 55,991,420
1,019,900 PepsiCo .......................................... 58,144,499
1,006,000 Procter & Gamble ................................. 64,927,240
1,188,600 Wal-Mart Stores .................................. 66,335,766
--------------
370,553,189
--------------
ENERGY - 11.54%
1,071,700 Cameron International * .......................... 25,999,442
389,200 Devon Energy ..................................... 31,470,712
1,378,200 Halliburton ...................................... 27,274,578
519,100 Occidental Petroleum ............................. 28,830,814
835,200 Schlumberger ..................................... 43,138,080
--------------
156,713,626
--------------
FINANCIALS - 5.66%
2,437,200 Charles Schwab ................................... 46,599,264
890,700 Wells Fargo ...................................... 30,328,335
--------------
76,927,599
--------------
HEALTH CARE - 16.94%
1,179,700 Abbott Laboratories .............................. 65,060,455
717,300 Allergan ......................................... 28,455,291
1,057,200 Gilead Sciences * ................................ 48,472,620
2,909,700 Schering-Plough .................................. 42,161,553
858,800 Stryker .......................................... 45,911,448
--------------
230,061,367
--------------

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

INDUSTRIALS - 5.16%
1,065,000 Emerson Electric ................................. $ 34,857,450
880,500 Fluor ............................................ 35,158,365
--------------
70,015,815
--------------
INFORMATION TECHNOLOGY - 23.25%
539,500 Apple * .......................................... 58,044,805
681,100 Electronic Arts * ................................ 15,515,458
170,000 Google, Class A * ................................ 61,091,200
1,396,900 Hewlett-Packard .................................. 53,473,332
2,307,800 Juniper Networks * ............................... 43,248,172
1,701,500 QUALCOMM ......................................... 65,099,390
380,600 Research In Motion * ............................. 19,193,658
--------------
315,666,015
--------------
TOTAL COMMON STOCKS
(Cost $1,522,023,953) ......................... 1,333,977,742
--------------
INVESTMENT COMPANY - 0.33%
4,486,246 BlackRock Liquidity Funds
TempCash Portfolio ............................ 4,486,246
--------------
TOTAL INVESTMENT COMPANY
(Cost $4,486,246) ............................. 4,486,246
--------------
TOTAL INVESTMENTS - 98.57%
(Cost $1,526,510,199)** .................................... 1,338,463,988
--------------
NET OTHER ASSETS AND LIABILITIES - 1.43% ...................... 19,377,591
--------------
NET ASSETS - 100.00% .......................................... $1,357,841,579
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $1,539,864,519.

Gross unrealized appreciation .... $ 43,602,507
Gross unrealized depreciation .... (245,003,038)
-------------
Net unrealized depreciation ...... $(201,400,531)
=============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS SELECT GROWTH FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

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

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Although the broad equity market dropped sharply during the period, and
growth stocks suffered somewhat more than their value counterparts, the
Fund only slightly underperformed its benchmark despite its somewhat more
aggressive nature. Aiding the Fund's relative return were well-timed moves
in the Energy sector, coupled with advantageous stock selection within that
segment. We enjoyed strong performance from our energy holdings up until
July, when we cut our stake in them based on concerns with regard to the
trading in the actual commodity. That strategic decision proved beneficial
because Energy stocks suffered steep declines in the final months of the
period as oil prices plunged. In contrast, we lost ground by having a
larger-than-index exposure to the economically sensitive Industrial sector,
which posted steeper-than-index losses amid concerns about the severity of
the slowing U.S. and global economies. Stock selection in the Health Care
and Consumer Discretionary sectors also detracted.

Q. What were the best-performing holdings for the Fund during the period?

A. FLIR Systems, which makes infrared imaging cameras for commercial and
military use, benefited from rising profits as the company's sales to
government agencies surged. Shares of First Solar also were buoyed by
better-than-expected profits and revenues, as well as strong investor
demand for the stock amid the global search for alternative energy sources.
We sold the stock given its high trading correlation to the price of oil.
Farm and equipment construction maker CNH Global NV also rose in response
to strong earnings growth at the company as this position was sold well
ahead of the selloff in Industrials. Gilead Sciences, a leading maker of
life-saving treatments for AIDS and HIV was another good performer, boosted
by strong sales. We also enjoyed gains from U.S. Steel, which performed
well as the price of that commodity rose to over $1000 per ton. We sold the
stock to lock in substantial profits.

Q. What were the weakest performing holdings?

A. The biggest detractor was Intuitive Surgical, maker of surgical robots. Its
stock price suffered, unfairly in our view, even after beating earnings
expectations. Holdings in Thermo Fisher Scientific slipped on lower sales
outlook and weaker-than-expected revenues. We also lost ground by owning
engineering and construction firm KBR, initiating positions just prior to
the meltdown in Industrials. Shares of financial exchange operator CME
Group--parent of the Chicago Mercantile Exchange, the Chicago Board of
Trade and the New York Mercantile exchange, posted losses in response to
worries that trading volumes might decline.

Q. How was the portfolio positioned as of October 31, 2008?

A. We believe that domestic growth stocks should resume their leadership on a
relative basis--just as they did last year--once the credit markets thaw.
At the end of the period, the Fund was positioned in early cycle industries
that we believe are likely to be the first beneficiaries in any economic
and market recovery. We have focused the portfolio on quality Financials,
which we think have the opportunity to gain significant market share,
Consumer Discretionary and Consumer Staples stocks, and Health Care names.

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

(PERFORMANCE GRAPH)

ASTON/VEREDUS SELECT GROWTH
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/VEREDUS RUSSELL 1000 LARGE GROWTH
SELECT GROWTH FUND GROWTH INDEX CATEGORY
------------------ ------------ --------------

Dec-01 10,000 10,000 10,000
Apr-02 9,030 8,946 9,155
Oct-02 7,290 7,347 7,470
Apr-03 7,550 7,662 7,736
Oct-03 9,330 8,950 9,052
Apr-04 9,700 9,320 9,303
Oct-04 10,310 9,252 9,363
Oct-05 11,880 10,067 10,321
Oct-06 13,094 11,159 11,256
Oct-07 16,778 13,304 13,683
Oct-08 10,219 8,388 8,352

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (39.09)%
Five Year 1.84%
Since Inception 0.32%

Inception Date 12/31/01

Average Annual Total Returns - Class I

One Year (38.96)%
Five Year N/A
Since Inception (6.93)%

Inception Date 09/11/06

THE FUND'S 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 HAD NOT BEEN IN EFFECT.

Aston Funds
VEREDUS SELECT GROWTH FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 1%
HEALTH CARE 30%
FINANCIALS 18%
CONSUMER DISCRETIONARY 17%
INDUSTRIALS 16%
INFORMATION TECHNOLOGY 13%
CONSUMER STAPLES 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.92%
CONSUMER DISCRETIONARY - 17.33%
52,500 Big Lots * ....................................... $ 1,282,575
49,475 Guess? ........................................... 1,077,071
102,400 Hasbro ........................................... 2,976,768
95,700 Kohl's * ......................................... 3,361,941
79,125 McDonald's ....................................... 4,583,711
52,200 Urban Outfitters * ............................... 1,134,828
--------------
14,416,894
--------------
CONSUMER STAPLES - 4.63%
68,900 Wal-Mart Stores .................................. 3,845,309
--------------
FINANCIALS - 18.20%
7,600 CME Group ........................................ 2,144,340
111,100 Hudson City Bancorp .............................. 2,089,791
82,000 JPMorgan Chase ................................... 3,382,500
129,700 U.S. Bancorp ..................................... 3,866,357
107,400 Wells Fargo ...................................... 3,656,970
--------------
15,139,958
--------------
HEALTH CARE - 30.44%
55,900 Abbott Laboratories .............................. 3,082,885
26,300 Amgen * .......................................... 1,575,107
59,750 Covidien ......................................... 2,646,327
59,800 Express Scripts * ................................ 3,624,478
88,200 Illumina * ....................................... 2,719,206
23,450 Intuitive Surgical * ............................. 4,051,926
101,300 St. Jude Medical * ............................... 3,852,439
92,700 Thermo Fisher Scientific * ....................... 3,763,620
--------------
25,315,988
--------------
INDUSTRIALS - 15.79%
53,100 Burlington Northern Santa Fe ..................... 4,729,086
200,200 Delta Air Lines * ................................ 2,198,196
80,000 Jacobs Engineering Group * ....................... 2,914,400
56,380 Stericycle * ..................................... 3,294,283
--------------
13,135,965
--------------

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

INFORMATION TECHNOLOGY - 12.53%
117,700 FLIR Systems * ................................... $ 3,778,170
172,700 NCR * ............................................ 3,156,956
91,200 QUALCOMM ......................................... 3,489,312
--------------
10,424,438
--------------
TOTAL COMMON STOCKS
(Cost $97,185,194) ............................ 82,278,552
--------------
INVESTMENT COMPANY - 3.69%
3,070,361 BlackRock Liquidity Funds
TempCash Portfolio ............................ 3,070,361
--------------
TOTAL INVESTMENT COMPANY
(Cost $3,070,361) ............................. 3,070,361
--------------
TOTAL INVESTMENTS - 102.61%
(Cost $100,255,555)** ...................................... 85,348,913
--------------
NET OTHER ASSETS AND LIABILITIES - (2.61)% .................... (2,167,254)
--------------
NET ASSETS - 100.00% .......................................... $ 83,181,659
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $102,241,242.

Gross unrealized appreciation .. $ 548,129
Gross unrealized depreciation .. (17,440,458)
------------
Net unrealized depreciation .... $(16,892,329)
============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
GROWTH FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Robert E. Canakaris, CFA, CIC*

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Equity markets declined sharply during the year as fears intensified that
the ongoing deleveraging of the global financial system would negatively
affect economic growth around the world. Although the Fund's absolute
returns suffered as a result, our performance held up substantially better
than our benchmarks. Much of that outperformance can be attributed to our
balanced approach of investing in companies that could perform well as the
economy slowed as well as companies poised to benefit from longer-term, or
secular trends. In particular, substantial overweight positions in Consumer
Staples and Health Care stocks--two of the market's best-performing
groups--significantly aided performance. Similarly, underweight positions
in Financials and Consumer Discretionary stocks--two sectors that
lagged--worked to our advantage. Stock selection across many industry
sectors was also positive, particularly among Consumer Discretionary
companies. In contrast, stock selection among Technology stocks detracted
from our relative results.

Q. What were the best-performing holdings for the Fund during the period?

A. Fast-food chain McDonald's was one of our best performers as it grew faster
than rivals and posted financial results that surpassed Wall Street
estimates. Our holdings in Nike fared comparatively well, thanks to
better-than-expected earnings that were bolstered by stronger sales
worldwide. Health Care companies Gilead Sciences and Abbott Laboratories
also contributed to the Fund's outperformance as investors increasingly
gravitated toward the sector due to its reputation for providing safe haven
in difficult economic environments. Biotech company Gilead also was helped
by strong sales of its HIV drugs while Abbott was propelled by its
arthritis medicine and new drug-coated stent. Warehouse chain Costco Corp.
held up better than most retailers as consumers purchased bulk items in an
attempt to save money.

Q. What were the weakest-performing holdings?

A. The deteriorating environment for consumer spending weighed on Apple and
Research in Motion, the maker of the Blackberry and other communications
devices. Likewise, rapidly declining demand for personal computers hurt our
holdings in Hewlett-Packard Co. Our stake in QUALCOMM worked against us as
well. We also lost ground holding Schlumberger and Halliburton in response
to declining oil prices and growing worries that exploration and production
would be curtailed.

Q. How was the portfolio positioned as of October 31, 2008?

A. We continued to maintain a balance between companies that we believe can
outperform during challenging economic conditions and those that can
benefit from longer-term, secular trends. We believe that we are in the
later phases of a bear market and still in the early stages of a major
rotation into large capitalization growth stocks. The S&P 500 Index has
declined more than 45% peak to trough during the past year, suggesting a
good amount of economic and corporate profit weakness already has been
discounted by investors and that stock market valuations are quite
reasonable. Most importantly, the outlook remains--in our view--very good
for high-quality large capitalization growth stocks, which could mitigate
the overall stock market's risk and contribute to its upside potential.

* As of January 1, 2008, Montag & Caldwell became the Sub-Adviser for the
Fund.

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

(PERFORMANCE GRAPH)

ASTON/ABN AMRO GROWTH FUND - CLASS N
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/ RUSSELL 1000 LARGE GROWTH
GROWTH FUND - CLASS N SHARES GROWTH INDEX CATEGORY
---------------------------- ------------ ------------------

Dec-93 10,000 10,000 10,000
Oct-94 10,173 10,607 10,439
Oct-95 13,088 13,705 13,016
Oct-96 16,619 16,727 15,530
Oct-97 20,801 21,824 19,782
Oct-98 26,090 27,202 22,874
Oct-99 33,321 36,518 31,321
Oct-00 39,858 39,925 36,661
Oct-01 29,514 23,975 23,229
Oct-02 26,929 19,271 19,061
Oct-03 30,689 23,474 23,097
Oct-04 31,589 24,268 23,887
Oct-05 32,971 26,406 26,333
Oct-06 34,800 29,268 28,716
Oct-07 38,923 34,896 34,910
Oct-08 25,783 22,002 21,309

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (33.76)%
Five Year (3.42)%
Ten Year (0.12)%

Inception Date 12/13/93

Average Annual Total Returns - Class I

One Year (33.61)%
Five Year (3.15)%
Since Inception (3.99)%

Inception Date 07/31/00

Average Annual Total Returns - Class R

One Year (33.93)%
Five Year (3.63)%
Since Inception (0.52)%

Inception Date 12/31/02

Aston Funds
GROWTH FUND

SCHEDULE OF INVESTMENTS OCTOBER 31, 2008

(PIE CHART)

INDUSTRIALS 5%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
CONSUMER STAPLES 27%
INFORMATION TECHNOLOGY 23%
HEALTH CARE 17%
ENERGY 12%
CONSUMER DISCRETIONARY 8%
FINANCIALS 6%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.23%
CONSUMER DISCRETIONARY - 8.36%
95,917 Johnson Controls ................................. $ 1,700,608
151,216 McDonald's ....................................... 8,759,943
92,609 NIKE, Class B .................................... 5,337,057
--------------
15,797,608
--------------
CONSUMER STAPLES - 27.29%
181,621 Coca-Cola ........................................ 8,002,221
66,306 Colgate-Palmolive ................................ 4,161,365
92,808 Costco Wholesale ................................. 5,290,984
255,727 CVS Caremark ..................................... 7,838,033
135,014 PepsiCo .......................................... 7,697,148
141,017 Procter & Gamble ................................. 9,101,237
169,718 Wal-Mart Stores .................................. 9,471,962
--------------
51,562,950
--------------
ENERGY - 11.65%
149,615 Cameron International * .......................... 3,629,660
54,104 Devon Energy ..................................... 4,374,849
191,324 Halliburton ...................................... 3,786,302
74,208 Occidental Petroleum ............................. 4,121,512
118,012 Schlumberger ..................................... 6,095,320
--------------
22,007,643
--------------
FINANCIALS - 5.68%
340,535 Charles Schwab ................................... 6,511,029
124,113 Wells Fargo ...................................... 4,226,048
--------------
10,737,077
--------------
HEALTH CARE - 16.87%
163,719 Abbott Laboratories .............................. 9,029,103
99,614 Allergan ......................................... 3,951,687
151,416 Gilead Sciences * ................................ 6,942,424
386,340 Schering-Plough .................................. 5,598,067
118,814 Stryker .......................................... 6,351,796
--------------
31,873,077
--------------

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

INDUSTRIALS - 5.22%
153,416 Emerson Electric ................................. $ 5,021,306
121,500 Fluor ............................................ 4,851,495
--------------
9,872,801
--------------
INFORMATION TECHNOLOGY - 23.16%
74,805 Apple * .......................................... 8,048,270
94,700 Electronic Arts * ................................ 2,157,266
23,200 Google, Class A * ................................ 8,337,152
194,118 Hewlett-Packard .................................. 7,430,837
319,130 Juniper Networks * ............................... 5,980,496
238,725 QUALCOMM ......................................... 9,133,618
53,007 Research In Motion * ............................. 2,673,143
--------------
43,760,782
--------------
TOTAL COMMON STOCKS
(Cost $232,560,602) ........................... 185,611,938
--------------
INVESTMENT COMPANY - 0.66%
1,249,212 BlackRock Liquidity Funds
TempCash Portfolio ............................ 1,249,212
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,249,212) ............................. 1,249,212
--------------
TOTAL INVESTMENTS - 98.89%
(Cost $233,809,814)** ...................................... 186,861,150
--------------
NET OTHER ASSETS AND LIABILITIES - 1.11% ...................... 2,100,050
--------------
NET ASSETS - 100.00% .......................................... $ 188,961,200
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $236,626,828.

Gross unrealized appreciation .. $ 3,217,753
Gross unrealized depreciation .. (52,983,431)
--------------
Net unrealized depreciation .... $ (49,765,678)
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Andrew J. Goodwin & Keith F. Pinsoneault, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. The pressure on the stock market caused by the credit crunch and slowing
global economy had a negative impact on the Fund's holdings on both an
absolute and relative basis. In particular, the Fund's overweightings in
sectors that proved to be the most sensitive to slowing global economic
conditions--namely the Materials, Industrials, Technology and Energy
groups--that had contributed to our strong performance in the prior year
detracted from both our absolute and relative returns during the past 12
months. Although we significantly reduced our stake in these groups as the
economy weakened, they continued to weigh on performance. In contrast,
larger-than-benchmark stakes in the Health Care and Consumer sectors
bolstered our returns as they outperformed the benchmark.

Q. What were the best-performing holdings for the Fund during the period?

A. Investments in St. Jude Medical and DaVita were two of our best performers.
St. Jude Medical, a leading medical device manufacturer, posted attractive
and consistent revenue and earnings growth over the past year which, in
turn, was fueled in part by numerous product introductions. Kidney-dialysis
provider DaVita was bolstered by its ability to match Wall Street's
expectations for earnings growth. Shares in oil service companies ENSCO
International and Transocean fared comparatively well thanks to high oil
and gas prices throughout much of the period. Among consumer-related
holdings, Colgate-Palmolive appreciated nicely, due in large measure to
strong results in many of its personal care lines. Despite a late-period
decline in consumer spending, electronics retailer Best Buy performed
comparatively well, buoyed by its ability to win out over weaker rivals.
DirecTV Group Inc. benefited from subscriber growth which was stoked by
interest in high-definition programming, sports packages and digital video
recording features. Its strong returns were also based on the prospects of
improvement in its competition with the cable companies.

Q. What were the weakest-performing holdings?

A. Mining giant BHP Billiton declined as metal prices dropped and the global
economy slowed. Likewise, Freeport-McMoRan Copper & Gold, an explorer,
miner and producer of gold and copper, came under pressure as commodity
prices declined rapidly in the final months of the period. Specialty glass
maker Corning detracted from returns, hurt by slowing demand for
flat-screen televisions. We also lost ground owning Goldman Sachs Group and
Morgan Stanley, both of which were hurt by the fallout of the credit
crisis.

Q. How was the portfolio positioned as of October 31, 2008?

A. The portfolio was positioned for the prospects of continued credit and
economic difficulties. In particular, we had a reduced exposure to the more
economically cyclical sectors and an increased exposure to Health Care,
Consumer and Finance companies that we believe can outperform if the
economic environment remains challenging, as we believe it will over the
near term. We've tilted the portfolio in favor of companies that can
benefit from a rebound of the U.S. economy, because we believe it will
improve earlier than other parts of the world. Nevertheless, we continue to
invest in global companies that will benefit from the eventual recovery in
the global economy.

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

(PERFORMANCE GRAPH)

ASTON/OPTIMUM LARGE CAP OPPORTUNITY
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/ OPTIMUM S&P LARGE GROWTH
LARGE CAP OPPORTUNITY- CLASS N 500 INDEX CATEGORY
------------------------------ --------- ------------

Dec-06 10,000 10,000 10,000
Jan-07 10,210 10,151 10,231
Apr-07 11,210 10,509 10,527
Jul-07 11,570 10,363 10,634
Oct-07 12,560 11,086 11,839
Oct-08 6,795 7,086 7,226

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

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

RETURNS FOR PERIOD ENDED 10/31/08
Average Annual Total Returns - Class N

One Year (45.90)%
Since Inception (18.90)%

Inception Date 12/28/2006

Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

TELECOMMUNICATION SERVICES 4%
MATERIALS 2%
INFORMATION TECHNOLOGY 19%
HEALTH CARE 17%
CONSUMER DISCRETIONARY 15%
INDUSTRIALS 14%
ENERGY 14%
FINANCIALS 11%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
TELECOMMUNICATION SERVICES 4%

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

COMMON STOCKS - 95.86%
CONSUMER DISCRETIONARY - 14.62%
6,600 DIRECTV Group * .................................. $ 144,474
5,825 Johnson Controls ................................. 103,277
2,200 NIKE, Class B .................................... 126,786
8,500 Staples .......................................... 165,155
--------------
539,692
--------------
ENERGY - 13.63%
3,000 ENSCO International .............................. 114,030
1,500 Transocean * ..................................... 123,495
7,200 Weatherford International * ...................... 121,536
4,000 XTO Energy ....................................... 143,800
--------------
502,861
--------------
FINANCIALS - 11.32%
3,200 ACE .............................................. 183,552
2,200 Chubb ............................................ 114,004
1,300 Goldman Sachs Group .............................. 120,250
--------------
417,806
--------------
HEALTH CARE - 17.42%
8,000 Bristol-Myers Squibb ............................. 164,400
2,975 DaVita * ......................................... 168,831
2,150 Genzyme * ........................................ 156,692
4,025 St. Jude Medical * ............................... 153,071
--------------
642,994
--------------
INDUSTRIALS - 13.90%
10,000 ABB, SP ADR ...................................... 131,500
3,200 Caterpillar ...................................... 122,144
3,575 Parker Hannifin .................................. 138,603
2,200 United Technologies .............................. 120,912
--------------
513,159
--------------

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

INFORMATION TECHNOLOGY - 19.21%
4,675 Amphenol, Class A ................................ $ 133,939
8,200 Cisco Systems * .................................. 145,714
450 Google, Class A * ................................ 161,712
5,600 MEMC Electronic Materials * ...................... 102,928
9,000 Oracle * ......................................... 164,610
--------------
708,903
--------------
MATERIALS - 1.97%
2,495 Freeport-McMoRan Copper & Gold, Class B .......... 72,605
--------------
TELECOMMUNICATION SERVICES - 3.79%
4,525 America Movil, Series L, ADR ..................... 140,003
--------------
TOTAL COMMON STOCKS
(Cost $5,179,297) ............................. 3,538,023
--------------
INVESTMENT COMPANY - 4.83%
178,198 BlackRock Liquidity Funds
TempCash Portfolio ............................ 178,198
--------------
TOTAL INVESTMENT COMPANY
(Cost $178,198) ............................................ 178,198
--------------
TOTAL INVESTMENTS - 100.69%
(Cost $5,357,495)** ........................................ 3,716,221
--------------
NET OTHER ASSETS AND LIABILITIES - (0.69)% .................... (25,485)
--------------
NET ASSETS - 100.00% .......................................... $ 3,690,736
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $5,361,766.

Gross unrealized appreciation .. $ 71,741
Gross unrealized depreciation .. (1,717,286)
--------------
Net unrealized depreciation .... $ (1,645,545)
==============

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VALUE FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Brooks A. Taylor, Johnathon W. Sage, CFA, Steven R. Gorham, CFA,
& Nevin P. Chitkara

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Against an extremely difficult investment backdrop in which the various
stock indexes posted steep declines, advantageous stock selection was the
key driver of our outperformance.

Q. What were the best-performing holdings for the Fund during the period?

A. Oracle, the world's second-largest software company, made the biggest
contribution to performance, thanks to better-than-expected financial
results throughout much of the period. Defense company Lockheed Martin was
one of the top contributors, boosted by continued great execution and
strong financial results. In the Consumer Staples sector, an eclectic mix
of companies that market household products, food and beverages and tobacco
bolstered our returns. We enjoyed particularly good performance Philip
Morris International, the world's largest publicly traded tobacco company.
NIKE was pushed higher by its attractive valuation, coupled with
much-better-than-expected financial results--characterized by broad-based
strength across its geographic regions, revenues and margins. Other
consumer-related holdings--including Swiss food conglomerate Nestle, cereal
maker Kellogg, beverage giant Diageo and tobacco company Altria--also fared
comparatively well. Advantageous stock selection also translated into
little or no exposure to some of worst-performing stocks in the benchmark.
Specifically, our avoidance of troubled insurer American International
Group (AIG) worked in our favor because it suffered steep losses. Likewise,
a major underweighting in General Electric aided our relative returns, as
the stock declined sharply due largely to concerns about the firm's
financial business.

Q. What were the weakest-performing holdings?

A. Although our decision to underweight the Financials sector worked in our
favor because the group suffered substantial losses, we weren't able to
completely sidestep the downturn that plagued the group. Our underweighting
to Financials stemmed from the difficulty we had finding high-quality
financial companies with good balance sheets and attractive valuations.
However, we were hurt by holdings in Goldman Sachs Group, which suffered
from the fallout of the collapse of Lehman Brothers and the distressed sale
of Merrill Lynch to Bank of America, plus its need to convert to a bank
holding company and raise nearly $15 billion of capital through Warren
Buffet and the public markets. Concerns about the health of insurer
Genworth Financial's business and credit exposure pushed its sales lower.
Insurers Met/Life, Allstate and Prudential Financial also detracted from
our returns. Elsewhere, we lost ground owning cruise operator Royal
Caribbean Cruises, which was hit hard by rising fuel costs earlier in the
period.

Q. How was the portfolio positioned as of October 31, 2008?

A. At the end of the period, we remained underweighted in the Financials
sectors, again due to the lack of high-quality companies with good balance
sheets and attractive valuations. At the same time, we were significantly
overweighted in Consumer Staples and Technology companies, two areas we
think will outperform. Given the current economic and financial market
realities, credit will be constrained and the need for or ability to access
credit will be a major driver of company performance. That's why we
continue to maintain our longterm perspective that emphasizes
higher-quality companies with strong balance sheets and good management
teams.

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

(PERFORMANCE GRAPH)

ASTON VALUE FUND - CLASS N
GROWTH OF $10,000 CHARTS

MORNINGSTAR(R)
ASTON VALUE RUSSELL 1000 LARGE VALUE
FUND - CLASS N SHARES VALUE INDEX CATEGORY
--------------------- ------------ -----------------

Jan-93 10,000 10,000 10,000
Dec-93 10,666 11,807 11,393
Dec-94 10,666 11,573 11,330
Dec-95 14,082 16,013 15,031
Dec-96 16,959 19,478 18,081
Dec-97 22,131 26,330 23,044
Dec-98 23,340 30,446 25,687
Dec-99 25,941 32,683 27,110
Dec-00 25,765 34,974 29,712
Oct-01 20,907 30,487 26,619
Oct-02 19,321 27,432 23,156
Oct-03 22,475 33,706 28,158
Oct-04 26,044 38,914 31,624
Oct-05 29,034 43,529 34,764
Oct-06 34,653 52,870 41,001
Oct-07 40,465 58,596 45,831
Oct-08 26,364 37,033 28,750

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (34.85)%
Five Year 3.24%
Ten Year 1.89%

Inception Date 01/04/93

Average Annual Total Returns - Class I

One Year (34.73)%
Five Year N/A
Since Inception (3.37)%

Inception Date 09/20/05

Aston Funds
VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
FINANCIALS 19%
ENERGY 15%
CONSUMER STAPLES 15%
INDUSTRIALS 11%
INFORMATION TECHNOLOGY 10%
CONSUMER DISCRETIONARY 8%
HEALTH CARE 7%
UTILITIES 6%
TELECOMMUNICATION SERVICES 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.69%
CONSUMER DISCRETIONARY - 7.63%
114,788 Disney, Walt ..................................... $ 2,973,009
28,785 Johnson Controls ................................. 510,358
142,130 Macy's ........................................... 1,746,778
71,840 NIKE, Class B .................................... 4,140,139
80,668 Omnicom Group .................................... 2,382,933
123,680 Royal Caribbean Cruises .......................... 1,677,101
29,800 Sherwin-Williams ................................. 1,695,918
20,258 Staples .......................................... 393,613
18,870 Time Warner Cable * .............................. 369,475
--------------
15,889,324
--------------
CONSUMER STAPLES - 14.52%
9,350 Clorox ........................................... 568,573
6,490 Coca-Cola ........................................ 285,949
2,800 Colgate-Palmolive ................................ 175,728
137,492 CVS Caremark ..................................... 4,214,130
65,520 Diageo, SP ADR ................................... 4,074,689
7,273 General Mills .................................... 492,673
24,100 Groupe Danone, SP ADR ............................ 269,920
13,490 Heineken NV, SP ADR .............................. 227,846
4,068 Kellogg .......................................... 205,109
17,290 Kroger ........................................... 474,783
5,610 Lorillard ........................................ 369,475
124,945 Nestle, SP ADR ................................... 4,804,135
39,158 PepsiCo .......................................... 2,232,398
170,780 Philip Morris International ...................... 7,423,807
51,380 Procter & Gamble ................................. 3,316,065
11,570 Wal-Mart Stores .................................. 645,722
18,810 Walgreen ......................................... 478,903
--------------
30,259,905
--------------
ENERGY - 15.54%
7,880 Anadarko Petroleum ............................... 278,164
47,325 Apache ........................................... 3,896,267
64,961 Chevron .......................................... 4,846,091
33,447 ConocoPhillips ................................... 1,739,913
7,875 Devon Energy ..................................... 636,772
12,010 El Paso .......................................... 116,497

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

ENERGY (CONTINUED)
117,380 Exxon Mobil ...................................... $ 8,700,206
9,390 Halliburton ...................................... 185,828
62,090 Hess ............................................. 3,738,439
64,785 Marathon Oil ..................................... 1,885,243
5,700 Noble ............................................ 183,597
99,810 Total, SP ADR .................................... 5,533,466
3,190 Ultra Petroleum * ................................ 148,494
24,070 Williams ......................................... 504,748
--------------
32,393,725
--------------
FINANCIALS - 18.60%
130,540 Allstate ......................................... 3,444,951
179,554 Bank of America .................................. 4,339,820
189,687 Bank of New York Mellon .......................... 6,183,796
47,982 Chubb ............................................ 2,486,427
5,473 Franklin Resources ............................... 372,164
185,220 Genworth Financial, Class A ...................... 896,465
53,320 Goldman Sachs Group .............................. 4,932,100
13,130 Invesco .......................................... 195,768
60,100 JPMorgan Chase ................................... 2,479,125
58,083 Merrill Lynch .................................... 1,079,763
175,160 MetLife .......................................... 5,818,815
9,030 New York Community Bancorp ....................... 141,410
48,420 Prudential Financial ............................. 1,452,600
34,680 Sovereign Bancorp ................................ 100,572
92,050 State Street ..................................... 3,990,367
4,900 SunTrust Banks ................................... 196,686
15,220 Travelers ........................................ 647,611
--------------
38,758,440
--------------
HEALTH CARE - 7.17%
5,560 Genzyme * ........................................ 405,213
50,600 Johnson & Johnson ................................ 3,103,804
154,930 Merck ............................................ 4,795,083
11,110 Merck KGaA, ADR .................................. 334,411
9,933 UnitedHealth Group ............................... 235,710
40,220 WellPoint * ...................................... 1,563,351
129,160 Wyeth ............................................ 4,156,369
7,330 Zimmer Holdings * ................................ 340,332
--------------
14,934,273
--------------
INDUSTRIALS - 11.22%
9,460 3M ............................................... 608,278
7,450 Danaher .......................................... 441,338
46,565 Eaton ............................................ 2,076,799
9,930 General Electric ................................. 193,734
33,758 Grainger (W.W.) .................................. 2,652,366
92,650 Lockheed Martin .................................. 7,879,883
109,985 Northrop Grumman ................................. 5,157,197
4,120 Timken ........................................... 65,426
7,590 United Parcel Service, Class B ................... 400,600
71,080 United Technologies .............................. 3,906,557
--------------
23,382,178
--------------
INFORMATION TECHNOLOGY 10.31%
107,405 Accenture, Class A ............................... 3,549,735
8,380 Automatic Data Processing ........................ 292,881
220 Google, Class A * ................................ 79,059
50,400 Hewlett-Packard .................................. 1,929,312
292,980 Intel ............................................ 4,687,680
49,600 International Business Machines .................. 4,611,312
17,480 Nokia, SP ADR .................................... 265,346

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

INFORMATION TECHNOLOGY (CONTINUED)
308,720 Oracle * ......................................... $ 5,646,489
5,000 Visa, Class A .................................... 276,750
9,600 Western Union .................................... 146,496
--------------
21,485,060
--------------
MATERIALS - 2.83%
6,805 Air Products and Chemicals ....................... 395,575
111,130 PPG Industries ................................... 5,509,825
--------------
5,905,400
--------------
TELECOMMUNICATION SERVICES - 4.72%
250,310 AT&T ............................................. 6,700,799
23,177 Embarq ........................................... 695,310
8,900 Rogers Communications, Class B ................... 258,901
112,859 Vodafone Group, SP ADR ........................... 2,174,793
--------------
9,829,803
--------------
UTILITIES - 6.15%
9,300 Allegheny Energy ................................. 280,395
12,810 American Electric Power .......................... 417,990
9,900 CMS Energy ....................................... 101,475
90,987 Dominion Resources ............................... 3,301,008
60,790 FPL Group ........................................ 2,871,720
18,740 NRG Energy * ..................................... 435,705
68,683 PG&E ............................................. 2,518,606
8,630 PPL .............................................. 283,237
78,030 Public Service Enterprise Group .................. 2,196,544
9,620 Sempra Energy .................................... 409,716
--------------
12,816,396
--------------
TOTAL COMMON STOCKS
(Cost $259,382,825) ........................... 205,654,504
--------------
INVESTMENT COMPANY - 1.24%
2,592,217 BlackRock Liquidity Funds
TempCash Portfolio ............................ 2,592,217
--------------
TOTAL INVESTMENT COMPANY
(Cost $2,592,217) ............................. 2,592,217
--------------
TOTAL INVESTMENTS - 99.93%
(Cost $261,975,042)** ...................................... 208,246,721
--------------
NET OTHER ASSETS AND LIABILITIES - 0.07% ...................... 144,987
--------------
NET ASSETS - 100.00% .......................................... $ 208,391,708
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $265,679,098.

Gross unrealized appreciation .. $ 3,258,436
Gross unrealized depreciation .. (60,690,813)
--------------
Net unrealized depreciation .... $ (57,432,377)
==============

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO ALL CAP FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Philip Tasho, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. All U.S. stock indexes posted steep declines during the period, and the
Fund performed in line with its benchmark. Strong stock selection in the
Consumer Discretionary, Consumer Staples and Health Care sectors, coupled
with an overweighting in the Consumer Staples sector, bolstered the Fund's
relative performance. On the flip side, subpar stock selection among
Financials, Technology and Utility companies detracted from relative
performance.

Q. What were the best-performing holdings for the Fund during the period?

A. For-profit education company Corinthian Colleges performed comparatively
well in response to favorable enrollment trends as a troubled economy and
rising unemployment prompted more workers to go back to school to learn a
new career or to upgrade skills. The company also benefited from an
internal solution to issues relating to the financing of student loans. The
stock of confectionary manufacturer Wm. Wrigley Jr. jumped on the $80 cash
buyout offer it received from Mars, Inc. Health Care systems software
provider Quality Systems was another strong performer. The company, which
aids the move toward electronic medical records, benefited from the push
toward lower costs in the health care industry.

Q. What were the weakest-performing holdings?

A. Utility company AES moved sharply lower. Investors were uncertain about the
impact the current credit freeze will have on capital-intensive businesses
like AES, which requires access to the capital markets to fund large new
projects. With the majority of its revenues coming from outside the U.S.,
fears of a global economic slowdown and a strengthening of the dollar also
put pressure on the stock. We also lost ground with U.S. money manager
Calamos Asset Management which was hurt primarily by lower assets under
management, a key driver of revenue and profit for the firm. Elsewhere in
the Financial sector, holdings in Goldman Sachs Group worked against us,
coming under substantial pressure in September as Lehman Brothers filed for
bankruptcy protection and Merrill Lynch sold itself to Bank of America as
the credit crisis expanded. Goldman Sachs Group itself suffered from the
lack of liquidity in the markets that created a selloff in the entire
industry, forcing the company to restructure and convert from an investment
bank to a more regulated bank holding company.

Q. How was the portfolio positioned as of October 31, 2008?

A. We continue to position the Fund to benefit from an eventual recovery.
Consumer Discretionary, Health Care and Consumer Staples were the three
largest sectors in the portfolio, with overweight positions relative to the
benchmark. The portfolio was underweighted in Energy. Our experience during
prior periods of market tumult forms the core of our investment philosophy
and provides us with the solutions for recovery. One of TAMRO's mantras is
to "Buy the best when they are depressed." We're focused on companies with
tenured, stable management and superior financials that have executed well
relative to their peers over the long haul because our research shows that
they not only have survived, but thrived during difficult market and
economic environments.

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

(PERFORMANCE GRAPH)

ASTON/TAMRO ALL CAP VALUE FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/TAMRO ALL CAP S&P500/CITIGROUP VALUE RUSSELL 3000 LARGE BLEND
VALUE INDEX INDEX CATEGORY
------------------- ---------------------- ------------ -----------------

Nov-00 10,000 10,000 10,000 10,000
Apr-01 10,570 10,495 9,801
Oct-01 9,689 8,599 7,483 8,397
Apr-02 10,232 8,935 8,707
Oct-02 8,525 7,241 6,409 7,162
Apr-03 9,028 7,629 7,427
Oct-03 10,459 9,038 7,928 8,607
Apr-04 11,486 9,759 9,108
Oct-04 11,627 10,345 8,705 9,319
Oct-05 12,788 11,397 9,628 10,226
Oct-06 14,463 13,742 11,204 11,735
Oct-07 16,918 15,608 12,832 13,526
Oct-08 10,701 9,671 8,136 8,498

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (36.75)%
Five Year 0.46%
Since Inception 0.86%

Inception Date 11/30/00

Aston Funds
TAMRO ALL CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

PURCHASED OPTIONS, CASH & NET
OTHER ASSETS AND LIABILITIES 2%
CONSUMER STAPLES 18%
CONSUMER DISCRETIONARY 15%
HEALTH CARE 14%
INFORMATION TECHNOLOGY 14%
FINANCIALS 14%
INDUSTRIALS 11%
ENERGY 7%
OTHER COMMON STOCKS 3%
TELECOMMUNICATION SERVICES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 97.12%
CONSUMER DISCRETIONARY -- 14.51%
1,800 Amazon.com* ...................................... $ 103,032
4,258 Apollo Group, Class A* ........................... 295,974
11,672 Comcast, Class A ................................. 183,951
16,135 Corinthian Colleges* ............................. 230,408
4,035 GameStop, Class A* ............................... 110,519
13,700 Starbucks* ....................................... 179,881
6,005 Toll Brothers* ................................... 138,836
--------------
1,242,601
--------------
CONSUMER STAPLES -- 18.31%
5,316 Coca-Cola ........................................ 234,223
6,150 Kraft Foods, Class A ............................. 179,211
6,625 Kroger ........................................... 181,923
5,135 NBTY* ............................................ 120,005
3,830 Philip Morris International ...................... 166,490
8,270 Sysco ............................................ 216,674
3,460 TreeHouse Foods* ................................. 104,700
6,535 Wal-Mart Stores .................................. 364,718
--------------
1,567,944
--------------
ENERGY -- 6.80%
1,905 Anadarko Petroleum ............................... 67,246
2,914 Exxon Mobil ...................................... 215,986
2,550 National-Oilwell Varco* .......................... 76,220
8,160 Willbros Group* .................................. 126,398
2,671 XTO Energy ....................................... 96,022
--------------
581,872
--------------
FINANCIALS -- 13.64%
8,795 Bank of America .................................. 212,575
60 Berkshire Hathaway, Class B* ..................... 230,400
1,020 Goldman Sachs Group .............................. 94,350
6,512 JPMorgan Chase ................................... 268,620
4,785 Loews ............................................ 158,910
2,900 Prudential Financial ............................. 87,000
10,845 SLM* ............................................. 115,716
--------------
1,167,571
--------------

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

HEALTH CARE -- 13.99%
2,840 Allergan ......................................... $ 112,663
2,105 Amgen* ........................................... 126,068
6,015 Cerner* .......................................... 223,938
3,160 Genentech* ....................................... 262,090
1,910 Johnson & Johnson ................................ 117,159
1,525 Laboratory Corp. of America Holdings* ............ 93,772
11,143 Schering-Plough .................................. 161,462
2,585 WellPoint* ....................................... 100,479
--------------
1,197,631
--------------
INDUSTRIALS -- 11.06%
4,620 Argon ST* (a) .................................... 96,373
8,185 Baldor Electric .................................. 143,729
2,645 Danaher .......................................... 156,690
3,485 Raytheon ......................................... 178,118
3,805 United Parcel Service, Class B ................... 200,828
3,120 United Technologies .............................. 171,475
--------------
947,213
--------------
INFORMATION TECHNOLOGY -- 13.66%
3,975 Corning .......................................... 43,049
7,060 Electronic Arts* ................................. 160,827
10,025 EMC* ............................................. 118,094
3,325 F5 Networks* ..................................... 82,526
505 Google, Class A* ................................. 181,477
725 International Business Machines .................. 67,403
6,140 Oracle* .......................................... 112,301
6,270 Quality Systems .................................. 241,332
3,510 Salesforce.com* .................................. 108,670
4,290 Symantec * ....................................... 53,968
--------------
1,169,647
--------------
MATERIALS -- 0.99%
2,646 duPont (E. I.) de Nemours ........................ 84,672
--------------
TELECOMMUNICATION SERVICES -- 2.41%
6,965 Verizon Communications ........................... 206,652
--------------
UTILITIES -- 1.75%
18,775 AES * ............................................ 149,637
--------------
TOTAL COMMON STOCKS
(Cost $9,419,019) ............................. 8,315,440
--------------

NUMBER OF
CONTRACTS
- ----------

PURCHASED OPTIONS -- 0.37%
180 Coca-Cola - Call Strike @ $70
Exp 01/10 ..................................... 15,750
65 Coca-Cola - Call Strike @ $60
Exp 01/10 ..................................... 15,600
--------------
TOTAL PURCHASED OPTIONS
(Cost $49,739) ................................ 31,350
--------------

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

INVESTMENT COMPANY -- 2.24%
192,313 BlackRock Liquidity Funds
TempCash Portfolio ............................ 192,313
--------------
TOTAL INVESTMENT COMPANY
(Cost $192,313) ............................... 192,313
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO ALL CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

MARKET
VALUE
--------------

TOTAL INVESTMENTS -- 99.73%
(Cost $9,661,071)** ........................................ $ 8,539,103
--------------
NET OTHER ASSETS AND LIABILITIES -- 0.27% ..................... 22,990
--------------
NET ASSETS -- 100.00% ......................................... $ 8,562,093
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $9,747,539.

Gross unrealized appreciation .. $ 594,767
Gross unrealized depreciation .. (1,803,203)
--------------
Net unrealized depreciation .... $ (1,208,436)
==============

(a) This security has been determined by the Advisor to be an illiquid
security. At October 31, 2008, this security amounted to $96,373 or 1.13%
of net assets.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

James C. Shircliff, CFA, Henry W. Sanders, III, CFA, & Thomas Forsha, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. The past twelve months have been extremely challenging for both the Fund
and for the broader equity market. Over the past twelve months, the results
of the Fund were dominated by three groups: Financials, Energy, and
Consumer Discretionary. Financials were the primary driver of both the
absolute and relative returns. On average, the Fund was overweight in the
sector during the period which hurt returns, but strong stock selection was
responsible for over half of the total outperformance. The poor-performing
Consumer Discretionary sector was the lone exception. The U.S. consumer has
weakened substantially in the face of severe economic pressure and the
sector included a number of the worst performing holdings in the Fund.

Q. What were the best performing holdings for the Fund during the period?

A. The two holdings with the largest positive contribution to the Fund's total
return were BB&T and Otter Tail. BB&T is a regional bank focused on the
Southeast United States. Otter Tail is an industrial conglomerate in the
Northern Midwest. The common thread with these holdings is that each was
sold during the year at a premium to the assessed absolute value. Despite
broad weakness in the Financials sector, BB&T traded up sharply in the
morning following the announcement of Treasury's Troubled Asset Relief
Program ("TARP") plan. Otter Tail benefited from Wall Street's discovery of
its involvement in the wind industry. Due to market conditions, over the
last twelve months we have focused on quickly realizing gains in positions
that trade at a premium.

Q. What were the weakest performing holdings?

A. The two holdings with the highest negative contribution to the Fund's total
return were General Electric and Centerplate. General Electric has missed
projected earnings in each of the last two quarters. Concerns about the
firm's ability to weather the liquidity crunch were mitigated in part by
U.S. government intervention. Now the firm must deal with both rising
credit losses and a global recession. We trimmed the position significantly
in the last twelve months and are closely watching the dividend policy.
Centerplate, a provider of food services for sports facilities and
convention centers in the U.S., was forced to raise capital in the midst of
the credit market turmoil following the Bear Stearns collapse. The position
was exited immediately following the firm's announcement that they were
eliminating the dividend.

Q. How was the portfolio positioned as of October 31, 2008?

A. Last year we discussed our belief that the consumer and the U.S. economy
would remain pressured by high energy prices, tight credit standards, and
declining real estate values. While our outlook has materially improved, we
remain cautious about the short-term macroeconomic environment. After a
series of missteps over the last year, we are finally seeing a massive,
coordinated, global policy response. Given the proper amount of time, it is
likely these policies will succeed in the goal to stabilize the system.
Within the Fund, we are working to balance the short-term risk versus the
long-term opportunity. We are not targeting any specific sectors, instead
focusing on the specific dividend policies of individual companies. While
the market correction has significantly expanded the universe of
high-yielding companies, we have been concentrating on firms that have
demonstrated their ability and commitment to increase the dividend despite
the economic environment. We believe that this approach will address the
short-term concerns while positioning the Fund to profit from the
inevitable market recovery.

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

(PERFORMANCE GRAPH)

ASTON/RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS N
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/RIVER ROAD RUSSELL MID-CAP VALUE
DIVIDEND ALL CAP VALUE.- CLASS N 3000 VALUE INDEX CATEGORY
-------------------------------- ---------------- -------------------

Jun-05 10,000 10,000 10,000
Jul-05 10,331 10,410 10,444
Oct-05 10,030 10,206 10,080
Oct-06 12,408 11,877 11,804
Oct-07 13,759 13,071 13,169
Oct-08 10,069 8,324 8,147

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (26.82)%
Since Inception 0.21%

Inception Date 06/28/05

Average Annual Total Returns - Class I

One Year (26.66)%
Since Inception (21.56)%

Inception Date 06/28/07

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CLOSED-END FUND 1%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
FINANCIALS 21%
ENERGY 20%
CONSUMER STAPLES 12%
CONSUMER DISCRETIONARY 11%
OTHER COMMON STOCKS 9%
UTILITIES 8%
INDUSTRIALS 8%
INFORMATION TECHNOLOGY 6%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 94.97%
CONSUMER DISCRETIONARY -- 10.51%
22,650 Autoliv .......................................... $ 483,796
12,800 Barnes & Noble ................................... 241,664
13,375 Carnival ......................................... 339,725
19,625 Cato, Class A .................................... 304,580
35,675 CBRL Group ....................................... 710,646
43,525 Gentex ........................................... 417,405
18,500 Genuine Parts .................................... 727,975
21,950 Harley-Davidson .................................. 537,336
13,025 Hillenbrand ...................................... 247,475
38,075 International Game Technology .................... 533,050
18,450 Oxford Industries ................................ 248,522
11,500 VF ............................................... 633,650
--------------
5,425,824
--------------
CONSUMER STAPLES -- 12.16%
18,450 Clorox ........................................... 1,121,945
15,325 General Mills .................................... 1,038,116
22,725 Industrias Bachoco, SP ADR ....................... 443,365
13,025 Kimberly-Clark ................................... 798,302
29,575 McCormick & Co (Non-Voting Shares) ............... 995,495
18,125 PepsiCo .......................................... 1,033,306
13,200 Procter & Gamble ................................. 851,928
--------------
6,282,457
--------------
ENERGY -- 19.93%
28,350 Alliance Resource Partners LP .................... 907,200
33,025 Boardwalk Pipeline Partners LP ................... 792,600
25,800 BreitBurn Energy Partners LP ..................... 289,992
23,900 Chevron .......................................... 1,782,940
59,225 Encore Energy Partners LP ........................ 1,050,059
28,150 Eni, SP ADR ...................................... 1,352,608
28,550 Magellan Midstream Partners LP ................... 1,022,090
35,610 MarkWest Energy Partners LP ...................... 646,322
28,300 Patterson-UTI Energy ............................. 375,541

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

ENERGY (CONTINUED)
53,050 Spectra Energy ................................... $ 1,025,457
14,350 TC Pipelines LP .................................. 383,576
23,400 TEPPCO Partners LP ............................... 666,198
--------------
10,294,583
--------------
FINANCIALS -- 21.41%
11,695 Allstate ......................................... 308,631
13,400 American Capital ................................. 188,270
15,875 Associated Bancorp ............................... 350,203
20,425 Bank of America .................................. 493,672
17,175 Carey LP (W.P.) .................................. 395,025
12,150 Cincinnati Financial ............................. 315,779
46,490 Gallagher (Arthur J.) ............................ 1,132,496
22,100 Host Marriott .................................... 228,514
64,075 Medallion Financial .............................. 518,367
29,600 National Retail Properties ....................... 527,768
68,200 NGP Capital Resources ............................ 828,630
9,075 PartnerRe ........................................ 614,287
47,275 People's United Financial ........................ 827,313
44,875 Prospect Capital ................................. 564,528
33,000 Realty Income .................................... 762,960
16,400 Safety Insurance Group ........................... 623,036
35,300 U.S. Bancorp ..................................... 1,052,293
32,075 Whitney Holding .................................. 609,425
21,800 Zenith National Insurance ........................ 716,348
--------------
11,057,545
--------------
HEALTH CARE -- 2.54%
16,300 Johnson & Johnson ................................ 999,842
17,725 Pfizer ........................................... 313,910
--------------
1,313,752
--------------
INDUSTRIALS -- 7.81%
6,325 3M ............................................... 406,698
38,250 General Electric ................................. 746,258
18,025 PACCAR ........................................... 527,051
13,800 United Parcel Service, Class B ................... 728,364
52,075 Waste Management ................................. 1,626,302
--------------
4,034,673
--------------
INFORMATION TECHNOLOGY -- 6.43%
26,325 Automatic Data Processing ........................ 920,059
52,825 Intel ............................................ 845,200
54,875 Methode Electronics .............................. 416,501
11,225 Microsoft ........................................ 250,654
24,050 Paychex .......................................... 686,387
30,175 Seagate Technology ............................... 204,285
--------------
3,323,086
--------------
MATERIALS -- 3.65%
24,075 Dow Chemical ..................................... 642,080
13,650 Nucor ............................................ 552,962
48,550 RPM International ................................ 689,410
--------------
1,884,452
--------------
TELECOMMUNICATION SERVICES -- 2.55%
44,325 Verizon Communications ........................... 1,315,123
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

UTILITIES -- 7.98%
13,875 ALLETE ........................................... $ 485,625
50,025 Duke Energy ...................................... 819,410
19,650 Integrys Energy Group ............................ 936,716
32,500 Portland General Electric ........................ 666,900
35,350 Southern ......................................... 1,213,919
--------------
4,122,570
--------------
TOTAL COMMON STOCKS
(Cost $59,238,086) ............................ 49,054,065
--------------
CLOSED-END FUND -- 0.69%
FINANCE -- 0.69%
41,950 First Trust/Four Corners Senior
Floating Rate Income Fund II .................. 354,478
--------------
TOTAL CLOSED-END FUND
(Cost $681,192) ............................... 354,478
--------------
INVESTMENT COMPANY -- 2.53%
1,305,552 BlackRock Liquidity Funds
TempFund Portfolio ............................ 1,305,552
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,305,552) ............................. 1,305,552
--------------
TOTAL INVESTMENTS -- 98.19%
(Cost $61,224,830)* ........................................ 50,714,095
--------------
NET OTHER ASSETS AND LIABILITIES -- 1.81% ..................... 934,656
--------------
NET ASSETS -- 100.00% ......................................... $ 51,648,751
==============

- ----------
* Aggregate cost for Federal income tax purposes is $62,020,244.

Gross unrealized appreciation .. $ 630,071
Gross unrealized depreciation .. (11,936,220)
------------
Net unrealized depreciation .... $(11,306,149)
============

LP Limited Partnership
SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OPTIMUM MID CAP FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Thyra E. Zerhusen

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. We outperformed in the early stages of the credit crisis due to our
underweighting in housing-related stocks. As the crisis broadened to
encompass the entire Financial sector, we continued to outperform due to
our under-weighting in Financial stocks. The next stage of the broadening
crisis encompassed the entire market as realization of an impending
recession and financial deleveraging caused widespread selling pressure.
This final stage of the expanding market decline disproportionately hit
portfolios that had previously been somewhat insulated, as hedge funds and
other financial counterparties unwound their equity positions in all
sectors in a forced move to raise cash. These liquidations affected the
Energy and Technology sectors where we are somewhat overweighted, which had
been the favored refuge of investors in the growing financial crisis.

Q. What were the best performing holdings for the Fund during the period?

A. Our best performers were led by companies that were taken over during the
period, including Cognos, Andrew, and Tektronix. Diebold also received a
takeover offer by United Technologies. Fortunately, we sold Diebold after
the takeover was announced, as the offer was later withdrawn. Other strong
performers were Edwards Lifesciences, a medical device company which was
boosted by an improved earnings outlook based on anticipated new products,
and Werner Enterprises, a trucking and logistics company, benefitted along
with other transportation stocks from a reversal of skyrocketing fuel
costs.

Q. What were the weakest performing holdings?

A. Energy stocks were among our biggest disappointments as economic concerns
raised questions about the strength of global demand going forward and some
large hedge funds unwound their positions in the group. In particular,
Chicago Bridge & Iron and FMC Technologies were down sharply due to the
indiscriminate selling pressure and rotation out of Energy. These companies
are among the best energy infrastructure plays with multi-year backlogs
only marginally affected by the decline in oil prices. In the Technology
sector, which was battered at period end by concerns over a global economic
slowdown, shares of Akamai Technologies participated in the decline and
became significantly undervalued.

Q. How was the Fund positioned at the end of the period?

A. We believe the Fund is very well positioned to benefit from the eventual
strengthening of the market. The current market turbulence has created
unusual opportunities and we have added to many existing holdings to take
advantage of these very attractive valuations. We are long-term investors
with an investment horizon of several years. We have not changed our
philosophy or process and continue to believe that attractive valuations,
low debt levels, geographic diversification and sustained earnings
resilience are key attributes to identifying attractive investments. Only
once during the almost ten years since we have been managing this Fund have
valuations been this attractive on a price/earnings to growth rate basis
(September 30, 2002). We believe performance will rebound when the recent
indiscriminate selling pressure subsides.

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

(PERFORMANCE GRAPH)

ASTON/OPTIMUM MID CAP FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/OPTIMUM S&P 400 MID-CAP BLEND
MID CAP FUND MID-CAP INDEX CATEGORY
------------- ------------- --------------

Sep-94 10,000 10,000 10,000
Oct-94 10,250 9,921 10,009
Oct-95 12,189 12,025 11,949
Oct-96 15,420 14,111 14,111
Oct-97 20,582 18,721 18,456
Oct-98 18,413 19,974 18,312
Oct-99 18,840 24,180 22,248
Oct-00 26,201 31,833 27,839
Oct-01 27,097 27,870 24,785
Oct-02 24,963 26,538 22,933
Oct-03 35,359 34,661 30,150
Oct-04 40,338 38,487 33,720
Oct-05 42,124 45,280 38,512
Oct-06 51,136 51,361 44,474
Oct-07 64,981 60,103 51,336
Oct-08 37,361 38,190 31,243

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (42.50)%
Five Year 1.11%
Ten Year 7.33%

Inception Date 09/19/94

Average Annual Total Returns - Class I

One Year (42.39)%
Five Year N/A
Since Inception (2.16)%

Inception Date 07/06/04

Aston Funds
OPTIMUM MID CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

MATERIALS 3%
FINANCIALS 3%
CONSUMER STAPLES 2%
INFORMATION TECHNOLOGY 27%
INDUSTRIALS 18%
CONSUMER DISCRETIONARY 18%
HEALTH CARE 16%
ENERGY 8%
CASH & NET OTHER ASSETS AND LIABILITIES 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 94.64%
CONSUMER DISCRETIONARY -- 17.71%
2,493,900 Belo, Class A .................................... $ 5,312,007
809,340 BorgWarner ....................................... 18,185,870
1,521,400 Interpublic Group * .............................. 7,896,066
115,600 Magna International, Class A ..................... 3,908,436
1,046,200 Mattel ........................................... 15,713,924
2,929,300 New York Times, Class A .......................... 29,293,000
1,491,200 Pearson, SP ADR .................................. 15,090,944
605,857 Scholastic ....................................... 11,250,764
--------------
106,651,011
--------------
CONSUMER STAPLES -- 1.84%
144,500 Bunge ............................................ 5,550,245
148,900 Molson Coors Brewing, Class B .................... 5,562,904
--------------
11,113,149
--------------
ENERGY -- 8.09%
552,185 Compagnie Generale de Geophysique-Veritas,
SP ADR * ...................................... 8,973,008
1,208,000 Denbury Resources * .............................. 15,353,680
696,246 FMC Technologies * ............................... 24,361,648
--------------
48,688,336
--------------
FINANCIALS -- 2.66%
285,045 Cincinnati Financial ............................. 7,408,320
392,200 Eaton Vance ...................................... 8,628,400
--------------
16,036,720
--------------
HEALTH CARE -- 16.53%
266,600 Beckman Coulter .................................. 13,308,672
995,170 Biovail .......................................... 8,558,462
464,700 Charles River Laboratories * ..................... 16,650,201
451,800 Edwards Lifesciences * ........................... 23,873,112
330,900 Lincare Holdings * ............................... 8,719,215
624,400 Varian Medical Systems * ......................... 28,416,444
--------------
99,526,106
--------------

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

INDUSTRIALS -- 17.87%
1,142,400 Chicago Bridge & Iron ............................ $ 14,154,336
422,200 Con-way .......................................... 14,371,688
140,533 John Bean Technologies ........................... 1,177,667
711,700 Manpower ......................................... 22,155,221
2,321,100 Southwest Airlines ............................... 27,342,558
427,100 URS * ............................................ 12,552,469
805,900 Werner Enterprises ............................... 15,811,758
--------------
107,565,697
--------------
INFORMATION TECHNOLOGY -- 26.56%
1,547,500 Akamai Technologies * ............................ 22,253,050
358,200 FactSet Research Systems ......................... 13,894,578
462,900 Harris ........................................... 16,641,255
849,900 Intuit * ......................................... 21,298,494
1,933,100 Jabil Circuit .................................... 16,257,371
750,700 Lexmark International Group, Class A * ........... 19,390,581
1,052,730 Mentor Graphics * ................................ 7,727,038
632,670 Molex ............................................ 9,116,775
438,435 Molex, Class A ................................... 5,629,505
6,475,500 Unisys * ......................................... 9,842,760
881,155 Zebra Technologies * ............................. 17,834,577
--------------
159,885,984
--------------
MATERIALS -- 3.38%
467,400 FMC .............................................. 20,350,595
--------------
TOTAL COMMON STOCKS
(Cost $784,078,521) .............................. 569,817,598
--------------
INVESTMENT COMPANY -- 2.35%
14,146,609 BlackRock Liquidity Funds TempCash Portfolio ..... 14,146,609
--------------
TOTAL INVESTMENT COMPANY
(Cost $14,146,609) ............................ 14,146,609
--------------
TOTAL INVESTMENTS -- 96.99%
(Cost $798,225,130)** ...................................... 583,964,207
--------------
NET OTHER ASSETS AND LIABILITIES -- 3.01% ..................... 18,097,206
--------------
NET ASSETS -- 100.00% ......................................... $ 602,061,413
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $798,482,130.

Gross unrealized appreciation .. $ 44,473,987
Gross unrealized depreciation .. (258,991,910)
-------------
Net unrealized depreciation .... $(214,517,923)
=============

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

M. Scott Thompson, CFA & Andrew W. Jung, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Although the expanding credit crisis and growing uncertainty about the
strength of the global economy triggered a sharp correction in stock prices
and negative absolute returns for the Fund, the portfolio outpaced its
benchmark index. Our relative results stemmed largely from favorable stock
selection, particularly in the Industrial and Materials sector. What we
gained there helped to more than offset what we lost with unfavorable stock
selection in the Consumer Staples and Consumer Discretionary sectors and
our decision to overweight Energy stocks, which underperformed the index.

Q. What were the best-performing holdings for the Fund during the period?

A. Industrial fastener maker Fastenal performed comparatively well, thanks to
great execution on a new sales strategy that contributed to better than
expected sales and earnings. Another contributor to our outperformance was
Ametek, maker of electronic instruments and gauges. It benefited from
strong organic growth tied to healthy end markets like oil and gas, power
and aerospace/defense. L-3 Communications, one of the nation's largest
defense contractors, also was bolstered by financial results that beat Wall
Street expectations. Resilient sales and profits amidst the slowing economy
and deteriorating corporate profit growth helped Ecolab Inc., which
provides cleaning and pest-control services. Expeditors International of
Washington was another strong contributor, thanks to better profitability
at the freight forwarder and logistics company. The company attributed its
results to higher revenue across all three of its main business
segments--airfreight, ocean freight and customs brokers.

