UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08004
ASTON FUNDS
(Exact name of registrant as specified in charter)
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
(Address of principal executive offices) (Zip code)
Kenneth C. Anderson, President
Aston Funds
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 268-1400
Date of fiscal year end: OCTOBER 31
Date of reporting period: APRIL 30, 2009
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)
SEMI ANNUAL REPORT 2009
APRIL 30, 2009
CLASS N, I, & R SHARES
EQUITY, GLOBAL/INTERNATIONAL,
ALTERNATIVE, SECTOR, BALANCED, &
FIXED INCOME
(GRAPHIC)
Aston Funds
THIS PRIVACY STATEMENT IS NOT PART OF THE SEMI ANNUAL REPORT
PRIVACY STATEMENT
At Aston Funds, we appreciate the privacy concerns and expectations of our
customers. Together with the Funds' distributor, PFPC Distributors, Inc., we
have established the following policies to maintain the privacy of information
you share with us.
INFORMATION WE COLLECT
We collect and retain nonpublic personal information about you that may include:
- Information we receive on your account applications or other forms
such as your name, address, financial information and/or social
security number;
- Information we receive about your mutual fund transactions, such as
purchases, sales, exchanges and account balances; and
- Information we collect through the use of Internet "cookies" when you
access our website. Cookies are software files we use to track which
of our sites you visit.
INFORMATION WE MAY SHARE
We do not sell any of your nonpublic personal information to third parties. We
may share the information we collect with affiliates or with non-affiliated
third parties only when those parties are acting on our behalf in servicing your
account, or as required by law. These third parties may include:
- Administrative service providers who, for example, process
transactions for your account, print checks or prepare account
statements;
- Companies that provide services for us to help market our products to
you; and
- Governmental or other legal agencies, as required by law.
When information is shared with third parties, they are legally obligated to
maintain the confidentiality of the information and to limit their use of it to
servicing your account, except as permitted or required by law.
CONFIDENTIALITY AND SECURITY
Within both the Funds' and Distributor's organizations, we restrict access to
your nonpublic personal information to authorized employees who need to access
such information in order to provide services or products to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.
As previously mentioned, we may collect information through the use of Internet
"cookies" on our Web site. In addition, in order to provide you with access to
your account via the Web, it is necessary for us to collect certain nonpublic
personal information such as your name, social security number and account
information. Special measures such as data encryption and authentication apply
to all nonpublic personal information and communications on our Web site.
APPLICABILITY
Our privacy policies apply only to those individual investors who have or had a
direct customer relationship with us. If you are an individual shareholder of
record of any of the Funds, the Funds consider you to be their customer.
Shareholders purchasing or owning shares of any of the Funds through their bank,
broker, or other financial institution should also consult that financial
institution's privacy policies.
The Aston Funds value your business. We understand the importance of maintaining
the integrity of your personal information and are committed to keeping your
trust. Please contact us at 800 992-8151 if you have any questions concerning
our policy, or visit us at www.astonfunds.com for additional copies of this
policy.
This page intentionally left blank.
Aston Funds
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
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
ALTERNATIVE FUNDS
Smart Portfolios Fund
New Century Absolute Return ETF Fund
MB Enhanced Equity Income Fund
Lake Partners LASSO Alternatives Fund
SECTOR FUND
Fortis Real Estate Fund
BALANCED FUNDS
Montag & Caldwell Balanced Fund
Balanced Fund
FIXED INCOME FUND
TCH Fixed Income Fund
TABLE OF CONTENTS
Performance Summary ...................................................... 2
Schedule of Investments .................................................. 4
Statement of Assets and Liabilities ...................................... 46
Statement of Operations .................................................. 52
Statements of Changes in Net Assets ...................................... 58
Financial Highlights ..................................................... 68
Notes to Financial Statements ............................................ 109
Additional Information ................................................... 125
THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS OF THE
FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE
FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS WHICH INCLUDES
DETAILS REGARDING THE FUNDS' OBJECTIVES, POLICIES, EXPENSES AND OTHER
INFORMATION.
ASTON FUNDS ARE DISTRIBUTED BY PFPC DISTRIBUTORS, INC., 760 MOORE ROAD, KING OF
PRUSSIA, PA 19406.
SHAREHOLDER SERVICES 800 992-8151 - www.astonfunds.com
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
1
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2009
AVERAGE ANNUAL TOTAL RETURNS
SIX MONTH ---------------------------- TOTAL NET
TOTAL 10-YEAR EXPENSE EXPENSE INCEPTION
CLASS RETURN (a) 1-YEAR 5-YEAR OR LIFE (b) RATIO RATIO DATE
----- ---------- ------ ------ ----------- ------- ------- ---------
EQUITY FUNDS
Montag & Caldwell Growth Fund N -1.02% -26.61% -0.25% -1.82% 1.08% 1.08% 11/02/94
I -0.92 -26.44 0.01 -1.54 0.83 0.83 06/28/96
R -1.15 -26.80 -0.48 2.31 1.33 1.33 12/31/02
Veredus Select Growth Fund (1) N -7.25 -38.66 -0.46 -0.73 1.36 1.32 12/31/01
I -7.09 -38.53 N/A -8.26 1.11 1.07 09/11/06
Growth Fund N -0.88 -26.56 -4.09 -2.50 1.14 1.14 12/13/93
I -0.73 -26.37 -3.81 -3.85 0.89 0.89 07/31/00
R -0.93 -26.70 -4.28 -0.63 1.39 1.39 12/31/02
Optimum Large Cap Opportunity Fund (1) N -0.74 -39.88 N/A -15.49 1.88 1.23 12/28/06
Value Fund (2) N -7.97 -33.59 -0.44 -0.87 1.18 1.07 01/04/93
I -7.73 -33.38 N/A -5.05 0.93 0.82 09/20/05
TAMRO All Cap Fund (1) N 0.86 -27.61 -1.24 0.91 1.88 1.20 11/30/00
River Road Dividend All Cap Value Fund (1) N -9.86 -30.62 N/A -2.49 1.41 1.36 06/28/05
I -9.64 -30.39 N/A -20.72 1.16 1.11 06/28/07
Optimum Mid Cap Fund N 3.87 -35.39 -0.72 7.06 1.16 1.16 09/19/94
I 4.05 -35.20 N/A -1.13 0.91 0.91 07/06/04
Montag & Caldwell Mid Cap Growth Fund (1) N 0.34 -37.35 N/A -29.96 4.32 1.41 11/02/07
Cardinal Mid Cap Value Fund (1) N 1.51 -29.42 N/A -26.38 7.76 1.41 11/02/07
River Road Small-Mid Cap Fund (1) N -2.49 -25.49 N/A -15.98 1.55 1.52 03/29/07
I -2.43 -25.41 N/A -19.96 1.30 1.27 06/28/07
Veredus Aggressive Growth Fund (1) N -7.11 -38.37 -5.07 1.78 1.56 1.50 06/30/98
I -6.92 -38.21 -4.81 -5.28 1.31 1.25 10/05/01
TAMRO Small Cap Fund N -3.30 -21.91 0.62 7.23 1.34 1.34 11/30/00
I -3.10 -21.68 N/A -0.68 1.09 1.09 01/04/05
River Road Small Cap Value Fund N -3.14 -26.64 N/A -1.29 1.47 1.47 06/28/05
I -3.05 -26.48 N/A -14.87 1.22 1.22 12/13/06
GLOBAL/INTERNATIONAL FUNDS
Neptune International Fund (1) N -2.83 N/A N/A -48.97(c) 2.83 1.30 06/17/08
I -2.60 -49.08 N/A -27.05 2.58 1.05 08/06/07
Barings International Fund (1) (2) I 1.69 -42.86 N/A -35.70 3.36 1.15 11/02/07
Fortis Global Real Estate Fund (1) N -16.16 -54.03 N/A -36.64 2.08 1.51 08/03/07
ALTERNATIVE FUNDS
Smart Portfolios Fund (1) N 0.40 -16.56 N/A -13.00 3.79 1.51 01/10/08
New Century Absolute Return ETF Fund (1) N -9.12 -24.21 N/A -18.83 3.28 1.76 03/04/08
MB Enhanced Equity Income Fund (1) N -0.66 -23.03 N/A -14.59 2.02 1.10 01/15/08
Lake Partners LASSO Alternatives Fund (1) I N/A N/A N/A 1.50(c) 3.10 2.85 04/01/09
SECTOR FUND
Fortis Real Estate Fund (1) N -21.26 -50.08 -1.87 4.51 1.57 1.37 12/30/97
I -21.23 -49.92 N/A -13.28 1.32 1.12 09/20/05
2
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) - CONTINUED AS OF APRIL 30, 2009
AVERAGE ANNUAL TOTAL RETURNS
SIX MONTH TOTAL NET
TOTAL 10-YEAR EXPENSE EXPENSE INCEPTION
CLASS RETURN (a) 1-YEAR 5-YEAR OR LIFE (b) RATIO RATIO DATE
----- ---------- ------ ------ ----------- ------- ------- ---------
BALANCED FUNDS
Montag & Caldwell Balanced Fund (2) N 3.25% -15.42% 1.29% 0.66% 1.75% 1.35% 11/02/94
I 3.39 -15.24 1.50 0.90 1.50 1.10 12/31/98
Balanced Fund (2) N 1.94 -18.55 -1.33 0.16 1.50 1.50 09/21/95
FIXED INCOME FUND
TCH Fixed Income Fund (1) N 8.09 -2.06 3.18 4.40 1.08 0.76 12/13/93
I 8.22 -1.82 3.45 4.86 0.83 0.51 07/31/00
- ----------
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, UPON REDEMPTION MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN
THE PERFORMANCE DATA QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, PLEASE VISIT OUR WEBSITE AT www.astonfunds.com
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES.
(1) CERTAIN EXPENSES WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT,
THE RETURNS WOULD HAVE BEEN LOWER. THE ADVISER CONTRACTUALLY WAIVED
MANAGEMENT FEES AND/OR REIMBURSED EXPENSES THROUGH FEBRUARY 28, 2010 AT THE
RATES REPRESENTED BY THE NET EXPENSE RATIO COLUMN SHOWN IN THE TABLE.
(2) THE NET EXPENSE RATIO INCLUDES VOLUNTARY WAIVER OF MANAGEMENT FEES AND/OR
EXPENSE LIMITATIONS BY THE ADVISER THAT MAY CHANGE OR END AT ANY TIME.
(a) Not annualized.
(b) Return figures shown are average annual total returns for the period from
inception through April 30, 2009 except for Montag & Caldwell Growth Fund
Class N and Class I, Growth Fund Class N, Value Fund Class N, Optimum Mid
Cap Fund Class N, Veredus Aggressive Growth Fund Class N, Fortis Real
Estate Fund Class N, Montag & Caldwell Balanced Fund Class N and Class I,
Balanced Fund Class N and TCH Fixed Income Fund Class N which are for the
10 years ended April 30, 2009.
(c) Returns are cumulative since inception and are not annualized.
MID AND SMALL COMPANY STOCKS MAY BE SUBJECT TO A HIGHER DEGREE OF MARKET RISK
BECAUSE THEY TEND TO BE MORE VOLATILE AND LESS LIQUID. BOND AND BALANCED FUNDS
HAVE THE SAME INTEREST RATE, HIGH YIELD, AND CREDIT RISKS ASSOCIATED WITH THE
UNDERLYING BONDS IN THE PORTFOLIO, ALL OF WHICH COULD REDUCE A FUND'S VALUE.
EXCHANGE-TRADED FUNDS (ETFS) ARE SECURITIES OF OTHER INVESTMENT COMPANIES. AN
ETF SEEKS TO TRACK THE PERFORMANCE OF AN INDEX BY HOLDING ALL OR A SAMPLING, OF
THE SECURITIES OF THAT INDEX. ETF FUNDS INVEST IN MANY DIFFERENT AREAS OF THE
MARKET, EACH OF WHICH MAY INVOLVE ITS OWN ELEMENT OF RISK. BY SELLING COVERED
CALL OPTIONS, A FUND LIMITS ITS OPPORTUNITY TO PROFIT FROM AN INCREASE IN THE
PRICE OF THE UNDERLYING STOCK ABOVE THE EXERCISE PRICE, BUT CONTINUES TO BEAR
THE RISK OF A DECLINE IN THE STOCK. SECTOR FUNDS MAY BE SUBJECT TO A HIGHER
DEGREE OF MARKET RISK BECAUSE OF CONCENTRATION IN A SPECIFIC INDUSTRY SECTOR.
INTERNATIONAL INVESTING MAY INCLUDE THE RISK OF SOCIAL AND POLITICAL
INSTABILITY, MARKET ILLIQUIDITY AND CURRENCY VOLATILITY. HEDGED MUTUAL FUNDS USE
DERIVATIVE INSTRUMENTS, SHORT SELLING, LEVERAGING AND INVESTING IN COMMODITIES,
COMMODITY-LINKED AND NON-U.S. COMPANIES THAT INVOLVE SIGNIFICANT RISKS AND
LOSSES MAY OCCUR. REAL ESTATE FUNDS ARE NON-DIVERSIFIED AND MAY BE MORE
SUSCEPTIBLE TO RISK THAN FUNDS THAT INVEST MORE BROADLY AND MAY BE SUBJECT TO A
HIGHER DEGREE OF MARKET RISK BECAUSE OF CHANGES IN PROPERTY VALUES OF THE
UNDERLYING PROPERTY AND DEFAULTS BY BORROWERS.
3
Aston Funds
MONTAG & CALDWELL GROWTH FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
INFORMATION TECHNOLOGY 30%
CONSUMER STAPLES 21%
HEALTH CARE 17%
ENERGY 12%
CONSUMER DISCRETIONARY 7%
FINANCIALS 4%
INDUSTRIALS 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 98.23%
CONSUMER DISCRETIONARY - 7.12%
500 Johnson Controls .............................................. $ 9,505
1,340,800 McDonald's .................................................... 71,451,232
1,167,500 NIKE, Class B ................................................. 61,258,725
----------------
132,719,462
----------------
CONSUMER STAPLES - 21.34%
1,752,800 Coca-Cola ..................................................... 75,458,040
754,220 Colgate-Palmolive ............................................. 44,498,980
1,097,700 Costco Wholesale .............................................. 53,348,220
1,210,600 CVS Caremark .................................................. 38,472,868
1,120,600 PepsiCo ....................................................... 55,761,056
1,000,600 Procter & Gamble .............................................. 49,469,664
1,597,600 Wal-Mart Stores ............................................... 80,519,040
----------------
397,527,868
----------------
ENERGY - 11.77%
1,595,800 Cameron International * ....................................... 40,820,564
530,175 Devon Energy .................................................. 27,489,574
1,901,400 Halliburton ................................................... 38,446,308
815,700 Occidental Petroleum .......................................... 45,915,753
1,359,800 Schlumberger .................................................. 66,616,602
----------------
219,288,801
----------------
FINANCIALS - 4.58%
4,613,200 Charles Schwab ................................................ 85,251,936
----------------
HEALTH CARE - 16.59%
1,651,100 Abbott Laboratories ........................................... 69,098,535
989,700 Allergan ...................................................... 46,179,402
1,550,900 Gilead Sciences * ............................................. 71,031,220
3,222,200 Schering-Plough ............................................... 74,175,044
1,257,700 Stryker ....................................................... 48,685,567
----------------
309,169,768
----------------
INDUSTRIALS - 3.73%
996,600 Emerson Electric .............................................. 33,924,264
938,300 Fluor ......................................................... 35,533,421
----------------
69,457,685
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INFORMATION TECHNOLOGY - 29.69%
709,600 Apple * ....................................................... $ 89,288,968
230,200 Google, Class A * ............................................. 91,152,294
2,321,460 Hewlett-Packard ............................................... 83,526,131
2,421,000 Juniper Networks * ............................................ 52,414,650
1,994,300 QUALCOMM ...................................................... 84,398,776
1,255,800 Research In Motion * .......................................... 87,278,100
1,000,600 Visa, Class A ................................................. 64,998,976
----------------
553,057,895
----------------
MATERIALS - 3.41%
747,900 Monsanto ...................................................... 63,489,230
----------------
TOTAL COMMON STOCKS
(Cost $1,907,459,441) ......................................... 1,829,962,645
----------------
INVESTMENT COMPANY - 1.82%
33,870,023 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 33,870,023
----------------
TOTAL INVESTMENT COMPANY
(Cost $33,870,023) ......................................... 33,870,023
----------------
TOTAL INVESTMENTS - 100.05%
(Cost $1,941,329,464)** ................................................... 1,863,832,668
----------------
NET OTHER ASSETS AND LIABILITIES - (0.05)% ................................... (843,441)
----------------
NET ASSETS - 100.00% ......................................................... $ 1,862,989,227
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 66,646,842
Gross unrealized depreciation ................. (144,143,638)
-------------
Net unrealized depreciation ................... $ (77,496,796)
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
Aston Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 7%
INFORMATION TECHNOLOGY 41%
CONSUMER DISCRETIONARY 22%
HEALTH CARE 12%
FINANCIALS 11%
INDUSTRIALS 6%
MATERIALS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 92.44%
CONSUMER DISCRETIONARY - 21.63%
46,600 Amazon.com * .................................................. $ 3,752,230
54,200 Carnival ...................................................... 1,456,896
34,625 Darden Restaurants ............................................ 1,280,086
495,300 Ford Motor * .................................................. 2,961,894
70,800 Gap ........................................................... 1,100,232
93,100 Home Depot .................................................... 2,450,392
21,500 Kohl's * ...................................................... 975,025
89,075 Toll Brothers * ............................................... 1,804,660
----------------
15,781,415
----------------
FINANCIALS - 10.98%
234,300 Bank of America ............................................... 2,092,299
9,700 CME Group ..................................................... 2,147,095
106,450 Fidelity National Financial, Class A .......................... 1,929,939
125,300 Invesco ....................................................... 1,844,416
----------------
8,013,749
----------------
HEALTH CARE - 11.66%
14,700 Cephalon * .................................................... 964,467
71,300 Illumina * .................................................... 2,663,055
53,300 St. Jude Medical * ............................................ 1,786,616
70,400 Teva Pharmaceutical, SP ADR ................................... 3,089,856
----------------
8,503,994
----------------
INDUSTRIALS - 6.16%
230,100 Delta Air Lines * ............................................. 1,419,717
33,600 Jacobs Engineering Group * .................................... 1,278,144
257,750 Southwest Airlines ............................................ 1,799,095
----------------
4,496,956
----------------
INFORMATION TECHNOLOGY - 40.74%
122,375 Akamai Technologies * ......................................... 2,694,698
90,925 Analog Devices ................................................ 1,934,884
64,600 Broadcom, Class A * ........................................... 1,498,074
148,400 Corning ....................................................... 2,169,608
MARKET
SHARES VALUE
- ------------ ----------------
INFORMATION TECHNOLOGY (CONTINUED)
79,200 Dolby Laboratories, Class A * ................................. $ 3,178,296
5,000 Google, Class A * ............................................. 1,979,850
142,700 Intel ......................................................... 2,251,806
250,000 Marvell Technology Group * .................................... 2,745,000
7,825 MasterCard, Class A ........................................... 1,435,496
390,500 Micron Technology * ........................................... 1,905,640
45,800 QUALCOMM ...................................................... 1,938,256
42,700 Research In Motion * .......................................... 2,967,650
46,500 Visa, Class A ................................................. 3,020,640
----------------
29,719,898
----------------
MATERIALS - 1.27%
34,900 United States Steel ........................................... 926,595
----------------
TOTAL COMMON STOCKS
(Cost $60,509,217) ............................................ 67,442,607
----------------
INVESTMENT COMPANY - 11.37%
8,292,658 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 8,292,658
----------------
TOTAL INVESTMENT COMPANY
(Cost $8,292,658) .......................................... 8,292,658
----------------
TOTAL INVESTMENTS - 103.81%
(Cost $68,801,875)** ...................................................... 75,735,265
----------------
NET OTHER ASSETS AND LIABILITIES - (3.81)% ................................... (2,780,538)
----------------
NET ASSETS - 100.00% ......................................................... $ 72,954,727
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 8,362,460
Gross unrealized depreciation ................. (1,429,070)
-----------
Net unrealized appreciation ................... $ 6,933,390
===========
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
Aston Funds
GROWTH FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
INFORMATION TECHNOLOGY 30%
CONSUMER STAPLES 22%
HEALTH CARE 16%
ENERGY 12%
CONSUMER DISCRETIONARY 7%
FINANCIALS 5%
INDUSTRIALS 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 99.26%
CONSUMER DISCRETIONARY - 7.21%
130,116 McDonald's .................................................... $ 6,933,882
112,209 NIKE, Class B ................................................. 5,887,606
----------------
12,821,488
----------------
CONSUMER STAPLES - 21.46%
171,821 Coca-Cola ..................................................... 7,396,894
72,306 Colgate-Palmolive ............................................. 4,266,054
110,108 Costco Wholesale .............................................. 5,351,249
121,427 CVS Caremark .................................................. 3,858,950
98,414 PepsiCo ....................................................... 4,897,081
93,717 Procter & Gamble .............................................. 4,633,368
153,618 Wal-Mart Stores ............................................... 7,742,347
----------------
38,145,943
----------------
ENERGY - 11.97%
160,115 Cameron International * ....................................... 4,095,742
48,204 Devon Energy .................................................. 2,499,377
181,124 Halliburton ................................................... 3,662,327
81,808 Occidental Petroleum .......................................... 4,604,972
131,012 Schlumberger .................................................. 6,418,278
----------------
21,280,696
----------------
FINANCIALS - 4.76%
457,735 Charles Schwab ................................................ 8,458,943
----------------
HEALTH CARE - 16.35%
149,419 Abbott Laboratories ........................................... 6,253,185
94,114 Allergan ...................................................... 4,391,359
143,316 Gilead Sciences * ............................................. 6,563,873
317,140 Schering-Plough ............................................... 7,300,563
117,514 Stryker ....................................................... 4,548,967
----------------
29,057,947
================
MARKET
SHARES VALUE
- ------------ ----------------
INDUSTRIALS - 3.85%
100,916 Emerson Electric .............................................. $ 3,435,181
90,200 Fluor ......................................................... 3,415,874
----------------
6,851,055
----------------
INFORMATION TECHNOLOGY - 30.23%
70,805 Apple * ....................................................... 8,909,393
22,100 Google, Class A * ............................................. 8,750,937
222,518 Hewlett-Packard ............................................... 8,006,198
242,630 Juniper Networks * ............................................ 5,252,939
199,425 QUALCOMM ...................................................... 8,439,666
119,307 Research In Motion * .......................................... 8,291,837
93,700 Visa, Class A ................................................. 6,086,752
----------------
53,737,722
----------------
MATERIALS - 3.43%
71,800 Monsanto ...................................................... 6,095,102
----------------
TOTAL COMMON STOCKS
(Cost $208,744,218) ........................................ 176,448,896
----------------
INVESTMENT COMPANY - 1.01%
1,788,776 BlackRock Liquidity Funds TempCash Portfolio .................. 1,788,776
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,788,776) .......................................... 1,788,776
----------------
TOTAL INVESTMENTS - 100.27%
(Cost $210,532,994)** ..................................................... 178,237,672
----------------
NET OTHER ASSETS AND LIABILITIES - (0.27)% ................................... (484,340)
----------------
NET ASSETS - 100.00% ......................................................... $ 177,753,332
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 5,038,099
Gross unrealized depreciation ................. (37,333,421)
------------
Net unrealized depreciation ................... $(32,295,322)
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
TELECOMMUNICATION SERVICES 3%
UTILITIES 3%
INFORMATION TECHNOLOGY 23%
HEALTH CARE 14%
ENERGY 13%
INDUSTRIALS 13%
FINANCIALS 7%
CONSUMER DISCRETIONARY 7%
CONSUMER STAPLES 7%
CASH & NET OTHER ASSETS AND LIABILITIES 7%
MATERIALS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 93.19%
CONSUMER DISCRETIONARY - 6.81%
4,150 DIRECTV Group * ............................................... $ 102,630
5,750 Staples ....................................................... 118,565
----------------
221,195
----------------
CONSUMER STAPLES - 6.46%
2,100 Wal-Mart Stores ............................................... 105,840
3,300 Walgreen ...................................................... 103,719
----------------
209,559
----------------
ENERGY - 12.85%
1,350 Diamond Offshore Drilling ..................................... 97,753
3,500 National-Oilwell Varco * ...................................... 105,980
1,725 Transcocean * ................................................. 116,403
2,800 XTO Energy .................................................... 97,048
----------------
417,184
----------------
FINANCIALS - 7.17%
2,250 ACE ........................................................... 104,220
1,000 Goldman Sachs Group ........................................... 128,500
----------------
232,720
----------------
HEALTH CARE - 14.33%
2,100 Baxter International .......................................... 101,850
5,125 Bristol-Myers Squibb .......................................... 98,400
1,850 DaVita * ...................................................... 85,784
1,900 Gilead Sciences * ............................................. 87,020
2,750 St. Jude Medical * ............................................ 92,180
----------------
465,234
----------------
INDUSTRIALS - 12.72%
7,125 ABB, SP ADR ................................................... 101,318
2,500 Deere ......................................................... 103,150
2,525 Jacobs Engineering Group * .................................... 96,051
1,500 Precision Castparts ........................................... 112,290
----------------
412,809
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INFORMATION TECHNOLOGY - 23.25%
3,450 Amphenol, Class A ............................................. $ 116,748
750 Apple * ....................................................... 94,372
5,975 Cisco Systems * ............................................... 115,437
275 Google, Class A * ............................................. 108,892
1,000 International Business Machines ............................... 103,210
5,000 Juniper Networks * ............................................ 108,250
5,575 Oracle ........................................................ 107,821
----------------
754,730
----------------
MATERIALS - 3.28%
2,500 Freeport-McMoRan Copper & Gold, Class B ....................... 106,625
----------------
TELECOMMUNICATION SERVICES - 3.26%
3,225 America Movil, Series L, ADR .................................. 105,941
----------------
UTILITIES - 3.06%
2,150 Exelon ........................................................ 99,180
----------------
TOTAL COMMON STOCKS
(Cost $3,491,471) .......................................... 3,025,177
----------------
INVESTMENT COMPANY - 7.06%
229,095 BlackRock Liquidity Funds TempCash Portfolio .................. 229,095
----------------
TOTAL INVESTMENT COMPANY
(Cost $229,095) ............................................ 229,095
----------------
TOTAL INVESTMENTS - 100.25%
(Cost $3,720,566)** ....................................................... 3,254,272
----------------
NET OTHER ASSETS AND LIABILITIES - (0.25)% ................................... (8,020)
----------------
NET ASSETS - 100.00% ......................................................... $ 3,246,252
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 112,448
Gross unrealized depreciation ................. (578,742)
---------
Net unrealized depreciation ................... $(466,294)
=========
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
Aston Funds
VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 2%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
FINANCIALS 18%
ENERGY 14%
CONSUMER STAPLES 14%
INDUSTRIALS 12%
INFORMATION TECHNOLOGY 10%
HEALTH CARE 10%
CONSUMER DISCRETIONARY 7%
UTILITIES 6%
TELECOMMUNICATION SERVICES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 98.08%
CONSUMER DISCRETIONARY - 7.20%
3,200 Apollo Group, Class A * ....................................... $ 201,440
116,318 Disney, Walt .................................................. 2,547,364
61,310 Hasbro ........................................................ 1,634,525
5,100 Home Depot .................................................... 134,232
13,155 Johnson Controls .............................................. 250,077
32,148 Macy's ........................................................ 439,785
45,360 NIKE, Class B ................................................. 2,380,039
98,668 Omnicom Group ................................................. 3,105,082
5,523 Royal Caribbean Cruises ....................................... 81,354
37,780 Sherwin-Williams .............................................. 2,139,859
17,628 Staples ....................................................... 363,489
12,200 Target ........................................................ 503,372
3,906 Time Warner Cable ............................................. 125,890
----------------
13,906,508
----------------
CONSUMER STAPLES - 14.03%
102,100 Altria Group .................................................. 1,667,293
6,210 Clorox ........................................................ 348,070
4,070 Coca-Cola ..................................................... 175,213
3,660 Colgate-Palmolive ............................................. 215,940
112,732 CVS Caremark .................................................. 3,582,623
51,420 Diageo, SP ADR ................................................ 2,460,447
6,453 General Mills ................................................. 327,103
24,550 Groupe Danone, SP ADR ......................................... 231,752
13,730 Heineken, SP ADR .............................................. 203,067
5,600 Kellogg ....................................................... 235,816
118,360 Kroger ........................................................ 2,558,943
4,610 Lorillard ..................................................... 291,029
4,450 Mead Johnson Nutrition, Class A * ............................. 125,712
104,915 Nestle, SP ADR ................................................ 3,404,492
39,748 PepsiCo ....................................................... 1,977,860
183,690 Philip Morris International ................................... 6,649,578
9,797 Procter & Gamble .............................................. 484,346
32,432 Smucker (J.M.) ................................................ 1,277,805
5,880 Wal-Mart Stores ............................................... 296,352
19,150 Walgreen ...................................................... 601,885
----------------
27,115,326
----------------
MARKET
SHARES VALUE
- ------------ ----------------
ENERGY - 14.13%
12,310 Anadarko Petroleum ............................................ $ 530,069
48,015 Apache ........................................................ 3,498,373
67,161 Chevron ....................................................... 4,439,342
40,395 Devon Energy .................................................. 2,094,481
89,220 Exxon Mobil ................................................... 5,948,297
7,100 Halliburton ................................................... 143,562
56,710 Hess .......................................................... 3,107,141
16,715 Marathon Oil .................................................. 496,435
5,800 Noble ......................................................... 158,514
4,200 Noble Energy .................................................. 238,350
125,900 Total, SP ADR ................................................. 6,259,748
3,240 Ultra Petroleum * ............................................. 138,672
18,510 Williams ...................................................... 260,991
----------------
27,313,975
----------------
FINANCIALS - 17.86%
128,800 Allstate ...................................................... 3,004,904
192,377 Bank of New York Mellon ....................................... 4,901,766
12,300 Charles Schwab ................................................ 227,304
32,622 Chubb ......................................................... 1,270,627
400 CME Group ..................................................... 88,540
3,323 Franklin Resources ............................................ 200,975
50,630 Goldman Sachs Group ........................................... 6,505,955
8,070 Invesco ....................................................... 118,790
174,200 JPMorgan Chase ................................................ 5,748,600
177,620 MetLife ....................................................... 5,284,195
110,690 State Street .................................................. 3,777,850
55,000 Travelers ..................................................... 2,262,700
55,710 Wells Fargo ................................................... 1,114,757
----------------
34,506,963
----------------
HEALTH CARE - 9.54%
12,300 Abbott Laboratories ........................................... 514,755
4,300 DENTSPLY International ........................................ 123,066
7,160 Genzyme * ..................................................... 381,843
65,330 Johnson & Johnson ............................................. 3,420,679
39,000 Medtronic ..................................................... 1,248,000
167,520 Merck ......................................................... 4,060,685
11,310 Merck KGaA, ADR ............................................... 330,252
151,400 Pfizer ........................................................ 2,022,704
10,113 UnitedHealth Group ............................................ 237,858
6,680 Waters * ...................................................... 295,056
9,645 WellPoint * ................................................... 412,420
127,180 Wyeth ......................................................... 5,392,432
----------------
18,439,750
----------------
INDUSTRIALS - 12.15%
34,750 3M ............................................................ 2,001,600
5,380 Danaher ....................................................... 314,407
5,200 Deere ......................................................... 214,552
46,615 Eaton ......................................................... 2,041,737
10,120 General Electric * ............................................ 128,018
4,708 Grainger (W.W.) ............................................... 394,907
105,700 Lockheed Martin ............................................... 8,300,621
127,495 Northrop Grumman * ............................................ 6,164,383
4,800 Rockwell Automation ........................................... 151,632
6,170 United Parcel Service, Class B ................................ 322,938
70,510 United Technologies ........................................... 3,443,708
----------------
23,478,503
----------------
INFORMATION TECHNOLOGY - 10.06%
127,475 Accenture, Class A ............................................ 3,751,589
13,750 Agilent Technologies * ........................................ 251,075
5,940 Automatic Data Processing ..................................... 209,088
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
Aston Funds
VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
INFORMATION TECHNOLOGY (CONTINUED)
9,500 Cisco Systems * ............................................... $ 183,540
520 Google, Class A * ............................................. 205,904
73,950 Hewlett-Packard ............................................... 2,660,721
250,620 Intel ......................................................... 3,954,784
32,390 International Business Machines ............................... 3,342,972
20,790 Nokia, SP ADR ................................................. 293,971
205,380 Oracle ........................................................ 3,972,049
5,080 Visa, Class A ................................................. 329,997
17,280 Western Union ................................................. 289,440
----------------
19,445,130
----------------
MATERIALS - 2.41%
6,925 Air Products and Chemicals .................................... 456,357
95,430 PPG Industries ................................................ 4,203,692
----------------
4,660,049
----------------
TELECOMMUNICATION SERVICES - 5.09%
253,820 AT&T .......................................................... 6,502,868
6,507 Embarq ........................................................ 237,896
9,070 Rogers Communications, Class B ................................ 222,941
156,639 Vodafone Group, SP ADR ........................................ 2,874,326
----------------
9,838,031
----------------
UTILITIES - 5.61%
10,380 Allegheny Energy .............................................. 269,050
11,740 American Electric Power ....................................... 309,701
10,110 CMS Energy .................................................... 121,522
72,027 Dominion Resources ............................................ 2,172,334
44,040 FPL Group ..................................................... 2,368,912
4,180 Northeast Utilities ........................................... 87,864
19,080 NRG Energy * .................................................. 343,058
47,003 PG&E .......................................................... 1,744,751
8,800 PPL ........................................................... 263,208
6,500 Progress Energy ............................................... 221,780
83,720 Public Service Enterprise Group ............................... 2,498,205
9,800 Sempra Energy ................................................. 450,996
----------------
10,851,381
----------------
TOTAL COMMON STOCKS
(Cost $237,859,699) ........................................ 189,555,616
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANY - 1.75%
CONSUMER DISCRETIONARY - 1.75%
3,369,897 BlackRock Liquidity Funds TempCash Portfolio .................. $ 3,369,897
----------------
TOTAL INVESTMENT COMPANY
(Cost $3,369,897) .......................................... 3,369,897
----------------
TOTAL INVESTMENTS - 99.83%
(Cost $241,229,596)** ..................................................... 192,925,513
----------------
NET OTHER ASSETS AND LIABILITIES - 0.17% ..................................... 337,790
----------------
NET ASSETS - 100.00% ......................................................... $ 193,263,303
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 969,162
Gross unrealized depreciation ................. (49,273,245)
------------
Net unrealized depreciation ................... $(48,304,083)
============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
Aston Funds
TAMRO ALL CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
PURCHASED OPTIONS, CASH & NET OTHER ASSETS
AND LIABILITIES 1%
INFORMATION TECHNOLOGY 21%
CONSUMER DISCRETIONARY 18%
FINANCIALS 16%
HEALTH CARE 13%
CONSUMER STAPLES 11%
ENERGY 8%
INDUSTRIALS 8%
TELECOMMUNICATION SERVICES 2%
OTHER COMMON STOCKS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 99.46%
CONSUMER DISCRETIONARY - 18.30%
1,525 Abercrombie & Fitch, Class A .................................. $ 41,266
1,490 Amazon.com * .................................................. 119,975
1,718 Apollo Group, Class A * ....................................... 108,148
8,680 CarMax * ...................................................... 110,757
1,155 Chipotle Mexican Grill, Class A * ............................. 93,659
1,372 Choice Hotels International ................................... 41,064
9,225 Corinthian Colleges * ......................................... 142,065
2,856 Dollar Tree * ................................................. 120,923
13,407 Domino's Pizza * .............................................. 126,562
6,785 GameStop, Class A * ........................................... 204,636
4,735 M.D.C. Holdings ............................................... 161,842
3,177 Mohawk Industries * ........................................... 150,304
2,601 Whirlpool ..................................................... 117,461
----------------
1,538,662
----------------
CONSUMER STAPLES - 10.72%
1,851 Coca-Cola ..................................................... 79,686
4,720 Kraft Foods, Class A .......................................... 110,448
7,150 NBTY * ........................................................ 185,256
3,000 Philip Morris International ................................... 108,600
4,850 TreeHouse Foods * ............................................. 128,962
7,720 United Natural Foods * ........................................ 175,862
2,230 Wal-Mart Stores ............................................... 112,392
----------------
901,206
----------------
ENERGY - 8.69%
3,880 Anadarko Petroleum ............................................ 167,073
3,720 CONSOL Energy ................................................. 116,362
2,914 Exxon Mobil ................................................... 194,276
3,197 National-Oilwell Varco * ...................................... 96,805
4,516 XTO Energy .................................................... 156,525
----------------
731,041
----------------
MARKET
SHARES VALUE
- ------------ ----------------
FINANCIALS - 16.50%
83 Berkshire Hathaway, Class B * ................................. $ 254,395
1,356 Goldman Sachs Group ........................................... 174,246
3,787 JPMorgan Chase ................................................ 124,971
6,305 Loews ......................................................... 156,931
240 Markel * ...................................................... 68,880
4,885 Morgan Stanley ................................................ 115,481
2,825 Northern Trust ................................................ 153,567
4,457 SunTrust Banks ................................................ 64,359
4,504 T. Rowe Price Group ........................................... 173,494
5,535 U.S. Bancorp .................................................. 100,848
----------------
1,387,172
----------------
HEALTH CARE - 12.84%
3,575 Allergan ...................................................... 166,809
2,735 Amgen * ....................................................... 132,565
4,444 Cerner * ...................................................... 239,087
3,060 Johnson & Johnson ............................................. 160,222
2,590 Laboratory Corp. of America Holdings * ........................ 166,148
935 Medco Health Solutions * ...................................... 40,719
4,560 Pharmaceutical Product Development ............................ 89,422
1,981 WellPoint * ................................................... 84,708
----------------
1,079,680
----------------
INDUSTRIALS - 7.96%
2,100 Boeing ........................................................ 84,105
2,730 Danaher ....................................................... 159,541
4,269 Raytheon ...................................................... 193,087
2,942 Ryanair Holdings, SP ADR * .................................... 80,464
3,120 United Technologies ........................................... 152,381
----------------
669,578
----------------
INFORMATION TECHNOLOGY - 20.71%
5,515 Corning ....................................................... 80,629
6,992 Electronic Arts * ............................................. 142,287
13,925 EMC * ......................................................... 174,480
3,825 F5 Networks * ................................................. 104,308
555 Google, Class A * ............................................. 219,763
725 International Business Machines ............................... 74,827
5,383 Oracle ........................................................ 104,107
4,225 Quality Systems ............................................... 226,545
5,455 Salesforce.com * .............................................. 233,529
5,050 Symantec * .................................................... 87,113
3,703 VMware, Class A * ............................................. 96,574
13,802 Yahoo! * ...................................................... 197,231
----------------
1,741,393
----------------
MATERIALS - 1.15%
3,471 DuPont (E.I.) de Nemours ...................................... 96,841
----------------
TELECOMMUNICATION SERVICES - 1.88%
2,300 Cbeyond * ..................................................... 46,874
3,654 Verizon Communications ........................................ 110,862
----------------
157,736
----------------
UTILITIES - 0.71%
8,475 AES * ......................................................... 59,918
----------------
TOTAL COMMON STOCKS
(Cost $8,002,025) .......................................... 8,363,227
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
Aston Funds
TAMRO ALL CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
NUMBER OF MARKET
CONTRACTS VALUE
- ------------ ----------------
PURCHASED OPTIONS - 0.01%
65 Coca-Cola - Call Strike @ $60 Exp 01/10 ....................... $ 975
----------------
TOTAL PURCHASED OPTIONS
(Cost $16,259) ............................................. 975
----------------
SHARES
- ------------
INVESTMENT COMPANY - 0.77%
64,567 BlackRock Liquidity Funds TempCash Portfolio .................. 64,567
----------------
TOTAL INVESTMENT COMPANY
(Cost $64,567) ............................................. 64,567
----------------
TOTAL INVESTMENTS - 100.24%
(Cost $8,082,851)** ....................................................... 8,428,769
----------------
NET OTHER ASSETS AND LIABILITIES - (0.24)% ................................... (20,159)
----------------
NET ASSETS - 100.00% ......................................................... $ 8,408,610
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal Income tax
purposes.
