UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08004

ASTON FUNDS
(Exact name of registrant as specified in charter)

120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
(Address of principal executive offices) (Zip code)

Kenneth C. Anderson, President
Aston Funds
120 North LaSalle Street, 25th Floor
CHICAGO, IL 60602
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 268-1400

Date of fiscal year end: OCTOBER 31

Date of reporting period: OCTOBER 31, 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)

ANNUAL REPORT 2009
October 31, 2009

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

(GRAPHIC)

Aston Funds

Dear Fellow Shareholder:

What a difference a year makes.

Just twelve months ago, global financial markets were mired in one of their
worst panics since the Great Depression, most of the world's major economies
were contracting sharply and investors were flocking to high-quality
government-backed bonds, the asset class deemed most defensive in periods of
stress. Now, the global economy continues to show signs of stabilization,
liquidity has begun to return to the credit markets and investors increasingly
are exhibiting a greater appetite for riskier assets. In response, U.S. and
foreign stocks have posted some of their strongest gains in history since March
2009, and high-yield and investment-grade corporate bonds have enjoyed a sharp
rally during that span.

What can we learn from the past year?

More than any other year we can recall, the past 12 months serve as a sharp
reminder of the importance of the basic principles of investing. First, staying
the course over the long-term often is the most beneficial approach and helps
reduce the emotion of investing. As one example of this, many investors who
maintained their exposure to the U.S. stock market over the past year generally
were better off one year later than those who sold and remained out of stocks
altogether. On October 31, 2009, the Standard & Poor's 500(R) Index stood at
1036.19, up nearly 7% from a year earlier. This statistic helps illustrate the
perils of trying to time swings in market performance. Second, diversification
across asset classes still matters. Although there has been a higher-than-normal
correlation between the returns of riskier asset classes over the past several
years, high-quality equity and bond income producing investments and certain
high liquidity alternative products generally have proven to be an effective
method for diversifying a portfolio.

Where do we go from here?

Given the severity of the financial crisis and the economic downturn, a full
recovery in the global economy and financial markets may take longer than
normal. Although major challenges undoubtedly lie ahead, we remain optimistic
that long-term opportunities will, as they always do during any transition,
continue to emerge.

To continue to meet and capitalize on those challenges and the inevitable
opportunities that will emerge from them, we believe that we have assembled one
of the most talented and time-tested team of subadvisers in the business under
the Aston Funds umbrella. Each of them is a best-of-breed money manager that
pursues a disciplined, process-driven management style that helped us weather
the recent storm better than many.

In the pages that follow, we submit this annual report for Aston Funds. To our
long-standing shareholders, we extend our thanks for your continued support. And
to those who have recently joined us, we welcome you into the family.

Best wishes for a profitable and productive 2010.

Sincerely,

/s/ Kenneth Anderson

Kenneth Anderson
President
Aston Funds

The views expressed in this report reflect those of the portfolio managers only
through the end of the period covered and do not necessarily represent the views
of Aston or any other person in Aston Asset Management LLC. Any such views are
subject to change at any time based upon market or other conditions and Aston
disclaims any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for an Aston Fund are
based on numerous factors, may not be relied on as an indication of trading
intent on behalf of any Aston Fund.

Aston Funds

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

INTERNATIONAL FUNDS
Neptune International Fund
Barings International Fund

ALTERNATIVE FUNDS
Dynamic Allocation Fund
New Century Absolute Return ETF Fund
M.D. Sass Enhanced Equity 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

Portfolio Manager's Commentaries & Schedules of Investments .............. 2
Statements of Assets and Liabilities ..................................... 66
Statements of Operations ................................................. 72
Statements of Changes in Net Assets ...................................... 78
Financial Highlights ..................................................... 88
Notes to Financial Statements ............................................ 128
Report of Independent Registered Public Accounting Firm .................. 144
Additional Information (unaudited) ....................................... 145

THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS
OF THE FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE
PROSPECTUS WHICH INCLUDES DETAILS REGARDING THE FUNDS' OBJECTIVES,
POLICIES, EXPENSES AND OTHER INFORMATION.

ASTON FUNDS ARE DISTRIBUTED BY PFPC DISTRIBUTORS, INC., 760 MOORE
ROAD, KING OF PRUSSIA, PA 19406.

SHAREHOLDER SERVICES 800 992-8151 - www.astonfunds.com

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

Aston Funds
MONTAG & CALDWELL GROWTH FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Ronald E. Canakaris, CFA, CIC

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

A. After selling off sharply during the first months of this year, the market
experienced a remarkable rally off its March lows in anticipation of a
second-half recovery in economic activity. The Fund participated with
returns ahead of the S&P 500 Index ("S&P 500"), though it trailed its
Russell 1000(R) Growth Index ("Russell 1000 Growth") benchmark. In this
environment, many of the stocks that helped the Fund significantly
outperform both the S&P 500 and the Russell 1000 Growth during the previous
two years were a short-term drag on relative performance given a resurgence
in some of the more beaten down names and an apparent increase in
investors' appetite for risk. In our work, valuations of many of the more
cyclical and lesser quality issues appear extended based on 2010 earnings.
The biggest detractor from relative performance versus the Russell 1000
Growth this year was stock selection in the Consumer Discretionary and
Financial sectors. We would note both of these areas were contributors to
2008's positive relative returns. The Fund benefited from strong stock
selection in the Technology, Energy, and Healthcare sectors.

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

A. Schering-Plough was one of the portfolio's best performers as it agreed to
be acquired by Merck in a cash and stock transaction. The Fund also
benefited from holdings in Apple, as the company's iPhone continued to
drive growth in earnings and the company benefited from better than
expected sales of both its computers and iPods. Cameron International
performed well on a recovery in the price of oil and earnings held up
relatively well due to significant exposure to a secular trend towards
deep-water oil exploration. Google contributed to returns as top-line
growth resumed and its management demonstrated an ability to restrain
spending. Allergan benefited from an expectation that its earnings would
improve with increased expenditures on discretionary healthcare items such
as cosmetic surgery.

Q. What were the weakest performing holdings?

A. Stryker's performance lagged in 2009 as the company had several unresolved
regulatory issues. Wells Fargo hurt the Fund's results during the year as
we sold it and built a position in JPMorgan Chase. Devon was negatively
affected by ongoing weakness in the price of natural gas, which did not
recover. Gilead and Procter & Gamble were among our better performers in
2008 but did not do well in 2009 due to an investor preference for more
cyclical issues.

Q. How was the Fund positioned as of October 31, 2009?

A. We continue to believe the stock market reached a bear market low on March
9, 2009, and that a cyclical bull market is under way. While the S&P 500 is
more fairly valued after a nearly 60% increase from its March 9 low, we are
still finding plenty of attractively valued stocks. Furthermore, there is
ample fiscal and monetary liquidity to support financial markets and
promote economic growth. In our opinion, a synchronized global economic
recovery is under way amid low inflation that should contribute to higher
share prices and mitigate the stock market's risk. Also limiting risk is
the fact that with inflation low there is no reason the Federal Reserve
Board (the "Fed") should tighten its policy any time soon. Still, because
the market is more fairly valued and technically overbought, we do see an
increasing risk of a market correction over the short-term. We would view
that development as a correction within a bull market, and expect the
market subsequently to move higher with the global recovery.

In our opinion the outlook for large-cap growth stocks is good,
particularly for high-quality secular growers. Looking ahead to 2010
earnings, we believe the attractiveness of these stocks will become evident
as we transition to an earnings driven market. On anticipated 2010
earnings, these companies' growth rates appear more attainable and their
valuations more reasonable.

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

(PERFORMANCE GRAPH)

Montag & Caldwell Growth Fund

Montag & Caldwell Growth Morningstar(R) Large
Fund - Class N Shares Russell 1000 index Growth Category
------------------------ ------------------ --------------------

Nov-94 10,000 10,000 10,000
Oct-95 13,187 12,921 12,469
Oct-96 17,131 15,770 14,877
Oct-97 22,925 20,575 18,950
Oct-98 27,027 25,645 21,912
Oct-99 34,958 34,428 30,004
Oct-00 34,623 37,641 35,120
Oct-01 28,608 22,603 22,252
Oct-02 24,271 18,168 18,260
Oct-03 26,452 22,131 22,125
Oct-04 27,482 22,879 22,882
Oct-05 29,878 24,895 25,225
Oct-06 32,273 27,593 27,508
Oct-07 40,795 32,899 33,442
Oct-08 28,095 20,743 20,413
Oct-09 32,331 24,375 23,546

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 15.08%
Five Year 3.30%
Ten Year -0.78%
Since Inception 8.14%

Inception Date 11/02/94

Average Annual Total Returns - Class I

One Year 15.36%
Five Year 3.58%
Ten Year -0.51%
Since Inception 5.90%

Inception Date 06/28/96

Average Annual Total Returns - Class R

One Year 14.87%
Five Year 3.08%
Since Inception 4.41%

Inception Date 12/31/02

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

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND I CLASS IS 1.08% AND 0.83%
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. PLEASE REFER
TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009 FISCAL YEAR END
RELATED INFORMATION.

Aston Funds
MONTAG & CALDWELL GROWTH FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 26%
CONSUMER STAPLES 22%
HEALTH CARE 16%
CONSUMER DISCRETIONARY 10%
ENERGY 9%
INDUSTRIALS 6%
FINANCIALS 6%
MATERIALS 1%
CASH & NET OTHER ASSETS AND LIABILITIES 4%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 96.39%
CONSUMER DISCRETIONARY - 10.40%
1,715,700 McDonald's ..................................... $ 100,557,177
867,700 NIKE, Class B .................................. 53,953,586
1,820,000 TJX ............................................ 67,977,000
1,316,900 Walt Disney .................................... 36,043,553
--------------
258,531,316
--------------
CONSUMER STAPLES - 22.08%
2,050,000 Coca-Cola ...................................... 109,285,500
976,500 Colgate-Palmolive .............................. 76,782,195
1,325,000 Costco Wholesale ............................... 75,326,250
1,200,000 CVS Caremark ................................... 42,360,000
1,630,000 PepsiCo ........................................ 98,696,500
900,000 Procter & Gamble ............................... 52,200,000
1,900,000 Wal-Mart Stores ................................ 94,392,000
--------------
549,042,445
--------------
ENERGY - 8.99%
1,800,300 Cameron International * ........................ 66,557,091
804,400 Occidental Petroleum ........................... 61,037,872
1,541,500 Schlumberger ................................... 95,881,300
--------------
223,476,263
--------------
FINANCIALS - 5.52%
4,740,400 Charles Schwab ................................. 82,198,536
1,318,800 JPMorgan Chase ................................. 55,086,276
--------------
137,284,812
--------------
HEALTH CARE - 15.90%
2,100,000 Abbott Laboratories ............................ 106,197,000
1,340,400 Allergan ....................................... 75,397,500
1,565,000 Gilead Sciences * .............................. 66,590,750
3,675,000 Schering-Plough ................................ 103,635,000
950,000 Stryker ........................................ 43,700,000
--------------
395,520,250
--------------

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

INDUSTRIALS - 6.24%
840,000 3M ............................................. $ 61,798,800
388,400 Burlington Northern Santa Fe ................... 29,254,288
662,600 Emerson Electric ............................... 25,013,150
879,700 Fluor .......................................... 39,076,274
--------------
155,142,512
--------------
INFORMATION TECHNOLOGY - 26.47%
640,000 Apple * ........................................ 120,640,000
219,000 Google, Class A * .............................. 117,410,280
2,381,000 Hewlett-Packard ................................ 113,002,260
2,151,200 Juniper Networks * ............................. 54,877,112
2,270,000 QUALCOMM ....................................... 94,000,700
877,800 Research In Motion * ........................... 51,553,194
1,410,000 Visa, Class A .................................. 106,821,600
--------------
658,305,146
--------------
MATERIALS - 0.79%
293,300 Monsanto ....................................... 19,703,894
--------------
TOTAL COMMON STOCKS
(Cost $2,128,076,237) ....................... 2,397,006,638
--------------
INVESTMENT COMPANY - 3.62%
90,080,974 BlackRock Liquidity Funds
TempCash Portfolio .......................... 90,080,974
--------------
TOTAL INVESTMENT COMPANY
(Cost $90,080,974) .......................... 90,080,974
--------------
TOTAL INVESTMENTS - 100.01%
(Cost $2,218,157,211)** .................................... 2,487,087,612
--------------
NET OTHER ASSETS AND LIABILITIES - (0.01)% .................... (264,297)
--------------
NET ASSETS - 100.00% .......................................... $2,486,823,315
==============

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

** Aggregate cost for Federal income tax purposes is $2,242,002,762.

Gross unrealized appreciation.... $ 272,366,855
Gross unrealized depreciation.... (27,282,005)
-------------
Net unrealized appreciation...... $ 245,084,850
=============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS SELECT GROWTH FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

B. Anthony Weber; Charles Mercer, Jr., CFA & Michael E. Johnson, CFA

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

A. The volatility that marked the end of 2008 spilled over into 2009 as the
market finally bottomed amid a panicked selloff in February and March. Off
that bottom, those stocks that had suffered the most and that were most
leveraged saw the greatest increase in price, stocks that the Fund
generally did not own. Earnings surprise and estimate revision, the core of
our strategy, were of little consequence during the period until the third
quarter of 2009. It was during that quarter that the Fund outpaced the
market and its rivals. Unfortunately, volatility was reintroduced into the
market during the fourth quarter as investors became nervous about
lackluster Gross Domestic Product ("GDP") growth.

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

A. The Fund's top three stocks for the just ended 12-month period represented
a varied group of industries. Financial firm Morgan Stanley rose
significantly and we added value trading around this name several times
before selling out of the position. Ford Motor, of all stocks, was up
substantially, as was semiconductor firm Marvell Technology Group. Overall,
Technology and the Consumer Discretionary spaces were our two best
contributing sectors.

Q. What were the weakest performing holdings?

A. We did a poor job with bank stocks as we attempted to buy high-quality
names during the fourth quarter of 2008 like JPMorgan Chase and U.S.
Bancorp. Those positions quickly went against us as lending write-offs
continued. We chose to go with Morgan Stanley and Bank of America later on
in the year because of their larger brokerage exposure. From a sector
standpoint, Healthcare was the albatross, as we sold names like Intuitive
Surgical and Illumina at inopportune times as we let the macroeconomic
influences of the state of hospital balance sheets affect our thought
process and sold them too early. Despite the fact that we were underweight
this sector due to the uncertainty of the healthcare reform bill, we still
lost significant ground relative to the benchmark in this space.
Industrials detracted from performance, with most of the shortfall coming
from the Transportation industry early on in the period.

Q. How was the Fund positioned as of October 31, 2009?

A. Early cycle sectors such as Technology and Consumer Discretionary dominate
the portfolio as we feel that we are seeing a classic "V-shaped"
recovery--where the deeper the recession the better the bounce off the
bottom. The earnings surprise and estimate revision metrics within the
portfolio indicate this. Semiconductor stocks such as Intel and Micron
Technology lead the Technology exposure, while names like Best Buy and Ford
Motor front the Consumer space. We firmly believe there is pent up demand
for certain big-ticket items as the "cash for clunkers" program proved. We
feel a major PC upgrade cycle is underway as corporate America is flush
with cash and capital spending doesn't seem to be able to go much lower as
it is now at a 40-year low as a percent of GDP. The other larger area of
exposure is in the Financials sector, which includes names like Blackstone
Group and T. Rowe Price Group.

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

(PERFORMANCE GRAPH)

Veredus Select Growth Fund

Veredus Select Growth Morningstar(R) Large
Fund Russell 1000 Growth Index Growth Category
--------------------- ------------------------- --------------------

Dec-01 10,000 10,000 10,000
Oct-02 7,290 7,347 7,470
Oct-03 9,330 8,950 9,052
Oct-04 10,310 9,252 9,363
Oct-05 11,880 10,067 10,321
Oct-06 13,094 11,159 11,256
Oct-07 16,778 13,304 13,683
Oct-08 10,219 8,388 8,352
Oct-09 10,666 9,857 9,634

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 4.37%
Five Year 0.68%
Since Inception 0.83%

Inception Date 12/31/01

Average Annual Total Returns - Class I

One Year 4.81%
Since Inception -3.35%

Inception Date 09/11/06

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
VEREDUS SELECT GROWTH FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 44%
CONSUMER DISCRETIONARY 32%
FINANCIALS 13%
INDUSTRIALS 3%
CONSUMER STAPLES 3%
ENERGY 3%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.00%
CONSUMER DISCRETIONARY - 31.72%
99,625 Best Buy ....................................... $ 3,803,682
52,100 Carnival ....................................... 1,517,152
203,100 CBS, Class B ................................... 2,390,487
341,300 Ford Motor * ................................... 2,389,100
140,600 International Game Technology .................. 2,508,304
112,300 J.C. Penney .................................... 3,720,499
122,400 Las Vegas Sands * .............................. 1,847,016
159,625 Macy's ......................................... 2,804,611
101,775 Royal Caribbean Cruises * ...................... 2,058,908
66,775 Starwood Hotels & Resorts Worldwide ............ 1,940,482
84,800 Urban Outfitters * ............................. 2,661,024
--------------
27,641,265
--------------
CONSUMER STAPLES - 3.01%
61,825 Estee Lauder, Class A .......................... 2,627,563
--------------
ENERGY - 2.41%
115,900 Valero Energy .................................. 2,097,790
--------------
FINANCIALS - 13.36%
151,425 Blackstone Group ............................... 2,032,123
63,225 Capital One Financial .......................... 2,314,035
267,800 Host Hotels & Resorts .......................... 2,707,458
40,500 Invesco ........................................ 856,575
42,300 Prudential Financial ........................... 1,913,229
37,300 T. Rowe Price Group ............................ 1,817,629
--------------
11,641,049
--------------
INDUSTRIALS - 3.31%
191,975 Hertz Global Holdings * ........................ 1,787,287
23,075 Manpower ....................................... 1,093,986
--------------
2,881,273
--------------

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

INFORMATION TECHNOLOGY - 44.19%
100,000 Akamai Technologies * .......................... $ 2,200,000
497,625 Alcatel-Lucent, SP ADR * (France) .............. 1,836,236
45,425 Analog Devices ................................. 1,164,243
62,850 Broadcom, Class A * ............................ 1,672,438
119,900 Cisco Systems * ................................ 2,739,715
192,200 Corning ........................................ 2,808,042
143,775 Dell * ......................................... 2,083,300
53,700 Dolby Laboratories, Class A * .................. 2,252,178
117,850 EMC * .......................................... 1,940,990
142,700 Intel .......................................... 2,726,997
54,200 KLA-Tencor ..................................... 1,762,042
125,000 Marvell Technology Group * ..................... 1,715,000
235,800 Micron Technology * ............................ 1,601,082
288,575 Motorola ....................................... 2,473,088
34,700 Research In Motion * ........................... 2,037,931
83,125 SanDisk * ...................................... 1,702,400
600,000 United Microelectronics, SP ADR * (Taiwan) ..... 1,974,000
32,500 Visa, Class A .................................. 2,462,200
40,200 Western Digital * .............................. 1,353,936
--------------
38,505,818
--------------
TOTAL COMMON STOCKS
(Cost $80,409,480) .......................... 85,394,758
--------------
INVESTMENT COMPANY - 1.06%
919,496 BlackRock Liquidity Funds
TempCash Portfolio .......................... 919,496
--------------
TOTAL INVESTMENT COMPANY
(Cost $919,496) ............................. 919,496
--------------
TOTAL INVESTMENTS - 99.06%
(Cost $81,328,976)** ....................................... 86,314,254
--------------
NET OTHER ASSETS AND LIABILITIES - 0.94% ...................... 822,206
--------------
NET ASSETS - 100.00% .......................................... $ 87,136,460
==============

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

** Aggregate cost for Federal income tax purposes is $81,328,976.

Gross unrealized appreciation ............... $ 9,105,551
Gross unrealized depreciation ............... (4,120,273)
-----------
Net unrealized appreciation ................. $ 4,985,278
===========

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
GROWTH FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Robert E. Canakaris, CFA, CIC

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

A. After selling off sharply during the first months of this year, the market
experienced a remarkable rally off its March lows in anticipation of a
second-half recovery in economic activity. The Fund participated with
returns ahead of the S&P 500, though it trailed its Russell 1000 Growth
benchmark. In this environment, many of the stocks that helped the Fund
significantly outperform both the S&P 500 and the Russell 1000 Growth
during the previous two years were a short-term drag on relative
performance given a resurgence in some of the more beaten down names and an
apparent increase in investors' appetite for risk. In our work, valuations
of many of the more cyclical and lesser quality issues appear extended
based on 2010 earnings. The biggest detractor from relative performance
versus the Russell 1000 Growth this year was stock selection in the
Consumer Discretionary and Financial sectors. We would note both of these
areas were contributors to 2008's positive relative returns. The Fund
benefited from strong stock selection in the Technology, Energy, and
Healthcare sectors.

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

Q. What were the weakest performing holdings?

A. Stryker's performance lagged in 2009 as the company had several unresolved
regulatory issues. Wells Fargo hurt the Fund's results during the year as
we sold it and built a position in JP Morgan Chase. Devon was negatively
affected by ongoing weakness in the price of natural gas, which did not
recover. Gilead Sciences and Procter & Gamble were among our better
performers in 2008 but did not do well in 2009 due to an investor
preference for more cyclical issues.

Q. How was the Fund positioned as of October 31, 2009?

A. We continue to believe the stock market reached a bear market low on March
9, 2009, and that a cyclical bull market is under way. While the S&P 500 is
more fairly valued after a nearly 60% increase from its March 9 low, we are
still finding plenty of attractively valued stocks. Furthermore, there is
ample fiscal and monetary liquidity to support financial markets and
promote economic growth. In our opinion, a synchronized global economic
recovery is under way amid low inflation that should contribute to higher
share prices and mitigate the stock market's risk. Also limiting risk is
the fact that with inflation low there is no reason the Fed should tighten
its policy any time soon. Still, because the market is more fairly valued
and technically overbought, we do see an increasing risk of a market
correction over the short-term. We would view that development as a
correction within a bull market, and expect the market subsequently to move
higher with the global recovery.

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

(PERFORMANCE GRAPH)

Growth Fund

Morningstar(R)
ABN AMRO Russell Large Growth
Growth Fund 1000 Index Category
----------- ---------- --------------

Dec-93 10,000 10,000 10,000
Oct-94 10,173 10,607 10,439
Oct-95 13,088 13,705 13,016
Oct-96 16,619 16,727 15,530
Oct-97 20,801 21,824 19,782
Oct-98 26,090 27,202 22,874
Oct-99 33,321 36,518 31,321
Oct-00 39,858 39,925 36,661
Oct-01 29,514 23,975 23,229
Oct-02 26,929 19,271 19,061
Oct-03 30,689 23,474 23,097
Oct-04 31,589 24,268 23,887
Oct-05 32,971 26,406 26,333
Oct-06 34,800 29,268 28,716
Oct-07 38,923 34,896 34,910
Oct-08 25,783 22,002 21,309
Oct-09 29,876 25,855 24,580

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 15.87%
Five Year -1.11%
Ten Year -1.09%
Since Inception 7.13%

Inception Date 12/13/93

Average Annual Total Returns - Class I

One Year 16.21%
Five Year -0.83%
Since Inception -1.99%

Inception Date 07/31/00

Average Annual Total Returns - Class R

One Year 15.69%
Five Year -1.31%
Since Inception 1.70%

Inception Date 12/31/02

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND I CLASS IS 1.14% AND 0.89%
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. PLEASE REFER
TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009 FISCAL YEAR END
RELATED INFORMATION.

Aston Funds
GROWTH FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 27%
CONSUMER STAPLES 22%
HEALTH CARE 16%
CONSUMER DISCRETIONARY 11%
ENERGY 9%
INDUSTRIALS 6%
FINANCIALS 6%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
MATERIALS 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 97.54%
CONSUMER DISCRETIONARY - 10.59%
140,316 McDonald's ........................................ $ 8,223,921
71,409 NIKE, Class B ..................................... 4,440,212
149,000 TJX ............................................... 5,565,150
114,200 Walt Disney ....................................... 3,125,654
--------------
21,354,937
--------------
CONSUMER STAPLES - 21.90%
167,521 Coca-Cola ......................................... 8,930,545
79,506 Colgate-Palmolive ................................. 6,251,557
107,408 Costco Wholesale .................................. 6,106,145
89,627 CVS Caremark ...................................... 3,163,833
130,314 PepsiCo ........................................... 7,890,513
73,717 Procter & Gamble .................................. 4,275,586
152,018 Wal-Mart Stores ................................... 7,552,254
--------------
44,170,433
--------------
ENERGY - 9.12%
149,215 Cameron International * ........................... 5,516,479
66,008 Occidental Petroleum .............................. 5,008,687
126,712 Schlumberger ...................................... 7,881,486
--------------
18,406,652
--------------
FINANCIALS - 5.64%
389,635 Charles Schwab .................................... 6,756,271
110,600 JPMorgan Chase .................................... 4,619,762
--------------
11,376,033
--------------
HEALTH CARE - 15.96%
162,719 Abbott Laboratories ............................... 8,228,700
109,114 Allergan .......................................... 6,137,662
139,816 Gilead Sciences * ................................. 5,949,171
309,240 Schering-Plough ................................... 8,720,568
68,514 Stryker ........................................... 3,151,644
--------------
32,187,745
--------------

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

INDUSTRIALS - 6.41%
68,400 3M ................................................ $ 5,032,188
33,600 Burlington Northern Santa Fe ...................... 2,530,752
55,800 Emerson Electric .................................. 2,106,450
73,300 Fluor ............................................. 3,255,986
--------------
12,925,376
--------------
INFORMATION TECHNOLOGY - 27.11%
52,305 Apple * ........................................... 9,859,492
18,320 Google, Class A * ................................. 9,821,718
198,900 Hewlett-Packard ................................... 9,439,794
177,030 Juniper Networks * ................................ 4,516,035
196,425 QUALCOMM .......................................... 8,133,959
71,607 Research In Motion * .............................. 4,205,479
115,000 Visa, Class A ..................................... 8,712,400
--------------
54,688,877
--------------
MATERIALS - 0.81%
24,300 Monsanto .......................................... 1,632,474
--------------
TOTAL COMMON STOCKS
(Cost $189,695,879) ............................ 196,742,527
--------------
INVESTMENT COMPANY - 2.83%
5,695,805 BlackRock Liquidity Funds
TempCash Portfolio ............................. 5,695,805
--------------
TOTAL INVESTMENT COMPANY
(Cost $5,695,805) .............................. 5,695,805
--------------
TOTAL INVESTMENTS - 100.37%
(Cost $195,391,684)** ...................................... 202,438,332
--------------
NET OTHER ASSETS AND LIABILITIES - (0.37)% ................... (740,918)
--------------
NET ASSETS - 100.00% ......................................... $ 201,697,414
==============

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

** Aggregate cost for Federal income tax purposes is $198,396,307.

Gross unrealized appreciation. ................................ $ 14,578,068
Gross unrealized depreciation. ................................ (10,536,043)
------------
Net unrealized appreciation ................................... $ 4,042,025
============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Andrew J. Goodwin & Keith F. Pinsoneault, CFA

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

A. During the precipitous market decline from October 31, 2008 through March
9, 2009, the Fund experienced a period of relative outperformance to its
benchmark primarily due to a significant underweight position in the
Financial sector. Since the market bottom in March, the Fund and the market
in general have reacted favorably in response to massive injections of
capital by the Fed and the US Treasury to stabilize the financial
environment. In absolute terms, the Fund benefited during the past seven
months from overweight stakes in Materials, Industrials, Energy, and
Technology--areas boosted by a falling US dollar and increasing growth
among emerging country economies.

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

A. Freeport-McMoRan Copper & Gold (no longer held) was the best performer in
the portfolio, as its stock more than doubled during the period. The
portfolio's lone holding in a financial institution, Goldman Sachs Group,
rose substantially following the market bottom in March. Apple, Google and
IBM were the big winners among the Fund's Technology holdings. Within
Industrials, major gains occurred in Precision Castparts, a manufacturer of
complex metal components and products for aerospace and industrial
applications. Although an overweight position in the Consumer area did not
add to relative performance overall, the Fund did own some solid individual
performers such as Walgreen and DIRECTV Group.

Q. What were the weakest performing holdings?

A. The biggest underperforming sector in the Fund was Healthcare, which
suffered from negative news surrounding the proposed Congressional
healthcare reform legislation. President Obama's push for healthcare reform
has created uncertainty within the group that is likely to keep stock
prices from rising in the near-term. Biotech leader Genzyme declined
significantly during the period, while holdings in Gilead Sciences, St.
Jude Medical, and healthcare equipment provider Baxter International all
fell in price as well. Other detractors included utility holding company
Exelon and Wal-Mart Stores.

Q. How was the Fund positioned as of October 31, 2009?

A. As the Fund moves into its new fiscal year, we are well positioned to
benefit from global growth as we expect U.S. GDP to lag that of most other
countries, in particular, emerging market countries. In addition, we have
positioned the portfolio to benefit from a flat to weaker dollar valuation
over the coming months. The Fund is currently overweight in Materials,
Industrials and Energy sectors. Although we have taken some profits in the
Technology area, we expect these stocks to continue to be strong earnings
performers in 2010. We have also added to Financials, though we have not
yet embraced the major banks. We continue to search for potential winners
in the Consumer space as consumer demand is expected to improve during the
next few quarters. Domestic growth in consumer goods remains uncertain due
to high and rising unemployment numbers, however. The market has
experienced a remarkable move higher in the face of numerous difficulties,
and we believe will continue to face in the year ahead. Ultimately, we feel
that large-growth stocks with good balance sheets and international
exposure will benefit the most from a rising earnings environment.

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

(PERFORMANCE GRAPH)

Optimum Large Cap Opportunity Fund

Optimum Large Cap Morningstar Large
Opportunity Fund S&P 500 Index Growth Category
----------------- ------------- -----------------

Dec-06 10,000 10,000 10,000
Oct-07 12,560 11,086 11,839
Oct-08 6,795 7,086 7,226
Oct-09 7,906 7,780 8,336

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 16.35%
Since Inception -7.93%

Inception Date 12/28/2006

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 18%
INDUSTRIALS 14%
CONSUMER DISCRETIONARY 13%
HEALTH CARE 12%
ENERGY 12%
FINANCIALS 11%
CASH & NET OTHER ASSETS AND LIABILITIES 11%
CONSUMER STAPLES 6%
TELECOMMUNICATION SERVICES 3%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 89.20%
CONSUMER DISCRETIONARY - 13.08%
1,600 Apollo Group, Class A * ........................... $ 91,360
4,600 DIRECTV Group * ................................... 120,980
2,000 NIKE, Class B ..................................... 124,360
5,750 Staples ........................................... 124,775
3,200 Yum! Brands ....................................... 105,440
--------------
566,915
--------------
CONSUMER STAPLES - 5.55%
2,100 Wal-Mart Stores ................................... 104,328
3,600 Walgreen .......................................... 136,188
--------------
240,516
--------------
ENERGY - 11.79%
1,350 Diamond Offshore Drilling ......................... 128,587
2,000 EnCana ............................................ 110,780
3,500 National-Oilwell Varco * .......................... 143,465
1,525 Transcocean * ..................................... 127,963
--------------
510,795
--------------
FINANCIALS - 11.24%
2,450 ACE ............................................... 125,832
3,500 American Express .................................. 121,940
700 Goldman Sachs Group ............................... 119,119
1,200 IntercontinentalExchange *......................... 120,228
--------------
487,119
--------------
HEALTH CARE - 12.13%
2,000 Baxter International .............................. 108,120
5,625 Bristol-Myers Squibb .............................. 122,625
2,050 DaVita * .......................................... 108,711
2,300 Gilead Sciences * ................................. 97,865
2,600 St. Jude Medical * ................................ 88,608
--------------
525,929
--------------

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

INDUSTRIALS - 14.03%
7,125 ABB, SP ADR (Switzerland) ......................... $ 132,026
2,700 Deere ............................................. 122,985
2,130 Fluor ............................................. 94,615
2,725 Jacobs Engineering Group * ........................ 115,240
1,500 Precision Castparts ............................... 143,295
--------------
608,161
--------------
INFORMATION TECHNOLOGY - 18.40%
800 Apple * ........................................... 150,800
5,975 Cisco Systems * ................................... 136,529
275 Google, Class A * ................................. 147,433
1,100 International Business Machines ................... 132,671
4,400 Juniper Networks * ................................ 112,244
5,575 Oracle ............................................ 117,633
--------------
797,310
--------------
TELECOMMUNICATION SERVICES - 2.98%
2,925 America Movil, Series L, ADR (Mexico) ............. 129,080
--------------
TOTAL COMMON STOCKS
(Cost $3,728,306) .............................. 3,865,825
--------------
INVESTMENT COMPANY - 7.74%
335,341 BlackRock Liquidity Funds TempCash Portfolio ...... 335,341
--------------
TOTAL INVESTMENT COMPANY
(Cost $335,341) ................................ 335,341
--------------
TOTAL INVESTMENTS - 96.94%
(Cost $4,063,647)** ........................................ 4,201,166
--------------
NET OTHER ASSETS AND LIABILITIES - 3.06% 132,498
--------------
NET ASSETS - 100.00% .......................................... $ 4,333,664
==============

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

** Aggregate cost for Federal income tax purposes is $4,080,235.

Gross unrealized appreciation... $ 406,829
Gross unrealized depreciation... (285,898)
---------
Net unrealized depreciation..... $ 120,931
=========

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VALUE FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. Given the Fund's consistent focus on higher quality companies, major
changes in the market's appetite for risk have historically influenced
relative performance significantly. The last 12 months of incredibly
heightened volatility in the market was no exception. The financial crisis
during the first half of the period--characterized by frozen credit markets
and a significant drop in equity share prices--led to a substantial decline
in the market's appetite for risk. While this resulted in negative absolute
returns for the Fund, relative performance was quite strong given the
increased focus by investors on quality. The second half of the reporting
period--after the market bottom at the beginning of March--saw improvements
in the functioning of the credit markets and increased optimism with
regards to the prospects for the global economic environment. This
triggered one of the most powerful low-quality rallies, as the market's
appetite for risk increased substantially. The second half of the reporting
period, while delivering strong absolute performance, was one of the Fund's
most challenging relative performance periods in its history.

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

A. Security selection and, to a lesser extent, underweight positions in the
Financials and Utilities sectors contributed positively to performance
relative to its Russell 1000(R) Value Index benchmark. Not holding
poor-performing Citigroup was the most positive contributor to the
portfolio's relative results. Additionally, an underweighted position in
global financial services firm JPMorgan Chase and an overweight position in
investment banking firm Goldman Sachs Group also boosted relative
performance. An overweight position within Technology was another positive
factor, with positive results coming from IBM , Oracle, and Intel.

Q. What were the weakest performing holdings?

A. Stock selection in Consumer Discretionary was the principal detractor from
relative performance. The portfolio's positioning in cruise line operator
Royal Caribbean Cruises held back relative returns early on, and we sold
the position during the middle part of the reporting period, thereby
missing the stock's strong rebound during the second half of the period.
Grocery chain operator Kroger and the timing of our ownership in department
store chain Macy's, a relative outperformer, hurt relative performance as
well.

Elsewhere, a holding in defense contractor Lockheed Martin, the portfolio's
largest position during the period, was the top relative detractor from
performance. The timing of the portfolio's ownership of financial firms
Bank of America and Genworth Financial, plus not holding investment bank
Morgan Stanley and an overweight position in Bank of New York Mellon, all
negatively affected relative results. Indeed, Bank of America was later
sold prior to the end of the period.

Q. How was the Fund positioned as of October 31, 2009?

A. We remain optimistic regarding the prospects for the Fund's high-quality,
low-risk value portfolio looking out over the next one-to-three years.
Valuations among the highest quality companies in the market today trade
for substantial discounts to the average company in the market. Considering
that the companies owned within the Fund have strong balance sheets, are
generating significant levels of cash flow, have above-average dividend
yields, and are generally gaining market share, we feel that the current
opportunity presented among these companies is a compelling one for our
strategy.

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

(PERFORMANCE GRAPH)

Value Fund

ABN AMRO
Value Fund Morningstar(R)
- Class N Russell 1000 Large Value
Shares Value Index Category
---------- ------------ --------------

Jan-93 10,000 10,000 10,000
Dec-93 10,666 11,807 11,393
Dec-94 10,666 11,573 11,330
Dec-95 14,082 16,013 15,031
Dec-96 16,959 19,478 18,081
Dec-97 22,131 26,330 23,044
Dec-98 23,340 30,446 25,687
Dec-99 25,941 32,683 27,110
Dec-00 25,765 34,974 29,712
Oct-01 20,907 30,487 26,619
Oct-02 19,321 27,432 23,156
Oct-03 22,475 33,706 28,158
Oct-04 26,044 38,914 31,624
Oct-05 29,034 43,529 34,764
Oct-06 34,653 52,870 41,001
Oct-07 40,465 58,596 45,831
Oct-08 26,364 37,033 28,750
Oct-09 28,630 38,803 31,487

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 8.60%
Five Year 1.91%
Ten Year 1.45%
Since Inception 6.45%

Inception Date 01/04/93

Average Annual Total Returns - Class I

One Year 9.01%
Since Inception -0.50%

Inception Date 09/20/05

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND I CLASS IS 1.18% AND 0.93%,
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. PLEASE REFER
TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009 FISCAL YEAR END
RELATED INFORMATION.

Aston Funds
VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

FINANCIALS 21%
CONSUMER STAPLES 15%
ENERGY 14%
INDUSTRIALS 11%
HEALTH CARE 10%
INFORMATION TECHNOLOGY 9%
CONSUMER DISCRETIONARY 6%
TELECOMMUNICATION SERVICES 5%
UTILITIES 5%
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.77%
CONSUMER DISCRETIONARY - 6.24%
7,600 Advance Auto Parts ............................. $ 283,176
22,470 Apollo Group, Class A* ......................... 1,283,037
90,708 Walt Disney .................................... 2,482,678
91,420 Hasbro ......................................... 2,493,023
5,200 Home Depot ..................................... 130,468
7,855 Johnson Controls ............................... 187,892
70,868 Macy's ......................................... 1,245,151
44,540 NIKE, Class B .................................. 2,769,497
10,288 Omnicom Group .................................. 352,673
30,350 Sherwin-Williams ............................... 1,731,164
17,948 Staples ........................................ 389,472
4,880 Starwood Hotels & Resorts Worldwide ............ 141,813
12,410 Target ......................................... 601,016
--------------
14,091,060
--------------
CONSUMER STAPLES - 15.35%
8,900 Campbell Soup .................................. 282,575
6,320 Clorox ......................................... 374,333
96,192 CVS Caremark ................................... 3,395,578
25,020 DANONE, SP ADR (France) ........................ 300,240
51,210 Diageo, SP ADR (Britain) ....................... 3,329,674
29,063 General Mills .................................. 1,915,833
14,020 Heineken, SP ADR (Netherlands) ................. 309,281
40,600 Kimberly-Clark ................................. 2,483,096
117,960 Kroger ......................................... 2,728,415
3,880 Lorillard ...................................... 301,554
126,475 Nestle, SP ADR (Switzerland) ................... 5,883,617
54,138 PepsiCo ........................................ 3,278,056
163,480 Philip Morris International .................... 7,742,413
19,147 Procter & Gamble ............................... 1,110,505
4,471 Smucker (J.M.) ................................. 235,756
5,880 Wal-Mart Stores ................................ 292,118
18,090 Walgreen ....................................... 684,345
--------------
34,647,389
--------------

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

ENERGY - 14.13%
8,950 Anadarko Petroleum ............................. $ 545,323
57,515 Apache ......................................... 5,413,312
78,671 Chevron ........................................ 6,021,478
23,490 Devon Energy ................................... 1,520,038
3,700 EOG Resources .................................. 302,142
88,730 Exxon Mobil .................................... 6,359,279
7,260 Halliburton .................................... 212,065
70,280 Hess ........................................... 3,847,127
17,005 Marathon Oil ................................... 543,650
5,900 Noble .......................................... 240,366
8,480 Noble Energy ................................... 556,542
98,280 Total, SP ADR (France) ......................... 5,903,679
6,200 Weatherford International * .................... 108,686
16,660 Williams ....................................... 314,041
--------------
31,887,728
--------------
FINANCIALS - 21.14%
5,400 Aflac .......................................... 224,046
99,880 Allstate ....................................... 2,953,451
54,930 Aon ............................................ 2,115,354
40,270 Bank of America ................................ 587,136
214,567 Bank of New York Mellon ........................ 5,720,356
23,540 Charles Schwab ................................. 408,184
51,042 Chubb .......................................... 2,476,558
19,680 Deutsche Boerse, ADR (Germany) ................. 160,392
3,383 Franklin Resources ............................. 353,963
41,070 Goldman Sachs Group ............................ 6,988,882
193,740 JPMorgan Chase ................................. 8,092,520
173,870 MetLife ........................................ 5,916,796
28,130 Prudential Financial ........................... 1,272,320
39,120 Regions Financial .............................. 189,341
90,570 State Street ................................... 3,802,129
55,100 Travelers ...................................... 2,743,429
135,160 Wells Fargo .................................... 3,719,603
--------------
47,724,460
--------------
HEALTH CARE - 10.24%
85,520 Abbott Laboratories ............................ 4,324,746
4,700 Becton, Dickinson .............................. 321,292
7,290 Genzyme * ...................................... 368,874
80,760 Johnson & Johnson .............................. 4,768,878
106,170 Medtronic ...................................... 3,790,269
107,530 Merck .......................................... 3,325,903
11,260 Merck KGaA, ADR (Germany) ...................... 354,915
301,922 Pfizer ......................................... 5,141,732
4,700 St. Jude Medical * ............................. 160,176
5,680 Waters * ....................................... 326,202
4,935 WellPoint * .................................... 230,761
--------------
23,113,748
--------------
INDUSTRIALS - 11.27%
31,650 3M ............................................. 2,328,491
8,260 Danaher ........................................ 563,580
31,125 Eaton .......................................... 1,881,506
2,400 Fluor .......................................... 106,608
3,340 Goodrich ....................................... 181,529
4,798 Grainger (W.W.) ................................ 449,716
125,420 Lockheed Martin ................................ 8,627,642
127,845 Northrop Grumman ............................... 6,408,870
4,880 Rockwell Automation ............................ 199,836
6,280 United Parcel Service, Class B ................. 337,110
70,440 United Technologies ............................ 4,328,538
1,030 Verisk Analytics, Class A * .................... 28,253
--------------
25,441,679
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

INFORMATION TECHNOLOGY - 8.37%
126,535 Accenture, Class A ............................. $ 4,691,918
6,940 Agilent Technologies * ......................... 171,695
4,210 Automatic Data Processing ...................... 167,558
8,740 Cisco Systems * ................................ 199,709
17,700 Dell * ......................................... 256,473
530 Google, Class A * .............................. 284,144
19,290 Hewlett-Packard ................................ 915,503
188,060 Intel .......................................... 3,593,827
31,170 International Business Machines ................ 3,759,414
11,000 National Semiconductor ......................... 142,340
21,180 Nokia, SP ADR (Finland) ........................ 267,080
164,380 Oracle ......................................... 3,468,418
17,260 Tyco Electronics ............................... 366,775
3,840 Visa, Class A .................................. 290,918
17,580 Western Union .................................. 319,429
--------------
18,895,201
--------------
MATERIALS - 2.62%
7,055 Air Products and Chemicals ..................... 544,152
9,880 Alcoa .......................................... 122,709
93,130 PPG Industries ................................. 5,255,326
--------------
5,922,187
--------------
TELECOMMUNICATION SERVICES - 5.01%
253,370 AT&T ........................................... 6,504,008
10,890 CenturyTel ..................................... 353,489
15,960 Koninklijke (Royal) Kpn NV, SP ADR (Netherlands) 289,355
187,909 Vodafone Group, SP ADR (Britain) ............... 4,169,701
--------------
11,316,553
--------------
UTILITIES - 4.40%
8,340 Allegheny Energy ............................... 190,319
11,970 American Electric Power ........................ 361,733
10,260 CMS Energy ..................................... 136,458
14,008 FPL Group ...................................... 687,793
4,260 Northeast Utilities ............................ 98,193
14,420 NRG Energy * ................................... 331,516
87,993 PG&E ........................................... 3,598,034
8,960 PPL ............................................ 263,782
6,630 Progress Energy ................................ 248,824
117,600 Public Service Enterprise Group ................ 3,504,480
9,990 Sempra Energy .................................. 513,986
--------------
9,935,118
--------------
TOTAL COMMON STOCKS
(Cost $234,720,016) ......................... 222,975,123
--------------

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

INVESTMENT COMPANY - 1.22%
2,750,721 BlackRock Liquidity Funds TempCash Portfolio ... $ 2,750,721
--------------
TOTAL INVESTMENT COMPANY
(Cost $2,750,721) ........................... 2,750,721
--------------
TOTAL INVESTMENTS - 99.99%
(Cost $237,470,737)** ...................................... 225,725,844
--------------
NET OTHER ASSETS AND LIABILITIES - 0.01% ...................... 27,697
--------------
NET ASSETS - 100.00% .......................................... $ 225,753,541
==============

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

** Aggregate cost for Federal income tax purposes is $238,877,535.

Gross unrealized appreciation....... $ 11,023,482
Gross unrealized depreciation....... (24,175,173)
------------
Net unrealized depreciation......... $(13,151,691)
============

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO DIVERSIFIED EQUITY FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

(Formerly the TAMRO All Cap Fund) Philip Tasho, CFA

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

A. The one-year period ended October 2009 saw tremendous volatility within
markets, though stocks posted positive returns overall during the period.
The Fund outpaced its Russell 1000(R) Index benchmark by a wide margin.
Stock selection in Health Care, Utilities and Energy added to performance,
as did sector allocation in Financials. Conversely, stock selection in
Consumer Discretionary detracted from performance. The Fund's benchmark
changed from the Russell 3000(R) Index to the Russell 1000(R) Index, as it
was determined the Russell 1000(R) Index to be a more appropriate
broad-based index.

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

A. Cerner, which provides information technology solutions to the health care
industry, rose on increasing demand for its products. Salesforce.com, a
leading provider of customer service software, saw continued year-over-year
growth in revenues as corporations spent to maintain state of the art
customer retention products. Rising liquidity in the capital markets led to
a quick rebound in profits for Goldman Sachs Group, a leading capital
markets company.

Q. What were the weakest performing holdings?

A. Three investments in the Financials sector detracted the most from
performance: Bank of America, JPMorgan Chase and Prudential Financial. All
three companies saw declining profitability due to the impairment of assets
in their loan portfolios.

Q. How was the Fund positioned as of October 31, 2009?

A. We believe liquidity injected into the financial system through the
Congressional stimulus package, as well as by the Fed, provided the
opportunity for the stock market to rebound. The challenge over the next
year is funneling the liquidity into the real economy and the resumption of
positive GDP growth. The potential economic recovery could be tempered by
increases in state, local and eventually Federal taxes, as well as the
continued de-leveraging of the consumer. For this reason, we have
positioned the portfolio towards best-in-class leaders that have the
opportunity to gain traction in a sluggish and increasingly competitive
market through superior execution and capital bases that will help enable
them to take market share from their peers.

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

(PERFORMANCE GRAPH)

TAMRO Diversified Equity Fund

SP 500 Morningstar
Tamro All Cap Citigroup Russell Large
Value Fund Value Index 3000 Blend
------------- ----------- ------- -----------

Nov-00 10,000 10,000 10,000 10,000
Oct-01 9,689 8,141 7,483 8,397
Oct-02 8,525 6,952 6,409 7,162
Oct-03 10,459 8,504 7,928 8,607
Oct-04 11,627 9,298 8,705 9,319
Oct-05 12,788 10,271 9,628 10,226
Oct-06 14,463 11,917 11,204 11,735
Oct-07 16,918 13,708 12,832 13,526
Oct-08 10,701 8,663 8,136 8,498
Oct-09 12,534 9,633 9,017 9,506

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 17.13%
Five Year 1.51%
Since Inception 2.56%

Inception Date 11/30/00

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
TAMRO DIVERSIFIED EQUITY FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 19%
FINANCIALS 18%
CONSUMER DISCRETIONARY 14%
HEALTH CARE 13%
ENERGY 11%
INDUSTRIALS 10%
CONSUMER STAPLES 6%
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
UTILITIES 2%
TELECOMMUNICATION SERVICES 1%
PURCHASED OPTIONS 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 96.97%
CONSUMER DISCRETIONARY - 14.34%
1,490 Amazon.com * ...................................... $ 177,027
5,202 BorgWarner ........................................ 157,725
9,884 CarMax * .......................................... 194,418
4,890 Dollar Tree * ..................................... 220,686
23,296 Domino's Pizza * .................................. 170,993
16,503 Gannett ........................................... 162,059
6,056 Grand Canyon Education * .......................... 98,228
3,010 M.D.C. Holdings ................................... 98,186
5,232 Mohawk Industries * ............................... 224,086
--------------
1,503,408
--------------
CONSUMER STAPLES - 5.57%
6,792 Kraft Foods, Class A .............................. 186,916
5,502 NBTY * ............................................ 200,328
4,164 Philip Morris International ....................... 197,207
--------------
584,451
--------------
ENERGY - 10.57%
3,880 Anadarko Petroleum ................................ 236,408
3,720 CONSOL Energy ..................................... 159,253
2,914 Exxon Mobil ....................................... 208,846
4,657 National-Oilwell Varco * .......................... 190,890
2,130 Range Resources ................................... 106,606
4,976 XTO Energy ........................................ 206,803
--------------
1,108,806
--------------
FINANCIALS - 18.01%
7,614 Annaly Capital Management, REIT ................... 128,753
11,603 Bank of America ................................... 169,172
50 Berkshire Hathaway, Class B * . ................... 164,150
7,639 BioMed Realty Trust, REIT ......................... 103,661
2,047 Franklin Resources ................................ 214,178
1,181 Goldman Sachs Group ............................... 200,971
7,553 JPMorgan Chase .................................... 315,489
6,630 Loews ............................................. 219,453

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

FINANCIALS (CONTINUED)
4,504 T. Rowe Price Group ............................... $ 219,480
10,799 Zions Bancorporation .............................. 152,914
--------------
1,888,221
--------------
HEALTH CARE - 12.70%
3,575 Allergan .......................................... 201,094
3,243 Amgen * ........................................... 174,246
4,444 Cerner * .......................................... 337,922
4,510 Johnson & Johnson ................................. 266,316
2,119 Laboratory Corp. of America Holdings * ............ 145,978
3,373 Quality Systems 205,820
--------------
1,331,376
--------------
INDUSTRIALS - 10.20%
7,822 Advisory Board * .................................. 192,734
3,295 Boeing ............................................ 157,501
2,901 Danaher ........................................... 197,935
4,007 Joy Global ........................................ 201,993
4,316 Ryanair Holdings, SP ADR * (Ireland) .............. 117,697
3,279 United Technologies ............................... 201,495
--------------
1,069,355
--------------
INFORMATION TECHNOLOGY - 18.97%
36,624 Alcatel-Lucent, SP ADR * (France) ................. 135,142
3,970 ARM Holdings, SP ADR (Britain) .................... 28,862
6,892 Corning ........................................... 100,692
6,992 Electronic Arts * ................................. 127,534
13,925 EMC * ............................................. 229,345
3,825 F5 Networks * ..................................... 171,704
555 Google, Class A * ................................. 297,547
9,081 NVIDIA * .......................................... 108,609
5,455 Salesforce.com * .................................. 309,571
6,753 Symantec * ........................................ 118,718
3,703 VMware, Class A * ................................. 142,306
13,802 Yahoo! * .......................................... 219,452
--------------
1,989,482
--------------
MATERIALS - 3.43%
1,621 DuPont (E. I.) de Nemours ......................... 51,580
3,970 Mosaic ............................................ 185,518
3,081 Nucor ............................................. 122,778
--------------
359,876
--------------
TELECOMMUNICATION SERVICES - 1.08%
8,488 Cbeyond * ......................................... 113,315
--------------
UTILITIES - 2.10%
16,826 AES * ............................................. 219,916
--------------
TOTAL COMMON STOCKS
(Cost $8,781,890) .............................. 10,168,206
--------------

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

PURCHASED OPTIONS - 0.34%
65 Coca-Cola - Call Strike @ $60
Exp 01/10 ...................................... 975
118 Kraft Foods, Class A - Call Strike @ $30
Exp 01/11 ...................................... 16,520
114 Wal-Mart Stores - Call Strike @ $60 Exp 01/11 ..... 18,240
--------------
TOTAL PURCHASED OPTIONS
(Cost $59,737) ................................. 35,735
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO DIVERSIFIED EQUITY FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

INVESTMENT COMPANY - 3.01%
315,928 BlackRock Liquidity Funds
TempCash Portfolio ................................ $ 315,928
--------------
TOTAL INVESTMENT COMPANY
(Cost $315,928) ................................ 315,928
--------------
TOTAL INVESTMENTS - 100.32%
(Cost $9,157,555)** ........................................ 10,519,869
--------------
NET OTHER ASSETS AND LIABILITIES - (0.32)% .................... (33,897)
--------------
NET ASSETS - 100.00% .......................................... $ 10,485,972
==============

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

** Aggregate cost for Federal income tax purposes is $9,173,553.

Gross unrealized appreciation... $1,852,033
Gross unrealized depreciation... (505,717)
----------
Net unrealized appreciation..... $1,346,316
==========

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. The past 12 months was a volatile period for investors with equity markets
experiencing both a precipitous decline and an equally sharp rebound. The
rally that began in March 2009 was fueled in no small part by the liquidity
that the Fed pumped into the system, and the aggressive stimulus applied by
the US Treasury. The Fund outperformed its Russell 3000(R) Value benchmark
during the down months of the period by a significant amount, but lagged
once the market turned upward and investors started aggressively buying
riskier stocks.