Q. What were the weakest-performing holdings?

A. The bulk of our worst performers were consumer related. Teen retailer
Abercrombie & Fitch was one of the biggest detractors, stumbling due to
weak demand for some of its offerings, heightened competition among teen
retailers and the consumer-spending slowdown that took its toll on most
retailers, even the historically more resilient teen space. Canadian
clothing company Gildan Activewear also detracted, hurt by operational
missteps within one of its manufacturing facilities. International Game
Technology dropped sharply, suffering from declining profits. Our holdings
in cosmetic companies worked against us. Bare Escentuals faltered from a
string of disappointing earnings results and profit warnings while Avon
Products shares fell after the company reduced profit margin goals and
investors became concerned about the impact of a stronger U.S. dollar on
the company's future financial results.

Q. How was the portfolio positioned as of October 31, 2008?

A. Clearly, we're in the midst of a U.S. and global recession, a fact that
will likely weigh on stock prices over the near term as corporate profit
growth remains sluggish. At the same time, we believe that the
unprecedented fiscal and policy actions taken by countries around the world
to help kick start the global economy ultimately will succeed. As a result,
the portfolio is relatively balanced between companies we believe can
withstand the current economic challenges and those we believe will
outperform once economic growth reignites. As always, we'll focus on
companies with proven management teams, strong competitive positioning
within their respective markets and an ability to earn high returns on
invested capital without taking on unmanageable levels of debt.

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

(PERFORMANCE GRAPH)

ASTON/M&C MID CAP GROWTH FUND
GROWTH OF $10,000

ASTON/MONTAG & MORNINGSTAR(R)
CALDWELL MID RUSSELL MID- MID-CAP GROWTH
CAP GROWTH FUND CAP GROWTH INDEX CATEGORY
--------------- ---------------- --------------

Nov-07 10,000 10,000 10,000
Jan-08 9,060 8,824 8,675
Apr-08 9,370 9,156 8,912
Jul-08 8,720 8,594 8,401
Oct-08 5,850 5,735 5,792

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative Since Inception (41.50)%

Inception Date 11/02/07

Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 3%
INFORMATION TECHNOLOGY 20%
INDUSTRIALS 19%
HEALTH CARE 18%
CONSUMER DISCRETIONARY 17%
ENERGY 9%
FINANCIALS 9%
MATERIALS 3%
CONSUMER STAPLES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 97.33%
CONSUMER DISCRETIONARY -- 16.81%
790 BorgWarner ....................................... $ 17,744
1,320 Burger King Holdings ............................. 26,242
2,590 Dick's Sporting Goods * .......................... 39,679
1,430 GameStop, Class A * .............................. 39,168
2,180 O'Reilly Automotive * ............................ 59,100
820 Polo Ralph Lauren ................................ 38,679
1,280 Tiffany .......................................... 35,136
1,840 TJX .............................................. 49,238
--------------
304,986
--------------
CONSUMER STAPLES -- 2.45%
820 Avon Products .................................... 20,361
650 Cadbury, SP ADR .................................. 24,037
--------------
44,398
--------------
ENERGY -- 9.48%
1,270 Cameron International * .......................... 30,810
395 Core Laboratories ................................ 29,112
950 Forest Oil * ..................................... 27,750
710 Oceaneering International * ...................... 20,001
925 Smith International .............................. 31,894
910 Southwestern Energy * ............................ 32,414
--------------
171,981
--------------
FINANCIALS -- 8.49%
620 Affiliated Managers Group * ...................... 28,756
1,470 Eaton Vance ...................................... 32,340
1,350 Lazard, Class A .................................. 40,730
1,770 SEI Investments .................................. 31,294
550 Zions Bancorporation ............................. 20,961
--------------
154,081
--------------
HEALTH CARE -- 18.08%
580 Bard (C.R.) ...................................... 51,185
800 Charles River Laboratories * ..................... 28,664
730 Covance * ........................................ 36,500

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

HEALTH CARE (CONTINUED)
1,340 Dentsply International ........................... $ 40,709
1,980 Hologic * ........................................ 24,235
2,130 PerkinElmer ..................................... 38,212
390 Techne ........................................... 26,918
1,070 Varian Medical Systems * ......................... 48,696
750 Waters * ......................................... 32,850
--------------
327,969
--------------
INDUSTRIALS -- 18.58%
1,530 Ametek ........................................... 50,873
1,230 Cooper Industries ................................ 38,069
820 Corrections Corp of America * .................... 15,670
1,130 Expeditors International Washington .............. 36,895
940 Fastenal ......................................... 37,844
640 Jacobs Engineering Group * ....................... 23,315
1,000 Joy Global ....................................... 28,980
400 L-3 Communications Holdings ...................... 32,468
980 Roper Industries ................................. 44,443
490 Stericycle * ..................................... 28,631
--------------
337,188
--------------
INFORMATION TECHNOLOGY -- 20.24%
1,470 Amphenol, Class A ................................ 42,116
1,950 Autodesk * ....................................... 41,555
1,310 Citrix Systems * ................................. 33,759
800 Electronic Arts * ................................ 18,224
2,180 F5 Networks * .................................... 54,108
970 Factset Research Systems ......................... 37,626
1,400 Fiserv * ......................................... 46,704
770 Juniper Networks * ............................... 14,430
1,900 NetApp * ......................................... 25,707
2,880 Xilinx ........................................... 53,050
--------------
367,279
--------------
MATERIALS -- 3.20%
1,560 Ecolab ........................................... 58,126
--------------
TOTAL COMMON STOCKS
(Cost $2,507,973) ............................. 1,766,008
--------------
INVESTMENT COMPANY -- 2.82%
51,196 BlackRock Liquidity Funds TempCash Portfolio ..... 51,196
--------------
TOTAL INVESTMENT COMPANY
(Cost $51,196) ................................ 51,196
--------------
TOTAL INVESTMENTS -- 100.15%
(Cost $2,559,169)** ........................................ 1,817,204
--------------
NET OTHER ASSETS AND LIABILITIES -- (0.15)% ................... (2,635)
--------------
NET ASSETS -- 100.00% ......................................... $ 1,814,569
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $2,609,651.

Gross unrealized appreciation... $ 6,688
Gross unrealized depreciation... (799,135)
---------
Net unrealized depreciation..... $(792,447)
=========

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
CLARIVEST MID CAP GROWTH FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Todd Wolter, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Worldwide deleveraging, tight credit markets, and government intervention
led to unusually high levels of market volatility, fanning fears that were
likely to result in a meaningful slowdown in overall corporate and
institutional business activity. Uncertainty in the equity markets and the
scarceness of liquidity contributed to a flight to the safety of U.S.
Treasuries, with nearly every other asset class suffering as a result. With
that investment backdrop in mind, the Fund performed in line with its
benchmark. Our performance was helped by advantageous stock selection among
Consumer Discretionary and Utility stocks. In contrast, the timing of our
under- and over-weighted positions in the Consumer Staples and Energy
sectors detracted from our relative returns, as did our stock selection
within these groups.

Q. What were the best-performing holdings for the Fund during the period?

A. Military contractor SAIC shares enjoyed comparatively good results, thanks
in large measure to better-than-expected financial results. Shares of
fertilizer-maker Mosaic climbed throughout much of the period, fueled by
the global commodities boom. In light of its high valuation, we sold
Mosaic, locked in profits and subsequently missed the major selloff that
plagued fertilizer stocks in the second half of the year. Payment processor
Alliance Data Systems also contributed to results, helped by
better-than-expected revenues. Holdings in telecommunications company
CenturyTel held up reasonably well, buoyed in part by its planned merger
with rival Embarq. Omnicare Inc. was another decent performer. The company,
which dispenses drugs to nursing homes and long-term care facilities, was
helped in part by higher drug prices.

Q. What were the weakest performing holdings?

A. Among the biggest detractors from performance was insurance company CIGNA,
reflecting a decline in financial performance driven largely by the impact
of falling asset prices. Cummins, a maker of, among other things, heavy
truck engines, faltered amid a brutal climate for new truck and car sales.
Semiconductor manufacturer Amkor Technology suffered from growing worries
that a global economic slowdown would result in slowing consumer and
corporate spending on technology. Chemical company, Celanese,
under-performed in the second half of the year as commodity prices
plummeted and the company issued a weak outlook. Also, CF Industries
Holdings, a manufacturer and distributor of nitrogen and phosphate
fertilizer products, experienced difficulty as the company faced the impact
of a downturn in the fertilizer market, and investor fears over the
consequences that a global economic slowdown may have on agriculture.

Q. How was the Fund positioned as of October 31, 2008?

A. Looking ahead, we believe that central banks across the globe are likely to
cut interest rates as inflation fears subside and recession fears grow,
although whether that will be enough to calm markets remains to be seen.
Leveraged investors continue to have a tough time in the current market
environment, so the prospects for significant liquidations adding to stock
price volatility are likely. At the end of the period, the Fund continued
to maintain a defensive posture, with underweights in the Consumer
Discretionary, Technology and Financial sectors and overweights in
Utilities and Health Care sectors.

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

(PERFORMANCE GRAPH)

ASTON/CLARIVEST MID CAP GROWTH FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/CLARIVEST RUSSELL MID- MID-CAP GROWTH
MID CAP GROWTH FUND CAP GROWTH INDEX CATEGORY
------------------- ---------------- --------------

Nov-07 10,000 10,000 10,000
Jan-08 8,880 8,824 8,675
Apr-08 9,030 9,156 8,912
Jul-08 8,660 8,594 8,401
Oct-08 5,710 5,735 5,792

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative since Inception (42.90)%

Inception Date 11/02/07

Aston Funds
CLARIVEST MID CAP GROWTH FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 1%
EXCHANGE TRADED FUND 1%
INDUSTRIALS 23%
HEALTH CARE 20%
INFORMATION TECHNOLOGY 17%
CONSUMER DISCRETIONARY 13%
ENERGY 8%
OTHER COMMON STOCKS 8%
CONSUMER STAPLES 5%
FINANCIALS 4%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 98.37%
CONSUMER DISCRETIONARY -- 13.13%
52 Advance Auto Parts ............................... $ 1,619
61 Apollo Group, Class A * .......................... 4,240
409 D.R. Horton ...................................... 3,018
35 DeVry ............................................ 1,984
173 Dollar Tree * .................................... 6,577
110 Foot Locker ...................................... 1,608
53 GameStop, Class A * .............................. 1,452
403 H&R Block ........................................ 7,947
40 M.D.C. Holdings .................................. 1,345
250 Pulte Homes ...................................... 2,785
145 Ross Stores ...................................... 4,740
149 TJX .............................................. 3,987
--------------
41,302
--------------
CONSUMER STAPLES -- 4.88%
19 Bunge ............................................ 730
83 Central European Distribution * .................. 2,390
128 Church & Dwight .................................. 7,564
107 Del Monte Foods .................................. 675
107 Molson Coors Brewing, Class B .................... 3,998
--------------
15,357
--------------
ENERGY -- 7.61%
121 Cimarex Energy ................................... 4,896
21 ENSCO International .............................. 798
50 FMC Technologies * ............................... 1,750
31 Hess ............................................. 1,867
98 Murphy Oil ....................................... 4,963
44 National-Oilwell Varco * ......................... 1,315
120 Noble ............................................ 3,865
94 Unit * ........................................... 3,529
50 W&T Offshore ..................................... 959
--------------
23,942
--------------

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

FINANCIALS -- 4.05%
155 Annaly Capital Management, REIT .................. $ 2,155
42 Glacier Bancorp .................................. 847
179 Hudson City Bancorp .............................. 3,367
218 Marsh & McLennan ................................. 6,392
--------------
12,761
--------------
HEALTH CARE -- 20.12%
72 Applied Biosystems ............................... 2,220
22 Cephalon * ....................................... 1,578
38 Charles River Laboratories International * ....... 1,362
357 CIGNA ............................................ 5,819
163 Express Scripts * ................................ 9,879
142 Humana * ......................................... 4,202
701 King Pharmaceuticals * ........................... 6,162
161 Medicines * ...................................... 2,806
201 Omnicare ......................................... 5,542
144 PerkinElmer ...................................... 2,583
171 Perrigo .......................................... 5,814
89 Pharmaceutical Product Development ............... 2,757
23 ResMed * ......................................... 788
134 St. Jude Medical * ............................... 5,096
148 Thermo Fisher Scientific * ....................... 6,009
27 Watson Pharmaceuticals * ......................... 707
--------------
63,324
--------------
INDUSTRIALS -- 23.44%
39 AGCO * ........................................... 1,229
205 AMETEK ........................................... 6,816
168 AMR * ............................................ 1,715
37 Brink's .......................................... 1,794
145 Bucyrus International ............................ 3,499
46 Burlington Northern Santa Fe ..................... 4,097
22 Copart * ......................................... 768
154 Cummins .......................................... 3,981
235 EMCOR Group * .................................... 4,176
92 Flowserve ........................................ 5,237
42 Fluor ............................................ 1,677
62 Genesee & Wyoming, Class A * ..................... 2,068
100 Goodrich ......................................... 3,656
69 Jacobs Engineering Group * ....................... 2,514
181 Kirby * .......................................... 6,212
116 L-3 Communications Holdings ...................... 9,416
87 Navistar International * ......................... 2,620
461 Southwest Airlines ............................... 5,431
32 URS * ............................................ 940
75 Watson Wyatt Worldwide, Class A .................. 3,185
85 Woodward Governor ................................ 2,729
--------------
73,760
--------------
INFORMATION TECHNOLOGY -- 16.84%
600 Activision Blizzard * ............................ 7,476
109 Affiliated Computer Services, Class A * .......... 4,469
131 Alliance Data Systems * .......................... 6,571
90 Altera ........................................... 1,562
314 Amkor Technology * ............................... 1,275
79 Avnet Inc * ...................................... 1,322
38 BMC Software * ................................... 981

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
CLARIVEST MID CAP GROWTH FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

INFORMATION TECHNOLOGY (CONTINUED)
120 CA ............................................... $ 2,136
108 Computer Sciences * .............................. 3,257
405 Compuware * ...................................... 2,584
109 Hewitt Associates, Class A * ..................... 3,040
227 Jabil Circuit .................................... 1,909
413 SAIC * ........................................... 7,628
143 Sybase * ......................................... 3,808
310 Take-Two Interactive Software .................... 3,677
78 Western Digital * ................................ 1,287
--------------
52,982
--------------
MATERIALS -- 4.01%
88 AK Steel Holding ................................. 1,225
98 Celanese, Series A ............................... 1,358
32 CF Industries Holdings ........................... 2,054
141 FMC .............................................. 6,139
80 Owens-Illinois * ................................. 1,830
--------------
12,606
--------------
TELECOMMUNICATION SERVICES -- 0.31%
39 CenturyTel ....................................... 979
--------------
UTILITIES -- 3.98%
91 MDU Resources Group .............................. 1,657
94 National Fuel Gas ................................ 3,402
156 Questar .......................................... 5,376
87 UGI .............................................. 2,077
--------------
12,512
--------------
TOTAL COMMON STOCKS
(Cost $407,921) ............................... 309,525
--------------
EXCHANGE TRADED FUND -- 0.98%
200 Financial Select Sector SPDR Fund ................ 3,106
--------------
TOTAL EXCHANGE TRADED FUND
(Cost $4,149) ................................. 3,106
--------------
INVESTMENT COMPANY -- 1.71%
5,375 BlackRock Liquidity Funds TempCash Portfolio ..... 5,375
--------------
TOTAL INVESTMENT COMPANY
(Cost $5,375) ................................. 5,375
--------------
TOTAL INVESTMENTS -- 101.06%
(Cost $417,445)** .......................................... 318,006
--------------
NET OTHER ASSETS AND LIABILITIES -- (1.06)% ................... (3,347)
--------------
NET ASSETS -- 100.00% ......................................... $ 314,659
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $419,593.

Gross unrealized appreciation... $ 6,169
Gross unrealized depreciation... (107,756)
---------
Net unrealized depreciation..... $(101,587)
=========

REIT Real Estate Investment Trust
SPDR Standard & Poor's Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
CARDINAL MID CAP VALUE FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Amy K. Minella, Eugene Fox III, & Robert Kirkpatrick, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. The Fund modestly outpaced its benchmark, thanks to the combination of
advantageous stock selection and the Fund's cash position. Both of these
factors more than offset where the Fund underperformed as the result of
being overweighted in the Technology and Telecommunications sectors, two of
the market's worst-performing sectors during the year.

Q. What were the best performing holdings for the Fund during the period?

A. Compass Minerals International was a key contributor, benefiting from
strengths in its two main businesses --highway salt de-icing products and
sulfate of potash. Likewise, Chesapeake Energy was helped by new energy
discoveries and high energy prices. Comstock Resources was bolstered by its
sale of a substantial interest in an offshore exploration & production
company, its drilling position in the Hainesville Shale and the substantial
rise in oil and gas prices throughout much of the period. Freight and
logistics company Pacer International was another positive, which
outperformed thanks in large part to higher earnings that were, in turn,
bolstered by fuel surcharges. We sold Compass, Chesapeake, Comstock and
Pacer when we believed they reached their full value. DRS Technologies also
performed well, buoyed by its acquisition by an Italian competitor in the
defense industry.

Q. What were the weakest performing holdings?

A. Managed health care company Coventry Healthcare suffered from earnings
declines. We sold the stock based on its declining fundamentals. Shares in
specialty metals company Carpenter Technology suffered steep losses in
response to concerns that a global economic slowdown and a protracted labor
strike at Boeing would dampen demand from its aerospace and energy
customers. Convergys, a business process outsourcing company, declined in
response to operating issues at the company and concerns about a late 2009
debt repayment. Investment manager Affiliated Managers Group declined due
to a reduction in its assets under management as global financial markets
declined. Virgin Media was hit by worries about global economy and the
level of its outstanding debt.

Q. How was the Fund positioned as of October 31, 2008?

A. The environment remains challenging and few business are likely to remain
untouched by the lack of available credit and a weakening economy. We
remain underweight the Financial sector. We do not own any banks, real
estate companies or utilities which constitute much of this sector because
of valuation and fundamental concerns. The Fund continues to hold large
positions in the Health Care sector as well as in business service and in
aerospace & defense companies, both of which are classified in the
Industrial sector. The Fund also has significant holdings in the Technology
sector. Most of the portfolio's Technology holdings are well-established
businesses with little risk of obsolescence, high levels of recurring
revenue, and lessened sensitivity to the lower level of corporate capital
spending which is expected. In addition, we recently have added to our
Consumer Staples holdings on the expectation that these businesses can be
resilient during an economic downturn and their profitability should
benefit as commodities prices decline. As always, we continue to emphasize
companies with solid long-term fundamentals that generate free cash flow
and, thus, can largely control their own fate.

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

(PERFORMANCE GRAPH)

ASTON/CARDINAL MID CAP VALUE FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/CARDINAL RUSSELL MID- MID-CAP VALUE
MID CAP VALUE FUND CAP VALUE INDEX CATEGORY
------------------ --------------- --------------

Nov-07 10,000 10,000 10,000
Jan-08 9,090 8,941 8,939
Apr-08 8,960 9,080 9,010
Jul-08 8,360 8,465 8,428
Oct-08 6,230 6,117 6,156

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative Since Inception (37.70)%

Inception Date 11/02/07

Aston Funds
CARDINAL MID CAP VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

ENERGY 4%
TELECOMMUNICATION SERVICES 4%
INFORMATION TECHNOLOGY 25%
CONSUMER DISCRETIONARY 14%
FINANCIALS 14%
HEALTH CARE 11%
INDUSTRIALS 11%
MATERIALS 7%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
CONSUMER STAPLES 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 94.96%
CONSUMER DISCRETIONARY -- 14.28%
1,511 American Eagle Outfitters ........................ $ 16,803
453 Barnes & Noble ................................... 8,553
800 Interactive Data ................................. 18,864
602 Scholastic ....................................... 11,179
1,179 Speedway Motorsports ............................. 18,805
425 Stanley Works .................................... 13,915
100 Tiffany .......................................... 2,745
1,824 Virgin Media ..................................... 10,506
2,868 Wendy's/Arby's Group, Class A .................... 10,382
--------------
111,752
--------------
CONSUMER STAPLES -- 4.84%
300 Alberto-Culver ................................... 7,719
400 Hansen Natural * ................................. 10,128
450 Smucker (J.M.) * ................................. 20,052
--------------
37,899
--------------
ENERGY -- 4.05%
429 Oceaneering International * ...................... 12,085
340 Pioneer Natural Resources ........................ 9,462
360 Plains Exploration & Production * ................ 10,152
--------------
31,699
--------------
FINANCIALS -- 13.48%
373 Affiliated Managers Group * ...................... 17,300
517 Cash America International ....................... 18,286
451 Gallagher (Arthur J.) ............................ 10,986
806 Investment Technology Group * .................... 16,450
526 Nelnet, Class A .................................. 7,695
1,328 Willis Group Holdings ............................ 34,847
--------------
105,564
--------------

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

HEALTH CARE -- 11.40%
211 Henry Schein * ................................... $ 9,877
1,378 IMS Health ....................................... 19,761
517 Laboratory Corp of America Holdings * ............ 31,790
376 Quest Diagnostics ................................ 17,597
255 West Pharmaceutical Services ..................... 10,180
--------------
89,205
--------------
INDUSTRIALS -- 10.78%
200 Alliant Techsystems * ............................ 16,508
541 Equifax .......................................... 14,109
200 L-3 Communications Holdings ...................... 16,234
946 RR Donnelley & Sons .............................. 15,675
200 Teledyne Technologies * .......................... 9,114
300 Watson Wyatt Worldwide, Class A .................. 12,741
--------------
84,381
--------------
INFORMATION TECHNOLOGY -- 25.01%
1,399 Check Point Software Technologies * .............. 28,288
2,076 Convergys * ...................................... 15,964
600 Fair Isaac ....................................... 9,354
426 Fiserv * ......................................... 14,211
610 Hewitt Associates * .............................. 17,013
910 Intuit * ......................................... 22,805
2,900 Novell * ......................................... 13,514
1,651 Progress Software * .............................. 37,874
496 Sybase * ......................................... 13,208
750 TeleTech Holdings * .............................. 6,780
1,100 Western Union .................................... 16,786
--------------
195,797
--------------
MATERIALS -- 7.33%
437 Carpenter Technology ............................. 7,910
100 Compass Minerals International ................... 5,493
592 H.B. Fuller ...................................... 10,461
720 Silgan Holdings .................................. 33,509
--------------
57,373
--------------
TELECOMMUNICATION SERVICES -- 3.79%
2,366 Frontier Communications .......................... 18,005
1,553 Windstream ....................................... 11,663
--------------
29,668
--------------
TOTAL COMMON STOCKS
(Cost $1,119,153) ............................. 743,338
--------------
INVESTMENT COMPANY -- 7.48%
58,522 BlackRock Liquidity Funds TempCash Portfolio ..... 58,522
--------------
TOTAL INVESTMENT COMPANY
(Cost $58,522) ................................ 58,522
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
CARDINAL MID CAP VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

MARKET
VALUE
--------------

TOTAL INVESTMENTS -- 102.44%
(Cost $1,177,675)** ........................................ $ 801,860
--------------
NET OTHER ASSETS AND LIABILITIES -- (2.44)% ................... (19,084)
--------------
NET ASSETS -- 100.00% ......................................... $ 782,776
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $1,177,920.

Gross unrealized appreciation... $ 3,544
Gross unrealized depreciation... (379,604)
---------
Net unrealized depreciation..... $(376,060)
=========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL-MID CAP FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

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

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. As returns indicate, the past twelve months were a challenging period for
both the Fund and the broader market. Relative to its index, six of the
Fund's ten sector groups contributed positively to performance. The best
performing sector in the Fund was Consumer Staples, and our stock selection
within that group. The weakest relative performance in the Fund came from
our underweight positions in the Financials sector, which outperformed the
broader market during the period. Additionally, several of the investments
we did make, particularly in the consumer finance and real estate
management industries, experienced large declines during the period.

Q. What were the best performing holdings for the Fund during the period?

A. The top contributing holdings were Helmerich & Payne and Dollar Tree.
Helmerich & Payne, one of the largest land and offshore platform drilling
contractors in the western hemisphere, benefitted from rising oil and gas
prices in the second quarter of 2008 and a sharp demand for the company's
flexrig solution. We sold the stock at a significant gain in the summer
after the stock achieved our price target. Dollar Tree, an operator of
discount variety stores, reported both increased traffic and increased
average transaction size and has benefited from consumers trading down and
adventure shoppers looking for bargains.

Q. What were the weakest performing holdings?

A. The holdings with the largest negative contribution to performance were
Helix Energy Solutions Group and AptarGroup, Helix, which provides
reservoir development and other contracting services, from rising energy
prices in early to mid-2008, but the stock plummeted when oil prices
declined. In accordance with our sell discipline and our desire to reduce
our overall exposure to the Energy sector, we had eliminated the Fund's
exposure to Helix by late September. AptarGroup, which manufactures a broad
range of specialty dispensing systems, reported solid sales and earnings
growth throughout the period, thanks in large part to its pharma segment.
Yet, its fourth quarter guidance was cautious after the company experienced
delayed orders in its Beauty & Home and Closures segments. Additionally,
75% of sales are non-U.S. Thus, the strong dollar in October contributed to
a decline in the firm's shares.

Q. How was the portfolio positioned as of October 31, 2008?

A. While we are still concerned about the shorter-term macro environment, we
believe lower commodity prices, substantial monetary and legislative
stimulus, and, most importantly, exceptionally attractive valuations for
stocks will drive positive equity returns over the next twelve to eighteen
months. Within the Fund, we are balancing our shorter-term concerns with
our positive longer-term outlook. While we continue to maintain a
significant overweight in Consumer Staples, we have begun to trim our
largest and most successful investments in that sector and redeploy those
assets into more cyclical, and undervalued, areas of the market. These
sectors include Consumer Discretionary and Industrials, among others. What
we are trying to avoid are firms that may appear attractive based upon most
of our critical characteristics, but do not exhibit a high level of
financial strength. We believe firms that are leveraged or whose business
model is overly dependent upon external financing, even those with powerful
brands and business franchises, will continue to be vulnerable. We are
confident that this balanced, pro-active approach will allow us to weather
what may be a bumpy bottoming process and provide an opportunity to profit
from a market recovery.

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

(PERFORMANCE GRAPH)

ASTON/RIVER ROAD SMALL-MID CAP FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/ RIVER ROAD RUSSELL 2500 SMALL VALUE
SMALL-MID CAP- CLASS N VALUE INDEX CATEGORY
---------------------- ------------ -----------------

Mar-07 10,000 10,000 10,000
Apr-07 10,170 10,209 10,213
Jul-07 9,840 9,521 9,713
Oct-07 10,130 9,736 9,917
Oct-08 7,130 6,461 6,629

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (29.62)%
Since Inception (19.15)%

Inception Date 03/29/2007

Average Annual Total Returns - Class I

One Year (29.49)%
Since Inception (24.95)%

Inception Date 06/28/2007

Aston Funds
RIVER ROAD SMALL-MID CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 4%
HEALTH CARE 3%
CONSUMER DISCRETIONARY 20%
CONSUMER STAPLES 16%
FINANCIALS 16%
INDUSTRIALS 15%
MATERIALS 8%
ENERGY 7%
INFORMATION TECHNOLOGY 6%
UTILITIES 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 96.27%
CONSUMER DISCRETIONARY -- 20.30%
21,440 Abercrombie & Fitch, Class A ..................... $ 620,900
68,110 American Greetings, Class A ...................... 795,525
41,200 Bank (Jos. A.) Clothiers * ....................... 1,049,364
77,430 Barnes & Noble ................................... 1,461,878
87,600 Callaway Golf .................................... 916,296
73,080 CBRL Group ....................................... 1,455,754
122,820 Dollar Tree * .................................... 4,669,616
69,030 Dress Barn * ..................................... 659,927
123,640 Fred's, Class A .................................. 1,514,590
29,190 International Game Technology .................... 408,660
53,380 JAKKS Pacific * .................................. 1,194,111
108,040 OfficeMax ........................................ 869,722
64,510 Papa John's International * ...................... 1,455,346
117,150 PetSmart ......................................... 2,306,684
110,800 Rent-A-Center * .................................. 1,617,680
56,900 Sotheby's ........................................ 529,739
28,920 UniFirst ......................................... 943,660
--------------
22,469,452
--------------
CONSUMER STAPLES -- 15.67%
49,766 American Dairy * ................................. 611,126
167,693 Casey's General Stores ........................... 5,064,329
26,790 Coca-Cola Bottling ............................... 1,183,582
71,840 Industrias Bachoco, SP ADR ....................... 1,401,598
68,817 J & J Snack Foods ................................ 2,158,101
142,350 National Beverage * .............................. 1,303,926
129,430 Ruddick .......................................... 3,706,875
39,100 Village Super Market, Class A .................... 1,921,374
--------------
17,350,911
--------------
ENERGY -- 7.24%
26,470 Bristow Group * .................................. 655,662
89,990 Cal Dive International * ......................... 765,815
57,020 Cimarex Energy ................................... 2,307,029
49,125 Encore Acquisition * ............................. 1,530,244

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

47,470 Frontier Oil ..................................... $ 627,079
123,500 Gulfport Energy * ................................ 870,675
34,010 Helix Energy Solutions Group * ................... 359,146
21,470 Petroleum Development * .......................... 444,644
14,350 Swift Energy * ................................... 460,348
--------------
8,020,642
--------------
FINANCIALS -- 15.97%
6,025 Alleghany * ...................................... 1,699,050
64,380 American Capital ................................. 904,539
70,400 Associated Bancorp ............................... 1,553,024
61,755 Commerce Bancshares .............................. 2,919,776
39,800 FirstService * ................................... 482,774
44,405 Max Capital Group ................................ 708,260
29,090 Navigators Group * ............................... 1,469,336
41,010 Oppenheimer Holdings, Class A .................... 712,344
25,160 PartnerRe ........................................ 1,703,080
54,800 People's United Financial ........................ 959,000
4,370 Student Loan ..................................... 159,505
24,890 Unitrin .......................................... 522,690
25,580 W. R. Berkley .................................... 671,987
2,407 White Mountains Insurance Group .................. 829,212
69,060 Whitney Holding .................................. 1,312,140
32,620 Zenith National Insurance ........................ 1,071,893
--------------
17,678,610
--------------
HEALTH CARE -- 2.94%
50,290 Health Net * ..................................... 647,735
32,050 Res-Care * ....................................... 493,891
50,230 Universal Health Services, Class B ............... 2,111,669
--------------
3,253,295
--------------
INDUSTRIALS -- 15.27%
32,105 AMERCO * ......................................... 1,453,072
81,630 Bowne & Co. ...................................... 635,898
103,840 Brink's .......................................... 4,834,533
86,110 Equifax .......................................... 2,245,749
115,890 Houston Wire & Cable ............................. 1,335,053
43,015 Korn/Ferry International * ....................... 597,478
53,760 Monster Worldwide * .............................. 765,542
16,795 NACCO Industries, Class A ........................ 1,034,740
116,040 Pike Electric * .................................. 1,015,350
27,190 Thomas & Betts * ................................. 645,763
73,910 TrueBlue * ....................................... 615,670
76,173 United Rentals * ................................. 780,773
43,155 Viad ............................................. 942,937
--------------
16,902,558
--------------
INFORMATION TECHNOLOGY -- 6.08%
21,780 Anixter International * .......................... 732,026
31,340 Bel Fuse, Class B ................................ 680,078
143,720 Brightpoint * .................................... 827,827
3,753 Cass Information Systems ......................... 130,417
257,300 Ingram Micro, Class A * .......................... 3,429,809
45,560 Intevac * ........................................ 354,457
77,320 Ituran Location and Control ...................... 578,354
--------------
6,732,968
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL-MID CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

MATERIALS -- 7.69%
39,380 Airgas ........................................... $ 1,510,617
126,480 AptarGroup ....................................... 3,834,874
159,710 Glatfelter ....................................... 1,646,610
64,640 Pactiv, Class A * ................................ 1,522,918
--------------
8,515,019
--------------
UTILITIES -- 5.11%
33,825 ALLETE ........................................... 1,183,875
24,930 Integrys Energy Group ............................ 1,188,413
71,366 Portland General Electric ........................ 1,464,430
65,622 SJW............................................... 1,824,292
--------------
5,661,010
--------------
TOTAL COMMON STOCKS
(Cost $126,558,435) ........................... 106,584,465
--------------
INVESTMENT COMPANY -- 3.58%
3,968,840 BlackRock Liquidity Funds
TempFund Portfolio ............................ 3,968,840
--------------
TOTAL INVESTMENT COMPANY
(Cost $3,968,840) ............................. 3,968,840
--------------
TOTAL INVESTMENTS -- 99.85%
(Cost$130,527,275)** ....................................... 110,553,305
--------------
NET OTHER ASSETS AND LIABILITIES -- 0.15% ..................... 162,534
--------------
NET ASSETS -- 100.00% ......................................... $ 110,715,839
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $131,460,905.

Gross unrealized appreciation..... $ 2,558,075
Gross unrealized depreciation..... (23,465,675)
------------
Net unrealized depreciation....... $(20,907,600)
============

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

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

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. The broad equity market dropped sharply during the period, and small-cap
growth stocks were among the segments hardest hit. The Fund lagged its
benchmark primarily due to its a larger-than-index exposure to the
economically sensitive Industrial sector, which posted steeper-than-index
losses amid concerns about the severity of the slowing U.S. and global
economies. An overweight position in Consumer Discretionary companies,
primarily specialty retailers, plunged as increasingly cash-strapped
consumers tightened their purse strings. On the flip side, relative
performance was bolstered by advantageous stock selection among Health Care
companies such as Illumina and Myriad Genetics.

Q. What were the best-performing holdings for the Fund during the period?

A. One of our best performers for the period was Axsys Technologies, which
provides optical solutions for defense and homeland security applications,
and has posted six consecutive quarters of better than expected earnings.
Chinese Web portal company Sohu.com also contributed to our relative
returns, helped by strong earnings growth as the company benefited from
increased Internet usage in China. Another contributor was SandRidge
Energy, an independent oil and natural gas company, which was bolstered by
increased production and prices. AeroVironment, the maker of unmanned
drones used in the Middle Eastern wars, like Axsys posted several quarters
in a row of solid earnings. Bucyrus International, the heavy mining
equipment company, was a big mover for us until July as we sold that name
due to global slowdown concerns.

Q. What were the weakest performing holdings?

A. The biggest detractor was Crocs, whose shares plunged as the colorful
sandal maker suffered amid sharply higher inventories, which ultimately led
to diminished earnings. We also lost ground by owning shares of PAREXEL
International, a pharmaceutical research company, which came under pressure
after earnings failed to meet Wall Street's expectations. Engineering and
construction holdings Perini and EMCOR Group performed poorly during the
period, in response to rising concerns that a slowing global economy and
limited access to credit would choke off new construction.

Q. How was the portfolio positioned as of October 31, 2008?

A. We believe that domestic growth stocks should resume their leadership on a
relative basis--just as they did last year--once the credit markets thaw.
At the end of the period, the Fund was positioned in early cycle
industries, which together accounted for about 60% of the Fund's assets at
the end of the period. For example, we had a focus on high-quality regional
banks because we believe that they have an opportunity to benefit from an
extremely steep yield curve and potentially gain market share from larger
banks that are hurting. Consumer Discretionary and Consumer Staples stocks
were other areas of focus for the Fund. We also had a significant weighting
in Health Care stocks, because they historically have been more recession
resistant and continued to post solid unit volume growth.

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

(PERFORMANCE GRAPH)

ASTON/VEREDUS AGGRESSIVE GROWTH FUND - CLASS N
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/VEREDUS RUSSELL 2000 SMALL GROWTH
AGGRESSIVE GROWTH FUND - CLASS N GROWTH INDEX CATEGORY
-------------------------------- ------------ ------------------

Jun-98 10,000 10,000 10,000
Oct-98 8,620 8,169 8,234
Oct-99 16,630 10,561 11,859
Oct-00 25,502 12,269 16,475
Oct-01 22,931 8,403 11,921
Oct-02 14,961 6,590 9,723
Oct-03 19,913 9,659 13,727
Oct-04 21,246 10,193 14,356
Oct-05 23,977 11,305 16,063
Oct-06 24,094 13,235 18,178
Oct-07 31,324 15,449 21,632
Oct-08 16,330 9,599 12,640

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (47.87)%
Five Year (3.89)%
Ten Year 6.60%

Inception Date 06/30/98

Average Annual Total Returns - Class I

One Year (47.77)%
Five Year (3.64)%
Since Inception (4.68)%

Inception Date 10/05/01

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CONSUMER STAPLES 2%
ENERGY 1%
CONSUMER DISCRETIONARY 28%
INDUSTRIALS 24%
HEALTH CARE 17%
INFORMATION TECHNOLOGY 12%
FINANCIALS 8%
CASH & NET OTHER ASSETS
AND LIABILITIES 5%
TELECOMMUNICATION SERVICES 3%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 94.97%
CONSUMER DISCRETIONARY -- 28.07%
74,100 Aeropostale * .................................... $ 1,793,961
36,350 American Public Education * ...................... 1,609,215
39,050 Big Lots * ....................................... 953,992
57,000 Buckle ........................................... 1,501,380
234,900 Coldwater Creek * ................................ 843,291
22,950 Deckers Outdoor * ................................ 1,947,537
53,350 G-III Apparel Group * ............................ 736,764
55,025 Genesco * ........................................ 1,365,170
38,300 Guess? ........................................... 833,791
47,975 Jo-Ann Stores * .................................. 919,201
37,775 Liz Claiborne .................................... 307,866
50,725 Panera Bread, Class A * .......................... 2,288,712
26,375 True Religion Apparel * .......................... 441,781
42,275 Warnaco Group * .................................. 1,260,218
--------------
16,802,879
--------------
CONSUMER STAPLES -- 2.17%
44,825 Green Mountain Coffee Roasters * ................. 1,299,477
--------------
ENERGY -- 1.26%
48,925 Willbros Group * ................................. 757,848
--------------
FINANCIALS -- 7.71%
27,225 Community Bank System ............................ 679,264
63,225 First Commonwealth Financial ..................... 699,269
49,975 Jefferies Group .................................. 791,104
30,875 Mainsource Financial Group ....................... 551,428
24,275 Republic Bancorp, Class A ........................ 558,811
69,900 Sterling Financial ............................... 593,451
39,150 Valley National Bancorp .......................... 743,850
--------------
4,617,177
HEALTH CARE -- 17.14% --------------
55,775 eResearchTechnology * ............................ 360,307
64,850 Illumina * ....................................... 1,999,326
33,200 Kendle International * ........................... 599,924
52,300 Martek Biosciences * ............................. 1,560,109
24,475 Masimo * ......................................... 782,955

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

HEALTH CARE (CONTINUED)
25,750 Myriad Genetics * ................................ $ 1,624,568
7,750 NuVasive * ....................................... 364,948
70,925 PAREXEL International * .......................... 737,620
29,050 Psychiatric Solutions * .......................... 967,075
20,050 STERIS ........................................... 682,502
8,450 Techne............................................ 583,219
--------------
10,262,553
--------------
INDUSTRIALS -- 23.33%
51,200 AeroVironment * .................................. 1,839,104
94,700 AMR * ............................................ 966,887
34,650 Axsys Technologies * ............................. 2,287,940
89,375 Continental Airlines, Class B * .................. 1,690,975
16,050 Curtiss-Wright ................................... 592,245
97,950 EMCOR Group * .................................... 1,740,572
35,775 FTI Consulting * ................................. 2,083,894
22,325 Robbins & Myers .................................. 455,430
31,300 Teledyne Technologies * .......................... 1,426,341
20,775 Watson Wyatt Worldwide, Class A................... 882,314
--------------
13,965,702
--------------
INFORMATION TECHNOLOGY -- 12.19%
55,000 Concur Technologies * ............................ 1,387,650
17,350 ManTech International, Class A * ................. 935,859
33,050 Multi-Fineline Electronix * ...................... 386,024
68,550 NetScout Systems * ............................... 659,451
6,450 Neutral Tandem * ................................. 112,359
55,125 Solera Holdings * ................................ 1,372,061
121,525 Starent Networks * ............................... 1,211,604
15,900 Taleo, Class A * ................................. 219,420
51,825 Websense * ....................................... 1,011,624
--------------
7,296,052
--------------
TELECOMMUNICATION SERVICES -- 3.10%
98,800 Syniverse Holdings *.............................. 1,857,435
--------------
TOTAL COMMON STOCKS
(Cost $69,641,252) ............................ 56,859,123
--------------
INVESTMENT COMPANY -- 7.56%
4,525,254 BlackRock Liquidity Funds
TempCash Portfolio ............................ 4,525,254
--------------
TOTAL INVESTMENT COMPANY
(Cost $4,525,254) ............................. 4,525,254
--------------
TOTAL INVESTMENTS -- 102.53%
(Cost $74,166,506)** ....................................... 61,384,377
--------------
NET OTHER ASSETS AND LIABILITIES -- (2.53)% ................... (1,516,284)
--------------
NET ASSETS -- 100.00% ......................................... $ 59,868,093
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $75,555,722.

Gross unrealized appreciation ................................. $ 2,291,073
Gross unrealized depreciation ................................. (16,462,418)
--------------
Net unrealized depreciation ................................... $ (14,171,345)
==============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO SMALL CAP FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Philip D. Tasho, CFA

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. The Fund significantly outpaced its benchmark even as small-cap stock
indexes posted sharp declines for the year. Strong stock selection in the
Consumer Discretionary, Energy and Health Care sectors was a major factor
behind much of the Fund's outperformance. In addition, our decisions
regarding the Energy sector resulted in much of the balance of our
outperformance. Initially, the Fund benefited from an overweight in Energy
stocks which did quite well as oil prices climbed. Later, our concerns
about Energy company-specific fundamentals and valuations led us to reduce
our Energy weighting. This move paid off nicely as energy stocks dropped
sharply. Detracting from relative performance was subpar stock selection
among Financials and Industrials.

Q. What were the best-performing holdings for the Fund during the period?

A. Whiting Petroleum was the biggest contributor to our relative performance.
The oil and gas exploration and production company posted record results
thanks to new discoveries of oil and gas, which boosted its volumes. Coal
producer Alpha Natural Resources was another strong performer, bolstered by
rising sales and income. Perrigo, a leading global healthcare supplier that
develops, manufactures and distributes over-the-counter and prescription
pharmaceuticals and consumer products, also performed comparatively well
thanks to strong sales of new drugs.

Q. What were the weakest-performing holdings?

A. Canada-based organic foods producer SunOpta was the biggest disappointment,
hurt largely by quality control and operational deficiencies. We also lost
ground with U.S. money manager Calamos Asset Management, which was hurt
primarily by lower assets under management, a key driver of revenue and
profit for the firm. In the Technology sector, holdings in FalconStor
Software worked against us. The company, which is a leader in data
protection solutions that facilitate the availability of business-critical
data, faltered amid slowing demand for their product.

Q. How was the portfolio positioned as of October 31, 2008?

A. We continue to position the Fund to benefit from an eventual economic
recovery. Financials, Consumer Discretionary and Consumer Staples were the
three largest sectors in the portfolio, with overweight positions relative
to the benchmark in both Consumer Discretionary and Consumer Staples. The
portfolio was underweighted in Technology, Industrials and Energy, and held
no Materials stocks. Our experience during prior periods of market tumult
forms the core of our investment philosophy and provides us with the
solutions for recovery. One of TAMRO's mantras is to "Buy the best when
they are depressed." We're focused on companies with tenured, stable
management and superior financials that have executed well relative to
their peers over the long haul because our research shows that they not
only have survived, but thrived during difficult market and economic
environments.

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

(PERFORMANCE GRAPH)

ASTON/TAMRO SMALL CAP FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/TAMRO SMALL BLEND
SMALL CAP FUND RUSSELL 2000 INDEX CATEGORY
-------------- ------------------ --------------

Nov-00 10,000 10,000 10,000
Apr-01 11,460 10,947 10,459
Oct-01 10,774 9,729 9,761
Apr-02 13,928 11,678 11,955
Oct-02 10,603 8,603 9,093
Apr-03 11,826 9,253 9,578
Oct-03 15,919 12,334 12,467
Apr-04 17,446 13,140 13,507
Oct-04 17,538 13,780 14,153
Oct-05 19,144 15,445 16,096
Oct-06 24,165 18,531 18,729
Oct-07 27,201 20,248 20,669
Oct-08 18,609 13,332 12,972

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (31.58)%
Five Year 3.17%
Since Inception 8.16%

Inception Date 11/30/00

Average Annual Total Returns - Class I

One Year (31.42)%
Five Year N/A
Since Inception 0.05%

Inception Date 01/04/05

Aston Funds
TAMRO SMALL CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS
AND LIABILITIES 2%
FINANCIALS 20%
CONSUMER DISCRETIONARY 18%
INFORMATION TECHNOLOGY 15%
HEALTH CARE 13%
INDUSTRIALS 11%
CONSUMER STAPLES 14%
ENERGY 5%
TELECOMMUNICATION SERVICES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 97.51%
CONSUMER DISCRETIONARY -- 17.65%
426,235 Aaron Rents ...................................... $ 10,566,366
98,015 Blue Nile * ...................................... 2,997,299
414,340 Bob Evans Farms .................................. 8,651,419
465,490 Carter's * ....................................... 9,887,008
84,535 Chipotle Mexican Grill, Class A * ................ 4,290,151
139,853 Choice Hotels International ...................... 3,823,581
810,535 Corinthian Colleges * ............................ 11,574,440
181,550 M.D.C. Holdings .................................. 6,105,526
358,175 PetMed Express * ................................. 6,325,371
183,770 Vail Resorts * ................................... 6,112,190
--------------
70,333,351
--------------
CONSUMER STAPLES -- 13.80%
324,460 Hain Celestial Group * ........................... 7,540,450
429,125 Lance (a) ........................................ 8,878,596
369,740 NBTY * ........................................... 8,640,824
1,519,913 SunOpta * (a) .................................... 6,246,842
410,895 TreeHouse Foods * ................................ 12,433,683
503,515 United Natural Foods *............................ 11,248,525
--------------
54,988,920
--------------
ENERGY -- 5.06%
92,635 Bill Barrett * ................................... 1,889,754
355,857 Holly ............................................ 6,985,473
166,132 MarkWest Energy Partners LP ...................... 3,015,296
533,681 Willbros Group * ................................. 8,266,719
--------------
20,157,242
--------------
FINANCIALS -- 20.33%
307,054 Bank of the Ozarks (a) ........................... 9,334,442
643,304 Calamos Asset Management, Class A (a) ............ 5,281,526
244,661 GAMCO Investors (a) .............................. 9,314,244
420,190 Glacier Bancorp .................................. 8,475,232
160,615 KBW * ............................................ 4,702,807
782,440 Knight Capital Group * ........................... 11,314,082
782,590 Lexington Realty Trust, REIT ..................... 6,284,198

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

FINANCIALS (CONTINUED)
448,830 Raymond James Financial .......................... $ 10,453,251
285,023 Washington, REIT ................................. 8,544,990
251,760 Wilmington Trust.................................. 7,265,794
--------------
80,970,566
--------------
HEALTH CARE -- 13.50%
524,210 AMN Healthcare Services * ........................ 4,712,648
167,690 Analogic ......................................... 7,405,190
201,105 Cerner * ......................................... 7,487,139
379,364 Eclipsys * ....................................... 5,633,555
341,679 Perrigo .......................................... 11,617,086
183,275 Teleflex ......................................... 9,711,742
82,605 United Therapeutics * ............................ 7,205,634
--------------
53,772,994
--------------
INDUSTRIALS -- 10.80%
552,825 Argon ST *(a) .................................... 11,531,929
359,110 Baldor Electric .................................. 6,305,972
360,130 General Cable * .................................. 6,151,020
811,833 Steelcase, Class A ............................... 7,550,047
235,492 Trex * ........................................... 3,840,875
180,255 Watson Wyatt Worldwide, Class A .................. 7,655,430
--------------
43,035,273
--------------
INFORMATION TECHNOLOGY -- 14.71%
221,745 F5 Networks * .................................... 5,503,711
518,214 FalconStor Software * ............................ 1,559,824
684,705 L-1 Identity Solutions * ......................... 5,614,581
222,692 ManTech International, Class A * ................. 12,012,006
360,150 Quality Systems .................................. 13,862,174
543,915 RightNow Technologies * .......................... 3,578,961
521,365 Riverbed Technology * ............................ 6,532,703
62,135 Safeguard Scientifics * .......................... 48,465
320,143 SeaChange International *(a) ..................... 2,445,893
627,320 Take-Two Interactive Software * .................. 7,440,015
--------------
58,598,333
--------------
TELECOMMUNICATION SERVICES -- 1.66%
549,265 Cbeyond * ........................................ 6,602,165
--------------
TOTAL COMMON STOCKS
(Cost $446,266,412) ........................... 388,458,844
--------------
INVESTMENT COMPANY -- 2.54%
10,121,466 BlackRock Liquidity Funds TempCash Portfolio ..... 10,121,466
--------------
TOTAL INVESTMENT COMPANY
(Cost $10,121,466) ............................ 10,121,466
--------------
TOTAL INVESTMENTS -- 100.05%
(Cost $456,387,878)** ...................................... 398,580,310
--------------
NET OTHER ASSETS AND LIABILITIES -- (0.05)% ................... (216,527)
--------------
NET ASSETS -- 100.00% ......................................... $ 398,363,783
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $462,475,100.

Gross unrealized appreciation .......................... $ 27,671,969
Gross unrealized depreciation .......................... (91,566,759)
------------
Net unrealized depreciation ............................ $(63,894,790)
============

(a) These securities have been determined by the Adviser to be illiquid
securities. At October 31, 2008, these securities amounted to $53,033,472
or 13.31% of net assets.

LP Limited Partnership

REIT Real Estate Investment Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

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

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. As returns indicate, the past twelve months have been a challenging period
for both the Fund and the broader market. Relative to its index, the best
performing sector in the Fund was Consumer Staples and individual stock
selection within that sector contributed positively to performance. The
weakest relative performance came from the Financials sector. Despite
whipsaw volatility and declining fundamentals, small-cap financials
actually outperformed the broader market during the period. Unfortunately,
we were materially underweight in what we perceived as that excessively
high risk sector. Additionally, several of the investments we did make,
particularly in the commercial banking and consumer finance industries,
experienced large declines during the period.

Q. What were the best performing holdings for the Fund during the period?

A. The top contributing holdings during the period were Dollar Tree and
Complete Production Services. Dollar Tree, operator of discount variety
stores, consistently reported both increased traffic and increased average
transaction size. Complete Production Services, provider of a variety of
specialized services to oil and gas drillers in North America, benefited
from rising natural gas prices during the second quarter of 2008 and an
increase in overall drilling activity during the spring. We sold the stock
at a significant gain in mid-summer after it had achieved our price target.

Q. What were the weakest performing holdings?

A. The holdings with the largest negative contribution to performance during
the period were Travel Centers of America and AptarGroup Travel Centers
operates and franchises a nationwide network of truck stops, which,
unfortunately, suffered a drop in both fuel volumes and margins. Restaurant
and retail sales also suffered. We liquidated our position in Travel
Centers of America. AptarGroup, which manufactures a broad range of
specialty dispensing systems reported solid sales and earnings growth. But
its stock was hurt when the company lowered its earnings guidance.
Additionally, the rising U.S. dollar at the end of the period detracted
from the company's results.

Q. How was the portfolio positioned as of October 31, 2008?

A. While we are still concerned about the shorter-term macro environment, we
believe lower commodity prices, substantial monetary and legislative
stimulus, and, most importantly, exceptionally attractive valuations for
stocks will drive positive equity returns over the next twelve to eighteen
months. Within the Fund, we are balancing our shorter-term concerns with
our positive longer-term outlook. While we continue to maintain a
significant overweight in Consumer Staples, we have begun to trim our
largest and most successful investments in that sector and redeploy those
assets into more cyclical, and undervalued areas of the market. These
sectors include Consumer Discretionary and Industrials, among others. What
we are trying to avoid are firms that may appear attractive based upon most
of our critical characteristics, but do not exhibit a high level of
financial strength. We believe firms that are leveraged or whose business
model is overly dependent upon external financing, even those with powerful
brands and business franchises, will continue to be vulnerable. We are
confident that this balanced, pro-active approach will allow us to weather
what may be a bumpy bottoming process and provide an opportunity to profit
from a market recovery.

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

(PERFORMANCE GRAPH)

ASTON/RIVER ROAD SMALL CAP VALUE FUND - CLASS N
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/RIVER ROAD RUSSELL 2000 SMALL VALUE
SMALL CAP VALUE- CLASS N VALUE INDEX CATEGORY
------------------------ ------------ --------------

Jun-05 10,000 10,000 10,000
Jul-05 10,520 10,569 10,571
Oct-05 10,280 10,050 10,123
Oct-06 13,460 12,352 11,808
Oct-07 14,553 12,605 12,464
Oct-08 9,821 8,755 8,332

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

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (32.51)%
Five Year N/A
Since Inception (0.54)%

Inception Date 06/28/05

Average Annual Total Returns - Class I

One Year (32.34)%
Five Year N/A
Since Inception (17.04)%

Inception Date 12/13/06

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

HEALTH CARE 1%
CONSUMER DISCRETIONARY 23%
CONSUMER STAPLES 21%
INDUSTRIALS 15%
FINANCIALS 11%
INFORMATION TECHNOLOGY 7%
ENERGY 7%
MATERIALS 6%
CASH & NET OTHER ASSETS AND LIABILITIES 5%
UTILITIES 4%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 95.08%
CONSUMER DISCRETIONARY -- 22.66%
288,870 AH Belo, Class A ................................. $ 956,160
180,860 American Greetings, Class A ...................... 2,112,445
363,176 Audiovox, Class A * .............................. 2,139,107
127,943 Bank (Jos. A.) Clothiers * ....................... 3,258,708
179,723 Barnes & Noble ................................... 3,393,170
76,667 Benihana, Class A * .............................. 228,468
229,560 Callaway Golf .................................... 2,401,198
186,506 CBRL Group ....................................... 3,715,200
181,281 Dollar Tree * .................................... 6,892,304
198,619 Dress Barn * ..................................... 1,898,798
340,088 Fred's, Class A .................................. 4,166,078
123,952 Frisch's Restaurants ............................. 2,119,579
182,254 Hampshire Group * (a) ............................ 883,932
37,530 International Speedway, Class A .................. 1,178,067
179,076 JAKKS Pacific * .................................. 4,005,930
144,560 Lazare Kaplan International * .................... 1,040,832
525,678 Mac-Gray * ....................................... 3,989,896
73,794 Nathan's Famous * ................................ 1,160,042
273,580 OfficeMax ........................................ 2,202,319
169,988 Papa John's International * ...................... 3,834,929
153,397 PetMed Express * ................................. 2,708,991
251,905 Rent-A-Center * .................................. 3,677,813
167,350 Sotheby's ........................................ 1,558,028
85,343 UniFirst ......................................... 2,784,742
--------------
62,306,736
--------------
CONSUMER STAPLES -- 20.77%
236,786 American Dairy * ................................. 2,907,732
446,680 Casey's General Stores ........................... 13,489,736
105,129 Coca-Cola Bottling ............................... 4,644,599
230,308 HQ Sustainable Maritime Industries * ............. 944,263
311,760 Industrias Bachoco, SP ADR ....................... 6,082,438
171,162 J & J Snack Foods ................................ 5,367,640

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

CONSUMER STAPLES (CONTINUED)
453,877 National Beverage * .............................. $ 4,157,513
330,361 Ruddick .......................................... 9,461,539
127,515 Village Super Market, Class A .................... 6,266,087
603,743 Zapata * ......................................... 3,773,394
--------------
57,094,941
--------------
ENERGY -- 6.66%
63,270 Bristow Group * .................................. 1,567,198
314,926 Cal Dive International * ......................... 2,680,020
58,704 Eastern American Natural Gas Trust ............... 1,470,535
140,640 Encore Acquisition * ............................. 4,380,936
720,799 Evolution Petroleum * ............................ 1,174,902
114,050 Frontier Oil ..................................... 1,506,600
267,427 Gulfport Energy * ................................ 1,885,360
238,787 HKN * ............................................ 1,246,468
55,278 Petroleum Development * .......................... 1,144,807
32,210 Swift Energy * ................................... 1,033,297
95,118 TGC Industries * ................................. 214,016
--------------
18,304,139
--------------
FINANCIALS -- 10.96%
176,494 Associated Bancorp ............................... 3,893,458
11,150 First Citizens BancShares, Class A ............... 1,705,058
68,509 First Midwest Bancorp ............................ 1,521,585
126,760 FirstService * ................................... 1,537,599
28,709 Gyrodyne Company of America * .................... 803,852
73,411 Maui Land & Pineapple * .......................... 1,137,870
116,061 Max Capital Group ................................ 1,851,173
575,479 Medallion Financial .............................. 4,655,625
75,567 Navigators Group * ............................... 3,816,889
144,464 Oppenheimer Holdings, Class A .................... 2,509,340
9,380 Student Loan ..................................... 342,370
31,070 UMB Financial .................................... 1,408,403
41,260 Unitrin .......................................... 866,460
181,477 Whitney Holding .................................. 3,448,063
19,650 Zenith National Insurance ........................ 645,699
--------------
30,143,444
--------------
HEALTH CARE -- 1.37%
235,306 Chindex International * .......................... 1,971,864
116,800 Res-Care * ....................................... 1,799,888
--------------
3,771,752
--------------
INDUSTRIALS -- 15.43%
99,500 AMERCO * ......................................... 4,503,370
280,581 Bowne & Co. ...................................... 2,185,726
206,106 Brink's .......................................... 9,994,080
88,740 Chase ............................................ 1,293,829
69,730 Geo Group ** ..................................... 1,231,432
323,233 Houston Wire & Cable ............................. 3,723,644
181,983 Korn/Ferry International * ....................... 2,527,744
35,492 Lawson Products .................................. 1,057,662
39,592 NACCO Industries, Class A ........................ 2,439,263
334,510 Pike Electric * .................................. 2,926,962
434,403 RSC Holdings * ................................... 3,188,518
263,110 TrueBlue * ....................................... 2,191,706
142,373 Viad ............................................. 3,110,850
627,100 WCA Waste * ...................................... 2,038,075
--------------
42,412,861
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

INFORMATION TECHNOLOGY -- 7.65%
161,610 Agilysys ......................................... $ 649,672
119,359 Bel Fuse, Class B ................................ 2,590,090
462,531 Brightpoint * .................................... 2,664,179
82,698 Cass Information Systems ......................... 2,873,755
48,730 Computer Services ................................ 1,376,622
266,510 Electro Rent ..................................... 3,195,455
257,933 Ingram Micro, Class A * .......................... 3,438,247
193,011 Intevac * ........................................ 1,501,626
290,110 Ituran Location and Control ...................... 2,170,023
472,630 Optimal Group, Class A * ......................... 562,430
--------------
21,022,099
--------------
MATERIALS -- 5.61%
360,176 AptarGroup ....................................... 10,920,536
48,020 Castle (A.M.) .................................... 584,403
380,976 Glatfelter ....................................... 3,927,863
--------------
15,432,802
--------------
UTILITIES -- 3.97%
69,400 ALLETE ........................................... 2,429,000
182,010 Portland General Electric ........................ 3,734,845
170,496 SJW .............................................. 4,739,789
--------------
10,903,634
--------------
TOTAL COMMON STOCKS
(Cost $328,344,328) ........................... 261,392,408
--------------
INVESTMENT COMPANY -- 4.98%
13,681,247 BlackRock Liquidity Funds TempFund Portfolio ..... 13,681,247
--------------
TOTAL INVESTMENT COMPANY
(Cost $13,681,247) ............................ 13,681,247
--------------
TOTAL INVESTMENTS -- 100.06%
(Cost $342,025,575)** ...................................... 275,073,655
--------------
NET OTHER ASSETS AND LIABILITIES -- (0.06)% ................... (162,351)
--------------
NET ASSETS -- 100.00% ......................................... $ 274,911,304
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $343,701,028.

Gross unrealized appreciation ... $ 9,133,233
Gross unrealized depreciation ... (77,760,606)
------------
Net unrealized depreciation ..... $(68,627,373)
============

(a) This security has been determined by the Adviser to be an illiquid
security. At October 31, 2008, this security amounted to $883,932 or 0.32%
of net assets.

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
NEPTUNE INTERNATIONAL FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Robin Geffen

Q. Describe the environment for international stocks during the past 12
months.

A. The twelve months under review were characterized by extreme volatility in
global markets. As the credit crisis deteriorated, uncertainty spread from
the floundering Financial sector to other industries, creating challenging
conditions. Foreseeing the credit crisis, we implemented a zero-exposure
policy to banks and insurers in the developed markets well over a year ago.
As 2008 progressed, the continuation of the financial crisis resulted in
the mature markets beginning to lose their traction in terms of earnings
growth while the availability of credit lessened and became increasingly
expensive. Consequently, this conviction call significantly benefited the
Fund and we remain cautious of Financials, as well as consumer-facing
companies, in the mature markets.

Q. What were the most significant factors affecting the Fund's performance?

A. Our weighting in Health Care has been a significant contributor to
performance. This followed a reawakening in the sector owing to key
developments in the industry during the period under review, including
AstraZeneca winning a key patent case and GlaxoSmithKline bringing several
new drugs to market. Largely immune from the erratic oil price and less
susceptible to the global slowdown, our high yielding, cash-generating
stocks in this sector have provided steady, acyclical defensive growth.
Owing to the global slowdown gaining momentum, we lowered our exposure to
the Industrials and Materials sectors over the period under review.
Previously benefitting from tight supply and high global demand, these
sectors have suffered a downturn in recent months as the depth of the
crisis came to full light. While Russia and China were affected by falling
commodity prices, our exposure in these markets was more orientated towards
their robust domestic consumption. Increasing intra-trade levels combined
with decisive fiscal policy boosted Russian and Chinese consumer confidence
which, along with infrastructure projects, will be the key drivers of their
Gross Domestic Product ("GDP") growth. Indeed, the emerging markets should
materialize as the primary engines of global growth over the medium to
long-term owing to their strong fundamentals.