Gross unrealized appreciation ................. $1,026,053
Gross unrealized depreciation ................. (680,135)
----------
Net unrealized appreciation ................... $ 345,918
==========
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 4%
HEALTH CARE 2%
ENERGY 18%
FINANCIALS 17%
CONSUMER STAPLES 16%
CONSUMER DISCRETIONARY 11%
INDUSTRIALS 10%
UTILITIES 7%
INFORMATION TECHNOLOGY 6%
TELECOMMUNICATIONS SERVICES 5%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 95.64%
CONSUMER DISCRETIONARY - 10.61%
39,450 Barnes & Noble ................................................ $ 1,030,434
35,550 Cato, Class A ................................................. 683,271
92,725 Cracker Barrel Old Country Store .............................. 3,023,762
42,450 Gentex ........................................................ 567,556
48,625 Genuine Parts ................................................. 1,651,305
68,150 Hillenbrand ................................................... 1,238,967
28,150 VF ............................................................ 1,668,451
63,600 Yum! Brands ................................................... 2,121,060
----------------
11,984,806
----------------
CONSUMER STAPLES - 16.22%
25,075 Brown-Forman, Class B ......................................... 1,165,987
48,375 Clorox ........................................................ 2,711,419
24,200 Diageo, SP ADR ................................................ 1,157,970
41,300 General Mills ................................................. 2,093,497
19,650 Industrias Bachoco, SP ADR .................................... 292,392
33,250 Kimberly-Clark ................................................ 1,633,905
76,350 McCormick & Co
(Non-Voting Shares) ........................................ 2,248,507
44,425 PepsiCo ....................................................... 2,210,588
36,500 Procter & Gamble .............................................. 1,804,560
72,650 SUPERVALU ..................................................... 1,187,828
77,325 Sysco ......................................................... 1,803,992
----------------
18,310,645
----------------
ENERGY - 17.87%
78,275 Alliance Resource Partners LP ................................. 2,574,465
84,800 Boardwalk Pipeline Partners LP ................................ 1,738,400
56,175 Chevron ....................................................... 3,713,167
141,650 Encore Energy Partners LP ..................................... 2,365,555
51,175 Eni, SP ADR ................................................... 2,184,661
72,725 Magellan Midstream Partners LP ................................ 2,429,015
142,300 Spectra Energy ................................................ 2,063,350
36,275 TC Pipelines LP ............................................... 1,090,427
73,925 TEPPCO Partners LP ............................................ 2,012,978
----------------
20,172,018
----------------
MARKET
SHARES VALUE
- ------------ ----------------
FINANCIALS - 16.41%
18,200 Associated Bancorp ............................................ $ 281,554
71,725 BancorpSouth .................................................. 1,667,606
28,350 Bank of Hawaii ................................................ 996,219
31,950 Chubb ......................................................... 1,244,452
32,250 Cincinnati Financial .......................................... 772,387
32,275 Erie Indemnity, Class A ....................................... 1,139,953
104,490 Gallagher (Arthur J.) ......................................... 2,348,935
61,275 Medallion Financial ........................................... 451,597
24,850 Mid-America Apartment Communities, REIT ....................... 919,201
24,100 PartnerRe ..................................................... 1,643,379
123,875 People's United Financial ..................................... 1,934,928
83,250 Realty Income, REIT ........................................... 1,858,973
40,325 Safety Insurance Group ........................................ 1,332,741
40,525 U.S. Bancorp .................................................. 738,366
52,650 Zenith National Insurance ..................................... 1,199,894
----------------
18,530,185
----------------
HEALTH CARE - 2.29%
40,625 Johnson & Johnson ............................................. 2,127,125
34,425 Pfizer ........................................................ 459,918
----------------
2,587,043
----------------
INDUSTRIALS - 9.92%
17,875 3M ............................................................ 1,029,600
49,300 Honeywell International ....................................... 1,538,653
31,825 Norfolk Southern .............................................. 1,135,516
37,875 PACCAR ........................................................ 1,342,290
32,825 United Parcel Service, Class B ................................ 1,718,061
24,825 United Technologies ........................................... 1,212,453
120,900 Waste Management .............................................. 3,224,403
----------------
11,200,976
----------------
INFORMATION TECHNOLOGY - 6.26%
60,050 Automatic Data Processing ..................................... 2,113,760
129,950 Intel ......................................................... 2,050,611
32,884 Methode Electronics ........................................... 197,962
53,475 Microsoft ..................................................... 1,083,403
60,050 Paychex ....................................................... 1,621,950
----------------
7,067,686
----------------
MATERIALS - 4.07%
46,975 International Flavors & Fragrances ............................ 1,465,620
32,100 Nucor ......................................................... 1,306,149
131,975 RPM International ............................................. 1,823,895
----------------
4,595,664
----------------
TELECOMMUNICATION SERVICES - 4.76%
23,950 Atlantic Tele-Network ......................................... 528,816
72,750 BCE ........................................................... 1,556,850
108,550 Verizon Communications ........................................ 3,293,407
----------------
5,379,073
----------------
UTILITIES - 7.23%
35,000 ALLETE ........................................................ 911,400
128,775 Duke Energy ................................................... 1,778,383
50,625 Integrys Energy Group ......................................... 1,337,006
80,700 Portland General Electric ..................................... 1,474,389
92,025 Southern ...................................................... 2,657,682
----------------
8,158,860
----------------
TOTAL COMMON STOCKS
(Cost $111,844,074) ........................................ 107,986,956
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANY - 3.34%
3,768,700 BlackRock Liquidity Funds
TempFund Portfolio ......................................... $ 3,768,700
----------------
TOTAL INVESTMENT COMPANY
(Cost $3,768,700) .......................................... 3,768,700
----------------
TOTAL INVESTMENTS - 98.98%
(Cost $115,612,774)* ...................................................... 111,755,656
----------------
NET OTHER ASSETS AND LIABILITIES - 1.02% ..................................... 1,147,930
----------------
NET ASSETS - 100.00% ......................................................... $ 112,903,586
================
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 3,975,087
Gross unrealized depreciation ................. (7,832,205)
-----------
Net unrealized depreciation ................... $(3,857,118)
===========
LP Limited Partnership
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
Aston Funds
OPTIMUM MID CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
OTHER COMMON STOCKS
AND CASH & NET OTHER
ASSETS AND LIABILITIES 2%
INFORMATION TECHNOLOGY 28%
CONSUMER DISCRETIONARY 21%
INDUSTRIALS 18%
HEALTH CARE 15%
ENERGY 10%
MATERIALS 3%
FINANCIALS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 99.89%
CONSUMER DISCRETIONARY - 20.98%
3,716,900 Belo, Class A ................................................. $ 6,318,730
883,440 BorgWarner .................................................... 25,575,588
2,035,800 Gannett ....................................................... 7,959,978
1,994,200 Interpublic Group * ........................................... 12,483,692
270,600 Magna International, Class A .................................. 9,189,576
1,222,200 Mattel ........................................................ 18,284,112
4,461,245 New York Times, Class A ....................................... 24,001,498
1,618,200 Pearson, SP ADR ............................................... 16,764,552
725,457 Scholastic .................................................... 14,313,267
----------------
134,890,993
----------------
CONSUMER STAPLES - 1.97%
170,020 Bunge ......................................................... 8,162,660
117,500 Molson Coors Brewing, Class B ................................. 4,494,375
----------------
12,657,035
----------------
ENERGY - 10.04%
1,000,085 Compagnie Generale de
Geophysique-Veritas, SP ADR * .............................. 14,421,227
1,110,800 Denbury Resources * ........................................... 18,083,824
937,246 FMC Technologies * ............................................ 32,081,931
----------------
64,586,982
----------------
FINANCIALS - 2.85%
348,745 Cincinnati Financial .......................................... 8,352,443
365,400 Eaton Vance ................................................... 10,000,998
----------------
18,353,441
----------------
HEALTH CARE - 14.75%
298,400 Beckman Coulter ............................................... 15,683,904
853,670 Biovail ....................................................... 9,381,833
644,200 Charles River Laboratories * .................................. 17,812,130
206,200 Edwards Lifesciences * ........................................ 13,068,956
390,100 Lincare Holdings * ............................................ 9,413,113
447,000 PerkinElmer ................................................... 6,512,790
688,500 Varian Medical Systems * ...................................... 22,975,245
----------------
94,847,971
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INDUSTRIALS - 17.98%
2,032,100 Chicago Bridge & Iron ......................................... $ 21,743,470
539,800 Con-way ....................................................... 13,376,244
658,200 Manpower ...................................................... 28,361,838
2,988,400 Southwest Airlines ............................................ 20,859,032
380,700 URS * ......................................................... 16,773,642
889,300 Werner Enterprises ............................................ 14,540,055
----------------
115,654,281
----------------
INFORMATION TECHNOLOGY - 28.41%
1,582,800 Akamai Technologies * ......................................... 34,853,256
309,600 FactSet Research Systems ...................................... 16,591,464
523,725 Harris ........................................................ 16,015,511
761,700 Intuit * ...................................................... 17,618,121
2,106,000 Jabil Circuit ................................................. 17,058,600
884,600 Lexmark International Group, Class A * ........................ 17,355,852
1,226,004 Mentor Graphics * ............................................. 8,238,747
846,970 Molex ......................................................... 14,118,990
467,960 Molex, Class A ................................................ 7,155,108
9,827,385 Unisys * ...................................................... 11,989,410
1,021,455 Zebra Technologies * .......................................... 21,705,919
----------------
182,700,978
----------------
MATERIALS - 2.91%
383,700 FMC ........................................................... 18,697,699
----------------
TOTAL COMMON STOCKS
(Cost $834,328,057) ........................................ 642,389,380
----------------
INVESTMENT COMPANY - 0.36%
2,309,856 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 2,309,856
----------------
TOTAL INVESTMENT COMPANY
(Cost $2,309,856) .......................................... 2,309,856
----------------
TOTAL INVESTMENTS - 100.25%
(Cost $836,637,913)** ..................................................... 644,699,236
----------------
NET OTHER ASSETS AND LIABILITIES - (0.25)% ................................... (1,632,496)
----------------
NET ASSETS - 100.00% ......................................................... $ 643,066,740
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 57,359,347
Gross unrealized depreciation ................. (249,298,024)
-------------
Net unrealized depreciation ................... $(191,938,677)
=============
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS
AND LIABILITIES 1%
INFORMATION TECHNOLOGY 25%
INDUSTRIALS 17%
CONSUMER DISCRETIONARY 15%
HEALTH CARE 12%
ENERGY 11%
FINANCIALS 9%
CONSUPER STAPLES 5%
MATERIALS 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 98.56%
CONSUMER DISCRETIONARY - 14.51%
1,210 Bed Bath & Beyond * ........................................... $ 36,808
890 Burger King Holdings .......................................... 14,543
2,540 Dick's Sporting Goods * ....................................... 48,260
1,290 GameStop, Class A * ........................................... 38,906
330 Kohl's * ...................................................... 14,966
650 O'Reilly Automotive * ......................................... 25,253
800 Polo Ralph Lauren ............................................. 43,072
2,020 TJX ........................................................... 56,499
370 Tractor Supply * .............................................. 14,941
----------------
293,248
----------------
CONSUMER STAPLES - 5.39%
1,320 Alberto-Culver ................................................ 29,423
890 Avon Products ................................................. 20,256
720 Cadbury, SP ADR ............................................... 21,665
690 Church & Dwight ............................................... 37,543
----------------
108,887
----------------
ENERGY - 10.56%
1,390 Cameron International * ....................................... 35,556
565 Core Laboratories ............................................. 47,025
1,040 Forest Oil * .................................................. 16,640
990 Oceaneering International * ................................... 45,114
1,005 Smith International ........................................... 25,979
1,200 Southwestern Energy * ......................................... 43,032
----------------
213,346
----------------
FINANCIALS - 8.58%
820 Affiliated Managers Group * ................................... 46,617
600 Aon ........................................................... 25,320
870 Eaton Vance ................................................... 23,812
1,470 Lazard, Class A ............................................... 40,131
550 PartnerRe ..................................................... 37,505
----------------
173,385
----------------
HEALTH CARE - 11.88%
400 Bard (C.R.) ................................................... 28,652
630 Covance * ..................................................... 24,746
MARKET
SHARES VALUE
- ------------ ----------------
HEALTH CARE (CONTINUED)
1,460 Dentsply International ........................................ $ 41,785
1,080 Hologic * ..................................................... 16,049
820 St. Jude Medical * ............................................ 27,486
420 Techne ........................................................ 24,032
1,180 Varian Medical Systems * ...................................... 39,377
860 Waters * ...................................................... 37,986
----------------
240,113
----------------
INDUSTRIALS - 17.36%
1,340 Ametek ........................................................ 43,162
680 Cooper Industries ............................................. 22,297
870 Copart * ...................................................... 27,309
1,250 Expeditors International Washington ........................... 43,388
1,200 Fastenal ...................................................... 46,032
580 Jacobs Engineering Group * .................................... 22,063
1,090 Joy Global .................................................... 27,795
580 L-3 Communications Holdings ................................... 44,167
1,070 Roper Industries .............................................. 48,781
550 Stericycle * .................................................. 25,894
----------------
350,888
----------------
INFORMATION TECHNOLOGY - 25.32%
1,310 Akamai Technologies * ......................................... 28,846
1,930 Amphenol, Class A ............................................. 65,311
1,760 Citrix Systems * .............................................. 50,213
1,780 F5 Networks * ................................................. 48,541
1,070 Factset Research Systems ...................................... 57,341
1,550 Fiserv * ...................................................... 57,846
2,900 Juniper Networks * ............................................ 62,785
1,150 Microchip Technology .......................................... 26,450
2,710 NetApp * ...................................................... 49,593
3,170 Xilinx ........................................................ 64,795
----------------
511,721
----------------
MATERIALS - 4.96%
690 Air Products and Chemicals .................................... 45,471
1,420 Ecolab ........................................................ 54,741
----------------
100,212
----------------
TOTAL COMMON STOCKS
(Cost $2,353,500) .......................................... 1,991,800
----------------
INVESTMENT COMPANY - 1.24%
25,021 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 25,021
----------------
TOTAL INVESTMENT COMPANY
(Cost $25,021) ............................................. 25,021
----------------
TOTAL INVESTMENTS - 99.80%
(Cost $2,378,521)** ....................................................... 2,016,821
----------------
NET OTHER ASSETS AND LIABILITIES - 0.20% ..................................... 3,983
----------------
NET ASSETS - 100.00% ......................................................... $ 2,020,804
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 49,572
Gross unrealized depreciation ................. (411,272)
---------
Net unrealized depreciation ................... $(361,700)
=========
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
Aston Funds
CARDINAL MID CAP VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 5%
TELECOMMUNICATION SERVICES 3%
INFORMATION TECHNOLOGY 25%
HEALTH CARE 14%
CONSUMER DISCRETIONARY 14%
FINANCIALS 12%
INDUSTRIALS 11%
ENERGY 6%
MATERIALS 5%
CONSUMER STAPLES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 95.46%
CONSUMER DISCRETIONARY - 14.28%
1,411 American Eagle Outfitters ..................................... $ 20,911
153 Barnes & Noble ................................................ 3,996
1,000 Interactive Data .............................................. 22,480
1,179 Speedway Motorsports .......................................... 17,685
625 Stanley Works ................................................. 23,769
1,824 Virgin Media .................................................. 14,081
2,215 Wendy's/Arby's Group, Class A ................................. 11,075
----------------
113,997
----------------
CONSUMER STAPLES - 4.49%
550 Alberto-Culver ................................................ 12,259
600 Smucker (J.M.) ................................................ 23,640
----------------
35,899
----------------
ENERGY - 5.86%
800 Concho Resources * ............................................ 21,936
400 Oceaneering International * ................................... 18,228
350 Plains Exploration & Production * ............................. 6,605
----------------
46,769
----------------
FINANCIALS - 11.89%
446 Affiliated Managers Group * ................................... 25,355
517 Cash America International .................................... 11,560
351 Gallagher (Arthur J.) ......................................... 7,890
600 Investment Technology Group * ................................. 13,668
875 People's United Financial ..................................... 13,667
828 Willis Group Holdings ......................................... 22,778
----------------
94,918
----------------
HEALTH CARE - 14.42%
400 Beckman Coulter ............................................... 21,024
311 Henry Schein * ................................................ 12,763
1,378 IMS Health .................................................... 17,308
MARKET
SHARES VALUE
- ------------ ----------------
HEALTH CARE (CONTINUED)
517 Laboratory Corp of America Holdings * ......................... $ 33,166
376 Quest Diagnostics ............................................. 19,300
355 West Pharmaceutical Services .................................. 11,591
----------------
115,152
----------------
INDUSTRIALS - 11.24%
200 Alliant Techsystems * ......................................... 15,930
341 Equifax ....................................................... 9,944
325 L-3 Communications Holdings ................................... 24,749
946 RR Donnelley & Sons ........................................... 11,021
300 Teledyne Technologies * ....................................... 9,579
350 Watson Wyatt Worldwide, Class A ............................... 18,568
----------------
89,791
----------------
INFORMATION TECHNOLOGY - 25.48%
600 Broadridge Financial Solutions ................................ 11,610
1,299 Check Point Software Technologies * ........................... 30,098
1,900 Convergys * ................................................... 19,209
600 Fiserv * ...................................................... 22,392
610 Hewitt Associates * ........................................... 19,130
1,010 Intuit * ...................................................... 23,361
3,000 Novell * ...................................................... 11,280
1,151 Progress Software * ........................................... 24,390
496 Sybase * ...................................................... 16,844
1,500 Western Union ................................................. 25,125
----------------
203,439
----------------
MATERIALS - 4.79%
100 Compass Minerals International ................................ 4,822
720 Silgan Holdings ............................................... 33,473
----------------
38,295
----------------
TELECOMMUNICATION SERVICES - 3.01%
1,566 Frontier Communications ....................................... 11,134
1,553 Windstream .................................................... 12,890
----------------
24,024
----------------
TOTAL COMMON STOCKS
(Cost $906,554) ............................................ 762,284
----------------
INVESTMENT COMPANY - 7.52%
60,080 BlackRock Liquidity Funds TempCash Portfolio .................. 60,080
----------------
TOTAL INVESTMENT COMPANY
(Cost $60,080) ............................................. 60,080
----------------
TOTAL INVESTMENTS - 102.98%
(Cost $966,634)** ......................................................... 822,364
----------------
NET OTHER ASSETS AND LIABILITIES - (2.98)% ................................... (23,831)
----------------
NET ASSETS - 100.00% ......................................................... $ 798,533
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 44,046
Gross unrealized depreciation ................. (188,316)
---------
Net unrealized depreciation ................... $(144,270)
=========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
Aston Funds
RIVER ROAD SMALL-MID CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
ENERGY 3%
TELECOMMUNICATION SERVICES 1%
CONSUMER DISCRETIONARY 26%
CONSUMER STAPLES 13%
FINANCIALS 17%
INDUSTRIALS 14%
MATERIALS 7%
INFORMATION TECHNOLOGY 6%
HEALTH CARE 5%
UTILITIES 4%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 96.06%
CONSUMER DISCRETIONARY - 26.20%
44,770 Abercrombie & Fitch, Class A .................................. $ 1,211,476
43,580 Bank (Jos. A.) Clothiers * .................................... 1,762,375
111,590 Barnes & Noble ................................................ 2,914,731
59,340 Big Lots * .................................................... 1,640,158
172,790 Brink's Home Security Holdings * .............................. 4,592,758
144,290 Callaway Golf ................................................. 1,089,389
118,620 Cracker Barrel Old Country Store .............................. 3,868,198
73,690 Dollar Tree * ................................................. 3,120,035
30,210 DreamWorks Animation SKG, Class A * ........................... 725,342
94,480 Dress Barn * .................................................. 1,430,427
175,050 Fred's, Class A ............................................... 2,391,183
63,270 Hillenbrand ................................................... 1,150,249
22,030 International Speedway, Class A ............................... 521,670
82,850 JAKKS Pacific * ............................................... 1,048,053
222,010 OfficeMax ..................................................... 1,653,975
82,050 Papa John's International * ................................... 2,177,607
198,140 PetSmart ...................................................... 4,533,443
25,210 Polo Ralph Lauren ............................................. 1,357,306
164,320 Rent-A-Center * ............................................... 3,163,160
97,970 Sotheby's ..................................................... 1,137,432
52,570 UniFirst ...................................................... 1,960,335
----------------
43,449,302
----------------
CONSUMER STAPLES - 12.88%
86,796 American Dairy * .............................................. 1,372,245
207,253 Casey's General Stores ........................................ 5,515,002
34,300 Coca-Cola Bottling ............................................ 1,787,716
87,440 Industrias Bachoco, SP ADR .................................... 1,301,107
34,406 J & J Snack Foods ............................................. 1,333,577
122,640 National Beverage * ........................................... 1,291,399
228,150 Ruddick ....................................................... 5,854,329
93,860 Village Super Market, Class A ................................. 2,907,783
----------------
21,363,158
----------------
MARKET
SHARES VALUE
- ------------ ----------------
ENERGY - 3.48%
32,580 Bristow Group * ............................................... $ 741,521
94,790 Cal Dive International * ...................................... 750,737
57,650 Cimarex Energy ................................................ 1,550,785
59,485 Encore Acquisition * .......................................... 1,736,367
77,690 Frontier Oil .................................................. 987,440
----------------
5,766,850
----------------
FINANCIALS - 17.09%
10,671 Alleghany * ................................................... 2,706,806
60,530 Associated Bancorp ............................................ 936,399
70,600 BancorpSouth .................................................. 1,641,450
34,650 Bank of Hawaii ................................................ 1,217,601
88,517 Commerce Bancshares ........................................... 2,929,913
34,460 Erie Indemnity, Class A ....................................... 1,217,127
57,830 FirstService * ................................................ 576,565
170,360 Hilltop Holdings * ............................................ 1,930,179
71,265 Max Capital Group ............................................. 1,179,436
38,940 Navigators Group * ............................................ 1,767,097
50,660 Oppenheimer Holdings, Class A ................................. 540,036
49,400 PartnerRe ..................................................... 3,368,586
142,530 People's United Financial ..................................... 2,226,319
36,870 UMB Financial ................................................. 1,687,540
56,070 W. R. Berkley ................................................. 1,340,634
5,782 White Mountains Insurance Group ............................... 1,106,212
67,960 Whitney Holding ............................................... 812,802
50,850 Zenith National Insurance ..................................... 1,158,872
----------------
28,343,574
----------------
HEALTH CARE - 4.90%
52,920 Martek Biosciences * .......................................... 964,202
21,420 MEDNAX * ...................................................... 768,978
72,590 Res-Care * .................................................... 1,162,892
41,010 STERIS ........................................................ 988,341
73,530 Universal Health Services, Class B ............................ 3,705,912
16,150 West Pharmaceutical Services .................................. 527,298
----------------
8,117,623
----------------
INDUSTRIALS - 13.60%
51,755 AMERCO * ...................................................... 1,679,450
180,040 Brink's ....................................................... 5,104,134
72,480 Copart * ...................................................... 2,275,147
156,540 Equifax ....................................................... 4,564,706
135,540 Geo Group * ................................................... 2,254,030
132,760 Houston Wire & Cable .......................................... 1,279,806
70,395 Korn/Ferry International * .................................... 745,483
213,280 Pike Electric * ............................................... 2,213,846
108,590 TrueBlue * .................................................... 1,054,409
72,485 Viad .......................................................... 1,383,014
----------------
22,554,025
----------------
INFORMATION TECHNOLOGY - 5.73%
23,160 Affiliated Computer Services, Class A * ....................... 1,120,481
13,330 Anixter International * ....................................... 530,267
42,040 Bel Fuse, Class B ............................................. 680,207
140,750 Brightpoint * ................................................. 733,307
388,960 Ingram Micro, Class A * ....................................... 5,647,699
101,140 Ituran Location and Control ................................... 792,938
----------------
9,504,899
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
Aston Funds
RIVER ROAD SMALL-MID CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
MATERIALS - 7.35%
77,090 Airgas ........................................................ $ 3,324,121
192,980 AptarGroup .................................................... 5,988,169
211,290 Glatfelter .................................................... 1,876,255
46,040 Pactiv, Class A * ............................................. 1,006,434
----------------
12,194,979
----------------
TELECOMMUNICATION SERVICES - 0.71%
11,160 Atlantic Tele-Network ......................................... 246,413
27,120 United States Cellular * ...................................... 922,080
----------------
1,168,493
----------------
UTILITIES - 4.12%
56,135 ALLETE ........................................................ 1,461,755
31,380 Integrys Energy Group ......................................... 828,746
111,466 Portland General Electric ..................................... 2,036,484
99,572 SJW ........................................................... 2,509,214
----------------
6,836,199
----------------
TOTAL COMMON STOCKS
(Cost $166,265,868) ........................................ 159,299,102
----------------
INVESTMENT COMPANY - 3.62%
6,013,598 BlackRock Liquidity Funds TempFund Portfolio .................. 6,013,598
----------------
TOTAL INVESTMENT COMPANY
(Cost $6,013,598) .......................................... 6,013,598
----------------
TOTAL INVESTMENTS - 99.68%
(Cost $172,279,466)** ..................................................... 165,312,700
----------------
NET OTHER ASSETS AND LIABILITIES - 0.32% ..................................... 526,653
----------------
NET ASSETS - 100.00% ......................................................... $ 165,839,353
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 10,876,939
Gross unrealized depreciation ................. (17,843,705)
------------
Net unrealized depreciation ................... $ (6,966,766)
============
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
MATERIALS 1%
OTHER COMMON STOCKS
AND CASH & NET OTHER
ASSETS AND LIABILITIES 1%
INFORMATION TECHNOLOGY 39%
CONSUMER DISCRETIONARY 19%
FINANCIALS 15%
INDUSTRIALS 12%
HEALTH CARE 10%
CONSUMER STAPLES 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 99.36%
CONSUMER DISCRETIONARY - 18.80%
20,075 Aeropostale * ................................................. $ 681,948
108,600 American Eagle Outfitters ..................................... 1,609,452
11,200 American Public Education ..................................... 403,200
30,125 Buckle ........................................................ 1,125,771
14,250 Buffalo Wild Wings * .......................................... 556,320
55,575 Carter's * .................................................... 1,188,194
4,275 Chipotle Mexican Grill, Class A ............................... 346,660
25,725 Monro Muffler Brake ........................................... 642,353
11,825 Panera Bread, Class A * ....................................... 662,318
46,425 Ryland Group (The) ............................................ 961,462
----------------
8,177,678
----------------
CONSUMER STAPLES - 3.51%
4,025 Green Mountain Coffee Roasters * .............................. 291,048
46,500 TreeHouse Foods * ............................................. 1,236,435
----------------
1,527,483
----------------
FINANCIALS - 14.84%
12,925 Community Bank System ......................................... 212,616
48,800 First Horizon National ........................................ 561,688
39,425 First Midwest Bancorp ......................................... 349,306
102,100 Janus Capital Group ........................................... 1,024,063
63,500 Jefferies Group ............................................... 1,242,695
63,100 Knight Capital Group, Class A * ............................... 977,419
22,500 Lazard, Class A ............................................... 614,250
92,475 Marshall & Ilsley ............................................. 534,506
13,000 Pacific Capital Bancorp ....................................... 90,220
30,550 Raymond James Financial ....................................... 479,330
33,857 Zions Bancorporation .......................................... 370,057
----------------
6,456,150
----------------
HEALTH CARE - 9.68%
19,625 AMERIGROUP * .................................................. 586,199
37,825 Hologic ....................................................... 562,080
26,250 Masimo * ...................................................... 758,625
130,300 Mylan * ....................................................... 1,726,475
19,850 Thoratec * .................................................... 576,841
----------------
4,210,220
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INDUSTRIALS - 12.18%
22,025 Aecom Technology * ............................................ $ 566,703
60,500 Continental Airlines, Class B * ............................... 636,460
20,625 EMCOR Group * ................................................. 428,794
13,575 Granite Construction .......................................... 535,534
19,150 Marten Transport * ............................................ 397,171
86,050 Perini * ...................................................... 1,488,665
48,000 Star Bulk Carriers ............................................ 147,360
14,375 URS * ......................................................... 633,363
8,775 Watson Wyatt Worldwide,
Class A .................................................... 465,514
----------------
5,299,564
----------------
INFORMATION TECHNOLOGY - 39.17%
75,600 Akamai Technologies * ......................................... 1,664,712
108,850 Arris Group * ................................................. 1,161,430
38,900 AsiaInfo Holdings * ........................................... 651,575
57,400 Atheros Communications * ...................................... 988,428
31,625 Avnet * ....................................................... 692,271
44,300 Cavium Networks * ............................................. 557,294
110,450 Cypress Semiconductor * ....................................... 875,869
22,750 DG Fastchannel * .............................................. 530,758
224,950 LSI * ......................................................... 863,808
86,275 NetScout Systems * ............................................ 775,612
50,125 NetSuite * .................................................... 701,249
130,800 ON Semiconductor * ............................................ 708,936
21,650 Riverbed Technology * ......................................... 396,628
161,200 Seagate Technology ............................................ 1,315,392
27,125 Solera Holdings * ............................................. 618,993
29,300 Starent Networks * ............................................ 578,089
27,500 Synaptics * ................................................... 893,200
106,200 TeleCommunication Systems,
Class A * .................................................. 1,041,822
59,325 Websense * .................................................... 1,057,765
41,075 Western Digital * 966,084
----------------
17,039,915
----------------
MATERIALS - 1.06%
31,125 Commercial Metals ............................................. 463,134
----------------
TELECOMMUNICATION SERVICES - 0.12%
7,275 Global Crossing * ............................................. 52,817
----------------
TOTAL COMMON STOCKS
(Cost $37,265,699) ......................................... 43,226,961
----------------
INVESTMENT COMPANY - 0.20%
86,733 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 86,733
----------------
TOTAL INVESTMENT COMPANY
(Cost $86,733) ............................................. 86,733
----------------
TOTAL INVESTMENTS - 99.56%
(Cost $37,352,432)** ...................................................... 43,313,694
----------------
NET OTHER ASSETS AND LIABILITIES - 0.44% ..................................... 191,371
----------------
NET ASSETS - 100.00% ......................................................... $ 43,505,065
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation. ................ $ 7,427,013
Gross unrealized depreciation. ................ (1,465,751)
-----------
Net unrealized appreciation ................... $ 5,961,262
===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
TELECOMMUNICATION SERVICES 3%
CONSUMER DISCRETIONARY 22%
FINANCIALS 17%
INFORMATION TECHNOLOGY 16%
HEALTH CARE 13%
CONSUMER STAPLES 10%
INDUSTRIALS 9%
ENERGY 6%
CASH & NET OTHER ASSETS
AND LIABILITIES 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 95.54%
CONSUMER DISCRETIONARY - 21.88%
316,466 Aaron Rents ................................................... $ 10,620,599
208,671 Abercrombie & Fitch, Class A .................................. 5,646,637
397,148 BJ's Restaurants * ............................................ 6,548,971
115,056 Blue Nile * ................................................... 4,896,783
365,874 Career Education * ............................................ 8,063,863
778,311 CarMax * ...................................................... 9,931,248
309,187 Carter's * .................................................... 6,610,418
41,903 Chipotle Mexican Grill, Class A * ............................. 3,397,914
296,252 Choice Hotels International ................................... 8,866,822
578,373 Corinthian Colleges * ......................................... 8,906,944
750,004 Domino's Pizza * .............................................. 7,080,038
304,200 M.D.C. Holdings ............................................... 10,397,556
144,740 Morningstar * ................................................. 5,741,836
330,057 PetMed Express * .............................................. 5,366,727
228,893 Pool .......................................................... 4,088,029
----------------
106,164,385
----------------
CONSUMER STAPLES - 9.62%
212,695 Casey's General Stores ........................................ 5,659,814
369,750 Lance ......................................................... 8,563,410
463,611 NBTY * ........................................................ 12,012,161
330,204 TreeHouse Foods * ............................................. 8,780,124
511,596 United Natural Foods * ........................................ 11,654,157
----------------
46,669,666
----------------
ENERGY - 6.27%
253,173 Alpha Natural Resources * ..................................... 5,184,983
299,637 Bill Barrett * ................................................ 7,784,569
336,092 Holly ......................................................... 7,044,488
115,400 Pioneer Natural Resources ..................................... 2,668,048
674,833 Willbros Group * .............................................. 7,733,586
----------------
30,415,674
----------------
MARKET
SHARES VALUE
- ------------ ----------------
FINANCIALS - 16.82%
415,724 Bank of the Ozarks ............................................ $ 10,322,427
220,043 First American ................................................ 6,178,808
208,720 GAMCO Investors ............................................... 10,467,308
596,723 Glacier Bancorp ............................................... 9,141,796
293,548 LaSalle Hotel Properties, REIT ................................ 3,510,834
31,058 Markel * ...................................................... 8,913,646
482,451 Raymond James Financial ....................................... 7,569,656
593,977 Redwood Trust, REIT ........................................... 9,664,006
506,787 TCF Financial ................................................. 7,049,407
3,991 Teton Advisors (a) ............................................ 136
411,357 Washington, REIT .............................................. 8,774,245
----------------
81,592,269
----------------
HEALTH CARE - 13.50%
858,825 Align Technology * ............................................ 10,658,018
234,528 Analogic ...................................................... 8,536,819
233,869 Cerner * ...................................................... 12,582,152
285,556 Perrigo ....................................................... 7,401,612
220,349 Pharmaceutical Product
Development ................................................ 4,321,044
205,090 Teleflex ...................................................... 8,814,768
83,115 United Therapeutics * ......................................... 5,220,453
158,037 Universal Health Services,
Class B .................................................... 7,965,065
----------------
65,499,931
----------------
INDUSTRIALS - 9.08%
849,900 AirTran Holdings * ............................................ 5,906,805
456,055 Argon ST * .................................................... 9,298,962
352,676 EMCOR Group * ................................................. 7,332,134
353,706 General Cable * ............................................... 9,599,581
128,598 Schnitzer Steel Industries,
Class A .................................................... 6,373,317
104,609 Watson Wyatt Worldwide,
Class A .................................................... 5,549,508
----------------
44,060,307
----------------
INFORMATION TECHNOLOGY - 15.87%
174,572 Blackboard * .................................................. 5,940,685
373,038 Data Domain * ................................................. 6,184,970
391,584 F5 Networks * ................................................. 10,678,496
156,467 FactSet Research Systems ...................................... 8,385,067
903,033 L-1 Identity Solutions * ...................................... 6,610,202
185,310 ManTech International, Class A * .............................. 6,706,369
210,928 Quality Systems ............................................... 11,309,959
784,787 RightNow Technologies * ....................................... 5,925,142
388,836 SeaChange International * ..................................... 2,438,002
687,247 ValueClick * .................................................. 7,284,818
802,009 VASCO Data Security
International * ............................................ 5,549,902
----------------
77,013,612
----------------
TELECOMMUNICATION SERVICES - 2.50%
594,466 Cbeyond * ..................................................... 12,115,217
----------------
TOTAL COMMON STOCKS
(Cost $423,813,523) ........................................ 463,531,061
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
Aston Funds
TAMRO SMALL CAP FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANY - 8.22%
39,852,533 BlackRock Liquidity Funds
TempCash Portfolio ......................................... $ 39,852,533
----------------
TOTAL INVESTMENT COMPANY
(Cost $39,852,533) ......................................... 39,852,533
----------------
TOTAL INVESTMENTS - 103.76%
(Cost $463,666,056)** ..................................................... 503,383,594
----------------
NET OTHER ASSETS AND LIABILITIES - (3.76)% ................................... (18,236,439)
----------------
NET ASSETS - 100.00% ......................................................... $ 485,147,155
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 65,297,412
Gross unrealized depreciation ................. (25,579,874)
------------
Net unrealized appreciation ................... $ 39,717,538
============
(a) This security has been determined by the Adviser to be an illiquid
security. At April 30, 2009, this security amounted to $136 or 0.00% of net
assets.
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
UTILITIES 4%
CONSUMER DISCRETIONARY 28%
CONSUMER STAPLES 18%
FINANCIALS 14%
INDUSTRIALS 11%
MATERIALS 6%
INFORMATION TECHNOLOGY 5%
HEALTH CARE 5%
OTHER COMMON STOCKS, CASH & NET OTHER ASSETS
AND LIABILITIES 5%
ENERGY 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 95.05%
CONSUMER DISCRETIONARY - 28.18%
128,093 Bank (Jos. A.) Clothiers * .................................... $ 5,180,077
251,553 Barnes & Noble ................................................ 6,570,564
133,570 Big Lots * .................................................... 3,691,875
440,866 Brink's Home Security Holdings * .............................. 11,718,218
443,530 Callaway Golf ................................................. 3,348,652
269,906 Cracker Barrel Old Country Store .............................. 8,801,635
144,941 Dollar Tree * ................................................. 6,136,802
165,650 DreamWorks Animation SKG, Class A * ........................... 3,977,257
225,919 Dress Barn * .................................................. 3,420,414
467,178 Fred's, Class A ............................................... 6,381,651
140,682 Frisch's Restaurants .......................................... 3,524,084
181,844 Hampshire Group * (a) ......................................... 527,348
202,340 Hillenbrand ................................................... 3,678,541
102,520 International Speedway, Class A ............................... 2,427,674
273,876 JAKKS Pacific * ............................................... 3,464,531
28,917 Lazare Kaplan International * ................................. 38,749
22,780 Lincoln Educational Services * ................................ 377,920
585,398 Mac-Gray * .................................................... 4,039,246
79,794 Nathan's Famous * ............................................. 1,121,106
516,330 OfficeMax ..................................................... 3,846,659
185,328 Papa John's International * ................................... 4,918,605
125,727 PetMed Express * .............................................. 2,044,321
333,895 Rent-A-Center * ............................................... 6,427,479
281,440 Sotheby's ..................................................... 3,267,518
44,540 Steiner Leisure * ............................................. 1,409,246
156,403 UniFirst ...................................................... 5,832,268
----------------
106,172,440
----------------
CONSUMER STAPLES - 17.62%
329,636 American Dairy * .............................................. 5,211,545
485,009 Casey's General Stores ........................................ 12,906,089
106,086 Coca-Cola Bottling ............................................ 5,529,202
280,708 HQ Sustainable Maritime Industries * .......................... 2,619,006
MARKET
SHARES VALUE
- ------------ ----------------
CONSUMER STAPLES (CONTINUED)
360,270 Industrias Bachoco, SP ADR .................................... $ 5,360,818
99,471 J & J Snack Foods ............................................. 3,855,496
385,784 National Beverage * ........................................... 4,062,306
562,661 Ruddick ....................................................... 14,437,881
272,129 Village Super Market, Class A ................................. 8,430,556
628,747 Zapata * ...................................................... 3,954,819
----------------
66,367,718
----------------
ENERGY - 4.41%
88,530 Bristow Group * ............................................... 2,014,943
408,426 Cal Dive International * ...................................... 3,234,734
63,154 Eastern American Natural Gas Trust ............................ 1,559,904
210,880 Encore Acquisition * .......................................... 6,155,587
737,299 Evolution Petroleum * ......................................... 1,688,415
152,880 Frontier Oil .................................................. 1,943,105
----------------
16,596,688
----------------
FINANCIALS - 13.59%
136,054 Associated Bancorp ............................................ 2,104,755
190,970 BancorpSouth .................................................. 4,440,053
121,090 Bank of Hawaii ................................................ 4,255,103
110,230 Erie Indemnity, Class A ....................................... 3,893,324
34,275 First Citizens BancShares, Class A ............................ 4,101,689
158,970 FirstService * ................................................ 1,584,931
30,009 Gyrodyne Company of America REIT * ............................ 762,979
422,020 Hilltop Holdings * ............................................ 4,781,487
171,301 Max Capital Group ............................................. 2,835,032
647,539 Medallion Financial ........................................... 4,772,362
127,767 Navigators Group * ............................................ 5,798,066
149,529 Oppenheimer Holdings, Class A ................................. 1,593,979
104,870 UMB Financial ................................................. 4,799,900
10,527 White Mountains Insurance Group ............................... 2,014,026
178,267 Whitney Holding ............................................... 2,132,073
58,730 Zenith National Insurance ..................................... 1,338,457
----------------
51,208,216
----------------
HEALTH CARE - 5.11%
68,890 Air Methods * ................................................. 1,829,030
286,106 Chindex International * ....................................... 2,343,208
131,850 Martek Biosciences * .......................................... 2,402,307
56,400 MEDNAX * ...................................................... 2,024,760
226,720 Res-Care * .................................................... 3,632,054
177,930 STERIS ........................................................ 4,288,113
83,700 West Pharmaceutical Services .................................. 2,732,805
----------------
19,252,277
----------------
INDUSTRIALS - 11.08%
123,810 AMERCO * ...................................................... 4,017,635
313,906 Brink's ....................................................... 8,899,235
102,240 Chase ......................................................... 976,392
123,480 Copart * ...................................................... 3,876,037
348,620 Geo Group * ................................................... 5,797,551
283,593 Houston Wire & Cable .......................................... 2,733,837
264,003 Korn/Ferry International * .................................... 2,795,792
477,890 Pike Electric * ............................................... 4,960,498
309,010 TrueBlue * .................................................... 3,000,487
189,973 Viad .......................................................... 3,624,685
512,944 WCA Waste * ................................................... 1,051,535
----------------
41,733,684
----------------
INFORMATION TECHNOLOGY - 5.52%
126,740 Bel Fuse, Class B ............................................. $ 2,050,653
547,531 Brightpoint * ................................................. 2,852,637
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
101,982 Cass Information Systems ...................................... 3,439,853
41,250 Computer Services (a) ......................................... 1,067,344
320,210 Electro Rent .................................................. 3,064,410
395,013 Ingram Micro, Class A * ....................................... 5,735,589
331,110 Ituran Location and Control ................................... 2,595,902
----------------
20,806,388
----------------
MATERIALS - 5.63%
555,106 AptarGroup .................................................... 17,224,939
446,576 Glatfelter .................................................... 3,965,595
----------------
21,190,534
----------------
TELECOMMUNICATION SERVICES - 0.20%
33,520 Atlantic Tele-Network ......................................... 740,122
----------------
UTILITIES - 3.71%
127,360 ALLETE ........................................................ 3,316,454
291,560 Portland General Electric ..................................... 5,326,801
212,296 SJW ........................................................... 5,349,859
----------------
13,993,114
----------------
TOTAL COMMON STOCKS
(Cost $389,706,602) ........................................ 358,061,181
----------------
INVESTMENT COMPANY - 6.39%
24,072,649 BlackRock Liquidity Funds TempFund Portfolio .................. 24,072,649
----------------
TOTAL INVESTMENT COMPANY
(Cost $24,072,649) ......................................... 24,072,649
----------------
TOTAL INVESTMENTS - 101.44%
(Cost $413,779,251)** ..................................................... 382,133,830
----------------
NET OTHER ASSETS AND LIABILITIES - (1.44)% ................................... (5,413,806)
----------------
NET ASSETS - 100.00% ......................................................... $ 376,720,024
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 21,848,366
Gross unrealized depreciation ................. (53,493,787)
------------
Net unrealized depreciation ................... $(31,645,421)
============
(a) These securities have been determined by the Adviser to be illiquid
securities. At April 30, 2009, these securities amounted to $1,594,692 or
0.42% of net assets.
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
Aston Funds
NEPTUNE INTERNATIONAL FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
INFORMATION TECHNOLOGY 3%
CONSUMER STAPLES 18%
ENERGY 15%
MATERIALS 13%
HEALTH CARE 12%
CONSUMER DISCRETIONARY 11%
FINANCIALS 10%
INDUSTRIALS 7%
TELECOMMUNICATION SERVICES 6%
CASH & NET OTHER ASSETS
AND LIABILITIES 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 95.37%
CHINA - 19.98%
100,000 China Life Insurance .......................................... $ 352,901
35,000 China Mobile .................................................. 303,934
175,000 China Oilfield Services ....................................... 144,741
165,000 CNOOC ......................................................... 185,012
200,000 Mandarin Oriental International ............................... 198,000
350,000 PetroChina .................................................... 309,804
110,000 Shangri-La Asia ............................................... 162,657
----------------
1,657,049
----------------
GERMANY - 3.60%
6,000 Bayer * ....................................................... 298,571
----------------
JAPAN - 10.45%
13,800 Komatsu ....................................................... 170,576
870 Nintendo ...................................................... 232,100
30,000 Toray Industries .............................................. 132,022
8,500 Toyota Motor .................................................. 331,829
----------------
866,527
----------------
LUXEMBOURG - 0.47%
3,000 Evraz Group, GDR .............................................. 39,450
----------------
NETHERLANDS - 5.08%
5,000 Akzo Nobel .................................................... 211,035
19,000 Reed Elsevier ................................................. 210,115
----------------
421,150
----------------
NORWAY - 2.30%
7,000 Yara International * .......................................... 190,853
----------------
RUSSIA - 21.06%
1,000 Aeroflot - Russian International Airlines, GDR ................ 111,141
13,000 Gazprom, SP ADR ............................................... 230,100
3,250 LUKOIL, SP ADR ................................................ 143,390
22,186 Mining and Metallurgical Company Norilsk Nickel, ADR * ........ 183,034
4,000 Mobile TeleSystems, SP ADR .................................... 132,560
16,000 Polyus Gold, SP ADR ........................................... 361,600
45,000 Rosneft Oil, GDR .............................................. 236,250
MARKET
SHARES VALUE
- ------------ ----------------
RUSSIA (CONTINUED)
9,000 Vimpel-Communications,
SP ADR * ...................................................... $ 84,780
3,500 Wimm-Bill-Dann Foods, ADR * ................................... 156,345
8,000 X 5 Retail Group, GDR * ....................................... 107,200
----------------
1,746,400
----------------
SWITZERLAND - 3.05%
2,000 Roche Holding ................................................. 253,209
----------------
UNITED KINGDOM - 29.38%
7,500 AstraZeneca ................................................... 264,620
10,000 British American Tobacco PLC .................................. 242,466
20,000 Diageo ........................................................ 240,543
12,500 GlaxoSmithKline ............................................... 193,981
18,417 HSBC Holdings PLC ............................................. 130,911
38,000 ICAP .......................................................... 210,387
10,000 Imperial Tobacco Group ........................................ 229,448
50,000 Rolls-Royce Group PLC ......................................... 250,011
4,290,000 Rolls-Royce Group PLC, C Shares * (a) ......................... 6,346
50,000 Tesco PLC ..................................................... 249,419
31,500 Tullett Prebon PLC ............................................ 124,538
15,000 Unilever ...................................................... 294,244
----------------
2,436,914
----------------
TOTAL COMMON STOCKS
(Cost $13,232,213) 7,910,123
----------------
INVESTMENT COMPANY - 3.02%
250,773 BlackRock Liquidity Funds TempCash Portfolio .................. 250,773
----------------
TOTAL INVESTMENT COMPANY
(Cost $250,773) ............................................ 250,773
----------------
TOTAL INVESTMENTS - 98.39%
(Cost $13,482,986)** ...................................................... 8,160,896
----------------
NET OTHER ASSETS AND LIABILITIES - 1.61% ..................................... 133,226
----------------
NET ASSETS - 100.00% ......................................................... $ 8,294,122
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 12,537
Gross unrealized depreciation ................. (5,334,627)
-----------
Net unrealized depreciation ................... $(5,322,090)
===========
(a) This security has been determined by the Adviser to be an illiquid
security. At April 30, 2009, this security amounted to $6,346 or 0.08% of
net assets.
Forward foreign currency contracts outstanding as of April 30, 2009 were as
follows:
PRINCIPAL
CONTRACTS AMOUNT
TO BUY OR COVERED BY UNREALIZED
TO SELL CURRENCY CONTRACTS EXPIRATION DEPRECIATION
- --------- -------- ---------- ---------- ------------
Buy JPY 78,240,000 07/09 $(5,578)
ADR American Depositary Receipt
GDR Global Depositary Receipt
JPY Japanese Yen
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
Aston Funds
BARINGS INTERNATIONAL FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
UTILITIES 3%
EXCHANGE TRADED FUND 2%
FINANCIALS 22%
MATERIALS 14%
INDUSTRIALS 11%
ENERGY 11%
CASH & NET OTHER ASSETS
AND LIABILITIES 10%
TELECOMMUNICATION SERVICES 8%
CONSUMER STAPLES 7%
HEALTH CARE 5%
INFORMATION TECHNOLOGY 4%
CONSUMER DISCRETIONARY 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 88.20%
BELGIUM - 1.47%
8,168 Anheuser-Busch InBev .......................................... $ 251,967
----------------
BRAZIL - 4.41%
18,100 Itau Unibanco Banco Multiplo, ADR ............................. 248,513
7,821 Petroleo Brasileiro, ADR ...................................... 262,551
19,600 Redecard ...................................................... 246,685
----------------
757,749
----------------
CANADA - 1.56%
5,312 Niko Resources ................................................ 268,827
----------------
CHINA - 1.80%
539,000 Industrial & Commercial
Bank of China, Class H ........................................ 310,184
----------------
DENMARK - 1.31%
5,808 Genmab A/S * .................................................. 225,670
----------------
FRANCE - 10.58%
14,860 Axa * ......................................................... 250,583
5,100 BNP Paribas ................................................... 271,600
6,075 Cap Gemini * .................................................. 228,315
5,269 Compagnie Generale des Etablissements Michelin, Class B ....... 271,850
15,281 Suez Environnement * .......................................... 234,735
5,319 Total * ....................................................... 269,856
6,449 Vinci ......................................................... 291,818
----------------
1,818,757
----------------
GERMANY - 5.88%
5,093 Bayer * ....................................................... 253,437
6,896 Hannover Rueckversicherung .................................... 224,179
4,925 K+S * ......................................................... 296,816
1,708 Muenchener Rueckversicherungs Gesellschaft .................... 236,449
----------------
1,010,881
----------------
MARKET
SHARES VALUE
- ------------ ----------------
GREECE - 1.39%
15,541 Hellenic Telecommunications
Organization .................................................. $ 238,523
----------------
HONG KONG - 1.70%
28,000 Sun Hung Kai Properties ....................................... 291,740
----------------
IRELAND - 1.90%
12,531 CRH ........................................................... 326,953
----------------
ITALY - 1.40%
11,056 Eni ........................................................... 240,634
----------------
JAPAN - 14.36%
19,400 KOMATSU ....................................................... 239,795
10,000 Kurita Water Industries ....................................... 241,330
50,000 Mitsubishi UFJ Financial Group ................................ 271,243
22,600 Mitsui ........................................................ 237,871
22,000 Mitsui Fudosan ................................................ 275,725
800 Nintendo ...................................................... 213,425
163 NTT DoCoMo .................................................... 226,435
9,700 Seven & I Holdings ............................................ 218,845
62,000 Tokyu ......................................................... 264,044
4,000 UniCharm ...................................................... 278,645
----------------
2,467,358
----------------
NETHERLANDS - 1.31%
18,709 Koninklijke (Royal) ........................................... 225,483
----------------
NORWAY - 1.46%
9,209 Yara International ............................................ 251,081
----------------
PAGUA NEW GUINEA - 3.00%
126,255 Lihir Gold * .................................................. 275,267
64,283 Oil Search .................................................... 239,661
----------------
514,928
----------------
RUSSIA - 1.35%
13,063 Gazprom, SP ADR ............................................... 231,215
----------------
SPAIN - 2.78%
5,846 Red Electrica ................................................. 245,891
12,170 Telefonica .................................................... 232,032
----------------
477,923
----------------
SWITZERLAND - 7.24%
4,582 Actelion * .................................................... 209,760
9,138 Julius Baer Holding ........................................... 304,240
2,503 Lonza Group ................................................... 230,705
1,116 Syngenta ...................................................... 239,559
1,381 Zurich Financial Services ..................................... 259,176
----------------
1,243,440
----------------
UNITED KINGDOM - 23.30%
18,905 Admiral Group ................................................. 254,781
41,273 BAE Systems ................................................... 218,738
17,397 BG Group ...................................................... 281,298
188,186 BT Group ...................................................... 261,691
5,379 Dana Petroleum * .............................................. 100,264
16,930 De La Rue ..................................................... 241,439
38,800 HSBC Holdings ................................................. 274,102
9,535 Imperial Tobacco Group ........................................ 218,779
31,173 Peter Hambro Mining ........................................... 295,142
43,135 Prudential .................................................... 250,941
5,646 Randgold Resources ............................................ 273,041
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
Aston Funds
BARINGS INTERNATIONAL FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
UNITED KINGDOM (CONTINUED)
5,765 Reckitt Benckiser Group ....................................... $ 227,455
44,855 Rolls-Royce Group ............................................. 224,285
3,848,559 Rolls-Royce Group, Class C * (a) .............................. 5,693
78,340 Tui Travel .................................................... 293,498
123,723 Vodafone Group ................................................ 228,239
39,362 Xstrata ....................................................... 353,750
----------------
4,003,136
----------------
TOTAL COMMON STOCKS
(Cost $14,760,894) ......................................... 15,156,449
----------------
EXCHANGE TRADED FUND - 1.73%
UNITED STATES - 1.73%
7,087 iShares MSCI EAFE Index Fund .................................. 297,087
----------------
TOTAL EXCHANGE TRADED FUND
(Cost $241,369) ............................................ 297,087
----------------
INVESTMENT COMPANY - 6.41%
1,102,504 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 1,102,504
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,102,504) .......................................... 1,102,504
----------------
TOTAL INVESTMENTS - 96.34%
(Cost $16,104,767)** ...................................................... 16,556,040
----------------
NET OTHER ASSETS AND LIABILITIES - 3.66% ..................................... 628,128
----------------
NET ASSETS - 100.00% ......................................................... $ 17,184,168
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purpose.
Gross unrealized appreciation ................. $1,125,147
Gross unrealized depreciation ................. (673,874)
----------
Net unrealized appreciation ................... $ 451,273
==========
(a) This security has been determined by the Adviser to be an illiquid
security. At April 30, 2009, this security amounted to $5,693 or 0.03% of
net assets.
ADR American Depositary Receipt
EAFE Europe, Australasia and Far East
MSCI Morgan Stanley Capital International
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
Aston Funds
FORTIS GLOBAL REAL ESTATE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CLOSED-END FUND & NET OTHER ASSETS AND
LIABILITIES 1%
DIVERSIFIED 21%
REAL ESTATE MANAGEMENT & DEVELOPMENT 19%
RETAIL 19%
OFFICE PROPERTIES 14%
RESIDENTIAL 9%
HEALTH CARE 6%
STORAGE 4%
INDUSTRIAL 4%
HOTELS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 99.04%
AUSTRALIA - 10.04%
52,240 Challenger Diversified Property Group ......................... $ 15,186
115,146 Dexus Property Group .......................................... 61,088
118,230 Goodman Group ................................................. 31,792
125,164 GPT Group ..................................................... 42,752
418,716 Macquarie Office Trust ........................................ 59,339
61,523 Mirvac Group .................................................. 46,724
48,362 Stockland ..................................................... 110,362
70,289 Westfield Group ............................................... 548,115
----------------
915,358
----------------
AUSTRIA - 0.67%
8,169 Conwert Immobilien Invest * ................................... 61,067
----------------
CANADA - 2.73%
6,748 Boardwalk Real Estate Investment Trust ........................ 154,662
4,107 Canadian Real Estate Investment Trust ......................... 67,113
2,364 RioCan Real Estate Investment Trust ........................... 27,101
----------------
248,876
----------------
FINLAND - 0.49%
11,269 Citycon ....................................................... 25,496
4,876 Technopolis ................................................... 18,967
----------------
44,463
----------------
FRANCE - 5.78%
1,045 Icade ......................................................... 81,002
4,760 Klepierre ..................................................... 106,615
734 Societe de la Tour Eiffel ..................................... 23,958
2,105 Unibail-Rodamco ............................................... 315,917
----------------
527,492
----------------
GERMANY - 0.29%
3,306 DIC Asset ..................................................... 26,376
----------------
MARKET
SHARES VALUE
- ------------ ----------------
HONG KONG - 4.92%
58,000 Hang Lung Properties .......................................... $ 165,018
4,000 Henderson Land Development .................................... 18,838
43,000 Hysan Development ............................................. 78,565
95,500 Link REIT ..................................................... 186,316
----------------
448,737
----------------
JAPAN - 16.77%
9 Global One Real Estate Investment ............................. 53,295
10 Japan Logistics Fund .......................................... 59,521
18 Japan Real Estate Investment .................................. 127,216
40,000 Mitsubishi Estate ............................................. 520,381
27,000 Mitsui Fudosan ................................................ 338,390
20 Nippon Building Fund .......................................... 162,036
15 Nomura Real Estate Office Fund ................................ 77,418
16,000 Sumitomo Realty & Development ................................. 190,631
----------------
1,528,888
----------------
NETHERLANDS - 0.47%
359 Corio ......................................................... 16,045
153 Eurocommercial Properties ..................................... 4,534
1,896 Vastned Offices/Industrial .................................... 21,898
----------------
42,477
----------------
NORWAY - 0.36%
26,900 Norwegian Property ............................................ 32,533
----------------
SINGAPORE - 4.31%
171,866 Ascendas Real Estate Investment Trust ......................... 155,556
98,500 Capitaland .................................................... 183,627
103,000 Lippo-Mapletree Indonesia Retail Trust ........................ 20,176
67,000 Suntec Real Estate Investment Trust ........................... 33,262
----------------
392,621
----------------
SWEDEN - 0.72%
7,723 Kungsleden .................................................... 39,074
2,135 Wihlborgs Fastigheter ......................................... 27,071
----------------
66,145
----------------
UNITED KINGDOM - 7.81%
14,591 Big Yellow Group .............................................. 59,360
29,169 British Land .................................................. 185,872
4,063 Derwent London ................................................ 50,399
15,638 Great Portland Estates ........................................ 71,022
20,555 Land Securities Group ......................................... 171,046
49,847 Safestore Holdings ............................................ 57,887
254,267 Segro ......................................................... 90,276
117,219 Workspace Group ............................................... 26,445
----------------
712,307
----------------
UNITED STATES - 43.68%
2,895 AvalonBay Communities ......................................... 164,465
5,397 Boston Properties ............................................. 266,720
1,932 Camden Property Trust ......................................... 52,415
3,545 Cousins Properties ............................................ 29,955
1,987 Digital Realty Trust .......................................... 71,552
16,352 Douglas Emmett ................................................ 156,489
4,834 EastGroup Properties .......................................... 162,471
2,999 Entertainment Properties Trust ................................ 69,307
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
Aston Funds
FORTIS GLOBAL REAL ESTATE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
UNITED STATES (CONTINUED)
5,308 Equity Residential ............................................ $ 121,500
2,568 Essex Property Trust .......................................... 163,042
3,816 Federal Realty Investment Trust ............................... 210,643
9,328 HCP ........................................................... 204,750
6,987 Health Care REIT .............................................. 238,047
15,524 Host Hotels & Resorts ......................................... 119,379
2,934 Kilroy Realty ................................................. 63,198
9,384 Kimco Realty .................................................. 112,796
3,338 Mack-Cali Realty .............................................. 89,659
9,397 National Retail Properties .................................... 166,703
2,255 Nationwide Health Properties .................................. 55,676
16,284 ProLogis ...................................................... 148,347
3,410 Public Storage ................................................ 227,993
3,377 Regency Centers ............................................... 126,469
8,668 Simon Property Group .......................................... 447,269
8,908 Starwood Hotels & Resorts Worldwide ........................... 185,821
3,630 Taubman Centers ............................................... 86,467
2,632 Ventas ........................................................ 75,380
3,400 Vornado Realty Trust .......................................... 166,226
----------------
3,982,739
----------------
TOTAL COMMON STOCKS
(Cost $12,140,947) ......................................... 9,030,079
----------------
CLOSED-END FUND - 0.34%
LUXEMBOURG - 0.34%
12,011 ProLogis European Properties .................................. 31,466
----------------
TOTAL CLOSED-END FUND
(Cost $82,961) ............................................. 31,466
----------------
RIGHTS - 0.02%
AUSTRALIA - 0.02%
32,899 Dexus Property Group Rights, Expire 05/27/09 .................. 1,913
----------------
TOTAL RIGHTS
(Cost $0) .................................................. 1,913
----------------
INVESTMENT COMPANY - 0.12%
10,860 BlackRock Liquidity Funds TempCash Portfolio .................. 10,860
----------------
TOTAL INVESTMENT COMPANY
(Cost $10,860) ............................................. 10,860
----------------
TOTAL INVESTMENTS - 99.52%
(Cost $12,223,908)** ...................................................... 9,074,318
----------------
NET OTHER ASSETS AND LIABILITIES - 0.48% ..................................... 43,601
----------------
NET ASSETS - 100.00% ......................................................... $ 9,117,919
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 274,734
Gross unrealized depreciation ................. (3,424,324)
-----------
Net unrealized depreciation ................... $(3,149,590)
===========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
Aston Funds
SMART PORTFOLIOS FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 2%
DOMESTIC FIXED INCOME 66%
INTERNATIONAL EQUITIES 15%
DOMESTIC EQUITIES 12%
COMMODITIES 3%
REAL ESTATE 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
EXCHANGE TRADED FUNDS - 97.89%
COMMODITIES - 3.50%
17,587 PowerShares DB Oil Fund * ..................................... $ 341,540
20,070 PowerShares DB Silver Fund * .................................. 444,149
----------------
785,689
----------------
DOMESTIC EQUITIES - 12.04%
40,753 Direxionshares Financial Bull 3X Shares ....................... 334,175
13,646 Direxionshares Small Cap Bull 3X Shares ....................... 347,837
7,331 iShares Russell 2000 Value Index Fund ......................... 333,707
30,360 Utilities Select Sector SPDR Fund ............................. 784,806
10,527 Vanguard Health Care .......................................... 445,397
11,239 Vanguard Industrials .......................................... 454,168
----------------
2,700,090
----------------
DOMESTIC FIXED INCOME - 65.85%
170,413 iShares Barclays 1-3 Year Treasury Bond Fund .................. 14,321,509
4,588 iShares iBoxx $ Investment Grade Corporate Bond Fund .......... 441,366
----------------
14,762,875
----------------
INTERNATIONAL EQUITIES - 14.95%
6,241 Direxionshares Emerging Markets Bull 3X Shares ................ 376,270
20,601 iShares MSCI Brazil Index Fund ................................ 929,105
30,262 iShares MSCI Canada Index Fund ................................ 567,110
13,464 iSHares MSCI South Korea Index Fund ........................... 460,738
34,149 iShares S&P Latin America 40 Index Fund ....................... 1,018,323
----------------
3,351,546
----------------
MARKET
SHARES VALUE
- ------------ ----------------
REAL ESTATE - 1.55%
9,426 iShares Cohen & Steers Realty Majors Index Fund ............... $ 346,687
----------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $21,428,535) ......................................... 21,946,887
----------------
INVESTMENT COMPANY - 1.93%
432,614 BlackRock Liquidity Funds TempCash Portfolio .................. 432,614
----------------
TOTAL INVESTMENT COMPANY
(Cost $432,614) ............................................ 432,614
----------------
TOTAL INVESTMENTS - 99.82%
(Cost $21,861,149)** ...................................................... 22,379,501
----------------
NET OTHER ASSETS AND LIABILITIES - 0.18% ..................................... 39,970
----------------
NET ASSETS - 100.00% ......................................................... $ 22,419,471
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $542,550
Gross unrealized depreciation ................. (24,198)
--------
Net unrealized appreciation ................... $518,352
========
DB Deutsche Bank
MSCI Morgan Stanley Capital International
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
COMMODITIES 3%
DOMESTIC EQUITIES 54%
INTERNATIONAL EQUITIES 20%
CASH & NET OTHER ASSETS AND LIABILITIES 14%
FIXED INCOME 6%
ASSET ALLOCATION 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
EXCHANGE TRADED FUNDS - 86.33%
ASSET ALLOCATION - 3.44%
4,780 CurrencyShares Australian Dollar Trust ........................ $ 348,127
7,310 PowerShares DB G10 Currency Harvest Fund ...................... 149,709
----------------
497,836
----------------
COMMODITIES - 3.39%
3,780 PowerShares DB Agriculture Fund ............................... 95,596
13,410 PowerShares DB Commodity Index Tracking Fund .................. 267,932
6,600 PowerShares DB Oil Fund ....................................... 128,172
----------------
491,700
----------------
DOMESTIC EQUITIES - 53.50%
6,090 Energy Select Sector SPDR Fund ................................ 278,800
2,210 Fidelity NASDAQ Composite Index Tracking Stock ................ 149,926
15,490 Financial Select Sector SPDR Fund ............................. 167,602
6,680 iShares Dow Jones U.S. Basic Materials Sector Index Fund ...... 276,619
8,880 iShares Dow Jones U.S. Healthcare Providers Index Fund ........ 309,468
8,260 iShares Dow Jones U.S. Insurance Index Fund ................... 161,235
8,760 iShares Dow Jones U.S. Regional Banks Index Fund .............. 156,278
16,850 iShares Dow Jones U.S. Telecommunications Sector Index Fund ... 290,157
5,470 iShares Dow Jones U.S. Transportation Average Index Fund ...... 307,414
MARKET
SHARES VALUE
- ------------ ----------------
DOMESTIC EQUITIES (CONTINUED)
10,150 iShares Russell 1000 Growth Index Fund ........................ $ 392,196
8,790 iShares Russell 2000 Growth Index Fund ........................ 464,024
9,540 iShares S&P North American Natural Resources Sector
Index Fund .................................................. 245,178
10,580 iShares S&P North American Technology-Semiconductors
Index Fund .................................................. 370,300
8,520 iShares S&P North American Technology-Software Index Fund ..... 310,554
10,000 Market Vectors Agribusiness ETF ............................... 308,300
21,850 Market Vectors-Coal ETF ....................................... 386,963
4,820 Materials Select Sector SPDR Trust ............................ 123,729
3,170 Midcap SPDR Trust Series 1 .................................... 322,516
1,600 Oil Service HOLDRS Trust ...................................... 144,480
12,770 PowerShares QQQ ............................................... 437,756
10,190 PowerShares S&P 500 BuyWrite Portfolio ........................ 179,548
4,550 Rydex Russell Top 50 ETF ...................................... 304,122
9,430 SPDR S&P Metals & Mining ETF .................................. 298,837
18,020 SPDR S&P Oil & Gas Equipment & Services ETF ................... 374,095
10,100 SPDR S&P Oil & Gas Exploration & Production ETF ............... 311,686
3,890 SPDR Trust Series 1 ........................................... 340,570
6,270 Ultra S&P500 ProShares ........................................ 148,850
6,570 Ultra Technology ProShares .................................... 184,945
----------------
7,746,148
----------------
FIXED INCOME - 6.11%
3,910 iShares Barclays U.S. Treasury Inflation Protected
Securities Fund ............................................ 392,720
5,660 UltraShort 20+ Year Treasury ProShares ........................ 279,095
3,880 UltraShort Lehman 7-10 Year Treasury ProShares ................ 212,275
----------------
884,090
----------------
INTERNATIONAL EQUITIES - 19.89%
10,210 BLDRS Emerging Markets 50 ADR Index Fund ...................... 317,123
14,730 iShares FTSE/Xinhua China 25 Index Fund ....................... 471,065
20,520 iShares MSCI Australia Index Fund ............................. 301,439
6,590 iShares MSCI Brazil Index Fund ................................ 297,209
5,370 iShares MSCI Emerging Markets Index ........................... 153,850
12,870 iShares MSCI Hong Kong Index Fund ............................. 152,767
8,840 iShares MSCI Sweden Index Fund ................................ 152,402
33,930 iShares MSCI Taiwan Index Fund ................................ 346,765
5,710 iShares S&P Europe 350 Index Fund ............................. 164,676
8,140 iShares S&P Global Energy Sector Index Fund ................... 230,362
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
INTERNATIONAL EQUITIES (CONTINUED)
4,790 iShares S&P Latin American 40 Index Fund ...................... $ 142,838
11,170 WisdomTree India Earnings Fund ................................ 148,673
----------------
2,879,169
----------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $11,716,995) ......................................... 12,498,943
----------------
INVESTMENT COMPANY - 10.18%
1,474,264 BlackRock Liquidity Funds TempCash Portfolio .................. 1,474,264
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,474,264) .......................................... 1,474,264
----------------
TOTAL INVESTMENTS - 96.51%
(Cost $13,191,259)* ....................................................... 13,973,207
----------------
NET OTHER ASSETS AND LIABILITIES - 3.49% ..................................... 504,976
----------------
NET ASSETS - 100.00% ......................................................... $ 14,478,183
================
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $824,038
Gross unrealized depreciation ................. (42,090)
--------
Net unrealized appreciation ................... $781,948
========
ADR American Depositary Receipt
DB Deutsche Bank
ETF Exchange Traded Fund
FTSE Financial Times Stock Exchange
MSCI Morgan Stanley Capital International
NASDAQ National Association of Securities Dealers Automated Quotations
S&P Standard & Poor
SPDR Standard & Poor's Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
Aston Funds
MB ENHANCED EQUITY INCOME FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
OTHER COMMON STOCKS
AND CASH & NET OTHER
ASSETS AND LIABILITIES 6%
INDUSTRIALS 28%
INFORMATION TECHNOLOGY 23%
ENERGY 12%
CONSUMER DISCRETIONARY 12%
FINANCIALS 11%
CONSUMER STAPLES 8%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 106.83%
CONSUMER DISCRETIONARY - 12.34%
14,000 Carnival (a) .................................................. $ 376,319
20,000 Home Depot (a) ................................................ 526,400
12,000 Kohl's * (a) .................................................. 544,200
25,000 Staples (a) ................................................... 515,500
----------------
1,962,419
----------------
CONSUMER STAPLES - 8.03%
16,000 CVS Caremark (a) .............................................. 508,480
10,000 Sysco (a) ..................................................... 233,300
17,000 Walgreen (a) .................................................. 534,310
----------------
1,276,090
----------------
ENERGY - 12.44%
14,000 Noble (a) ..................................................... 382,620
11,000 Schlumberger (a) .............................................. 538,890
20,000 Smith International (a) ....................................... 517,000
8,000 Transcocean * (a) ............................................. 539,840
----------------
1,978,350
----------------
FINANCIALS - 10.49%
22,000 American Express (a) .......................................... 554,840
17,004 Bank of America (a) ........................................... 151,846
30,000 Citigroup (a) ................................................. 91,500
18,000 Comerica (a) .................................................. 377,640
12,000 SunTrust Banks (a) ............................................ 173,280
15,902 Wells Fargo (a) ............................................... 318,199
----------------
1,667,305
----------------
INDUSTRIALS - 27.90%
7,000 Burlington Northern Santa Fe (a) .............................. 472,360
16,000 Caterpillar (a) ............................................... 569,280
12,000 Fluor (a) ..................................................... 454,440
37,000 General Electric (a) .......................................... 468,050
11,000 Jacobs Engineering Group * (a) ................................ 418,440
13,000 Norfolk Southern (a) .......................................... 463,840
MARKET
SHARES VALUE
- ------------ ----------------
INDUSTRIALS (CONTINUED)
22,000 Quanta Services * (a) ......................................... $ 500,060
20,000 Shaw Group * (a) .............................................. 670,600
8,000 United Parcel Service,
Class B (a) ................................................ 418,720
----------------
4,435,790
----------------
INFORMATION TECHNOLOGY - 22.88%
13,500 Automatic Data Processing ..................................... 475,200
27,000 Cisco Systems * (a) ........................................... 521,640
45,000 Corning (a) ................................................... 657,900
38,000 EMC * (a) ..................................................... 476,140
31,000 Intel (a) ..................................................... 489,180
25,000 Microsoft (a) ................................................. 506,500
25,000 Xilinx (a) .................................................... 511,000
----------------
3,637,560
----------------
MATERIALS - 6.83%
20,000 duPont (E. I.) de Nemours (a) ................................. 558,000
12,000 PPG Industries (a) ............................................ 528,600
----------------
1,086,600
----------------
TELECOMMUNICATION SERVICES - 5.92%
19,000 AT&T (a) ...................................................... 486,780
15,000 Verizon Communications (a) .................................... 455,100
----------------
941,880
----------------
TOTAL COMMON STOCKS
(Cost $21,345,536) ......................................... 16,985,994
----------------
INVESTMENT COMPANY - 1.74%
276,839 BlackRock Liquidity Funds
FedFund Portfolio .......................................... 276,839
----------------
TOTAL INVESTMENT COMPANY
(Cost $276,839) ............................................ 276,839
----------------
TOTAL INVESTMENTS - 108.57%
(Cost $21,622,375)** ...................................................... 17,262,833
----------------
NET OTHER ASSETS AND LIABILITIES - (8.57)% ................................... (1,362,848)
----------------
NET ASSETS - 100.00% ......................................................... $ 15,899,985
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation. ................ $ 664,185
Gross unrealized depreciation. ................ (5,023,727)
-----------
Net unrealized depreciation ................... $(4,359,542)
===========
(a) These securities are pledged as collateral for call options written.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
Aston Funds
MB ENHANCED EQUITY INCOME FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
Transactions in written call options for the period ended April 30, 2009 were as
follows:
NUMBER OF
CONTRACTS PREMIUM
--------- -----------
BEGINNING OF PERIOD 4,003 $ 705,618
CALL OPTIONS WRITTEN 17,189 2,540,263
CALL OPTIONS CLOSED OR EXPIRED (15,168) (2,337,182)
------- -----------
OUTSTANDING, APRIL 30, 2009 6,024 $ 908,699
======= ===========
Premiums received and value of written call options outstanding as of April 30,
2009.