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

A. The two holdings with the largest positive contribution to the Fund's total
return were Cracker Barrel and VF. Cracker Barrel operates nearly 600
restaurant/gift shops in 41 states. Like many restaurant operators, the
firm rebounded as the economy began to emerge from recession as the company
reported strong operating results from better cost controls. The real story
behind Cracker Barrel during the period, however, was the $56 million in
proceeds the firm received from a sale-leaseback transaction for 15 of its
restaurants and one distribution center. The firm still owns the real
estate at 400 of its stores and the deal helped to demonstrate the untapped
value of its real estate portfolio. VF designs, manufactures, and markets
branded apparel in the U.S. and internationally. The company reported
results that beat expectations during the period, as poor top-line growth
was more than offset by prudent cost cutting and inventory control.

Q. What were the weakest performing holdings?

A. The two holdings with the highest negative contribution to the Fund's total
return were NGP Capital Resources (no longer held) and Integrys Energy
Group. NGP Capital Resources is a business development company that invests
in small energy companies. During the period, a number of the investments
made by the company began to struggle under the weight of the recession and
reduced oil prices. As a result, we sold the position from the Fund in
accordance with our sell discipline. Integrys Energy Group owns and
operates six regulated utilities in the Midwestern U.S. The company also
owned a non-regulated energy marketing business that it began winding down
in February. The company's stock price has suffered as a result.

Q. How was the Fund positioned as of October 31, 2009?

A. We have long understood that there will be short periods where our style
will move out of favor and this period of aggressive risk accumulation in
the market that we have experienced since March 2009 is a good example.
Seven months into the rally signs of fatigue are beginning to show and
market fundamentals are beginning to take hold. Thus, the Fund remains
focused on capturing the long-term potential of a dividend-based all-cap
strategy, as we continue to look for companies that have a history of not
only paying a high dividend, but also have the willingness and ability to
raise it on a regular basis. We are finding a number of good opportunities
in the Consumer Staples area, which has become the largest sector in the
portfolio both in an absolute sense and relative to the benchmark. Holdings
in the Health Care have increased as well, as we have found compelling
values in this sector.

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

(PERFORMANCE GRAPH)

River Road Dividend All Cap Value Fund

ABN
AMRO/River
Road Dynamic Russell Morningstar(R)
Equity Income 3000 Value Mid Value
Fund Index Category
------------- ---------- ---------------

Jun-05 10,000 10,000 10,000
Oct-05 10,030 10,206 10,080
Oct-06 12,408 11,877 11,804
Oct-07 13,759 13,071 13,169
Oct-08 10,069 8,324 8,147
Oct-09 10,505 8,703 9,603

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 4.33%
Since Inception 1.14%

Inception Date 06/28/05

Average Annual Total Returns - Class I

One Year 4.59%
Since Inception -11.31%

Inception Date 06/28/07

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

CONSUMER STAPLES 19%
FINANCIALS 15%
ENERGY 14%
CONSUMER DISCRETIONARY 12%
INDUSTRIALS 11%
UTILITIES 7%
HEALTH CARE 6%
INFORMATION TECHNOLOGY 6%
MATERIALS 5%
TELECOMMUNICATION SERVICES 3%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.00%
CONSUMER DISCRETIONARY - 11.45%
114,700 Cracker Barrel Old Country Store ............... $ 3,802,305
45,525 Darden Restaurants ............................. 1,379,863
60,050 Genuine Parts .................................. 2,101,149
136,400 Hillenbrand .................................... 2,725,272
42,300 McDonald's ..................................... 2,479,203
75,325 PetSmart ....................................... 1,772,397
19,150 VF ............................................. 1,360,416
78,675 Yum! Brands .................................... 2,592,341
--------------
18,212,946
--------------
CONSUMER STAPLES - 19.09%
40,300 Brown-Forman, Class B .......................... 1,967,043
59,750 Clorox ......................................... 3,538,992
30,350 Diageo, SP ADR (Britain) ....................... 1,973,357
51,075 General Mills .................................. 3,366,864
20,850 Industrias Bachoco, SP ADR (Mexico) ............ 473,712
41,075 Kimberly-Clark ................................. 2,512,147
94,400 McCormick & Co (Non-Voting Shares) ............. 3,304,944
54,900 PepsiCo ........................................ 3,324,195
45,200 Procter & Gamble ............................... 2,621,600
138,575 Sara Lee ....................................... 1,564,512
28,300 Smucker (J.M.) ................................. 1,492,259
128,125 Sysco .......................................... 3,388,906
16,650 Wal-Mart Stores ................................ 827,172
--------------
30,355,703
--------------
ENERGY - 14.05%
96,775 Alliance Resource Partners LP . ................ 3,625,192
40,300 Chevron ........................................ 3,084,562
169,000 Encore Energy Partners LP ...................... 3,042,000
45,775 Eni, SP ADR (Italy) ............................ 2,269,525
38,719 Enterprise Products Partners LP ................ 1,085,681
76,475 Magellan Midstream Partners LP ................. 2,970,289
142,900 Provident Energy Trust ......................... 881,693
176,025 Spectra Energy ................................. 3,365,598
110,975 Western Gas Partners LP ........................ 2,023,074
--------------
22,347,614
--------------

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

FINANCIALS - 15.15%
88,725 BancorpSouth ................................... $ 2,003,410
45,025 Bank of Hawaii ................................. 1,999,110
62,850 Chubb .......................................... 3,049,482
69,150 Cincinnati Financial ........................... 1,753,644
45,150 Commerce Bancshares ............................ 1,731,954
41,750 Cullen/Frost Bankers ........................... 1,953,482
18,625 Erie Indemnity, Class A ........................ 656,531
107,965 Gallagher (Arthur J.) .......................... 2,408,699
29,925 PartnerRe ...................................... 2,288,664
153,100 People's United Financial ...................... 2,454,193
49,925 Safety Insurance Group ......................... 1,670,990
47,675 U.S. Bancorp ................................... 1,107,014
35,800 Zenith National Insurance ...................... 1,021,374
--------------
24,098,547
--------------
HEALTH CARE - 6.29%
24,050 Becton, Dickinson .............................. 1,644,058
48,250 Cardinal Health ................................ 1,367,405
50,400 Johnson & Johnson .............................. 2,976,120
8,575 National Healthcare ............................ 308,443
38,975 Owens & Minor .................................. 1,593,688
41,475 Pfizer ......................................... 706,319
65,075 Pharmaceutical Product Development ............ 1,402,366
--------------
9,998,399
--------------
INDUSTRIALS - 11.15%
22,150 3M ............................................ 1,629,576
26,800 General Dynamics .............................. 1,680,360
60,875 Honeywell International ....................... 2,184,804
60,800 IESI-BFC ...................................... 781,280
49,575 Norfolk Southern .............................. 2,311,187
40,575 United Parcel Service, Class B ................. 2,178,066
40,575 United Technologies ........................... 2,493,334
149,500 Waste Management .............................. 4,467,060
--------------
17,725,667
--------------
INFORMATION TECHNOLOGY - 6.27%
74,275 Automatic Data Processing ...................... 2,956,145
160,775 Intel .......................................... 3,072,410
66,150 Microsoft ...................................... 1,834,339
74,275 Paychex ........................................ 2,110,153
--------------
9,973,047
--------------
MATERIALS - 4.89%
17,250 Compass Minerals International ................. 1,075,020
57,975 International Flavors & Fragrances ............. 2,208,268
40,650 Nucor .......................................... 1,619,903
163,250 RPM International .............................. 2,876,465
--------------
7,779,656
--------------
TELECOMMUNICATION SERVICES - 2.96%
30,750 BCE ............................................ 737,385
134,375 Verizon Communications ......................... 3,976,156
--------------
4,713,541
--------------
UTILITIES - 6.70%
40,800 Avista ......................................... 773,568
159,250 Duke Energy .................................... 2,519,335
29,925 Exelon ......................................... 1,405,278
37,325 Integrys Energy Group .......................... 1,291,445
17,975 National Fuel Gas .............................. 814,986

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

UTILITIES (CONTINUED)
99,675 Portland General Electric ...................... $ 1,852,958
63,875 Southern ....................................... 1,992,261
--------------
10,649,831
--------------
TOTAL COMMON STOCKS
(Cost $141,661,526) ......................... 155,854,951
--------------
INVESTMENT COMPANY - 1.70%
2,699,166 BlackRock Liquidity Funds TempFund Portfolio ... 2,699,166
--------------
TOTAL INVESTMENT COMPANY
(Cost $2,699,166) .......................... 2,699,166
--------------
TOTAL INVESTMENTS - 99.70%
(Cost $144,360,692)* ....................................... 158,554,117
--------------
NET OTHER ASSETS AND LIABILITIES - 0.30% ...................... 473,181
--------------
NET ASSETS - 100.00% .......................................... $ 159,027,298
==============

- ----------
* Aggregate cost for Federal income tax purposes is $145,948,461.

Gross unrealized appreciation........ $15,425,440
Gross unrealized depreciation........ (2,819,784)
-----------
Net unrealized appreciation.......... $12,605,656
===========

LP Limited Partnership

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMETNS.

Aston Funds
OPTIMUM MID CAP FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Thyra E. Zerhusen, Marie L. Lorden & Mary L. Pierson

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

A. The market confusion and resulting turbulence created opportunities for us
to add selectively to positions we felt were severely undervalued or
oversold. When many in the market were panicking, we reviewed our holdings,
made decisions based on specific company fundamentals, and took action.

From a sector view, the Fund's relative outperformance was helped by its
low overall exposure to financial stocks and a complete lack of exposure to
the weakest financial industries--banking and real estate investment
trusts. Much of the absolute outperformance is attributable to an
overweight position in Technology, where strong stock selection played a
key role. A headwind to relative performance was an overweight stake in the
consumer-related stocks, where the economic slowdown resulted in reduced
revenues and cautious outlooks.

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

A. The best performers in the portfolio were Technology stocks led by Akamai
Technologies and included Unisys, FactSet Research Systems, and Jabil
Circuit. These stocks staged dramatic rebounds from market bottoms in
mid-November and again in early March. Other strong performers were energy
technology company FMC Technologies, which was insulated from the effects
of weak economic conditions due to a strong order backlog, and global
staffing company Manpower, which benefited from foreign revenues. Many of
these stocks had become significantly undervalued late in 2008 due to
indiscriminate selling pressure during the credit crisis.

Q. What were the weakest performing holdings?

A. Among consumer-related stocks, Southwest Airlines in particular was down
sharply due to a combination of weak demand from business travel and
volatile fuel costs. Shares of New York Times suffered from a protracted
slump in advertising revenue, and Lexmark International Group, a printer
and ink supplies manufacturer, declined as weak demand led to pricing
pressures. Still, even these stocks rebounded significantly off their March
lows, as cost cutting efforts resulted in earnings that exceeded
expectations.

Q. How was the Fund positioned as of October 31, 2009?

A. Stocks have rebounded over the past few months in anticipation of an
economic recovery. The risk is that this recovery may be slower than
expected and may be interrupted by periods of negative surprises. While we
expect a slower growth environment than in past recoveries, we are
encouraged by recent signs of economic stabilization in the U.S., Europe,
and Asia. As usual, we will closely monitor the near-term progress of the
Fund's investments and adhere to our valuation discipline.

The majority of companies in the portfolio have implemented disciplined
cost controls, which have supported profit margins and set the stage for a
healthy profit recovery when business improves. Our recent meetings with
senior management support our view that stock performance will depend
increasingly on company-specific factors, and that execution will be
critical to success. With this in mind, we continue to invest in focused
companies with attractive valuations, strong balance sheets, proven
management, geographic diversification and earnings resilience.

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

(PERFORMANCE GRAPH)

Optimum Mid Cap Fund

S&P 400 Morningstar(R)
Optimum Mid Mid-Cap Mid-Cap
Cap Fund Index Blend Category
----------- ---------- --------------

Sep-94 10,000 10,000 10,000
Oct-94 10,250 9,921 10,009
Oct-95 12,189 12,025 11,949
Oct-96 15,420 14,111 14,111
Oct-97 20,582 18,721 18,456
Oct-98 18,413 19,974 18,312
Oct-99 18,840 24,180 22,248
Oct-00 26,201 31,833 27,839
Oct-01 27,097 27,870 24,785
Oct-02 24,963 26,538 22,933
Oct-03 35,359 34,661 30,150
Oct-04 40,338 38,487 33,720
Oct-05 42,124 45,280 38,512
Oct-06 51,136 51,361 44,474
Oct-07 64,981 60,103 51,336
Oct-08 37,361 38,190 31,243
Oct-09 50,662 45,132 36,932

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 35.60%
Five Year 4.66%
Ten Year 10.40%
Since Inception 11.33%

Inception Date 09/19/94

Average Annual Total Returns - Class I

One Year 35.97%
Five Year 4.94%
Since Inception 4.07%

Inception Date 07/06/04

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND CLASS I IS 1.16% AND 0.91%
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. PLEASE REFER
TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009 FISCAL YEAR END
RELATED INFORMATION.

Aston Funds
OPTIMUM MID CAP FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 28%
CONSUMER DISCRETIONARY 24%
INDUSTRIALS 16%
HEALTH CARE 14%
ENERGY 8%
FINANCIALS 4%
MATERIALS 2%
CONSUMER STAPLES 2%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 98.10%
CONSUMER DISCRETIONARY - 23.81%
4,263,700 Belo, Class A .................................. $ 20,039,390
997,040 BorgWarner ..................................... 30,230,253
2,661,600 Gannett ........................................ 26,136,912
860,000 H&R Block ...................................... 15,772,400
2,796,500 Interpublic Group * ............................ 16,834,930
1,332,000 Mattel ......................................... 25,214,760
807,000 McGraw-Hill .................................... 23,225,460
4,618,645 New York Times, Class A ........................ 36,810,601
1,820,600 Pearson, SP ADR (Britain) ...................... 24,778,366
700,757 Scholastic ..................................... 17,427,827
--------------
236,470,899
--------------
CONSUMER STAPLES - 1.81%
222,420 Bunge .......................................... 12,691,285
107,000 Molson Coors Brewing, Class B .................. 5,239,790
--------------
17,931,075
--------------
ENERGY - 8.26%
1,183,525 Compagnie Generale de Geophysique-Veritas,
SP ADR * (France) ........................... 23,481,138
1,123,200 Denbury Resources * ............................ 16,398,720
802,246 FMC Technologies * ............................. 42,198,140
--------------
82,077,998
--------------
FINANCIALS - 3.71%
1,039,895 Cincinnati Financial ........................... 26,371,737
367,200 Eaton Vance .................................... 10,424,808
--------------
36,796,545
--------------
HEALTH CARE - 13.79%
294,100 Beckman Coulter ................................ 18,919,453
681,900 Charles River Laboratories * ................... 24,902,988
161,600 Edwards Lifesciences * ......................... 12,433,504
781,400 Lincare Holdings * ............................. 24,543,774

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

HEALTH CARE (CONTINUED)
1,092,150 PerkinElmer .................................... $ 20,324,912
874,800 Varian Medical Systems * ....................... 35,849,304
--------------
136,973,935
--------------
INDUSTRIALS - 15.89%
2,270,000 Chicago Bridge & Iron .......................... 42,698,700
570,800 Con-way ........................................ 18,830,692
630,000 Manpower ....................................... 29,868,300
3,446,300 Southwest Airlines ............................. 28,948,920
443,700 URS * .......................................... 17,242,182
1,079,800 Werner Enterprises ............................. 20,246,250
--------------
157,835,044
--------------
INFORMATION TECHNOLOGY - 28.43%
2,109,000 Akamai Technologies * .......................... 46,398,000
303,500 FactSet Research Systems ....................... 19,439,175
727,725 Harris ......................................... 30,360,687
804,500 Intuit * ....................................... 23,386,815
2,147,900 Jabil Circuit .................................. 28,738,902
1,227,800 Lexmark International Group,
Class A * ................................... 31,308,900
1,226,004 Mentor Graphics * .............................. 8,949,829
1,265,570 Molex .......................................... 23,628,192
630,360 Molex, Class A ................................. 10,432,458
1,128,408 Unisys * ....................................... 32,881,809
1,074,655 Zebra Technologies * ........................... 26,866,375
--------------
282,391,142
--------------

MATERIALS - 2.40%
466,200 FMC ............................................ 23,822,819
--------------
TOTAL COMMON STOCKS
(Cost $954,917,972) ......................... 974,299,457
--------------
INVESTMENT COMPANY - 1.45%
14,390,969 BlackRock Liquidity Funds
TempCash Portfolio .......................... 14,390,969
--------------
TOTAL INVESTMENT COMPANY
(Cost $14,390,969) .......................... 14,390,969
--------------
TOTAL INVESTMENTS - 99.55%
(Cost $969,308,941)** ...................................... 988,690,426
--------------
NET OTHER ASSETS AND LIABILITIES - 0.45% ...................... 4,495,231
--------------
NET ASSETS - 100.00% .......................................... $ 993,185,657
==============

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

** Aggregate cost for Federal income tax purposes is $969,702,017.

Gross unrealized appreciation ....... $ 129,837,748
Gross unrealized depreciation ....... (110,849,339)
-------------
Net unrealized appreciation ......... $ 18,988,409
=============

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. The single biggest factor affecting the Fund's performance during the past
12 months was the "quality" factor. Our bias towards owning higher quality
growth companies hampered relative performance in a market that favored
lesser quality names. Those companies with low absolute share prices, lower
returns on equity, higher levels of debt, and poor earnings trends have
been among the best performers since the market bottom in March 2009.
According to Bank of America/Merrill Lynch Quantitative Strategy research,
for the 12 months ended October 31, 2009, those stocks ranked B or worse in
their quality rankings have outperformed those stocks ranked B+ or better
by more than 23 percentage points. With only about a quarter of the Fund's
holdings ranked B or lower (including those not ranked), our focus on
quality has been a strong headwind. Our experience, however, is that over
time superior share price performance normally accrues to those companies
that can sustain high returns and above-average profit growth without
substantial financial leverage.

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

A. Auto parts retailer O'Reilly Automotive was a strong relative performer
that benefitted from more cost-conscious consumers driving their cars
longer and performing their own maintenance. The company also benefited
from the acquisition of one of its competitors. Another strong contributor
to performance was data networking equipment supplier F5 Networks, which
experienced more-resilient demand for its high-performance application
delivery controllers, and recognized for its strategic positioning amid the
move towards data center consolidation and virtualization. Mining equipment
supplier Joy Global was a strong performer due to a sharp rebound in
commodity prices, which supports an improving profit outlook for 2010 and
beyond.

Q. What were the weakest performing holdings?

A. Two of the biggest detractors from performance were companies that,
ironically, reported relatively strong results. Both C.R. Bard, a medical
device manufacturer, and Varian Medical Systems, a maker of radiation
equipment to treat cancer, grew earnings through the recession. The
market's appetite for lower quality and more cyclical issues worked against
these two stocks during the period. Corrections Corp. of America, the
nation's largest private correctional facilities operator, was also a big
detractor from performance. We sold shares near their low following an
earnings disappointment that led us to question our prior belief that the
company would be recession-resistant. In fact, state budget woes
temporarily impeded inmate transfers, leading to facility underutilization.

Q. How was the Fund positioned as of October 31, 2009?

A. The economy is in recovery mode thanks to the efforts of policy makers
around the globe to flood the system with liquidity. We expect a
combination of a rebound in purchasing and aggressive cost reduction
efforts by businesses to lead to a meaningful profit recovery over the next
12 months--which should carry stock prices higher. We believe the portfolio
is well positioned with a healthy balance of steady, secular growers and
more cyclical growth companies likely to prosper during an economic
recovery. Importantly, we anticipate a rotation back to quality stocks to
occur as policy makers begin to withdraw stimulus and as the economy shifts
from phase one of the cycle, marked by recovery off the bottom, to a more
enduring second phase, marked by sustained, albeit below trend line,
economic expansion. Growth during this second phase is likely to be more
muted than in past recoveries due to the headwind posed by deleveraging. As
this rotation occurs, we expect the Fund's quality holdings to perform
quite well.

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

(PERFORMANCE GRAPH)

Montag & Caldwell Mid Cap Growth Fund

Morningstar
Mid Cap
M&C Mid Russell Growth
Cap Growth Mid Cap Category
---------- ------- -----------

Nov-07 10,000 10,000 10,000
Apr-08 9,370 9,156 8,912
Oct-08 5,850 5,735 5,792
Apr-09 5,870 5,891 5,743
Oct-09 6,830 7,025 6,738

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Return - Class N

One Year 16.75%
Since Inception -17.36%

Inception Date 11/02/07

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 20%
INDUSTRIALS 18%
CONSUMER DISCRETIONARY 18%
HEALTH CARE 14%
FINANCIALS 9%
ENERGY 8%
CONSUMER STAPLES 6%
MATERIALS 5%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 97.82%
CONSUMER DISCRETIONARY - 17.93%
1,500 Bed Bath & Beyond * ............................... $ 52,815
2,530 Dick's Sporting Goods * ........................... 57,406
1,060 Kohl's * .......................................... 60,653
2,080 LKQ * ............................................. 35,922
903 Marriott International, Class A ................... 22,629
1,620 O'Reilly Automotive * ............................. 60,394
750 Panera Bread, Class A * ........................... 44,985
990 Polo Ralph Lauren ................................. 73,676
1,770 TJX ............................................... 66,109
1,250 Tractor Supply * .................................. 55,875
--------------
530,464
--------------
CONSUMER STAPLES - 5.56%
1,660 Alberto-Culver .................................... 44,521
2,220 Avon Products ..................................... 71,151
860 Church & Dwight ................................... 48,917
--------------
164,589
--------------
ENERGY - 8.38%
1,770 Cameron International * ........................... 65,437
575 Core Laboratories ................................. 59,973
1,230 Oceaneering International * ....................... 62,853
1,370 Southwestern Energy * ............................. 59,705
--------------
247,968
--------------
FINANCIALS - 8.69%
1,180 Affiliated Managers Group * ....................... 74,918
1,100 Eaton Vance ....................................... 31,229
1,370 Lazard, Class A ................................... 51,717
1,560 MSCI, Class A * ................................... 47,424
680 PartnerRe ......................................... 52,006
--------------
257,294
--------------
HEALTH CARE - 13.62%
750 Bard (C.R.) ....................................... 56,303
1,030 Covance * ......................................... 53,230

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

HEALTH CARE (CONTINUED)
1,850 Dentsply International ............................ $ 60,976
570 Edwards Lifesciences * ............................ 43,856
900 St. Jude Medical * ................................ 30,672
550 Techne ............................................ 34,380
1,490 Varian Medical Systems * .......................... 61,060
1,090 Waters * .......................................... 62,599
--------------
403,076
--------------
INDUSTRIALS - 18.33%
1,680 Ametek ............................................ 58,615
1,150 Donaldson ......................................... 41,020
1,570 Expeditors International Washington ............... 50,585
1,510 Fastenal .......................................... 52,095
910 FTI Consulting * .................................. 37,137
1,090 Jacobs Engineering Group * ........................ 46,096
1,780 JB Hunt Transport Services ........................ 53,507
1,360 Joy Global ........................................ 68,558
730 L-3 Communications Holdings ....................... 52,772
920 Roper Industries .................................. 46,506
680 Stericycle * ...................................... 35,612
--------------
542,503
--------------
INFORMATION TECHNOLOGY - 20.39%
1,480 Altera ............................................ 29,289
2,360 Amphenol, Class A ................................. 94,683
1,220 ANSYS * ........................................... 49,508
710 F5 Networks * ..................................... 31,872
850 Factset Research Systems .......................... 54,442
1,930 Fiserv * .......................................... 88,529
3,090 Juniper Networks * ................................ 78,826
2,960 Microchip Technology .............................. 70,922
2,280 Polycom * ......................................... 48,952
2,590 Xilinx ............................................ 56,332
--------------
603,355
--------------
MATERIALS - 4.92%
860 Air Products and Chemicals ........................ 66,332
1,800 Ecolab ............................................ 79,128
--------------
145,460
--------------
TOTAL COMMON STOCKS
(Cost $2,795,222) .............................. 2,894,709
--------------
INVESTMENT COMPANY - 3.09%
91,584 BlackRock Liquidity Funds
TempCash Portfolio ............................. 91,584
--------------
TOTAL INVESTMENT COMPANY
(Cost $91,584) ................................. 91,584
--------------
TOTAL INVESTMENTS - 100.91%
(Cost $2,886,806)** ........................................ 2,986,293
--------------
NET OTHER ASSETS AND LIABILITIES - (0.91)% .................... (26,919)
--------------
NET ASSETS - 100.00% .......................................... $ 2,959,374
==============

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

** Aggregate cost for Federal income tax purposes is $2,927,570.

Gross unrealized appreciation ...... $ 227,745
Gross unrealized depreciation ...... (169,022)
---------
Net unrealized appreciation ........ $ 58,723
=========

MSCI Morgan Stanley Capital International

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
CARDINAL MID CAP VALUE FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. The Fund outpaced its benchmark due to advantageous stock selection in the
Consumer Staples sector, little exposure to the poorly performing banking
industry, and the absence of Utilities, which badly lagged the benchmark.
These factors more than offset adverse stock selection in the Healthcare
and Industrials sectors, and the drag from the Fund's cash position.

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

A. Concho Resources was a key contributor, benefitting from higher oil prices
and significant production growth. Cable operator Virgin Media rose sharply
as much of its debt was refinanced and its operating metrics and cash flow
improved. Check Point Software Technlologies was a major positive as demand
for security software proved resilient and its acquisition of Nokia's
security software business enhanced its future prospects. Fund manager
Affiliated Managers Group also increased sharply as assets under management
at its affiliates rose with the rally in global equity markets. Clothing
retailer American Eagle Outfitters was another standout, as same store
sales trends improved and valuation expanded from depressed levels.

Q. What were the weakest performing holdings?

A. Data provider IMS Health suffered from declining revenue and earnings as
customers tightened their budgets with the uncertainty surrounding health
care reform. We sold the position as management felt improvement was
unlikely anytime soon. Publisher Scholastic Corp. saw pressure on state
budgets that crimped earnings and the adoption of e-books clouded its
prospects. We sold it early in the year. Broker Investment Technology Group
also lagged as lower trading volumes and falling commissions reduced
earnings. Pawn lender Cash America International saw its earnings growth
reduced by state restrictions on payday lending and weak retail sales.
Metal processor Carpenter Technology Group, which we also sold, suffered
losses due to lower volumes as a result of the global economic slowdown and
higher pension costs.

Q. How was the Fund positioned as of October 31, 2009?

A. Our current investment outlook is positive, but guarded, as improving
economic and credit conditions, and easier earnings comparisons, outweigh
more challenging valuations. Economic activity should benefit from
inventory restocking and a weaker dollar, but the pace of recovery is
likely to be gradual. Very low short-term interest rates and improving
credit markets are having a salutary effect on confidence but the recession
is likely to have a lasting effect on consumer and business behavior. While
the equity market seems to be anticipating a normal economic recovery, such
an outcome is far from certain. Nonetheless, funds are likely to continue
flowing into equities as long as interest rates remain near zero.

The investing environment has been volatile as equity investors have
recently developed a healthy appetite for risk. As the management teams of
most of our more economically sensitive companies have indicated their
businesses have stabilized, we have added incrementally to a few of these
holdings. We also invested in one agency-only mortgage REIT and a specialty
finance company. Other companies in the portfolio remain generally cautious
and most are building cash. Our companies have sound business models,
prudent balance sheets and the ability to generate substantial free cash
flow, which means that they are well prepared to take advantage of
opportunities that arise in these challenging economic times.

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

(PERFORMANCE GRAPH)

Cardinal Mid Cap Value Fund

Morningstar
Cardinal Mid Russell Mid Mid Cap Value
Cap Value Cap Value Funds
------------ ----------- -------------

Nov-07 10,000 10,000 10,000
Apr-08 8,960 9,080 8,995
Oct-08 6,230 6,117 6,044
Apr-09 6,324 5,741 5,957
Oct-09 7,255 7,005 7,133

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Return - Class N

One Year 16.45%
Since Inception -14.82%

Inception Date 11/02/07

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
CARDINAL MID CAP VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 25%
CONSUMER DISCRETIONARY 18%
FINANCIALS 14%
INDUSTRIALS 11%
HEALTH CARE 10%
ENERGY 8%
MATERIALS 5%
CONSUMER STAPLES 4%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
TELECOMMUNICATION SERVICES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 96.51%
CONSUMER DISCRETIONARY - 17.77%
1,211 American Eagle Outfitters ......................... $ 21,180
1,100 Interactive Data .................................. 28,930
300 International Speedway, Class A ................... 7,653
350 Jack in the Box * ................................. 6,566
10 NVR * ............................................. 6,623
1,179 Speedway Motorsports .............................. 15,964
625 Stanley Works ..................................... 28,269
300 Tiffany ........................................... 11,787
1,824 Virgin Media ...................................... 25,481
2,615 Wendy's/Arby's Group, Class A ..................... 10,329
--------------
162,782
--------------
CONSUMER STAPLES - 4.19%
250 Alberto-Culver .................................... 6,705
600 Smucker (J.M.) .................................... 31,638
--------------
38,343
--------------
ENERGY - 7.57%
900 Concho Resources * ................................ 34,299
400 Oceaneering International * ....................... 20,440
550 Plains Exploration & Production * ................. 14,575
--------------
69,314
--------------
FINANCIALS - 13.73%
546 Affiliated Managers Group * ....................... 34,665
500 Annaly Capital Management, REIT ................... 8,455
617 Cash America International ........................ 18,670
300 Entertainment Properties Trust, REIT .............. 10,206
351 Gallagher (Arthur J.) ............................. 7,831
1,100 Hudson City Bancorp ............................... 14,454
300 Investment Technology Group * ..................... 6,471
928 Willis Group Holdings ............................. 25,056
--------------
125,808
--------------

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

HEALTH CARE - 10.43%
300 Beckman Coulter ................................... $ 19,299
311 Henry Schein * .................................... 16,430
417 Laboratory Corp of America Holdings * ............. 28,727
376 Quest Diagnostics ................................. 21,030
255 West Pharmaceutical Services ...................... 10,065
--------------
95,551
--------------
INDUSTRIALS - 11.26%
300 AMETEK ............................................ 10,467
541 Equifax ........................................... 14,812
100 ITT ............................................... 5,070
250 J.B. Hunt Transport Services ...................... 7,515
200 L-3 Communications Holdings ....................... 14,458
200 Roper Industries .................................. 10,110
1,346 RR Donnelley & Sons ............................... 27,028
400 Teledyne Technologies * ........................... 13,664
--------------
103,124
--------------
INFORMATION TECHNOLOGY - 25.15%
1,000 Broadridge Financial Solutions .................... 20,810
599 Check Point Software Technologies * ............... 18,611
1,900 Convergys * ....................................... 20,615
600 Fiserv * .......................................... 27,522
500 Harris ............................................ 20,860
710 Hewitt Associates * ............................... 25,219
1,010 Intuit * .......................................... 29,361
1,151 Progress Software * ............................... 26,588
296 Sybase * .......................................... 11,710
1,600 Western Union ..................................... 29,072
--------------
230,368
--------------
MATERIALS - 4.78%
100 FMC ............................................... 5,110
720 Silgan Holdings ................................... 38,700
--------------
43,810
--------------
TELECOMMUNICATION SERVICES - 1.63%
1,553 Windstream ........................................ 14,971
--------------
TOTAL COMMON STOCKS
(Cost $837,922) ................................ 884,071
--------------
INVESTMENT COMPANY - 4.58%
41,991 BlackRock Liquidity Funds TempCash Portfolio ...... 41,991
--------------
TOTAL INVESTMENT COMPANY
(Cost $41,991) ................................. 41,991
--------------
TOTAL INVESTMENTS - 101.09%
(Cost $879,913)** .......................................... 926,062
--------------
NET OTHER ASSETS AND LIABILITIES - (1.09)% .................... (9,962)
--------------
NET ASSETS - 100.00% .......................................... $ 916,100
==============

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

** Aggregate cost for Federal income tax purposes is $879,973.

Gross unrealized appreciation .... $ 97,775
Gross unrealized depreciation .... (51,686)
--------
Net unrealized appreciation ...... $ 46,089
========

REIT Real Estate Investment Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL-MID CAP FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. The past 12 months was a volatile period for investors with equity markets
experiencing both a precipitous decline and an equally sharp rebound.
Fortunately, the Fund was positive for the period delivering significant
outperformance relative to its benchmark. Five sectors contributed
positively to relative performance with the largest contributions to
relative performance coming from Consumer holdings, which benefitted from
both a higher total return and a significant overweight position. The
largest negative contribution was, not surprisingly, within the Information
Technology sector. Historically, when this high-volatility, growth-oriented
sector leads the market's advance, as it did during the period, the Fund's
low-volatility, value-oriented investment style lags the benchmark.

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

A. The two holdings with the largest positive contribution to the Fund's total
return during the period were Cracker Barrel and Big Lots. Like many
restaurant operators, Cracker Barrel rebounded as the economy began to
emerge from recession as the company reported strong operating results from
better cost controls. The real story behind Cracker Barrel, however, was
the $56 million in proceeds the firm received from a sale-leaseback
transaction for 15 of its restaurants and one distribution center. The firm
still owns the real estate at 400 of its stores and the deal helped to
demonstrate the untapped value of its real estate portfolio.

Big Lots benefited from strong earnings results, upbeat guidance, and
multiple analyst upgrades during the period. Big Lots is the nation's
largest broadline closeout retailer with approximately 1,350 stores in 47
states. Last year was the ideal environment for the firm, and the company
was able to capitalize on cash-strapped companies forced to liquidate
inventory at substantially discounted prices.

Q. What were the weakest performing holdings?

A. The two holdings with the largest negative contribution to the Fund's total
return were American Capital and NACCO Industries. American Capital is a
business development company, investing primarily in the debt and equity of
private company buyouts. The Fund sold the stock as it appeared that the
business model of distributing virtually all cash flow to shareholders and
constantly raising new capital for additional investments would no longer
be sustainable.

NACCO Industries is an operating holding company with three main
businesses--coal mining, lift trucks, and housewares--that suffered
tremendously during the downturn in early 2009, with all of its business
lines experiencing significant weakness. We liquidated the Fund's position
in the stock as we sought to manage unrealized losses in lower conviction
holdings.

Q. How was the Fund positioned as of October 31, 2009?

A. Last year we noted that while we were concerned about the short-term macro
environment, we believed lower commodity prices, unprecedented stimulus,
and attractive valuations would drive positive equity returns over the next
12 to 18 months. That belief was largely realized, although in a pattern
that was more tumultuous than we imagined. Today, stocks are far less
attractively priced than they were one year ago and, over the next 12 to 18
months, policy makers will begin the difficult task of withdrawing stimulus
against a backdrop of high secular unemployment, higher taxes, and
continuing consumer deleveraging. While we don't believe the U.S. economy
will collapse during this process, we do believe that economic growth and
earnings growth will be modest. Thus, we are positioning the Fund with an
eye toward stocks that are less correlated with the broader market, as well
as firms that can prosper in a period of modest economic growth.

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

(PERFORMANCE GRAPH)

River Road Small-Mid Cap Fund

River Road Morningstar
Small-Mid Russell 2500 Small Value
Cap Fund Value Index Category
---------- ------------ -----------

Mar-07 10,000 10,000 10,000
Oct-07 10,130 9,736 9,917
Oct-08 7,130 6,461 6,629
Oct-09 7,724 7,013 7,373

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 8.33%
Since Inception -9.49%

Inception Date 03/29/2007

Average Annual Total Returns - Class I

One Year 8.52%
Since Inception -12.15%

Inception Date 06/28/2007

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
RIVER ROAD SMALL-MID CAP FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

CONSUMER DISCRETIONARY 25%
FINANCIALS 20%
CONSUMER STAPLES 13%
INDUSTRIALS 13%
MATERIALS 7%
HEALTH CARE 5%
ENERGY 5%
INFORMATION TECHNOLOGY 5%
UTILITIES 3%
CASH AND NET OTHER ASSETS AND LIABILITIES 3%
TELECOMMUNICATION SERVICES 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 96.75%
CONSUMER DISCRETIONARY - 25.21%
35,890 Abercrombie & Fitch, Class A ...................... $ 1,177,910
34,640 Bank (Jos. A.) Clothiers * ........................ 1,419,547
115,300 Big Lots * ........................................ 2,888,265
206,390 Brink's Home Security Holdings * .................. 6,393,962
227,820 CKX * ............................................. 1,458,048
133,620 Cracker Barrel Old Country Store .................. 4,429,503
86,090 Dollar Tree * ..................................... 3,885,242
103,280 Dress Barn * ...................................... 1,864,204
203,350 Fred's, Class A ................................... 2,407,664
142,960 Hillenbrand ....................................... 2,856,341
64,500 International Speedway, Class A ................... 1,645,395
94,050 JAKKS Pacific * ................................... 1,338,332
87,930 Lincoln Educational Services * .................... 1,742,773
236,170 OfficeMax ......................................... 2,699,423
78,540 Papa John's International * ....................... 1,767,150
331,210 PetSmart .......................................... 7,793,371
206,390 Rent-A-Center * ................................... 3,789,320
75,230 UniFirst .......................................... 3,164,926
--------------
52,721,376
--------------
CONSUMER STAPLES - 13.14%
83,786 American Dairy * .................................. 2,424,767
242,753 Casey's General Stores ............................ 7,654,002
34,300 Coca-Cola Bottling ................................ 1,540,413
81,580 Dean Foods * ...................................... 1,487,203
96,990 Industrias Bachoco, SP ADR (Mexico) ............... 2,203,613
32,046 J & J Snack Foods ................................. 1,255,242
86,480 National Beverage * ............................... 946,956
264,750 Ruddick ........................................... 7,074,120
96,760 Village Super Market, Class A ..................... 2,902,800
--------------
27,489,116
--------------
ENERGY - 4.59%
37,380 Bristow Group * ................................... 1,089,627
92,250 Cal Dive International * .......................... 708,480
98,735 Encore Acquisition * .............................. 3,660,107

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

ENERGY (CONTINUED)
133,320 Frontier Oil ...................................... $ 1,847,815
88,530 Provident Energy Trust ............................ 546,230
129,080 Rosetta Resources * ............................... 1,746,452
--------------
9,598,711
--------------
FINANCIALS - 20.59%
12,641 Alleghany * ....................................... 3,160,250
96,000 BancorpSouth ...................................... 2,167,680
53,640 Bank of Hawaii .................................... 2,381,616
55,840 Cincinnati Financial .............................. 1,416,102
103,817 Commerce Bancshares ............................... 3,982,420
73,130 FirstService * .................................... 1,299,520
215,620 Hilltop Holdings * ................................ 2,552,941
82,865 Max Capital Group ................................. 1,711,162
61,020 Navigators Group * ................................ 3,238,331
53,960 Oppenheimer Holdings, Class A ..................... 1,375,980
64,340 PartnerRe ......................................... 4,920,723
205,340 People's United Financial ......................... 3,291,600
65,260 UMB Financial ..................................... 2,595,390
238,020 W. R. Berkley ..................................... 5,883,854
7,302 White Mountains Insurance Group ................... 2,259,312
28,730 Zenith National Insurance ......................... 819,667
--------------
43,056,548
--------------
HEALTH CARE - 4.83%
103,100 Kindred Healthcare * .............................. 1,515,570
100,600 Martek Biosciences * .............................. 1,806,776
19,990 National Healthcare ............................... 719,040
67,270 Pharmaceutical Product Development ................ 1,449,669
83,290 Res-Care * ........................................ 1,001,979
90,020 STERIS ............................................ 2,633,985
24,700 West Pharmaceutical Services ...................... 974,909
--------------
10,101,928
--------------
INDUSTRIALS - 12.86%
53,355 AMERCO * .......................................... 2,255,316
211,340 Brink's ........................................... 5,015,098
82,480 Copart * .......................................... 2,653,382
68,780 Corporate Executive Board ......................... 1,651,408
194,640 Equifax ........................................... 5,329,243
211,740 Geo Group * ....................................... 4,478,301
79,095 Korn/Ferry International * ........................ 1,262,356
223,380 Pike Electric * ................................... 2,803,419
82,885 Viad .............................................. 1,450,488
--------------
26,899,011
--------------
INFORMATION TECHNOLOGY - 4.56%
45,430 Forrester Research * .............................. 1,150,742
48,040 Hewitt Associates, Class A * ...................... 1,706,381
205,210 Ingram Micro, Class A * ........................... 3,621,957
104,240 Ituran Location and Control ....................... 1,288,406
199,160 TeleCommunication Systems, Class A * .............. 1,780,490
--------------
9,547,976
--------------
MATERIALS - 6.84%
92,990 Airgas ............................................ 4,125,036
220,780 AptarGroup ........................................ 7,795,742
224,990 Glatfelter ........................................ 2,378,144
--------------
14,298,922
--------------
TELECOMMUNICATION SERVICES - 0.58%
32,920 United States Cellular * .......................... 1,205,201
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL-MID CAP FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

UTILITIES - 3.55%
66,210 Avista ............................................ $ 1,255,342
32,820 National Fuel Gas ................................. 1,488,059
128,266 Portland General Electric ......................... 2,384,465
105,072 SJW ............................................... 2,287,418
--------------
7,415,284
--------------
TOTAL COMMON STOCKS
(Cost $190,209,338) ............................ 202,334,073
--------------
INVESTMENT COMPANY - 2.96%
6,201,012 BlackRock Liquidity Funds TempFund Portfolio ...... 6,201,012
--------------
TOTAL INVESTMENT COMPANY
(Cost $6,201,012) .............................. 6,201,012
--------------
TOTAL INVESTMENTS - 99.71%
(Cost $196,410,350)** ...................................... 208,535,085
--------------
NET OTHER ASSETS AND LIABILITIES - 0.29% ...................... 599,790
--------------
NET ASSETS - 100.00% .......................................... $ 209,134,875
==============

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

** Aggregate cost for Federal income tax purposed is $198,190,572.

Gross unrealized appreciation ..... $18,908,224
Gross unrealized depreciation ..... (8,563,711)
-----------
Net unrealized appreciation ....... $10,344,513
===========

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

B. Anthony Weber, Charles Mercer, Jr., CFA & Michael E. Johnson, CFA

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

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

A. Technology was king for the Fund during the past year as we saw some giant
gains from names like Seagate Technology and Western Digital, two disk
drive manufacturers that were up 145% and 156% respectively. Semiconductor
stocks stood out as well, as several names saw very nice moves. Overall,
the portfolio's performance in Technology doubled that of the benchmark. We
also saw strength from the Consumer Discretionary sector, led by names such
as Aeropostale (no longer held), Carter's and American Eagle Outfitters (no
longer held).

Q. What were the weakest performing holdings?

A. Airlines, such as Continental and AMR which had been the Fund's best
performing industry group during the fourth quarter of 2008, experienced a
dramatic selloff during the first three months of 2009, as traffic numbers
slumped to levels not seen since the period just after 9/11. As a result,
Industrials was the worst sector in the portfolio, as well as in the
benchmark. A 50% underweight in Healthcare most of the year avoided the
uncertainty around the proposed healthcare reform bill but stock selection
in this area struggled from earnings disappointments primarily within
biotechnology and medical equipment.

Q. How was the Fund positioned as of October 31, 2009?

A. The Fund is still overweight early cycle sectors, as Technology and
Consumer Discretionary represent the two largest areas of exposure in the
portfolio. Semiconductors and related companies make up the bulk in
Technology as we are convinced corporate America, which is flush with cash,
will lead us out of this recession as we may be at the front edge of a
major PC upgrade cycle driven by the launch of Windows 7. Specialty retail
and apparel stocks lead the consumer space along with firms leveraged to an
upswing in ad revenue. The Industrials sector is driven by a sizable
position in car rental stocks where fleets are being reduced and residual
values are increasing given the all time highs in used-car prices. We
likely will look to move up the portfolio's stake in Healthcare during the
course of the next 12 months as the uncertainty surrounding the reform
package is removed and we start to look up the food chain for higher
quality growth stocks.

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

(PERFORMANCE GRAPH)

Veredus Aggressive Growth Fund

ABN AMRO/Veredus Morningstar(R)
Aggressive Growth Russell 2000 Small Growth
Fund - Class N Growth Index Category
----------------- ------------ ---------------

Jun-98 10,000 10,000 10,000
Oct-98 8,620 8,169 8,234
Oct-99 16,630 10,561 11,859
Oct-00 25,502 12,269 16,475
Oct-01 22,931 8,403 11,921
Oct-02 14,961 6,590 9,723
Oct-03 19,913 9,659 13,727
Oct-04 21,246 10,193 14,356
Oct-05 23,977 11,305 16,063
Oct-06 24,094 13,235 18,178
Oct-07 31,324 15,449 21,632
Oct-08 16,330 9,599 12,640
Oct-09 17,602 10,687 14,304

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 7.79%
Five Year -3.69%
Ten Year 0.57%
Since Inception 5.11%

Inception Date 06/30/98

Average Annual Total Returns - Class I

One Year 8.16%
Five Year -3.43%
Since Inception -3.18%

Inception Date 10/05/01

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND CLASS I IS 1.56% AND 1.31%
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. THE
PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.
PLEASE REFER TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009
FISCAL YEAR END RELATED INFORMATION.