Q. What were the best performing holdings for the Fund?

A. Over the past year, the top three performing stocks in the portfolio came
from the Materials, Energy and Health Care sectors. Benefitting from supply
and demand issues and the subsequent commodity cycle in the first half of
2008, our Materials weightings performed well, the best being our
fertilizer holding, Yara International. Given soaring oil and gas prices at
the beginning of the year, the Energy sector was also a key performance
driver with ENI doing particularly well, while Bayer benefited from the
Health Care sector's sustained, acyclical performance.

Q. What were the weakest performing holdings?

A. The bottom performing stocks were China Oilfield Services, Ping An
Insurance and Shangri-La Asia. China's fundamental position of economic
strength has not been reflected in its equity market performance of late.
As the credit crisis fallout has gained traction and panic has gripped
global markets, a combination of extremely negative global risk appetite
and international deleveraging has meant that no market has been spared.
However, we are maintaining our convictions: we believe that these holdings
exhibit strong fundamentals and anticipate them generating significant
alpha over the long term.

Q. How was the portfolio positioned as of October 31, 2008?

A. Given the challenging market conditions, we have maintained a high cash
weighting. We will use this to take advantage of attractive company
valuations offered by the extreme market volatility where we have
identified good long-term opportunities. We continue to focus on well run
and well financed blue chip firms, looking for cash generative companies
that are not cutting their capital expenditure plans, as this would serve
to cut their potential for future growth.

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

(PERFORMANCE GRAPH)

ASTON/NEPTUNE INTERNATIONAL FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/NEPTUNE MSCI EAFE & FOREIGN LARGE
INTERNATIONAL FUND - CLASS I EMERGING MKTS GROWTH CATEGORY
---------------------------- ------------- ---------------

Aug-07 10,000 10,000 10,000
Aug-07 10,310 9,834 9,927
Sep-07 11,180 10,462 10,620
Oct-07 12,230 11,019 11,239
Oct-08 5,925 5,649 5,641

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

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

Investments made in securities of foreign companies may be less liquid and may
fluctuate more widely than those traded in U.S. markets.

Emerging market securities may be subject to additional risks such as price
volatility, currency fluctuation, financial reporting requirements as well as
political and economic instability.

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative since Inception (47.49)%

Inception Date 06/17/08

Average Annual Total Returns - Class I

One Year (51.55)%
Since Inception (34.35)%

Inception Date 08/06/07

Aston Funds
NEPTUNE INTERNATIONAL FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 16%
CONSUMER STAPLES 21%
ENERGY 14%
FINANCIALS 11%
MATERIALS 11%
HEALTH CARE 10%
CONSUMER DISCRETIONARY 8%
TELECOMMUNICATION SERVICES 7%
INDUSTRIALS 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 83.63%
CHINA -- 19.21%
100,000 China Life Insurance (a) ......................... $ 267,240
35,000 China Mobile (a) ................................. 308,116
175,000 China Oilfield Services (a) ...................... 96,168
165,000 CNOOC (a) ........................................ 135,478
200,000 Mandarin Oriental International .................. 256,000
350,000 PetroChina (a) ................................... 263,162
40,000 Ping An Insurance (a) ............................ 171,069
110,000 Shangri-La Asia (a) .............................. 155,741
--------------
1,652,974
--------------
GERMANY -- 3.82%
6,000 Bayer (a) ........................................ 328,447
--------------
JAPAN -- 0.23%
1,800 Komatsu (a) ...................................... 19,789
--------------
LUXEMBOURG -- 0.54%
3,000 Evraz Group, GDR (a) ............................. 46,479
--------------
NETHERLANDS -- 5.37%
5,000 Akzo Nobel (a) ................................... 207,830
19,000 Reed Elsevier (a) ................................ 253,960
--------------
461,790
--------------
NORWAY -- 1.70%
7,000 Yara International (a) ........................... 146,245
--------------
RUSSIA -- 21.10%
1,000 Aeroflot - Russian International Airlines,
GDR (a) ....................................... 146,573
13,000 Gazprom, SP ADR .................................. 265,850
3,250 LUKOIL, SP ADR ................................... 126,100
22,500 Mining and Metallurgical Company Norilsk
Nickel, ADR * ................................. 235,125
4,000 Mobile TeleSystems, SP ADR ....................... 156,600
16,000 Polyus Gold, SP ADR .............................. 176,320

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

RUSSIA (CONTINUED)
45,000 Rosneft Oil, GDR ................................. $ 207,000
6,500 Uralkali, SP GDR ................................. 135,785
9,000 Vimpel-Communications, SP ADR .................... 130,500
3,500 Wimm-Bill-Dann Foods, ADR * ...................... 153,790
8,000 X 5 Retail Group, GDR * .......................... 81,600
--------------
1,815,243
--------------
UNITED KINGDOM -- 31.66%
13,000 AMEC (a) ......................................... 108,765
7,500 AstraZeneca (a) .................................. 317,838
10,000 British American Tobacco PLC (a) ................. 274,293
20,000 Diageo (a) ....................................... 305,210
12,500 GlaxoSmithKline (a) .............................. 240,299
13,000 HSBC Holdings PLC (a) ............................ 153,975
38,000 ICAP (a) ......................................... 189,351
15,000 Imperial Tobacco Group (a) ....................... 402,023
50,000 Tesco PLC (a) .................................... 273,955
31,500 Tullett Prebon PLC (a) ........................... 120,719
15,000 Unilever (a) ..................................... 336,987
--------------
2,723,415
--------------
TOTAL COMMON STOCKS
(Cost $12,906,207) ............................ 7,194,382
--------------
INVESTMENT COMPANY --12.81%
1,101,720 BlackRock Liquidity Funds TempCash Portfolio ..... 1,101,720
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,101,720) ............................. 1,101,720
--------------
TOTAL INVESTMENTS --96.44%
(Cost $14,007,927)** ....................................... 8,296,102
--------------
NET OTHER ASSETS AND LIABILITIES --3.56% ...................... 306,473
--------------
NET ASSETS -- 100.00% ......................................... $ 8,602,575
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $14,007,927.

Gross unrealized appreciation ........... $ 43,825
Gross unrealized depreciation ........... (5,755,650)
-----------
Net unrealized depreciation ............. $(5,711,825)
===========

(a) Securities with a total aggregate market value of $5,269,712 or 61.26% 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

SP GDR Sponsored Global Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BARINGS INTERNATIONAL FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

David Bertocchi, CFA

Q. Describe the environment for international stocks during the past 12
months.

A. Global equity markets experienced a momentously difficult 12 months. What
began as a relatively contained credit event impacting banks in Europe and
North America became a full-blown financial crisis from which no markets
were immune and resulted in and extremely difficult environment for
international equities. Emerging markets have been disproportionately
impacted as risk aversion has increased and selective currencies come under
pressure. The main factor impacting Fund performance has been the fallout
from the financial crisis. The Fund was positioned relatively early for an
environment of slowing growth, with economically sensitive Industrials and
Materials stocks sold in favor of more defensive, stable growth areas such
as Consumer Staples and Telecommunications, and areas of secular growth
within the Industrials and Health Care sectors. The Fund also benefited
from the avoidance of western banks. In contrast, holdings in emerging
markets detracted. The de-leveraging that has taken place since the summer
has had a significant impact on these holdings, as has the withdrawal of
credit, and the emerging market exposure has been the single largest
negative effect on the Fund. The credit crisis also impacted oil service
holdings, with customers unable to finance new projects, leading to delays
and cancellations despite the long term necessity.

Q. What were the best performing holdings for the Fund?

A. The best performing stock was UniCharm, a Japanese supplier of adult
diapers and pet foods seeing good secular growth for its products. Dialysis
machine provider Fresenius, and specialist pharmaceuticals companies Novo
Nordisk and Actelion were strong performers as the outlook improved in an
environment of significant downgrades elsewhere. Steelmaker ArcelorMittal
was a strong contributor, although we sold it to lock in profits based on
our forecast of a slowing economy.

Q. What were the weakest performing holdings?

A. Gold miner Peter Hambro Mining was our worst performer as the market has
penalized its Russian exposure. We continue to believe the gold price is
going to face significant upward pressure and so retain the holding. Aker
Kvaerner was a significant drag on performance. While we believe that the
long term outlook for oil services remains strong, the lack of financing
for new projects will continue to be a headwind so we have sold the
holding. German cable company Premiere was also sold after the revelation
that management had been falsely reporting subscriber numbers.

Q. How was the portfolio positioned as of October 31, 2008?

A. The portfolio was relatively defensively positioned at the end of the
period. We have sought to avoid those areas with greatest earnings and cash
flow risk during a period of weak economic activity and constrained credit
availability. As a result, the Fund is underweight in Consumer
Discretionary and Cyclical Industrial companies, as well as mining
companies and steel companies, all of which are exposed to weaker global
growth. In contrast, we believe the outlook for gold and agricultural
chemicals remain strong and so retain exposure here. Industrials are
overweight, but focused on companies with secular growth not dependent upon
the cycle. We also see attractive growth opportunities in the Health Care
sector, away from the large-cap pharmaceutical names. The weighting to
Financials has increased. That said, the Fund has limited exposure to
western banks. Instead, we hold several insurance stocks, as we believe the
significant reduction in capital will lead to rising insurance premiums and
potential earnings growth.

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

(PERFORMANCE GRAPH)

ASTON/BARINGS INTERNATIONAL FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/BARINGS FOREIGN LARGE
INTERNATIONAL FUND - CLASS I MSCI EAFE INDEX BLEND CATEGORY
---------------------------- --------------- --------------

Nov-07 10,000 10,000 10,000
Jan-08 8,640 8,580 8,563
Apr-08 9,040 9,078 8,968
Jul-08 7,990 8,147 8,041
Oct-08 5,080 5,337 5,234

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

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

Investments made in securities of foreign companies may be less liquid and may
fluctuate more widely than those traded in U.S. markets.

Emerging market securities may be subject to additional risks such as price
volatility, currency fluctuation, financial reporting requirements as well as
political and economic instability.

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class I

Cumulative since Inception (49.20)%

Inception Date 11/02/07

Aston Funds
BARINGS INTERNATIONAL FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 1%
FINANCIALS 22%
INDUSTRIALS 13%
ENERGY 13%
CONSUMER STAPLES 12%
HEALTH CARE 12%
TELECOMMUNICATION SERVICES 10%
MATERIALS 8%
CONSUMER DISCRETIONARY 4%
UTILITIES 3%
INFORMATION TECHNOLOGY 2%

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

COMMON STOCKS -- 98.75%
AUSTRALIA -- 1.98%
6,393 QBE Insurance Group (a) .......................... $ 109,071
--------------
BELGIUM -- 1.77%
1,469 Mobistar (a) ..................................... 97,483
--------------
BRAZIL -- 1.07%
2,187 Petroleo Brasileiro, ADR ......................... 58,808
--------------
CANADA -- 1.34%
1,685 Niko Resources ................................... 73,814
--------------
CHINA -- 1.78%
209,000 Industrial & Commercial Bank of China,
Class H (a) ................................... 98,339
--------------
DENMARK -- 1.99%
2,052 Novo Nordisk, Class B (a) ........................ 109,994
--------------
FINLAND -- 1.72%
6,209 Nokia (a) ........................................ 95,111
--------------
FRANCE -- 7.11%
5,288 Axa (a) .......................................... 101,022
1,969 GDF Suez (a) ..................................... 87,647
5,284 Suez Environnement * ............................. 101,021
1,860 Total (a) ........................................ 102,325
--------------
392,015
--------------
GERMANY -- 5.44%
1,797 Bayer (a) ........................................ 98,370
1,630 Fresenius (a) .................................... 103,470
759 Muenchener Rueckversicherungs-Gesellschaft (a) ... 98,533
--------------
300,373
--------------
ITALY -- 2.02%
4,672 Eni (a) .......................................... 111,512
--------------

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

JAPAN -- 17.54%
12 Central Japan Railway (a) ........................ $ 98,575
14,200 Mitsubishi UFJ Financial Group (a) ............... 89,235
8,000 Mitsui (a) ....................................... 77,516
6,000 Mitsui Fudosan (a) ............................... 104,660
69 NTT DoCoMo (a) ................................... 109,430
7,000 Panasonic (a) .................................... 112,726
3,700 Seven & I Holdings (a) ........................... 103,888
21 Sumitomo Mitsui Financial Group (a) .............. 84,186
24,000 Tokyu (a) ........................................ 94,285
1,300 UniCharm (a) ..................................... 93,241
--------------
967,742
--------------
NETHERLANDS -- 2.05%
8,032 Koninklijke (Royal) (a) .......................... 113,116
--------------
NORWAY -- 1.90%
6,350 Aker Kvaerner (a) ................................ 34,726
3,359 Yara International (a) ........................... 70,177
--------------
104,903
--------------
PAGUA NEW GUINEA -- 1.72%
76,187 Lihir Gold * (a) ................................. 95,064
--------------
RUSSIA -- 3.33%
5,467 Gazprom, SP ADR .................................. 111,800
1,843 Mobile TeleSystems, SP ADR ....................... 72,153
--------------
183,953
--------------
SINGAPORE -- 1.19%
21,000 Keppel (a) ....................................... 65,472
--------------
SPAIN -- 1.60%
4,778 Telefonica (a) ................................... 88,464
--------------
SWITZERLAND -- 13.59%
2,179 Actelion * (a) ................................... 115,112
2,795 Julius Baer Holding (a) .......................... 109,313
1,130 Lonza Group (a) .................................. 93,782
2,596 Nestle (a) ....................................... 100,951
2,312 Novartis (a) ..................................... 117,353
572 Syngenta (a) ..................................... 106,926
523 Zurich Financial Services (a) .................... 106,105
--------------
749,542
--------------
UNITED ARAB EMIRATES -- 1.45%
53,386 Emaar Properties (a) ............................. 80,055
--------------
UNITED KINGDOM -- 28.16%
7,225 Admiral Group (a) ................................ 107,106
16,784 BAE Systems (a) .................................. 94,342
8,201 BG Group (a) ..................................... 120,587
12,625 BP (a) ........................................... 102,912
7,591 De La Rue (a) .................................... 109,506
4,042 Imperial Tobacco Group (a) ....................... 108,332
13,108 Peter Hambro Mining (a) .......................... 43,428
2,919 Randgold Resources (a) ........................... 92,571
2,279 Reckitt Benckiser Group (a) ...................... 96,401
19,902 Rolls-Royce Group (a) ............................ 105,300
1,138,394 Rolls-Royce Group Class C * (a) .................. 1,832
23,841 Stagecoach Group * (a) ........................... 71,584
7,165 Standard Chartered (a) ........................... 118,416

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BARINGS INTERNATIONAL FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

UNITED KINGDOM (CONTINUED)
16,319 Tesco (a) ........................................ $ 89,414
34,840 Tui Travel (a) ................................... 106,348
4,154 Unilever (a) ..................................... 93,323
47,971 Vodafone Group (a) ............................... 92,284
--------------
1,553,686
--------------
TOTAL COMMON STOCKS
(Cost $7,785,784) ............................ 5,448,517
--------------
INVESTMENT COMPANY -- 1.77%
97,535 BlackRock Liquidity Funds TempCash Portfolio ..... 97,535
--------------
TOTAL INVESTMENT COMPANY
(Cost $97,535) ................................ 97,535
--------------
TOTAL INVESTMENTS -- 100.52%
(Cost $7,883,319)** ........................................ 5,546,052
--------------
NET OTHER ASSETS AND LIABILITIES -- (0.52)% ................... (28,619)
--------------
NET ASSETS -- 100.00% ......................................... $ 5,517,433
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $8,368,136.

Gross unrealized appreciation .. $ 8,847
Gross unrealized depreciation .. (2,830,931)
-----------
Net unrealized depreciation .... $(2,822,084)
===========

(a) Securities with a total aggregate market value of $5,030,921 or 91.18% of
the net assets, were valued under the fair value procedures established by
the Funds' Board of Trustees.

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FORTIS GLOBAL REAL ESTATE FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Nancy J. Holland, CPA, Joseph Pavnica, Menno Sloterdijk, & Matthew Hoult

Q. Describe the environment for international stocks during the past 12
months.

A. Global property markets were dominated by extreme volatility and the
worsening financial crisis during the past 12 months. The collapse of Bear
Stearns in March caused a panic in the credit markets which was repeated in
September when Lehman Brothers failed. The debt drought has hit property
harder than most other sectors. October 2008 was the worst month on record
for the Global Property sector, as a wave of bank and insurer crises led
governments from around the world to prop up the ailing financial system.
This has been the backdrop for widespread global real estate share price
decline. Until the tail end of the period, property stocks had outperformed
the broader equity markets. However, the intensification of the liquidity
crisis after Lehman's failure impacted property more severely than
equities. And while the direct markets have been under some strain, prices
have yet to fall as sharply as in the public markets, although we believe
it is only a matter of time before we see significant repricing in the
direct and private real estate markets.

Q. What where the most significant market factors affecting Fund performance
during the period?

A. The major factors affecting the Fund have been global volatility driven by
swings in sentiment linked to the liquidity crisis and the weakening
economy. The global economic slowdown has also hit stock prices, especially
from the third quarter onward. The marginal borrowing costs for property
market participants rose sharply during that time frame. In addition,
credit was not only more expensive to arrange but also had become more
difficult for property companies to find. The extraordinary spike in
volatility in the course of period led to sentiment dominating property
performance, with investors ignoring standard valuations as fear has
increasingly overtaken rationality in the listed property space.

Q. What were the best performing holdings for the Fund?

A. Companies with a strong balance sheet have been amongst the best
contributors in 2008. Our stock picks in Asia Pacific have tended to have a
positive effect, while stock selection in North America and Europe have, on
the whole, contributed negatively. In terms of individual holdings, we
benefitted from being overweight in companies such as Simon Property Group
and Ventas in the U.S., and underweight in the Austrian companies
ImmoFinanz and ImmoEast.

Q. What were the weakest performing holdings?

A. Stock choice in Europe and North America has been particularly
disappointing, with our ownership of General Growth in the U.S. and
Eurocastle Investment and ProLogis European Properties detracting from
relative performance.

Q. How was the portfolio positioned as of October 31, 2008?

A. At the end of October, we had a large overweight in the U.S. and Singapore
markets, and a modest overweight in the UK market. Our strategic
underweights include Japan and Hong Kong. We consider that the U.S. is
further down the road of re-pricing than other markets, while we believe
that property values in the Hong Kong market do not reflect weakening
demand from falling global economic output and worsening credit market
conditions. In the U.S., we favor high end malls and multi-family
properties, and are underweight to diversified stocks, Canada and
industrials.

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

(PERFORMANCE GRAPH)

ASTON/ABN AMRO GLOBAL REIT FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/ABN AMRO GLOBAL PROPERTY GLOBAL REAL ESTATE
GLOBAL REIT FUND- CLASS N RESEARCH 250 INDEX FUNDS CATEGORY
------------------------- ------------------ ---------------------

Aug-07 10,000 10,000 10,000
Aug-07 10,230 10,274 10,454
Sep-07 10,830 10,861 10,927
Oct-07 11,080 11,075 11,120
Oct-08 5,380 5,490 5,497

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

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

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

The securities of foreign companies may be less liquid and may fluctuate more
widely than those traded in U.S. markets.

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (51.45)%
Since Inception (39.19)%

Inception Date 08/03/07

Aston Funds
FORTIS GLOBAL REAL ESTATE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 2%
REAL ESTATE MANAGEMENT & DEVELOPMENT 22%
DIVERSIFIED 21%
RETAIL 19%
OFFICE PROPERTIES 12%
RESIDENTIAL 12%
HEALTH CARE 6%
STORAGE 5%
INDUSTRIAL 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 98.23%
AUSTRALIA -- 9.29%
104,059 Challenger Diversified
Property Group (a) ............................... $ 39,506
170,279 DB RREEF Trust (a) ............................... 84,857
103,785 Goodman Group (a) ................................ 65,480
192,136 GPT Group (a) .................................... 96,153
150,554 Macquarie Office Trust (a) ....................... 28,959
68,767 Mirvac Group (a) ................................. 45,014
54,086 Stockland (a) .................................... 145,441
48,350 Westfield Group (a) .............................. 534,013
--------------
1,039,423
--------------
AUSTRIA -- 0.77%
6,077 CA Immobilien Anlagen * (a) ...................... 38,235
8,449 Conwert Immobilien Invest * (a) .................. 40,809
5,983 Immofinanz Immobilien Anlagen (a) ................ 6,673
--------------
85,717
--------------
CANADA -- 1.62%
8,450 Boardwalk Real Estate Investment Trust ........... 181,577
--------------
FINLAND -- 0.94%
18,142 Citycon (a) ...................................... 42,997
5,716 Sponda (a) ....................................... 25,610
8,877 Technopolis (a) .................................. 36,338
--------------
104,945
--------------
FRANCE -- 4.86%
204 Fonciere Des Regions (a) ......................... 13,490
1,308 Icade (a) ........................................ 78,184
2,502 Klepierre (a) .................................... 57,631
1,000 Societe de la Tour Eiffel (a) .................... 56,397
2,253 Unibail-Rodamco (a) .............................. 337,916
--------------
543,618
--------------

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

GERMANY -- 0.44%
4,207 DIC Asset (a) .................................... $ 31,551
2,663 IVG Immobilien (a) ............................... 17,434
--------------
48,985
--------------
HONG KONG -- 5.26%
58,000 Link REIT (a) .................................... 103,705
45,000 Sun Hung Kai Properties (a) ...................... 394,250
45,000 Wharf Holdings (a) ............................... 89,785
--------------
587,740
--------------
JAPAN -- 16.15%
20 Japan Real Estate Investment (a) ................. 177,102
38,000 Mitsubishi Estate (a) ............................ 678,807
28,000 Mitsui Fudosan (a) ............................... 488,412
21 Nippon Building Fund (a) ......................... 201,789
16,000 Sumitomo Realty & Development (a) ................ 260,685
--------------
1,806,795
--------------
NETHERLANDS -- 0.63%
245 Corio (a) ........................................ 13,093
7,411 Eurocastle Investment ............................ 3,908
849 Eurocommercial Properties (a) .................... 28,114
1,900 Vastned Offices/Industrial (a) ................... 25,055
--------------
70,170
--------------
NORWAY -- 0.23%
17,354 Norwegian Property ASA (a) ....................... 25,864
--------------
SINGAPORE -- 4.44%
94,000 Ascendas Real Estate Investment Trust (a) ........ 104,601
73,000 CapitaCommercial Trust (a) ....................... 50,149
87,000 Capitaland (a) ................................... 174,362
57,000 CapitaMall Trust (a) ............................. 75,588
296,000 Lippo-Mapletree Indonesia Retail Trust (a) ....... 52,140
84,000 Suntec Real Estate Investment Trust (a) .......... 40,209
--------------
497,049
--------------
SWEDEN -- 1.18%
3,530 Castellum (a) .................................... 23,963
13,109 Fabege (a) ....................................... 51,972
4,239 Kungsleden (a) ................................... 20,507
3,359 Wihlborgs Fastigheter (a) ........................ 35,568
--------------
132,010
--------------
UNITED KINGDOM -- 8.23%
15,694 Big Yellow Group (a) ............................. 68,079
20,820 British Land (a) ................................. 207,608
4,131 Derwent London (a) ............................... 48,384
3,368 Grainger (a) ..................................... 4,316
11,713 Great Portland Estates (a) ....................... 52,159
11,672 Hammerson (a) .................................... 134,526
13,157 Land Securities Group (a) ........................ 233,546
19,241 Minerva * (a) .................................... 5,363
30,068 Safestore Holdings (a) ........................... 45,036
19,166 Segro (a) ........................................ 86,526
3,163 Shaftesbury (a) .................................. 17,013
11,500 Workspace Group (a) .............................. 18,511
--------------
921,067
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FORTIS GLOBAL REAL ESTATE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

UNITED STATES -- 44.19%
2,250 AvalonBay Communities ............................ $ 159,795
5,250 Boston Properties ................................ 372,120
4,200 Digital Realty Trust ............................. 140,616
2,800 Douglas Emmett ................................... 42,280
2,836 EastGroup Properties ............................. 94,949
3,209 Entertainment Properties Trust ................... 120,177
11,700 Equity Residential ............................... 408,681
2,700 Essex Property Trust ............................. 262,710
5,350 Federal Realty Investment Trust .................. 327,795
13,000 HCP .............................................. 389,090
4,150 Kilroy Realty .................................... 133,423
2,900 Kimco Realty ..................................... 65,482
8,500 Mack-Cali Realty ................................. 193,120
8,600 National Retail Properties ....................... 153,338
4,150 ProLogis ......................................... 58,100
4,950 Public Storage ................................... 403,425
2,300 Regency Centers .................................. 90,758
9,500 Simon Property Group ............................. 636,785
7,050 Taubman Centers .................................. 234,201
9,160 UDR .............................................. 181,002
8,600 Ventas ........................................... 310,116
2,350 Vornado Realty Trust ............................. 165,792
--------------
4,943,755
--------------
TOTAL COMMON STOCKS
(Cost $17,260,225) ............................ 10,988,715
--------------
CLOSED-END FUND -- 0.29%
LUXEMBOURG -- 0.29%
9,734 ProLogis European Properties (a) ................. 32,349
--------------
TOTAL CLOSED-END FUND
(Cost $130,495) ............................... 32,349
--------------
INVESTMENT COMPANY -- 1.60%
179,049 BlackRock Liquidity Funds
TempCash Portfolio ............................... 179,049
--------------
TOTAL INVESTMENT COMPANY
(Cost $179,049) ............................... 179,049
--------------
TOTAL INVESTMENTS -- 100.12%
(Cost $17,569,769)** ....................................... 11,200,113
--------------
NET OTHER ASSETS AND LIABILITIES -- (0.12)% ................... (12,964)
--------------
NET ASSETS -- 100.00% ......................................... $ 11,187,149
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $18,051,763.

Gross unrealized appreciation ..... $ 50,948
Gross unrealized depreciation ..... (6,902,598)
-----------
Net unrealized depreciation ....... $(6,851,650)
===========

(a) Security with a total aggregate market value of $5,891,824 or 52.67% of the
net assets, was valued under the fair value procedures established by the
Funds' Board of Trustees.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
SGA INTERNATIONAL SMALL MID-CAP FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Mark Wimer, CFA, Cynthia A. Tusan, CFA, & Gary T. Baierl, Ph.D

Q. Describe the environment for international stocks from the Fund's inception
on November 2, 2007 through October 31, 2008.

A. The recent surge in the value of the dollar has been a drag on foreign
stock performance of late, even though foreign companies often have a more
diversified base than their U.S. peers of business growth since their
markets more often include the rapidly growing emerging markets.

Q. What were the most significant factors affecting Fund performance during
the period?

A. Most of the Fund's underperformance of its benchmark occurred early in the
period and stemmed from holdings in Consumer Discretionary, Industrial and
Material sectors, as well as Real Estate and China. Recognizing the
possibility of continuing erosion in these areas, subsequently reduced
those exposures. The reductions to those exposures helped relative
performance in 2008 as those cyclically sensitive areas continued to be a
source of steep negative returns. Although generally posting negative
returns as well, defensive sectors such as Health Care, Utilities, and
Consumer Staples fared slightly better. A bright spot was our stock
selection in Financials, where the portfolio's financial holdings
outperformed those of the benchmark. The Fund's investments in select bank
positions less exposed to the ongoing credit issues, as well as investments
in diversified financial companies contributed positively to relative
performance.

Q. What were the best performing holdings for the Fund?

A. The Fund's holdings in Japanese financial services company Acom Co.
performed well as Mitsubishi UFJ increased its stake in the company.
Holdings in Australian oil and gas company Origin Energy was bolstered by
news of a potential takeover and good operating results. Corporate Express,
a Netherlands-based office supply company, posted gains as it was taken
over by Staples. Holdings in Japanese medical device maker Nihon Kohden
scored well as the company announced major upward revisions to sales and
operating forecasts. Finally, executive recruiter Vedior was up, thanks to
its acquisition by Randstad Holding NV.

Q. What were the weakest performing holdings?

A. Holdings in Australian mining firm Minara Resources fell significantly as
mining operations were adversely affected by Western Australia's natural
gas crisis following an explosion at one of the country's top three power
providers. Hong Kong-based marine shipping company Orient Overseas
International also declined as business transport in and around China
slowed significantly and surging oil prices impacted profits. Hong Kong
real estate developer Shenzhen Investment suffered losses as Chinese
markets deteriorated. Finally, Japanese real estate company Urban slumped
as the company declared bankruptcy after being unable to obtain financing.

Q. How was the portfolio positioned as of October 31, 2008?

A. Given our view that markets may continue to experience further declines and
especially increased volatility, we have addressed increased volatility
through not only our usual portfolio rebalances to refresh the Fund with
equities ranked higher by our quantitative stock selection model, but have
also carried out an even higher level of fundamental review including
keeping a watchful eye on debt levels across companies in the portfolio and
increasing diversification in terms of number of holdings and number of
industries. We continue to adhere to our investment process as we believe
the consistent application of our disciplined approach to stock selection
and portfolio construction will serve investors best in the long term.
While the financial crisis may be far from over, we believe that our
investment process based primarily on company fundamentals and a
disciplined quantitative process should perform well in an environment
where strong fundamentals are needed to ride out the current weak credit
market environment.

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

(PERFORMANCE GRAPH)

ASTON/SGA INTERNATIONAL SMALL-MID CAP FUND
GROWTH OF $10,000

MORNINGSTAR(R)
ASTON/SGA INT'L SMALL- MSCI EAFE FOREIGN SMALL/MID
MID CAP FUND - CLASS N SMID ND INDEX GROWTH CATEGORY
---------------------- ------------- -----------------

Nov-07 10,000 10,000 10,000
Jan-08 8,170 8,205 9,967
Apr-08 8,380 8,705 10,424
Jul-08 7,030 7,681 9,294
Oct-08 4,410 4,758 5,595

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

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

Investments made in securities of foreign companies may be less liquid and may
fluctuate more widely than those traded in U.S. markets.

Emerging market securities may be subject to additional risks such as price
volatility, currency fluctuation, financial reporting requirements as well as
political and economic instability.

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative since Inception (55.90)%

Inception Date 11/02/07

Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

COMMUNICATION 5%
OTHER COMMON STOCKS 19%
INDUSTRIAL 15%
CONSUMER CYCLICALS 14%
BASIC MATERIALS 13%
FINANCIAL 9%
HEALTHCARE 7%
REAL ESTATE INVESTMENT TRUSTS 6%
CONSUMER NON-CYCLICALS 6%
CASH & NET OTHER ASSETS AND LIABILITIES 6%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 93.05%
AUSTRALIA -- 5.21%
660 Caltex Australia (a) ............................. $ 4,157
877 CSL (a) .......................................... 21,328
200 Origin Energy (a) ................................ 2,097
3,782 PMP (a) .......................................... 2,432
--------------
30,014
--------------
AUSTRIA -- 0.57%
265 Zumtobel (a)
3,281
--------------
BELGIUM -- 0.67%
196 Euronav (a) ...................................... 2,865
3 Sipef (a) ........................................ 968
--------------
3,833
--------------
BRAZIL -- 0.26%
435 Companhia Energetica de Sao Paulo, ADR ........... 1,495
--------------
CANADA -- 3.21%
72 Astral Media ..................................... 1,665
237 Churchill, Class A * ............................. 1,325
189 Ensign Energy Services ........................... 2,432
100 First Quantum Minerals ........................... 2,107
653 Gerdau Ameristeel ................................ 3,494
1,031 Neo Material Technologies * ...................... 1,249
158 Precision Drilling Trust ......................... 1,704
516 WestJet Airlines * ............................... 4,474
--------------
18,450
--------------
DENMARK -- 1.18%
60 D/S Norden (a) ................................... 1,819
86 Danisco (a) ...................................... 3,726
26 Solar Holdings, B Shares (a) ..................... 1,238
--------------
6,783
--------------

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

FINLAND -- 2.17%
244 Metso (a) ........................................ $ 3,243
193 Nokian Renkaat (a) ............................... 2,523
651 Outokumpu (a) .................................... 6,746
--------------
12,512
--------------
FRANCE -- 3.75%
21 Bonduelle (a) .................................... 1,762
468 Boursorama * (a) ................................. 3,415
74 Bureau Veritas * (a) ............................. 2,638
64 Neopost(a) ....................................... 5,358
145 Nexity (a) ....................................... 1,263
227 Valeo (a) ........................................ 3,954
887 Viel (a) ......................................... 3,175
--------------
21,565
--------------
GERMANY -- 5.06%
189 Merck KGaA (a) ................................... 16,696
65 MTU Aero Engines Holding (a) ..................... 1,254
234 Praktiker Bau-und Heimwerkermaerkte Holding (a) .. 1,837
633 ProSiebenSat.1 Media (a) ......................... 1,873
34 Puma (a) ......................................... 5,664
93 SGL Carbon * (a) ................................. 1,795
--------------
29,119
--------------
GREECE -- 0.63%
203 Gr. Sarantis (a) ................................. 1,321
200 Safe Bulkers ..................................... 1,102
271 Sidenor Steel Products Manufacturing (a) ......... 1,198
--------------
3,621
--------------
HONG KONG -- 4.72%
6,223 Denway Motors (a) ................................ 1,552
8,595 Huabao International Holdings (a) ................ 5,547
6,888 Lenovo Group (a) ................................. 2,088
6,835 Link REIT (a) .................................... 12,221
1,375 Orient Overseas International (a) ................ 2,455
15,746 Shenzhen Investment (a) .......................... 1,631
8,750 Sun International Group * (a) .................... 1,694
--------------
27,188
--------------
IRELAND -- 1.73%
124 FBD Holdings (a) ................................. 1,805
719 Glanbia (a) ...................................... 2,753
241 Kerry Group, Class A (a) ......................... 5,370
--------------
9,928
--------------
ISRAEL -- 2.97%
413 Gilat Satellite Networks * ....................... 1,289
846 Partner Communications, ADR ...................... 15,803
--------------
17,092
--------------
ITALY -- 2.92%
400 ACEA (a) ......................................... 5,216
168 Banca Popolare dell'Emilia Romagna (a) ........... 2,093
361 Benetton Group (a) ............................... 2,545
19,676 Pirelli & C. (a) ................................. 6,937
--------------
16,791
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

JAPAN -- 28.12%
379 Aeon Delight (a) ................................. $ 9,336
206 Cawachi (a) ...................................... 3,269
575 Daiei * (a) ...................................... 2,797
481 Dowa Holdings (a) ................................ 1,450
1 Gourmet Navigator (a) ............................ 1,977
6,161 Haseko (a) ....................................... 5,575
450 Hitachi Construction Machinery (a) ............... 5,224
206 Hitachi Software Engineering (a) ................. 2,906
6,577 Hokuhoku Financial Group (a) ..................... 13,015
1,588 Joyo Bank (a) .................................... 7,471
688 Kamigumi (a) ..................................... 5,473
100 Konami (a) ....................................... 1,809
505 Makita (a) ....................................... 9,157
241 Mandom (a) ....................................... 6,505
447 Mikuni Coca-Cola Bottling (a) .................... 4,280
4,147 Mitsubishi Materials (a) ......................... 9,364
3,438 Mitsui Mining (a) ................................ 6,561
300 Namco Bandai Holdings (a) ........................ 3,085
1,274 NGK Insulators (a) ............................... 13,233
2,719 Nippon Soda (a) .................................. 7,734
400 Nissan Chemical Industries (a) ................... 3,234
2 Seven Bank (a) ................................... 5,760
520 Shimizu (a) ...................................... 2,552
509 Showa Shell Sekiyu K.K. (a) ...................... 4,158
200 Stanley Electric (a) ............................. 2,514
1 Start Today (a) .................................. 1,956
355 Sumitomo Heavy Industries (a) .................... 1,054
138 Suzuken (a) ...................................... 2,949
2,544 Taisei (a) ....................................... 5,863
1,344 Toyo Engineering (a) ............................. 3,863
400 Unipres (a) ...................................... 3,277
756 Urban (b) ........................................ 8
448 Usen (a) ......................................... 612
327 Yaskawa Electric (a) ............................. 1,435
1 Zappallas (a) .................................... 2,388
--------------
161,844
--------------
LUXEMBOURG -- 2.08%
665 SES (a) .......................................... 11,963
--------------
MEXICO -- 0.54%
447 Grupo Bimbo, Class A ............................. 2,145
688 Promotora y Operadora de Infraestuctura * ........ 989
--------------
3,134
--------------
NETHERLANDS -- 1.16%
289 Randstad Holding (a) ............................. 5,622
138 TomTom * (a) ..................................... 1,052
--------------
6,674
--------------
NEW ZEALAND -- 0.52%
2,063 Air New Zealand (a) .............................. 1,103
450 Contact Energy (a) ............................... 1,908
--------------
3,011
--------------
NORWAY -- 0.37%
413 Cermaq (a) ....................................... 1,623
103 Petroleum Geo-Services * (a) ..................... 513
--------------
2,136
--------------

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

PORTUGAL -- 1.44%
1,490 Banif (a) ........................................ $ 2,232
1,375 Impresa SGPS * (a) ............................... 1,028
2,370 Portucel Empresa Produtora de Pasta e Papel (a) .. 5,050
--------------
8,310
--------------
SINGAPORE -- 1.72%
4,126 Golden Agri-Resources (a) ........................ 551
5,535 Neptune Orient Lines (a) ......................... 4,675
689 Singapore Petroleum (a) .......................... 983
1,681 Singapore Press Holdings (a) ..................... 3,672
--------------
9,881
--------------
SOUTH AFRICA -- 1.39%
4,813 Metropolitan Holdings (a) ........................ 4,940
1,857 Sanlam (a) ....................................... 3,048
--------------
7,988
--------------
SPAIN -- 1.48%
244 Gestevision Telecinco (a) ........................ 1,959
2,046 Iberia Lineas Aereas de Espana (a) ............... 4,827
89 Indra Sistemas (a) ............................... 1,729
114 Martinsa-Fadesa * (b) ............................ 1
--------------
8,516
--------------
SWEDEN -- 1.14%
639 Boliden (a) ...................................... 1,537
825 Eniro (a) ........................................ 1,912
584 JM (a) ........................................... 3,131
--------------
6,580
--------------
SWITZERLAND -- 1.14%
74 Actelion * (a) ................................... 3,909
17 Swatch Group (a) ................................. 2,653
--------------
6,562
--------------
TAIWAN -- 2.15%
1,753 Acer, SP GDR ..................................... 11,762
101 Lite-On Technology, GDR .......................... 640
--------------
12,402
--------------
UNITED KINGDOM -- 14.75%
1,306 Amlin (a) ........................................ 6,686
808 Britvic (a) ...................................... 2,968
629 BSS Group (a) .................................... 2,313
935 Charter .......................................... 6,094
2,750 Chaucer Holdings (a) ............................. 2,570
2,709 Collins Stewart (a) .............................. 1,911
612 CSR * (a) ........................................ 2,041
664 Drax Group (a) ................................... 6,170
1,764 Enterprise Inns (a) .............................. 2,778
3,153 Hays (a) ......................................... 3,461
1,131 Helphire Group (a) ............................... 1,922
973 IMI (a) .......................................... 4,324
890 International Power (a) .......................... 3,184
701 Investec (a) ..................................... 2,662
1,375 ITE Group (a) .................................... 1,875
1,179 Ladbrokes (a) .................................... 3,005
2,750 Northern Foods (a) ............................... 2,151

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

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

UNITED KINGDOM (CONTINUED)
557 Rexam (a) ........................................ $ 3,356
547 Sibir Energy * (a) ............................... 2,177
5,520 Spice (a) ........................................ 8,401
7,907 Spirent Communications (a) ....................... 6,917
2,582 Sportingbet * (a) ................................ 1,057
1,693 Syndicate Asset Management * (a) ................. 322
392 Trinity Mirror (a) ............................... 220
901 Tullett Prebon (a) ............................... 3,453
753 Wood Group (John) (a) ............................ 2,910
--------------
84,928
--------------
TOTAL COMMON STOCKS
(Cost $1,130,282) ............................. 535,601
--------------
INVESTMENT COMPANY -- 6.40%
36,848 BlackRock Liquidity Funds
TempCash Portfolio ............................ 36,848
--------------
TOTAL INVESTMENT COMPANY
(Cost $36,848) ................................ 36,848
--------------
TOTAL INVESTMENTS -- 99.45%
(Cost$1,167,130)** ......................................... 572,449
--------------
NET OTHER ASSETS AND LIABILITIES -- 0.55% ..................... 3,185
--------------
NET ASSETS -- 100.00% ......................................... $ 575,634
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $1,167,174.

Gross unrealized appreciation .................... $ 3,511
Gross unrealized depreciation .................... (598,236)
---------
Net unrealized depreciation ...................... $(594,725)
=========

(a) Securities with a total aggregate market value of $475,823 or 82.66% of the
net assets, were valued under the fair value procedures established by the
Funds' Board of Trustees.

(b) These securities have been determined by the Adviser to be illiquid
securities. At October 31, 2008, these securities amounted to $9 or 0.00%
of net assets.

ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
SGPS Sociedade Gestora de Participacoes
SP GDR Sponsored Global Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
SMART PORTFOLIOS FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Bryce James, Shawn Bird, & John Rosenthal

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark from its inception on January 10,
2008 through October 31, 2008?

A. The Fund's investment model interprets the current market conditions and
direction and readjusts its composition frequently, as required, to
optimize expected risk-adjusted returns. With that in mind, the Fund
significantly outperformed its benchmark. The following discussion assumes
that the Fund's cash, which varies daily, was held constant at the model's
target percentage. The International Equity component of the benchmark,
with a 35% weight, was its worst-performing component. The Fund's
underweighting in that sector--our average allocation to International
investments was about 11%--aided our relative performance. The Domestic
Equity component of the benchmark, also with a 35% weight, also posted
significant declines during the period. Here, too, our underweighting in
this segment--at approximately 23% on average--helped. The Fixed Income
component of the benchmark, with a 30% weight, was its best-performing
component. The Fund's average allocation to Cash and Fixed Income was
approximately 58%, which again contributed to its relative out-performance.
The Fund's Cash-plus-Fixed Income allocation, which was almost 90%
short-term government securities on average, ranged from just under 35% to
over 80% of the portfolio during the period, as the investment model read
and adjusted for current conditions. Commodities and Real Estate averaged,
respectively, about 3% and 5% of the Fund over the period. Commodities
performed well over the period while Real Estate, especially in the second
half, performed poorly.

Q. What were the best performing holdings for the Fund during the period?
Which were the worst performing?

A. Every investment category except Fixed Income and Cash has shown negative
performance. On a weighted basis, the worst has been Real Estate, then
International, Domestic Equity, and Commodities. Of the Fund's holdings in
Commodity ETFs, four of eight were in the plus column, with PowerShares DB
Silver being the most positive (on an un-weighted basis) and PowerShares DB
Agriculture the most negative. Of Domestic Equities, only Short QQQ
PowerShares and Utilities Select Sector SPDR were positive contributors.
The largest negative contributors were SPDR DJ Wilshire Small Cap Value and
iShares S&P MidCap 400.

Q. What were the some of the other worst performing holdings?

A. In the International category, there were no winners. iShares MSCI Canada
Index was the greatest negative contributor, but on a weighted basis, BLDRS
Developed Markets 100 ADR Index was weaker still and close behind on an
absolute basis. Excluding iShares FTSE/Xinhua China 25 Index FXI, which was
in the portfolio only for 18 days, the Emerging Markets ETFs outperformed
the larger, more developed market funds, during the times that they were
held by the Fund.

Q. How was the portfolio positioned as of October 31, 2008?

A. The Fund had what could be considered a defensive 31% position in Cash and
Fixed Income. By our analysis, the fact that this defensive position is not
greater feels somewhat contrarian, as it was a more aggressive positioning
than the Fund had had all year. Domestic Equities were slightly above the
benchmark weighting, at about 27%. Global Equity, at 13%, were still below
benchmark weight but higher than the average for the year and higher than
at any time since mid-April. Real Estate was about 7% and Commodities
around 4.5%, both of which are higher than average for the year. Reducing
the Fund's defensive posture after so much risk has already been wrung out
of the market seems to be a prudent step toward our goal of seeking to
maximize Fund investors' risk-adjusted returns.

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

(PERFORMANCE GRAPH)

ASTON/SMART PORTFOLIOS FUND
GROWTH OF $10,000

35% RUSSEL 3000 INDEX,
ASTON/SMART 35% MSCI WORLD EX US INDEX, BARCLAYS CAPITAL MORNINGSTAR(R)
PORTFOLIOS 30% BARCLAYS CAPITAL U.S. RUSSELL MSCI WORLD U.S AGGREGATE CONSERVATIVE
- CLASS N AGGREGATE BOND INDEX 3000 INDEX EX US INDEX BOND INDEX CATEGORY
----------- --------------------- ---------- ----------- ---------------- -----------------

1/10/08 10,000 10,000 10,000 10,000 10,000 10,000
Jan-08 9,770 9,523 8,917 9,031 10,380 9,696
Apr-08 9,990 9,770 9,019 9,635 10,408 9,799
Jul-08 9,590 9,170 8,377 8,660 10,315 9,416
Oct-08 8,302 7,141 6,340 5,471 10,031 8,329

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

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

Investments in ETFs are subject to higher costs than investing directly in the
underlying security. There are also certain investment limitations with fund of
funds.

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative since Inception (16.98)%

Inception Date 01/10/08

Aston Funds
SMART PORTFOLIOS FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH & NET OTHER ASSETS AND LIABILITIES 31%
DOMESTIC EQUITIES 27%
FIXED INCOME 21%
GLOBAL EQUITIES 13%
REAL ESTATE 5%
COMMODITIES 3%

% OF TOTAL NET ASSETS

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

EXCHANGE TRADED FUNDS -- 69.62%
COMMODITIES -- 3.20%
4,990 PowerShares DB Agriculture Fund .................. $ 128,243
2,337 PowerShares DB Energy Fund ....................... 65,787
--------------
194,030
--------------
DOMESTIC EQUITIES -- 27.09%
3,214 iShares Morningstar Mid Growth Index Fund ........ 186,508
6,161 iShares Russell Midcap Value Index Fund .......... 185,816
3,491 iShares S&P MidCap 400 Value Index Fund .......... 186,559
3,609 Materials Select Sector SPDR Trust ............... 93,545
1,376 Midcap SPDR Trust Series 1 ....................... 142,278
4,136 SPDR DJ Wilshire Small Cap Value ................. 188,457
2,960 Vanguard Health Care ............................. 137,314
5,086 Vanguard Industrials ............................. 237,618
3,027 Vanguard Small-Cap ............................... 141,089
3,202 Vanguard Telecommunication Services .............. 145,019
--------------
1,644,203
--------------
FIXED INCOME -- 21.17%
1,596 iShares iBoxx $ Investment Grade Corporate
Bond Fund ..................................... 139,889
13,626 iShares Lehman 1-3 Year Treasury Bond Fund ....... 1,145,402
--------------
1,285,291
--------------

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

GLOBAL EQUITIES -- 12.95%
5,111 iShares MSCI Canada Index Fund ................... $ 98,029
5,120 iShares MSCI EAFE Index Fund ..................... 228,454
12,745 PowerShares BLDRS Developed Markets 100 ADR Index
Fund .......................................... 225,586
4,640 SPDR DJ Global Titans ............................ 234,320
--------------
786,389
--------------
REAL ESTATE -- 5.21%
2,641 iShares Cohen & Steers Realty Majors Index Fund .. 136,302
2,135 iShares Dow Jones U.S. Real Estate Index Fund .... 90,609
1,985 SPDR DJ Wilshire REIT ............................ 89,623
--------------
316,534
--------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,833,059) ............................. 4,226,447
--------------
INVESTMENT COMPANY -- 7.10%
431,034 BlackRock Liquidity Funds TempCash Portfolio ..... 431,034
--------------
TOTAL INVESTMENT COMPANY
(Cost $431,034) ............................... 431,034
--------------
TOTAL INVESTMENTS -- 76.72%
(Cost $5,264,093)* ......................................... 4,657,481
--------------
NET OTHER ASSETS AND LIABILITIES -- 23.28% .................... 1,412,942
--------------
NET ASSETS -- 100.00% ......................................... $ 6,070,423
==============

- ----------
* Aggregate cost for Federal income tax is $5,329,957.

Gross unrealized appreciation ................................. $ 8,185
Gross unrealized depreciation ................................. (680,661)
--------------
Net unrealized depreciation ................................... $ (672,476)
==============

ADR American Depositary Receipt
REIT Real Estate Investment Trust
SPDR Standard & Poor's Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Jim R. Porter

Q. What were the most significant factors affecting Fund performance from its
inception on March 4, 2008 through October 31, 2008?

A. By way of background, the Fund uses a quantitative process based on
patterns of price behavior and trading volumes to select exchange-traded
funds (ETFs) across a wide variety of sectors and asset classes in
constructing a diversified portfolio. An ETF seeks to track the performance
of an index by holding all, or a sampling, of the securities of that index.
The Fund may invest in many different areas of the market. Since its
inception, the Fund significantly outpaced its benchmark as it sought out
safety and stability. The Fund dramatically outpaced its benchmark, due
primarily to its defensive positioning during a period of global financial
market stress.

Q. What were the best-performing holdings for the Fund during the period?

A. Our significant position in cash and cash-equivalents obviously held its
value, generally making it a much better-performing position than any
equity-related investments given the steep declines in global stock
markets. We also benefited from some investments in inverse ETFs, which
tended to perform comparatively well as equity markets sold off. Inverse
ETFs are constructed by using various derivatives for the purpose of
profiting from a decline in the value of an underlying benchmark. Investing
in these ETFs is similar to holding various short positions, or using a
combination of advanced investment strategies to profit from falling
prices. Additionally, occasional holdings in Fixed Income ETFs generally
worked in our favor as they, too, outpaced sector-oriented and broad-based
Equity ETFs. Elsewhere, holdings in Commodities and Currencies, which
broadened our diversification, aided returns.

Q. What were the weakest-performing holdings?

A. The weakest performing holdings were the Domestic and International Equity
sectors and indexes. During the period, the portfolio had only Domestic
Equities due to the relative weakness of the International Equities.

Q. How was the portfolio positioned as of October 31, 2008?

A. Economic cycles favor different sectors and asset classes at different
times, and active management of the Fund is designed to attempt to take
advantage of that changing environment. As of the end of October, market
leadership was hard to find, if it existed at all. Our choice is to move
only when leadership reappears. We believe that the Fund's large cash
position at period end puts us in the position of investing once new market
leadership is born. Although that strategy may curb absolute returns over
the short-term amid any market rallies, we are convinced that over the long
haul this is a prudent strategy to follow until a positive trend is once
again established. At the end of October, we also held some Fixed Income
ETFs and a few broad-based equity indexes.

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

(PERFORMANCE GRAPH)

ASTON/NEW CENTURY ABSOLUTE RETURN
GROWTH OF $10,000

ASTON/NEW CENTURY RUSSELL MORNINGSTAR(R) MODERATE
ABSOLUTE RETURN 3000 ALLOCATION
- CLASS N INDEX CATEGORY
----------------- ------- --------------------

3/4/08 10,000 10,000 10,000
Mar-08 9,960 9,941 9,898
Apr-08 10,360 10,438 10,226
Jul-08 9,950 9,695 9,656
Oct-08 8,640 7,338 7,735

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

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

Investments in ETFs are subject to higher costs than investing directly in the
underlying security. There are also certain investment limitations with fund of
funds.

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative since Inception (13.60)%

Inception Date 03/04/08

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

DOMESTIC EQUITIES 61%
CASH & NET OTHER ASSETS AND LIABILITIES 23%
FIXED INCOME 14%
REAL ESTATE 2%

% OF TOTAL NET ASSETS

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

EXCHANGE TRADED FUNDS -- 77.07%
DOMESTIC EQUITIES -- 60.97%
14,970 Consumer Staples Select Sector SPDR Fund ......... $ 361,077
2,840 Diamonds Trust Series I .......................... 265,540
12,310 Health Care Select Sector SPDR Fund .............. 327,446
5,080 IShares Dow Jones U.S. Financial Sector Index
Fund .......................................... 274,066
4,320 iShares Dow Jones U.S. Transportation Average
Index Fund .................................... 301,450
7,740 iShares Russell 1000 Growth Index Fund ........... 309,987
6,100 iShares Russell 1000 Index Fund .................. 321,287
4,980 iShares Russell 2000 Growth Index Fund ........... 275,842
6,100 iShares Russell 2000 Index Fund .................. 326,228
6,060 iShares Russell 3000 Index Fund .................. 338,633
6,090 iShares Russell Midcap Growth Index Fund ......... 205,172
3,250 iShares Russell Midcap Index Fund ................ 210,015
4,670 iShares S&P MidCap 400 Growth Index Fund ......... 274,129
5,080 iShares S&P MidCap 400 Index Fund ................ 289,306
5,080 iShares S&P SmallCap 600 Index Fund .............. 243,129
7,470 Materials Select Sector SPDR Trust ............... 193,622
3,610 Midcap SPDR Trust Series 1 ....................... 373,274
5,600 Pharmaceutical HOLDRs Trust ...................... 337,400
9,200 PowerShares QQQ .................................. 302,588
20,030 PowerShares Water Resources Portfolio ............ 275,212
3,700 Regional Bank HOLDRs Trust ....................... 347,319
6,880 SPDR S&P Biotech ETF ............................. 369,318
22,680 SPDR S&P Homebuilders ETF ........................ 318,427

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

DOMESTIC EQUITIES (CONTINUED)
11,310 SPDR S&P Retail ETF .............................. $ 261,374
3,411 SPDR Trust Series 1 .............................. 330,287
21,050 Technology Select Sector SPDR Fund ............... 350,483
7,130 Vanguard Growth ETF .............................. 305,948
6,290 Vanguard Small-Cap ETF ........................... 293,177
--------------
8,381,736
--------------
FIXED INCOME -- 14.12%
4,560 iShares Lehman 20+ Year Treasury Bond Fund ....... 423,122
3,310 iShares Lehman 7-10 Year Treasury Bond Fund ...... 290,916
2,970 iShares Lehman Aggregate Bond Fund ............... 285,655
2,840 iShares Lehman U.S. Treasury Inflation Protected
Securities Fund ............................... 261,564
8,830 SPDR Lehman 1-3 Month T-Bill ETF ................. 405,297
3,890 Vanguard Intermediate-Term Bond ETF .............. 275,295
--------------
1,941,849
--------------
REAL ESTATE -- 1.98%
6,550 Vanguard REIT ETF ................................ 271,891
--------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $12,194,086) ............................ 10,595,476
--------------
INVESTMENT COMPANY -- 36.43%
5,007,958 BlackRock Liquidity Funds TempCash Portfolio ..... 5,007,958
--------------
TOTAL INVESTMENT COMPANY
(Cost $5,007,958) ............................. 5,007,958
--------------
TOTAL INVESTMENTS -- 113.50%
(Cost $17,202,044)* ........................................ 15,603,434
--------------
NET OTHER ASSETS AND LIABILITIES -- (13.50)% .................. (1,855,455)
--------------
NET ASSETS -- 100.00% ......................................... $ 13,747,979
==============

- ----------
* Aggregate cost for Federal income tax purposes is $17,212,747.

Gross unrealized appreciation ............. $ 0
Gross unrealized depreciation ............. (1,609,313)
--------------
Net unrealized depreciation ............... $ (1,609,313)
==============

ETF Exchange Traded Fund
REIT Real Estate Investment Trust
SPDR Standard & Poor's Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MB ENHANCED EQUITY INCOME FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Ronald L. Altman & Paul F. Pfeiffer

Q. What were the most significant factors affecting Fund performance from its
inception on January 15, 2008 through October 31, 2008?

A. Against the backdrop of severe declines in stock prices, the Fund was
helped by our primary emphasis on generating income. In particular, our
relative return was bolstered by our focus on dividend-paying stocks
because our dividend-yield was slightly higher than the average of the S&P
500 Index. In addition, our strategy of writing covered call options on a
substantial portion of the underlying portfolio worked to our advantage.
The Fund received premiums for writing those call options, which helped to
offset the declines in the prices of the underlying stocks. Furthermore,
extreme market volatility presented us with even more opportunities to
generate income for the Fund in that we often were able to repurchase at a
profit, options we had previously written. We then wrote new calls on the
same stocks, allowing us to collect even more premiums. This opportunistic
approach proved quite beneficial to the Fund's performance.

Q. What were the best-performing holdings for the Fund during the period?

A. As a function of our investment philosophy and the belief that excesses
eventually correct themselves, we began to increase the Fund's stake in
Financials in the summer. That move generally worked to our advantage, with
well-timed purchases in Wells Fargo and Merrill Lynch--subsequently
acquired by Bank of America--boosting our relative performance.
Importantly, we "rolled" forward a number of calls that we had written on
Financials. That allowed us to capture incremental cash and extend the
strike price--the underlying stock price at which we would be forced to
surrender the stock should the buyer of the call so desire--upward. As a
result, the Fund was able to participate significantly when financial
stocks advanced. Railroad companies Norfolk Southern and Burlington
Northern Santa Fe also performed comparatively well. They were powered by
their ability to increase prices, which helped to offset dramatic rises in
their fuel costs. This pricing power was a function of the cost advantage
over trucking the same products that the rail companies carried. Holdings
in consumer goods company Procter & Gamble also fared well, buoyed in part
by strong investor demand for Consumer Staples companies that historically
have been considered a "defensive" haven.

Q. What were the weakest-performing holdings?

A. The Financial sector also was the source of some of our biggest
disappointments during the period, with Citigroup and Wachovia being among
our five biggest detractors. Industrial conglomerate General Electric also
fared poorly, in response to worries about its financial business units.
Concerns about the severity of the slowing global economy and troubled
housing market weighed on Caterpillar, which resulted in its stock price
declining. The stock price of Corning declined as well as the demand for
flat screen televisions slumped.

Q. How was the portfolio positioned as of October 31, 2008?

A. Although economic uncertainties remain an area of concern for both the
Financial sector and the broader equity market, we remain fully invested.
Once the equity market regains its footing, the uplift could be just as
dramatic as was the recent downdraft. Those who wait for convincing
evidence that a bear market is over often miss a fairly dramatic rally.
Additionally, our Fund remains focused on companies that we believe have
the ability to ride out current problems in the economy and emerge strong
and better-positioned once the overall environment improves. At the same
time, we continue to sell out-of-the money call options to hedge our
positions, a strategy that served the Fund well during the past 12 months.

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

(PERFORMANCE GRAPH)

ASTON/MB ENHANCED EQUITY INCOME
GROWTH OF $10,000

50% S&P, 50%
ASTON/MB ENHANCED SALOMON BROAD S&P 500 SALOMON BROAD MORNINGSTAR(R) LONG
EQUITY INCOME - CLASS N INV GRADE BOND INDEX INV GRADE BOND -SHORT CATEGORY
----------------------- -------------- ------- -------------- -------------------

01/15/08 10,000 10,000 10,000 10,000 10,000
Jan-08 10,510 9,797 9,400 9,601
Apr-08 10,596 9,911 9,497 10,443 9,559
Jul-08 9,804 9,474 8,735 10,354 9,326
Oct-08 8,210 8,243 6,717 10,112 8,680

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

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

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

Investing in covered call options involves the risk of a lack of liquidity and
can be negatively impacted by market price fluctuations.

RETURNS FOR PERIOD ENDED 10/31/08

Total Return - Class N

Cumulative since Inception (17.91)%

Inception Date 01/15/08

Aston Funds
MB ENHANCED EQUITY INCOME FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

OTHER COMMON STOCKES AND CASH & NET OTHER ASSETS AND LIABILITIES 1%
CONSUMER DISCRETIONARY 12%
CONSUMER STAPLES 18%
FINANCIALS 17%
INDUSTRIALS 15%
INFORMATION TECHNOLOGY 19%
MATERIALS 9%
TELECOMMUNICATIONS 6%
HEALTH CARE 3%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 101.29%
CONSUMER DISCRETIONARY -- 11.53%
14,000 Carnival (a) ..................................... $ 355,600
20,000 Home Depot (a) ................................... 471,800
11,500 Kohl's * (a) ..................................... 403,995
22,000 Staples (a) ...................................... 427,460
--------------
1,658,855
--------------
CONSUMER STAPLES -- 17.94%
19,000 Archer-Daniels-Midland (a) ....................... 393,870
9,500 Coca-Cola (a) .................................... 418,570
7,800 Kimberly-Clark (a) ............................... 478,062
7,000 Procter & Gamble (a) ............................. 451,780
16,500 Sysco (a) ........................................ 432,300
16,000 Walgreen ......................................... 407,360
--------------
2,581,942
--------------
ENERGY -- 2.52%
3,500 ConocoPhillips (a) ............................... 182,070
3,500 Schlumberger (a) ................................. 180,775
--------------
362,845
--------------
FINANCIALS -- 17.12%
10,500 American Express ................................. 288,750
8,000 Bank of America (a) .............................. 193,360
26,000 Citigroup ........................................ 354,900
18,000 Comerica (a) ..................................... 496,620
6,000 Merrill Lynch (a) ................................ 111,540
12,000 SunTrust Banks (a) ............................... 481,680
20,000 Wachovia (a) ..................................... 128,200
12,000 Wells Fargo (a) .................................. 408,600
--------------
2,463,650
--------------

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

HEALTH CARE -- 3.11%
7,300 Johnson & Johnson (a) ............................ $ 447,782
--------------
INDUSTRIALS -- 15.06%
7,000 3M (a) ........................................... 450,100
5,000 Burlington Northern Santa Fe (a) ................. 445,300
11,000 Caterpillar (a) .................................. 419,870
22,000 General Electric (a) ............................. 429,220
8,000 United Parcel Service, Class B (a) ............... 422,240
--------------
2,166,730
--------------
INFORMATION TECHNOLOGY -- 19.27%
12,000 Automatic Data Processing (a) .................... 419,400
23,000 Cisco Systems * .................................. 408,710
29,000 Corning (a) ...................................... 314,070
30,000 EMC * (a) ........................................ 353,400
28,000 Intel ............................................ 448,000
19,000 Microsoft (a) .................................... 424,270
22,000 Xilinx (a) ....................................... 405,240
--------------
2,773,090
--------------
MATERIALS -- 8.79%
16,000 Dow Chemical (a) ................................. 426,720
13,000 duPont (E. I.) de Nemours ........................ 416,000
8,500 PPG Industries (a) ............................... 421,430
--------------
1,264,150
--------------
TELECOMMUNICATION SERVICES -- 5.95%
17,000 AT&T (a) ......................................... 455,090
13,500 Verizon Communications (a) ....................... 400,545
--------------
855,635
--------------
TOTAL COMMON STOCKS
(Cost $19,123,307) ............................ 14,574,679
--------------
INVESTMENT COMPANY -- 5.27%
758,752 BlackRock Liquidity Funds TempCash Portfolio ..... 758,752
--------------
TOTAL INVESTMENT COMPANY
(Cost $758,752) ............................... 758,752
--------------
TOTAL INVESTMENTS -- 106.56%
(Cost $19,882,059)** ....................................... 15,333,431
--------------
NET OTHER ASSETS AND LIABILITIES -- (6.56)% ................... (944,472)
--------------
NET ASSETS -- 100.00% ......................................... $ 14,388,959
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $19,973,009.