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
- --------- -------------------------------------- -------- ----------
American Express
220 Strike @ $25 Exp 10/09 ............... $ 16,169 $ 112,200
AT&T
190 Strike @ $28 Exp1/0 .................. 21,950 22,230
Bank of America
170 Strike @ $20 Exp 11/09 ............... 14,620 7,650
Burlington Northern Santa Fe
70 Strike @ $75 Exp 10/09 ............... 16,804 30,940
Carnival
140 Strike @ $24 Exp 10/09 ............... 62,300 89,600
Caterpillar
60 Strike @ $50 Exp 11/09 ............... 5,850 6,060
20 Strike @ $50 Exp 01/10 ............... 2,840 2,740
Cisco Systems
110 Strike @ $20 Exp 10/09 ............... 9,735 19,580
60 Strike @ $22.5 Exp 10/09 ............. 5,190 5,160
Citigroup
80 Strike @ $11 Exp 06/09 ............... 1,280 80
Comerica
38 Strike @ $30 Exp 07/09 ............... 4,446 3,610
142 Strike @ $25 Exp 10/09 ............... 35,074 43,665
450 Corning
Strike @ $16 Exp 11/09 ............... 55,451 75,600
CVS Caremark
160 Strike @ $35 Exp 11/09 ............... 19,469 32,800
duPont (E.I.) de Nemours
80 Strike @ $32.5 Exp 10/09 ............. 10,920 10,400
EMC
275 Strike @ $15 Exp 10/09 ............... 16,462 18,150
105 Strike @ $16 Exp 10/09 ............... 5,332 4,515
Fluor
10 Strike @ $55 Exp 10/09 ............... 2,070 1,050
110 Strike @ $60 Exp 10/09 ............... 18,920 5,500
370 General Electric
Strike @ $10 Exp 09/09 ............... 27,709 125,800
Home Depot
200 Strike @ $30 Exp 11/09 ............... 18,770 31,200
Intel
60 Strike @ $20 Exp 10/09 ............... 2,610 2,280
Jacobs Engineering Group
40 Strike @ $65 Exp 10/09 ............... 6,495 1,900
20 Strike @ $60 Exp 10/09 ............... 3,812 1,700
50 Strike @ $50 Exp 01/10 ............... 18,149 18,300
Kohl's
5 Strike @ $50 Exp 07/09 ............... 985 745
115 Strike @ $45 Exp 10/09 ............... 34,960 64,400
NUMBER OF PREMIUM MARKET
CONTRACTS DESCRIPTION RECEIVED VALUE
- --------- -------------------------------------- -------- ----------
Microsoft
110 Strike @ $23 Exp 10/09 ............... $ 7,770 $ 11,330
5 Strike @ $24 Exp 10/09 ............... 407 380
130 Strike @ $25 Exp 10/09 ............... 5,655 6,630
Noble
60 Strike @ $35 Exp 09/09 ............... 7,920 7,800
30 Strike @ $37.5 Exp 09/09 ............. 2,505 1,950
130 Norfolk Southern
Strike @ $45 Exp 12/09 ............... 33,769 24,700
PPG Industries
60 Strike @ $50 Exp 11/09 ............... 16,020 18,300
60 Strike @ $55 Exp 11/09 ............... 8,820 10,500
Quanta Services
100 Strike @ $30 Exp 08/09 ............... 8,100 10,000
100 Strike @ $25 Exp 11/09 ............... 42,899 33,000
20 Strike @ $30 Exp 11/09 ............... 3,340 3,400
110 Schlumberger
Strike @ $60 Exp 11/09 ............... 27,170 34,100
Shaw Group
50 Strike @ $40 Exp 10/09 ............... 14,100 15,500
150 Strike @ $45 Exp 10/09 ............... 21,799 27,750
200 Smith International
Strike @ $35 Exp 10/09 ............... 27,460 29,500
Staples
20 Strike @ $20 Exp 09/09 ............... 1,470 5,650
230 Strike @ $23 Exp 12/09 ............... 61,868 48,875
120 Suntrust Banks
Strike @ $25 Exp 10/09 ............... 15,240 12,000
Sysco
100 Strike @ $27.5 Exp 11/09 ............. 8,350 6,500
Transocean
80 Strike @ $80 Exp 11/09 ............... 46,160 36,800
United Parcel Service, Class B
80 Strike @ $50 Exp 10/09 ............... 27,920 48,800
Verizon Communications
150 Strike @ $32.5 Exp 10/09 ............. 17,047 21,450
Walgreens
70 Strike @ $27.5 Exp 10/09 ............. 9,940 37,800
100 Strike @ $30 Exp 10/09 ............... 7,850 36,000
Wells Fargo
159 Strike @ $25 Exp 10/09 ............... 14,548 38,478
Xilinx
86 Strike @ $20 Exp 09/09 ............... 11,352 19,350
144 Strike @ $22.5 Exp 09/09 ............. 18,288 16,560
20 Strike @ $22.5 Exp 12/09 ............. 2,560 3,400
-------- ----------
TOTAL WRITTEN CALL OPTIONS ........... $908,699 $1,304,358
======== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
HEDGED FIXED INCOME 5%
LONG/SHORT STRATEGIES 45%
OPTION HEDGING 20%
ARBITRAGE 10%
HEDGED FUTURES/COMMODITIES 8%
CASH & OTHER NET ASSETS
AND LIABILITIES 7%
MARKET NEUTRAL 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANIES - 99.80%
ARBITRAGE - 10.36%
1,870 AQR Diversified Arbitrage Fund-N * ............................ $ 19,299
2,406 Merger Fund ................................................... 35,554
----------------
54,853
----------------
HEDGED FIXED INCOME - 4.95%
2,281 Hussman Strategic Total Return Fund ........................... 26,236
----------------
HEDGED FUTURES/COMMODITIES - 7.93%
1,593 Rydex Managed Futures Strategy Fund-H ......................... 42,029
----------------
LONG/SHORT STRATEGIES - 45.23%
1,789 BlackRock Global Allocation Fund .............................. 26,554
2,482 Caldwell & Orkin Market Opportunity Fund ...................... 52,712
3,890 FPA Crescent Fund-I ........................................... 79,559
5,914 JPMorgan U.S. Large Cap Core Plus Fund-S ...................... 80,791
----------------
239,616
----------------
MARKET NEUTRAL - 4.96%
1,642 Highbridge Statistical Market Neutral-SEL ..................... 26,282
----------------
OPTION HEDGING - 19.99%
3,411 Gateway Fund-Y ................................................ 79,620
1,969 Hussman Strategic Growth Fund ................................. 26,283
----------------
105,903
----------------
MARKET
SHARES VALUE
- ------------ ----------------
CASH EQUIVALENTS - 6.38%
33,766 BlackRock Liquidity Funds TempCash Portfolio .................. $ 33,766
----------------
TOTAL INVESTMENT COMPANIES
(Cost $523,478) ............................................ 528,685
----------------
TOTAL INVESTMENTS - 99.80%
(Cost $523,478)** ......................................................... 528,685
----------------
NET OTHER ASSETS AND LIABILITIES - 0.20% ..................................... 1,054
----------------
NET ASSETS - 100.00% ......................................................... $ 529,739
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation. ................. $ 6,454
Gross unrealized depreciation. ................. (1,247)
-------
Net unrealized appreciation .................... $ 5,207
=======
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
Aston Funds
FORTIS REAL ESTATE FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
FOREIGN COMMON STOCK, CASH &
OTHER NET ASSETS AND LIABILITIES 3%
RETAIL 28%
HEALTH CARE 14%
RESIDENTIAL 14%
OFFICE PROPERTIES 13%
DIVERSIFIED 9%
STORAGE 7%
HOTELS 7%
INDUSTRIAL 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 97.04%
DIVERSIFIED - 9.34%
16,400 Digital Realty Trust .......................................... $ 590,564
16,208 Entertainment Properties Trust ................................ 374,567
20,496 Vornado Realty Trust .......................................... 1,002,049
----------------
1,967,180
----------------
HEALTH CARE - 14.05%
48,500 HCP ........................................................... 1,064,575
22,601 Health Care, REIT ............................................. 770,016
23,200 Nationwide Health Properties .................................. 572,808
19,287 Ventas ........................................................ 552,380
----------------
2,959,779
----------------
HOTELS - 6.61%
87,466 Host Hotels & Resorts ......................................... 672,614
34,478 Starwood Hotels & Resorts Worldwide ........................... 719,211
----------------
1,391,825
----------------
INDUSTRIAL - 4.89%
21,280 EastGroup Properties .......................................... 715,221
34,526 ProLogis Trust ................................................ 314,532
----------------
1,029,753
----------------
OFFICE PROPERTIES - 13.51%
24,152 Boston Properties ............................................. 1,193,592
84,414 Douglas Emmett ................................................ 807,842
15,400 Kilroy Realty ................................................. 331,716
19,070 Mack-Cali Realty .............................................. 512,220
----------------
2,845,370
----------------
MARKET
SHARES VALUE
- ------------ ----------------
RESIDENTIAL - 13.76%
16,234 AvalonBay Communities ......................................... $ 922,253
30,000 Camden Property Trust ......................................... 813,900
30,949 Equity Residential Properties Trust ........................... 708,423
7,135 Essex Property Trust .......................................... 453,001
----------------
2,897,577
----------------
RETAIL - 27.79%
12,777 Federal Realty Investment Trust ............................... 705,290
70,467 Kimco Realty .................................................. 847,013
45,900 National Retail Properties .................................... 814,266
12,186 Regency Centers ............................................... 456,366
49,909 Simon Property Group .......................................... 2,575,304
19,100 Taubman Centers ............................................... 454,962
----------------
5,853,201
----------------
STORAGE - 7.09%
22,331 Public Storage ................................................ 1,493,051
----------------
TOTAL COMMON STOCKS
(Cost $25,214,297) ......................................... 20,437,736
----------------
FOREIGN COMMON STOCK - 0.35%
CANADA - 0.35%
3,254 Boardwalk Real Estate
Investment Trust ........................................... 74,580
----------------
TOTAL FOREIGN COMMON STOCK
(Cost $68,672) ............................................. 74,580
----------------
INVESTMENT COMPANY - 2.70%
567,815 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 567,815
----------------
TOTAL INVESTMENT COMPANY
(Cost $567,815) ............................................ 567,815
----------------
TOTAL INVESTMENTS - 100.09%
(Cost $25,850,784)* ....................................................... 21,080,131
----------------
NET OTHER ASSETS AND LIABILITIES - (0.09)% ................................... (18,012)
----------------
NET ASSETS - 100.00% ......................................................... $ 21,062,119
================
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 1,020,917
Gross unrealized depreciation ................. (5,791,570)
-----------
Net unrealized depreciation ................... $(4,770,653)
===========
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 5%
COMMON STOCKS 61%
CORPORATE NOTES AND BONDS 21%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 13%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 61.45%
CONSUMER DISCRETIONARY - 4.60%
8,300 McDonald's .................................................... $ 442,305
7,100 NIKE, Class B ................................................. 372,537
----------------
814,842
----------------
CONSUMER STAPLES - 13.33%
10,700 Coca-Cola ..................................................... 460,635
4,650 Colgate-Palmolive ............................................. 274,350
6,800 Costco Wholesale .............................................. 330,480
7,700 CVS Caremark .................................................. 244,706
6,270 PepsiCo ....................................................... 311,995
5,665 Procter & Gamble .............................................. 280,078
9,100 Wal-Mart Stores ............................................... 458,640
----------------
2,360,884
----------------
ENERGY - 7.41%
10,200 Cameron International * ....................................... 260,916
2,900 Devon Energy .................................................. 150,365
11,200 Halliburton ................................................... 226,464
5,100 Occidental Petroleum .......................................... 287,079
7,900 Schlumberger .................................................. 387,021
----------------
1,311,845
----------------
FINANCIALS - 2.92%
28,000 Charles Schwab ................................................ 517,440
----------------
HEALTH CARE - 10.39%
9,300 Abbott Laboratories ........................................... 389,205
6,000 Allergan ...................................................... 279,960
9,200 Gilead Sciences * ............................................. 421,360
20,100 Schering-Plough ............................................... 462,702
7,400 Stryker ....................................................... 286,454
----------------
1,839,681
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INDUSTRIALS - 2.31%
6,000 Emerson Electric .............................................. $ 204,240
5,400 Fluor ......................................................... 204,498
----------------
408,738
----------------
INFORMATION TECHNOLOGY - 18.43%
4,200 Apple * ....................................................... 528,486
1,388 Google, Class A * ............................................. 549,606
13,100 Hewlett-Packard ............................................... 471,338
14,900 Juniper Networks * ............................................ 322,585
12,600 QUALCOMM ...................................................... 533,232
7,100 Research In Motion * .......................................... 493,450
5,600 Visa, Class A ................................................. 363,776
----------------
3,262,473
----------------
MATERIALS - 2.06%
4,300 Monsanto ...................................................... 365,027
----------------
TOTAL COMMON STOCKS
(Cost $12,324,905) ......................................... 10,880,930
----------------
PAR VALUE
- ------------
CORPORATE NOTES AND BONDS - 21.00%
CONSUMER STAPLES - 2.76%
$ 200,000 PepsiCo
5.000%, 06/01/18 ........................................... 206,071
275,000 Wal-Mart Stores
4.125%, 07/01/10 ........................................... 282,575
----------------
488,646
----------------
ENERGY - 1.70%
275,000 Conoco Funding
6.350%, 10/15/11 ........................................... 301,304
----------------
FINANCIALS - 5.63%
250,000 Bank of America
5.375%, 08/15/11 ........................................... 244,137
275,000 General Electric Capital, MTN, Series A 5.875%, 02/15/12 ..... 280,402
275,000 Goldman Sachs Group
5.150%, 01/15/14 ........................................... 269,212
200,000 Wells Fargo
4.200%, 01/15/10 ........................................... 202,761
----------------
996,512
----------------
HEALTHCARE - 2.67%
250,000 Abbott Laboratories
4.350%, 03/15/14 ........................................... 257,552
200,000 Johnson & Johnson
5.950%, 08/15/37 ........................................... 215,075
----------------
472,627
----------------
INDUSTRIAL - 1.48%
250,000 3M
4.375%, 08/15/13 ........................................... 262,021
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
Aston Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- ------------ ----------------
INFORMATION TECHNOLOGY - 4.17%
$ 250,000 Cisco Systems
5.500%, 02/22/16 ........................................... $ 264,921
200,000 Hewlett-Packard
4.500%, 03/01/13 ........................................... 207,422
250,000 Oracle
4.950%, 04/15/13 ........................................... 265,756
----------------
738,099
----------------
TELECOMMUNICATION SERVICES - 2.59%
200,000 BellSouth Capital Funding
7.750%, 02/15/10 ........................................... 207,868
250,000 Verizon Communications
5.550%, 02/15/16 ........................................... 250,690
----------------
458,558
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $3,657,564) .......................................... 3,717,767
----------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 12.89%
FREDDIE MAC - 1.50%
100,000 6.625%, 09/15/09 .............................................. 102,403
150,000 4.500%, 01/15/13 .............................................. 163,278
----------------
265,681
----------------
FANNIE MAE - 2.45%
200,000 6.000%, 05/15/11 .............................................. 219,421
200,000 4.375%, 09/15/12 .............................................. 215,452
----------------
434,873
----------------
U.S. TREASURY BONDS - 4.69%
175,000 8.125%, 08/15/19 .............................................. 245,356
100,000 8.000%, 11/15/21 .............................................. 141,938
175,000 6.875%, 08/15/25 .............................................. 236,824
175,000 5.375%, 02/15/31 .............................................. 206,172
----------------
830,290
----------------
U.S. TREASURY NOTES - 4.25%
225,000 4.000%, 02/15/15 .............................................. 246,217
250,000 4.500%, 02/15/16 .............................................. 280,469
200,000 4.625%, 02/15/17 .............................................. 225,281
----------------
751,967
----------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $2,078,640) .......................................... 2,282,811
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANY - 4.32%
764,899 BlackRock Liquidity Funds TempCash Portfolio .................. $ 764,899
----------------
TOTAL INVESTMENT COMPANY
(Cost $764,899) ............................................ 764,899
----------------
TOTAL INVESTMENTS - 99.66%
(Cost $18,826,008)** ...................................................... 17,646,407
NET OTHER ASSETS AND LIABILITIES - 0.34% 59,781
----------------
NET ASSETS - 100.00% ......................................................... $ 17,706,188
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 418,231
Gross unrealized depreciation ................. (1,597,832)
-----------
Net unrealized depreciation ................... $(1,179,601)
===========
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ................................. 61%
Investment Company ............................ 4%
U.S. Government Obligations ................... 9%
U.S. Government Agency Obligations ............ 4%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ........................................ 1%
Aa ......................................... 7%
A .......................................... 14%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
Aston Funds
BALANCED FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
COMMON STOCKS 65%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 16%
CORPORATE NOTES AND BONDS 13%
CASH & NET OTHER ASSETS AND LIABILITIES 6%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------ ----------------
COMMON STOCKS - 64.57%
CONSUMER DISCRETIONARY - 4.67%
7,600 McDonald's .................................................... $ 405,004
6,950 NIKE, Class B ................................................. 364,667
----------------
769,671
----------------
CONSUMER STAPLES - 13.90%
10,050 Coca-Cola ..................................................... 432,653
4,200 Colgate-Palmolive ............................................. 247,800
6,650 Costco Wholesale .............................................. 323,190
7,100 CVS Caremark .................................................. 225,638
5,900 PepsiCo ....................................................... 293,584
5,700 Procter & Gamble .............................................. 281,808
9,700 Wal-Mart Stores ............................................... 488,880
----------------
2,293,553
----------------
ENERGY - 7.82%
9,900 Cameron International * ....................................... 253,242
2,850 Devon Energy .................................................. 147,773
11,000 Halliburton ................................................... 222,420
4,950 Occidental Petroleum .......................................... 278,636
7,900 Schlumberger .................................................. 387,021
----------------
1,289,092
----------------
FINANCIALS - 3.06%
27,350 Charles Schwab ................................................ 505,428
----------------
HEALTH CARE - 10.45%
9,000 Abbott Laboratories ........................................... 376,650
5,500 Allergan ...................................................... 256,630
8,250 Gilead Sciences * ............................................. 377,850
19,000 Schering-Plough ............................................... 437,380
7,100 Stryker ....................................................... 274,841
----------------
1,723,351
----------------
MARKET
SHARES VALUE
- ------------ ----------------
INDUSTRIALS - 2.57%
6,100 Emerson Electric .............................................. $ 207,644
5,700 Fluor ......................................................... 215,859
----------------
423,503
----------------
INFORMATION TECHNOLOGY - 19.94%
4,250 Apple * ....................................................... 534,778
1,512 Google, Class A * ............................................. 598,707
13,300 Hewlett-Packard ............................................... 478,534
14,550 Juniper Networks * ............................................ 315,008
11,950 QUALCOMM ...................................................... 505,724
7,100 Research In Motion * .......................................... 493,450
5,600 Visa, Class A ................................................. 363,776
----------------
3,289,977
----------------
MATERIALS - 2.16%
4,200 Monsanto ...................................................... 356,538
----------------
TOTAL COMMON STOCKS
(Cost $11,763,935) ......................................... 10,651,113
----------------
PAR VALUE
- ------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.99%
FREDDIE MAC - 6.34%
$ 292,823 5.500%, 11/01/20,
Gold Pool # G18083 ......................................... 304,982
49,047 5.500%, 12/01/20,
Gold Pool # G11820 ......................................... 51,084
200,000 6.000%, 10/05/21, MTN ......................................... 203,242
25,000 6.000%, 07/10/23, MTN ......................................... 25,185
212,891 5.500%, 09/01/37,
Gold Pool # G03202 ......................................... 220,457
234,537 5.000%, 04/01/38,
Gold Pool # G04334 ......................................... 241,362
----------------
1,046,312
----------------
FANNIE MAE - 6.21%
43,113 7.500%, 02/01/35,
Pool # 787557 .............................................. 46,586
28,581 7.500%, 04/01/35,
Pool # 819231 .............................................. 30,883
164,324 6.000%, 11/01/35,
Pool # 844078 .............................................. 172,274
320,600 6.000%, 12/01/36,
Pool # 888029 .............................................. 335,809
200,084 5.500%, 06/01/37,
Pool # 918778 .............................................. 207,544
223,027 5.500%, 03/01/38,
Pool # 962344 .............................................. 231,329
----------------
1,024,425
----------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.44%
217,085 5.000%, 08/20/37,
Pool # 4015 ................................................ 224,893
171,251 5.500%, 02/15/39,
Pool # 698060 .............................................. 178,097
----------------
402,990
----------------
U.S. TREASURY INFLATION INDEX NOTE - 1.00%
160,357 2.375%, 04/15/11 .............................................. 163,916
----------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $2,529,679) .......................................... 2,637,643
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
Aston Funds
BALANCED FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- ------------ ----------------
CORPORATE NOTES AND BONDS - 12.91%
CONSUMER DISCRETIONARY - 2.96%
$ 70,000 Darden Restaurants
Senior Unsecured Notes
6.800%, 10/15/37 ........................................... $ 51,919
50,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 ........................................... 36,743
250,000 Macys Retail Holdings
6.375%, 03/15/37 ........................................... 166,058
50,000 Time Warner Cable
8.250%, 02/14/14 ........................................... 54,895
50,000 Whirlpool, MTN
8.600%, 05/01/14 ........................................... 51,283
60,000 Wyndham Worldwide
6.000%, 12/01/16 ........................................... 39,618
100,000 Yum! Brands
Senior Notes
6.875%, 11/15/37 ........................................... 87,185
----------------
487,701
----------------
CONSUMER STAPLES - 0.64%
50,000 Kraft Foods
Senior Unsecured Notes
6.750%, 02/19/14 ........................................... 54,535
50,000 Kroger
8.050%, 02/01/10 ........................................... 51,626
----------------
106,161
----------------
ENERGY - 2.05%
Hess
50,000 Senior Unsecured Notes
8.125%, 02/15/19 ........................................... 54,871
50,000 Senior Unsecured Notes
7.875%, 10/01/29 ........................................... 47,568
50,000 Kinder Morgan Energy Partners
Senior Unsecured Notes
9.000%, 02/01/19 ........................................... 54,410
50,000 Nabors Industries
9.250%, 01/15/19 (a) ....................................... 47,265
25,000 Trans-Canada Pipelines
Senior Unsecured Notes
7.625%, 01/15/39 ........................................... 27,452
50,000 Weatherford International
9.625%, 03/01/19 ........................................... 54,048
50,000 Western Oil Sands
Senior Secured
8.375%, 05/01/12 ........................................... 53,449
----------------
339,063
----------------
FINANCIALS - 3.63%
125,000 American Express
Senior Unsubordinated
7.000%, 03/19/18 ........................................... 118,748
250,000 Bear Stearns, MTN
1.641%, 11/21/16 (b) ....................................... 168,266
150,000 Goldman Sachs Capital I
6.345%, 02/15/34 ........................................... 106,501
MARKET
PAR VALUE VALUE
- ------------ ----------------
FINANCIALS (CONTINUED)
$ 50,000 Marsh & McLennan
Senior Unsecured Notes
9.250%, 04/15/19 ........................................... $ 52,145
50,000 Rio Tinto Finance
8.950%, 05/01/14 ........................................... 51,806
250,000 SLM, MTN
5.625%, 08/01/33 ........................................... 100,879
----------------
598,345
----------------
HEALTH CARE - 0.94%
50,000 McKesson
Senior Unsecured Notes
7.500%, 02/15/19 ........................................... 53,963
50,000 Medtronic
Senior Unsecured Notes
6.500%, 03/15/39 ........................................... 49,185
50,000 WellPoint
Senior Unsecured Notes
6.800%, 08/01/12 ........................................... 51,502
----------------
154,650
----------------
INDUSTRIALS - 0.33%
50,000 FedEx
Senior Notes
8.000%, 01/15/19 ........................................... 54,220
----------------
INFORMATION TECHNOLOGY - 0.22%
50,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ........................................... 36,501
----------------
TELECOMMUNICATION SERVICES - 0.32%
50,000 Telus
Senior Unsecured Notes
8.000%, 06/01/11 ........................................... 53,127
----------------
UTILITIES - 1.82%
175,000 CILCORP
Senior Unsecured Notes
8.700%, 10/15/09 ........................................... 185,937
50,000 FPL Group Capital
7.875%, 12/15/15 ........................................... 56,951
50,000 Sempra Energy
Senior Unsecured Notes
9.800%, 02/15/19 ........................................... 57,114
----------------
300,002
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $2,424,917) .......................................... 2,129,770
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
Aston Funds
BALANCED FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
SHARES VALUE
- ------------ ----------------
INVESTMENT COMPANY - 7.56%
1,247,637 BlackRock Liquidity Funds TempCash Portfolio .................. $ 1,247,637
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,247,637) .......................................... 1,247,637
----------------
TOTAL INVESTMENTS - 101.03%
(Cost $17,966,168)** ...................................................... 16,666,163
----------------
NET OTHER ASSETS AND LIABILITIES - (1.03)% ................................... (170,179)
----------------
NET ASSETS - 100.00% ......................................................... $ 16,495,984
================
- ----------
* Non-income producing security.
** At April 30, 2009, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 617,610
Gross unrealized depreciation ................. (1,917,615)
-----------
Net unrealized depreciation ................... $(1,300,005)
===========
(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 April 30, 2009, this security amounted to $47,265 or 0.29% 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
April 30, 2009.
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ................................. 64%
Investment Company ............................ 7%
U.S. Government Obligations ................... 1%
U.S. Government Agency Obligations ............ 15%
Corporate Notes and Bonds (Moody's Ratings)
A .......................................... 4%
Baa ........................................ 9%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH & NET OTHER ASSETS AND LIABILITIES 4%
CORPORATE NOTES AND BONDS 48%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 46%
COMMERCIAL MORTGAGE- BACKED SECURITIES 2%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ------------ ----------------
CORPORATE NOTES AND BONDS - 48.22%
CONSUMER DISCRETIONARY - 10.65%
$ 1,000,000 Darden Restaurants
Senior Unsecured Notes
6.800%, 10/15/37 ........................................... $ 741,693
750,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 ........................................... 551,152
500,000 JC Penney
6.375%, 10/15/36 ........................................... 371,313
1,000,000 Limited Brands
Senior Unsecured Notes
7.600%, 07/15/37 ........................................... 658,134
Macys Retail Holdings
600,000 8.875%, 07/15/15 (a) ....................................... 565,171
500,000 6.375%, 03/15/37 ........................................... 332,117
1,000,000 Nordstrom
Senior Unsecured Notes
7.000%, 01/15/38 ........................................... 780,008
250,000 Staples
Senior Unsecured Notes
9.750%, 01/15/14 ........................................... 274,602
450,000 Time Warner Cable
8.250%, 02/14/14 ........................................... 494,053
250,000 TJX
Senior Unsecured Notes
6.950%, 04/15/19 ........................................... 260,079
750,000 Tyco Electronics Group
7.125%, 10/01/37 ........................................... 458,378
250,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 ........................................... 226,650
450,000 Whirlpool, MTN
8.600%, 05/01/14 ........................................... 461,552
200,000 Wyndham Worldwide
6.000%, 12/01/16 ........................................... 132,061
900,000 Yum! Brands
Senior Notes
6.875%, 11/15/37 ........................................... 784,663
----------------
7,091,626
----------------
MARKET
PAR VALUE VALUE
- ------------ ----------------
CONSUMER STAPLES - 4.01%
Altria Group
$ 500,000 8.500%, 11/10/13 ........................................... $ 553,667
200,000 10.200%, 02/06/39 .......................................... 220,737
250,000 CVS Caremark
6.600%, 03/15/19 ........................................... 264,932
1,000,000 Kraft Foods
Senior Unsecured Notes
7.000%, 08/11/37 ........................................... 985,925
Kroger
200,000 8.050%, 02/01/10 ........................................... 206,504
250,000 6.900%, 04/15/38 ........................................... 257,153
150,000 Pepsico
Senior Unsecured Notes
7.900%, 11/01/18 ........................................... 181,345
----------------
2,670,263
----------------
ENERGY - 6.42%
300,000 Encana
Senior Unsecured Notes
6.500%, 05/15/19 ........................................... 308,466
250,000 Energy Transfer Partners
Senior Unsecured Notes
9.000%, 04/15/19 ........................................... 273,260
250,000 Halliburton
Senior Unsecured Notes
7.450%, 09/15/39 ........................................... 264,867
Hess
Senior Unsecured Notes
400,000 8.125%, 02/15/19 ........................................... 438,970
100,000 7.875%, 10/01/29 ........................................... 95,137
400,000 Kinder Morgan Energy Partners
Senior Unsecured Notes
9.000%, 02/01/19 ........................................... 435,282
450,000 Nabors Industries
9.250%, 01/15/19 (b) ....................................... 425,381
225,000 Trans-Canada Pipelines
Senior Unsecured Notes
7.625%, 01/15/39 ........................................... 247,069
250,000 Valero Energy
Senior Unsecured Notes
9.375%, 03/15/19 ........................................... 279,677
400,000 Weatherford International
9.625%, 03/01/19 ........................................... 432,385
1,005,000 Western Oil Sands
Senior Secured
8.375%, 05/01/12 ........................................... 1,074,330
----------------
4,274,824
----------------
FINANCIALS - 9.43%
250,000 American Express
Senior Unsecured Notes
8.150%, 03/19/38 ........................................... 237,452
250,000 Bank of America
Senior Unsecured Notes
1.813%, 09/11/12 (c) ....................................... 207,211
1,500,000 Bear Stearns, MTN
1.641%, 11/21/16 (c) ....................................... 1,009,598
CIT Group
Senior Notes
500,000 1.474%, 11/03/10 (c) ....................................... 332,882
1,000,000 1.481%, 02/13/12 (c) ....................................... 550,381
2,000,000 Citigroup
Subordinated Notes
1.799%, 08/25/36 (c) ....................................... 547,652
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- ------------ ----------------
FINANCIALS (CONTINUED)
$ 500,000 General Electric Capital,
MTN, Series A
1.614%, 05/05/26 (c) ....................................... $ 250,951
800,000 Goldman Sachs Capital I
6.345%, 02/15/34 ........................................... 568,006
250,000 John Deere Capital
Senior Unsecured Notes, MTN
1.807%, 01/18/11 (c) ....................................... 242,148
350,000 Korea Development Bank
Senior Notes
8.000%, 01/23/14 ........................................... 367,857
300,000 Marsh & McLennan
Senior Unsecured Notes
9.250%, 04/15/19 ........................................... 312,870
750,000 Merrill Lynch, MTN
6.875%, 04/25/18 ........................................... 633,050
1,000,000 NB Capital Trust II
7.830%, 12/15/26 ........................................... 616,018
1,000,000 SLM, MTN
5.625%, 08/01/33 ........................................... 403,514
----------------
6,279,590
----------------
HEALTHCARE - 5.57%
500,000 Amgen
Senior Unsecured Notes
6.400%, 02/01/39 ........................................... 504,917
500,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 ........................................... 489,613
250,000 Humana
Senior Unsecured Notes
8.150%, 06/15/38 ........................................... 179,235
750,000 McKesson
Senior Unsecured Notes
7.500%, 02/15/19 ........................................... 809,447
450,000 Medtronic
Senior Unsecured Notes
6.500%, 03/15/39 ........................................... 442,669
250,000 Pfizer
Senior Unsecured Notes
7.200%, 03/15/39 ........................................... 275,575
500,000 Roche Holdings
Senior Unsecured Notes
7.000%, 03/01/39 (b) ....................................... 544,955
450,000 WellPoint
Senior Unsecured Notes
6.800%, 08/01/12 ........................................... 463,515
----------------
3,709,926
----------------
INDUSTRIALS - 1.80%
250,000 Caterpillar
7.000%, 12/15/13 ........................................... 269,120
250,000 FedEx
Senior Notes
8.000%, 01/15/19 ........................................... 271,100
450,000 Ingersoll-Rand Global Holding
6.875%, 08/15/18 ........................................... 407,780
250,000 Waste Management
7.375%, 03/11/19 ........................................... 253,965
----------------
1,201,965
----------------
MARKET
PAR VALUE VALUE
- ------------ ----------------
INFORMATION TECHNOLOGY - 1.17%
$ 250,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 ........................................... $ 196,544
200,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ........................................... 146,002
500,000 Telecom Italia Capital SA
7.721%, 06/04/38 ........................................... 437,724
----------------
780,270
----------------
MATERIALS - 1.42%
500,000 International Paper
8.700%, 06/15/38 ........................................... 373,359
550,000 Rio Tinto Finance
8.950%, 05/01/14 ........................................... 569,867
----------------
943,226
----------------
TELECOMMUNICATION SERVICES - 1.37%
450,000 AT&T
Senior Unsecured Notes
6.550%, 02/15/39 ........................................... 434,154
450,000 Telus
Senior Unsecured Notes
8.000%, 06/01/11 ........................................... 478,148
----------------
912,302
----------------
UTILITIES - 6.38%
995,000 CenterPoint Energy
Senior Notes, Series B
7.250%, 09/01/10 ........................................... 1,009,199
1,500,000 CILCORP
Senior Unsecured Notes
8.700%, 10/15/09 ........................................... 1,593,750
450,000 FPL Group Capital
7.875%, 12/15/15 ........................................... 512,563
250,000 Oncor Electric Delivery
7.500%, 09/01/38 (b) ....................................... 243,410
150,000 Pacific Gas & Electric
8.250%, 10/15/18 ........................................... 179,464
450,000 Sempra Energy
Senior Unsecured Notes
9.800%, 02/15/19 ........................................... 514,030
150,000 Virginia Electric and Power
Senior Unsecured Notes
8.875%, 11/15/38 ........................................... 194,645
----------------
4,247,061
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $37,032,517) ......................................... 32,111,053
----------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 45.52%
FREDDIE MAC - 15.32%
1,646,045 5.500%, 11/01/20,
Gold Pool # G18083 ......................................... 1,714,394
275,798 5.500%, 12/01/20,
Gold Pool # G11820 ......................................... 287,250
1,000,000 6.500%, 07/20/22, MTN ......................................... 1,010,619
280,841 6.000%, 10/01/35,
Gold Pool # A47772 ......................................... 293,989
796,853 5.500%, 05/01/37,
Pool # A60048 .............................................. 825,171
1,703,131 5.500%, 09/01/37,
Gold Pool # G03202 ......................................... 1,763,654
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- ------------ ----------------
FREDDIE MAC (CONTINUED)
$ 1,837,785 5.000%, 02/01/38,
Gold Pool # A73409 ......................................... $ 1,891,270
2,345,365 5.000%, 04/01/38,
Gold Pool # G04334 ......................................... 2,413,623
----------------
10,199,970
----------------
FANNIE MAE - 18.41%
685,816 6.000%, 11/01/17,
Pool # 662854 .............................................. 723,844
394,391 6.000%, 04/01/18,
Pool # 725175 .............................................. 416,382
569,960 5.500%, 11/01/18,
Pool # 748886 .............................................. 597,011
317,578 4.500%, 06/01/19,
Pool # 747860 .............................................. 328,346
1,532,686 6.000%, 01/01/21,
Pool # 850787 .............................................. 1,611,445
500,000 6.000%, 12/02/21 .............................................. 501,743
878,607 6.000%, 09/01/32,
Pool # 847899 .............................................. 928,251
245,686 6.000%, 02/01/34,
Pool # 771952 .............................................. 258,954
274,998 7.500%, 02/01/35,
Pool # 787557 .............................................. 297,148
182,250 7.500%, 04/01/35,
Pool # 819231 .............................................. 196,930
923,620 6.000%, 11/01/35,
Pool # 844078 .............................................. 968,303
778,974 5.000%, 05/01/36,
Pool # 745581 .............................................. 803,027
641,200 6.000%, 12/01/36,
Pool # 888029 .............................................. 671,619
800,334 5.500%, 06/01/37,
Pool # 918778 .............................................. 830,174
763,878 6.500%, 10/01/37,
Pool # 888890 .............................................. 810,558
2,230,266 5.500%, 03/01/38,
Pool # 962344 .............................................. 2,313,295
----------------
12,257,030
----------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.90%
847,237 5.000%, 05/01/37,
Pool # 782156 .............................................. 877,709
1,736,684 5.000%, 08/20/37,
Pool # 4015 ................................................ 1,799,147
1,706,350 6.000%, 07/20/38,
Pool # 4195 ................................................ 1,780,408
1,409,171 6.000%, 01/15/39,
Pool # 698036 .............................................. 1,471,893
----------------
5,929,157
----------------
U.S. TREASURY BILLS (d) - 1.50%
500,000 0.000%, 05/07/09 .............................................. 499,985
500,000 0.000%, 06/04/09 .............................................. 499,908
----------------
999,893
----------------
U.S. TREASURY INFLATION INDEX NOTE - 1.39%
908,693 2.375%, 04/15/11 .............................................. 928,855
----------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $29,101,849) ......................................... 30,314,905
----------------
MARKET
PAR VALUE VALUE
- ------------ ----------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.34%
$ 250,000 Bear Stearns Commercial
Mortgage Securities
Series 2007-T28, Class A4
5.742%, 09/11/42 (e) ....................................... $ 206,734
500,000 CS First Boston
Mortgage Securities
Series 2005-C5, Class A2
5.100%, 08/15/38 (e) ....................................... 481,100
940,000 JPMorgan Chase Commercial
Mortgage Securities
Series 2005-CB13, Class A2
5.247%, 01/12/43 (e) ....................................... 872,460
----------------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,528,125) 1,560,294
----------------
SHARES
- ------------
INVESTMENT COMPANY - 10.45%
6,961,779 BlackRock Liquidity Funds
TempCash Portfolio ......................................... 6,961,779
----------------
TOTAL INVESTMENT COMPANY
(Cost $6,961,779) .......................................... 6,961,779
----------------
TOTAL INVESTMENTS - 106.53%
(Cost $74,624,270)* ....................................................... 70,948,031
----------------
NET OTHER ASSETS AND LIABILITIES - (6.53)% ................................... (4,351,781)
----------------
NET ASSETS - 100.00% ......................................................... $ 66,596,250
================
- ----------
* At April 30, 2009 cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ................. $ 2,365,338
Gross unrealized depreciation ................. (6,041,577)
-----------
Net unrealized depreciation ................... $(3,676,239)
===========
(a) Step Coupon. A bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following periods until maturity. The
coupon rate was 8.375% until April 17, 2009 and is 8.875% thereafter.
(b) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At April 30, 2009, these securities amounted to $1,213,746 or 1.82%
of net assets. These securities have been determined by the Sub-Adviser to
be liquid securities.
(c) Variable rate bond. The interest rate shown reflects the rate in effect at
April 30, 2009
(d) Annualized yield at the time of purchase.
(e) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
MTN Medium Term Note
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
Aston Funds
TCH FIXED INCOME FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
PORTFOLIO COMPOSITION
Investment Company ............................ 10%
U.S. Government Obligations ................... 3%
U.S. Government Agency Obligations ............ 40%
Corporate Notes and Bonds (Moody's Ratings (e))
Aaa ........................................ 2%
Aa ......................................... 2%
A .......................................... 8%
Baa ........................................ 27%
Ba ......................................... 8%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
This page intentionally left blank.