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INFORMATION TECHNOLOGY 33%
CONSUMER DISCRETIONARY 30%
INDUSTRIALS 12%
HEALTH CARE 9%
FINANCIALS 7%
ENERGY 3%
MATERIALS 3%
CASH & NET OTHER ASSETS AND LIABILITIES 3%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 97.07%
CONSUMER DISCRETIONARY - 30.15%
61,200 Amerigon * ........................................ $ 393,516
34,500 AnnTaylor Stores * ................................ 447,465
75,825 bebe stores ....................................... 474,665
44,075 Brunswick ......................................... 417,831
31,975 Carter's * ........................................ 754,610
61,700 Chico's FAS * ..................................... 737,315
67,750 Coldwater Creek * ................................. 389,563
101,325 Gannett ........................................... 995,012
14,225 Guess? ............................................ 519,924
36,600 Lithia Motors, Class A * .......................... 305,244
30,375 MarineMax * ....................................... 206,854
63,400 MGM MIRAGE * ...................................... 587,718
120,750 New York Times, Class A ........................... 962,378
127,825 Office Depot * .................................... 773,341
114,250 Pacific Sunwear of California * ................... 690,070
31,050 Pier 1 Imports * .................................. 109,296
194,150 Saks * ............................................ 1,089,182
71,950 Select Comfort * .................................. 393,567
93,525 Shuffle Master * .................................. 730,430
24,000 Steak 'n Shake (The) * ............................ 279,600
37,775 Talbots ........................................... 342,619
25,875 Tempur-Pedic International * ...................... 501,199
56,050 Ulta Salon, Cosmetics & Fragrance * ............... 848,597
28,600 Under Armour, Class A * ........................... 767,910
--------------
13,717,906
--------------
ENERGY - 2.92%
19,300 Carrizo Oil & Gas * ............................... 447,374
7,300 GMX Resources * ................................... 92,929
77,075 SandRidge Energy * ................................ 788,477
--------------
1,328,780
--------------
FINANCIALS - 6.67%
9,125 FBR Capital Markets * ............................. 55,663
109,225 Janus Capital Group ............................... 1,433,032
24,825 Jefferies Group * ................................. 647,933

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

FINANCIALS (CONTINUED)
87,000 KKR Financial Holdings * .......................... $ 398,460
29,100 LaSalle Hotel Properties, REIT .................... 499,356
--------------
3,034,444
--------------
HEALTH CARE - 8.73%
26,825 Align Technology * ................................ 421,689
10,625 Almost Family * ................................... 322,469
12,925 Amedisys * ........................................ 514,286
27,750 Brookdale Senior Living * ......................... 467,310
64,850 Clarient * ........................................ 210,114
84,725 LCA-Vision * ...................................... 381,263
16,525 NuVasive * ........................................ 599,692
27,550 RehabCare Group * ................................. 516,563
20,500 WellCare Health Plans * ........................... 535,665
--------------
3,969,051
--------------
INDUSTRIALS - 12.00%
88,875 AirTran Holdings * ................................ 375,941
54,500 AMR * ............................................. 293,755
121,575 Avis Budget Group * ............................... 1,021,230
25,350 CDI ............................................... 308,763
9,550 Dollar Thrifty Automotive Group * ................. 176,771
17,650 Ener1 * ........................................... 88,074
21,125 EnerNOC * ......................................... 606,921
50,300 Gol - Linhas Aereas Inteligentes SA, ADR
(Brazil) ....................................... 516,581
90,325 Hertz Global Holdings * ........................... 840,926
40,575 Kforce * .......................................... 475,945
42,850 Tutor Perini * .................................... 756,303
--------------
5,461,210
--------------
INFORMATION TECHNOLOGY - 33.55%
25,825 Aixtron AG, SP ADR (Germany) ...................... 765,453
154,675 Amkor Technology * ................................ 852,259
19,025 Avnet * ........................................... 471,440
103,975 Brightpoint * ..................................... 766,296
23,475 Cavium Networks * ................................. 445,086
27,950 Echo Global Logistics * ........................... 364,748
103,500 Fairchild Semiconductor International * ........... 774,180
87,675 Kulicke & Soffa Industries * ...................... 407,689
172,150 LSI * ............................................. 881,408
238,325 LTX-Credence * .................................... 319,356
142,250 Mattson Technology * .............................. 301,570
78,525 NetScout Systems * ................................ 965,072
11,200 Newport * ......................................... 83,328
141,550 ON Semiconductor * ................................ 946,970
181,125 RF Micro Devices * ................................ 720,878
80,925 Rubicon Technology * .............................. 1,223,586
27,625 SAVVIS * .......................................... 408,574
52,875 Seagate Technology ................................ 737,606
132,250 Sonic Solutions * ................................. 642,735
39,900 Standard Microsystems * ........................... 768,474
120,800 TriQuint Semiconductor * .......................... 651,112
51,800 TTM Technologies * ................................ 526,806
22,700 Western Digital * ................................. 764,536
45,425 Xyratex * ......................................... 474,691
--------------
15,263,853
--------------
MATERIALS - 3.05%
18,525 Globe Specialty Metals * 146,718
14,100 Koppers Holdings 368,292

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

MATERIALS (CONTINUED)
84,600 PolyOne * ........................................ $ 472,068
36,475 Solutia * ........................................ 401,217
--------------
1,388,295
--------------
TOTAL COMMON STOCKS
(Cost $39,891,948) ............................ 44,163,539
--------------
INVESTMENT COMPANY - 4.03%
1,834,636 BlackRock Liquidity Funds
TempCash Portfolio ............................ 1,834,636
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,834,636) ............................. 1,834,636
--------------
TOTAL INVESTMENTS - 101.10%
(Cost $41,726,584)** ...................................... 45,998,175
--------------
NET OTHER ASSETS AND LIABILITIES - (1.10)% (501,989)
--------------
NET ASSETS - 100.00% ......................................... $ 45,496,186
==============

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

** Aggregate cost for Federal income tax purposes is $41,734,861.

Gross unrealized appreciation .... $ 6,635,674
Gross unrealized depreciation .... (2,372,360)
-----------
Net unrealized appreciation ...... $ 4,263,314
===========

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO SMALL CAP FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Philip D. Tasho, CFA

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

A. The financial meltdown weighed heavily on stocks during late 2008 and early
2009, but stocks rebounded strongly, recovering into positive territory.
While the markets were unusually volatile, the Fund reported positive
absolute returns for the one-year period ending October 2009 and positive
relative returns versus its benchmark, the Russell 2000(R) Index. Strong
stock selection in Energy, Financials, Health Care and Industrials added to
performance, as well as positive sector allocation in Consumer
Discretionary. Stock selection in Technology and Consumer Discretionary
detracted from performance.

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

A. General Cable, an industrial wire and cable company, continued to execute
well thanks to its global footprint. For the second year, Quality Systems,
a health care systems software company, was another strong performer as
demand for its products resonated in the market place. The third largest
contributor to performance was F5 Networks, which benefited from a rebound
in corporate spending in technology led by demand for productivity
enhancement products.

Q. What were the weakest performing holdings?

A. While ManTech International declined with other defense-related stocks, the
loss of its well-respected Chief Operating Officer further depressed its
shares. Eclipsys, a health care systems integrator, declined due to poor
execution and the replacement of its Chief Financial Officer. SunOpta an
organic food concern, needed to restate financials due to certain incorrect
accounting treatments. All three positions were eventually sold from the
portfolio.

Q. How was the Fund positioned as of October 31, 2009?

A. We believe liquidity injected into the financial system through the
Congressional stimulus package, as well as by the Fed, provided the
opportunity for the stock market to rebound. The challenge over the next
year is funneling that liquidity into the real economy to spark the
resumption of positive GDP growth. The potential economic recovery could be
tempered by increases in state, local and eventually Federal taxes, as well
as the continued de-leveraging of the consumer. For this reason, we have
positioned the portfolio towards best-in-class leaders that have the
opportunity to gain traction in a sluggish and increasingly competitive
market through superior execution and capital bases that will help enable
them to take market share from their peers.

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

(PERFORMANCE GRAPH)

TAMRO Small Cap Fund

TAMRO Small Russell 2000 Morningstar(R) Small
Cap Fund Index Blend Category
------------ ----------- -------------------

11/30/2000 10,000 10,000 10,000
Oct-01 10,774 9,729 9,761
Oct-02 10,603 8,603 9,093
Oct-03 15,919 12,334 12,467
Oct-04 17,538 13,780 14,153
Oct-05 19,144 15,445 16,096
Oct-06 24,165 18,531 18,729
Oct-07 27,201 20,248 20,669
Oct-08 18,609 13,332 12,972
Oct-09 20,028 14,193 14,457

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 7.63%
Five Year 2.69%
Since Inception 8.10%

Inception Date 11/30/00

Average Annual Total Returns - Class I

One Year 7.94%
Since Inception 1.64%

Inception Date 01/04/05

Aston Funds
TAMRO SMALL CAP FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

CONSUMER DISCRETIONARY 22%
INFORMATION TECHNOLOGY 19%
FINANCIALS 18%
INDUTRIALS 13%
HEALTH CARE 8%
ENERGY 8%
CONSUMER STAPLES 8%
TELECOMMUNICATION SERVICES 2%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 97.89%
CONSUMER DISCRETIONARY - 21.79%
580,320 Aaron Rents ....................................... $ 14,537,016
1,107,667 BJ's Restaurants * ................................ 17,678,365
212,324 Blue Nile * ....................................... 12,750,056
344,298 Carter's * ........................................ 8,125,433
453,919 Corinthian Colleges * ............................. 7,199,155
1,840,311 Domino's Pizza * .................................. 13,507,883
612,375 DSW, Class A * .................................... 11,757,600
845,717 E.W. Scripps, Class A ............................. 5,378,760
1,256,411 Gannett ........................................... 12,337,956
563,664 Grand Canyon Education * .......................... 9,142,630
618,569 Lumber Liquidators * .............................. 13,144,591
527,194 M.D.C. Holdings ................................... 17,197,068
211,250 Morningstar * ..................................... 10,777,975
995,525 Winnebago Industries * ............................ 11,448,538
--------------
164,983,026
--------------
CONSUMER STAPLES - 7.54%
449,354 Lance ............................................. 10,838,418
458,758 NBTY * ............................................ 16,703,379
481,937 TreeHouse Foods * ................................. 18,024,444
476,924 United Natural Foods * ............................ 11,498,638
--------------
57,064,879
--------------
ENERGY - 7.96%
329,731 Alpha Natural Resources * ......................... 11,200,962
437,324 Bill Barrett * .................................... 13,548,297
480,230 Holly ............................................. 13,931,472
416,628 Hornbeck Offshore Services * ...................... 10,128,227
875,005 Willbros Group * .................................. 11,497,566
--------------
60,306,524
--------------

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

FINANCIALS - 18.44%
636,185 Bank of the Ozarks ................................ $ 14,473,209
921,113 BioMed Realty Trust, REIT ......................... 12,499,503
456,389 East West Bancorp ................................. 4,121,193
339,719 GAMCO Investors ................................... 14,332,745
973,612 Glacier Bancorp ................................... 12,744,581
1,032,834 Janus Capital Group ............................... 13,550,782
790,433 LaSalle Hotel Properties, REIT .................... 13,563,830
655,735 Raymond James Financial ........................... 15,481,903
966,501 Redwood Trust, REIT ............................... 13,473,024
3,991 Teton Advisors (a) ................................ 64,347
568,805 Washington, REIT .................................. 15,187,094
716,073 Zions Bancorporation .............................. 10,139,594
--------------
139,631,805
--------------
HEALTH CARE - 8.17%
342,297 Analogic .......................................... 12,781,370
2,369,421 Health Management Associates, Class A * ........... 14,453,468
225,063 Perrigo ........................................... 8,370,093
342,010 Teleflex .......................................... 17,014,998
216,836 United Therapeutics * ............................. 9,224,203
--------------
61,844,132
--------------
INDUSTRIALS - 12.87%
580,522 Advisory Board * .................................. 14,304,062
2,521,064 AirTran Holdings * ................................ 10,664,101
652,584 EMCOR Group * ..................................... 15,414,034
272,548 Energy Conversion Devices * ....................... 2,935,342
569,444 Forward Air ....................................... 12,151,935
427,128 General Cable * ................................... 13,300,766
184,169 Schnitzer Steel Industries, Class A ............... 7,963,468
507,212 Terex * ........................................... 10,255,827
283,734 Wabtec ............................................ 10,430,062
--------------
97,419,597
--------------
INFORMATION TECHNOLOGY - 19.24%
1,466,264 3PAR * ............................................ 13,797,544
633,894 Acme Packet * ..................................... 6,205,822
420,424 Blackboard * ...................................... 14,912,439
458,449 F5 Networks * ..................................... 20,579,776
244,262 FactSet Research Systems .......................... 15,644,981
42,234 LivePerson * ...................................... 212,437
82,901 Netezza * ......................................... 766,005
336,425 Quality Systems ................................... 20,528,653
1,205,128 RightNow Technologies * ........................... 18,390,253
896,202 SeaChange International * ......................... 6,067,288
768,939 ValueClick * ...................................... 7,566,360
1,321,229 VASCO Data Security International * ............... 8,033,072
805,543 Websense * ........................................ 12,937,021
--------------
145,641,651
--------------
TELECOMMUNICATION SERVICES - 1.88%
1,069,355 Cbeyond * ......................................... 14,275,889
--------------
TOTAL COMMON STOCKS
(Cost $666,109,823) ............................ 741,167,503
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO SMALL CAP FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

INVESTMENT COMPANY - 1.02%
7,727,276 BlackRock Liquidity Funds
TempCash Portfolio ............................. $ 7,727,276
--------------
TOTAL INVESTMENT COMPANY
(Cost $7,727,276) .............................. 7,727,276
--------------
TOTAL INVESTMENTS - 98.91%
(Cost $673,837,099)** ..................................... 748,894,779
--------------
NET OTHER ASSETS AND LIABILITIES - 1.09% ..................... 8,220,687
--------------
NET ASSETS - 100.00% ......................................... $ 757,115,466
==============

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

** Aggregate cost for Federal income tax purposes is $684,796,789.

Gross unrealized appreciation ......... $100,380,865
Gross unrealized depreciation ......... (36,282,875)
------------
Net unrealized appreciation ........... $ 64,097,990
============

(a) This security has been determined by the Adviser to be an illiquid
security. At October 31, 2009, this security amounted to $64,347 or 0.01%
of net assets.

REIT Real Estate Investment Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. The past 12 months was a volatile period for investors with equity markets
experiencing both a precipitous decline and an equally sharp rebound.
Fortunately, the Fund was positive for the period delivering significant
outperformance relative to its benchmark. Seven sectors contributed
positively to relative performance with the largest contribution to
relative performance coming from Consumer Staples, which benefitted from
both a higher total return and a significant overweight position. A
significant underweight position in the Financials sector also aided
returns. The largest negative contribution was, not surprisingly, within
the Information Technology sector. Historically, when this high-volatility,
growth-oriented sector leads the market's advance, as it did during the
period, the Fund's low-volatility, value-oriented investment style lags the
benchmark.

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

A. The two holdings with the largest positive contribution to total return
during the period were American Dairy and Cracker Barrel. American Dairy, a
Utah-registered company, is a premium producer of infant formula in China
headquartered in Beijing. In September 2008, it was revealed that much of
China's raw milk powder was contaminated with melamine, a toxic chemical
that caused six infant deaths and sickened thousands. American Dairy was
one of a few companies not implicated in the melamine crisis.

Cracker Barrel operates nearly 600 restaurant/gift shops in 41 states. Like
many restaurant operators, the firm rebounded as the economy began to
emerge from recession as the company reported strong operating results from
better cost controls. The real story behind Cracker Barrel, however, was
the $56 million in proceeds the firm received from a sale-leaseback
transaction for 15 of its restaurants and one distribution center. The firm
still owns the real estate at 400 of its stores and the deal helped to
demonstrate the untapped value of its real estate portfolio.

Q. What were the weakest performing holdings?

A. The two holdings with the largest negative contribution to the Fund's total
return were NACCO Industries and JAKKS Pacific. NACCO Industries is an
operating holding company with three main businesses--coal mining, lift
trucks, and house wares--that suffered tremendously during the downturn in
early 2009, with all of its business lines experiencing significant
weakness. We liquidated the Fund's position in the stock as we sought to
manage unrealized losses in lower conviction holdings.

JAKKS Pacific underperformed the market and its peer group last year. Like
most retailers, JAKKS Pacific struggled to grow sales. Strong brands such
as Hannah Montana, WWE, and Pokemon experienced significant declines in
shelf space and ultimately revenue. Fortunately, new products such as Girl
Gourmet and Spa Factory have achieved expanded distribution that should
lead to better results this Christmas. We trimmed the portfolio's holding
in JAKKS but continue to maintain a small position.

Q. How was the Fund positioned as of October 31, 2009?

A. Last year we noted that while we were concerned about the short-term macro
environment, we believed lower commodity prices, unprecedented stimulus,
and attractive valuations would drive positive equity returns over the next
12 to 18 months. That belief was largely realized, although in a pattern
that was more tumultuous than we imagined. Today, stocks are far less
attractively priced than they were one year ago and, over the next 12 to 18
months, policy makers will begin the difficult task of withdrawing stimulus
against a backdrop of high secular unemployment, higher taxes, and
continuing consumer deleveraging. While we don't believe the US economy
will collapse during this process, we do believe that economic growth and
earnings growth will be modest. Thus, we are positioning the Fund with an
eye toward stocks that are less correlated with the broader market, as well
as firms that can prosper in a period of modest economic growth.

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

(PERFORMANCE GRAPH)

River Road Small Cap Value Fund

River Road Morningstar(R)
Small Cap Russell 2000 Small Cap
Value Fund Value Index Value Category
---------- ------------ ---------------

Jun-05 10,000 10,000 10,000
Oct-05 10,280 10,050 10,123
Oct-06 13,460 12,352 11,808
Oct-07 14,553 12,605 12,464
Oct-08 9,821 8,755 8,332
Oct-09 10,803 8,927 9,267

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

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 9.99%
Since Inception 1.79%

Inception Date 06/28/05

Average Annual Total Returns - Class I

One Year 10.31%
Since Inception -8.43%

Inception Date 12/13/06

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

CONSUMER DISCRETIONARY 27%
CONSUMER STAPLES 16%
FINANCIALS 14%
INDUSTRIALS 12%
HEALTH CARE 7%
INFORMATION TECHNOLOGY 6%
ENERGY 6%
MATERIALS 5%
CASH & NET OTHER ASSETS AND LIABILITIES 4%
UTILITIES 3%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 95.59%
CONSUMER DISCRETIONARY - 26.75%
82,973 Bank (Jos. A.) Clothiers * ....................... $ 3,400,234
279,100 Big Lots * ....................................... 6,991,455
505,836 Brink's Home Security Holdings * ................. 15,670,799
606,350 CKX * ............................................ 3,880,640
339,566 Cracker Barrel Old Country Store ................. 11,256,613
144,121 Dollar Tree * .................................... 6,504,181
265,559 Dress Barn * ..................................... 4,793,340
616,208 Fred's, Class A .................................. 7,295,903
152,762 Frisch's Restaurants ............................. 3,582,269
177,174 Hampshire Group * (a) ............................ 531,522
380,860 Hillenbrand ...................................... 7,609,583
190,290 International Speedway, Class A .................. 4,854,298
271,296 JAKKS Pacific * .................................. 3,860,542
295,970 Lincoln Educational Services * ................... 5,866,125
645,588 Mac-Gray * ....................................... 5,248,630
210,680 Monarch Casino & Resort * ........................ 1,462,119
96,194 Nathan's Famous * ................................ 1,394,813
561,440 OfficeMax * ...................................... 6,417,259
205,488 Papa John's International * ...................... 4,623,480
284,817 PetMed Express ................................... 4,468,779
246,750 PetSmart ......................................... 5,806,027
462,325 Rent-A-Center * .................................. 8,488,287
223,883 UniFirst ......................................... 9,418,758
--------------
133,425,656
--------------
CONSUMER STAPLES - 15.95%
274,391 American Dairy * ................................. 7,940,876
605,519 Casey's General Stores ........................... 19,092,014
85,906 Coca-Cola Bottling ............................... 3,858,038
319,138 HQ Sustainable Maritime Industries * ............. 2,415,875
382,851 Industrias Bachoco, SP ADR (Mexico) .............. 8,698,375
91,883 J & J Snack Foods ................................ 3,599,057
295,816 National Beverage * .............................. 3,239,185

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

CONSUMER STAPLES (CONTINUED)
639,341 Ruddick .......................................... $ 17,083,192
300,699 Village Super Market, Class A .................... 9,020,970
674,893 Zapata * ......................................... 4,609,519
--------------
79,557,101
--------------
ENERGY - 5.78%
112,110 Bristow Group * .................................. 3,268,006
216,852 Cal Dive International * ......................... 1,665,423
65,454 Eastern American Natural Gas Trust ............... 1,583,987
255,280 Encore Acquisition * ............................. 9,463,230
859,179 Evolution Petroleum * ............................ 2,929,800
338,450 Frontier Oil ..................................... 4,690,917
231,910 Provident Energy Trust ........................... 1,430,885
279,050 Rosetta Resources * .............................. 3,775,546
--------------
28,807,794
--------------
FINANCIALS - 14.52%
7,701 BancFirst ........................................ 278,083
286,050 BancorpSouth ..................................... 6,459,009
157,730 Bank of Hawaii ................................... 7,003,212
72,350 Dime Community Bancshares ........................ 795,126
48,745 First Citizens BancShares, Class A ............... 7,263,005
177,120 FirstService * ................................... 3,147,422
30,009 Gyrodyne Company of America REIT * ............... 1,245,373
523,150 Hilltop Holdings * ............................... 6,194,096
209,101 Max Capital Group ................................ 4,317,936
710,199 Medallion Financial .............................. 5,575,062
183,357 Navigators Group * ............................... 9,730,756
163,409 Oppenheimer Holdings, Class A .................... 4,166,929
215,650 UMB Financial .................................... 8,576,400
18,540 White Mountains Insurance Group .................. 5,736,461
68,020 Zenith National Insurance ........................ 1,940,611
--------------
72,429,481
--------------
HEALTH CARE - 6.78%
90,630 Air Methods * .................................... 2,767,840
317,966 Chindex International * .......................... 4,432,446
122,750 Ensign Group ..................................... 1,814,245
229,210 Kindred Healthcare * ............................. 3,369,387
274,370 Martek Biosciences * ............................. 4,927,685
55,940 National Healthcare .............................. 2,012,162
276,740 Res-Care * ....................................... 3,329,182
241,140 STERIS ........................................... 7,055,756
104,450 West Pharmaceutical Services ..................... 4,122,642
--------------
33,831,345
--------------
INDUSTRIALS - 12.21%
130,950 AMERCO * ......................................... 5,535,256
395,056 Brink's .......................................... 9,374,679
149,280 Copart * ......................................... 4,802,338
98,060 Cornell * ........................................ 2,239,690
167,000 Corporate Executive Board ........................ 4,009,670
494,920 Geo Group * ...................................... 10,467,558
299,153 Korn/Ferry International * ....................... 4,774,482
540,210 Pike Electric * .................................. 6,779,635
186,290 Sterling Construction * .......................... 3,004,858
239,673 Viad ............................................. 4,194,278
447,860 Volt Information Sciences * ...................... 3,632,145
512,944 WCA Waste * ...................................... 2,056,905
--------------
60,871,494
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

INFORMATION TECHNOLOGY - 5.87%
405,480 BigBand Networks * ............................... $ 1,500,276
67,179 Cass Information Systems ......................... 1,997,232
48,820 Computer Services (a) ............................ 1,745,315
362,980 Electro Rent ..................................... 3,887,516
140,230 Forrester Research * ............................. 3,552,026
382,783 Ingram Micro, Class A * .......................... 6,756,120
355,310 Ituran Location and Control ...................... 4,391,632
606,490 TeleCommunication Systems, Class A * ............. 5,422,021
--------------
29,252,138
--------------
MATERIALS - 5.10%
571,716 AptarGroup ....................................... 20,187,292
498,326 Glatfelter ....................................... 5,267,306
--------------
25,454,598
--------------
UTILITIES - 2.63%
83,430 Avista ........................................... 1,581,833
342,140 Portland General Electric ........................ 6,360,383
237,676 SJW .............................................. 5,174,207
--------------
13,116,423
--------------
TOTAL COMMON STOCKS
(Cost $453,355,465) ........................... 476,746,030
--------------
INVESTMENT COMPANY - 5.00%
24,936,205 BlackRock Liquidity Funds
TempCash Portfolio ............................ 24,936,205
--------------
TOTAL INVESTMENT COMPANY
(Cost $24,936,205) ............................ 24,936,205
--------------
TOTAL INVESTMENTS - 100.59%
(Cost $478,291,670)** ...................................... 501,682,235
--------------
NET OTHER ASSETS AND LIABILITIES - (0.59)% .................... (2,919,110)
--------------
NET ASSETS - 100.00% .......................................... $ 498,763,125
==============

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

** Aggregate cost for Federal income tax purposes is $480,455,920.

Gross unrealized appreciation... $ 49,764,679
Gross unrealized depreciation... (28,538,364)
------------
Net unrealized appreciation..... $ 21,226,315
============

(a) These securities have been determined by the Adviser to be illiquid
securities. At October 31, 2009, these securities amounted to $2,276,837 or
0.46% of net assets.

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
NEPTUNE INTERNATIONAL FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Robin Geffen

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

A. After a volatile start to the period, global markets hit their lows during
the first quarter of 2009 and began to make significant gains in response
to a number of catalysts, including the impact of fiscal stimulus and
aggressive monetary policies.

While these catalysts were positive in many respects, the Fund adopted a
cautious approach to the recovery in equity markets while we assessed the
stability of the Financials sector. We began to invest the portfolio's
defensive cash weighting at the beginning of May, reflecting our view that
the banking system losses had largely been factored into prices and the
global economy's rate of decline had reached its peak. That cautious
approach and the timing of the reinvestment of cash cost the Fund some
performance. However, given the volatility experienced across global
markets over the past year, we felt this careful approach warranted.

The savage de-rating of Emerging Markets during the final months of 2008,
also negatively affected the performance of the Fund. While disappointing,
our belief in the potential for Emerging Markets remains unshaken and we
maintained the portfolio's high weightings into 2009. This has proven
beneficial with Emerging Markets thus far significantly outperformed
developed markets.

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

A. Within Emerging Markets, some of the Fund's best performing stocks were
long-term plays on the Chinese consumer theme, in particular Chinese
Internet stocks. The Internet penetration level in China remains very
low--just over 20% compared with nearly 80% in the US--and as penetration
levels increase, the potential growth of these internet companies is
immense on top of very good profits made in the portfolio's holdings to
date.

With the recovery of the price of oil in 2009, the Fund also benefited from
its exposure to Energy. Positions in bellwether energy stocks, such as
Gazprom, Rosneft Oil and PetroChina were central to generating performance,
as was an overweight stance in Materials. In addition, Russian stocks--both
in Energy and Consumer names such as Wimm-Bill-Dann Foods and X5 Retail
Group--have performed well during 2009. We also increased exposure to
select Financials, buying banks such as HSBC Holdings and Standard
Chartered to good effect.

Q. What were the weakest performing holdings?

A. As risk appetites increased at the start of the year, the market turned its
collective back on traditionally defensive areas like Healthcare and
Consumer Staples. Holdings in British American Tobacco and pharmaceutical
stocks Roche Holding and AstraZeneca were negative contributors to
performance. In September, Japan's newly elected government announced
surprising measures that will put some cash back in the Japanese consumer's
pockets at the cost, in our opinion, of the Japanese multinational
companies that we had been favoring.

Q. How was the Fund positioned as of October 31, 2009?

A. Utilizing a combination of Neptune's in-house global sector research and
rigorous bottom-up stockpicking, the Fund is fully invested and in a strong
position to take advantage of further potential upside. In the medium term,
we anticipate a low growth environment among developed countries with
difficult operating conditions. Therefore, the Fund remains invested in
high-quality stocks able to weather these conditions.

We continue to believe that Emerging Markets will play an increasingly
central role in the global economy. Indeed, we believe that over the coming
years they will provide greater investment returns compared with their
developed market peers due to the extensive growth potential available.

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

(PERFORMANCE GRAPH)

Neptune International Fund

Neptune MSCI EAFE & Moringstar
International Emerging Foreign Large
Fund - Class I Markets Growth Category
-------------- ----------- ---------------

Aug-07 10,000 10,000 10,000
Oct-07 12,230 11,019 11,239
Oct-08 5,925 5,649 5,641
Oct-09 7,242 7,597 7,277

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

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 21.94%
Since Inception -27.68%

Inception Date 06/17/08

Average Annual Total Returns - Class I

One Year 22.23%
Since Inception -13.39%

Inception Date 08/06/07

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
NEPTUNE INTERNATIONAL FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

CONSUMER STAPLES 21%
ENERGY 18%
FINANCIALS 16%
MATERIALS 14%
INFORMATION TECHNOLOGY 8%
HEALTH CARE 7%
TELECOMMUNICATION SERVICES 6%
INDUSTRIALS 5%
CONSUMER DISCRETIONARY 4%
CASH & NET OTHER ASSETS AND LIABILITIES 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 99.15%
AUSTRALIA - 1.65%
5,000 Foster's Group (a) ................................ $ 24,521
--------------
BRAZIL - 3.11%
1,000 Petroleo Brasileiro, ADR .......................... 46,220
--------------
CHINA - 28.49%
200 Baidu, SP ADR * ................................... 75,584
45,000 Bank of China (a) ................................. 26,104
35,000 China Construction Bank (a) ....................... 30,175
10,000 China Life Insurance (a) .......................... 45,978
5,000 China Mobile (a) .................................. 46,872
25,000 China Oilfield Services (a) ....................... 27,013
20,000 China South Locomotive and Rolling Stock (a) ...... 11,091
25,000 CNOOC (a) ......................................... 37,441
20,000 Mandarin Oriental International ................... 25,400
35,000 PetroChina (a) .................................... 42,115
20,000 Shangri-La Asia (a) ............................... 38,469
1,000 Tencent Holdings (a) .............................. 17,413
--------------
423,655
--------------
ITALY - 1.67%
1,000 Eni (a) ........................................... 24,767
--------------
JAPAN - 3.23%
1,000 Komatsu (a) ....................................... 19,495
5,000 Toray Industries (a) .............................. 28,484
--------------
47,979
--------------
LUXEMBOURG - 0.82%
500 Evraz Group, GDR * (a) ............................ 12,115
--------------
NETHERLANDS - 3.97%
1,000 Akzo Nobel (a) .................................... 59,044
--------------
NORWAY - 2.22%
1,000 Yara International (a) ............................ 33,057
--------------

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

RUSSIA - 17.99%
1,000 Gazprom, SP ADR ................................... $ 23,630
500 LUKOIL, SP ADR .................................... 28,605
2,000 Mining and Metallurgical Company Norilsk
Nickel, ADR * .................................. 25,640
500 Mobile TeleSystems, SP ADR ........................ 22,650
2,000 Polyus Gold, SP ADR ............................... 53,340
5,000 Rosneft Oil, GDR (a) .............................. 38,019
1,000 Vimpel-Communications, SP ADR * ................... 17,930
500 Wimm-Bill-Dann Foods, ADR * ....................... 33,790
1,000 X 5 Retail Group, GDR * (a) ....................... 23,885
--------------
267,489
--------------
SWITZERLAND - 3.81%
250 Roche Holding (a) ................................. 40,041
1,000 UBS (a) ........................................... 16,675
--------------
56,716
--------------
TAIWAN - 1.28%
2,000 Taiwan Semiconductor Manufacturing, SP ADR ........ 19,080
--------------
UNITED KINGDOM - 30.91%
1,000 AstraZeneca (a) ................................... 44,892
1,000 British American Tobacco PLC (a) .................. 31,866
5,000 Diageo (a) ........................................ 81,440
1,000 GlaxoSmithKline (a) ............................... 20,513
3,000 HSBC Holdings PLC (a) ............................. 33,147
5,000 ICAP (a) .......................................... 33,231
1,000 Imperial Tobacco Group (a) ........................ 29,469
5,000 Rolls-Royce Group PLC (a) ......................... 36,874
300,000 Rolls-Royce Group PLC, C Shares * (a) (b) ......... 492
1,500 Standard Chartered PLC (a) ........................ 36,798
5,000 Tesco PLC (a) ..................................... 33,339
3,000 Tullett Prebon PLC (a) ............................ 17,805
2,000 Unilever (a) ...................................... 59,752
--------------
459,618
--------------
TOTAL COMMON STOCKS
(Cost $1,758,018) .............................. 1,474,261
--------------
TOTAL INVESTMENTS - 99.15%
(Cost $1,758,018)** ........................................ 1,474,261
--------------
NET OTHER ASSETS AND LIABILITIES - 0.85% ...................... 12,589
--------------
NET ASSETS - 100.00% .......................................... $ 1,486,850
==============

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

** Aggregate cost for Federal income tax purposes is $1,758,018.

Gross unrealized appreciation .... $ 85,737
Gross unrealized depreciation .... (369,494)
---------
Net unrealized depreciation ...... $(283,757)
=========

(a) Securities with a total aggregate market value of $1,102,392 or 74.14% of
the net assets, were valued under the fair value procedures established by
the Funds' Board of Trustees.

(b) This security has been determined by the Adviser to be an illiquid
security. At October 31, 2009, this security amounted to $492 or 0.03% of
net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

SP ADR Sponsored American Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BARINGS INTERNATIONAL FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

David Bertocchi, CFA

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

A. The past 12 months have been a period of extreme volatility for
International Equity markets, with several substantial macro economic
factors affecting both absolute and relative performance. The Fund's total
return during the period was more than 27% in US Dollar terms,
approximately 2% ahead of the benchmark. During the November to March
period, relative performance was very strong. The focus on cash generative
and stable growth companies at the expense of those with cyclical exposure,
as well as banks, helped performance as the developing financial crisis
caused economic growth to collapse around the world. Following the lows of
March, relative performance suffered as Western banks and Industrial
companies with high leverage to a recovery rallied strongly in anticipation
of improved fundamentals. Relative performance turned positive once more
from the end of August as companies with strong growth prospects were
rewarded. In addition, the aggressively expansionary fiscal and monetary
policies pursued by the U.S. government and the Fed helped push gold prices
to all-time highs, boosting the gold miners held in the Fund.

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

A. The Materials sector provided the best performing holdings during the
period. In particular, gold miners Petropavlovsk (previously Peter Hambro
Mining), Randgold Resources, and Lihir Gold (no longer held) all rose
strongly, driven by record gold prices. Both have strong production
profiles in coming years and so are not entirely dependent on the outlook
for the price of gold. Diversified miner Xstrata was also a very strong
performer, rising more than 150% from purchase in December 2008 as base
metal prices recovered due to strong demand from China. In addition,
Canadian based oil and gas explorer Niko Resources performed well, as
production began at its giant gas field and it continued to enjoy
exploration success in the region.

Q. What were the weakest performing holdings?

A. The worst performing stock was Genmab, the Danish biotechnology company.
Despite gaining approvals for some indications of their key cancer drug,
poor design of other key tests have substantially delayed development and
revenues, leading us to sell the stock. Emaar Properties, a UAE property
developer, was also a weak performer as the financial crisis sent Dubai
into oversupply. Nintendo performed poorly, and was sold, as software sales
failed to offset anticipated lower console sales. We sold Stagecoach Group,
as the outlook deteriorated due to lower passenger volumes and a more
difficult regulatory environment. German medical technology company
Fresenius underperformed owing to what we believe was due to a rotation
towards cyclical stocks and the Fund retained the holding, which has
performed well in recent weeks.

Q. How was the Fund positioned as of October 31, 2009?

A. Our expectation for Western economies is for lower growth over the coming
years relative to the past decade. Households remain highly indebted, while
populations are aging. Because of these headwinds we remain significantly
underweight the Consumer Discretionary sector. At the same time, we believe
companies able to deliver strong top-line growth will outperform in a
slower economic environment. Growth stocks have been overlooked during the
course of 2009 and offer significant value relative to history and the
broader market, and so we are increasing our weighting to secular growth
companies. The offset of the subdued economic growth is that fiscal and
monetary conditions are set to remain extremely loose for some time to
come. In this environment, "real assets" with limited supply, such as gold,
metals and oil should continue to inflate as creditors seek higher returns.
As a result, we retain significant overweight positions in the Materials
and Energy sectors. Finally, the combination of stronger economic growth
and lower debt levels lead us to favor Asian and Emerging Market financials
over Western and Japanese counterparts.

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

(PERFORMANCE GRAPH)

Barings International Fund

Neptune MSCI EAFE & Moringstar
International Emerging Foreign Large
Fund - Class I Markets Growth Category
-------------- ----------- ---------------

Nov-07 10,000 10,000 10,000
Apr-08 9,040 9,078 8,968
Oct-08 5,080 5,337 5,234
Apr-09 5,166 5,196 5,062
Oct-09 6,457 6,816 6,540

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

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class I

One Year 27.11%
Since Inception -19.64%

Inception Date 11/02/07

THE TOTAL EXPENSE RATIO FOR THE I CLASS IS 3.36%, AS DISCLOSED IN THE PROSPECTUS
DATED MARCH 1, 2009. THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD
NOT BEEN IN EFFECT. PLEASE REFER TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS
REPORT FOR MORE 2009 FISCAL YEAR END RELATED INFORMATION.

Aston Funds
BARINGS INTERNATIONAL FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

FINANCIALS 24%
MATERIALS 17%
ENERGY 12%
INDUSTRIALS 12%
HEALTH CARE 8%
TELECOMMUNICATION SERVICES 8%
CONSUMER STAPLES 7%
INFORMATION TECHNOLOGY 5%
CASH & NET OTHER ASSETS AND LIABILITIES 2%
EXCHANGE TRADED FUND 2%
UTILITIES 2%
CONSUMER DISCRETIONARY 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 95.60%
AUSTRALIA - 3.55%
275,144 Centamin Egypt * (a) .............................. $ 548,461
8,216 Rio Tinto (a) ..................................... 455,419
--------------
1,003,880
--------------
BELGIUM - 1.86%
11,229 Anheuser-Busch InBev (a) .......................... 527,203
--------------
BRAZIL - 4.44%
24,313 Itau Unibanco Banco Multiplo, ADR ................. 465,351
9,180 Petroleo Brasileiro, ADR .......................... 424,300
24,900 Redecard .......................................... 365,528
--------------
1,255,179
--------------
CANADA - 1.62%
5,655 Niko Resources .................................... 457,814
--------------
CHINA - 1.40%
184,000 China National Building Material (a) .............. 395,057
--------------
FRANCE - 5.74%
6,437 BNP Paribas (a) ................................... 484,941
4,368 Compagnie de Saint-Gobain (a) ..................... 212,851
21,519 Suez Environnement (a) ............................ 478,207
7,477 Total (a) ......................................... 447,426
--------------
1,623,425
--------------
GERMANY - 9.27%
7,045 Bayer (a) ......................................... 488,785
5,227 Deutsche Boerse (a) ............................... 423,348
30,420 Deutsche Telekom (a) .............................. 415,701
7,737 Fresenius (a) ..................................... 449,480
7,363 K+S (a) ........................................... 401,921
2,787 Muenchener Rueckversicherungs-Gesellschaft (a) .... 440,939
--------------
2,620,174
--------------

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

HONG KONG - 3.85%
248,500 BOC Hong Kong Holdings (a) ........................ $ 572,018
34,000 Sun Hung Kai Properties (a) ....................... 515,117
--------------
1,087,135
--------------
JAPAN - 14.72%
6,100 East Japan Railway (a) ............................ 390,637
42,000 Hitachi Metals (a) ................................ 400,709
11,400 Kurita Water Industries (a) ....................... 348,656
32,400 Mitsui (a) ........................................ 425,508
6,300 Nidec (a) ......................................... 531,926
62,700 Nomura Holdings (a) ............................... 441,924
246 NTT DoCoMo (a) .................................... 356,765
9,100 Secom (a) ......................................... 424,584
7,400 Shin-Etsu Chemical (a) ............................ 392,432
4,700 UniCharm (a) ...................................... 450,421
--------------
4,163,562
--------------
NETHERLANDS - 6.13%
5,853 Akzo Nobel (a) .................................... 345,587
29,693 Koninklijke (Royal) (a) ........................... 538,593
5,700 Koninklijke Vopak * (a) ........................... 384,563
15,052 Unilever (a) ...................................... 463,798
--------------
1,732,541
--------------
NORWAY - 1.55%
13,259 Yara International (a) ............................ 438,304
--------------
PAGUA NEW GUINEA - 1.54%
84,143 Oil Search (a) .................................... 436,395
--------------
RUSSIA - 1.77%
21,224 Gazprom, SP ADR ................................... 501,523
--------------
SINGAPORE - 1.56%
48,000 DBS Group Holdings (a) ............................ 439,563
--------------
SPAIN - 3.28%
27,262 Banco Santander (a) ............................... 438,707
17,547 Telefonica (a) .................................... 490,026
--------------
928,733
--------------
SWITZERLAND - 8.34%
7,465 Actelion * (a) .................................... 411,493
11,298 Julius Baer Group ................................. 425,313
3,858 Lonza Group (a) ................................... 300,004
1,629 Syngenta (a) ...................................... 385,717
24,315 UBS * (a) ......................................... 405,446
1,875 Zurich Financial Services (a) ..................... 429,361
--------------
2,357,334
--------------
UNITED KINGDOM - 24.98%
23,478 Admiral Group (a) ................................. 394,661
18,842 Autonomy * (a) .................................... 414,274
23,996 BG Group (a) ...................................... 413,051
222,500 BT Group (a) ...................................... 476,808
17,500 Capita Group (a) .................................. 218,569
17,579 Dana Petroleum * (a) .............................. 367,792
25,673 De La Rue (a) ..................................... 384,514
45,600 HSBC Holdings (a) ................................. 503,550
35,454 Petropavlovsk * (a) ............................... 608,833
50,138 Prudential (a) .................................... 455,424
8,521 Reckitt Benckiser Group (a) ....................... 423,280
59,003 Rolls-Royce Group (a) ............................. 435,137
3,540,180 Rolls-Royce Group, C Shares * (a) (b) ............. 5,810
27,325 Shire (a) ......................................... 483,262

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BARINGS INTERNATIONAL FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

UNITED KINGDOM (CONTINUED)
103,441 Tui Travel (a) .................................... $ 394,139
18,400 Tullow Oil (a) .................................... 356,445
14,626 Wolseley * (a) .................................... 295,855
30,064 Xstrata * (a) ..................................... 433,029
--------------
7,064,433
--------------
TOTAL COMMON STOCKS
(Cost $22,712,766) ............................. 27,032,255
--------------
EXCHANGE TRADED FUND - 2.49%
UNITED STATES - 2.49%
13,200 iShares MSCI EAFE Index Fund ...................... 703,560
--------------
TOTAL EXCHANGE TRADED FUND
(Cost $715,003) ................................ 703,560
--------------
INVESTMENT COMPANY - 1.48%
419,474 BlackRock Liquidity Funds TempCash Portfolio ...... 419,474
--------------
TOTAL INVESTMENT COMPANY
(Cost $419,474) ................................ 419,474
--------------
TOTAL INVESTMENTS - 99.57%
(Cost $23,847,243)** ....................................... 28,155,289
--------------
NET OTHER ASSETS AND LIABILITIES - 0.43% ...................... 121,403
--------------
NET ASSETS - 100.00% .......................................... $ 28,276,692
==============

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

** Aggregate cost for Federal income tax purposes is $24,695,882.

Gross unrealized appreciation ... $4,288,988
Gross unrealized depreciation ... (829,581)
----------
Net unrealized appreciation ..... $3,459,407
==========

(a) Securities with a total aggregate market value of $24,392,426 or 86.26% of
the net assets, were valued under the fair value procedures established by
the Funds' Board of Trustees.

(b) This security has been determined by the Adviser to be an illiquid
security. At October 31, 2009, this security amounted to $5,810 or 0.02% 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.

Aston Funds
DYNAMIC ALLOCATION FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

(Formerly the Smart Portfolios Fund) Bryce James, Shawn Bird & John Rosenthal

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

A. The global economic crisis of the past 12 months affected all segments of
the global market, but not all identically. The crisis fits the definition
of an extreme or "fat tail" market event, the sort of event that the Fund's
investment model is designed to monitor and forecast. Our strategy seeks to
dynamically reallocate investments to different areas of the overall market
when and where it forecasts best risk-adjusted returns and change its
degree of conservatism or aggressiveness. The Fund was down 4.4% for the
first four months of the period and up 16.7% for the next eight compared
with a composite Index of domestic equity, fixed income, and foreign equity
that was down 14.4% and up 27.9%, respectively. The Fund was down 30% as
much as the index in the first four months and up 60% as much as the index
in the last eight months. That difference--half the participation in a
negative market than in a positive market--reflects the strategy's design
and objectives. Overall, the Fund's increase of 13% equaled 90% of the
Index's 14.4% return, but with significantly less volatility and was
achieved while having had, on average, 63% of the portfolio invested
defensively in cash and a 1-3 year Treasury ETF.

The Fund's year can be summarized by its average allocations, by category
and by period (first four and last eight months). Foreign equities
represented 9% of assets during the first four months, and 15% during the
last eight; broad domestic equities 6% and 10% respectively;
sector-specific equities 3% and 6%; fixed-income (other than the 1-3 year
Treasury ETF) 2% and 4%; non-Energy-related commodities 1% and 4%; Real
Estate 5% during both periods; and Energy-related (equity plus commodity)
less than 1% in both periods. All categories contributed positively for the
full year except energy-related.

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

A. International Equities were the strongest performers by a wide margin led
by Brazil, iShares MSCI Brazil Index fund EWZ (no longer held), South
Korea, and broad Latin America. Non-energy commodities came next, led by
the Powershares DB Silver Fund (DBS) and base metals. Some broad domestic
equities did well and others poorly, led by two value-oriented ETFs, the
iShares Russell 2000(R) Value Index Fund (IWN) and the iShares S&P Small
Cap 600 Value Index Fund (IJS), and by a growth fund, the iShares
Morningstar Mid Growth Index Fund (JKH). Sector-specific equity and other
fixed-income were other contributing categories.

Q. What were the weakest performing holdings?

A. The energy-related category, combining commodity ETFs and energy industry
stock ETFs, were major negative contributors during the past twelve months.

Q. How was the Fund positioned as of October 31, 2009?

A. As of October 31, 2009, the Fund was still positioned cautiously, with 36%
of assets in cash and 1-3 year Treasuries. Relatively high caution was
still called for by the investment model's own analysis and by the degree
of market choppiness seen in recent weeks. Roughly 18% remained invested in
broad Domestic Equities, 17% in International Equities, 10% in Commodities,
8% in sector-specific equities, 7% in other fixed-income, and 2% in Real
Estate.

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

(PERFORMANCE GRAPH)

Dynamic Allocation Fund

35% Russell
3000, 35%
MSCI World Barclays
Ex US, 30% Capital
Dynamic Barclays MSCI U.S. Morningstar
Allocation Capital U.S. Russell World Aggregate Conservative
Fund - Aggregate 3000 Ex US Bond Allocation
Class N Bond Index Index Index Index Category
---------- ------------ ------- ------ --------- ------------

Jan-08 10,000 10,000 10,000 10,000 10,000 10,000
Apr-08 9,990 9,770 9,019 9,635 10,408 9,799
Oct-08 8,302 7,141 6,340 5,471 10,031 8,175
Apr-09 8,336 7,082 5,867 5,341 10,807 8,276
Oct-09 9,379 8,442 7,027 6,993 11,413 9,468

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 12.98%
Since Inception -3.48%

Inception Date 01/10/08

THE TOTAL EXPENSE RATIO FOR THE N CLASS IS 3.79%, AS DISCLOSED IN THE PROSPECTUS
DATED MARCH 1, 2009. THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD
NOT BEEN IN EFFECT. PLEASE REFER TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS
REPORT FOR MORE 2009 FISCAL YEAR END RELATED INFORMATION.

Aston Funds
DYNAMIC ALLOCATION FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

DOMESTIC FIXED INCOME 43%
DOMESTIC EQUITIES 26%
INTERNATIONAL EQUITIES 17%
COMMODITIES 10%
REAL ESTATE 2%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

EXCHANGE TRADED FUNDS - 97.54%
COMMODITIES - 9.89%
20,087 iPATH Dow Jones-UBS Commodity Index Total
Return ETN * ................................... $ 801,672
31,233 PowerShares DB Agriculture Fund * ................. 798,628
32,593 PowerShares DB Commodity Index Tracking Fund * .... 768,706
21,337 PowerShares DB Precious Metals Fund * ............. 770,692
25,260 PowerShares DB Silver Fund * ...................... 737,845
--------------
3,877,543
--------------
DOMESTIC EQUITIES - 26.29%
24,321 Ishares Dow Jones US Basic Materials Sector
Index Fund ..................................... 1,284,635
14,028 iShares Russell 2000 Value Index Fund ............. 741,660
44,346 iShares Russell Midcap Value Index Fund ........... 1,491,799
18,851 iShares S&P MidCap 400 Value Index Fund ........... 1,119,372
14,131 iShares S&P SmallCap 600 Value Index Fund ......... 745,128
15,657 Midcap SPDR Trust Series 1 ........................ 1,871,638
53,914 Utilities Select Sector SPDR Fund ................. 1,530,619
15,321 Vanguard Health Care ETF .......................... 763,139
15,966 Vanguard Industrials ETF .......................... 753,116
--------------
10,301,106
--------------
DOMESTIC FIXED INCOME - 42.71%
166,146 iShares Barclays 1-3 Year Treasury Bond Fund ...... 13,966,233
7,735 iShares Barclays Aggregate Bond Fund .............. 810,705
18,572 iShares iBoxx $ Investment Grade Corporate
Bond Fund ...................................... 1,962,689
--------------
16,739,627
--------------

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

INTERNATIONAL EQUITIES - 16.69%
44,941 iShares FTSE/Xinhua China 25 Index Fund ........... $ 1,874,489
77,123 iShares MSCI Canada Index Fund .................... 1,839,384
21,546 iShares MSCI EAFE Index Fund ...................... 1,148,402
22,005 iSHares MSCI South Korea Index Fund ............... 943,574
17,050 iShares S&P Latin America 40 Index Fund ........... 734,344
--------------
6,540,193
--------------
REAL ESTATE - 1.96%
16,639 iShares Cohen & Steers Realty Majors Index Fund ... 769,055
--------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $38,101,698) ............................. 38,227,524
--------------
INVESTMENT COMPANY - 2.08%
816,012 BlackRock Liquidity Funds TempCash Portfolio ...... 816,012
--------------
TOTAL INVESTMENT COMPANY
(Cost $816,012) ................................ 816,012
--------------
TOTAL INVESTMENTS - 99.62%
(Cost $38,917,710)** ....................................... 39,043,536
--------------
NET OTHER ASSETS AND LIABILITIES - 0.38% ...................... 147,081
--------------
NET ASSETS - 100.00% .......................................... $ 39,190,617
==============

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

** Aggregate cost for Federal income tax purposes is $38,966,418.

Gross unrealized appreciation .. $ 777,599
Gross unrealized depreciation .. (700,481)
---------
Net unrealized appreciation .... $ 77,118
=========

DB Deutsche Bank

EAFE Europe, Australasia, and Far East

ETF Exchange-Traded Fund

ETN Exchange-Traded Note

FTSE Financial Times Stock Exchange

MSCI Morgan Stanley Capital International

S&P Standard & Poor

SPDR Standard & Poor's Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Jim R. Porter

Q. What were the most significant factors affecting Fund performance from
November 1, 2008 through October 31, 2009?

A. During the last year, the most significant factor has been the sharp market
decline from the end of 2008 through the first two months of 2009 that
turned into a strong market advance which lasted for the remainder of the
period. In order to deal with such a move, the strategy had to rotate from
being aggressively defensive to being aggressively offensive. That
transition had to be performed amid a highly volatile market, both during
the decline and the advance. The most difficult period to compete against a
benchmark, which by definition is fully invested, is during such transition
periods, and the Fund lagged during those periods.

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

A. In evaluating the best-performing holdings during the period, it is
necessary to break the period into two parts, the decline and the advance.
The major advantage of exchange traded funds ("ETFs") is the ability to
invest in a variety of asset classes at various times in an economic cycle.
During the decline, our best performing holdings were the various Treasury
bond ETFs. The strategy held the T-Bill, the 1-3 year, the 3-5 year, 7-10
year, and the 20+ year T-bond ETFs. Large cash positions also enhanced
returns relative to the benchmark, but the most effective offensive part of
the strategy during the decline were hedging positions using inverse ETFs
to capitalize on a market decline.

As the market rebounded beginning in early March, leadership totally
changed initially to Domestic Equities. As the market advance continued,
our systems began to favor International Equities along with Domestic
Equities. Favored among those were the Emerging Market ETFs and various
regions such the Pacific Basin without Japan, Latin America, and some
specific countries such as China, Brazil, and Australia. Over a number of
weeks ETFs beyond the broad indices were added in a variety of narrower
sectors and industries such as Basic Materials, Transportation,
Pharmaceuticals, Biotech, Software, and Technology. In addition, the
strategy invested in Foreign Currencies and Commodities, notably the
Australian Dollar and industrial materials, as the US Dollar continued its
decline that began in February of 2009.