Gross unrealized appreciation ... $ 58,748
Gross unrealized depreciation ... (4,698,326)
-----------
Net unrealized depreciation ..... $(4,639,578)
===========

(a) These securities are pledged as collateral for call options written.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MB ENHANCED EQUITY INCOME FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS -- CONTINUED

Transactions in written call options for the period ended October 31, 2008 were
as follows:

NUMBER OF
CONTRACTS PREMIUM
--------- -----------

BEGINNING OF PERIOD (1) -- $ --
CALL OPTIONS WRITTEN 20,256 3,782,856
CALL OPTIONS CLOSED OR EXPIRED (16,253) (3,077,238)
------- -----------
OUTSTANDING, OCTOBER 31, 2008 4,003 $ 705,618
======= ===========

(1) Operations commenced on January 15, 2008.

Premiums received and value of written call options outstanding as of October
31, 2008 were as follows:

NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
- --------- ---------------------------------------------- -------- --------

3M
37 Strike @ $70 Exp 04/09 ....................... $ 7,955 $ 16,280
33 Strike @ $80 Exp 04/09 ....................... 6,996 5,280
Archer-Daniels-Midland
190 Strike @ $25 Exp 03/09 ....................... 40,760 41,800
AT&T
170 Strike @ $33 Exp 04/09 ....................... 15,385 24,650
Automatic Data Processing - Calls
110 Strike @ $42.5 Exp 05/09 ..................... 11,190 13,750
Bank of America
80 Strike @ $30 Exp 05/09 ....................... 12,960 16,080
Burlington Northern Santa Fe
17 Strike A $95 Exp 04/09 ....................... 11,849 13,940
29 Strike @ $105 Exp 04/09 ...................... 14,993 12,180
4 Strike @ $100 Exp 04/09 ...................... 1,828 2,280
Carnival
140 Strike @ $25 Exp 04/09 ....................... 54,179 62,300
Caterpillar
45 Strike @ $50 Exp 05/09 ....................... 9,315 9,000
Coca-Cola
95 Strike @ $55 Exp 05/09 ....................... 18,396 15,200
Comerica
180 Strike @ $35 Exp 04/09 ....................... 38,610 48,600
ConocoPhillps
35 Strike @ $65 Exp 05/09 ....................... 10,920 13,300
Corning
120 Strike @ $15 Exp 05/09 ....................... 11,220 10,800
Dow Chemical
160 Strike @ $30 Exp 01/09 ....................... 15,520 18,400
EMC
300 Strike @ $15 Exp 04/09 ....................... 22,662 28,200
General Electric
220 Strike @ $24 Exp 03/09 ....................... 17,930 24,200
Home Depot
107 Strike @ $27.5 Exp 01/09 ..................... 9,469 13,375
93 Strike @ $30 Exp 05/09 ....................... 8,827 14,694

NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
- --------- ---------------------------------------------- -------- --------

Johnson & Johnson
22 Strike @ $70 Exp 01/09 ....................... $ 5,124 $ 2,090
48 Strike @ $70 Exp 04/09 ....................... 12,816 9,120
Kimberly-Clark
73 Strike @ $55 Exp 01/09 ....................... 22,447 61,685
5 Strike @ $60 Exp 01/09 ....................... 860 2,550
Kohls
115 Strike @ $40 Exp 04/09 ....................... 21,505 62,100
Merrill Lynch
60 Strike @ $25 Exp 04/09 ....................... 5,370 9,660
Microsoft
10 Strike @ $31 Exp 04/09 ....................... 1,220 370
180 Strike @ $30 Exp 04/09 ....................... 19,747 9,180
PPG Industries
3 Strike @ $65 Exp 11/08 ....................... 1,281 22
37 Strike @ $65 Exp 01/09 ....................... 5,439 2,405
Procter & Gamble
70 Strike @ $70 Exp 01/09 ....................... 15,951 14,700
Schlumberger
35 Strike @ $90 Exp 05/09 ....................... 23,450 2,450
Staples
220 Strike @ $25 Exp 03/09 ....................... 21,991 24,200
Suntrust Banks
95 Strike @ $50 Exp 04/09 ....................... 79,895 45,600
25 Strike @ $55 Exp 04/09 ....................... 6,175 8,500
Sysco
102 Strike @ $30 Exp 02/09 ....................... 17,799 12,240
63 Strike @ $30 Exp 05/09 ....................... 5,575 10,710
United Parcel Service, Class B
10 Strike @ $70 Exp 04/09 ....................... 2,770 700
Verizon Communications
135 Strike @ $35 Exp 04/09 ....................... 13,770 25,650
Wachovia
200 Strike @ $7.5 Exp 04/09 ...................... 11,700 12,000
Wells Fargo
20 Strike @ $36 Exp 01/09 ....................... 7,940 5,900
100 Strike @ $31 Exp 04/09 ....................... 33,700 75,000
Xilinx
124 Strike @ $25 Exp 03/09 ....................... 20,088 6,820
86 Strike @ $22.5 Exp 03/09 ..................... 8,041 8,600
-------- --------
TOTAL WRITTEN CALL OPTIONS ................... $705,618 $816,561
======== ========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FORTIS REAL ESTATE FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Nancy J. Holland, CPA & Joseph Pavnica

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the pas 12 months?

A. Real estate stocks--like the broader equity market--suffered from the
effects of an unprecedented credit crisis and liquidity squeeze in the
midst of an economic downturn that appears as though it may be more severe
and longer-lasting than any we may have experienced in some time. The
Fund's underperformance of the benchmark was a combination of sector
allocation and stock selection factors. Specifically, our underweight to
Health Care detracted because it performed reasonably well during the
period. Our overweighting to the Office sector during a large portion of
the year also hurt. This sector highly leveraged to the economy, and while
we certainly anticipated an economic slowdown, the extent of the current
slowdown and concurrent credit market collapse, especially its effect on
the financial services industry, was not anticipated.

Q. What were the best-performing holdings for the Fund during the period?

A. Among individual stocks, bright spots included Public Storage, Essex
Property Trust and Simon Property Group. Public Storage benefited from
operating fundamentals that have held up very well, as well as from a
pristine balance sheet. Essex, an apartment Real Estate Investment Trust
("REIT"), was helped by strong operating fundamentals especially in a few
of their very key core markets (Northern California and Seattle). Mall
company Simon was bolstered by a very high quality portfolio with strong
operating metrics, and a very strong management team and balance sheet. The
company has proven to be a disciplined investor, not chasing acquisitions
in a very low cap rate environment.

Q. What were the weakest-performing holdings?

A. Detracted from performance were ProLogis Trust, General Growth Properties
and SL Green Realty. ProLogis Trust is global industrial property owner
whose share price suffered dramatically following the expectations of much
reduced merchant building activity and earnings. While we underweighted the
name before even more share price carnage was realized, performance still
suffered while we did own it. General Growth Properties, owner of one of
the finest mall portfolios in the world, became caught in the credit
squeeze. With higher-than-average leverage to begin with, investors began
avoiding the name on concerns that upcoming loan expirations could not be
refinanced. The ensuing downward spiral in share price has left the company
in dire shape, with little or no hope of raising equity of any sort, at
least not at egregious pricing. SL Green Realty is a Mid-Town Manhattan
focused office landlord. While the company has a very respected management
team, a very good quality portfolio and in-place rental rates that are well
below market, its exposure to financial services jobs in a market flush
with them, has been a huge negative for the stock.

Q. How was the portfolio positioned as of October 31, 2008?

A. In terms of sectors, we are overweight in the Mall, Net Lease and
Apartments segments and are underweight in Shopping Centers. Regardless of
our sector weightings, we continue to emphasize certain characteristics
with respect to the individual stocks we hold. Specifically, we have
concentrated on companies with strong balance sheets, access to debt and
limited near-term (next two years) loan expirations.

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

(PERFORMANCE GRAPH)

ASTON/ABN AMRO REAL ESTATE FUND - CLASS N
GROWTH OF $10,000 CHARTS

MORNINGSTAR(R)
ASTON REAL ESTATE MSCI US REIT SPECIALTY-REAL ESTATE
FUND - CLASS N SHARES EQUITY INDEX CATEGORY
-------------------------- ------------ ---------------------

Dec-97 10,000 10,000 10,000
Dec-98 8,721 8,310 8,395
Dec-99 8,431 7,932 8,192
Dec-00 10,856 10,059 10,407
Oct-01 10,806 10,453 10,616
Oct-02 11,522 11,152 11,346
Oct-03 15,406 14,937 15,173
Oct-04 20,141 19,344 19,574
Oct-05 23,777 22,756 22,994
Oct-06 33,096 31,351 31,163
Oct-07 32,629 31,260 32,020
Oct-08 18,352 18,612 18,645

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (43.76)%
Five Year 3.56%
Ten Year 7.86%

Inception Date 12/30/97

Average Annual Total Returns - Class I

One Year (43.58)%
Five Year N/A
Since Inception (8.48)%

Inception Date 09/20/05

Aston Funds
FORTIS REAL ESTATE FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

FOREIGN COMMON STOCK, CASH & OTHER NET ASSETS AND LIABILITIES 5%
RETAIL 28%
RESIDENTIAL 18%
OFFICE PROPERTIES 14%
HEALTH CARE 13%
DIVERSIFIED 8%
STORAGE 7%
INDUSTRIAL 4%
HOTELS 3%

% OF TOTAL NET ASSETS

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

COMMON STOCKS -- 94.86%
DIVERSIFIED -- 7.99%
27,100 Digital Realty Trust ............................. $ 907,308
19,408 Entertainment Properties Trust ................... 726,830
10,200 Vornado Realty Trust ............................. 719,610
--------------
2,353,748
--------------
HEALTHCARE -- 13.42%
72,200 HCP .............................................. 2,160,946
49,650 Ventas ........................................... 1,790,379
--------------
3,951,325
--------------
HOTELS -- 3.41%
97,100 Host Hotels & Resorts ............................ 1,004,014
--------------
INDUSTRIAL -- 3.73%
17,972 EastGroup Properties ............................. 601,702
35,400 ProLogis Trust ................................... 495,600
--------------
1,097,302
--------------
OFFICE PROPERTIES -- 14.08%
26,700 Boston Properties ................................ 1,892,496
15,300 Douglas Emmett ................................... 231,030
24,700 Kilroy Realty .................................... 794,105
54,100 Mack-Cali Realty ................................. 1,229,152
--------------
4,146,783
--------------
RESIDENTIAL -- 17.51%
9,424 AvalonBay Communities ............................ 669,292
60,200 Equity Residential Properties Trust .............. 2,102,786
13,200 Essex Property Trust ............................. 1,284,360
55,593 UDR .............................................. 1,098,518
--------------
5,154,956
--------------

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

RETAIL -- 28.13%
22,000 Federal Realty Investment Trust .................. $ 1,347,940
20,200 Kimco Realty ..................................... 456,116
59,900 National Retail Properties ....................... 1,068,017
14,100 Regency Centers .................................. 556,386
54,000 Simon Property Group ............................. 3,619,620
37,100 Taubman Centers .................................. 1,232,462
--------------
8,280,541
--------------
STORAGE -- 6.59%
23,800 Public Storage ................................... 1,939,700
--------------
TOTAL COMMON STOCKS
(Cost $38,561,513) ............................ 27,928,369
--------------
FOREIGN COMMON STOCK-- 1.54%
CANADA -- 1.54%
21,100 Boardwalk Real Estate Investment Trust ........... 453,406
--------------
TOTAL FOREIGN COMMON STOCK
(Cost $751,248) ............................... 453,406
--------------
INVESTMENT COMPANY -- 4.55%
1,339,568 BlackRock Liquidity Funds
TempCash Portfolio ............................ 1,339,568
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,339,568) ............................. 1,339,568
--------------
TOTAL INVESTMENTS -- 100.95%
(Cost $40,652,329)* ........................................ 29,721,343
--------------
NET OTHER ASSETS AND LIABILITIES -- (0.95)% ................... (280,468)
--------------
NET ASSETS -- 100.00% ......................................... $ 29,440,875
==============

- ----------
* Aggregate cost for Federal income tax purposes is $42,452,376.

Gross unrealized appreciation... $ --
Gross unrealized depreciation... (12,731,033)
------------
Net unrealized depreciation..... $(12,731,033)
============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL BALANCED FUND

PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Ronald E. Canakaris, CFA, CIC

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Equity markets declined sharply during the year and although the Fund's
absolute returns suffered as a result, our performance held up better than
our benchmarks. Much of that outperformance can be attributed to our
balanced approach of investing in companies that could perform well as the
economy slowed as well as companies poised to benefit from longer-term, or
secular trends. In particular, substantial overweight positions in Consumer
Staples and Health Care stocks--two of the market's best-performing
groups--significantly aided performance. Similarly, underweight positions
in Financials and Consumer Discretionary stocks--two sectors that
lagged--worked to our advantage. Stock selection across many industry
sectors also was positive, particularly among Consumer Discretionary
companies. In contrast, stock selection among Technology stocks detracted
from our relative results. The bond portion of the portfolio detracted from
returns as we typically overweighted Corporate Bonds to capture their
long-term historic outperformance versus Treasuries.

Q. What were the best-performing holdings for the Fund during the period?

A. Fast-food chain McDonald's was one of our best performers as it grew faster
than rivals and posted financial results that surpassed Wall Street
estimates. Our holdings in NIKE fared comparatively well, thanks to
better-than-expected earnings that were bolstered by stronger sales
worldwide. Healthcare companies Gilead Sciences and Abbott Laboratories
also contributed to the Fund's outperformance as investors increasingly
gravitated toward the sector due to its reputation for providing safe haven
in difficult economic environments. Biotech company Gilead also was helped
by strong sales of its HIV drugs while Abbott was propelled by its
arthritis medicine and new drug-coated stent. Warehouse chain Costco held
up better than most retailers as consumers purchased bulk items in an
attempt to save money.

Q. What were the weakest-performing holdings?

Q. How was the portfolio positioned as of October 31, 2008?

A. We continued to maintain a balance between companies that we believe can
outperform during challenging economic conditions and those that can
benefit from longer-term, secular trends. We believe that we are in the
later phases of a bear market and still in the early stages of a major
rotation into large capitalization growth stocks. The S&P 500 Index has
declined more than 45% peak to trough during the past year, suggesting a
good amount of economic and corporate profit weakness already has been
discounted by investors and that stock market valuations are quite
reasonable. Most importantly, the outlook remains--in our view--very good
for high-quality large-capitalization growth stocks, which could mitigate
the overall stock market's risk and contribute to its upside potential. In
the bond portion of the portfolio, we remained overweight in high-quality
Corporate Bonds, a larger-than-benchmark positions in AAA rated mortgage
pass-through securities and floating rates notes, all of which we believe
offer attractive valuations.

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

(PERFORMANCE GRAPH)

ASTON/MONTAG & CALDWELL BALANCED FUND - CLASS N
GROWTH OF $10,000

ASTON/MONTAG 60% S&P 500 INDEX/40% MORNINGSTAR(R)
& CALDWELL BARCLAYS CAPITAL MODERATE BARCLAYS CAPITAL U.S.
BALANCED FUND - U.S GOVERNMENT CREDIT ALLOCATION S&P 500 GOVERNMENT CREDIT
CLASS N SHARES BOND INDEX CATEGORY INDEX BOND INDEX
--------------- --------------------- -------------- -------- ---------------------

Nov-94 10,000 10,000 10,000 10,000 10,000
Oct-95 12,375 12,227 11,823 12,641 11,616
Oct-96 14,895 14,228 13,633 15,685 12,242
Oct-97 18,509 17,436 16,401 20,720 13,321
Oct-98 21,185 20,550 17,872 25,276 14,690
Oct-99 24,962 23,554 20,111 31,759 14,593
Oct-00 25,472 25,154 22,010 33,690 15,634
Oct-01 23,857 22,563 19,837 25,305 18,029
Oct-02 21,849 21,054 18,181 21,484 19,018
Oct-03 23,332 24,237 21,124 25,950 20,192
Oct-04 24,067 26,156 22,742 28,392 21,316
Oct-05 25,334 27,629 24,482 30,868 21,493
Oct-06 26,995 30,853 27,408 35,909 22,542
Oct-07 31,753 34,219 30,768 41,134 23,753
Oct-08 25,128 26,215 21,882 26,293 23,501

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (20.87)%
Five Year 1.49%
Ten Year 1.72%

Inception Date 11/02/94

Average Annual Total Returns - Class I

One Year (20.71)%
Five Year 1.72%
Since Inception 0.97%

Inception Date 12/31/98

Aston Funds
MONTAG & CALDWELL BALANCED FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

Cash & Net Other Assets and Liabilities 2%
Common Stocks 63%
U.S Government and Agency Obligations 16%
Corporate Notes and Bonds 19%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 62.94%
CONSUMER DISCRETIONARY - 5.35%
5,500 Johnson Controls ................................. $ 97,515
9,200 McDonald's ....................................... 532,956
5,300 NIKE, Class B .................................... 305,439
--------------
935,910
--------------
CONSUMER STAPLES - 17.55%
10,700 Coca-Cola ........................................ 471,442
3,750 Colgate-Palmolive ................................ 235,350
5,400 Costco Wholesale ................................. 307,854
15,600 CVS Caremark ..................................... 478,140
8,270 PepsiCo .......................................... 471,473
8,265 Procter & Gamble ................................. 533,423
10,300 Wal-Mart Stores .................................. 574,843
--------------
3,072,525
--------------
ENERGY - 7.52%
8,800 Cameron International * .......................... 213,488
3,200 Devon Energy ..................................... 258,752
11,200 Halliburton ...................................... 221,648
4,500 Occidental Petroleum ............................. 249,930
7,200 Schlumberger ..................................... 371,880
--------------
1,315,698
--------------
FINANCIALS - 3.74%
20,700 Charles Schwab ................................... 395,784
7,600 Wells Fargo ...................................... 258,780
--------------
654,564
--------------
HEALTH CARE - 10.75%
9,600 Abbott Laboratories .............................. 529,440
5,700 Allergan ......................................... 226,119
9,200 Gilead Sciences * ................................ 421,820
23,500 Schering-Plough .................................. 340,515
6,800 Stryker .......................................... 363,528
--------------
1,881,422
--------------

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

INDUSTRIALS - 3.33%
9,300 Emerson Electric ................................. $ 304,389
7,000 Fluor ............................................ 279,510
--------------
583,899
--------------
INFORMATION TECHNOLOGY - 14.70%
4,400 Apple * .......................................... 473,396
5,400 Electronic Arts * ................................ 123,012
1,388 Google, Class A * ................................ 498,792
11,200 Hewlett-Packard .................................. 428,736
18,300 Juniper Networks * ............................... 342,942
14,500 QUALCOMM ......................................... 554,770
3,000 Research In Motion * ............................. 151,290
--------------
2,572,938
--------------
TOTAL COMMON STOCKS
(Cost $12,825,752) ............................ 11,016,956
--------------

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

CORPORATE NOTES AND BONDS - 19.11%
CONSUMER STAPLES - 1.58%
$ 275,000 Wal-Mart Stores
4.125%, 07/01/10 .............................. 276,183
--------------
ENERGY - 1.59%
275,000 Conoco Funding
6.350%, 10/15/11 .............................. 277,502
--------------
FINANCIALS - 7.89%
250,000 American Express
Senior Unsubordinated
7.000%, 03/19/18 .............................. 192,883
250,000 Bank of America
5.375%, 08/15/11 .............................. 242,137
300,000 Citigroup
5.125%, 05/05/14 .............................. 256,469
275,000 General Electric Capital, MTN, Series A
5.875%, 02/15/12 .............................. 262,088
275,000 Goldman Sachs Group
5.150%, 01/15/14 .............................. 231,295
200,000 Wells Fargo
4.200%, 01/15/10 .............................. 197,100
--------------
1,381,972
--------------
HEALTH CARE - 1.31%
250,000 Abbott Laboratories
4.350%, 03/15/14 .............................. 229,432
--------------
INDUSTRIAL - 1.41%
250,000 3M
4.375%, 08/15/13 .............................. 246,614
--------------
INFORMATION TECHNOLOGY - 2.92%
250,000 Cisco Systems
5.500%, 02/22/16 .............................. 232,074
300,000 Hewlett-Packard
4.500%, 03/01/13 .............................. 279,335
--------------
511,409
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL BALANCED FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

TELECOMMUNICATION SERVICES - 2.41%
$ 200,000 BellSouth Capital Funding
7.750%, 02/15/10 .............................. $ 203,042
250,000 Verizon Communications
5.550%, 02/15/16 .............................. 218,443
--------------
421,485
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $3,644,295) ............................. 3,344,597
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.74%
FEDERAL HOME LOAN MORTGAGE - 2.33%
100,000 6.625%, 09/15/09 ................................. 103,197
300,000 4.500%, 01/15/13 ................................. 304,224
--------------
407,421
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.83%
275,000 6.000%, 05/15/11 ................................. 292,114
200,000 4.375%, 09/15/12 ................................. 203,037
--------------
495,151
--------------
U.S. TREASURY BONDS - 6.23%
200,000 8.125%, 08/15/19 ................................. 258,047
100,000 8.000%, 11/15/21 ................................. 130,063
200,000 6.880%, 08/15/25 ................................. 249,172
175,000 6.125%, 08/15/29 ................................. 207,621
225,000 5.380%, 02/15/31 ................................. 246,252
--------------
1,091,155
--------------
U.S. TREASURY NOTES - 4.35%
225,000 4.000%, 02/15/15 ................................. 235,195
275,000 4.500%, 02/15/16 ................................. 290,104
225,000 4.625%, 02/15/17 ................................. 236,583
--------------
761,882
--------------
TOTAL U.S. GOVERNMENT
AND AGENCY OBLIGATIONS
(Cost $2,681,236) ............................. 2,755,609
--------------

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

INVESTMENT COMPANY - 1.84%
323,056 BlackRock Liquidity Funds
TempCash Portfolio ............................ $ 323,056
--------------
TOTAL INVESTMENT COMPANY
(Cost $323,056) ............................... 323,056
--------------
TOTAL INVESTMENTS - 99.63%
(Cost $19,474,339) ** ...................................... 17,440,218
--------------
NET OTHER ASSETS AND LIABILITIES - 0.37% ...................... 64,383
--------------
NET ASSETS - 100.00% .......................................... $ 17,504,601
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $19,924,900.

Gross unrealized appreciation... $ 16,982
Gross unrealized depreciation... (2,501,664)
-----------
Net unrealized depreciation..... $(2,484,682)
===========

MTN Medium Term Note

PORTFOLIO COMPOSITION
Common Stocks ......................................... 63%
Investment Company .................................... 2%
U.S. Government Obligations ........................... 11%
U.S. Government Agency Obligations .................... 5%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ................................................ 1%
Aa ................................................. 9%
A .................................................. 9%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BALANCED FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Robert E. Canakaris, CFA, CIC, Tere Alvarez Canida, CFA,
William J. Canida, CFA, & Alan M. Habecht

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark during the past 12 months?

A. Equity markets declined sharply during the year and although the Fund's
absolute returns suffered as a result, our performance held up better than
our benchmarks. Much of that outperformance can be attributed to our
balanced approach of investing in companies that could perform well as the
economy slowed as well as companies poised to benefit from longer-term, or
secular trends. In particular, substantial overweight positions in Consumer
Staples and Health Care stocks--two of the market's best-performing
groups--significantly aided performance. Similarly, underweight positions
in Financials and Consumer Discretionary stocks--two sectors that
lagged--worked to our advantage. Stock selection across many industry
sectors also was positive, particularly among Consumer Discretionary
companies. In contrast, stock selection among Technology stocks detracted
from our relative results. The bond portion of the portfolio detracted from
returns as we typically overweighted corporate bonds to capture their
long-term historic outperformance versus Treasuries.

Q. What were the best-performing holdings for the Fund during the period?

A. Fast-food chain McDonald's was one of our best performers as it grew faster
than rivals and posted financial results that surpassed Wall Street
estimates. Our holdings in NIKE fared comparatively well, thanks to
better-than-expected earnings that were bolstered by stronger sales
worldwide. Healthcare companies Gilead Sciences and Abbott Laboratories
also contributed to the Fund's outperformance as investors increasingly
gravitated toward the sector due to its reputation for providing safe haven
in difficult economic environments. Biotech company Gilead also was helped
by strong sales of its HIV drugs while Abbott was propelled by its
arthritis medicine and new drug-coated stent. Warehouse chain Costco Corp.
held up better than most retailers as consumers purchased bulk items in an
attempt to save money.

Q. What were the weakest-performing holdings?

Q. How was the portfolio positioned as of October 31, 2008?

A. We continued to maintain a balance between companies that we believe can
outperform during challenging economic conditions and those that can
benefit from longer-term, secular trends. We believe that we are in the
later phases of a bear market and still in the early stages of a major
rotation into large capitalization growth stocks. The S&P 500 Index has
declined more than 45% peak to trough during the past year, suggesting a
good amount of economic and corporate profit weakness already has been
discounted by investors and that stock market valuations are quite
reasonable. Most importantly, the outlook remains--in our view--very good
for high-quality large-capitalization growth stocks, which could mitigate
the overall stock market's risk and contribute to its upside potential. In
the bond portion of the portfolio, we remained overweight in high-quality
Corporate Bonds, a larger-than-benchmark positions in AAA rated mortgage
pass-through securities and floating rates notes, all of which we believe
offer attractive valuations.

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

(PERFORMANCE GRAPH)

ASTON BALANCED FUND
GROWTH OF $10,000

MORNINGSTAR(R) BARCLAYS
ASTON 60% S&P 500 INDEX/ 40% BARCLAYS MODERATE ALLOCATION CAPITAL U.S.
BALANCED FUND CAPITAL U.S. AGGREGATE BOND INDEX CATEGORY S&P 500 INDEX BOND INDEX
------------- --------------------------------- ------------------- ------------- ----------------

Sep-95 10,000 10,000 10,000 10,000 10,000
Oct-96 11,847 11,692 11,372 12,364 10,722
Oct-97 14,229 14,334 13,113 16,333 11,675
Oct-98 16,862 16,835 15,775 19,928 12,766
Oct-99 19,772 19,390 17,190 25,041 12,833
Oct-00 22,701 20,715 19,344 26,564 13,770
Oct-01 19,658 18,529 21,170 19,952 15,775
Oct-02 18,805 17,308 19,081 16,939 16,704
Oct-03 20,917 19,819 22,170 20,461 17,523
Oct-04 21,696 21,383 23,868 22,386 18,492
Oct-05 22,390 22,608 25,694 24,338 18,701
Oct-06 23,583 25,274 28,764 28,313 19,671
Oct-07 26,051 28,031 32,291 32,432 20,730
Oct-08 19,600 21,595 22,965 20,731 20,792

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08

Average Annual Total Returns - Class N

One Year (24.76)%
Five Year (1.29)%
Ten Year 1.52%

Inception Date 09/21/95

Aston Funds
BALANCED FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

COMMON STOCKS 68%
CORPORATE NOTES AND BONDS 7%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 19%
CASH & NET OTHER ASSETS AND LIABILITIES 6%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 68.34%
CONSUMER DISCRETIONARY - 5.70%
6,300 Johnson Controls ................................. $ 111,699
9,500 McDonald's ....................................... 550,335
6,000 NIKE, Class B .................................... 345,780
--------------
1,007,814
--------------
CONSUMER STAPLES - 18.82%
11,600 Coca-Cola ........................................ 511,096
4,500 Colgate-Palmolive ................................ 282,420
6,100 Costco Wholesale ................................. 347,761
16,500 CVS Caremark ..................................... 505,725
8,600 PepsiCo .......................................... 490,286
9,000 Procter & Gamble ................................. 580,860
10,900 Wal-Mart Stores .................................. 608,329
--------------
3,326,477
--------------
ENERGY - 8.09%
10,100 Cameron International * .......................... 245,026
3,600 Devon Energy ..................................... 291,096
12,600 Halliburton ...................................... 249,354
4,800 Occidental Petroleum ............................. 266,592
7,300 Schlumberger ..................................... 377,045
--------------
1,429,113
--------------
FINANCIALS - 3.88%
21,800 Charles Schwab ................................... 416,816
7,900 Wells Fargo ...................................... 268,995
--------------
685,811
--------------
HEALTH CARE - 11.74%
10,800 Abbott Laboratories .............................. 595,620
6,500 Allergan ......................................... 257,855
9,600 Gilead Sciences * ................................ 440,160
24,800 Schering-Plough .................................. 359,352
7,900 Stryker .......................................... 422,334
--------------
2,075,321
--------------

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

INDUSTRIALS - 3.56%
9,700 Emerson Electric ................................. $ 317,481
7,800 Fluor ............................................ 311,454
--------------
628,935
--------------
INFORMATION TECHNOLOGY - 16.55%
4,850 Apple * .......................................... 521,812
6,400 Electronic Arts * ................................ 145,792
1,712 Google, Class A * ................................ 615,224
12,700 Hewlett-Packard .................................. 486,156
21,000 Juniper Networks * ............................... 393,540
15,300 QUALCOMM ......................................... 585,378
3,500 Research In Motion * ............................. 176,505
--------------
2,924,407
--------------
TOTAL COMMON STOCKS
(Cost $14,315,869) ............................ 12,077,878
--------------

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

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 19.24%
FEDERAL HOME LOAN MORTGAGE - 8.01%
$ 337,951 5.500%, 11/01/20,
Gold Pool # G18083 ............................ 337,133
54,968 5.500%, 12/01/20,
Gold Pool # G11820 ............................ 54,835
200,000 6.000%, 10/05/21, MTN ............................ 197,805
120,000 6.000%, 10/20/21, MTN ............................ 118,421
245,000 6.300%, 07/03/23, MTN ............................ 243,157
238,144 5.500%, 09/01/37,
Gold Pool # G03202 ............................ 232,411
245,208 5.000%, 04/01/38,
Gold Pool # G04334 ............................ 232,178
--------------
1,415,940
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 8.54%
250,000 6.000%, 05/26/23 ................................. 245,107
200,000 6.000%, 02/26/24 ................................. 195,503
43,401 7.500%, 02/01/35,
Pool # 787557 ................................. 45,610
32,492 7.500%, 04/01/35,
Pool # 819231 ................................. 34,146
170,645 6.000%, 11/01/35,
Pool # 844078 ................................. 170,716
361,213 6.000%, 12/01/36,
Pool # 888029 ................................. 361,307
222,104 5.500%, 06/01/37,
Pool # 918778 ................................. 217,152
244,703 5.500%, 03/01/38,
Pool # 962344 ................................. 239,222
--------------
1,508,763
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.27%
234,576 5.000%, 08/20/37,
Pool # 4015 ................................... 223,419
--------------
U.S. TREASURY NOTES - 1.42%
250,000 3.000%, 02/15/09 ................................. 251,621
--------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $3,425,605) ............................. 3,399,743
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BALANCED FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

CORPORATE NOTES AND BONDS - 7.27%
CONSUMER DISCRETIONARY - 1.53%
$ 50,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 .............................. $ 35,250
70,000 Darden Restaurants
Senior Unsecured Notes
6.800%, 10/15/37 .............................. 41,750
250,000 Macys Retail Holdings
6.375%, 03/15/37 .............................. 127,610
100,000 Yum! Brands
Senior Notes
6.875%, 11/15/37 .............................. 65,156
--------------
269,766
--------------
ENERGY - 0.53%
50,000 Hess
7.875%, 10/01/29 .............................. 42,729
50,000 Western Oil Sands
Secured
8.375%, 05/01/12 .............................. 50,194
--------------
92,923
--------------
FINANCIALS - 3.50%
125,000 American Express
Senior Unsubordinated
7.000%, 03/19/18 .............................. 96,442
100,000 American International Group
Senior Unsecured Notes
8.250%, 08/15/18 (a) .......................... 41,236
250,000 Bear Stearns, MTN
3.201%, 11/21/16 (b) .......................... 202,235
100,000 CIT Group
Senior Notes
3.081%, 11/03/10 (b) .......................... 62,164
150,000 Goldman Sachs Capital I
6.345%, 02/15/34 .............................. 92,792
250,000 SLM, MTN
5.625%, 08/01/33 .............................. 124,657
--------------
619,526
--------------
INFORMATION TECHNOLOGY - 0.66%
200,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 .............................. 117,340
--------------
UTILITIES - 1.05%
175,000 CILCORP
Senior Unsecured Notes
8.700%, 10/15/09 (c) .......................... 185,062
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $1,876,874) ............................. 1,284,617
--------------

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

INVESTMENT COMPANY - 3.55%
628,121 BlackRock Liquidity Funds
TempCash Portfolio ............................ $ 628,121
--------------
TOTAL INVESTMENT COMPANY
(Cost $628,121) ............................... 628,121
--------------
TOTAL INVESTMENTS - 98.40%
(Cost $20,246,469)** ....................................... 17,390,359
--------------
NET OTHER ASSETS AND LIABILITIES - 1.60% ...................... 283,023
--------------
NET ASSETS - 100.00% .......................................... $ 17,673,382
==============

- ----------
* Non-income producing security.

** Aggregate cost for Federal income tax purposes is $20,604,940.

Gross unrealized appreciation .. $ 281,587
Gross unrealized depreciation .. (3,496,168)
-----------
Net unrealized depreciation .... $(3,214,581)
===========

(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. This security is purchased in accordance with guidelines
approved by the Fund's Board of Trustees and may only be resold, in
transactions exempt from registration, to qualified institutional buyers.
At October 31, 2008, this security amounted to $41,236 or 0.23% of net
assets. This security has been determined by the Sub-Adviser to be a liquid
security.

(b) Floating rate note. The interest rate shown reflects the rate in effect at
October 31, 2008.

(c) Security with a total aggregate value of $185,062 or 1.05% of the net
assets, was valued under the fair value procedures established by the
Funds' Board of Trustees.

MTN Medium Term Note

PORTFOLIO COMPOSITION
Common Stocks ......................................... 70%
Investment Company .................................... 4%
U.S. Government Obligations ........................... 1%
U.S. Government Agency Obligations .................... 18%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aa ................................................. 1%
A .................................................. 1%
Baa ................................................ 4%
Ba ................................................. 1%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND

PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2008

Tere Alvarez Canida, CFA, Alan M. Habecht, & William J. Canida, CFA

Q. What were the most significant factors affecting Fund performance and
returns relative to the benchmark during the past 12 months?

A. It was an extremely tumultuous year for the bond market, with most segments
of the fixed income market (ex-Treasuries) coming under significant
pressure. The meltdown of the mortgage market that began more than a year
ago intensified and has led to a global flight to quality in which
investors increasingly gravitated toward the safety of U.S. Treasury
securities and shunned riskier assets in the process. In the final months
of the period, the fixed-income investment backdrop worsened. With the
placement of government sponsored enterprises Fannie Mae and Freddie Mac
into conservatorship, the nationalization of American International Group
(AIG), and the bankruptcy of Lehman Brothers--the largest bankruptcy in
U.S. history--the contagion effects of the global credit crisis
accelerated. Massive redemptions from short-term funds ensued, leading to
challenges for corporate America to borrow for working capital needs.
Secondary trading in Corporate Bonds all but evaporated, with forced
sellers typically executing at prices substantially lower than indicated
levels. Against that backdrop, sector selection was the main factor behind
the Fund's underperformance versus its benchmark as we typically overweight
Corporate Bonds to capture their long-term historic outperformance versus
Treasuries.

Q. What were the best-performing holdings for the Fund during the period?

A. Against this very difficult investment backdrop, our U.S. Treasury holdings
performed best, bolstered by strong demand from investors seeking the
safety of U.S. Treasury bonds. That said, we were underweight U.S.
Treasuries, a function of our investment approach. Given that U.S.
Treasuries dramatically outpaced most other bonds during the period, that
sector allocation worked against us. Importantly, we didn't have any
exposure to some of the worst-performing segments of the bond market,
including collateralized debt obligations (CDOs), asset-backed commercial
paper and securities backed by subprime mortgages.

Q. What were the weakest-performing holdings?

A. As mentioned, our overweight position in Corporate Bonds compared to the
benchmark detracted from relative performance as corporate bonds posted
their worst returns on record. In fact, as of October 31, 2008, credit
spreads had reached their widest levels in history. Despite our focus on
the highest-quality corporates--those rated AA or AAA--we could not fully
shield the Fund from the downturn that the Corporate segment suffered.
Among Corporates, certain holdings in the Financial sector also hurt. The
Fund also had an overweight position in traditional mortgage pass-through
securities and floating rate notes, both of which lagged benchmark returns.

Q. How was the portfolio positioned as of October 31, 2008?

A. Financial markets remained severely strained at the end of the period, as
the credit crisis evolved into a crisis of confidence. With the credit
markets at the epicenter of the financial crisis, the financial system
cannot improve and the global economy cannot avert a deep recession without
the stabilization of the Corporate Bond market. We expect Corporate Bond
performance to lead any sustained recovery and U.S. Treasury yields to
rise, particularly in light of the substantial increase in public debt and
the assumption of risk that has shifted to the public sector following
recent government actions. Given that outlook, we remained overweight in
Corporate Bonds--with an emphasis on higher-quality securities--and
underweight in U.S. Treasuries. We also maintained our
larger-than-benchmark positions in AAA rated mortgage pass-through
securities, which we believe are attractively valued, especially in light
of various government initiatives supporting the securities. Floating rates
notes continue to be an area of focus because they offer attractive
valuations relative to fixed-rate alternatives in an environment
characterized by very wide credit spreads and relatively low comparable
Treasury yields.

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

(PERFORMANCE GRAPH)

ASTON/TCH FIXED INCOME FUND
GROWTH OF $10,000

MORNINGSTAR(R) BARCLAYS
ASTON/TCH FIXED INTERMEDIATE-TERM BOND CAPITAL U.S.
INCOME - CLASS N SHARES CATEGORY AGGREGATE BOND INDEX
----------------------- ---------------------- --------------------

Dec-93 10,000 10,000 10,000
Oct-94 9,677 9,636 9,535
Oct-95 11,117 11,066 11,026
Oct-96 11,758 11,659 11,671
Oct-97 12,797 12,652 12,709
Oct-98 13,778 13,614 13,895
Oct-99 13,919 13,617 13,969
Oct-00 14,891 14,411 14,989
Oct-01 16,840 16,359 17,171
Oct-02 17,310 16,953 18,183
Oct-03 18,103 17,992 19,074
Oct-04 19,129 18,893 20,129
Oct-05 19,205 19,056 20,356
Oct-06 20,052 19,952 21,412
Oct-07 21,368 20,787 22,564
Oct-08 19,896 19,291 22,632

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

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

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

RETURNS FOR PERIOD ENDED 10/31/08
Average Annual Total Returns - Class N

One Year (6.89)%
Five Year 1.91%
Ten Year 3.74%

Inception Date 12/13/93

Average Annual Total Returns - Class I

One Year (6.65)%
Five Year 2.17%
Since Inception 4.16%

Inception Date 07/31/00

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

U.S. GOVERNMENT AND AGENCY OBLIGATIONS 63%
CORPORATE NOTES AND BONDS 30%
CASH & NET OTHER ASSETS AND LIABILITIES 7%

% OF TOTAL NET ASSETS

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

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 63.29%
FEDERAL HOME LOAN BANKS - 0.36%
$ 250,000 2.774%, 02/19/10 (b) ............................. $ 249,380
--------------
FEDERAL HOME LOAN MORTGAGE - 19.60%
1,899,723 5.500%, 11/01/20,
Gold Pool # G18083 ............................ 1,895,127
309,092 5.500%, 12/01/20,
Gold Pool # G11820 ............................ 308,344
1,500,000 6.000%, 10/20/21, MTN ............................ 1,480,266
1,000,000 6.500%, 07/20/22, MTN ............................ 1,004,328
500,000 6.125%, 10/03/22, MTN ............................ 494,859
1,000,000 6.250%, 10/02/23, MTN ............................ 993,947
359,442 6.000%, 10/01/35,
Gold Pool # A47772 ............................ 359,183
888,323 5.500%, 05/01/37,
Pool # A60048 ................................. 866,939
1,905,151 5.500%, 09/01/37,
Gold Pool # G03202 ............................ 1,859,289
1,973,952 5.000%, 02/01/38,
Gold Pool # A73409 ............................ 1,869,065
2,452,078 5.000%, 04/01/38,
Gold Pool # G04334 ............................ 2,321,786
--------------
13,453,133
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 24.53%
732,203 6.000%, 11/01/17,
Pool # 662854 ................................. 740,728
442,956 6.000%, 04/01/18,
Pool # 725175 ................................. 448,252
621,164 5.500%, 11/01/18,
Pool # 748886 ................................. 622,961
341,093 4.500%, 06/01/19,
Pool # 747860 ................................. 326,619
1,683,980 6.000%, 01/01/21,
Pool # 850787 ................................. 1,697,798
500,000 6.000%, 12/02/21 ................................. 485,878
1,000,000 6.250%, 05/02/22 ................................. 992,772
400,000 6.200%, 06/06/22 ................................. 396,342

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

FEDERAL NATIONAL MORTGAGE ASSOCIATION
(CONTINUED)
$1,500,000 6.000%, 03/03/23 ................................. $ 1,469,204
250,000 6.000%, 03/13/23 ................................. 244,834
1,000,000 6.000%, 05/26/23 ................................. 980,428
1,000,000 6.000%, 02/26/24 ................................. 977,517
946,686 6.000%, 09/01/32,
Pool # 847899 ................................. 950,926
267,349 6.000%, 02/01/34,
Pool # 771952 ................................. 268,046
276,835 7.500%, 02/01/35,
Pool # 787557 ................................. 290,924
207,194 7.500%, 04/01/35,
Pool # 819231 ................................. 217,739
959,148 6.000%, 11/01/35,
Pool # 844078 ................................. 959,548
827,560 5.000%, 05/01/36,
Pool # 745581 ................................. 784,880
722,426 6.000%, 12/01/36,
Pool # 888029 ................................. 722,614
888,415 5.500%, 06/01/37,
Pool # 918778 ................................. 868,607
2,447,027 5.500%, 03/01/38,
Pool # 962344 ................................. 2,392,224
--------------
16,838,841
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 6.76%
1,985,381 6.000%, 07/20/38,
Pool # 4195 ................................... 1,985,780
912,740 5.000%, 05/01/37,
Pool # 782156 ................................. 869,329
1,876,608 5.000%, 08/20/37,
Pool # 4015 ................................... 1,787,353
--------------
4,642,462
--------------
U.S. TREASURY BILLS - 8.01%
2,500,000 1.690%, 11/06/08 (a) ............................. 2,499,466
3,000,000 0.720%, 11/13/08 (a) ............................. 2,999,281
--------------
5,498,747
--------------
U.S. TREASURY NOTES - 4.03%
2,750,000 3.125%, 02/15/09 ................................. 2,767,834
--------------
TOTAL U.S. GOVERNMENT
AND AGENCY OBLIGATIONS
(Cost $43,839,505) ............................ 43,450,397
--------------
CORPORATE NOTES AND BONDS - 29.87%
CONSUMER DISCRETIONARY - 7.62%
750,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 .............................. 528,750
1,000,000 Darden Restaurants
Senior Unsecured Notes
6.800%, 10/15/37 .............................. 596,426
1,000,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 .............................. 599,624
750,000 JC Penney
6.375%, 10/15/36 .............................. 450,209
1,000,000 Limited Brands
Senior Unsecured Notes
7.600%, 07/15/37 .............................. 557,900
Macy's Retail Holdings
600,000 7.875%, 07/15/15 .............................. 452,121
500,000 6.375%, 03/15/37 .............................. 255,220

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

CONSUMER DISCRETIONARY (CONTINUED)
$1,000,000 Nordstrom
Senior Unsecured Notes
7.000%, 01/15/38 .............................. $ 647,056
500,000 Tyco Electronics Group
7.125%, 10/01/37 .............................. 363,603
250,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 .............................. 194,201
900,000 Yum! Brands
Senior Notes
6.875%, 11/15/37 .............................. 586,400
--------------
5,231,510
--------------
CONSUMER STAPLES - 1.70%
1,000,000 Kraft Foods
Senior Unsecured Notes
7.000%, 08/11/37 .............................. 809,387
250,000 Kroger
6.900%, 04/15/38 .............................. 199,522
150,000 Pepsico
Senior Unsecured Notes
7.900%, 11/01/18 .............................. 158,526
--------------
1,167,435
--------------
ENERGY - 1.59%
100,000 Hess
7.875%, 10/01/29 .............................. 85,458
1,005,000 Western Oil Sands
Secured
8.375%, 05/01/12 .............................. 1,008,891
--------------
1,094,349
--------------
FINANCIALS - 11.48%
750,000 American Express
Senior Unsecured Notes
8.150%, 03/19/38 .............................. 588,854
900,000 American International Group
Senior Unsecured Notes
8.250%, 08/15/18 (c) .......................... 371,124
250,000 Bank of America
Senior Unsecured Notes
3.318%, 09/11/12 (b) .......................... 227,430
1,500,000 Bear Stearns, MTN
3.201%, 11/21/16 (b) .......................... 1,213,412
CIT Group
Senior Notes
500,000 3.710%, 11/03/10 (b) .......................... 310,822
1,000,000 3.054%, 02/13/12 (b) .......................... 531,384
2,000,000 Citigroup
Subordinated Notes
3.361%, 08/25/36 (b) .......................... 1,136,998
500,000 General Electric Capital, MTN, Series A
3.174%, 05/05/26 (b) .......................... 417,207
800,000 Goldman Sachs Capital I
6.345%, 02/15/34 .............................. 494,888
250,000 John Deere Capital
Senior Unsecured Notes, MTN
5.203%, 01/18/11 (b) .......................... 234,084

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

FINANCIALS (CONTINUED)
$ 750,000 Merrill Lynch, MTN
6.875%, 04/25/18 .............................. $ 667,253
1,540,000 NB Capital Trust II
7.830%, 12/15/26 .............................. 1,189,401
1,000,000 SLM, MTN
5.625%, 08/01/33 .............................. 498,628
--------------
7,881,485
--------------
HEALTHCARE - 1.22%
500,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 .............................. 480,690
500,000 UnitedHealth Group
6.875%, 02/15/38 .............................. 357,750
--------------
838,440
--------------
INFORMATION TECHNOLOGY - 1.47%
250,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 .............................. 201,819
800,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 .............................. 469,358
500,000 Telecom Italia Capital SA
7.721%, 06/04/38 .............................. 340,982
--------------
1,012,159
--------------
MATERIALS - 0.56%
500,000 International Paper
8.700%, 06/15/38 .............................. 384,068
--------------
UTILITIES - 4.23%
995,000 CenterPoint Energy
Senior Notes, Series B
7.250%, 09/01/10 .............................. 967,303
1,500,000 CILCORP
Senior Unsecured Notes
8.700%, 10/15/09 (d) .......................... 1,586,250
250,000 Oncor Electric Delivery
7.500%, 09/01/38 (c) .......................... 195,978
150,000 Pacific Gas & Electric
8.250%, 10/15/18 .............................. 152,959
--------------
2,902,490
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $28,289,959)............................. 20,511,936
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

INVESTMENT COMPANY - 8.91%
6,116,716 BlackRock Liquidity Funds
TempCash Portfolio ............................ $ 6,116,716
--------------
TOTAL INVESTMENT COMPANY
(Cost $6,116,716) ............................. 6,116,716
--------------
TOTAL INVESTMENTS - 102.07%
(Cost $78,246,180)* ........................................ 70,079,049
--------------
NET OTHER ASSETS AND LIABILITIES - (2.07)% .................... (1,423,872)
--------------
NET ASSETS - 100.00% .......................................... $ 68,655,177
==============

- ----------
* Aggregate cost for Federal income tax purposes is $78,076,666.

Gross unrealized appreciation .. $ 230,912
Gross unrealized depreciation .. (8,228,529)
-----------
Net unrealized depreciation .... $(7,997,617)
===========

(a) Annualized yield at the time of purchase.

(b) Variable rate bond. The interest rate shown reflects the rate in effect at
October 31, 2008

(c) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At October 31, 2008, these securities amounted to $567,102 or 0.83%
of net assets. These securities have been determined by the Sub-Adviser to
be liquid securities.

(d) Security with a total aggregate value of $1,586,250 or 2.31% of the net
assets, was valued under the fair value procedures established by the
Funds' Board of Trustees.

MTN Medium Term Note

PORTFOLIO COMPOSITION

Investment Company .................................... 9%
U.S. Government Obligations ........................... 12%
U.S. Government Agency Obligations .................... 50%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ................................................ 1%
Aa ................................................. 4%
A .................................................. 5%
Baa ................................................ 15%
Ba ................................................. 4%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OCTOBER 31, 2008

STATEMENTS OF ASSETS AND LIABILITIES

MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------

ASSETS:
Investments:
Investments at cost .................................................... $1,526,510,199 $100,255,555
Net unrealized depreciation ............................................ (188,046,211) (14,906,642)
-------------- ------------
Total investments at value .......................................... 1,338,463,988 85,348,913
Receivables:
Dividends and interest ................................................. 1,172,028 56,712
Dividend reclaims ...................................................... -- --
Fund shares sold ....................................................... 4,626,539 197,040
Investments sold ....................................................... 24,472,584 1,075,883
Due from Adviser, net (Note G) ......................................... -- --
Other assets ................................................................. 10,470 282
-------------- ------------
Total assets ........................................................ 1,368,745,609 86,678,830
-------------- ------------
LIABILITIES:
Payables:
Dividend distribution .................................................. -- --
Investments purchased .................................................. 6,929,146 3,100,904
Fund shares redeemed ................................................... 2,672,036 296,720
Due to Adviser, net (Note G) ........................................... 832,555 38,869
Administration fees (Note G) ........................................... 52,466 4,948
Distribution fees (Note G) ............................................. 34,977 2,111
Audit and tax fees ..................................................... 20,870 13,875
Custodian fees ......................................................... 20,131 2,573
Transfer agent fees .................................................... 239,909 30,360
Reports to shareholders expense ........................................ 55,666 --
Trustees fees and related expenses (Note G) ............................ 19,573 1,146
Accrued expenses and other payables .......................................... 26,701 5,665
-------------- ------------
Total liabilities ................................................... 10,904,030 3,497,171
-------------- ------------
NET ASSETS ................................................................... $1,357,841,579 $ 83,181,659
============== ============
NET ASSETS CONSIST OF:
Paid in capital ........................................................... $1,512,239,355 $120,719,889
Accumulated undistributed (distributions in excess) net investment income.. 3,887,167 --
Accumulated net realized gain (loss) on investments ....................... 29,761,268 (22,631,588)
Net unrealized depreciation on investments ................................ (188,046,211) (14,906,642)
-------------- ------------
TOTAL NET ASSETS $1,357,841,579 $ 83,181,659
============== ============
CLASS N:
Net Assets ................................................................ $ 602,905,137 $ 37,142,156
Shares of beneficial interest outstanding (unlimited authorization) ....... 32,004,615 4,274,970
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................................... $ 18.84 $ 8.69
============== ============
CLASS I:
Net Assets ................................................................ $ 754,670,541 $ 46,039,503
Shares of beneficial interest outstanding (unlimited authorization) ....... 39,854,574 5,265,496
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................................... $ 18.94 $ 8.74
============== ============
CLASS R:
Net Assets ................................................................ $ 265,901 $ --
Shares of beneficial interest outstanding (unlimited authorization) ....... 14,225 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ..................................... $ 18.69 $ --
============== ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OPTIMUM TAMRO RIVER ROAD OPTIMUM MONTAG & CALDWELL
LARGE CAP VALUE ALL CAP DIVIDEND ALL MID CAP MID CAP
GROWTH FUND OPPORTUNITY FUND FUND FUND CAP VALUE FUND FUND GROWTH FUND
- ------------ ---------------- ------------ ----------- -------------- ------------- -----------------

$233,809,814 $ 5,357,495 $261,975,042 $ 9,661,071 $ 61,224,830 $ 798,225,130 $2,559,169
(46,948,664) (1,641,274) (53,728,321) (1,121,968) (10,510,735) (214,260,923) (741,965)
- ------------ ----------- ------------ ----------- ------------ ------------- ----------
186,861,150 3,716,221 208,246,721 8,539,103 50,714,095 583,964,207 1,817,204

163,382 3,508 308,794 4,714 181,239 277,374 758
-- -- -- -- 10,729 -- --
25,393 -- 27,961 15,900 1,103,482 3,081,152 --
3,375,577 -- 1,835,884 366,041 85,250 20,769,948 59,057
-- 9,598 -- 6,462 -- -- 6,393
4,525 174 2,090 75 1,923 4,720 4,751
- ------------ ----------- ------------ ----------- ------------ ------------- ----------
190,430,027 3,729,501 210,421,450 8,932,295 52,096,718 608,097,401 1,888,163
- ------------ ----------- ------------ ----------- ------------ ------------- ----------

-- -- -- -- 3,757 -- --
1,108,771 -- 1,835,570 279,353 4,348 4,017,700 50,654
105,600 -- 3,216 61,084 353,689 1,309,380 --
114,333 -- 116,553 -- 38,470 396,556 --
8,515 1,972 10,543 2,038 3,484 24,220 1,449
3,710 211 1,139 499 2,916 29,086 103
17,677 12,090 16,374 13,840 13,857 17,039 14,913
7,491 8,283 9,930 2,331 2,591 12,515 1,643
64,403 11,398 16,344 6,584 12,887 191,444 3,515
-- 140 1,530 866 1,236 18,606 223
9,536 575 5,888 653 289 7,128 204
28,791 4,096 12,655 2,954 10,443 12,314 890
- ------------ ----------- ------------ ----------- ------------ ------------- ----------
1,468,827 38,765 2,029,742 370,202 447,967 6,035,988 73,594
- ------------ ----------- ------------ ----------- ------------ ------------- ----------
$188,961,200 $ 3,690,736 $208,391,708 $ 8,562,093 $ 51,648,751 $ 602,061,413 $1,814,569
============ =========== ============ =========== ============ ============= ==========

$264,693,729 $10,392,371 $238,636,021 $10,063,671 $ 66,847,862 $ 804,189,021 $2,932,275
529,040 -- 198,951 30,808 (3,961) 1,964,622 18,374
(29,312,905) (5,060,361) 23,285,057 (410,418) (4,684,415) 10,168,693 (394,115)
(46,948,664) (1,641,274) (53,728,321) (1,121,968) (10,510,735) (214,260,923) (741,965)
- ------------ ----------- ------------ ----------- ------------ ------------- ----------
$188,961,200 $ 3,690,736 $208,391,708 $ 8,562,093 $ 51,648,751 $ 602,061,413 $1,814,569
============ =========== ============ =========== ============ ============= ==========

$ 62,673,632 $ 3,690,736 $ 19,704,010 $ 8,562,093 $ 51,504,371 $ 508,885,720 $1,814,569
5,724,573 543,674 2,172,991 1,027,177 6,110,230 29,507,426 310,358

$ 10.95 $ 6.79 $ 9.07 $ 8.34 $ 8.43 $ 17.25 $ 5.85
============ =========== ============ =========== ============ ============= ==========

$125,727,229 $ -- $188,687,698 $ -- $ 144,380 $ 93,175,693 $ --
11,256,780 -- 20,818,311 -- 17,144 5,333,035 --

$ 11.17 $ -- $ 9.06 $ -- $ 8.42 $ 17.47 $ --
============ =========== ============ =========== ============ ============= ==========

$ 560,339 $ -- $ -- $ -- $ -- $ -- $ --
51,971 -- -- -- -- -- --

$ 10.78 $ -- $ -- $ -- $ -- $ -- $ --
============ =========== ============ =========== ============ ============= ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OCTOBER 31, 2008

STATEMENTS OF ASSETS AND LIABILITIES - CONTINUED

CLARIVEST CARDINAL
MID CAP MID CAP
GROWTH FUND VALUE FUND
----------- ----------

ASSETS:
Investments:
Investments at cost ................................................................ $ 417,445 $1,177,675
Net unrealized depreciation ........................................................ (99,439) (375,815)
--------- ----------
Total investments at value ...................................................... 318,006 801,860
Foreign currency (Cost $ 781) ............................................................ -- --
Receivables:
Dividends and interest ............................................................. 64 365
Dividend reclaims .................................................................. -- --
Fund shares sold ................................................................... -- --
Investments sold ................................................................... 8,841 --
Due from Adviser, net (Note G) ..................................................... 10,516 7,122
Other assets ............................................................................. 4,741 4,745
--------- ----------
Total assets ....................................................................... 342,168 814,092
--------- ----------
LIABILITIES:
Foreign currency (cost $ 172,749) ........................................................ -- --
Payables:
Due to custodian ................................................................... -- --
Investments purchased .............................................................. 5,156 8,484
Fund shares redeemed ............................................................... -- --
Due to Adviser, net (Note G) ....................................................... -- --
Administration fees (Note G) ....................................................... 1,451 1,486
Distribution fees (Note G) ......................................................... 18 45
Audit and tax fees ................................................................. 14,911 14,911
Custodian fees ..................................................................... 803 897
Transfer agent fees ................................................................ 4,326 4,455
Reports to shareholders expense .................................................... 60 63
Trustees fees and related expenses (Note G) ........................................ 203 206
Accrued expenses and other payables ...................................................... 581 769
--------- ----------
Total liabilities ............................................................... 27,509 31,316
--------- ----------
NET ASSETS $ 314,659 $ 782,776
========= ==========
NET ASSETS CONSIST OF:
Paid in capital ....................................................................... $ 507,356 $1,202,584
Accumulated undistributed net investment income ....................................... 34,803 38,007
Accumulated net realized loss on investments and foreign currency transactions ........ (128,061) (82,000)
Net unrealized depreciation on investments and translation of assets and liabilities
in foreign currency ................................................................ (99,439) (375,815)
--------- ----------
TOTAL NET ASSETS ......................................................................... $ 314,659 $ 782,776
========= ==========
CLASS N:
Net Assets ............................................................................ $ 314,659 $ 782,776
Shares of beneficial interest outstanding (unlimited authorization) ................... 55,039 125,658
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................. $ 5.72 $ 6.23
========= ==========
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.