Aston Funds
APRIL 30, 2009
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
ASSETS:
Investments:
Investments at cost .............................................................. $1,941,329,464 $ 68,801,875
Net unrealized appreciation (depreciation) ....................................... (77,496,796) 6,933,390
-------------- ------------
Total investments at value .................................................... 1,863,832,668 75,735,265
Cash ................................................................................... -- --
Receivables:
Dividends and interest ........................................................... 1,710,500 16,832
Dividend reclaims ................................................................ -- --
Fund shares sold ................................................................. 7,249,671 282,406
Investments and foreign currency sold ............................................ 8,050,324 1,000,544
Due from Adviser, net (Note G) ................................................... -- --
Other assets ........................................................................... 59,766 3,895
-------------- ------------
Total assets .................................................................. 1,880,902,929 77,038,942
-------------- ------------
LIABILITIES:
Payables:
Due to custodian ................................................................. 59 --
Dividend distribution ............................................................ -- --
Investments and foreign currency purchased ....................................... 13,457,971 3,959,978
Fund shares redeemed ............................................................. 2,908,107 28,900
Due to Adviser, net (Note G) ..................................................... 1,006,244 38,496
Administration fees (Note G) ..................................................... 82,758 4,361
Distribution fees (Note G) ....................................................... 70,572 2,315
Audit and tax fees ............................................................... 14,252 9,262
Custodian fees ................................................................... 24,369 2,543
Transfer agent fees .............................................................. 190,394 20,579
Registration expenses ............................................................ 11,494 8,898
Trustees fees and related expenses (Note G) ...................................... 12,264 773
Accrued expenses and other payables .............................................. 135,218 8,110
-------------- ------------
Total liabilities ............................................................. 17,913,702 4,084,215
-------------- ------------
NET ASSETS ............................................................................. $1,862,989,227 $ 72,954,727
============== ============
NET ASSETS CONSIST OF:
Paid in capital ..................................................................... $2,024,029,296 $117,040,340
Accumulated undistributed (distribution in excess of) net investment income (loss) .. 2,887,892 13,250
Accumulated net realized loss on investments ........................................ (86,431,165) (51,032,253)
Net unrealized appreciation (depreciation) on investments ........................... (77,496,796) 6,933,390
-------------- ------------
TOTAL NET ASSETS ....................................................................... $1,862,989,227 $ 72,954,727
============== ============
CLASS N:
Net Assets .......................................................................... $ 960,247,784 $ 31,308,446
Shares of beneficial interest outstanding (unlimited authorization) ................. 53,495,955 3,886,335
-------------- ------------
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................... $ 17.95 $ 8.06
============== ============
CLASS I:
Net Assets .......................................................................... $ 902,344,963 $ 41,646,281
Shares of beneficial interest outstanding (unlimited authorization) ................. 50,098,621 5,130,127
-------------- ------------
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................... $ 18.01 $ 8.12
============== ============
CLASS R:
Net Assets .......................................................................... $ 396,480 $ --
Shares of beneficial interest outstanding (unlimited authorization) ................. 22,215 --
-------------- ------------
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................... $ 17.85 $ --
============== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
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
- ------------- ---------------- ------------ ----------- -------------- ------------- -----------------
$210,532,994 $ 3,720,566 $241,229,596 $ 8,082,851 $115,612,774 $ 836,637,913 $2,378,521
(32,295,322) (466,294) (48,304,083) 345,918 (3,857,118) (191,938,677) (361,700)
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
178,237,672 3,254,272 192,925,513 8,428,769 111,755,656 644,699,236 2,016,821
6 -- -- -- -- -- --
163,480 6,285 353,898 3,670 385,040 661,838 1,196
-- -- 820 -- 10,729 -- --
6,191 6,502 1,749 2,648 1,255,271 1,429,604 --
887,983 122,187 1,296,095 -- 1,675,109 4,877,142 33,269
-- 5,632 -- 520 -- -- 5,563
8,369 80 8,889 1,542 5,349 25,916 113
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
179,303,701 3,394,958 194,586,964 8,437,149 115,087,154 651,693,736 2,056,962
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
-- -- -- -- -- -- --
-- -- -- -- 49,096 -- --
1,206,467 102,873 1,088,560 -- 1,901,917 6,874,497 14,989
98,917 1,477 7,003 816 131,660 996,865 --
99,039 -- 101,625 -- 58,798 362,839 --
7,657 1,655 11,385 1,924 5,321 27,355 1,259
4,032 238 1,427 -- 5,765 38,124 150
13,197 8,997 12,159 9,219 9,871 11,470 10,783
9,779 7,866 8,904 1,596 928 12,014 1,279
54,661 8,127 7,085 8,080 5,283 196,868 1,365
4,640 13,616 7,667 5,726 9,258 26,841 5,873
4,009 206 4,687 174 573 2,754 93
47,971 3,651 73,159 1,004 5,098 77,369 367
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
1,550,369 148,706 1,323,661 28,539 2,183,568 8,626,996 36,158
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
$177,753,332 $ 3,246,252 $193,263,303 $ 8,408,610 $112,903,586 $ 643,066,740 $2,020,804
============ ============ ============ =========== ============ ============= ==========
$256,691,832 $ 10,053,546 $269,122,867 $ 9,908,658 $129,867,828 $ 839,321,837 $3,100,753
312,035 4,677 267,015 (550) 447,572 (1,259) 15,102
(46,955,213) (6,345,677) (27,822,496) (1,845,416) (13,554,696) (4,315,161) (733,351)
(32,295,322) (466,294) (48,304,083) 345,918 (3,857,118) (191,938,677) (361,700)
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
$177,753,332 $ 3,246,252 $193,263,303 $ 8,408,610 $112,903,586 $ 643,066,740 $2,020,804
============ ============ ============ =========== ============ ============= ==========
$ 53,164,798 $ 3,246,252 $ 19,307,873 $ 8,408,610 $ 78,425,429 $ 527,720,309 $2,020,804
4,907,076 481,794 2,719,185 1,004,532 10,452,962 30,301,347 344,134
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
$ 10.83 $ 6.74 $ 7.10 $ 8.37 $ 7.50 $ 17.42 $ 5.87
============ ============ ============ =========== ============ ============= ==========
$124,034,768 $ -- $173,955,430 $ -- $ 34,478,157 $ 115,346,431 $ --
11,252,059 -- 24,510,790 -- 4,598,127 6,554,081 --
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
$ 11.02 $ -- $ 7.10 $ -- $ 7.50 $ 17.60 $ --
============ ============ ============ =========== ============ ============= ==========
$ 553,766 $ -- $ -- $ -- $ -- $ -- $ --
51,893 -- -- -- -- -- --
- ------------ ------------ ------------ ----------- ------------ ------------- ----------
$ 10.67 $ -- $ -- $ -- $ -- $ -- $ --
============ ============ ============ =========== ============ ============= ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
Aston Funds
APRIL 30, 2009
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
CARDINAL RIVER ROAD
MID CAP SMALL-MID CAP
VALUE FUND FUND
---------- -------------
ASSETS:
Investments:
Investments at cost ....................................................... $ 966,634 $172,279,466
Net unrealized appreciation (depreciation) ................................ (144,270) (6,966,766)
---------- ------------
Total investments at value ............................................. 822,364 165,312,700
Receivables:
Dividends and interest .................................................... 482 147,271
Dividend reclaims ......................................................... -- --
Fund shares sold .......................................................... -- 1,070,937
Investments and foreign currency sold ..................................... 6,273 2,636,185
Due from Adviser, net (Note G) ............................................ 6,297 --
Other assets ....................................................................... 64 12,632
---------- ------------
Total assets ........................................................... 835,480 169,179,725
---------- ------------
LIABILITIES:
Unrealized depreciation on open forward foreign currency contracts ................. -- --
Payables:
Due to custodian .......................................................... -- --
Due to custodian in foreign currency (Cost $7,588) ........................ -- --
Investments and foreign currency purchased ................................ 15,889 2,939,310
Fund shares redeemed ...................................................... -- 205,001
Due to Adviser, net (Note G) .............................................. -- 160,258
Administration fees (Note G) .............................................. 1,251 7,461
Distribution fees (Note G) ................................................ 59 2,975
Audit and tax fees ........................................................ 10,181 6,977
Custodian fees ............................................................ 833 6,492
Transfer agent fees ....................................................... 1,431 3,107
Registration expenses ..................................................... 5,874 --
Trustees fees and related expenses (Note G) ............................... 98 37
Accrued expenses and other payables ....................................... 1,331 8,754
---------- ------------
Total liabilities ...................................................... 36,947 3,340,372
---------- ------------
NET ASSETS $ 798,533 $165,839,353
========== ============
NET ASSETS CONSIST OF:
Paid in capital ................................................................. $1,213,401 $191,573,545
Accumulated undistributed (distribution in excess of) net investment income ..... 31,238 134,627
Accumulated net realized loss on investments and foreign currency transactions .. (301,836) (18,902,053)
Net unrealized appreciation (depreciation) on investments and translation of
assets and liabilities denominated in foreign currency ....................... (144,270) (6,966,766)
---------- ------------
TOTAL NET ASSETS $ 798,533 $165,839,353
========== ============
CLASS N:
Net Assets ...................................................................... $ 798,533 $ 40,336,528
Shares of beneficial interest outstanding (unlimited authorization) ............. 127,755 5,815,456
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ........................................ $ 6.25 $ 6.94
========== ============
CLASS I:
Net Assets ...................................................................... $ -- $125,502,825
Shares of beneficial interest outstanding (unlimited authorization) ............. -- 18,057,322
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ........................................ $ -- $ 6.95
========== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
Aston Funds
VEREDUS TAMRO RIVER ROAD NEPTUNE BARINGS FORTIS
AGGRESSIVE SMALL CAP SMALL CAP INTERNATIONAL INTERNATIONAL GLOBAL REAL
GROWTH FUND FUND VALUE FUND FUND FUND ESTATE FUND
- ------------ ------------- ------------ ------------- ------------- -----------
$ 37,352,432 $ 463,666,056 $413,779,251 $13,482,986 $16,104,767 $12,223,908
5,961,262 39,717,538 (31,645,421) (5,322,090) 451,273 (3,149,590)
- ------------ ------------- ------------ ----------- ----------- -----------
43,313,694 503,383,594 382,133,830 8,160,896 16,556,040 9,074,318
1,779 96,891 262,422 50,168 68,646 62,800
-- -- -- 1,692 13,697 2,261
5,609 15,871,807 1,030,471 -- 200,000 --
1,609,927 16,962,502 3,826,733 117,358 810,032 --
-- -- -- 2,033 -- 3,102
1,414 18,005 12,948 3,554 309 2,285
- ------------ ------------- ------------ ----------- ----------- -----------
44,932,423 536,332,799 387,266,404 8,335,701 17,648,724 9,144,766
- ------------ ------------- ------------ ----------- ----------- -----------
-- -- -- 5,578 -- --
-- -- -- -- 6,154 --
-- -- -- -- 10,967 --
1,260,055 49,203,740 9,755,624 -- 401,695 6,911
70,742 1,552,356 286,877 -- -- --
16,991 302,679 262,616 -- 1,831 --
3,234 19,187 17,522 2,517 3,893 1,874
2,340 10,798 12,023 13 -- --
11,200 11,176 11,117 10,086 10,086 4,840
7,137 5,004 16,370 14,877 20,565 5,058
27,266 53,045 146,564 7,842 1,836 1,393
7,940 9,025 -- -- 6,811 6,084
852 1,822 1,202 81 42 79
19,601 16,812 36,465 585 676 608
- ------------ ------------- ------------ ----------- ----------- -----------
1,427,358 51,185,644 10,546,380 41,579 464,556 26,847
- ------------ ------------- ------------ ----------- ----------- -----------
$ 43,505,065 $ 485,147,155 $376,720,024 $ 8,294,122 $17,184,168 $ 9,117,919
============ ============= ============ =========== =========== ===========
$ 85,860,924 $ 582,188,136 $480,913,559 $14,961,978 $21,312,228 $20,999,183
(212,332) 406,853 229,952 84,329 121,166 41,237
(48,104,789) (137,165,372) (72,778,066) (1,425,004) (4,697,675) (8,773,647)
5,961,262 39,717,538 (31,645,421) (5,327,181) 448,449 (3,148,854)
- ------------ ------------- ------------ ----------- ----------- -----------
$ 43,505,065 $ 485,147,155 $376,720,024 $ 8,294,122 $17,184,168 $ 9,117,919
============ ============= ============ =========== =========== ===========
$ 31,637,815 $ 150,359,998 $163,506,097 $ 182,733 $ -- $ 9,117,919
4,094,349 11,408,694 18,177,830 32,337 -- 2,099,641
$ 7.73 $ 13.18 $ 8.99 $ 5.65 $ -- $ 4.34
============ ============= ============ =========== =========== ===========
$ 11,867,250 $ 334,787,157 $213,213,927 $ 8,111,389 $17,184,168 $ --
1,491,296 25,125,749 23,698,785 1,435,914 3,328,740 --
$ 7.96 $ 13.32 $ 9.00 $ 5.65 $ 5.16 $ --
============ ============= ============ =========== =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
Aston Funds
APRIL 30, 2009
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
NEW CENTURY
SMART PORTFOLIOS ABSOLUTE RETURN
FUND ETF FUND
---------------- ---------------
ASSETS:
Investments:
Investments at cost ..................................................... $21,861,149 $13,191,259
Net unrealized appreciation (depreciation) .............................. 518,352 781,948
----------- -----------
Total investments at value ........................................... 22,379,501 13,973,207
Cash ............................................................................. -- --
Receivables:
Dividends and interest .................................................. 608 2,155
Fund shares sold ........................................................ 70,218 15,000
Investments and foreign currency sold ................................... -- 509,357
Due from Adviser, net (Note G) .......................................... -- --
Deferred offering costs (Note B-11) .............................................. -- --
Other assets ..................................................................... 9,530 5,572
----------- -----------
Total assets ......................................................... 22,459,857 14,505,291
----------- -----------
LIABILITIES:
Payables:
Due to custodian ........................................................ -- --
Dividend distribution ................................................... -- --
Investments and foreign currency purchased .............................. -- --
Fund shares redeemed .................................................... 12,851 7,569
Due to Adviser, net (Note G) ............................................ 10,645 4,702
Administration fees (Note G) ............................................ 1,659 2,073
Distribution fees (Note G) .............................................. 1,667 1,068
Audit and tax fees ...................................................... 10,085 8,841
Custodian fees .......................................................... 1,194 2,113
Transfer agent fees ..................................................... -- 472
Registration expenses ................................................... -- --
Trustees fees and related expenses (Note G) ............................. 84 73
Deferred organization cost .............................................. -- --
Accrued expenses and other payables ..................................... 2,201 197
Outstanding options written, at value (premiums received $908,699) ............... -- --
----------- -----------
Total liabilities .................................................... 40,386 27,108
----------- -----------
NET ASSETS ....................................................................... $22,419,471 $14,478,183
=========== ===========
NET ASSETS CONSIST OF:
Paid in capital ............................................................... $22,845,750 $17,898,216
Accumulated undistributed (distribution in excess of) net investment income ... 51,695 (4,684)
Accumulated net realized loss on investments, written options and foreign
currency transactions ...................................................... (996,326) (4,197,297)
Net unrealized appreciation (depreciation) on investments, written options and
translation of assets and liabilities denominated in foreign currency ...... 518,352 781,948
=========== ===========
TOTAL NET ASSETS ................................................................. $22,419,471 $14,478,183
=========== ===========
CLASS N:
Net Assets .................................................................... $22,419,471 $14,478,183
Shares of beneficial interest outstanding (unlimited authorization) ........... 2,744,017 1,862,560
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ...................................... $ 8.17 $ 7.77
=========== ===========
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.
50
Aston Funds
MB ENHANCED LAKE PARTNERS FORTIS TCH
EQUITY INCOME LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL BALANCED FIXED INCOME
FUND FUND FUND BALANCED FUND FUND FUND
- ------------- ------------------ ------------ ----------------- ----------- ------------
$21,622,375 $523,478 $ 25,850,784 $18,826,008 $17,966,168 $74,624,270
(4,359,542) 5,207 (4,770,653) (1,179,601) (1,300,005) (3,676,239)
----------- -------- ------------ ----------- ----------- -----------
17,262,833 528,685 21,080,131 17,646,407 16,666,163 70,948,031
-- -- -- -- -- 200,000
31,040 20 18,051 75,156 57,757 722,274
10,000 -- 397 38,175 648 3,772
160,711 -- -- 50,646 654,076 184,591
2,022 12,168 -- -- -- --
-- 67,842 -- -- -- --
8,977 -- 1,896 796 635 3,305
----------- -------- ------------ ----------- ----------- -----------
17,475,583 608,715 21,100,475 17,811,180 17,379,279 72,061,973
----------- -------- ------------ ----------- ----------- -----------
-- -- -- -- 387,339 --
5,417 -- -- -- -- 14,796
99,334 -- -- 72,658 456,741 4,517,822
136,275 -- 1,467 209 -- 875,280
-- -- 4,884 3,657 9,668 10,018
2,074 1,378 4,512 1,768 3,772 4,549
1,191 -- 258 1,244 -- 3,238
6,743 2,199 10,693 11,340 11,395 11,432
14,475 446 1,326 1,331 1,979 1,870
2,775 1,568 8,012 6,861 5,465 17,971
-- 1,480 5,889 4,989 4,600 3,485
111 2 130 108 291 664
-- 71,625 -- -- -- --
2,845 278 1,185 827 2,045 4,598
1,304,358 -- -- -- -- --
----------- -------- ------------ ----------- ----------- -----------
1,575,598 78,976 38,356 104,992 883,295 5,465,723
----------- -------- ------------ ----------- ----------- -----------
$15,899,985 $529,739 $ 21,062,119 $17,706,188 $16,495,984 $66,596,250
=========== ======== ============ =========== =========== ===========
$20,800,632 $525,010 $ 52,997,632 $26,866,038 $20,020,088 $79,117,043
6,134 (321) (50,688) (354,281) 173,188 130,686
(151,580) (157) (27,114,193) (7,625,968) (2,397,287) (8,975,240)
(4,755,201) 5,207 (4,770,632) (1,179,601) (1,300,005) (3,676,239)
=========== ======== ============ =========== =========== ===========
$15,899,985 $529,739 $ 21,062,119 $17,706,188 $16,495,984 $66,596,250
=========== ======== ============ =========== =========== ===========
$15,899,985 $ -- $ 3,567,437 $16,690,412 $16,495,984 $42,008,471
2,158,611 -- 773,495 1,044,257 3,376,235 4,639,770
$ 7.37 $ -- $ 4.61 $ 15.98 $ 4.89 $ 9.05
=========== ======== ============ =========== =========== ===========
$ -- $529,739 $ 17,494,682 $ 1,015,776 $ -- $24,587,779
-- 52,169 3,818,773 63,702 -- 2,716,157
$ -- $ 10.15 $ 4.58 $ 15.95 $ -- $ 9.05
=========== ======== ============ =========== =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2009
STATEMENT OF OPERATIONS (UNAUDITED)
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
----------------- --------------
INVESTMENT INCOME:
Dividends ................................................... $ 12,371,892 $ 367,104
Less: foreign taxes withheld ................................ -- (1,971)
Interest .................................................... -- 35,870
------------ ------------
Total investment income .................................. 12,371,892 401,003
------------ ------------
EXPENSES:
Investment advisory fees (Note G) ........................... 4,948,993 267,605
Distribution expenses (Note G)(a) ........................... 811,554 36,521
Transfer agent fees (Note G) ................................ 534,558 59,560
Administration fees (Note G) ................................ 379,354 25,155
Registration expenses ....................................... 86,781 15,092
Custodian fees .............................................. 37,684 4,103
Audit and tax fees .......................................... 11,825 8,315
Legal fees .................................................. 48,036 2,722
Reports to shareholder expense .............................. 98,129 7,115
Trustees fees and related expenses (Note G) ................. 38,633 3,286
Interest expense (Note H) ................................... -- --
Other expenses .............................................. 99,551 5,799
------------ ------------
Total expenses before waivers/reimbursements ............. 7,095,098 435,273
------------ ------------
Less: Investment advisory fees waived (Note G) ........... -- (47,520)
Less: Expenses reimbursed (Note G) ....................... -- --
------------ ------------
Net expenses ............................................. 7,095,098 387,753
------------ ------------
NET INVESTMENT INCOME (LOSS) ................................... 5,276,794 13,250
------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments ............................ (73,070,413) (28,400,665)
Net change in unrealized appreciation of investments ........ 110,549,415 21,840,032
------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ...... 37,479,002 (6,560,633)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ....... $ 42,755,796 $ (6,547,383)
============ ============
- ----------
(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 $810,808 and $746,
respectively. The distribution expense for Class N and R of the Growth Fund
is $65,803 and $1,281, respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
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
- ------------ ---------------- ------------ ----------- -------------- ----------- -----------------
$ 1,530,673 $ 20,935 $ 3,143,376 $ 51,876 $ 1,792,885 $ 6,880,714 $ 8,697
-- -- (69,888) -- (3,901) (125,370) (12)
-- -- -- 1,073 -- -- --
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
1,530,673 20,935 3,073,488 52,949 1,788,984 6,755,344 8,685
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
586,779 11,420 738,986 30,515 236,111 2,038,691 7,260
67,084 3,569 22,596 2,509 71,359 567,275 2,135
93,384 13,450 27,054 18,038 38,410 455,807 9,164
52,523 7,702 59,497 10,175 25,599 155,760 7,919
21,554 16,869 15,034 8,902 13,652 45,569 13,640
7,670 1,410 13,687 2,244 3,539 20,278 2,031
12,102 8,998 11,081 8,306 9,242 9,830 9,982
5,687 125 6,560 291 1,870 20,008 63
13,086 1,099 10,511 652 3,394 63,053 98
5,102 315 5,556 452 2,589 22,451 153
-- -- -- -- -- 2,901 --
36,219 2,232 17,684 2,203 5,460 44,059 1,627
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
901,190 67,189 928,246 84,287 411,225 3,445,682 54,072
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
-- (11,420) (148,189) (30,515) -- -- (7,260)
-- (39,511) -- (7,999) -- -- (34,855)
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
901,190 16,258 780,057 45,773 411,225 3,445,682 11,957
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
629,483 4,677 2,293,431 7,176 1,377,759 3,309,662 (3,272)
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
(17,642,308) (1,285,316) (24,117,542) (1,434,998) (8,870,281) (4,057,413) (339,236)
14,653,342 1,174,980 5,424,238 1,467,886 6,653,617 22,322,246 380,265
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
(2,988,966) (110,336) (18,693,304) 32,888 (2,216,664) 18,264,833 41,029
- ------------ ----------- ------------ ----------- ----------- ----------- ---------
$ (2,359,483) $ (105,659) $(16,399,873) $ 40,064 $ (838,905) $21,574,495 $ 37,757
============ =========== ============ =========== =========== =========== =========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2009
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
CARDINAL RIVER ROAD
MID CAP SMALL-MID CAP
VALUE FUND FUND
---------- -------------
INVESTMENT INCOME:
Dividends .......................................................................... $ 6,814 $ 1,101,556
Less: foreign taxes withheld ....................................................... -- (5,407)
--------- ------------
Total investment income ......................................................... 6,814 1,096,149
--------- ------------
EXPENSES:
Investment advisory fees (Note G) .................................................. 3,246 651,330
Distribution expenses (Note G) ..................................................... 902 46,696
Transfer agent fees (Note G) ....................................................... 8,558 24,044
Administration fees (Note G) ....................................................... 7,561 42,216
Registration expenses .............................................................. 13,640 16,643
Custodian fees ..................................................................... 1,410 15,466
Audit and tax fees ................................................................. 10,082 9,063
Legal fees ......................................................................... 22 3,761
Reports to shareholder expense ..................................................... 47 8,039
Trustees fees and related expenses (Note G) ........................................ 24 4,438
Other expenses ..................................................................... 1,476 7,674
--------- ------------
Total expenses before waivers/reimbursements .................................... 46,968 829,370
--------- ------------
Less: Investment advisory fees waived (Note G) .................................. (3,246) --
Less: Expenses reimbursed (Note G) .............................................. (38,671) --
Plus net expenses recouped (Note G) ............................................. -- 31,488
--------- ------------
Net expenses .................................................................... 5,051 860,858
--------- ------------
NET INVESTMENT INCOME (LOSS) ........................................................... 1,763 235,291
--------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments ................................................... (219,836) (13,595,907)
Net realized loss on foreign currency transactions ................................. -- --
Net change in unrealized appreciation of investments ............................... 231,545 13,007,204
Net change in unrealized appreciation (depreciation) on translation of assets and
liabilities denominated in foreign currency ..................................... -- --
--------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............................. 11,709 (588,703)
--------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS .............................. $ 13,472 $ (353,412)
========= ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
Aston Funds
VEREDUS TAMRO RIVER ROAD NEPTUNE BARINGS FORTIS
AGGRESSIVE SMALL CAP SMALL CAP INTERNATIONAL INTERNATIONAL GLOBAL REAL
GROWTH FUND FUND VALUE FUND FUND FUND ESTATE FUND
- ------------ ------------- ------------ ------------- ------------- -----------
$ 98,871 $ 2,231,974 $ 2,329,745 $ 106,097 $ 187,068 $ 226,128
-- -- (15,382) (3,585) (12,938) (16,002)
- ------------ ------------- ------------ --------- ----------- -----------
98,871 2,231,974 2,314,363 102,512 174,130 210,126
- ------------ ------------- ------------ --------- ----------- -----------
219,175 1,621,110 1,221,214 38,132 41,869 43,357
39,426 165,552 177,812 218 -- 3,079
68,578 137,797 186,000 16,788 8,436 8,449
19,530 103,421 80,406 12,899 16,824 18,020
15,371 22,778 21,687 8,927 14,087 9,403
6,632 9,785 21,222 8,199 25,592 27,022
10,289 10,143 10,038 10,085 10,085 10,087
1,870 12,715 9,333 291 208 353
9,872 30,164 28,619 407 295 496
2,527 14,679 8,993 355 177 402
23,199 23,869 16,944 2,127 1,606 2,267
- ------------ ------------- ------------ --------- ----------- -----------
416,469 2,152,013 1,782,268 98,428 119,179 122,935
- ------------ ------------- ------------ --------- ----------- -----------
(105,266) (63,074) -- (38,132) (41,869) (43,357)
-- -- -- (21,184) (29,161) (14,542)
-- -- -- -- -- --
- ------------ ------------- ------------ --------- ----------- -----------
311,203 2,088,939 1,782,268 39,112 48,149 65,036
- ------------ ------------- ------------ --------- ----------- -----------
(212,332) 143,035 532,095 63,400 125,981 145,090
- ------------ ------------- ------------ --------- ----------- -----------
(23,788,669) (106,249,748) (35,786,137) (661,791) (2,188,788) (5,168,214)
-- -- -- (23,626) (100,273) (29,159)
18,743,391 97,525,106 35,306,499 389,735 2,788,540 3,220,066
-- -- -- (876) (304) 2,748
- ------------ ------------- ------------ --------- ----------- -----------
(5,045,278) (8,724,642) (479,638) (296,558) 499,175 (1,974,559)
- ------------ ------------- ------------ --------- ----------- -----------
$ (5,257,610) $ (8,581,607) $ 52,457 $(233,158) $ 625,156 $(1,829,469)
============ ============= ============ ========= =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2009
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
NEW CENTURY
SMART PORTFOLIOS ABSOLUTE RETURN
FUND ETF FUND
---------------- ---------------
INVESTMENT INCOME:
Dividends ........................................................ $ 188,663 $ 146,402
Less: foreign taxes withheld ..................................... -- (24)
Interest ......................................................... -- --
---------- -----------
Total investment income ....................................... 188,663 146,378
---------- -----------
EXPENSES:
Investment advisory fees (Note G) ................................ 52,873 27,877
Distribution expenses (Note G) ................................... 16,522 15,542
Transfer agent fees (Note G) ..................................... 11,792 14,688
Administration fees (Note G) ..................................... 10,132 10,592
Registration expenses ............................................ 9,526 8,927
Custodian fees ................................................... 1,948 2,691
Audit and tax fees ............................................... 10,085 10,089
Legal fees ....................................................... 311 500
Amortization of offering costs (Note B-11) ....................... 15,434 30,970
Reports to shareholder expense ................................... 593 972
Trustees fees and related expenses (Note G) ...................... 262 431
Other expenses ................................................... 1,852 2,065
---------- -----------
Total expenses before waivers/reimbursements .................. 131,330 125,344
---------- -----------
Less: Investment advisory fees waived (Note G) ................ (45,412) (27,877)
Less: Expenses reimbursed (Note G) ............................ -- (4,212)
---------- -----------
Net expenses .................................................. 85,918 93,255
---------- -----------
NET INVESTMENT INCOME (LOSS) ........................................ 102,745 53,123
---------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments ................................. (710,449) (3,732,346)
Net realized gain on written option transactions ................. -- --
Net realized loss on foreign currency transactions ............... -- --
Net change in unrealized appreciation of investments ............. 1,124,964 2,380,558
Net change in unrealized depreciation on written options ......... -- --
Net change in unrealized appreciation on translation of assets and
liabilities denominated in foreign currency ................... -- --
---------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 414,515 (1,351,788)
---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............ $ 517,260 $(1,298,665)
========== ===========
- ----------
(a) Lake Partners LASSO Alternatives Fund commenced investment operations on
April 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
Aston Funds
MB ENHANCED LAKE PARTNERS FORTIS TCH
EQUITY INCOME LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL BALANCED FIXED INCOME
FUND FUND (a) FUND BALANCED FUND FUND FUND
- ------------- ------------------ ------------ ----------------- ----------- ------------
$ 249,531 $ 20 $ 430,510 $ 95,088 $ 99,855 $ 32,854
-- -- (1,330) -- -- --
-- -- 13 138,757 154,716 2,002,543
----------- -------- ------------ --------- ----------- -----------
249,531 20 429,193 233,845 254,571 2,035,397
----------- -------- ------------ --------- ----------- -----------
50,315 252 100,699 62,562 56,159 187,591
17,970 -- 4,892 19,725 5,447 53,720
18,034 1,568 26,325 26,643 15,838 31,778
12,988 1,378 16,598 12,885 19,737 29,414
8,927 1,480 13,028 13,376 8,245 12,397
19,708 446 3,352 2,205 2,896 3,292
10,091 2,199 10,012 10,622 10,663 10,645
1,044 3 872 644 664 2,742
13,509 5,158 -- -- -- --
822 22 1,881 1,205 1,209 4,212
447 2 905 711 518 3,149
2,130 253 4,268 3,856 3,969 6,547
----------- -------- ------------ --------- ----------- -----------
155,985 12,761 182,832 154,434 125,345 345,487
----------- -------- ------------ --------- ----------- -----------
(50,315) (252) (65,158) (42,953) (65) (124,640)
(26,603) (12,168) -- -- -- --
----------- -------- ------------ --------- ----------- -----------
79,067 341 117,674 111,481 125,280 220,847
----------- -------- ------------ --------- ----------- -----------
170,464 (321) 311,519 122,364 129,291 1,814,550
----------- -------- ------------ --------- ----------- -----------
(1,040,197) (157) (12,911,749) (461,838) (1,425,090) (890,908)
979,633 -- -- -- -- --
-- -- (23,836) -- -- --
189,086 5,207 6,160,333 854,520 1,556,105 4,490,892
(284,716) -- -- -- -- --
-- -- 629 -- -- --
----------- -------- ------------ --------- ----------- -----------
(156,194) 5,050 (6,774,623) 392,682 131,015 3,599,984
----------- -------- ------------ --------- ----------- -----------
$ 14,270 $ 4,729 $ (6,463,104) $ 515,046 $ 260,306 $ 5,414,534
=========== ======== ============ ========= =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
-------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008
---------------- -------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ........................ $1,357,841,579 $2,018,011,931 $ 83,181,659 $ 53,999,458
-------------- -------------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .......................... 5,276,794 7,359,892 13,250 (366,716)
Net realized gain (loss) on investments ............... (73,070,413) 32,523,865 (28,400,665) (22,610,581)
Net change in unrealized appreciation (depreciation)
on investments ..................................... 110,549,415 (664,627,304) 21,840,032 (20,130,969)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets from
operations ...................................... 42,755,796 (624,743,547) (6,547,383) (43,108,266)
-------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................ (1,824,308) (1,193,382) -- --
Class I ............................................ (4,451,761) (2,957,565) -- --
Class R ............................................ -- (3,674) -- --
Net realized gain on investments:
Class N ............................................ (19,144,013) (98,653,826) -- (7,627,866)
Class I ............................................ (23,968,862) (164,914,941) -- (486,367)
Class R ............................................ (9,145) (522,637) -- --
-------------- -------------- ------------ ------------
Total distributions ............................. (49,398,089) (268,246,025) -- (8,114,233)
-------------- -------------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................ 485,471,179 359,177,323 5,184,262 21,160,777
Class I ............................................ 263,186,653 320,234,151 6,463,664 66,159,989
Class R ............................................ 259,047 3,226,527 -- --
Proceeds from reinvestment of distributions:
Class N ............................................ 20,185,047 94,326,188 -- 7,520,953
Class I ............................................ 25,893,503 152,386,318 -- 486,367
Class R ............................................ 9,071 524,046 -- --
Cost of shares redeemed:
Class N ............................................ (160,922,005) (244,529,342) (8,106,788) (10,945,698)
Class I ............................................ (122,148,102) (446,205,259) (7,220,687) (3,977,688)
Class R ............................................ (144,452) (6,320,732) -- --
-------------- -------------- ------------ ------------
Net increase (decrease) from capital share
transactions ................................. 511,789,941 232,819,220 (3,679,549) 80,404,700
-------------- -------------- ------------ ------------
Total increase (decrease) in net assets ......... 505,147,648 (660,170,352) (10,226,932) 29,182,201
-------------- -------------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........... $1,862,989,227 $1,357,841,579 $ 72,954,727 $ 83,181,659
============== ============== ============ ============
(A) Undistributed net investment income ............ $ 2,887,892 $ 3,887,167 $ 13,250 $ --
============== ============== ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
Aston Funds
OPTIMUM LARGE CAP
GROWTH FUND OPPORTUNITY FUND VALUE FUND
- -------------------------------- ------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008 (UNAUDITED) 2008
- ---------------- ------------- ---------------- ------------ ---------------- -------------
$188,961,200 $ 420,377,974 $ 3,690,736 $ 40,563,288 $208,391,708 $ 419,500,562
------------ ------------- ----------- ------------ ------------ -------------
629,483 734,558 4,677 (13,504) 2,293,431 5,014,180
(17,642,308) (8,478,353) (1,285,316) (4,158,617) (24,117,542) 24,041,461
14,653,342 (103,383,285) 1,174,980 (4,452,110) 5,424,238 (150,192,000)
------------ ------------- ----------- ------------ ------------ -------------
(2,359,483) (111,127,080) (105,659) (8,624,231) (16,399,873) (121,136,359)
------------ ------------- ----------- ------------ ------------ -------------
(123,518) (19,419) -- (26,900) (195,148) (913,797)
(722,501) (478,591) -- -- (2,030,219) (4,054,890)
(469) -- -- -- -- --
-- (40,457,129) -- -- (2,607,605) (11,662,570)
-- (59,169,640) -- -- (24,382,406) (26,129,365)
-- (173,029) -- -- -- --
------------ ------------- ----------- ------------ ------------ -------------
(846,488) (100,297,808) -- (26,900) (29,215,378) (42,760,622)
------------ ------------- ----------- ------------ ------------ -------------
2,285,309 11,902,983 513,681 4,077,900 3,489,477 27,856,409
172,758 261,560 -- -- -- 10,002
18,773 363,288 -- -- -- --
118,511 35,329,298 -- 25,914 2,749,067 12,541,877
722,100 58,833,489 -- -- 26,412,625 30,184,255
216 103,773 -- -- -- --
(10,442,295) (75,324,977) (852,506) (32,325,235) (2,164,323) (117,804,416)
(858,071) (51,257,529) -- -- -- --
(19,198) (203,771) -- -- -- --
------------ ------------- ----------- ------------ ------------ -------------
(8,001,897) (19,991,886) (338,825) (28,221,421) 30,486,846 (47,211,873)
------------ ------------- ----------- ------------ ------------ -------------
(11,207,868) (231,416,774) (444,484) (36,872,552) (15,128,405) (211,108,854)
------------ ------------- ----------- ------------ ------------ -------------
$177,753,332 $ 188,961,200 $ 3,246,252 $ 3,690,736 $193,263,303 $ 208,391,708
============ ============= =========== ============ ============ =============
$ 312,035 $ 529,040 $ 4,677 $ -- $ 267,015 $ 198,951
============ ============= =========== ============ ============ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
RIVER ROAD DIVIDEND
TAMRO ALL CAP FUND ALL CAP VALUE FUND
------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008
---------------- ------------ ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ............................ $ 8,562,093 $15,358,608 $ 51,648,751 $ 32,510,238
----------- ----------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .............................. 7,176 38,314 1,377,759 1,708,975
Net realized gain (loss) on investments ................... (1,434,998) (360,343) (8,870,281) (4,811,635)
Net change in unrealized appreciation (depreciation)
on investments ......................................... 1,467,886 (4,928,345) 6,653,617 (11,651,941)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets from operations .. 40,064 (5,250,374) (838,905) (14,754,601)
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................................ (38,534) (8,963) (764,793) (1,335,727)
Class I ................................................ -- -- (161,433) (5,757)
Return of Capital:
Class N ................................................ -- -- -- (24,094)
Class I ................................................ -- -- -- (104)
Net realized gain on investments:
Class N ................................................ -- (1,219,876) -- (1,677,293)
Class I ................................................ -- -- -- (10,432)
----------- ----------- ------------ ------------
Total distributions ................................. (38,534) (1,228,839) (926,226) (3,053,407)
----------- ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................ 751,088 1,073,875 42,153,610 56,532,683
Class I ................................................ -- -- 31,163,398 1,511
Proceeds from reinvestment of distributions:
Class N ................................................ 38,230 1,188,304 735,924 2,762,921
Class I ................................................ -- -- 81,193 16,293
Cost of shares redeemed:
Class N ................................................ (944,331) (2,579,481) (10,901,792) (22,366,887)
Class I ................................................ -- -- (212,367) --
----------- ----------- ------------ ------------
Net increase (decrease) from capital share
transactions ..................................... (155,013) (317,302) 63,019,966 36,946,521
----------- ----------- ------------ ------------
Total increase (decrease) in net assets ............. (153,483) (6,796,515) 61,254,835 19,138,513
----------- ----------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............... $ 8,408,610 $ 8,562,093 $112,903,586 $ 51,648,751
=========== =========== ============ ============
(A) Undistributed (distributions in excess of)
net investment income (loss) ........................ $ (550) $ 30,808 $ 447,572 $ (3,961)
=========== =========== ============ ============
- ----------
(a) Montag & Caldwell 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.
60
Aston Funds
MONTAG & CALDWELL
MID CAP CARDINAL MID CAP
OPTIMUM MID CAP FUND GROWTH FUND VALUE FUND
- ------------------------------- ------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008 (a) (UNAUDITED) 2008 (b)
- ---------------- ------------- ---------------- ------------ ---------------- ------------
$602,061,413 $ 949,727,581 $1,814,569 $ -- $ 782,776 $ --
------------ ------------- ---------- ----------- --------- ----------
3,309,662 1,964,622 (3,272) (15,118) 1,763 1,726
(4,057,413) 10,654,411 (339,236) (394,115) (219,836) (82,000)
22,322,246 (454,980,690) 380,265 (741,965) 231,545 (375,815)
------------ ------------- ---------- ----------- --------- ----------
21,574,495 (442,361,657) 37,757 (1,151,198) 13,472 (456,089)
------------ ------------- ---------- ----------- --------- ----------
(4,132,092) -- -- -- (8,532) --
(1,143,451) -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
(8,736,848) (56,429,414) -- -- -- --
(1,689,593) (8,542,028) -- -- -- --
------------ ------------- ---------- ----------- --------- ----------
(15,701,984) (64,971,442) -- -- (8,532) --
------------ ------------- ---------- ----------- --------- ----------
99,066,849 382,563,505 210,325 3,025,312 10,500 1,238,874
36,513,261 68,718,434 -- -- -- --
12,136,985 53,046,328 -- -- 1,742 --
2,654,628 7,190,803 -- -- -- --
(95,340,653) (317,844,577) (41,847) (59,545) (1,425) (9)
(19,898,254) (34,007,562) -- -- -- --
------------ ------------- ---------- ----------- --------- ----------
35,132,816 159,666,931 168,478 2,965,767 10,817 1,238,865
------------ ------------- ---------- ----------- --------- ----------
41,005,327 (347,666,168) 206,235 1,814,569 15,757 782,776
------------ ------------- ---------- ----------- --------- ----------
$643,066,740 $ 602,061,413 $2,020,804 $ 1,814,569 $ 798,533 $ 782,776
============ ============= ========== =========== ========= ==========
$ (1,259) $ 1,964,622 $ 15,102 $ 18,374 $ 31,238 $ 38,007
============ ============= ========== =========== ========= ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
61
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
RIVER ROAD VEREDUS AGGRESSIVE
SMALL-MID CAP FUND GROWTH FUND
------------------------------ -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008
---------------- ------------ ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD .............................. $110,715,839 $ 17,774,666 $ 59,868,093 $ 230,745,446
------------ ------------ ------------ -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................................ 235,291 156,056 (212,332) (1,408,310)
Net realized loss on investments and foreign
currency transactions .................................... (13,595,907) (5,039,800) (23,788,669) (23,155,591)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency .............. 13,007,204 (20,074,564) 18,743,391 (58,256,376)
------------ ------------ ------------ -------------
Net increase (decrease) in net assets from operations .... (353,412) (24,958,308) (5,257,610) (82,820,277)
------------ ------------ ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .................................................. (80,194) -- -- --
Class I .................................................. (188,448) (58,969) -- --
Net realized gain on investments:
Class N .................................................. -- -- (241,471) (27,985,957)
Class I .................................................. -- -- (88,235) (26,198,976)
------------ ------------ ------------ -------------
Total distributions ................................... (268,642) (58,969) (329,706) (54,184,933)
------------ ------------ ------------ -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .................................................. 35,337,377 25,523,544 1,580,562 10,616,263
Class I .................................................. 59,504,394 118,090,164 298,409 23,833,681
Proceeds from reinvestment of distributions:
Class N .................................................. 79,361 -- 233,208 26,256,385
Class I .................................................. 141,129 54,508 87,460 24,448,984
Cost of shares redeemed:
Class N .................................................. (21,211,075) (7,792,472) (9,365,796) (32,951,858)
Class I .................................................. (18,105,618) (17,917,294) (3,609,555) (86,075,598)
------------ ------------ ------------ -------------
Net increase (decrease) from capital share
transactions ....................................... 55,745,568 117,958,450 (10,775,712) (33,872,143)
------------ ------------ ------------ -------------
Total increase (decrease) in net assets ............... 55,123,514 92,941,173 (16,363,028) (170,877,353)
------------ ------------ ------------ -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ................. $165,839,353 $110,715,839 $ 43,505,065 $ 59,868,093
============ ============ ============ =============
(A) Undistributed (distributions in excess of) net
investment income (loss) ................................. $ 134,627 $ 167,978 $ (212,332) $ --
============ ============ ============ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62
Aston Funds
TAMRO RIVER ROAD NEPTUNE INTERNATIONAL
SMALL CAP FUND SMALL CAP VALUE FUND FUND
- -------------------------------- -------------------------------- ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008 (UNAUDITED) 2008
- ---------------- ------------- ---------------- ------------- ---------------- -----------
$ 398,363,783 $ 372,301,855 $274,911,304 $ 302,220,867 $8,602,575 $ 2,369,665
------------- ------------- ------------ ------------- ---------- -----------
143,035 1,588,393 532,095 452,511 63,400 157,948
(106,249,748) (31,736,542) (35,786,137) (36,422,487) (685,417) (847,310)
97,525,106 (127,226,809) 35,306,499 (83,796,022) 388,859 (6,126,595)
------------- ------------- ------------ ------------- ---------- -----------
(8,581,607) (157,374,958) 52,457 (119,765,998) (233,158) (6,815,957)
------------- ------------- ------------ ------------- ---------- -----------
-- -- (130,237) (37,949) (1,002) --
(343,822) -- (454,107) (44,332) (64,620) (28,222)
-- (10,737,284) -- (8,476,846) -- --
-- (6,479,414) -- (2,898,349) -- --
------------- ------------- ------------ ------------- ---------- -----------
(343,822) (17,216,698) (584,344) (11,457,476) (65,622) (28,222)
------------- ------------- ------------ ------------- ---------- -----------
31,968,521 109,183,845 47,644,902 102,025,124 21,020 432,275
141,810,804 245,253,420 115,625,146 106,971,828 20,200 13,051,300
-- 9,961,962 127,352 7,800,405 1,002 --
192,771 3,216,594 353,414 2,357,643 6,235 22,153
(35,243,378) (109,019,877) (38,598,985) (101,232,051) (55,146) (1,731)
(43,019,917) (57,942,360) (22,811,222) (14,009,038) (2,984) (426,908)
------------- ------------- ------------ ------------- ---------- -----------
95,708,801 200,653,584 102,340,607 103,913,911 (9,673) 13,077,089
------------- ------------- ------------ ------------- ---------- -----------
86,783,372 26,061,928 101,808,720 (27,309,563) (308,453) 6,232,910
------------- ------------- ------------ ------------- ---------- -----------
$ 485,147,155 $ 398,363,783 $376,720,024 $ 274,911,304 $8,294,122 $ 8,602,575
============= ============= ============ ============= ========== ===========
$ 406,853 $ 607,640 $ 229,952 $ 282,201 $ 84,329 $ 86,551
============= ============= ============ ============= ========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
BARINGS
INTERNATIONAL FORTIS GLOBAL
FUND REAL ESTATE FUND
------------------------------ ------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (a) (UNAUDITED) 2008
---------------- ------------ ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ............................. $ 5,517,433 $ -- $11,187,149 $ 21,634,605
----------- ----------- ----------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ...................................... 125,981 104,279 145,090 286,050
Net realized gain (loss) on investments, written options
and foreign currency transactions ....................... (2,289,061) (2,571,858) (5,197,373) (3,597,918)
Net change in unrealized appreciation (depreciation)
on investments, written options and translation of assets
and liabilities denominated in foreign currency ......... 2,788,236 (2,339,787) 3,222,814 (8,335,563)
----------- ----------- ----------- ------------
Net increase (decrease) in net assets from operations ... 625,156 (4,807,366) (1,829,469) (11,647,431)
----------- ----------- ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................................. -- -- (175,027) (284,084)
Class I ................................................. (4,815) -- -- --
Net realized gain on investments:
Class N ................................................. -- -- -- (95,347)
Class I ................................................. -- -- -- --
----------- ----------- ----------- ------------
Total distributions .................................. (4,815) -- (175,027) (379,431)
----------- ----------- ----------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................................. -- -- 625 1,640,792
Class I ................................................. 12,795,540 13,102,841 -- --
Proceeds from reinvestment of distributions:
Class N ................................................. -- -- 13,989 1,139
Class I ................................................. 2,024 -- -- --
Cost of shares redeemed:
Class N ................................................. -- -- (79,348) (62,525)
Class I ................................................. (1,751,170) (2,778,042) -- --
----------- ----------- ----------- ------------
Net increase (decrease) from capital share
transactions ...................................... 11,046,394 10,324,799 (64,734) 1,579,406
----------- ----------- ----------- ------------
Total increase (decrease) in net assets .............. 11,666,735 5,517,433 (2,069,230) (10,447,456)
----------- ----------- ----------- ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ................ $17,184,168 $ 5,517,433 $ 9,117,919 $ 11,187,149
=========== =========== =========== ============
(A) Undistributed (distributions in excess of)
net investment income ................................... $ 121,166 $ -- $ 41,237 $ 71,174
=========== =========== =========== ============
- ----------
(a) Barings International Fund commenced investment operations on November 2,
2007.
(b) Smart Portfolios Fund commenced investment operations on January 10, 2008.
(c) New Century Absolute Return Fund commenced investment operations on March
4, 2008.
(d) MB Enhanced Equity Income Fund commenced investment operations on January
15, 2008.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64
Aston Funds
SMART NEW CENTURY MB
PORTFOLIOS ABSOLUTE RETURN ENHANCED EQUITY
FUND ETF FUND INCOME FUND
- ------------------------------ ------------------------------ ------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (b) (UNAUDITED) 2008 (c) (UNAUDITED) 2008 (d)
- ---------------- ------------ ---------------- ------------ ---------------- ------------
$ 6,070,423 $ -- $13,747,979 $ -- $14,388,959 $ --
----------- ----------- ----------- ----------- ----------- -----------
102,745 36,586 53,123 10,826 170,464 213,651
(710,449) (285,877) (3,732,346) (464,951) (60,564) 938,753
1,124,964 (606,612) 2,380,558 (1,598,610) (95,630) (4,659,571)
----------- ----------- ----------- ----------- ----------- -----------
517,260 (855,903) (1,298,665) (2,052,735) 14,270 (3,507,167)
----------- ----------- ----------- ----------- ----------- -----------
(104,762) (37,610) (121,220) -- (214,230) (210,633)
-- -- -- -- -- --
-- -- -- -- (1,029,769) --
-- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
(104,762) (37,610) (121,220) -- (1,243,999) (210,633)
----------- ----------- ----------- ----------- ----------- -----------
19,591,116 10,231,848 8,351,437 18,396,559 3,893,062 18,939,337
-- -- -- -- -- --
104,762 37,578 91,693 -- 849,838 80,537
-- -- -- -- -- --
(3,759,328) (3,305,490) (6,293,041) (2,595,845) (2,002,145) (913,115)
-- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
15,936,550 6,963,936 2,150,089 15,800,714 2,740,755 18,106,759
----------- ----------- ----------- ----------- ----------- -----------
16,349,048 6,070,423 730,204 13,747,979 1,511,026 14,388,959
----------- ----------- ----------- ----------- ----------- -----------
$22,419,471 $ 6,070,423 $14,478,183 $13,747,979 $15,899,985 $14,388,959
=========== =========== =========== =========== =========== ===========
$ 51,695 $ 53,712 $ (4,684) $ 63,413 $ 6,134 $ 49,900
=========== =========== =========== =========== =========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
65
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
LAKE PARTNERS
LASSO ALTERNATIVES FORTIS
FUND REAL ESTATE FUND
------------------ -------------------------------
PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 (a) APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) (UNAUDITED) 2008
------------------ ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD .................................. $ -- $ 29,440,875 $ 90,668,373
-------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .................................... (321) 311,519 470,371
Net realized gain (loss) on investments and
foreign currency transactions ................................ (157) (12,935,585) (13,985,524)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency .................. 5,207 6,160,962 (14,563,027)
-------- ------------ ------------
Net increase (decrease) in net assets from operations ........ 4,729 (6,463,104) (28,078,180)
-------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ...................................................... -- (169,448) (262,056)
Class I ...................................................... -- (807,904) (337,509)
Net realized gain on investments:
Class N ...................................................... -- -- (12,004,865)
Class I ...................................................... -- -- (10,600,029)
-------- ------------ ------------
Total distributions ....................................... -- (977,352) (23,204,459)
-------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ...................................................... -- 226,065 4,653,383
Class I ...................................................... 525,010 -- --
Proceeds from reinvestment of distributions:
Class N ...................................................... -- 163,314 12,082,216
Class I ...................................................... -- 807,903 10,937,524
Cost of shares redeemed:
Class N ...................................................... -- (1,168,526) (37,617,982)
Class I ...................................................... -- (967,056) --
-------- ------------ ------------
Net increase (decrease) from capital share transactions ... 525,010 (938,300) (9,944,859)
-------- ------------ ------------
Total increase (decrease) in net assets ................... 529,739 (8,378,756) (61,227,498)
-------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............... $529,739 $ 21,062,119 $ 29,440,875
======== ============ ============
(A) Undistributed (distributions in excess of) net investment
income (loss) ............................................. $ (321) $ (50,688) $ 615,145
======== ============ ============
- ----------
(a) Lake Partners LASSO Alternatives Fund commenced investment operations on
April 1, 2009.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66
Aston Funds
MONTAG & CALDWELL
BALANCED FUND BALANCED FUND TCH FIXED INCOME FUND
- ------------------------------ ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31, APRIL 30, 2009 OCTOBER 31,
(UNAUDITED) 2008 (UNAUDITED) 2008 (UNAUDITED) 2008
- ---------------- ----------- ---------------- ------------ ---------------- ------------
$17,504,601 $17,860,943 $17,673,382 $ 35,923,985 $68,655,177 $ 91,979,543
----------- ----------- ----------- ------------ ----------- ------------
122,364 210,680 129,291 349,764 1,814,550 4,280,277
(461,838) 120,418 (1,425,090) (559,417) (890,908) (1,680,037)
854,520 (5,028,369) 1,556,105 (6,647,417) 4,490,892 (7,551,902)
----------- ----------- ----------- ------------ ----------- ------------
515,046 (4,697,271) 260,306 (6,857,070) 5,414,534 (4,951,662)
----------- ----------- ----------- ------------ ----------- ------------
(133,888) (226,864) (142,426) (396,405) (1,156,579) (2,622,635)
(8,788) (16,943) -- -- (707,214) (1,780,523)
-- -- -- (5,993,129) -- --
-- -- -- -- -- --
----------- ----------- ----------- ------------ ----------- ------------
(142,676) (243,807) (142,426) (6,389,534) (1,863,793) (4,403,158)
----------- ----------- ----------- ------------ ----------- ------------
1,635,493 10,014,274 443,366 1,669,881 3,802,796 12,409,629
59,935 103,774 -- -- 868,678 4,645,377
95,913 205,276 141,495 6,366,439 1,117,460 2,489,637
8,587 16,798 -- -- 657,362 1,264,040
(1,935,191) (5,661,808) (1,880,139) (13,040,319) (7,899,549) (19,017,029)
(35,520) (93,578) -- -- (4,156,415) (15,761,200)
----------- ----------- ----------- ------------ ----------- ------------
(170,783) 4,584,736 (1,295,278) (5,003,999) (5,609,668) (13,969,546)
----------- ----------- ----------- ------------ ----------- ------------
201,587 (356,342) (1,177,398) (18,250,603) (2,058,927) (23,324,366)
----------- ----------- ----------- ------------ ----------- ------------
$17,706,188 $17,504,601 $16,495,984 $ 17,673,382 $66,596,250 $ 68,655,177
=========== =========== =========== ============ =========== ============
$ (354,281) $ (333,969) $ 173,188 $ 186,323 $ 130,686 $ 179,929
=========== =========== =========== ============ =========== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
67
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- ----------
Net Asset Value, Beginning of period ............ $ 18.84 $ 31.51 $ 25.15 $ 23.35 $ 21.53 $ 20.74
-------- -------- -------- -------- -------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.05(a) 0.07(a) 0.06(a) 0.07(a) 0.05(a) 0.04(a)
Net realized and unrealized gain (loss)
on investments ......................... (0.28) (8.66) 6.54 1.80 1.83 0.77
-------- -------- -------- -------- -------- ----------
Total from investment operations ....... (0.23) (8.59) 6.60 1.87 1.88 0.81
-------- -------- -------- -------- -------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ...................... (0.06) (0.05) (0.06) (0.07) (0.06) (0.02)
Distributions from net realized gain
on investments ......................... (0.60) (4.03) (0.18) -- -- --
-------- -------- -------- -------- -------- ----------
Total distributions .................... (0.66) (4.08) (0.24) (0.07) (0.06) (0.02)
-------- -------- -------- -------- -------- ----------
Net increase (decrease) in net asset value ...... (0.89) (12.67) 6.36 1.80 1.82 0.79
-------- -------- -------- -------- -------- ----------
Net Asset Value, End of period .................. $ 17.95 $ 18.84 $ 31.51 $ 25.15 $ 23.35 $ 21.53
======== ======== ======== ======== ======== ==========
TOTAL RETURN .................................... (1.02)%(b) (31.13)% 26.41% 8.02% 8.72% 3.89%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $960,248 $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 .................... 1.16%(c) 1.08%(d) 1.07%(d) 1.06%(d) 1.03% 1.02%
After reimbursement and/or waiver of
expenses by Adviser .................... 1.16%(c) 1.08%(d) 1.07%(d) 1.06%(d) 1.03% 1.02%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 0.63%(c) 0.26% 0.23% 0.28% 0.20% 0.20%
After reimbursement and/or waiver of
expenses by Adviser .................... 0.63%(c) 0.26% 0.23% 0.28% 0.20% 0.20%
Portfolio Turnover ........................... 16.33%(b)(e) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
(e) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of period ....... $ 18.94 $ 31.61 $ 25.24 $ 23.44 $ 21.61 $ 20.84
-------- -------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.07(a) 0.13(a) 0.14(a) 0.13(a) 0.11(a) 0.10(a)
Net realized and unrealized
gain (loss) on investments ........ (0.29) (8.70) 6.55 1.82 1.83 0.77
-------- -------- ---------- ---------- ---------- ----------
Total from investment operations .. (0.22) (8.57) 6.69 1.95 1.94 0.87
-------- -------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .......... (0.11) (0.07) (0.14) (0.15) (0.11) (0.10)
Distributions from net realized
gain on investments ............... (0.60) (4.03) (0.18) -- -- --
-------- -------- ---------- ---------- ---------- ----------
Total distributions ............... (0.71) (4.10) (0.32) (0.15) (0.11) (0.10)
-------- -------- ---------- ---------- ---------- ----------
Net increase (decrease) in net
asset value ............................. (0.93) (12.67) 6.37 1.80 1.83 0.77
-------- -------- ---------- ---------- ---------- ----------
Net Asset Value, End of period ............. $ 18.01 $ 18.94 $ 31.61 $ 25.24 $ 23.44 $ 21.61
======== ======== ========== ========== ========== ==========
TOTAL RETURN ............................... (0.92)%(b) (30.96)% 26.72% 8.36% 8.99% 4.19%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .... $902,345 $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 ............... 0.91%(c) 0.83%(d) 0.79%(d) 0.78%(d) 0.75% 0.74%
After reimbursement and/or waiver of
expenses by Adviser ............... 0.91%(c) 0.83%(d) 0.79%(d) 0.78%(d) 0.75% 0.74%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............... 0.88%(c) 0.51% 0.51% 0.56% 0.48% 0.48%
After reimbursement and/or waiver of
expenses by Adviser ............... 0.88%(c) 0.51% 0.51% 0.56% 0.48% 0.48%
Portfolio Turnover ...................... 16.33%(b)(e) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
(e) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
69
Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS R APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- --------- -------- -------- --------
Net Asset Value, Beginning of period ............ $ 18.69 $ 31.33 $25.04 $23.23 $21.43 $20.69
------- ------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............. 0.03(a) --(a)(b) --(a)(b) 0.01(a) (0.01)(a) (0.01)(a)
Net realized and unrealized gain (loss)
on investments ......................... (0.27) (8.58) 6.49 1.80 1.83 0.77
------- ------- ------ ------ ------ ------
Total from investment operations ....... (0.24) (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 ......................... (0.60) (4.03) (0.18) -- -- --
------- ------- ------ ------ ------ ------
Total distributions .................... (0.60) (4.06) (0.20) -- (0.02) (0.02)
------- ------- ------ ------ ------ ------
Net increase (decrease) in net asset value ...... (0.84) (12.64) 6.29 1.81 1.80 0.74
------- ------- ------ ------ ------ ------
Net Asset Value, End of period .................. $ 17.85 $ 18.69 $31.33 $25.04 $23.23 $21.43
======= ======= ====== ====== ====== ======
TOTAL RETURN .................................... (1.15)%(c) (31.28)% 26.06% 7.79% 8.50% 3.65%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $ 396 $ 266 $4,062 $ 693 $ 703 $ 459
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 1.41%(d) 1.33%(e) 1.29%(e) 1.28%(e) 1.25% 1.24%
After reimbursement and/or waiver of
expenses by Adviser .................... 1.41%(d) 1.33%(e) 1.29%(e) 1.28%(e) 1.25% 1.24%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 0.38%(d) 0.01% 0.01% 0.06% (0.02)% (0.02)%
After reimbursement and/or waiver of
expenses by Adviser .................... 0.38%(d) 0.01% 0.01% 0.06% (0.02)% (0.02)%
Portfolio Turnover ........................... 16.33%(c)(f) 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) Not Annualized.