Q. What were the weakest-performing holdings?

A. The weakest holdings were the sector ETFs that were the better performers
at the beginning of the market recovery. Those became stagnate as the
advance continued and leading indicators became more confusing or
disappointing. Those sectors included Telecommunication, Real Estate,
Financial, and Consumer ETFs, which were ultimately removed from the
portfolio after the initial enthusiasm faded into mediocre performance.

Q. How was the portfolio positioned as of October 31, 2009?

A. At the end of October, the portfolio held the smallest cash positions of
the eight month period following the market bottom. Domestically, the
portfolio held mostly Equity ETFs, with no Fixed Income ETFs. The
International Equity segment held the largest position it has held
historically at just over 25% of assets. The growing number of
International ETFs available has made it possible to structure such a
global posture. The portfolio is weighted toward the growth style with a
distribution across the large-, mid-, and small-capitalization segments.
Large-cap equities are just over 50% of the Domestic Equity weighting, and
every element of the style grid is represented by no less than 4% of an
allocation. The portfolio has 2% real estate, 2% natural resources, one
foreign currency at 2%, and although the portfolio frequently has
commodities, there were none in the portfolio at the end of the period.

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

(PERFORMANCE GRAPH)

New Century Absolute Return ETF Fund

New Century Morningstar
Absolute Russell Moderate
Return Class N 3000 Index Allocation
-------------- ---------- -----------

Mar-08 10,000 10,000 10,000
Apr-08 10,360 10,438 10,226
Oct-08 8,640 7,338 7,735
Apr-09 7,852 6,791 7,642
Oct-09 8,972 8,133 8,945

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 3.85%
Since Inception -6.31%

Inception Date 03/04/08

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

DOMESTIC EQUITIES 51%
INTERNATIONAL EQUITIES 25%
CASH & NET OTHER ASSETS AND LIABILITIES 20%
ASSET ALLOCATION 2%
REAL ESTATE 2%

% OF TOTAL NET ASSETS

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

EXCHANGE TRADED FUNDS - 80.15%
ASSET ALLOCATION - 2.12%
4,160 CurrencyShares Australian Dollar Trust ............ $ 375,232
--------------
375,232
--------------
DOMESTIC EQUITIES - 50.64%
6,580 Consumer Staples Select Sector SPDR Fund .......... 169,961
3,040 Energy Select Sector SPDR Fund .................... 168,294
12,170 Financial Select Sector SPDR Fund ................. 170,623
9,800 First Trust NASDAQ - 100 Equal Weighted
Index Fund * ................................... 173,264
6,720 Industrial Select Sector SPDR Fund ................ 169,814
13,290 iShares Dow Jones U.S. Insurance Index Fund ....... 338,762
6,890 iShares Dow Jones U.S. Technology Sector
Index Fund ..................................... 354,490
4,950 iShares Dow Jones U.S. Transportation Average
Index Fund ..................................... 320,314
6,450 iShares Russell 1000 Value Index Fund ............. 346,430
3,150 iShares Russell 2000 Growth Index Fund ............ 192,497
5,970 iShares Russell 2000 Index Fund ................... 336,410
9,660 iShares Russell 2000 Value Index Fund ............. 510,724
9,410 iShares Russell Microcap Index Fund ............... 337,348
4,230 iShares Russell Midcap Growth Index Fund .......... 172,796
10,190 iShares Russell Midcap Value Index Fund ........... 342,792
4,990 iShares S&P MidCap 400 Growth Index Fund .......... 355,538

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

DOMESTIC EQUITIES (CONTINUED)
8,280 iShares S&P North American Technology-Software
Index Fund * ...................................... $ 357,199
3,420 iShares S&P SmallCap 600 Growth Index Fund ........ 176,164
4,910 KBW Insurance ETF ................................. 163,847
4,410 Market Vectors Agribusiness ETF ................... 168,197
5,910 Market Vectors-Coal ETF ........................... 177,891
5,880 Materials Select Sector SPDR Trust ................ 172,225
1,460 Midcap SPDR Trust Series 1 ........................ 174,528
3,100 Oil Service HOLDRS Trust .......................... 362,886
2,800 Pharmaceutical HOLDRs Trust ....................... 170,996
10,350 PowerShares Financial Preferred Portfolio ......... 158,459
12,090 PowerShares Preferred Portfolio ................... 158,016
8,480 PowerShares QQQ ................................... 347,341
16,270 Powershares Wilderhill Clean Energy Portfolio * ... 157,331
4,930 Rydex S&P Equal Weight ETF ........................ 177,086
8,050 SPDR KBW Regional Banking ETF ..................... 163,657
12,490 SPDR S&P Homebuilders ETF ......................... 172,237
3,850 SPDR S&P Metals & Mining ETF ...................... 163,625
6,650 SPDR S&P Oil & Gas Equipment & Services ETF ....... 181,479
5,000 SPDR S&P Oil & Gas Exploration & Production ETF ... 192,250
10,780 SPDR S&P Retail ETF ............................... 363,933
4,120 Ultra Technology ProShares Fund ................... 174,688
3,160 Vanguard Mid-Cap ETF .............................. 171,841
--------------
8,965,933
--------------
INTERNATIONAL EQUITIES - 25.46%
4,460 BLDRS Emerging Markets 50 ADR Index Fund .......... 180,541
8,620 iShares FTSE/Xinhua China 25 Index Fund ........... 359,540
8,400 iShares MSCI Australia Index Fund ................. 184,212
8,300 iShares MSCI Brazil Index Fund .................... 571,289
7,120 iShares MSCI Canada Index Fund .................... 169,812
5,370 iShares MSCI Emerging Markets Index Fund .......... 201,697
8,410 iShares MSCI Germany Index Fund ................... 177,367
13,720 iShares MSCI Pacific ex-Japan Index Fund .......... 543,175
4,030 iShares MSCI South Korea Index Fund ............... 172,806
7,290 IShares MSCI Spain Index Fund ..................... 353,419
15,120 iShares MSCI Taiwan Index Fund .................... 175,543
4,660 iShares S&P Asia 50 Index Fund .................... 172,280
4,370 iShares S&P Latin American 40 Index Fund .......... 188,216
4,350 Market Vectors Brazil Small-Cap ETF * ............. 180,047
2,260 Vanguard FTSE All World ex-US Index Fund * ........ 176,619
4,210 Vanguard FTSE All World ex-US Small-Cap ETF ....... 176,104

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

INTERNATIONAL EQUITIES (CONTINUED)
9,010 WisdomTree India Earnings Fund .................... $ 173,082
12,620 WisdomTree International Real Estate Fund ......... 352,729
--------------
4,508,478
--------------
REAL ESTATE - 1.93%
7,410 iShares Cohen & Steers Realty Majors Index
Fund ........................................... 342,490
--------------
342,490
--------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $13,011,455) ............................. 14,192,133
--------------
INVESTMENT COMPANY - 19.85%
3,514,061 BlackRock Liquidity Funds TempCash Portfolio ...... 3,514,061
--------------
TOTAL INVESTMENT COMPANY
(Cost $3,514,061) .............................. 3,514,061
--------------
TOTAL INVESTMENTS - 100.00%
(Cost $16,525,516)** ....................................... 17,706,194
--------------
NET OTHER ASSETS AND LIABILITIES - 0.00% ...................... 212
--------------
NET ASSETS - 100.00% .......................................... $ 17,706,406
==============

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

** Aggregate cost for Federal income tax purposes is $16,551,262.

Gross unrealized appreciation ... $1,349,521
Gross unrealized depreciation ... (194,589)
----------
Net unrealized appreciation ..... $1,154,932
==========

ADR American Depositary Receipt

BLDRS Baskets of Listed Depositary Receipts

ETF Exchange-Traded Fund

FTSE Financial Times Stock Exchange

HOLDRS Holding Company Depositary Receipts

MSCI Morgan Stanley Capital International

NASDAQ National Association of Securities Dealers Automated Quotations

S&P Standard & Poor

SPDR Standard & Poor's Depositary Receipt

Transactions in written call options for the year ended October 31, 2009 were as
follows:

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

BEGINNING OF PERIOD 0 $ 0
CALL OPTIONS WRITTEN 160 53,600
CALL OPTIONS CLOSED (160) (53,600)
---- --------
OUTSTANDING, OCTOBER 31, 2009 0 $ 0
==== ========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
M.D. SASS ENHANCED EQUITY FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

(Formerly the MB Enhanced Equity Income Fund) Ronald L. Altman & Martin D. Sass

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

A. The Fund's solid returns relative to the S&P 500 during the period came
equally from stock selection and sector allocation for the equity-only
portion of the strategy. Selling call options against individual holdings
provided a significant boost during the first half of the fiscal year, but
became a slight drag during the second half as the extended market rally
caused a number of stocks in the portfolio to exceed the strike price of
the call options that we sold. From a sector point of view, Energy and
Consumer Staples were the biggest positive contributors, while Financials
was the worst area.

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

A. In terms of individual holdings, the top five contributors were
Caterpillar, Corning, Transocean, American Express and Kohls.

Q. What were the weakest performing holdings?

A. In terms of individual holdings, the bottom five weakest contributors were
Citigroup, Dow Chemical, SunTrust, Wells Fargo and General Electric.

Q. How was the Fund positioned as of October 31, 2009?

A. As we assessed the portfolio in September, amid the strong extended market
rally, we concluded that it was time to begin to reposition holdings given
the change in the risk environment. We sold several positions from the Fund
that exceeded price targets, and where the value of the calls written had
little return potential in selling at their intrinsic value. In addition,
we reviewed the list of equities that fit our criteria for investment and
found several companies that appeared better suited to the strategy.
Interestingly, the equities added tended to have much higher current
dividend yields and lower price/earnings ratios than the portfolio average,
so we began to rotate the portfolio in that direction.

In the process, stakes in Consumer Discretionary, Industrials, and
Technology decreased, while we increased holdings in Telecommunications and
established a position in electrical utilities. Within Healthcare, Abbot
Labs replaced PPDI, and serves as a prime example of how a change lowered
the portfolio's average price/earnings and increased its average yield. We
continue to assess the portfolio's current holdings in light of the shifts
that have occurred in the overall distribution of values within the equity
market, which at the beginning of the year favored lower yielding stocks
but today suggests that the higher yielding sectors are more attractive.

In terms of risk, we began to buy put options on the S&P 500 Index as a
risk control because the cost of that insurance became reasonable compared
with any time in the previous 12 months. We view these puts, which comprise
1% of Fund assets, as a potential hedge against any unforeseen events that
should occur in this still uncertain economic environment. Combined with
the shift we recently made in individual holdings, we believe the risk
profile of the Fund has been reduced significantly. Therefore, if the
market advance continues, we would expect the Fund to lag the broader
market slightly, though it should hold its value much more effectively than
most if we enter another corrective phase.

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

(PERFORMANCE GRAPH)

M.D. Sass Enhanced Equity Fund

50% S&P
500 Index / 50%
M.D. Sass Citigroup Citigroup
Enhanced Broad Broad Morningstar
Equity - Investment S&P 500 Investment Large-Blend
Class N Grade Bond Index Index Grade Bond Index Category
--------- ---------------- ------- ---------------- -----------

Jan-08 10,000 10,000 10,000 10,000 10,000
Apr-08 10,596 9,911 9,497 10,443 10,106
Oct-08 8,210 8,243 6,717 10,112 7,043
Apr-09 8,155 8,257 6,145 10,966 6,570
Oct-09 9,512 9,287 7,375 11,535 7,876

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 15.86%
Since Inception -2.75%

Inception Date 01/15/08

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
M.D. SASS ENHANCED EQUITY FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

INDUSTRIALS 22%
INFORMATION TECHNOLOGY 17%
ENERGY 12%
FINANCIALS 10%
TELECOMMUNICATION SERVICES 9%
UTILITIES 8%
CONSUMER DISCRETIONARY 8%
HEALTH CARE 7%
MATERIALS 6%
PURCHASED OPTIONS 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 99.87%
CONSUMER DISCRETIONARY - 8.22%
18,000 Carnival (a) ...................................... $ 524,160
27,000 Home Depot (a) .................................... 677,430
30,000 Staples (a) ....................................... 651,000
--------------
1,852,590
--------------
ENERGY - 11.82%
24,000 Halliburton (a) ................................... 701,040
11,000 Schlumberger (a) .................................. 684,200
22,000 Smith International (a) ........................... 610,060
8,000 Transcocean * (a) ................................. 671,280
--------------
2,666,580
--------------
FINANCIALS - 9.72%
18,800 American Express (a) .............................. 654,992
17,004 Bank of America (a) ............................... 247,918
30,000 Citigroup (a) ..................................... 122,700
18,000 Comerica (a) ...................................... 499,500
12,000 SunTrust Banks (a) ................................ 229,320
15,902 Wells Fargo (a) ................................... 437,623
--------------
2,192,053
--------------
HEALTH CARE - 6.68%
15,000 Abbott Laboratories (a) ........................... 758,550
22,000 Eli Lilly (a) ..................................... 748,220
--------------
1,506,770
--------------
INDUSTRIALS - 22.51%
12,000 Caterpillar (a) ................................... 660,720
12,000 Fluor (a) ......................................... 533,040
29,500 General Electric (a) .............................. 420,670
13,000 Jacobs Engineering Group * (a) .................... 549,770
13,000 Norfolk Southern (a) .............................. 606,060
25,000 Quanta Services * (a) ............................. 530,000
15,000 Raytheon .......................................... 679,200
25,000 Shaw Group * ...................................... 641,500
8,500 United Parcel Service, Class B (a) ................ 456,280
--------------
5,077,240
--------------

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

INFORMATION TECHNOLOGY - 17.42%
15,000 Automatic Data Processing (a) ..................... $ 597,000
48,000 Corning (a) ....................................... 701,280
40,000 EMC * (a) ......................................... 658,800
35,000 Intel (a) ......................................... 668,850
25,000 Microsoft (a) ..................................... 693,250
28,000 Xilinx (a) ........................................ 609,000
--------------
3,928,180
--------------
MATERIALS - 5.83%
20,000 duPont (E. I.) de Nemours (a) ..................... 636,400
12,000 PPG Industries (a) ................................ 677,160
--------------
1,313,560
--------------
TELECOMMUNICATION SERVICES - 9.12%
26,000 AT&T (a) .......................................... 667,420
20,000 CenturyTel (a) .................................... 649,200
25,000 Verizon Communications (a) ........................ 739,750
--------------
2,056,370
--------------
UTILITIES - 8.55%
17,000 Dominion Resources (a) ............................ 579,530
16,000 FirstEnergy (a) ................................... 692,480
22,000 Public Service Enterprise Group ................... 655,600
--------------
1,927,610
--------------
TOTAL COMMON STOCKS
(Cost $24,095,685) ............................. 22,520,953
--------------

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

PURCHASED OPTIONS - 1.11%
SPDR Trust Series I
1,300 Strike @ $93 Exp 12/09 ............................ 153,400
500 Strike @ $93 Exp 01/10 ............................ 97,500
--------------
TOTAL PURCHASED OPTIONS
(Cost $272,907) ................................ 250,900
--------------

SHARES
- ---------

INVESTMENT COMPANY - 5.70%
1,285,564 BlackRock Liquidity Funds FedFund Portfolio ....... 1,285,564
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,285,564) .............................. 1,285,564
--------------
TOTAL INVESTMENTS - 106.68%
(Cost $25,654,156)** ....................................... 24,057,417
--------------
NET OTHER ASSETS AND LIABILITIES - (6.68)% .................... (1,505,602)
--------------
NET ASSETS - 100.00% .......................................... $ 22,551,815
==============

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

** Aggregate cost for Federal income tax purposes is $25,748,849.

Gross unrealized appreciation .... $ 1,235,408
Gross unrealized depreciation .... (2,926,840)
-----------
Net unrealized depreciation ...... $(1,691,432)
===========

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

SPDR Standard & Poor's Depositary Receipt

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
M.D. SASS ENHANCED EQUITY FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

Transactions in written call options for the period ended October 31, 2009 were
as follows:

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

BEGINNING OF PERIOD 4,003 $ 705,618
CALL OPTIONS WRITTEN 29,946 4,150,753
CALL OPTIONS CLOSED OR EXPIRED (26,959) (4,010,336)
CALL OPTIONS EXERCISED (75) (5,617)
------- -----------
OUTSTANDING, OCTOBER 31, 2009 6,915 $ 840,418
======= ===========

Premiums received and value of written equity options outstanding as of October
31, 2009.

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

Abbott Laboratories
50 Strike @ $52.5 Exp 05/10 ...... $ 6,125 $ 12,750
100 Strike @ $55 Exp 05/10 ........ 10,999 16,500
American Express
188 Strike @ $26 Exp 01/10 ........ 37,316 174,840
AT&T
180 Strike @ $29 Exp 04/10 ........ 11,139 9,000
Automatic Data Processing
100 Strike @ $40 Exp 02/10 ........ 13,999 19,250
50 Strike @ $41 Exp 02/10 ........ 6,125 7,750
Bank of America
100 Strike @ $18 Exp 02/10 ........ 8,349 6,700
70 Strike @ $20 Exp 02/10 ........ 3,464 2,380
Carnival
140 Strike @ $30 Exp 01/10 ........ 19,949 26,600
40 Strike @ $36 Exp 04/10 ........ 5,295 4,400
Caterpillar
120 Strike @ $50 Exp 02/10 ........ 15,979 96,000
CenturyTel
200 Strike @ $35 Exp 04/10 ........ 23,249 16,000
Citigroup
300 Strike @ $7 Exp 03/10 ......... 6,726 1,800
Comerica
142 Strike @ $25 Exp 01/10 ........ 25,061 59,640
38 Strike @ $30 Exp 01/10 ........ 3,553 5,700
Corning
250 Strike @ $19 Exp 05/10 ........ 18,373 10,000
230 Strike @ $20 Exp 05/10 ........ 12,304 5,750
Dominion Resources
170 Strike @ $35 Exp 04/10 ........ 28,574 22,100
duPont (E.I.) de Nemours
100 Strike @ $32 Exp 01/10 ........ 10,549 17,500
100 Strike @ $33 Exp 01/10 ........ 10,299 14,000
Eli Lilly
100 Strike @ $37.5 Exp 04/10 ...... 8,849 7,500
EMC
400 Strike @ $16 Exp 01/10 ........ 17,612 54,000

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

FirstEnergy
150 Strike @ $50 Exp 04/10 ........ $24,624 $12,000
Fluor
120 Strike @ $60 Exp 04/10 ........ 40,412 12,600
General Electric
295 Strike @ $20 Exp 03/10 ........ 20,055 5,605
Halliburton
140 Strike @ $26 Exp 01/10 ........ 14,619 58,800
100 Strike @ $27 Exp 01/10 ........ 9,499 34,400
Home Depot
50 Strike @ $27.5 Exp 01/10 ...... 5,625 3,000
70 Strike @ $27 Exp 02/10 ........ 8,924 6,650
100 Strike @ $30 Exp 02/10 ........ 5,849 2,700
50 Strike @ $29 Exp 05/10 ........ 4,475 4,225
Intel
110 Strike @ $19 Exp 01/10 ........ 7,864 12,980
220 Strike @ $20 Exp 01/10 ........ 18,038 16,280
Jacobs Engineering Group
82 Strike @ $50 Exp 01/10 ........ 15,184 6,970
48 Strike @ $55 Exp 01/10 ........ 4,680 2,160
Microsoft
115 Strike @ $24 Exp 01/10 ........ 16,389 45,425
135 Strike @ $26 Exp 01/10 ........ 10,056 32,535
Norfolk Southern
130 Strike @ $45 Exp 12/09 ........ 28,209 41,080
PPG Industries
120 Strike @ $50 Exp 01/10 ........ 22,199 84,000
Quanta Services
150 Strike @ $25 Exp 05/10 ........ 25,374 20,250
100 Strike @ $30 Exp 05/10 ........ 6,849 4,500
Schlumberger
110 Strike @ $60 Exp 01/10 ........ 35,913 64,900
Smith International
150 Strike @ $30 Exp 01/10 ........ 19,874 22,500
20 Strike @ $31 Exp 01/10 ........ 3,450 2,550
50 Strike @ $35 Exp 01/10 ........ 3,675 2,250
Staples
20 Strike @ $24 Exp 03/10 ........ 3,045 1,800
268 Strike @ $24 Exp 06/10 ........ 38,188 37,520
SunTrust Banks
120 Strike @ $25 Exp 01/10 ........ 7,794 4,200
Transocean
80 Strike @ $90 Exp 02/10 ........ 23,799 40,400
United Parcel Service, Class B
50 Strike @ $55 Exp 01/10 ........ 11,999 9,600
35 Strike @ $60 Exp 01/10 ........ 4,112 1,785
Verizon Communications
150 Strike @ $32 Exp 04/10 ........ 12,149 10,800
Wells Fargo
159 Strike @ $26 Exp 01/10 ........ 53,660 55,650
Xilinx
50 Strike @ $20 Exp 12/09 ........ 8,750 10,250
100 Strike @ $22.5 Exp 01/10 ...... 12,249 10,500
100 Strike @ $23 Exp 03/10 ........ 8,949 12,600
-------- ----------
TOTAL WRITTEN CALL OPTIONS .... $840,418 $1,283,625
======== ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Frederick C. Lake & Ronald A. Lake

Q. What were the most significant market factors affecting Fund performance
and returns relative to the benchmark since the Fund's inception on April
1, 2009?

A. The Fund outperformed its benchmark, the HFRX Equity Hedge Index, gaining
11.5% versus 8.3%, as it took advantage of improvements in the equity and
credit markets. From the Fund's launch on April 1, 2009 through October 31,
there was a significant rebound in the financial markets, not only in the
U.S. but also globally, as investors steadily regained their confidence
that the world economy was on the mend. Furthermore, inflation concerns
receded into the background, which was supportive of equities and bonds. In
contrast, fears over rising US Federal debts weighed down the US dollar.

While fundamentals appear to be improving, albeit slowly, markets have been
stimulated by another important but sometimes overlooked factor. With
short-term interest rates pinned at rock-bottom levels by the Federal
Reserve Board, investors have been motivated to seek returns elsewhere.
Quite simply, the "flight to safety" has become the flight to returns or
the flight to risk.

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

A. The greatest contributors to returns included funds in three broad strategy
categories: 1) long-biased equity, 2) multi-asset hedged, and 3) hedged
high-yield and strategic income.

Among equity-oriented funds, JPMorgan US Large Cap Core Plus benefited from
the general market uptrend and Needham Growth focused on opportunities in
small-caps and technology.

Mainstay 130/30 High Yield benefited from the improvement in credit markets
and the narrowing of spreads as it took a selective approach within the
hedged high-yield and strategic income group. JPMorgan Strategic Income
Opportunities and Driehaus Active Income followed more broadly diversified
and actively hedged approaches.

Within the multi-asset hedged funds category, BlackRock Global Allocation
took advantage of the rise in U.S. as well as international equities, and
also capitalized on trends in sovereign yields and major currencies. FPA
Crescent was cautious and selective in its approach to domestic equities
and corporate debt.

Q. What were the weakest performing holdings?

A. Given the upward market trends, highly hedged and short-biased funds
lagged. However the allocation to these funds was not large, so the impact
on performance was limited. An allocation to a Hedged Commodities fund
proved to be ineffective and was eliminated, resulting in a small loss.

Q. How was the Fund positioned as of October 31, 2009?

A. Markets have enjoyed an extended run, the question is will momentum
continue to carry prices higher or is a correction likely? If there is a
correction, will it be a short-lived episode of profit taking or will fears
that the markets have "gone too far too fast" relative to fundamentals lead
to a significant step backwards?

Factors supporting the market include interest-rates near zero, improving
liquidity, and substantial investor cash reserves. On the other hand, the
economic recovery remains labored, except in Emerging Markets. Investors
are still waiting nervously for signs of top-line growth in corporate
revenues as cost-cutting alone does not appear capable of sustaining equity
valuations.

The tension between these plusses and minuses is likely to result in
heightened volatility in all markets, not just equities. Therefore, we
continue to position the Fund to dampen the risk of conventional asset
classes while maintaining the potential to generate relatively stable
returns via less conventional strategies. By the end of October we had
adjusted the portfolio by paring back allocations to Long/Short Equity
Strategies and increasing Hedged Fixed-Income and Arbitrage. As a result,
net equity exposure roughly ranged from 30% to 35%.

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

(PERFORMANCE GRAPH)

Lake Partners LASSO Alternatives Fund

Lake
Partners
LASSO Morningstar
Alternatives HFRX Equity Long/Short
Fund - Class I Hedge Index Category
-------------- ----------- -----------

4/2/2009 10,000 10,000 10,000
Apr-09 10,150 10,102 10,266
Jul-09 10,800 10,600 10,826
Oct-09 11,150 10,830 11,043

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

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

Fund-of-funds that invest in funds using alternative or hedging strategies may
be exposed to potentially dramatic changes in the value of certain of its
portfolio holdings. Investments in fund-of-funds are subject to higher costs
than investing directly in the underlying funds.

RETURNS FOR PERIOD ENDED 10/31/09

Total Returns - Class I

Cumulative since Inception 11.50%

Inception Date 04/01/09*

* The Fund commenced operations on April 1, 2009. Because the Fund invests
primarily in open-end investment companies which are priced as of the close
of the NYSE, performance is shown from April 2, 2009.

THE PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.

Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

LONG/SHORT STRATEGIES 47%
HEDGED FIXED INCOME 30%
ARBITRAGE 17%
CASH & NET OTHER ASSETS AND LIABILITIES 3%
MARKET NEUTRAL 2%
OPTION HEDGING 1%

% OF TOTAL NET ASSETS

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

INVESTMENT COMPANIES - 98.88%
ARBITRAGE - 17.04%
20,601 AQR Diversified Arbitrage Fund-N * ................ $ 221,869
6,022 Merger Fund ....................................... 92,613
--------------
314,482
--------------
HEDGED FIXED INCOME - 29.75%
13,639 Driehaus Active Income Fund ....................... 166,806
8,929 Eaton Vance Global Macro Absolute Return Fund-A ... 92,508
14,419 JPMorgan Strategic Income Opportunities Fund ...... 166,102
10,273 MainStay 130/30 High Yield Fund-A ................. 111,971
250 ProShares UltraShort 20+ Year Treasury ............ 11,415
--------------
548,802
--------------
LONG/SHORT STRATEGIES - 46.72%
7,945 BlackRock Global Allocation Fund .................. 138,395
1,728 Caldwell & Orkin Market Opportunity Fund .......... 34,750
11,544 FPA Crescent Fund-I ............................... 276,720
13,506 JPMorgan U.S. Large Cap Core Plus Fund-S .......... 228,655
4,505 Needham Growth Fund ............................... 121,557
4,437 Royce Global Select Fund-INV ...................... 61,805
--------------
861,882
--------------
MARKET NEUTRAL - 2.51%
2,948 JPMorgan Market Neutral Fund-IN ................... 46,247
--------------
OPTION HEDGING - 0.97%
1,387 Hussman Strategic Growth Fund ..................... 17,977
--------------

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

CASH EQUIVALENTS - 1.89%
34,858 BlackRock Liquidity Funds TempCash Portfolio ...... $ 34,858
--------------
TOTAL INVESTMENT COMPANIES
(Cost $1,766,710) .............................. 1,824,248
--------------
TOTAL INVESTMENTS - 98.88%
(Cost $1,766,710)** ........................................ 1,824,248
--------------
NET OTHER ASSETS AND LIABILITIES - 1.12% ...................... 20,586
--------------
NET ASSETS - 100.00% .......................................... $ 1,844,834
==============

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

** Aggregate cost for Federal income tax purposes is $1,768,522.

Gross unrealized appreciation ... $60,148
Gross unrealized depreciation ... (4,422)
-------
Net unrealized appreciation ..... $55,726
=======

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FORTIS REAL ESTATE FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Joseph Pavnica & James Hardman

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

A. The period between November 2008 and the beginning of March 2009 saw US
REITs fall more than 50% as the global collapse in confidence in the
financial sector hit the real estate market across the board. As credit
markets froze, the REIT sector experienced its most volatile period in
history. The economic recession also played out badly for real estate,
though the fortunes of the real estate market have recovered sharply since
March as the banking sector recovered somewhat and opened up to real estate
companies seeking to raise billions of dollars in equity to repair
over-leveraged balance sheets. The Fund underperformed its benchmark due to
a combination of allocation and stock selection. Performance benefited from
an underweight to diversified companies as well as investments in shopping
centers. An underweight to the Healthcare sector, which has benefited from
its perception as a defensive play amid challenging market circumstances
and our preferences within the health care group, also contributed
negatively to returns.

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

A. Kimco Realty, a shopping center REIT, was traded during the period to take
advantage of fluctuating sentiment towards the group and the stock, and was
a positive influence on relative performance. A large overweight stake in
National Retail Properties, due to its attractive valuation relative to
peers, was also a significant contributor to performance.

Q. What were the weakest performing holdings?

A. The Fund timed its move into Prologis, an international industrial
developer and landlord, incorrectly in January 2009 as the name
subsequently underperformed the index significantly. A large underweight
position in Healthcare REIT Ventas detracted from performance as that group
outperformed. Host Hotels turned in a disappointing return during the
period despite the lodgings sector having outperformed.

Q. How was the Fund positioned as of October 31, 2009?

A. In summary, the outlook for real estate remains cautious with portfolio
preferences being driven largely by bottom-up research focused on companies
well-positioned to not only withstand the current environment, but also
benefit disproportionately when opportunities arise in the future. At the
country level, the Fund remains essentially neutral weighted to both Canada
and the U.S., liking the relative stability that Canada provides at certain
points in the cycle, but recognizing that valuations appear stretched. Some
sector preferences emerged towards the end of the period, such as an
underweight to the Multifamily sector where the prospects look difficult
given the state of the jobs market and that government credits make home
ownership more affordable. As it has for some time now, the Healthcare
sector remains the largest underweight, as valuations appear relatively
unattractive across the sector. Trends in the Office sector seem
attractive, albeit in select markets, as they have held up better than
expected.

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

(PERFORMANCE GRAPH)

Fortis Real Estate Fund

Morningstar(R)
ABN AMRO Real Estate MSCI US REIT Specialty-Real Estate
Fund - Class N Shares Equity Index Category
--------------------- ------------ ---------------------

Dec-97 10,000 10,000 10,000
Dec-98 8,721 8,310 8,441
Dec-99 8,431 7,932 8,208
Dec-00 10,856 10,059 10,426
Oct-01 10,806 10,453 10,658
Oct-02 11,522 11,152 11,426
Oct-03 15,406 14,937 15,242
Oct-04 20,141 19,344 19,683
Oct-05 23,777 22,756 23,097
Oct-06 33,096 31,351 31,194
Oct-07 32,629 31,260 32,105
Oct-08 18,352 18,612 17,966
Oct-09 18,087 18,698 18,568

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year -1.44%
Five Year -2.13%
Ten Year 8.24%
Since Inception 5.13%

Inception Date 12/30/97

Average Annual Total Returns - Class I

One Year -1.27%
Since Inception -6.78%

Inception Date 09/20/05

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND I CLASS IS 1.57% AND 1.32%
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. THE
PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.
PLEASE REFER TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009
FISCAL YEAR END RELATED INFORMATION.

Aston Funds
FORTIS REAL ESTATE FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

RETAIL 30%
OFFICE PROPERTIES 15%
RESIDENTIAL 14%
HEALTH CARE 11%
DIVERSIFIED 9%
STORAGE 8%
INDUSTRIAL 7%
HOTELS 4%
CASH & NET OTHER ASSETS AND LIABILITIES 1%
FOREIGN COMMON STOCKS 1%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 97.55%
DIVERSIFIED - 8.65%
17,834 Digital Realty Trust .............................. $ 804,848
13,560 Entertainment Properties Trust .................... 461,311
16,382 Vornado Realty Trust .............................. 975,712
--------------
2,241,871
--------------
HEALTH CARE - 11.02%
7,882 HCP ............................................... 233,228
13,145 Health Care, REIT ................................. 583,244
24,771 Nationwide Health Properties ...................... 798,865
30,896 Ventas ............................................ 1,239,857
--------------
2,855,194
--------------
HOTELS - 3.79%
68,659 Host Hotels & Resorts ............................. 694,143
9,943 Starwood Hotels & Resorts Worldwide ............... 288,944
--------------
983,087
--------------
INDUSTRIAL - 6.60%
14,224 AMB Property ...................................... 312,644
11,350 EastGroup Properties .............................. 417,794
86,585 ProLogis Trust .................................... 981,008
--------------
1,711,446
--------------
OFFICE PROPERTIES - 15.05%
22,982 Boston Properties ................................. 1,396,616
56,381 Brookfield Properties ............................. 572,831
84,409 Douglas Emmett .................................... 996,026
15,949 Kilroy Realty ..................................... 440,511
12,728 SL Green Realty ................................... 493,337
--------------
3,899,321
--------------

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

RESIDENTIAL - 13.87%
15,043 AvalonBay Communities ............................. $ 1,034,657
31,824 Camden Property Trust ............................. 1,153,620
32,656 Equity Residential Properties Trust ............... 943,105
11,851 Home Properties ................................... 464,322
--------------
3,595,704
--------------
RETAIL - 30.14%
23,273 Federal Realty Investment Trust ................... 1,373,805
116,333 Kimco Realty ...................................... 1,470,449
26,601 National Retail Properties ........................ 515,527
51,833 Simon Property Group .............................. 3,518,942
13,638 Tanger Factory Outlet Centers ..................... 519,199
13,549 Taubman Centers ................................... 413,380
--------------
7,811,302
--------------
STORAGE - 8.43%
29,679 Public Storage .................................... 2,184,374
--------------
TOTAL COMMON STOCKS
(Cost $24,671,002) ............................. 25,282,299
--------------
FOREIGN COMMON STOCKS - 1.55%
CANADA - 1.55%
27,790 Brookfield Properties ............................. 288,931
4,714 Canadian Real Estate Investment Trust ............. 111,310
--------------
TOTAL FOREIGN COMMON STOCKS
(Cost $395,727) ................................ 400,241
--------------
INVESTMENT COMPANY - 0.23%
59,877 BlackRock Liquidity Funds TempCash Portfolio ...... 59,877
--------------
TOTAL INVESTMENT COMPANY
(Cost $59,877) ................................. 59,877
--------------
TOTAL INVESTMENTS - 99.33%
(Cost $25,126,606)** ....................................... 25,742,417
--------------
NET OTHER ASSETS AND LIABILITIES - 0.67% ...................... 173,825
--------------
NET ASSETS - 100.00% .......................................... $ 25,916,242
==============

- ----------
** Aggregate cost for Federal income tax purposes is $29,152,447.

Gross unrealized appreciation .......................... $ 845,865
Gross unrealized depreciation .......................... (4,255,895)
-----------
Net unrealized depreciation ............................ $(3,410,030)
===========

REIT Real Estate Investment Trust

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL BALANCED FUND
PORTFOLIO MANAGER COMMENTARY (UNAUDITED) OCTOBER 31, 2009

Ronald E. Canakaris, CFA, CIC

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

A. After selling off sharply, the stock market experienced a remarkable rally
beginning in March 2009 in anticipation of a recovery in economic activity.
In this environment, many of the stocks that helped the Fund significantly
outperform during the previous two years were a short-term drag on relative
performance given a resurgence in more beaten down stocks and an apparent
increase in investors' appetite for risk. In our work, valuations of many
of the more cyclical and lesser quality stocks appear extended based on
2010 earnings. The biggest detractors came from the Consumer Discretionary
and Financials sectors. We would note both of these areas were contributors
to the Fund's 2008 positive relative returns. The Fund benefited from
strong stock selection in the Technology, Energy, and Healthcare sectors.

The bond portion of the Fund performed better than the Barclay's Capital
U.S. Government/Credit Bond Index during the period, primarily due to an
overweight position in high-quality corporate bonds. Corporate bond spreads
had widened tremendously during the financial crises of 2008-2009, and we
took advantage of attractive yield levels by reducing the portfolio's
weighting in Treasury and agency bonds and by purchasing high-quality
corporate bonds.

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

A. Apple and Google aided performance within Technology. Apple's iPhone
continued to drive growth in earnings, and the company benefited from
better than expected sales of both its computers and iPods, while top-line
growth resumed at Google and its management demonstrated an ability to
restrain spending. Cameron International performed well on a recovery in
the price of oil and a secular trend towards deep-water oil exploration.
Within Healthcare, Schering-Plough was one of the portfolio's best
performers after it accepted an offer to be acquired by Merck. Also,
Allergan benefited from an expectation that its earnings would improve with
increased expenditures on discretionary healthcare items such as cosmetic
surgery.

Q. What were the weakest performing holdings?

A. Stryker's performance lagged in 2009 as the company had several unresolved
regulatory issues. Wells Fargo hurt the Fund's results during the year as
we sold it and built a position in JPMorgan Chase. Devon Energy was
negatively affected by ongoing weakness in the price of natural gas, which
did not recover. Gilead Sciences and Procter & Gamble were among our better
performers in 2008 but did not do well in 2009 due to an investor
preference for more cyclical issues.

Q. How was the Fund positioned as of October 31, 2009?

A. We continue to believe the stock market reached a bear market low on March
9, 2009, and that a cyclical bull market is under way. While the S&P 500 is
more fairly valued after a nearly 60% increase, we are still finding plenty
of attractively valued stocks. Furthermore, there is ample fiscal and
monetary liquidity to support financial markets and promote economic
growth. In our opinion, a synchronized global economic recovery is under
way amid low inflation that should contribute to higher share prices and
mitigate the stock market's risk. Still, because the market is more fairly
valued and technically overbought, we do see an increasing risk of a market
correction over the short-term, though we would view that development as
merely a correction within a bull market.

The Fund continues to be overweight high-quality corporate bonds as we
believe the demand for yield and the recovery in corporate profits will
continue to cause spreads to narrow. The portfolio is underweight the long
end of the yield curve as we remain concerned that yields on
longer-maturity bonds will rise as the economic recovery takes hold.

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

(PERFORMANCE GRAPH)

Montag and Caldwell Balanced Fund

60% S&P 500
Index/40%
Barclays Capital Barclays Capital Morningstar(R)
Montage and Government Credit SP 500(R) U.S. Government Moderate Allocation
Caldwell Balaned Bond Index Index Credit Bond Index Category
---------------- ----------------- ------ ------------------ -----------

Nov-94 10,000 10,000 10,000 10,000 10,000
Oct-95 12,375 12,227 12,641 11,616 11,823
Oct-96 14,895 14,228 15,685 12,242 13,633
Oct-97 18,509 17,436 20,720 13,321 16,401
Oct-98 21,185 20,550 25,276 14,690 17,872
Oct-99 24,962 23,554 31,759 14,593 20,111
Oct-00 25,472 25,154 33,690 15,634 22,010
Oct-01 23,857 22,563 25,305 18,029 19,837
Oct-02 21,849 21,054 21,484 19,018 18,181
Oct-03 23,332 24,237 25,950 20,192 21,124
Oct-04 24,067 26,156 28,392 21,316 22,742
Oct-05 25,334 27,629 30,868 21,493 24,482
Oct-06 26,995 30,853 35,909 22,542 27,408
Oct-07 31,753 34,219 41,134 23,753 30,768
Oct-08 25,128 26,215 26,293 23,501 21,882
Oct-09 28,977 29,458 28,869 26,932 25,324

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 15.32%
Five Year 3.78%
Ten Year 1.50%
Since Inception 7.35%

Inception Date 11/02/94

Average Annual Total Returns - Class I

One Year 15.53%
Five Year 4.00%
Ten Year 1.74%
Since Inception 2.24%

Inception Date 12/31/98

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND I CLASS IS 1.75% AND 1.50%
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. PLEASE REFER
TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009 FISCAL YEAR END
RELATED INFORMATION.

Aston Funds
MONTAG & CALDWELL BALANCED FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

COMMON STOCKS 64%
CORPORATE NOTES AND BONDS 23%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 11%
CASH & NET OTHER ASSETS AND LIABILITIES 2%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 63.88%
CONSUMER DISCRETIONARY - 6.76%
7,100 McDonald's ........................................ $ 416,126
3,750 NIKE, Class B ..................................... 233,175
7,350 TJX ............................................... 274,523
6,000 Walt Disney ....................................... 164,220
--------------
1,088,044
--------------
CONSUMER STAPLES - 14.41%
8,800 Coca-Cola ......................................... 469,128
3,850 Colgate-Palmolive ................................. 302,726
5,650 Costco Wholesale .................................. 321,203
5,000 CVS Caremark ...................................... 176,500
6,920 PepsiCo ........................................... 419,006
3,950 Procter & Gamble .................................. 229,100
8,050 Wal-Mart Stores ................................... 399,924
--------------
2,317,587
--------------
ENERGY - 6.03%
8,100 Cameron International * ........................... 299,457
3,350 Occidental Petroleum .............................. 254,198
6,700 Schlumberger ...................................... 416,740
--------------
970,395
--------------
FINANCIALS - 3.72%
20,400 Charles Schwab .................................... 353,736
5,850 JPMorgan Chase .................................... 244,355
--------------
598,091
--------------
HEALTH CARE - 10.36%
8,600 Abbott Laboratories ............................... 434,902
5,250 Allergan .......................................... 295,313
7,350 Gilead Sciences * ................................. 312,743
16,250 Schering-Plough ................................... 458,250
3,600 Stryker ........................................... 165,600
--------------
1,666,808
--------------

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

INDUSTRIALS - 4.25%
3,600 3M ................................................ $ 264,852
1,750 Burlington Northern Santa Fe ...................... 131,810
2,950 Emerson Electric .................................. 111,363
3,950 Fluor ............................................. 175,459
--------------
683,484
--------------
INFORMATION TECHNOLOGY - 17.81%
2,750 Apple * ........................................... 518,375
973 Google, Class A * ................................. 521,645
10,500 Hewlett-Packard ................................... 498,330
9,350 Juniper Networks * ................................ 238,519
10,300 QUALCOMM .......................................... 426,523
3,450 Research In Motion * .............................. 202,619
6,050 Visa, Class A ..................................... 458,348
--------------
2,864,359
--------------
MATERIALS - 0.54%
1,300 Monsanto 87,334
--------------
TOTAL COMMON STOCKS
(Cost $9,723,389) 10,276,102
--------------

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

CORPORATE NOTES AND BONDS - 23.34%
CONSUMER STAPLES - 5.10%
$ 250,000 Coca-Cola (The)
5.350%, 11/15/17 ............................... 271,998
250,000 PepsiCo
5.000%, 06/01/18 ............................... 266,562
275,000 Wal-Mart Stores
4.125%, 07/01/10 ............................... 281,713
--------------
820,273
--------------
ENERGY - 1.34%
200,000 ConocoPhillips
4.750%, 02/01/14 ............................... 214,949
--------------
FINANCIALS - 5.55%
175,000 General Electric Capital,
MTN, Series A
5.875%, 02/15/12 ............................... 188,790
225,000 Goldman Sachs Group
5.150%, 01/15/14 ............................... 237,924
250,000 JPMorgan Chase
4.750%, 05/01/13 ............................... 265,105
200,000 Wells Fargo
4.200%, 01/15/10 ............................... 201,261
--------------
893,080
--------------
HEALTH CARE - 4.35%
250,000 Abbott Laboratories
4.350%, 03/15/14 ............................... 263,544
200,000 Johnson & Johnson
5.950%, 08/15/37 ............................... 224,926
200,000 Pfizer
4.450%, 03/15/12 ............................... 212,200
--------------
700,670
--------------
INFORMATION TECHNOLOGY - 4.05%
200,000 Cisco Systems
5.500%, 02/22/16 ............................... 220,109
200,000 Hewlett-Packard
4.500%, 03/01/13 ............................... 214,207

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL BALANCED FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

INFORMATION TECHNOLOGY (CONTINUED)
$ 200,000 Oracle
4.950%, 04/15/13 ............................... $ 216,684
--------------
651,000
--------------
TELECOMMUNICATION SERVICES - 2.95%
200,000 BellSouth Capital Funding
7.750%, 02/15/10 ............................... 204,135
250,000 Verizon Communications
5.550%, 02/15/16 ............................... 270,985
--------------
475,120
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $3,595,366) .............................. 3,755,092
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 11.10%
FANNIE MAE - 1.17%
100,000 6.000%, 05/15/11 .................................. 107,901
75,000 4.375%, 09/15/12 .................................. 80,711
--------------
188,612
--------------
FREDDIE MAC - 1.01%
150,000 4.500%, 01/15/13 .................................. 163,108
--------------
U.S. TREASURY BONDS - 3.62%
150,000 8.125%, 08/15/19 .................................. 208,313
100,000 8.000%, 11/15/21 .................................. 140,859
200,000 5.375%, 02/15/31 .................................. 232,344
--------------
581,516
--------------
U.S. TREASURY NOTES - 5.30%
175,000 4.000%, 02/15/15 .................................. 188,918
225,000 4.500%, 02/15/16 .................................. 247,922
225,000 2.625%, 04/30/16 .................................. 222,047
175,000 4.625%, 02/15/17 .................................. 193,416
--------------
852,303
--------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $1,673,356) .............................. 1,785,539
--------------
TOTAL INVESTMENTS - 98.32%
(Cost $14,992,111)** ....................................... 15,816,733
--------------
NET OTHER ASSETS AND LIABILITIES - 1.68% ...................... 269,681
--------------
NET ASSETS - 100.00% .......................................... $ 16,086,414
==============

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

** Aggregate cost for Federal income tax purposes is $15,345,575.

Gross unrealized appreciation ..... $ 795,318
Gross unrealized depreciation ..... (324,160)
---------
Net unrealized appreciation ....... $ 471,158
=========

MTN Medium Term Note

PORTFOLIO COMPOSITION

Common Stocks ......................................... 65%
U.S. Government Obligations ........................... 9%
U.S. Government Agency Obligations .................... 2%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
Aaa ................................................ 2%
Aa ................................................. 8%
A .................................................. 14%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BALANCED FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

The bond portion of the portfolio outperformed due to an overweight
position in Corporate bonds and underweight stake in US Treasuries.
Above-average exposure to lower-quality investment-grade Corporates also
added to returns as systemic risk declined with the broader economy. A
barbell approach to credit that emphasized Corporates on the long end of
the curve and higher-quality floating-rate notes on the short end, enhanced
returns as well.

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

Q. What were the weakest performing holdings?

A. Stryker's performance lagged in 2009 as the company had several unresolved
regulatory issues. Wells Fargo hurt the Fund's results during the year as
we sold it and built a position in JPMorgan Chase. Devon Energy was
negatively affected by ongoing weakness in the price of natural gas, which
did not recover. Gilead Sciences and Procter & Gamble were among our better
performers in 2008 but did not do well in 2009 due to an investor
preference for more cyclical issues.

Q. How was the Fund positioned as of October 31, 2009?

The Fund continues to maintain an above-market commitment to Corporate
bonds in anticipation of further spread compression over time. We have
reduced investments in Fannie Mae and Freddie Mac securities given that the
pending resolution of the final structure of government-sponsored
enterprises (GSE) remains a key risk for fixed-income investors. Without
greater clarity on a likely outcome, we do not believe investors are being
compensated appropriately for the uncertainty.

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

(PERFORMANCE GRAPH)

Balanced Fund

60% S&P 500
Index/ 40% Barclays
Barclays Capital Capital
Aggregate Bond Morningstar(R) Moderate S&P Aggregate Bond
Balanced Fund Index Allocation Category 500 Index Index
------------- ---------------- ----------------------- ---------- --------------

Sep-95 10,000 10.000 10,000 10,000 10,000
Oct-96 11,847 11,692 10,722 12,364 11,372
Oct-97 14,229 14,334 11,675 16,333 13,113
Oct-98 16,862 16,835 12,766 19,928 15,775
Oct-99 19,772 19,390 12,833 25,041 17,190
Oct-00 22,701 20,715 13,770 26,564 19,344
Oct-01 19,658 18,529 15,775 19,952 21,170
Oct-02 18,805 17,308 16,704 16,939 19,081
Oct-03 20,917 19,819 17,523 20,461 22,170
Oct-04 21,696 21,383 18,492 22,386 23,868
Oct-05 22,390 22,608 18,701 24,338 25,694
Oct-06 23,583 25,274 19,671 28,313 28,764
Oct-07 26,051 28,031 20,730 32,432 32,291
Oct-08 19,600 21,595 20,792 20,731 22,965
Oct-09 22,834 24,193 23,659 22,762 26,578

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 16.50%
Five Year 1.03%
Ten Year 1.45%
Since Inception 6.03%

Inception Date 09/21/95

THE TOTAL EXPENSE RATIO FOR THE N CLASS IS 1.50% AS DISCLOSED IN THE PROSPECTUS
DATED MARCH 1, 2009. PLEASE REFER TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS
REPORT FOR MORE 2009 FISCAL YEAR END RELATED INFORMATION.