Aston Funds

RIVER ROAD VEREDUS TAMRO RIVER ROAD NEPTUNE BARINGS FORTIS
SMALL-MID CAP AGGRESSIVE SMALL CAP SMALL CAP INTERNATIONAL INTERNATIONAL GLOBAL REAL
FUND GROWTH FUND FUND VALUE FUND FUND FUND ESTATE FUND
- ------------- -------------- ------------- ------------ ------------- ------------- -----------

$130,527,275 $ 74,166,506 $ 456,387,878 $342,025,575 $14,007,927 $ 7,883,319 $17,569,769
(19,973,970) (12,782,129) (57,807,568) (66,951,920) (5,711,825) (2,337,267) (6,369,656)
------------ ------------- ------------- ------------ ----------- ----------- -----------
110,553,305 61,384,377 398,580,310 275,073,655 8,296,102 5,546,052 11,200.113
-- -- -- -- -- -- 764

117,939 10,321 229,511 325,644 46,594 17,528 28,933
-- -- -- -- -- 3,332 1,922
268,000 24,543 1,479,523 533,399 -- -- --
206,559 306,691 5,479,357 2,100,783 463,147 126,296 110,169
-- -- -- -- 21,966 14,619 1,205
276 1,020 1,794 1,448 12 5,201 1,056
------------ ------------- ------------- ------------ ----------- ----------- -----------
111,146,079 61,726,952 405,770,495 278,034,929 8,827,821 5,713,028 11,344,162
------------ ------------- ------------- ------------ ----------- ----------- -----------

-- -- -- -- 176,898 -- --

-- -- -- -- -- -- 2,038
267,566 1,692,940 5,392,803 2,405,213 -- 152,299 120,099
35,705 53,433 1,604,642 256,552 -- -- --
83,170 37,999 300,562 210,640 -- -- --
5,969 4,066 16,697 11,656 2,474 3,449 1,993
1,503 2,461 8,949 8,978 13 -- 644
12,071 16,477 16,329 16,274 13,413 14,911 13,429
6,579 3,993 4,287 8,389 12,999 15,106 7,715
11,119 22,830 58,184 175,006 9,022 4,871 5,257
1,369 10,530 -- -- 3,823 620 1,606
491 5,386 2,934 1,285 507 320 922
4,698 8,744 1,325 29,632 6,097 4,019 3,310
------------ ------------- ------------- ------------ ----------- ----------- -----------
430,240 1,858,859 7,406,712 3,123,625 225,246 195,595 157,013
------------ ------------- ------------- ------------ ----------- ----------- -----------
$110,715,839 $ 59,868,093 $ 398,363,783 $274,911,304 $ 8,602,575 $ 5,517,433 $11,187,149
============ ============= ============= ============ =========== =========== ===========

$135,827,977 $ 96,636,636 $ 486,479,335 $378,572,952 $14,971,651 $10,265,834 $21,063,917
167,978 -- 607,640 282,201 86,551 -- 71,174
(5,306,146) (23,986,414) (30,915,624) (36,991,929) (739,587) (2,408,614) (3,576,274)

(19,973,970) (12,782,129) (57,807,568) (66,951,920) (5,716,040) (2,339,787) (6,371,668)
------------ ------------- ------------- ------------ ----------- ----------- -----------
$110,715,839 $ 59,868,093 $ 398,363,783 $274,911,304 $ 8,602,575 $ 5,517,433 $11,187,149
============ ============= ============= ============ =========== =========== ===========

$ 26,714,412 $ 43,148,972 $ 159,964,625 $160,245,009 $ 224,830 $ -- $11,187,149
3,746,767 5,151,337 11,730,138 17,231,198 38,432 -- 2,121,815

$ 7.13 $ 8.38 $ 13.64 $ 9.30 $ 5.85 $ -- $ 5.27
============ ============= ============= ============ =========== =========== ===========

$ 84,001,427 $ 16,719,121 $ 238,399,158 $114,666,295 $ 8,377,745 $ 5,517,433 $ --
11,764,780 1,941,589 17,288,565 12,304,928 1,430,924 1,085,644 --

$ 7.14 $ 8.61 $ 13.79 $ 9.32 $ 5.85 $ 5.08 $ --
============ ============= ============= ============ =========== =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OCTOBER 31, 2008

STATEMENTS OF ASSETS AND LIABILITIES - CONTINUED

SGA INTERNATIONAL SMART PORTFOLIOS
SMALL-MID CAP FUND FUND
------------------ ----------------

ASSETS:
Investments:
Investments at cost .................................................................. $1,167,130 $5,264,093
Net unrealized depreciation .......................................................... (594,681) (606,612)
---------- ----------
Total investments at value ........................................................ 572,449 4,657,481
Cash ....................................................................................... -- --
Receivables:
Dividends and interest ............................................................... 2,237 812
Dividend reclaims .................................................................... 255 --
Fund shares sold ..................................................................... -- 1,499,369
Investments sold ..................................................................... -- --
Due from Adviser, net (Note G) ....................................................... 19,770 9,558
Other assets ............................................................................... 4,744 16,643
---------- ----------
Total assets ......................................................................... 599,455 6,183,863
---------- ----------
LIABILITIES:
Payables:
Due to custodian ..................................................................... -- --
Dividend distribution ................................................................ -- --
Investments purchased ................................................................ -- --
Fund shares redeemed ................................................................. -- 90,570
Due to Adviser, net (Note G) ......................................................... -- --
Administration fees (Note G) ......................................................... 603 1,789
Distribution fees (Note G) ........................................................... 33 282
Audit and tax fees ................................................................... 14,911 13,192
Custodian fees ....................................................................... 3,723 1,006
Transfer agent fees .................................................................. 2,876 5,746
Reports to shareholders expense ...................................................... 652 --
Trustees fees and related expenses (Note G) .......................................... 206 130
Accrued expenses and other payables ........................................................ 817 725
Outstanding options written, at value (premiums received $705,618) ......................... -- --
---------- ----------
Total liabilities ....................................................................... 23,821 113,440
---------- ----------
NET ASSETS ................................................................................. $ 575,634 $6,070,423
========== ==========
NET ASSETS CONSIST OF:
Paid in capital ......................................................................... $1,219,891 $6,909,200
Accumulated undistributed (distribution in excess of) net investment income ............. 48,721 53,712
Accumulated net realized gain (loss) on investments, written options and foreign
currency transactions ................................................................ (98,309) (285,877)
Net unrealized depreciation on investments, written options and translation of assets and
liabilities in foreign currency ...................................................... (594,669) (606,612)
---------- ----------
TOTAL NET ASSETS ........................................................................... $ 575,634 $6,070,423
========== ==========
CLASS N:
Net Assets .............................................................................. $ 575,634 $6,070,423
Shares of beneficial interest outstanding (unlimited authorization) ..................... 130,545 737,000
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................................... $ 4.41 $ 8.24
========== ==========
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.

Aston Funds

NEW CENTURY MB ENHANCED FORTIS TCH
ABSOLUTE RETURN EQUITY INCOME REAL ESTATE MONTAG & CALDWELL BALANCED FIXED INCOME
ETF FUND FUND FUND BALANCED FUND FUND FUND
- --------------- ------------- ------------ ----------------- ------------ ------------

$17,202,044 $19,882,059 $ 40,652,329 $19,474,339 $20,246,469 $78,246,180
(1,598,610) (4,548,628) (10,930,986) (2,034,121) (2,856,110) (8,167,131)
----------- ----------- ------------ ----------- ----------- -----------
15,603,434 15,333,431 29,721,343 17,440,218 17,390,359 70,079,049
-- -- 194 -- -- --

11,571 26,214 23,500 87,594 64,299 721,906
-- -- -- -- -- --
140,148 94,000 752 1,814 322 244,714
-- 115,628 1,013,366 213,996 824,689 576,521
3,040 17,215 -- -- -- --
30,970 13,509 2,164 94 171 467
----------- ----------- ------------ ----------- ----------- -----------
15,789,163 15,599,997 30,761,319 17,743,716 18,279,840 71,622,657
----------- ----------- ------------ ----------- ----------- -----------

-- -- -- -- 218,274 --
-- -- -- -- -- 15,774
2,018,226 362,630 1,255,656 39,990 335,685 2,785,991
-- -- 2,985 158,433 5,572 101,740
-- -- 20,794 3,817 10,766 10,671
1,948 1,314 2,099 2,560 4,141 5,279
804 816 342 999 1,051 2,669
13,192 13,156 15,738 16,487 16,570 16,625
1,247 10,939 2,641 2,002 2,348 1,605
4,846 4,241 12,199 10,162 6,331 17,633
126 -- 1,072 398 -- 2,446
142 67 1,751 398 910 1,345
653 1,314 5,167 3,869 4,810 5,702
-- 816,561 -- -- -- --
----------- ----------- ------------ ----------- ----------- -----------
2,041,184 1,211,038 1,320,444 239,115 606,458 2,967,480
----------- ----------- ------------ ----------- ----------- -----------
$13,747,979 $14,388,959 $ 29,440,875 $17,504,601 $17,673,382 $68,655,177
=========== =========== ============ =========== =========== ===========

$15,748,127 $18,059,877 $ 53,935,932 $27,036,821 $21,315,366 $84,726,711
63,413 49,900 615,145 (333,969) 186,323 179,929

(464,951) 938,753 (14,178,608) (7,164,130) (972,197) (8,084,332)

(1,598,610) (4,659,571) (10,931,594) (2,034,121) (2,856,110) (8,167,131)
----------- ----------- ------------ ----------- ----------- -----------
$13,747,979 $14,388,959 $ 29,440,875 $17,504,601 $17,673,382 $68,655,177
=========== =========== ============ =========== =========== ===========

$13,747,979 $14,388,959 $ 6,030,184 $16,585,842 $17,673,382 $42,764,508
1,591,661 1,777,922 991,651 1,062,774 3,656,616 4,970,843

$ 8.64 $ 8.09 $ 6.08 $ 15.61 $ 4.83 $ 8.60
=========== =========== ============ =========== =========== ===========

$ -- $ -- $ 23,410,691 $ 918,759 $ -- $25,890,669
-- -- 3,848,511 58,997 -- 3,009,825

$ -- $ -- $ 6.08 $ 15.57 $ -- $ 8.60
=========== =========== ============ =========== =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FOR THE YEAR ENDED OCTOBER 31, 2008

STATEMENTS OF OPERATIONS

MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------

INVESTMENT INCOME:
Dividends ................................................. $ 24,166,353 $ 542,167
Less: foreign taxes withheld .............................. -- (3,518)
Interest .................................................. -- 173,661
------------- ------------
Total investment income ................................ 24,166,353 712,310
------------- ------------
EXPENSES:
Investment advisory fees (Note G) ......................... 12,363,067 725,571
Distribution expenses(a) (Note G) ......................... 1,831,589 126,730
Transfer agent fees (Note G) .............................. 862,698 108,262
Administration fees (Note G) .............................. 938,030 61,708
Registration expenses ..................................... 121,992 30,434
Custodian fees ............................................ 78,062 7,483
Audit and tax fees ........................................ 28,667 18,531
Legal fees ................................................ 89,999 4,881
Amortization of offering costs (Note B-10) ................ -- --
Reports to shareholder expense ............................ 169,306 9,771
Trustees fees and related expenses (Note G) ............... 118,887 6,283
Interest expense (Note H) ................................. 5,693 --
Other expenses ............................................ 198,471 11,312
------------- ------------
Total expenses before waivers/reimbursements ........... 16,806,461 1,110,966
------------- ------------
Less: Investment advisory fees waived (Note G) ......... -- (31,940)
Less: Expenses reimbursed (Note G) ..................... -- --
------------- ------------
Net expenses ........................................... 16,806,461 1,079,026
------------- ------------
NET INVESTMENT INCOME (LOSS) ................................. 7,359,892 (366,716)
------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ................... 32,523,865 (22,610,581)
Net change in unrealized depreciation on investments ...... (664,627,304) (20,130,969)
------------- ------------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS ........... (632,103,439) (42,741,550)
------------- ------------
NET DECREASE IN NET ASSETS FROM OPERATIONS ................ $(624,743,547) $(43,108,266)
============= ============

- ----------
(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 $1,817,578 and
$14,011 respectively. The distribution expense for Class N and R of the
Growth Fund is $268,571 and $3,033 respectively.

(b) Montag & Caldwell Mid Cap Growth Fund commenced investment operations on
November 2, 2007.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OPTIMUM TAMRO RIVER ROAD OPTIMUM MONTAG & CALDWELL
LARGE CAP VALUE ALL CAP DIVIDEND ALL MID CAP MID CAP
GROWTH FUND OPPORTUNITY FUND FUND FUND CAP VALUE FUND FUND GROWTH FUND(b)
- ------------- ---------------- ------------- ----------- -------------- ------------- -----------------

$ 3,664,003 $ 160,373 $ 7,710,968 $ 186,880 $ 2,312,638 $ 12,489,683 $ 16,271
-- -- (106,951) (273) (36,342) (382,963) (62)
-- 43 -- 1,770 7,700 180 126
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
3,664,003 160,416 7,604,017 188,377 2,283,996 12,106,900 16,335
- ------------- ----------- ------------- ----------- ------------ ------------- -----------

2,075,514 124,154 2,531,877 100,042 309,748 6,546,722 19,097
271,604 38,796 160,952 31,263 110,179 1,924,146 5,617
203,984 38,386 49,156 29,467 55,488 726,265 16,804
168,554 22,721 182,270 22,007 39,300 478,563 16,243
40,888 25,779 30,319 17,952 38,076 77,874 10,001
21,517 8,873 30,497 4,888 7,960 46,609 5,558
24,416 18,083 22,337 18,497 18,513 23,125 20,223
20,763 1,154 21,007 961 3,264 42,339 278
-- -- -- -- -- -- 33,492
28,981 3,269 16,696 2,892 4,980 110,155 456
21,923 1,682 23,797 1,332 3,043 58,008 348
20,948 3,211 1,710 -- 438 18,321 --
46,877 7,695 41,849 6,084 7,182 90,151 2,144
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
2,945,969 293,803 3,112,467 235,385 598,171 10,142,278 130,261
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
(16,524) (119,883) (522,630) (85,322) (23,150) -- (19,097)
-- -- -- -- -- -- (79,711)
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
2,929,445 173,920 2,589,837 150,063 575,021 10,142,278 31,453
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
734,558 (13,504) 5,014,180 38,314 1,708,975 1,964,622 (15,118)
- ------------- ----------- ------------- ----------- ------------ ------------- -----------

(8,478,353) (4,158,617) 24,041,461 (360,343) (4,811,635) 10,654,411 (394,115)
(103,383,285) (4,452,110) (150,192,000) (4,928,345) (11,651,941) (454,980,690) (741,965)
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
(111,861,638) (8,610,727) (126,150,539) (5,288,688) (16,463,576) (444,326,279) (1,136,080)
- ------------- ----------- ------------- ----------- ------------ ------------- -----------
$(111,127,080) $(8,624,231) $(121,136,359) $(5,250,374) $(14,754,601) $(442,361,657) $(1,151,198)
============= =========== ============= =========== ============ ============= ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FOR THE YEAR ENDED OCTOBER 31, 2008

STATEMENTS OF OPERATIONS - CONTINUED

CLARIVEST CARDINAL
MID CAP MID CAP
GROWTH FUND(a) VALUE FUND(b)
-------------- -------------

INVESTMENT INCOME:
Dividends ............................................... $ 4,369 $ 16,176
Less: foreign taxes withheld ............................ -- --
Interest ................................................ 129 270
--------- ---------
Total investment income .............................. 4,498 16,446
--------- ---------
EXPENSES:
Investment advisory fees (Note G) ....................... 4,117 9,463
Distribution expenses (Note G) .......................... 1,144 2,628
Transfer agent fees (Note G) ............................ 16,968 17,297
Administration fees (Note G) ............................ 16,832 15,582
Registration expenses ................................... 10,002 10,002
Custodian fees .......................................... 5,620 3,539
Audit and tax fees ...................................... 20,221 20,221
Legal fees .............................................. 40 239
Amortization of offering costs (Note B-10) .............. 36,710 36,281
Reports to shareholder expense .......................... 110 183
Trustees fees and related expenses (Note G) ............. 235 276
Interest expense (Note H) ............................... -- --
Other expenses .......................................... 2,344 2,073
--------- ---------
Total expenses before waivers/reimbursements ......... 114,343 117,784
--------- ---------
Less: Investment advisory fees waived (Note G) ....... (4,117) (9,463)
Less: Expenses reimbursed (Note G) ................... (103,821) (93,601)
--------- ---------
Net expenses ......................................... 6,405 14,720
--------- ---------
NET INVESTMENT INCOME (LOSS) ............................... (1,907) 1,726
--------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments ........................ (128,061) (82,000)
Net realized loss on foreign currency transactions ...... -- --
Net change in unrealized depreciation on investments .... (99,439) (375,815)
Net change in unrealized appreciation (depreciation) on
translation of assets and liabilities denominated in
foreign currency ..................................... -- --
--------- ---------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS ......... (227,500) (457,815)
--------- ---------
NET DECREASE IN NET ASSETS FROM OPERATIONS .............. $(229,407) $(456,089)
========= =========

- ----------
(a) ClariVest Mid Cap Growth Fund commenced investment operations on November
2, 2007.

(b) Cardinal Mid Cap Value Fund commenced investment operations on November 2,
2007.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

RIVER ROAD VEREDUS TAMRO RIVER ROAD NEPTUNE BARINGS FORTIS
SMALL-MID CAP AGGRESSIVE SMALL CAP SMALL CAP INTERNATIONAL INTERNATIONAL GLOBAL REAL
FUND GROWTH FUND FUND VALUE FUND FUND FUND(c) ESTATE FUND
- ------------- ------------ ------------- ------------- ------------- ------------- ------------

$ 1,156,549 $ 458,681 $ 5,984,427 $ 4,355,929 $ 270,166 $ 189,013 $ 609,248
(10,768) -- -- (53,945) (16,932) (12,994) (59,239)
7,373 -- 46 5,153 -- 2,232 --
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
1,153,154 458,681 5,984,473 4,307,137 253,234 178,251 550,009
- ------------ ------------ ------------- ------------- ----------- ----------- ------------

783,304 1,347,936 3,336,623 2,546,901 91,726 62,915 175,972
19,470 190,986 503,358 470,199 310 -- 43,993
45,963 158,189 229,256 442,030 23,899 17,558 18,026
57,961 85,281 206,070 162,340 25,764 34,928 40,318
34,056 30,997 45,489 48,233 32,035 11,332 15,841
28,815 13,654 18,069 29,186 23,552 55,280 34,501
18,065 22,603 22,292 22,237 20,223 20,221 20,239
9,588 10,069 16,241 14,404 2,549 1,839 6,604
20,958 -- -- -- 43,185 38,599 33,183
9,466 19,821 28,913 61,578 9,045 1,182 1,866
4,988 10,885 22,442 19,359 996 673 2,086
-- 4,579 -- 762 -- 389 --
9,443 44,293 37,310 37,397 3,701 3,344 4,361
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
1,042,077 1,939,293 4,466,063 3,854,626 276,985 248,260 396,990
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
(44,979) (72,302) (69,983) -- (91,726) (62,915) (133,031)
-- -- -- -- (89,973) (111,373) --
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
997,098 1,866,991 4,396,080 3,854,626 95,286 73,972 263,959
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
156,056 (1,408,310) 1,588,393 452,511 157,948 104,279 286,050
- ------------ ------------ ------------- ------------- ----------- ----------- ------------

(5,039,800) (23,155,591) (31,736,542) (36,422,487) (732,365) (2,408,614) (3,541,181)
-- -- -- -- (114,945) (163,244) (56,737)
(20,074,564) (58,256,376) (127,226,809) (83,796,022) (6,122,588) (2,337,267) (8,335,852)

-- -- -- -- (4,007) (2,520) 289
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
(25,114,364) (81,411,967) (158,963,351) (120,218,509) (6,973,905) (4,911,645) (11,933,481)
- ------------ ------------ ------------- ------------- ----------- ----------- ------------
$(24,958,308) $(82,820,277) $(157,374,958) $(119,765,998) $(6,815,957) $(4,807,366) $(11,647,431)
============ ============ ============= ============= =========== =========== ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FOR THE YEAR ENDED OCTOBER 31, 2008

STATEMENTS OF OPERATIONS - CONTINUED

SGA INTERNATIONAL SMART
SMALL-MID CAP PORTFOLIOS
FUND(a) FUND(b)
----------------- ----------

INVESTMENT INCOME:
Dividends .................................................. $ 36,853 $ 71,787
Less: foreign taxes withheld ............................... (2,478) --
Interest ................................................... 269 1,039
--------- ---------
Total investment income ................................. 34,644 72,826
--------- ---------
EXPENSES:
Investment advisory fees (Note G) .......................... 11,097 22,154
Distribution expenses (Note G) ............................. 2,312 6,923
Transfer agent fees (Note G) ............................... 17,140 16,744
Administration fees (Note G) ............................... 42,317 12,639
Registration expenses ...................................... 10,002 4,000
Custodian fees ............................................. 25,575 3,265
Audit and tax fees ......................................... 20,221 18,502
Legal fees ................................................. 539 142
Amortization of offering costs (Note B-10) ................. 38,045 54,736
Reports to shareholder expense ............................. 1,182 505
Trustees fees and related expenses (Note G) ................ 269 272
Interest expense (Note H) .................................. -- 241
Other expenses ............................................. 2,073 1,446
--------- ---------
Total expenses before waivers/reimbursements ............ 170,772 141,569
--------- ---------
Less: Investment advisory fees waived (Note G) .......... (11,097) (22,154)
Less: Expenses reimbursed (Note G) ...................... (143,029) (83,175)
--------- ---------
Net expenses ............................................ 16,646 36,240
--------- ---------
NET INVESTMENT INCOME ......................................... 17,998 36,586
--------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .................... (98,309) (285,877)
Net realized loss on written option transactions ........... -- --
Net realized loss on foreign currency transactions ......... (7,322) --
Net change in unrealized depreciation on investments ....... (594,681) (606,612)
Net change in unrealized depreciation on written options ... -- --
Net change in unrealized appreciation (depreciation) on
translation of assets and liabilities denominated in
foreign currency ........................................ 12 --
--------- ---------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS ............ (700,300) (892,489)
--------- ---------
NET DECREASE IN NET ASSETS FROM OPERATIONS ................. $(682,302) $(855,903)
========= =========

- ----------
(a) SGA International Small-Mid Cap Fund commenced investment operations on
November 2, 2007.

(b) Smart Portfolios Fund commenced investment operations on January 10, 2008.

(d) MB Enhanced Equity Income Fund commenced investment operations on January
15, 2008.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

NEW CENTURY MB ENHANCED
ABSOLUTE EQUITY FORTIS MONTAG & TCH
RETURN INCOME REAL ESTATE CALDWELL BALANCED FIXED INCOME
ETF FUND(c) FUND(d) FUND BALANCED FUND FUND FUND
- ----------- ----------- ------------ ------------- ----------- ------------

$ 74,509 $ 319,189 $ 1,163,542 $ 177,277 $ 232,077 $ 185,150
(3) -- (17,321) -- -- --
486 4,000 -- 279,645 511,465 4,554,863
- ----------- ----------- ------------ ----------- ----------- -----------
74,992 323,189 1,146,221 456,922 743,542 4,740,013
- ----------- ----------- ------------ ----------- ----------- -----------

42,774 69,706 555,268 138,320 184,165 461,420
10,693 24,895 53,864 43,373 65,773 126,863
14,156 14,916 47,931 44,958 25,107 64,206
11,763 18,075 48,565 27,036 50,392 66,438
5,034 7,169 24,897 26,976 18,414 27,401
3,522 33,622 8,453 4,436 7,705 6,549
18,501 18,466 21,497 22,737 22,859 22,914
56 297 4,252 1,328 2,672 5,851
52,587 46,882 -- -- -- --
208 241 6,491 1,857 3,394 6,688
300 553 4,524 1,327 2,748 5,815
-- -- 86 -- 2,817 --
1,655 2,657 11,510 6,470 7,732 12,252
- ----------- ----------- ------------ ----------- ----------- -----------
161,249 237,479 787,338 318,818 393,778 806,397
- ----------- ----------- ------------ ----------- ----------- -----------
(42,774) (69,706) (111,488) (72,576) -- (346,661)
(54,309) (58,235) -- -- -- --
- ----------- ----------- ------------ ----------- ----------- -----------
64,166 109,538 675,850 246,242 393,778 459,736
- ----------- ----------- ------------ ----------- ----------- -----------
10,826 213,651 470,371 210,680 349,764 4,280,277
- ----------- ----------- ------------ ----------- ----------- -----------

(464,951) (261,385) (13,919,041) 120,418 (559,417) (1,680,037)
-- 1,200,138 -- -- -- --
-- -- (66,483) -- -- --
(1,598,610) (4,548,628) (14,560,895) (5,028,369) (6,647,417) (7,551,902)
-- (110,943) -- -- -- --

-- -- (2,132) -- -- --
- ----------- ----------- ------------ ----------- ----------- -----------
(2,063,561) (3,720,818) (28,548,551) (4,907,951) (7,206,834) (9,231,939)
- ----------- ----------- ------------ ----------- ----------- -----------
$(2,052,735) $(3,507,167) $(28,078,180) $(4,697,271) $(6,857,070) $(4,951,662)
=========== =========== ============ =========== =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS

MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
------------------------------- --------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
------------------------------- --------------------------
2008 2007 2008 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) ............................ 7,359,892 7,654,393 (366,716) (239,747)
Net realized gain (loss) on investments ................. 32,523,865 270,312,389 (22,610,581) 8,669,732
Net change in unrealized appreciation (depreciation)
on investments ....................................... (664,627,304) 172,125,874 (20,130,969) 2,621,695
-------------- -------------- ------------ -----------
Net increase (decrease) in net assets from
operations ........................................ (624,743,547) 450,092,656 (43,108,266) 11,051,680
-------------- -------------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (1,193,382) (1,695,975) -- --
Class I .............................................. (2,957,565) (5,870,562) -- --
Class R .............................................. (3,674) (2,532) -- --
Net realized gain on investments:
Class N .............................................. (98,653,826) (5,661,531) (7,627,866) --
Class I .............................................. (164,914,941) (8,346,214) (486,367) --
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 .............................................. 359,177,323 206,823,862 21,160,777 14,465,000
Class I .............................................. 320,234,151 261,056,157 66,159,989 1,682,693
Class R .............................................. 3,226,527 3,626,234 -- --
Proceeds from reinvestment of distributions:
Class N .............................................. 94,326,188 6,936,711 7,520,953 --
Class I .............................................. 152,386,318 12,602,328 486,367 --
Class R .............................................. 524,046 6,321 -- --
Cost of shares redeemed:
Class N .............................................. (244,529,342) (468,614,678) (10,945,698) (8,893,097)
Class I .............................................. (446,205,259) (525,694,386) (3,977,688) (9,262)
Class R .............................................. (6,320,732) (718,478) -- --
-------------- -------------- ------------ -----------
Net increase (decrease) from capital share
transactions ................................... 232,819,220 (503,975,929) 80,404,700 7,245,334
-------------- -------------- ------------ -----------
Total increase (decrease) in net assets ........... (660,170,352) (75,463,992) 29,182,201 18,297,014
-------------- -------------- ------------ -----------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $1,357,841,579 $2,018,011,931 $ 83,181,659 $53,999,458
============== ============== ============ ===========
(A) Undistributed net investment income .............. $ 3,887,167 $ 684,227 $ -- $ --
============== ============== ============ ===========

- ----------
(a) Optimum Large Cap Opportunity Fund commenced investment operations on
December 28, 2006.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OPTIMUM LARGE CAP
GROWTH FUND OPPORTUNITY FUND VALUE FUND
- ----------------------------- --------------------------- ----------------------------
YEARS ENDED OCTOBER 31, YEAR ENDED PERIOD ENDED YEARS ENDED OCTOBER 31,
- ----------------------------- OCTOBER 31, OCTOBER 31, ----------------------------
2008 2007 2008 2007(a) 2008 2007
- ------------- ------------- ------------ ------------ ------------- ------------

$ 420,377,974 $ 908,528,310 $ 40,563,288 $ -- $ 419,500,562 $351,485,956
- ------------- ------------- ------------ ------------ ------------- ------------

734,558 2,393,486 (13,504) (16,334) 5,014,180 5,734,556
(8,478,353) 101,428,826 (4,158,617) (901,744) 24,041,461 37,795,837

(103,383,285) (44,663,984) (4,452,110) 2,810,836 (150,192,000) 17,338,560
- ------------- ------------- ------------ ------------ ------------- ------------

(111,127,080) 59,158,328 (8,624,231) 1,892,758 (121,136,359) 60,868,953
- ------------- ------------- ------------ ------------ ------------- ------------

(19,419) (422,055) (26,900) -- (913,797) (1,640,053)
(478,591) (1,969,081) -- -- (4,054,890) (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)
(173,029) (203,793) -- -- -- --
- ------------- ------------- ------------ ------------ ------------- ------------
(100,297,808) (105,415,858) (26,900) -- (42,760,622) (20,058,841)
- ------------- ------------- ------------ ------------ ------------- ------------

11,902,983 60,677,810 4,077,900 52,214,049 27,856,409 53,673,402
261,560 18,992,254 -- -- 10,002 120,000
363,288 309,771 -- -- -- --

35,329,298 43,557,499 25,914 -- 12,541,877 5,744,218
58,833,489 54,244,184 -- -- 30,184,255 14,251,884
103,773 178,214 -- -- -- --

(75,324,977) (359,042,719) (32,325,235) (13,543,519) (117,804,416) (45,784,341)
(51,257,529) (259,425,670) -- -- -- (800,669)
(203,771) (1,384,149) -- -- -- --
- ------------- ------------- ------------ ------------ ------------- ------------

(19,991,886) (441,892,806) (28,221,421) 38,670,530 (47,211,873) 27,204,494
- ------------- ------------- ------------ ------------ ------------- ------------
(231,416,774) (488,150,336) (36,872,552) 40,563,288 (211,108,854) 68,014,606
- ------------- ------------- ------------ ------------ ------------- ------------
$ 188,961,200 $ 420,377,974 $ 3,690,736 $ 40,563,288 $ 208,391,708 $419,500,562
============= ============= ============ ============ ============= ============
$ 529,040 $ 295,191 $ -- $ 26,085 $ 198,951 $ 154,020
============= ============= ============ ============ ============= ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

RIVER ROAD DIVIDEND
TAMRO ALL CAP FUND ALL CAP VALUE FUND
------------------------- ---------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
------------------------- ---------------------------
2008 2007 2008 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) ............................... 38,314 38,177 1,708,975 1,241,569
Net realized gain (loss) on investments .................... (360,343) 1,223,493 (4,811,635) 1,173,536
Net change in unrealized appreciation (depreciation)
on investments .......................................... (4,928,345) 1,169,317 (11,651,941) 82,377
----------- ----------- ------------ ------------
Net increase (decrease) in net assets from operations ... (5,250,374) 2,430,987 (14,754,601) 2,497,482
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................................. (8,963) (36,680) (1,335,727) (1,004,255)
Class I ................................................. -- -- (5,757) (2,551)
Return of Capital:
Class N ................................................. -- -- (24,094) --
Class I ................................................. -- -- (104) --
Net realized gain on investments:
Class N ................................................. (1,219,876) (1,853,376) (1,677,293) (200,230)
Class I ................................................. -- -- (10,432) --
----------- ----------- ------------ ------------
Total distributions .................................. (1,228,839) (1,890,056) (3,053,407) (1,207,036)
----------- ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................. 1,073,875 1,668,134 56,532,683 40,324,007
Class I ................................................. -- -- 1,511 200,374
Proceeds from reinvestment of distributions:
Class N ................................................. 1,188,304 1,804,294 2,762,921 1,141,486
Class I ................................................. -- -- 16,293 2,551
Cost of shares redeemed:
Class N ................................................. (2,579,481) (4,518,420) (22,366,887) (26,347,941)
Class I ................................................. -- -- -- (14)
----------- ----------- ------------ ------------
Net increase (decrease) from capital share
transactions ...................................... (317,302) (1,045,992) 36,946,521 15,320,463
----------- ----------- ------------ ------------
Total increase (decrease) in net assets .............. (6,796,515) (505,061) 19,138,513 16,610,909
----------- ----------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ................ $ 8,562,093 $15,358,608 $ 51,648,751 $ 32,510,238
=========== =========== ============ ============
(A) Undistributed (distributions in excess of)
net investment income .................................. $ 30,808 $ 1,497 $ (3,961) $ 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

MONTAG & CALDWELL CLARIVEST CARDINAL
MID CAP MID CAP MID CAP
OPTIMUM MID CAP FUND GROWTH FUND GROWTH FUND VALUE FUND
- ----------------------------- ----------------- ------------ ------------
YEARS ENDED OCTOBER 31, PERIOD ENDED PERIOD ENDED PERIOD ENDED
- ----------------------------- OCTOBER 31, OCTOBER 31, OCTOBER 31,
2008 2007 2008(a) 2008(b) 2008(c)
- ------------- ------------- ----------------- ------------ ------------

$ 949,727,581 $ 659,560,772 $ -- $ -- $ --
- ------------- ------------- ----------- --------- -----------

1,964,622 (362,517) (15,118) (1,907) 1,726
10,654,411 65,575,017 (394,115) (128,061) (82,000)

(454,980,690) 127,454,856 (741,965) (99,439) (375,815)
- ------------- ------------- ----------- --------- -----------
(442,361,657) 192,667,356 (1,151,198) (229,407) (456,089)
- ------------- ------------- ----------- --------- -----------

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

(56,429,414) (39,625,724) -- -- --
(8,542,028) (5,925,649) -- -- --
- ------------- ------------- ----------- --------- -----------
(64,971,442) (45,551,373) -- -- --
- ------------- ------------- ----------- --------- -----------

382,563,505 324,393,604 3,025,312 544,074 1,238,874
68,718,434 42,062,063 -- -- --

53,046,328 36,513,916 -- -- --
7,190,803 5,039,035 -- -- --

(317,844,577) (243,055,111) (59,545) (8) (9)
(34,007,562) (21,902,681) -- -- --
- ------------- ------------- ----------- --------- -----------

159,666,931 143,050,826 2,965,767 544,066 1,238,865
- ------------- ------------- ----------- --------- -----------
(347,666,168) 290,166,809 1,814,569 314,659 782,776
- ------------- ------------- ----------- --------- -----------
$ 602,061,413 $ 949,727,581 $ 1,814,569 $ 314,659 $ 782,776
============= ============= =========== ========= ===========

$ 1,964,622 $ -- $ 18,374 $ 34,803 $ 38,007
============= ============= =========== ========= ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

RIVER ROAD VEREDUS AGGRESSIVE
SMALL-MID CAP FUND GROWTH FUND
--------------------------- -----------------------------
YEAR ENDED PERIOD ENDED YEARS ENDED OCTOBER 31,
OCTOBER 31, OCTOBER 31, -----------------------------
2008 2007(a) 2008 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) ............................ 156,056 19,361 (1,408,310) (3,407,758)
Net realized gain (loss) on investments and
foreign currency transactions ........................ (5,039,800) (266,346) (23,155,591) 58,564,203
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency .......... (20,074,564) 100,594 (58,256,376) 17,735,790
------------ ----------- ------------- -------------
Net increase (decrease) in net assets from operations ... (24,958,308) (146,391) (82,820,277) 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 ................................................. -- -- (26,198,976) (9,299,234)
------------ ----------- ------------- -------------
Total distributions .................................. (58,969) -- (54,184,933) (29,880,690)
------------ ----------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................. 25,523,544 15,031,664 10,616,263 21,752,210
Class I ................................................. 118,090,164 9,037,159 23,833,681 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 ................................................. (7,792,472) (4,843,420) (32,951,858) (314,715,342)
Class I ................................................. (17,917,294) (1,304,346) (86,075,598) (95,592,915)
------------ ----------- ------------- -------------
Net increase (decrease) from capital share
transactions ...................................... 117,958,450 17,921,057 (33,872,143) (330,076,118)
------------ ----------- ------------- -------------
Total increase (decrease) in net assets .............. 92,941,173 17,774,666 (170,877,353) (287,064,573)
------------ ----------- ------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ................ $110,715,839 $17,774,666 $ 59,868,093 $ 230,745,446
============ =========== ============= =============
(A) Undistributed net investment income .................... $ 167,978 $ 49,540 $ -- $ --
============ =========== ============= =============

- ----------
(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.

Aston Funds

TAMRO RIVER ROAD NEPTUNE
SMALL CAP FUND SMALL CAP VALUE FUND INTERNATIONAL FUND
- ----------------------------- ----------------------------- --------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31, YEAR ENDED PERIOD ENDED
- ----------------------------- ----------------------------- OCTOBER 31, OCTOBER 31,
2008 2007 2008 2007 2008 2007(b)
- ------------- ------------- ------------- ------------- ----------- ------------

$ 372,301,855 $ 246,443,981 $ 302,220,867 $ 167,437,729 $ 2,369,665 $ --
- ------------- ------------- ------------- ------------- ----------- ----------

1,588,393 (1,007,227) 452,511 1,162,632 157,948 5,791

(31,736,542) 17,098,675 (36,422,487) 10,911,883 (847,310) 3,080

(127,226,809) 21,468,409 (83,796,022) 6,725,594 (6,126,595) 410,555
- ------------- ------------- ------------- ------------- ----------- ----------
(157,374,958) 37,559,857 (119,765,998) 18,800,109 (6,815,957) 419,426
- ------------- ------------- ------------- ------------- ----------- ----------

-- -- (37,949) (983,703) -- --
-- -- (44,332) (240,447) (28,222) --

(10,737,284) (10,988,047) (8,476,846) (2,150,824) -- --
(6,479,414) (4,397,871) (2,898,349) (29,168) -- --
- ------------- ------------- ------------- ------------- ----------- ----------
(17,216,698) (15,385,918) (11,457,476) (3,404,142) (28,222) --
- ------------- ------------- ------------- ------------- ----------- ----------

109,183,845 138,693,473 102,025,124 214,386,993 432,275 --
245,253,420 110,501,288 106,971,828 68,417,236 13,051,300 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 --

(109,019,877) (110,045,531) (101,232,051) (162,304,426) (1,731) --
(57,942,360) (48,353,485) (14,009,038) (4,126,932) (426,908) (12)
- ------------- ------------- ------------- ------------- ----------- ----------

200,653,584 103,683,935 103,913,911 119,387,171 13,077,089 1,950,239
- ------------- ------------- ------------- ------------- ----------- ----------
26,061,928 125,857,874 (27,309,563) 134,783,138 6,232,910 2,369,665
- ------------- ------------- ------------- ------------- ----------- ----------
$ 398,363,783 $ 372,301,855 $ 274,911,304 $ 302,220,867 $ 8,602,575 $2,369,665
============= ============= ============= ============= =========== ==========
$ 607,640 $ 131,380 $ 282,201 $ 81,448 $ 86,551 $ 28,215
============= ============= ============= ============= =========== ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

SGA
BARINGS INTERNATIONAL
INTERNATIONAL FORTIS GLOBAL SMALL-MID
FUND REAL ESTATE FUND CAP FUND
------------- --------------------------- -------------
PERIOD ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2008(a) 2008 2007(b) 2008(c)
------------- ------------ ------------ -------------

NET ASSETS AT BEGINNING OF PERIOD ............................. $ -- $ 21,634,605 $ -- $ --
----------- ------------ ----------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ...................................... 104,279 286,050 107,203 17,998
Net realized gain (loss) on investments,
written options and foreign currency transactions ....... (2,571,858) (3,597,918) 33,272 (105,631)
Net change in unrealized appreciation (depreciation)
on investments, written options and translation
of assets and liabilities denominated in
foreign currency ........................................ (2,339,787) (8,335,563) 1,963,895 (594,669)
----------- ------------ ----------- ----------
Net increase (decrease) in net assets from
operations ........................................... (4,807,366) (11,647,431) 2,104,370 (682,302)
----------- ------------ ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................................. -- (284,084) -- --
Class I ................................................. -- -- -- --
Net realized gain on investments:
Class N ................................................. -- (95,347) -- --
Class I ................................................. -- -- -- --
----------- ------------ ----------- ----------
Total distributions .................................. -- (379,431) -- --
----------- ------------ ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................. -- 1,640,792 19,530,246 1,278,874
Class I ................................................. 13,102,841 -- -- --
Proceeds from reinvestment of distributions:
Class N ................................................. -- 1,139 -- --
Class I ................................................. -- -- -- --
Cost of shares redeemed:
Class N ................................................. -- (62,525) (11) (20,938)
Class I ................................................. (2,778,042) -- -- --
----------- ------------ ----------- ----------
Net increase (decrease) from capital share
transactions ...................................... 10,324,799 1,579,406 19,530,235 1,257,936
----------- ------------ ----------- ----------
Total increase (decrease) in net assets .............. 5,517,433 (10,447,456) 21,634,605 575,634
----------- ------------ ----------- ----------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ................ $ 5,517,433 $ 11,187,149 $21,634,605 $ 575,634
=========== ============ =========== ==========
(A) Undistributed (distributions in excess of) net
investment income ....................................... $ -- $ 71,174 $ 236,290 $ 48,721
=========== ============ =========== ==========

- ----------
(a) Barings International Fund commenced investment operations on November 2,
2007.

(b) Fortis Global Real Estate Fund commenced investment operations on August 3,
2007.

(d) Smart Portfolios Fund commenced investment operations on January 10, 2008.

(e) New Century Absolute Return ETF Fund commenced investment operations on
March 4, 2008.

(f) MB Enhanced Equity Income Fund commenced investment operations on January
15, 2008.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

SMART NEW CENTURY MB
PORTFOLIOS ABSOLUTE RETURN ENHANCED EQUITY FORTIS MONTAG & CALDWELL
FUND ETF FUND INCOME FUND REAL ESTATE FUND BALANCED FUND
- ------------ --------------- --------------- --------------------------- --------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
OCTOBER 31, OCTOBER 31, OCTOBER 31, --------------------------- --------------------------
2008(d) 2008(e) 2008(f) 2008 2007 2008 2007
- ------------ --------------- --------------- ------------ ------------ ----------- ------------

$ -- $ -- $ -- $ 90,668,373 $118,531,381 $17,860,943 $ 30,995,506
- ----------- ----------- ----------- ------------ ------------ ----------- ------------

36,586 10,826 213,651 470,371 2,146,880 210,680 246,465

(285,877) (464,951) 938,753 (13,985,524) 21,085,423 120,418 2,799,854

(606,612) (1,598,610) (4,659,571) (14,563,027) (25,235,500) (5,028,369) 105,356
- ----------- ----------- ----------- ------------ ------------ ----------- ------------

(855,903) (2,052,735) (3,507,167) (28,078,180) (2,003,197) (4,697,271) 3,151,675
- ----------- ----------- ----------- ------------ ------------ ----------- ------------

(37,610) -- (210,633) (262,056) (190,594) (226,864) (240,860)
-- -- -- (337,509) (164,987) (16,943) (74,233)

-- -- -- (12,004,865) (15,755,762) -- --
-- -- -- (10,600,029) (9,790,333) -- --
- ----------- ----------- ----------- ------------ ------------ ----------- ------------
(37,610) -- (210,633) (23,204,459) (25,901,676) (243,807) (315,093)
- ----------- ----------- ----------- ------------ ------------ ----------- ------------

10,231,848 18,396,559 18,939,337 4,653,383 25,180,278 10,014,274 1,776,744
-- -- -- -- 55,849 103,774 640,027

37,578 -- 80,537 12,082,216 15,714,374 205,276 235,427
-- -- -- 10,937,524 9,955,320 16,798 73,386

(3,305,490) (2,595,845) (913,115) (37,617,982) (46,588,908) (5,661,808) (11,220,097)
-- -- -- -- (4,275,048) (93,578) (7,476,632)
- ----------- ----------- ----------- ------------ ------------ ----------- ------------

6,963,936 15,800,714 18,106,759 (9,944,859) 41,865 4,584,736 (15,971,145)
- ----------- ----------- ----------- ------------ ------------ ----------- ------------
6,070,423 13,747,979 14,388,959 (61,227,498) (27,863,008) (356,342) (13,134,563)
- ----------- ----------- ----------- ------------ ------------ ----------- ------------
$ 6,070,423 $13,747,979 $14,388,959 $ 29,440,875 $ 90,668,373 $17,504,601 $ 17,860,943
=========== =========== =========== ============ ============ =========== ============

$ 53,712 $ 63,413 $ 49,900 $ 615,145 $ 448,178 $ (333,969) $ (328,742)
=========== =========== =========== ============ ============ =========== ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

BALANCED FUND TCH FIXED INCOME FUND
--------------------------- ---------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
--------------------------- ---------------------------
2008 2007 2008 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 ...................................... 349,764 630,089 4,280,277 5,065,054
Net realized gain (loss) on investments .................... (559,417) 6,181,989 (1,680,037) 2,201,858
Net change in unrealized depreciation on
investments ............................................. (6,647,417) (2,481,379) (7,551,902) (480,477)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from
operations ........................................... (6,857,070) 4,330,699 (4,951,662) 6,786,435
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................................. (396,405) (705,675) (2,622,635) (3,051,522)
Class I ................................................. -- -- (1,780,523) (2,229,363)
Net realized gain on investments:
Class N ................................................. (5,993,129) (17,246,611) -- --
------------ ------------ ------------ ------------
Total distributions .................................. (6,389,534) (17,952,286) (4,403,158) (5,280,885)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................. 1,669,881 4,106,378 12,409,629 10,675,012
Class I ................................................. -- -- 4,645,377 5,492,323
Proceeds from reinvestment of distributions:
Class N ................................................. 6,366,439 17,742,884 2,489,637 2,902,724
Class I ................................................. -- -- 1,264,040 1,164,156
Cost of shares redeemed:
Class N ................................................. (13,040,319) (33,134,924) (19,017,029) (38,979,747)
Class I ................................................. -- -- (15,761,200) (11,024,352)
------------ ------------ ------------ ------------
Net decrease from capital share transactions ......... (5,003,999) (11,285,662) (13,969,546) (29,769,884)
------------ ------------ ------------ ------------
Total decrease in net assets ......................... (18,250,603) (24,907,249) (23,324,366) (28,264,334)
------------ ------------ ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ................ $ 17,673,382 $ 35,923,985 $ 68,655,177 $ 91,979,543
============ ============ ============ ============
(A) Undistributed (distributions in excess of) net
investment income ....................................... $ 186,323 $ (36,731) $ 179,929 $ (672,070)
============ ============ ============ ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- ----------

Net Asset Value, Beginning of period ........... $ 31.51 $ 25.15 $ 23.35 $ 21.53 $ 20.74
-------- -------- -------- -------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.07(a) 0.06(a) 0.07(a) 0.05(a) 0.04(a)
Net realized and unrealized gain (loss)
on investments ........................ (8.66) 6.54 1.80 1.83 0.77
-------- -------- -------- -------- ----------
Total from investment operations ...... (8.59) 6.60 1.87 1.88 0.81
-------- -------- -------- -------- ----------
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 ..... (12.67) 6.36 1.80 1.82 0.79
-------- -------- -------- -------- ----------
Net Asset Value, End of period ................. $ 18.84 $ 31.51 $ 25.15 $ 23.35 $ 21.53
======== ======== ======== ======== ==========
TOTAL RETURN ................................... (31.13)% 26.41% 8.02% 8.72% 3.89%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $602,905 $759,567 $846,100 $992,229 $1,018,935
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 1.08%(b) 1.07%(b) 1.06%(b) 1.03% 1.02%
After reimbursement and/or waiver of
expenses by Adviser .................. 1.08%(b) 1.07%(b) 1.06%(b) 1.03% 1.02%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 0.26% 0.23% 0.28% 0.20% 0.20%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.26% 0.23% 0.28% 0.20% 0.20%
Portfolio Turnover .......................... 52.32% 69.02% 68.74% 52.16% 52.86%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006. The interest expense is from utilizing the line of credit
as discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- ---------- ---------- ---------- ----------

Net Asset Value, Beginning of period ........... $ 31.61 $ 25.24 $ 23.44 $ 21.61 $ 20.84
-------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.13(a) 0.14(a) 0.13(a) 0.11(a) 0.10(a)
Net realized and unrealized gain (loss)
on investments ........................ (8.70) 6.55 1.82 1.83 0.77
-------- ---------- ---------- ---------- ----------
Total from investment operations ...... (8.57) 6.69 1.95 1.94 0.87
-------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ..................... (0.07) (0.14) (0.15) (0.11) (0.10)
Distributions from net realized gain
on investments ........................ (4.03) (0.18) -- -- --
-------- ---------- ---------- ---------- ----------
Total distributions ................... (4.10) (0.32) (0.15) (0.11) (0.10)
-------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value ..... (12.67) 6.37 1.80 1.83 0.77
-------- ---------- ---------- ---------- ----------
Net Asset Value, End of period ................. $ 18.94 $ 31.61 $ 25.24 $ 23.44 $ 21.61
======== ========== ========== ========== ==========
TOTAL RETURN ................................... (30.96)% 26.72% 8.36% 8.99% 4.19%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $754,671 $1,254,382 $1,246,683 $1,727,848 $2,184,511
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 0.83%(b) 0.79%(b) 0.78%(b) 0.75% 0.74%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.83%(b) 0.79%(b) 0.78%(b) 0.75% 0.74%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 0.51% 0.51% 0.56% 0.48% 0.48%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.51% 0.51% 0.56% 0.48% 0.48%
Portfolio Turnover .......................... 52.32% 69.02% 68.74% 52.16% 52.86%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS R OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........... $ 31.33 $25.04 $23.23 $21.43 $20.69
------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............. --(a)(b) --(a)(b) 0.01(a) (0.01)(a) (0.01)(a)
Net realized and unrealized gain (loss)
on investments ........................ (8.58) 6.49 1.80 1.83 0.77
------- ------ ------ ------ ------
Total from investment operations ...... (8.58) 6.49 1.81 1.82 0.76
------- ------ ------ ------ ------
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 ..... (12.64) 6.29 1.81 1.80 0.74
------- ------ ------ ------ ------
Net Asset Value, End of period ................. $ 18.69 $31.33 $25.04 $23.23 $21.43
======= ====== ====== ====== ======
TOTAL RETURN ................................... (31.28)% 26.06% 7.79% 8.50% 3.65%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $ 266 $4,062 $ 693 $ 703 $ 459
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 1.33%(c) 1.29%(c) 1.28%(c) 1.25% 1.24%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.33%(c) 1.29%(c) 1.28%(c) 1.25% 1.24%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 0.01% 0.01% 0.06% (0.02)% (0.02)%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.01% 0.01% 0.06% (0.02)% (0.02)%
Portfolio Turnover .......................... 52.32% 69.02% 68.74% 52.16% 52.86%

- ----------
(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) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006. The interest expense is from utilizing the line of credit
as discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........... $ 16.77 $ 13.08 $ 11.88 $ 10.31 $ 9.33
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ...................... (0.06) (0.08) (0.03)(a) (0.02) (0.06)
Net realized and unrealized gain (loss)
on investments ........................ (5.60) 3.77 1.24 1.59 1.04
------- ------- ------- ------- -------
Total from investment operations ...... (5.66) 3.69 1.21 1.57 0.98
------- ------- ------- ------- -------
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 ..... (8.08) 3.69 1.20 1.57 0.98
------- ------- ------- ------- -------
Net Asset Value, End of period ................. $ 8.69 $ 16.77 $ 13.08 $ 11.88 $ 10.31
======= ======= ======= ======= =======
TOTAL RETURN ................................... (39.09)% 28.14% 10.22% 15.23% 10.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $37,142 $50,783 $34,687 $13,270 $ 2,684
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 1.34% 1.52% 1.75% 2.57% 3.82%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.30% 1.30% 1.30% 1.30% 1.30%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... (0.55)% (0.81)% (0.72)% (1.76)% (3.17)%
After reimbursement and/or waiver of
expenses by Adviser ................... (0.51)% (0.59)% (0.27)% (0.49)% (0.65)%
Portfolio Turnover .......................... 387.57% 283.38% 269.88% 202.37% 308.13%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/08 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 ........................................ (0.02) (0.02) --(b)(c)
Net realized and unrealized gain (loss) on investments ..... (5.65) 3.77 1.11
------- ------- -------
Total from investment operations ........................ (5.67) 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 ....................... (8.09) 3.75 1.11
------- ------- -------
Net Asset Value, End of period ................................... $ 8.74 $ 16.83 $ 13.08
======= ======= =======
TOTAL RETURN ..................................................... (38.96)% 28.52% 9.27%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $46,040 $ 3,216 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.09% 1.19% 1.43%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.05% 0.97% 0.98%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (0.30)% (0.48)% (0.55)%(e)
After reimbursement and/or waiver of expenses by Adviser ... (0.26)% (0.26)% (0.10)%(e)
Portfolio Turnover ............................................ 387.57% 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.

(d) Not Annualized.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
GROWTH FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ............................. $ 22.49 $ 22.82 $ 22.66 $ 21.76 $ 21.14
------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................... 0.02 0.05(a) --(b) 0.05(a) (0.05)(a)
Net realized and unrealized gain (loss) on investments ..... (5.93) 2.39 1.25 0.90 0.67
------- -------- -------- -------- --------
Total from investment operations ........................ (5.91) 2.44 1.25 0.95 0.62
------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. -- (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 ....................... (11.54) (0.33) 0.16 0.90 0.62
------- -------- -------- -------- --------
Net Asset Value, End of period ................................... $ 10.95 $ 22.49 $ 22.82 $ 22.66 $ 21.76
======= ======== ======== ======== ========
TOTAL RETURN ..................................................... (33.76)% 11.85% 5.55% 4.38% 2.93%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $62,674 $172,436 $446,884 $888,248 $962,036
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.15%(c) 1.11%(c) 1.10%(c) 1.10% 1.09%
After reimbursement and/or waiver of expenses by Adviser ... 1.15%(c) 1.11%(c) 1.10%(c) 1.10% 1.09%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.09% 0.23% 0.01% 0.21% (0.22)%
After reimbursement and/or waiver of expenses by Adviser ... 0.09% 0.23% 0.01% 0.21% (0.22)%
Portfolio Turnover ............................................ 122.68% 47.46% 29.07% 31.30%(d) 18.59%

- ----------
(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) Ratios of expenses to average net assets include interest expense of 0.01%
for the year ended October 31, 2008 and less than 0.005% for the years
ended October 31, 2007 and October 31, 2006. 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.

Aston Funds
GROWTH FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- ---------

Net Asset Value, Beginning of period ............................. $ 22.83 $ 23.14 $ 22.97 $ 22.02 $ 21.33
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.06 0.11(a) 0.07 0.11(a) 0.01(a)
Net realized and unrealized gain (loss) on investments ..... (6.04) 2.43 1.27 0.92 0.68
-------- -------- -------- -------- --------
Total from investment operations ........................ (5.98) 2.54 1.34 1.03 0.69
-------- -------- -------- -------- --------
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 ....................... (11.66) (0.31) 0.17 0.95 0.69
-------- -------- -------- -------- --------
Net Asset Value, End of period ................................... $ 11.17 $ 22.83 $ 23.14 $ 22.97 $ 22.02
======== ======== ======== ======== ========
TOTAL RETURN ..................................................... (33.61)% 12.19% 5.87% 4.69% 3.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $125,727 $247,258 $459,965 $449,492 $358,377
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.90%(b) 0.83%(b) 0.81%(b) 0.82% 0.82%
After reimbursement and/or waiver of expenses by Adviser ... 0.90%(b) 0.83%(b) 0.81%(b) 0.82% 0.82%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.34% 0.51% 0.30% 0.49% 0.05%
After reimbursement and/or waiver of expenses by Adviser ... 0.34% 0.51% 0.30% 0.49% 0.05%
Portfolio Turnover ............................................ 122.68% 47.46% 29.07% 31.30%(c) 18.59%

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

(b) Ratios of expenses to average net assets include interest expense of 0.01%
for the year ended October 31, 2008 and of less than 0.005% for the years
ended October 31, 2007 and October 31, 2006. The interest expense is from
utilizing the line of credit as discussed in Note H to Financial
Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
GROWTH FUND - CLASS R OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ............................. $ 22.28 $22.64 $22.53 $21.66 $21.09
------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................... 0.04 --(a)(b) (0.04) --(a)(b) (0.10)(a)
Net realized and unrealized gain (loss) on investments ..... (5.91) 2.38 1.24 0.90 0.67
------- ------ ------ ------ ------
Total from investment operations ........................ (5.87) 2.38 1.20 0.90 0.57
------- ------ ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. -- -- -- (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 ....................... (11.50) (0.36) 0.11 0.87 0.57
------- ------ ------ ------ ------
Net Asset Value, End of period ................................... $ 10.78 $22.28 $22.64 $22.53 $21.66
======= ====== ====== ====== ======
TOTAL RETURN ..................................................... (33.93)% 11.61% 5.35% 4.16% 2.70%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $ 560 $ 684 $1,679 $1,122 $ 573
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.40%(c) 1.32%(c) 1.31%(c) 1.31% 1.31%
After reimbursement and/or waiver of expenses by Adviser ... 1.40%(c) 1.32%(c) 1.31%(c) 1.31% 1.31%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (0.16)% 0.01% (0.20)% 0.00% (0.44)%
After reimbursement and/or waiver of expenses by Adviser ... (0.16)% 0.01% (0.20)% 0.00% (0.44)%
Portfolio Turnover ............................................ 122.68% 47.46% 29.07% 31.30%(d) 18.59%

- ----------
(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.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 10/31/07(a)
-------- -----------

Net Asset Value, Beginning of period .......................... $ 12.56 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................... (0.02) (0.01)
Net realized and unrealized gain (loss) on investments .. (5.74) 2.57
------- -------
Total from investment operations ..................... (5.76) 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 .................... (5.77) 2.56
------- -------
Net Asset Value, End of period ................................ $ 6.79 $ 12.56
======= =======
TOTAL RETURN .................................................. (45.90)% 25.60%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $ 3,691 $40,563
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 1.89%(c) 2.30%(c)(d)
After reimbursement and/or waiver of expenses by
Adviser .............................................. 1.12%(c) 1.13%(c)(d)(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. (0.86)% (1.31)%(c)
After reimbursement and/or waiver of expenses by
Adviser .............................................. (0.09)% (0.14)%(c)
Portfolio Turnover ......................................... 48.87% 76.40%(b)

- ----------
(a) Optimum Large Cap Opportunity Fund, Class N, commenced investment
operations on December 28, 2006.

(b) Not Annualized.

(c) Ratios of expenses to average net assets include interest expense 0.02% for
the year ended October 31, 2008 and the period ended October 31, 2007,
which is not included in the contractual or voluntary expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note H to Financial Statements.

(d) Annualized.

(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.

Aston Funds
VALUE FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........ $ 15.57 $ 14.06 $ 12.15 $ 11.05 $ 9.66
------- -------- -------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.15 0.19 0.21 0.17(a) 0.14
Net realized and unrealized gain (loss)
on investments ..................... (5.08) 2.09 2.09 1.10 1.39
------- -------- -------- ------- --------
Total from investment operations ... (4.93) 2.28 2.30 1.27 1.53
------- -------- -------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.16) (0.20) (0.20) (0.17) (0.14)
Distributions from net realized
gain on investments ................ (1.41) (0.57) (0.19) -- --
------- -------- -------- ------- --------
Total distributions ................ (1.57) (0.77) (0.39) (0.17) (0.14)
------- -------- -------- ------- --------
Net increase (decrease) in net asset value .. (6.50) 1.51 1.91 1.10 1.39
------- -------- -------- ------- --------
Net Asset Value, End of period .............. $ 9.07 $ 15.57 $ 14.06 $ 12.15 $ 11.05
======= ======== ======== ======= ========
TOTAL RETURN ................................ (34.85)% 16.77% 19.35% 11.48% 15.88%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period(in 000's) ...... $19,704 $130,476 $103,819 $95,624 $229,979
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.18%(b) 1.16% 1.16% 1.16% 1.16%
After reimbursement and/or waiver of
expenses by Adviser ................ 1.02%(b) 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 ................... 1.22% 1.06% 1.37% 1.19% 1.10%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.38% 1.28% 1.59% 1.41% 1.32%
Portfolio Turnover ....................... 67.57% 28.05% 26.86% 21.84% 38.29%

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

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

100

Aston Funds
VALUE FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/08 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 ................. 0.20 0.23 0.24 0.01(b)
Net realized and unrealized gain (loss)
on investments ..................... (5.10) 2.07 2.09 (0.21)
-------- -------- -------- --------
Total from investment operations ... (4.90) 2.30 2.33 (0.20)
-------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.20) (0.23) (0.23) --
Distributions from net realized gain on
investments ........................ (1.41) (0.57) (0.19) --
-------- -------- -------- --------
Total distributions ................ (1.61) (0.80) (0.42) --
-------- -------- -------- --------
Net increase (decrease) in net asset value .. (6.51) 1.50 1.91 (0.20)
-------- -------- -------- --------
Net Asset Value, End of period .............. $ 9.06 $ 15.57 $ 14.07 $ 12.16
======== ======== ======== ========
TOTAL RETURN ................................ (34.73)% 16.98% 19.64% (1.62)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $188,688 $289,024 $247,667 $192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.93%(e) 0.91% 0.91% 0.91%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 0.77%(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 ................ 1.47% 1.31% 1.62% 0.40%(d)
After reimbursement and/or waiver of
expenses by Adviser ................ 1.63% 1.53% 1.84% 0.62%(d)
Portfolio Turnover ....................... 67.57% 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.

(d) Annualized.

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

101

Aston Funds
TAMRO ALL CAP FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........ $ 14.41 $ 13.91 $ 12.40 $ 11.35 $ 10.27
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.04 0.03 0.09 0.08 0.07
Net realized and unrealized gain (loss)
on investments ..................... (4.94) 2.13 1.53 1.05 1.08
------- ------- ------- ------- -------
Total from investment operations ... (4.90) 2.16 1.62 1.13 1.15
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.01) (0.03) (0.11) (0.08) (0.07)
Distributions from net realized
gain on investments ................ (1.16) (1.63) -- -- --
------- ------- ------- ------- -------
Total distributions ................ (1.17) (1.66) (0.11) (0.08) (0.07)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value .. (6.07) 0.50 1.51 1.05 1.08
------- ------- ------- ------- -------
Net Asset Value, End of period .............. $ 8.34 $ 14.41 $ 13.91 $ 12.40 $ 11.35
======= ======= ======= ======= =======
TOTAL RETURN ................................ (36.75)% 16.98% 13.10% 9.98% 11.17%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $ 8,562 $15,359 $15,864 $21,590 $17,574
Ratios of expenses to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser ...... 1.88% 1.74%(a) 1.54%(a) 1.54% 1.76%
After reimbursement and/or
waiver of expenses by Adviser ...... 1.20% 1.20%(a) 1.22%(a) 1.20% 1.20%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser ...... (0.37)% (0.30)% 0.36% 0.35% 0.00%
After reimbursement and/or
waiver of expenses by Adviser ...... 0.31% 0.24% 0.68% 0.69% 0.56%
Portfolio Turnover ....................... 93.82% 37.87% 43.88% 36.84% 38.34%

- ----------
(a) 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

102

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/08 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 ...................................... 0.38 0.46(b) 0.42 0.13
Short-term capital gains distributions received ............ -- -- --(c) --
Net realized and unrealized gain (loss) on investments ..... (3.54) 0.81 1.89 (0.10)
------- ------- ------- ------
Total from investment operations ........................ (3.16) 1.27 2.31 0.03
------- ------- ------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.32) (0.37) (0.41) (0.12)
Return of Capital .......................................... (0.01) -- -- --
Distributions from net realized gain on investments ........ (0.66) (0.13) -- --
------- ------- ------- ------
Total distributions ..................................... (0.99) (0.50) (0.41) (0.12)
------- ------- ------- ------
Net increase (decrease) in net asset value ....................... (4.15) 0.77 1.90 (0.09)
------- ------- ------- ------
Net Asset Value, End of period ................................... $ 8.43 $ 12.58 $ 11.81 $ 9.91
======= ======= ======= ======
TOTAL RETURN ..................................................... (26.82)% 10.89% 23.71% 0.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $51,504 $32,313 $15,899 $5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.35%(e) 1.53% 2.48% 2.71%(f)
After reimbursement and/or waiver of expenses by Adviser ... 1.30%(e) 1.30% 1.30% 1.30%(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 3.81% 3.48% 2.77% 2.65%(f)
After reimbursement and/or waiver of expenses by Adviser ... 3.86% 3.71% 3.95% 4.06%(f)
Portfolio Turnover ............................................ 48.95% 114.56% 45.50% 14.37%(d)

- ----------
(a) River Road Dividend All 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.