(d) Annualized.
(e) 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.
(f) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $ 8.69 $ 16.77 $ 13.08 $ 11.88 $ 10.31 $ 9.33
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ...................... --(a)(b) (0.06) (0.08) (0.03)(a) (0.02) (0.06)
Net realized and unrealized gain (loss)
on investments ........................ (0.63) (5.60) 3.77 1.24 1.59 1.04
------- ------- ------- ------- ------- -------
Total from investment operations ...... (0.63) (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 ..... (0.63) (8.08) 3.69 1.20 1.57 0.98
------- ------- ------- ------- ------- -------
Net Asset Value, End of period ................. $ 8.06 $ 8.69 $ 16.77 $ 13.08 $ 11.88 $ 10.31
======= ======= ======= ======= ======= =======
TOTAL RETURN ................................... (7.25)%(c) (39.09)% 28.14% 10.22% 15.23% 10.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $31,308 $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 ................... 1.44%(d) 1.34% 1.52% 1.75% 2.57% 3.82%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.30%(d) 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 ................... (0.24)%(d) (0.55)% (0.81)% (0.72)% (1.76)% (3.17)%
After reimbursement and/or waiver of
expenses by Adviser ................... (0.10)%(d) (0.51)% (0.59)% (0.27)% (0.49)% (0.65)%
Portfolio Turnover .......................... 200.95%(c) 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.
(b) Represents less than $(0.005) per share.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
71
Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of period ............................. $ 8.74 $ 16.83 $ 13.08 $ 11.97
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment gain (loss) ................................. 0.01(b) (0.02) (0.02) --(b)(c)
Net realized and unrealized gain (loss) on investments ..... (0.63) (5.65) 3.77 1.11
------- ------- ------- -------
Total from investment operations ........................ (0.62) (5.67) 3.75 1.11
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments ........ -- (2.42) -- --
------- ------- ------- -------
Total distributions ..................................... -- (2.42) -- --
------- ------- ------- -------
Net increase (decrease) in net asset value ....................... (0.62) (8.09) 3.75 1.11
------- ------- ------- -------
Net Asset Value, End of period ................................... $ 8.12 $ 8.74 $ 16.83 $ 13.08
======= ======= ======= =======
TOTAL RETURN ..................................................... (7.09)%(d) (38.96)% 28.52% 9.27%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $41,646 $46,040 $ 3,216 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 1.19%(e) 1.09% 1.19% 1.43%(e)
After reimbursement and/or waiver of expenses by Adviser ... 1.05%(e) 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 .. 0.01%(e) (0.30)% (0.48)% (0.55)%(e)
After reimbursement and/or waiver of expenses by Adviser ... 0.15%(e) (0.26)% (0.26)% (0.10)%(e)
Portfolio Turnover ............................................ 200.95%(d) 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.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72
Aston Funds
GROWTH FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $ 10.95 $ 22.49 $ 22.82 $ 22.66 $ 21.76 $ 21.14
------- ------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............. 0.03 0.02 0.05(a) --(b) 0.05(a) (0.05)(a)
Net realized and unrealized gain (loss)
on investments ........................ (0.13) (5.93) 2.39 1.25 0.90 0.67
------- ------- -------- -------- -------- --------
Total from investment operations ...... (0.10) (5.91) 2.44 1.25 0.95 0.62
------- ------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ................. (0.02) -- (0.03) -- (0.05) --
Distributions from net realized gain on
investments ........................... -- (5.63) (2.74) (1.09) -- --
------- ------- -------- -------- -------- --------
Total distributions ................... (0.02) (5.63) (2.77) (1.09) (0.05) --
------- ------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..... (0.12) (11.54) (0.33) 0.16 0.90 0.62
------- ------- -------- -------- -------- --------
Net Asset Value, End of period ................. $ 10.83 $ 10.95 $ 22.49 $ 22.82 $ 22.66 $ 21.76
======= ======= ======== ======== ======== ========
TOTAL RETURN ................................... (0.88)%(c) (33.76)% 11.85% 5.55% 4.38% 2.93%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $53,165 $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 ................... 1.25%(d) 1.15%(e) 1.11%(e) 1.10%(e) 1.10% 1.09%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.25%(d) 1.15%(e) 1.11%(e) 1.10%(e) 1.10% 1.09%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 0.58%(d) 0.09% 0.23% 0.01% 0.21% (0.22)%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.58%(d) 0.09% 0.23% 0.01% 0.21% (0.22)%
Portfolio Turnover .......................... 18.72%(c) 122.68% 47.46% 29.07% 31.30%(f) 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) Not Annualized.
(d) Annualized.
(e) 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.
(f) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
73
Aston Funds
GROWTH FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ......... $ 11.17 $ 22.83 $ 23.14 $ 22.97 $ 22.02 $ 21.33
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.04 0.06 0.11(a) 0.07 0.11(a) 0.01(a)
Net realized and unrealized gain (loss)
on investments ...................... (0.13) (6.04) 2.43 1.27 0.92 0.68
-------- -------- -------- -------- -------- --------
Total from investment operations .... (0.09) (5.98) 2.54 1.34 1.03 0.69
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.06) (0.05) (0.11) (0.08) (0.08) --
Distributions from net realized gain
on investments ...................... -- (5.63) (2.74) (1.09) -- --
-------- -------- -------- -------- -------- --------
Total distributions ................. (0.06) (5.68) (2.85) (1.17) (0.08) --
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ... (0.15) (11.66) (0.31) 0.17 0.95 0.69
-------- -------- -------- -------- -------- --------
Net Asset Value, End of period ............... $ 11.02 $ 11.17 $ 22.83 $ 23.14 $ 22.97 $ 22.02
======== ======== ======== ======== ======== ========
TOTAL RETURN ................................. (0.73)%(b) (33.61)% 12.19% 5.87% 4.69% 3.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ... $124,035 $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 ................. 1.00%(c) 0.90%(d) 0.83%(d) 0.81%(d) 0.82% 0.82%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.00%(c) 0.90%(d) 0.83%(d) 0.81%(d) 0.82% 0.82%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.83%(c) 0.34% 0.51% 0.30% 0.49% 0.05%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.83%(c) 0.34% 0.51% 0.30% 0.49% 0.05%
Portfolio Turnover ........................ 18.72%(b) 122.68% 47.46% 29.07% 31.30%(e) 18.59%
- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of 0.01%
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.
(e) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
74
Aston Funds
GROWTH FUND - CLASS R APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............ $10.78 $ 22.28 $22.64 $22.53 $21.66 $21.09
------ ------- ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............. 0.02 0.04 --(a)(b) (0.04) --(a)(b) (0.10)(a)
Net realized and unrealized gain (loss)
on investments ......................... (0.12) (5.91) 2.38 1.24 0.90 0.67
------ ------- ------ ------ ------ ------
Total from investment operations ....... (0.10) (5.87) 2.38 1.20 0.90 0.57
------ ------- ------ ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............... (0.01) -- -- -- (0.03) --
Distributions from net realized gain
on investments ......................... -- (5.63) (2.74) (1.09) -- --
------ ------- ------ ------ ------ ------
Total distributions .................... (0.01) (5.63) (2.74) (1.09) (0.03) --
------ ------- ------ ------ ------ ------
Net increase (decrease) in net asset value ...... (0.11) (11.50) (0.36) 0.11 0.87 0.57
------ ------- ------ ------ ------ ------
Net Asset Value, End of period .................. $10.67 $ 10.78 $22.28 $22.64 $22.53 $21.66
====== ======= ====== ====== ====== ======
TOTAL RETURN .................................... (0.93)%(c) (33.93)% 11.61% 5.35% 4.16% 2.70%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $ 554 $ 560 $ 684 $1,679 $1,122 $ 573
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 1.49%(d) 1.40%(e) 1.32%(e) 1.31%(e) 1.31% 1.31%
After reimbursement and/or waiver of
expenses by Adviser .................... 1.49%(d) 1.40%(e) 1.32%(e) 1.31%(e) 1.31% 1.31%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 0.33%(d) (0.16)% 0.01% (0.20)% 0.00% (0.44)%
After reimbursement and/or waiver of
expenses by Adviser .................... 0.33%(d) (0.16)% 0.01% (0.20)% 0.00% (0.44)%
Portfolio Turnover ........................... 18.72%(c) 122.68% 47.46% 29.07% 31.30%(f) 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) Not Annualized.
(d) Annualized.
(e) 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.
(f) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
75
Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period ................................ $ 6.79 $ 12.56 $ 10.00
------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .................................. 0.01 (0.02) (0.01)
Net realized and unrealized gain (loss) on investments ........ (0.06) (5.74) 2.57
------ ------- -------
Total from investment operations ........................... (0.05) (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 .......................... (0.05) (5.77) 2.56
------ ------- -------
Net Asset Value, End of period ...................................... $ 6.74 $ 6.79 $ 12.56
====== ======= =======
TOTAL RETURN ........................................................ (0.74)%(b) (45.90)% 25.60%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................. 3,246 $ 3,691 $40,563
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ..... 4.71%(c) 1.89%(d) 2.30%(c)(d)
After reimbursement and/or waiver of expenses by Adviser ...... 1.14%(c) 1.12%(d) 1.13%(c)(d)(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ..... (3.24)%(c) (0.86)% (1.31)%(c)
After reimbursement and/or waiver of expenses by Adviser ...... 0.33%(c) (0.09)% (0.14)%(c)
Portfolio Turnover ............................................... 55.85%(b) 48.87% 76.40%(b)
- ----------
(a) Optimum Large Cap Opportunity Fund, Class N, commenced investment
operations on December 28, 2006.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense 0.02% for
the 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.
(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.
76
Aston Funds
VALUE FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- --------- --------
Net Asset Value, Beginning of period ......... $ 9.07 $ 15.57 $ 14.06 $ 12.15 $ 11.05 $ 9.66
------- ------- -------- -------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.08 0.15 0.19 0.21 0.17(a) 0.14
Net realized and unrealized gain (loss)
on investments ...................... (0.80) (5.08) 2.09 2.09 1.10 1.39
------- ------- -------- -------- ------- --------
Total from investment operations .... (0.72) (4.93) 2.28 2.30 1.27 1.53
------- ------- -------- -------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............ (0.08) (0.16) (0.20) (0.20) (0.17) (0.14)
Distributions from net realized
gain on investments ................. (1.17) (1.41) (0.57) (0.19) -- --
------- ------- -------- -------- ------- --------
Total distributions ................. (1.25) (1.57) (0.77) (0.39) (0.17) (0.14)
------- ------- -------- -------- ------- --------
Net increase (decrease) in net asset value ... (1.97) (6.50) 1.51 1.91 1.10 1.39
------- ------- -------- -------- ------- --------
Net Asset Value, End of period ............... $ 7.10 $ 9.07 $ 15.57 $ 14.06 $ 12.15 $ 11.05
======= ======= ======== ======== ======= ========
TOTAL RETURN ................................. (7.97)%(b) (34.85)% 16.77% 19.35% 11.48% 15.88%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $19,308 $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 ................. 1.23%(c) 1.18%(e) 1.16% 1.16% 1.16% 1.16%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.07%(c)(d) 1.02%(e) 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 ................. 2.10%(c) 1.22% 1.06% 1.37% 1.19% 1.10%
After reimbursement and/or waiver of
expenses by Adviser ................. 2.26%(c) 1.38% 1.28% 1.59% 1.41% 1.32%
Portfolio Turnover ........................ 18.80%(b) 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) Not Annualized.
(c) Annualized.
(d) The Adviser removed the contractual expense limitation, not including
interest expense or acquired fund fees and expenses, and implemented a
voluntary expense limitation of 1.07% effective March 1, 2009.
(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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
77
Aston Funds
VALUE FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ......... $ 9.06 $ 15.57 $ 14.07 $ 12.16 $ 12.36
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.09 0.20 0.23 0.24 0.01(b)
Net realized and unrealized gain (loss)
on investments ...................... (0.79) (5.10) 2.07 2.09 (0.21)
-------- -------- -------- -------- --------
Total from investment operations .... (0.70) (4.90) 2.30 2.33 (0.20)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............ (0.09) (0.20) (0.23) (0.23) --
Distributions from net realized
gain on investments ................. (1.17) (1.41) (0.57) (0.19) --
-------- -------- -------- -------- --------
Total distributions ................. (1.26) (1.61) (0.80) (0.42) --
-------- -------- -------- -------- --------
Net increase (decrease) in net asset value ... (1.96) (6.51) 1.50 1.91 (0.20)
-------- -------- -------- -------- --------
Net Asset Value, End of period ............... $ 7.10 $ 9.06 $ 15.57 $ 14.07 $ 12.16
======== ======== ======== ======== ========
TOTAL RETURN ................................. (7.73)%(c) (34.73)% 16.98% 19.64% (1.62)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $173,955 $188,688 $289,024 $247,667 $192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.98%(d) 0.93%(f) 0.91% 0.91% 0.91%(d)
After reimbursement and/or waiver of
expenses by Adviser ................. 0.82%(d)(e) 0.77%(f) 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 .................. 2.35%(d) 1.47% 1.31% 1.62% 0.40%(d)
After reimbursement and/or waiver of
expenses by Adviser ................. 2.51%(d) 1.63% 1.53% 1.84% 0.62%(d)
Portfolio Turnover ........................ 18.80%(c) 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.
(c) Not Annualized.
(d) Annualized.
(e) The Adviser removed the contractual expense limitation, not including
interest expense or acquired fund fees and expenses, and implemented a
voluntary expense limitation of 0.82% effective March 1, 2009.
(f) 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.
78
Aston Funds
TAMRO ALL CAP FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ......... $ 8.34 $ 14.41 $ 13.91 $ 12.40 $ 11.35 $ 10.27
------ ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.01 0.04 0.03 0.09 0.08 0.07
Net realized and unrealized gain (loss)
on investments ...................... 0.06 (4.94) 2.13 1.53 1.05 1.08
------ ------- ------- ------- ------- -------
Total from investment operations .... 0.07 (4.90) 2.16 1.62 1.13 1.15
------ ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.04) (0.01) (0.03) (0.11) (0.08) (0.07)
Distributions from net realized gain on
investments ......................... -- (1.16) (1.63) -- -- --
------ ------- ------- ------- ------- -------
Total distributions ................. (0.04) (1.17) (1.66) (0.11) (0.08) (0.07)
------ ------- ------- ------- ------- -------
Net increase (decrease) in net asset value ... 0.03 (6.07) 0.50 1.51 1.05 1.08
------ ------- ------- ------- ------- -------
Net Asset Value, End of period ............... $ 8.37 $ 8.34 $ 14.41 $ 13.91 $ 12.40 $ 11.35
====== ======= ======= ======= ======= =======
TOTAL RETURN ................................. 0.86%(a) (36.75)% 16.98% 13.10% 9.98% 11.17%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $8,409 $ 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 ....... 2.21%(b) 1.88% 1.74%(c) 1.54%(c) 1.54% 1.76%
After reimbursement and/or
waiver of expenses by Adviser ....... 1.20%(b) 1.20% 1.20%(c) 1.22%(c) 1.20% 1.20%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or
waiver of expenses by Adviser ....... (0.82)%(b) (0.37)% (0.30)% 0.36% 0.35% 0.00%
After reimbursement and/or
waiver of expenses by Adviser ....... 0.19%(b) 0.31% 0.24% 0.68% 0.69% 0.56%
Portfolio Turnover ........................ 49.61%(a) 93.82% 37.87% 43.88% 36.84% 38.34%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2007 and 0.02% for the year
ended October 31, 2006, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
79
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of period .............................. $ 8.43 $ 12.58 $ 11.81 $ 9.91 $10.00
------- ------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.15(b) 0.38 0.46(b) 0.42 0.13
Short-term capital gains distributions received ............. -- -- -- --(c) --
Net realized and unrealized gain (loss) on investments ...... (0.98) (3.54) 0.81 1.89 (0.10)
------- ------- ------- ------- ------
Total from investment operations ......................... (0.83) (3.16) 1.27 2.31 0.03
------- ------- ------- ------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... (0.10) (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 ...................................... (0.10) (0.99) (0.50) (0.41) (0.12)
------- ------- ------- ------- ------
Net increase (decrease) in net asset value ........................ (0.93) (4.15) 0.77 1.90 (0.09)
------- ------- ------- ------- ------
Net Asset Value, End of period .................................... $ 7.50 $ 8.43 $ 12.58 $ 11.81 $ 9.91
======= ======= ======= ======= ======
TOTAL RETURN ...................................................... (9.86)%(d) (26.82)% 10.89% 23.71% 0.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $78,425 $51,504 $32,313 $15,899 $5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.26%(e) 1.35%(f) 1.53% 2.48% 2.71%(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.26%(e) 1.30%(f) 1.30% 1.30% 1.30%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 4.05%(e) 3.81% 3.48% 2.77% 2.65%(e)
After reimbursement and/or waiver of expenses by Adviser .... 4.05%(e) 3.86% 3.71% 3.95% 4.06%(e)
Portfolio Turnover ............................................. 17.73%(d) 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.
(c) Represents less than $0.005 per share.
(d) Not Annualized.
(e) Annualized.
(f) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the 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.
80
Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period .............................. $ 8.42 $ 12.57 $ 12.94
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.15(b) 0.41 0.16(b)
Net realized and unrealized loss on investments ............. (0.97) (3.55) (0.37)
------- ------- -------
Total from investment operations ......................... (0.82) (3.14) (0.21)
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .................................... (0.10) (0.34) (0.16)
Return of Capital ........................................... -- (0.01) --
Distributions from net realized gain on investments ......... -- (0.66) --
------- ------- -------
Total distributions ...................................... (0.10) (1.01) (0.16)
------- ------- -------
Net decrease in net asset value ................................... (0.92) (4.15) (0.37)
------- ------- -------
Net Asset Value, End of period .................................... $ 7.50 $ 8.42 $ 12.57
======= ======= =======
TOTAL RETURN ...................................................... (9.64)%(c) (26.66)% (1.58)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $34,478 $ 144 $ 197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.01%(d) 1.10%(e) 1.42%(d)
After reimbursement and/or waiver of expenses by Adviser .... 1.01%(d) 1.05%(e) 0.96%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 4.30%(d) 4.06% 2.86%(d)
After reimbursement and/or waiver of expenses by Adviser .... 4.30%(d) 4.11% 3.33%(d)
Portfolio Turnover ............................................. 17.73%(c) 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.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 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.
81
Aston Funds
OPTIMUM MID CAP FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $ 17.25 $ 32.32 $ 27.16 $ 23.21 $ 22.93 $ 20.18
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............. 0.09 0.05 (0.02) (0.02) (0.02) (0.08)(a)
Net realized and unrealized gain (loss)
on investments ........................ 0.51 (12.93) 7.01 4.88 1.04 2.90
-------- -------- -------- -------- -------- --------
Total from investment operations ...... 0.60 (12.88) 6.99 4.86 1.02 2.82
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ..................... (0.14) -- -- -- -- --
Distributions from net realized
gain on investments ................... (0.29) (2.19) (1.83) (0.91) (0.74) (0.07)
-------- -------- -------- -------- -------- --------
Total distributions ................... (0.43) (2.19) (1.83) (0.91) (0.74) (0.07)
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..... 0.17 (15.07) 5.16 3.95 0.28 2.75
-------- -------- -------- -------- -------- --------
Net Asset Value, End of period ................. $ 17.42 $ 17.25 $ 32.32 $ 27.16 $ 23.21 $ 22.93
======== ======== ======== ======== ======== ========
TOTAL RETURN ................................... 3.87%(b) (42.50)% 27.08% 21.39% 4.43% 14.08%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $527,720 $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 ................... 1.30%(c)(d) 1.16%(d) 1.15%(d) 1.16% 1.23% 1.29%(e)
After reimbursement and/or waiver of
expenses by Adviser ................... 1.30%(c)(d) 1.16%(d) 1.15%(d) 1.16% 1.23% 1.29%(e)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 1.17%(c) 0.18% (0.09)% (0.09)% (0.08)% (0.38)%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.17%(c) 0.18% (0.09)% (0.09)% (0.08)% (0.38)%
Portfolio Turnover .......................... 9.79%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2009, 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.
(e) The Adviser's Fee, which affects the expense ratios, changed on December
22, 2003 from a flat fee of 0.80% of average net assets to a scaled fee
arrangement of 0.80% of the first $100 million, 0.75% of the next $300
million and 0.70% over $400 million of the average daily net assets.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
82
Aston Funds
OPTIMUM MID CAP FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04(a)
----------- -------- -------- -------- -------- -----------
Net Asset Value, Beginning of period .............. $ 17.47 $ 32.64 $ 27.34 $ 23.30 $ 22.96 $ 23.61
-------- ------- -------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................ 0.11 0.11 0.05 0.05 0.04 --(b)(c)
Net realized and unrealized gain (loss) on
investments .............................. 0.51 (13.09) 7.08 4.90 1.04 (0.65)
-------- ------- -------- ------- ------- -------
Total from investment operations ......... 0.62 (12.98) 7.13 4.95 1.08 (0.65)
-------- ------- -------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................ (0.20) -- -- -- -- --
Distributions from net realized gain on
investment ............................... (0.29) (2.19) (1.83) (0.91) (0.74) --
-------- ------- -------- ------- ------- -------
Total distributions ...................... (0.49) (2.19) (1.83) (0.91) (0.74) --
-------- ------- -------- ------- ------- -------
Net increase (decrease) in net asset value ........ 0.13 (15.17) 5.30 4.04 0.34 (0.65)
-------- ------- -------- ------- ------- -------
Net Asset Value, End of period .................... $ 17.60 $ 17.47 $ 32.64 $ 27.34 $ 23.30 $ 22.96
======== ======= ======== ======= ======= =======
TOTAL RETURN ...................................... 4.05%(d) (42.39)% 27.43% 21.76% 4.69% (2.80)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........... $115,346 $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 ...................... 1.05%(e)(f) 0.91%(f) 0.87%(f) 0.89% 0.94% 0.98%(e)
After reimbursement and/or waiver of
expenses by Adviser ...................... 1.05%(e)(f) 0.91%(f) 0.87%(f) 0.89% 0.94% 0.98%(e)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................... 1.42%(e) 0.43% 0.19% 0.18% 0.21% (0.04)%(e)
After reimbursement and/or waiver of
expenses by Adviser ...................... 1.42%(e) 0.43% 0.19% 0.18% 0.21% (0.04)%(e)
Portfolio Turnover ............................. 9.79%(d) 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.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
(f) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the six months ended April 30, 2009, 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
83
Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/09 ENDED
(UNAUDITED) 10/31/08(a)
----------- -----------
Net Asset Value, Beginning of period ............................. $ 5.85 $ 10.00
------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ........................................ (0.02) (0.05)
Net realized and unrealized gain (loss) on investments ..... 0.04 (4.10)
------ -------
Total from investment operations ........................ 0.02 (4.15)
------ -------
Net increase (decrease) in net asset value ....................... 0.02 (4.15)
------ -------
Net Asset Value, End of period ................................... $ 5.87 $ 5.85
====== =======
TOTAL RETURN ..................................................... 0.34%(b) (41.50)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $2,021 $ 1,815
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 6.33%(c) 5.80%(c)
After reimbursement and/or waiver of expenses by Adviser ... 1.40%(c) 1.40%(c)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (5.31)%(c) (5.07)%(c)
After reimbursement and/or waiver of expenses by Adviser ... (0.38)%(c) (0.67)%(c)
Portfolio Turnover ............................................ 27.84%(b) 63.66%(b)
- ----------
(a) Montag & Caldwell Mid Cap Growth Fund, Class N, commenced investment
operations on November 2, 2007.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
84
Aston Funds
CARDINAL MID CAP VALUE FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED
04/30/09 PERIOD ENDED
(UNAUDITED) 10/31/08(a)
----------- ------------
Net Asset Value, Beginning of period .............................. $ 6.23 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.01 0.01
Net realized and unrealized gain (loss) on investments ...... 0.08 (3.78)
------- -------
Total from investment operations ......................... 0.09 (3.77)
------- -------
LESS DISTRIBUTIONS:
Distributions from net investment income .................... (0.07) --
------- -------
Total distributions ...................................... (0.07) --
------- -------
Net increase (decrease) in net asset value ........................ 0.02 (3.77)
------- -------
Net Asset Value, End of period .................................... $ 6.25 $ 6.23
======= =======
TOTAL RETURN ...................................................... 1.51%(b) (37.70)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $ 799 $ 783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 13.02%(c) 11.20%(c)
After reimbursement and/or waiver of expenses by Adviser .... 1.40%(c) 1.40%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (11.13)%(c) (9.64)%(c)
After reimbursement and/or waiver of expenses by Adviser .... 0.49%(c) 0.16%(c)
Portfolio Turnover ............................................. 38.54%(b) 50.79%(b)
- ----------
(a) Cardinal Mid Cap Value Fund, Class N, commenced investment operations on
November 2, 2007.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
85
Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period .............................. $ 7.13 $ 10.13 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................ 0.01(b) --(b)(c) 0.01
Net realized and unrealized gain (loss) on investments ...... (0.19) (3.00) 0.12
------- ------- -------
Total from investment operations ......................... (0.18) (3.00) 0.13
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net investment income .................... (0.01) -- --
------- ------- -------
Total distribution ....................................... (0.01) -- --
------- ------- -------
Net increase (decrease) in net asset value ........................ (0.19) (3.00) 0.13
------- ------- -------
Net Asset Value, End of period .................................... $ 6.94 $ 7.13 $ 10.13
======= ======= =======
TOTAL RETURN ...................................................... (2.49)%(d) (29.62)% 1.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $40,337 $26,714 $10,292
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by Adviser ...... 1.45%(e) 1.56% 3.18%(e)
After recoupment and/or waiver of expenses by Adviser ....... 1.50%(e) 1.50% 1.50%(e)
Ratios of net investment income (loss) to average net assets:
Before recoupment and/or waiver of expenses by Adviser ...... 0.23%(e) (0.08)% (1.43)%(e)
After recoupment and/or waiver of expenses by Adviser ....... 0.18%(e) (0.02)% 0.25%(e)
Portfolio Turnover ............................................. 19.95%(d) 54.93% 41.51%(d)
- ----------
(a) River Road Small-Mid Cap Fund, Class N, commenced investment operations on
March 29, 2007.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
86
Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period .............................. $ 7.14 $ 10.13 $10.51
-------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.02(b) 0.02(b) 0.01
Net realized and unrealized loss on investments ............. (0.19) (3.00) (0.39)
-------- ------- ------
Total from investment operations ......................... (0.17) (2.98) (0.38)
-------- ------- ------
LESS DISTRIBUTIONS:
Distributions from net investment income .................... (0.02) (0.01) --
-------- ------- ------
Total distributions ...................................... (0.02) (0.01) --
-------- ------- ------
Net decrease in net asset value ................................... (0.19) (2.99) (0.38)
-------- ------- ------
Net Asset Value, End of period .................................... $ 6.95 $ 7.14 $10.13
======== ======= ======
TOTAL RETURN ...................................................... (2.43)%(c) (29.49)% (3.52)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $125,503 $84,002 $7,482
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by Adviser ...... 1.20%(d) 1.31% 2.57%(d)
After recoupment and/or waiver of expenses by Adviser ....... 1.25%(d) 1.25% 1.24%(d)
Ratios of net investment income (loss) to average net assets:
Before recoupment and/or waiver of expenses by Adviser ...... 0.48%(d) 0.17% (0.91)%(d)
After recoupment and/or waiver of expenses by Adviser ....... 0.43%(d) 0.23% 0.42%(d)
Portfolio Turnover ............................................. 19.95%(c) 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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
87
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............ $ 8.38 $ 22.42 $ 18.44 $ 18.35 $ 16.26 $ 15.24
------- ------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ....................... (0.04) (0.17) (0.24)(a) (0.22)(a) (0.20) (0.18)
Net realized and unrealized gain (loss)
on investments ......................... (0.56) (8.31) 5.45 0.31 2.29 1.20
------- ------- -------- -------- -------- --------
Total from investment operations ....... (0.60) (8.48) 5.21 0.09 2.09 1.02
------- ------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain on
investments ............................ (0.05) (5.56) (1.23) -- -- --
------- ------- -------- -------- -------- --------
Total distributions .................... (0.05) (5.56) (1.23) -- -- --
------- ------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... (0.65) (14.04) 3.98 0.09 2.09 1.02
------- ------- -------- -------- -------- --------
Net Asset Value, End of period .................. $ 7.73 $ 8.38 $ 22.42 $ 18.44 $ 18.35 $ 16.26
======= ======= ======== ======== ======== ========
TOTAL RETURN .................................... (7.11)%(b) (47.87)% 30.01% 0.49% 12.85% 6.69%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $31,638 $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 ................. 1.97%(c) 1.55%(d) 1.48%(d) 1.41%(d) 1.42% 1.43%
After reimbursement and/or waiver of
expenses by Adviser ................. 1.49%(c) 1.49%(d) 1.48%(d) 1.41%(d) 1.42% 1.43%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. (1.52)%(c) (1.21)% (1.27)% (1.15)% (1.06)% (1.18)%
After reimbursement and/or waiver of
expenses by Adviser ................. (1.04)%(c) (1.15)% (1.27)% (1.15)% (1.06)% (1.18)%
Portfolio Turnover ........................... 128.93%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 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.
88
Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............ $ 8.61 $ 22.83 $ 18.71 $ 18.57 $ 16.40 $ 15.33
------- ------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ....................... (0.03) (0.21) (0.19)(a) (0.17)(a) (0.12) (0.15)
Net realized and unrealized gain (loss)
on investments ......................... (0.57) (8.45) 5.54 0.31 2.29 1.22
------- ------- -------- -------- -------- --------
Total from investment operations ....... (0.60) (8.66) 5.35 0.14 2.17 1.07
------- ------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain on
investments ............................ (0.05) (5.56) (1.23) -- -- --
------- ------- -------- -------- -------- --------
Total distributions .................... (0.05) (5.56) (1.23) -- -- --
------- ------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... (0.65) (14.22) 4.12 0.14 2.17 1.07
------- ------- -------- -------- -------- --------
Net Asset Value, End of period .................. $ 7.96 $ 8.61 $ 22.83 $ 18.71 $ 18.57 $ 16.40
======= ======= ======== ======== ======== ========
TOTAL RETURN .................................... (6.92)%(b) (47.77)% 30.34% 0.75% 13.23% 6.98%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $11,867 $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 .................... 1.72%(c) 1.30%(d) 1.19%(d) 1.13%(d) 1.14% 1.15%
After reimbursement and/or waiver of
expenses by Adviser .................... 1.24%(c) 1.24%(d) 1.19%(d) 1.13%(d) 1.14% 1.15%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... (1.27)%(c) (0.96)% (0.98)% (0.87)% (0.78)% (0.90)%
After reimbursement and/or waiver of
expenses by Adviser .................... (0.79)%(c) (0.90)% (0.98)% (0.87)% (0.78)% (0.90)%
Portfolio Turnover ........................... 128.93%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 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.
89
Aston Funds
TAMRO SMALL CAP FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............ $ 13.64 $ 20.99 $ 19.73 $ 15.63 $ 15.25 $ 15.75
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .............. (0.01) 0.05 (0.08)(a) (0.07)(a) (0.07)(a) (0.09)
Net realized and unrealized gain (loss)
on investments ......................... (0.45) (6.43) 2.48 4.17 1.45 1.62
-------- -------- -------- -------- -------- --------
Total from investment operations ....... (0.46) (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 ...... (0.46) (7.35) 1.26 4.10 0.38 (0.50)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of period .................. $ 13.18 $ 13.64 $ 20.99 $ 19.73 $ 15.63 $ 15.25
======== ======== ======== ======== ======== ========
TOTAL RETURN .................................... (3.30)%(b) (31.58)% 12.56% 26.23% 9.16% 10.17%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $150,360 $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 ................. 1.35%(c) 1.32% 1.33%(e) 1.42% 1.41% 1.42%
After reimbursement and/or waiver
of expenses by Adviser ................. 1.32%(c)(d) 1.30% 1.30%(e) 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 ................. (0.11)%(c) 0.29% (0.42)% (0.51)% (0.58)% (0.89)%
After reimbursement and/or waiver
of expenses by Adviser ................. (0.08)%(c) 0.31% (0.39)% (0.39)% (0.47)% (0.77)%
Portfolio Turnover ........................... 49.85%(b) 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) Not Annualized.
(c) Annualized.
(d) The Adviser removed the contractual expense limitation of 1.30%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(e) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
90
Aston Funds
TAMRO SMALL CAP FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ............ $ 13.79 $ 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 ......................... (0.45) (6.42) 2.49 4.18 0.39
-------- -------- -------- ------- -------
Total from investment operations ....... (0.45) (6.40) 2.47 4.16 0.35
-------- -------- -------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net realized gain
on investments ......................... (0.02) (0.97) (1.14) -- --
-------- -------- -------- ------- -------
Total distributions .................... (0.02) (0.97) (1.14) -- --
-------- -------- -------- ------- -------
Net increase (decrease) in net asset value ...... (0.47) (7.37) 1.33 4.16 0.35
-------- -------- -------- ------- -------
Net Asset Value, End of period .................. $ 13.32 $ 13.79 $ 21.16 $ 19.83 $ 15.67
======== ======== ======== ======= =======
TOTAL RETURN .................................... (3.10)%(c) (31.42)% 12.86% 26.55% 2.28%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $334,787 $238,399 $137,059 $63,982 $11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 1.10%(d) 1.07% 1.05%(f) 1.11% 1.16%(d)
After reimbursement and/or waiver of
expenses by Adviser .................... 1.07%(d)(e) 1.05% 1.02%(f) 0.99% 1.05%(d)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 0.14%(d) 0.54% (0.14)% (0.20)% (0.39)%(d)
After reimbursement and/or waiver of
expenses by Adviser .................... 0.17%(d) 0.56% (0.11)% (0.08)% (0.28)%(d)
Portfolio Turnover ........................... 49.85%(c) 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.
(c) Not Annualized.
(d) Annualized.
(e) The Adviser removed the contractual expense limitation of 1.05%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(f) 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.
91
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of period ......... $ 9.30 $ 14.37 $ 13.46 $ 10.28 $10.00
-------- -------- -------- -------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ........... 0.01 0.01(b) 0.05(b) 0.02 --(c)
Net realized and unrealized gain (loss)
on investments ...................... (0.31) (4.54) 1.04 3.16 0.28
-------- -------- -------- -------- ------
Total from investment operations .... (0.30) (4.53) 1.09 3.18 0.28
-------- -------- -------- -------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............... (0.01) -- (0.05) -- --
Distributions from net realized gain
on investments ...................... -- (0.54) (0.13) -- --
-------- -------- -------- -------- ------
Total distributions ................. (0.01) (0.54) (0.18) -- --
-------- -------- -------- -------- ------
Net increase (decrease) in net asset value ... (0.31) (5.07) 0.91 3.18 0.28
-------- -------- -------- -------- ------
Net Asset Value, End of period ............... $ 8.99 $ 9.30 $ 14.37 $ 13.46 $10.28
======== ======== ======== ======== ======
TOTAL RETURN ................................. (3.14)%(d) (32.51)% 8.12% 30.93% 2.80%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $163,506 $160,245 $237,695 $167,438 $6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 1.43%(e) 1.45%(g) 1.44%(g) 1.78% 2.86%(e)
After reimbursement and/or waiver of
expenses by Adviser ................. 1.43%(e)(f) 1.45%(g) 1.44%(g) 1.43% 1.50%(e)
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.27%(e) 0.08% 0.38% 0.25% (1.41)%(e)
After reimbursement and/or waiver of
expenses by Adviser ................. 0.27%(e) 0.08% 0.38% 0.60% (0.05)%(e)
Portfolio Turnover ........................ 15.15%(d) 57.32% 74.18% 51.63% 20.82%(d)(h)
- ----------
(a) River Road Small Cap Value Fund Class N commenced investment operations on
June 28, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.
(f) The Adviser removed the contractual expense limitation of 1.50%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(g) 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.
(h) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
92
Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period ......... $ 9.32 $ 14.37 $ 14.04
-------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.02 0.04(b) 0.09(b)
Net realized and unrealized gain (loss)
on investments ...................... (0.31) (4.54) 0.46
-------- -------- -------
Total from investment operations .... (0.29) (4.50) 0.55
-------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............... (0.03) (0.01) (0.09)
Distributions from net realized gain
on investments ...................... -- (0.54) (0.13)
-------- -------- -------
Total distributions ................. (0.03) (0.55) (0.22)
-------- -------- -------
Net increase (decrease) in net asset value ... (0.32) (5.05) 0.33
-------- -------- -------
Net Asset Value, End of period ............... $ 9.00 $ 9.32 $ 14.37
======== ======== =======
TOTAL RETURN ................................. (3.05)%(c) (32.34)% 3.91%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $213,214 $114,666 $64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 1.18%(d) 1.20%(f) 1.16%(d)(f)
After reimbursement and/or waiver of
expenses by Adviser ................. 1.18%(d)(e) 1.20%(f) 1.16%(d)(f)
Ratios of net investment income to average
net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.52%(d) 0.33% 0.31%(d)
After reimbursement and/or waiver of
expenses by Adviser ................. 0.52%(d) 0.33% 0.31%(d)
Portfolio Turnover ........................ 15.15%(c) 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.
(c) Not Annualized.
(d) Annualized.
(e) The Adviser removed the contractual expense limitation of 1.25%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.
(f) 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
93
Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/09 ENDED
(UNAUDITED) 10/31/08(a)
----------- -----------
Net Asset Value, Beginning of period ......... $ 5.85 $ 11.14
------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.05 0.02(b)
Net realized and unrealized loss
on investments ...................... (0.22) (5.31)
------ -------
Total from investment operations .... (0.17) (5.29)
------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............... (0.03) --
------ -------
Total distributions ................. (0.03) --
------ -------
Net decrease in net asset value .............. (0.20) (5.29)
------ -------
Net Asset Value, End of period ............... $ 5.65 $ 5.85
====== =======
TOTAL RETURN ................................. (2.83)%(c) (47.49)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $ 183 $ 225
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 2.83%(d) 3.15%(d)
After reimbursement and/or waiver of
expenses by Adviser ................. 1.27%(d) 1.27%(d)
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. (0.14)%(d) (1.24)%(d)
After reimbursement and/or waiver of
expenses by Adviser ................. 1.42%(d) 0.64%(d)
Portfolio Turnover ........................ 6.73%(c) 7.39%
- ----------
(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.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
94
Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period .............................. $ 5.85 $ 12.24 $10.00
------ ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.04 0.17(b) 0.03
Net realized and unrealized gain (loss) on investments ...... (0.19) (6.42) 2.21
------ ------- ------
Total from investment operations ......................... (0.15) (6.25) 2.24
------ ------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... (0.05) (0.14) --
------ ------- ------
Total distributions ...................................... (0.05) (0.14) --
------ ------- ------
Net increase (decrease) in net asset value ........................ (0.20) (6.39) 2.24
------ ------- ------
Net Asset Value, End of period .................................... $ 5.65 $ 5.85 $12.24
====== ======= ======
TOTAL RETURN ...................................................... (2.60)%(c) (51.55)% 22.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $8,111 $ 8,378 $2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 2.58%(d) 3.02% 11.72%(d)
After reimbursement and/or waiver of expenses by Adviser .... 1.02%(d) 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 ... 0.11%(d) (0.24)% (9.21)%(d)
After reimbursement and/or waiver of expenses by Adviser .... 1.67%(d) 1.74% 1.26%(d)
Portfolio Turnover ............................................. 6.73%(c) 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.
(c) Not Annualized.
(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.
95
Aston Funds
BARINGS INTERNATIONAL FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/09 ENDED
(UNAUDITED) 10/31/08(a)
----------- -----------
Net Asset Value, Beginning of period .............................. $ 5.08 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.07(b) 0.10
Net realized and unrealized gain (loss) on investments ...... 0.02 (5.02)
------- -------
Total from investment operations ......................... 0.09 (4.92)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .................................... (0.01) --
Distributions from net realized gain on investments ......... -- --
------- -------
Total distributions ...................................... (0.01) --
------- -------
Net increase (decrease) in net asset value ........................ 0.08 (4.92)
------- -------
Net Asset Value, End of period .................................... $ 5.16 $ 5.08
======= =======
TOTAL RETURN ...................................................... 1.69%(c) (49.20)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $17,184 $ 5,517
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 2.85%(d) 3.95%(d)(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.15%(d) 1.18%(d)(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.31%(d) (1.11)%(d)
After reimbursement and/or waiver of expenses by Adviser .... 3.01%(d) 1.66%(d)
Portfolio Turnover ............................................. 67.83%(c) 121.99%(c)
- ----------
(a) Barings International Fund, Class I, commenced investment operations on
November 2, 2007.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.01% 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
96
Aston Funds
FORTIS GLOBAL REAL ESTATE FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR PERIOD
04/30/09 ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07(a)
----------- -------- -----------
Net Asset Value, Beginning of period ............................. $ 5.27 $ 11.08 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.07 0.14 0.05
Net realized and unrealized gain (loss) on investments ..... (0.92) (5.75) 1.03
------- ------- -------
Total from investment operations ........................ (0.85) (5.61) 1.08
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.08) (0.15) --
Distributions from net realized gain on investments ........ -- (0.05) --
------- ------- -------
Total distributions ..................................... (0.08) (0.20) --
------- ------- -------
Net increase (decrease) in net asset value ....................... (0.93) (5.81) 1.08
------- ------- -------
Net Asset Value, End of period ................................... $ 4.34 $ 5.27 $ 11.08
======= ======= =======
TOTAL RETURN ..................................................... (16.16)%(b) (51.45)% 10.80%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .......................... $ 9,118 $11,187 $21,635
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 2.84%(c) 2.26% 2.35%(c)
After reimbursement and/or waiver of expenses by Adviser ... 1.50%(c) 1.50% 1.50%(c)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 2.01%(c) 0.87% 1.30%(c)
After reimbursement and/or waiver of expenses by Adviser ... 3.35%(c) 1.63% 2.15%(c)
Portfolio Turnover ............................................ 59.44%(b) 88.36% 22.83%(b)
- ----------
(a) Fortis Global Real Estate Fund, Class N, commenced investment operations on
August 3, 2007.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
97
Aston Funds
SMART PORTFOLIOS FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/09 ENDED
(UNAUDITED) 10/31/08(a)
----------- -----------
Net Asset Value, Beginning of period ................................. $ 8.24 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.05 0.07
Net realized and unrealized loss on investments ................ (0.02) (1.76)
------- -------
Total from investment operations ............................ 0.03 (1.69)
------- -------
LESS DISTRIBUTIONS:
Net investment income .......................................... (0.10) (0.07)
------- -------
Total distributions ......................................... (0.10) (0.07)
------- -------
Net decrease in net asset value ...................................... (0.07) (1.76)
------- -------
Net Asset Value, End of period ....................................... $ 8.17 $ 8.24
======= =======
TOTAL RETURN ......................................................... 0.40%(b) (16.98)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $22,419 $ 6,070
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (c) .. 1.99%(d) 5.11%(d)(e)
After reimbursement and/or waiver of expenses by Adviser (c) ... 1.30%(d) 1.31%(d)(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 0.87%(d) (2.48)%(d)(e)
After reimbursement and/or waiver of expenses by Adviser ....... 1.56%(d) 1.32%(d)(e)
Portfolio Turnover ................................................ 158.31%(b) 498.68%(b)
- ----------
(a) Smart Portfolios Fund, Class N, commenced investment operations on January
10, 2008.
(b) Not Annualized.
(c) Does not include expenses of the underlying funds in which the Fund
invests.
(d) Annualized.
(e) 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
98
Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/09 ENDED
(UNAUDITED) 10/31/08(a)
----------- -----------
Net Asset Value, Beginning of period .................................. $ 8.64 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................... 0.03 0.01
Net realized and unrealized loss on investments ................. (0.83) (1.37)
------- -------
Total from investment operations ............................. (0.80) (1.36)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ....... (0.07) --
------- -------
Total distributions .......................................... (0.07) --
------- -------
Net decrease in net asset value ....................................... (0.87) (1.36)
------- -------
Net Asset Value, End of period ........................................ $ 7.77 $ 8.64
======= =======
TOTAL RETURN .......................................................... (9.12)%(b) (13.60)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................... $14,478 $13,748
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (c) ... 2.02%(d) 3.77%(d)
After reimbursement and/or waiver of expenses by Adviser (c) .... 1.50%(d) 1.50%(d)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 0.34%(d) (2.02)%(d)
After reimbursement and/or waiver of expenses by Adviser ........ 0.86%(d) 0.25%(d)
Portfolio Turnover ................................................. 208.68%(b) 172.11%(b)
- ----------
(a) New Century Absolute Return ETF Fund, Class N, commenced investment
operations on March 4, 2008.
(b) Not Annualized.
(c) Does not include expenses of the underlying funds in which the Fund
invests.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
99
Aston Funds
MB ENHANCED EQUITY INCOME FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED PERIOD
04/30/09 ENDED
(UNAUDITED) 10/31/08(a)
----------- -----------
Net Asset Value, Beginning of period .................................. $ 8.09 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................... 0.07 0.14
Net realized and unrealized loss on investments ................. (0.17) (1.91)
------- -------
Total from investment operations ............................. (0.10) (1.77)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ........................................ (0.10) (0.14)
Distributions from net realized gain on investments ............. (0.52) --
------- -------
Total distributions .......................................... (0.62) (0.14)
------- -------
Net decrease in net asset value ....................................... (0.72) (1.91)
------- -------
Net Asset Value, End of period ........................................ $ 7.37 $ 8.09
======= =======
TOTAL RETURN .......................................................... (0.66)%(b) (17.91)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................... $15,900 $14,389
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 2.17%(c) 2.38%(c)
After reimbursement and/or waiver of expenses by Adviser ........ 1.10%(c) 1.10%(c)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 1.30%(c) 0.86%(c)
After reimbursement and/or waiver of expenses by Adviser ........ 2.37%(c) 2.14%(c)
Portfolio Turnover ................................................. 22.35%(b) 23.68%(b)
- ----------
(a) MB Enhanced Equity Income Fund, Class N, commenced investment operations on
January 15, 2008.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
100
Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND -- CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
PERIOD
ENDED
04/30/09(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of period ..................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................................................ (0.01)
Net realized and unrealized gain on investments .................... 0.16
-------
Total from investment operations ................................ 0.15
-------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ........................................... --
-------
Total distributions ............................................. --
-------
Net increase in net asset value .......................................... 0.15
-------
Net Asset Value, End of period ........................................... $ 10.15
=======
TOTAL RETURN ............................................................. 1.50%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .................................. $ 530
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (c) ...... 50.67%(d)
After reimbursement and/or waiver of expenses by Adviser (c) ....... 1.35%(d)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .......... (50.59)%(d)
After reimbursement and/or waiver of expenses by Adviser ........... (1.27)%(d)
Portfolio Turnover .................................................... 3.52%(b)
- ----------
(a) Lake Partners LASSO Alternatives Fund, Class I commenced investment
operations on April 1, 2009.
(b) Not Annualized.
(c) Does not include expenses of the underlying funds in which the Fund
invests.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
101
Aston Funds
FORTIS REAL ESTATE FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ............ $ 6.08 $ 15.59 $ 19.99 $ 16.23 $ 14.56 $ 11.52
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.06(a) 0.07(a) 0.30(a) 0.32(a) 0.46(a) 0.44
Net realized and unrealized gain (loss)
on investments ......................... (1.35) (5.50) (0.40) 5.42 2.10 3.02
------- ------- ------- ------- ------- -------
Total from investment operations ....... (1.29) (5.43) (0.10) 5.74 2.56 3.46
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............... (0.18) (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 .................... (0.18) (4.08) (4.30) (1.98) (0.89) (0.42)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value ...... (1.47) (9.51) (4.40) 3.76 1.67 3.04
------- ------- ------- ------- ------- -------
Net Asset Value, End of period .................. $ 4.61 $ 6.08 $ 15.59 $ 19.99 $ 16.23 $ 14.56
======= ======= ======= ======= ======= =======
TOTAL RETURN .................................... (21.26)%(b) (43.76)% (1.41)% 39.19% 18.06% 30.73%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......... $ 3,567 $ 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 .................... 2.02%(c) 1.57%(d) 1.46%(d) 1.46%(d) 1.45% 1.46%
After reimbursement and/or waiver of
expenses by Adviser .................... 1.37%(c) 1.37%(d) 1.37%(d) 1.37%(d) 1.37% 1.37%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................... 2.24%(c) 0.49% 1.73% 1.77% 2.91% 3.50%
After reimbursement and/or waiver of
expenses by Adviser .................... 2.89%(c) 0.69% 1.82% 1.86% 2.99% 3.59%
Portfolio Turnover ........................... 72.43%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 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.
102
Aston Funds
FORTIS REAL ESTATE FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/09 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05(a)
----------- -------- -------- -------- -----------
Net Asset Value, Beginning of period .................... $ 6.08 $ 15.62 $ 20.00 $ 16.23 $ 16.64
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.07(b) 0.09(b) 0.34(b) 0.36(b) 0.10(b)
Net realized and unrealized gain (loss)
on investments ................................. (1.35) (5.51) (0.40) 5.42 (0.51)
------- ------- ------- ------- -------
Total from investment operations ............... (1.28) (5.42) (0.06) 5.78 (0.41)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .............................. (0.22) (0.13) (0.07) (0.16) --
Distributions from net realized gain on
investments .................................... -- (3.99) (4.25) (1.85) --
------- ------- ------- ------- -------
Total distributions ............................ (0.22) (4.12) (4.32) (2.01) --
------- ------- ------- ------- -------
Net increase (decrease) in net asset value .............. (1.50) (9.54) (4.38) 3.77 (0.41)
------- ------- ------- ------- -------
Net Asset Value, End of period .......................... $ 4.58 6.08 $ 15.62 $ 20.00 $ 16.23
======= ======= ======= ======= =======
TOTAL RETURN ............................................ (21.23)%(c) (43.58)% (1.18)% 39.54% (2.46)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ................. $17,495 $23,411 $41,545 $46,025 $32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................ 1.77%(d) 1.32%(e) 1.20%(e) 1.21%(e) 1.32%(d)
After reimbursement and/or waiver of
expenses by Adviser ............................ 1.12%(d) 1.12%(e) 1.11%(e) 1.12%(e) 1.11%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................ 2.49%(d) 0.74% 1.99% 2.02% 5.11%(d)
After reimbursement and/or waiver of
expenses by Adviser ............................ 3.14%(d) 0.94% 2.08% 2.11% 5.32%(d)
Portfolio Turnover ................................... 72.43%(c) 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.