Aston Funds
BALANCED FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

COMMON STOCKS 59%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 18%
CORPORATE NOTES AND BONDS 18%
CASH & NET OTHER ASSETS AND LIABILITIES 5%

% OF TOTAL NET ASSETS

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

COMMON STOCKS - 59.19%
CONSUMER DISCRETIONARY - 6.44%
7,100 McDonald's ........................................ $ 416,131
3,650 NIKE, Class B ..................................... 226,957
7,550 TJX ............................................... 281,993
5,750 Walt Disney ....................................... 157,378
--------------
1,082,459
--------------
CONSUMER STAPLES - 13.31%
8,450 Coca-Cola ......................................... 450,470
4,050 Colgate-Palmolive ................................. 318,451
5,450 Costco Wholesale .................................. 309,832
4,500 CVS Caremark ...................................... 158,850
6,600 PepsiCo ........................................... 399,630
3,700 Procter & Gamble .................................. 214,600
7,750 Wal-Mart Stores ................................... 385,020
--------------
2,236,853
--------------
ENERGY - 5.53%
7,600 Cameron International * ........................... 280,972
3,300 Occidental Petroleum .............................. 250,404
6,400 Schlumberger ...................................... 398,080
--------------
929,456
--------------
FINANCIALS - 3.42%
19,650 Charles Schwab .................................... 340,731
5,600 JPMorgan Chase .................................... 233,912
--------------
574,643
--------------
HEALTH CARE - 9.71%
8,300 Abbott Laboratories ............................... 419,731
5,500 Allergan .......................................... 309,375
7,100 Gilead Sciences * ................................. 302,105
15,650 Schering-Plough ................................... 441,330
3,450 Stryker ........................................... 158,700
--------------
1,631,241
--------------

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

INDUSTRIALS - 3.89%
3,500 3M ................................................ $ 257,495
1,700 Burlington Northern Santa Fe ...................... 128,044
2,800 Emerson Electric .................................. 105,700
3,650 Fluor ............................................. 162,133
--------------
653,372
--------------
INFORMATION TECHNOLOGY - 16.41%
2,650 Apple * ........................................... 499,525
910 Google, Class A * ................................. 487,869
10,100 Hewlett-Packard ................................... 479,346
9,000 Juniper Networks * ................................ 229,590
9,850 QUALCOMM .......................................... 407,888
3,650 Research In Motion * .............................. 214,365
5,800 Visa, Class A ..................................... 439,408
--------------
2,757,991
--------------
MATERIALS - 0.48%
1,200 Monsanto .......................................... 80,616
--------------
TOTAL COMMON STOCKS
(Cost $8,816,902) .............................. 9,946,631
--------------

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

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 17.55%
FANNIE MAE - 5.31%
$ 41,516 7.500%, 02/01/35,
Pool # 787557 .................................. 45,988
17,629 7.500%, 04/01/35,
Pool # 819231 .................................. 19,529
146,302 6.000%, 11/01/35,
Pool # 844078 .................................. 156,071
271,600 6.000%, 12/01/36,
Pool # 888029 .................................. 289,311
166,682 5.500%, 06/01/37,
Pool # 918778 .................................. 175,696
195,407 5.500%, 03/01/38,
Pool # 962344 .................................. 205,944
--------------
892,539
--------------
FREDDIE MAC - 4.32%
244,995 5.500%, 11/01/20,
Gold Pool # G18083 ............................. 261,491
43,472 5.500%, 12/01/20,
Gold Pool # G11820 ............................. 46,399
180,529 5.500%, 09/01/37,
Gold Pool # G03202 ............................. 190,433
218,420 5.000%, 04/01/38,
Gold Pool # G04334 ............................. 226,662
--------------
724,985
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.97%
193,827 5.000%, 08/20/37,
Pool # 4015 .................................... 201,756
122,394 5.500%, 02/15/39,
Pool # 698060 .................................. 129,430
--------------
331,186
--------------
U.S. TREASURY BILLS - 5.95%
500,000 0.140%, 12/03/09 (a) .............................. 499,982
500,000 0.060%, 01/28/10 (a) .............................. 499,939
--------------
999,921
--------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $2,827,184) .............................. 2,948,631
--------------

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BALANCED FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

CORPORATE NOTES AND BONDS - 17.52%
CONSUMER DISCRETIONARY - 2.96%
$ 70,000 Darden Restaurants
Senior Unsecured Notes
6.800%, 10/15/37 ............................... $ 72,456
50,000 Home Depot
Senior Unsecured Notes
5.875%, 12/16/36 ............................... 48,935
250,000 Macy's Retail Holdings
6.375%, 03/15/37 ............................... 205,000
50,000 Time Warner Cable
8.250%, 02/14/14 ............................... 58,682
50,000 Whirlpool, MTN
Senior Unsecured Notes
8.600%, 05/01/14 ............................... 57,118
60,000 Wyndham Worldwide
Senior Unsecured Notes
6.000%, 12/01/16 ............................... 54,695
--------------
496,886
--------------
CONSUMER STAPLES - 0.62%
50,000 Kroger
8.050%, 02/01/10 ............................... 50,837
50,000 Reynolds American
7.750%, 06/01/18 ............................... 54,073
--------------
104,910
--------------
ENERGY - 3.15%
Hess
50,000 Senior Unsecured Notes
8.125%, 02/15/19 ............................... 60,756
50,000 Senior Unsecured Notes
7.875%, 10/01/29 ............................... 59,082
50,000 Kinder Morgan Energy Partners
Senior Unsecured Notes
9.000%, 02/01/19 ............................... 61,017
50,000 Marathon Oil Canada
Senior Secured Notes
8.375%, 05/01/12 ............................... 56,526
50,000 Nabors Industries
9.250%, 01/15/19 ............................... 60,463
125,000 Nexen
Senior Unsecured Notes
7.500%, 07/30/39 ............................... 138,430
25,000 Trans-Canada Pipelines
Senior Unsecured Notes
7.625%, 01/15/39 ............................... 32,001
50,000 Weatherford International
9.625%, 03/01/19 ............................... 61,962
--------------
530,237
--------------
FINANCIALS - 4.18%
50,000 American Financial Group
Senior Unsecured Notes
9.875%, 06/15/19 ............................... 56,666
100,000 Blackstone Holdings Finance (b)
6.625%, 08/15/19 ............................... 100,919
150,000 Goldman Sachs Capital I
6.345%, 02/15/34 ............................... 142,519
100,000 Jefferies Group
Senior Unsecured Notes
8.500%, 07/15/19 ............................... 108,706
50,000 Marsh & McLennan
Senior Unsecured Notes
9.250%, 04/15/19 ............................... 62,305

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

FINANCIALS (CONTINUED)
$ 50,000 Rio Tinto Finance
8.950%, 05/01/14 ............................... $ 59,136
250,000 SLM, MTN
Senior Unsecured Notes
5.625%, 08/01/33 ............................... 171,549
--------------
701,800
--------------
HEALTH CARE - 2.26%
110,000 Boston Scientific
Senior Unsecured Notes
7.000%, 11/15/35 ............................... 107,800
50,000 McKesson
Senior Unsecured Notes
7.500%, 02/15/19 ............................... 58,880
50,000 Medtronic
Senior Unsecured Notes
6.500%, 03/15/39 ............................... 58,339
100,000 UnitedHealth Group
Senior Unsecured Notes
1.768%, 02/07/11 (c) ........................... 100,163
50,000 WellPoint
Senior Unsecured Notes
6.800%, 08/01/12 ............................... 55,003
--------------
380,185
--------------
INDUSTRIALS - 1.54%
100,000 Embraer Overseas
6.375%, 01/15/20 ............................... 95,250
50,000 FedEx
Senior Notes
8.000%, 01/15/19 ............................... 60,637
100,000 Tyco International Finance
4.125%, 10/15/14 ............................... 102,267
--------------
258,154
--------------
INFORMATION TECHNOLOGY - 0.25%
50,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 ............................... 42,748
--------------
MATERIALS - 0.90%
100,000 ArcelorMittal
Senior Unsecured Notes
7.000%, 10/15/39 ............................... 94,812
50,000 Bemis
Senior Unsecured Notes
6.800%, 08/01/19 ............................... 56,107
--------------
150,919
--------------
TELECOMMUNICATION SERVICES - 0.63%
50,000 Rogers Wireless
Senior Subordinated Notes
8.000%, 12/15/12 ............................... 51,510
50,000 Telus
Senior Unsecured Notes
8.000%, 06/01/11 ............................... 54,527
--------------
106,037
--------------
UTILITIES - 1.03%
50,000 Allegheny Energy Supply (b)
Senior Unsecured Notes
6.750%, 10/15/39 ............................... 48,053
50,000 FPL Group Capital
7.875%, 12/15/15 ............................... 60,807

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
BALANCED FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

UTILITIES (CONTINUED)
$ 50,000 Sempra Energy
Senior Unsecured Notes
9.800%, 02/15/19 ............................... $ 63,886
--------------
172,746
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $2,796,334) .............................. 2,944,622
--------------

SHARES
- ---------

INVESTMENT COMPANY - 5.73%
962,607 BlackRock Liquidity Funds
TempCash Portfolio ............................. 962,607
--------------
TOTAL INVESTMENT COMPANY
(Cost $962,607) ................................ 962,607
--------------
TOTAL INVESTMENTS - 99.99%
(Cost $15,403,027)** ....................................... 16,802,491
--------------
NET OTHER ASSETS AND LIABILITIES - 0.01% ...................... 2,479
--------------
NET ASSETS - 100.00% .......................................... $ 16,804,970
==============

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

** Aggregate cost for Federal income tax purposes is $15,649,935.

Gross unrealized appreciation... $1,577,111
Gross unrealized depreciation... (424,555)
----------
Net unrealized appreciation..... $1,152,556
==========

(a) Annualized yield at the time of purchase.

(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 October 31, 2009, these securities amounted to $148,972 or 0.89%
of net assets. These securities have been determined by the Adviser to be
liquid securities.

MTN Medium Term Note

PORTFOLIO COMPOSITION

Common Stocks ......................................... 59%
Investment Company .................................... 6%
U.S. Government Obligations ........................... 6%
U.S. Government Agency Obligations .................... 12%
Corporate Notes and Bonds (Moody's Ratings - unaudited)
A .................................................. 2%
Baa ................................................ 12%
Ba ................................................. 3%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND
PORTFOLIO MANAGERS COMMENTARY (UNAUDITED) OCTOBER 31, 2009

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

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

A. An overweight position in Corporate bonds and underweight stake in US
Treasuries aided performance as Corporates delivered outsized returns
versus Treasuries during the period. The Fund's above-market exposure to
lower-quality investment-grade Corporates also added to returns on both an
absolute and a duration-adjusted basis as systemic risk declined with the
broader economy showing signs of stabilizing. Overall, the structure of the
portfolio enhanced returns as well, as we maintained a barbell approach to
credit, emphasizing lower-quality investment-grade Corporates on the long
end of the curve and higher-quality floating-rate notes on the short end.
Valuations in floating-rate notes improved along with a sharp narrowing in
credit spreads and a marked increase in liquidity.

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

A. The portfolio's best performing holdings included Corporate bonds issued by
financial institutions, as the Financials sector was the best performing
area of the credit market. Longer dated securities, lower-quality
investment-grade securities, and floating-rate notes boosted returns as
well.

Q. What were the weakest performing holdings?

A. Positions in US Treasury securities were among the weakest performers in
the Fund.

Q. How was the Fund positioned as of October 31, 2009?

A. We have maintained an above-market commitment to Corporate bonds in
anticipation of further spread compression over time. We think Corporates
remain attractive in a risk-reward context. The unprecedented narrowing in
credit spreads throughout 2009 reflects the diminution of systemic risk. We
believe Corporate bond valuations are attractive, particularly ahead of
heightened regulation and strengthened capital requirements. We anticipate
further spread compression in 2010.

In anticipation of rising Treasury yields, we have emphasized Treasury
Inflation Protected Securities (TIPS) within the Treasury allocation.
Notwithstanding the expectation for deflationary pressures over the
near-term, we believe the massive stimulus of credit easing and increased
government deficit spending will prove inflationary over time. Accordingly,
we believe TIPS will outperform nominal Treasuries with similar maturities
in 2010.

We have reduced investments in Fannie Mae and Freddie Mac given that the
pending resolution for the final structure of government-sponsored
enterprises (GSE) remains a key risk for fixed-income investors. We believe
the most likely outcome for the GSEs incorporates some combination of a
public utility model with covered bonds for funding purposes. Still,
without greater clarity on a likely outcome, we do not believe investors
are being compensated appropriately for the uncertainty.

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

(PERFORMANCE GRAPH)

TCH Fixed Income Fund

TCH Fixed Morningstar(R)
Income Fund - Intermediate-Term Barclays Capital
Class N Shares Bond Category Aggregate Bond Index
-------------- ----------------- --------------------

Dec-93 10,000 10,000 10,000
Oct-94 9,677 9,535 9,636
Oct-95 11,117 11,026 11,066
Oct-96 11,758 11,671 11,659
Oct-97 12,797 12,709 12,652
Oct-98 13,778 13,895 13,614
Oct-99 13,919 13,969 13,617
Oct-00 14,891 14,989 14,411
Oct-01 16,840 17,171 16,359
Oct-02 17,310 18,183 16,953
Oct-03 18,103 19,074 17,992
Oct-04 19,129 20,129 18,893
Oct-05 19,205 20,356 19,056
Oct-06 20,052 21,412 19,952
Oct-07 21,368 22,564 20,787
Oct-08 19,896 22,632 19,291
Oct-09 24,470 25,753 22,736

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

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

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

RETURNS FOR PERIOD ENDED 10/31/09

Average Annual Total Returns - Class N

One Year 22.99%
Five Year 5.05%
Ten Year 5.80%
Since Inception 5.80%

Inception Date 12/13/93

Average Annual Total Returns - Class I

One Year 23.14%
Five Year 5.29%
Since Inception 6.06%

Inception Date 07/31/00

THE TOTAL EXPENSE RATIO FOR THE N CLASS AND I CLASS IS 1.08% AND 0.83%,
RESPECTIVELY, AS DISCLOSED IN THE PROSPECTUS DATED MARCH 1, 2009. THE
PERFORMANCE QUOTED WOULD HAVE BEEN LOWER IF WAIVERS HAD NOT BEEN IN EFFECT.
PLEASE REFER TO THE FINANCIAL HIGHLIGHTS SECTION IN THIS REPORT FOR MORE 2009
FISCAL YEAR END RELATED INFORMATION.

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS

(PIE CHART)

CORPORATE NOTES AND BONDS 53%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 38%
CASH & NET OTHER ASSETS AND LIABILITIES 6%
COMMERCIAL MORTGAGE-BACKED SECURITIES 3%

% OF TOTAL NET ASSETS

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

CORPORATE NOTES AND BONDS - 52.50%
CONSUMER DISCRETIONARY - 6.83%
$ 250,000 CBS
8.875%, 05/15/19 .............................. $ 282,659
500,000 JC Penney
6.375%, 10/15/36 .............................. 423,750
1,000,000 Limited Brands
Senior Unsecured Notes
7.600%, 07/15/37 .............................. 862,500
Macy's Retail Holdings
100,000 8.875%, 07/15/15 (a) .......................... 106,250
500,000 6.375%, 03/15/37 .............................. 410,000
250,000 Staples
Senior Unsecured Notes
9.750%, 01/15/14 .............................. 303,232
450,000 Time Warner Cable
8.250%, 02/14/14 .............................. 528,142
250,000 TJX
Senior Unsecured Notes
6.950%, 04/15/19 .............................. 293,978
250,000 Tyco Electronics Group
7.125%, 10/01/37 .............................. 257,091
250,000 Viacom
Senior Unsecured Notes
6.125%, 10/05/17 .............................. 267,807
450,000 Whirlpool, MTN
Senior Unsecured Notes
8.600%, 05/01/14 .............................. 514,065
200,000 Wyndham Worldwide
Senior Unsecured Notes
6.000%, 12/01/16 .............................. 182,318
150,000 Yum! Brands
Senior Unsecured Notes
6.875%, 11/15/37 .............................. 164,121
--------------
4,595,913
--------------

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

CONSUMER STAPLES - 4.64%
Altria Group
$ 500,000 8.500%, 11/10/13 .............................. $ 580,608
200,000 10.200%, 02/06/39 ............................. 267,357
250,000 CVS Caremark
6.600%, 03/15/19 .............................. 279,105
1,000,000 Kraft Foods
Senior Unsecured Notes
7.000%, 08/11/37 .............................. 1,096,030
Kroger
200,000 8.050%, 02/01/10 .............................. 203,348
250,000 6.900%, 04/15/38 .............................. 291,391
150,000 Pepsico
Senior Unsecured Notes
7.900%, 11/01/18 .............................. 188,703
200,000 Reynolds American
7.750%, 06/01/18 .............................. 216,290
--------------
3,122,832
--------------
ENERGY - 8.28%
500,000 Ecopetrol SA
7.625%, 07/23/19 .............................. 547,500
250,000 Energy Transfer Partners
Senior Unsecured Notes
9.000%, 04/15/19 .............................. 302,368
250,000 Halliburton
Senior Unsecured Notes
7.450%, 09/15/39 .............................. 312,614
Hess
Senior Unsecured Notes
400,000 8.125%, 02/15/19 .............................. 486,047
100,000 7.875%, 10/01/29 .............................. 118,164
400,000 Kinder Morgan Energy Partners
Senior Unsecured Notes
9.000%, 02/01/19 .............................. 488,135
1,005,000 Marathon Oil Canada
Senior Secured Notes
8.375%, 05/01/12 .............................. 1,136,165
450,000 Nabors Industries
9.250%, 01/15/19 .............................. 544,163
500,000 Nexen
Senior Unsecured Notes
7.500%, 07/30/39 .............................. 553,720
225,000 Trans-Canada Pipelines
Senior Unsecured Notes
7.625%, 01/15/39 .............................. 288,007
250,000 Valero Energy
Senior Unsecured Notes
9.375%, 03/15/19 .............................. 296,169
400,000 Weatherford International
9.625%, 03/01/19 .............................. 495,698
--------------
5,568,750
--------------
FINANCIALS - 12.70%
250,000 AFLAC
Senior Notes
8.500%, 05/15/19 .............................. 293,858
450,000 American Financial Group
Senior Unsecured Notes
9.875%, 06/15/19 .............................. 509,990
250,000 Bank of America
Senior Unsecured Notes
0.799%, 09/11/12 (c) .......................... 244,643
1,500,000 Bear Stearns, MTN
Senior Unsecured Notes
0.809%, 11/21/16 (c) .......................... 1,393,371

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

FINANCIALS (CONTINUED)
$ 150,000 Blackstone Holdings Finance
6.625%, 08/15/19 (b) .......................... $ 151,379
250,000 Bunge Ltd Finance
8.500%, 06/15/19 .............................. 291,667
2,000,000 Citigroup
Subordinated Notes
0.943%, 08/25/36 (c) .......................... 1,129,794
500,000 General Electric Capital, MTN,
Series A
0.852%, 05/05/26 (c) .......................... 393,989
800,000 Goldman Sachs Capital I
6.345%, 02/15/34 .............................. 760,103
500,000 Jefferies Group
Senior Unsecured Notes
8.500%, 07/15/19 .............................. 543,531
300,000 Marsh & McLennan
Senior Unsecured Notes
9.250%, 04/15/19 .............................. 373,833
750,000 Merrill Lynch, MTN
6.875%, 04/25/18 .............................. 808,307
1,000,000 NB Capital Trust II
7.830%, 12/15/26 .............................. 965,000
1,000,000 SLM, MTN
Senior Unsecured Notes
5.625%, 08/01/33 .............................. 686,195
--------------
8,545,660
--------------
HEALTH CARE - 6.55%
500,000 Biogen Idec
Senior Unsecured Notes
6.875%, 03/01/18 .............................. 546,251
300,000 Boston Scientific
Senior Unsecured Notes
6.250%, 11/15/35 .............................. 294,000
250,000 Express Scripts
Senior Unsecured Notes
6.250%, 06/15/14 .............................. 274,963
200,000 Hospira
Senior Unsecured Notes, GMTN
6.400%, 05/15/15 .............................. 222,516
250,000 Humana
Senior Unsecured Notes
8.150%, 06/15/38 .............................. 232,699
750,000 McKesson
Senior Unsecured Notes
7.500%, 02/15/19 .............................. 883,205
450,000 Medtronic
Senior Unsecured Notes
6.500%, 03/15/39 .............................. 525,049
250,000 Pfizer
Senior Unsecured Notes
7.200%, 03/15/39 .............................. 315,223
500,000 Roche Holdings
Senior Unsecured Notes
7.000%, 03/01/39 (b) .......................... 616,614
450,000 WellPoint
Senior Unsecured Notes
6.800%, 08/01/12 .............................. 495,027
--------------
4,405,547
--------------
INDUSTRIALS - 2.21%
250,000 Caterpillar
7.000%, 12/15/13 .............................. 286,595

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

INDUSTRIALS (CONTINUED)
$ 300,000 Embraer Overseas
6.375%, 01/15/20 .............................. $ 285,750
250,000 FedEx
Senior Notes
8.000%, 01/15/19 .............................. 303,183
200,000 Ingersoll-Rand Global Holding
6.875%, 08/15/18 .............................. 221,496
100,000 Tyco International Finance
4.125%, 10/15/14 .............................. 102,267
250,000 Waste Management
7.375%, 03/11/19 .............................. 291,765
--------------
1,491,056
--------------
INFORMATION TECHNOLOGY - 1.51%
250,000 KLA Instruments
Senior Unsecured Notes
6.900%, 05/01/18 .............................. 262,342
200,000 Motorola
Senior Unsecured Notes
6.625%, 11/15/37 .............................. 170,992
500,000 Telecom Italia Capital SA
7.721%, 06/04/38 .............................. 581,409
--------------
1,014,743
--------------
MATERIALS - 3.84%
300,000 ArcelorMittal
Senior Unsecured Notes
7.000%, 10/15/39 .............................. 284,436
700,000 Bemis
Senior Unsecured Notes
6.800%, 08/01/19 .............................. 785,495
250,000 Dow Chemical (The)
Senior Unsecured Notes
8.550%, 05/15/19 .............................. 285,692
500,000 International Paper
8.700%, 06/15/38 .............................. 577,785
550,000 Rio Tinto Finance
8.950%, 05/01/14 .............................. 650,497
--------------
2,583,905
--------------
TELECOMMUNICATION SERVICES - 1.42%
450,000 Rogers Wireless
Senior Subordinated Notes
8.000%, 12/15/12 .............................. 463,593
450,000 Telus
Senior Unsecured Notes
8.000%, 06/01/11 .............................. 490,748
--------------
954,341
--------------
UTILITIES - 4.52%
200,000 Allegheny Energy Supply
Senior Unsecured Notes
6.750%, 10/15/39 (b) .......................... 192,211
995,000 CenterPoint Energy
Senior Notes, Series B
7.250%, 09/01/10 .............................. 1,020,318
450,000 FPL Group Capital
7.875%, 12/15/15 .............................. 547,260
250,000 Oncor Electric Delivery
7.500%, 09/01/38 .............................. 304,518
150,000 Pacific Gas & Electric
8.250%, 10/15/18 .............................. 188,863
450,000 Sempra Energy
Senior Unsecured Notes
9.800%, 02/15/19 .............................. 574,978

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

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

UTILITIES (CONTINUED)
$ 150,000 Virginia Electric and Power
Senior Unsecured Notes
8.875%, 11/15/38 .............................. $ 212,630
--------------
3,040,778
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $33,270,786) ............................ 35,323,525
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 38.35%
FANNIE MAE - 16.92%
614,127 6.000%, 11/01/17,
Pool # 662854 ................................. 663,346
338,458 6.000%, 04/01/18,
Pool # 725175 ................................. 365,690
502,665 5.500%, 11/01/18,
Pool # 748886 ................................. 540,438
289,192 4.500%, 06/01/19,
Pool # 747860 ................................. 305,416
1,298,279 6.000%, 01/01/21,
Pool # 850787 ................................. 1,397,867
1,000,000 6.000%, 07/02/24 ................................. 1,001,001
729,065 6.000%, 09/01/32,
Pool # 847899 ................................. 783,443
229,514 6.000%, 02/01/34,
Pool # 771952 ................................. 245,915
264,808 7.500%, 02/01/35,
Pool # 787557 ................................. 293,336
112,418 7.500%, 04/01/35,
Pool # 819231 ................................. 124,528
822,323 6.000%, 11/01/35,
Pool # 844078 ................................. 877,232
695,629 5.000%, 05/01/36,
Pool # 745581 ................................. 722,895
543,201 6.000%, 12/01/36,
Pool # 888029 ................................. 578,623
666,729 5.500%, 06/01/37,
Pool # 918778 ................................. 702,785
671,216 6.500%, 10/01/37,
Pool # 888890 ................................. 721,672
1,954,070 5.500%, 03/01/38,
Pool # 962344 ................................. 2,059,438
--------------
11,383,625
--------------
FREDDIE MAC - 12.20%
1,377,190 5.500%, 11/01/20,
Gold Pool # G18083 ............................ 1,469,920
244,446 5.500%, 12/01/20,
Gold Pool # G11820 ............................ 260,906
247,449 6.000%, 10/01/35,
Gold Pool # A47772 ............................ 264,127
705,769 5.500%, 05/01/37,
Pool # A60048 ................................. 744,488
1,444,232 5.500%, 09/01/37,
Gold Pool # G03202 ............................ 1,523,463
1,622,160 5.000%, 02/01/38,
Gold Pool # A73409 ............................ 1,683,372
2,184,198 5.000%, 04/01/38,
Gold Pool # G04334 ............................ 2,266,618
--------------
8,212,894
--------------

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

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.05%
$ 718,198 5.000%, 05/01/37,
Pool # 782156 ................................. $ 747,620
1,550,615 5.000%, 08/20/37,
Pool # 4015 ................................... 1,614,050
1,354,381 6.000%, 07/20/38,
Pool # 4195 ................................... 1,441,749
882,433 6.000%, 01/15/39,
Pool # 698036 ................................. 938,161
--------------
4,741,580
--------------
U.S. TREASURY BILLS (D) - 0.76%
500,000 3.875%, 05/15/10 ................................. 509,824
--------------
U.S. TREASURY INFLATION INDEX NOTE - 1.42%
924,086 2.375%, 04/15/11 ................................. 956,645
--------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $24,379,750) ............................ 25,804,568
--------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.58%
275,000 Bear Stearns Commercial
Mortgage Securities
Series 2007-T28, Class A4
5.742%, 09/11/42 (e) .......................... 277,320
500,000 CS First Boston Mortgage
Securites
Series 2005-C5, Class A2
5.100%, 08/15/38 (e) .......................... 509,255
940,000 JP Morgan Chase Commercial
Mortgage Securities
Series 2005-CB13, Class A2
5.247%, 01/12/43 (e) .......................... 946,007
--------------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,547,434) ............................. 1,732,582
--------------

SHARES
- ---------

INVESTMENT COMPANY - 5.22%
3,515,024 BlackRock Liquidity Funds
TempCash Portfolio ............................ 3,515,024
--------------
TOTAL INVESTMENT COMPANY
(Cost $3,515,024) ............................. 3,515,024
--------------
TOTAL INVESTMENTS - 98.65%
(Cost $62,712,994)* ........................................ 66,375,699
--------------
NET OTHER ASSETS AND LIABILITIES - 1.35% ...................... 907,802
--------------
NET ASSETS - 100.00% .......................................... $ 67,283,501
==============

- ----------
* Aggregate cost for Federal income tax purposes is $62,700,552.

Gross unrealized appreciation..... $ 5,342,983
Gross unrealized depreciation..... (1,667,836)
-----------
Net unrealized appreciation....... $ 3,675,147
===========

(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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TCH FIXED INCOME FUND OCTOBER 31, 2009
SCHEDULE OF INVESTMENTS - CONTINUED

(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 October 31, 2009, these securities amounted to $960,204 or 1.43%
of net assets. These securities have been determined by the Sub-Adviser to
be liquid securities.

(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.

GMTN Global Medium Term Note

MTN Medium Term Note

PORTFOLIO COMPOSITION

Investment Company ...................................... 5%
U.S. Government Obligations ............................. 2%
U.S. Government Agency Obligations ...................... 36%
Corporate Notes and Bonds (Moody's Ratings (e) unaudited)
Aaa .................................................. 3%
Aa ................................................... 3%
A .................................................... 9%
Baa .................................................. 36%
Ba ................................................... 6%
---
100%
===

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OCTOBER 31, 2009
STATEMENT OF ASSETS AND LIABILITIES

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

ASSETS:
Investments:
Investments at cost .............................................................. $2,218,157,211 $ 81,328,976
Net unrealized appreciation (depreciation) ....................................... 268,930,401 4,985,278
-------------- ------------
Total investments at value .................................................... 2,487,087,612 86,314,254
Receivables:
Dividends and interest ........................................................... 2,234,274 22,566
Dividend reclaims ................................................................ -- --
Fund shares sold ................................................................. 7,410,071 165,645
Investments sold ................................................................. 15,194,801 3,888,176
Due from Adviser, net (Note G) ................................................... -- --
Other assets ........................................................................... 15,871 948
-------------- ------------
Total assets .................................................................. 2,511,942,629 90,391,589
-------------- ------------
LIABILITIES:
Payables:
Dividend distribution ............................................................ -- --
Investments purchased ............................................................ 19,420,456 2,870,636
Fund shares redeemed ............................................................. 3,685,804 270,994
Due to Adviser, net (Note G) ..................................................... 1,425,526 74,040
Administration fees (Note G) ..................................................... 105,284 5,892
Distribution fees (Note G) ....................................................... 99,493 3,177
Audit and tax fees ............................................................... 24,917 15,024
Custodian fees ................................................................... 23,421 2,919
Transfer agent fees .............................................................. 149,235 5,833
Trustees fees and related expenses (Note G) ...................................... 3,389 --
Accrued expenses and other payables .............................................. 181,789 6,614
-------------- ------------
Total liabilities ............................................................. 25,119,314 3,255,129
-------------- ------------
NET ASSETS ............................................................................. $2,486,823,315 $ 87,136,460
============== ============
NET ASSETS CONSIST OF:
Paid in capital ..................................................................... $2,320,799,613 $121,419,447
Accumulated undistributed (distribution in excess of) net investment income (loss) .. 7,373,004 --
Accumulated net realized loss on investments, purchased options and payments by
affiliates ....................................................................... (110,279,703) (39,268,265)
Net unrealized appreciation (depreciation) on investments and purchased options ..... 268,930,401 4,985,278
-------------- ------------
TOTAL NET ASSETS ....................................................................... $2,486,823,315 $ 87,136,460
============== ============
CLASS N:
Net Assets .......................................................................... $1,277,345,869 $ 39,437,033
Shares of beneficial interest outstanding (unlimited authorization) ................. 61,198,083 4,346,721
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................... $ 20.87 $ 9.07
============== ============
CLASS I:
Net Assets .......................................................................... $1,205,637,140 $ 47,699,427
Shares of beneficial interest outstanding (unlimited authorization) ................. 57,491,570 5,209,752
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................... $ 20.97 $ 9.16
============== ============
CLASS R:
Net Assets .......................................................................... $ 3,840,306 $ --
Shares of beneficial interest outstanding (unlimited authorization) ................. 185,293 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ............................................... $ 20.73 $ --
============== ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

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

$195,391,684 $ 4,063,647 $237,470,737 $ 9,157,555 $144,360,692 $ 969,308,941 $2,886,806
7,046,648 137,519 (11,744,893) 1,362,314 14,193,425 19,381,485 99,487
- ------------ ----------- ------------ ----------- ------------ -------------- ----------
202,438,332 4,201,166 225,725,844 10,519,869 158,554,117 988,690,426 2,986,293

180,064 6,797 336,969 1,195 376,962 179,558 754
-- -- 820 -- 18,942 -- --
11,496 2 19,312 28,915 143,394 3,557,789 29
1,287,484 194,658 1,781,059 -- 1,093,392 8,113,867 --
-- -- -- -- -- -- 5,519
2,170 38 2,398 1,257 617 6,780 488
- ------------ ----------- ------------ ----------- ------------ -------------- ----------
203,919,546 4,402,661 227,866,402 10,551,236 160,187,424 1,000,548,420 2,993,083
- ------------ ----------- ------------ ----------- ------------ -------------- ----------

-- -- -- -- 47,750 -- --
1,815,790 -- 1,907,816 13,875 747,582 3,745,396 13,983
201,992 32,945 1,903 23,262 216,333 2,667,995 --
117,872 12,730 136,929 4,143 98,428 631,219 --
9,572 1,410 13,681 1,938 8,181 44,864 1,599
4,494 344 1,573 -- 6,366 67,060 232
19,158 14,570 17,714 14,836 14,930 19,010 15,006
6,837 1,727 6,303 1,491 5,938 11,786 1,011
15,595 2,920 5,928 4,948 10,644 87,699 1,642
1,036 204 697 123 997 4,045 76
29,786 2,147 20,317 648 2,977 83,689 160
- ------------ ----------- ------------ ----------- ------------ -------------- ----------
2,222,132 68,997 2,112,861 65,264 1,160,126 7,362,763 33,709
- ------------ ----------- ------------ ----------- ------------ -------------- ----------
$201,697,414 $ 4,333,664 $225,753,541 $10,485,972 $159,027,298 $ 993,185,657 $2,959,374
============ =========== ============ =========== ============ ============== ==========

$235,595,035 $10,555,948 $268,565,684 $10,583,495 $157,199,713 $ 974,476,191 $3,657,885
767,143 8,948 263,036 -- 27,627 130,625 --

(41,711,412) (6,368,751) (31,330,286) (1,459,837) (12,393,467) (802,644) (797,998)
7,046,648 137,519 (11,744,893) 1,362,314 14,193,425 19,381,485 99,487
- ------------ ----------- ------------ ----------- ------------ -------------- ----------
$201,697,414 $ 4,333,664 $225,753,541 $10,485,972 $159,027,298 $ 993,185,657 $2,959,374
============ =========== ============ =========== ============ ============== ==========

$ 56,304,527 $ 4,333,664 $ 20,173,483 $10,485,972 $ 81,842,162 $ 842,232,804 $2,959,374
4,447,220 548,361 2,426,944 1,079,033 9,540,484 37,051,190 433,457

$ 12.66 $ 7.90 $ 8.31 $ 9.72 $ 8.58 $ 22.73 $ 6.83
============ =========== ============ =========== ============ ============== ==========

$144,805,253 $ -- $205,580,058 $ -- $ 77,185,136 $ 150,952,853 $ --
11,228,146 -- 24,742,783 -- 9,002,008 6,563,216 --

$ 12.90 $ -- $ 8.31 $ -- $ 8.57 $ 23.00 $ --
============ =========== ============ =========== ============ ============== ==========

$ 587,634 $ -- $ -- $ -- $ -- $ -- $ --
47,183 -- -- -- -- -- --

$ 12.45 $ -- $ -- $ -- $ -- $ -- $ --
============ =========== ============ =========== ============ ============== ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OCTOBER 31, 2009
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED

CARDINAL RIVER ROAD
MID CAP SMALL-MID
VALUE FUND CAP FUND
---------- ------------

ASSETS:
Investments:
Investments at cost ................................................................... $ 879,913 $196,410,350
Net unrealized appreciation (depreciation) ............................................ 46,149 12,124,735
---------- ------------
Total investments at value ......................................................... 926,062 208,535,085
Receivables:
Dividends and interest ................................................................ 43 191,969
Dividend reclaims ..................................................................... -- --
Fund shares sold ...................................................................... 3,500 351,300
Investments and foreign currency sold ................................................. -- 778,584
Due from Adviser, net (Note G) ........................................................ 5,382 --
Other assets ................................................................................ 16 1,276
---------- ------------
Total assets ....................................................................... 935,003 209,858,214
---------- ------------
LIABILITIES:
Payables:
Due to custodian ...................................................................... -- --
Investments and foreign currency purchased ............................................ -- 299,876
Fund shares redeemed .................................................................. -- 169,541
Due to Adviser, net (Note G) .......................................................... -- 197,858
Administration fees (Note G) .......................................................... 1,430 11,453
Distribution fees (Note G) ............................................................ 71 3,248
Audit and tax fees .................................................................... 14,303 16,167
Custodian fees ........................................................................ 818 11,711
Transfer agent fees ................................................................... 1,552 5,287
Trustees fees and related expenses (Note G) ........................................... 98 574
Accrued expenses and other payables ................................................... 631 7,624
---------- ------------
Total liabilities .................................................................. 18,903 723,339
---------- ------------
NET ASSETS .................................................................................. $ 916,100 $209,134,875
========== ============
NET ASSETS CONSIST OF:
Paid in capital .......................................................................... $1,245,142 $214,371,346
Accumulated undistributed (distribution in excess of) net investment income (loss) ....... 904 174,467
Accumulated net realized gain (loss) on investments, foreign currency transactions and
payments by affiliates ................................................................ (376,095) (17,535,673)
Net unrealized appreciation (depreciation) on investments and translation of assets and
liabilities denominated in foreign currency ........................................... 46,149 12,124,735
---------- ------------
TOTAL NET ASSETS ............................................................................ $ 916,100 $209,134,875
========== ============
CLASS N:
Net Assets ............................................................................... $ 916,100 $ 41,800,657
Shares of beneficial interest outstanding (unlimited authorization) ...................... 127,774 5,421,561
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................................... $ 7.17 $ 7.71
========== ============
CLASS I:
Net Assets ............................................................................... $ -- $167,334,218
Shares of beneficial interest outstanding (unlimited authorization) ...................... -- 21,633,827
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................................... $ -- $ 7.73
========== ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

VEREDUS TAMRO RIVER ROAD NEPTUNE BARINGS DYNAMIC
AGGRESSIVE SMALL CAP SMALL CAP INTERNATIONAL INTERNATIONAL ALLOCATION
GROWTH FUND FUND VALUE FUND FUND FUND FUND
- ------------ ------------ ------------ ------------- ------------- -----------

$ 41,726,584 $673,837,099 $478,291,670 $ 1,758,018 $23,847,243 $38,917,710
4,271,591 75,057,680 23,390,565 (283,757) 4,308,046 125,826
- ------------ ------------ ------------ ----------- ----------- -----------
45,998,175 748,894,779 501,682,235 1,474,261 28,155,289 39,043,536

45 83,320 353,686 34,229 34,657 51
-- -- -- 3,356 18,813 --
14,673 7,892,659 1,248,941 -- -- 191,456
649,921 8,263,371 1,604,178 1,134,863 922,583 --
-- -- -- 4,275 -- --
615 4,438 3,177 100 67 96
- ------------ ------------ ------------ ----------- ----------- -----------
46,663,429 765,138,567 504,892,217 2,651,084 29,131,409 39,235,139
- ------------ ------------ ------------ ----------- ----------- -----------

-- -- -- 1,132,309 -- --
1,034,194 6,019,595 4,929,428 -- 799,691 --
17,443 1,139,321 609,398 -- -- 6,578
50,741 625,127 395,019 -- 11,935 9,635
4,134 34,551 23,382 2,591 3,959 3,373
2,699 19,019 16,913 24 -- 3,011
17,784 18,120 17,946 16,030 15,319 14,599
4,283 19,830 15,333 5,533 20,116 697
10,949 107,488 78,240 2,736 1,405 5,663
250 2,828 2,129 66 102 48
24,766 37,222 41,304 4,945 2,190 918
- ------------ ------------ ------------ ----------- ----------- -----------
1,167,243 8,023,101 6,129,092 1,164,234 854,717 44,522
- ------------ ------------ ------------ ----------- ----------- -----------
$ 45,496,186 $757,115,466 $498,763,125 $ 1,486,850 $28,276,692 $39,190,617
============ ============ ============ =========== =========== ===========

$ 80,177,959 $780,477,887 $549,283,489 $ 5,099,029 $27,597,422 $36,204,154
-- 90,254 373,360 84,460 114,467 23,038

(38,953,364) (98,510,355) (74,284,289) (3,413,386) (3,738,470) 2,837,599

4,271,591 75,057,680 23,390,565 (283,253) 4,303,273 125,826
- ------------ ------------ ------------ ----------- ----------- -----------
$ 45,496,186 $757,115,466 $498,763,125 $ 1,486,850 $28,276,692 $39,190,617
============ ============ ============ =========== =========== ===========

$ 32,140,369 $241,523,881 $216,220,978 $ 293,294 $ -- $39,190,617
3,583,615 16,463,174 21,154,200 41,388 -- 4,275,951

$ 8.97 $ 14.67 $ 10.22 $ 7.09 $ -- $ 9.17
============ ============ ============ =========== =========== ===========

$ 13,355,817 $515,591,585 $282,542,147 $ 1,193,556 $28,276,692 $ --
1,444,218 34,682,721 27,604,824 168,302 4,389,485 --

$ 9.25 $ 14.87 $ 10.24 $ 7.09 $ 6.44 $ --
============ ============ ============ =========== =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OCTOBER 31, 2009
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED

NEW CENTURY M.D. SASS
ABSOLUTE RETURN ENHANCED
ETF FUND EQUITY FUND
--------------- -----------

ASSETS:
Investments:
Investments at cost ........................................................................ $16,525,516 $25,654,156
Net unrealized appreciation (depreciation) ................................................. 1,180,678 (1,596,739)
----------- -----------
Total investments at value .............................................................. 17,706,194 24,057,417
Foreign currency (Cost $351) ..................................................................... -- --
Cash ............................................................................................. -- --
Receivables:
Dividends and interest ..................................................................... 1,418 33,013
Fund shares sold ........................................................................... 21,598 52,598
Investments and foreign currency sold ...................................................... -- 47,958
Due from Adviser, net (Note G) ............................................................. 6,250 1,115
Deferred offering costs (Note B-11) .............................................................. -- --
Other assets ..................................................................................... 168 173
----------- -----------
Total assets ............................................................................ 17,735,628 24,192,274
----------- -----------
LIABILITIES:
Payables:
Due to custodian ........................................................................... -- --
Dividend distribution ...................................................................... -- --
Investments and foreign currency purchased ................................................. -- 317,127
Fund shares redeemed ....................................................................... 5,218 4,097
Due to Adviser, net (Note G) ............................................................... -- --
Administration fees (Note G) ............................................................... 2,892 2,298
Distribution fees (Note G) ................................................................. 1,396 1,720
Audit and tax fees ......................................................................... 14,002 16,038
Custodian fees ............................................................................. 1,304 7,858
Transfer agent fees ........................................................................ 3,820 4,334
Trustees fees and related expenses (Note G) ................................................ 355 491
Accrued expenses and other payables ........................................................ 235 2,871
Outstanding options written, at value (premiums received $840,418) ............................... -- 1,283,625
----------- -----------
Total liabilities ....................................................................... 29,222 1,640,459
----------- -----------
NET ASSETS ....................................................................................... $17,706,406 $22,551,815
=========== ===========
NET ASSETS CONSIST OF:
Paid in capital ............................................................................... $19,014,536 $24,846,734
Accumulated undistributed (distribution in excess of) net investment income (loss) ............ 23,030 12,570
Accumulated net realized gain (loss) on investments, purchased and written options and
foreign currency transactions .............................................................. (2,511,838) (267,543)
Net unrealized appreciation (depreciation) on investments, purchased and written options and
translation of assets and liabilities denominated in foreign currency ...................... 1,180,678 (2,039,946)
----------- -----------
TOTAL NET ASSETS ................................................................................. $17,706,406 $22,551,815
=========== ===========
CLASS N:
Net Assets .................................................................................... $17,706,406 $22,551,815
Shares of beneficial interest outstanding (unlimited authorization) ........................... 1,991,112 2,630,861
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ......................................................... $ 8.89 $ 8.57
=========== ===========
CLASS I:
Net Assets .................................................................................... $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) ........................... -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ......................................................... $ -- $ --
=========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

LAKE PARTNERS FORTIS TCH
LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL BALANCED FIXED INCOME
FUND FUND BALANCED FUND FUND FUND
- ------------------ ------------ ----------------- ----------- ------------

$1,766,710 $ 25,126,606 $14,992,111 $15,403,027 $62,712,994
57,538 615,811 824,622 1,399,464 3,662,705
---------- ------------ ----------- ----------- -----------
1,824,248 25,742,417 15,816,733 16,802,491 66,375,699
-- 346 -- -- --
-- -- -- -- 200,000

823 15,616 79,216 68,988 771,785
-- 1,740 5,686 2,821 39,272
-- 292,356 531,874 62,197 --
10,225 -- -- -- --
32,121 -- -- -- --
-- 300 221 208 882
---------- ------------ ----------- ----------- -----------
1,867,417 26,052,775 16,433,730 16,936,705 67,387,638
---------- ------------ ----------- ----------- -----------

-- -- 82,961 -- --
-- -- -- -- 17,036
-- 79,204 38,402 90,377 --
-- 7,291 190,420 -- 38,979
-- 15,134 4,612 10,088 10,949
1,931 6,361 2,723 3,184 3,265
-- 310 -- -- --
14,273 16,745 17,848 17,717 17,979
1,480 2,447 1,617 1,966 2,267
2,768 4,277 6,438 4,195 7,406
42 278 157 201 244
2,089 4,486 2,138 4,007 6,012
-- -- -- -- --
---------- ------------ ----------- ----------- -----------
22,583 136,533 347,316 131,735 104,137
---------- ------------ ----------- ----------- -----------
$1,844,834 $ 25,916,242 $16,086,414 $16,804,970 $67,283,501
========== ============ =========== =========== ===========

$1,752,946 $ 52,591,927 $23,304,810 $18,178,289 $72,944,973
1,231 341,014 (232,269) 295,561 30,935

33,119 (27,632,503) (7,810,749) (3,068,344) (9,355,112)

57,538 615,804 824,622 1,399,464 3,662,705
---------- ------------ ----------- ----------- -----------
$1,844,834 $ 25,916,242 $16,086,414 $16,804,970 $67,283,501
========== ============ =========== =========== ===========

$ -- $ 4,011,176 $14,937,504 $16,804,970 $47,007,817
-- 695,153 842,474 3,032,269 4,690,769

$ -- $ 5.77 $ 17.73 $ 5.54 $ 10.02
========== ============ =========== =========== ===========

$1,844,834 $ 21,905,066 $ 1,148,910 $ -- $20,275,684
165,447 3,818,773 64,972 -- 2,023,266

$ 11.15 $ 5.74 $ 17.68 $ -- $ 10.02
========== ============ =========== =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FOR THE YEAR ENDED OCTOBER 31, 2009
STATEMENT OF OPERATIONS

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

INVESTMENT INCOME:
Dividends ............................................. $ 27,797,774 $ 879,267
Less: foreign taxes withheld .......................... -- (17,928)
Interest .............................................. -- 807
------------ ------------
Total investment income ............................ 27,797,774 862,146
------------ ------------
EXPENSES:
Investment advisory fees (Note G) ..................... 12,553,027 609,135
Distribution expenses (Note G)(a) ..................... 2,272,323 84,183
Transfer agent fees (Note G) .......................... 1,281,883 94,966
Administration fees (Note G) .......................... 965,190 54,966
Registration expenses ................................. 154,140 28,128
Custodian fees ........................................ 75,453 7,404
Audit and tax fees .................................... 30,099 18,922
Legal fees ............................................ 121,502 4,692
Reports to shareholder expense ........................ 280,492 15,838
Trustees fees and related expenses (Note G) ........... 90,491 4,817
Interest expense (Note H) ............................. -- --
Other expenses ........................................ 204,836 11,820
------------ ------------
Total expenses before waivers/reimbursements ....... 18,029,436 934,871
------------ ------------
Less: Investment advisory fees waived (Note G) ..... -- (51,192)
Less: Expenses reimbursed (Note G) ................. -- --
------------ ------------
Net expenses ....................................... 18,029,436 883,679
------------ ------------
NET INVESTMENT INCOME (LOSS) ............................. 9,768,338 (21,533)
------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments ...................... (96,925,383) (16,636,677)
Net realized loss on purchased options(b) ............. -- --
Payments by affiliates (Note G) ....................... -- --
Net change in unrealized appreciation of investments .. 456,976,612 19,891,920
------------ ------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ....... 360,051,229 3,255,243
------------ ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............ $369,819,567 $ 3,233,710
============ ============

- ----------
(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 $2,265,537 and $6,786
respectively. The distribution expense for Class N and R of the Growth Fund
is $137,049 and $2,771, respectively.