(d) Not Annualized.

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

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

103

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 10/31/07(a)
-------- -----------

Net Asset Value, Beginning of period .............................. $ 12.57 $ 12.94
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.41 0.16(b)
Net realized and unrealized loss on investments ............. (3.55) (0.37)
------- -------
Total from investment operations ......................... (3.14) (0.21)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... (0.34) (0.16)
Return of Capital ........................................... (0.01) --
Distributions from net realized gain on investments ......... (0.66) --
------- -------
Total Distributions ...................................... (1.01) (0.16)
------- -------
Net decrease in net asset value ................................... (4.15) (0.37)
------- -------
Net Asset Value, End of period .................................... $ 8.42 $ 12.57
======= =======
TOTAL RETURN ...................................................... (26.66)% (1.58)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $ 144 $ 197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.10%(d) 1.42%(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.05%(d) 0.96%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 4.06% 2.86%(e)
After reimbursement and/or waiver of expenses by Adviser .... 4.11% 3.33%(e)
Portfolio Turnover ............................................. 48.95% 114.56%

- ----------
(a) River Road Dividend All Cap Value 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.

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

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

104

Aston Funds
OPTIMUM MID CAP FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- --------- -------- -------- --------

Net Asset Value, Beginning of period ............................. $ 32.32 $ 27.16 $ 23.21 $ 22.93 $ 20.18
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................... 0.05 (0.02) (0.02) (0.02) (0.08)(a)
Net realized and unrealized gain (loss) on investments ..... (12.93) 7.01 4.88 1.04 2.90
-------- -------- -------- -------- --------
Total from investment operations ........................ (12.88) 6.99 4.86 1.02 2.82
-------- -------- -------- -------- --------
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 ....................... (15.07) 5.16 3.95 0.28 2.75
-------- -------- -------- -------- --------
Net Asset Value, End of period ................................... $ 17.25 $ 32.32 $ 27.16 $ 23.21 $ 22.93
======== ======== ======== ======== ========
TOTAL RETURN ..................................................... (42.50)% 27.08% 21.39% 4.43% 14.08%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period(in 000's) ........................... $508,886 $823,036 $577,891 $548,595 $385,325
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.16%(b) 1.15%(b) 1.16% 1.23% 1.29%(c)
After reimbursement and/or waiver of expenses by Adviser ... 1.16%(b) 1.15%(b) 1.16% 1.23% 1.29%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.18% (0.09)% (0.09)% (0.08)% (0.38)%
After reimbursement and/or waiver of expenses by Adviser ... 0.18% (0.09)% (0.09)% (0.08)% (0.38)%
Portfolio Turnover ............................................ 22.58% 26.15% 30.65% 27.42% 26.64%

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

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

(c) 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

105

Aston Funds
OPTIMUM MID CAP FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/08 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 ...................................... 0.11 0.05 0.05 0.04 --(b)(c)
Net realized and unrealized gain (loss) on investments ..... (13.09) 7.08 4.90 1.04 (0.65)
------- -------- ------- ------- -------
Total from investment operations ........................ (12.98) 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 ....................... (15.17) 5.30 4.04 0.34 (0.65)
------- -------- ------- ------- -------
Net Asset Value, End of period ................................... $ 17.47 $ 32.64 $ 27.34 $ 23.30 $ 22.96
======= ======== ======= ======= =======
TOTAL RETURN ..................................................... (42.39)% 27.43% 21.76% 4.69% (2.80)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period(in 000's) ........................... $93,176 $126,691 $81,670 $73,293 $26,202
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.91%(e) 0.87%(e) 0.89% 0.94% 0.98%(f)
After reimbursement and/or waiver of expenses by Adviser ... 0.91%(e) 0.87%(e) 0.89% 0.94% 0.98%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.43% 0.19% 0.18% 0.21% (0.04)%(f)
After reimbursement and/or waiver of expenses by Adviser ... 0.43% 0.19% 0.18% 0.21% (0.04)%(f)
Portfolio Turnover ............................................ 22.58% 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.

(d) Not Annualized.

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

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

106

Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period .......................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................... (0.05)
Net realized and unrealized loss on investments ......... (4.10)
-------
Total from investment operations ..................... (4.15)
-------
Net decrease in net asset value ............................... (4.15)
-------
Net Asset Value, End of period ................................ $ 5.85
=======
TOTAL RETURN .................................................. (41.50)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $ 1,815
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 5.80%(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 .............................................. (5.07)%(c)
After reimbursement and/or waiver of expenses by
Adviser .............................................. (0.67)%(c)
Portfolio Turnover ......................................... 63.66%(b)

- ----------
(a) Montag & Caldwell Mid Cap Growth Fund, Class N, commenced investment
operations on November 2, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

107

Aston Funds
CLARIVEST MID CAP GROWTH FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period .......................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................... (0.03)
Net realized and unrealized loss on investments ......... (4.25)
-------
Total from investment operations ..................... (4.28)
-------
Net decrease in net asset value ............................... (4.28)
-------
Net Asset Value, End of period ................................ $ 5.72
=======
TOTAL RETURN .................................................. (42.90)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $ 315
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 24.99%(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 .............................................. (24.01)%(c)
After reimbursement and/or waiver of expenses by
Adviser .............................................. (0.42)%(c)
Portfolio Turnover ......................................... 139.83%(b)

- ----------
(a) ClariVest Mid Cap Growth Fund, Class N, commenced investment operations on
November 2, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

108

Aston Funds
CARDINAL MID CAP VALUE FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period .......................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.01
Net realized and unrealized loss on investments ......... (3.78)
-------
Total from investment operations ..................... (3.77)
-------
Net decrease in net asset value ............................... (3.77)
-------
Net Asset Value, End of period ................................ $ 6.23
=======
TOTAL RETURN .................................................. (37.70)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $ 783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 11.20%(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 .............................................. (9.64)%(c)
After reimbursement and/or waiver of expenses by
Adviser .............................................. 0.16%(c)
Portfolio Turnover ......................................... 51%(b)

- ----------
(a) Cardinal Mid Cap Value Fund, Class N, commenced investment operations on
November 2, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

109

Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 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 .. (3.00) 0.12
------- -------
Total from investment operations ..................... (3.00) 0.13
------- -------
Net increase (decrease) in net asset value .................... (3.00) 0.13
------- -------
Net Asset Value, End of period ................................ $ 7.13 $ 10.13
======= =======
TOTAL RETURN .................................................. (29.62)% 1.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $26,714 $10,292
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. 1.56% 3.18%(e)
After reimbursement and/or waiver of expenses by
Adviser .............................................. 1.50% 1.50%(e)
Ratios of net investment income (loss) to average net
assets:
Before reimbursement and/or waiver of expenses by
Adviser .............................................. (0.08)% (1.43)%(e)
After reimbursement and/or waiver of expenses by
Adviser .............................................. (0.02)% 0.25%(e)
Portfolio Turnover ......................................... 54.93% 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.

(d) Not Annualized.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

110

Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 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 .......... (3.00) (0.39)
------- ------
Total from investment operations ...................... (2.98) (0.38)
------- ------
LESS DISTRIBUTIONS:
Distributions from net investment income ................. (0.01) --
------- ------
Total Distributions ................................... (0.01) --
------- ------
Net decrease in net asset value ................................ (2.99) (0.38)
------- ------
Net Asset Value, End of period ................................. $ 7.14 $10.13
======= ======
TOTAL RETURN ................................................... (29.49)% (3.52)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $84,002 $7,482
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................................... 1.31% 2.57%(d)
After reimbursement and/or waiver of
expenses by Adviser ................................... 1.25% 1.24%(d)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................................... 0.17% (0.91)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................................... 0.23% 0.42%(d)
Portfolio Turnover .......................................... 54.93% 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.

(d) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

111

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........................... $ 22.42 $ 18.44 $ 18.35 $ 16.26 $ 15.24
------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ...................................... (0.17) (0.24)(a) (0.22)(a) (0.20) (0.18)
Net realized and unrealized gain (loss) on investments ... (8.31) 5.45 0.31 2.29 1.20
------- -------- -------- -------- --------
Total from investment operations ...................... (8.48) 5.21 0.09 2.09 1.02
------- -------- -------- -------- --------
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 ..................... (14.04) 3.98 0.09 2.09 1.02
------- -------- -------- -------- --------
Net Asset Value, End of period ................................. $ 8.38 $ 22.42 $ 18.44 $ 18.35 $ 16.26
======= ======== ======== ======== ========
TOTAL RETURN ................................................... (47.87)% 30.01% 0.49% 12.85% 6.69%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $43,149 $114,803 $367,113 $549,452 $524,737
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................................... 1.55%(b) 1.48%(b) 1.41%(b) 1.42% 1.43%
After reimbursement and/or waiver of
expenses by Adviser ................................... 1.49%(b) 1.48%(b) 1.41%(b) 1.42% 1.43%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................................... (1.21)% (1.27)% (1.15)% (1.06)% (1.18)%
After reimbursement and/or waiver of
expenses by Adviser ................................... (1.15)% (1.27)% (1.15)% (1.06)% (1.18)%
Portfolio Turnover .......................................... 166.19% 126.54% 133.21% 140.04% 118.89%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2008, 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

112

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........................... $ 22.83 $ 18.71 $ 18.57 $ 16.40 $ 15.33
------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ...................................... (0.21) (0.19)(a) (0.17)(a) (0.12) (0.15)
Net realized and unrealized gain (loss) on investments ... (8.45) 5.54 0.31 2.29 1.22
------- -------- -------- -------- --------
Total from investment operations ...................... (8.66) 5.35 0.14 2.17 1.07
------- -------- -------- -------- --------
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 ..................... (14.22) 4.12 0.14 2.17 1.07
------- -------- -------- -------- --------
Net Asset Value, End of period ................................. $ 8.61 $ 22.83 $ 18.71 $ 18.57 $ 16.40
======= ======== ======== ======== ========
TOTAL RETURN ................................................... (47.77)% 30.34% 0.75% 13.23% 6.98%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $16,719 $115,942 $150,697 $156,286 $114,607
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................................... 1.30%(b) 1.19%(b) 1.13%(b) 1.14% 1.15%
After reimbursement and/or waiver of
expenses by Adviser ................................... 1.24%(b) 1.19%(b) 1.13%(b) 1.14% 1.15%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................................... (0.96)% (0.98)% (0.87)% (0.78)% (0.90)%
After reimbursement and/or waiver of
expenses by Adviser ................................... (0.90)% (0.98)% (0.87)% (0.78)% (0.90)%
Portfolio Turnover .......................................... 166.19% 126.54% 133.21% 140.04% 118.89%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

113

Aston Funds
TAMRO SMALL CAP FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........................... $ 20.99 $ 19.73 $ 15.63 $ 15.25 $ 15.75
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................. 0.05 (0.08)(a) (0.07)(a) (0.07)(a) (0.09)
Net realized and unrealized gain (loss)
on investments ........................................ (6.43) 2.48 4.17 1.45 1.62
-------- -------- -------- -------- --------
Total from investment operations ...................... (6.38) 2.40 4.10 1.38 1.53
-------- -------- -------- -------- --------
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 ..................... (7.35) 1.26 4.10 0.38 (0.50)
-------- -------- -------- -------- --------
Net Asset Value, End of period ................................. $ 13.64 $ 20.99 $ 19.73 $ 15.63 $ 15.25
======== ======== ======== ======== ========
TOTAL RETURN ................................................... (31.58)% 12.56% 26.23% 9.16% 10.17%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $159,965 $235,242 $182,462 $148,950 $112,809
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................................ 1.32% 1.33%(b) 1.42% 1.41% 1.42%
After reimbursement and/or waiver
of expenses by Adviser ................................ 1.30% 1.30%(b) 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 ................................ 0.29% (0.42)% (0.51)% (0.58)% (0.89)%
After reimbursement and/or waiver
of expenses by Adviser ................................ 0.31% (0.39)% (0.39)% (0.47)% (0.77)%
Portfolio Turnover .......................................... 66.65% 58.88% 58.28% 56.28% 102.56%

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

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

114

Aston Funds
TAMRO SMALL CAP FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/08 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) ................................ 0.02 (0.02)(b) (0.02)(b) (0.04)(b)
Net realized and unrealized gain (loss) on investments ...... (6.42) 2.49 4.18 0.39
-------- -------- ------- -------
Total from investment operations ......................... (6.40) 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 ........................ (7.37) 1.33 4.16 0.35
-------- -------- ------- -------
Net Asset Value, End of period .................................... $ 13.79 $ 21.16 $ 19.83 $ 15.67
======== ======== ======= =======
TOTAL RETURN ...................................................... (31.42)% 12.86% 26.55% 2.28%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $238,399 $137,059 $63,982 $11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.07% 1.05%(d) 1.11% 1.16%(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.05% 1.02%(d) 0.99% 1.05%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.54% (0.14)% (0.20)% (0.39)%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.56% (0.11)% (0.08)% (0.28)%(e)
Portfolio Turnover ............................................. 66.65% 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.

(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.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

115

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/08 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(b) 0.05(b) 0.02 --(c)
Net realized and unrealized gain (loss) on investments ...... (4.54) 1.04 3.16 0.28
-------- -------- -------- ------
Total from investment operations ......................... (4.53) 1.09 3.18 0.28
-------- -------- -------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... -- (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 ........................ (5.07) 0.91 3.18 0.28
-------- -------- -------- ------
Net Asset Value, End of period .................................... $ 9.30 $ 14.37 $ 13.46 $10.28
======== ======== ======== ======
TOTAL RETURN ...................................................... (32.51)% 8.12% 30.93% 2.80%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $160,245 $237,695 $167,438 $6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.45%(e) 1.44%(e) 1.78% 2.86%(f)
After reimbursement and/or waiver of expenses by Adviser .... 1.45%(e) 1.44%(e) 1.43% 1.50%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.08% 0.38% 0.25% (1.41)%(f)
After reimbursement and/or waiver of expenses by Adviser .... 0.08% 0.38% 0.60% (0.05)%(f)
Portfolio Turnover ............................................. 57.32% 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.

(d) Not Annualized.

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

(f) Annualized.

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

116

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 10/31/07(a)
-------- -----------

Net Asset Value, Beginning of period .............................. $ 14.37 $ 14.04
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.04(b) 0.09(b)
Net realized and unrealized gain (loss) on investments ...... (4.54) 0.46
-------- -------
Total from investment operations ......................... (4.50) 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 ........................ (5.05) 0.33
-------- -------
Net Asset Value, End of period .................................... $ 9.32 $ 14.37
======== =======
TOTAL RETURN ...................................................... (32.34)% 3.91%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $114,666 $64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.20%(d) 1.16%(d)(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.20%(d) 1.16%(d)(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.33% 0.31%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.33% 0.31%(e)
Portfolio Turnover ............................................. 57.32% 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.

(d) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2008 and the period 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) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

117

Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD
ENDED
10/31/08(a)
-----------

Net Asset Value, Beginning of period .............................. $ 11.14
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.02(b)
Net realized and unrealized loss on investments ............. (5.31)
-------
Total from investment operations ......................... (5.29)
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... --
-------
Total Distributions ...................................... --
-------
Net decrease in net asset value ................................... (5.29)
-------
Net Asset Value, End of period .................................... $ 5.85
=======
TOTAL RETURN ...................................................... (47.49)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $ 225
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 3.15%(d)
After reimbursement and/or waiver of expenses by Adviser .... 1.27%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (1.24)%(d)
After reimbursement and/or waiver of expenses by Adviser .... 0.64%(d)
Portfolio Turnover ............................................. 7.39%(c)

- ----------
(a) Neptune International Fund, Class N, commenced investment operations on
June 18, 2008.

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

(d) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

118

Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 10/31/07(a)
-------- -----------

Net Asset Value, Beginning of period ................................. $ 12.24 $10.00
------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.17(b) 0.03
Net realized and unrealized gain (loss) on investments ......... (6.42) 2.21
------- ------
Total from investment operations ............................ (6.25) 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 ........................... (6.39) 2.24
------- ------
Net Asset Value, End of period ....................................... $ 5.85 $12.24
======= ======
TOTAL RETURN ......................................................... (51.55)% 22.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $ 8,378 $2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 3.02% 11.72%(d)
After reimbursement and/or waiver of expenses by Adviser ....... 1.04%(e) 1.25%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... (0.24)% (9.21)%(d)
After reimbursement and/or waiver of expenses by Adviser ....... 1.74% 1.26%(d)
Portfolio Turnover ................................................ 7.39% 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 average
shares outstanding method for the period.

(d) Annualized.

(e) 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 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

119

Aston Funds
BARINGS INTERNATIONAL FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period ................................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.10
Net realized and unrealized loss on investments ................ (5.02)
-------
Total from investment operations ............................ (4.92)
-------
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 ...................................... (4.92)
-------
Net Asset Value, End of period ....................................... $ 5.08
=======
TOTAL RETURN ......................................................... (49.20)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $ 5,517
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ......... 3.95%(c)(d)
After reimbursement and/or waiver of expenses by Adviser ....... 1.18%(c)(d)
Ratios of net investment income (loss) to average net
assets:
Before reimbursement and/or waiver of expenses by Adviser ...... (1.11)%(d)
After reimbursement and/or waiver of expenses by Adviser ....... 1.66%(d)
Portfolio Turnover ............................................. 121.99%(b)

- ----------
(a) Barings International Fund, Class I, commenced investment operations on
November 2, 2007.

(b) Not Annualized.

(c) Ratios of expenses to average net assets include interest expense of less
than 0.01% for the period ended October 31, 2008, which is not included in
the contractual or voluntary expense limitation. The interest expense is
from utilizing the line of credit as discussed in Note H to Financial
Statements.

(d) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

120

Aston Funds
FORTIS GLOBAL REAL ESTATE FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/08 10/31/07(a)
-------- -----------

Net Asset Value, Beginning of period ................................. $ 11.08 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.14 0.05
Net realized and unrealized gain (loss) on investments ......... (5.75) 1.03
------- -------
Total from investment operations ............................ (5.61) 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 ........................... (5.81) 1.08
------- -------
Net Asset Value, End of period ....................................... $ 5.27 $ 11.08
======= =======
TOTAL RETURN ......................................................... (51.45)% 10.80%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $11,187 $21,635
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 2.26% 2.35%(c)
After reimbursement and/or waiver of expenses by Adviser ....... 1.50% 1.50%(c)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 0.87% 1.30%(c)
After reimbursement and/or waiver of expenses by Adviser ....... 1.63% 2.15%(c)
Portfolio Turnover ................................................ 88.36% 22.83%(b)

- ----------
(a) Fortis Global Real Estate Fund, Class N, commenced investment operations on
August 3, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

121

Aston Funds
SGA INTERNATIONAL SMALL-MID CAP FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period ................................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.14
Net realized and unrealized loss on investments ................ (5.73)
-------
Total from investment operations ............................ (5.59)
-------
Net decrease in net asset value ...................................... (5.59)
-------
Net Asset Value, End of period ....................................... $ 4.41
=======
TOTAL RETURN ......................................................... (55.90)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $ 576
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 18.47%(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 ...... (14.72)%(c)
After reimbursement and/or waiver of expenses by Adviser ....... 1.95%(c)
Portfolio Turnover ............................................. 74.21%(b)

- ----------
(a) SGA International Small-Mid Cap Fund, Class N, commenced investment
operations on November 2, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

122

Aston Funds
SMART PORTFOLIOS FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period ............................ $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.07
Net realized and unrealized loss on investments ........... (1.76)
-------
Total from investment operations ....................... (1.69)
-------
LESS DISTRIBUTIONS:
Net investment income ..................................... (0.07)
-------
Total distributions .................................... (0.07)
-------
Net decrease in net asset value ................................. (1.76)
-------
Net Asset Value, End of period .................................. $ 8.24
=======
TOTAL RETURN .................................................... (16.98)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......................... $ 6,070
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser (c) ............................................ 5.11%(d)(e)
After reimbursement and/or waiver of expenses by
Adviser (c) ............................................ 1.31%(d)(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ................................................ (2.48)%(d)(e)
After reimbursement and/or waiver of expenses by Adviser .. 1.32%(d)(e)
Portfolio Turnover ........................................... 498.68%(b)

- ----------
(a) Smart Portfolios Fund, Class N, commenced investment operations on January
10, 2008.

(b) Not Annualized.

(d) Ratios of expenses to average net assets include interest expense of 0.01%
for the period ended October 31, 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.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

123

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period ............................ $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.01
Net realized and unrealized loss on investments ........... (1.37)
-------
Total from investment operations ....................... (1.36)
-------
Net decrease in net asset value ................................. (1.36)
-------
Net Asset Value, End of period .................................. $ 8.64
=======
TOTAL RETURN .................................................... (13.60)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......................... $13,748
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser (c) ............................................ 3.77%(d)
After reimbursement and/or waiver of expenses by
Adviser (c) ............................................ 1.50%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ................................................ (2.02)%(d)
After reimbursement and/or waiver of expenses by Adviser .. 0.25%(d)
Portfolio Turnover ........................................ 172.11%(b)

- ----------
(a) New Century Absolute Return ETF Fund, Class N, commenced investment
operations on March 4, 2008.

(b) Not Annualized.

(d) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

124

Aston Funds
MB ENHANCED EQUITY INCOME FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

PERIOD ENDED
10/31/08(a)
------------

Net Asset Value, Beginning of period ............................ $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.14
Net realized and unrealized loss on investments ........... (1.91)
-------
Total from investment operations ....................... (1.77)
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................. (0.14)
-------
Total Distributions .................................... (0.14)
-------
Net decrease in net asset value ................................. (1.91)
-------
Net Asset Value, End of period .................................. $ 8.09
=======
TOTAL RETURN .................................................... (17.91)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......................... $14,389
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ................................................ 2.38%(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 ................................................ 0.86%(c)
After reimbursement and/or waiver of expenses by
Adviser ................................................ 2.14%(c)
Portfolio Turnover ........................................... 23.68%(b)

- ----------
(a) MB Enhanced Equity Income Fund, Class N, commenced investment operations on
January 15, 2008.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

125

Aston Funds
FORTIS REAL ESTATE FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ............................ $ 15.59 $ 19.99 $ 16.23 $ 14.56 $ 11.52
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... 0.07(a) 0.30(a) 0.32(a) 0.46(a) 0.44
Net realized and unrealized gain (loss)
on investments ......................................... (5.50) (0.40) 5.42 2.10 3.02
------- ------- ------- ------- -------
Total from investment operations ....................... (5.43) (0.10) 5.74 2.56 3.46
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................. (0.09) (0.05) (0.13) (0.26) (0.30)
Distributions from net realized gain on investments ....... (3.99) (4.25) (1.85) (0.63) (0.12)
------- ------- ------- ------- -------
Total distributions .................................... (4.08) (4.30) (1.98) (0.89) (0.42)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value ...................... (9.51) (4.40) 3.76 1.67 3.04
------- ------- ------- ------- -------
Net Asset Value, End of period .................................. $ 6.08 $ 15.59 $ 19.99 $ 16.23 $ 14.56
======= ======= ======= ======= =======
TOTAL RETURN .................................................... (43.76)% (1.41)% 39.19% 18.06% 30.73%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......................... $ 6,030 $49,123 $72,506 $54,851 $72,451
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ................................................ 1.57%(b) 1.46%(b) 1.46%(b) 1.45% 1.46%
After reimbursement and/or waiver of expenses by Adviser .. 1.37%(b) 1.37%(b) 1.37%(b) 1.37% 1.37%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ................................................ 0.49% 1.73% 1.77% 2.91% 3.50%
After reimbursement and/or waiver of expenses by Adviser .. 0.69% 1.82% 1.86% 2.99% 3.59%
Portfolio Turnover ........................................... 85.08% 88.75% 83.15% 43.14% 24.28%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, 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.

126

Aston Funds
FORTIS REAL ESTATE FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/08 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 ...................................... 0.09(b) 0.34(b) 0.36(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ..... (5.51) (0.40) 5.42 (0.51)
------- ------- ------- -------
Total from investment operations ........................ (5.42) (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 ....................... (9.54) (4.38) 3.77 (0.41)
------- ------- ------- -------
Net Asset Value, End of period ................................... $ 6.08 $ 15.62 $ 20.00 $ 16.23
======= ======= ======= =======
TOTAL RETURN ..................................................... (43.58)% (1.18)% 39.54% (2.46)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $23,411 $41,545 $46,025 $32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.32%(d) 1.20%(d) 1.21%(d) 1.32%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.12%(d) 1.11%(d) 1.12%(d) 1.11%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.74% 1.99% 2.02% 5.11%(e)
After reimbursement and/or waiver of expenses by Adviser ... 0.94% 2.08% 2.11% 5.32%(e)
Portfolio Turnover ............................................ 85.08% 88.75% 83.15% 43.14%

- ----------
(a) Fortis Real Estate Fund, Class I, commenced investment operations on
September 20, 2005.

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

(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, 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) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

127

Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ............................ $ 19.98 $ 17.21 $ 16.41 $ 15.81 $ 15.57
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.29 0.19(a) 0.18(a) 0.17(a) 0.19(a)
Net realized and unrealized gain (loss) on investments ..... (4.42) 2.82 0.87 0.67 0.30
------- ------- ------- ------- -------
Total from investment operations ........................ (4.13) 3.01 1.05 0.84 0.49
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.24) (0.24) (0.25) (0.24) (0.25)
------- ------- ------- ------- -------
Total distributions ..................................... (0.24) (0.24) (0.25) (0.24) (0.25)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value ....................... (4.37) 2.77 0.80 0.60 0.24
------- ------- ------- ------- -------
Net Asset Value, End of period ................................... $ 15.61 $ 19.98 $ 17.21 $ 16.41 $ 15.81
======= ======= ======= ======= =======
TOTAL RETURN ..................................................... (20.87)% 17.63% 6.56% 5.27% 3.15%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $16,586 $16,703 $23,355 $48,759 $93,935
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.74% 1.72%(b) 1.33%(b) 1.16% 1.13%
After reimbursement and/or waiver of expenses by Adviser ... 1.35% 1.36%(b) 1.33%(b) 1.16% 1.13%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.74% 0.71% 1.07% 1.04% 1.18%
After reimbursement and/or waiver of expenses by Adviser ... 1.13% 1.07% 1.07% 1.04% 1.18%
Portfolio Turnover ............................................ 43.65% 36.25% 33.70% 33.43% 35.90%

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

(b) 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.

128

Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ............................. $ 19.94 $17.19 $16.39 $ 15.81 $ 15.57
------- ------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.27 0.24(a) 0.22(a) 0.21(a) 0.23(a)
Net realized and unrealized gain (loss) on investments ..... (4.35) 2.80 0.88 0.66 0.30
------- ------ ------ ------- -------
Total from investment operations ........................ (4.08) 3.04 1.10 0.87 0.53
------- ------ ------ ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.29) (0.29) (0.30) (0.29) (0.29)
------- ------ ------ ------- -------
Total distributions ..................................... (0.29) (0.29) (0.30) (0.29) (0.29)
------- ------ ------ ------- -------
Net increase (decrease) in net asset value ....................... (4.37) 2.75 0.80 0.58 0.24
------- ------ ------ ------- -------
Net Asset Value, End of period ................................... $ 15.57 $19.94 $17.19 $ 16.39 $ 15.81
======= ====== ====== ======= =======
TOTAL RETURN ..................................................... (20.71)% 17.87% 6.80% 5.50% 3.41%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $ 919 $1,158 $7,640 $19,609 $79,936
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.49% 1.44%(b) 1.07%(b) 0.91% 0.87%
After reimbursement and/or waiver of expenses by Adviser ... 1.10% 1.08%(b) 1.07%(b) 0.91% 0.87%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 0.99% 0.99% 1.33% 1.29% 1.44%
After reimbursement and/or waiver of expenses by Adviser ... 1.38% 1.35% 1.33% 1.29% 1.44%
Portfolio Turnover ............................................ 43.65% 36.25% 33.70% 33.43% 35.90%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

129

Aston Funds
BALANCED FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ............................ $ 7.97 $ 10.65 $ 10.84 $ 11.32 $ 11.07
------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.08 0.12 0.12 0.16 0.14
Net realized and unrealized gain (loss) on investments ..... (1.73) 0.69 0.45 0.20 0.27
------- ------- ------- -------- --------
Total from investment operations ........................ (1.65) 0.81 0.57 0.36 0.41
------- ------- ------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.09) (0.14) (0.17) (0.19) (0.16)
Distributions from net realized gain on investments ........ (1.40) (3.35) (0.59) (0.65) --
------- ------- ------- -------- --------
Total distributions ..................................... (1.49) (3.49) (0.76) (0.84) (0.16)
------- ------- ------- -------- --------
Net increase (decrease) in net asset value ....................... (3.14) (2.68) (0.19) (0.48) 0.25
------- ------- ------- -------- --------
Net Asset Value, End of period ................................... $ 4.83 $ 7.97 $ 10.65 $ 10.84 $ 11.32
======= ======= ======= ======== ========
TOTAL RETURN ..................................................... (24.76)% 10.47% 5.33% 3.20% 3.73%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $17,673 $35,924 $60,831 $173,051 $230,244
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.50%(a) 1.31%(a) 1.14%(a) 1.09% 1.07%
After reimbursement and/or waiver of expenses by Adviser ... 1.50%(a) 1.31%(a) 1.14%(a) 1.09% 1.07%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.33% 1.48% 1.38% 1.53% 1.20%
After reimbursement and/or waiver of expenses by Adviser ... 1.33% 1.48% 1.38% 1.53% 1.20%
Portfolio Turnover ............................................ 106.18% 60.93% 36.66% 28.76% 28.32%

- ----------
(a) Ratios of expenses to average net assets include interest expense of 0.01%
for the year ended October 31, 2008, less than 0.005% for the years ended
October 31, 2007 and October 31, 2006. The interest expense is from
utilizing the line of credit as discussed in Note H to Financial
Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

130

Aston Funds
TCH FIXED INCOME FUND - CLASS N OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........ $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07
------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.47 0.48(a) 0.45(a) 0.42(a) 0.43
Net realized and unrealized gain (loss)
on investments ..................... (1.10) 0.14 (0.04) (0.38) 0.13
------- ------- ------- -------- --------
Total from investment operations ... (0.63) 0.62 0.41 0.04 0.56
------- ------- ------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.50) (0.51) (0.48) (0.48) (0.50)
------- ------- ------- -------- --------
Total distributions ................ (0.50) (0.51) (0.48) (0.48) (0.50)
------- ------- ------- -------- --------
Net increase (decrease) in net asset value .. (1.13) 0.11 (0.07) (0.44) 0.06
------- ------- ------- -------- --------
Net Asset Value, End of period .............. $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
======= ======= ======= ======== ========
TOTAL RETURN ................................ (6.89)% 6.56% 4.42% 0.40% 5.66%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $42,765 $52,662 $77,096 $138,807 $154,079
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 1.06% 1.04%(b) 0.96%(b) 0.95% 0.92%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.65% 0.73%(b)(c) 0.75%(b) 0.74% 0.74%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 4.59% 4.63% 4.45% 3.98% 4.08%
After reimbursement and/or waiver of
expenses by Adviser ................ 5.00% 4.94% 4.66% 4.19% 4.26%
Portfolio Turnover ....................... 78.39% 71.61% 71.19% 41.33% 46.80%

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

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2007 and October 31, 2006,
which is not included in the contractual or voluntary expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note H to Financial Statements.

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio was changed from 0.74% to 0.64% on September 1, 2007. Subsequently,
on October 1, 2008, the Adviser's expense reimbursement level changed from
0.64% to 0.74%.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

131

Aston Funds
TCH FIXED INCOME FUND - CLASS I OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ....... $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07
------- ------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.48 0.51(a) 0.47(a) 0.44(a) 0.45
Net realized and unrealized gain (loss)
on investments ..................... (1.09) 0.13 (0.03) (0.37) 0.13
------- ------- ------- ------- --------
Total from investment operations ... (0.61) 0.64 0.44 0.07 0.58
------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................. (0.52) (0.53) (0.51) (0.51) (0.52)
------- ------- ------- ------- --------
Total distributions ................ (0.52) (0.53) (0.51) (0.51) (0.52)
------- ------- ------- ------- --------
Net increase (decrease) in net asset value .. (1.13) 0.11 (0.07) (0.44) 0.06
------- ------- ------- ------- --------
Net Asset Value, End of period .............. $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
======= ======= ======= ======= ========
TOTAL RETURN ................................ (6.65)% 6.84% 4.68% 0.65% 5.93%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ..... $25,891 $39,318 $43,148 $72,876 $278,712
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................ 0.81% 0.78%(b) 0.71%(b) 0.70% 0.67%
After reimbursement and/or waiver of
expenses by Adviser ................ 0.40% 0.47%(b)(c) 0.50%(b) 0.49% 0.49%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 4.84% 4.89% 4.70% 4.23% 4.34%
After reimbursement and/or waiver
of expenses by Adviser ............. 5.25% 5.20% 4.91% 4.44% 4.52%
Portfolio Turnover ....................... 78.39% 71.61% 71.19% 41.33% 46.80%

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

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, was changed from 0.49% to 0.39% on September 1, 2007. Subsequently,
on October 1, 2008, the Adviser's expense reimbursement level changed from
0.39% to 0.49%.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

132

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS

NOTE (A) FUND ORGANIZATION: The Aston Funds (the "Trust") (formerly known as ABN
AMRO Funds) was organized as a Delaware statutory trust under a Declaration of
Trust dated September 10, 1993. The Trust is registered under the Investment
Company Act of 1940, as amended, (the "1940 Act") as an open-end management
investment company with 32 separate portfolios established by the Board of
Trustees as of October 31, 2008.

Aston Asset Management LLC ("Aston"), the investment adviser to each Fund
included in these financial statements and the administrator to all of the
Funds, manages each Fund by retaining one or more Sub-Advisers to manage each
Fund. The following 26 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 Growth Fund, formerly known as Aston/ABN AMRO Growth Fund (the "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, formerly known as Aston/TAMRO Large Cap Value Fund
(the "TAMRO All Cap Fund")

Aston/River Road Dividend All Cap Value Fund, formerly known as Aston/River Road
Dynamic Equity Income Fund (the "River Road Dividend All Cap Value 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/Fortis Global Real Estate Fund, formerly known as Aston/ABN AMRO Global
Real Estate Fund (the "Fortis Global Real Estate Fund")

Aston/SGA International Small-Mid Cap Fund (the "SGA International Small-Mid Cap
Fund")

Aston/Smart Portfolios Fund, formerly known as Aston/Smart Allocation ETF Fund,
(the "Smart Portfolios 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/Fortis Real Estate Fund, formerly known as Aston/ABN AMRO Real Estate Fund
(the "Fortis 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/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. Aston/TCH Investment Grade Bond Fund and Aston/McDonnell Municipal Bond
Fund were each terminated and liquidated on July 30, 2008.

M&C Growth Fund and 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 Dividend All Cap Value 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, Fortis Real Estate Fund, M&C Balanced Fund, Balanced Fund
and TCH Fixed Income 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, Fortis Global Real Estate Fund, SGA International Small-Mid
Cap Fund, Smart Portfolios Fund, New Century Absolute Return ETF Fund and MB
Enhanced Equity Income Fund are each authorized to issue one class of shares
(Class N Shares). Currently Barings International Fund offers only Class I
Shares and Balanced Fund offers only Class N Shares. Each class of shares is
substantially the same except that certain classes of shares bear class specific
expenses, which include distribution fees. River Road Small Cap Value Fund and
the TAMRO Small Cap Fund are each closed to new investors until further notice.

133

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

The investment objectives of the Funds are as follows:

M&C GROWTH FUND Long-term capital appreciation and, secondarily,
current income, by investing primarily in common
stocks and convertible securities.

VEREDUS SELECT GROWTH FUND Capital appreciation.

GROWTH FUND Long-term total return through a combination of
capital appreciation and current income by
investing primarily in a combination of stocks and
bonds.

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 DIVIDEND High current income and, secondarily, long-term
ALL CAP VALUE FUND capital appreciation.

OPTIMUM MID CAP FUND Long-term total return through capital appreciation
by investing primarily in common and preferred
stocks and convertible securities.

M&C MID CAP GROWTH FUND Long-term capital appreciation and secondarily,
current income, by investing primarily in common
stocks and convertible securities.

CLARIVEST MID CAP GROWTH Total return.
FUND

CARDINAL MID CAP VALUE High level of total return.
FUND

RIVER ROAD SMALL-MID CAP Long-term capital appreciation.
FUND

VEREDUS AGGRESSIVE GROWTH Capital appreciation.
FUND

TAMRO SMALL CAP FUND Long-term capital appreciation.

RIVER ROAD SMALL CAP VALUE Long-term capital appreciation.
FUND

NEPTUNE INTERNATIONAL FUND Long-term capital appreciation.

BARINGS INTERNATIONAL FUND Total return.

FORTIS GLOBAL REAL ESTATE Total return through a combination of growth and
FUND income.

SGA INTERNATIONAL Total return.
SMALL-MID CAP FUND

SMART PORTFOLIOS FUND Long-term capital appreciation.

NEW CENTURY ABSOLUTE Positive total return.
RETURN ETF FUND

MB ENHANCED EQUITY INCOME Total return through a combination of a high level
FUND of current income and capital appreciation.

FORTIS REAL ESTATE FUND Total return through a combination of growth and
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 FUND High current income consistent with prudent risk of
capital.

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
US generally accepted accounting principles.

(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. Investments in money market funds are valued at the
underlying fund's net asset value at the date of valuation. Foreign securities
are valued at the last sales price on the primary exchange where the security is
traded. Under the fair value procedures adopted by the Board of Trustees, the
Funds may utilize the services of an independent pricing service to determine
fair value prices for foreign securities if certain significant events occur.

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 a Fund invests in an underlying fund,
shareholders of the Fund bear their proportionate share of the other underlying

134

Aston Funds

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NOTES TO FINANCIAL STATEMENTS - CONTINUED

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 October 31, 2008, the Funds did
not own any when issued or delayed delivery securities.

(4) MORTGAGE-BACKED SECURITIES: M&C Balanced Fund, Balanced Fund and TCH Fixed
Income 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. MBS issued by U.S. government
agencies or instrumentalities other than Ginnie Mae are not "full faith and
credit" obligations. Certain obligations, such as those issued by the Federal
Home Loan 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 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 and is
captured in dividends and interest receivable. Premiums and discounts are
amortized or accreted on an effective yield

135

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

method on fixed income securities. Securities are accounted for on a trade date
plus one basis. The cost of securities sold is determined using the identified
cost method for the Optimum Mid Cap Fund and First in First Out ("FIFO") method
for all other Funds.

(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, 2008, the following
Funds had available realized capital losses to offset future net capital gains
through the fiscal year ended:

2009 2010 2011 2012 2013 2014 2015 2016 TOTAL
----------- ---------- ---------- -------- ---- ---------- -------- ----------- -----------

Veredus Select
Growth Fund ........... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $20,645,901 $20,645,901
Growth Fund .............. 15,120,067 -- -- -- -- -- -- 11,375,824 26,495,891
Optimum Large Cap
Opportunity Fund ...... -- -- -- -- -- -- 900,934 4,340,402 5,241,336
TAMRO All Cap Fund ....... -- -- -- -- -- -- -- 323,950 323,950
River Road Dividend
All Cap Value Fund..... -- -- -- -- -- -- -- 3,889,205 3,889,205
M&C Mid Cap
Growth Fund ........... -- -- -- -- -- -- -- 343,633 343,633
CarliVest Mid Cap
Growth Fund ........... -- -- -- -- -- -- -- 125,913 125,913
Cardinal Mid Cap
Value Fund ............ -- -- -- -- -- -- -- 81,755 81,755
River Road
Small-Mid Cap Fund .... -- -- -- -- -- -- 171,820 4,200,696 4,372,516
Veredus Aggressive
Growth Fund ........... -- -- -- -- -- -- -- 22,597,198 22,597,198
TAMRO Small
Cap Fund .............. -- -- -- -- -- -- -- 24,563,509 24,563,509
River Road Small Cap
Value Fund ............ -- -- -- -- -- -- -- 35,316,476 35,316,476
Neptune International
Fund .................. -- -- -- -- -- -- 7,221 732,366 739,587
Barings International
Fund .................. -- -- -- -- -- -- -- 1,923,797 1,923,797
Fortis Global
Real Estate Fund ...... -- -- -- -- -- -- -- 2,915,600 2,915,600
SGA International
Small-Mid Cap Fund .... -- -- -- -- -- -- -- 98,265 98,265
Smart Portfolios Fund .... -- -- -- -- -- -- -- 220,013 220,013
New Century Absolute
Return ETF Fund ....... -- -- -- -- -- -- -- 454,248 454,248
Fortis Real Estate Fund .. -- -- -- -- -- -- -- 12,378,561 12,378,561
M&C Balanced Fund ........ -- 4,092,594 2,978,228 -- -- -- -- -- 7,070,822
Balanced Fund ............ -- -- -- -- -- -- -- 455,967 455,967
TCH Fixed Income Fund .... -- 15,376 -- 139,950 -- 5,274,089 -- 2,654,917 8,084,332

For the year ended October 31, 2008 the Growth Fund utilized $306,354 and
$306,353 of capital losses expiring in 2008 and 2009, respectively, and the M&C
Balanced Fund utilized $176,865 of capital losses expiring in 2010.

136

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - 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 calculation as late as the fund's last NAV calculation in the
first semi-annual financial statement reporting period. The tax periods open to
examination by the Internal Revenue Service include the fiscal years ended
October 31, 2008, 2007, 2006 and 2005. 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.

(9) MULTI-CLASS OPERATIONS: With respect to M&C Growth Fund, Veredus Select
Growth Fund, Growth Fund, Value Fund, River Road Dividend All Cap Value 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, Fortis Real Estate Fund, M&C Balanced Fund and TCH Fixed
Income 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.

ORIGINAL
FUND COMMENCEMENT DATE OFFERING COSTS
- ---- ----------------- --------------

Smart Portfolios Fund January 10, 2008 $70,170
MB Enhanced Equity Income Fund January 15, 2008 60,391
New Century Absolute Return ETF Fund March 4, 2008 83,557

(11) USE OF ESTIMATES: The preparation of financial statements in conformity
with US 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. The Aston Funds will incorporate SFAS
157 in their N-Q report on January 31, 2009.

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 Dividend All Cap Value Fund and TCH Fixed Income
Fund distribute dividends from net investment income to shareholders monthly and
net realized gains from investment transactions, if any, are generally
distributed annually, usually in December.

137

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

Value Fund, Smart Portfolios 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 distributed annually, usually in December.

M&C Growth Fund, Veredus Select Growth Fund, 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, Fortis Global Real Estate Fund, SGA International Small-Mid Cap Fund, New
Century Absolute Return ETF Fund, and Fortis Real Estate Fund, distribute
dividends from net investment income to shareholders annually and net realized
gains from investment transactions, if any, are generally distributed annually,
usually in December.

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, Growth Fund, Value Fund, River Road Dividend All Cap Value
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, Fortis Real Estate Fund, M&C Balanced Fund and TCH Fixed
Income 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. Permanent differences, such as net operating losses,
nondeductible expenses, premium amortization, mark to market on Passive Foreign
Investment Companies and adjustment for Real Estate Investment Trusts, are
reclassified among capital accounts in the financial statements to reflect their
character. Temporary differences, such as deferrals on losses relating to wash
sales transactions and capital loss carryovers, arise when income, expenses,
gains or losses are recognized in different periods for financial statement and
tax purposes; these differences will reverse at some time in the future.

Permanent differences between book and tax basis reporting for the 2008 fiscal
year have been identified and appropriately reclassified as indicated below.
These reclassifications have no impact on net assets.

ACCUMULATED ACCUMULATED
UNDISTRIBUTED NET
NET REALIZED
INVESTMENT GAIN PAID IN
FUND INCOME (LOSS) CAPITAL
- ---- ------------- ----------- ------------

M&C Growth Fund ......................... $ (2,331) $ 1,377 $ 954
Veredus Select Growth Fund .............. 366,716 103 (366,819)
Growth Fund ............................. (2,699) 20,514,505 (20,511,806)
Optimum Large Cap Opportunity Fund ...... 14,319 -- (14,319)
Value Fund .............................. (562) 562 --
TAMRO All Cap Fund ...................... (40) 40 --
River Road Dividend All Cap Value Fund .. (358,238) 382,436 (24,198)
M&C Mid Cap Growth Fund ................. 33,492 -- (33,492)
ClariVest Mid Cap Growth Fund ........... 36,710 -- (36,710)
Cardinal Mid Cap Value Fund ............. 36,281 -- (36,281)
River Road Small-Mid Cap Fund ........... 21,351 -- (21,351)
Veredus Aggressive Growth Fund .......... 1,408,310 786 (1,409,096)
TAMRO Small Cap Fund .................... (1,112,133) 1,111,684 449
River Road Small Cap Value Fund ......... (169,477) 169,317 160
Neptune International Fund .............. (71,390) 114,944 (43,554)
Barings International Fund .............. (104,279) 163,244 (58,965)
Fortis Global Real Estate Fund .......... (167,082) 200,265 (33.183)
SGA International Small-Mid Cap Fund .... 30,723 7,322 (38,045)
Smart Portfolios Fund ................... 54,736 -- (54,736)
New Century Absolute Return ETF Fund .... 52,587 -- (52,587)
MB Enhanced Equity Income Fund .......... 46,882 -- (46,882)
Fortis Real Estate Fund ................. 296,161 (296,161) --
M&C Balanced Fund ....................... 27,900 (27,900) --
Balanced Fund ........................... 269,695 (269,695) --
TCH Fixed Income Fund ................... 974,880 (974,880) --

Distributions from net realized gains for book purposes may include short-term
capital gains, which are classified as ordinary income for tax purposes.

138

Aston Funds
OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

The tax character of distributions paid during the fiscal years ended 2008 and
2007 was as follows:

DISTRIBUTIONS PAID IN 2008 DISTRIBUTIONS PAID IN 2007
-------------------------------------- --------------------------
LONG-TERM
ORDINARY CAPITAL RETURN OF ORDINARY LONG-TERM
INCOME GAINS CAPITAL INCOME CAPITAL GAINS
----------- ------------ --------- ---------- -------------

M&C Growth Fund ......................... $40,646,846 $227,599,180 $ -- $7,569,069 $14,011,650
Veredus Select Growth Fund .............. 6,651,877 1,462,356 -- -- --
Growth Fund ............................. 9,845,290 90,452,517 -- 9,357,290 96,058,568
Optimum Large Cap Opportunity Fund ...... 26,900 -- -- -- --
Value Fund .............................. 7,735,979 35,024,643 -- 6,321,187 13,737,654
TAMRO All Cap Fund ...................... 252,035 976,804 -- 36,680 1,853,376
River Road Dividend All Cap Value Fund .. 2,532,551 495,595 24,198 1,114,818 90,549
Optimum Mid Cap Fund .................... 8,375,773 56,595,670 -- -- 45,551,373
River Road Small-Mid Cap Fund ........... 58,969 -- -- -- --
Veredus Aggressive Growth Fund .......... 22,230,291 31,954,642 -- -- 29,880,690
TAMRO Small Cap Fund .................... 2,106 17,214,592 -- -- 15,385,918
River Road Small Cap Value Fund ......... 10,151,344 1,306,132 -- 3,357,659 46,483
Neptune International Fund .............. 28,222 -- -- -- --
Fortis Global Real Estate Fund .......... 369,384 10,047 -- -- --
Smart Portfolios Fund ................... 37,610 -- -- -- --
MB Enhanced Equity Income Fund .......... 210,633 -- -- -- --
Fortis Real Estate Fund ................. 3,500,548 19,703,911 -- 3,871,960 22,029,717
M&C Balanced Fund ....................... 243,807 -- -- 315,093 --
Balanced Fund ........................... 798,522 5,591,012 -- 705,675 16,036,482
TCH Fixed Income Fund ................... 4,498,684 -- -- 5,289,306 --

As of October 31, 2008, the most recent tax year end, the components of
distributable earnings on a tax basis were as follows:

UNDISTRIBUTED
CAPITAL LOSS ORDINARY UNDISTRIBUTED UNREALIZED
CARRYFORWARD INCOME LONG-TERM GAIN DEPRECIATION TOTAL
------------- ------------- -------------- ------------- -------------

M&C Growth Fund ......................... $ -- $3,887,167 $43,115,588 $(201,400,531) $(154,397,776)
Veredus Select Growth Fund .............. (20,645,901) -- -- (16,892,329) (37,538,230)
Growth Fund ............................. (26,495,891) 529,040 -- (49,765,678) (75,732,529)
Optimum Large Cap Opportunity Fund ...... (5,241,336) -- -- (1,645,545) (6,886,881)
Value Fund .............................. -- 198,951 26,989,113 (57,432,377) (30,244,313)
TAMRO All Cap Fund ...................... (323,950) 30,808 -- (1,208,436) (1,501,578)
River Road Dividend All Cap Value Fund .. (3,889,205) -- -- (11,306,149) (15,195,354)
Optimum Mid Cap Fund .................... -- 1,964,622 10,425,693 (214,517,923) (202,127,608)
M&C Mid Cap Growth Fund ................. (343,633) 18,374 -- (792,447) (1,117,706)
ClariVest Mid Cap Growth Fund ........... (125,913) 34,803 -- (101,587) (192,697)
Cardinal Mid Cap Value Fund ............. (81,755) 38,007 -- (376,060) (419,808)
River Road Small-Mid Cap Fund ........... (4,372,516) 167,978 -- (20,907,600) (25,112,138)
Veredus Aggressive Growth Fund .......... (22,597,198) -- -- (14,171,345) (36,768,543)
TAMRO Small Cap Fund .................... (24,563,509) 342,747 -- (63,894,790) (88,115,552)
River Road Small Cap Value Fund ......... (35,316,476) 282,201 -- (68,627,373) (103,661,648)
Neptune International Fund .............. (739,587) 86,551 -- (5,716,040) (6,369,076)
Barings International Fund .............. (1,923,797) -- -- (2,824,604) (4,748,401)
Fortis Global Real Estate Fund .......... (2,915,600) 71,174 -- (6,853,662) (9,698,088)
SGA International Small-Mid Cap Fund .... (98,265) 48,721 -- (594,713) (644,257)
Smart Portfolios Fund ................... (220,013) 53,712 -- (672,476) (838,777)
New Century Absolute Return ETF Fund .... (454,248) 63,413 -- (1,609,313) (2,000,148)
MB Enhanced Equity Income Fund .......... -- 1,079,603 -- (4,750,521) (3,670,918)
Fortis Real Estate Fund ................. (12,378,561) 615,145 -- (12,731,641) (24,495,057)
M&C Balanced Fund ....................... (7,070,822) 23,284 -- (2,484,682) (9,532,220)
Balanced Fund ........................... (455,967) 28,564 -- (3,214,581) (3,641,984)
TCH Fixed Income Fund ................... (8,084,332) 26,189 -- (7,997,617) (16,055,760)

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:

YEAR ENDED OCTOBER 31, 2008

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ........................... 14,677,614 3,514,388 (10,293,943) 7,898,059
Veredus Select Growth Fund ................ 1,689,953 541,855 (984,250) 1,247,558
Growth Fund ............................... 771,373 2,263,248 (4,977,106) (1,942,485)
Optimum Large Cap Opportunity Fund ........ 361,985 2,154 (3,051,046) (2,686,907)
Value Fund ................................ 2,253,400 932,494 (9,395,263) (6,209,369)
TAMRO All Cap Fund ........................ 93,932 94,685 (227,227) (38,610)

139

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OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

River Road Dividend All Cap Value Fund .... 5,407,124 255,565 (2,121,746) 3,540,943
Optimum Mid Cap Fund ...................... 14,676,572 1,873,766 (12,507,157) 4,043,181
M&C Mid Cap Growth Fund (a) ............... 318,097 -- (7,739) 310,358
ClariVest Mid Cap Growth Fund (a) ......... 55,040 -- (1) 55,039
Cardinal Mid Cap Value Fund (a) ........... 125,659 -- (1) 125,658
River Road Small-Mid Cap Fund ............. 3,629,344 -- (898,784) 2,730,560
Veredus Aggressive Growth Fund ............ 842,978 1,862,155 (2,674,801) 30,332
TAMRO Small Cap Fund ...................... 6,485,985 544,667 (6,508,367) 522,285
River Road Small Cap Value Fund ........... 8,591,132 619,572 (8,516,839) 693,865
Neptune International Fund (b) ............ 38,708 -- (276) 38,432
Fortis Global Real Estate Fund ............ 176,973 122 (8,250) 168,845
SGA International Small-Mid Cap Fund (a) .. 133,239 -- (2,694) 130,545
Smart Portfolios Fund (c) ................. 1,095,755 4,045 (362,800) 737,000
New Century Absolute Return ETF Fund (d) .. 1,861,086 -- (269,425) 1,591,661
MB Enhanced Equity Income Fund (e) ........ 1,861,954 8,004 (92,036) 1,777,922
Fortis Real Estate Fund ................... 509,510 1,311,859 (3,980,634) (2,159,265)
M&C Balanced Fund ......................... 529,844 10,773 (313,911) 226,706
Balanced Fund ............................. 276,024 1,022,624 (2,150,008) (851,360)
TCH Fixed Income Fund ..................... 1,303,287 262,051 (2,004,073) (438,735)

(a) Fund commenced investment operations on November 2, 2007.

(b) Neptune International Fund began issuing Class N Shares on June 17, 2008.

(d) New Century Absolute Return ETF Fund commenced investment operations on
March 4, 2008.

(e) MB Enhanced Equity Income Fund commenced investment operations on January
15, 2008.

YEAR ENDED OCTOBER 31, 2008

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS I SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ........................... 12,682,376 5,660,710 (18,176,954) 166,132
Veredus Select Growth Fund ................ 5,395,864 34,915 (356,408) 5,074,371
Growth Fund ............................... 18,283 3,702,548 (3,296,057) 424,774
Value Fund ................................ 1,193 2,259,330 -- 2,260,523
River Road Dividend All Cap Value Fund .... -- 1,485 -- 1,485
Optimum Mid Cap Fund ...................... 2,546,507 251,251 (1,346,538) 1,451,220
River Road Small-Mid Cap Fund ............. 13,088,539 5,867 (2,068,013) 11,026,393
Veredus Aggressive Growth Fund ............ 1,796,178 1,690,801 (6,624,489) (3,137,510)
TAMRO Small Cap Fund ...................... 14,161,308 174,341 (3,523,490) 10,812,159
River Road Small Cap Value Fund ........... 8,821,014 187,412 (1,193,431) 7,814,995
Neptune International Fund ................ 1,273,516 1,973 (38,224) 1,237,265
Barings International Fund (a) ............ 1,515,800 -- (430,156) 1,085,644
Fortis Real Estate Fund ................... -- 1,188,863 -- 1,188,863
M&C Balanced Fund ......................... 5,554 884 (5,535) 903
TCH Fixed Income Fund ..................... 482,402 133,683 (1,645,645) (1,029,560)

(a) Barings International Fund commenced investment operations on November 2,
2007.

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS R SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ........................... 124,297 19,649 (259,374) (115,428)
Growth Fund ............................... 28,718 6,734 (14,167) 21,285

YEAR ENDED OCTOBER 31, 2007

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED 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
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 Dividend All Cap Value 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
Fortis Global Real Estate Fund (c) ........ 1,952,971 -- (1) 1,952,970

140

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

PROCEEDS FROM
REINVESTMENT NET DECREASE IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

Fortis 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)

(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.

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS I SOLD OF DISTRIBUTIONS REDEEMED 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
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 Dividend All Cap Value
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
Fortis 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)

(a) River Road Dividend All Cap Value 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.

(d) Neptune International Fund commenced investment operations on August 6,
2007.

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS R SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ........................... 128,798 236 (27,055) 101,979
Growth Fund ............................... 14,880 8,766 (67,128) (43,482)

NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the year ended
October 31, 2008 were as follows:

AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------ ------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------ --------------- ------------

M&C Growth Fund ....................... $-- $928,828,057 $-- $969,269,740
Veredus Select Growth Fund ............ -- 396,861,176 -- 324,031,735
Growth Fund ........................... -- 364,970,957 -- 484,667,359
Optimum Large Cap Opportunity Fund .... -- 7,683,856 -- 34,687,916
Value Fund ............................ -- 214,734,224 -- 297,218,281
TAMRO All Cap Value Fund .............. -- 11,655,480 -- 13,284,328
River Road Dividend All Cap value ..... -- 54,941,879 -- 20,987,245
Optimum Mid Cap Fund .................. -- 361,190,802 -- 198,952,715
M&C Mid Cap Growth Fund ............... -- 4,279,677 -- 1,377,589
ClariVest Mid Cap Growth Fund ......... -- 1,155,613 -- 615,482
Cardinal Mid Cap Value Fund ........... -- 1,733,241 -- 511,769
River Road Small-Mid Cap Fund ......... -- 156,235,798 -- 41,223,211
Veredus Aggressive Growth Fund ........ -- 221,998,226 -- 304,849,160
TAMRO Small Cap Fund .................. -- 426,979,496 -- 241,124,133
River Road Small Cap Value Fund ....... -- 237,883,658 -- 157,304,956
Neptune International Fund ............ -- 12,448,421 -- 575,421
Barings International Fund ............ -- 17,729,228 -- 7,462,753
Fortis Global Real Estate Fund ........ -- 16,828,568 -- 15,368,213
SGA International Small-Mid Cap Fund .. -- 1,888,730 -- 659,532
Smart Allocation ETF Fund ............. -- 21,140,843 -- 16,021,907
New Century Absolute Return Fund ...... -- 21,319,476 -- 8,660,438

141

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

AGGREGATE PURCHASES PROCEEDS FROM SALES
----------------------------- -----------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ----------- --------------- -----------

MB Enhanced Equity Income Fund .. $ -- $22,504,435 $ -- $ 3,125,391
Fortis Real Estate Fund ......... -- 47,899,776 -- 79,711,251
M&C Balanced Fund ............... 1,342,876 11,623,783 2,070,542 5,616,329
Balanced Fund ................... 3,323,188 23,719,713 4,986,370 31,891,449
TCH Fixed Income Fund ........... 29,141,470 30,844,729 38,146,562 40,383,756

NOTE (F) REDEMPTION FEES: In accordance with the prospectuses, certain Funds
assessed a 2% redemption fee on fund share redemptions and exchanges within
specified time periods, as indicated in the following table for the year ended
October 31, 2008 and included in the Cost of Shares redeemed on the Statements
of Changes in Net Assets:

FUND NAME TIME PERIOD AMOUNT
- --------- ----------------- ------

Neptune International Fund 2% Within 90 Days $ --
Barings International Fund 2% Within 90 Days --
Fortis Global Real Estate Fund 2% Within 90 Days 789
SGA International Small-Mid Cap Fund 2% Within 90 Days 50
Fortis Real Estate Fund 2% Within 90 Days 4,522

NOTE (G) ADVISORY, ADMINISTRATION, DISTRIBUTION SERVICES AND TRUSTEE AGREEMENTS:

ADVISORY. Aston serves as Investment Adviser and Administrator to the Funds.
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 are included in the Funds' annual or
semi-annual report to shareholders following such approval.

Certain Funds have an expense limitation agreement with the 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.

The Expense Limitation Agreements are effective through February 28, 2009. The
advisory rates and contractual expense limitations for the year ended October
31, 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%
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% 1.07%(d) 0.82%(d)
TAMRO All Cap Fund 0.80% 1.20% N/A
River Road Dividend All Cap Value 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 (e) 1.00% 1.27%(c) 1.02%(c)

142

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

CONTRACTUAL
EXPENSE LIMITATIONS
-------------------
FUND NAME ADVISORY FEES CLASS N CLASS I
- --------- ------------- ------- -------

Barings International Fund (f) 1.00% N/A 1.25%(c)
Fortis 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 Portfolios Fund 0.80% 1.30%(c) N/A
New Century Absolute Return ETF Fund 0.70% 1.50%(c) N/A
MB Enhanced Equity Income Fund 0.70% 1.10%(c) N/A
Fortis Real Estate Fund 1.00% 1.37% 1.12%
M&C Balanced Fund (g) 0.75% N/A N/A
Balanced Fund 0.70% N/A N/A
TCH Fixed Income Fund (h) 0.55% 0.74% 0.49%

(a) Effective March 31, 2008 through October 31, 2008, Aston agreed to
voluntarily waive management fees of 0.01% - 0.02% based on a certain
criteria for the Growth Fund.

(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 waiver 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 29, 2008, the contractual expense limitation changed to
1.07% for Class N Shares and 0.82% for Class I Shares of the Value Fund.
Prior to February 29, 2008 the contractual expense limitation was 0.94% for
Class N Shares and 0.69% for Class I Shares.

(e) 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.

(f) Effective March 31, 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 waiver at any time.

(g) 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 waiver at any time.

(h) Effective September 1, 2007, Aston had 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. Effective October 1, 2008, the voluntary waiver
was removed.

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 - Classes N and I, Barings International Fund - Class
I, Fortis 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 October 31, 2008 that are entitled to
be reimbursed for each Fund are as follows:

EXPIRATION
---------------------
FUNDS 2010 2011
- ----- -------- ----------

Optimum Large Cap Opportunity Fund $139,592 $ 119,883
Montag & Caldwell Mid Cap Growth Fund (1) N/A 98,808
ClariVest Mid Cap Growth Fund (1) N/A 107,938
Cardinal Mid Cap Value Fund (1) N/A 103,064
River Road Small-Mid Cap Fund 98,526 44,979
Neptune International Fund 48,302 181,699
Barings International Fund (1) N/A 174,288
Fortis Global Real Estate Fund 42,416 133,031
SGA International Small-Mid Cap Fund (1) N/A 154,126
Smart Portfolios Fund (1) N/A 105,329
New Century Absolute Return ETF Fund (1) N/A 97,083
MB Enhanced Equity Income Fund (1) N/A 127,941
-------- ----------
TOTALS $328,836 $1,448,169
======== ==========

(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
October 31, 2008. For the year ended October 31, 2008, there were no amounts
reimbursed.