(c) Not Annualized.
(d) Annualized.
(e) 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.
103
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period .............. $ 15.61 $ 19.98 $ 17.21 $ 16.41 $ 15.81 $ 15.57
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.11(a) 0.29 0.19(a) 0.18(a) 0.17(a) 0.19(a)
Net realized and unrealized gain (loss)
on investments ........................... 0.39 (4.42) 2.82 0.87 0.67 0.30
------- ------- ------- ------- ------- -------
Total from investment operations ......... 0.50 (4.13) 3.01 1.05 0.84 0.49
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ................. (0.13) (0.24) (0.24) (0.25) (0.24) (0.25)
------- ------- ------- ------- ------- -------
Total distributions ...................... (0.13) (0.24) (0.24) (0.25) (0.24) (0.25)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net asset value ........ 0.37 (4.37) 2.77 0.80 0.60 0.24
------- ------- ------- ------- ------- -------
Net Asset Value, End of period .................... $ 15.98 $ 15.61 $ 19.98 $ 17.21 $ 16.41 $ 15.81
======= ======= ======= ======= ======= =======
TOTAL RETURN ...................................... 3.25%(b) (20.87)% 17.63% 6.56% 5.27% 3.15%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........... $16,690 $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 ................... 1.86%(c) 1.74% 1.72%(d) 1.33%(d) 1.16% 1.13%
After reimbursement and/or waiver
of expenses by Adviser ................... 1.35%(c) 1.35% 1.36%(d) 1.33%(d) 1.16% 1.13%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................... 0.94%(c) 0.74% 0.71% 1.07% 1.04% 1.18%
After reimbursement and/or waiver
of expenses by Adviser ................... 1.45%(c) 1.13% 1.07% 1.07% 1.04% 1.18%
Portfolio Turnover ............................. 16.47%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.01% for the year ended October 31, 2007 and less than 0.005% for the
year ended October 31, 2006, which is not included in the voluntary expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
104
Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $15.57 $ 19.94 $17.19 $16.39 $ 15.81 $ 15.57
------ ------- ------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.13(a) 0.27 0.24(a) 0.22(a) 0.21(a) 0.23(a)
Net realized and unrealized gain (loss)
on investments ........................ 0.40 (4.35) 2.80 0.88 0.66 0.30
------ ------- ------ ------ ------- -------
Total from investment operations ...... 0.53 (4.08) 3.04 1.10 0.87 0.53
------ ------- ------ ------ ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ................. (0.15) (0.29) (0.29) (0.30) (0.29) (0.29)
------ ------- ------ ------ ------- -------
Total distributions ................... (0.15) (0.29) (0.29) (0.30) (0.29) (0.29)
------ ------- ------ ------ ------- -------
Net increase (decrease) in net asset value ..... 0.38 (4.37) 2.75 0.80 0.58 0.24
------ ------- ------ ------ ------- -------
Net Asset Value, End of period ................. $15.95 $ 15.57 $19.94 $17.19 $ 16.39 $ 15.81
====== ======= ====== ====== ======= =======
TOTAL RETURN ................................... 3.39%(b) (20.71)% 17.87% 6.80% 5.50% 3.41%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $1,016 $ 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 ................... 1.61%(c) 1.49% 1.44%(d) 1.07%(d) 0.91% 0.87%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.10%(c) 1.10% 1.08%(d) 1.07%(d) 0.91% 0.87%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 1.19%(c) 0.99% 0.99% 1.33% 1.29% 1.44%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.70%(c) 1.38% 1.35% 1.33% 1.29% 1.44%
Portfolio Turnover .......................... 16.47%(b) 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.
(b) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.01% for the six months ended April 30, 2009, 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.
105
Aston Funds
BALANCED FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $ 4.83 $ 7.97 $ 10.65 $ 10.84 $ 11.32 $ 11.07
------- ------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.04 0.08 0.12 0.12 0.16 0.14
Net realized and unrealized gain (loss)
on investments ........................ 0.06 (1.73) 0.69 0.45 0.20 0.27
------- ------- ------- ------- -------- --------
Total from investment operations ...... 0.10 (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 ................... (0.04) (1.40) (3.35) (0.59) (0.65) --
------- ------- ------- ------- -------- --------
Total distributions ................... (0.04) (1.49) (3.49) (0.76) (0.84) (0.16)
------- ------- ------- ------- -------- --------
Net increase (decrease) in net asset value ..... 0.06 (3.14) (2.68) (0.19) (0.48) 0.25
------- ------- ------- ------- -------- --------
Net Asset Value, End of period ................. $ 4.89 $ 4.83 $ 7.97 $ 10.65 $ 10.84 $ 11.32
======= ======= ======= ======= ======== ========
TOTAL RETURN ................................... 1.94%(a) (24.76)% 10.47% 5.33% 3.20% 3.73%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $16,496 $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 ................ 1.56%(b) 1.50%(c) 1.31%(c) 1.14%(c) 1.09% 1.07%
After reimbursement and/or waiver
of expenses by Adviser ................ 1.56%(b) 1.50%(c) 1.31%(c) 1.14%(c) 1.09% 1.07%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................ 1.61%(b) 1.33% 1.48% 1.38% 1.53% 1.20%
After reimbursement and/or waiver
of expenses by Adviser ................ 1.61%(b) 1.33% 1.48% 1.38% 1.53% 1.20%
Portfolio Turnover .......................... 21.63%(a) 106.18% 60.93% 36.66% 28.76% 28.32%
- ----------
(a) Not Annualized.
(b) Annualized.
(c) 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.
106
Aston Funds
TCH FIXED INCOME FUND - CLASS N APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07
------- ------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.24 0.47 0.48(a) 0.45(a) 0.42(a) 0.43
Net realized and unrealized gain (loss)
on investments ........................ 0.45 (1.10) 0.14 (0.04) (0.38) 0.13
------- ------- ------- ------- -------- --------
Total from investment operations ...... 0.69 (0.63) 0.62 0.41 0.04 0.56
------- ------- ------- ------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .............. (0.24) (0.50) (0.51) (0.48) (0.48) (0.50)
------- ------- ------- ------- -------- --------
Total distributions ................... (0.24) (0.50) (0.51) (0.48) (0.48) (0.50)
------- ------- ------- ------- -------- --------
Net increase (decrease) in net asset value ..... 0.45 (1.13) 0.11 (0.07) (0.44) 0.06
------- ------- ------- ------- -------- --------
Net Asset Value, End of period ................. $ 9.05 $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
======= ======= ======= ======= ======== ========
TOTAL RETURN ................................... 8.09%(b) (6.89)% 6.56% 4.42% 0.40% 5.66%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $42,008 $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 ................... 1.11%(c) 1.06% 1.04%(d) 0.96%(d) 0.95% 0.92%
After reimbursement and/or waiver of
expenses by Adviser ................... 0.74%(c) 0.65% 0.73%(d)(e) 0.75%(d) 0.74% 0.74%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 4.86%(c) 4.59% 4.63% 4.45% 3.98% 4.08%
After reimbursement and/or waiver of
expenses by Adviser ................... 5.23%(c) 5.00% 4.94% 4.66% 4.19% 4.26%
Portfolio Turnover .......................... 27.61%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2007 and October 31, 2006,
which is not included in the contractual or voluntary expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note H to Financial Statements.
(e) The Adviser's expense reimbursement level, which affects the net expense
ratio was 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.
107
Aston Funds
TCH FIXED INCOME FUND - CLASS I APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of period ........... $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13 $ 10.07
------- ------- ------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... 0.25 0.48 0.51(a) 0.47(a) 0.44(a) 0.45
Net realized and unrealized gain (loss)
on investments ........................ 0.45 (1.09) 0.13 (0.03) (0.37) 0.13
------- ------- ------- ------- ------- --------
Total from investment operations ...... 0.70 (0.61) 0.64 0.44 0.07 0.58
------- ------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ..................... (0.25) (0.52) (0.53) (0.51) (0.51) (0.52)
------- ------- ------- ------- ------- --------
Total distributions ................... (0.25) (0.52) (0.53) (0.51) (0.51) (0.52)
------- ------- ------- ------- ------- --------
Net increase (decrease) in net asset value ..... 0.45 (1.13) 0.11 (0.07) (0.44) 0.06
------- ------- ------- ------- ------- --------
Net Asset Value, End of period ................. $ 9.05 $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
======= ======= ======= ======= ======= ========
TOTAL RETURN ................................... 8.22%(b) (6.65)% 6.84% 4.68% 0.65% 5.93%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........ $24,588 $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 ................ 0.86%(c) 0.81% 0.78%(d) 0.71%(d) 0.70% 0.67%
After reimbursement and/or waiver
of expenses by Adviser ................ 0.49%(c) 0.40% 0.47%(d)(e) 0.50%(d) 0.49% 0.49%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ................ 5.11%(c) 4.84% 4.89% 4.70% 4.23% 4.34%
After reimbursement and/or waiver
of expenses by Adviser ................ 5.48%(c) 5.25% 5.20% 4.91% 4.44% 4.52%
Portfolio Turnover .......................... 27.61%(b) 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) Not Annualized.
(c) Annualized.
(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2007 and October 31, 2006,
which is not included in the contractual or voluntary expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note H to Financial Statements.
(e) The Adviser's expense reimbursement level, which affects the net expense
ratio, was 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.
108
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE (A) FUND ORGANIZATION: The Aston Funds (the "Trust") (formerly known as ABN
AMRO Funds) was organized as a Delaware statutory trust under a Declaration of
Trust dated September 10, 1993. The Trust is registered under the Investment
Company Act of 1940, as amended, (the "1940 Act") as an open-end management
investment company with 30 separate portfolios established by the Board of
Trustees as of April 30, 2009.
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 25 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/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/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/Lake Partners LASSO Alternatives Fund (the "Lake Partners
LASSO Alternatives 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/ClariVest Mid Cap Growth Fund and Aston/SGA International Small-Mid Cap
Fund were terminated and liquidated on January 29, 2009.
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, Cardinal Mid Cap Value Fund, Fortis
Global Real Estate Fund, Smart Portfolios Fund, New Century Absolute Return ETF
Fund, MB Enhanced Equity Income Fund and Lake Partners LASSO Alternatives Fund
are each authorized to issue one class of shares (Class I Shares for Lake
Partners LASSO Alternatives Fund, Class N Shares for all others). 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 is closed to new investors
until further notice.
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 Capital appreciation.
GROWTH FUND
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 Long-term total return through capital
FUND appreciation by investing primarily in common and
preferred stocks and convertible securities.
M&C MID CAP Long-term capital appreciation and secondarily,
GROWTH FUND current income, by investing primarily in common
stocks and convertible securities.
109
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
CARDINAL MID CAP High level of total return.
VALUE FUND
RIVER ROAD SMALL-MID Long-term capital appreciation.
CAP FUND
VEREDUS AGGRESSIVE Capital appreciation.
GROWTH FUND
TAMRO SMALL CAP Long-term capital appreciation.
FUND
RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
NEPTUNE Long-term capital appreciation.
INTERNATIONAL FUND
BARINGS Total return.
INTERNATIONAL FUND
FORTIS GLOBAL Total return through a combination of growth and
REAL ESTATE FUND income.
SMART PORTFOLIOS Long-term capital appreciation.
FUND
NEW CENTURY Positive total return.
ABSOLUTE RETURN
ETF FUND
MB ENHANCED EQUITY Total return through a combination of a high level
INCOME FUND of current income and capital appreciation.
LAKE PARTNERS LASSO Long term total return with reduced correlation
ALTERNATIVES FUND to the conventional stock and bond markets.
FORTIS REAL ESTATE Total return through a combination of growth and
FUND income.
M&C BALANCED FUND Long-term total return.
BALANCED FUND Growth of capital with current income by investing
in a combination of equity and fixed income
securities.
TCH FIXED INCOME High current income consistent with prudent risk
FUND 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 may
be 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
fund's fees and expenses, including operating, registration, trustee licensing
and marketing, as well as their share of the Fund's fees and expenses.
Certain Funds invest in securities of other investment companies, including
ETFs, open-end funds and closed-end funds. Open-end funds are investment
companies that issue new shares continuously and redeem shares daily. Closed-end
funds are investment companies that typically issue a fixed number of shares
that trade on a securities exchange or over-the-counter. The risks of investment
in other investment companies typically reflect the risk of the types of
securities in which the funds invest. Investments in ETFs and closed-end funds
are subject to the additional risk that shares of the fund may trade at a
premium or discount to their net asset value per share. When the Fund invests in
another investment company, shareholders of the Fund bear their proportionate
share of the other investment company's fees and expenses, including operating,
registration, trustee, licensing and marketing, as well as their share of the
Fund's fees and expenses.
In September 2006, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 157 "Fair Value Measurements"
("SFAS 157") 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 Trust has adopted SFAS
157 as of November 1, 2008. The three levels of the fair value hierarchy under
SFAS 157 are described below:
- Level 1 - quoted prices in active markets for identical securities
- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
110
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's net assets as of April 30, 2009 is as
follows:
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/09 Price Input Input
- ----- -------------- -------------- ----------- ------------
M&C GROWTH FUND
Investments in Securities ......... $1,863,832,668 $1,863,832,668 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $1,863,832,668 $1,863,832,668 $ -- $--
============== ============== ==== ===
VEREDUS SELECT GROWTH FUND
Investments in Securities ......... $ 75,735,265 $ 75,735,265 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 75,735,265 $ 75,735,265 $ -- $--
============== ============== ==== ===
GROWTH FUND
Investments in Securities ......... $ 178,237,672 $ 178,237,672 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 178,237,672 $ 178,237,672 $ -- $--
============== ============== ==== ===
OPTIMUM LARGE CAP OPPORTUNITY FUND
Investments in Securities ......... $ 3,254,272 $ 3,254,272 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 3,254,272 $ 3,254,272 $ -- $--
============== ============== ==== ===
VALUE FUND
Investments in Securities ......... $ 192,925,513 $ 192,925,513 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 192,925,513 $ 192,925,513 $ -- $--
============== ============== ==== ===
TAMRO ALL CAP FUND
Investments in Securities ......... $ 8,428,769 $ 8,427,794 $975 $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 8,428,769 $ 8,427,794 $975 $--
============== ============== ==== ===
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
Investments in Securities ......... $ 111,755,656 $ 111,755,656 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 111,755,656 $ 111,755,656 $ -- $--
============== ============== ==== ===
OPTIMUM MID CAP FUND
Investments in Securities ......... $ 644,699,236 $ 644,699,236 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 644,699,236 $ 644,699,236 $ -- $--
============== ============== ==== ===
M&C MID CAP GROWTH FUND
Investments in Securities ......... $ 2,016,821 $ 2,016,821 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 2,016,821 $ 2,016,821 $ -- $--
============== ============== ==== ===
CARDINAL MID CAP VALUE FUND
Investments in Securities ......... $ 822,364 $ 822,364 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 822,364 $ 822,364 $ -- $--
============== ============== ==== ===
RIVER ROAD SMALL-MID CAP FUND
Investments in Securities ......... $ 165,312,700 $ 165,312,700 $ -- $--
Other Financial
Instruments ....................... -- -- -- --
-------------- -------------- ---- ---
Total ............................. $ 165,312,700 $ 165,312,700 $ -- $--
============== ============== ==== ===
111
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/09 Price Input Input
- ----- ------------ ------------ ----------- ------------
VEREDUS AGGRESSIVE GROWTH FUND
Investments in Securities ........... $ 43,313,694 $ 43,313,694 $ -- $ --
Other Financial Instruments ......... --
------------ ------------ ---------- ------
Total ............................... $ 43,313,694 $ 43,313,694 $ -- $ --
============ ============ ========== ======
TAMRO SMALL CAP FUND
Investments in Securities ........... $503,383,594 $503,383,458 $ -- $ 136
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total ............................... $503,383,594 $503,383,458 $ -- $ 136
============ ============ ========== ======
RIVER ROAD SMALL CAP VALUE FUND
Investments in Securities ........... $382,133,830 $382,133,830 $ -- $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total ............................... $382,133,830 $382,133,830 $ -- $ --
============ ============ ========== ======
NEPTUNE INTERNATIONAL FUND
Investments in Securities ........... $ 8,160,896 $ 8,154,550 $ -- $6,346
Other Financial Instruments* ........ (5,578) -- (5,578) --
------------ ------------ ---------- ------
Total ............................... $ 8,155,318 $ 8,154,550 $ (5,578) $6,346
============ ============ ========== ======
BARINGS INTERNATIONAL FUND
Investments in Securities ........... $ 16,556,040 $ 16,550,347 $ -- $5,693
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total ............................... $ 16,556,040 $ 16,550,347 $ -- $5,693
============ ============ ========== ======
FORTIS GLOBAL REAL ESTATE FUND
Investments in Securities ........... $ 9,074,318 $ 9,072,405 $ 1,913 $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total ............................... $ 9,074,318 $ 9,072,405 $ 1,913 $ --
============ ============ ========== ======
SMART PORTFOLIOS FUND
Investments in Securities ........... $ 22,379,501 $ 22,379,501 $ -- $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total .................................. $ 22,379,501 $ 22,379,501 $ -- $ --
============ ============ ========== ======
NEW CENTURY ABSOLUTE RETURN ETF FUND
Investments in Securities ........... $ 13,973,207 $ 13,973,207 $ -- $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total ............................... $ 13,973,207 $ 13,973,207 $ -- $ --
============ ============ ========== ======
MB ENHANCED EQUITY INCOME FUND
Investments in Securities ........... $ 17,262,833 $ 17,262,833 $ -- $ --
Other Financial Instruments* ........ 1,304,358 -- 1,304,358 --
------------ ------------ ---------- ------
Total ............................... $ 18,567,191 $ 17,262,833 $1,304,358 $ --
============ ============ ========== ======
LAKE PARTNERS LASSO ALTERNATIVES FUND
Investments in Securities ........... $ 528,685 $ 528,685 $ -- $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total .................................. $ 528,685 $ 528,685 $ -- $ --
============ ============ ========== ======
FORTIS REAL ESTATE FUND
Investments in Securities ........... $ 21,080,131 $ 21,080,131 $ -- $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total .................................. $ 21,080,131 $ 21,080,131 $ -- $ --
============ ============ ========== ======
M&C BALANCED FUND
Investments in Securities ........... $ 17,646,407 $ 11,645,829 $6,000,578 $ --
Other Financial Instruments ......... -- -- -- --
------------ ------------ ---------- ------
Total ............................... $ 17,646,407 $ 11,645,829 $6,000,578 $ --
============ ============ ========== ======
112
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/09 Price Input Input
- ----- ------------ ------------ ----------- ------------
BALANCED FUND
Investments in Securities ........... $16,666,163 $11,898,750 $ 4,767,413 $--
Other Financial Instruments ......... -- -- -- --
----------- ----------- ----------- ---
Total ............................... $16,666,163 $11,898,750 $ 4,767,413 $--
=========== =========== =========== ===
TCH FIXED INCOME FUND
Investments in Securities ........... $70,948,031 $ 6,961,779 $63,986,252 $--
Other Financial Instruments ......... -- -- -- --
----------- ----------- ----------- ---
Total ............................... $70,948,031 $ 6,961,779 $63,986,252 $--
=========== =========== =========== ===
* Other financial instruments include forward foreign currency contracts for
the Neptune International Fund and written options for the MB Enhanced
Equity Income Fund.
The following is a reconciliation of Level 3 holdings for which significant
unobservable inputs were used in determining fair value as of April 30, 2009:
Other
Total Investments Financial
Fair Value in Securities Instruments
---------- ------------- -----------
TAMRO SMALL CAP FUND
Fair Value, beginning of period ........ $-- $ -- $--
Net purchases (sales) .................. -- -- --
Accrued discounts (premiums) ........... -- -- --
Total net realized gains (losses) ...... -- -- --
Total change in unrealized appreciation
(depreciation) ...................... -- -- --
Transfers in and/or out of Level 3 ..... -- 136 --
--- ------ ---
Fair Value, end of period .............. $-- $ 136 $--
=== ====== ===
Change in net unrealized appreciation
(depreciation) on Level 3 holdings
held at end of period, if
applicable .......................... $-- $ -- $--
=== ====== ===
NEPTUNE INTERNATIONAL FUND
Fair Value, beginning of period ........ $-- $ -- $--
Net purchases (sales) .................. -- -- --
Accrued discounts (premiums) ........... -- -- --
Total net realized gains (losses) ...... -- -- --
Total change in unrealized appreciation
(depreciation) ...................... -- -- --
Transfers in and/or out of Level 3 ..... -- 6,346 --
--- ------ ---
Fair Value, end of period .............. $-- $6,346 $--
=== ====== ===
Change in net unrealized appreciation
(depreciation) on Level 3 holdings
held at end of period, if
applicable .......................... $-- $ -- $--
=== ====== ===
BARINGS INTERNATIONAL FUND
Fair Value, beginning of period ........ $-- $ -- $--
Net purchases (sales) .................. -- -- --
Accrued discounts (premiums) ........... -- -- --
Total net realized gains (losses) ...... -- -- --
Total change in unrealized appreciation
(depreciation) ...................... -- -- --
Transfers in and/or out of Level 3 ..... -- 5,693 --
--- ------ ---
Fair Value, end of period .............. $-- $5,693 $--
=== ====== ===
Change in net unrealized appreciation
(depreciation) on Level 3 holdings
held at end of period, if
applicable .......................... $-- $ -- $--
=== ====== ===
(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: Each Fund may purchase and sell
securities on a "when issued" or "delayed delivery" basis, with settlement to
occur at a later date. The value of the security so purchased is subject to
market fluctuations dur-
113
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
ing this period. The Funds segregate assets having an aggregate value at least
equal to the amount of when issued or delayed delivery purchase commitments
until payment is made. At April 30, 2009, 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 for hedging purposes only. 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. If the Fund writes a covered call option, the Fund foregoes, in
exchange for the premium, the opportunity to profit during the option period
from an increase in the market value of the underlying security above the
exercise price. If the Fund writes a put option it accepts the risk of a decline
in the market value of the underlying security below the exercise price. There
is the risk a Fund may not be able to enter into a closing transaction because
of an illiquid market. The risk associated with purchasing put and call options
is limited to the premium paid.
(6) FORWARD FOREIGN CURRENCY CONTRACTS: Certain Funds may enter into forward
foreign currency contracts ("forward contracts") for purposes of hedging,
duration management, as a substitute for securities, to increase returns, for
currency hedging or risk management, or to otherwise help achieve a Fund's
investment goal. These contracts are marked-to-market daily at the applicable
translation rates. A Fund records realized gains or losses at the time the
forward contract is closed. A forward contract is extinguished through a closing
transaction or upon delivery of the currency or entering an offsetting contract.
Risks may arise upon entering these contracts from the potential inability of a
counterparty to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar or
other currencies.
(7) 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 method on fixed income securities.
The Funds may be subject to foreign taxes on income, gains on investments or
currency repatriation, a portion of which may be recoverable. The Funds will
accrue such taxes and reclaims as applicable, based upon their current
interpretation of tax rules and regulations that exist in the markets in which
the Funds invest. 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.
(8) FOREIGN CURRENCY: Foreign currencies, investments and other assets and
liabilities are translated into U.S. dollars at the exchange rates at 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.
(9) 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
114
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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
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
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.
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, 2009, 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.
(10) 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.
115
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
(11) 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
Lake Partners LASSO Alternatives Fund April 1, 2009 50,000
(12) 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.
(13) 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.
(14) ADDITIONAL ACCOUNTING STANDARDS: 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 161 will have on the Funds' financial
statement disclosures, if any.
In April 2009, FASB Staff Position No. 157-4 - DETERMINING FAIR VALUE WHEN THE
VOLUME AND LEVEL OF ACTIVITY FOR THE ASSET OR LIABILITY HAVE SIGNIFICANTLY
DECREASED AND IDENTIFYING TRANSACTIONS THAT ARE NOT ORDERLY ("FSP157-4") was
issued. FSP 157-4 clarifies the process for measuring the fair value of
financial instruments when the markets become inactive and quoted prices may
reflect distressed transactions. FSP 157-4 provides a non-exclusive list of
factors a reporting entity should consider when determining whether there has
been a significant decrease in the volume and level of activity for an asset or
liability when compared with normal market activity. Under FSP 157-4, if a
reporting entity concludes there has been a significant decrease in volume and
level of activity for the asset or liability (or similar assets or liabilities),
transactions or quoted prices may not be determinative of fair value. Further
analysis of the transactions or quoted prices is needed, and a significant
adjustment to the transactions or quoted prices may be necessary to estimate
fair value in accordance with FASB Statement No. 157 - FAIR VALUE MEASUREMENTS
FSP 157-4 is effective for interim and annual reporting periods ending after
June 15, 2009, and shall be applied prospectively. Early adoption is permitted
for periods ending after March 15, 2009. Earlier adoption for periods ending
before March 15, 2009, is not permitted. At this time, Management is evaluating
the impact of FSP 157-4 on the Funds' financial statements.
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, MB Enhanced Equity
Income Fund and TCH Fixed Income Fund distribute dividends from net investment
income to shareholders monthly and net realized gains from investment
transactions, if any, are generally distributed annually, usually in December.
Value Fund, Smart Portfolios Fund, New Century Absolute Return ETF 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, 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, Fortis Real Estate Fund and Lake Partners LASSO Alternatives 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.
116
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are classified as ordinary income for tax purposes.
The tax character of distributions paid during the fiscal years ended 2008 and
2007 was as follows:
DISTRIBUTIONS PAID DISTRIBUTIONS PAID
IN 2008 IN 2007
----------------------------------- ------------------------
ORDINARY LONG-TERM RETURN OF ORDINARY LONG-TERM
INCOME CAPITAL 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:
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNREALIZED
CARRYFORWARD ORDINARY 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)
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)
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)
117
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value. Share
transactions of the Funds were as follows:
SIX MONTHS ENDED APRIL 30, 2009
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ---------- ------------------
M&C Growth Fund .......................... 30,031,214 1,199,349 (9,739,223) 21,491,340
Veredus Select Growth Fund ............... 700,467 -- (1,089,102) (388,635)
Growth Fund .............................. 226,853 11,664 (1,056,014) (817,497)
Optimum Large Cap Opportunity Fund ....... 79,199 -- (141,079) (61,880)
Value Fund ............................... 471,545 383,652 (309,003) 546,194
TAMRO All Cap Fund ....................... 98,103 5,050 (125,798) (22,645)
River Road Dividend All Cap Value Fund ... 5,755,505 100,959 (1,513,732) 4,342,732
Optimum Mid Cap Fund ..................... 6,459,249 815,658 (6,480,986) 793,921
M&C Mid Cap Growth Fund .................. 41,111 -- (7,335) 33,776
Cardinal Mid Cap Value Fund .............. 2,041 304 (248) 2,097
River Road Small-Mid Cap Fund ............ 5,465,468 12,419 (3,409,198) 2,068,689
Veredus Aggressive Growth Fund ........... 217,775 32,390 (1,307,153) (1,056,988)
TAMRO Small Cap Fund ..................... 2,719,022 -- (3,040,466) (321,444)
River Road Small Cap Value Fund .......... 5,746,943 15,233 (4,815,544) 946,632
Neptune International Fund ............... 4,227 188 (10,510) (6,095)
Fortis Global Real Estate Fund ........... 125 3,055 (25,354) (22,174)
Smart Portfolios Fund .................... 2,470,134 13,431 (476,548) 2,007,017
New Century Absolute Return ETF Fund ..... 1,094,846 11,710 (835,657) 270,899
MB Enhanced Equity Income Fund ........... 545,368 123,751 (288,430) 380,689
Fortis Real Estate Fund .................. 48,750 34,747 (301,653) (218,156)
M&C Balanced Fund ........................ 104,008 6,322 (128,847) (18,517)
Balanced Fund ............................ 95,621 30,976 (406,978) (280,381)
TCH Fixed Income Fund .................... 425,191 124,402 (880,666) (331,073)
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS I SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ---------- ------------------
M&C Growth Fund .......................... 16,112,106 1,533,975 (7,402,034) 10,244,047
Veredus Select Growth Fund ............... 846,175 -- (981,544) (135,369)
Growth Fund .............................. 16,558 69,971 (91,250) (4,721)
Value Fund ............................... -- 3,692,479 -- 3,692,479
River Road Dividend All Cap Value Fund ... 4,598,664 11,255 (28,936) 4,580,983
Optimum Mid Cap Fund ..................... 2,392,690 176,622 (1,348,266) 1,221,046
River Road Small-Mid Cap Fund ............ 9,204,405 22,086 (2,933,949) 6,292,542
Veredus Aggressive Growth Fund ........... 40,822 11,803 (502,918) (450,293)
TAMRO Small Cap Fund ..................... 11,379,459 16,172 (3,558,447) 7,837,184
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS I SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ---------- ------------------
River Road Small Cap Value Fund .......... 14,096,606 42,274 (2,745,023) 11,393,857
Neptune International Fund ............... 4,377 1,179 (566) 4,990
Barings International Fund ............... 2,615,201 392 (372,497) 2,243,096
Lake Partners LASSO Alternatives
Fund (a) .............................. 52,169 -- -- 52,169
Fortis Real Estate Fund .................. -- 172,999 (202,737) (29,738)
M&C Balanced Fund ........................ 6,615 594 (2,504) 4,705
TCH Fixed Income Fund .................... 97,061 73,186 (463,915) (293,668)
(a) Lake Partners LASSO Alternatives Fund commenced investment operations on
April 1, 2009.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS R SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ---------- ------------------
M&C Growth Fund .......................... 16,306 541 (8,857) 7,990
Growth Fund .............................. 1,887 21 (1,986) (78)
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)
118
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------
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)
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
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
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) M&C Mid Cap Growth and Cardinal Mid Cap Value Funds commenced investment
operations on November 2, 2007.
(b) Neptune International Fund began issuing Class N Shares on June 17, 2008.
(c) Smart Portfolios Fund commenced investment operations on January 10, 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.
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
NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the six months
ended April 30, 2009 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------ ------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------ --------------- ------------
M&C Growth Fund (1) .................... $-- $685,725,424 $-- $227,562,221
Veredus Select Growth Fund ............. -- 131,176,773 -- 139,436,475
Growth Fund ............................ -- 31,822,344 -- 37,399,517
Optimum Large Cap Opportunity Fund ..... -- 1,641,539 -- 2,043,335
Value Fund ............................. -- 37,898,190 -- 35,072,294
TAMRO All Cap Value Fund ............... -- 3,845,762 -- 3,835,661
River Road Dividend All Cap value ...... -- 72,618,931 -- 11,800,853
Optimum Mid Cap Fund ................... -- 108,962,414 -- 54,533,319
M&C Mid Cap Growth Fund ................ -- 661,965 -- 476,841
119
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------ ------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------ --------------- ------------
Cardinal Mid Cap Value Fund ............ $ -- $ 282,409 $ -- $ 275,011
River Road Small-Mid Cap Fund .......... -- 78,986,587 -- 25,660,574
Veredus Aggressive Growth Fund ......... -- 57,123,290 -- 65,662,161
TAMRO Small Cap Fund ................... -- 267,387,416 -- 183,355,155
River Road Small Cap Value Fund ........ -- 138,261,721 -- 41,057,623
Neptune International Fund ............. -- 1,426,783 -- 443,506
Barings International Fund ............. -- 14,994,223 -- 5,523,491
Fortis Global Real Estate Fund ......... -- 5,609,581 -- 5,293,116
Smart Portfolios Fund .................. -- 37,224,240 -- 19,916,820
New Century Absolute Return Fund ....... -- 22,911,858 -- 19,632,564
Lake Partners LASSO Alternatives Fund .. -- 507,279 -- 17,410
MB Enhanced Equity Income Fund ......... -- 6,575,765 -- 3,319,424
Fortis Real Estate Fund ................ -- 15,166,053 -- 15,842,454
M&C Balanced Fund ...................... -- 2,717,265 680,176 2,576,600
Balanced Fund .......................... 164,041 3,233,921 865,000 3,967,083
TCH Fixed Income Fund .................. 6,000,190 12,297,912 9,981,355 7,349,436
(1) The M&C Growth Fund had a subscription-in-kind on April 1, 2009 which
resulted in a purchase into the Fund of $1,154,244 and is excluded from the
aggregate purchases above. The purchase is comprised of securities, cash
and dividends accrued in the amounts of $1,148,094, $5,186 and $964,
respectively.
NOTE (F) REDEMPTION FEES: In accordance with the prospectuses, certain Funds
assessed a 2% redemption fee on fund share redemptions and exchanges within
specified time periods, as indicated in the following table for the six months
ended April 30, 2009 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 $ 50
Barings International Fund 2% Within 90 Days --
Fortis Global Real Estate Fund 2% Within 90 Days 3
Fortis Real Estate Fund 2% Within 90 Days 2,888
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, 2010,
except as noted below. The advisory rates and contractual expense limitations
for the six months ended April 30, 2009 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 ............................. 0.70% N/A N/A
Optimum Large Cap Opportunity Fund (a) .. 0.80% 1.22%(b) N/A
Value Fund (c) .......................... 0.80% N/A N/A
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 (d) ................ 0.80% on first $100,000,000
0.75% next $300,000,000
0.70% over $400,000,000 N/A N/A
M&C Mid Cap Growth Fund ................. 0.85% 1.40%(b) N/A
Cardinal Mid Cap Value Fund ............. 0.90% 1.40%(b) N/A
River Road Small-Mid Cap Fund ........... 1.00% 1.50%(b) 1.25%(b)
Veredus Aggressive Growth Fund .......... 1.00% 1.49% 1.24%
TAMRO Small Cap Fund (e) ................ 0.90% N/A N/A
120
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
CONTRACTUAL
EXPENSE LIMITATIONS
ADVISORY -------------------
FUND NAME FEES CLASS N CLASS I
- --------- -------- -------- -------
River Road Small Cap Value Fund (f) ............ 0.90% N/A N/A
Neptune International Fund (g) ................. 1.00% 1.27%(b) 1.02%(b)
Barings International Fund (h) ................. 1.00% N/A 1.25%(b)
Fortis Global Real Estate Fund ................. 1.00% 1.50%(b) N/A
Smart Portfolios Fund .......................... 0.80% 1.30%(b) N/A
New Century Absolute Return ETF Fund (i) ....... 1.00% 1.50%(b) N/A
MB Enhanced Equity Income Fund ................. 0.70% 1.10%(b) N/A
Lake Partners LASSO Alternatives Fund .......... 1.00% N/A 1.35%(b)*
Fortis Real Estate Fund ........................ 1.00% 1.37% 1.12%
M&C Balanced Fund (j) .......................... 0.75% N/A N/A
Balanced Fund (k) .............................. 0.70% N/A N/A
TCH Fixed Income Fund .......................... 0.55% 0.74% 0.49%
(a) The contractual expense limitation prior to March 1, 2009 was 1.40% for the
Optimum Large Cap Opportunity Fund, however, effective March 1, 2009, Aston
agreed to contractually waive management fees and/or reimburse expenses so
that the net expense ratio is no more than 1.22% for Class N.
(b) 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.
(c) Effective March 1, 2009, Aston has agreed to voluntarily waive management
fees and/or reimburse expenses for the Value Fund so that the net expense
ratio is no more than 1.07% for class N and 0.82% for Class I. Prior to
March 1, 2009, the contractual expense limitation was 1.07% for Class N and
0.82% for Class I.
(d) Effective March 1, 2009, the contractual expense limitation for the Optimum
Mid Cap Fund of 1.40% for Class N and 1.15% for Class I was removed.
(e) Effective March 1, 2009, the contractual expense limitation for the TAMRO
Small Cap Fund of 1.30% for Class N and 1.05% for Class I was removed.
(f) Effective March 1, 2009, the contractual expense limitation for the River
Road Small Cap Value Fund of 1.50% for Class N and 1.25% for Class I was
removed.
(g) 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. This voluntary waiver
became the contractual expense limitation on February 29, 2008.
(h) 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.
(i) The Sub-Adviser has agreed that for any full calendar year of operations,
if any such period the Fund had a total return (before taxes) of less than
zero then the Sub-Adviser will waive its fee in its entirety for the next
succeeding calendar year. For any period when this waiver is in effect,
Aston has agreed to reduce its advisory fee to 0.15%. For the period ended
December 31, 2008, the Fund's total return was less than zero, therefore
Aston will reduce its advisory fee to 0.15% for the 2009 calendar year.
(j) 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 and 1.10% for Class I.
Aston may revise or discontinue the voluntary waiver at any time.
(k) Effective December 19, 2008, Aston agreed to voluntarily waive management
fees and/or reimburse expenses for the Balanced Fund so that the net
expense ratio is no more than 1.50% for Class N. Aston may revise or
discontinue the voluntary waiver at any time.
* The Expense Limitation Agreement for Lake Partners LASSO Alternatives Fund
is in effect through April 1, 2010.
Pursuant to a contractual expense reimbursement arrangement between Aston and
the following Funds, during any of the first three years subsequent to the
Fund's commencement of operations for a period of up to three years from the
date such amount was waived or reduced of each of the Optimum Large Cap
Opportunity Fund -Class N, M&C 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, Smart Portfolios Fund-Class N, New Century
Absolute Return ETF Fund-Class N, MB Enhanced Equity Income Fund-Class N, and
Lake Partners LASSO Alternatives Fund-Class I, Aston is entitled to be
reimbursed by each Fund for previously waived fees and reimbursed expenses to
the extent that each Funds' expense ratio (not including interest expense and
acquired fund fees and expenses) remains at or below the operating expense cap
after such reimbursement.
The cumulative reimbursement amounts as of April 30, 2009 that are entitled to
be reimbursed for each Fund are as follows:
EXPIRATION
--------------------------------
FUNDS 2010 2011 2012
- ----- -------- ---------- --------
Optimum Large Cap Opportunity Fund $139,592 $ 119,883 $ 50,931
Montag & Caldwell Mid Cap Growth Fund N/A 98,808 42,115
Cardinal Mid Cap Value Fund N/A 103,064 41,917
River Road Small-Mid Cap Fund 67,038 44,979 N/A
Neptune International Fund 48,302 181,699 59,316
Barings International Fund N/A 174,288 71,030
Fortis Global Real Estate Fund 42,416 133,031 57,899
Smart Portfolios Fund N/A 105,329 45,412
New Century Absolute Return ETF Fund N/A 97,083 32,089
MB Enhanced Equity Income Fund N/A 127,941 76,918
Lake Partners LASSO Alternatives Fund (1) N/A N/A 12,420
-------- ---------- --------
TOTALS $297,348 $1,186,105 $490,047
======== ========== ========
(1) The Fund commenced operations in the current fiscal year.
For the six months ended April 30, 2009, the Adviser was reimbursed $31,488 by
the River Road Small-Mid Cap Fund. No other Fund in the above table reimbursed
the Adviser for the period.
121
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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 Todd-Veredus Asset Management LLC(1)
Growth Fund Montag & Caldwell, Inc.(2)
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.
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 Todd-Veredus Asset Management LLC(1)
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.(3)
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.
Lake Partners LASSO Lake Partners, Inc.
Alternatives Fund
Fortis Real Estate Fund Fortis Investment Management USA, Inc.(3)
M&C Balanced Fund Montag & Caldwell, Inc.
Balanced Fund Montag & Caldwell, Inc. (Equity Portion)
Taplin, Canida & Habacht LLC (Fixed Income Portion)
TCH Fixed Income Fund Taplin, Canida & Habacht, LLC
(1) Effective April 30, 2009, Veredus Asset Management LLC merged with Todd
Investment Advisors, Inc. and became Todd-Veredus Asset Management, LLC.
(2) 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.
(3) 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 in a series of transactions (the
"Nationalization"). Fortis and BNP Paribas SA ("BNP") then announced that BNP
would acquire approximately 75% of the outstanding capital and voting rights of
Fortis Bank in a series of transactions (the "BNP Transaction"). BNP also
announced that, in connection with the BNP Transaction, the Belgian government
was expected to retain a 25% plus one share capital and voting interest in
Fortis Bank and to acquire approximately 12% of the common stock of BNP.
At a meeting held on October 10, 2008, the Board of Trustees (the "Board")
considered that the Nationalization may have constituted a change 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") under the Investment Company Act of 1940, as amended, and thereby may
be deemed to result in the assignment of the current sub-investment advisory
agreements between Aston and each Fortis Adviser on behalf of each Fund
subadvised by a Fortis Adviser (the "Subadvised Funds") (each a "Sub-Investment
Advisory Agreement") causing those agreements to automatically terminate. At
that meeting, the Board approved the continuance of each Sub-Investment Advisory
Agreement on the same terms as the existing Sub-Investment Advisory Agreement.
The factors considered by the Board in approving the continuance of the
Sub-Investment Advisory Agreement for each Subadvised Fund in connection with
the Nationalization at the October 10, 2008 meeting were included in the Trust's
Annual Report to Shareholders dated October 31, 2008.
The Board also considered that the BNP Transaction may be deemed to result in
the assignment of the Sub-Investment Advisory Agreement between Aston and each
Fortis Adviser (except River Road and Veredus - see "River Road Transaction" and
"Veredus Repurchase Transaction" below), causing the Sub-Investment Advisory
Agreements to automatically terminate. In anticipation of the BNP Transaction,
the Board met in-person on November 25, 2008 to approve the continuance of the
Sub-Investment Advisory Agreements on the same terms as the existing
Sub-Investment Advisory Agreements. The factors considered by the Board in
approving the continuance of the Sub-Investment Advisory Agreement for each
Subadvised Fund in connection with the BNP Transaction at the November 25, 2008
meeting are included herein.
Following the November meeting, the BNP Transaction was delayed. In May 2009,
BNP announced that its board of directors had approved the transfer of
approximately 55% of the outstanding shares and voting rights of Fortis Bank to
BNP and that an additional transfer of approximately 20% of the remaining shares
of Fortis Bank was approved by shareholders of BNP on May 13, 2009.
RIVER ROAD REPURCHASE 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
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APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
person on March 20, 2008 and approved the continuance of the River Road
Sub-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 were included in the Trust's Annual Report to Shareholders dated
October 31, 2008.
VEREDUS REPURCHASE 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 Fund (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 are included herein.
VEREDUS TRANSACTION. Effective as of April 30, 2009, Todd Investment Advisors,
Inc. ("Todd") combined with Veredus through a series of transactions in which
Veredus acquired substantially all of the assets and identified liabilities of
Todd in exchange for newly issued shares of Veredus. The transaction is referred
to herein as the "Veredus Transaction". The Veredus Transaction may be deemed to
result in the termination of the existing Veredus Sub-Investment Advisory
Agreements. In anticipation of the Veredus Transaction, the Board of Trustees
met in person on March 19, 2009 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 Transaction. The
factors considered by the Board of Trustees in approving the continuance of the
Veredus Sub-Investment Advisory Agreements are included herein.
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 are included herein.
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.
From December 18, 2008 to April 30, 2009, the Aston Balanced Fund, TAMRO All Cap
Fund and Fortis Global Real Estate Fund did not charge 12b-1 fees under the
Class N Shares Plan.
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 offices, except that the Funds compensate the Administrator for providing
an officer to
123
Aston Funds
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED APRIL 30, 2009
serve as the Funds' Chief Compliance Officer. The aggregate remuneration paid to
the Trustees during the six months ended April 30, 2009 was $196,250.
NOTE (H) CREDIT AGREEMENT: Effective April 28, 2009, the Trust entered into a
Credit Agreement with PNC Bank, National Association which 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 Lake Partners LASSO Alternatives Fund,
and is available for temporary, emergency purposes including liquidity needs in
meeting redemptions. The annual facility fee is 0.25% of the commitment amount
of the facility. Legal expenses in connection with the preparation of any
amendments are limited to no more than $2,500. Prior to April 28, 2009, the
Credit Agreement with The Bank of Nova Scotia had an annual facility fee of
0.125% of the commitment amount of the facility in addition to an annual
administration fee of $75,000. At April 30, 2009, there were no borrowings
outstanding on the line of credit.
The Optimum Mid Cap Fund utilized the line of credit during the six months ended
April 30, 2009. The average daily loan balance outstanding on the days where
borrowings existed was $2,160,413, the weighted average interest rate was 3.25%
and the interest expense, which is included on the Statement of Operations was
$2,901. No other Fund utilized the line of credit during the six months ended
April 30, 2009.
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 April 30, 2009, the Veredus Aggressive Growth Fund had not utilized
ReFlow.
NOTE (J) SUBSEQUENT EVENTS:
CHANGE IN SUB-ADVISOR FOR ASTON/MB ENHANCED EQUITY INCOME FUND: On June 1, 2009,
the Board of Trustees of Aston Funds considered and approved (i) the termination
of the sub-investment advisory agreement between Aston and MB Investment
Partners, Inc. on behalf of Aston/MB Enhanced Equity Income Fund (the "Fund")
and (ii) a new sub-investment advisory agreement with M.D. Sass Investors
Services, Inc. ("M.D. Sass") on behalf of the Fund ("New Sub-Investment Advisory
Agreement"). After consideration of several factors, the Board determined that
the New Sub-Investment Advisory Agreement was in the best interests of the Fund.
The former agreement with MB Investment Partners, Inc. was terminated as of June
1, 2009 and the New Sub-Investment Advisory Agreement became effective as of
that date. All of the assets of the Fund were allocated to M.D. Sass for
management and there is no change in the Fund's investment objective or
principal investment strategies. Effective as of June 1, 2009, the Fund changed
its name to Aston/M.D. Sass Enhanced Equity Fund and the Fund's contractual
expense limitation changed to 1.40%. In accordance with the terms of a
managers-of-managers exemptive order applicable to the Fund, shareholders of the
Fund will receive an information statement describing the new sub-adviser, the
New Sub-Investment Advisory Agreement and the amended fee waiver for the Fund.
Effective as of June 30, 2009, the name of the Aston/TAMRO All Cap Fund (the
"Fund") will change to the Aston/TAMRO Diversified Equity Fund. In addition, the
Fund's primary benchmark will change to Russell 1000 Index. Under normal
conditions, the Fund will invest at least 80% of its assets in equity
securities. There is no change in the Fund's investment objective or portfolio
manager.
Effective as of June 30, 2009, the name of the Aston/Smart Portfolios Fund will
change to the Aston Dynamic Allocation Fund. There is no change to the Fund's
investment objective, principal investment strategies or portfolio manager.
On June 18, 2009, the Board determined that the termination and liquidation of
Aston/Fortis Global Real Estate Fund (the "Fund") is in the best interests of
the Fund. The estimated liquidation date of the Fund is on or about July 30,
2009.
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ADDITIONAL INFORMATION (UNAUDITED) APRIL 30, 2009
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.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH ASTON ASSET MANAGEMENT LLC IN CONNECTION WITH THE ANNUAL
CONSIDERATION OF THE INVESTMENT ADVISORY AGREEMENTS
At an in-person meeting on December 18, 2008, the Board of the Trust, including
the Independent Trustees, determined that the terms of the Investment Advisory
Agreements (each an "Investment Advisory Agreement" and collectively, the
"Investment Advisory Agreements") between the Trust and Aston with respect to
Aston Balanced Fund, Aston Value Fund, Aston Growth Fund, Aston/Barings
International Fund, Aston/Cardinal Mid Cap Value Fund, Aston/ClariVest Mid Cap
Growth Fund, Aston/Fortis Global Real Estate Fund, Aston/Fortis Real Estate
Fund, Aston/Montag & Caldwell Balanced Fund, Aston/Montag & Caldwell Growth
Fund, Aston/Montag & Caldwell Mid Cap Growth Fund, Aston/Neptune International
Fund, Aston/Optimum Mid Cap Fund, Aston/Optimum Large Cap Opportunity 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/TAMRO All Cap Fund, Aston/TAMRO Small Cap Fund, Aston/TCH Fixed
Income Fund, Aston/Veredus Aggressive Growth Fund, and Aston/Veredus Select
Growth Fund (each a "Fund" and collectively, the "Funds") continued to be fair
and reasonable and approved the continuation of the Investment Advisory
Agreement for each Fund as being in the best interest of the Fund. In making
such determinations, the Board, including the Independent Trustees, considered
materials received and discussions held with respect to the continuation of each
Investment Advisory Agreement at meetings in September and December. The
Independent Trustees met separately from the "interested" Trustee of the Trust
and any officers of Aston or its affiliates to consider the continuation of each
Investment Advisory Agreement with respect to each Fund and were assisted by
independent legal counsel in their deliberations.
In evaluating each Investment Advisory Agreement on behalf of each Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the Funds, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees
charged and total expense ratios of the Funds compared to a peer group of funds
compiled by Lipper, Inc. ("Lipper"); (3) fee waivers or expenses to be
reimbursed by the investment adviser and/or subadviser and the duration of terms
of such waivers; and (4) potential benefits to be received by affiliates of the
investment adviser from its relationship with the Funds. In considering the
Investment Advisory Agreement on behalf of each Fund, the Board, including the
Independent Trustees, did not identify any single factor or group of factors as
all-important or controlling, but considered all factors together. The following
summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Investment Advisory Agreements. The
Board considered that Aston manages each Fund by delegating the day-to-day
investment responsibility for managing each Fund to a subadviser. The Board
considered Aston's ability and procedures to monitor the performance of
subadvisers, business practices and compliance policies and procedures. In this
regard, the Board noted the responsibilities and experience of Aston personnel,
the resources made available to such personnel, the ability of Aston to attract
and retain high quality personnel and the organizational depth and stability of
Aston. It also reviewed each Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds compiled by Lipper and an appropriate index. The Board
considered whether investment results were consistent with each Fund's
investment objectives and policies. On the basis of this evaluation and its
ongoing review of operations, the Board concluded that the nature, quality and
extent of services provided by Aston historically have been and continue to be
satisfactory. With respect to all Funds, the Board concluded that the
performance of each Fund over time was satisfactory.
FEES AND EXPENSES. The Board considered each Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper. As a part of this analysis, the Board considered the investment advisory
fee paid by each Fund and the fees waived or expenses reimbursed by Aston and/or
a subadviser and compared the gross and net advisory fees to those of a peer
group. The Board considered the expense limitation and expense reimbursement
agreements currently in effect with the changes discussed at the meeting and the
effect those agreements would have on expense ratios of the Funds, if any. The
Board also considered the advisory fees charged by Aston to other mutual fund
and separate account clients, but noted that in many cases the services provided
were not comparable. With respect to Aston/ClariVest Mid Cap Growth Fund and
Aston/SGA International Small-Mid Cap Fund, the Board considered that the Funds
had limited potential to grow to a viable size and
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Aston Funds
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED APRIL 30, 2009
took into account the pending liquidation of those Funds. On the basis of the
information provided, the Board concluded that management fees were reasonable
and appropriate in light of the nature, quality and extent of services provided
by Aston.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of Aston's advisory agreements
with the Funds in light of Aston's business model, as well as fee waivers or
expenses to be reimbursed, as applicable. The Board noted that for certain
funds, Aston and the subadviser generally will each bear 50% of any fee waivers
or expense reimbursements. This information was provided by Aston, contained a
number of estimates and allocations and had not been audited or independently
verified. Because the Board recognized the inherently subjective nature of
profitability analysis, this information was utilized as an approximate rather
than a definitive measure of profitability. The Board considered that Aston must
be able to compensate its employees at competitive rates in order to attract and
retain high quality personnel to provide high quality services to the Funds.