(b) Primary risk exposure is equity contracts.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

$ 2,868,519 $ 49,741 $ 6,081,424 $ 103,022 $ 4,872,821 $ 11,619,425 $ 19,700
-- (240) (76,286) -- (56,100) (141,199) (94)
-- -- -- -- -- -- --
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
2,868,519 49,501 6,005,138 103,022 4,816,721 11,478,226 19,606
- ------------ ----------- ------------ ----------- ----------- ------------ ---------

1,272,184 27,352 1,613,311 69,775 736,901 5,092,843 18,726
139,820 8,547 48,689 2,509 174,738 1,444,927 5,508
127,791 19,463 51,025 30,655 101,306 705,979 18,734
110,909 15,451 125,511 20,298 70,790 379,159 16,404
40,743 11,387 31,552 16,010 32,837 46,854 22,201
9,844 1,410 20,870 3,881 19,764 37,943 5,434
24,684 19,728 22,592 18,741 19,502 23,393 19,132
6,009 252 9,328 588 4,772 40,177 128
23,423 1,857 21,195 1,314 7,842 127,760 197
7,485 420 7,555 665 6,784 45,749 206
-- -- -- -- -- 2,901 --
44,204 3,025 27,549 5,267 13,737 88,247 3,821
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
1,807,096 108,892 1,979,177 169,703 1,188,973 8,035,932 110,491
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
(23,157) (27,352) (276,845) (65,041) -- -- (18,726)
-- (40,987) -- -- -- -- (60,922)
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
1,783,939 40,553 1,702,332 104,662 1,188,973 8,035,932 30,843
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
1,084,580 8,948 4,302,806 (1,640) 3,627,748 3,442,294 (11,237)
- ------------ ----------- ------------ ----------- ----------- ------------ ---------

(27,518,574) (1,308,390) (27,626,230) (1,034,659) (8,621,021) (545,644) (403,883)
-- -- -- (14,760) -- -- --
11 -- -- -- -- -- --
53,995,312 1,778,793 41,983,428 2,484,282 24,704,160 233,642,408 841,452
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
26,476,749 470,403 14,357,198 1,434,863 16,083,139 233,096,764 437,569
- ------------ ----------- ------------ ----------- ----------- ------------ ---------
$ 27,561,329 $ 479,351 $ 18,660,004 $ 1,433,223 $19,710,887 $236,539,058 $ 426,332
============ =========== ============ =========== =========== ============ =========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FOR THE YEAR ENDED OCTOBER 31, 2009
STATEMENT OF OPERATIONS - CONTINUED

CARDINAL RIVER ROAD
MID CAP SMALL-MID CAP
VALUE FUND FUND
---------- -------------

INVESTMENT INCOME:
Dividends ................................................................... $ 13,461 $ 2,420,881
Less: foreign taxes withheld ................................................ -- (5,896)
--------- ------------
Total investment income .................................................. 13,461 2,414,985
--------- ------------
EXPENSES:
Investment advisory fees (Note G) ........................................... 7,138 1,630,828
Distribution expenses (Note G) .............................................. 1,983 101,349
Transfer agent fees (Note G) ................................................ 17,257 53,553
Administration fees (Note G) ................................................ 15,279 102,619
Registration expenses ....................................................... 21,896 35,849
Custodian fees .............................................................. 2,431 32,046
Audit and tax fees .......................................................... 19,131 23,795
Legal fees .................................................................. 44 7,585
Amortization of offering costs (Note B-11) .................................. -- --
Reports to shareholder expense .............................................. 95 18,646
Trustees fees and related expenses (Note G) ................................. 47 10,256
Interest expense (Note H) ................................................... -- --
Other expenses .............................................................. 3,366 20,934
--------- ------------
Total expenses before waivers/reimbursements ............................. 88,667 2,037,460
--------- ------------
Less: Investment advisory fees waived (Note G) ........................... (7,138) --
Less: Expenses reimbursed (Note G) ....................................... (70,425) --
Plus: Net expenses recouped (Note G) ..................................... -- 102,394
--------- ------------
Net expenses ............................................................. 11,104 2,139,854
--------- ------------
NET INVESTMENT INCOME (LOSS) ................................................... 2,357 275,131
--------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ..................................... (294,095) (12,229,527)
Net realized loss on foreign currency transactions .......................... -- --
Payments by affiliates (Note G) ............................................. -- --
Net change in unrealized appreciation of investments ........................ 421,964 32,098,705
Net change in unrealized appreciation (depreciation) on translation of assets
and liabilities denominated in foreign currency .......................... -- --
--------- ------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ............................. 127,869 19,869,178
--------- ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .................................. $ 130,226 $ 20,144,309
========= ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

$ 157,131 $ 5,120,523 $ 5,302,861 $ 248,316 $ 499,282 $ 479,393
-- -- (16,535) (14,009) (40,680) --
- ------------ ------------ ------------ ----------- ----------- ----------
157,131 5,120,523 5,286,326 234,307 458,602 479,393
- ------------ ------------ ------------ ----------- ----------- ----------

456,014 4,785,733 3,273,962 86,401 163,062 184,297
81,912 407,526 419,799 563 -- 57,593
102,624 578,980 462,333 28,619 16,495 48,381
40,069 291,462 206,140 27,971 40,933 26,311
26,207 40,507 49,780 25,996 21,309 25,130
8,439 42,331 37,826 6,500 56,787 3,777
23,019 23,298 22,818 21,801 20,718 19,694
3,770 28,119 20,565 588 873 1,428
-- -- -- -- -- 15,434
22,876 74,659 68,233 821 546 3,187
3,195 34,182 22,092 615 864 1,079
627 -- -- -- -- --
30,749 57,094 34,629 6,817 5,689 2,998
- ------------ ------------ ------------ ----------- ----------- ----------
799,501 6,363,891 4,618,177 206,692 327,276 389,309
- ------------ ------------ ------------ ----------- ----------- ----------
(151,505) (63,074) -- (86,401) (139,755) (89,827)
-- -- -- (31,599) -- --
-- -- -- -- -- --
- ------------ ------------ ------------ ----------- ----------- ----------
647,996 6,300,817 4,618,177 88,692 187,521 299,482
- ------------ ------------ ------------ ----------- ----------- ----------
(490,865) (1,180,294) 668,149 145,615 271,081 179,911
- ------------ ------------ ------------ ----------- ----------- ----------

(14,966,950) (67,769,370) (37,285,006) (2,673,799) (1,329,857) 3,123,476
-- -- -- (61,124) (162,713) --
-- -- -- 13 10,678 67
17,053,720 132,865,248 90,342,485 5,428,068 6,645,313 732,438

-- -- -- 4,719 (2,253) --
- ------------ ------------ ------------ ----------- ----------- ----------
2,086,770 65,095,878 53,057,479 2,697,877 5,161,168 3,855,981
- ------------ ------------ ------------ ----------- ----------- ----------
$ 1,595,905 $ 63,915,584 $ 53,725,628 $ 2,843,492 $ 5,432,249 $4,035,892
============ ============ ============ =========== =========== ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
FOR THE YEAR ENDED OCTOBER 31, 2009
STATEMENT OF OPERATIONS - CONTINUED

NEW CENTURY M.D. SASS
ABSOLUTE RETURN ENHANCED EQUITY
ETF FUND FUND
--------------- ---------------

INVESTMENT INCOME:
Dividends ........................................................ $ 250,275 $ 441,781
Less: foreign taxes withheld ..................................... (28) --
Interest ......................................................... -- --
----------- -----------
Total investment income ....................................... 250,247 441,781
----------- -----------
EXPENSES:
Investment advisory fees (Note G) ................................ 40,481 116,321
Distribution expenses (Note G) ................................... 36,548 41,543
Transfer agent fees (Note G) ..................................... 35,238 38,009
Administration fees (Note G) ..................................... 22,956 26,217
Registration expenses ............................................ 19,814 19,897
Custodian fees ................................................... 4,081 27,370
Audit and tax fees ............................................... 20,345 25,157
Legal fees ....................................................... 1,477 27,836
Amortization of offering costs (Note B-11) ....................... 30,970 13,509
Reports to shareholder expense ................................... 3,721 3,657
Trustees fees and related expenses (Note G) ...................... 1,169 7,340
Other expenses ................................................... 3,443 3,319
----------- -----------
Total expenses before waivers/reimbursements .................. 220,243 350,175
----------- -----------
Less: Investment advisory fees waived (Note G) ................ (38,745) (116,321)
Less: Expenses reimbursed (Note G) ............................ (5,128) (26,892)
----------- -----------
Net expenses .................................................. 176,370 206,962
----------- -----------
NET INVESTMENT INCOME (LOSS) ........................................ 73,877 234,819
----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments .......................... (2,068,146) (708,995)
Net realized loss on purchased options(b) ........................ -- (305,547)
Net realized gain on written option transactions(b) .............. 21,259 837,949
Net realized loss on foreign currency transactions ............... -- --
Net change in unrealized appreciation of investments ............. 2,779,288 2,973,896
Net change in unrealized depreciation on purchased options(b) .... -- (22,007)
Net change in unrealized depreciation on written options(b) ...... -- (332,264)
Net change in unrealized appreciation on translation of assets and
liabilities denominated in foreign currency ................... -- --
----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 732,401 2,443,032
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............ $ 806,278 $ 2,677,851
=========== ===========

- ----------
(a) Lake Partners LASSO Alternative Fund commenced investment operations on
April 1, 2009.

(b) Primary risk exposure is equity contracts.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

LAKE PARTNERS FORTIS TCH
LASSO ALTERNATIVES REAL ESTATE MONTAG & CALDWELL BALANCED FIXED INCOME
FUND (a) FUND BALANCED FUND FUND FUND
- ------------------ ------------ ----------------- ----------- ------------

$ 6,925 $ 985,635 $ 178,581 $ 176,256 $ 36,342
-- (1,898) -- -- --
-- -- 268,327 308,053 3,976,994
-------- ------------ ---------- ----------- -----------
6,925 983,737 446,908 484,309 4,013,336
-------- ------------ ---------- ----------- -----------

5,595 219,082 131,614 115,902 374,455
-- 9,713 26,926 5,447 53,720
11,317 45,023 50,943 28,095 49,124
9,714 32,127 27,338 39,568 58,975
6,218 26,475 25,122 16,047 26,572
2,420 7,877 4,146 5,411 6,639
18,662 22,141 23,404 23,209 23,471
2,024 1,759 1,299 1,229 5,530
43,171 -- -- -- --
441 3,792 2,431 2,438 8,494
67 1,699 1,281 900 4,618
1,995 10,577 8,710 8,782 12,753
-------- ------------ ---------- ----------- -----------
101,624 380,265 303,214 247,028 624,351
-------- ------------ ---------- ----------- -----------
(5,595) (125,181) (83,255) -- (237,026)
(88,476) -- -- -- --
-------- ------------ ---------- ----------- -----------
7,553 255,084 219,959 247,028 387,325
-------- ------------ ---------- ----------- -----------
(628) 728,653 226,949 237,281 3,626,011
-------- ------------ ---------- ----------- -----------

33,119 (13,453,895) (505,443) (1,968,862) (1,327,665)
-- -- -- -- --
-- -- -- -- --
-- (25,434) -- -- --
57,538 11,546,797 2,858,743 4,255,574 11,829,836
-- -- -- -- --
-- -- -- -- --

-- 601 -- -- --
-------- ------------ ---------- ----------- -----------
90,657 (1,931,931) 2,353,300 2,286,712 10,502,171
-------- ------------ ---------- ----------- -----------
$ 90,029 $ (1,203,278) $2,580,249 $ 2,523,993 $14,128,182
======== ============ ========== =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS

MONTAG & CALDWELL VEREDUS SELECT
GROWTH FUND GROWTH FUND
------------------------------- ---------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
------------------------------- ---------------------------
2009 2008 2009 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) ....................... 9,768,338 7,359,892 (21,533) (366,716)
Net realized gain (loss) on investments and payments
by affiliates ................................... (96,925,383) 32,523,865 (16,636,677) (22,610,581)
Net change in unrealized appreciation (depreciation)
on investments .................................. 456,976,612 (664,627,304) 19,891,920 (20,130,969)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets from
operations ................................... 369,819,567 (624,743,547) 3,233,710 (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 ......................................... 840,785,556 359,177,323 12,155,911 21,160,777
Class I ......................................... 507,027,301 320,234,151 11,156,007 66,159,989
Class R ......................................... 4,289,265 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 ......................................... (366,430,503) (244,529,342) (11,304,011) (10,945,698)
Class I ......................................... (222,156,312) (446,205,259) (11,286,816) (3,977,688)
Class R ......................................... (1,042,670) (6,320,732) -- --
-------------- -------------- ------------ ------------
Net increase (decrease) from capital share
transactions .............................. 808,560,258 232,819,220 721,091 80,404,700
-------------- -------------- ------------ ------------
Total increase (decrease) in net assets ...... 1,128,981,736 (660,170,352) 3,954,801 29,182,201
-------------- -------------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........ $2,486,823,315 $1,357,841,579 $ 87,136,460 $ 83,181,659
============== ============== ============ ============
(A) Undistributed (distributions in excess of) net
investment income (loss) ........................ $ 7,373,004 $ 3,887,167 $ -- $ --
============== ============== ============ ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

OPTIMUM LARGE CAP
GROWTH FUND OPPORTUNITY FUND VALUE FUND
- ---------------------------- -------------------------- ----------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
- ---------------------------- -------------------------- ----------------------------
2009 2008 2009 2008 2009 2008
- ------------ ------------- ----------- ------------ ------------ -------------

$188,961,200 $ 420,377,974 $ 3,690,736 $ 40,563,288 $208,391,708 $ 419,500,562
- ------------ ------------- ----------- ------------ ------------ -------------

1,084,580 734,558 8,948 (13,504) 4,302,806 5,014,180

(27,518,563) (8,478,353) (1,308,390) (4,158,617) (27,626,230) 24,041,461

53,995,312 (103,383,285) 1,778,793 (4,452,110) 41,983,428 (150,192,000)
- ------------ ------------- ----------- ------------ ------------ -------------

27,561,329 (111,127,080) 479,351 (8,624,231) 18,660,004 (121,136,359)
- ------------ ------------- ----------- ------------ ------------ -------------

(123,518) (19,419) -- (26,900) (3,870,466) (913,797)
(722,501) (478,591) -- -- (367,357) (4,054,890)
(469) -- -- -- -- --

-- (40,457,129) -- -- (24,382,406) (11,662,570)
-- (59,169,640) -- -- (2,607,605) (26,129,365)
-- (173,029) -- -- -- --
- ------------ ------------- ----------- ------------ ------------ -------------
(846,488) (100,297,808) -- (26,900) (31,227,834) (42,760,622)
- ------------ ------------- ----------- ------------ ------------ -------------

3,840,712 11,902,983 1,871,676 4,077,900 5,005,683 27,856,409
186,658 261,560 -- -- -- 10,002
31,305 363,288 -- -- -- --

118,511 35,329,298 -- 25,914 2,912,811 12,541,877
722,100 58,833,489 -- -- 28,252,872 30,184,255
216 103,773 -- -- -- --

(17,626,369) (75,324,977) (1,708,099) (32,325,235) (6,241,703) (117,804,416)
(1,162,484) (51,257,529) -- -- -- --
(89,276) (203,771) -- -- -- --
- ------------ ------------- ----------- ------------ ------------ -------------

(13,978,627) (19,991,886) 163,577 (28,221,421) 29,929,663 (47,211,873)
- ------------ ------------- ----------- ------------ ------------ -------------
12,736,214 (231,416,774) 642,928 (36,872,552) 17,361,833 (211,108,854)
- ------------ ------------- ----------- ------------ ------------ -------------
$201,697,414 $ 188,961,200 $ 4,333,664 $ 3,690,736 $225,753,541 $ 208,391,708
============ ============= =========== ============ ============ =============

$ 767,143 $ 529,040 $ 8,948 $ -- $ 263,036 $ 198,951
============ ============= =========== ============ ============ =============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

TAMRO DIVERSIFIED RIVER ROAD DIVIDEND
EQUITY FUND ALL CAP VALUE FUND
------------------------- ---------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
------------------------- ---------------------------
2009 2008 2009 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) ....................... (1,640) 38,314 3,627,748 1,708,975
Net realized gain (loss) on investments ............ (1,049,419) (360,343) (8,621,021) (4,811,635)
Net change in unrealized appreciation (depreciation)
on investments .................................. 2,484,282 (4,928,345) 24,704,160 (11,651,941)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets from
operations ................................... 1,433,223 (5,250,374) 19,710,887 (14,754,601)
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (38,534) (8,963) (1,721,842) (1,335,727)
Class I ......................................... -- -- (954,273) (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) (2,676,115) (3,053,407)
----------- ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 2,135,995 1,073,875 62,751,999 56,532,683
Class I ......................................... -- -- 66,394,520 1,511
Proceeds from reinvestment of distributions:
Class N ......................................... 38,207 1,188,304 1,657,312 2,762,921
Class I ......................................... -- -- 529,398 16,293
Cost of shares redeemed:
Class N ......................................... (1,645,012) (2,579,481) (39,807,148) (22,366,887)
Class I ......................................... -- -- (1,182,306) --
----------- ----------- ------------ ------------
Net increase (decrease) from capital share
transactions .............................. 529,190 (317,302) 90,343,775 36,946,521
----------- ----------- ------------ ------------
Total increase (decrease) in net assets ...... 1,923,879 (6,796,515) 107,378,547 19,138,513
----------- ----------- ------------ ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........ $10,485,972 $ 8,562,093 $159,027,298 $ 51,648,751
=========== =========== ============ ============
(A) Undistributed (distributions in excess of) net
investment income (loss) ........................ $ -- $ 30,808 $ 27,627 $ (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.

Aston Funds

MONTAG & CALDWELL CARDINAL MID CAP
MID CAP GROWTH FUND VALUE FUND
OPTIMUM MID CAP FUND -------------------------- --------------------------
- ----------------------------- YEAR ENDED PERIOD ENDED YEARS ENDED PERIOD ENDED
YEARS ENDED OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
- ----------------------------- ----------- ------------ ----------- ------------
2009 2008 2009 2008(a) 2009 2008(b)
- ------------- ------------- ----------- ------------ ----------- ------------

$ 602,061,413 $ 949,727,581 $1,814,569 $ -- $ 782,776 $ --
- ------------- ------------- ---------- ----------- --------- ----------

3,442,294 1,964,622 (11,237) (15,118) 2,357 1,726
(545,644) 10,654,411 (403,883) (394,115) (294,095) (82,000)

233,642,408 (454,980,690) 841,452 (741,965) 421,964 (375,815)
- ------------- ------------- ---------- ----------- --------- ----------

236,539,058 (442,361,657) 426,332 (1,151,198) 130,226 (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) --
- ------------- ------------- ---------- ----------- --------- ----------

319,711,144 382,563,505 793,491 3,025,312 25,746 1,238,874
64,914,636 68,718,434 -- -- -- --

12,136,985 53,046,328 -- -- 1,742 --
2,654,628 7,190,803 -- -- -- --

(181,783,742) (317,844,577) (75,018) (59,545) (15,858) (9)
(47,346,481) (34,007,562) -- -- -- --
- ------------- ------------- ---------- ----------- --------- ----------

170,287,170 159,666,931 718,473 2,965,767 11,630 1,238,865
- ------------- ------------- ---------- ----------- --------- ----------
391,124,244 (347,666,168) 1,144,805 1,814,569 133,324 782,776
- ------------- ------------- ---------- ----------- --------- ----------
$ 993,185,657 $ 602,061,413 $2,959,374 $ 1,814,569 $ 916,100 $ 782,776
============= ============= ========== =========== ========= ==========

$ 130,625 $ 1,964,622 $ -- $ 18,374 $ 904 $ 38,007
============= ============= ========== =========== ========= ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

RIVER ROAD VEREDUS AGGRESSIVE
SMALL-MID CAP FUND GROWTH FUND
--------------------------- ----------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
--------------------------- ----------------------------
2009 2008 2009 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) ....................... 275,131 156,056 (490,865) (1,408,310)
Net realized loss on investments, foreign currency
transactions and payments by affiliates ......... (12,229,527) (5,039,800) (14,966,950) (23,155,591)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency ..... 32,098,705 (20,074,564) 17,053,720 (58,256,376)
------------ ------------ ------------ -------------
Net increase (decrease) in net assets from
operations ................................... 20,144,309 (24,958,308) 1,595,905 (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 ......................................... 42,964,602 25,523,544 3,773,701 10,616,263
Class I ......................................... 96,650,247 118,090,164 453,913 23,833,681
Proceeds from reinvestment of distributions:
Class N ......................................... 79,361 -- 233,197 26,256,385
Class I ......................................... 141,129 54,508 87,459 24,448,984
Cost of shares redeemed:
Class N ......................................... (32,256,463) (7,792,472) (16,017,794) (32,951,858)
Class I ......................................... (29,035,507) (17,917,294) (4,168,582) (86,075,598)
------------ ------------ ------------ -------------
Net increase (decrease) from capital share
transactions .............................. 78,543,369 117,958,450 (15,638,106) (33,872,143)
------------ ------------ ------------ -------------
Total increase (decrease) in net assets ...... 98,419,036 92,941,173 (14,371,907) (170,877,353)
------------ ------------ ------------ -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........ $209,134,875 $110,715,839 $ 45,496,186 $ 59,868,093
============ ============ ============ =============
(A) Undistributed (distributions in excess of) net
investment income (loss) ....................... $ 174,467 $ 167,978 $ -- $ --
============ ============ ============ =============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

TAMRO RIVER ROAD NEPTUNE
SMALL CAP FUND SMALL CAP VALUE FUND INTERNATIONAL FUND
- ----------------------------- ---------------------------- -------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
- ----------------------------- ---------------------------- -------------------------
2009 2008 2009 2008 2009 2008
- ------------- ------------- ------------ ------------- ----------- -----------

$ 398,363,783 $ 372,301,855 $274,911,304 $ 302,220,867 $ 8,602,575 $ 2,369,665
- ------------- ------------- ------------ ------------- ----------- -----------

(1,180,294) 1,588,393 668,149 452,511 145,615 157,948

(67,769,370) (31,736,542) (37,285,006) (36,422,487) (2,734,910) (847,310)

132,865,248 (127,226,809) 90,342,485 (83,796,022) 5,432,787 (6,126,595)
- ------------- ------------- ------------ ------------- ----------- -----------

63,915,584 (157,374,958) 53,725,628 (119,765,998) 2,843,492 (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)
- ------------- ------------- ------------ ------------- ----------- -----------

135,349,839 109,183,845 109,581,610 102,025,124 79,336 432,275
337,277,664 245,253,420 177,743,809 106,971,828 29,066 13,051,300

-- 9,961,962 127,352 7,800,405 1,002 --
192,771 3,216,594 353,414 2,357,643 6,234 22,153

(63,379,709) (109,019,877) (70,119,952) (101,232,051) (56,971) (1,731)
(114,260,644) (57,942,360) (46,975,696) (14,009,038) (9,952,262) (426,908)
- ------------- ------------- ------------ ------------- ----------- -----------

295,179,921 200,653,584 170,710,537 103,913,911 (9,893,595) 13,077,089
- ------------- ------------- ------------ ------------- ----------- -----------
358,751,683 26,061,928 223,851,821 (27,309,563) (7,115,725) 6,232,910
- ------------- ------------- ------------ ------------- ----------- -----------
$ 757,115,466 $ 398,363,783 $498,763,125 $ 274,911,304 $ 1,486,850 $ 8,602,575
============= ============= ============ ============= =========== ===========

$ 90,254 $ 607,640 $ 373,360 $ 282,201 $ 84,460 $ 86,551
============= ============= ============ ============= =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

BARINGS DYNAMIC
INTERNATIONAL FUND ALLOCATION FUND
-------------------------- --------------------------
YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2009 2008(a) 2009 2008(b)
----------- ------------ ----------- ------------

NET ASSETS AT BEGINNING OF PERIOD .......................... $ 5,517,433 $ -- $ 6,070,423 $ --
----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ 271,081 104,279 179,911 36,586
Net realized gain (loss) on investments, foreign currency
transactions and payments by affiliates .............. (1,481,892) (2,571,858) 3,123,543 (285,877)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency .......... 6,643,060 (2,339,787) 732,438 (606,612)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
operations ........................................ 5,432,249 (4,807,366) 4,035,892 (855,903)
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. -- -- (187,961) (37,610)
Class I .............................................. (4,815) -- -- --
Net realized gain on investments:
Class N .............................................. -- -- -- --
----------- ----------- ----------- -----------
Total distributions ............................... (4,815) -- (187,961) (37,610)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. -- -- 36,466,180 10,231,848
Class I .............................................. 20,249,535 13,102,841 -- --
Proceeds from reinvestment of distributions:
Class N .............................................. -- -- 187,829 37,578
Class I .............................................. 2,023 -- -- --
Cost of shares redeemed:
Class N .............................................. -- -- (7,381,746) (3,305,490)
Class I .............................................. (2,919,733) (2,778,042) -- --
----------- ----------- ----------- -----------
Net increase from capital share transactions ...... 17,331,825 10,324,799 29,272,263 6,963,936
----------- ----------- ----------- -----------
Total increase in net assets ...................... 22,759,259 5,517,433 33,120,194 6,070,423
----------- ----------- ----------- -----------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $28,276,692 $ 5,517,433 $39,190,617 $ 6,070,423
=========== =========== =========== ===========
(A) Undistributed (distributions in excess of) net
investment income (loss) ............................. $ 114,467 $ -- $ 23,038 $ 53,712
=========== =========== =========== ===========

- ----------
(a) Barings International Fund commenced investment operations on November 2,
2007.

(b) Dynamic Allocation Fund commenced investment operations on January 10,
2008.

(d) M.D. Sass Enhanced Equity Fund commenced investment operations on January
15, 2008.

(e) Lake Partners LASSO Alternative Fund commenced investment operations on
April 1, 2009.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

LAKE PARTNERS
NEW CENTURY M.D. SASS LASSO
ABSOLUTE RETURN ENHANCED EQUITY ALTERNATIVES
ETF FUND FUND FUND
- -------------------------- -------------------------- -------------
YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2009 2008(c) 2009 2008(d) 2009(e)
- ----------- ------------ ----------- ------------ -------------

$13,747,979 $ -- $14,388,959 $ -- $ --
- ----------- ----------- ----------- ----------- ----------

73,877 10,826 234,819 213,651 (628)

(2,046,887) (464,951) (176,593) 938,753 33,119

2,779,288 (1,598,610) 2,619,625 (4,659,571) 57,538
- ----------- ----------- ----------- ----------- ----------

806,278 (2,052,735) 2,677,851 (3,507,167) 90,029
- ----------- ----------- ----------- ----------- ----------

(121,220) -- (267,832) (210,633) --
-- -- -- -- --

-- -- (1,029,769) -- --
- ----------- ----------- ----------- ----------- ----------
(121,220) -- (1,297,601) (210,633) --
- ----------- ----------- ----------- ----------- ----------

11,470,790 18,396,559 8,226,815 18,939,337 --
-- -- -- -- 2,017,587

91,694 -- 890,192 80,537 --
-- -- -- -- --

(8,289,115) (2,595,845) (2,334,401) (913,115) --
-- -- -- -- (262,782)
- ----------- ----------- ----------- ----------- ----------
3,273,369 15,800,714 6,782,606 18,106,759 1,754,805
- ----------- ----------- ----------- ----------- ----------
3,958,427 13,747,979 8,162,856 14,388,959 1,844,834
- ----------- ----------- ----------- ----------- ----------
$17,706,406 $13,747,979 $22,551,815 $14,388,959 $1,844,834
=========== =========== =========== =========== ==========

$ 23,030 $ 63,413 $ 12,570 $ 49,900 $ 1,231
=========== =========== =========== =========== ==========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

FORTIS MONTAG & CALDWELL
REAL ESTATE FUND BALANCED FUND
--------------------------- -------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
--------------------------- -------------------------
2009 2008 2009 2008
------------ ------------ ----------- -----------

NET ASSETS AT BEGINNING OF PERIOD ........................ $ 29,440,875 $ 90,668,373 $17,504,601 $17,860,943
------------ ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................. 728,653 470,371 226,949 210,680
Net realized gain (loss) on investments and foreign
currency transactions .............................. (13,479,329) (13,985,524) (505,443) 120,418
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currency ........ 11,547,398 (14,563,027) 2,858,743 (5,028,369)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from
operations ...................................... (1,203,278) (28,078,180) 2,580,249 (4,697,271)
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................ (169,447) (262,056) (249,501) (226,864)
Class I ............................................ (807,903) (337,509) (16,924) (16,943)
Net realized gain on investments:
Class N ............................................ -- (12,004,865) -- --
Class I ............................................ -- (10,600,029) -- --
------------ ------------ ----------- -----------
Total distributions ............................. (977,350) (23,204,459) (266,425) (243,807)
------------ ------------ ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................ 485,760 4,653,383 2,450,539 10,014,274
Class I ............................................ -- -- 116,672 103,774
Proceeds from reinvestment of distributions:
Class N ............................................ 163,314 12,082,216 179,931 205,276
Class I ............................................ 807,903 10,937,524 16,883 16,798
Cost of shares redeemed:
Class N ............................................ (1,833,927) (37,617,982) (6,460,170) (5,661,808)
Class I ............................................ (967,055) -- (35,866) (93,578)
------------ ------------ ----------- -----------
Net increase (decrease) from capital share
transactions ................................. (1,344,005) (9,944,859) (3,732,011) 4,584,736
------------ ------------ ----------- -----------
Total decrease in net assets .................... (3,524,633) (61,227,498) (1,418,187) (356,342)
------------ ------------ ----------- -----------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........... $ 25,916,242 $ 29,440,875 $16,086,414 $17,504,601
============ ============ =========== ===========
(A) Undistributed (distributions in excess of) net
investment income (loss) .......................... $ 341,014 $ 615,145 $ (232,269) $ (333,969)
============ ============ =========== ===========

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds

BALANCED FUND TCH FIXED INCOME FUND
- -------------------------- ---------------------------
YEARS ENDED OCTOBER 31, YEARS ENDED OCTOBER 31,
- -------------------------- ---------------------------
2009 2008 2009 2008
- ----------- ------------ ------------ ------------

$17,673,382 $ 35,923,985 $ 68,655,177 $ 91,979,543
- ----------- ------------ ------------ ------------

237,281 349,764 3,626,011 4,280,277

(1,968,862) (559,417) (1,327,665) (1,680,037)

4,255,574 (6,647,417) 11,829,836 (7,551,902)
- ----------- ------------ ------------ ------------

2,523,993 (6,857,070) 14,128,182 (4,951,662)
- ----------- ------------ ------------ ------------

(255,186) (396,405) (2,378,032) (2,622,635)
-- -- (1,340,088) (1,780,523)

(142) (5,993,129) -- --
-- -- -- --
- ----------- ------------ ------------ ------------
(255,328) (6,389,534) (3,718,120) (4,403,158)
- ----------- ------------ ------------ ------------

910,432 1,669,881 9,530,426 12,409,629
-- -- 2,287,740 4,645,377

253,470 6,366,439 2,291,237 2,489,637
-- -- 1,215,866 1,264,040

(4,300,979) (13,040,319) (14,228,978) (19,017,029)
-- -- (12,878,029) (15,761,200)
- ----------- ------------ ------------ ------------

(3,137,077) (5,003,999) (11,781,738) (13,969,546)
- ----------- ------------ ------------ ------------
(868,412) (18,250,603) (1,371,676) (23,324,366)
- ----------- ------------ ------------ ------------
$16,804,970 $ 17,673,382 $ 67,283,501 $ 68,655,177
=========== ============ ============ ============

$ 295,561 $ 186,323 $ 30,935 $ 179,929
=========== ============ ============ ============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
---------- -------- -------- -------- --------

Net Asset Value, Beginning of period .......................... $ 18.84 $ 31.51 $ 25.15 $ 23.35 $ 21.53
---------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.08(a) 0.07(a) 0.06(a) 0.07(a) 0.05(a)
Net realized and unrealized gain (loss) on investments .. 2.61 (8.66) 6.54 1.80 1.83
---------- -------- -------- -------- --------
Total from investment operations ..................... 2.69 (8.59) 6.60 1.87 1.88
---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................................... (0.06) (0.05) (0.06) (0.07) (0.06)
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)
---------- -------- -------- -------- --------
Net increase (decrease) in net asset value .................... 2.03 (12.67) 6.36 1.80 1.82
---------- -------- -------- -------- --------
Net Asset Value, End of period ................................ $ 20.87 $ 18.84 $ 31.51 $ 25.15 $ 23.35
========== ======== ======== ======== ========
TOTAL RETURN .................................................. 15.08% (31.13)% 26.41% 8.02% 8.72%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $1,277,346 $602,905 $759,567 $846,100 $992,229
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 1.11% 1.08%(b) 1.07%(b) 1.06%(b) 1.03%
After reimbursement and/or waiver of
expenses by Adviser .................................. 1.11% 1.08%(b) 1.07%(b) 1.06%(b) 1.03%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................... 0.41% 0.26% 0.23% 0.28% 0.20%
After reimbursement and/or waiver of
expenses by Adviser ............................... 0.41% 0.26% 0.23% 0.28% 0.20%
Portfolio Turnover ................................... 35.09%(c) 52.32% 69.02% 68.74% 52.16%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006. The interest expense is from utilizing the line of credit
as discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
---------- -------- ---------- ---------- ----------

Net Asset Value, Beginning of period ......... $ 18.94 $ 31.61 $ 25.24 $ 23.44 $ 21.61
---------- -------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.12(a) 0.13(a) 0.14(a) 0.13(a) 0.11(a)
Net realized and unrealized gain (loss)
on investments ...................... 2.62 (8.70) 6.55 1.82 1.83
---------- -------- ---------- ---------- ----------
Total from investment operations .... 2.74 (8.57) 6.69 1.95 1.94
---------- -------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................... (0.11) (0.07) (0.14) (0.15) (0.11)
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)
---------- -------- ---------- ---------- ----------
Net increase (decrease) in net asset value ... 2.03 (12.67) 6.37 1.80 1.83
---------- -------- ---------- ---------- ----------
Net Asset Value, End of period ............... $ 20.97 $ 18.94 $ 31.61 $ 25.24 $ 23.44
========== ======== ========== ========== ==========
TOTAL RETURN ................................. 15.36% (30.96)% 26.72% 8.36% 8.99%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ...... $1,205,637 $754,671 $1,254,382 $1,246,683 $1,727,848
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................. 0.86% 0.83%(b) 0.79%(b) 0.78%(b) 0.75%
After reimbursement and/or waiver of
expenses by Adviser ................. 0.86% 0.83%(b) 0.79%(b) 0.78%(b) 0.75%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .............. 0.66% 0.51% 0.51% 0.56% 0.48%
After reimbursement and/or waiver of
expenses by Adviser .............. 0.66% 0.51% 0.51% 0.56% 0.48%
Portfolio Turnover ..................... 35.09%(c) 52.32% 69.02% 68.74% 52.16%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
MONTAG & CALDWELL GROWTH FUND - CLASS R
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .......................... $18.69 $ 31.33 $25.04 $23.23 $21.43
------ ------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................ 0.03(a) --(a)(b) --(a)(b) 0.01(a) (0.01)(a)
Net realized and unrealized gain (loss) on investments .. 2.61 (8.58) 6.49 1.80 1.83
------ ------- ------ ------ ------
Total from investment operations ..................... 2.64 (8.58) 6.49 1.81 1.82
------ ------- ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................................... -- (0.03) (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)
------ ------- ------ ------ ------
Net increase (decrease) in net asset value .................... 2.04 (12.64) 6.29 1.81 1.80
------ ------- ------ ------ ------
Net Asset Value, End of period ................................ $20.73 $ 18.69 $31.33 $25.04 $23.23
====== ======= ====== ====== ======
TOTAL RETURN .................................................. 14.87% (31.28)% 26.06% 7.79% 8.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $3,840 $ 266 $4,062 $ 693 $ 703
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 1.36% 1.33%(c) 1.29%(c) 1.28%(c) 1.25%
After reimbursement and/or waiver of
expenses by Adviser .................................. 1.36% 1.33%(c) 1.29%(c) 1.28%(c) 1.25%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 0.16% 0.01% 0.01% 0.06% (0.02)%
After reimbursement and/or waiver of
expenses by Adviser .................................. 0.16% 0.01% 0.01% 0.06% (0.02)%
Portfolio Turnover ......................................... 35.09%(d) 52.32% 69.02% 68.74% 52.16%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Represents less than $0.005 per share.

(c) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006. The interest expense is from utilizing the line of credit
as discussed in Note H to Financial Statements.

(d) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .......................... $ 8.69 $ 16.77 $ 13.08 $ 11.88 $ 10.31
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................... (0.01) (0.06) (0.08) (0.03)(a) (0.02)
Net realized and unrealized gain (loss) on investments .. 0.39 (5.60) 3.77 1.24 1.59
------- ------- ------- ------- -------
Total from investment operations ..................... 0.38 (5.66) 3.69 1.21 1.57
------- ------- ------- ------- -------
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 .................... 0.38 (8.08) 3.69 1.20 1.57
------- ------- ------- ------- -------
Net Asset Value, End of period ................................ $ 9.07 $ 8.69 $ 16.77 $ 13.08 $ 11.88
======= ======= ======= ======= =======
TOTAL RETURN .................................................. 4.37% (39.09)% 28.14% 10.22% 15.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $39,437 $37,142 $50,783 $34,687 $13,270
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 1.37% 1.34% 1.52% 1.75% 2.57%
After reimbursement and/or waiver of
expenses by Adviser .................................. 1.30% 1.30% 1.30% 1.30% 1.30%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. (0.24)% (0.55)% (0.81)% (0.72)% (1.76)%
After reimbursement and/or waiver of
expenses by Adviser .................................. (0.17)% (0.51)% (0.59)% (0.27)% (0.49)%
Portfolio Turnover ......................................... 331.55% 387.57% 283.38% 269.88% 202.37%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VEREDUS SELECT GROWTH FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
10/31/09 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 income (loss) ................................ 0.01 (0.02) (0.02) --(b)(c)
Net realized and unrealized gain (loss) on investments ...... 0.41 (5.65) 3.77 1.11
------- ------- ------- -------
Total from investment operations ......................... 0.42 (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 ........................ 0.42 (8.09) 3.75 1.11
------- ------- ------- -------
Net Asset Value, End of period .................................... $ 9.16 $ 8.74 $ 16.83 $ 13.08
======= ======= ======= =======
TOTAL RETURN ...................................................... 4.81% (38.96)% 28.52% 9.27%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $47,699 $46,040 $ 3,216 $ 1,015
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.12% 1.09% 1.19% 1.43%(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.05% 1.05% 0.97% 0.98%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.01% (0.30)% (0.48)% (0.55)%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.08% (0.26)% (0.26)% (0.10)%(e)
Portfolio Turnover ............................................. 331.55% 387.57% 283.38% 269.88%

- ----------
(a) Veredus Select Growth Fund, Class I, commenced investment operations on
September 11, 2006.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) Not Annualized.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
GROWTH FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .......................... $ 10.95 $ 22.49 $ 22.82 $ 22.66 $ 21.76
------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.05(a) 0.02 0.05(a) --(b) 0.05(a)
Net realized and unrealized gain (loss) on investments .. 1.68(c) (5.93) 2.39 1.25 0.90
------- ------- -------- -------- --------
Total from investment operations ..................... 1.73 (5.91) 2.44 1.25 0.95
------- ------- -------- -------- --------
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 .................... 1.71 (11.54) (0.33) 0.16 0.90
------- ------- -------- -------- --------
Net Asset Value, End of period ................................ $ 12.66 $ 10.95 $ 22.49 $ 22.82 $ 22.66
======= ======= ======== ======== ========
TOTAL RETURN .................................................. 15.87% (33.76)% 11.85% 5.55% 4.38%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $56,305 $62,674 $172,436 $446,884 $888,248
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 1.16% 1.15%(e) 1.11%(e) 1.10%(e) 1.10%
After reimbursement and/or waiver of
expenses by Adviser .................................. 1.15%(d) 1.15%(e) 1.11%(e) 1.10%(e) 1.10%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 0.41% 0.09% 0.23% 0.01% 0.21%
After reimbursement and/or waiver of
expenses by Adviser .................................. 0.42% 0.09% 0.23% 0.01% 0.21%
Portfolio Turnover ......................................... 37.59% 122.68% 47.46% 29.07% 31.30%(f)

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Represents less than $0.005 per share.

(d) The Adviser voluntarily waived 0.01% of their fees through October 31,
2009.

(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.

Aston Funds
GROWTH FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .......................... $ 11.17 $ 22.83 $ 23.14 $ 22.97 $ 22.02
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.08(a) 0.06 0.11(a) 0.07 0.11(a)
Net realized and unrealized gain (loss) on investments .. 1.71(b) (6.04) 2.43 1.27 0.92
-------- -------- -------- -------- --------
Total from investment operations ..................... 1.79 (5.98) 2.54 1.34 1.03
-------- -------- -------- -------- --------
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 .................... 1.73 (11.66) (0.31) 0.17 0.95
-------- -------- -------- -------- --------
Net Asset Value, End of period ................................ $ 12.90 $ 11.17 $ 22.83 $ 23.14 $ 22.97
======== ======== ======== ======== ========
TOTAL RETURN .................................................. 16.21% (33.61)% 12.19% 5.87% 4.69%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $144,805 $125,727 $247,258 $459,965 $449,492
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 0.91% 0.90%(d) 0.83%(d) 0.81%(d) 0.82%
After reimbursement and/or waiver of
expenses by Adviser .................................. 0.90%(c) 0.90%(d) 0.83%(d) 0.81%(d) 0.82%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 0.66% 0.34% 0.51% 0.30% 0.49%
After reimbursement and/or waiver of
expenses by Adviser .................................. 0.67% 0.34% 0.51% 0.30% 0.49%
Portfolio Turnover ......................................... 37.59% 122.68% 47.46% 29.07% 31.30%(e)

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Includes payment by affiliates which is less than $0.005 per share.

(d) 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.

(e) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
GROWTH FUND - CLASS R
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .......................... $10.78 $ 22.28 $22.64 $22.53 $21.66
------ ------- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................ 0.02(a) 0.04 --(a)(b) (0.04) --(a)(b)
Net realized and unrealized gain (loss) on investments .. 1.66(c) (5.91) 2.38 1.24 0.90
------ ------- ------ ------ ------
Total from investment operations ..................... 1.68 (5.87) 2.38 1.20 0.90
------ ------- ------ ------ ------
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 .................... 1.67 (11.50) (0.36) 0.11 0.87
------ ------- ------ ------ ------
Net Asset Value, End of period ................................ $12.45 $ 10.78 $22.28 $22.64 $22.53
====== ======= ====== ====== ======
TOTAL RETURN .................................................. 15.69% (33.93)% 11.61% 5.35% 4.16%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ....................... $ 588 $ 560 $ 684 $1,679 $1,122
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 1.41% 1.40%(e) 1.32%(e) 1.31%(e) 1.31%
After reimbursement and/or waiver of
expenses by Adviser .................................. 1.40%(d) 1.40%(e) 1.32%(e) 1.31%(e) 1.31%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................................. 0.16% (0.16)% 0.01% (0.20)% 0.00%
After reimbursement and/or waiver of
expenses by Adviser .................................. 0.17% (0.16)% 0.01% (0.20)% 0.00%
Portfolio Turnover ......................................... 37.59% 122.68% 47.46% 29.07% 31.30%(f)

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Represents less than $0.005 per share.

(d) The Adviser voluntarily waived 0.01% of their fees through October 31,
2009.

(f) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
OPTIMUM LARGE CAP OPPORTUNITY FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/09 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) ................................ 0.02 (0.02) (0.01)
Net realized and unrealized gain (loss) on investments ...... 1.09 (5.74) 2.57
------ ------- -------
Total from investment operations ......................... 1.11 (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 ........................ 1.11 (5.77) 2.56
------ ------- -------
Net Asset Value, End of period .................................... $ 7.90 $ 6.79 $ 12.56
====== ======= =======
TOTAL RETURN ...................................................... 16.35% (45.90)% 25.60%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $4,334 $ 3,691 $40,563
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 3.18 1.89%(d) 2.30%(d)(e)
After reimbursement and/or waiver of expenses by Adviser .... 1.19(c) 1.12%(d) 1.13%(d)(e)(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (1.73) (0.86)% (1.31)%(e)
After reimbursement and/or waiver of expenses by Adviser .... 0.26 (0.09)% (0.14)%(e)
Portfolio Turnover ............................................. 76.59% 48.87% 76.40%(b)

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

(b) Not Annualized.

(c) Effective March 1, 2009, the Adviser removed the voluntary expense
limitation of 1.10%, the contractual expense limitation is 1.22%.

(d) Ratios of expenses to average net assets include interest expense of 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) Annualized.

(f) The Adviser's expense reimbursement level, which affects the net expense
ratio, was implemented on May 1, 2007.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
VALUE FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ....................... $ 9.07 $ 15.57 $ 14.06 $ 12.15 $ 11.05
------- ------- -------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................ 0.15 0.15 0.19 0.21 0.17(a)
Net realized and unrealized gain (loss)
on investments .................................... 0.41 (5.08) 2.09 2.09 1.10
------- ------- -------- -------- -------
Total from investment operations .................. 0.56 (4.93) 2.28 2.30 1.27
------- ------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................................. (0.15) (0.16) (0.20) (0.20) (0.17)
Distributions from net realized gain on investments .. (1.17) (1.41) (0.57) (0.19) --
------- ------- -------- -------- -------
Total distributions ............................... (1.32) (1.57) (0.77) (0.39) (0.17)
------- ------- -------- -------- -------
Net increase (decrease) in net asset value ................. (0.76) (6.50) 1.51 1.91 1.10
------- ------- -------- -------- -------
Net Asset Value, End of period ............................. $ 8.31 $ 9.07 $ 15.57 $ 14.06 $ 12.15
======= ======= ======== ======== =======
TOTAL RETURN ............................................... 8.60% (34.85)% 16.77% 19.35% 11.48%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .................... $20,173 $19,704 $130,476 $103,819 $95,624
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................... 1.21% 1.18%(c) 1.16% 1.16% 1.16%
After reimbursement and/or waiver of
expenses by Adviser ............................... 1.07%(b) 1.02%(c) 0.94% 0.94% 0.94%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ............................... 1.77% 1.22% 1.06% 1.37% 1.19%
After reimbursement and/or waiver of
expenses by Adviser ............................... 1.91% 1.38% 1.28% 1.59% 1.41%
Portfolio Turnover ...................................... 39.00% 67.57% 28.05% 26.86% 21.84%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) 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.

(c) 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.

Aston Funds
VALUE FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/09 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 .................................... 0.17 0.20 0.23 0.24 0.01(b)
Net realized and unrealized gain (loss) on investments ... 0.42 (5.10) 2.07 2.09 (0.21)
-------- -------- -------- -------- --------
Total from investment operations ...................... 0.59 (4.90) 2.30 2.33 (0.20)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................ (0.17) (0.20) (0.23) (0.23) --
Distributions from net realized gain on investments ...... (1.17) (1.41) (0.57) (0.19) --
-------- -------- -------- -------- --------
Total distributions ................................... (1.34) (1.61) (0.80) (0.42) --
-------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..................... (0.75) (6.51) 1.50 1.91 (0.20)
-------- -------- -------- -------- --------
Net Asset Value, End of period ................................. $ 8.31 $ 9.06 $ 15.57 $ 14.07 $ 12.16
======== ======== ======== ======== ========
TOTAL RETURN ................................................... 9.01% (34.73)% 16.98% 19.64% (1.62)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $205,580 $188,688 $289,024 $247,667 $192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 0.96% 0.93%(e) 0.91% 0.91% 0.91%(f)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 0.82%(d) 0.77%(e) 0.69% 0.69% 0.69%(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 2.02% 1.47% 1.31% 1.62% 0.40%(f)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 2.16% 1.63% 1.53% 1.84% 0.62%(f)
Portfolio Turnover .......................................... 39.00% 67.57% 28.05% 26.86% 21.84%

- ----------
(a) Value Fund, Class I, commenced investment operations on September 20, 2005.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) 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.

(e) Ratios of expense to average net assets included interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expenses is from utilizing
the line of credit as discussed in Note H to Financial Statements.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

Aston Funds
TAMRO DIVERSIFIED EQUITY FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........................... $ 8.34 $ 14.41 $ 13.91 $ 12.40 $ 11.35
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................. --(a) 0.04 0.03 0.09 0.08
Net realized and unrealized gain (loss) on investments ... 1.42 (4.94) 2.13 1.53 1.05
------- ------- ------- ------- -------
Total from investment operations ...................... 1.42 (4.90) 2.16 1.62 1.13
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................ (0.04) (0.01) (0.03) (0.11) (0.08)
Distributions from net realized gain on investments ...... -- (1.16) (1.63) -- --
------- ------- ------- ------- -------
Total distributions ................................... (0.04) (1.17) (1.66) (0.11) (0.08)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value ..................... 1.38 (6.07) 0.50 1.51 1.05
------- ------- ------- ------- -------
Net Asset Value, End of period ................................. $ 9.72 $ 8.34 $ 14.41 $ 13.91 $ 12.40
======= ======= ======= ======= =======
TOTAL RETURN ................................................... 17.13% (36.75)% 16.98% 13.10% 9.98%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $10,486 $ 8,562 $15,359 $15,864 $21,590
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 1.95% 1.88% 1.74%(b) 1.54%(b) 1.54%
After reimbursement and/or waiver of expenses by
Adviser ............................................... 1.20% 1.20% 1.20%(b) 1.22%(b) 1.20%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... (0.77)% (0.37)% (0.30)% 0.36% 0.35%
After reimbursement and/or waiver of expenses by
Adviser ............................................... (0.02)% 0.31% 0.24% 0.68% 0.69%
Portfolio Turnover .......................................... 85.49% 93.82% 37.87% 43.88% 36.84%

- ----------
(a) Represents less than $(0.005) per share.

(b) 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.

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/09 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 .................................... 0.26(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 ... 0.08 (3.54) 0.81 1.89 (0.10)
------- ------- ------- ------- ------
Total from investment operations ...................... 0.34 (3.16) 1.27 2.31 0.03
------- ------- ------- ------- ------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................ (0.19) (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 ................................... (0.19) (0.99) (0.50) (0.41) (0.12)
------- ------- ------- ------- ------
Net increase (decrease) in net asset value ..................... 0.15 (4.15) 0.77 1.90 (0.09)
------- ------- ------- ------- ------
Net Asset Value, End of period ................................. $ 8.58 $ 8.43 $ 12.58 $ 11.81 $ 9.91
======= ======= ======= ======= ======
TOTAL RETURN ................................................... 4.33% (26.82)% 10.89% 23.71% 0.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $81,842 $51,504 $32,313 $15,899 $5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 1.21% 1.35%(e) 1.53% 2.48% 2.71%(f)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 1.21% 1.30%(e) 1.30% 1.30% 1.30%(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 3.36% 3.81% 3.48% 2.77% 2.65%(f)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 3.36% 3.86% 3.71% 3.95% 4.06%(f)
Portfolio Turnover .......................................... 47.34% 48.95% 114.56% 45.50% 14.37%(d)

- ----------
(a) River Road Dividend All Cap Value Fund, Class N, commenced investment
operations on June 28, 2005.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) Not Annualized.

(e) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

100

Aston Funds
RIVER ROAD DIVIDEND ALL CAP VALUE FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/09 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 .................................... 0.29(b) 0.41 0.16(b)
Net realized and unrealized gain (loss) on investments ... 0.07 (3.55) (0.37)
------- ------- -------
Total from investment operations ...................... 0.36 (3.14) (0.21)
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ................................................ (0.21) (0.34) (0.16)
Return of Capital ........................................ -- (0.01) --
Distributions from net realized gain on investments ...... -- (0.66) --
------- ------- -------
Total distributions ................................... (0.21) (1.01) (0.16)
------- ------- -------
Net increase (decrease) in net asset value ..................... 0.15 (4.15) (0.37)
------- ------- -------
Net Asset Value, End of period ................................. $ 8.57 $ 8.42 $ 12.57
======= ======= =======
TOTAL RETURN ................................................... 4.59% (26.66)% (1.58)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $77,185 $ 144 $ 197
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 0.96% 1.10%(d) 1.42%(e)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 0.96% 1.05%(d) 0.96%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 3.61% 4.06% 2.86%(e)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 3.61% 4.11% 3.33%(e)
Portfolio Turnover .......................................... 47.34% 48.95% 114.56%

- ----------
(a) River Road Dividend All Cap Value Fund, Class I, commenced investment
operations on June 28, 2007.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the year ended October 31, 2008, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

101

Aston Funds
OPTIMUM MID CAP FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........................... $ 17.25 $ 32.32 $ 27.16 $ 23.21 $ 22.93
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................. 0.09 0.05 (0.02) (0.02) (0.02)
Net realized and unrealized gain (loss) on investments ... 5.82 (12.93) 7.01 4.88 1.04
-------- -------- -------- -------- --------
Total from investment operations ...................... 5.91 (12.88) 6.99 4.86 1.02
-------- -------- -------- -------- --------
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)
-------- -------- -------- -------- --------
Total distributions ................................... (0.43) (2.19) (1.83) (0.91) (0.74)
-------- -------- -------- -------- --------
Net increase (decrease) in net asset value ..................... 5.48 (15.07) 5.16 3.95 0.28
-------- -------- -------- -------- --------
Net Asset Value, End of period ................................. $ 22.73 $ 17.25 $ 32.32 $ 27.16 $ 23.21
======== ======== ======== ======== ========
TOTAL RETURN ................................................... 35.60% (42.50)% 27.08% 21.39% 4.43%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $842,233 $508,886 $823,036 $577,891 $548,595
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 1.20%(a) 1.16%(a) 1.15%(a) 1.16% 1.23%
After reimbursement and/or waiver of expenses by
Adviser ............................................... 1.20%(a) 1.16%(a) 1.15%(a) 1.16% 1.23%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 0.46% 0.18% (0.09)% (0.09)% (0.08)%
After reimbursement and/or waiver of expenses by
Adviser ............................................... 0.46% 0.18% (0.09)% (0.09)% (0.08)%
Portfolio Turnover .......................................... 17.72% 22.58% 26.15% 30.65% 27.42%

- ----------
(a) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2009, October 31, 2008 and
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.