Aston manages each 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
Growth Fund Montag & Caldwell, Inc.(1)
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 Dividend
All Cap Value Fund River Road Asset Management, LLC
Optimum Mid Cap Fund Optimum Investment Advisors, LLC
M&C Mid Cap Growth Fund Montag & Caldwell, Inc.

143

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

FUND SUB-ADVISER
- ---- -----------

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

Fortis Global Real Estate Fund Fortis Investment Management USA, Inc.(2)
SGA International Small-Mid Strategic Global Advisors LLC
Cap Fund

Smart Portfolios Fund Smart Portfolios, LLC
New Century Absolute New Century Capital Management, LLC
Return ETF Fund

MB Enhanced Equity Income Fund MB Investment Partners, Inc.

Fortis Real Estate Fund Fortis Investment Management USA, Inc.(2)

M&C Balanced Fund Montag & Caldwell, Inc.
Balanced Fund Montag & Caldwell, Inc. (Equity Portion) Taplin,
Canida & Habacht Inc. (Fixed Income Portion)
TCH Fixed Income Fund Taplin, Canida & Habacht, Inc.

(1) Effective January 1, 2008, Montag & Caldwell, Inc. became the subadviser to
the Fund. Prior to January 1, 2008, ABN AMRO Asset Management, Inc. was the
subadviser.

(2) Effective August 1, 2008, Fortis Asset Management USA, Inc. became the
subadviser to the Fund. Prior to August 1, 2008, ABN AMRO Asset Management,
Inc. was the subadviser.

Sub-advisory fees are paid monthly by Aston. The factors considered by the Board
of Trustees in approving the current sub-investment advisory agreements are
included in the Funds' annual or semi-annual report to shareholders following
such approval.

RECENT EVENTS. In October 2008, Fortis SA/NV and Fortis NV ("Fortis"), the
ultimate parent companies of Fortis Bank SA/NV ("Fortis Bank"), announced that
the Belgian government had acquired substantially all of the outstanding capital
and voting rights of Fortis Bank (the "Nationalization"). The Nationalization
may have been deemed to cause one or more changes of control of Fortis
Investment Management USA, Inc. ("FIM"), Montag & Caldwell Inc. ("Montag &
Caldwell"), River Road Asset Management, LLC ("River Road") and Veredus Asset
Management LLC ("Veredus") (each a "Fortis Adviser" and collectively, the
"Fortis Advisers") for purposes of the 1940 Act, thereby resulting in the
automatic termination of the sub-investment advisory agreements between Aston
and each Fortis Adviser on behalf of each Fund sub-advised by a Fortis Adviser
(the "Sub-advised Funds") (each, a "Sub-Investment Advisory Agreement"). At a
meeting held on October 10, 2008, the Board approved the continuance of each
Sub-Investment Advisory Agreement on the same terms as the existing agreement.
The factors considered by the Board of Trustees in approving the continuance of
the Sub-Investment Advisory Agreements for the sub-advised Funds at the October
10, 2008 meeting are included herein.

Fortis and BNP Paribas SA ("BNP") subsequently announced that BNP would acquire
approximately 75% of the outstanding capital and voting rights of Fortis Bank in
a series of transactions (collectively the "BNP Transaction"). BNP also
announced that, in connection with the BNP Transaction, the Belgian government
would retain a 25% plus one share capital and voting interest in Fortis Bank and
would acquire 11.6% of the common stock of BNP. The BNP Transaction may be
deemed to result in the assignment of the current Sub-Investment Advisory
Agreements between Aston and each Fortis Adviser (except River Road and Veredus
- - see "River Road Transaction" and "Veredus Transaction" below) causing those
agreements to automatically terminate.

In anticipation of the automatic termination of the Sub-Investment Advisory
Agreements in connection with the BNP Transaction, the Board of Trustees met in
person on November 25, 2008 and approved the continuance of each Sub-Investment
Advisory Agreement on the same terms following the expected automatic
termination of the agreements in connection with the BNP Transaction. The
factors considered by the Board of Trustees in approving the continuance of the
Sub-Investment Advisory Agreements for each of the Subadvised Funds at the
October 10, 2008 meeting are included herein and the factors considered by the
Board in approving the continuance of the Sub-Investment Advisory Agreements at
the November 25, 2008 meeting will be included in the Trust's Semi-Annual Report
dated April 30, 2009. The closing of the BNP Transaction is subject to various
conditions and the timing is not certain at this time.

RIVER ROAD TRANSACTION. On November 5, 2008, River Road Partners LLC ("RRP")
completed the acquisition of all of the ownership interests in River Road held
by Fortis Bank. The transaction is referred to herein as the "River Road
Repurchase Transaction." The River Road Repurchase Transaction may be deemed to
result in the termination of each existing sub-investment advisory agreement for
Aston/River Road Dividend All Cap Value Fund, Aston/River Road Small Cap Value
Fund and Aston/River Road Small Mid-Cap Fund (each a "River Road Fund" and
collectively, the "River Road Funds") between Aston and River Road (the "River
Road Sub-Investment Advisory Agreements"). In anticipation of the River Road
Repurchase Transaction, the Board of Trustees met in person on March 20, 2008
and approved the continuance of the River Road Sub-

144

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

Investment Advisory Agreements on the same terms following the automatic
termination of the agreements in connection with the River Road Repurchase
Transaction. The factors considered by the Board of Trustees in approving the
continuance of the River Road Sub-Investment Advisory Agreement for each River
Road Fund are included herein.

VEREDUS TRANSACTION. On December 3, 2008, Veredus completed the repurchase of
all of the ownership interests in Veredus held by Fortis Bank. The transaction
is referred to herein as the "Veredus Repurchase Transaction." The Veredus
Repurchase Transaction may be deemed to result in the termination of the
existing sub-investment advisory agreement for Aston/Veredus Aggressive Growth
Fund and Aston/Veredus Select Growth (each a "Veredus Fund" and collectively,
the "Veredus Funds") between Aston and Veredus (the "Veredus Sub-Investment
Advisory Agreements"). In anticipation of the Veredus Repurchase Transaction,
the Board of Trustees met in person on November 25, 2008 and approved the
continuance of the Veredus Sub-Investment Advisory Agreements on the same terms
following the automatic termination of the agreements in connection with the
Veredus Repurchase Transaction. The factors considered by the Board of Trustees
in approving the continuance of the Veredus Sub-Investment Advisory Agreement
for each Veredus Fund will be included in the Trust's Semi-Annual Report dated
April 30, 2009.

TCH TRANSACTION. On December 3, 2008, Taplin, Canida & Habacht, Inc. ("TCH")
completed the sale of substantially all of the assets and liabilities of TCH to
a newly formed entity controlled by Marshall & Ilsley Corporation ("New TCH")
(the "TCH Transaction"). The TCH Transaction resulted in the termination of the
then current sub-investment advisory agreement for Aston/TCH Fixed Income Fund
and Aston Balanced Fund (Fixed Income Portion) (each a "TCH Fund" and
collectively, the "TCH Funds") between Aston and TCH. In anticipation of the
termination of the agreements in connection with the TCH Transaction, the Board
of Trustees met in person on November 25, 2008 and approved a new sub-investment
advisory agreement for each TCH Fund between Aston and New TCH, on substantially
the same terms as the prior agreement. The factors considered by the Board of
Trustees in approving the new sub-investment advisory agreement for each TCH
Fund will be included in the Trust's Semi-Annual Report dated April 30, 2009.

ADMINISTRATION. 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 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%

PNC Global Investment Servicing (U.S.) Inc. ("PNC"), formerly named PFPC Inc.
provides certain administrative services to the Funds pursuant to a
Sub-administration and Accounting Services Agreement between Aston and PNC (the
"Sub-Administration Agreement"). Under the terms of the Sub-Administration
Agreement, sub-administration fees, which are paid by Aston, 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.

DISTRIBUTION SERVICES. 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 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.

TRUSTEES. 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

145

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OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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 year ended October 31, 2008 was
$449,500.

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 October 31,
2008, there were no borrowings outstanding on the line of credit.

For the Funds that utilized the line of credit during the year ended October 31,
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 WEIGHTED
DAILY LOAN AVERAGE INTEREST
BALANCE INTEREST RATE EXPENSE
---------- ------------- --------

M&C Growth Fund $5,409,725 4.72% $ 5,693
Growth Fund 5,611,380 4.37% 20,948
Optimum Large Cap
Opportunity Fund 1,213,208 4.13% 3,211
Value Fund 8,431,633 2.44% 1,710
River Road Dividend
All Cap Value Fund 375,378 4.68% 438
Optimum Mid Cap Fund 3,566,556 4.74% 18,321
Veredus Aggressive
Growth Fund 2,201,400 4.49% 4,579
River Road Small Cap
Value Fund 637,967 4.77% 762
Barings International
Fund 1,052,600 4.44% 389
Smart Portfolios Fund 346,540 5.00% 241
Fortis Real Estate Fund 1,328,300 2.32% 86
Balanced Fund 1,020,155 4.55% 2,817

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 comes first. In return for this service, the
Veredus Aggressive Growth Fund will pay a fee to ReFlow at a rate determined by
a daily auction with other participating mutual funds.

The costs to the Veredus Aggressive Growth Fund for participating in ReFlow are
expected to be influenced by and comparable to the cost of other sources of
liquidity, such as the Fund's short-term lending arrangements or the costs of
selling portfolio securities to meet redemptions. ReFlow will be prohibited from
acquiring more than 3% of the outstanding voting securities of the Fund.

As of October 31, 2008, the Veredus Aggressive Growth Fund had not utilized
ReFlow.

NOTE (J) SUBSEQUENT EVENTS:

FUND LIQUIDATIONS. The Board of Trustees of the Aston Funds has determined that
the termination and liquidation of Aston/ClariVest Mid Cap Growth Fund and
Aston/SGA International Small-Mid Cap Fund are in the best interests of each
Fund. Each Fund is expected to liquidate on or about January 31, 2009. Highbury
Financial Inc., which is a majority shareholder of Aston Asset Management LLC,
the Funds' adviser, owns a majority interest in each of these Funds.

146

Aston Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Aston Funds

We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the Aston Balanced Fund, Aston/Barings
International Fund, Aston/Cardinal Mid Cap Value Fund, Aston/ClariVest Mid Cap
Growth Fund, Aston Growth Fund, Aston/MB Enhanced Equity Income Fund,
Aston/Montag & Caldwell Balanced Fund, Aston/Montag & Caldwell Growth Fund,
Aston/Montag & Caldwell Mid Cap Growth Fund, Aston/Neptune International Fund,
Aston/New Century Absolute Return ETF Fund, Aston/Optimum Large Cap Opportunity
Fund, Aston/Optimum Mid Cap Fund, Aston/River Road Dividend All Cap Value Fund,
Aston/River Road Small Cap Value Fund, Aston/River Road Small-Mid Cap Fund,
Aston/SGA International Small-Mid Cap Fund, Aston/Smart Portfolios Fund,
Aston/TAMRO All Cap Fund, Aston/TAMRO Small Cap Fund, Aston/TCH Fixed Income
Fund, Aston/Value Fund, Aston/Veredus Aggressive Growth Fund, Aston/Veredus
Select Growth Fund, Fortis Global Real Estate Fund, and Fortis Real Estate Fund
(the "Funds") (twenty-six of the portfolios constituting the Aston Funds (the
"Trust")) as of October 31, 2008, and the related statements of operations,
statements of changes in net assets, and financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
We were not engaged to perform an audit of the Trust's internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of October 31, 2008, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the above mentioned portfolios of the Aston Funds at October 31, 2008, the
results of their operations, changes in their net assets, and financial
highlights for the periods indicated therein, in conformity with U.S. generally
accepted accounting principles.

(ERNST & YOUNG LLP)

Chicago, Illinois
December 18, 2008

147

Aston Funds

OCTOBER 31, 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
registered public accounting firm for the Money Market Series of the Trust. E&Y
continues to serve as the independent registered public accounting firm for the
non-money market funds of the Trust.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES ON APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENTS IN CONNECTION WITH THE FORTIS TRANSACTION

FUND SUB-ADVISER
- ---- ------------------------

Aston/Fortis Fortis Investment
Global Real Estate Fund Management USA, Inc.
Aston/Fortis Real Estate Fund ("FIM")

Aston Balanced Fund* Montag & Caldwell, Inc.
Aston Growth Fund ("Montag & Caldwell")
Aston/Montag & Caldwell
Balanced Fund
Aston/Montag & Caldwell
Growth Fund
Aston/Montag & Caldwell
Mid Cap Growth Fund

Aston/River Road River Road Asset
Dividend All Cap Value Fund Management, LLC
Aston/River Road Small Cap ("River Road")
Value Fund
Aston/River Road Small
Mid-Cap Fund

Aston/Veredus Aggressive Veredus Asset Management
Growth Fund LLC ("Veredus")
Aston/Veredus Select Growth Fund

* The Fund is managed under a multi-manager approach and Montag & Caldwell
serves as manager to the equity portion of the portfolio.

The Board considered that the acquisition of substantially all of the
outstanding capital and voting rights of Fortis Bank SA/NV ("Fortis Bank"), the
parent of each Subadviser, by the Belgian government in a series of transactions
(the "Nationalization") may have constituted a change of control of each
Subadviser under the Investment Company Act of 1940, and therefore, may have
resulted in the automatic termination of the sub-investment advisory agreements
between Aston and each Subadviser.

The Board considered that the stated aim of the Nationalization was to stabilize
Fortis Bank's ultimate parent company so that it could complete ongoing
negotiations with interested private-sector buyers of the business, and that the
Belgian government had reached an agreement with BNP Paribas SA ("BNP") to
transfer a majority of its ownership interest in Fortis Bank to BNP. The Board
considered publicly available information with respect to the Nationalization
and representations from FIM on behalf of Subadvisers that the Nationalization
was not expected to result in any changes in investment personnel or otherwise
impact the nature, extent and quality of services to be provided by each
Subadviser.

148

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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

The Board also considered that the each sub-investment advisory agreement was
being continued on the same terms currently in place, including the fees payable
to each Subadviser. The Board considered that it had recently approved or
renewed each investment sub-advisory agreement pursuant to an extensive annual
renewal process that concluded at its December 2007 meeting or pursuant to an
extensive initial contract approval process in the last year. The Board
concluded, based upon all of these considerations, along with the conclusions
the Board reached with respect to the initial approval or last renewal of each
sub-investment advisory agreement, that it need not reconsider all of the
factors that it would typically consider in connection with an initial contract
approval or contract renewal.

Based upon its evaluation of all information and factors it deemed relevant and
assisted by the advice of independent legal counsel, the Board, including all of
the Independent Trustees, concluded that the continuation of the sub-investment
advisory agreement on behalf of each Fund should be approved based on
information available at this time.

CONSIDERATIONS OF THE BOARD OF TRUSTEES IN CONNECTION WITH THE APPROVAL OF THE
SUB-INVESTMENT ADVISORY AGREEMENT IN CONNECTION WITH THE RIVER ROAD TRANSACTION

At an in-person meeting on March 20, 2008 the Board of Trustees (the "Board") of
Aston Funds (the "Trust") considered the continuation of each Sub-Investment
Advisory Agreement between Aston Asset Management LLC ("Aston") and River Road
Asset Management, LLC ("River Road") with respect to Aston/River Road Dynamic
Equity Income Fund, Aston/River Road Small Cap Value Fund and Aston/River Road
Small-Mid Cap Fund (each a "Fund", collectively, the "Funds") The Independent
Trustees met separately from the "interested" Trustee of the Trust and any
officers of Aston, River Road or their affiliates to consider continuing each
Sub-Investment Advisory Agreement between Aston and River Road (each a
"Sub-Investment Advisory Agreement") and were assisted by independent legal
counsel in their deliberations. The Board considered materials presented and
discussions held at the March 20, 2008 Board meeting specifically relating to
the continuation of each Sub-Investment Advisory Agreement in connection with
the River Road Transaction. The Board also considered materials received and
discussions held at prior meetings with respect to the change of ABN AMRO Asset
Management Inc. in connection with sale of the remaining ownership interests in
River Road to River Road's current majority shareholder (the "River Road
Transaction").

The Board, including all of the Independent Trustees, believed that each
Sub-Investment Advisory Agreement with River Road will enable each Fund to
continue to enjoy high-quality investment advisory services at costs that are
appropriate, reasonable and in the best interests of each Fund and its
shareholders.

The Board also considered that the Funds would not bear the Funds' costs related
to the River Road Transaction, including the costs of preparing, printing and
mailing an Information Statement to shareholders.

In making its determinations, the Board, including all the Independent Trustees,
also reviewed materials provided by Aston and River Road including information
regarding (i) the nature, extent and quality of services to be provided; (ii)
the sub-advisory fee to be charged and information regarding the expense ratios
of the Funds; (iii) fee waivers or expenses to be reimbursed; (iv) potential
benefits to be received by affiliates of the subadviser; and (v) information
regarding the impact of the River Road Transaction on the Funds. The Board also
determined that it was appropriate to take into consideration the extensive
information received throughout the year regarding performance and operating
results of the Funds, given the continuity of portfolio management expected
following the River Road Transaction.

In determining whether to approve the continuation of the Sub-Investment
Advisory Agreement with respect to each Fund, the Board received information and
made inquiries into all matters deemed relevant. Among other matters considered
by the Board, including the Independent Trustees, in connection with its
approval of the continuation of each Sub-Advisory Agreement were the following:

NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the impact of the
River Road Transaction on the nature, extent and quality of services expected to
be provided under each Sub-Investment Advisory Agreement. The Board considered
information regarding the financial strength and resources of River Road
following the completion of the River Road Transaction. The Board also
considered the pros and cons of being a smaller, more entrepreneurial company
wholly-owned by management versus being partially owned by a larger
international company. The Board considered that River Road intends to retain
substantially all personnel of the existing sub-

149

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OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

adviser. The Board noted that the investment approach of the subadviser, and the
experience and skills of investment personnel responsible for the day-to-day
management of the Funds would not change as a result of the River Road
Transaction. The Board considered the performance of the Funds with respect to
resources available under current ownership and the resources expected after the
River Road Transaction. On the basis of this evaluation, the Board concluded
that the nature, quality and extent of services expected to continue to be
satisfactory with respect to each Fund.

FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered that the
subadvisory fee rates under each Sub-Investment Advisory Agreement as well as
the overall management fee structure of the Funds would not change as a result
of the Transaction. The Board considered that the subadvisory fee rates were
negotiated at arm's length between Aston and River Road, two unaffiliated
parties, and that Aston will compensate the sub-adviser from its fees. The Board
concluded that economies of scale were not expected to result from the River
Road Transaction 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 information previously received regarding the potential benefits from
the use of "soft dollars," noting that the subadviser generally does not use
portfolio brokerage transactions to pay for research services. The Board
concluded that any incidental benefits to be received by the subadviser from its
relationship with the Funds are expected to continue to be reasonable following
the River Road Transaction.

CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of each Sub-Investment Advisory
Agreement, dated October 17, 2007 with respect to each Fund, are fair and
reasonable, and that the continuance thereof as of the closing of the River Road
Transaction is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.

TAX INFORMATION: In accordance with Federal tax law, the following Aston Funds
hereby make the designations indicated below regarding their fiscal year ended
October 31, 2008.

The following are the percentage of the income dividends qualifying for the
dividends received deduction available to corporations:

FUND PERCENTAGE
- ---- ----------

M&C Growth Fund 60.60%
Growth Fund 74.76%
Optimum Large Cap Opportunity
Fund 100.00%
Value Fund 100.00%
TAMRO All Cap Fund 81.04%
River Road Dividend All Cap
Value Fund 100.00%
Optimum Mid Cap Fund 94.22%
River Road Small-Mid Cap Fund 100.00%
Veredus Aggressive Growth Fund 2.80%
TAMRO Small Cap Fund 100.00%
River Road Small Cap Value Fund 50.66%
Neptune International Fund 35.50%
Fortis Global Real Estate Fund 31.06%
Smart Portfolios Fund 78.61%
MB Enhanced Equity Income Fund 24.74%
Fortis Real Estate Fund 4.35%
M&C Balanced Fund 61.89%
Balanced Fund 38.49%

For the fiscal year ended October 31, 2008 certain dividends paid by the Funds
may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth
Tax Relief Reconciliation Act of 2003. Of the distributions made by the
following Funds, the corresponding percentages represent the amount of each
distribution which may qualify for the 15% dividend income tax rate.

FUND PERCENTAGE
- ---- ----------

M&C Growth Fund 100.00%
Growth Fund 100.00%
Optimum Large Cap Opportunity
Fund 100.00%
Value Fund 100.00%
TAMRO All Cap Fund 100.00%
River Road Dividend All Cap
Value Fund 100.00%
Optimum Mid Cap Fund 100.00%
M&C Mid Cap Growth Fund 68.94%
ClariVest Mid Cap Growth Fund 9.70%
Cardinal Mid Cap Value Fund 36.51%
TAMRO Small Cap Fund 100.00%
River Road Small Cap Value Fund 100.00%
Neptune International Fund 100.00%
Fortis Global Real Estate Fund 100.00%
SGA International Small-Mid
Cap Fund 63.98%
Smart Portfolios Fund 4.76%
New Century Absolute Return
ETF Fund 41.88%
MB Enhanced Equity Income Fund 0.79%
Fortis Real Estate Fund 15.41%
M&C Balanced Fund 59.87%
Balanced Fund 55.58%

Shareholders should not use the above tax information to prepare their tax
returns. The information will be included with your Form 1099 DIV which will be
sent to you separately in January 2009.

150

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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.

This table illustrates each Fund's costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period. You may use the information here, together with your
account value, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number given for your
Fund in the first line under the heading entitled "Expenses Paid During Period."

Hypothetical 5% Return: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.

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

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/08 10/31/08 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

M&C GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 741.40 1.10% $4.82
Class I ........................... 1,000 742.40 0.85% 3.72
Class R ........................... 1,000 740.50 1.35% 5.91
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.61 1.10% $5.58
Class I ........................... 1,000 1,020.86 0.85% 4.32
Class R ........................... 1,000 1,018.35 1.35% 6.85
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 661.30 1.31% $5.47
Class I ........................... 1,000 661.60 1.06% 4.43
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.55 1.31% $6.65
Class I ........................... 1,000 1,019.81 1.06% 5.38
GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 740.90 1.13% $4.94
Class I ........................... 1,000 741.70 0.88% 3.85
Class R ........................... 1,000 739.90 1.38% 6.04
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.46 1.13% $5.74
Class I ........................... 1,000 1,020.71 0.88% 4.47
Class R ........................... 1,000 1,018.20 1.38% 7.00
OPTIMUM LARGE CAP OPPORTUNITY FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 605.70 1.10% $4.44
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.61 1.10% $5.58
VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 721.60 1.07% $4.63
Class I ........................... 1,000 722.10 0.82% 3.55
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.76 1.07% $5.43
Class I ........................... 1,000 1,021.01 0.82% 4.17
TAMRO ALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 717.70 1.20% $5.18
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 1,019.10 1.20% 6.09
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 769.70 1.30% $5.78
Class I ........................... 1,000 770.40 1.05% 4.67
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.60 1.30% $6.60
Class I ........................... 1,000 1,019.86 1.05% 5.33

151

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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/08 10/31/08 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 622.10 1.18% $4.81
Class I ........................... 1,000 622.80 0.93% 3.79
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.20 1.18% $5.99
Class I ........................... 1,000 1,020.46 0.93% 4.72
M&C MID CAP GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 624.30 1.40% $5.72
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.10 1.40% $7.10
CLARIVEST MID CAP GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 632.30 1.40% $5.74
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.10 1.40% $7.10
CARDINAL MID CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 695.30 1.40% $5.97
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.10 1.40% $7.10
RIVER ROAD SMALL-MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 764.20 1.50% $6.65
Class I ........................... 1,000 764.40 1.25% 5.54
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.60 1.50% $7.61
Class I ........................... 1,000 1,018.85 1.25% 6.34
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 663.50 1.49% $6.23
Class I ........................... 1,000 663.80 1.24% 5.19
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.65 1.49% $7.56
Class I ........................... 1,000 1,018.90 1.24% 6.29
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 807.60 1.30% $5.91
Class I ........................... 1,000 808.30 1.05% 4.77
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.60 1.30% $6.60
Class I ........................... 1,000 1,019.86 1.05% 5.33
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 757.30 1.43% $6.32
Class I ........................... 1,000 758.30 1.18% 5.22
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.95 1.43% $7.25
Class I ........................... 1,000 1,019.20 1.18% 5.99
NEPTUNE INTERNATIONAL FUND(3)
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 525.10 1.27% $3.60
Class I ........................... $1,000 522.80 1.02% 3.90
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.75 1.27% $4.76
Class I ........................... $1,000 1,020.01 1.02% 5.18
BARINGS INTERNATIONAL FUND
ACTUAL FUND RETURN
Class I ........................... $1,000 $ 561.90 1.15% $4.52
HYPOTHETICAL 5% RETURN
Class I ........................... $1,000 $1,019.36 1.15% $5.84

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/08 10/31/08 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

FORTIS GLOBAL REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 548.40 1.50% $5.84
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.60 1.50% $7.61
SGA INTERNATIONAL SMALL-MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 526.20 1.80% $6.91
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,016.09 1.80% $9.12
SMART PORTFOLIOS FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 831.00 1.30% $5.98
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.60 1.30% $6.60
NEW CENTURY ABSOLUTE RETURN ETF FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 834.00 1.50% $6.92
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.60 1.50% $7.61
MB ENHANCED EQUITY INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 774.80 1.10% $4.91
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.61 1.10% $5.58
FORTIS REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 634.00 1.37% $5.63
Class I ........................... 1,000 635.70 1.12% 4.60
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.25 1.37% $6.95
Class I ........................... 1,000 1,019.51 1.12% 5.69
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 819.20 1.35% $6.17
Class I ........................... 1,000 819.80 1.10% 5.03
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.35% $6.85
Class I ........................... 1,000 1,019.61 1.10% 5.58
BALANCED FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 799.00 1.57% $7.10
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.24 1.57% $7.96
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 906.10 0.65% $3.11
Class I ........................... 1,000 907.30 0.40% 1.92
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,021.87 0.65% $3.30
Class I ........................... 1,000 1,023.13 0.40% 2.03

(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) Neptune International Fund began issuing Class N Shares on June 17, 2008.

152

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

TRUSTEES AND OFFICERS OF THE TRUST

Under Delaware law, the business and affairs of the Trust are managed under the
direction of the Board of Trustees. Information pertaining to the Trustees and
Executive Officers of the Trust is set forth below. The term "officer" means the
president, vice president, secretary, treasurer, controller or any other officer
who performs a policy making function.

TERM OF NUMBER OF
OFFICE(1) PORTFOLIOS IN
AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE(2)
- ---------------------- ----------- ---------------------------- ------------- ---------------------

DISINTERESTED TRUSTEES

Leonard F. Amari 14 years Partner at the law offices 32 Director, Delaware
c/o 120 N. LaSalle Street, 25th Floor of Amari & Locallo, a Place Bank; Trustee,
Chicago, IL 60602 practice with exclusive John Marshall Law
Age: 66 concentration in real School.
Trustee estate taxation and related
areas, since 1987; Special
Assistant Attorney General
since 1986.

Robert A. Kushner(3) 9 years Retired. Vice President, 32 None
c/o 120 N. LaSalle Street, 25th Floor Secretary and General
Chicago, IL 60602 Counsel at Cyclops
Age: 72 Industries, Inc., 1976-1992.
Trustee

Gregory T. Mutz 14 years CEO of AMLI Residential 32 Chairman of the Board
c/o 120 N. LaSalle Street, 25th Floor Properties Trust (NYSE: of AMLI Residential
Chicago, IL 60602 AML) (a Multifamily REIT), Properties Trust;
Age: 62 a successor company to AMLI Director of Abt
Lead Independent Trustee Realty Co. since 2004; Associates Inc.
Chairman of AMLI (agribusiness).
Residential Properties
since 1994; Vice Chairman
of UICI (NYSE: UCI) (an
insurance holding company)
from 2003-2004; President
and CEO of UICI from
1999-2003; Chairman of
Academic Management
Services Corp. (a student
loans and finance company)
from 2000-2003.

Robert B. Scherer 9 years President of The Rockridge 32 Director, Title
c/o 120 N. LaSalle Street, 25th Floor Group, Ltd., (title Reinsurance Company
Chicago, IL 60602 insurance industry (insurance for title
Age: 67 consulting services) since agents).
Trustee 1994.

Nathan Shapiro(3) 14 years President of SF 32 Director, Baldwin &
c/o 120 N. LaSalle Street, 25th Floor Investments, Inc. Lyons, Inc. (property
Chicago, IL 60602 (broker/dealer and and casualty
Age: 72 investment banking firm) insurance firm).
Trustee since 1971.

Denis Springer 9 years Retired. Senior Vice 32 Director, Coleman
c/o 120 N. LaSalle Street, 25th Floor President and Chief Cable, Inc. (cable
Chicago, IL 60602 Financial Officer of manufacturer).
Age: 62 Burlington Northern Santa
Trustee Fe Corp. (railroad),
1995-1999.

153

Aston Funds
OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

INTERESTED TRUSTEE(4)
Stuart D. Bilton, CFA 14 years Chief Executive Officer, 32 Director, Baldwin &
c/o 120 N. LaSalle Street, 25th Floor Aston Asset Management LLC, Lyons, Inc. (property
Chicago, IL 60602 since 2006; Vice Chairman and casualty
Age: 62 of ABN AMRO Asset insurance firm).
Chairman, Board of Trustees Management Holdings, Inc.
2003-2006; President and
Chief Executive Officer of
ABN AMRO Asset Management
Holdings, Inc. from
2001-2003; President of
Alleghany Asset Management,
Inc. from 1996-2001
(purchased by ABN AMRO in
February 2001).

OFFICER(S) WHO ARE NOT TRUSTEES
Kenneth C. Anderson 14 years President, Aston Asset N/A N/A
c/o 120 N. LaSalle Street, 25th Floor Management LLC, since 2006;
Chicago, IL 60602 President and Chief
Age: 44 Executive Officer of ABN
President (Chief Executive Officer) AMRO Investment Fund
Services, Inc. (formerly
known as Alleghany
Investment Services, Inc.)
1995-2006; Executive Vice
President of ABN AMRO Asset
Management (USA) LLC
2001-2005; Director, ABN
AMRO Trust Services Company
2001-2005; Director, TAMRO
Capital Partners LLC and
Veredus Asset Management
LLC 2001-2006; Officer of
the Trust since 1993; CPA.

Gerald F. Dillenburg 11 years Chief Compliance Officer N/A N/A
c/o 120 N. LaSalle Street, 25th Floor and Financial Officer,
Chicago, IL 60602 Aston Asset Management LLC,
Age: 41 since 2006; Senior Managing
Senior Vice President, Secretary and Director ("SMD") of ABN
Treasurer (Chief Financial Officer, AMRO Investment Fund
Chief Operating Officer and Chief Services, Inc. (formerly
Compliance Officer) known as Alleghany
Investment Services, Inc.)
1996-2006; SMD of ABN AMRO
Asset Management Holdings,
Inc. and ABN AMRO Asset
Management, Inc. (formerly
known as Chicago Capital
Management, Inc.)
2001-2006; Operations
manager and compliance
officer of ABN AMRO Funds
1996-2006; CPA.

154

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

OFFICER(S) WHO ARE NOT TRUSTEES
William Long 6 years Vice President of Montag & N/A N/A
c/o 120 N. LaSalle Street, 25th Floor Caldwell, Inc. since 2000;
Chicago, IL 60602 former Vice President and
Age: 47 Director of Sales for First
Vice President Capital Group, First Union
National Bank, 1996-2000.

- ----------
(1) Trustees serve for an indefinite term until the earliest of: (i) removal by
two-thirds of the Board of Trustees or shareholders, (ii) resignation,
death or incapacity, (iii) the election and qualification of his successor,
in accordance with the By-Laws of the Trust or (iv) the last day of the
fiscal year in which he attains the age of 72 years. Officers serve for an
indefinite term until the earliest of: (i) removal by the Board of
Trustees, (ii) resignation, death or incapacity, (iii) the election and
qualification of their successor, in accordance with the By-Laws of the
Trust.

(2) Each Trustee also serves as a Trustee for ABN AMRO Structured Investment
Funds, a newly formed registered investment company, which will have two
initial series. The registration statement of the new trust is not
effective and the trust was not operational of the date of this report. Mr.
Bilton also serves as the Sole Trustee of the ABN AMRO Variable Insurance
Trust, a new trust whose registration statement is not effective and was
not operational as of the date of this report.

(3) Pursuant to the Trust's retirement policy, Messrs. Kushner & Shapiro
retired from the Board of Trustees as of October 31, 2008. The Board has
decreased its size from seven to five Trustees, effective November 1, 2008.

(4) "Interested person" of the Trust as defined in the 1940 Act. Mr. Bilton is
considered an "interested persons" because of affiliations with Aston Asset
Management LLC and related entities, which act as the Funds' Investment
Adviser.

155

Aston Funds

ADVISERS

Aston Asset Management LLC
120 N. LaSalle Street, 25th Floor
Chicago, IL 60602

Fortis Investment Management USA, Inc.
75 State Street
Boston, MA 02109

SUBADVISERS

Fortis Investment Management USA, Inc.
75 State Street
Boston, MA 02109

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

MFS Institutional Advisors Inc.
500 Boylston Street
Boston, MA 02116

Montag & Caldwell, Inc.
3455 Peachtree Road NE, Suite 1200
Atlanta, GA 30326

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
6060 Dutchmans Lane
One Paragon Centre, 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

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

Ernst & Young LLP
Sears Tower
233 S. Wacker Drive
Chicago, IL 60606

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

156

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.

ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEB SITE

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

www.astonfunds.com

Our 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.

(ASTON ASSET MANAGEMENT LOGO)

Aston Funds
P.O. Box 9765
Providence, RI 02940

ATN NIRAN 08

(ASTON FUNDS LOGO)

(GRAPHIC)

ANNUAL REPORT 2008
OCTOBER 31, 2008

CLASS Y, YS, & I SHARES
INSTITUTIONAL MONEY MARKET FUNDS

CLASS S & N SHARES
MONEY MARKET FUNDS

Aston Funds

Dear Fellow Shareholder:

- As we witnessed with the building and ultimate bursting of the
technology stock bubble earlier this decade, following the "herd" can
lead to disappointing results.

- Over time, maintaining a diversified portfolio throughout market
cycles generally has provided investors with less volatility and
returns that are more consistent with expectations.

- Investors also can look back on history to discover that some of the
best periods to have entered markets have been during periods of
widespread gloom and heightened volatility.

In the pages that follow this letter, please find the annual report for the
Aston Funds. We appreciate your investment with us and we send our best wishes
for a profitable and productive new year.

Sincerely,

/s/ Kenneth C. Anderson
Kenneth C. Anderson
President
Aston Funds

Aston Funds

TABLE OF CONTENTS

Portfolio Manager Commentary .............................................. 2
Performance Summary ....................................................... 3
Schedule of Investments ................................................... 4
Statement of Assets and Liabilities ....................................... 14
Statement of Operations ................................................... 18
Statements of Changes in Net Assets ....................................... 20
Financial Highlights ...................................................... 23
Notes to Financial Statements ............................................. 29
Report of Independent Registered Public Accounting Firm ................... 35
Additional Information .................................................... 36

MONEY MARKET FUNDS

Fortis Institutional Prime Money Market Fund
Fortis Government Money Market Fund
Fortis Money Market Fund
Fortis Tax-Exempt Money Market Fund
Fortis Treasury Money Market Fund
Aston/Fortis Investor Money Market Fund

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

Aston Funds

PORTFOLIO MANAGER COMMENTARY OCTOBER 31, 2008

FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND William Anderson, CFA
FORTIS GOVERNMENT MONEY MARKET FUND William Anderson, CFA
FORTIS MONEY MARKET FUND William Anderson, CFA
FORTIS TAX-EXEMPT MONEY MARKET FUND William Anderson, CFA
FORTIS TREASURY MONEY MARKET FUND William Anderson, CFA
ASTON/FORTIS INVESTOR MONEY MARKET FUND William Anderson, CFA

Q. What impact has the current financial crisis had on the Funds?

A. What started approximately a year ago as a housing market problem
quickly spilled over into Wall Street and ultimately morphed into an
economic slowdown on Main Street. The year was highlighted by
significant equity and bond market volatility, historic business
combinations and ultimately dramatic actions by governments and
central banks around the world. These actions included numerous
large-scale programs to increase funding for and enhance the liquidity
of the global financial system. Few asset classes were unaffected
during this turbulence, with stocks, commodities and most types of
bonds suffering significant price declines. Investors became
increasingly more cautious as the year wore on, moving money to
low-risk, liquid investments such as Treasury bills and money market
funds.

Q. How have the actions of the U.S. government affected the situation?

A. The market distress prompted a multi-pronged response from around the
world, ranging from governments shoring up private industry, to
setting up new lending facilities and slashing interest rates.
Importantly, the Federal Reserve Board embarked on a series of
short-term interest rate cuts designed to bolster the domestic
economy. We anticipated those rate cuts and positioned the Funds
accordingly with a slightly longer duration (sensitivity to changes in
interest rates) during much of past year, a strategy that enhanced
performance.

Money market funds play a critical role in global finance and as such
have specifically been targeted for government support. The Fed
created an asset-backed commercial paper (ABCP) warehouse to purchase
ABCP from money market funds and a funding facility for issuers, moves
which lubricate the lending process, enhance market liquidity, and
bolster investor confidence. The Treasury created a guarantee program
to help quell any investor concerns about money market mutual fund
safety. Such government initiatives already have improved the market
conditions and security valuations in the money market sector. They
also underscore the essential role of money market funds as an
important asset class in all economic environments.

Q. What is your current outlook?

A. We believe that mortgage-related losses, slowing consumer spending,
growth, rising unemployment, and asset deleveraging point clearly
toward a recession which is now official. As a result, we have
shortened portfolio durations in a defensive move, and have further
tightened our credit standards to emphasize the highest-quality names.
We hold no brokerage paper, nor any subprime asset-backed securities
or mortgage-backed securities, nor any paper issued by troubled
special structures including collateralized debt obligations,
collateralized loan obligations, or structured investment vehicles. We
are mindful of economic and market weakness, and are keeping quality
and liquidity as our top priorities.

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.

Aston Funds

PERFORMANCE SUMMARY OCTOBER 31, 2008

AVERAGE ANNUAL TOTAL RETURN
----------------------------------------
7-DAY LIFE
AVERAGE ONE FIVE OF INCEPTION
YIELD YEAR YEAR FUND DATE
------- ---- ---- ---- ---------

FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND
Class Y 2.51% 3.33% 3.45% 3.42% 12/28/99
Class YS 2.26 3.07 3.19 3.02 06/29/00
iMoneyNet First Tier Institutional Average Class Y 3.13 3.24 3.41
Class YS 3.06

AVERAGE ANNUAL TOTAL RETURN
----------------------------------------
7-DAY
AVERAGE ONE FIVE TEN INCEPTION
YIELD YEAR YEAR YEAR DATE
------- ---- ---- ---- ---------

FORTIS GOVERNMENT MONEY MARKET FUND*
Class I 0.57% 2.48% 3.12% 3.35% 01/04/93
Class S 0.29 2.16 2.79 3.02 04/22/93
iMoneyNet Government & Agency Retail Average 2.27 2.71 2.96

FORTIS MONEY MARKET FUND*
Class I 0.99 3.01 3.21 3.41 01/04/93
Class S 0.63 2.64 2.84 3.04 03/31/93
iMoneyNet First Tier Retail Average 2.64 2.78 3.00

FORTIS TAX-EXEMPT MONEY MARKET FUND*
Class I 1.26 1.98 2.17 2.22 01/04/93
Class S 1.01 1.73 1.91 1.96 03/24/93
iMoneyNet National Retail Average 2.06 1.96 2.00

FORTIS TREASURY MONEY MARKET FUND*
Class I 0.25 1.96 2.87 3.12 01/04/93
Class S 0.11 1.73 2.62 2.87 03/25/93
iMoneyNet Treasury & Repo Retail Average 1.64 2.49 2.78

ASTON/FORTIS INVESTOR MONEY MARKET FUND
Class N 0.60 2.28 2.85 3.13 12/14/93
iMoneyNet First Tier Retail Average 2.64 2.78 3.00

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

INDEXES ARE UNMANAGED AND DO NOT TAKE INTO ACCOUNT FEES, EXPENSES OR OTHER
COSTS.

PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.

* THE FUNDS' INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 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.

Aston Funds

FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

COMMERCIAL PAPER 44%
CERTIFICATES OF DEPOSIT 30%
INSURANCE FUNDING AGREEMENT 4%
CORPORATE NOTES AND BONDS 3%
CASH AND OTHER NET ASSETS 19%

% OF TOTAL NET ASSETS

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

COMMERCIAL PAPER (a) - 44.41%
ASSET-BACKED (b)- 24.25%
$ 29,510,000 Atlantic Asset Securitization
2.500%, 11/03/08 ........................................ $ 29,505,901
Barton Capital LLC
17,632,000 2.500%, 11/03/08 ........................................ 17,629,551
10,000,000 2.250%, 11/05/08 ........................................ 9,997,500
5,665,000 2.500%, 11/05/08 ........................................ 5,663,427
23,365,000 3.000%, 11/05/08 ........................................ 23,357,212
10,000,000 2.000%, 11/13/08 ........................................ 9,993,333
15,000,000 Falcon Asset Securitization LLC
2.500%, 11/10/08 ........................................ 14,990,625
19,000,000 Gemini Securitization LLC
2.900%, 12/16/08 ........................................ 18,931,125
20,000,000 Jupiter Securitization LLC
2.000%, 11/21/08 ........................................ 19,977,778
50,000,000 Old Line Funding LLC
2.450%, 11/06/08 ........................................ 49,982,986
Ranger Funding LLC
10,000,000 2.750%, 11/04/08 ........................................ 9,997,708
15,000,000 3.100%, 11/10/08 ........................................ 14,988,375
42,217,000 3.500%, 11/12/08 ........................................ 42,171,851
Thames Asset Global Securitization
15,000,000 2.000%, 11/07/08 ........................................ 14,995,000
12,558,000 2.900%, 12/16/08 ........................................ 12,512,477
12,584,000 2.850%, 12/17/08 ........................................ 12,538,173
Yorktown Capital LLC
26,000,000 2.600%, 11/06/08 ........................................ 25,990,611
10,000,000 3.500%, 11/14/08 ........................................ 9,987,361
-----------------
343,210,994
-----------------
BANKS - 14.91%
15,000,000 ANZ National International
2.740%, 11/25/08 (b) .................................... 14,972,600
15,000,000 Barclays US Funding
2.720%, 11/21/08 ........................................ 14,977,333
15,000,000 BNP Paribas Finance
3.070%, 12/17/08 ........................................ 14,941,158
20,000,000 Dexia (DE)
2.780%, 12/10/08 ........................................ 19,939,767

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

BANKS (CONTINUED)
$ 20,000,000 Natexis Banque US Finance
2.850%, 11/21/08 ........................................ $ 19,968,333
National Australia Funding (DE)
15,000,000 2.970%, 12/01/08 (b) .................................... 14,962,875
25,000,000 2.730%, 12/05/08 (b) .................................... 24,935,542
10,000,000 Nordea NA
2.780%, 02/13/09 ........................................ 9,919,689
Societe Generale
20,000,000 3.020%, 11/07/08 ........................................ 19,989,933
4,500,000 3.500%, 11/13/08 ........................................ 4,494,750
15,000,000 2.810%, 11/14/08 ........................................ 14,984,779
22,000,000 Svenska Handlesbank
2.840%, 01/12/09 ........................................ 21,875,040
15,000,000 Toronto Dominion Holdings USA
2.780%, 12/05/08 (b) .................................... 14,960,617
-----------------
210,922,416
-----------------
FINANCE - 5.25%
American Honda Finance
14,315,000 2.100%, 11/10/08 ........................................ 14,307,485
10,000,000 2.150%, 11/13/08 ........................................ 9,992,833
Toyota Motor Credit
30,000,000 2.000%, 11/04/08 ........................................ 29,995,000
20,000,000 2.000%, 11/05/08 ........................................ 19,995,556
-----------------
74,290,874
-----------------
TOTAL COMMERCIAL PAPER
(Cost $628,424,284) ........................................ 628,424,284
-----------------
CERTIFICATES OF DEPOSIT - 29.55%
Abbey National Treasury
15,000,000 2.755%, 12/01/08 ........................................ 15,000,062
25,000,000 2.870%, 12/29/08 ........................................ 25,000,000
20,000,000 Bank of America
2.970%, 02/09/09 ........................................ 20,000,000
10,000,000 Bank of Nova Scotia (Houston)
3.144%, 05/05/09 (c) .................................... 10,003,356
23,000,000 Barclays Bank PLC (NY)
5.095%, 03/16/09 (c) .................................... 23,000,000
BNP Paribas (NY)
20,000,000 3.090%, 02/20/09 ........................................ 20,000,000
15,000,000 3.060%, 03/05/09 ........................................ 15,000,000
Calyon (NY)
20,000,000 2.740%, 11/14/08 ........................................ 20,000,000
20,000,000 3.130%, 03/09/09 ........................................ 20,000,000
Nordea Bank Finland (NY)
20,000,000 4.670%, 11/05/08 ........................................ 20,004,561
8,300,000 3.683%, 12/01/08 (c) .................................... 8,296,374
26,875,000 4.128%, 04/09/09 (c) .................................... 26,827,485
20,000,000 Rabobank Nederland (NY)
2.950%, 02/17/09 ........................................ 20,000,000
Royal Bank of Scotland (NY)
30,000,000 2.960%, 11/03/08 ........................................ 30,000,259
20,000,000 2.960%, 11/17/08 ........................................ 20,000,701
20,000,000 2.940%, 12/29/08 ........................................ 20,000,607
25,000,000 State Street Bank & Trust
2.950%, 03/10/09 ........................................ 25,000,000
25,000,000 Svenska Handlesbank
3.250%, 11/24/08 ........................................ 25,006,352
15,000,000 Toronto Dominion Holdings USA
3.000%, 02/17/09 ........................................ 15,000,443

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

CERTIFICATES OF DEPOSIT (CONTINUED)
US Bank NA
$ 20,000,000 2.900%, 02/06/09 ........................................ $ 20,000,000
20,000,000 2.950%, 03/04/09 ........................................ 20,000,000
-----------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $418,140,200) ........................................ 418,140,200
-----------------
CORPORATE NOTES AND BONDS - 3.27%
BANKS - 3.27%
12,251,000 Bank of America
5.875%, 02/15/09 ........................................ 12,343,627
28,900,000 Bank of America NA
2.810%, 02/27/09 (c) .................................... 28,887,577
5,000,000 National Australia Bank
3.009%, 02/19/09 (c) (d) ................................ 5,000,314
-----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $46,231,518) ......................................... 46,231,518
-----------------
INSURANCE FUNDING AGREEMENT - 3.53%
50,000,000 ING USA Annuity & Life Insurance
3.151%, 11/03/08 (e) .................................... 50,000,000
-----------------
TOTAL INSURANCE FUNDING AGREEMENT
(Cost $50,000,000) ......................................... 50,000,000
-----------------

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

INVESTMENT COMPANIES - 19.01%
57,031,389 AIM STIT Government & Agency Portfolio ..................... 57,031,389
70,176,746 AIM STIT Liquid Assets Portfolio ........................... 70,176,746
624 AIM STIT Treasury Portfolio ................................ 624
71,693,950 BlackRock Liquidity Funds TempCash Portfolio ............... 71,693,950
70,000,000 BlackRock Liquidity Funds TempFund Portfolio ............... 70,000,000
-----------------
TOTAL INVESTMENT COMPANIES
(Cost $268,902,709) ........................................ 268,902,709
-----------------
TOTAL INVESTMENTS - 99.77%
(Cost $1,411,698,711)* ...................................................... 1,411,698,711
-----------------
NET OTHER ASSETS AND LIABILITIES - 0.23% ....................................... 3,265,231
-----------------
NET ASSETS - 100.00% ........................................................... $ 1,414,963,942
=================

- ----------
* At October 31, 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 October 31, 2008, these
securities amounted to $413,042,628 or 29.19% of net assets. These
securities have been determined by the Adviser to be liquid securities.

(d) Security exempt from registration under section 144A of the Securities Act
of 1933, as amended. This security may only be resold in an exempt
transaction to qualified institutional buyers. At October 31, 2008, this
security amounted to $5,000,314 or 0.35% of net assets. This security has
been determined by the Adviser to be a liquid security.

(e) The rate shown reflects the rate in effect on October 31, 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 October 31, 2008, this security amounted to
$50,000,000 or 3.53% of net assets.

(DE) Delaware

(NY) New York

STIT Short-Term Investments Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS GOVERNMENT MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

REPURCHASE AGREEMENTS 81%
CASH AND OTHER NET ASSETS 19%

% OF TOTAL NET ASSETS

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

REPURCHASE AGREEMENTS - 81.09%
$ 105,000,000 Bank of America, 0.200%, dated 10/31/08, matures 11/03/08,
repurchase price $105,001,750 (collateralized by U.S.
Government Agency instruments, with interest rates of
5.000% and maturities of 2038, total market value
$107,100,000) ........................................... $ 105,000,000

39,000,000 Deutsche Bank, 0.250%, dated 10/31/08, matures 11/03/08,
repurchase price $39,000,812 (collateralized by U.S.
Government Agency instruments, with interest rates from
4.055% to 7.000% and maturities from 2027 to 2042, total
market value $39,780,001) ............................... 39,000,000

100,000,000 JPMorgan Chase, 0.150%, dated 10/31/08, matures 11/03/08,
repurchase price $ 100,001,250 (collateralized by U.S.
Treasury instrument, with interest rate of 6.000% and
maturity of 2009, total market value $102,003,151) ...... 100,000,000
-----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $244,000,000) ........................................ 244,000,000
-----------------

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

INVESTMENT COMPANY - 18.96%
27,102,010 AIM STIT Government & Agency Portfolio ..................... $ 27,102,010
29,960,007 BlackRock Liquidity Funds FedFund Portfolio ................ 29,960,007
-----------------
TOTAL INVESTMENT COMPANY
(Cost $ 57,062,017) ........................................ 57,062,017
-----------------
TOTAL INVESTMENTS - 100.05%
(Cost $301,062,017)* ........................................................ 301,062,017
-----------------
NET OTHER ASSETS AND LIABILITIES - (0.05)% ..................................... (161,429)
-----------------
NET ASSETS - 100.00% ........................................................... $ 300,900,588
=================

- ----------
* At October 31, 2008, cost is identical for book and Federal income tax
purposes.

STIT Short-Term Investments Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

COMMERCIAL PAPER 15%
CERTIFICATES OF DEPOSIT 9%
CORPORATE NOTES AND BONDS 4%
REPURCHASE AGREEMENT 69%
CASH AND OTHER NET ASSETS 3%

% OF TOTAL NET ASSETS

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

COMMERCIAL PAPER (a) - 14.59%
BANKS - 12.72%
$ 10,000,000 Danske
2.805%, 12/08/08 (b) .................................... $ 9,971,171
5,000,000 Dexia (DE)
2.780%, 12/10/08 ........................................ 4,984,942
5,000,000 ING Funding
2.710%, 11/14/08 ........................................ 4,995,107
3,000,000 National Australia Funding (DE)
2.930%, 12/16/08 (b) .................................... 2,989,013
5,000,000 Rabobank USA Finance
2.680%, 11/25/08 ........................................ 4,991,067
6,000,000 Svenska Handlesbank
2.840%, 01/12/09 ........................................ 5,965,920
-----------------
33,897,220
-----------------
FINANCE - 1.87%
5,000,000 Calyon (NY)
2.690%, 11/25/08 ........................................ 4,991,033
-----------------
TOTAL COMMERCIAL PAPER
(Cost $38,888,253).......................................... 38,888,253
-----------------
CERTIFICATES OF DEPOSIT - 9.38%
10,000,000 Lloyds Bank
2.620%, 11/12/08 ........................................ 10,000,060
5,000,000 Rabobank Nederland (NY)
2.950%, 02/17/09 ........................................ 5,000,000
5,000,000 Royal Bank of Canada (NY)
2.760%, 12/01/08 ........................................ 5,000,041
5,000,000 US Bank NA
2.900%, 02/06/09 ........................................ 5,000,000
-----------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $25,000,101).......................................... 25,000,101
-----------------

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

CORPORATE NOTES AND BONDS - 3.75%
$ 10,000,000 General Electric Capital
2.961%, 12/01/08 (c) .................................... $ 10,002,965
-----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $10,002,965).......................................... 10,002,965
-----------------
REPURCHASE AGREEMENT - 69.03%
184,000,000 Bank of America, 0.200% dated 10/31/08, matures 11/03/08,
repurchase price $184,003,067 (collateralized by U.S.
Government Agency instruments, with interest rates from
5.000% to 6.000% and maturities of 2038, total market
value $187,680,000) .................................... 184,000,000
-----------------
TOTAL REPURCHASE AGREEMENT
(Cost $184,000,000) ....................................... 184,000,000
-----------------

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

INVESTMENT COMPANY - 3.22%
8,591,463 BlackRock Liquidity Funds TempFund Portfolio 11/03/08 ...... 8,591,463
-----------------
TOTAL INVESTMENT COMPANY
(Cost $8,591,463) .......................................... 8,591,463
-----------------
TOTAL INVESTMENTS - 99.97%
(Cost $266,482,782)* ........................................................ 266,482,782
-----------------
NET OTHER ASSETS AND LIABILITIES - 0.03% ....................................... 67,201
-----------------
NET ASSETS - 100.00% ........................................................... $ 266,549,983
=================

- ----------
* At October 31, 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 October 31, 2008, these
securities amounted to $12,960,184 or 4.86% 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.

Aston Funds

FORTIS TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

GENERAL OBLIGATION 20%
EDUCATION 11%
MEDICAL 14%
UTILITIES 14%
POLLUTION 9%
TRANSPORTATION 2%
HOUSING 2%
CASH AND OTHER NET ASSETS 28%

% OF TOTAL NET ASSETS

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

MUNICIPAL OBLIGATIONS - 71.56%
ARIZONA - 2.56%
Salt River Agricultural Improvement & Power TECP,
$ 1,500,000 1.520%, 11/03/08 (a) .................................... $ 1,500,000
1,500,000 1.550%, 12/02/08 (a) .................................... 1,500,000
-----------------
3,000,000
-----------------
CALIFORNIA - 5.12%
1,190,000 Alameda-Contra Costa Schools Financing Authority Capital
Improvement Financing Projects, Series A Certificate of
Participation 1.600%, 11/06/08 (b) LOC: Bank of Nova
Scotia .................................................. 1,190,000
600,000 California Pollution Control Financing Authority Pacific
Gas & Electric, Series C 1.000%, 11/03/08 (b) LOC:
JPMorgan Chase Bank ..................................... 600,000
California State Department of Water Resources Power Supply
RB,
500,000 Series B-2
0.900%, 11/03/08 (b)
LOC: BNP Paribas ........................................ 500,000
600,000 Sub Series F-2
0.900%, 11/03/08 (b)
LOC: JPMorgan Chase Bank,
Societe Generale ........................................ 600,000
575,000 Sub Series F-5
0.900%, 11/03/08 (b)
LOC: Citibank ........................................... 575,000

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

CALIFORNIA (CONTINUED)
California State, GO,
Daily-Kindergarten-University
$ 800,000 Series B-1
0.950%, 11/03/08 (b)
LOC: Citibank; State Street;
National Australia Bank ................................. $ 800,000
Series A-1
1,100,000 0.900%, 11/03/08 (b)
LOC: WestLB AG,
JPMorgan Chase Bank ..................................... 1,100,000
Weekly-Kindergarten-University
630,000 Series A-6
0.900%, 11/06/08 (b)
LOC: Citibank ........................................... 630,000
-----------------
5,995,000
-----------------
COLORADO - 0.01%
15,000 Colorado Educational & Cultural
Facilities RB,
Naropa University Project
1.650%, 11/07/08 (b)
LOC: Wells Fargo Bank ................................... 15,000
-----------------
CONNECTICUT - 5.13%
1,200,000 Connecticut State Health, GO,
Series B
1.350%, 11/07/08 (b)
SPA: Bayerische Landesbank .............................. 1,200,000
800,000 Connecticut State HEFA RB,
Yale University
Series V-1
0.700%, 11/03/08 (b) .................................... 800,000
4,000,000 Connecticut State HEFA TECP
1.420%, 12/11/08 (a) .................................... 4,000,000
-----------------
6,000,000
-----------------
FLORIDA - 9.75%
2,900,000 Jacksonville Electric
Authority System RB,
Series C-4
1.400%, 11/06/08 (b)
SPA: Bank of Novia Scotia ............................... 2,900,000
Jacksonville Electric Authority TECP
3,000,000 1.600%, 11/04/08 (a) .................................... 3,000,000
5,503,000 1.550%, 12/03/08 (a) .................................... 5,503,000
-----------------
11,403,000
-----------------
ILLINOIS - 4.19%
2,100,000 Illinois Development
Financing Authority PCR,
Amoco Oil Project
1.150%, 11/03/08 (b) .................................... 2,100,000
1,000,000 Illinois Finance Authority RB
Northwest Community Hospital
Series C
1.400%, 11/06/08 (b)
LOC: Wells Fargo Bank ................................... 1,000,000
1,800,000 Illinois Health Facilities Authority RB,
Series A
1.500%, 11/05/08 (b)
LOC: Northern Trust Co. ................................. 1,800,000
-----------------
4,900,000
-----------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

INDIANA - 2.31%
$ 2,700,000 Hammond PCR,
Amoco Oil Project
0.900%, 11/03/08 (b) .................................... $ 2,700,000
-----------------
MARYLAND - 3.50%
4,100,000 Maryland State Health & Higher
Education Facilities Authority RB,
Pooled Loan Program,
Series B
1.430%, 11/05/08 (b)
LOC: JPMorgan Chase & Co. ............................... 4,100,000
-----------------
MASSACHUSETTS - 0.55%
640,000 Massachusetts State
Central Artery, GO,
Series B
1.150%, 11/03/08 (b)
SPA: State Street Bank & Trust .......................... 640,000
-----------------
MINNESOTA - 5.21%
1,905,000 Hennepin County, GO, Series A
1.600%, 11/07/08 (b)
SPA: State Street Bank & Trust .......................... 1,905,000
1,610,000 Minneapolis Convention Center,
GO, Convention Center Bonds
1.920%, 11/06/08 (b)
SPA: Dexia Credit Local ................................. 1,610,000
80,000 Minneapolis, Library, GO,
1.920%, 11/06/08 (b)
SPA: Dexia Credit Local ................................. 80,000
2,000,000 St Louis Park RB,
Park Nicollet, Series A
1.600%, 11/06/08 (b)
LOC: Wells Fargo Bank ................................... 2,000,000
500,000 University of Minnesota RB,
Series A
1.250%, 11/07/08 (b)
SPA: Landesbank Hessen
Thueringen Girozentrale ................................. 500,000
-----------------
6,095,000
-----------------
MISSISSIPPI - 1.64%
1,925,000 Jackson County PCR,
Chevron USA Project
1.200%, 11/03/08 (b) .................................... 1,925,000
-----------------
MISSOURI - 0.43%
500,000 Missouri State HEFA RB,
Deaconess Long Term Care,
Series B
1.400%, 11/05/08 (b)
LOC: JPMorgan Chase Bank ................................ 500,000
-----------------
NEW MEXICO - 1.20%
1,400,000 Hurley PCR,
Kennecott Santa Fe
1.150%, 11/03/08 (b) .................................... 1,400,000
-----------------

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

NEW YORK - 6.15%
$ 1,400,000 New York City Housing
Development Corp,
Mortgage RB,
Multi-Family, The Crest,
Series A 1.800%,
11/07/08 (b)
LOC: Landesbank Hessen
Thueringen Girozentrale ................................. $ 1,400,000
1,800,000 New York City, GO,
Sub Series E-5
1.150%, 11/03/08 (b)
LOC: JPMorgan Chase Bank ................................ 1,800,000
500,000 New York State Housing
Finance Agency RB,
10 Liberty, Series A
1.400%, 11/05/08 (b)
Insured: Freddie Mac .................................... 500,000
New York Transitional Finance
Authority RB,
Future Tax Secured,
2,500,000 Series A-1
1.950%, 11/07/08 (b)
SPA: JPMorgan Chase Bank ................................ 2,500,000
New York City Recovery
1,000,000 Series 1, Sub Series 1-B
1.950%, 11/05/08 (b) .................................... 1,000,000
-----------------
7,200,000
-----------------
NORTH CAROLINA - 9.56%
2,296,000 North Carolina Capital
Facilities Finance Agency TECP
1.520%, 11/05/08 (a) .................................... 2,296,000
1,300,000 North Carolina Educational
Facilities Finance Agency RB,
Duke University Project, Series A
1.100%, 11/06/08 (b) .................................... 1,300,000
2,255,000 North Carolina Medical Care
Commission, Hospital RB,
Duke University Hospital,
Series A
2.300%, 11/06/08 (b)
SPA: Wachovia Bank ...................................... 2,255,000
2,200,000 North Carolina State, Public
Improvement GO,
Series F
1.100%, 11/05/08 (b)
SPA: Landesbank Hessen
Thueringen Girozentrale ................................. 2,200,000
University of North Carolina
Chapel Hill Foundation Inc.,
Certificate of Participation
2,000,000 1.800%, 11/05/08 (b)
LOC: Bank of America .................................... 2,000,000
University RB, Series B
1,135,000 1.300%, 11/05/08 (b) .................................... 1,135,000
-----------------
11,186,000
-----------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS - CONTINUED

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

PENNSYLVANIA - 2.14%
$ 500,000 Delaware County Industrial
Development Authority
Resource Recovery Facilities,
Series G
1.400%, 11/05/08 (b) ................................... $ 500,000
2,000,000 Pennsylvania State Turnpike
Commission RB,
Series B-3
1.500%, 11/06/08 (b)
LOC: Bank of America ................................... 2,000,000
-----------------
2,500,000
-----------------
VIRGINIA - 6.58%
Loudoun County Industrial
Development Authority RB,
Howard Hughes Medical Institute
1,400,000 Series A
1.250%, 11/07/08 (b) ................................... 1,400,000
1,500,000 Series B
1.250%, 11/05/08 (b) ................................... 1,500,000
4,800,000 Series C
1.200%, 11/07/08 (b) .................................. 4,800,000
-----------------
7,700,000
-----------------
WISCONSIN - 3.78%
2,000,000 Wisconsin HEFA RB,
Medical College of Wisconsin,
Series B
1.450%, 11/06/08 (b)
LOC: U.S. Bank ......................................... 2,000,000
2,424,000 Wisconsin State TECP
1.750%, 11/13/08 (a) ................................... 2,424,000
-----------------
4,424,000
-----------------
WYOMING - 1.75%
650,000 Sublette County PCR,
Exxon Project
0.600%, 11/03/08 (b) ................................... 650,000
1,400,000 Sweetwater County PCR TECP
1.650%, 11/03/08 (a) ................................... 1,400,000
-----------------
2,050,000
-----------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $83,733,000) ......................................... 83,733,000
-----------------

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

INVESTMENT COMPANIES - 18.42%
10,050,370 AIM TFIT-Tax-Free Reserve Portfolio ........................ $ 10,050,370
11,494,028 BlackRock Provident Institutional MuniCash Portfolio ....... 11,494,028
1,337 Dreyfus Tax Exempt Cash Management Fund ................... 1,337
2,806 SEI Tax-Exempt Trust Institutional Tax Free Fund ........... 2,806
-----------------
TOTAL INVESTMENT COMPANIES
(Cost $21,548,541) ......................................... 21,548,541
-----------------
TOTAL INVESTMENTS - 89.98%
(Cost $105,281,541)* ........................................................ 105,281,541
-----------------
NET OTHER ASSETS AND LIABILITIES - 10.02% ...................................... 11,719,765
-----------------
NET ASSETS - 100.00% ........................................................... $ 117,001,306
=================

- ----------
* At October 31, 2008, cost is identical for book and Federal income tax
purposes.