Based on the information provided, the Board concluded that the profits realized
by Aston in connection with the management of the Funds were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Funds and whether the Funds benefit from
any economies of scale. The Board considered the size of the Funds, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that economies of scale were limited at this time for
certain Funds due to their size and that for certain Funds with breakpoints the
management fee schedule reflects an appropriate level of sharing of economies of
scale.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the character and
amount of other incidental benefits received by Aston as a result of its
relationship with the Funds. The Board also considered the nature and amount of
fees to be paid by the Funds for services provided by Aston for administration
services. The Board also considered payments under the Rule 12b-1 distribution
plan and noted that Aston does not manage any of the Aston Funds directly and
therefore will not benefit from the use of "soft" commission dollars to pay for
research and brokerage services. The Board concluded that any incidental
benefits to be received by Aston from its relationship with the Funds are
expected to be reasonable and that the advisory fees were reasonable taking into
account any other benefits to be received by the Adviser.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board of Trustees, including all of
the Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for each Fund including the advisory fees were fair and reasonable,
and that the Investment Advisory Agreement on behalf of each Fund should be
approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENTS IN CONNECTION WITH THE ANNUAL CONSIDERATION OF THE
SUB-ADVISORY AGREEMENTS
At an in-person meeting on December 18, 2008, the Board of the Trust determined
that the terms of the Sub-Investment Advisory Agreements (each a "Sub-Investment
Advisory Agreement" and collectively, the "Sub-Investment Advisory Agreements")
between Aston and each of the following sub-advisers (each a "Subadviser," and
collectively, the "Subadvisers"): (i) Fortis Investment Management USA, Inc.,
with respect to Aston/Fortis Real Estate Fund and Aston/Fortis Global Real
Estate Fund, (ii) Montag & Caldwell, Inc. with respect to Aston/Montag &
Caldwell Growth Fund, Aston Growth Fund, the equity portion of Aston Balanced
Fund, Aston/Montag & Caldwell Balanced Fund and Aston/Montag & Caldwell Mid-Cap
Growth Fund, (iii) Veredus Asset Management LLC, with respect to Aston/Veredus
Aggressive Growth Fund and Aston/Veredus Select Growth Fund, (iv) MFS
Institutional Advisors Inc. with respect to Aston Value Fund, (v) Barings Asset
Management, Inc., with respect to Aston/Barings International Fund, (vi)
Cardinal Capital Management, L.L.C., with respect to Aston/Cardinal Mid Cap
Value Fund, (vii) ClariVest Asset Management LLC, with respect to
Aston/ClariVest Mid Cap Growth Fund, (viii) Neptune Investment Management
Limited, with respect to Aston/Neptune International Fund, (ix) Optimum
Investment Advisors, LLC, with respect to Aston/Optimum Mid Cap Fund and
Aston/Optimum Large Cap Opportunity Fund, (x) River Road Asset Management, LLC,
with respect to Aston/River Road Dividend All Cap Value Fund, Aston/River Road
Small Cap Value Fund and Aston/River Road Small-Mid Cap Fund, (xi) Strategic
Global Advisors, LLC, with respect to Aston/SGA International Small-Mid Cap
Fund, (xii) TAMRO Capital Partners, Inc., with respect to Aston/TAMRO All Cap
Fund and Aston/TAMRO Small Cap Fund, and (xiii) Taplin, Canida & Habacht, LLC
("TCH"), with respect to Aston/TCH Fixed Income Fund and the fixed income
portion of Aston Balanced Fund; (the foregoing funds each being referred to as a
"Fund," and collectively as the "Funds") continued to be fair and reasonable and
approved the continuation of the Sub-Investment Advisory Agreement for each Fund
as being in the best interest of the Fund. In making such determinations, the
Board, including the Independent Trustees, considered materials received and
discussions held with respect to the continuation of each Sub-Investment
Advisory Agreement at meetings in September and December. The Board also noted
that it had recently considered the impact of one or more changes of control
with respect to the subadvisers controlled by Fortis Bank NV/SA and with respect
to TCH. The Independent Trustees met separately from the "interested" Trustee of
the Trust and any officers of Aston or its affiliates to consider the
continuation of each Sub-Investment Advisory Agreement with respect to each Fund
and were assisted by independent legal counsel in their deliberations. Among the
matters considered by the Board, including the Independent Trustees, in connec-
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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED APRIL 30, 2009
tion with its approval of the Sub-Investment Advisory Agreements were the
following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the Sub-Investment Advisory Agreements.
The Board considered the experience and skills of senior management and
investment personnel of each Subadviser, the resources made available to such
personnel, the ability of each Subadviser to attract and retain high-quality
personnel, and the organizational depth and stability of each Subadviser. It
also reviewed each Fund's investment performance over short-term and long-term
periods, and reviewed that performance as compared to a relevant peer group of
mutual funds compiled by Lipper Inc. and to an appropriate index. The Board
considered whether investment results were consistent with each Fund's
investment objectives and policies.
On the basis of this evaluation and its ongoing review of operations, the Board
concluded that the nature, quality and extent of services provided by each
Subadviser historically have been and continue to be satisfactory, and that the
performance of each Fund over time was satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreements as well as the overall
management fee structure of the Funds. The Board considered that the
sub-advisory fee rates were negotiated at arm's length between Aston and each
Subadviser, each an unaffiliated third party, and that Aston will compensate
each Subadviser from its fees. As part of its review of the investment advisory
agreement with Aston, the Board considered whether there will be economies of
scale with respect to the overall fee structure of each Fund and whether a Fund
will benefit from any economies of scale. With respect to Aston/ClariVest Mid
Cap Growth Fund and Aston/SGA International Small-Mid Cap Fund, the Board
considered that the Funds had limited potential for growing to a viable size and
took into account the pending liquidation of those Funds. The Board concluded
that the proposed subadvisory fee rates were reasonable in light of the nature,
quality and extent of services provided and that the economies of scale were
limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the Subadvisers. The Board
considered potential benefits to certain Subadvisers from the use of "soft
dollars" to pay for research services generated by parties other than the
executing broker dealer. The Board concluded that the subadvisory fees were
reasonable taking into account any other benefits to be received by the
Subadvisers from their relationship with the Funds.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of each Sub-Investment Advisory
Agreement are fair and reasonable, and that the continuance of each
Sub-Investment Advisory Agreement is in the best interests of each Fund. No
single factor was determinative in the Board's analysis.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF
CERTAIN SUB-INVESTMENT ADVISORY AGREEMENTS IN CONNECTION WITH THE BNP
TRANSACTION
At an in person meeting held on November 25, 2008, the Board the Trust,
including all of the Independent Trustees present at the Meeting, considered
whether to approve the continuation of the sub-investment advisory agreements
between Aston and the following subadvisers (each a "Subadviser," and
collectively, the "Subadvisers") with respect to the following funds (each a
"Fund" and collectively, the "Funds"):
FUND SUBADVISER
- ----------------------------- ----------------------------
Aston/Fortis Fortis Investment
Global Real Estate Fund Management USA, Inc. ("FIM")
Aston/Fortis Real Estate Fund
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
* The Fund is managed under a multi manager approach and Montag & Caldwell
serves as manager to the equity portion of the portfolio.
The Board noted that, at its October 10, 2008 meeting, it had approved the
continuation of the sub-investment advisory agreements on the same terms,
including the fees payable to each Subadviser, in connection with the
acquisition of substantially all of the outstanding capital and voting rights of
Fortis Bank SA/NV ("Fortis Bank"), the parent company of each Subadviser, by the
Belgian government. The Board considered information provided by FIM regarding
the agreement by BNP Paribas SA ("BNP") to acquire approximately 75% of the
capital and voting rights of Fortis Bank from the Belgian government in a series
of transactions that are anticipated to be completed by the end of first quarter
of 2009 (the "BNP Transaction") and the expectation that the Belgian government
would retain a 25% plus one share capital and voting interest in Fortis Bank and
acquire 11.6% of BNP. The Board considered that upon completion of the BNP
Transaction, BNP will be presumed to have an indirect controlling interest in
each Subadviser under the Investment Company Act of 1940, as amended (the "1940
Act"). The Board considered that the BNP Transaction may be deemed an
"assignment" of the sub-investment advisory agreements under the 1940 Act,
causing the agreements to automatically terminate.
In anticipation of the termination of the sub-investment advisory agreements,
the Board, including the Independent Trustees, determined that the continuation
of each sub-investment advisory agreement, including the continuation of the
Agreement in connection with any additional assignment that
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may be deemed to occur as a result of subsequent stages of the BNP Transaction,
is in the best interests of each Fund. The Independent Trustees met separately
from the "interested" Trustee of the Trust to consider the approval of the
continuation of the sub-investment advisory agreements with respect to each Fund
and were assisted by independent legal counsel in their deliberations.
In determining whether to approve the continuation of the sub-investment
advisory agreements with respect to each Fund, the Board considered information
provided by FIM regarding the BNP Transaction and representations from FIM on
behalf of the Subadvisers that the BNP Transaction is not expected to result in
any changes to investment personnel or otherwise affect the nature, extent and
quality of services to be provided by the Subadvisers. The Board also considered
that the terms of the sub-investment advisory agreements, including the fees
payable to the Subadvisers, would not change. The Board also considered that
Fortis Bank or an affiliate will bear all costs of the Funds relating to the BNP
Transaction. The Board considered that it had recently approved or renewed each
sub-investment 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, and that it was in the
process of completing this year's contract renewal process. 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 BNP Transaction. 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 of the
Independent Trustees present at the meeting, concluded that the continuation of
the sub-investment advisory agreement on behalf of each Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE CONTINUANCE
OF THE SUB-INVESTMENT ADVISORY AGREEMENT IN CONNECTION WITH THE VEREDUS
REPURCHASE TRANSACTION
At an in person meeting held on November 25, 2008, the Board of Trustees (the
"Board") of Aston Funds (the "Trust"), including all of the Independent Trustees
present at the Meeting, considered whether to approve the continuation of the
sub-investment advisory agreements between Aston Asset Management LLC ("Aston")
and Veredus Asset Management LLC (the "Subadviser") with respect to
Aston/Veredus Aggressive Growth Fund and Aston/Veredus Select Growth Fund (each
a "Fund" and collectively, the "Funds").
The Board noted that, at its October 10, 2008 meeting, it had determined to
approve the continuation of sub-investment advisory agreements on the same
terms, including the fees payable to the Subadviser, in connection with the
acquisition of substantially all of the outstanding capital and voting rights of
Fortis Bank SA/NV ("Fortis Bank"), the parent company of the Subadviser, by the
Belgian government.
At its November 25, 2008 meeting, the Board received and considered information
provided by the Subadviser with respect to its repurchase of all of the
ownership interests in the Subadviser held by Fortis Bank (the "Veredus
Repurchase Transaction"). The Board considered that upon completion of the
Veredus Repurchase Transaction, Fortis Bank will no longer hold any ownership
interests in the Subadviser. The Board considered that the Veredus Repurchase
Transaction may be deemed a change of control of the Subadviser under the
Investment Company Act of 1940, as amended (the "1940 Act") and may result, upon
its completion, in the automatic termination of the sub-investment advisory
agreements. The Board considered that the Veredus Repurchase Transaction is
expected to close prior to the BNP Paribas Transaction and that any indirect
ownership of BNP Paribas would be temporary.
In anticipation of the termination of the sub-investment advisory agreements,
the Board, including the Independent Trustees, determined that the continuation
of each sub-investment advisory agreement is in the best interests of each Fund.
The Independent Trustees met separately from the "interested" Trustee of the
Trust to consider the approval of the continuation of the sub-investment
advisory agreements with respect to each Fund and were assisted by independent
legal counsel in their deliberations.
In determining whether to approve the continuation of the sub-investment
advisory agreements, the Board considered information provided by the Subadviser
regarding the Transaction and representations from the Subadviser that the
Veredus Repurchase Transaction is not expected to result in any changes to
investment personnel or otherwise affect the nature, extent and quality of
services to be provided by the Subadviser. The Board considered information
regarding the financial strength and resources of Veredus following the
completion of the Veredus Repurchase 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 also considered that the terms of the sub-investment advisory agreements,
including the fees payable to the Subadviser, would not change. The Board also
considered that the Funds will not bear the costs relating to the Veredus
Repurchase Transaction.
The Board considered that it had recently renewed the sub-investment advisory
agreements pursuant to an extensive annual renewal process that concluded at its
December 2007 meeting, and that it was in the process of completing this year's
contract renewal process. The Board also determined
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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
Veredus Repurchase Transaction. The Board concluded, based upon all of these
considerations, along with the conclusions the Board reached with respect to the
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 of the
Independent Trustees present at the Meeting, concluded that the continuation of
the sub-investment advisory agreement on behalf of each Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN CONNECTION WITH THE CONTINUANCE
OF THE SUB-INVESTMENT ADVISORY AGREEMENT IN CONNECTION WITH THE VEREDUS
TRANSACTION
At an in person meeting held on March 19, 2009, the Board of the Trust,
including all of the Independent Trustees present at the Meeting, considered
whether to approve the continuation of the sub-investment advisory agreements
between Aston and Veredus Asset Management LLC (the "Subadviser") with respect
to Aston/Veredus Aggressive Growth Fund and Aston/Veredus Select Growth Fund
(each a "Fund" and collectively, the "Funds").
The Board noted that, at its November 25, 2008 meeting, it had determined to
approve the continuation of the sub-investment advisory agreements on the same
terms, including the fees payable to the Subadviser, in connection with the
Subadviser's repurchase of all of the ownership interests in the Subadviser held
by Fortis Bank SA/NV.
At its March 19, 2009 meeting, the Board received and considered information
provided by the Subadviser with respect to the combination of Veredus with Todd
Investment Advisors, Inc. through a series of transactions in which Veredus
would acquire substantially all of the assets and identified liabilities of Todd
Investment Advisors, Inc. in exchange for newly issued shares of Veredus (the
"Veredus Transaction"). The Board considered that the transaction may be deemed
a change of control of the Subadviser under the Investment Company Act of 1940,
as amended (the "1940 Act") and may result, upon its completion, in the
automatic termination of the sub-investment advisory agreements.
In anticipation of the termination of the sub-investment advisory agreements,
the Board, including the Independent Trustees, determined that the continuation
of each sub-investment advisory agreement is in the best interests of each Fund.
The Independent Trustees met separately from the "interested" Trustee of the
Trust to consider the approval of the continuation of the sub-investment
advisory agreements with respect to each Fund and were assisted by independent
legal counsel in their deliberations.
In determining whether to approve the continuation of the sub-investment
advisory agreements, the Board considered information provided by the Subadviser
regarding the Veredus Transaction and representations from the Subadviser that
the Veredus Transaction is not expected to result in any changes to investment
personnel or otherwise negatively affect the nature, extent and quality of
services to be provided by the Subadviser. The Board considered information
regarding the financial strength and resources of Veredus following the
completion of the Veredus Transaction, as well as changes in the management
structure of the firm. The Board also considered the benefits of being a
combined entity with a larger asset base and more diverse product line. The
Board also considered that the terms of the sub-investment advisory agreements,
including the fees payable to the Subadviser, would not change. The Board also
considered that the Funds will not bear the costs relating to the Veredus
Transaction.
The Board considered that it had recently renewed the sub-investment advisory
agreements pursuant to an extensive annual renewal process that concluded at its
December 2008 meeting. 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 Veredus Transaction. The Board
concluded, based upon all of these considerations, along with the conclusions
the Board reached with respect to the 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 of the
Independent Trustees present at the Meeting, concluded that the continuation of
the sub-investment advisory agreement on behalf of each Fund should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENTS IN CONNECTION WITH THE TCH TRANSACTION
At an in person meeting held on November 25, 2008, the Board of the Trust,
including all of the Independent Trustees, considered whether to approve the new
sub-investment advisory agreements between Aston and Taplin, Canida & Habacht,
LLC on behalf of Aston/TCH Fixed Income Fund and the fixed income portion of the
Aston Balanced Fund (each a "Fund" and collectively, the "Funds"). The Board
considered that the current agreements would terminate as a result of their
assignment in connection with the sale of substantially all of the assets of
Taplin, Canida & Habacht, Inc. (the "Subadviser").
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The Board considered information provided by the Subadviser regarding the
acquisition by Taplin, Canida & Habacht, LLC ("TCH"), a newly formed entity
controlled by Marshall & Ilsley Corporation ("M&I"), of substantially all of the
assets and certain liabilities of the Subadviser (the "TCH Transaction"). The
Board considered that upon completion of the TCH Transaction, M&I will hold a
controlling interest in the successor to the Subadviser. The Board considered
that the TCH Transaction would result in the assignment of the sub-investment
advisory agreements, causing the agreements to automatically terminate.
In anticipation of the termination of the sub-investment advisory agreements in
connection with the TCH Transaction, the Board, including the Independent
Trustees, determined that the continuation of each sub-investment advisory
agreement is in the best interests of each Fund. The Independent Trustees met
separately from the "interested" Trustee of the Trust to consider the approval
of the sub-investment advisory agreements with respect to each Fund and were
assisted by independent legal counsel in their deliberations.
In determining whether to approve new sub-investment advisory agreements, the
Board received information and made inquiries into all matters deemed relevant
and considered information provided by the Subadviser regarding the TCH
Transaction and representations from the Subadviser that the TCH Transaction is
not expected to result in any changes to investment personnel or otherwise
affect the nature, extent and quality of services to be provided by the
Subadviser. The Board considered the pro and cons of being associated with a
larger, publicly-traded financial services parent, versus being a smaller,
entrepreneurial company wholly-owned by management. 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 TCH
Transaction. The Board considered that the terms of the sub-investment advisory
agreements, including the fees payable to the Subadviser, would not change. The
Board also considered that the Funds will not bear any costs relating to the TCH
Transaction.
The Board considered that it had renewed the sub-investment advisory agreements
pursuant to an extensive annual renewal process that concluded at its December
2007 meeting, and that the Board was in the process of completing this year's
annual contract renewal process. The Board concluded, based upon all of these
considerations, along with the conclusions the Board reached with respect to the
last renewal of the sub-investment advisory agreements, 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 present at the Meeting, concluded that the continuation
of the sub-investment advisory agreement on behalf of each Fund should be
approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH ASTON ASSET MANAGEMENT LLC WITH RESPECT TO THE ASTON/LAKE
PARTNERS LASSO ALTERNATIVES FUND
At an in-person meeting on March 19, 2009, the Board of the Trust, including the
Independent Trustees, determined that the terms of the Investment Advisory
Agreement with Aston with respect to the Aston/Lake Partners LASSO Alternatives
Fund (the "New Fund") are fair and reasonable and approved the Investment
Advisory Agreement for the New Fund as being in the best interests of the New
Fund. In making such determinations, the Board, including the Independent
Trustees, considered materials received and discussions held with respect to the
approval of the Investment Advisory Agreement at the March meeting and prior
meetings. The Independent Trustees met separately from the "interested" Trustee
of the Trust and any officers of Aston or its affiliates to consider approval of
the Investment Advisory Agreement with respect to the New Fund and were assisted
by independent legal counsel in their deliberations.
In evaluating the Investment Advisory Agreement on behalf of the New Fund, the
Board reviewed information regarding: (1) the nature, extent and quality of the
services to be provided to the New Fund, including information regarding the
personnel involved in the investment oversight process; (2) the advisory fees to
be charged and estimated total expense ratio of the New Fund compared to a peer
group of funds; (3) fee waivers or expenses to be reimbursed by the investment
adviser and/or subadviser; and (4) potential benefits to be received by
affiliates of the investment adviser from its relationship with the New Fund. In
considering the Investment Advisory Agreement on behalf of the New Fund, the
Board, including the Independent Trustees, did not identify any single factor or
group of factors as all-important or controlling, but considered all factors
together. The following summary does not detail all the matters considered.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered that Aston intends
to manage the New Fund by delegating the day-to-day investment responsibility
for managing the New Fund to a subadviser. The Board considered Aston's ability
and procedures to monitor the performance of subadvisers, business practices and
compliance policies and procedures. In this regard, the Board noted the
responsibilities and experience of Aston personnel. The Board also noted the
nature and quality of administration services currently provided by Aston to the
Trust. On the basis of this evaluation, the Board concluded that the nature,
quality and extent of services to be provided by Aston are expected to be
satisfactory.
EXPENSES. The Board considered the New Fund's proposed management fee rate and
total net expense ratio after contractual expense reimbursements and fee
waivers. As a part of this
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ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
analysis, the Board compared the proposed advisory fees and total net expenses
to those of a relevant peer group for the New Fund. The Board concluded that the
proposed advisory fees were reasonable and appropriate in light of the nature,
quality and extent of services to be provided by Aston.
COSTS AND PROFITABILITY. With respect to the costs of services to be provided
and profits to be realized by the investment adviser, the Board considered the
resources involved in managing the New Fund in light of Aston's business model
as well as fee waivers or expenses to be reimbursed under an Expense
Reimbursement Agreement with Aston. The Board noted that, with respect to the
New Fund, the adviser and subadviser each generally will bear 50% of any fee
waivers or expense reimbursements. Because the New Fund has not yet commenced
operations, profitability information was not available. However, based upon
projected asset size and the impact of fee waivers or expenses to be reimbursed
by the investment adviser, the Board of Trustees concluded that profitability
was not expected to be unreasonable.
ECONOMIES OF SCALE. The Board considered the extent to which economies of scale
would be realized as the New Fund grows. The Board considered the potential
asset size of the New Fund, as well as the Expense Reimbursement Agreement, and
concluded that at this time the potential for economies of scale are limited.
OTHER BENEFITS TO THE INVESTMENT ADVISER. The Board considered the nature and
amount of fees to be paid by the New Fund for services to be provided by Aston
for administration services. The Board noted that Aston currently does not
intend to manage any of the Aston Funds directly, and therefore, will not
benefit from the use of "soft" commission dollars to pay for research and
brokerage services. The Board concluded that the advisory fees were reasonable
taking into account any other benefits to be received by the Adviser from its
relationship with the New Fund.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board, including all of the
Independent Trustees, concluded that the terms of the Investment Advisory
Agreement for the New Fund, including the proposed advisory fee, were fair and
reasonable, and that the Investment Advisory Agreement on behalf of the New Fund
should be approved.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE SUB-INVESTMENT
ADVISORY AGREEMENT WITH RESPECT TO THE ASTON/LAKE PARTNERS LASSO ALTERNATIVES
FUND
The Board of the Trust approved a Sub-Investment Advisory Agreement (the
"Sub-Investment Advisory Agreement") between Aston and Lake Partners, Inc.
("Subadviser" or "Lake Partners") with respect to the Aston/Lake Partners LASSO
Alternatives Fund (the "New Fund") at an in-person meeting on March 19, 2009.
The Board considered information provided, and discussions held, at the March
meeting and at prior meetings. The Independent Trustees met separately from the
"interested" Trustee of the Trust and any officers of Aston, the Subadviser or
their affiliates to consider approval of the Sub-Investment Advisory Agreement
and were assisted by independent legal counsel in their deliberations. Among the
matters considered by the Board of Trustees, including the Independent Trustees,
in connection with its approval of the Sub-Investment Advisory Agreements were
the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, extent
and quality of services expected to be provided under the Sub-Investment
Advisory Agreement. The Board considered the reputation, qualifications and
background of the proposed Subadviser. The Board also considered the investment
approach of the Subadviser, the experience and skills of investment personnel
responsible for the day-to-day investment management of the New Fund and the
resources made available to such personnel. The Board also considered the
Subadviser's experience with institutional and separately managed accounts. On
the basis of this evaluation, the Board concluded that the nature, quality and
extent of services to be provided by the Subadviser are expected to be
satisfactory.
FEES, PROFITABILITY AND ECONOMIES OF SCALE. The Board considered the subadvisory
fee rates under the Sub-Investment Advisory Agreement as well as the overall
management fee structure of the New Fund. The Board considered that the
sub-advisory fee rates were negotiated at arm's length between Aston and the
Subadviser, an unaffiliated third party, and that Aston will compensate the
Subadviser from its fees. As part of its review of the investment advisory
agreement with Aston, the Board considered whether there will be economies of
scale with respect to the overall fee structure of the New Fund and whether the
New Fund will benefit from any economies of scale.
The Board concluded that the proposed subadvisory fee rates were reasonable in
light of the nature, quality and extent of services to be provided and that the
economies of scale were limited at this time.
OTHER BENEFITS TO THE SUBADVISER. The Board also considered the character and
amount of other incidental benefits received by the Subadviser. The Board
considered potential benefits to the Subadviser from the use of "soft dollars"
to pay for research services generated by parties other than the executing
broker dealer. The Board concluded that the subadvisory fees were reasonable
taking into account any other benefits to be received by the Subadviser from its
relationship with the New Fund.
CONCLUSION. Based on all of the information considered and the conclusions
reached, the Board determined that the terms of the Sub-Investment Advisory
Agreement are fair and reasonable, and that the approval of the Sub-Investment
Advisory Agreement is in the best interests of the New Fund. No single factor
was determinative in the Board's analysis.
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DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
This table illustrates each Fund's costs in two ways:
Actual Fund Return: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period. You may use the information here, together with your
account value, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number given for your
Fund in the first line under the heading entitled "Expenses Paid During Period."
Hypothetical 5% Return: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/08 04/30/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
M&C GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 989.80 1.16% $ 5.72
Class I ........................... 1,000 990.80 0.91% 4.49
Class R ........................... 1,000 988.50 1.41% 6.95
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.04 1.16% $ 5.81
Class I ........................... 1,000 1,020.28 0.91% 4.56
Class R ........................... 1,000 1,017.80 1.41% 7.05
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 927.50 1.30% $ 6.21
Class I ........................... 1,000 929.10 1.05% 5.02
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.30% $ 6.51
Class I ........................... 1,000 1,019.59 1.05% 5.26
GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 991.20 1.25% $ 6.17
Class I ........................... 1,000 992.70 1.00% 4.94
Class R ........................... 1,000 990.70 1.50% 7.40
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.60 1.25% $ 6.26
Class I ........................... 1,000 1,019.84 1.00% 5.01
Class R ........................... 1,000 1,017.36 1.50% 7.50
OPTIMUM LARGE CAP OPPORTUNITY FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 992.60 1.14% $ 5.63
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.14 1.14% $ 5.71
VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 920.30 1.07% $ 5.09
Class I ........................... 1,000 922.70 0.82% 3.91
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.49 1.07% $ 5.36
Class I ........................... 1,000 1,020.73 0.82% 4.11
TAMRO ALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,008.60 1.20% $ 5.98
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.84 1.20% $ 6.01
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 901.40 1.26% $ 5.94
Class I ........................... 1,000 903.60 1.01% 4.77
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.55 1.26% $ 6.31
Class I ........................... 1,000 1,019.79 1.01% 5.06
OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,038.70 1.30% $ 6.57
Class I ........................... 1,000 1,040.50 1.05% 5.31
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.30% $ 6.51
Class I ........................... 1,000 1,019.59 1.05% 5.26
132
Aston Funds
APRIL 30, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/08 04/30/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
M&C MID CAP GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,003.40 1.40% $6.95
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
CARDINAL MID CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,015.10 1.40% $6.99
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.85 1.40% $7.00
RIVER ROAD SMALL-MID CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 975.10 1.50% $7.35
Class I ........................... 1,000 975.70 1.25% 6.12
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.36 1.50% $7.50
Class I ........................... 1,000 1,018.60 1.25% 6.26
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 928.90 1.49% $7.13
Class I ........................... 1,000 930.80 1.24% 5.94
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.41 1.49% $7.45
Class I ........................... 1,000 1,018.65 1.24% 6.21
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 967.00 1.32% $6.44
Class I ........................... 1,000 969.00 1.07% 5.22
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.25 1.32% $6.61
Class I ........................... 1,000 1,019.49 1.07% 5.36
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 968.60 1.43% $6.98
Class I ........................... 1,000 969.50 1.18% 5.76
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.70 1.43% $7.15
Class I ........................... 1,000 1,018.94 1.18% 5.91
NEPTUNE INTERNATIONAL FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 971.70 1.27% $4.67
Class I ........................... 1,000 974.00 1.02% 4.99
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.50 1.27% $4.78
Class I ........................... 1,000 1,019.74 1.02% 5.11
BARINGS INTERNATIONAL FUND
ACTUAL FUND RETURN
Class I ........................... $1,000 $1,016.90 1.15% $5.75
HYPOTHETICAL 5% RETURN
Class I ........................... $1,000 $1,019.09 1.15% $5.76
FORTIS GLOBAL REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 838.40 1.50% $6.84
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.36 1.50% $7.50
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/08 04/30/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
SMART PORTFOLIOS FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,004.00 1.30% $6.46
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.35 1.30% $6.51
NEW CENTURY ABSOLUTE RETURN ETF FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 908.80 1.50% $7.10
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.36 1.50% $7.50
MB ENHANCED EQUITY INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 993.40 1.10% $5.44
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,019.34 1.10% $5.51
LAKE PARTNERS LASSO ALTERNATIVES
FUND (3)
ACTUAL FUND RETURN
Class I ........................... $1,000 $1,015.00 1.35% $6.74
HYPOTHETICAL 5% RETURN
Class I ........................... $1,000 $1,018.10 1.35% $6.76
FORTIS REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $ 787.40 1.37% $6.07
Class I ........................... 1,000 787.70 1.12% 4.96
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.00 1.37% $6.85
Class I ........................... 1,000 1,019.24 1.12% 5.61
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,032.50 1.35% $6.80
Class I ........................... 1,000 1,033.90 1.10% 5.55
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,018.10 1.35% $6.76
Class I ........................... 1,000 1,019.34 1.10% 5.51
BALANCED FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,019.40 1.56% $7.81
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,017.06 1.56% $7.80
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N ........................... $1,000 $1,080.90 0.74% $3.82
Class I ........................... 1,000 1,082.20 0.49% 2.53
HYPOTHETICAL 5% RETURN
Class N ........................... $1,000 $1,021.12 0.74% $3.71
Class I ........................... 1,000 1,022.36 0.49% 2.46
(1) Annualized, based on the Funds' most recent fiscal half-year expenses.
(2) Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year or partial year, if applicable, for the
actual return and multiplied by the most recent fiscal half-year for the
hypothetical 5% return, then divided by 365. Expense ratios do not include
interest expense, if applicable.
(3) Lake Partners LASSO Alternatives Fund commenced investment operations on
April 1, 2009.
133
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
Lake Partners, Inc.
24 Field Point Road
Greenwich, CT 06830
M.D. Sass Investors Services, Inc.
1185 Avenue of the Americas, 18th Floor
New York, NY 10036
MFS Institutional Advisors Inc.
500 Boylston Street
Boston, MA 02116
Montag & Caldwell, Inc.
3455 Peachtree Road NE, Suite 1200
Atlanta, GA 30326
SUBADVISERS - CONTINUED
Neptune Investment Management Limited
1 Hammersmith Grove
London, W6 0NB
New Century Capital Management, LLC
36 South Washington Street
Hinsdale, IL 60521
Optimum Investment Advisors, LLC
100 South Wacker Drive, Suite 2100
Chicago, IL 60606
River Road Asset Management, LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
Smart Portfolios, LLC
17865 Ballinger Way NE
Seattle, WA 98155
TAMRO Capital Partners LLC
1660 Duke St.
Alexandria, VA 22314
Taplin, Canida & Habacht, Inc.
1001 Brickell Bay Drive, Suite 2100
Miami, FL 33131
Todd-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 Operating
Officer, Chief Financial Officer
and Chief Compliance Officer
Juli A. Braun, Assistant Treasurer
Laura M. Curylo, Assistant Treasurer
James A. Dimmick, Assistant Secretary
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.
134
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
(ASTON FUNDS LOGO)
SEMI ANNUAL REPORT 2009
APRIL 30, 2009
CLASS Y, YS, & I SHARES
INSTITUTIONAL MONEY MARKET FUNDS
CLASS S & N SHARES
MONEY MARKET FUNDS
(GRAPHIC)
Aston Funds
THIS PRIVACY STATEMENT IS NOT PART OF THE SEMI ANNUAL REPORT
PRIVACY STATEMENT
At Aston Funds, we appreciate the privacy concerns and expectations of our
customers. Together with the Funds' distributor, PFPC Distributors, Inc., we
have established the following policies to maintain the privacy of information
you share with us.
INFORMATION WE COLLECT
We collect and retain nonpublic personal information about you that may include:
- Information we receive on your account applications or other forms
such as your name, address, financial information and/or social
security number;
- Information we receive about your mutual fund transactions, such as
purchases, sales, exchanges and account balances; and
- Information we collect through the use of Internet "cookies" when you
access our website. Cookies are software files we use to track which
of our sites you visit.
INFORMATION WE MAY SHARE
We do not sell any of your nonpublic personal information to third parties. We
may share the information we collect with affiliates or with non-affiliated
third parties only when those parties are acting on our behalf in servicing your
account, or as required by law. These third parties may include:
- Administrative service providers who, for example, process
transactions for your account, print checks or prepare account
statements;
- Companies that provide services for us to help market our products to
you; and
- Governmental or other legal agencies, as required by law.
When information is shared with third parties, they are legally obligated to
maintain the confidentiality of the information and to limit their use of it to
servicing your account, except as permitted or required by law.
CONFIDENTIALITY AND SECURITY
Within both the Funds' and Distributor's organizations, we restrict access to
your nonpublic personal information to authorized employees who need to access
such information in order to provide services or products to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.
As previously mentioned, we may collect information through the use of Internet
"cookies" on our Web site. In addition, in order to provide you with access to
your account via the Web, it is necessary for us to collect certain nonpublic
personal information such as your name, social security number and account
information. Special measures such as data encryption and authentication apply
to all nonpublic personal information and communications on our Web site.
APPLICABILITY
Our privacy policies apply only to those individual investors who have or had a
direct customer relationship with us. If you are an individual shareholder of
record of any of the Funds, the Funds consider you to be their customer.
Shareholders purchasing or owning shares of any of the Funds through their bank,
broker, or other financial institution should also consult that financial
institution's privacy policies.
The Aston Funds value your business. We understand the importance of maintaining
the integrity of your personal information and are committed to keeping your
trust. Please contact us at 800 992-8151 if you have any questions concerning
our policy, or visit us at www.astonfunds.com for additional copies of this
policy.
This page left blank intentionally.
Aston Funds
MONEY MARKET FUNDS
Fortis Institutional Prime Money Market Fund
Fortis Government Money Market Fund
Fortis Tax-Exempt Money Market Fund
Fortis Treasury Money Market Fund
Aston/Fortis Investor Money Market Fund
TABLE OF CONTENTS
Performance Summary ...................................................... 2
Schedule of Investments .................................................. 3
Statement of Assets and Liabilities ...................................... 11
Statement of Operations .................................................. 13
Statements of Changes in Net Assets ...................................... 14
Financial Highlights ..................................................... 16
Notes to Financial Statements ............................................ 21
Additional Information ................................................... 26
THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS OF
THE FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS
IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS
WHICH INCLUDES DETAILS REGARDING THE FUNDS' OBJECTIVES, POLICIES,
EXPENSES AND OTHER INFORMATION.
ASTON FUNDS ARE DISTRIBUTED BY PFPC DISTRIBUTORS, INC., 760 MOORE ROAD,
KING OF PRUSSIA, PA 19406.
SHAREHOLDER SERVICES 800 992-8151 - www.astonfunds.com
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
1
Aston Funds
PERFORMANCE SUMMARY (UNAUDITED) APRIL 30, 2009
AVERAGE ANNUAL TOTAL RETURN
-------------------------------------------------------
7-DAY SIX MONTH
AVERAGE TOTAL ONE FIVE LIFE OF INCEPTION
YIELD RETURN* YEAR YEAR FUND DATE
------- --------- ---- ---- ------- ---------
FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND+
Class Y 0.06% 0.47% 1.81% 3.46% 3.29% 12/28/99
Class YS 0.00 0.36 1.57 3.20 2.89 06/29/00
iMoneyNet First Tier Institutional Average 0.49 1.68 3.27 3.09 12/31/99
2.94
AVERAGE ANNUAL TOTAL RETURN
-------------------------------------------------------
7-DAY SIX MONTH
AVERAGE TOTAL ONE FIVE TEN INCEPTION
YIELD RETURN YEAR YEAR YEAR DATE
------- --------- ---- ---- ------- ---------
FORTIS GOVERNMENT MONEY MARKET FUND** +
Class I 0.00% 0.01% 0.85% 3.04% 3.11% 01/04/93
Class S 0.00 0.00 0.68 2.74 2.80 04/22/93
iMoneyNet Government & Agency Retail Average 0.18 0.94 2.71 2.75
FORTIS TAX-EXEMPT MONEY MARKET FUND** +
Class I 0.04 0.13 1.03 2.13 2.09 01/04/93
Class S 0.00 0.08 0.84 1.89 1.84 03/24/93
iMoneyNet National Retail Average 0.23 1.14 1.97 1.90
FORTIS TREASURY MONEY MARKET FUND** +
Class I 0.00 0.00 0.66 2.81 2.90 01/04/93
Class S 0.00 0.00 0.55 2.59 2.66 03/25/93
iMoneyNet Treasury & Repo Retail Average 0.02 0.51 2.46 2.57
ASTON/FORTIS INVESTOR MONEY MARKET FUND+
Class N 0.00 0.01 0.80 2.80 2.90 12/14/93
iMoneyNet First Tier Retail Average 0.33 1.27 2.81 2.81
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.
* NOT ANNUALIZED.
** THE FUNDS' INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 2010. THE PERFORMANCE QUOTED WOULD
HAVE BEEN LOWER IF THESE SUBSIDIES WERE NOT IN EFFECT.
+ FOR PORTIONS OF THE PERIOD NOVEMBER 1, 2008 THROUGH APRIL 30, 2009, THE
FUNDS VOLUNTARILY WAIVED ALL OR A PORTION OF THE INVESTMENT ADVISORY AND/OR
DISTRIBUTION EXPENSES TO AVOID A NEGATIVE YIELD TO THE FUND.
AN INVESTMENT IN THE FUNDS IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUNDS SEEK TO
PRESERVE THE VALUE OF YOUR INVESTMENT OF $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUNDS. THE 7-DAY AVERAGE YIELD MORE CLOSELY REFLECTS
THE FUNDS' CURRENT EARNINGS THAN THE TOTAL RETURN QUOTATION.
2
Aston Funds
FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
COMMERCIAL PAPER 68%
CERTIFICATES OF DEPOSIT 4%
CORPORATE NOTES AND BONDS 2%
TIME DEPOSITS 4%
REPURCHASE AGREEMENT 4%
CASH AND OTHER NET ASSETS 18%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- ------------ --------------
COMMERCIAL PAPER (a) - 68.19%
ASSET-BACKED - 38.46%
Atlantic Asset Securitization
$ 15,000,000 0.300%, 05/07/09 (b) ........................ $ 14,999,250
20,000,000 0.300%, 05/13/09 (b) ........................ 19,998,000
15,000,000 0.280%, 05/21/09 (b) ........................ 14,997,667
Barton Capital LLC
30,000,000 0.160%, 05/01/09 (b) ........................ 30,000,000
15,000,000 0.300%, 05/13/09 (b) ........................ 14,998,500
25,000,000 Calyon (NY)
0.430%, 05/18/09 ............................ 24,994,924
55,000,000 Charta LILC
0.500%, 05/12/09 (b) ........................ 54,991,597
CRC Funding LLC
20,000,000 0.550%, 05/07/09 (b) ........................ 19,998,167
20,000,000 0.550%, 05/22/09 (b) ........................ 19,993,583
10,000,000 0.450%, 05/26/09 (b) ........................ 9,996,875
15,000,000 Gemini Securitization LLC
0.330%, 05/20/09 (b) ........................ 14,997,388
20,000,000 Jupiter Securitization LLC
0.200%, 05/01/09 (b) ........................ 20,000,000
Mont Blanc Capital
20,000,000 0.420%, 05/18/09 (b) ........................ 19,996,033
25,000,000 0.430%, 05/20/09 (b) ........................ 24,994,327
15,000,000 Sheffield Receivables Capital
0.330%, 05/14/09 (b) ........................ 14,998,212
Svenska Handlesbank
15,000,000 0.350%, 05/11/09 ............................ 14,998,542
10,000,000 0.330%, 05/20/09 ............................ 9,998,258
18,753,000 Thames Asset Global Securitization
0.450%, 05/11/09 (b) ........................ 18,750,656
Variable Funding Capital
14,121,000 0.230%, 05/01/09 (b) ........................ 14,121,000
15,049,000 0.310%, 05/20/09 (b) ........................ 15,046,538
1,000,000 0.330%, 05/20/09 (b) ........................ 999,826
--------------
393,869,343
--------------
BANKS - 18.55%
30,000,000 Bank of America
0.160%, 05/01/09 ............................ 30,000,000
AMORTIZED
PAR VALUE COST
- ------------ --------------
BANKS (CONTINUED)
$ 15,000,000 Lloyds TSB Bank PLC
0.380%, 05/15/09 ............................ $ 14,997,783
15,000,000 Nordea Bank Finland (NY)
0.870%, 05/12/09 ............................ 14,996,012
45,000,000 Rabobank Nederland (NY)
0.150%, 05/01/09 ............................ 45,000,000
Societe Generale NY
20,000,000 0.300%, 05/04/09 ............................ 19,999,500
20,000,000 0.330%, 05/29/09 ............................ 19,994,867
45,000,000 Wells Fargo
0.150%, 05/01/09 ............................ 45,000,000
--------------
189,988,162
--------------
FINANCE - 4.72%
American Honda Finance
18,350,000 0.300%, 05/06/09 ............................ 18,349,235
10,000,000 0.350%, 05/13/09 ............................ 9,998,833
20,000,000 Toyota Motor Credit
0.280%, 05/27/09 ............................ 19,995,956
--------------
48,344,024
--------------
INSURANCE - 6.46%
New York Life Capital
16,000,000 0.500%, 05/07/09 (b) ........................ 15,998,667
10,004,000 0.500%, 05/08/09 (b) ........................ 10,003,027
10,000,000 0.450%, 05/20/09 (b) ........................ 9,997,625
10,222,000 0.400%, 05/21/09 (b) ........................ 10,219,728
20,000,000 Pacific Life
0.230%, 05/14/09 (b) ........................ 19,998,339
--------------
66,217,386
--------------
TOTAL COMMERCIAL PAPER
(Cost $698,418,915) ............................ 698,418,915
--------------
CERTIFICATES OF DEPOSIT - 4.20%
10,000,000 Bank of Nova Scotia (Houston)
1.584%, 05/05/09 (c) ........................ 10,000,073
Calyon (NY)
13,000,000 0.520%, 05/06/09 ............................ 13,000,000
20,000,000 0.480%, 05/15/09 ............................ 20,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $43,000,073) ............................. 43,000,073
--------------
CORPORATE NOTES AND BONDS - 1.46%
BANKS - 1.46%
15,000,000 Bank of America
0.350%, 05/11/09 ............................ 14,998,542
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $14,998,542) ............................. 14,998,542
--------------
TIME DEPOSITS - 4.39%
45,000,000 BB&T Branch Banking & Trust
0.150%, 05/01/09 ............................ 45,000,000
--------------
TOTAL TIME DEPOSITS
(Cost $45,000,000) ............................. 45,000,000
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
Aston Funds
FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
MARKET
PAR VALUE VALUE
- ------------ --------------
REPURCHASE AGREEMENT - 3.61%
$ 37,000,000 Deutsche Bank, 0.160% dated 04/30/09, matures
05/01/09, repurchase price $37,000,164
(collateralized by U.S. Government Agency
Instruments, with interest rates from 5.150%
to 7.000% and maturities from 2023 to 2039,
total market value $37,740,000) ............. $ 37,000,000
--------------
TOTAL REPURCHASE AGREEMENT
(Cost $37,000,000) ............................. 37,000,000
--------------
SHARES
INVESTMENT COMPANIES - 18.14%
42,225,096 AIM STIT Government & Agency Portfolio ......... 42,225,096
49,317,841 AIM STIT Treasury Portfolio .................... 49,317,841
49,220,229 BlackRock Liquidity Funds
TempCash Portfolio .......................... 49,220,229
44,985,861 BlackRock Liquidity Funds
TempFund Portfolio .......................... 44,985,861
--------------
TOTAL INVESTMENT COMPANIES
(Cost $185,749,027) ............................ 185,749,027
--------------
TOTAL INVESTMENTS - 99.99%
(Cost $1,024,166,557)* ..................................... 1,024,166,557
--------------
NET OTHER ASSETS AND LIABILITIES - 0.01% ...................... 55,666
--------------
NET ASSETS - 100.00% .......................................... $1,024,222,223
==============
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
(b) Securities exempt from registration under section 4(2) of the Securities
Act of 1933, as amended. These securities may only be resold in an exempt
transaction to qualified institutional buyers. At April 30, 2009, these
securities amounted to $410,095,005 or 40.04% of net assets. These
securities have been determined by the Adviser to be liquid securities.
(c) Variable rate bond. The interest rate shown reflects the rate in effect at
April 30, 2009.
(NY) New York
STIT Short-Term Investments Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
Aston Funds
FORTIS GOVERNMENT MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
REPURCHASE AGREEMENTS 90%
CASH AND OTHER NET ASSETS 10%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ------------ --------------
REPURCHASE AGREEMENTS - 89.63%
$134,000,000 Bank of America, 0.170%, dated 04/30/09, matures
05/01/09, repurchase price $134,000,633
(collateralized by U.S. Government Agency
instrument, with interest rate of 5.500% and
maturity of 2037, total market value
$136,680,000) ............................... $ 134,000,000
100,000,000 Barclays Capital, 0.180%, dated 04/30/09,
matures 05/01/09, repurchase price
$100,000,500 (collateralized by U.S.
Government Agency instruments, with interest
rates from 5.000% to 6.000% and maturities
from 2018 to 2038, total market value
$102,000,000) ............................... 100,000,000
15,000,000 Deutsche Bank, 0.140%, dated 04/30/09, matures
05/01/09, repurchase price $15,000,058
(collateralized by U.S. Treasury instrument,
with interest rate of 0.000% and maturity of
2016, total market value $15,300,000) ....... 15,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $249,000,000) ............................ 249,000,000
--------------
MARKET
SHARES VALUE
- ------------ --------------
INVESTMENT COMPANIES - 10.36%
13,192,469 AIM STIT Government & Agency Portfolio ......... $ 13,192,469
15,584,184 BlackRock Liquidity Funds FedFund Portfolio .... 15,584,184
--------------
TOTAL INVESTMENT COMPANIES
(Cost $28,776,653) ............................. 28,776,653
--------------
TOTAL INVESTMENTS - 99.99%
(Cost $277,776,653)* ....................................... 277,776,653
--------------
NET OTHER ASSETS AND LIABILITIES - 0.01% ...................... 18,077
--------------
NET ASSETS - 100.00% .......................................... $ 277,794,730
==============
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
STIT Short-Term Investments Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
Aston Funds
FORTIS TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
GENERAL OBLIGATION 22%
EDUCATION 15%
POLLUTION 14%
MEDICAL 13%
DEVELOPMENT 5%
HOUSING 3%
UTILITIES 2%
CASH AND OTHER NET ASSETS 26%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- ------------ --------------
MUNICIPAL OBLIGATIONS - 73.72%
ALASKA - 4.18%
Valdez Marine Terminal RB,
BP Pipelines Project,
$ 2,200,000 Series A
0.350%, 05/01/09 (b) ........................ $ 2,200,000
700,000 Series B
0.350%, 05/01/09 (b) ........................ 700,000
Exxon Pipeline Project,
500,000 Series A
0.100%, 05/01/09 (b) ........................ 500,000
1,400,000 Series C
0.100%, 05/01/09 (b) ........................ 1,400,000
--------------
4,800,000
--------------
ARIZONA - 1.31%
1,500,000 Salt River Agricultural
Improvement & Power TECP
0.700%, 05/01/09 (a) ........................ 1,500,000
--------------
CALIFORNIA - 4.17%
1,190,000 Alameda-Contra Costa Schools
Financing Authority Capital
Improvement Financing
Projects, Series A
Certificate of Participation
0.450%, 05/07/09 (b)
LOC: Bank of Nova Scotia .................... 1,190,000
1,500,000 California Pollution Control
Financing Authority
Pacific Gas & Electric, Series C
0.330%, 05/01/09 (b)
LOC: JPMorgan Chase Bank .................... 1,500,000
600,000 California State Department of
Water Resources Power Supply RB,
Series B-4
0.200%, 05/01/09 (b)
LOC: Bayerische Landesbank .................. 600,000
AMORTIZED
PAR VALUE COST
- ------------ --------------
CALIFORNIA (CONTINUED)
$ 1,500,000 Oakland-Alameda County Coliseum
Authority Lease RB,
Coliseum Project, Series C-1
0.350%, 05/06/09 (b)
LOC: Bank of New York, CA
State Teachers' Retirement
System ...................................... $ 1,500,000
--------------
4,790,000
--------------
COLORADO - 2.66%
3,060,000 Colorado Housing & Finance
Authority RB,
Multi Family Central Park,
0.400%, 05/06/09 (b)
Insured: Fannie Mae ......................... 3,060,000
--------------
CONNECTICUT - 1.74%
1,200,000 Connecticut State Health, GO,
Series B
0.200%, 05/07/09 (b)
SPA: Bayerische Landesbank .................. 1,200,000
800,000 Connecticut State HEFA RB,
Yale University
Series V-1
0.300%, 05/01/09 (b) ........................ 800,000
--------------
2,000,000
--------------
ILLINOIS - 4.52%
2,900,000 Illinois Development Financing
Authority PCR,
Amoco Oil Project
0.350%, 05/01/09 (b) ........................ 2,900,000
1,000,000 Illinois Finance Authority RB,
Northwest Community Hospital
Series C
0.370%, 05/07/09 (b)
LOC: Wells Fargo Bank ....................... 1,000,000
1,300,000 Illinois Health Facilities Authority RB,
Series A
0.400%, 05/06/09 (b)
LOC: Northern Trust Co. ..................... 1,300,000
--------------
5,200,000
--------------
INDIANA - 2.35%
2,700,000 Hammond PCR,
Amoco Oil Project
0.500%, 05/01/09 (b) ........................ 2,700,000
--------------
MARYLAND - 0.52%
600,000 Maryland State Economic
Development RB,
U.S. Pharmacopeial,
Series B
0.450%, 05/01/09 (b)
LOC: Bank of America ........................ 600,000
--------------
MASSACHUSETTS - 1.95%
600,000 Massachusetts HEFA RB,
Harvard University Issue, Series Y
0.320%, 05/07/09 (b) ........................ 600,000
640,000 Massachusetts State Central Artery, GO,
Series B
0.470%, 05/01/09 (b)
SPA: State Street Bank & Trust .............. 640,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
Aston Funds
FORTIS TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
AMORTIZED
PAR VALUE COST
- ------------ --------------
MASSACHUSETTS (CONTINUED)
$ 500,000 Massachusetts State Development
Finance Agency RB,
Boston University,
Series U-6A
0.400%, 05/01/09 (b)
LOC: Bank of America ........................ $ 500,000
500,000 University of Massachusetts
Building Authority Facilities RB,
Commonwealth Guaranty,
Series A
0.400%, 05/06/09 (b)
SPA: Bank of America ........................ 500,000
--------------
2,240,000
--------------
MINNESOTA - 6.22%
925,000 City of Minneapolis Minnesota RB,
University Gateway Project
0.470%, 05/07/09 (b)
SPA: Wells Fargo Bank N.A. .................. 925,000
1,705,000 Hennepin County, GO, Series A
0.420%, 05/07/09 (b)
SPA: State Street Bank & Trust .............. 1,705,000
1,610,000 Minneapolis Convention Center,
GO, Convention Center Bonds
0.920%, 05/07/09 (b)
SPA: Dexia Credit Local ..................... 1,610,000
885,000 Minneapolis, Guthrie Theater
Project, Series A, RB
0.420%, 05/07/09 (b)
LOC: Wells Fargo Bank ....................... 885,000
30,000 Minneapolis, Library, GO,
0.920%, 05/07/09 (b)
SPA: Dexia Credit Local ..................... 30,000
2,000,000 St Louis Park RB,
Park Nicollet, Series A
0.420%, 05/07/09 (b)
LOC: Wells Fargo Bank ....................... 2,000,000
--------------
7,155,000
--------------
MISSISSIPPI - 2.59%
Jackson County PCR,
Chevron USA Project
1,925,000 0.300%, 05/01/09 (b) ........................ 1,925,000
1,050,000 0.350%, 05/01/09 (b) ........................ 1,050,000
--------------
2,975,000
--------------
MISSOURI - 3.74%
Missouri State HEFA RB,
The Washington University
Project, Series A
600,000 0.480%, 05/01/09 (b)
SPA: Morgan Guaranty Trust .................. 600,000
The Washington University,
Series B
1,700,000 0.480%, 05/01/09 (b)
SPA: Morgan Guaranty Trust .................. 1,700,000
Washington University Project,
Series B
2,000,000 0.350%, 05/01/09 (b)
SPA: Wells Fargo Bank N.A. .................. 2,000,000
--------------
4,300,000
--------------
AMORTIZED
PAR VALUE COST
- ------------ --------------
NEW HAMPSHIRE - 3.58%
New Hampshire HEFA RB,
Dartmouth College Project,
Series B
$ 600,000 0.450%, 05/01/09 (b)
SPA: JPMorgan Chase Bank .................... $ 600,000
Dartmouth College, Series A
3,520,000 0.450%, 05/01/09 (b)
SPA: JPMorgan Chase Bank .................... 3,520,000
--------------
4,120,000
--------------
NEW MEXICO - 1.65%
1,900,000 Hurley PCR,
Kennecott Santa Fe
0.350%, 05/01/09 (b) ........................ 1,900,000
--------------
NEW YORK - 7.65%
1,500,000 New York City Trust RB,
Cultural Resources,
Lincoln Center, Series A-1
0.250%, 05/01/09 (b)
LOC: Bank of America ........................ 1,500,000
New York City, GO,
Sub Series E-5
500,000 0.400%, 05/01/09
LOC: JPMorgan Chase Bank .................... 500,000
1,300,000 0.400%, 05/01/09 (b)
LOC: JPMorgan Chase Bank .................... 1,300,000
New York Transitional Finance
Authority RB,
Future Tax Secured,
2,500,000 Series A-1
0.250%, 05/06/09 (b)
SPA: JPMorgan Chase Bank .................... 2,500,000
2,000,000 Sub Series C3
1.050%, 05/06/09 (b)
SPA: Dexia Credit ........................... 2,000,000
New York City Recovery
1,000,000 Series 1, Sub Series 1-B
0.230%, 05/06/09 (b) ........................ 1,000,000
--------------
8,800,000
--------------
NORTH CAROLINA - 9.87%
2,500,000 North Carolina Capital Facilities
Finance Agency Recreational
Facilities RB,
YMCA Greater Charlotte Project,
Series B
0.500%, 05/07/09 (b)
LOC: Wachovia Bank .......................... 2,500,000
1,300,000 North Carolina Educational Facilities
Finance Agency RB,
Duke University Project, Series A
0.200%, 05/07/09 (b) ........................ 1,300,000
2,255,000 North Carolina Medical Care
Commission, Hospital RB,
Duke University Hospital,
Series A
0.470%, 05/07/09 (b)
SPA: Wachovia Bank .......................... 2,255,000
2,200,000 North Carolina State, Public
Improvement GO,
Series F
0.220%, 05/06/09 (b)
SPA: Landesbank Hessen
Thueringen Girozentrale ..................... 2,200,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
Aston Funds
FORTIS TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
AMORTIZED
PAR VALUE COST
- ------------ --------------
NORTH CAROLINA (CONTINUED)
University of North Carolina
Chapel Hill Foundation Inc.,
Certificate of Participation
$ 2,000,000 0.380%, 05/06/09 (b)
LOC: Bank of America ........................ $ 2,000,000
University RB, Series B
1,090,000 0.200%, 05/06/09 (b) ........................ 1,090,000
--------------
11,345,000
--------------
RHODE ISLAND - 1.41%
500,000 Providence Housing Authority
Multi-Family RB,
Cathedral Square,
Series B
0.550%, 05/01/09 (b)
LOC: Bank of America ........................ 500,000
1,120,000 Rhode Island Health & Educational
Building RB,
Portsmouth Abbey School
0.450%, 05/01/09 (b)
LOC: Bank of America ........................ 1,120,000
--------------
1,620,000
--------------
SOUTH CAROLINA - 1.65%
1,900,000 Berkeley County PCR,
Amoco Chemical Facilities
Project
0.350%, 05/01/09 (b) ........................ 1,900,000
--------------
TEXAS - 0.87%
1,000,000 Lower Neches Valley Authority,
Texas Industrial Development
Corporation RB, Exxonmobil,
Subseries A-3
0.100%, 05/01/09 (b) ........................ 1,000,000
--------------
VIRGINIA - 7.57%
Loudoun County Industrial
Development Authority RB,
Howard Hughes Medical Institute
1,400,000 Series A
0.320%, 05/06/09 (b) ........................ 1,400,000
1,500,000 Series B
0.320%, 05/06/09 (b) ........................ 1,500,000
4,800,000 Series C
0.250%, 05/06/09 (b) ........................ 4,800,000
1,000,000 Peninsula Ports Authority
Coal Terminal RB,
Dominion Terminal Project,
Series D
0.350%, 05/01/09 (b)
LOC: U.S. Bank .............................. 1,000,000
--------------
8,700,000
--------------
WISCONSIN - 1.74%
2,000,000 Wisconsin HEFA RB,
Medical College of Wisconsin,
Series B
0.400%, 05/07/09 (b)
LOC: U.S. Bank .............................. 2,000,000
--------------
AMORTIZED
PAR VALUE COST
- ------------ --------------
WYOMING - 1.78%
$ 650,000 Sublette County PCR,
Exxon Project
0.200%, 05/01/09 (b) ........................ $ 650,000
1,400,000 Sweetwater County Wyoming
PCR TECP
0.550%, 05/04/09 (a) ........................ 1,400,000
--------------
2,050,000
--------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $84,755,000) ............................. 84,755,000
--------------
MARKET
SHARES VALUE
- ------------ --------------
INVESTMENT COMPANIES - 16.56%
5,147,262 AIM TFIT-Tax-Free Reserve
Portfolio ................................... 5,147,262
6,890,132 BlackRock Provident Institutional
MuniCash Portfolio .......................... 6,890,132
2,002,977 Dreyfus Tax Exempt Cash
Management Fund ............................. 2,002,977
5,002,806 SEI Tax-Exempt Trust Institutional
Tax-Free Fund ............................... 5,002,806
--------------
TOTAL INVESTMENT COMPANIES
(Cost $19,043,177) ............................. 19,043,177
--------------
TOTAL INVESTMENTS - 90.28%
(Cost $103,798,177)* ....................................... 103,798,177
--------------
NET OTHER ASSETS AND LIABILITIES - 9.72% ...................... 11,177,872
--------------
NET ASSETS - 100.00% .......................................... $ 114,976,049
==============
- ---------
* At April 30, 2009, 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
April 30, 2009. 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.