102

Aston Funds
OPTIMUM MID CAP FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ........................... $ 17.47 $ 32.64 $ 27.34 $ 23.30 $ 22.96
-------- ------- -------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................... 0.13 0.11 0.05 0.05 0.04
Net realized and unrealized gain (loss) on investments ... 5.89 (13.09) 7.08 4.90 1.04
-------- ------- -------- ------- -------
Total from investment operations ...................... 6.02 (12.98) 7.13 4.95 1.08
-------- ------- -------- ------- -------
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 ..................... 5.53 (15.17) 5.30 4.04 0.34
-------- ------- -------- ------- -------
Net Asset Value, End of period ................................. $ 23.00 $ 17.47 $ 32.64 $ 27.34 $ 23.30
======== ======= ======== ======= =======
TOTAL RETURN ................................................... 35.97% (42.39)% 27.43% 21.76% 4.69%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $150,953 $93,176 $126,691 $81,670 $73,293
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 0.95%(a) 0.91%(a) 0.87%(a) 0.89% 0.94%
After reimbursement and/or waiver of expenses by
Adviser ............................................... 0.95%(a) 0.91%(a) 0.87%(a) 0.89% 0.94%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 0.71% 0.43% 0.19% 0.18% 0.21%
After reimbursement and/or waiver of expenses by
Adviser ............................................... 0.71% 0.43% 0.19% 0.18% 0.21%
Portfolio Turnover .......................................... 17.72% 22.58% 26.15% 30.65% 27.42%

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

103

Aston Funds
MONTAG & CALDWELL MID CAP GROWTH FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
-------- -----------

Net Asset Value, Beginning of period ........................... $ 5.85 $ 10.00
------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ...................................... (0.04) (0.05)
Net realized and unrealized gain (loss) on investments ... 1.02 (4.10)
------ -------
Total from investment operations ...................... 0.98 (4.15)
------ -------
Net increase (decrease) in net asset value ..................... 0.98 (4.15)
------ -------
Net Asset Value, End of period ................................. $ 6.83 $ 5.85
====== =======
TOTAL RETURN ................................................... 16.75% (41.50)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $2,959 $ 1,815
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... 5.02% 5.80%(c)
After reimbursement and/or waiver of expenses by
Adviser ............................................... 1.40% 1.40%(c)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................... (4.13)% (5.07)%(c)
After reimbursement and/or waiver of expenses by
Adviser ............................................... (0.51)% (0.67)%(c)
Portfolio Turnover .......................................... 54.37% 63.66%(b)

- ----------
(a) Montag & Caldwell Mid Cap Growth Fund, Class N, commenced investment
operations on November 2, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

104

Aston Funds
CARDINAL MID CAP VALUE FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
-------- -----------

Net Asset Value, Beginning of period ........................... $ 6.23 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................... 0.02 0.01
Net realized and unrealized gain (loss) on investments ... 0.99 (3.78)
------- -------
Total from investment operations ...................... 1.01 (3.77)
------- -------
LESS DISTRIBUTIONS:
Distributions from net investment income ................. (0.07) --
------- -------
Total distributions ................................... (0.07) --
------- -------
Net increase (decrease) in net asset value ..................... 0.94 (3.77)
------- -------
Net Asset Value, End of period ................................. $ 7.17 $ 6.23
======= =======
TOTAL RETURN ................................................... 16.45% (37.70)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................ $ 916 $ 783
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser 11.18% 11.20%(c)
After reimbursement and/or waiver of expenses by Adviser . 1.40% 1.40%(c)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (9.48)% (9.64)%(c)
After reimbursement and/or waiver of expenses by Adviser . 0.30% 0.16%(c)
Portfolio Turnover .......................................... 65.55% 50.79%(b)

- ----------
(a) Cardinal Mid Cap Value Fund, Class N, commenced investment operations on
November 2, 2007.

(b) Not Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

105

Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/09 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) .............................. --(b)(c) --(b)(c) 0.01
Net realized and unrealized gain (loss) on investments .... 0.59 (3.00) 0.12
------- ------- -------
Total from investment operations ....................... 0.59 (3.00) 0.13
------- ------- -------
LESS DISTRIBUTIONS:
Distributions from net investment income .................. (0.01) -- --
------- ------- -------
Total distribution ..................................... (0.01) -- --
------- ------- -------
Net increase (decrease) in net asset value ...................... 0.58 (3.00) 0.13
------- ------- -------
Net Asset Value, End of period .................................. $ 7.71 $ 7.13 $ 10.13
======= ======= =======
TOTAL RETURN .................................................... 8.33% (29.62)% 1.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......................... $41,801 $26,714 $10,292
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by Adviser .... 1.44% 1.56% 3.18%(e)
After recoupment and/or waiver of expenses by Adviser ..... 1.50% 1.50% 1.50%(e)
Ratios of net investment income (loss) to average net
assets:
Before recoupment and/or waiver of expenses by Adviser .... 0.04% (0.08)% (1.43)%(e)
After recoupment and/or waiver of expenses by Adviser ..... (0.02)% (0.02)% 0.25%(e)
Portfolio Turnover ........................................... 44.09% 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.

(d) Not Annualized.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

106

Aston Funds
RIVER ROAD SMALL-MID CAP FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/09 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 gain (loss) on investments .... 0.59 (3.00) (0.39)
-------- ------- ------
Total from investment operations ....................... 0.61 (2.98) (0.38)
-------- ------- ------
LESS DISTRIBUTIONS:
Distributions from net investment income .................. (0.02) (0.01) --
-------- ------- ------
Total distributions .................................... (0.02) (0.01) --
-------- ------- ------
Net increase (decrease) in net asset value ...................... 0.59 (2.99) (0.38)
-------- ------- ------
Net Asset Value, End of period .................................. $ 7.73 $ 7.14 $10.13
======== ======= ======
TOTAL RETURN .................................................... 8.52% (29.49)% (3.52)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ......................... $167,334 $84,002 $7,482
Ratios of expenses to average net assets:
Before recoupment and/or waiver of expenses by Adviser .... 1.19% 1.31% 2.57%(d)
After recoupment and/or waiver of expenses by Adviser ..... 1.25% 1.25% 1.24%(d)
Ratios of net investment income (loss) to average net
assets:
Before recoupment and/or waiver of expenses by Adviser .... 0.29% 0.17% (0.91)%(d)
After recoupment and/or waiver of expenses by Adviser ..... 0.23% 0.23% 0.42%(d)
Portfolio Turnover ........................................... 44.09% 54.93% 41.51%(c)

- ----------
(a) River Road Small-Mid Cap Fund, Class I, commenced investment operations on
June 28, 2007.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

107

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $ 8.38 $ 22.42 $ 18.44 $ 18.35 $ 16.26
------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ......................................... (0.10) (0.17) (0.24)(a) (0.22)(a) (0.20)
Net realized and unrealized gain (loss) on investments ...... 0.74 (8.31) 5.45 0.31 2.29
------- ------- -------- -------- --------
Total from investment operations ......................... 0.64 (8.48) 5.21 0.09 2.09
------- ------- -------- -------- --------
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 ........................ 0.59 (14.04) 3.98 0.09 2.09
------- ------- -------- -------- --------
Net Asset Value, End of period .................................... $ 8.97 $ 8.38 $ 22.42 $ 18.44 $ 18.35
======= ======= ======== ======== ========
TOTAL RETURN ...................................................... 7.79% (47.87)% 30.01% 0.49% 12.85%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $32,140 $43,149 $114,803 $367,113 $549,452
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.82%(b) 1.55%(b) 1.48%(b) 1.41%(b) 1.42%
After reimbursement and/or waiver of expenses by Adviser .... 1.49%(b) 1.49%(b) 1.48%(b) 1.41%(b) 1.42%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (1.48)% (1.21)% (1.27)% (1.15)% (1.06)%
After reimbursement and/or waiver of expenses by Adviser .... (1.15)% (1.15)% (1.27)% (1.15)% (1.06)%
Portfolio Turnover ............................................. 264.98% 166.19% 126.54% 133.21% 140.04%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2009 and 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.

108

Aston Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $ 8.61 $ 22.83 $ 18.71 $ 18.57 $ 16.40
------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ......................................... (0.08) (0.21) (0.19)(a) (0.17)(a) (0.12)
Net realized and unrealized gain (loss) on investments ...... 0.77 (8.45) 5.54 0.31 2.29
------- ------- -------- -------- --------
Total from investment operations ......................... 0.69 (8.66) 5.35 0.14 2.17
------- ------- -------- -------- --------
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 ........................ 0.64 (14.22) 4.12 0.14 2.17
------- ------- -------- -------- --------
Net Asset Value, End of period .................................... $ 9.25 $ 8.61 $ 22.83 $ 18.71 $ 18.57
======= ======= ======== ======== ========
TOTAL RETURN ...................................................... 8.16% (47.77)% 30.34% 0.75% 13.23%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $13,356 $16,719 $115,942 $150,697 $156,286
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.57%(b) 1.30%(b) 1.19%(b) 1.13%(b) 1.14%
After reimbursement and/or waiver of expenses by Adviser .... 1.24%(b) 1.24%(b) 1.19%(b) 1.13%(b) 1.14%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (1.23)% (0.96)% (0.98)% (0.87)% (0.78)%
After reimbursement and/or waiver of expenses by Adviser .... (0.90)% (0.90)% (0.98)% (0.87)% (0.78)%
Portfolio Turnover ............................................. 264.98% 166.19% 126.54% 133.21% 140.04%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

109

Aston Funds
TAMRO SMALL CAP FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $ 13.64 $ 20.99 $ 19.73 $ 15.63 $ 15.25
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................ (0.05)(a) 0.05 (0.08)(a) (0.07)(a) (0.07)(a)
Net realized and unrealized gain (loss) on investments ...... 1.08 (6.43) 2.48 4.17 1.45
-------- -------- -------- -------- --------
Total from investment operations ......................... 1.03 (6.38) 2.40 4.10 1.38
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments ......... -- (0.97) (1.14) -- (1.00)
-------- -------- -------- -------- --------
Total distributions ...................................... -- (0.97) (1.14) -- (1.00)
-------- -------- -------- -------- --------
Net increase (decrease) in net asset value ........................ 1.03 (7.35) 1.26 4.10 0.38
-------- -------- -------- -------- --------
Net Asset Value, End of period .................................... $ 14.67 $ 13.64 $ 20.99 $ 19.73 $ 15.63
======== ======== ======== ======== ========
TOTAL RETURN ...................................................... 7.63% (31.58)% 12.56% 26.23% 9.16%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $241,524 $159,965 $235,242 $182,462 $148,950
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.37% 1.32% 1.33%(c) 1.42% 1.41%
After reimbursement and/or waiver of expenses by Adviser .... 1.36%(b) 1.30% 1.30%(c) 1.30% 1.30%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (0.41)% 0.29% (0.42)% (0.51)% (0.58)%
After reimbursement and/or waiver of expenses by Adviser .... (0.40)% 0.31% (0.39)% (0.39)% (0.47)%
Portfolio Turnover ............................................. 89.92% 66.65% 58.88% 58.28% 56.28%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) The Adviser removed the contractual expense limitation of 1.30%, not
including interest expense or acquired fund fees and expenses, effective
March 1, 2009.

(c) Ratios of expenses to average net assets include interest expenses of less
than 0.005% for the year ended October 31, 2007, which is not included in
the contractual expense limitation. The interest expense is from utilizing
the line of credit as discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

110

Aston Funds
TAMRO SMALL CAP FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/09 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)(b) 0.02 (0.02)(b) (0.02)(b) (0.04)(b)
Net realized and unrealized gain (loss) on investments ...... 1.12 (6.42) 2.49 4.18 0.39
-------- -------- -------- ------- -------
Total from investment operations ......................... 1.10 (6.40) 2.47 4.16 0.35
-------- -------- -------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ... (0.02) -- -- -- --
Distributions from net realized gain on investments ......... -- (0.97) (1.14) -- --
-------- -------- -------- ------- -------
Total distributions ...................................... (0.02) (0.97) (1.14) -- --
-------- -------- -------- ------- -------
Net increase (decrease) in net asset value ........................ 1.08 (7.37) 1.33 4.16 0.35
-------- -------- -------- ------- -------
Net Asset Value, End of period .................................... $ 14.87 $ 13.79 $ 21.16 $ 19.83 $ 15.67
======== ======== ======== ======= =======
TOTAL RETURN ...................................................... 7.94% (31.42)% 12.86% 26.55% 2.28%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $515,592 $238,399 $137,059 $63,982 $11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.12% 1.07% 1.05%(e) 1.11% 1.16%(f)
After reimbursement and/or waiver of expenses by Adviser .... 1.11%(d) 1.05% 1.02%(e) 0.99% 1.05%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (0.16)% 0.54% (0.14)% (0.20)% (0.39)%(f)
After reimbursement and/or waiver of expenses by Adviser .... (0.15)% 0.56% (0.11)% (0.08)% (0.28)%(f)
Portfolio Turnover ............................................. 89.92% 66.65% 58.88% 58.28% 56.28%

- ----------
(a) TAMRO Small Cap Fund, Class I, commenced investment operations on January
4, 2005.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) The Adviser removed the contractual expense limitation of 1.05%, 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.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

111

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 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 ....................................... 0.01 0.01(b) 0.05(b) 0.02 --(c)
Net realized and unrealized gain (loss) on investments ...... 0.92 (4.54) 1.04 3.16 0.28
-------- -------- -------- -------- ------
Total from investment operations ......................... 0.93 (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 ........................ 0.92 (5.07) 0.91 3.18 0.28
-------- -------- -------- -------- ------
Net Asset Value, End of period .................................... $ 10.22 $ 9.30 $ 14.37 $ 13.46 $10.28
======== ======== ======== ======== ======
TOTAL RETURN ...................................................... 9.99% (32.51)% 8.12% 30.93% 2.80%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $216,221 $160,245 $237,695 $167,438 $6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.40% 1.45%(f) 1.44%(f) 1.78% 2.86%(g)
After reimbursement and/or waiver of expenses by Adviser .... 1.40%(e) 1.45%(f) 1.44%(f) 1.43% 1.50%(g)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.05% 0.08% 0.38% 0.25% (1.41)%(g)
After reimbursement and/or waiver of expenses by Adviser .... 0.05% 0.08% 0.38% 0.60% (0.05)%(g)
Portfolio Turnover ............................................. 35.83% 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.

(d) Not Annualized.

(e) The Adviser removed the contractual expense limitation of 1.50%, 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 years ended October 31, 2008 and 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.

(g) Annualized.

(h) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

112

Aston Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR
ENDED ENDED ENDED
10/31/09 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 ....................................... 0.03 0.04(b) 0.09(b)
Net realized and unrealized gain (loss) on investments ...... 0.92 (4.54) 0.46
-------- -------- -------
Total from investment operations ......................... 0.95 (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 ........................ 0.92 (5.05) 0.33
-------- -------- -------
Net Asset Value, End of period .................................... $ 10.24 $ 9.32 $ 14.37
======== ======== =======
TOTAL RETURN ...................................................... 10.31% (32.34)% 3.91%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $282,542 $114,666 $64,525
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.15% 1.20%(e) 1.16%(e)(f)
After reimbursement and/or waiver of expenses by Adviser .... 1.15%(d) 1.20%(e) 1.16%(e)(f)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 0.30% 0.33% 0.31%(f)
After reimbursement and/or waiver of expenses by Adviser .... 0.30% 0.33% 0.31%(f)
Portfolio Turnover ............................................. 35.83% 57.32% 74.18%

- ----------
(a) River Road Small Cap Value Fund, Class I, commenced investment operations
on December 13, 2006.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) The Adviser removed the contractual expense limitation of 1.25%, 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, 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.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

113

Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
--------- -----------

Net Asset Value, Beginning of period .................................. $ 5.85 $ 11.14
------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................... 0.09(b) 0.02(b)
Net realized and unrealized gain (loss) on investments .......... 1.18(c) (5.31)
------ -------
Total from investment operations ............................. 1.27 (5.29)
------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ....... (0.03) --
------ -------
Total distributions .......................................... (0.03) --
------ -------
Net increase (decrease) in net asset value ............................ 1.24 (5.29)
------ -------
Net Asset Value, End of period ........................................ $ 7.09 $ 5.85
====== =======
TOTAL RETURN .......................................................... 21.94% (47.49)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................... $ 293 $ 225
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 2.64% 3.15%(e)
After reimbursement and/or waiver of expenses by Adviser ........ 1.27% 1.27%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 0.07% (1.24)%(e)
After reimbursement and/or waiver of expenses by Adviser ........ 1.44% 0.64%(e)
Portfolio Turnover ................................................. 42.65% 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.

(d) Not Annualized.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

114

Aston Funds
NEPTUNE INTERNATIONAL FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR PERIOD
ENDED ENDED ENDED
10/31/09 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 ........................................... 0.10(b) 0.17(b) 0.03
Net realized and unrealized gain (loss) on investments .......... 1.19(c) (6.42) 2.21
------ ------- ------
Total from investment operations ............................. 1.29 (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 ............................ 1.24 (6.39) 2.24
------ ------- ------
Net Asset Value, End of period ........................................ $ 7.09 $ 5.85 $12.24
====== ======= ======
TOTAL RETURN .......................................................... 22.23% (51.55)% 22.30%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................... $1,194 $ 8,378 $2,370
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 2.39% 3.02% 11.72%(f)
After reimbursement and/or waiver of expenses by Adviser ........ 1.02% 1.04%(e) 1.25%(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 0.32% (0.24)% (9.21)%(f)
After reimbursement and/or waiver of expenses by Adviser ........ 1.69% 1.74% 1.26%(f)
Portfolio Turnover ................................................. 42.65% 7.39% 5.14%(d)

- ----------
(a) Neptune International Fund, Class I, commenced investment operations on
August 6, 2007.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) Not 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.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

115

Aston Funds
BARINGS INTERNATIONAL FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
--------- -----------

Net Asset Value, Beginning of period .................................. $ 5.08 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................... 0.10(b) 0.10
Net realized and unrealized gain (loss) on investments .......... 1.27(c) (5.02)
------- -------
Total from investment operations ............................. 1.37 (4.92)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ....... (0.01) --
------- -------
Total distributions .......................................... (0.01) --
------- -------
Net increase (decrease) in net asset value ............................ 1.36 (4.92)
------- -------
Net Asset Value, End of period ........................................ $ 6.44 $ 5.08
======= =======
TOTAL RETURN .......................................................... 27.11% (49.20)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................... $28,277 $ 5,517
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 2.01% 3.95%(e)(f)
After reimbursement and/or waiver of expenses by Adviser ........ 1.15% 1.18%(e)(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 0.80% (1.11)%(f)
After reimbursement and/or waiver of expenses by Adviser ........ 1.66% 1.66%(f)
Portfolio Turnover ................................................. 115.51% 121.99%(d)

- ----------
(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.

(d) Not 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.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

116

Aston Funds
DYNAMIC ALLOCATION FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
-------- -----------

Net Asset Value, Beginning of period .................................. $ 8.24 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................... 0.06 0.07
Net realized and unrealized income (loss) on investments ........ 0.99(b) (1.76)
------- -------
Total from investment operations ............................. 1.05 (1.69)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ....... (0.12) (0.07)
------- -------
Total distributions .......................................... (0.12) (0.07)
------- -------
Net increase (decrease) in net asset value ............................ 0.93 (1.76)
------- -------
Net Asset Value, End of period ........................................ $ 9.17 $ 8.24
======= =======
TOTAL RETURN .......................................................... 12.98% (16.98)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ............................... $39,191 $ 6,070
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (d) ... 1.69% 5.11%(e)(f)
After reimbursement and/or waiver of expenses by Adviser (d) .... 1.30% 1.31%(e)(f)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ....... 0.39% (2.48)%(e)(f)
After reimbursement and/or waiver of expenses by Adviser ........ 0.78% 1.32%(e)(f)
Portfolio Turnover ................................................. 365.93% 498.68%(c)

- ----------
(a) Dynamic Allocation Fund, Class N, commenced investment operations on
January 10, 2008.

(b) Includes payments by affiliates which is less than $0.005 per share.

(d) Does not include expenses of the underlying funds in which the Fund
invests.

(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.

(f) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

117

Aston Funds
NEW CENTURY ABSOLUTE RETURN ETF FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
-------- -----------

Net Asset Value, Beginning of period ................................. $ 8.64 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.04 0.01
Net realized and unrealized gain (loss) on investments ......... 0.28 (1.37)
------- -------
Total from investment operations ............................ 0.32 (1.36)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ...... (0.07) --
------- -------
Total distributions ......................................... (0.07) --
------- -------
Net increase (decrease) in net asset value ........................... 0.25 (1.36)
------- -------
Net Asset Value, End of period ....................................... $ 8.89 $ 8.64
======= =======
TOTAL Return ......................................................... 3.85% (13.60)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $17,706 $13,748
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser (c) .. 1.51% 3.77%(e)
After reimbursement and/or waiver of expenses by Adviser (c) ... 1.21%(d) 1.50%(e)
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 0.21% (2.02)%(e)
After reimbursement and/or waiver of expenses by Adviser ....... 0.51% 0.25%(e)
Portfolio Turnover ................................................ 325.31% 172.11%(b)

- ----------
(a) New Century Absolute Return ETF Fund, Class N, commenced investment
operations on March 4, 2008.

(b) Not Annualized.

(d) 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, the
Adviser 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 the Adviser reduced its advisory fee to 0.15% for the 2009
calendar year. The Adviser voluntarily waived 0.12% of its advisory fees
through October 31, 2009.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

118

Aston Funds
M.D. SASS ENHANCED EQUITY FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR PERIOD
ENDED ENDED
10/31/09 10/31/08(a)
-------- -----------

Net Asset Value, Beginning of period ................................. $ 8.09 $ 10.00
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................................... 0.11 0.14
Net realized and unrealized gain (loss) on investments ......... 1.02 (1.91)
------- --------
Total from investment operations ............................ 1.13 (1.77)
------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ...... (0.13) (0.14)
Distributions from net realized gain on investments ............ (0.52) --
------- --------
Total distributions ......................................... (0.65) (0.14)
------- --------
Net increase (decrease)in net asset value ............................ 0.48 (1.91)
------- --------
Net Asset Value, End of period ....................................... $ 8.57 $ 8.09
======= ========
TOTAL Return ......................................................... 15.86% (17.91)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $22,552 $ 14,389
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 2.11% 2.38%(d)
After reimbursement and/or waiver of expenses by Adviser ....... 1.25%(c) 1.10%(d)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... 0.55% 0.86%(d)
After reimbursement and/or waiver of expenses by Adviser ....... 1.41% 2.14%(d)
Portfolio Turnover ................................................ 51.56% 23.68%(b)

- ----------
(a) M.D. Sass Enhanced Equity Fund, Class N, commenced investment operations on
January 15, 2008.

(b) Not Annualized.

(c) Effective June 1, 2009, the contractual expense limitation was increased
from 1.10% to 1.40% due to the change in Sub-Adviser.

(d) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

119

Aston Funds
LAKE PARTNERS LASSO ALTERNATIVES FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

PERIOD
ENDED
10/31/09(a)
-----------

Net Asset Value, Beginning of period ................................. $ 10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ............................................ --(b)
Net realized and unrealized gain on investments ................ 1.15
--------
Total from investment operations ............................ 1.15
--------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ...... --
--------
Total distributions ......................................... --
--------
Net increase in net asset value ...................................... 1.15
--------
Net Asset Value, End of period ....................................... $ 11.15
========
TOTAL Return ......................................................... 11.50%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .............................. $ 1,845
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser(d) ... 18.16%(e)
After reimbursement and/or waiver of expenses by Adviser(d) .... 1.35%(e)
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ...... (16.92)%(e)
After reimbursement and/or waiver of expenses by Adviser ....... (0.11)%(e)
Portfolio Turnover ................................................... 65.93%(c)

- ----------
(a) Lake Partners LASSO Alternatives Fund, Class I, commenced investment
operations on April 1, 2009.

(b) Represents less than $(0.005) per share.

(d) Does not include expenses of the underlying funds in which the Fund
invests.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

120

Aston Funds
FORTIS REAL ESTATE FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $ 6.08 $ 15.59 $ 19.99 $ 16.23 $ 14.56
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.15(a) 0.07(a) 0.30(a) 0.32(a) 0.46(a)
Net realized and unrealized gain (loss) on investments ...... (0.28) (5.50) (0.40) 5.42 2.10
------- ------- ------- ------- -------
Total from investment operations ......................... (0.13) (5.43) (0.10) 5.74 2.56
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................................ (0.18) (0.09) (0.05) (0.13) (0.26)
Distributions from net realized gain on investments ......... -- (3.99) (4.25) (1.85) (0.63)
------- ------- ------- ------- -------
Total distributions ...................................... (0.18) (4.08) (4.30) (1.98) (0.89)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value ........................ (0.31) (9.51) (4.40) 3.76 1.67
------- ------- ------- ------- -------
Net Asset Value, End of period .................................... $ 5.77 $ 6.08 $ 15.59 $ 19.99 $ 16.23
======= ======= ======= ======= =======
TOTAL RETURN ...................................................... (1.44)% (43.76)% (1.41)% 39.19% 18.06%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $ 4,011 $ 6,030 $49,123 $72,506 $54,851
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 1.94% 1.57%(b) 1.46%(b) 1.46%(b) 1.45%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.37% 1.37%(b) 1.37%(b) 1.37%(b) 1.37%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 2.55% 0.49% 1.73% 1.77% 2.91%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 3.12% 0.69% 1.82% 1.86% 2.99%
Portfolio Turnover .......................................... 139.76% 85.08% 88.75% 83.15% 43.14%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

121

Aston Funds
FORTIS REAL ESTATE FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED
10/31/09 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 ....................................... 0.16(b) 0.09(b) 0.34(b) 0.36(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ...... (0.28) (5.51) (0.40) 5.42 (0.51)
------- ------- ------- ------- -------
Total from investment operations ......................... (0.12) (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 ........................ (0.34) (9.54) (4.38) 3.77 (0.41)
------- ------- ------- ------- -------
Net Asset Value, End of period .................................... $ 5.74 6.08 $ 15.62 $ 20.00 $ 16.23
======= ======= ======= ======= =======
TOTAL RETURN ...................................................... (1.27)% (43.58)% (1.18)% 39.54% (2.46)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $21,905 $23,411 $41,545 $46,025 $32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 1.69% 1.32%(d) 1.20%(d) 1.21%(d) 1.32%(e)
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.12% 1.12%(d) 1.11%(d) 1.12%(d) 1.11%(e)
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 2.80% 0.74% 1.99% 2.02% 5.11%(e)
After reimbursement and/or waiver of
expenses by Adviser ...................................... 3.37% 0.94% 2.08% 2.11% 5.32%(e)
Portfolio Turnover ............................................. 139.76% 85.08% 88.75% 83.15% 43.14%

- ----------
(a) Fortis Real Estate Fund, Class I, commenced investment operations on
September 20, 2005.

(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(d) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2008, October 31, 2007 and
October 31, 2006, which is not included in the contractual expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

(e) Annualized.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

122

Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $ 15.61 $ 19.98 $ 17.21 $ 16.41 $ 15.81
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.21(a) 0.29 0.19(a) 0.18(a) 0.17(a)
Net realized and unrealized gain (loss) on investments ...... 2.15 (4.42) 2.82 0.87 0.67
------- ------- ------- ------- -------
Total from investment operations ......................... 2.36 (4.13) 3.01 1.05 0.84
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................................ (0.24) (0.24) (0.24) (0.25) (0.24)
------- ------- ------- ------- -------
Total distributions ...................................... (0.24) (0.24) (0.24) (0.25) (0.24)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value ........................ 2.12 (4.37) 2.77 0.80 0.60
------- ------- ------- ------- -------
Net Asset Value, End of period .................................... $ 17.73 $ 15.61 $ 19.98 $ 17.21 $ 16.41
======= ======= ======= ======= =======
TOTAL RETURN ...................................................... 15.32% (20.87)% 17.63% 6.56% 5.27%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $14,938 $16,586 $16,703 $23,355 $48,759
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 1.73% 1.74% 1.72%(b) 1.33%(b) 1.16%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.26% 1.35% 1.36%(b) 1.33%(b) 1.16%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 0.81% 0.74% 0.71% 1.07% 1.04%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.28% 1.13% 1.07% 1.07% 1.04%
Portfolio Turnover ............................................. 38.72% 43.65% 36.25% 33.70% 33.43%

- ----------
(a) The selected per share data was calculated using the weighed average shares
outstanding method for the period.

(b) Ratios of expenses to average net assets include interest expense of less
than 0.01% for the year ended October 31, 2007 and less than 0.005% for the
year ended October 31, 2006, which is not included in the voluntary expense
limitation. The interest expense is from utilizing the line of credit as
discussed in Note H to Financial Statements.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

123

Aston Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $15.57 $ 19.94 $17.19 $16.39 $ 15.81
------ ------- ------ ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.23(a) 0.27 0.24(a) 0.22(a) 0.21(a)
Net realized and unrealized gain (loss) on investments ...... 2.16 (4.35) 2.80 0.88 0.66
------ ------- ------ ------ -------
Total from investment operations ......................... 2.39 (4.08) 3.04 1.10 0.87
------ ------- ------ ------ -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................................ (0.28) (0.29) (0.29) (0.30) (0.29)
------ ------- ------ ------ -------
Total distributions ...................................... (0.28) (0.29) (0.29) (0.30) (0.29)
------ ------- ------ ------ -------
Net increase (decrease) in net asset value ........................ 2.11 (4.37) 2.75 0.80 0.58
------ ------- ------ ------ -------
Net Asset Value, End of period .................................... $17.68 $ 15.57 $19.94 $17.19 $ 16.39
====== ======= ====== ====== =======
TOTAL RETURN ...................................................... 15.53% (20.71)% 17.87% 6.80% 5.50%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $1,149 $ 919 $1,158 $7,640 $19,609
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 1.57% 1.49% 1.44%(b) 1.07%(b) 0.91%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.10% 1.10% 1.08%(b) 1.07%(b) 0.91%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 0.97% 0.99% 0.99% 1.33% 1.29%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.44% 1.38% 1.35% 1.33% 1.29%
Portfolio Turnover ............................................. 38.72% 43.65% 36.25% 33.70% 33.43%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

124

Aston Funds
BALANCED FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period .............................. $ 4.83 $ 7.97 $ 10.65 $ 10.84 $ 11.32
------- ------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.08 0.08 0.12 0.12 0.16
Net realized and unrealized gain (loss) on investments ...... 0.71 (1.73) 0.69 0.45 0.20
------- ------- ------- ------- --------
Total from investment operations ......................... 0.79 (1.65) 0.81 0.57 0.36
------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................................ (0.08) (0.09) (0.14) (0.17) (0.19)
Distributions from net realized gain on investments ......... -- (1.40) (3.35) (0.59) (0.65)
------- ------- ------- ------- --------
Total distributions ...................................... (0.08) (1.49) (3.49) (0.76) (0.84)
------- ------- ------- ------- --------
Net increase (decrease) in net asset value ........................ 0.71 (3.14) (2.68) (0.19) (0.48)
------- ------- ------- ------- --------
Net Asset Value, End of period .................................... $ 5.54 $ 4.83 $ 7.97 $ 10.65 $ 10.84
======= ======= ======= ======= ========
TOTAL RETURN ...................................................... 16.50% (24.76)% 10.47% 5.33% 3.20%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) ........................... $16,805 $17,673 $35,924 $60,831 $173,051
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 1.49% 1.50%(a) 1.31%(a) 1.14%(a) 1.09%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.49% 1.50%(a) 1.31%(a) 1.14%(a) 1.09%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................................... 1.43% 1.33% 1.48% 1.38% 1.53%
After reimbursement and/or waiver of
expenses by Adviser ...................................... 1.43% 1.33% 1.48% 1.38% 1.53%
Portfolio Turnover ............................................. 43.33% 106.18% 60.93% 36.66% 28.76%

- ----------
(a) 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.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

125

Aston Funds
TCH FIXED INCOME FUND - CLASS N
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ....................... $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
------- ------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................ 0.49(a) 0.47 0.48(a) 0.45(a) 0.42(a)
Net realized and unrealized gain (loss) on
investments ....................................... 1.44 (1.10) 0.14 (0.04) (0.38)
------- ------- ------- ------- --------
Total from investment operations .................. 1.93 (0.63) 0.62 0.41 0.04
------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ............................................ (0.51) (0.50) (0.51) (0.48) (0.48)
------- ------- ------- ------- --------
Total distributions ............................... (0.51) (0.50) (0.51) (0.48) (0.48)
------- ------- ------- ------- --------
Net increase (decrease) in net asset value ................. 1.42 (1.13) 0.11 (0.07) (0.44)
------- ------- ------- ------- --------
Net Asset Value, End of period ............................. $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69
======= ======= ======= ======= ========
TOTAL RETURN ............................................... 22.99% (6.89)% 6.56% 4.42% 0.40%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .................... $47,008 $42,765 $52,662 $77,096 $138,807
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ........................................... 0.96% 1.06% 1.04%(b) 0.96%(b) 0.95%
After reimbursement and/or waiver of expenses by
Adviser ........................................... 0.61% 0.65%(c) 0.73%(b)(c) 0.75%(b) 0.74%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ........................................... 4.93% 4.59% 4.63% 4.45% 3.98%
After reimbursement and/or waiver of expenses by
Adviser ........................................... 5.28% 5.00% 4.94% 4.66% 4.19%
Portfolio Turnover ...................................... 40.81% 78.39% 71.61% 71.19% 41.33%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(b) Ratios of expenses to average net assets include interest expense of less
than 0.005% for the years ended October 31, 2007 and October 31, 2006,
which is not included in the contractual or voluntary expense limitation.
The interest expense is from utilizing the line of credit as discussed in
Note H to Financial Statements.

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio was changed from 0.74% to 0.64% on September 1, 2007. Subsequently,
on October 1, 2008, the Adviser's expense reimbursement level changed from
0.64% to 0.74%.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

126

Aston Funds
TCH FIXED INCOME FUND - CLASS I
OCTOBER 31, 2009
FINANCIAL HIGHLIGHTS

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
-------- -------- -------- -------- --------

Net Asset Value, Beginning of period ....................... $ 8.60 $ 9.73 $ 9.62 $ 9.69 $ 10.13
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................ 0.50(a) 0.48 0.51(a) 0.47(a) 0.44(a)
Net realized and unrealized gain (loss) on
investments ....................................... 1.44 (1.09) 0.13 (0.03) (0.37)
------- ------- ------- ------- -------
Total from investment operations .................. 1.94 (0.61) 0.64 0.44 0.07
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ............................................ (0.52) (0.52) (0.53) (0.51) (0.51)
------- ------- ------- ------- -------
Total distributions .................................. (0.52) (0.52) (0.53) (0.51) (0.51)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value ................. 1.42 (1.13) 0.11 (0.07) (0.44)
------- ------- ------- ------- -------
Net Asset Value, End of period ............................. $ 10.02 $ 8.60 $ 9.73 $ 9.62 $ 9.69
======= ======= ======= ======= =======
TOTAL RETURN ............................................... 23.14% (6.65)% 6.84% 4.68% 0.65%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of period (in 000's) .................... $20,276 $25,891 $39,318 $43,148 $72,876
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ........................................... 0.84% 0.81% 0.78%(b) 0.71%(b) 0.70%
After reimbursement and/or waiver of expenses by
Adviser ........................................... 0.49% 0.40%(c) 0.47%(b)(c) 0.50%(b) 0.49%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ........................................... 5.05% 4.84% 4.89% 4.70% 4.23%
After reimbursement and/or waiver of expenses by
Adviser ........................................... 5.40% 5.25% 5.20% 4.91% 4.44%
Portfolio Turnover ...................................... 40.81% 78.39% 71.61% 71.19% 41.33%

- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.

(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, was changed from 0.49% to 0.39% on September 1, 2007. Subsequently,
on October 1, 2008, the Adviser's expense reimbursement level changed from
0.39% to 0.49%.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

127

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS

NOTE (A) FUND ORGANIZATION: The Aston Funds (the "Trust") 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 24 separate
portfolios established by the Board of Trustees as of October 31, 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 24 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 (the "Growth Fund")

Aston/Optimum Large Cap Opportunity Fund (the "Optimum Large Cap Opportunity
Fund")

Aston Value Fund (the "Value Fund")

Aston/TAMRO Diversified Equity Fund, formerly known as Aston/TAMRO All Cap Fund
(the "TAMRO Diversified Equity Fund")

Aston/River Road Dividend All Cap Value 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 Dynamic Allocation Fund, formerly known as Aston/Smart Portfolios Fund
(the "Dynamic Allocation Fund")

Aston/New Century Absolute Return ETF Fund (the "New Century Absolute Return ETF
Fund")

Aston/M.D. Sass Enhanced Equity Fund, formerly known as Aston/MB Enhanced Equity
Income Fund (the "M.D. Sass Enhanced Equity Fund")

Aston/Lake Partners LASSO Alternatives Fund (the "Lake Partners LASSO
Alternatives Fund")

Aston/Fortis 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")

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
Diversified Equity Fund, M&C Mid Cap Growth Fund, Cardinal Mid Cap Value Fund,
Dynamic Allocation Fund, New Century Absolute Return ETF Fund, M.D. Sass
Enhanced Equity 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. TAMRO Small Cap Fund and River Road Small Cap Value Fund are
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 DIVERSIFIED Long-term capital appreciation.
EQUITY FUND

RIVER ROAD DIVIDEND High current income and, secondarily, long-term capital
ALL CAP VALUE FUND appreciation.

OPTIMUM MID CAP Long-term total return through capital appreciation by
FUND investing primarily in common and preferred stocks and
convertible securities.

M&C MID CAP Long-term capital appreciation and secondarily, current
GROWTH FUND income, by investing primarily in common stocks and
convertible securities.

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

128

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
NEPTUNE Long-term capital appreciation.
INTERNATIONAL FUND
BARINGS Total return.
INTERNATIONAL FUND
DYNAMIC ALLOCATION Long-term capital appreciation.
FUND
NEW CENTURY Positive total return.
ABSOLUTE RETURN
ETF FUND
M.D. SASS ENHANCED Total return through a combination of a high level
EQUITY 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 maturities 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 ("NAV") 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 market 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 Funds' 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 NAV 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.

FAIR VALUE MEASUREMENTS - The inputs and valuations techniques used to measure
fair value of the Funds' net assets are summarized into three levels as
described in the hierarchy below:

- Level 1 - unadjusted quoted prices in active markets for identical
assets or liabilities

- 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)

129

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - 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 October 31, 2009 is as
follows:

Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 10/31/09 Price Input Input
- ----- -------------- -------------- ----------- ------------

M&C GROWTH FUND
Investments in Securities* ............... $2,487,087,612 $2,487,087,612 $ -- $ --
============== ============== =========== ======
VEREDUS SELECT GROWTH FUND
Investments in Securities* ............... $ 86,314,254 $ 86,314,254 $ -- $ --
============== ============== =========== ======
GROWTH FUND
Investments in Securities* ............... $ 202,438,332 $ 202,438,332 $ -- $ --
============== ============== =========== ======
OPTIMUM LARGE CAP OPPORTUNITY FUND
Investments in Securities* ............... $ 4,201,166 $ 4,201,166 $ -- $ --
============== ============== =========== ======
VALUE FUND
Investments in Securities* ............... $ 225,725,844 $ 225,725,844 $ -- $ --
============== ============== =========== ======
TAMRO DIVERSIFIED EQUITY FUND
Investments in Securities* ............... $ 10,519,869 $ 10,519,869 $ -- $ --
============== ============== =========== ======
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
Investments in Securities* ............... $ 158,554,117 $ 158,554,117 $ -- $ --
============== ============== =========== ======
OPTIMUM MID CAP FUND
Investments in Securities* ............... $ 988,690,426 $ 988,690,426 $ -- $ --
============== ============== =========== ======
M&C MID CAP GROWTH FUND
Investments in Securities* ............... $ 2,986,293 $ 2,986,293 $ -- $ --
============== ============== =========== ======
CARDINAL MID CAP VALUE FUND
Investments in Securities* ............... $ 926,062 $ 926,062 $ -- $ --
============== ============== =========== ======
RIVER ROAD SMALL-MID CAP FUND
Investments in Securities* ............... $ 208,535,085 $ 208,535,085 $ -- $ --
============== ============== =========== ======
VEREDUS AGGRESSIVE GROWTH FUND
Investments in Securities* ............... $ 45,998,175 $ 45,998,175 $ -- $ --
============== ============== =========== ======
TAMRO SMALL CAP
Common Stocks
Consumer Discretionary ................... $ 164,983,026 $ 164,983,026 $ -- $ --
Consumer Staples ......................... 57,064,879 57,064,879 -- --
Energy ................................... 60,306,524 60,306,524 -- --
Financials ............................... 139,631,805 139,567,458 64,347 --
Health Care .............................. 61,844,132 61,844,132 -- --
Industrials .............................. 97,419,597 97,419,597 -- --
Information Technology ................... 145,641,651 145,641,651 -- --
Telecommunication Services ............... 14,275,889 14,275,889 -- --
-------------- -------------- ----------- ------
741,167,503 741,103,156 64,347 --
-------------- -------------- ----------- ------
Investment Company* ...................... 7,727,276 7,727,276 -- --
-------------- -------------- ----------- ------
Total .................................... $ 748,894,779 $ 748,830,432 $ 64,347 $ --
============== ============== =========== ======
RIVER ROAD SMALL CAP VALUE FUND
Common Stocks
Consumer Discretionary ................... $ 133,425,656 $ 132,894,134 $ 531,522 $ --
Consumer Staples ......................... 79,557,101 79,557,101 -- --
Energy ................................... 28,807,794 28,807,794 -- --
Financials ............................... 72,429,481 72,429,481 -- --
Health Care .............................. 33,831,345 33,831,345 -- --
Industrials .............................. 60,871,494 60,871,494 -- --
Information Technology ................... 29,252,138 27,506,823 1,745,315 --
Materials ................................ 25,454,598 25,454,598 -- --
Utilities ................................ 13,116,423 13,116,423 -- --
-------------- -------------- ----------- ------
476,746,030 474,469,193 2,276,837 --
-------------- -------------- ----------- ------
Investment Company* ...................... 24,936,205 24,936,205 -- --
-------------- -------------- ----------- ------
Total .................................... $ 501,682,235 $ 499,405,398 $ 2,276,837 $ --
============== ============== =========== ======

130

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 10/31/09 Price Input Input
- ----- -------------- -------------- ----------- ------------

NEPTUNE INTERNATIONAL FUND
Common Stocks
Australia ................................ $ 24,521 $ -- $ 24,521 $ --
Brazil ................................... 46,220 46,220 -- --
China .................................... 423,655 100,984 322,671 --
Italy .................................... 24,767 -- 24,767 --
Japan .................................... 47,979 -- 47,979 --
Luxembourg ............................... 12,115 -- 12,115 --
Netherlands .............................. 59,044 -- 59,044 --
Norway ................................... 33,057 -- 33,057 --
Russia ................................... 267,489 205,585 61,904 --
Switzerland .............................. 56,716 -- 56,716 --
Taiwan ................................... 19,080 19,080 -- --
United Kingdom ........................... 459,618 -- 459,126 492
-------------- -------------- ----------- ------
Total .................................... $ 1,474,261 $ 371,869 $ 1,101,900 $ 492
============== ============== =========== ======
BARINGS INTERNATIONAL FUND
Common Stocks
Australia ................................ $ 1,003,880 $ -- $ 1,003,880 $ --
Belgium .................................. 527,203 -- 527,203 --
Brazil ................................... 1,255,179 1,255,179 -- --
Canada ................................... 457,814 457,814 -- --
China .................................... 395,057 -- 395,057 --
France ................................... 1,623,425 -- 1,623,425 --
Germany .................................. 2,620,174 -- 2,620,174 --
Hong Kong ................................ 1,087,135 -- 1,087,135 --
Japan .................................... 4,163,562 -- 4,163,562 --
Netherlands .............................. 1,732,541 -- 1,732,541 --
Norway ................................... 438,304 -- 438,304 --
Papua New Guinea ......................... 436,395 -- 436,395 --
Russia ................................... 501,523 501,523 -- --
Singapore ................................ 439,563 -- 439,563 --
Spain .................................... 928,733 -- 928,733 --
Switzerland .............................. 2,357,334 425,313 1,932,021 --
United Kingdom ........................... 7,064,433 -- 7,058,623 5,810
-------------- -------------- ----------- ------
27,032,255 2,639,829 24,386,616 5,810
-------------- -------------- ----------- ------
Exchange Traded Fund ..................... 703,560 703,560 -- --
Investment Company* ...................... 419,474 419,474 -- --
-------------- -------------- ----------- ------
Total .................................... $ 28,155,289 $ 3,762,863 $24,386,616 $5,810
============== ============== =========== ======
DYNAMIC ALLOCATION FUND
Investments in Securities* ............... $ 39,043,536 $ 39,043,536 $ -- $ --
============== ============== =========== ======
NEW CENTURY ABSOLUTE RETURN ETF FUND
Investments in Securities* ............... $ 17,706,194 $ 17,706,194 $ -- $ --
============== ============== =========== ======
M.D. SASS ENHANCED EQUITY FUND
Common Stocks* ........................... $ 22,520,953 $ 22,520,953 $ -- $ --
Purchased Options ........................ 250,900 250,900 -- --
Investment Company* ...................... 1,285,564 1,285,564 -- --
Other Financial Instruments** ............ (1,283,625) (1,283,625) -- --
-------------- -------------- ----------- ------
Total .................................... $ 22,773,792 $ 22,773,792 $ -- $ --
============== ============== =========== ======
LAKE PARTNERS LASSO ALTERNATIVE FUND
Investments in Securities* ............... $ 1,824,248 $ 1,824,248 $ -- $ --
============== ============== =========== ======
FORTIS REAL ESTATE FUND
Investments in Securities* ............... $ 25,742,417 $ 25,742,417 $ -- $ --
============== ============== =========== ======
M&C BALANCED FUND
Common Stocks* ........................... $ 10,276,102 $ 10,276,102 $ -- $ --
Corporate Notes and Bonds ................ 3,755,092 -- 3,755,092 --
U.S. Government and Agency Obligations ... 1,785,539 -- 1,785,539 --
-------------- -------------- ----------- ------
Total ....................................... $ 15,816,733 $ 10,276,102 $ 5,540,631 $ --
============== ============== =========== ======

131

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

Level 2 Level 3
Total Level 1 Significant Significant
Value at Quoted Observable Unobservable
FUNDS 10/31/09 Price Input Input
- ----- -------------- -------------- ----------- ------------

BALANCED FUND
Common Stocks* ........................... $ 9,946,631 $ 9,946,631 $ -- $ --
U.S. Government and Agency Obligations ... 2,948,631 -- 2,948,631 --
Corporate Notes and Bonds ................ 2,944,622 -- 2,944,622 --
Investment Company* ...................... 962,607 962,607 -- --
-------------- -------------- ----------- ------
Total .................................... $ 16,802,491 $ 10,909,238 $ 5,893,253 $ --
============== ============== =========== ======
TCH FIXED INCOME FUND
Corporate Notes and Bonds ................ $ 35,323,525 $ -- $35,323,525 $ --
U.S. Government and Agency Obligations ... 25,804,568 -- 25,804,568 --
Commercial Mortgage-Backed Securities .... 1,732,582 -- 1,732,582 --
Investment Company* ...................... 3,515,024 3,515,024 -- --
-------------- -------------- ----------- ------
Total .................................... $ 66,375,699 $ 3,515,024 $62,860,675 $ --
============== ============== =========== ======

* Common Stocks and Investment Companies are Level 1. Please refer to the
Schedule of Investments for industry, sector or country breakout.

** Other financial instruments include written options for the M.D. Sass
Enhanced Equity Fund.

Level 3 holdings were valued using internal valuation techniques which took into
consideration factors including previous experience with similar securities of
the same issuer, conversion ratio and security terms.

The following is a reconciliation of Level 3 holdings for which significant
unobservable inputs were used in determining fair value as of October 31, 2009:

Investments in
Securities
--------------

NEPTUNE INTERNATIONAL FUND
Fair Value, beginning of period ......................... $ --
Net purchases (sales) ................................... (252)
Total net realized gains (losses) ....................... 743
Total change in unrealized appreciation (depreciation) .. 1
-------
Fair Value, end of period ............................... $ 492
=======
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period ............ $ 1
=======
BARINGS INTERNATIONAL FUND
Fair Value, beginning of period ......................... $ --
Net purchases (sales) ................................... 5,116
Total net realized gains (losses) ....................... 680
Total change in unrealized appreciation (depreciation) .. 14
-------
Fair Value, end of period ............................... $ 5,810
=======
Change in net unrealized appreciation (depreciation)
on Level 3 holdings held at end of period ............ $ 14
=======

(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. At October
31, 2009, the Funds did not own any repurchase agreements.

(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 during this period. The Funds segregate assets having an
aggregate value at least equal to the amount of when issued or delayed delivery
purchase commitments until payment is made. At October 31, 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 Banks, Fannie Mae (formerly known as the Federal National Mortgage
Association) and Freddie Mac (formerly known as the Federal Home Loan Mortgage
Corporation) are supported only by the credit of the issuer.

132

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

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: In the normal course of pursuing its investment
objectives, certain Funds are subject to price volatility risk. 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. Options were traded during the year in the TAMRO Diversified Equity, M.D.
Sass Enhanced Equity and New Century Absolute Return ETF Funds. The fair value
of purchased options in the TAMRO Diversified Equity Fund is included in the
Investments at Cost line in the Statement of Assets and Liabilities. The
premiums received and the fair value of written equity options outstanding in
the M.D. Sass Enhanced Equity Fund are included in a separate line item in the
Statement of Assets and Liabilities. Net realized and unrealized gain/loss
amounts are included in separate line items in the Statements of Operations for
these respective funds. See the Schedules of Investments for open options
contracts held by TAMRO Diversified Equity and M.D. Sass Enhanced Equity Funds
at October 31, 2009. There were no outstanding options purchased or written for
the New Century Absolute Return ETF Fund at October 31, 2009. The contract
volumes indicated within are indicative of activity for the year ended October
31, 2009.

(6) FORWARD FOREIGN CURRENCY CONTRACTS: In the normal course of pursuing their
investment objectives, certain Funds are subject to foreign investment and
currency risk. 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. As of October
31, 2009, there were no open forward foreign currency contracts.