(a) Annualized yield at the time of purchase.

(b) Variable rate instrument. The rate shown reflects the rate in effect on
October 31, 2008. The maturity date shown is the next scheduled demand
date.

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.

Aston Funds

FORTIS TREASURY MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH AND OTHER NET ASSETS 2%
REPURCHASE AGREEMENTS 98%

% OF TOTAL NET ASSETS

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

REPURCHASE AGREEMENTS - 98.17%
$ 40,000,000 Bank of America, 0.100%, dated 10/31/08, matures 11/03/08,
repurchase price $40,000,333 (collateralized by U.S.
Treasury instruments, with interest rates from 3.375% to
4.500% and maturities from 2012 to 2013, total market
value $40,800,001)....................................... $ 40,000,000
40,000,000 Barclays Capital, 0.150%, dated 10/31/08, matures 11/03/08,
repurchase price $40,000,500 (collateralized by a U.S.
Treasury instrument, with interest rate of 8.750% and
maturity of 2017, total market value $40,800,080)........ 40,000,000
40,000,000 Deutsche Bank, 0.100%, dated 10/31/08, matures 11/03/08,
repurchase price $40,000,333 (collateralized by a U.S.
Treasury instrument, with interest rate of 6.125% and
maturity of 2027, total market value $40,800,106)........ 40,000,000
-----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $120,000,000) ........................................ 120,000,000
-----------------

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

INVESTMENT COMPANY - 1.88%
83,187 AIM STIT Treasury Portfolio ................................ $ 83,187
2,220,127 BlackRock Liquidity Funds
T-Fund Portfolio ........................................ 2,220,127
-----------------
TOTAL INVESTMENT COMPANY
(Cost $2,303,314) .......................................... 2,303,314
-----------------
TOTAL INVESTMENTS - 100.05%
(Cost $122,303,314)* ........................................................ 122,303,314
-----------------
NET OTHER ASSETS AND LIABILITIES - (0.05)% ..................................... (60,067)
-----------------
NET ASSETS - 100.00% ........................................................... $ 122,243,247
=================

- ----------
* At October 31, 2008, cost is identical for book and Federal income tax
purposes.

STIT Short-Term Investments Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

ASTON/FORTIS INVESTOR MONEY MARKET FUND OCTOBER 31, 2008

SCHEDULE OF INVESTMENTS

(PIE CHART)

CASH AND OTHER NET ASSETS 1%
REPURCHASE AGREEMENTS 62%
BANKS 20%
FINANCE 3%
CERTIFICATES OF DEPOSIT 11%
CORPORATE NOTES & BONDS 3%

% OF TOTAL NET ASSETS

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

COMMERCIAL PAPER (a) - 22.50%
BANKS - 19.69%
$ 1,000,000 Bank of Nova Scotia
2.670%, 11/25/08 ........................................ $ 998,220
1,000,000 Danske
2.805% 12/08/08 (b) ..................................... 997,117
1,000,000 Dexia (DE)
2.650%, 11/04/08 ........................................ 999,779
1,000,000 ING Funding
2.710%, 11/14/08 ........................................ 999,021
1,000,000 Nordea NA
2.520%, 11/07/08 ........................................ 999,580
1,000,000 Societe Generale NA
2.750%, 12/11/08 ........................................ 996,945
1,000,000 Svenska Handlesbank
2.700%, 11/13/08 ........................................ 999,100
-----------------
6,989,762
FINANCE - 2.81%
1,000,000 Rabobank USA Finance
2.500%, 11/25/08 ........................................ 998,333
-----------------
TOTAL COMMERCIAL PAPER
(Cost $7,988,095) .......................................... 7,988,095
-----------------
CERTIFICATES OF DEPOSIT - 11.26%
1,000,000 Calyon (NY)
2.770%, 11/14/08 ........................................ 1,000,007
1,000,000 Chase Bank USA NA
2.730%, 11/17/08 ........................................ 1,000,075
1,000,000 Lloyds Bank
2.620%, 11/12/08 ........................................ 1,000,006
1,000,000 Royal Bank of Canada (NY)
2.760%, 12/01/08 ........................................ 1,000,008
-----------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $4,000,096) .......................................... 4,000,096
-----------------

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

CORPORATE NOTES AND BONDS - 2.82%
FINANCE - 2.82%
$ 1,000,000 General Electric Capital
2.961%, 12/01/08 (c) .................................... $ 1,000,297
-----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $1,000,297) ....................................... 1,000,297
-----------------

MARKET
VALUE
-----------------

REPURCHASE AGREEMENTS - 61.96%
11,000,000 Bank of America, 0.200%, dated 10/31/08, matures 11/03/08,
repurchase price $11,000,183 (collateralized by U.S.
Government Agency instrument, with interest rate of
6.000% and maturity of 2038, total market value
$11,220,000) 0.200%, 11/03/08 ........................... 11,000,000
11,000,000 Deutche Bank, 0.250%, dated 10/31/08, matures 11/03/08,
repurchase price $11,000,229 (collateralized by U.S.
Government Agency instruments, with interest rates from
5.487% to 7.000% and maturities from 2036 to 2038, total
market value $11,220,000) 0.250%, 11/03/08 .............. 11,000,000
-----------------
TOTAL REPURCHASE AGREEMENTS
(Cost $22,000,000) ...................................... 22,000,000
-----------------

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

INVESTMENT COMPANY - 1.56%
555,963 BlackRock Liquidity Funds
TempFund Portfolio ...................................... 555,964
-----------------
TOTAL INVESTMENT COMPANY
(Cost $555,964) ............................................ 555,964
-----------------
TOTAL INVESTMENTS - 100.10%
(Cost $35,544,452)* ......................................................... $ 35,544,452
-----------------
NET OTHER ASSETS AND LIABILITIES - (0.10)% ..................................... (36,093)
-----------------
NET ASSETS - 100.00% ........................................................... $ 35,508,359
=================

- ----------
* At October 31, 2008, cost is identical for book and Federal income tax
purposes.

(a) Annualized yield at the time of purchase.

(b) Security exempt from registration under section 4(2) of the Securities Act
of 1933, as amended. This security may only be resold in an exempt
transaction to qualified institutional buyers. At October 31, 2008, this
security amounted to $997,117 or 2.81% of net assets. This security has
been determined by the Adviser to be a liquid security.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

This page is left blank intentionally.

Aston Funds

OCTOBER 31, 2008

STATEMENT OF ASSETS AND LIABILITIES

FORTIS
INSTITUTIONAL FORTIS FORTIS
PRIME MONEY GOVERNMENT MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND
-------------- ---------------- ------------

ASSETS:
Investments:
Investments at amortized cost .................. $1,411,698,711 $ 57,062,017 $ 82,482,782
Repurchase agreements at cost .................. -- 244,000,000 184,000,000
-------------- ------------ ------------
Total investments at value .................. 1,411,698,711 301,062,017 266,482,782
Cash ................................................. 1,256,184 -- --
Receivables:
Dividends and interest ......................... 5,050,041 76,648 204,601
Fund shares sold ............................... 5,000 95,488 3,223
Investments sold ............................... -- -- --
Other assets ......................................... 125,399 25,352 19,738
-------------- ------------ ------------
Total assets ................................ 1,418,135,335 301,259,505 266,710,344
-------------- ------------ ------------
LIABILITIES:
Payables:
Dividend distribution .......................... 2,808,977 205,137 --
Fund shares redeemed ........................... 1,000 24,992 4,100
Due to Adviser, net (Note E) ................... 133,665 55,231 57,269
Administration fees (Note E) ................... 66,569 15,879 10,822
Distribution fees (Note E) ..................... -- 1,160 16,502
Audit and tax fees ............................. 18,437 16,186 16,109
Custodian fees ................................. 25,605 7,341 4,445
Transfer agent fees ............................ 11,918 8,181 8,347
Reports to shareholders expense ................ 4,786 14,171 14,075
Shareholder service fees (Note E) .............. 1,667 2,017 24,185
Trustees fees and related expenses (Note E) .... 17,062 3,632 856
Accrued expenses and other payables .................. 81,707 4,990 3,651
-------------- ------------ ------------
Total liabilities ........................... 3,171,393 358,917 160,361
-------------- ------------ ------------
NET ASSETS ........................................... $1,414,963,942 $300,900,588 $266,549,983
============== ============ ============
NET ASSETS CONSIST OF:
Paid in capital ................................... $1,414,949,727 $300,836,231 $266,546,278
Accumulated undistributed net investment income ... 14,215 64,357 3,705
-------------- ------------ ------------
TOTAL NET ASSETS ..................................... $1,414,963,942 $300,900,588 $266,549,983
============== ============ ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OCTOBER 31, 2008

FORTIS FORTIS ASTON/FORTIS
TAX-EXEMPT MONEY TREASURY MONEY INVESTOR MONEY
MARKET FUND MARKET FUND MARKET FUND
- ---------------- -------------- --------------

$105,281,541 $ 2,303,314 $13,544,452
-- 120,000,000 22,000,000
------------ ------------ -----------
105,281,541 122,303,314 35,544,452
-- -- --

378,940 15,324 29,738
-- -- 2,903
11,661,682 -- --
16,838 2,433 3,300
------------ ------------ -----------
117,339,001 122,321,071 35,580,393
------------ ------------ -----------

260,659 20,681 157
-- -- 22,974
24,844 7,137 11,937
7,807 12,546 2,882
1,987 2,812 --
16,107 15,920 15,826
4,045 3,761 3,471
8,208 8,932 8,182
7,547 3,118 1,259
-- -- --
2,243 2,510 1,075
4,248 407 4,271
------------ ------------ -----------
337,695 77,824 72,034
------------ ------------ -----------
$117,001,306 $122,243,247 $35,508,359
============ ============ ===========

$117,001,306 $122,234,572 $35,507,445
-- 8,675 914
------------ ------------ -----------
$117,001,306 $122,243,247 $35,508,359
============ ============ ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OCTOBER 31, 2008

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED

FORTIS
INSTITUTIONAL FORTIS FORTIS
PRIME MONEY GOVERNMENT MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND
-------------- ---------------- ------------

CLASS Y:
Net Assets ............................................................ $1,407,183,806 $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) ... 1,407,171,067 -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................. $ 1.00 $ -- $ --
============== ============ ============
CLASS YS:
Net Assets ............................................................ $ 7,780,136 $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) ... 7,783,430 -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................. $ 1.00 $ -- $ --
============== ============ ============
CLASS I:
Net Assets ............................................................ $ -- $299,814,490 $ 1,545,872
Shares of beneficial interest outstanding (unlimited authorization) ... -- 299,752,766 1,545,703
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................. $ -- $ 1.00 $ 1.00
============== ============ ============
CLASS S:
Net Assets ............................................................ $ -- $ 1,086,098 $265,004,111
Shares of beneficial interest outstanding (unlimited authorization) ... -- 1,085,200 265,000,839
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................. $ -- $ 1.00 $ 1.00
============== ============ ============
CLASS N:
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.

Aston Funds

OCTOBER 31, 2008

FORTIS FORTIS ASTON/FORTIS
TAX-EXEMPT MONEY TREASURY MONEY INVESTOR MONEY
MARKET FUND MARKET FUND MARKET FUND
- ---------------- -------------- --------------

$ -- $ -- $ --
-- -- --

$ -- $ -- $ --
============ ============ ===========

$ -- $ -- $ --
-- -- --

$ -- $ -- $ --
============ ============ ===========

$116,108,705 $121,403,725 $ --
116,109,498 121,402,367 --

$ 1.00 $ 1.00 $ --
============ ============ ===========

$ 892,601 $ 839,522 $ --
893,233 839,456 --

$ 1.00 $ 1.00 $ --
============ ============ ===========

$ -- $ -- $35,508,359
-- -- 35,507,599

$ -- $ -- $ 1.00
============ ============ ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FOR THE YEAR ENDED OCTOBER 31, 2008

STATEMENT OF OPERATIONS

FORTIS
INSTITUTIONAL FORTIS FORTIS
PRIME MONEY GOVERNMENT MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND
------------- ---------------- -----------

INVESTMENT INCOME:
Dividends ........................................... $ 5,579,392 $ 610,036 $ 205,182
Interest ............................................ 60,532,097 9,514,107 8,885,760
----------- ------------ -----------
Total investment income .......................... 66,111,489 10,124,143 9,090,942
----------- ------------ -----------
EXPENSES:
Investment advisory fees (Note E) ................... 1,889,085 731,241 959,930
Distribution expenses (Note E) (a) .................. -- 152,800 672,035
Shareholder service fees (Note E) (b) ............... 21,106 42,784 295,695
Transfer agent fees ................................. 42,139 34,191 35,123
Administration fees (Note E) ........................ 992,358 202,607 154,605
Registration expenses ............................... 50,461 28,722 26,303
Custodian fees ...................................... 92,128 24,514 16,859
Audit and tax fees .................................. 24,726 22,067 21,990
Legal fees .......................................... 98,918 18,899 14,082
Reports to shareholder expense ...................... 31,621 23,268 49,173
Trustees fees and related expenses (Note E) ......... 129,387 24,768 18,922
Interest expense (Note F) ........................... -- 1,589 247
Other expenses ...................................... 313,628 48,885 36,769
----------- ------------ -----------
Total expenses before waivers/reimbursements ..... 3,685,557 1,356,335 2,301,733
----------- ------------ -----------
Less: Investment advisory fees waived (Note E) ... -- (16,360) (308,945)
Less: Distribution expenses waived (Note E) ...... -- (9) --
----------- ------------ -----------
Net expenses ..................................... 3,685,557 1,339,966 1,992,788
----------- ------------ -----------
NET INVESTMENT INCOME ............................... 62,425,932 8,784,177 7,098,154
----------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments .................... 11,139 32,735 3,932
----------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ........ 11,139 32,735 3,932
----------- ------------ -----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............. $62,437,071 $ 8,816,912 $ 7,102,086
=========== ============ ===========

- ----------
(a) Fees are incurred at the Class S level for all funds except Fortis
Institutional Prime Money Market Fund and Aston/Fortis Investor Money
Market Fund, which do not have a distribution expense.

(b) Fees are incurred at the Class S level for all funds except for the
Institutional Prime Money Market Fund, which is incurred at the Class YS
level, and Aston/Fortis Investor Money Market Fund, which does not have a
distribution expense.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FOR THE YEAR ENDED OCTOBER 31, 2008

FORTIS FORTIS ASTON/FORTIS
TAX-EXEMPT MONEY TREASURY MONEY INVESTOR MONEY
MARKET FUND MARKET FUND MARKET FUND
- ---------------- -------------- --------------

$ 374,054 $ 219,871 $ 20,824
5,585,031 3,936,620 1,038,042
---------- ---------- ----------
5,959,085 4,156,491 1,058,866
---------- ---------- ----------

919,145 721,879 136,939
134,161 87,028 --
-- -- --
33,875 36,474 39,112
151,931 120,638 31,005
26,086 25,243 23,318
15,277 19,930 9,178
21,988 21,802 21,666
13,132 12,642 2,189
12,472 7,706 2,199
20,922 15,943 2,520
7,257 -- --
64,467 49,687 19,094
---------- ---------- ----------
1,420,713 1,118,972 287,220
---------- ---------- ----------
(404,473) (359,011) --
-- (16,461) --
---------- ---------- ----------
1,016,240 743,500 287,220
---------- ---------- ----------
4,942,845 3,412,991 771,646
---------- ---------- ----------

-- 8,723 914
---------- ---------- ----------
-- 8,723 914
---------- ---------- ----------
$4,942,845 $3,421,714 $ 772,560
========== ========== ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS

FORTIS INSTITUTIONAL PRIME FORTIS
MONEY MARKET FUND GOVERNMENT MONEY MARKET FUND
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
----------------- ---------------- -------------------------------
2008 2007 2008 2007
--------------- ---------------- ------------- ---------------

NET ASSETS AT BEGINNING OF YEAR ................ $ 1,771,613,713 $ 2,488,864,440 $ 358,040,547 $ 500,369,242
--------------- ---------------- ------------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income .................... 62,425,932 122,224,866 8,784,177 22,835,060
Net realized gain on investments ......... 11,139 3,478 32,735 --
--------------- ---------------- ------------- ---------------
Net increase in net assets from
operations ............................ 62,437,071 122,228,344 8,816,912 22,835,060
--------------- ---------------- ------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class Y .................................. (62,171,940) (121,559,382) -- --
Class YS ................................. (253,992) (665,482) -- --
Class I .................................. -- -- (7,357,238) (19,986,914)
Class S .................................. -- -- (1,426,939) (2,848,146)
--------------- ---------------- ------------- ---------------
Total distributions ................... (62,425,932) (122,224,864) (8,784,177) (22,835,060)
--------------- ---------------- ------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class Y .................................. 9,170,316,066 15,941,245,337 -- --
Class YS ................................. 24,377,636 10,745,072 -- --
Class I .................................. -- -- 511,812,595 873,628,178
Class S .................................. -- -- 181,115,326 228,918,581
Proceeds from reinvestment of distributions:
Class Y .................................. 8,111,827 24,554,931 -- --
Class YS ................................. 221,977 580,821 -- --
Class I .................................. -- -- 918,807 1,511,862
Class S .................................. -- -- 1,426,931 2,847,618
Cost of shares redeemed:
Class Y .................................. (9,535,258,871) (16,673,404,935) -- --
Class YS ................................. (24,429,545) (20,975,433) -- --
Class I .................................. -- -- (497,373,670) (1,039,405,326)
Class S .................................. -- -- (255,072,683) (209,829,608)
--------------- ---------------- ------------- ---------------
Net increase (decrease) from capital
share transactions ................. (356,660,910) (717,254,207) (57,172,694) (142,328,695)
--------------- ---------------- ------------- ---------------
Total increase (decrease) in
net assets ......................... (356,649,771) (717,250,727) (57,139,959) (142,328,695)
--------------- ---------------- ------------- ---------------
NET ASSETS AT END OF YEAR (INCLUDING LINE A) ... $ 1,414,963,942 $ 1,771,613,713 $ 300,900,588 $ 358,040,547
=============== ================ ============= ===============
(A) Undistributed net investment income .. $ 14,215 $ 2 $ 64,357 $ 31,622
=============== ================ ============= ===============
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class Y
Sold ..................................... 9,170,316,066 15,941,245,337 -- --
Proceeds from reinvestment of
distributions ......................... 8,111,828 24,554,931 -- --
Redeemed ................................. (9,535,258,871) (16,673,404,936) -- --
Class YS
Sold ..................................... 24,377,636 10,745,072 -- --
Proceeds from reinvestment of
distributions ......................... 221,977 580,821 -- --
Redeemed ................................. (24,429,545) (20,975,433) -- --
Class I
Sold ..................................... -- -- 511,812,595 873,628,178
Proceeds from reinvestment of
distributions ......................... -- -- 918,807 1,511,862
Redeemed ................................. -- -- (497,373,670) (1,039,405,326)
Class S
Sold ..................................... -- -- 181,115,326 228,918,581
Proceeds from reinvestment of
distributions ......................... -- -- 1,426,931 2,847,618
Redeemed ................................. -- -- (255,072,683) (209,829,608)
--------------- ---------------- ------------- ---------------
Total increase (decrease) in shares
outstanding ........................ (356,660,909) (717,254,208) (57,172,694) (142,328,695)
=============== ================ ============= ===============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS FORTIS FORTIS
MONEY MARKET FUND TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
- ----------------------------- ----------------------------- -----------------------------
2008 2007 2008 2007 2008 2007
- ------------- ------------- ------------- ------------- ------------- -------------

$ 274,573,832 $ 187,881,480 $ 260,905,903 $ 249,795,080 $ 64,490,696 $ 151,277,116
- ------------- ------------- ------------- ------------- ------------- -------------

7,098,154 10,380,744 4,942,845 9,226,363 3,412,991 4,980,888
3,932 -- -- -- 8,723 --
- ------------- ------------- ------------- ------------- ------------- -------------

7,102,086 10,380,744 4,942,845 9,226,363 3,421,714 4,980,888
- ------------- ------------- ------------- ------------- ------------- -------------

-- -- -- -- -- --
-- -- -- -- -- --
(153,738) (233,334) (4,028,277) (7,999,699) (437,810) (4,703,450)
(6,944,637) (10,147,410) (914,568) (1,226,664) (2,975,181) (277,438)
- ------------- ------------- ------------- ------------- ------------- -------------
(7,098,375) (10,380,744) (4,942,845) (9,226,363) (3,412,991) (4,980,888)
- ------------- ------------- ------------- ------------- ------------- -------------

-- -- -- -- -- --
-- -- -- -- -- --
63,515,038 56,775,299 588,042,866 430,377,488 612,165,365 247,080,253
622,085,971 847,715,220 190,043,708 370,000,496 222,993,456 101,942,927

-- -- -- -- -- --
-- -- -- -- -- --
153,675 233,317 8,762 13,490 15,617 47,650
6,918,178 10,137,053 914,478 1,227,109 437,715 275,650

-- -- -- -- -- --
-- -- -- -- -- --
(63,964,186) (56,491,966) (673,109,909) (454,705,488) (544,107,046) (339,036,403)
(636,736,236) (771,676,571) (249,804,502) (335,802,272) (233,761,279) (97,096,497)
- ------------- ------------- ------------- ------------- ------------- -------------

(8,027,560) 86,692,352 (143,904,597) 11,110,823 57,743,828 (86,786,420)
- ------------- ------------- ------------- ------------- ------------- -------------

(8,023,849) 86,692,352 (143,904,597) 11,110,823 57,752,551 (86,786,420)
- ------------- ------------- ------------- ------------- ------------- -------------
$ 266,549,983 $ 274,573,832 $ 117,001,306 $ 260,905,903 $ 122,243,247 $ 64,490,696
============= ============= ============= ============= ============= =============
$ 3,705 $ -- $ -- $ -- $ 8,675 $ --
============= ============= ============= ============= ============= =============

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

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

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

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

63,515,038 56,775,299 588,042,866 430,377,488 612,165,365 247,080,253

153,675 233,317 8,762 13,490 15,617 47,650
(63,964,186) (56,491,966) (673,109,909) (454,705,488) (544,107,046) (339,036,403)

622,085,971 847,715,220 190,043,708 370,000,496 222,993,456 101,942,927

6,918,178 10,137,053 914,478 1,227,109 437,715 275,650
(636,736,236) (771,676,571) (249,804,502) (335,802,272) (233,761,279) (97,096,497)
- ------------- ------------- ------------- ------------- ------------- -------------

(8,027,560) 86,692,352 (143,904,597) 11,110,823 57,743,828 (86,786,420)
============= ============= ============= ============= ============= =============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS

ASTON/FORTIS INVESTOR
MONEY MARKET FUND
YEARS ENDED OCTOBER 31,
-----------------------------
2008 2007
------------- -------------

NET ASSETS AT BEGINNING OF YEAR ......................... $ 36,958,977 $ 84,777,541
------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ................................ 771,646 2,808,053
Net realized gain on investments ..................... 914 --
------------- -------------
Net increase in net assets from operations ........ 772,560 2,808,053
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................... (771,646) (2,808,053)
------------- -------------
Total distributions ............................ (771,646) (2,808,053)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................... 25,622,282 103,413,666
Proceeds from reinvestment of distributions:
Class N ........................................... 760,467 1,932,185
Cost of shares redeemed:
Class N ........................................... (27,834,281) (153,164,415)
------------- -------------
Net decrease from capital share transactions ... (1,451,532) (47,818,564)
------------- -------------
Total decrease in net assets ................... (1,450,618) (47,818,564)
------------- -------------
NET ASSETS AT END OF YEAR (INCLUDING LINE A) ............ $ 35,508,359 $ 36,958,977
============= =============
(A) Undistributed net investment income ........... $ 914 $ --
============= =============
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class N
Sold .............................................. 25,622,282 103,413,666
Proceeds from reinvestment of distributions ....... 760,467 1,932,185
Redeemed .......................................... (27,834,281) (153,164,415)
------------- -------------
Total decrease in shares outstanding ........... (1,451,532) (47,818,564)
============= =============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
---------- ---------- ---------- ---------- ----------

CLASS Y
Net Asset Value, Beginning of Year ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.03 0.05 0.05 0.03 0.01
---------- ---------- ---------- ---------- ----------
Less distributions from net investment income ..... (0.03) (0.05) (0.05) (0.03) (0.01)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Year ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
TOTAL RETURN ............................................ 3.33% 5.33% 4.80% 2.79% 1.07%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ................... $1,407,184 $1,764,006 $2,471,607 $2,408,695 $2,159,527
Ratios of expenses to average net assets .......... 0.19% 0.19% 0.18% 0.18% 0.19%
Ratios of net investment income to
average net assets ............................. 3.31% 5.21% 4.67% 2.75% 1.06%
CLASS YS
Net Asset Value, Beginning of Year ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.03 0.05 0.04 0.03 0.01
---------- ---------- ---------- ---------- ----------
Less distributions from net investment income ..... (0.03) (0.05) (0.04) (0.03) (0.01)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Year ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
TOTAL RETURN ............................................ 3.07% 5.07% 4.54% 2.53% 0.82%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ................... $ 7,780 $ 7,608 $ 17,258 $ 37,107 $ 51,239
Ratios of expenses to average net
assets ......................................... 0.44% 0.44% 0.43% 0.43% 0.44%
Ratios of net investment income to
average net assets ............................. 3.06% 4.96% 4.42% 2.50% 0.81%

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS GOVERNMENT MONEY MARKET FUND OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

CLASS I
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.02(a) 0.05 0.05 0.03 0.01
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................ (0.02) (0.05) (0.05) (0.03) (0.01)
Net realized gain on investments ..... -- -- -- --(b) --
-------- -------- -------- -------- --------
Total distribution ................... (0.02) (0.05) (0.05) (0.03) (0.01)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 2.48% 5.05% 4.62% 2.59% 0.91%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $299,814 $284,428 $448,693 $380,875 $459,475
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.32%(c) 0.30% 0.29% 0.30% 0.30%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.31%(c) 0.30% 0.29% 0.30% 0.30%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 2.45% 4.96% 4.55% 2.60% 0.91%
After reimbursement and/or waiver
of expenses by Adviser ............ 2.46% 4.96% 4.55% 2.60% 0.91%
CLASS S
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.02(a) 0.05 0.04 0.02 0.01
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................ (0.02) (0.05) (0.04) (0.02) (0.01)
Net realized gain on investments ..... -- -- -- --(b) --
-------- -------- -------- -------- --------
Total distribution ................... (0.02) (0.05) (0.04) (0.02) (0.01)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 2.16% 4.72% 4.28% 2.26% 0.58%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $ 1,086 $ 73,613 $ 51,676 $ 31,621 $ 32,911
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.64%(c) 0.62% 0.61% 0.62% 0.62%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.63%(c) 0.62% 0.61% 0.62% 0.62%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 2.13% 4.64% 4.23% 2.28% 0.59%
After reimbursement and/or waiver
of expenses by Adviser ............ 2.14% 4.64% 4.23% 2.28% 0.59%

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

(b) Represents less than $0.005 per share.

(c) Ratios of expenses to average net assets include interest expense of less
than 0.005%, which is not included in the contractual expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note F to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS MONEY MARKET FUND OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

CLASS I
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.03 0.05 0.04(a) 0.03 0.01
-------- -------- -------- -------- --------
Less distributions from
net investment income ............. (0.03) (0.05) (0.04) (0.03) (0.01)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 3.01% 5.07% 4.57% 2.57% 0.87%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $ 1,546 $ 1,841 $ 1,325 $ 9,535 $ 4,821
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.49%(b) 0.50% 0.50%(b) 0.51% 0.50%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.37%(b) 0.37% 0.37%(b) 0.37% 0.37%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 2.82% 4.82% 4.35% 2.44% 0.73%
After reimbursement and/or waiver
of expenses by Adviser ............ 2.94% 4.95% 4.48% 2.58% 0.86%
CLASS S
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.03 0.05 0.04(a) 0.02 0.01
-------- -------- -------- -------- --------
Less distributions from
net investment income ............. (0.03) (0.05) (0.04) (0.02) (0.01)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 2.64% 4.69% 4.20% 2.20% 0.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $265,004 $272,733 $186,557 $171,508 $132,831
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.85%(b) 0.86% 0.86%(b) 0.87% 0.86%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.73%(b) 0.73% 0.73%(b) 0.73% 0.73%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 2.46% 4.46% 3.99% 2.08% 0.37%
After reimbursement and/or waiver
of expenses by Adviser ............ 2.58% 4.59% 4.12% 2.22% 0.50%

- ----------
(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 years ended October 31, 2008 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 F to
Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS TAX-EXEMPT MONEY MARKET FUND OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

CLASS I
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.02(a) 0.03 0.03 0.02 0.01
-------- -------- -------- -------- --------
Less distributions from
net investment income ............. (0.02) (0.03) (0.03) (0.02) (0.01)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 1.98% 3.32% 2.98% 1.83% 0.74%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $116,109 $201,167 $225,482 $260,210 $262,587
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.48%(b) 0.48%(b) 0.47%(b) 0.46% 0.46%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.33%(b) 0.33%(b) 0.34%(b) 0.33% 0.33%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 1.78% 3.13% 2.78% 1.68% 0.61%
After reimbursement and/or waiver
of expenses by Adviser ............ 1.93% 3.27% 2.91% 1.81% 0.74%
CLASS S
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.02(a) 0.03 0.03 0.02 --(c)
-------- -------- -------- -------- --------
Less distributions from
net investment income ............. (0.02) (0.03) (0.03) (0.02) --(c)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 1.73% 3.06% 2.72% 1.57% 0.49%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $ 892 $ 59,739 $ 24,314 $ 18,188 $ 27,230
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.73%(b) 0.73%(b) 0.72%(b) 0.71% 0.71%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.58%(b) 0.58%(b) 0.59%(b) 0.58% 0.58%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 1.53% 2.88% 2.53% 1.43% 0.36%
After reimbursement and/or waiver
of expenses by Adviser ............ 1.68% 3.02% 2.66% 1.56% 0.49%

- ----------
(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 years ended October 31, 2008 and 2007 and 0.01% for the
year ended 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

FORTIS TREASURY MONEY MARKET FUND OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

CLASS I
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............... 0.02(a) 0.05 0.04 0.02 0.01
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ............... (0.02) (0.05) (0.04) (0.02) (0.01)
Net realized gain on investments .... -- -- --(b) --(b) --
-------- -------- -------- -------- --------
Total distribution .................. (0.02) (0.05) (0.04) (0.02) (0.01)
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 1.96% 4.84% 4.46% 2.41% 0.75%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $121,404 $53,320 $145,229 $178,796 $308,172
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ........... 0.50% 0.58% 0.49% 0.48% 0.46%
After reimbursement and/or waiver
of expenses by Adviser ........... 0.33% 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 ........... 1.52% 4.58% 4.24% 2.17% 0.63%
After reimbursement and/or waiver
of expenses by Adviser ........... 1.69% 4.80% 4.37% 2.29% 0.73%
CLASS S
Net Asset Value, Beginning of Year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............... 0.02(a) 0.04 0.04 0.02 --(b)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ............... (0.02) (0.04) (0.04) (0.02) --(b)
Net realized gain on investments .... -- -- --(b) --(b) --
-------- -------- -------- -------- --------
Total distribution .................. (0.02) (0.04) (0.04) (0.02) --
-------- -------- -------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN ............................... 1.73% 4.58% 4.20% 2.16% 0.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $ 839 $ 11,171 $ 6,049 $ 5,197 $ 7,154
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ........... 0.75% 0.83% 0.74% 0.73% 0.71%
After reimbursement and/or waiver
of expenses by Adviser ........... 0.53% 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 ........... 1.27% 4.33% 3.99% 1.92% 0.38%
After reimbursement and/or waiver
of expenses by Adviser ........... 1.49% 4.55% 4.12% 2.04% 0.48%

- ----------
(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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

ASTON/FORTIS INVESTOR MONEY MARKET FUND OCTOBER 31, 2008

FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
-------- -------- -------- -------- --------

CLASS N
Net Asset Value, Beginning of Year ......... $ 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
------- ------- ------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ............... (0.02) (0.05) (0.04) (0.02) (0.01)
Net realized gain on investments .... -- -- --(a) -- --
------- ------- ------- -------- --------
Total distribution .................. (0.02) (0.05) (0.04) (0.02) (0.01)
------- ------- ------- -------- --------
Net Asset Value, End of Year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======== ========
TOTAL RETURN ............................... 2.28% 4.67% 4.30% 2.36% 0.71%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Year (in 000's) ...... $35,508 $36,959 $84,778 $117,039 $219,891
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .............. 0.84% 0.68% 0.61% 0.55% 0.53%
After reimbursement and/or waiver of
expenses by Adviser .............. 0.84% 0.68% 0.61% 0.55% 0.53%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .............. 2.25% 4.62% 4.18% 2.19% 0.71%
After reimbursement and/or waiver of
expenses by Adviser .............. 2.25% 4.62% 4.18% 2.19% 0.71%

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

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS

NOTE (A) FUND ORGANIZATION: Aston Funds (the "Trust") (formerly known as ABN
AMRO Funds), was organized as a Delaware statutory trust under a Declaration of
Trust dated September 10, 1993. The Trust is registered under the Investment
Company Act of 1940, as amended (the "1940 Act") as an open-end management
investment company with 32 separate portfolios established by the Board of
Trustees as of October 31, 2008. The following portfolios of the Trust are
included in these financial statements: Fortis Institutional Prime Money Market
Fund (formerly known as ABN AMRO Institutional Prime Money Market Fund), Fortis
Government Money Market Fund (formerly known as ABN AMRO Government Money Market
Fund), Fortis Money Market Fund (formerly known as ABN AMRO Money Market Fund),
Fortis Tax-Exempt Money Market Fund (formerly known as ABN AMRO Tax-Exempt Money
Market Fund), Fortis Treasury Money Market Fund (formerly known as ABN AMRO
Treasury Money Market Fund) and Aston/Fortis Investor Money Market Fund
(formerly known as Aston/ABN AMRO Investor Money Market Fund) (each a "Fund" and
collectively, the "Funds"): The Fortis Money Market Fund is expected to be
liquidated on or about December 15, 2008. See Note G - Subsequent Events.

As of August 1, 2008, Fortis Investment Management USA, Inc. ("FIM" or the
"Adviser") serves as investment adviser to the Funds of the Trust. Prior to
August 1, 2008, ABN AMRO Asset Management, Inc. ("AAAM") served as the
investment adviser to the Funds of the Trust. Aston Asset Management LLC
("Aston") serves as administrator. Aston serves as investment advisor to all
other funds of the Trust.

(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 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: Fortis Institutional Prime Money Market
Fund, Fortis Government Money Market Fund, Fortis Money Market Fund and
Aston/Fortis Investor 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 Fortis Institutional Prime Money Market
Fund may enter into IFAs. An IFA is an agreement that requires the Fortis
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 Fortis 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

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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, 2008, the
Funds did not have any available realized capital losses to offset future net
capital gains.

(7) TREASURY GUARANTEE PROGRAM: On October 3, 2008, the Board of Trustees of
Aston Funds (the "Board") approved the participation of each of ASTON/FORTIS
INVESTOR MONEY MARKET FUND, FORTIS GOVERNMENT MONEY MARKET FUND, FORTIS
INSTITUTIONAL PRIME MONEY MARKET FUND, FORTIS MONEY MARKET FUND AND FORTIS
TAX-EXEMPT MONEY MARKET FUND (the "Participating Funds") in U.S. Department of
the Treasury's Temporary Guarantee Program ("Program") for money market funds.
The Program is designed to protect the net asset value of certain shares of a
shareholder of record in the Participating Funds at the close of business on
September 19, 2008. The number of covered shares is the lesser of the number of
shares owned on September 19, 2008 or the number of shares owned on the date
when the payment is triggered. Payment is triggered if a Participating Fund's
net asset value falls below $0.995 and the Fund liquidates. Eligible
shareholders will receive a payment from the Program in the amount of the
shortfall between the Fund's net asset value and $1.00 per share for each
covered share. Guarantee payments under the Program will not exceed the amount
available within the U.S. Department of the Treasury's Exchange Stabilization
Fund ("ESF") on the date of payment. Currently, ESF assets are approximately $50
billion. The U.S. Department of Treasury and the Secretary of the Treasury have
the authority to use assets from the ESF for purposes other than those of the
Program.

Each Participating Fund will bear the expense of its participation in the
Program without regard to any expense caps currently in place. The fee for
participation in the Program for the first three months is 0.01% of the net
asset value of a Participating Fund as of September 19, 2008.

The Program terminates on December 18, 2008, but may be extended by the Treasury
Department to terminate no later than September 18, 2009. See Note G -
Subsequent Events.

(8) MULTI-CLASS OPERATIONS: The Aston/Fortis Investor Money Market Fund is
authorized to issue one class of shares, Class N. The Fortis 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.

(9) USE OF ESTIMATES: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

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

(11) ADDITIONAL ACCOUNTING STANDARDS: In 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.

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

In March 2008, the FASB issued Statement of Financial Accounting Standards No.
161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES ("SFAS
161"). SFAS 161 is effective for fiscal years and interim periods beginning
after November 15, 2008. SFAS 161 requires enhanced disclosures about Fund's
derivative and hedging activities.

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: 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.

ACCUMULATED
UNDISTRIBUTED NET ACCUMULATED NET
FUND INVESTMENT INCOME REALIZED GAIN/LOSS
- ---- ----------------- ------------------

Fortis Institutional Prime
Money Market Fund $14,213 $(14,123)
Fortis Government
Money Market Fund 32,735 (32,735)
Fortis Money Market Fund 3,926 (3,926)
Fortis Treasury
Money Market Fund 8,675 (8,675)
Aston/Fortis Investor
Money Market Fund 914 (914)

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

Distributions from net realized gains for book purposes may include short-term
capital gains, which are classified as ordinary income for tax purposes. The tax
character of ordinary income distributions paid during the years ended October
31, 2008 and 2007 was as follows:

DISTRIBUTIONS PAID IN 2008
--------------------------
TAX-EXEMPT ORDINARY
INCOME INCOME
---------- -------------

Fortis Institutional Prime
Money Market Fund ...... $ -- $66,659,558
Fortis Government
Money Market Fund ...... -- 9,526,448
Fortis Money Market Fund .. -- 7,098,874
Fortis Tax-Exempt
Money Market Fund ...... 5,215,655 --
Fortis Treasury
Money Market Fund ...... -- 3,582,053
Aston/Fortis Investor
Money Market Fund ...... -- 771,649

DISTRIBUTIONS PAID IN 2007
--------------------------
TAX-EXEMPT ORDINARY
INCOME INCOME
---------- -------------

Fortis Institutional Prime
Money Market Fund ...... $ -- $123,423,742
Fortis Government
Money Market Fund ...... -- 23,762,985
Fortis Money Market Fund .. -- 10,380,245
Fortis Tax-Exempt
Money Market Fund ...... 9,268,192 --
Fortis Treasury
Money Market Fund ...... -- 5,385,398
Aston/Fortis Investor
Money Market Fund ...... -- 2,958,630

As of October 31, 2008, the components of distributable earnings on a tax basis
were as follows:

UNDISTRIBUTED UNDISTRIBUTED
CAPITAL LOSS ORDINARY TAX-EXEMPT
CARRYFORWARD INCOME INCOME TOTAL
------------ ------------- ------------- ----------

Fortis Institutional Prime
Money Market Fund ...... $-- $2,823,192 $ -- $2,823,192
Fortis Government
Money Market Fund ...... -- 269,494 -- 269,494
Fortis Money
Market Fund ............ -- 3,705 -- 3,705
Fortis Tax-Exempt
Money Market Fund ...... -- -- 260,659 260,659
Fortis Treasury
Money Market Fund ...... -- 29,356 -- 29,356
Aston/Fortis Investor
Money Market Fund ...... -- 1,071 -- 1,071

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, DISTRIBUTION SERVICES, AND TRUSTEE
AGREEMENTS:

ADVISORY.

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

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

with the Adviser, which caps annual ordinary operating expenses for Class I and
Class S shareholders at certain specified annual rates of average daily net
assets, respectively. Contractual expense limitation contracts are effective
through February 28, 2009 for Class I and Class S Shares of the Funds. The
Fortis Institutional Prime Money Market Fund, Class Y and Class YS, and
Aston/Fortis Investor Money Market Fund, Class N, do not have an expense
limitation agreement. The advisory rates and contractual expense limitations for
the year ended October 31, 2008 were as follows:

ADVISORY EXPENSE LIMITATIONS
FEES FOR TOTAL EXPENSES
ANNUAL -------------------
RATE CLASS I CLASS S
-------- ------- -------

Fortis Institutional Prime Money
Market Fund ............................. 0.10% N/A N/A
Fortis Government Money Market Fund ........ 0.20% 0.31% 0.63%
Fortis Money Market Fund ................... 0.35% 0.37% 0.73%
Fortis Tax-Exempt Money Market Fund ........ 0.35% 0.33% 0.58%
Fortis Treasury Money Market Fund (a) ...... 0.35% 0.36% 0.61%
Aston/Fortis Investor Money Market Fund .... 0.40% N/A N/A

(a) Effective March 19, 2008 through March 31, 2008 the Fortis Treasury Money
Market Fund voluntarily waived investment advisory and distribution
expenses of 0.35% and 0.25%, respectively. For portions of the period April
1, 2008 through October 31, 2008, the Fortis Government Money Market Fund
and Fortis Treasury Money Market Fund voluntarily waived all or a portion
of the investment advisory and/or distribution expenses to avoid a negative
yield to the fund.

RECENT EVENTS: BNP PARIBAS TRANSACTION (UNAUDITED). FIM and its predecessors
have served as the investment adviser to each Fund since its inception.

In October 2008, Fortis SA/NV and Fortis NV ("Fortis"), the ultimate parent
companies of Fortis Bank, announced that the Belgian government had acquired
substantially all of the outstanding capital and voting rights of Fortis Bank
(the "Nationalization"). The Nationalization may have been deemed to cause one
or more changes of control of FIM for purposes of the Investment Company Act of
1940, as amended (the "1940 Act"), thereby resulting in the automatic
termination of the investment advisory agreement with FIM on behalf of each Fund
(the "Investment Advisory Agreement"). At a meeting held on October 10, 2008,
the Board of Trustees approved the continuance of the Investment Advisory
Agreement for each Fund on the same terms as the existing agreement. The factors
considered by the Board of Trustees in approving the continuance of the
Investment Advisory Agreement for each Fund at the October 10, 2008 meeting are
included herein.

Fortis and BNP Paribas SA ("BNP") subsequently announced that BNP would acquire
approximately 75% of the outstanding capital and voting rights of Fortis Bank in
a series of transactions (collectively, the "BNP Transaction"). BNP also
announced that, in connection with the BNP Transaction, the Belgian government
would retain a 25% plus one share capital and voting interest in Fortis Bank and
would acquire 11.6% of the common stock of BNP. The BNP Transaction may be
deemed to result in the assignment of the current Investment Advisory Agreement
for each Fund causing those agreements to automatically terminate.

In anticipation of the automatic termination of the Investment Advisory
Agreement in connection with the BNP Transaction, the Board of Trustees met in
person on November 25, 2008 and approved a new investment advisory agreement
between the Trust, on behalf of each Fund, and FIM (the "New Investment Advisory
Agreement") and recommend that shareholders approve the New Investment Advisory
Agreement for each Fund. The terms of the New Investment Advisory Agreement for
each Fund are substantially the same as the previous Investment Advisory
Agreement except for the term and termination provisions. Shareholders of the
Funds will receive additional information by proxy statement. The Board also
approved an interim investment advisory agreement between the Trust, on behalf
of each Fund, and FIM (the "Interim Investment Advisory Agreement") to be
effective upon the automatic termination of the Investment Advisory Agreement if
the BNP Transaction closes prior to the shareholder meeting. The closing of the
BNP transaction is subject to various conditions and the timing is not certain
at this time.

The factors considered by the Board of Trustees in approving the New Investment
Advisory Agreement and Interim Investment Advisory Agreement for each Fund in
connection with the BNP Transaction at the November 25, 2008 meeting will be
included in the Trust's Semi-Annual Report dated April 30, 2009.

ADMINISTRATION.

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%

PNC Global Investment Servicing (U.S.) Inc. ("PNC"), formerly known as PFPC
Inc., provides certain administrative services to the Funds pursuant to a
Sub-Administration and Accounting Services Agreement between Aston and PNC (the
"Sub-Administration Agreement"). Under the

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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.

DISTRIBUTION SERVICES.

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 with Class S Shares may pay actual expenses not exceeding, on an
annual basis, 0.25% of each participating Fund's average daily net assets.
Fortis Institutional Prime Money Market Fund, Aston/Fortis Investor Money Market
Fund and 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 Fortis Institutional Prime Money Market Fund,
Fortis Government Money Market Fund and Fortis Money Market Fund were 0.25%,
0.07% and 0.11% of average daily net assets, respectively, for the year ended
October 31, 2008. Class S Shares of the Fortis Tax-Exempt Money Market Fund and
Fortis Treasury Money Market Fund were not charged shareholder service fees for
the year ended October 31, 2008. The Fortis Investor Money Market Fund does not
have a shareholder servicing plan.

TRUSTEES.

The Trustees of the Trust who are not affiliated with the investment adviser
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 year ended October 31, 2008 was $449,500.

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 October 31, 2008, there were no borrowings
outstanding on the line of credit.

AVERAGE DAILY WEIGHTED AVERAGE INTEREST
LOAN BALANCE INTEREST RATE EXPENSE
------------- ---------------- --------

Fortis Government
Money Market Fund ............. $11,439,500 5.00% $1,589
Fortis Money Market Fund ......... 617,700 4.80% 247
Fortis Tax-Exempt
Money Market Fund ............. 6,757,640 3.93% 7,257

NOTE (G) SUBSEQUENT EVENT:

EXTENSION OF TREASURY GUARANTEE PROGRAM. On November 24, 2008, the U.S.
Department of the Treasury announced an extension of the Temporary Guarantee
Program for Money Market Funds until April 30, 2009. On November 25, 2008, the
Board of Trustees approved the continued participation of each of Aston/Fortis
Investor Money Market Fund, Fortis Government Money Market Fund, Fortis
Institutional Prime Money Market Fund and Fortis Tax-Exempt Money Market Fund in
the U.S. Department of the Treasury's Temporary Guarantee Program through the
extension date. Each Fund will bear the expense of its participation in the
Program without regard to any expense caps currently in place. The fee for
participation in the program for the Extension Period is 0.015% of the net asset
value of the fund as of September 19, 2008.

Aston Funds

OCTOBER 31, 2008

NOTES TO FINANCIAL STATEMENTS - CONTINUED

FORTIS MONEY MARKET FUND LIQUIDATION. The Board of Trustees determined that the
termination and liquidation of the Fortis Money Market Fund is in the best
interest of the Fund. The Fund is expected to be liquidated on or about December
15, 2008.

Aston Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Aston Funds (formerly ABN AMRO Funds):

We have audited the accompanying statements of assets and liabilities of the
Fortis Institutional Prime Money Market Fund (formerly known as ABN AMRO
Institutional Prime Money Market Fund), Fortis Government Money Market Fund
(formerly known as ABN AMRO Government Money Market Fund), Fortis Money Market
Fund (formerly known as ABN AMRO Money Market Fund), Fortis Tax-Exempt Money
Market Fund (formerly known as ABN AMRO Tax-Exempt Money Market Fund), Fortis
Treasury Money Market Fund (formerly known as ABN AMRO Treasury Money Market
Fund), and Aston/Fortis Investor Money Market Fund (formerly known as Aston/ABN
AMRO Investor Money Market Fund) (the "Funds") (six of the portfolios
constituting the Aston Funds (formerly ABN AMRO Funds)), including the schedules
of investments, as of October 31, 2008, and the related statements of
operations, statements of changes in net assets and the financial highlights for
the year then ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The statements of changes in net assets for the year ended October 31,
2007 and the financial highlights for each of the years in the four-year period
ended October 31, 2007 were audited by another independent registered public
accounting firm whose reports dated December 20, 2007 expressed an unqualified
opinion on the statements of changes in net assets and the financial highlights.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Funds as of October 31, 2008, and the results of their operations, the changes
in their net assets, and the financial highlights for the year then ended, in
conformity with U.S. generally accepted accounting principles.

(KPMG LLP)

Chicago, Illinois
December 3, 2008

Aston Funds

OCTOBER 31, 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.

TAX INFORMATION: For the year ended October 31, 2008, 100.00% of the income
distributions made by the Fortis Tax-Exempt Money Market Fund were exempt from
federal income taxes.

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/Fortis Investor Money Market Fund, Fortis Government Money Market
Fund, Fortis Institutional Prime Money Market Fund, Fortis Money Market Fund,
Fortis Tax-Exempt Money Market Fund, Fortis Treasury Money Market Fund, and
Fortis Investor Money Market Fund (each a "Money Market Fund" and collectively,
the "Money Market Funds") for the fiscal year ended October 31, 2008 due to an
independence conflict of interest. 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.

On June 19, 2008 the Audit Committee and the Board of Directors appointed KPMG
LLP ("KPMG") as the Money Market Fund's independent auditors for the fiscal year
ended October 31, 2008. During the Fund's fiscal years ended October 31, 2006
and October 31, 2007 and the interim period commencing November 1, 2007 and
ended April 1, 2008, neither the Fund nor anyone on its behalf has consulted
KPMG on items which (i) concerned the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit option
that might be rendered on the Fund's financial statements or (ii) concerned the
subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K), or reportable events (as described in paragraph (a)((1)(v)of
said item 304).

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF THE
INVESTMENT ADVISORY AGREEMENTS FOR THE MONEY MARKET FUNDS

At a telephonic meeting held on October 10, 2008, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including all of the Independent
Trustees, considered whether to approve the continuation of the investment
advisory agreements between Fortis Investment Management USA, Inc. ("FIM") and
the Trust on behalf of Aston/Fortis Investor Money Market Fund, Fortis
Government Money Market Fund, Fortis Institutional Prime Money Market Fund,
Fortis Money Market Fund, Fortis Tax-Exempt Money Market Fund, and Fortis
Treasury Money Market Fund (each a "Fund" and collectively, the "Funds"). The
Board considered that the acquisition of substantially all of the outstanding
capital and voting rights of Fortis Bank SA/NV ("Fortis Bank"), the parent of
FIM, by the Belgian government in a series of transactions (the
"Nationalization") may have constituted a change of control of FIM under the
Investment Company Act of 1940, and therefore, may have resulted in the
automatic termination of the investment advisory agreements between the Trust,
on behalf of each Fund, and FIM.

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

Nationalization was not expected to result in any changes in investment
personnel or otherwise impact the nature, extent and quality of services to be
provided by FIM. The Board also considered that each investment advisory
agreement was being continued on the same terms currently in place, including
the fees payable to FIM. The Board considered that it had recently approved the
investment advisory agreements pursuant to an extensive process that concluded
at its December 2007 meeting. The Board concluded, based upon all of these
considerations, along with the conclusions the Board reached with respect to the
investment advisory agreements at its December 2007 meeting, that it need not
reconsider all of the factors that it would typically consider in connection
with an initial contract approval or contract renewal.

Based upon its evaluation of all information and factors it deemed relevant and
assisted by the advice of independent legal counsel, the Board, including all of
the Independent Trustees, concluded that the continuation of the investment
advisory agreement on behalf of each Fund should be approved based on
information available at this time.

This table illustrates each Fund's costs in two ways:

ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period. You may use the information here, together with your
account value, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number given for your
Fund in the first line under the heading entitled "Expenses Paid During Period."

HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds. Please note that the expenses
shown in the table are meant to highlight and help you compare your ongoing
costs only and do not reflect any transactional costs such as sales charges
(loads) and redemption fees, which are described in the Prospectus. If these
costs were applied to your account, your costs would be higher.

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/08 10/31/08 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

FORTIS INSTITUTIONAL PRIME MONEY MARKET
ACTUAL FUND RETURN
Class Y ............................ $1,000 $1,013.30 0.20% $1.01
Class YS ........................... 1,000 1,012.00 0.45% 2.28
HYPOTHETICAL 5% RETURN
Class Y ............................ $1,000 $1,024.13 0.20% $1.02
Class YS ........................... 1,000 1,022.87 0.45% 2.29
FORTIS GOVERNMENT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,008.40 0.32% $1.62
Class S ............................ 1,000 1,006.80 0.63% 3.18
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,023.53 0.32% $1.63
Class S ............................ 1,000 1,021.97 0.63% 3.20
FORTIS MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,011.30 0.37% $1.87
Class S ............................ 1,000 1,009.50 0.74% 3.74
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,023.28 0.37% $1.88
Class S ............................ 1,000 1,021.42 0.74% 3.76
FORTIS TAX-EXEMPT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,009.00 0.34% $1.72
Class S ............................ 1,000 1,007.70 0.59% 2.98
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,023.43 0.34% $1.73
Class S ............................ 1,000 1,022.17 0.59% 3.00

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/08 10/31/08 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

FORTIS TREASURY MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,006.60 0.32% $1.61
Class S ............................ 1,000 1,005.50 0.50% 2.52
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,023.53 0.32% $1.63
Class S ............................ 1,000 1,022.62 0.50% 2.54
ASTON/FORTIS INVESTOR MONEY MARKET FUND
ACTUAL FUND RETURN
Class N ............................ $1,000 $1,007.90 0.84% $4.24
HYPOTHETICAL 5% RETURN
Class N ............................ $1,000 $1,020.91 0.84% $4.27

(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.

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

TRUSTEES AND OFFICERS OF THE TRUST

TERM OF NUMBER OF
OFFICE (1) PORTFOLIOS IN
AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE (2)
- ------------------------------------- ----------- --------------------------------- ------------- -----------------------------

DISINTERESTED TRUSTEES

Leonard F. Amari 14 years Partner at the law offices of 32 Director, Delaware Place Bank;
c/o 120 N. LaSalle Street, 25th Floor Amari & Locallo, a practice with Trustee, John Marshall Law
Chicago, IL 60602 exclusive concentration in real School
Age: 66 estate taxation and related
Trustee areas, since 1987; Special
Assistant Attorney General since
1986.

Robert A. Kushner (3) 9 years Retired. Vice President, 32 None
c/o 120 N. LaSalle Street, 25th Floor Secretary and General Counsel at
Chicago, IL 60602 Cyclops Industries, Inc.,
Age: 72 1976-1992.
Trustee

Gregory T. Mutz 14 years CEO of AMLI Residential 32 Chairman of the Board of AMLI
c/o 120 N. LaSalle Street, 25th Floor Properties Trust (NYSE: AML) (a Residential Properties Trust;
Chicago, IL 60602 Multifamily REIT), a successor Director of Abt Associates
Age: 62 company to AMLI Realty Co. since Inc. (agribusiness).
Lead Independent Trustee 2004; Chairman of AMLI
Residential Properties since
1994; Vice Chairman of UICI
(NYSE: UCI) (an insurance holding
company) from 2003-2004;
President and CEO of UICI from
1999-2003; Chairman of Academic
Management Services Corp. (a
student loans and finance
company) from 2000-2003.

Robert B. Scherer 9 years President of The Rockridge Group, 32 Director, Title Reinsurance
c/o 120 N. LaSalle Street, 25th Floor Ltd., (title insurance industry Company (insurance for title
Chicago, IL 60602 consulting services) since 1994. agents).
Age: 67
Trustee

Nathan Shapiro (3) 14 years President of SF Investments, Inc. 32 Director, Baldwin & Lyons,
c/o 120 N. LaSalle Street, 25th Floor (broker/dealer and investment Inc. (property and casualty
Chicago, IL 60602 banking firm) since 1971. insurance firm).
Age: 72
Trustee

Denis Springer 9 years Retired. Senior Vice President 32 Director, Coleman Cable, Inc.
c/o 120 N. LaSalle Street, 25th Floor and Chief Financial Officer of (cable manufacturer).
Chicago, IL 60602 Burlington Northern Santa Fe
Age: 62 Corp. (railroad), 1995-1999.
Trustee

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

TERM OF NUMBER OF
OFFICE (1) PORTFOLIOS IN
AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE (2)
- ------------------------------------- ----------- --------------------------------- ------------- -----------------------------

INTERESTED TRUSTEE (4)

Stuart D. Bilton, CFA 14 years Chief Executive Officer, Aston 32 Director, Baldwin & Lyons,
c/o 120 N. LaSalle Street, 25th Floor Asset Management LLC, since 2006; Inc. (property and casualty
Chicago, IL 60602 Vice Chairman of ABN AMRO Asset insurance firm).
Age: 62 Management Holdings, Inc. 2003-
Chairman, Board of Trustees 2006; President and Chief
Executive Officer of ABN AMRO
Asset Management Holdings, Inc.
from 2001-2003; President of
Alleghany Asset Management, Inc.
from 1996-2001 (purchased by ABN
AMRO in February 2001).

OFFICERS WHO ARE NOT TRUSTEES

Kenneth C. Anderson 14 years President, Aston Asset Management N/A N/A
c/o 120 N. LaSalle Street, 25th Floor LLC, since 2006; President and
Chicago, IL 60602 Chief Executive Officer of ABN
Age: 44 AMRO Investment Fund Services,
President (Chief Executive Officer) Inc. (formerly known as Alleghany
Investment Services, Inc.) 1995-
2006; Executive Vice President of
ABN AMRO Asset Management (USA)
LLC 2001-2005; Director, ABN AMRO
Trust Services Company,
2001-2005; Director, TAMRO
Capital Partners LLC and Veredus
Asset Management LLC 2001-2006;
Officer of the Trust since 1993;
CPA.

Gerald F. Dillenburg 11 years Chief Compliance Officer and N/A N/A
c/o 120 N. LaSalle Street, 25th Floor Chief Financial Officer, Aston
Chicago, IL 60602 Asset Management LLC, since 2006;
Age: 41 Senior Managing Director ("SMD")
Senior Vice President, Secretary of ABN AMRO Investment Fund
and Treasurer (Chief Financial Services, Inc. (formerly known as
Officer, Chief Operating Officer and Alleghany Investment Services,
Chief Compliance Officer) Inc.) 1996-2006; SMD of ABN AMRO
Asset Management Holdings, Inc.
and ABN AMRO Asset Management,
Inc. (formerly known as Chicago
Capital Management, Inc.) 2001-
2006; Operations manager and
compliance officer of ABN AMRO
Funds 1996-2006; CPA.

Aston Funds

OCTOBER 31, 2008

ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

TERM OF NUMBER OF
OFFICE (1) PORTFOLIOS IN
AND FUND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE (2)
- ------------------------------------- ----------- --------------------------------- ------------- -----------------------------

OFFICER(S) WHO ARE NOT TRUSTEES

William Long 6 years Vice President of Montag & N/A N/A
c/o 120 N. LaSalle Street, 25th Floor Caldwell, Inc., since 2000;
Chicago, IL 60602 former Vice President and
Age: 47 Director of Sales for First
Vice President Capital Group, First Union
National Bank, 1996-2000.

(2) Each Trustee also serves as a Trustee for ABN AMRO Structured Investment
Funds, a newly formed registered investment company, which will have two
initial series. The registration statement of the new trust is not
effective and the trust was not operational as of the date of this report.
Mr. Bilton also serves as the Sole Trustee of the ABN AMRO Variable
Insurance Trust, a new trust whose registration statement is not effective
and was not operational as of the date of this report.

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Aston Funds

ADVISERS

Aston Asset Management LLC
120 N. LaSalle Street, 25th Floor
Chicago, IL 60602

Fortis Investment Management USA, Inc.
75 State Street
Boston, MA 02109

SUBADVISERS

Fortis Investment Management USA, Inc.
75 State Street
Boston, MA 02109

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

MFS Institutional Advisors Inc.
500 Boylston Street
Boston, MA 02116

Montag & Caldwell, Inc.
3455 Peachtree Road NE, Suite 1200
Atlanta, GA 30326

SUBADVISERS - CONTINUED