8
Aston Funds
FORTIS TREASURY MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH AND OTHER NET ASSETS 6%
REPURCHASE AGREEMENTS 94%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ------------ --------------
REPURCHASE AGREEMENTS - 93.71%
$ 35,000,000 Bank of America, 0.150%, dated 04/30/09, matures
05/01/09, repurchase price $35,000,146
(collateralized by a U.S. Treasury
instrument, with interest rate of 4.875%
and maturity of 2009, total market
value $35,700,100) .......................... $ 35,000,000
30,000,000 Barclays Capital, 0.160%, dated 04/30/09,
matures 05/01/09, repurchase price
$30,000,133 (collateralized by a U.S.
Treasury instrument, with interest rate of
7.500% and maturity of 2024, total market
value $30,600,067) .......................... 30,000,000
35,000,000 Deutsche Bank, 0.140%, dated 04/30/09, matures
05/01/09, repurchase price $35,000,136
(collateralized by a U.S. Treasury
instrument, with interest rate of 3.250%
and maturity of 2009, total market
value $35,700,002) .......................... 35,000,000
30,000,000 JPMorgan Chase, 0.110%, dated 04/30/09, matures
05/01/09, repurchase price $30,000,092
(collateralized by a U.S. Treasury
instrument, with interest rate of 0.000%
and maturity of 2009, total market
value $30,600,817) .......................... 30,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $130,000,000) ............................ 130,000,000
--------------
MARKET
SHARES VALUE
- ------------ --------------
INVESTMENT COMPANIES - 6.29%
4,495,431 AIM STIT Treasury Portfolio .................... $ 4,495,431
4,223,263 BlackRock Liquidity Funds FedFund Portfolio .... 4,223,263
--------------
TOTAL INVESTMENT COMPANIES
(Cost $8,718,694) ........................... 8,718,694
--------------
TOTAL INVESTMENTS - 100.00%
(Cost $138,718,694)* .......................................... 138,718,694
--------------
NET OTHER ASSETS AND LIABILITIES - 0.00% ...................... 2,014
--------------
NET ASSETS - 100.00% .......................................... $ 138,720,708
==============
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
STIT Short-Term Investments Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
Aston Funds
ASTON/FORTIS INVESTOR MONEY MARKET FUND APRIL 30, 2009
SCHEDULE OF INVESTMENTS (UNAUDITED)
(PIE CHART)
CASH AND NET OTHER ASSETS AND LIABILITIES 3%
REPURCHASE AGREEMENTS 97%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ------------ --------------
REPURCHASE AGREEMENTS - 96.98%
$ 16,000,000 Bank of America, 0.170%, dated 04/30/09, matures
05/01/09, repurchase price $16,000,076
(collateralized by a U.S. Government Agency
instrument, with interest rate of 5.000% and
maturity of 2035, total market value
$16,320,000) ................................ $ 16,000,000
17,000,000 Deutsche Bank, 0.160%, dated 04/30/09, matures
05/01/09, repurchase price $17,000,076
(collateralized by U.S. Government Agency
instruments, with interest rates from 4.541%
to 7.000% and maturities from 2028 to 2038,
total market value $17,340,000) ............. 17,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $33,000,000) ............................. 33,000,000
--------------
SHARES
- ------------
INVESTMENT COMPANY - 3.08%
1,046,766 BlackRock Liquidity Funds TempFund Portfolio ... 1,046,766
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,046,766) .............................. 1,046,766
--------------
TOTAL INVESTMENTS - 100.06%
(Cost $34,046,766)* ........................................ $ 34,046,766
--------------
NET OTHER ASSETS AND LIABILITIES - (0.06)% .................... (20,457)
--------------
NET ASSETS - 100.00% .......................................... $ 34,026,309
==============
- ----------
* At April 30, 2009, cost is identical for book and Federal income tax
purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
Aston Funds
APRIL 30, 2009
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
FORTIS
INSTITUTIONAL FORTIS FORTIS FORTIS ASTON/FORTIS
PRIME MONEY GOVERNMENT MONEY TAX-EXEMPT MONEY TREASURY MONEY INVESTOR MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
-------------- ---------------- ---------------- -------------- --------------
ASSETS:
Investments:
Investments at amortized cost .... $ 987,166,557 $ 28,776,653 $103,798,177 $ 8,718,694 $ 1,046,766
Repurchase agreements at cost .... 37,000,000 249,000,000 -- 130,000,000 33,000,000
-------------- ------------ ------------ ------------ -----------
Total investments at value .... 1,024,166,557 277,776,653 103,798,177 138,718,694 34,046,766
Receivables:
Dividends and interest ........... 131,066 6,862 50,258 1,264 650
Fund shares sold ................. -- 2,911 150 -- 226
Investments sold ................. -- -- 11,150,688 -- --
Due from Adviser, net (Note E) ... -- 4,357 -- 11,495 9,148
Other assets ........................... 344,855 74,532 43,959 30,368 10,427
-------------- ------------ ------------ ------------ -----------
Total assets .................. 1,024,642,478 277,865,315 115,043,232 138,761,821 34,067,217
-------------- ------------ ------------ ------------ -----------
LIABILITIES:
Payables:
Dividend distribution ............ 81,131 -- 1,152 10 --
Fund shares redeemed ............. 36,000 -- -- -- 5,858
Due to Adviser, net (Note E) ..... 93,922 -- 7,248 -- --
Administration fees (Note E) ..... 54,832 15,386 4,930 7,663 2,404
Distribution fees (Note E) ....... -- -- 81 -- --
Shareholder service fees
(Note E) ...................... 338 -- -- -- --
Audit and tax fees ............... 18,829 17,258 17,038 15,952 17,210
Custodian fees ................... 20,556 8,771 4,422 6,792 2,243
Transfer agent fees .............. 2,123 2,674 2,769 2,885 7,740
Reports to shareholders expense .. 17,801 15,531 9,106 3,796 1,694
Registration expenses ............ 17,227 -- -- -- 2,620
Trustees fees and related expenses
(Note E) ...................... 7,547 3,130 723 767 204
Legal fees ....................... 33,237 7,178 2,804 2,881 845
Commitment fee (Note F) .......... 3,106 657 16,910 367 90
Accrued expenses and other
payables ...................... 33,606 -- -- -- --
-------------- ------------ ------------ ------------ -----------
Total liabilities ................ 420,255 70,585 67,183 41,113 40,908
-------------- ------------ ------------ ------------ -----------
NET ASSETS ............................. $1,024,222,223 $277,794,730 $114,976,049 $138,720,708 $34,026,309
============== ============ ============ ============ ===========
NET ASSETS CONSIST OF:
Paid in capital ..................... $1,024,174,914 $277,730,370 $114,974,349 $138,712,032 $34,025,395
Accumulated undistributed
(distribution in excess of)
net investment income ............ 14,197 64,357 (2) 8,675 914
Accumulated net realized gain on
investments ...................... 33,112 3 1,702 1 --
-------------- ------------ ------------ ------------ -----------
TOTAL NET ASSETS ....................... $1,024,222,223 $277,794,730 $114,976,049 $138,720,708 $34,026,309
============== ============ ============ ============ ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
Aston Funds
APRIL 30, 2009
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
FORTIS
INSTITUTIONAL FORTIS FORTIS FORTIS ASTON/FORTIS
PRIME MONEY GOVERNMENT MONEY TAX-EXEMPT MONEY TREASURY MONEY INVESTOR MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
-------------- ---------------- ---------------- -------------- --------------
CLASS Y:
Net Assets .......................... $1,018,123,116 $ -- $ -- $ -- $ --
Shares of beneficial interest
outstanding (unlimited
authorization) ................... 1,018,077,456 -- -- -- --
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares Outstanding) .. $ 1.00 $ -- $ -- -- --
============== ============ ============ ============ ===========
CLASS YS:
Net Assets .......................... $ 6,099,107 $ -- $ -- $ -- $ --
Shares of beneficial interest
outstanding (unlimited
authorization) ................... 6,102,228 -- -- -- --
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares Outstanding) .. $ 1.00 $ -- $ -- $ -- $ --
============== ============ ============ ============ ===========
CLASS I:
Net Assets .......................... $ -- $276,692,521 $114,668,424 137,924,926 --
Shares of beneficial interest
outstanding (unlimited a
authorization) ................... -- 276,629,906 114,668,020 137,923,581 --
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares Outstanding) .. $ -- $ 1.00 $ 1.00 $ 1.00 $ --
============== ============ ============ ============ ===========
CLASS S:
Net Assets .......................... $ -- $ 1,102,209 $ 307,625 $ 795,782 $ --
Shares of beneficial interest
outstanding (unlimited
authorization) ................... -- 1,102,199 307,754 795,702 --
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares Outstanding) .. $ -- $ 1.00 $ 1.00 $ 1.00 $ --
============== ============ ============ ============ ===========
CLASS N:
Net Assets .......................... $ -- $ -- $ -- $ -- $34,026,309
Shares of beneficial interest
outstanding (unlimited
authorization) ................... -- -- -- -- 34,025,549
NET ASSET VALUE Offering and
redemption price per share
(Net Assets/Shares Outstanding) .. $ -- $ -- $ -- $ -- $ 1.00
============== ============ ============ ============ ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
Aston Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2009
STATEMENT OF OPERATIONS (UNAUDITED)
FORTIS
INSTITUTIONAL FORTIS FORTIS FORTIS ASTON/FORTIS
PRIME MONEY GOVERNMENT MONEY TAX-EXEMPT MONEY TREASURY MONEY INVESTOR MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
-------------- ---------------- ---------------- -------------- --------------
INVESTMENT INCOME:
Dividends ........................... $1,413,811 $ 126,856 $ 144,415 $ 12,723 $ 5,603
Interest ............................ 7,758,483 281,343 265,669 95,656 52,146
---------- --------- --------- --------- --------
Total investment income .......... 9,172,294 408,199 410,084 108,379 57,749
---------- --------- --------- --------- --------
EXPENSES:
Investment advisory fees (Note E) ... 735,633 321,920 217,159 225,179 67,298
Distribution expenses (Note E)(a) ... -- 1,380 362 1,074 --
Shareholder service fees
(Note E)(b) ...................... 8,767 386 -- -- --
Transfer agent fees ................. 17,867 17,224 16,913 17,557 25,237
Administration fees (Note E) ........ 400,332 93,045 41,833 41,453 15,415
Registration expenses ............... 20,183 8,305 8,305 8,305 10,095
Custodian fees ...................... 38,586 12,024 6,089 10,049 3,869
Audit and tax fees .................. 12,170 10,674 10,532 9,634 10,518
Legal fees .......................... 60,102 12,820 4,945 5,091 1,432
Reports to shareholder expense ...... 18,214 9,559 3,222 3,955 1,736
Trustees fees and related expenses
(Note E) ......................... 51,535 11,023 5,198 5,286 1,423
Money Market Government Insurance
expense (Note B-7) ............... 384,156 73,878 46,230 -- 7,397
Other expenses ...................... 129,532 21,213 33,002 31,910 8,144
---------- --------- --------- --------- --------
Total expenses before waivers/
reimbursements ................ 1,877,077 593,451 393,790 359,493 152,564
---------- --------- --------- --------- --------
Less: Investment advisory fees
waived (Note E) ............... -- (212,645) (149,695) (225,179) (67,298)
Less: Distribution expenses waived
(Note E) ...................... -- (1,351) (173) (1,071) --
Less: Shareholder service fees
waived (Note E) ............... (932) (386) -- -- --
Less: Expenses reimbursed
(Note E) ...................... -- -- -- (26,395) (30,508)
---------- --------- --------- --------- --------
Net expenses ..................... 1,876,145 379,069 243,922 106,848 54,758
---------- --------- --------- --------- --------
NET INVESTMENT INCOME .................. 7,296,149 29,130 166,162 1,531 2,991
---------- --------- --------- --------- --------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized gain on investments .... 33,112 3 1,702 1 --
---------- --------- --------- --------- --------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS ...................... 33,112 3 1,702 1 --
---------- --------- --------- --------- --------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ..................... $7,329,261 $ 29,133 $ 167,864 $ 1,532 $ 2,991
========== ========= ========= ========= ========
- ----------
(a) Fees are incurred at the Class S level for all funds except for the 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 Fortis
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
shareholder service fee expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
Aston Funds
STATEMENTS OF CHANGES IN NET ASSETS
FORTIS INSTITUTIONAL FORTIS
PRIME MONEY MARKET FUND GOVERNMENT MONEY MARKET FUND
----------------------------------- -----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2009 YEAR ENDED APRIL 30, 2009 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2008 (UNAUDITED) OCTOBER 31, 2008
---------------- ---------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ....................... $ 1,414,963,942 $ 1,771,613,713 $ 300,900,588 $ 358,040,547
--------------- --------------- ------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ............................. 7,296,149 62,425,932 29,130 8,784,177
Net realized gain on investments .................. 33,112 11,139 3 32,735
--------------- --------------- ------------- -------------
Net increase in net assets from operations ........ 7,329,261 62,437,071 29,133 8,816,912
--------------- --------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class Y ........................................... (7,268,548) (62,171,940) -- --
Class YS .......................................... (27,619) (253,992) -- --
Class I ........................................... -- -- (29,128) (7,357,238)
Class S ........................................... -- -- (2) (1,426,939)
Class N ........................................... -- -- -- --
--------------- --------------- ------------- -------------
Total distributions ............................ (7,296,167) (62,425,932) (29,130) (8,784,177)
--------------- --------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class Y ........................................... 2,131,141,685 9,170,316,066 -- --
Class YS .......................................... 1,637,471 24,377,636 -- --
Class I ........................................... -- -- 294,350,426 511,812,595
Class S ........................................... -- -- 281,814 181,115,326
Class N ........................................... -- -- -- --
Proceeds from reinvestment of distributions:
Class Y ........................................... 1,427,002 8,111,827 -- --
Class YS .......................................... 26,087 221,977 -- --
Class I ........................................... -- -- 3,934 918,807
Class S ........................................... -- -- 2 1,426,931
Class N ........................................... -- -- -- --
Cost of shares redeemed:
Class Y ........................................... (2,521,662,298) (9,535,258,871) -- --
Class YS .......................................... (3,344,760) (24,429,545) -- --
Class I ........................................... -- -- (317,477,220) (497,373,670)
Class S ........................................... -- -- (264,817) (255,072,683)
Class N ........................................... -- -- -- --
--------------- --------------- ------------- -------------
Net increase (decrease) from capital share
transactions ................................ (390,774,813) (356,660,910) (23,105,861) (57,172,694)
--------------- --------------- ------------- -------------
Total increase (decrease) in net assets ........ (390,741,719) (356,649,771) (23,105,858) (57,139,959)
--------------- --------------- ------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) .......... $ 1,024,222,223 $ 1,414,963,942 $ 277,794,730 $ 300,900,588
=============== =============== ============= =============
(A) Undistributed (distributions in excess of)
net investment income .......................... $ 14,197 $ 14,215 $ 64,357 $ 64,357
=============== =============== ============= =============
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class Y
Sold .............................................. 2,131,141,685 9,170,316,066 -- --
Proceeds from reinvestment of distributions ....... 1,427,002 8,111,828 -- --
Redeemed .......................................... (2,521,662,298) (9,535,258,871) -- --
Class YS
Sold .............................................. 1,637,471 24,377,636 -- --
Proceeds from reinvestment of distributions ....... 26,087 221,977 -- --
Redeemed .......................................... (3,344,760) (24,429,545) -- --
Class I
Sold .............................................. -- -- 294,350,426 511,812,595
Proceeds from reinvestment of distributions ....... -- -- 3,934 918,807
Redeemed .......................................... -- -- (317,477,220) (497,373,670)
Class S
Sold .............................................. -- -- 281,814 181,115,326
Proceeds from reinvestment of distributions ....... -- -- 2 1,426,931
Redeemed .......................................... -- -- (264,817) (255,072,683)
Class N
Sold .............................................. -- -- -- --
Proceeds from reinvestment of distributions ....... -- -- -- --
Redeemed .......................................... -- -- -- --
--------------- --------------- ------------- -------------
Total increase (decrease) in shares outstanding ... (390,774,813) (356,660,909) (23,105,861) (57,172,694)
=============== =============== ============= =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
Aston Funds
FORTIS FORTIS ASTON/FORTIS INVESTOR
TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND MONEY MARKET FUND
- ----------------------------------- ----------------------------------- -----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2009 YEAR ENDED APRIL 30, 2009 APRIL 30, 2009 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2008 (UNAUDITED) OCTOBER 31, 2008 (UNAUDITED) OCTOBER 31, 2008
- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 117,001,306 $ 260,905,903 $ 122,243,247 $ 64,490,696 $ 35,508,359 $ 36,958,977
------------- ------------- ------------- ------------- ------------ ------------
166,162 4,942,845 1,531 3,412,991 2,991 771,646
1,702 -- 1 8,723 -- 914
------------- ------------- ------------- ------------- ------------ ------------
167,864 4,942,845 1,532 3,421,714 2,991 772,560
------------- ------------- ------------- ------------- ------------ ------------
-- -- -- -- -- --
-- -- -- -- -- --
(165,928) (4,028,277) (1,531) (437,810) -- --
(236) (914,568) -- (2,975,181) -- --
-- -- -- -- (2,991) (771,646)
------------- ------------- ------------- ------------- ------------ ------------
(166,164) (4,942,845) (1,531) (3,412,991) (2,991) (771,646)
------------- ------------- ------------- ------------- ------------ ------------
-- -- -- -- -- --
-- -- -- -- -- --
132,735,854 588,042,866 172,224,938 612,165,365 -- --
126,369 190,043,708 147,432 222,993,456 -- --
-- -- -- -- 7,962,119 25,622,282
-- -- -- -- -- --
-- -- -- -- -- --
946 8,762 9 15,617 -- --
229 914,478 -- 437,715 -- --
-- -- -- -- 2,900 760,467
-- -- -- -- -- --
-- -- -- -- -- --
(134,178,278) (673,109,909) (155,703,733) (544,107,046) -- --
(712,077) (249,804,502) (191,186) (233,761,279) -- --
-- -- -- -- (9,447,069) (27,834,281)
------------- ------------- ------------- ------------- ------------ ------------
(2,026,957) (143,904,597) 16,477,460 57,743,828 (1,482,050) (1,451,532)
------------- ------------- ------------- ------------- ------------ ------------
(2,025,257) (143,904,597) 16,477,461 57,752,551 (1,482,050) (1,450,618)
------------- ------------- ------------- ------------- ------------ ------------
$ 114,976,049 $ 117,001,306 $ 138,720,708 $ 122,243,247 $ 34,026,309 $ 35,508,359
============= ============= ============= ============= ============ ============
$ (2) $ -- $ 8,675 $ 8,675 $ 914 $ 914
============= ============= ============= ============= ============ ============
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
132,735,854 588,042,866 172,224,938 612,165,365 -- --
946 8,762 9 15,617 -- --
(134,178,278) (673,109,909) (155,703,733) (544,107,046) -- --
126,369 190,043,708 147,432 222,993,456 -- --
229 914,478 -- 437,715 -- --
(712,077) (249,804,502) (191,186) (233,761,279) -- --
-- -- -- -- 7,962,119 25,622,282
-- -- -- -- 2,900 760,467
-- -- -- -- (9,447,069) (27,834,281)
------------- ------------- ------------- ------------- ------------ ------------
(2,026,957) (143,904,597) 16,477,460 57,743,828 (1,482,050) (1,451,532)
============= ============= ============= ============= ============ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
Aston Funds
FORTIS INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- ---------- ---------- ---------- ---------- ----------
CLASS Y
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ --(a) 0.03 0.05 0.05 0.03 0.01
---------- ---------- ---------- ---------- ---------- ----------
Less distributions from net investment
income ............................ --(a) (0.03) (0.05) (0.05) (0.03) (0.01)
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................... 0.47%(b) 3.33% 5.33% 4.80% 2.79% 1.07%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $1,018,123 $1,407,184 $1,764,006 $2,471,607 $2,408,695 $2,159,527
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.25%(c) 0.19% 0.19% 0.18% 0.18% 0.19%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.25%(c) 0.19% 0.19% 0.18% 0.18% 0.19%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
or expenses by Adviser ............ 0.99%(c) 3.31% 5.21% 4.67% 2.75% 1.06%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.99%(c) 3.31% 5.21% 4.67% 2.75% 1.06%
CLASS YS
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ --(a) 0.03 0.05 0.04 0.03 0.01
---------- ---------- ---------- ---------- ---------- ----------
Less distributions from net investment
income ............................ --(a) (0.03) (0.05) (0.04) (0.03) (0.01)
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................... 0.36%(b) 3.07% 5.07% 4.54% 2.53% 0.82%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 6,099 $ 7,780 $ 7,608 $ 17,258 $ 37,107 $ 51,239
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 0.51%(c) 0.44% 0.44% 0.43% 0.43% 0.44%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.48%(c) 0.44% 0.44% 0.43% 0.43% 0.44%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
or expenses by Adviser ............ 0.74%(c) 3.06% 4.96% 4.42% 2.50% 0.81%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.77%(c) 3.06% 4.96% 4.42% 2.50% 0.81%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
Aston Funds
FORTIS GOVERNMENT MONEY MARKET FUND APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- ----------- -------- -------- -------- --------
CLASS I
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ --(a) 0.02(b) 0.05 0.05 0.03 0.01
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................ --(a) (0.02) (0.05) (0.05) (0.03) (0.01)
Net realized gain on investments ..... -- -- -- -- --(a) --
-------- -------- -------- -------- -------- --------
Total distribution ................... -- (0.02) (0.05) (0.05) (0.03) (0.01)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.01%(c) 2.48% 5.05% 4.62% 2.59% 0.91%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $276,693 $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 ............ 0.37%(d) 0.32%(e) 0.30% 0.29% 0.30% 0.30%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.24%(d) 0.31%(e) 0.30% 0.29% 0.30% 0.30%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ (0.11)%(d) 2.45% 4.96% 4.55% 2.60% 0.91%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.02%(d) 2.46% 4.96% 4.55% 2.60% 0.91%
CLASS S
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ --(a) 0.02(b) 0.05 0.04 0.02 0.01
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................ --(a) (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 Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.00%(c) 2.16% 4.72% 4.28% 2.26% 0.58%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 1,102 $ 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 ............ 0.69%(d) 0.64%(e) 0.62% 0.61% 0.62% 0.62%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.24%(d) 0.63%(e) 0.62% 0.61% 0.62% 0.62%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ (0.43)%(d) 2.13% 4.64% 4.23% 2.28% 0.59%
After reimbursement and/or waiver
of expenses by Adviser ............ 0.02%(d) 2.14% 4.64% 4.23% 2.28% 0.59%
- ----------
(a) Represents less than $0.005 per share.
(b) The selected per share data was calculated using weighted average shares
method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005%, 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.
17
Aston Funds
FORTIS TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
------------ --------- --------- ---------- -------- --------
CLASS I
Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... --(a) 0.02(b) 0.03 0.03 0.02 0.01
-------- -------- -------- -------- -------- --------
Less distributions from
net investment income ................ --(a) (0.02) (0.03) (0.03) (0.02) (0.01)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
TOTAL RETURN .................................. 0.13%(c) 1.98% 3.32% 2.98% 1.83% 0.74%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $114,668 $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 ............... 0.63%(d) 0.48%(e) 0.48%(e) 0.47%(e) 0.46% 0.46%
After reimbursement and/or
waiver of expenses by Adviser ........ 0.39%(d) 0.33%(e) 0.33%(e) 0.34%(e) 0.33% 0.33%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... 0.03%(d) 1.78% 3.13% 2.78% 1.68% 0.61%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.27%(d) 1.93% 3.27% 2.91% 1.81% 0.74%
CLASS S
Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... --(a) 0.02(b) 0.03 0.03 0.02 --(a)
-------- -------- -------- -------- -------- --------
Less distributions from
net investment income ................ --(a) (0.02) (0.03) (0.03) (0.02) --(a)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
TOTAL RETURN .................................. 0.08%(c) 1.73% 3.06% 2.72% 1.57% 0.49%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 308 $ 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 ............... 0.88%(d) 0.73%(e) 0.73%(e) 0.72%(e) 0.71% 0.71%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.52%(d) 0.58%(e) 0.58%(e) 0.59%(e) 0.58% 0.58%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... (0.22)%(d) 1.53% 2.88% 2.53% 1.43% 0.36%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.14%(d) 1.68% 3.02% 2.66% 1.56% 0.49%
- ----------
(a) Represents less than $0.005 per share.
(b) The selected per share data was calculated using weighted average shares
method for the period.
(c) Not Annualized.
(d) Annualized.
(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the 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.
18
Aston Funds
FORTIS TREASURY MONEY MARKET FUND APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
------------ ---------- -------- -------- -------- --------
CLASS I
Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... --(a) 0.02(b) 0.05 0.04 0.02 0.01
-------- -------- ------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................... --(a) (0.02) (0.05) (0.04) (0.02) (0.01)
Net realized gain on investments ........ -- -- -- --(a) --(a) --
-------- -------- ------- -------- -------- --------
Total distribution ...................... -- (0.02) (0.05) (0.04) (0.02) (0.01)
-------- -------- ------- -------- -------- --------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======== ======== ========
TOTAL RETURN .................................. 0.00%(c) 1.96% 4.84% 4.46% 2.41% 0.75%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $137,925 $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 ............... 0.56%(d) 0.50% 0.58% 0.49% 0.48% 0.46%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.17%(d) 0.33% 0.36% 0.36% 0.36% 0.36%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... (0.39)%(d) 1.52% 4.58% 4.24% 2.17% 0.63%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.00%(d) 1.69% 4.80% 4.37% 2.29% 0.73%
CLASS S
Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... --(a) 0.02(b) 0.04 0.04 0.02 --(a)
-------- -------- ------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................... -- (0.02) (0.04) (0.04) (0.02) --(a)
Net realized gain on investments ........ -- -- -- --(a) --(a) --
-------- -------- ------- -------- -------- --------
Total distribution ...................... -- (0.02) (0.04) (0.04) (0.02) --
-------- -------- ------- -------- -------- --------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======== ======== ========
TOTAL RETURN .................................. 0.00%(c) 1.73% 4.58% 4.20% 2.16% 0.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 796 $ 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 ............... 0.81%(d) 0.75% 0.83% 0.74% 0.73% 0.71%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.17%(d) 0.53% 0.61% 0.61% 0.61% 0.61%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... (0.64)%(d) 1.27% 4.33% 3.99% 1.92% 0.38%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.00%(d) 1.49% 4.55% 4.12% 2.04% 0.48%
- ----------
(a) Represents less than $0.005 per share.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
Aston Funds
ASTON/FORTIS INVESTOR MONEY MARKET FUND APRIL 30, 2009
FINANCIAL HIGHLIGHTS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/09 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04
----------- -------- -------- -------- -------- --------
CLASS N
Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... --(a) 0.02 0.05 0.04 0.02 0.01
------- ------- ------- ------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................... --(a) (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 Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======== ========
TOTAL RETURN .................................. 0.01%(b) 2.28% 4.67% 4.30% 2.36% 0.71%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $34,026 $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 ............... 0.91%(c) 0.84% 0.68% 0.61% 0.55% 0.53%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.33%(c) 0.84% 0.68% 0.61% 0.55% 0.53%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............... (0.56)%(c) 2.25% 4.62% 4.18% 2.19% 0.71%
After reimbursement and/or waiver
of expenses by Adviser ............... 0.02%(c) 2.25% 4.62% 4.18% 2.19% 0.71%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE (A) FUND ORGANIZATION: Aston Funds (the "Trust") (formerly known as ABN
AMRO Funds), was organized as a Delaware statutory trust under a Declaration of
Trust dated September 10, 1993. The Trust is registered under the Investment
Company Act of 1940, as amended (the "1940 Act") as an open-end management
investment company with 30 separate portfolios established by the Board of
Trustees as of April 30, 2009. The following portfolios of the Trust are
included in these financial statements: Fortis Institutional Prime Money Market
Fund, Fortis Government Money Market Fund, Fortis Tax-Exempt Money Market Fund,
Fortis Treasury Money Market Fund and Aston/Fortis Investor Money Market Fund
(each a "Fund" and collectively, the "Funds"). The Fortis Money Market Fund
liquidated on December 15, 2008.
Fortis Investment Management USA, Inc. ("FIM" or the "Adviser") serves as
investment adviser to the Funds of the Trust. Aston Asset Management LLC
("Aston") serves as administrator. Aston serves as investment adviser to all
other funds of the Trust.
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements. These policies are in conformity with
U.S. generally accepted accounting principles.
In September 2006, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 157 "Fair Value Measurements"
("SFAS 157") 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 Funds have adopted SFAS
157 as of November 1, 2008. The three levels of the fair value hierarchy under
SFAS 157 are described below:
- Level 1 - quoted prices in active markets for identical securities
- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's net assets as of April 30, 2009 is as
follows:
Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 04/30/09 Price Input Input
- ----- -------------- ------------ ------------ ------------
FORTIS INSTITUTIONAL PRIME MONEY
MARKET FUND
Investments in Securities ............ $1,024,166,557 $185,749,027 $838,417,530 $--
Other Financial Instruments .......... -- -- -- --
-------------- ------------ ------------ ---
TOTAL ................................ $1,024,166,557 $185,749,027 $838,417,530 $--
============== ============ ============ ===
FORTIS GOVERNMENT MONEY MARKET FUND
Investments in Securities ............ $ 277,776,653 $ 28,776,653 $249,000,000 $--
Other Financial Instruments .......... -- -- -- --
-------------- ------------ ------------ ---
TOTAL ................................ $ 277,776,653 $ 28,776,653 $249,000,000 $--
============== ============ ============ ===
FORTIS TAX-EXEMPT MONEY MARKET FUND
Investments in Securities ............ $ 103,798,177 $ 19,043,177 $84,755,000 $--
Other Financial Instruments .......... -- -- -- --
-------------- ------------ ------------ ---
TOTAL ................................ $ 103,798,177 $ 19,043,177 $84,755,000 $--
============== ============ ============ ===
FORTIS TREASURY MONEY MARKET FUND
Investments in Securities ............ $ 138,718,694 $ 8,718,694 $130,000,000 $--
Other Financial Instruments .......... -- -- -- --
-------------- ------------ ------------ ---
TOTAL ................................ $ 138,718,694 $ 8,718,694 $130,000,000 $--
============== ============ ============ ===
ASTON/FORTIS INVESTOR MONEY MARKET
FUND
Investments in Securities ............ $ 34,046,766 $ 1,046,766 $33,000,000 $--
Other Financial Instruments .......... -- -- -- --
-------------- ------------ ------------ ---
TOTAL ................................ $ 34,046,766 $ 1,046,766 $33,000,000 $--
============== ============ ============ ===
21
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
(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, 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 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.
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 became 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, 2009, 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.
(7) TREASURY GUARANTEE PROGRAM: On October 3, 2008, the Board of Trustees of
Aston Funds (the "Board") approved the participation of each of FORTIS
INSTITUTIONAL PRIME MONEY MARKET FUND, FORTIS GOVERNMENT MONEY MARKET FUND,
FORTIS TAX-EXEMPT MONEY MARKET FUND and ASTON/FORTIS INVESTOR MONEY MARKET FUND
(the "Participating Funds") in U.S. Department of the Treasury's (the
"Treasury") 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 Treasury's Exchange Stabilization Fund ("ESF") on the date
of payment. Currently, ESF assets are approximately $50 billion. The Treasury
and the Secretary of the Treasury have the authority to use assets from the ESF
for purposes other than those of the Program.
22
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
The initial period of the program was from September 19, 2008 through December
18, 2008 (the "Initial Period"). The Treasury has twice extended the Program -
from December 19, 2008 through April 30, 2009 (the "Extension Period") and from
May 1, 2009 through September 18, 2009 (the "Final Extension Period"). In each
case, the Board approved the continued participation of each Participating Fund
in the Program on substantially the same terms as the existing Program. The
Treasury is not currently authorized to make any further Program extensions
beyond September 18, 2009. 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 each phase of the Program is set forth below:
INITIAL PERIOD: 0.01% of the net asset value of a Participating Fund as of
September 19, 2008.
EXTENSION PERIOD: 0.015% of the net asset value of a Participating Fund as of
September 19, 2008.
FINAL EXTENSION PERIOD: 0.015% of the net asset value of a Participating Fund as
of September 19, 2008.
Accordingly, the fees for participating in the Program equate to 4 basis points
(on an annualized basis) of a Participating Fund's asset base as of September
19, 2008 over the entire extended Program term.
(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 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 161 will have on the Funds'
financial statement disclosures, if any.
In April 2009, FASB Staff Position No. 157-4 - DETERMINING FAIR VALUE WHEN THE
VOLUME AND LEVEL OF ACTIVITY FOR THE ASSET OR LIABILITY HAVE SIGNIFICANTLY
DECREASED AND IDENTIFYING TRANSACTIONS THAT ARE NOT ORDERLY ("FSP 157-4") was
issued. FSP 157-4 clarifies the process for measuring the fair value of
financial instruments when the markets become inactive and quoted prices may
reflect distressed transactions. FSP 157-4 provides a non-exclusive list of
factors a reporting entity should consider when determining whether there has
been a significant decrease in the volume and level of activity for an asset or
liability when compared with normal market activity. Under FSP 157-4, if a
reporting entity concludes there has been a significant decrease in volume and
level of activity for the asset or liability (or similar assets or liabilities),
transactions or quoted prices may not be determinative of fair value. Further
analysis of the transactions or quoted prices is needed, and a significant
adjustment to the transactions or quoted prices may be necessary to estimate
fair value in accordance with FASB Statement No. 157 - FAIR VALUE MEASUREMENTS.
FSP 157-4 is effective for interim and annual reporting periods ending after
June 15, 2009, and shall be applied prospectively. Early adoption is permitted
for periods ending after March 15, 2009. Earlier adoption for periods ending
before March 15, 2009, is not permitted. At this time, Management is evaluating
the impact of FSP 157-4 on the Fund's financial statements.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: The Funds declare dividends daily from net investment income. The Funds'
dividends are payable monthly and are automatically reinvested in additional
Fund shares, at the month-end net asset value, for those shareholders that have
elected the reinvestment option. Differences in dividends per share between
classes of the Funds are due to different class expenses.
Net investment income and realized gains and losses for federal income tax
purposes may differ from those reported on the financial statements because of
permanent book and tax basis differences.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are classified as ordinary income for tax purposes. The tax
character of ordinary income distributions paid during the years ended October
31, 2008 and 2007 was as follows:
23
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
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 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 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 most recent tax year end, the components of
distributable earnings on a tax basis were as follows:
UNDISTRIBUTED UNDISTRIBUTED
CAPITAL LOSS ORDINARY TAX-EXEMPT
CARRYFORWARD INCOME INCOME TOTAL
------------- ------------- ------------- ----------
Fortis Institutional Prime Money Market Fund ..... $-- $2,823,192 $ -- $2,823,192
Fortis Government Money Market Fund .............. -- 269,494 -- 269,494
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 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, 2010 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 six months ended April 30, 2009 were as
follows:
EXPENSE LIMITATIONS
FOR TOTAL EXPENSES
ADVISORY FEES -------------------
FUNDS(a) 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 Tax-Exempt Money Market Fund ............. 0.35% 0.33% 0.58%
Fortis Treasury Money Market Fund ............... 0.35% 0.36% 0.61%
Aston/Fortis Investor Money Market Fund ......... 0.40% N/A N/A
(a) For portions of the period November 1, 2008 through April 30, 2009, the
Funds 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 SA/NV ("Fortis Bank"), announced that the Belgian
government had acquired substantially all of the outstanding capital and voting
rights of Fortis Bank in a series of transactions (the "Nationalization").
Fortis and BNP Paribas SA ("BNP") then announced that BNP would acquire
approximately 75% of the outstanding capital and voting rights of Fortis Bank in
a series of transactions (the "BNP Transaction"). BNP also announced that, in
connection with the BNP Transaction, the Belgian government was expected to
retain a 25% plus one share capital and voting interest in Fortis Bank and to
acquire approximately 12% of the common stock of BNP.
At a meeting held on October 10, 2008, the Board of Trustees (the "Board")
considered that the Nationalization may have constituted a change of control of
FIM under the 1940 Act, thereby resulting in the automatic termination of the
investment advisory agreement between the Trust, on behalf of each Fund, and
FIM. At that meeting, the Board approved the continuance of the investment
advisory agreement for each Fund on the same terms as the existing investment
advisory agreements. The factors considered by the Board in approving the
continuance of the investment advisory agreement for each Fund in connection
with the Nationalization at the October 10, 2008 meeting were included in the
Fund's Annual Report to shareholders dated October 31, 2008.
The Board also considered that the BNP Transaction may be deemed to result in
the assignment of the investment advisory agreement for each Fund, causing the
investment advisory agreements to automatically terminate. In anticipation of
the BNP Transaction, the Board met in-person on November 25, 2008 to approve a
new investment advisory agreement between the Trust, on behalf of each Fund, and
FIM, on the same terms as the existing investment advisory agreements, except
for the date of effectiveness and initial term. Following the closing of the BNP
Transaction and termination of the investment advisory agreements, shareholders
of the Funds would be asked to vote
24
Aston Funds
APRIL 30, 2009
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
for the approval of the new investment advisory agreements. The Board also
approved an interim investment advisory agreement between the Trust, on behalf
of each Fund, and FIM, which will be in effect following the BNP Transaction for
150 days, or until shareholders approve the new investment advisory agreements.
The factors considered by the Board of Trustees in approving the new and interim
investment advisory agreements for each Fund in connection with the BNP
Transaction at the November 25, 2008 meeting are included herein.
Following the November meeting, the BNP Transaction was delayed. In May 2009,
BNP announced that its board of directors had approved the transfer of
approximately 55% of the outstanding shares and voting rights of Fortis Bank to
BNP and that an additional transfer of approximately 20% of the remaining shares
of Fortis Bank was approved by shareholders of BNP on May 13, 2009. FIM,
therefore, currently is providing investment advisory services to the Funds
under the interim investment advisory agreements. Also, please see Note G -
Subsequent Events.
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 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
and Fortis Government Money Market Fund were 0.25% and 0.07% of average daily
net assets, respectively, for the six months ended April 30, 2009. 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 six months ended
April 30, 2009. The Aston/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 six months ended April 30, 2009 was $196,250.
NOTE (F) CREDIT AGREEMENT: Effective April 28, 2009, the Trust entered into a
new Credit Agreement with PNC Bank, National Association which provides the
Trust with a revolving credit facility up to $50 million. The facility is shared
by most series of the Trust, and is available for temporary, emergency purposes
including liquidity needs in meeting redemptions. The annual facility fee is
0.25% of the commitment amount of the facility. In addition to the facility fee,
the Trust may incur reasonable legal expenses in connection with the preparation
of any amendments, which are limited to no more than $2,500. Prior to April 28,
2009, the Credit Agreement with The Bank of Nova Scotia had an annual facility
fee of 0.125% of the commitment amount of the facility in addition to an annual
administration fee of $75,000. This agreement was terminated on April 29, 2009.
For the six-months ended April 30, 2009, there were no borrowings on the line of
credit for the Funds.
NOTE (G) SUBSEQUENT EVENT: At a meeting held on June 18, 2009, the Board
determined that the termination of each Fund is in the best interest of each
Fund. The estimated liquidation date of each Fund is on or about July 30, 2009.
25
Aston Funds
APRIL 30, 2009
ADDITIONAL INFORMATION (UNAUDITED)
FORM N-Q: The Trust files complete schedules of portfolio holdings for the Funds
with the Securities and Exchange Commission (the "SEC") for the Trust's first
and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are
available on the SEC's Web site at www.sec.gov and are available for review and
copying at the SEC's Public Reference Room in Washington, DC. Information on the
operations of the Public Reference Room may be obtained by calling the SEC at
202 942-8090.
PROXY VOTING: Aston Funds' Proxy Voting Policies and Procedures, used to
determine how to vote proxies relating to portfolio securities, are included in
the Trust's Statement of Additional Information, which is available (i) upon
request, without charge, by calling 800-992-8151; (ii) on Aston Funds' Web site
at www.astonfunds.com; and (iii) on the SEC's Web site at www.sec.gov. Aston
Funds' Proxy Voting Record for the most recent twelve-month period ended June 30
is available without charge (i) on the Funds' Web site at www.astonfunds.com;
and (ii) on the SEC's Web site at www.sec.gov.
CHANGE IN INDEPENDENT PUBLIC ACCOUNTING FIRM - MONEY MARKET FUNDS OF THE TRUST:
On May 29, 2009, KPMG, LLP ("KPMG") confirmed that the client-auditor
relationship between the Funds and KPMG had ceased. KPMG had determined that
there were certain relationships it had with certain affiliates of the Adviser
to the Funds which arose from the BNP Transaction change of control that, in
their professional judgment, may be reasonably thought to bear on KPMG's
independence. KPMG's audit report on each Fund's financial statements for the
fiscal year ended October 31, 2008 contained no adverse opinion or disclaimer of
opinion, nor was their report qualified or modified as to uncertainty, audit
scope or accounting principles. During each Fund's fiscal year ended October 31,
2008 and the interim period commencing November 1, 2008 and ended May 13, 2009,
(i) there were no disagreements between the Funds and KPMG 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
KPMG, 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 year, 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.
FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE CONTINUATION OF THE
INVESTMENT ADVISORY AGREEMENTS FOR THE MONEY MARKET FUNDS
At an in person meeting held on November 25, 2008, the Board, including all of
the Independent Trustees, considered the terms of a new investment advisory
agreement (each, a "New Investment Advisory Agreement" and collectively, the
"New Investment Advisory Agreements") between FIM and the Trust on behalf of the
Funds.
The Board noted that, at its October 10, 2008 meeting, it had approved the
continuation of the then current investment advisory agreements of each Fund on
the same terms, including the fees payable to FIM, in connection with the
acquisition of substantially all of the outstanding capital and voting rights of
Fortis Bank, the parent company of FIM, by the Belgian government. The Board
considered information provided by FIM regarding the agreement by BNP to acquire
approximately 75% of the capital and voting rights of Fortis Bank from the
Belgian government in the BNP Transaction and the expectation that the Belgian
government would retain a 25% plus one share capital and voting interest in
Fortis Bank and acquire 11.6% of BNP. The Board considered that upon completion
of the BNP Transaction, BNP will have an indirect majority interest and control
over the outstanding capital and voting rights of FIM. The Board considered that
the BNP Transaction may be deemed an "assignment" of the current investment
advisory agreements, causing the agreements to automatically terminate.
In anticipation of the termination of the current investment advisory agreements
in connection with the BNP Transaction, the Board, including the Independent
Trustees, determined that the terms of the New Investment Advisory Agreements
between the Trust, on behalf of each Fund, and FIM are fair and reasonable and
approved each New Investment Advisory Agreement, including the continuation of
the Agreement in connection with any additional assignment that may be deemed to
occur as a result of subsequent stages of the BNP Transaction, as being in the
best interests of each Fund. The Independent Trustees met separately from the
"interested" Trustee of the Trust to consider the approval of the New Investment
Advisory Agreements with respect to each Fund and were assisted by independent
legal counsel in their deliberations.
In anticipation of the termination of the current investment advisory agreements
in connection with the BNP Transaction, the Board, including the Independent
Trustees voting separately, also approved an interim investment advisory
agreement between FIM and the Trust, on behalf of each Fund, to be effective if
the BNP Transaction closes prior to shareholder approval of the New Investment
Advisory Agreements. The interim investment advisory agreement with respect to
each Fund will terminate, if effective, on the earlier of one hundred fifty
(150) days following its effective date or the effective date of the New
Investment Advisory Agreements.
In determining whether to approve the New Investment Advisory Agreement and
interim agreement for each Fund in connection with the BNP Transaction and
whether to recommend the approval of the New Investment Advisory Agreement to
shareholders, the Board received information and made inquiries into all matters
deemed relevant and considered the following factors, among others:
- Representations from FIM that the key personnel of FIM, including, but
not limited to, the portfolio managers and other investment
professionals, operations staff and compliance personnel, are not
expected to change as a result of the BNP Transaction;
26
Aston Funds
APRIL 30, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- Representations from FIM that it expects to continue to operate
autonomously following the BNP Transaction and that the Transaction
will not affect the nature, extent and quality of services provided by
FIM;
- Each New Investment Advisory Agreement with FIM will be substantially
the same as the current investment advisory agreement, and the
investment advisory fee rate will remain the same; and
- FIM has agreed that it, or its affiliates, will bear all costs of the
Funds relating to the BNP Transaction, including the costs of
preparing, printing and mailing a Proxy Statement to shareholders of
the Funds and related solicitation expenses.
The Board considered that it had recently approved the current investment
advisory agreements pursuant to an extensive process that concluded at its
December 2007 meeting, and that the Board was in the process of completing this
year's contract renewal process. 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 BNP
Transaction. The Board concluded, based upon all of these considerations, along
with the conclusions the Board reached with respect to the current 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 terms of the New Investment
Advisory Agreements, including the proposed advisory fees, were fair and
reasonable, and that the New Investment Advisory Agreement on behalf of each
Fund should be approved.
27
Aston Funds
APRIL 30, 2009
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
11/01/08 04/30/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
FORTIS INSTITUTIONAL PRIME MONEY MARKET
ACTUAL FUND RETURN
Class Y ............................ $1,000 $1,004.70 0.25% $1.24
Class YS ........................... 1,000 1,003.60 0.48% 2.38
HYPOTHETICAL 5% RETURN
Class Y ............................ $1,000 $1,023.55 0.25% $1.25
Class YS ........................... 1,000 1,022.41 0.48% 2.41
FORTIS GOVERNMENT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,000.10 0.24% $1.19
Class S ............................ 1,000 1,000.00 0.24% 1.19
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,023.60 0.24% $1.20
Class S ............................ 1,000 1,023.60 0.24% 1.20
FORTIS TAX-EXEMPT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,001.30 0.40% $1.98
Class S ............................ 1,000 1,000.80 0.53% 2.63
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,022.81 0.40% $2.01
Class S ............................ 1,000 1,022.17 0.53% 2.66
FORTIS TREASURY MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ............................ $1,000 $1,000.00 0.17% $0.84
Class S ............................ 1,000 1,000.00 0.17% 0.84
HYPOTHETICAL 5% RETURN
Class I ............................ $1,000 $1,023.95 0.17% $0.85
Class S ............................ 1,000 1,023.95 0.17% 0.85
ASTON/FORTIS INVESTOR MONEY MARKET FUND
ACTUAL FUND RETURN
Class N ............................ $1,000 $1,000.10 0.33% $1.64
HYPOTHETICAL 5% RETURN
Class N ............................ $1,000 $1,023.16 0.33% $1.66
(1) Annualized, based on a Fund's most recent fiscal half-year expenses.
(2) Expenses are equal to a Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year, then divided by 365.
28
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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
Lake Partners, Inc.
24 Field Point Road
Greenwich, CT 06830
M.D Sass Investors Services, Inc.
1185 Avenue of the Americas, 18th Floor
New York, NY 10036
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
TAMRO Capital Partners LLC
1660 Duke St.
Alexandria, VA 22314
Taplin, Canida & Habacht, Inc.
1001 Brickell Bay Drive, Suite 2100
Miami, FL 33131
Todd-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
Operating Officer, Chief Financial Officer and Chief Compliance Officer
Juli A. Braun, Assistant Treasurer
Laura M. Curylo, Assistant Treasurer
James A. Dimmick, Assistant Secretary
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
THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT
FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800 992
8151.
(ASTON FUNDS LOGO)
Aston Funds
P.O. Box 9765
Providence, RI 02940
ATN MMFSEMI 09
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) ASTON FUNDS
By (Signature and Title)* /S/ KENNETH C. ANDERSON
Kenneth C. Anderson, President
(principal executive officer)
Date 6/29/09
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ KENNETH C. ANDERSON
Kenneth C. Anderson, President
(principal executive officer)
Date 6/29/09
By (Signature and Title)* /S/ GERALD F. DILLENBURG
Gerald F. Dillenburg, Senior Vice President,
Secretary & Treasurer
(principal financial officer)
Date 6/29/09
* Print the name and title of each signing officer under his or her signature.