(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 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

133

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - 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, 2009, the
following Funds had available realized capital losses to offset future net
capital gains through the fiscal year ended:

2010 2011 2012 2013 2014 2015 2016 2017 TOTAL
--------- --------- ------- ---- --------- -------- ----------- ----------- -----------

M&C Growth Fund ......... $ -- $ -- $ -- $-- $ -- $ -- $ -- $86,434,151 $86,434,151
Veredus Select
Growth Fund .......... -- -- -- -- -- -- 20,645,901 18,622,364 39,268,265
Growth Fund ............. -- -- -- -- -- -- 11,375,824 27,330,965 38,706,789
Optimum Large Cap
Opportunity Fund ..... -- -- -- -- -- 900,934 4,340,402 1,110,827 6,352,163
Value Fund .............. -- -- -- -- -- -- -- 29,923,488 29,923,488
TAMRO Diversified
Equity Fund .......... -- -- -- -- -- -- 323,950 1,119,889 1,443,839
River Road Dividend
All Cap Value Fund ... -- -- -- -- -- -- 3,845,894 6,959,803 10,805,697
Optimum Mid Cap Fund .... -- -- -- -- -- -- -- 409,568 409,568
M&C Mid Cap
Growth Fund .......... -- -- -- -- -- -- 343,633 413,601 757,234
Cardinal Mid Cap
Value Fund ........... -- -- -- -- -- -- 81,755 294,280 376,035
River Road Small-Mid
Cap Fund ............. -- -- -- -- -- 171,820 4,200,696 11,382,935 15,755,451
Veredus Aggressive
Growth Fund .......... -- -- -- -- -- -- 22,597,198 16,347,889 38,945,087
TAMRO Small Cap Fund .... -- -- -- -- -- -- 24,563,509 63,071,540 87,635,049
River Road Small Cap
Value Fund ........... -- -- -- -- -- -- 35,323,830 36,796,207 72,120,037
Neptune International
Fund ................. -- -- -- -- -- 7,221 732,365 2,673,800 3,413,386
Barings International
Fund ................. -- -- -- -- -- -- 1,923,797 966,034 2,889,831
New Century Absolute
Return ETF Fund ...... -- -- -- -- -- -- 454,248 2,031,844 2,486,092
M.D. Sass Enhanced
Equity Fund .......... -- -- -- -- -- -- -- 152,602 152,602
Fortis Real Estate
Fund .................. -- -- -- -- -- -- 12,378,561 11,228,100 23,606,661
M&C Balanced Fund ....... 4,092,594 2,978,228 -- -- -- -- -- 638,828 7,709,650
Balanced Fund ........... -- -- -- -- -- -- 455,967 2,088,044 2,544,011
TCH Fixed Income Fund ... 15,377 -- 139,950 -- 5,274,089 -- 2,654,917 1,270,779 9,355,112

For the year ended October 31, 2009, Growth Fund had $15,120,067 of capital
losses that expired.

For the year ended October 31, 2009, Dynamic Allocation Fund utilized $220,013
of capital losses expiring in 2016.

Management has analyzed the Fund's tax positions taken on federal income tax
returns for all open tax years (current and prior three tax years), and has
concluded that no provision for federal income tax is required in the Fund's
financial statements. The Fund's federal and state income and federal excise tax
returns for tax years for which the applicable statutes of limitations have not
expired are subject to examination by the Internal Revenue Service and state
departments of revenue.

(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.

(11) OFFERING COSTS: Certain costs were incurred in connection with the offering
of the following Funds as 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
- --- ----------------- --------------

Dynamic Allocation Fund January 10, 2008 $70,170
New Century Absolute Return ETF Fund March 4, 2008 83,557
M.D. Sass Enhanced Equity Fund January 15, 2008 60,391
Lake Partners LASSO Alternatives Fund April 1, 2009 75,292

134

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

(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) RECENT ACCOUNTING PRONOUNCEMENT: In June 2009, the Financial Accounting
Standards Board (FASB) established the FASB Accounting Standards
Codification(TM) (Codification) as the single source of authoritative accounting
principles recognized by the FASB in the preparation of financial statements in
conformity with U.S. generally accepted accounting principles (GAAP). The
Codification supersedes existing non-grandfathered, non SEC accounting and
reporting standards. The Codification did not change GAAP but rather organized
it into a hierarchy where all guidance within the Codification carries an equal
level of authority. The Codification became effective for financial statements
issued for interim and annual periods ending after Sept. 15, 2009. The
Codification did not have a material effect on the Fund's 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, M.D. Sass Enhanced
Equity 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, Dynamic Allocation 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 Diversified Equity 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 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 at that day's ending NAV for the respective Fund for those
shareholders who have elected the reinvestment option.

Differences in dividends per share between classes of M&C Growth Fund, Veredus
Select Growth Fund, Growth Fund, Value Fund, River Road Dividend All Cap Value
Fund, Optimum Mid Cap Fund, River Road Small-Mid Cap Fund, Veredus Aggressive
Growth Fund, TAMRO Small Cap Fund, River Road Small Cap Value Fund, Neptune
International Fund, Fortis Real Estate Fund, M&C Balanced Fund and TCH Fixed
Income Fund are due to different class expenses. Net investment income and
realized gains and losses for federal income tax purposes may differ from those
reported on the financial statements because of temporary and permanent book and
tax basis differences. Permanent differences, such as net operating losses,
nondeductible expenses, premium amortization, mark to market on Passive Foreign
Investment Companies and adjustment for Real Estate Investment Trusts, are
reclassified among capital accounts in the financial statements to reflect their
character. Temporary differences, such as deferrals on losses relating to wash
sales transactions and capital loss carryovers, arise when income, expenses,
gains or losses are recognized in different periods for financial statement and
tax purposes; these differences will reverse at some time in the future.

Permanent differences between book and tax basis reporting for the 2009 fiscal
year have been identified and appropriately reclassified as follows. These
reclassifications have no impact on net assets.

ACCUMULATED
UNDISTRIBUTED NET ACCUMULATED NET
INVESTMENT INCOME REALIZED GAIN (LOSS) PAID IN CAPITAL
----------------- -------------------- ---------------

M&C Growth Fund ................................. $ (6,432) $ 6,432 $ --
Veredus Select Growth Fund ...................... 21,533 -- (21,533)
Growth Fund ..................................... 11 15,120,056 (15,120,067)
Value Fund ...................................... (898) 898 --
TAMRO Diversified Equity Fund ................... 9,366 -- (9,366)
River Road Dividend All Cap Value Fund .......... (920,045) 911,969 8,076
Optimum Mid Cap Fund ............................ (748) 748 --
M&C Mid Cap Growth Fund ......................... (7,137) -- 7,137
Cardinal Mid Cap Value Fund ..................... (30,928) -- 30,928
Veredus Aggressive Growth Fund .................. 490,865 329,706 (820,571)
TAMRO Small Cap Fund ............................ 1,006,730 174,639 (1,181,369)
River Road Small Cap Value Fund ................. 7,354 (7,354) --
Neptune International Fund ...................... (82,084) 61,111 20,973
Barings International Fund ...................... (151,799) 152,036 (237)
Dynamic Allocation Fund. ........................ (22,624) (67) 22,691

135

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

ACCUMULATED
UNDISTRIBUTED NET ACCUMULATED NET
INVESTMENT INCOME REALIZED GAIN (LOSS) PAID IN CAPITAL
----------------- -------------------- ---------------

New Century Absolute Return ETF Fund ........... 6,960 -- (6,960)
M.D. Sass Enhanced Equity Fund .................. (4,317) 66 4,251
Lake Partners LASSO Alternatives Fund ........... 1,859 -- (1,859)
Fortis Real Estate Fund ........................ (25,434) 25,434 --
M&C Balanced Fund ............................... 141,176 (141,176) --
Balanced Fund ................................... 127,143 (127,143) --
TCH Fixed Income Fund ........................... (56,885) 56,885 --

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 2009 and
2008 was as follows:

DISTRIBUTIONS PAID IN 2009 DISTRIBUTIONS PAID IN 2008
------------------------------- -------------------------------------------
LONG-TERM LONG-TERM RETURN OF
ORDINARY INCOME CAPITAL GAINS ORDINARY INCOME CAPITAL GAINS CAPITAL
--------------- ------------- --------------- ------------- ---------

M&C Growth Fund ............................... $6,282,502 $43,115,588 $40,646,846 $227,599,180 $ --
Veredus Select Growth Fund .................... -- -- 6,651,877 1,462,356 --
Growth Fund ................................... 846,488 -- 9,845,290 90,452,517 --
Optimum Large Cap Opportunity Fund ............ -- -- 26,900 -- --
Value Fund .................................... 4,238,721 26,989,113 7,735,979 35,024,643 --
TAMRO Diversified Equity Fund ................. 38,534 -- 252,035 976,804 --
River Road Dividend All Cap Value Fund ........ 2,632,122 -- 2,532,551 495,595 24,198
Optimum Mid Cap Fund .......................... 5,276,291 10,425,693 8,375,773 56,595,670 --
Cardinal Mid Cap Value Fund ................... 8,532 -- -- -- --
River Road Small-Mid Cap Fund ................. 268,642 -- 58,969 -- --
Veredus Aggressive Growth Fund ................ 329,706 -- 22,230,291 31,954,642 --
TAMRO Small Cap Fund .......................... 343,822 -- 2,106 17,214,592 --
River Road Small Cap Value Fund ............... 584,344 -- 10,151,344 1,306,132 --
Neptune International Fund .................... 65,622 -- 28,222 -- --
Barings International Fund .................... 4,815 -- -- -- --
Dynamic Allocation Fund ....................... 187,961 -- 37,610 -- --
New Century Absolute Return ETF Fund .......... 121,220 -- -- -- --
M.D. Sass Enhanced Equity Fund ................ 1,297,601 -- 210,633 -- --
Fortis Real Estate Fund ....................... 977,351 -- 3,500,548 19,703,911 --
M&C Balanced Fund ............................. 266,425 -- 243,807 -- --
Balanced Fund ................................. 255,328 -- 798,522 5,591,012 --
TCH Fixed Income Fund ......................... 3,716,858 -- 4,498,684 -- --

As of October 31, 2009, the most recent tax year end, the components of
distributable earnings on a tax basis were as follows:

UNREALIZED
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED APPRECIATION/
CARRYFORWARD ORDINARY INCOME LONG-TERM GAIN DEPRECIATION TOTAL
------------- --------------- -------------- ------------- -------------

M&C Growth Fund ........................... $(86,434,151) $7,373,003 $ -- $245,084,850 $166,023,702
Veredus Select Growth Fund ................ (39,268,265) -- -- 4,985,278 (34,282,987)
Growth Fund ............................... (38,706,789) 767,143 -- 4,042,025 (33,897,621)
Optimum Large Cap Opportunity Fund ........ (6,352,163) 8,948 -- 120,931 (6,222,284)
Value Fund ................................ (29,923,488) 263,036 -- (13,151,691) (42,812,143)
TAMRO Diversified Equity Fund ............. (1,443,839) -- -- 1,346,316 (97,523)
River Road Dividend All Cap Value Fund .... (10,805,697) 45,315 -- 12,605,656 1,845,274
Optimum Mid Cap Fund ...................... (409,568) 130,625 -- 18,988,409 18,709,466
M&C Mid Cap Growth Fund ................... (757,234) -- -- 58,723 (698,511)
Cardinal Mid Cap Value Fund ............... (376,035) 904 -- 46,089 (329,042)
River Road Small-Mid Cap Fund ............. (15,755,451) 174,467 -- 10,344,513 (5,236,471)
Veredus Aggressive Growth Fund ............ (38,945,087) -- -- 4,263,314 (34,681,773)
TAMRO Small Cap Fund ...................... (87,635,049) -- -- 64,097,990 (23,537,059)
River Road Small Cap Value Fund ........... (72,120,037) 373,360 -- 21,226,315 (50,520,362)
Neptune International Fund ................ (3,413,386) 84,460 -- (283,253) (3,612,179)
Barings International Fund ................ (2,889,831) 114,467 -- 3,454,634 679,270
Dynamic Allocation Fund. .................. -- 2,906,655 2,690 77,118 2,986,463
New Century Absolute Return ETF Fund ..... (2,486,092) 23,030 -- 1,154,932 (1,308,130)
M.D. Sass Enhanced Equity Fund ............ (152,602) 12,570 -- (2,154,887) (2,294,919)
Lake Partners LASSO Alternatives Fund ..... -- 36,162 -- 55,726 91,888
Fortis Real Estate Fund. .................. (23,606,661) 341,013 -- (3,410,037) (26,675,685)
M&C Balanced Fund ......................... (7,709,650) 20,096 -- 471,158 (7,218,396)
Balanced Fund ............................. (2,544,011) 18,136 -- 1,152,556 (1,373,319)
TCH Fixed Income Fund ..................... (9,355,112) 35,529 -- 3,675,147 (5,644,436)

136

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - 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:

YEAR ENDED OCTOBER 31, 2009

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ......................... 48,040,340 1,199,349 (20,046,221) 29,193,468
Veredus Select Growth Fund .............. 1,512,578 -- (1,440,827) 71,751
Growth Fund ............................. 357,628 11,664 (1,646,645) (1,277,353)
Optimum Large Cap Opportunity Fund ...... 259,201 -- (254,514) 4,687
Value Fund .............................. 665,155 404,427 (815,629) 253,953
TAMRO Diversified Equity Fund ........... 249,737 5,047 (202,928) 51,856
River Road Dividend All Cap Value Fund .. 8,295,005 214,554 (5,079,305) 3,430,254
Optimum Mid Cap Fund .................... 17,386,101 815,658 (10,657,995) 7,543,764
M&C Mid Cap Growth Fund ................. 135,121 -- (12,022) 123,099
Cardinal Mid Cap Value Fund ............. 4,306 304 (2,494) 2,116
River Road Small-Mid Cap Fund ........... 6,490,418 12,419 (4,828,043) 1,674,794
Veredus Aggressive Growth Fund .......... 454,822 32,389 (2,054,933) (1,567,722)
TAMRO Small Cap Fund .................... 9,706,815 -- (4,973,779) 4,733,036
River Road Small Cap Value Fund ......... 11,903,620 15,233 (7,995,851) 3,923,002
Neptune International Fund .............. 13,561 188 (10,793) 2,956
Dynamic Allocation Fund ................. 4,399,038 22,707 (882,794) 3,538,951
New Century Absolute Return ETF Fund .... 1,448,508 11,710 (1,060,767) 399,451
M.D. Sass Enhanced Equity Fund .......... 1,054,061 128,775 (329,897) 852,939
Fortis Real Estate Fund ................. 97,559 34,728 (428,785) (296,498)
M&C Balanced Fund ....................... 155,060 11,210 (386,570) (220,300)
Balanced Fund ........................... 183,485 52,051 (859,883) (624,347)
TCH Fixed Income Fund ................... 1,014,253 245,161 (1,539,488) (280,074)

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS I SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ......................... 28,477,512 1,533,976 (12,374,492) 17,636,996
Veredus Select Growth Fund .............. 1,380,104 -- (1,435,848) (55,744)
Growth Fund ............................. 17,758 69,971 (116,363) (28,634)
Value Fund .............................. -- 3,924,472 -- 3,924,472
River Road Dividend All Cap Value Fund .. 9,063,675 65,666 (144,477) 8,984,864
Optimum Mid Cap Fund .................... 3,738,606 176,622 (2,685,047) 1,230,181
River Road Small-Mid Cap Fund ........... 14,234,102 22,086 (4,387,141) 9,869,047
Veredus Aggressive Growth Fund .......... 56,619 11,803 (565,793) (497,371)
TAMRO Small Cap Fund .................... 25,690,278 16,172 (8,312,294) 17,394,156
River Road Small Cap Value Fund ......... 20,421,198 42,274 (5,163,576) 15,299,896
Neptune International Fund .............. 5,814 1,179 (1,269,615) (1,262,622)
Barings International Fund .............. 3,866,972 391 (563,522) 3,303,841
Lake Partners LASSO Alternatives Fund ... 189,107 -- (23,660) 165,447
Fortis Real Estate Fund ................. -- 172,999 (202,737) (29,738)
M&C Balanced Fund ....................... 7,445 1,055 (2,525) 5,975
TCH Fixed Income Fund ................... 241,798 130,810 (1,359,167) (986,559)

(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 ......................... 224,401 542 (53,875) 171,068
Growth Fund ............................. 2,955 21 (7,764) (4,788)

137

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

YEAR ENDED OCTOBER 31, 2008

PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE) IN
CLASS N SOLD OF DISTRIBUTIONS REDEEMED SHARES OUTSTANDING
- ------- ---------- ---------------- ----------- ------------------

M&C Growth Fund ......................... 14,677,614 3,514,388 (10,293,943) 7,898,059
Veredus Select Growth Fund .............. 1,689,953 541,855 (984,250) 1,247,558
Growth Fund ............................. 771,373 2,263,248 (4,977,106) (1,942,485)
Optimum Large Cap Opportunity Fund ...... 361,985 2,154 (3,051,046) (2,686,907)
Value Fund .............................. 2,253,400 932,494 (9,395,263) (6,209,369)
TAMRO Diversified Equity 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
Dynamic Allocation 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
M.D. Sass Enhanced Equity 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.

(d) New Century Absolute Return ETF Fund commenced investment operations on
March 4, 2008.

(e) M.D. Sass Enhanced Equity 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

138

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the year ended
October 31, 2009 were as follows:

AGGREGATE PURCHASES PROCEEDS FROM SALES
-------------------------------- ------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- -------------- --------------- ------------

M&C Growth Fund (1) ..................... $ -- $1,328,664,190 $ -- $625,267,546
Veredus Select Growth Fund .............. -- 244,222,375 -- 244,345,797
Growth Fund ............................. -- 67,884,897 -- 81,596,017
Optimum Large Cap Opportunity Fund ...... -- 2,574,399 -- 2,716,285
Value Fund .............................. -- 81,816,612 -- 78,099,348
TAMRO Diversified Equity Fund ........... -- 7,744,344 -- 7,339,836
River Road Dividend All Cap Value Fund .. -- 138,235,071 -- 47,821,100
Optimum Mid Cap Fund .................... -- 292,210,853 -- 121,450,821
M&C Mid Cap Growth Fund ................. -- 1,865,260 -- 1,173,767
Cardinal Mid Cap Value Fund ............. -- 523,539 -- 510,513
River Road Small-Mid Cap Fund ........... -- 144,879,425 -- 68,976,310
Veredus Aggressive Growth Fund .......... -- 119,217,708 -- 133,810,631
TAMRO Small Cap Fund .................... -- 757,530,649 -- 469,372,642
River Road Small Cap Value Fund ......... -- 287,177,967 -- 124,826,106
Neptune International Fund .............. -- 3,149,540 -- 11,628,941
Barings International Fund .............. -- 35,069,159 -- 17,967,929
Dynamic Allocation Fund ................. -- 110,315,067 -- 80,162,233
New Century Absolute Return ETF Fund .... -- 40,419,226 -- 37,530,929
M.D. Sass Enhanced Equity Fund .......... -- 14,508,573 -- 8,818,550
Lake Partners LASSO Alternatives Fund ... -- 2,374,891 -- 676,158
Fortis Real Estate Fund ................. -- 30,896,931 -- 31,297,970
M&C Balanced Fund ....................... 541,099 6,042,392 1,692,122 8,410,094
Balanced Fund ........................... 332,337 6,459,633 1,735,097 9,137,904
TCH Fixed Income Fund ................... 6,390,080 19,538,043 14,616,362 17,330,715

(1) The M&C Growth Fund had a subscription-in-kind on April 1, 2009 which
resulted in transactions into the fund of $1,154,244, which is comprised of
securities, cash and dividends accrued in the amounts of $1,148,094,
$5,186, and $964, respectively. These securities are excluded from the
aggregate purchase above.

NOTE (F) REDEMPTION FEES: In accordance with the prospectuses, certain Funds
assessed a 2% redemption fee on fund share redemptions and exchanges within
specified time periods, as indicated in the following table for the year ended
October 31, 2009 and included in the Cost of Shares redeemed on the Statements
of Changes in Net Assets:

FUND NAME TIME PERIOD AMOUNT
- --------- ----------------- ------

Fortis Real Estate Fund 2% Within 90 Days $3,667
Neptune International Fund 2% Within 90 Days 56

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 rates 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 covering the period during which the approval
occurred.

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.

139

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

The Expense Limitation Agreements are effective through February 28, 2010,
except as noted below. The advisory rates and contractual expense limitations
for the year ended October 31, 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 (a)..................................... 0.70% N/A N/A
Optimum Large Cap Opportunity Fund (b).............. 0.80% 1.22%(c) N/A
Value Fund (d)...................................... 0.80% N/A N/A
TAMRO Diversified Equity Fund....................... 0.80% 1.20% N/A
River Road Dividend All Cap Value Fund.............. 0.70% 1.30% 1.05%
Optimum Mid Cap Fund (e)............................ 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%(c) N/A
Cardinal Mid Cap Value Fund......................... 0.90% 1.40%(c) N/A
River Road Small-Mid Cap Fund....................... 1.00% 1.50%(c) 1.25%(c)
Veredus Aggressive Growth Fund...................... 1.00% 1.49% 1.24%
TAMRO Small Cap Fund (f)............................ 0.90% N/A N/A
River Road Small Cap Value Fund (g)................. 0.90% N/A N/A
Neptune International Fund (h)...................... 1.00% 1.27%(c) 1.02%(c)
Barings International Fund (i)...................... 1.00% N/A 1.25%(c)
Dynamic Allocation Fund............................. 0.80% 1.30%(c) N/A
New Century Absolute Return ETF Fund (j)............ 1.00% 1.50%(c) N/A
M.D. Sass Enhanced Equity Fund (k).................. 0.70% 1.40%(c) N/A
Lake Partners LASSO Alternatives Fund............... 1.00% N/A 1.35%(c)*
Fortis Real Estate Fund............................. 1.00% 1.37% 1.12%
M&C Balanced Fund (l)............................... 0.75% N/A N/A
Balanced Fund (m)................................... 0.70% N/A N/A
TCH Fixed Income Fund............................... 0.55% 0.74% 0.49%

(a) Aston voluntarily waived 0.01% of its advisory fees for the Growth Fund
through October 31, 2009.

(b) The contractual and voluntary expense limitations prior to March 1, 2009
were 1.40% and 1.10% respectively 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.

(c) Aston and the Fund have entered into a contractual expense reimbursement
agreement which states for a period of three years subsequent to the
commencement of operations of the Fund the Adviser is entitled to be
reimbursed by the Fund for previously waived fees and reimbursed expenses
to the extent that the Fund's expense ratio (not including acquired fund
fees and expenses) remains below the operating expense cap after such
reimbursement.

(d) Effective 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.

(e) 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.

(f) 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.

(g) 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.

(h) 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.

(i) 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.

(j) 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 reduced its advisory fee to 0.15% for the 2009 calendar year.
Additionally, Aston voluntarily waived 0.14% of its advisory fees for the
New Century Absolute Return ETF Fund for the 10 month period ended October
31, 2009.

(k) Effective June 1, 2009, the contractual expense limitation for the M.D.
Sass Enhanced Equity Fund was increased from 1.10% to 1.40% due to a change
in the Sub-Adviser.

(l) 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.

(m) 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.

140

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

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, Dynamic
Allocation Fund-Class N, New Century Absolute Return ETF Fund-Class N, M.D. Sass
Enhanced Equity 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 Fund's 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 October 31, 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 $ 68,339
M&C Mid Cap Growth Fund N/A 98,808 79,648
Cardinal Mid Cap Value Fund N/A 103,064 77,563
River Road Small-Mid Cap Fund -- 41,111 --
Neptune International Fund 48,302 181,699 118,000
Barings International Fund N/A 174,288 139,755
Dynamic Allocation Fund N/A 105,329 89,827
New Century Absolute Return ETF Fund N/A 97,083 26,954
M.D. Sass Enhanced Equity Fund N/A 127,941 143,213
Lake Partners LASSO Alternatives Fund (1) N/A N/A 94,071
-------- ---------- --------
TOTALS $187,894 $1,049,206 $837,370
======== ========== ========

(1) The Fund commenced operations in the current fiscal year.

For the year ended October 31, 2009, the Adviser was reimbursed $102,394 by the
River Road Small-Mid Cap Fund. No other Fund in the above table reimbursed the
Adviser during the period.

During the year ended October 31, 2009, the respective Sub-adviser reimbursed
the following Funds for losses incurred on transactions not meeting the Funds'
investment guidelines:

PAYMENT BY
AFFILIATE
----------

Growth Fund $ 11
Neptune International Fund 13
Barings International Fund 10,678
Dynamic Allocation Fund 67

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 Diversified Equity Fund TAMRO Capital Partners LLC
River Road Dividend All Cap
Value Fund River Road Asset Management, LLC

FUND SUB-ADVISER
- ---- -------------------------------------------

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 Baring International Investment Limited
Dynamic Allocation Fund Smart Portfolios, LLC
New Century Absolute
Return ETF Fund New Century Capital Management, LLC
M.D. Sass Enhanced Equity
Fund M.D. Sass Investors Services, Inc.(3)
Lake Partners LASSO
Alternatives Fund Lake Partners, Inc.
Fortis Real Estate Fund Fortis Investment Management USA, Inc.(4)
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 June 1, 2009, M.D. Sass Investor Services, Inc. became the
subadviser to the Fund. Prior to June 1, 2009, MB Investment Partners, Inc.
was the subadviser.

(4) 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 covering the
period in which such approval occurred.

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.

141

Aston Funds
OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

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 October 31, 2009, the Aston Balanced Fund and the
TAMRO Diversified Equity Fund did not charge 12b-1 fees under the Class N Shares
Plan. From May 1, 2009 to October 31, 2009 and from July 1, 2009 to October 31,
2009, TCH Fixed Income Fund and M&C Balanced Fund, respectfully, 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
adviser 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 adviser 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 adviser, sub-advisers or their affiliates receives any compensation
from the Funds for acting as a Trustee of the Trust. The officers of the Trust
receive no compensation directly from the Funds for performing the duties of
their offices, except that the Funds compensate the Administrator for providing
an officer to serve as the Funds' Chief Compliance Officer. The aggregate
remuneration paid to the Trustees during the year ended October 31, 2009 was
$365,500.

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. The Veredus Aggressive Growth Fund utilized the line of credit
during the period April 28, 2009 to October 31, 2009. The average daily loan
balance outstanding on the days where borrowing existed was $2,105,100, the
weighted average interest rate was 2.68% and the interest expense, which is
included on the Statement of Operations was $627. No other Fund utilized the
line of credit during the same period.

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. The Optimum Mid Cap Fund
utilized the line of credit during the period November 1, 2008 to April 28,
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 period November 1, 2008 to
April 28, 2009. The Credit Agreement with The Bank of Nova Scotia was terminated
on April 29, 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 October 31, 2009, the Veredus Aggressive Growth Fund had not utilized
ReFlow.

NOTE (J) LIQUIDATIONS: Aston/ClariVest Mid Cap Growth Fund and Aston/SGA
International Small-Mid Cap Fund were terminated and liquidated on January 29,
2009. Aston/Fortis Global Real Estate Fund was terminated and liquidated on July
30, 2009.

NOTE (K) SUBSEQUENT EVENTS: Management has evaluated the impact of all
subsequent events on the Funds through December 29, 2009, the date the financial
statements were issued, and has determined that there were subsequent events as
follows:

The Trust filed a Post Effective Amendment to its Registration Statement on
October 5, 2009, for the purpose of adding a new series to the Trust,
Aston/Fasciano Small Cap Fund. This new Fund is expected to commence operations
on or about December 21, 2009.

Aston Asset Management LLC ("Aston"), the investment adviser for each Fund, is a
wholly-owned subsidiary of Highbury Financial Inc. ("Highbury"). On December 14,
2009, Highbury entered into a definitive merger agreement with Affiliated
Managers Group, Inc. ("AMG") and its wholly-owned subsidiary, Manor LLC ("Merger
Sub"), pursuant to which the parties agreed to merge Highbury with and into
Merger Sub, resulting

142

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OCTOBER 31, 2009
NOTES TO FINANCIAL STATEMENTS - CONTINUED

in AMG's acquisition of Highbury (the "Transaction"). Upon completion of the
Transaction, Aston will be converted to a Delaware limited partnership and
change its name to "Aston Asset Management, LP." AMG will own a majority equity
interest in Aston, and certain members of senior management and key employees of
Aston will retain an equity interest in Aston. Upon the closing of the
Transaction, Aston expects to have substantially the same personnel with
substantially the same responsibilities as before, with no change in its
day-to-day operations, or the services provided to its clients.

As required by the Investment Company Act of 1940, as amended (the "1940 Act"),
the Investment Advisory Agreement for each Fund provides for its automatic
termination in the event of its assignment as defined in the 1940 Act. The
Transaction will result in an "assignment" and termination of the Investment
Advisory Agreement for each Fund, which will cause the termination of each
Sub-Investment Advisory Agreement then in effect with respect to each Fund. At
an in person meeting on December 6, 2009, the Board of Trustees considered a
number of proposals in connection with the Transaction. At that meeting, the
Board of Trustees, approved a new Investment Advisory Agreement with Aston Asset
Management, LP with respect to each Fund and new Sub-Investment Advisory
Agreement(s) between Aston Asset Management, LP and the applicable subadviser(s)
with respect to each Fund to take effect upon the termination of the current
agreements. The Board of Trustees also approved an amendment to the By Laws of
the Trust to increase the mandatory retirement age of trustees; and nominated
ten trustees to stand for election to the Board, contingent upon the completion
of the Transaction.

Shareholder approval of the new Sub-Investment Advisory Agreements is not
required pursuant to a "manager-of-managers" exemptive order obtained by the
Trust and Aston Asset Management LLC. Shareholder approval will be sought with
respect to the election of new trustees, the amendment to the By-Laws and the
new Investment Advisory Agreement. Shareholders of each Fund will receive a
proxy statement in the first quarter of 2009, which will describe these
proposals in more detail. If a new Investment Advisory Agreement is approved by
shareholders of substantially all of the Funds and certain other closing
conditions of the Transaction are satisfied or waived, the new Investment
Advisory Agreements and Sub-Investment Advisory Agreements will become effective
as of the closing date of the Transaction. If the Transaction does not close,
the current agreements will remain in full force and effect. It is anticipated
that the Transaction will close in the second quarter of 2010.

At an in-person meeting of the Board of Trustees on December 6, 2009, the Board
of Trustees voted in favor of recommending that shareholders approve two
separate reorganizations (each a "Reorganization") that would (a) reorganize the
Balanced Fund into the M&C Balanced Fund and (b) reorganize the Growth Fund into
the M&C Growth Fund. Shareholders of the Balanced Fund and the Growth Fund will
receive a proxy statement in the first quarter of 2009, which will describe
these proposals in more detail. If shareholder approval is obtained, the
Reorganizations are expected to occur in the second quarter of 2010.

The Trust anticipates offering Class I shares of the M.D. Sass Enhanced Equity
Fund to the public on or about March 1, 2010. The Trust also anticipates
offering Class N shares of the Barings International Fund and Lake Partners
LASSO Alternatives Fund to the public on or about March 1, 2010.

143

Aston Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Aston Funds

We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of the Aston/Montag & Caldwell Growth Fund,
Aston/Veredus Select Growth Fund, Aston Growth Fund, Aston/Optimum Large Cap
Opportunity Fund, Aston Value Fund, Aston/TAMRO Diversified Equity Fund,
Aston/River Road Dividend All Cap Value Fund, Aston/Optimum Mid Cap Fund,
Aston/Montag & Caldwell Mid Cap Growth Fund, Aston/Cardinal Mid Cap Value Fund,
Aston/River Road Small-Mid Cap Fund, Aston/Veredus Aggressive Growth Fund,
Aston/TAMRO Small Cap Fund, Aston/River Road Small Cap Value Fund, Aston/Neptune
International Fund, Aston/Barings International Fund, Aston Dynamic Allocation
Fund, Aston/New Century Absolute Return ETF Fund, Aston/M.D. Sass Enhanced
Equity Fund, Aston/Lake Partners LASSO Alternatives Fund, Aston/Fortis Real
Estate Fund, Aston/Montag & Caldwell Balanced Fund, Aston Balanced Fund, and
Aston/TCH Fixed Income Fund (the "Funds") (twenty-four of the portfolios
constituting the Aston Funds (the "Trust")) as of October 31, 2009, and the
related statements of operations, statements of changes in net assets, and
financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
We were not engaged to perform an audit of the Trust's internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of October 31, 2009, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the above mentioned portfolios of the Funds at October 31, 2009, the results
of their operations, changes in their net assets, and financial highlights for
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.

(ERNST & YOUNG LLP)

Chicago, Illinois
December 29, 2009

144

Aston Funds
OCTOBER 31, 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 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.

TAX INFORMATION: In accordance with Federal tax law, the following Funds hereby
make the designations indicated below regarding their fiscal year ended October
31, 2009:

The following are the estimated percentages of the income dividends qualifying
for the dividends received deduction available to corporations:

FUND PERCENTAGE
- --- ----------

M&C Growth Fund 100.00%
Growth Fund 100.00%
Value Fund 100.00%
TAMRO Diversified Equity Fund 100.00%
River Road Dividend All Cap Value Fund 100.00%
Optimum Mid Cap Fund 100.00%
Cardinal Mid Cap Value Fund 100.00%
River Road Small-Mid Cap Fund 100.00%
TAMRO Small Cap Fund 100.00%
River Road Small Cap Value Fund 100.00%
Neptune International Fund 100.00%
Barings International Fund 100.00%
Dynamic Allocation Fund 100.00%
New Century Absolute Return ETF Fund 100.00%
M.D. Sass Enhanced Equity Fund 100.00%
Fortis Real Estate Fund 100.00%
M&C Balanced Fund 100.00%
Balanced Fund 100.00%

Each Fund designates 100%, or if subsequently different, of ordinary income
dividends ("QDI") to qualify for the lower tax rates applicable to individual
shareholders; and 100%, or if subsequently different, of ordinary income
dividends to qualify for the dividends received deduction ("DRD") for corporate
shareholders. The actual percentage of QDI and DRD for the calendar year will be
designated in year-end tax statements.

For the fiscal year ended October 31, 2009, certain dividends paid by the Funds
may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth
Tax Relief Reconciliation Act of 2003. Of the distributions made by the
following Funds, the corresponding percentages represent the amount of each
distribution which may qualify for the 15% dividend income tax rate.

FUND PERCENTAGE
- --- ----------

M&C Growth Fund 100.00%
Growth Fund 100.00%
Optimum Large Cap Opportunity Fund 100.00%
Value Fund 100.00%
River Road Dividend All Cap Value Fund 100.00%
Optimum Mid Cap Fund 100.00%
Cardinal Mid Cap Value Fund 100.00%
River Road Small-Mid Cap Fund 100.00%
River Road Small Cap Value Fund 100.00%
Neptune International Fund 100.00%
Barings International Fund 100.00%
Dynamic Allocation Fund 100.00%
New Century Absolute Return ETF Fund 100.00%
M.D. Sass Enhanced Equity Fund 24.52%
Lake Partners LASSO Alternatives Fund 100.00%
Fortis Real Estate Fund 4.32%
M&C Balanced Fund 66.66%
Balanced Fund 69.86%

Shareholders should not use the above tax information to prepare their tax
returns. The information will be included with your Form 1099 DIV which will be
sent to you separately in January 2010.

FACTORS CONSIDERED BY THE BOARD OF TRUSTEES IN APPROVING THE INVESTMENT ADVISORY
AGREEMENT WITH ASTON ASSET MANAGEMENT WITH RESPECT TO ASTON/M.D. SASS ENHANCED
EQUITY FUND.

The Board of Trustees (the "Board") of the Aston Funds (the "Trust") approved a
Sub-Investment Advisory Agreement (the "Sub-Investment Advisory Agreement")
between Aston Asset Management LLC ("Adviser" or "Aston") and M.D. Sass
Investors Services, Inc. ("Subadviser" or "M.D. Sass") with respect to the
Aston/M.D. Sass Enhanced Equity Fund (f/k/a Aston/MB Enhanced Equity Income
Fund) at an in-person meeting on June 1, 2009. The Board considered information
provided, and discussions held, at the June 1st meeting by Aston and M.D. Sass.

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, including the Independent Trustees, in connection with its
approval of the Sub-Investment Advisory Agreement were the following:

145

Aston Funds
OCTOBER 31, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

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 Fund and the
resources made available to such personnel. The Board considered that a
portfolio manager of the Fund had joined M.D. Sass, which would result in
continuity of the investment strategy. 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 Fund. The Board considered that the subadvisory
fee rates were negotiated at arm's length between Aston and the Subadviser, an
unaffiliated third party, and that Aston will compensate the Subadviser from its
fees. As part of its review of the investment advisory agreement with Aston, the
Board considered whether there will be economies of scale with respect to the
overall fee structure of the Fund and whether the 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 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 Fund. No single factor was
determinative in the Board's analysis.

DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.

This table illustrates each Fund's costs in two ways:

ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period. You may use the information here, together with your
account value, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number given for your
Fund in the first line under the heading entitled "Expenses Paid During Period."

HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.

146

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OCTOBER 31, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/09 10/31/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

M&C GROWTH FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,162.70 1.09% $5.94
Class I ............................... 1,000 1,164.40 0.84% 4.58
Class R ............................... 1,000 1,162.00 1.34% 7.30
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.71 1.09% $5.55
Class I ............................... 1,000 1,020.97 0.84% 4.28
Class R ............................... 1,000 1,018.45 1.34% 6.82
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,125.30 1.30% $6.96
Class I ............................... 1,000 1,128.10 1.05% 5.63
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.65 1.30% $6.61
Class I ............................... 1,000 1,019.91 1.05% 5.35
GROWTH FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,169.00 1.08% $5.90
Class I ............................... 1,000 1,170.60 0.83% 4.54
Class R ............................... 1,000 1,167.80 1.33% 7.27
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.76 1.08% $5.50
Class I ............................... 1,000 1,021.02 0.83% 4.23
Class R ............................... 1,000 1,018.50 1.33% 6.77
OPTIMUM LARGE CAP OPPORTUNITY FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,172.10 1.22% $6.68
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.06 1.22% $6.21
VALUE FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,180.10 1.07% $5.88
Class I ............................... 1,000 1,181.50 0.82% 4.51
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.81 1.07% $5.45
Class I ............................... 1,000 1,021.07 0.82% 4.18
TAMRO DIVERSIFIED EQUITY FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,161.30 1.20% $6.54
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.16 1.20% $6.11
RIVER ROAD DIVIDEND ALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,157.40 1.19% $6.47
Class I ............................... 1,000 1,157.60 0.95% 5.17
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.21 1.19% $6.06
Class I ............................... 1,000 1,020.42 0.95% 4.84
OPTIMUM MID CAP FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,305.60 1.14% $6.62
Class I ............................... 1,000 1,306.80 0.89% 5.17
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.46 1.14% $5.80
Class I ............................... 1,000 1,020.72 0.89% 4.53

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/09 10/31/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

M&C MID CAP GROWTH FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,163.60 1.40% $7.63
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.15 1.40% $7.12
CARDINAL MID CAP VALUE FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,147.20 1.40% $7.58
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.15 1.40% $7.12
RIVER ROAD SMALL-MID CAP FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,111.00 1.50% $7.98
Class I ............................... 1,000 1,112.20 1.25% 6.65
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,017.64 1.50% $7.63
Class I ............................... 1,000 1,018.90 1.25% 6.36
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,160.40 1.49% $8.11
Class I ............................... 1,000 1,162.10 1.24% 6.76
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,017.69 1.49% $7.58
Class I ............................... 1,000 1,018.95 1.24% 6.31
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,113.00 1.38% $7.35
Class I ............................... 1,000 1,114.00 1.13% 6.02
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.25 1.38% $7.02
Class I ............................... 1,000 1,019.51 1.13% 5.75
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,135.60 1.39% $7.48
Class I ............................... 1,000 1,137.80 1.14% 6.14
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.20 1.39% $7.07
Class I ............................... 1,000 1,019.46 1.14% 5.80
NEPTUNE INTERNATIONAL FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,254.90 1.27% $5.34
Class I ............................... $1,000 1,254.90 1.02% 5.80
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.80 1.27% $4.78
Class I ............................... $1,000 1,020.06 1.02% 5.19
BARINGS INTERNATIONAL FUND
ACTUAL FUND RETURN
Class I ............................... $1,000 $1,250.00 1.15% $6.52
HYPOTHETICAL 5% RETURN
Class I ............................... $1,000 $1,019.41 1.15% $5.85
DYNAMIC ALLOCATION FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,125.20 1.30% $6.96
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.65 1.30% $6.61
NEW CENTURY ABSOLUTE RETURN ETF FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,142.70 0.99% $5.35
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,020.21 0.99% $5.04

147

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OCTOBER 31, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
05/01/09 10/31/09 RATIO(1) PERIOD(2)
--------- --------- -------- -----------

M.D. SASS ENHANCED EQUITY FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,166.30 1.36% $7.43
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.35 1.36% $6.92
LAKE PARTNERS LASSO ALTERNATIVES FUND
ACTUAL FUND RETURN
Class I ............................... $1,000 $1,098.50 1.35% $7.14
HYPOTHETICAL 5% RETURN
Class I ............................... $1,000 $1,018.40 1.35% $6.87
FORTIS REAL ESTATE FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,251.60 1.37% $7.78
Class I ............................... 1,000 1,253.30 1.12% 6.36
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.30 1.37% $6.97
Class I ............................... 1,000 1,019.56 1.12% 5.70
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,116.90 1.18% $6.30
Class I ............................... 1,000 1,117.40 1.10% 5.87
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,019.26 1.18% $6.01
Class I ............................... 1,000 1,019.66 1.10% 5.60
BALANCED FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,142.80 1.43% $7.72
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,018.00 1.43% $7.27
TCH FIXED INCOME FUND
ACTUAL FUND RETURN
Class N ............................... $1,000 $1,137.80 0.49% $2.64
Class I ............................... 1,000 1,137.90 0.49% 2.64
HYPOTHETICAL 5% RETURN
Class N ............................... $1,000 $1,022.74 0.49% $2.50
Class I ............................... 1,000 1,022.74 0.49% 2.50

(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.

148

Aston Funds
OCTOBER 31, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

TRUSTEES AND OFFICERS OF THE TRUST

Under Delaware law, the business and affairs of the Trust are managed under the
direction of the Board of Trustees. Information pertaining to the Trustees and
Executive Officers of the Trust is set forth below. The term "officer" means the
president, vice president, secretary, treasurer, controller or any other officer
who performs a policy making function.

NUMBER OF
PORTFOLIOS
TERM OF IN FUND
OFFICE (2) AND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE(1) AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED (1) DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------- --------------- ----------------------------------------- ----------- ------------------------------

DISINTERESTED TRUSTEES

Leonard F. Amari 15 years Partner at the law offices of Amari & 24 President of the Board of
c/o Aston Funds Locallo, a practice with exclusive con- Trustees, John Marshall Law
120 N. LaSalle Street centration in real estate taxation and School
Chicago, IL 60602 related areas, since 1986; Special
Age: 67 Assistant Attorney General since 1986.
Trustee

Gregory T. Mutz 15 years CEO of AMLI Residential Properties Trust 24 Director of Alico, Inc.
c/o Aston Funds (a Multifamily REIT), a successor company (NASDAQ: ALCO) (agribusiness);
120 N. LaSalle Street to AMLI Realty Co. since 2004 and a Member of Board of Genesis
Chicago, IL 60602 wholly owned subsidiary of PRIME Property Financial Solutions (a
Age: 63 Fund, LLC, an institutional real estate privately-held company based
Lead Independent co-mingled fund managed by Morgan Stanley in Portland, Oregon provid-
Trustee Real Estate, Inc.; Vice Chairman of UICI ing debt recovery, consumer
(NYSE: UCI) (an insurance holding lending and credit card
company) from 2003-2004; President and services); a member of the
CEO of UICI from 1999-2003; Chairman of Board of WAN S.A., a
Academic Management Service Corp. (a residential real estate
student loans and finance company) from company headquartered in
2000-2003. Warsaw, Poland; a member of
the Board of Suknip
International Limited, a
residential real estate
company headquartered in St.
Petersburg, Russia.

Robert B. Scherer 10 years President of The Rockridge Group, Ltd 24 Director, Title Reinsurance
c/o Aston Funds (title insurance industry consulting ser- Company (insurance for title
120 N. LaSalle Street vices) since 1994. agents)
Chicago, IL 60602
Age: 68
Trustee

Denis Springer 10 years Retired. Senior Vice President and Chief 24 Director, Coleman Cable Inc.
c/o Aston Funds Financial Officer of Burlington Northern (wire and cable manufacturer)
120 N. LaSalle Street Santa Fe Corp. (railroad), 1995-1999. (NASDAQ: CCIX)
Chicago, IL 60602
Age: 63
Trustee

149

Aston Funds
OCTOBER 31, 2009
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED

NUMBER OF
PORTFOLIOS
TERM OF IN
OFFICE(2) FUND
AND COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE(1) AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED (1) DURING PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------- --------------- ----------------------------------------- ----------- -----------------------

INTERESTED TRUSTEE (3)

Stuart D. Bilton, CFA 15 years Chief Executive Officer, Aston Asset 24 Director, Baldwin & Lyons,
c/o Aston Funds Management LLC, since 2006; Director, Inc. (property and casualty
120 N. LaSalle Street Highbury Financial Inc. since August insurance firm); Director,
Chicago, IL 60602 2009; Vice Chairman of ABN AMRO Asset Highbury Financial, Inc.
Age: 63 Management Holdings, Inc. 2003-2006;
Chairman, Board of Trustees President and Chief Executive Officer of
ABN AMRO Asset Management Holdings, Inc.
from 2001-2003; President of Alleghany
Asset Management, Inc. from 1996-2001
(purchased by ABN AMRO in February 2001).

OFFICER(S) WHO ARE NOT TRUSTEES

Kenneth C. Anderson 15 years President, Aston Asset Management LLC, N/A Director, Highbury Financial,
c/o Aston Funds since 2006; Director, Highbury Financial Inc.
120 N. LaSalle Street Inc. since August 2009; President and
Chicago, IL 60602 Chief Executive Officer of ABN AMRO
Age: 45 Investment Fund Services, Inc. (formerly
President (Chief Executive known as Alleghany Investment Services,
Officer) Inc.) 1995-2006; Executive Vice President
of ABN AMRO Asset Management (USA) LLC
2001-2005; Director, ABN AMRO Trust
Services Company 2001-2005; Director,
TAMRO Capital Partners LLC and Veredus
Asset Management LLC 2001-2006; Officer
of the Trust since 1993; CPA.

Gerald F. Dillenburg 12 years Chief Compliance Officer and Chief N/A N/A
c/o Aston Funds Financial Officer, Aston Asset Management
120 N. LaSalle Street LLC, since 2006; Senior Managing Director
Chicago, IL 60602 ("SMD") of ABN AMRO Investment Fund
Age: 42 Services, Inc. (formerly known as
Senior Vice President, Alleghany Investment Services, Inc.)
Secretary and Treasurer 1996-2006; SMD of ABN AMRO Asset
(Chief Financial Officer, Management Holdings, Inc. and ABN AMRO
Chief Operating Officer and Asset Management, Inc. (formerly known
Chief Compliance Officer) as Chicago Capital Management, Inc.)
2001-2006; Operations manager and
compliance officer of ABN AMRO mutual
funds 1996-2006; CPA.

- ----------
(1) As of October 31, 2009.

(2) Trustees serve for an indefinite term until the earliest of: (i) removal by
two-thirds of the Board of Trustees or shareholders, (ii) resignation,
death or incapacity, (iii) the election and qualification of his successor,
in accordance with the By-Laws of the Trust or (iv) the last day of the
fiscal year in which he attains the age of 72 years. Officers serve for an
indefinite term until the earliest of: (i) removal by the Board of
Trustees, (ii) resignation, death or incapacity, or (iii) the election and
qualification of their successor, in accordance with the By-Laws of the
Trust.

(3) "Interested person" of the Trust as defined in the 1940 Act. Mr. Bilton is
considered an "interested person" because of affiliations with Aston Asset
Management LLC and related entities, which act as the Funds' investment
adviser.

150

Aston Funds

ADVISER

Aston Asset Management LLC
120 N. LaSalle Street, 25th Floor
Chicago, IL 60602

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

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 LLC
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
Willis 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.

151

This page intentionally left blank.

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 FUNDS LOGO)

Aston Funds
P.O. Box 9765
Providence, RI 02940

ATN NIRAN 09

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report,
has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, that relates to one or
more of the items set forth in paragraph (b) of this item's
instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that Robert B. Scherer is
qualified to serve as the registrant's audit committee financial expert and that
he is "independent," as defined by the Securities and Exchange Commission.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES
- ----------

(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years are
$364,700 for 2009 and $459,500 for 2008.

AUDIT-RELATED FEES
- ------------------

(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of this
Item are $22,000 for 2009 and $40,500 for 2008. Such fees were related
to agreed upon procedures for the April 30, 2009 and April 30, 2008
unaudited semi-annual reports.

TAX FEES
- --------

(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning are $0 for 2009 and $0 for
2008.

ALL OTHER FEES
- --------------

(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item are
$0 for 2009 and $0 for 2008.

(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

In accordance with Audit Committee Charter, the Audit Committee shall:

1. Pre-approve any engagement of the independent auditors to provide any
non-prohibited services to the Fund, including the fees and other
compensation to be paid to the independent auditors.(1)

o The Chairman of the Audit Committee may grant the pre-approval of
services to the Fund for non-prohibited services. All such
delegated pre-approvals shall be presented to the Audit Committee
no later than the next Audit Committee meeting.

2. Pre-approve any engagement of the independent auditors, including the
fees and other compensation to be paid to the independent auditors, to
provide any non-audit services to the Adviser (or any "control
affiliate"(2) of the Adviser providing ongoing services to the Fund),
if the engagement relates directly to the operations and financial
reporting of the Funds.(3)

o The Chairman of the Audit Committee may grant the pre-approval for
non-prohibited services to the Adviser. All such delegated
pre-approvals shall be presented to the Audit Committee no later
than the next Audit Committee meeting.

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

(1) Pre-approval of non-audit services for the Fund pursuant to Section
IV.C. 2 is not required, if:

(a) the aggregate amount of all non-audit services provided to the
Fund is no more than 5% of the total fees paid by the Fund to
the independent auditors during the fiscal year in which the
non-audit services are provided;

(b) the services were not recognized by Fund management at the time
of the engagement as non-audit services; and

(c) such services are promptly brought to the attention of the Audit
Committee by Fund management and the Audit Committee approves
them (which may be by delegation) prior to the completion of the
audit.

(2) "Control affiliate" means any entity controlling, controlled by,
or under common control with the Adviser.

(3) Pre-approval of non-audit services for the Adviser (or any
affiliate of the Adviser providing ongoing services to the Fund)
pursuant to Section IV.C.3 is not required, if:

(a) the aggregate amount of all non-audit services provided is no
more than 5% of the total fees paid by the Fund, the Adviser and
any "control affiliate" of the Adviser providing ongoing
services to the Fund to the independent auditors during the
fiscal year in which the non-audit services are provided;

(b) the services were not recognized by Fund management at the time
of the engagement as non-audit services; and

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are
as follows:

(b) 100%

(d) N/A

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most
recent fiscal year that were attributed to work performed by persons
other than the principal accountant's full-time, permanent employees
was 0%.

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen
by another investment adviser), and any entity controlling, controlled
by, or under common control with the adviser that provides ongoing
services to the registrant for each of the last two fiscal years of
the registrant was $0 for 2009 and $0 for 2008.

(h) The registrant's audit committee of the board of directors has
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

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) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(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 12/28/09
----------------------------------------------------------------------------

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 12/28/09
----------------------------------------------------------------------------

By (Signature and Title)* /S/ GERALD F. DILLENBURG
-------------------------------------------------------
Gerald F. Dillenburg, Senior Vice President,
Secretary & Treasurer
(principal financial officer)

Date 12/28/09
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.